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2025-12-31 0000939934 ck0000939934:doc_MULTIASSET_REAL_RETURN_FUNDMember ck0000939934:index_The_Funds_Blended_Benchmark_Return_reflects_no_deductions_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000939934 ck0000939934:doc_MULTIASSET_REAL_RETURN_FUNDMember ck0000939934:index_The_Funds_Blended_Benchmark_Return_reflects_no_deductions_for_fees_expenses_or_taxesMember 2011-07-28 2025-12-31 0000939934 ck0000939934:doc_MULTIASSET_REAL_RETURN_FUNDMember ck0000939934:index_The_Funds_Blended_Benchmark_Return_reflects_no_deductions_for_fees_expenses_or_taxesMember 2026-09-28 2026-09-28 pure iso4217:USD 2026-09-28 N-1A SEI INSTITUTIONAL INVESTMENTS TRUST 2026-09-30 LARGE CAP FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Long-term growth of capital and income.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.40%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.07%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.47%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.004 0 0.0007 0.0047 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53.3pt; max-width:53.3pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:113.76pt; max-width:113.76pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Large Cap Fund — Class A Shares</span></p></td><td style="min-width:191.24pt; max-width:191.24pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$48</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$151</span></p></td><td style="min-width:53.3pt; max-width:53.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$263</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$591</span></p></td></tr> </table> 48 151 263 591 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 81% of the average value of its portfolio.</span></p> 0.81 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.08pt; color:#231f20">For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $1.98 billion and $4.85 trillion as of July 31, 2026) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.08pt; color:#231f20">change. These securities may include common stocks, preferred stocks, warrants and exchange-traded funds (ETFs) and may in some instances be foreign securities or represent exposure to foreign markets. The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage portions of the Fund’s portfolio under the oversight of SEI Investments Management Corporation (SIMC or the Adviser).</span></p> <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies.</span> <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.08pt; color:#231f20">For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $1.98 billion and $4.85 trillion as of July 31, 2026) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to </span>change. These securities may include common stocks, preferred stocks, warrants and exchange-traded funds (ETFs) and may in some instances be foreign securities or represent exposure to foreign markets. The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage portions of the Fund’s portfolio under the oversight of SEI Investments Management Corporation (SIMC or the Adviser). <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Preferred Stock Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Warrants Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts is subject to leverage risk, correlation risk, liquidity risk and market risk. Leverage risk and liquidity risk are described below and market risk is described above. 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 derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_ba001.jpg" style="-sec-ix-hidden: hidden-fact-0; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 19.29% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑23.12% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 10.83%.</span></p> </td></tr> </table> Best Quarter: 0.1929 2020-06-30 Worst Quarter: -0.2312 2020-03-31 total return 2026-06-30 0.1083 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:259.56pt; max-width:259.56pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Large Cap Fund</span></p></td><td colspan="2" style="min-width:41.94pt; max-width:41.94pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:51.5pt; max-width:51.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:51.3pt; max-width:51.3pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:63.7pt; max-width:63.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception <br/>(6/14/1996)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:259.56pt; max-width:259.56pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:35.44pt; max-width:35.44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.72</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45pt; max-width:45pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">13.16</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.41</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.7pt; max-width:63.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.32%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:259.56pt; max-width:259.56pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:35.44pt; max-width:35.44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.20</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45pt; max-width:45pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.57</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.21</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.7pt; max-width:63.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.21%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:259.56pt; max-width:259.56pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:35.44pt; max-width:35.44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">15.20</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45pt; max-width:45pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.43</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.79</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.7pt; max-width:63.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.31%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:259.56pt; max-width:259.56pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">S&amp;P 500 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:35.44pt; max-width:35.44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.88</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45pt; max-width:45pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.42</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.82</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.7pt; max-width:63.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.18%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:259.56pt; max-width:259.56pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:35.44pt; max-width:35.44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.37</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45pt; max-width:45pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">13.59</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.59</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.7pt; max-width:63.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.34%</span></p></td></tr> </table> 1996-06-14 Return Before Taxes 0.1772 0.1316 0.1241 0.0932 Return After Taxes on Distributions 0.092 0.0857 0.0821 0.0721 Return After Taxes on Distributions and Sale of Fund Shares 0.152 0.0943 0.0879 0.0731 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1018 Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1737 0.1359 0.1459 0.1034 LARGE CAP DISCIPLINED EQUITY FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Capital appreciation.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.40%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.07%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.47%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.004 0 0.0007 0.0047 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:306.5pt; max-width:306.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:177.08pt; max-width:177.08pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Large Cap Disciplined Equity Fund — Class A Shares</span></p></td><td style="min-width:129.42pt; max-width:129.42pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$48</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$151</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$263</span></p></td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$591</span></p></td></tr> </table> 48 151 263 591 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 111% of the average value of its portfolio.</span></p> 1.11 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Large Cap Disciplined Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. These securities may include common stocks, preferred stocks, depositary receipts, warrants, exchange-traded funds (ETFs) and real estate investment trusts (REITs) based on a large capitalization equity index and equity securities of foreign companies. The Fund will invest primarily in common stocks of U.S. companies with market capitalizations in the range of companies in the S&amp;P 500 Index (between $7.03 billion and </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">$4.85 trillion as of July 31, 2026) at the time of purchase. The market capitalization range and the composition of the S&amp;P 500 Index are subject to change. The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund seeks to exceed the total return of the S&amp;P 500 Index, with a similar level of volatility, by investing primarily in a portfolio of common stocks included in the S&amp;P 500 Index, as well as other equity investments and derivative instruments whose value is derived from the performance of the S&amp;P 500 Index. The Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). The Fund may employ Sub-Advisers that use a variety of different methods to seek to outperform the Fund’s benchmark, including purchasing stocks with strong anticipated future earnings growth, selecting stocks that the Sub-Adviser believes are undervalued relative to their fundamentals, capturing returns from the natural volatility of the market and employing strategies that rotate among various sectors of the market. The Fund may also utilize one or more additional Sub-Advisers who manage in a complementary style with the objective to seek to add value over the S&amp;P 500 Index while maintaining a similar level of volatility to the S&amp;P 500 Index. Due to its investment strategy, the Fund may buy and sell securities frequently.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">One or more Sub-Adviser(s) may implement a long/short equity investment strategy by investing in securities believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that the Sub-Adviser believes to be undervalued relative to their potential increase in price, and (ii) short positions (including through derivatives instruments such as swaps) with respect to investments that the Sub-Adviser believes to be overvalued and likely to decrease in price. A long/short equity investment strategy seeks returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated.</span></p> Under normal circumstances, the Large Cap Disciplined Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund seeks to exceed the total return of the S&amp;P 500 Index, with a similar level of volatility, by investing primarily in a portfolio of common stocks included in the S&amp;P 500 Index, as well as other equity investments and derivative instruments whose value is derived from the performance of the S&amp;P 500 Index. The Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). The Fund may employ Sub-Advisers that use a variety of different methods to seek to outperform the Fund’s benchmark, including purchasing stocks with strong anticipated future earnings growth, selecting stocks that the Sub-Adviser believes are undervalued relative to their fundamentals, capturing returns from the natural volatility of the market and employing strategies that rotate among various sectors of the market. The Fund may also utilize one or more additional Sub-Advisers who manage in a complementary style with the objective to seek to add value over the S&amp;P 500 Index while maintaining a similar level of volatility to the S&amp;P 500 Index. Due to its investment strategy, the Fund may buy and sell securities frequently. <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole. Sub-Adviser(s) may exhibit poor security selection, losing money on both the long and short sides.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Preferred Stock Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Depositary Receipts Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Depositary receipts, such as American Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Warrants Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">REITs Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Short Sales Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund’s share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts and swaps is subject to leverage risk, correlation risk, liquidity risk and market risk. Leverage risk and liquidity risk are described below and market risk is described above. 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 swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Portfolio Turnover Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund’s performance.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_ba002.jpg" style="-sec-ix-hidden: hidden-fact-1; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 19.78% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑22.77% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 10.73%.</span></p> </td></tr> </table> Best Quarter: 0.1978 2020-06-30 Worst Quarter: -0.2277 2020-03-31 total return 2026-06-30 0.1073 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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. </span></p> 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. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Large Cap Disciplined Equity Fund</span></p></td><td colspan="2" style="min-width:57.29pt; max-width:57.29pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:51pt; max-width:51pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:50.7pt; max-width:50.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:63.3pt; max-width:63.3pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(8/28/2003)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:50.79pt; max-width:50.79pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.54</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.88</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">13.49</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.3pt; max-width:63.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.12%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:50.79pt; max-width:50.79pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">13.07</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.37</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.30</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.3pt; max-width:63.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.49%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:50.79pt; max-width:50.79pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.30</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.43</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.44</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.3pt; max-width:63.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.50%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">S&amp;P 500 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:50.79pt; max-width:50.79pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.88</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.42</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.82</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.3pt; max-width:63.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.07%</span></p></td></tr> </table> 2003-08-28 Return Before Taxes 0.1754 0.1488 0.1349 0.1012 Return After Taxes on Distributions 0.1307 0.1037 0.093 0.0749 Return After Taxes on Distributions and Sale of Fund Shares 0.123 0.1043 0.0944 0.075 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1107 LARGE CAP INDEX FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment results that correspond to the aggregate price and dividend performance of the securities in the Russell 1000 Index.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.05%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.08%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.13%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0005 0 0.0008 0.0013 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:306.5pt; max-width:306.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:134.51pt; max-width:134.51pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Large Cap Index Fund — Class A Shares</span></p></td><td style="min-width:171.99pt; max-width:171.99pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$13</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$42</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$73</span></p></td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$166</span></p></td></tr> </table> 13 42 73 166 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 10% of the average value of its portfolio.</span></p> 0.10 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Large Cap Index Fund invests substantially all of its assets (at least 80%) in securities listed in the Russell 1000 Index. The Russell 1000 Index (the Index) measures the performance of the large-cap segment of the U.S. equity universe and includes approximately 1000 of the largest securities based on their market capitalization. The Fund’s investment performance will depend on the Fund’s tracking of the Index and the performance of the Index. The Fund’s ability to replicate the performance of the Index will depend to some </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund’s expenses. The Fund may become “non-diversified,” as defined in the Investment Company Act of 1940, as amended (the 1940 Act), as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund’s sub-adviser (the Sub-Adviser) selects the Fund’s securities under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), but the Sub-Adviser makes no attempt to “manage” the Fund in the traditional sense (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, by using economic, market or financial analyses). Instead, the Sub-Adviser generally will attempt to invest in securities composing the Index in approximately the same proportions as they are represented in the Index. It may not be possible or practicable to purchase all of the securities composing the Index or to hold them in the same weightings as they are represented in the Index. In those cases, the Sub-Adviser may employ a sampling or optimization technique to replicate the Index. In seeking to replicate the performance of the Index, the Fund may invest, to a lesser extent, in American Depositary Receipts (ADRs). The Fund may also invest in securities of companies located in developed foreign countries and securities of small and medium capitalization companies. The Sub-Adviser may, but is not required to, sell an investment if the merit of the investment has been substantially impaired by extraordinary events, such as fraud or a material adverse change in an issuer, or adverse financial conditions. The Fund’s return may not match the return of the Index. The Index’s market capitalization range and the composition of the Index are subject to change.</span></p> The Large Cap Index Fund invests substantially all of its assets (at least 80%) in securities listed in the Russell 1000 Index. The Russell 1000 Index (the Index) measures the performance of the large-cap segment of the U.S. equity universe and includes approximately 1000 of the largest securities based on their market capitalization. The Fund’s investment performance will depend on the Fund’s tracking of the Index and the performance of the Index. The Fund’s ability to replicate the performance of the Index will depend to some <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund’s expenses. The Fund may become “non-diversified,” as defined in the Investment Company Act of 1940, as amended (the 1940 Act), as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index.</span> <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund’s sub-adviser (the Sub-Adviser) selects the Fund’s securities under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), but the Sub-Adviser makes no attempt to “manage” the Fund in the traditional sense (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span>, by using economic, market or financial analyses). Instead, the Sub-Adviser generally will attempt to invest in securities composing the Index in approximately the same proportions as they are represented in the Index. <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that its investment approach, which attempts to replicate the performance of the Russell 1000 Index, may underperform other segments of the equity markets or the equity markets as a whole. The Fund is also subject to the risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Tracking Error Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that the Fund’s performance may vary substantially from the performance of the benchmark index it tracks as a result of cash flows, Fund expenses, imperfect correlation between the Fund’s investments and the index’s components and other factors.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Sampling Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund may not fully replicate the benchmark index and may hold securities not included in the index. As a result, the Fund may not track the return of its benchmark index as well as it would have if the Fund purchased all of the securities in its benchmark index.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Depositary Receipts Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Non-Diversification Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— In seeking to track the Index, the Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. When it is non-diversified, the Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrences, which may negatively impact the Fund’s performance and result in greater fluctuation in the value of the Fund’s shares.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_ba003.jpg" style="-sec-ix-hidden: hidden-fact-2; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 21.71% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑20.19% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 10.33%.</span></p> </td></tr> </table> Best Quarter: 0.2171 2020-06-30 Worst Quarter: -0.2019 2020-03-31 total return 2026-06-30 0.1033 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:259.56pt; max-width:259.56pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Large Cap Index Fund</span></p></td><td colspan="2" style="min-width:42.14pt; max-width:42.14pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:60.8pt; max-width:60.8pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(4/1/2002)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:259.56pt; max-width:259.56pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:35.44pt; max-width:35.44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.22</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.8pt; max-width:45.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">13.52</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.3pt; max-width:46.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.53</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:60.8pt; max-width:60.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.90%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:259.56pt; max-width:259.56pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:35.44pt; max-width:35.44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">13.16</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.8pt; max-width:45.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.05</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.3pt; max-width:46.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.56</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:60.8pt; max-width:60.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.26%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:259.56pt; max-width:259.56pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:35.44pt; max-width:35.44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.63</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.8pt; max-width:45.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.04</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.3pt; max-width:46.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.20</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:60.8pt; max-width:60.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.00%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:259.56pt; max-width:259.56pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">S&amp;P 500 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:35.44pt; max-width:35.44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.88</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.8pt; max-width:45.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.42</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.3pt; max-width:46.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.82</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:60.8pt; max-width:60.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.88%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:259.56pt; max-width:259.56pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:35.44pt; max-width:35.44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.37</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.8pt; max-width:45.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">13.59</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.3pt; max-width:46.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.59</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:60.8pt; max-width:60.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.95%</span></p></td></tr> </table> 2002-04-01 Return Before Taxes 0.1722 0.1352 0.1453 0.099 Return After Taxes on Distributions 0.1316 0.1005 0.1156 0.0826 Return After Taxes on Distributions and Sale of Fund Shares 0.1263 0.1004 0.112 0.08 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.0988 Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1737 0.1359 0.1459 0.0995 S&P 500 INDEX FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment results that correspond to the aggregate price and dividend performance of the securities in the S&amp;P 500 Index.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.03%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.09%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.12%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0003 0 0.0009 0.0012 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53.3pt; max-width:53.3pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:129.08pt; max-width:129.08pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">S&amp;P 500 Index Fund — Class A Shares</span></p></td><td style="min-width:175.92pt; max-width:175.92pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$12</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$39</span></p></td><td style="min-width:53.3pt; max-width:53.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$68</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$154</span></p></td></tr> </table> 12 39 68 154 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 5% of the average value of its portfolio.</span></p> 0.05 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund invests substantially all of its assets (at least 80%) in securities listed in the S&amp;P 500 Index, which is composed of approximately 500 leading U.S. publicly traded companies from a broad range of industries (mostly common stocks). The Fund’s investment results are expected to correspond to the aggregate price and dividend performance of the S&amp;P 500 Index (the Index) before the fees and expenses of the Fund. The Fund’s investment performance will depend on the Fund’s tracking of the Index and the performance of the Index. </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund’s ability to replicate the performance of the Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund’s expenses. The Fund may use futures contracts to obtain exposure to the equity market during high volume periods of investment into the Fund. The Fund may become “non-diversified,” as defined in the Investment Company Act of 1940, as amended (the 1940 Act), as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund’s sub-adviser (the Sub-Adviser) selects the Fund’s securities under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), but the Sub-Adviser makes no attempt to “manage” the Fund in the traditional sense (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, by using economic, market or financial analyses). Instead, the Sub-Adviser generally will attempt to invest in securities composing the Index in approximately the same proportions as they are represented in the Index. It may not be possible or practicable to purchase all of the securities composing the Index or to hold them in the same weightings as they are represented in the Index. In those cases, the Sub-Adviser may employ a sampling or optimization technique to replicate the Index. In seeking to replicate the performance of the Index, the Fund may also invest in futures contracts, American Depositary Receipts (ADRs), exchange-traded funds (ETFs) and real estate investment trusts (REITs). The Fund may also invest a portion of its assets in securities of companies located in developed foreign countries and securities of small and medium capitalization companies. The Sub-Adviser may, but is not required to, sell an investment if the merit of the investment has been substantially impaired by extraordinary events, such as fraud or a material adverse change in an issuer, or adverse financial conditions. The Fund’s return may not match the return of the Index. The Index’s market capitalization range and the composition of the Index are subject to change.</span></p> The Fund invests substantially all of its assets (at least 80%) in securities listed in the S&amp;P 500 Index, which is composed of approximately 500 leading U.S. publicly traded companies from a broad range of industries (mostly common stocks). The Fund’s investment results are expected to correspond to the aggregate price and dividend performance of the S&amp;P 500 Index (the Index) before the fees and expenses of the Fund. The Fund’s investment performance will depend on the Fund’s tracking of the Index and the performance of the Index. <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund’s sub-adviser (the Sub-Adviser) selects the Fund’s securities under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), but the Sub-Adviser makes no attempt to “manage” the Fund in the traditional sense (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span>, by using economic, market or financial analyses). Instead, the Sub-Adviser generally will attempt to invest in securities composing the Index in approximately the same proportions as they are represented in the Index. It may not be possible or practicable to purchase all of the securities composing the Index or to hold them in the same weightings as they are represented in the Index. <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that the Fund’s investment approach, which attempts to replicate the performance of the S&amp;P 500 Index, may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Tracking Error Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that the Fund’s performance may vary substantially from the performance of the benchmark index it tracks as a result of cash flows, Fund expenses, imperfect correlation between the Fund’s and benchmark’s investments and other factors.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts is subject to leverage risk, correlation risk, liquidity risk and market risk. Leverage risk and liquidity risk are described below and market risk is described above. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Each of these risks could cause the Fund to lose more than the principal </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">amount invested in a derivative instrument. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Depositary Receipts Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">REITs Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Smaller capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Non-Diversification Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— In seeking to track the Index, the Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. When it is non-diversified, the Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrences, which may negatively impact the Fund’s performance and result in greater fluctuation in the value of the Fund’s shares.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bc001.jpg" style="-sec-ix-hidden: hidden-fact-3; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 20.57% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑19.61% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 10.16%.</span></p> </td></tr> </table> Best Quarter: 0.2057 2020-06-30 Worst Quarter: -0.1961 2020-03-31 total return 2026-06-30 0.1016 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> 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. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.27pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">S&amp;P 500 Index Fund</span></p></td><td colspan="2" style="min-width:55.79pt; max-width:55.79pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:50pt; max-width:50pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:50pt; max-width:50pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:66.5pt; max-width:66.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(12/18/2013)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:49.29pt; max-width:49.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.81</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.35</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.75</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66.5pt; max-width:66.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">13.63%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:49.29pt; max-width:49.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.69</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.21</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.69</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66.5pt; max-width:66.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.83%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:49.29pt; max-width:49.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.60</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.90</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.89</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66.5pt; max-width:66.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.09%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">S&amp;P 500 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:49.29pt; max-width:49.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.88</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.42</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.82</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66.5pt; max-width:66.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">13.69%</span></p></td></tr> </table> 2013-12-18 Return Before Taxes 0.1781 0.1435 0.1475 0.1363 Return After Taxes on Distributions 0.1469 0.1121 0.1269 0.1183 Return After Taxes on Distributions and Sale of Fund Shares 0.126 0.109 0.1189 0.1109 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1369 EXTENDED MARKET INDEX FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Seeks investment results that approximate, as closely as practicable and before expenses, the performance of the Russell Small Cap Completeness Index.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.12%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.08%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.20%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0012 0 0.0008 0.002 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53.3pt; max-width:53.3pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:158.79pt; max-width:158.79pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Extended Market Index Fund — Class A Shares</span></p></td><td style="min-width:146.21pt; max-width:146.21pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$20</span></p></td><td style="min-width:53.3pt; max-width:53.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$64</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$113</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$255</span></p></td></tr> </table> 20 64 113 255 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 23% of the average value of its portfolio.</span></p> 0.23 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund is managed using a passive/indexing investment approach and invests substantially all of its assets in securities (mostly common stocks) of companies that are included (at the time of purchase) in the Russell Small Cap Completeness Index (the Index). As of July 31, 2026, the market capitalization of the companies included in the Index ranged from $6.99 million to $1.43 trillion. The Index is composed of securities of the companies included in the Russell 3000 Index (which includes the largest 3,000 U.S. companies), excluding </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">the securities of companies that are constituents of the S&amp;P 500 Index (which includes 500 leading U.S. companies). The Index is constructed to attempt to provide a comprehensive and unbiased barometer of the extended broad market of U.S. equity securities beyond that of the 500 leading U.S. companies included in the S&amp;P 500 Index. The Fund’s investment performance will depend on the Fund’s tracking of the Index and the performance of the Index. The market capitalization range and the composition of the Index are subject to change. The Fund may become “non-diversified,” as defined in the Investment Company Act of 1940, as amended (the 1940 Act), as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund’s sub-adviser (the Sub-Adviser) selects the Fund’s securities under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), but the Sub-Adviser makes no attempt to “manage” the Fund in the traditional sense (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, by using economic, market or financial analyses). Instead, the Fund generally will attempt to invest in securities (including interests of real estate investment trusts (REITs)) composing the Index in approximately the same proportions as they are represented in the Index. The Fund’s ability to fully replicate the performance of the Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund’s expenses. In some cases, it may not be possible or practicable to purchase all of the securities composing the Index or to hold them in the same weightings as they are represented in the Index. In those cases, the Fund’s Sub-Adviser may employ a sampling or optimization technique to construct the Fund’s portfolio. In seeking to replicate the performance of the Index, the Fund may also invest in exchange-traded funds (ETFs) and REITs that are not constituents of the Index.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Sub-Adviser may sell an investment if the merit of the investment has been substantially impaired by extraordinary events or adverse financial conditions. The Fund may, at times, purchase or sell index futures contracts, or options on those futures, or engage in forward or swap transactions in lieu of investing directly in the securities making up the Index or to enhance the Fund’s replication of the Index’s return. In addition, for liquidity purposes, the Fund may invest in securities that are not included in the Index, cash and cash equivalents or money market instruments, such as reverse repurchase agreements and money market funds. The Fund’s return may not match the return of the Index.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The 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 and medium capitalization stocks may be more volatile than those of larger companies. Small and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that the Fund’s investment approach, which attempts to replicate the performance of the Index, may underperform other segments of the equity markets or the equity markets as a whole. The Fund is also subject to the risk that the securities in which it invests may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Tracking Error Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that the Fund’s performance may vary substantially from the performance of the Index as a result of cash flows, Fund expenses, imperfect correlation between the Fund’s investments and the benchmark and other factors.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Sampling Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund may not fully replicate the Index and may hold securities not included in the Index. As a result, the Fund may not track the return of the Index as well as it would have if the Fund purchased all of the securities in the Index.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">REITs Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts, forwards contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of forward contracts, options and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Repurchase Agreements and Reverse Repurchase Agreements Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Money Market Funds </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may suspend redemptions (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, impose a liquidity fee). Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of derivatives and repurchase agreements (which effectively constitute a form of borrowing) 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Opportunity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Non-Diversification Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— In seeking to track the Index, the Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. When it is non-diversified, the Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrences, which may negatively impact the Fund’s performance and result in greater fluctuation in the value of the Fund’s shares.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bc002.jpg" style="-sec-ix-hidden: hidden-fact-4; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 30.60% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑27.81% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.24pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 17.90%.</span></p> </td></tr> </table> Best Quarter: 0.306 2020-06-30 Worst Quarter: -0.2781 2020-03-31 total return 2026-06-30 0.179 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Extended Market Index Fund</span></p></td><td colspan="2" style="min-width:55.79pt; max-width:55.79pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:50pt; max-width:50pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:50.5pt; max-width:50.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(02/28/2013)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:49.29pt; max-width:49.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.55</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.71</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.8pt; max-width:43.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.45</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.25%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:49.29pt; max-width:49.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.71</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.30</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.8pt; max-width:43.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.50</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.46%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:49.29pt; max-width:49.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.16</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.82</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.8pt; max-width:43.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.93</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.88%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">S&amp;P 500 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:49.29pt; max-width:49.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.88</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.42</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.8pt; max-width:43.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.82</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.51%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Russell Small Cap Completeness Index Return (reflects no deduction for <br/>fees, expenses or taxes)</span></p></td><td style="min-width:49.29pt; max-width:49.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.67</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.69</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.8pt; max-width:43.8pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.40</span></p></td><td style="min-width:6.7pt; max-width:6.7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.22%</span></p></td></tr> </table> 2013-02-28 Return Before Taxes 0.1255 0.0671 0.1145 0.1125 Return After Taxes on Distributions 0.0971 0.043 0.095 0.0946 Return After Taxes on Distributions and Sale of Fund Shares 0.0916 0.0482 0.0893 0.0888 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1451 Russell Small Cap Completeness Index Return (reflects no deduction for fees, expenses or taxes) 0.1267 0.0669 0.114 0.1122 SMALL CAP FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Capital appreciation.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.65%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.07%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.72%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0065 0 0.0007 0.0072 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53.3pt; max-width:53.3pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:113.61pt; max-width:113.61pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Small Cap Fund — Class A Shares</span></p></td><td style="min-width:191.39pt; max-width:191.39pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$74</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$230</span></p></td><td style="min-width:53.3pt; max-width:53.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$401</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$894</span></p></td></tr> </table> 74 230 401 894 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 125% of the average value of its portfolio.</span></p> 1.25 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Small Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (including common and preferred stocks) of small companies, including exchange-traded funds (ETFs) based on small capitalization indexes and securities of real estate investment trusts (REITs). For purposes of this Fund, a small company is a company with a </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">market capitalization in the range of companies in the Russell 2000 Index (between $6.99 million and $13.78 billion as of July 31, 2026) at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund may also invest in securities of medium and large capitalization companies.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). Each Sub-Adviser, in managing its portion of the Fund’s assets, generally applies a growth-oriented, a value-oriented or a blended approach 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 sell-side analysts and relative valuation, while value-oriented managers generally select stocks they believe are attractively valued in light of fundamental characteristics such as earnings, capital structure and/or return on invested capital. Due to its investment strategy, the Fund may buy and sell securities frequently.</span></p> Under normal circumstances, the Small Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (including common and preferred stocks) of small companies, including exchange-traded funds (ETFs) based on small capitalization indexes and securities of real estate investment trusts (REITs). For purposes of this Fund, a small company is a company with a <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">market capitalization in the range of companies in the Russell 2000 Index (between $6.99 million and $13.78 billion as of July 31, 2026) at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund may also invest in securities of medium and large capitalization companies.</span> <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). Each Sub-Adviser, in managing its portion of the Fund’s assets, generally applies a growth-oriented, a value-oriented or a blended approach 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 sell-side analysts and relative valuation, while value-oriented managers generally select stocks they believe are attractively valued in light of fundamental characteristics such as earnings, capital structure and/or return on invested capital. Due to its investment strategy, the Fund may buy and sell securities frequently.</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The 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 and medium capitalization stocks may be more volatile than those of larger companies. Small and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that small capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Preferred Stock Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">REITs Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Quantitative Investing Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Portfolio Turnover Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund’s performance.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bc003.jpg" style="-sec-ix-hidden: hidden-fact-5; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 26.09% (12/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑31.08% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 18.10%.</span></p> </td></tr> </table> Best Quarter: 0.2609 2020-12-31 Worst Quarter: -0.3108 2020-03-31 total return 2026-06-30 0.181 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:260.97pt; max-width:260.97pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Small Cap Fund</span></p></td><td colspan="2" style="min-width:41.03pt; max-width:41.03pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:51.5pt; max-width:51.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:51pt; max-width:51pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(6/14/1996)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:260.97pt; max-width:260.97pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:34.03pt; max-width:34.03pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.79</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.26</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.12</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.29%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.97pt; max-width:260.97pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:34.03pt; max-width:34.03pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.86</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.69</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.98</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.29%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.97pt; max-width:260.97pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:34.03pt; max-width:34.03pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.47</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.70</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.47</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.34%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.97pt; max-width:260.97pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">S&amp;P 500 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:34.03pt; max-width:34.03pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.88</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.42</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.82</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.18%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.97pt; max-width:260.97pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Russell 2000 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:34.03pt; max-width:34.03pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.81</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.09</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.62</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.24%</span></p></td></tr> </table> 1996-06-14 Return Before Taxes 0.0979 0.0826 0.0912 0.0829 Return After Taxes on Distributions 0.0386 0.0469 0.0598 0.0629 Return After Taxes on Distributions and Sale of Fund Shares 0.0947 0.057 0.0647 0.0634 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1018 Russell 2000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1281 0.0609 0.0962 0.0824 SMALL CAP II FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Capital appreciation.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.65%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.07%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.72%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0065 0 0.0007 0.0072 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53.3pt; max-width:53.3pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:120.02pt; max-width:120.02pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Small Cap II Fund — Class A Shares</span></p></td><td style="min-width:184.98pt; max-width:184.98pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$74</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$230</span></p></td><td style="min-width:53.3pt; max-width:53.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$401</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$894</span></p></td></tr> </table> 74 230 401 894 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 104% of the average value of its portfolio.</span></p> 1.04 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Small Cap II Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (including common and preferred stocks) of small companies, exchange-traded funds (ETFs) based on small capitalization indexes and securities of real estate investment trusts (REITs). For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $6.99 million and $13.78 billion as of July 31, 2026) at the time of purchase. The market capitalization range and the composition of the </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Russell 2000 Index are subject to change. The Fund’s investments in equity securities may include, to a lesser extent, securities of medium and large capitalization companies.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon one or more sub-advisers (each a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). Each Sub-Adviser, in managing its portion of the Fund’s assets, generally applies a growth-oriented, a value-oriented or a blended approach 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 sell-side analysts and relative valuation, while value-oriented managers generally select stocks they believe are attractively valued in light of fundamental characteristics such as earnings, capital structure and/or return on invested capital. Due to its investment strategy, the Fund may buy and sell securities frequently.</span></p> Under normal circumstances, the Small Cap II Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (including common and preferred stocks) of small companies, exchange-traded funds (ETFs) based on small capitalization indexes and securities of real estate investment trusts (REITs). For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $6.99 million and $13.78 billion as of July 31, 2026) at the time of purchase. The market capitalization range and the composition of the <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Russell 2000 Index are subject to change. The Fund’s investments in equity securities may include, to a lesser extent, securities of medium and large capitalization companies.</span> <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon one or more sub-advisers (each a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). Each Sub-Adviser, in managing its portion of the Fund’s assets, generally applies a growth-oriented, a value-oriented or a blended approach 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 sell-side analysts and relative valuation, while value-oriented managers generally select stocks they believe are attractively valued in light of fundamental characteristics such as earnings, capital structure and/or return on invested capital. Due to its investment strategy, the Fund may buy and sell securities frequently.</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The 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 and medium capitalization stocks may be more volatile than those of larger companies. Small and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that the securities in which the Fund principally invests may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Preferred Stock Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">REITs Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Quantitative Investing Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Opportunity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Portfolio Turnover Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund’s performance.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_be001.jpg" style="-sec-ix-hidden: hidden-fact-6; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 30.14% (12/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑31.16% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 20.23%.</span></p> </td></tr> </table> Best Quarter: 0.3014 2020-12-31 Worst Quarter: -0.3116 2020-03-31 total return 2026-06-30 0.2023 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:260.97pt; max-width:260.97pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Small Cap II Fund</span></p></td><td colspan="2" style="min-width:41.03pt; max-width:41.03pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:51pt; max-width:51pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:51.5pt; max-width:51.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(4/10/2012)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:260.97pt; max-width:260.97pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:34.03pt; max-width:34.03pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.90</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.54</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.21</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.62%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.97pt; max-width:260.97pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:34.03pt; max-width:34.03pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.32</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.51</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.48</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.90%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.97pt; max-width:260.97pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:34.03pt; max-width:34.03pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.21</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.89</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.39</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.78%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.97pt; max-width:260.97pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">S&amp;P 500 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:34.03pt; max-width:34.03pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.88</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.42</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.82</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.58%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.97pt; max-width:260.97pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Russell 2000 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:34.03pt; max-width:34.03pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.81</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.09</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.62</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.25%</span></p></td></tr> </table> 2012-04-10 Return Before Taxes 0.129 0.0854 0.1021 0.1062 Return After Taxes on Distributions 0.1032 0.0551 0.0748 0.079 Return After Taxes on Distributions and Sale of Fund Shares 0.0921 0.0589 0.0739 0.0778 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1458 Russell 2000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1281 0.0609 0.0962 0.1025 SMALL/MID CAP EQUITY FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Long-term capital appreciation.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.65%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.07%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.72%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0065 0 0.0007 0.0072 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53.3pt; max-width:53.3pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:153.93pt; max-width:153.93pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Small/Mid Cap Equity Fund — Class A Shares</span></p></td><td style="min-width:151.07pt; max-width:151.07pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$74</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$230</span></p></td><td style="min-width:53.3pt; max-width:53.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$401</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$894</span></p></td></tr> </table> 74 230 401 894 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 76% of the average value of its portfolio.</span></p> 0.76 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Small/Mid Cap Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (including common and preferred stocks) of small and medium-sized companies, exchange-traded funds (ETFs) based on small and medium-sized capitalization indexes and securities of real estate investment trusts (REITs). The Fund will invest primarily in common stocks of U.S. companies with market capitalizations in the range of companies in the Russell 2500 Index (between $6.99 million and $25.78 billion as of July 31, 2026) at the time of purchase. The </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">market capitalization range and the composition of the Russell 2500 Index are subject to change. The Fund’s investments in equity securities may include, to a lesser extent, securities of large capitalization companies.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). Each Sub-Adviser, in managing its portion of the Fund’s assets, generally applies a growth-oriented, a value-oriented or a blended approach 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 sell-side analysts and relative valuation, while value-oriented managers generally select stocks they believe are attractively valued in light of fundamental characteristics such as earnings, capital structure and/or return on invested capital.</span></p> Under normal circumstances, the Small/Mid Cap Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (including common and preferred stocks) of small and medium-sized companies, exchange-traded funds (ETFs) based on small and medium-sized capitalization indexes and securities of real estate investment trusts (REITs). The Fund will invest primarily in common stocks of U.S. companies with market capitalizations in the range of companies in the Russell 2500 Index (between $6.99 million and $25.78 billion as of July 31, 2026) at the time of purchase. The <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">market capitalization range and the composition of the Russell 2500 Index are subject to change. The Fund’s investments in equity securities may include, to a lesser extent, securities of large capitalization companies.</span> <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). Each Sub-Adviser, in managing its portion of the Fund’s assets, generally applies a growth-oriented, a value-oriented or a blended approach 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 sell-side analysts and relative valuation, while value-oriented managers generally select stocks they believe are attractively valued in light of fundamental characteristics such as earnings, capital structure and/or return on invested capital.</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that smaller and medium capitalization securities may underperform other segments of the equity market or the equity markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Preferred Stock Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">REITs Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_be002.jpg" style="-sec-ix-hidden: hidden-fact-7; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 24.37% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑30.34% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 16.37%.</span></p> </td></tr> </table> Best Quarter: 0.2437 2020-06-30 Worst Quarter: -0.3034 2020-03-31 total return 2026-06-30 0.1637 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.27pt 0pt 0pt"><td style="min-width:259.65pt; max-width:259.65pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Small/Mid Cap Equity Fund</span></p></td><td colspan="2" style="min-width:42.35pt; max-width:42.35pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:50pt; max-width:50pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:50pt; max-width:50pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(12/15/2003)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:259.65pt; max-width:259.65pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:35.35pt; max-width:35.35pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.68</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.35</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.50</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.26%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:259.65pt; max-width:259.65pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:35.35pt; max-width:35.35pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.90</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.63</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.75</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.06%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:259.65pt; max-width:259.65pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:35.35pt; max-width:35.35pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.45</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.46</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.11</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.20%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:259.65pt; max-width:259.65pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">S&amp;P 500 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:35.35pt; max-width:35.35pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.88</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.42</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.82</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.89%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:259.65pt; max-width:259.65pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Russell 2500 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:35.35pt; max-width:35.35pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.91</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.26</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.40</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.50%</span></p></td></tr> </table> 2003-12-15 Return Before Taxes 0.0368 0.0635 0.085 0.0826 Return After Taxes on Distributions 0.019 0.0363 0.0575 0.0606 Return After Taxes on Distributions and Sale of Fund Shares 0.0345 0.0446 0.0611 0.062 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1089 Russell 2500 Index Return (reflects no deduction for fees, expenses or taxes) 0.1191 0.0726 0.104 0.095 U.S. EQUITY FACTOR ALLOCATION FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Long-term growth of capital and income.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.25%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.06%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:209.74pt; max-width:209.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.31%</span></p></td><td style="min-width:10pt; max-width:10pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0025 0 0.0006 0.0031 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53.3pt; max-width:53.3pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:176.55pt; max-width:176.55pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">U.S. Equity Factor Allocation Fund — Class A Shares</span></p></td><td style="min-width:128.45pt; max-width:128.45pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$32</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$100</span></p></td><td style="min-width:53.3pt; max-width:53.3pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$174</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$393</span></p></td></tr> </table> 32 100 174 393 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 45% of the average value of its portfolio.</span></p> 0.45 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity and equity-related securities, such as structured notes and convertible bonds, of U.S. companies of all capitalization ranges. The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs) and interests in real estate investments trusts (REITs). The Fund’s investment portfolio will be diversified and will not be concentrated in any particular industry or sector.</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a quantitative-based, active stock selection investment strategy, which typically relies on a model-based approach to make investment decisions. The Fund quantitatively categorizes and selects securities based on certain characteristics (Factors) that are determined by SEI Investments Management Corporation (SIMC or the Adviser), such as volatility, share price performance, earnings, book value, revenues, cash flow or stock price. The Adviser uses its own judgment and model-based systems to assess which Factors to use and to determine what portion of the Fund’s assets should be invested in each security identified. However, based on perceived market opportunities, the Adviser may reallocate the Fund’s assets to tilt in favor of one or more Factors. The Adviser may add, remove or modify certain Factors in its model based on investment research or in response to changes in market conditions.</span></p> Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity and equity-related securities, such as structured notes and convertible bonds, of U.S. companies of all capitalization ranges. The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs) and interests in real estate investments trusts (REITs). The Fund’s investment portfolio will be diversified and will not be concentrated in any particular industry or sector. The Fund uses a quantitative-based, active stock selection investment strategy, which typically relies on a model-based approach to make investment decisions. The Fund quantitatively categorizes and selects securities based on certain characteristics (Factors) that are determined by SEI Investments Management Corporation (SIMC or the Adviser), such as volatility, share price performance, earnings, book value, revenues, cash flow or stock price. <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 and medium capitalization stocks may be more volatile than those of larger companies. Small and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that the Fund’s investment strategy may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Quantitative Investing Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Depositary Receipts Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Convertible and Preferred Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">REITs Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Structured Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The payment and credit qualities of structured securities derive from their underlying assets, and they may behave in ways not anticipated by the Fund, or they may not receive tax, accounting or regulatory treatment anticipated by the Fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the past seven calendar years and by showing how the Fund’s average annual returns for 1 year and 5 years, and since the Fund’s inception, compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1‑800-DIAL-SEI.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the past seven calendar years and by showing how the Fund’s average annual returns for 1 year and 5 years, and since the Fund’s inception, compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_be003.jpg" style="-sec-ix-hidden: hidden-fact-8; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 20.01% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑21.75% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 11.18%.</span></p> </td></tr> </table> Best Quarter: 0.2001 2020-06-30 Worst Quarter: -0.2175 2020-03-31 total return 2026-06-30 0.1118 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">U.S. Equity Factor Allocation Fund</span></p></td><td colspan="2" style="min-width:109.29pt; max-width:109.29pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:48.5pt; max-width:48.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:64.5pt; max-width:64.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(04/26/2018)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:102.29pt; max-width:102.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.99</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:41.5pt; max-width:41.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">15.18</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64.5pt; max-width:64.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.16%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:102.29pt; max-width:102.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">16.26</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:41.5pt; max-width:41.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.23</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64.5pt; max-width:64.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.06%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:102.29pt; max-width:102.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.48</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:41.5pt; max-width:41.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.18</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64.5pt; max-width:64.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.91%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">S&amp;P 500 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:102.29pt; max-width:102.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.88</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:41.5pt; max-width:41.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.42</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64.5pt; max-width:64.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.91%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Russell 3000 Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:102.29pt; max-width:102.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.15</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:41.5pt; max-width:41.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">13.15</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64.5pt; max-width:64.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.18%</span></p></td></tr> </table> 2018-04-26 Return Before Taxes 0.1799 0.1518 0.1416 Return After Taxes on Distributions 0.1626 0.1223 0.1206 Return After Taxes on Distributions and Sale of Fund Shares 0.1148 0.1118 0.1091 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1491 Russell 3000 Return (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1418 U.S. MANAGED VOLATILITY FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Capital appreciation with less volatility than the broad U.S. equity markets.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.55%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.07%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.62%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0055 0 0.0007 0.0062 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:159.34pt; max-width:159.34pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">U.S. Managed Volatility Fund — Class A Shares</span></p></td><td style="min-width:145.66pt; max-width:145.66pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$63</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$199</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$346</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$774</span></p></td></tr> </table> 63 199 346 774 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 69% of the average value of its portfolio.</span></p> 0.69 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the U.S. Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of U.S. companies of all capitalization ranges. These securities may include common stocks, preferred stocks, interests in real estate investment trusts (REITs), exchange-traded funds (ETFs) and warrants. The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs) and securities of non-U.S. companies.</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). The Fund seeks to achieve an absolute return of the broad U.S. equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund’s investment strategy focuses on absolute return and risk, the Fund’s sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return, without regard to market capitalization and industry. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.</span></p> Under normal circumstances, the U.S. Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of U.S. companies of all capitalization ranges. These securities may include common stocks, preferred stocks, interests in real estate investment trusts (REITs), exchange-traded funds (ETFs) and warrants. The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs) and securities of non-U.S. companies. <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). The Fund seeks to achieve an absolute return of the broad U.S. equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund’s investment strategy focuses on absolute return and risk, the Fund’s sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return, without regard to market capitalization and industry. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that equity securities of U.S. companies of all capitalization ranges may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Preferred Stock Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">REITs Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Warrants Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">American Depositary Receipts (ADRs) Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— ADRs are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. ADRs 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Portfolio Turnover Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund’s performance.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on a full calendar year. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bg001.jpg" style="-sec-ix-hidden: hidden-fact-9; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 13.58% (12/31/22)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑23.19% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 6.80%.</span></p> </td></tr> </table> Best Quarter: 0.1358 2022-12-31 Worst Quarter: -0.2319 2020-03-31 total return 2026-06-30 0.068 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of the Standard &amp; Poor’s 500 Composite Stock Price Index (S&amp;P 500 Index) (a broad-based securities market index), and three additional indexes with characteristics relevant to the Fund’s investment strategy. The Fund’s additional indexes are the MSCI USA Minimum Volatility Index (Net), the Russell 3000 Index, and the Fund’s blended benchmark that is composed of the MSCI USA Minimum Volatility Index (Net) and the Russell 3000 Value Index weighted 75%/25%.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of the Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) (a broad-based securities market index), and three additional indexes with characteristics relevant to the Fund’s investment strategy. The Fund’s additional indexes are the MSCI USA Minimum Volatility Index (Net), the Russell 3000 Index, and the Fund’s blended benchmark that is composed of the MSCI USA Minimum Volatility Index (Net) and the Russell 3000 Value Index weighted 75%/25%. 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. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:260.52pt; max-width:260.52pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">U.S. Managed Volatility Fund</span></p></td><td colspan="2" style="min-width:40.98pt; max-width:40.98pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:50pt; max-width:50pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:50pt; max-width:50pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:66.5pt; max-width:66.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(12/31/2008)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:260.52pt; max-width:260.52pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:34.48pt; max-width:34.48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.75</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.02</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.66</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66.5pt; max-width:66.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.61%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.52pt; max-width:260.52pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:34.48pt; max-width:34.48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑3.06</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.22</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.60</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66.5pt; max-width:66.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.11%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.52pt; max-width:260.52pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:34.48pt; max-width:34.48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.86</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.14</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.06</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66.5pt; max-width:66.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.85%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.52pt; max-width:260.52pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">S&amp;P 500 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:34.48pt; max-width:34.48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.88</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.42</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.82</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66.5pt; max-width:66.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.81%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.52pt; max-width:260.52pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, <br/>expenses or taxes)</span></p></td><td style="min-width:34.48pt; max-width:34.48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.31</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.01</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.92</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66.5pt; max-width:66.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.55%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.52pt; max-width:260.52pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:34.48pt; max-width:34.48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.15</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">13.15</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.29</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66.5pt; max-width:66.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.58%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.52pt; max-width:260.52pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">The Fund’s 75/25 Blended Benchmark Return (reflects no deduction for fees, <br/>expenses or taxes)</span></p></td><td style="min-width:34.48pt; max-width:34.48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.81</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.28</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.62</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:66.5pt; max-width:66.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.15%</span></p></td></tr> </table> 2008-12-31 Return Before Taxes 0.1075 0.1002 0.0966 0.1161 Return After Taxes on Distributions -0.0306 0.0422 0.056 0.0811 Return After Taxes on Distributions and Sale of Fund Shares 0.1486 0.0714 0.0706 0.0885 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1481 MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, expenses or taxes) 0.0731 0.0801 0.0992 0.1155 Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1429 0.1458 The Fund’s 75/25 Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 0.0981 0.0928 0.1062 0.1215 GLOBAL MANAGED VOLATILITY FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Capital appreciation with less volatility than the broad global equity markets.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.65%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.07%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.72%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0065 0 0.0007 0.0072 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:168.63pt; max-width:168.63pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Global Managed Volatility Fund — Class A Shares</span></p></td><td style="min-width:136.37pt; max-width:136.37pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$74</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$230</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$401</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$894</span></p></td></tr> </table> 74 230 401 894 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 43% of the average value of its portfolio.</span></p> 0.43 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Global Managed Volatility Fund will typically invest in securities of U.S. and foreign companies of all capitalization ranges. These securities may include common stocks, preferred stocks, warrants, real estate investment trusts (REITs), depositary receipts and exchange-traded funds (ETFs). The Fund also may use futures contracts and forward contracts.</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Fund will invest in at least three countries outside of the U.S., but will typically invest much more broadly. It is expected that at least 40% of the Fund’s assets will be invested in non-U.S. securities. The Fund will invest primarily in companies located in developed countries, but may also invest in companies located in emerging markets.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation, the Fund’s adviser (SIMC or the Adviser). This approach is intended to manage the risk characteristics of the Fund. The Fund seeks to achieve an absolute return of the broad global equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the MSCI World Index, but with a lower level of volatility. However, given that the Fund’s investment strategy focuses on absolute return and risk, the Fund’s country, sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that the Sub-Advisers believe will produce a less volatile return than the market over time. Each Sub-Adviser effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">In managing the Fund’s currency exposure from foreign securities, the Fund may buy and sell futures or forward contracts on currencies for hedging purposes.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Companies Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment/Emerging Markets Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Preferred Stock Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Warrants Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">REITs Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Depositary Receipts Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Depositary receipts, such as American Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts and forward contracts is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">with the underlying asset, rate or index. The Fund’s use of forward contracts is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Portfolio Turnover Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund’s performance.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past nine calendar years and by showing how the Fund’s average annual returns for 1 and 5 years and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on a full calendar year. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past nine calendar years and by showing how the Fund’s average annual returns for 1 and 5 years and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:0pt; width:456.5pt; border-spacing: 0px;"><tr><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:210.5pt; height:137pt; vertical-align:0pt"><img alt="" src="j26227272_bg002.jpg" style="-sec-ix-hidden: hidden-fact-10; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 11.98% (12/31/22)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑20.50% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 8.35%.</span></p> </td></tr> </table> Best Quarter: 0.1198 2022-12-31 Worst Quarter: -0.205 2020-03-31 total return 2026-06-30 0.0835 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of the MSCI All Country World Ex-US Net Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund’s investment strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of the MSCI All Country World Ex-US Net Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund’s investment strategy. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:266.57pt; max-width:266.57pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Global Managed Volatility Fund</span></p></td><td colspan="2" style="min-width:75.93pt; max-width:75.93pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:56.5pt; max-width:56.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:69pt; max-width:69pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since <br/>Inception<br/>(1/29/2016)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:266.57pt; max-width:266.57pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:69.43pt; max-width:69.43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.90</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:50pt; max-width:50pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.20</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:62pt; max-width:62pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.78</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:266.57pt; max-width:266.57pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:69.43pt; max-width:69.43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.01</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:50pt; max-width:50pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.92</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:62pt; max-width:62pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.44</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:266.57pt; max-width:266.57pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:69.43pt; max-width:69.43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.92</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:50pt; max-width:50pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.07</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:62pt; max-width:62pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.28</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:266.57pt; max-width:266.57pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">MSCI All Country World Ex-US Net Index Return (reflects no deduction for <br/>fees or expenses)</span></p></td><td style="min-width:69.43pt; max-width:69.43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">32.39</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:50pt; max-width:50pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.91</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:62pt; max-width:62pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.26</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:266.57pt; max-width:266.57pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">MSCI World Index Return (reflects no deduction for fees or expenses)</span></p></td><td style="min-width:69.43pt; max-width:69.43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">21.09</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:50pt; max-width:50pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.15</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:62pt; max-width:62pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">12.97</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:266.57pt; max-width:266.57pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">MSCI World Minimum Volatility Index (USD) Return (reflects no deduction for <br/>fees or expenses)</span></p></td><td style="min-width:69.43pt; max-width:69.43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.54</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:50pt; max-width:50pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.29</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:62pt; max-width:62pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.04</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> </table> 2016-01-29 Return Before Taxes 0.179 0.112 0.0978 Return After Taxes on Distributions 0.1401 0.0792 0.0744 Return After Taxes on Distributions and Sale of Fund Shares 0.1292 0.0807 0.0728 MSCI All Country World Ex-US Net Index Return (reflects no deduction for fees or expenses) (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0926 MSCI World Index Return (reflects no deduction for fees or expenses) 0.2109 0.1215 0.1297 MSCI World Minimum Volatility Index (USD) Return (reflects no deduction for fees or expenses) 0.1054 0.0629 0.0804 WORLD EQUITY EX-US FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Capital appreciation.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.55%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.08%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.63%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0055 0 0.0008 0.0063 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:146.34pt; max-width:146.34pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">World Equity Ex-US Fund — Class A Shares</span></p></td><td style="min-width:158.66pt; max-width:158.66pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$64</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$202</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$351</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$786</span></p></td></tr> </table> 64 202 351 786 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 69% of the average value of its portfolio.</span></p> 0.69 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the World Equity Ex-US Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of foreign companies of various capitalization ranges. These securities may include common stocks, preferred stocks, depositary receipts, warrants, exchange-traded funds (ETFs) that track an international ex-US equity index and derivative instruments, principally futures and forward contracts, whose value is based on an international equity index </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">or an underlying international equity security or basket of international equity securities. The Fund will invest in securities of foreign issuers located in developed and emerging market countries. However, the Fund will not invest more than 35% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. The Fund may also, to a lesser extent, invest in swaps on securities for risk management purposes or as part of its investment strategies.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) Sub-Advisers with differing investment strategies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). The Fund’s benchmark is the MSCI All Country World Ex-U.S. Net Index (net of dividends). The Fund is expected to have an absolute return and risk profile similar to the international equity ex-US market. The Fund is diversified as to issuers, market capitalization, industry and country.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">One or more Sub-Advisers may implement a long/short equity investment strategy by investing in securities believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that the Sub-Adviser believes to be undervalued relative to their potential increase in price, and (ii) short positions (including through derivative instruments, such as swaps) with respect to investments that the Sub-Adviser believes to be overvalued and likely to decrease in price. A long/short equity investment strategy seeks returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Sub-Advisers may seek to enhance the Fund’s return by actively managing the Fund’s foreign currency exposure. In managing the Fund’s currency exposure, the Sub-Advisers may buy and sell currencies (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, take long or short positions) using options, futures and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund’s assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase their exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may also invest in futures contracts and forward contracts for hedging purposes, including to seek to manage the Fund’s currency exposure to foreign securities and mitigate the Fund’s overall risk.</span></p> Under normal circumstances, the World Equity Ex-US Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of foreign companies of various capitalization ranges. These securities may include common stocks, preferred stocks, depositary receipts, warrants, exchange-traded funds (ETFs) that track an international ex-US equity index and derivative instruments, principally futures and forward contracts, whose value is based on an international equity index <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">or an underlying international equity security or basket of international equity securities. The Fund will invest in securities of foreign issuers located in developed and emerging market countries. However, the Fund will not invest more than 35% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. The Fund may also, to a lesser extent, invest in swaps on securities for risk management purposes or as part of its investment strategies.</span> <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) Sub-Advisers with differing investment strategies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). The Fund’s benchmark is the MSCI All Country World Ex-U.S. Net Index (net of dividends). The Fund is expected to have an absolute return and risk profile similar to the international equity ex-US market. The Fund is diversified as to issuers, market capitalization, industry and country.</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment/Emerging Markets Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that equity securities of developed and emerging market countries may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Preferred Stock Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Depositary Receipts Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Depositary receipts, such as American Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Warrants Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts, forwards contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of forward contracts, options and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Long/Short Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund seeks long exposure to certain financial instruments and short exposure to certain other financial instruments. There is no guarantee that the returns on the Fund’s long or short positions will produce positive returns and the Fund could lose money if either or both the Fund’s long and short positions produce negative returns.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:456.5pt; border-spacing: 0px;"><tr><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:210.5pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bg003.jpg" style="-sec-ix-hidden: hidden-fact-11; margin:0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 19.84% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑23.54% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 11.82%.</span></p> </td></tr> </table> Best Quarter: 0.1984 2020-06-30 Worst Quarter: -0.2354 2020-03-31 total return 2026-06-30 0.1182 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> 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. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">World Equity Ex-US Fund</span></p></td><td colspan="2" style="min-width:47.26pt; max-width:47.26pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:49.2pt; max-width:49.2pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:65pt; max-width:65pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(3/28/2005)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:40.46pt; max-width:40.46pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">29.32</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:42.2pt; max-width:42.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.73</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.81</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:65pt; max-width:65pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.11%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:40.46pt; max-width:40.46pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">25.67</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:42.2pt; max-width:42.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.48</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.32</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:65pt; max-width:65pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.05%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:40.46pt; max-width:40.46pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">19.70</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:42.2pt; max-width:42.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.68</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.89</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:65pt; max-width:65pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.83%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">MSCI All Country World Ex-US Net Index Return (reflects no deduction for <br/>fees or expenses)</span></p></td><td style="min-width:40.46pt; max-width:40.46pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">32.39</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:42.2pt; max-width:42.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.91</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.41</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:65pt; max-width:65pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.21%</span></p></td></tr> </table> 2005-03-28 Return Before Taxes 0.2932 0.0773 0.0881 0.0611 Return After Taxes on Distributions 0.2567 0.0548 0.0732 0.0505 Return After Taxes on Distributions and Sale of Fund Shares 0.197 0.0568 0.0689 0.0483 MSCI All Country World Ex-US Net Index Return (reflects no deduction for fees or expenses) (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0841 0.0621 SCREENED WORLD EQUITY EX-US FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Capital appreciation.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.24pt; max-width:210.24pt; padding:0pt 0.5pt 1.28pt 0pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.65%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.18%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.83%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0065 0 0.0018 0.0083 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:179.85pt; max-width:179.85pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Screened World Equity Ex-US Fund — Class A Shares</span></p></td><td style="min-width:125.15pt; max-width:125.15pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$85</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$265</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$460</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$1,025</span></p></td></tr> </table> 85 265 460 1025 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 102% of the average value of its portfolio.</span></p> 1.02 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Screened World Equity Ex-US Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of foreign companies of various capitalization ranges. These securities may include common stocks, preferred stocks, depositary receipts, warrants, exchange-traded funds (ETFs) that track an international ex-US equity index, derivative instruments (principally swaps, futures and forward contracts) whose value is based on an international equity index or an underlying international equity security or basket of international equity securities and </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">investment companies whose portfolios are designed to correlate with a portfolio of international equity securities.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Potential investments for the Fund are first assessed for financial soundness and then evaluated according to the Fund’s social criteria (including “BDS” criteria, as described below). The Fund will invest in securities of foreign issuers located in developed and/or emerging market countries but will seek to avoid investing in companies that within the last three years have conducted non-humanitarian business with countries designated by the U.S. Department of State as State Sponsors of Terrorism, which as of September 30, 2026 include Cuba, Iran and North Korea. This includes companies that pay royalties, such as those on oil or gas, to these governments, as well as companies whose substantial operations or customers in the country contribute to providing a stable economic environment that supports the government’s oppressive policies. The Fund will also avoid investing in companies that have been identified as having adopted or implemented a “Pro-BDS” stance. “BDS” refers to the Palestinian-led movement promoting boycotts, divestments and economic sanctions against Israel. Accordingly, the Fund will maintain an “Anti-BDS” approach.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 identify a list of issuers that have been identified as failing to meet the Fund’s social criteria (including issuers that have a “Pro-BDS” stance). The list will be developed using information gathered from a variety of sources, such as government agencies, trade journals, direct company contacts and industry and regional publications. The Sub-Advisers will then rely on this list when determining what companies to avoid investing in. Additionally, a Sub-Adviser will promptly liquidate a position that no longer complies with the social criteria (including positions in issuers that have a “Pro-BDS” stance). The Adviser reserves the right to modify the Fund’s social criteria from time to time in response to world events. All social criteria may be changed without shareholder approval. The Fund’s Anti-BDS approach has been adopted to enable investment in the Fund by institutional investors that seek to support Israel or oppose the BDS movement in their investment implementation. This Fund policy is for the benefit of such investors and not meant as a formal representation of SEI’s official corporate policy or position on the issue of BDS. Investments in cash, cash equivalents and other similar investments, and investments made for short-term purposes, including in connection with the Fund’s equitization of cash, may not be screened for compliance with the Fund’s social criteria.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund will not invest more than 35% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. The Fund may also, to a lesser extent, invest in swaps on securities for risk management purposes or as part of its investment strategies. The Fund’s benchmark is the MSCI All Country World Ex-U.S. Net Index (net of dividends). The Fund is expected to have an absolute return and risk profile similar to the international equity ex-US market. The Fund is diversified as to issuers, market capitalization, industry and country.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment strategies to manage portions of the Fund’s portfolio under the general supervision of SIMC. Due to its investment strategy, the Fund may buy and sell securities frequently.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">One or more Sub-Advisers may implement a long/short equity investment strategy by investing in securities believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that the Sub-Adviser believes to be undervalued relative to their potential increase in price, and (ii) short positions (including through derivative instruments, such as swaps) with respect to </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">investments that the Sub-Adviser believes to be overvalued and likely to decrease in price. A long/short equity investment strategy seeks returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Sub-Advisers may seek to enhance the Fund’s return by actively managing the Fund’s foreign currency exposure. In managing the Fund’s currency exposure, the Sub-Advisers may buy and sell currencies (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, take long or short positions) using derivatives, principally foreign currency forward contracts, swaps, options and futures. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund’s assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase their exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may also invest in swaps, futures contracts and forward contracts for hedging purposes, including to seek to manage the Fund’s currency exposure to foreign securities and mitigate the Fund’s overall risk.</span></p> Under normal circumstances, the Screened World Equity Ex-US Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of foreign companies of various capitalization ranges. These securities may include common stocks, preferred stocks, depositary receipts, warrants, exchange-traded funds (ETFs) that track an international ex-US equity index, derivative instruments (principally swaps, futures and forward contracts) whose value is based on an international equity index or an underlying international equity security or basket of international equity securities and <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">investment companies whose portfolios are designed to correlate with a portfolio of international equity securities.</span> <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Potential investments for the Fund are first assessed for financial soundness and then evaluated according to the Fund’s social criteria (including “BDS” criteria, as described below). The Fund will invest in securities of foreign issuers located in developed and/or emerging market countries but will seek to avoid investing in companies that within the last three years have conducted non-humanitarian business with countries designated by the U.S. Department of State as State Sponsors of Terrorism, which as of September 30, 2026 include Cuba, Iran and North Korea. This includes companies that pay royalties, such as those on oil or gas, to these governments, as well as companies whose substantial operations or customers in the country contribute to providing a stable economic environment that supports the government’s oppressive policies. The Fund will also avoid investing in companies that have been identified as having adopted or implemented a “Pro-BDS” stance. “BDS” refers to the Palestinian-led movement promoting boycotts, divestments and economic sanctions against Israel. Accordingly, the Fund will maintain an “Anti-BDS” approach.</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment/Emerging Markets Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Social Investment Criteria Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s portfolio is subject to certain social investment criteria, including its anti-BDS approach. As a result, the Sub-Advisers will avoid purchasing certain securities for social reasons when it is otherwise economically advantageous to purchase those securities or may sell certain securities for social reasons when it is otherwise economically advantageous to hold those securities. In general, the application of the Fund’s social investment criteria may affect the Fund’s exposure to certain industries, sectors and geographic areas, which may affect the financial performance of the Fund, positively or negatively, depending on whether these industries or sectors are in or out of favor.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that equity securities of developed and emerging market countries may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Preferred Stock Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Depositary Receipts Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Depositary receipts, such as American Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Warrants Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts, forwards contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of forward contracts, options and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Long/Short Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund seeks long exposure to certain financial instruments and short exposure to certain other financial instruments. There is no guarantee that the returns on the Fund’s long or short positions will produce positive returns and the Fund could lose money if either or both the Fund’s long and short positions produce negative returns.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Portfolio Turnover Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund’s performance.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on a full </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">calendar year. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bi001.jpg" style="-sec-ix-hidden: hidden-fact-12; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 19.32% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑22.98% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 10.03%.</span></p> </td></tr> </table> Best Quarter: 0.1932 2020-06-30 Worst Quarter: -0.2298 2020-03-31 total return 2026-06-30 0.1003 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> 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. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Screened World Equity Ex-US Fund</span></p></td><td colspan="2" style="min-width:47.46pt; max-width:47.46pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:49pt; max-width:49pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:52pt; max-width:52pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:65.5pt; max-width:65.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(6/30/2008)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:40.96pt; max-width:40.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">27.87</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.06</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.00</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:65.5pt; max-width:65.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.39%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:40.96pt; max-width:40.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">22.30</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.53</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.44</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:65.5pt; max-width:65.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.45%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:40.96pt; max-width:40.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">19.42</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.88</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.95</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:65.5pt; max-width:65.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.28%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">MSCI All Country World Ex-US Net Index Return (reflects no deduction for <br/>fees or expenses)</span></p></td><td style="min-width:40.96pt; max-width:40.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">32.39</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.91</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.41</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:65.5pt; max-width:65.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.75%</span></p></td></tr> </table> 2008-06-30 Return Before Taxes 0.2787 0.0806 0.10 0.0539 Return After Taxes on Distributions 0.223 0.0553 0.0844 0.0445 Return After Taxes on Distributions and Sale of Fund Shares 0.1942 0.0588 0.0795 0.0428 MSCI All Country World Ex-US Net Index Return (reflects no deduction for fees or expenses) (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0841 0.0475 EMERGING MARKETS EQUITY FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Capital appreciation.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.85%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.17%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.02%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0085 0 0.0017 0.0102 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:165.32pt; max-width:165.32pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Emerging Markets Equity Fund — Class A Shares</span></p></td><td style="min-width:139.68pt; max-width:139.68pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$104</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$325</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$563</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$1,248</span></p></td></tr> </table> 104 325 563 1248 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 87% of the average value of its portfolio.</span></p> 0.87 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Emerging Markets Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of emerging market issuers. Equity securities may include common stocks, preferred stocks, warrants, participation notes, depositary receipts and real estate investment trusts (REITs). The Fund normally maintains investments in at least six emerging market countries, however, it may invest a substantial amount of its assets in issuers located in a </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">single country or a limited number of countries. Due to the size of its economy relative to other emerging market countries, it is expected that China will generally constitute a significant exposure in the Fund and may include investments in variable interest entities (VIEs). Emerging market countries are those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing frontier or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser).</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may invest in swaps based on a single security or an index of securities, futures contracts, forward contracts on currencies, indexes or securities, and options on securities to synthetically obtain exposure to securities or baskets of securities or for hedging purposes, including seeking to manage the Fund’s currency exposure to foreign securities and mitigate the Fund’s overall risk. Securities index swaps may be used to obtain exposure to different foreign equity markets. Futures and swaps on futures may be used to gain exposure to foreign equity markets and commodities markets. The Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may purchase shares of exchange-traded funds (ETFs) and other investment companies to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly. The Fund may also invest a portion of its assets in U.S. and developed foreign country securities, including securities of small capitalization companies.</span></p> Under normal circumstances, the Emerging Markets Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of emerging market issuers. Equity securities may include common stocks, preferred stocks, warrants, participation notes, depositary receipts and real estate investment trusts (REITs). The Fund normally maintains investments in at least six emerging market countries, however, it may invest a substantial amount of its assets in issuers located in a <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">single country or a limited number of countries. Due to the size of its economy relative to other emerging market countries, it is expected that China will generally constitute a significant exposure in the Fund and may include investments in variable interest entities (VIEs). Emerging market countries are those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing frontier or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase.</span> <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser).</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment/Emerging and Frontier Markets Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional price volatility, illiquidity and decreases in value due to, among other things, political, social and economic developments abroad, government ownership or control of portions of the private sector or certain companies, trade barriers and currency movements, exchange controls and managed adjustments in relative currency values, and different or new and unsettled securities and tax markets, laws and regulations. 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. These risks may be magnified further with respect to “frontier market countries,” which are a subset of emerging market countries with even smaller national economies. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Country Concentration Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s concentration of its assets in issuers located in a single country or a limited number of countries will increase the impact of, and potential losses associated with, the risks set forth in the Foreign Investment/Emerging and Frontier Markets Risk.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Risk of Investing in China </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Because China is an emerging market that may be subject to considerable government intervention and varying degrees of economic, political and social instability, such investments may be subject to greater risk of stock market, interest rate, and currency fluctuations, as well as inflation.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that emerging market equity securities may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Preferred Stock Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Depositary Receipts Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Depositary receipts, such as American Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Warrants Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Participation Notes (P-Notes) Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts, forwards contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of forward contracts, options and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Commodity-Linked Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer’s financial structure or the performance of unrelated businesses.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Company Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund’s share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">REITs Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Opportunity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risk of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years and since the Fund’s inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risk of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years and since the Fund’s inception, compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:456.5pt; border-spacing: 0px;"><tr><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:210.5pt; height:137pt; vertical-align:0pt"><img alt="" src="j26227272_bi002.jpg" style="-sec-ix-hidden: hidden-fact-13; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 21.74% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑25.81% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 22.28%.</span></p> </td></tr> </table> Best Quarter: 0.2174 2020-06-30 Worst Quarter: -0.2581 2020-03-31 total return 2026-06-30 0.2228 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> 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. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Emerging Markets Equity Fund</span></p></td><td colspan="2" style="min-width:47.96pt; max-width:47.96pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:47.5pt; max-width:47.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:51.5pt; max-width:51.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:67pt; max-width:67pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(10/31/2014)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:40.96pt; max-width:40.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">39.81</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:40.5pt; max-width:40.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.20</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.14</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:67pt; max-width:67pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.29%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:40.96pt; max-width:40.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">31.12</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:40.5pt; max-width:40.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.40</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.20</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:67pt; max-width:67pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.55%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:40.96pt; max-width:40.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">28.57</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:40.5pt; max-width:40.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.89</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.93</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:67pt; max-width:67pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.54%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">MSCI All Country World Ex-US Net Index Return (reflects no deduction for <br/>fees or expenses)</span></p></td><td style="min-width:40.96pt; max-width:40.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">32.39</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:40.5pt; max-width:40.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.91</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.41</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:67pt; max-width:67pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.66%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:254.04pt; max-width:254.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">MSCI Emerging &amp; Frontier Markets Index Return (reflects no deduction for <br/>fees, expenses or taxes)</span></p></td><td style="min-width:40.96pt; max-width:40.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">33.78</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:40.5pt; max-width:40.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.26</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.39</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:67pt; max-width:67pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.38%</span></p></td></tr> </table> 2014-10-31 Return Before Taxes 0.3981 0.092 0.1014 0.0729 Return After Taxes on Distributions 0.3112 0.064 0.082 0.0555 Return After Taxes on Distributions and Sale of Fund Shares 0.2857 0.0689 0.0793 0.0554 MSCI All Country World Ex-US Net Index Return (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0841 0.0666 MSCI Emerging & Frontier Markets Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.3378 0.0426 0.0839 0.0538 OPPORTUNISTIC INCOME FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Capital appreciation and income.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.45%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.11%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.56%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0045 0 0.0011 0.0056 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:154.71pt; max-width:154.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Opportunistic Income Fund — Class A Shares</span></p></td><td style="min-width:150.29pt; max-width:150.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$57</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$179</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$313</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$701</span></p></td></tr> </table> 57 179 313 701 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 47% of the average value of its portfolio.</span></p> 0.47 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Opportunistic Income Fund invests primarily in a diversified portfolio of investment grade and non-investment grade fixed-income securities (junk bonds), including: (i) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as certificates of deposit, time deposits, bankers’ acceptances and bank notes; (ii) obligations of foreign </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">governments; (iii) U.S. and foreign corporate debt securities, including commercial paper, and fully-collateralized repurchase agreements with counterparties deemed credit-worthy by the Fund’s sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers); and (iv) securitized issues, such as residential and commercial mortgage-backed securities, asset-backed securities, mortgage dollar rolls, when issued/delayed delivery securities and collateralized debt obligations. These securities may be fixed-, variable- or floating-rate obligations and will primarily be rated CCC- or higher at the time of purchase by at least one ratings agency, although the Fund may also invest in lower rated securities. There are no restrictions on the maturity of any individual securities or on the Fund’s average portfolio maturity, although the average portfolio duration of the Fund will typically vary between zero and two years. 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), allocating the assets among multiple Sub-Advisers that use different investment strategies designed to produce a total return that exceeds the total return of the Secured Overnight Financing Rate (SOFR), which measures the cost of borrowing cash overnight collateralized by U.S. Treasury securities.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Sub-Advisers may seek to enhance the Fund’s return by actively managing the Fund’s foreign currency exposure. Up to 10% of the Fund’s assets may be invested in foreign currencies. In managing the Fund’s currency exposure, the Sub-Advisers buy and sell currencies (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, take long or short positions) using derivatives, principally futures, foreign currency forward contracts, swaps and options. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund’s assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. In managing the Fund’s currency exposure for foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund also invests a portion of its assets in bank loans, which are generally non-investment grade (junk bond) floating rate instruments. Up to 100% of the bank loans in which the Fund invests may be junk bonds. The Fund may invest in bank loans in the form of participations in the loans (participations) and assignments of all or a portion of the loans from third parties (assignments). The Fund may also invest in other financial instruments or use other investment techniques, such as reverse repurchase agreements, to seek to obtain market exposure to the securities in which the Fund primarily invests.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may also invest in futures contracts and swaps for speculative or hedging purposes. Futures and swaps are used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund’s interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund’s overall level of risk and/or the Fund’s risk to particular types of securities or market segments. Interest rate swaps are further used to manage the Fund’s yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that short-duration fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Interest Rate Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">U.S. Government Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Below Investment Grade Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment/Emerging Markets Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Bank Loans Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— With respect to bank loans, the Fund will assume the credit risk of both the borrower of the loan and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Corporate Fixed Income Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Commercial Paper Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 an issuer’s underlying asset portfolio and the issuer’s ability to issue new asset-backed commercial paper.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investing in Limited Recourse Obligations Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Collateralized debt obligation (CDO) and collateralized loan obligation (CLO) securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Repurchase Agreements and Reverse Repurchase Agreements Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Asset-Backed Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Mortgage-Backed Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Mortgage Dollar Rolls Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund’s right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts, forwards contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many 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, options and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Duration Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Extension Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Prepayment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of derivatives and repurchase agreements (which effectively constitute a form of borrowing) 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:456.5pt; border-spacing: 0px;"><tr><td style="min-width:210.5pt; max-width:210.5pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:210.5pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bi003.jpg" style="-sec-ix-hidden: hidden-fact-14; margin:0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 6.68% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑7.71% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 1.77%.</span></p> </td></tr> </table> Best Quarter: 0.0668 2020-06-30 Worst Quarter: -0.0771 2020-03-31 total return 2026-06-30 0.0177 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:264.72pt; max-width:264.72pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Opportunistic Income Fund</span></p></td><td colspan="2" style="min-width:37.28pt; max-width:37.28pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:49pt; max-width:49pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:50pt; max-width:50pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:67pt; max-width:67pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(12/14/2006)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:264.72pt; max-width:264.72pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:30.28pt; max-width:30.28pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.15</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.09</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.38</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:67pt; max-width:67pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.35%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:264.72pt; max-width:264.72pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:30.28pt; max-width:30.28pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.61</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.86</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.53</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:67pt; max-width:67pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.95%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:264.72pt; max-width:264.72pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:30.28pt; max-width:30.28pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.60</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.92</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.54</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:67pt; max-width:67pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.16%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:264.72pt; max-width:264.72pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg U.S. Aggregate Bond Index Return (reflects no deductions for <br/>fees, expenses or taxes)</span></p></td><td style="min-width:30.28pt; max-width:30.28pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.30</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.36</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.01</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:67pt; max-width:67pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.17%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:264.72pt; max-width:264.72pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index Return <br/>(reflects no deductions for fees, expenses or taxes)</span></p></td><td style="min-width:30.28pt; max-width:30.28pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.42</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.26</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43pt; max-width:43pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.38</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:67pt; max-width:67pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.89%</span></p></td></tr> </table> 2006-12-14 Return Before Taxes 0.0615 0.0509 0.0438 0.0235 Return After Taxes on Distributions 0.0361 0.0286 0.0253 0.0095 Return After Taxes on Distributions and Sale of Fund Shares 0.036 0.0292 0.0254 0.0116 Bloomberg U.S. Aggregate Bond Index Return (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0317 ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index Return (reflects no deductions for fees, expenses or taxes) 0.0442 0.0326 0.0238 0.0189 CORE FIXED INCOME FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Current income consistent with the preservation of capital.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.30%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.07%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.37%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.003 0 0.0007 0.0037 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53.2pt; max-width:53.2pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53.1pt; max-width:53.1pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:143.59pt; max-width:143.59pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Core Fixed Income Fund — Class A Shares</span></p></td><td style="min-width:161.41pt; max-width:161.41pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$38</span></p></td><td style="min-width:53.2pt; max-width:53.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$119</span></p></td><td style="min-width:53.1pt; max-width:53.1pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$208</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$468</span></p></td></tr> </table> 38 119 208 468 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 260% of the average value of its portfolio.</span></p> 2.60 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Core Fixed Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund will invest in investment and non-investment grade (junk bond) U.S. and foreign corporate and government fixed income securities, including emerging market, asset-backed securities, mortgage dollar rolls and mortgage-backed securities. The Fund may invest in securities denominated in either U.S. dollars or foreign currency. The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). Sub-Advisers are selected for their expertise in managing various kinds of fixed income securities and each Sub-Adviser makes investment decisions based on an analysis of yield trends, credit ratings and other factors in accordance with its particular discipline.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may also invest in futures contracts, forward contracts and swaps for speculative or hedging purposes. Futures, forwards and swaps are used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund’s interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund’s overall level of risk and/or the Fund’s risk to particular types of securities, currencies or market segments. Interest rate swaps are further used to manage the Fund’s yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Sub-Advisers may also engage in currency transactions using futures and foreign currency forward contracts, either to seek to hedge the Fund’s currency exposure or to enhance the Fund’s returns. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund’s assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund will invest primarily in investment grade securities (those rated AAA, AA, A and BBB-). However, the Fund may also invest in non-rated securities or securities rated below investment grade (BB+, B and CCC).</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 (participations) and assignments of all or a portion of the loans from third parties (assignments).</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">While each Sub-Adviser chooses securities of different types and maturities, the Fund, in the aggregate, generally will have a dollar-weighted average duration that is consistent with that of the broad U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index. The dollar-weighted average duration of the Bloomberg U.S. Aggregate Bond Index varies significantly over time, but as of July 31, 2026, it was 5.84 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with a higher duration typically have higher risk and higher volatility. Due to its investment strategy, the Fund may buy and sell securities frequently.</span></p> Under normal circumstances, the Core Fixed Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund will invest in investment and non-investment grade (junk bond) U.S. and foreign corporate and government fixed income securities, including emerging market, asset-backed securities, mortgage dollar rolls and mortgage-backed securities. The Fund may invest in securities denominated in either U.S. dollars or foreign currency. The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). Sub-Advisers are selected for their expertise in managing various kinds of fixed income securities and each Sub-Adviser makes investment decisions based on an analysis of yield trends, credit ratings and other factors in accordance with its particular discipline.</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Interest Rate Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Below Investment Grade Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Corporate Fixed Income Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">U.S. Government Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment/Emerging Markets Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Asset-Backed Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 receivables and related property they own, and asset-backed </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Mortgage-Backed Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Mortgage Dollar Rolls Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund’s right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts, forwards contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of forward contracts and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Bank Loans Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Duration Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Extension Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Prepayment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Portfolio Turnover Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund’s performance.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten years and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten years and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bk001.jpg" style="-sec-ix-hidden: hidden-fact-15; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 7.31% (12/31/23)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑6.14% (3/31/22)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 0.64%.</span></p> </td></tr> </table> Best Quarter: 0.0731 2023-12-31 Worst Quarter: -0.0614 2022-03-31 total return 2026-06-30 0.0064 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> 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. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:244.04pt; max-width:244.04pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Core Fixed Income Fund</span></p></td><td colspan="2" style="min-width:56.96pt; max-width:56.96pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:50.5pt; max-width:50.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(6/14/1996)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:244.04pt; max-width:244.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:50.96pt; max-width:50.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.54</span></p></td><td style="min-width:6pt; max-width:6pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.30</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.7pt; max-width:45.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.45</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.83%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:244.04pt; max-width:244.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:50.96pt; max-width:50.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.71</span></p></td><td style="min-width:6pt; max-width:6pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑1.68</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.7pt; max-width:45.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.91</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.84%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:244.04pt; max-width:244.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:50.96pt; max-width:50.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.44</span></p></td><td style="min-width:6pt; max-width:6pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.83</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.7pt; max-width:45.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.22</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.94%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:244.04pt; max-width:244.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for <br/>fees, expenses or taxes)</span></p></td><td style="min-width:50.96pt; max-width:50.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.30</span></p></td><td style="min-width:6pt; max-width:6pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.36</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.7pt; max-width:45.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.01</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.37%</span></p></td></tr> </table> 1996-06-14 Return Before Taxes 0.0754 -0.003 0.0245 0.0483 Return After Taxes on Distributions 0.0571 -0.0168 0.0091 0.0284 Return After Taxes on Distributions and Sale of Fund Shares 0.0444 -0.0083 0.0122 0.0294 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0437 HIGH YIELD BOND FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Total return.</span></p> Fund Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.49%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.07%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.56%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0049 0 0.0007 0.0056 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53.2pt; max-width:53.2pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53.1pt; max-width:53.1pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:134.94pt; max-width:134.94pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">High Yield Bond Fund — Class A Shares</span></p></td><td style="min-width:170.06pt; max-width:170.06pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$57</span></p></td><td style="min-width:53.2pt; max-width:53.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$179</span></p></td><td style="min-width:53.1pt; max-width:53.1pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$313</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$701</span></p></td></tr> </table> 57 179 313 701 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 68% of the average value of its portfolio.</span></p> 0.68 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the High Yield Bond Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities and alternative credit instruments. The Fund will invest primarily in fixed income securities rated below investment grade (junk bonds), including corporate bonds and debentures, convertible and preferred securities, zero coupon obligations and tranches of collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs).</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). Assets of the Fund not allocated to Sub-Advisers are managed directly by SIMC. In managing the Fund’s assets, the Sub-Advisers and, to the extent applicable, SIMC, seek to select securities that offer a high current yield as well as total return potential. The Fund seeks to have a portfolio of securities that is diversified as to issuers and industries. The Fund’s average weighted maturity may vary, but will generally not exceed ten years. There is no limit on the maturity or credit quality of any individual security in which the Fund may invest.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">As noted above, the Fund will invest primarily in securities rated BB, B, CCC, CC, C and D. However, it may also invest in non-rated securities or securities rated investment grade (AAA, AA, A and BBB). The Fund may also invest in exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities directly. The Fund may also invest a portion of its assets in bank loans, which are generally non-investment grade (junk bond) floating rate instruments. The Fund may invest in bank loans in the form of participations in the loans (participations) and assignments of all or a portion of the loans from third parties (assignments).</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may also invest in futures contracts, forward contracts and swaps for speculative or hedging purposes. Futures, forwards and swaps are used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund’s interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund’s overall level of risk and/or the Fund’s risk to particular types of securities, currencies or market segments. Interest rate swaps are further used to manage the Fund’s yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.</span></p> Under normal circumstances, the High Yield Bond Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities and alternative credit instruments. The Fund will invest primarily in fixed income securities rated below investment grade (junk bonds), including corporate bonds and debentures, convertible and preferred securities, zero coupon obligations and tranches of collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs). <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). Assets of the Fund not allocated to Sub-Advisers are managed directly by SIMC. In managing the Fund’s assets, the Sub-Advisers and, to the extent applicable, SIMC, seek to select securities that offer a high current yield as well as total return potential. The Fund seeks to have a portfolio of securities that is diversified as to issuers and industries. The Fund’s average weighted maturity may vary, but will generally not exceed ten years. There is no limit on the maturity or credit quality of any individual security in which the Fund may invest.</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Below Investment Grade Securities (Junk Bonds) Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that high yield fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Interest Rate Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that a change in interest rates will cause a fall in the value of fixed income securities. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Corporate Fixed Income Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Convertible and Preferred Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible bonds may be more sensitive to changes in interest rates than stocks. Convertible bonds may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investing in Limited Recourse Obligations Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Collateralized debt obligation (CDO) and collateralized loan obligation (CLO) securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Bank Loans Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— With respect to bank loans, the Fund will assume the credit risk of both the borrower of the loan and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts, forwards contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of forward contracts and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Duration Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Extension Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Prepayment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bk002.jpg" style="-sec-ix-hidden: hidden-fact-16; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 9.47% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑15.48% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 1.78%.</span></p> </td></tr> </table> Best Quarter: 0.0947 2020-06-30 Worst Quarter: -0.1548 2020-03-31 total return 2026-06-30 0.0178 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:261.11pt; max-width:261.11pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">High Yield Bond Fund</span></p></td><td colspan="2" style="min-width:40.39pt; max-width:40.39pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:50pt; max-width:50pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="3" style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(12/5/2005)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:261.11pt; max-width:261.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:33.89pt; max-width:33.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.96</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0.2pt 0.77pt 0pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.63</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td colspan="2" style="min-width:45.7pt; max-width:45.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.02</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.03%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:261.11pt; max-width:261.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:33.89pt; max-width:33.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.16</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0.2pt 0.77pt 0pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.69</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td colspan="2" style="min-width:45.7pt; max-width:45.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.42</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.55%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:261.11pt; max-width:261.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:33.89pt; max-width:33.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.64</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0.2pt 0.77pt 0pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.52</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td colspan="2" style="min-width:45.7pt; max-width:45.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.78</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.87%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:261.11pt; max-width:261.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for <br/>fees, expenses or taxes)</span></p></td><td style="min-width:33.89pt; max-width:33.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.30</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.7pt; max-width:43.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.36</span></p></td><td style="min-width:6.3pt; max-width:6.3pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45pt; max-width:45pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.01</span></p></td><td colspan="2" style="min-width:7.5pt; max-width:7.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.30%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:261.11pt; max-width:261.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">ICE BofA U.S. High Yield Constrained Index Return (reflects no deduction for <br/>fees, expenses or taxes)</span></p></td><td style="min-width:33.89pt; max-width:33.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.50</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0.2pt 0.77pt 0pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.50</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td colspan="2" style="min-width:45.7pt; max-width:45.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.44</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.65%</span></p></td></tr> </table> 2005-12-05 Return Before Taxes 0.0796 0.0563 0.0702 0.0703 Return After Taxes on Distributions 0.0416 0.0169 0.0342 0.0355 Return After Taxes on Distributions and Sale of Fund Shares 0.0464 0.0252 0.0378 0.0387 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.033 ICE BofA U.S. High Yield Constrained Index Return (reflects no deduction for fees, expenses or taxes) 0.085 0.045 0.0644 0.0665 LONG DURATION FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Return characteristics similar to those of high quality bonds.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.30%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.08%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.38%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.003 0 0.0008 0.0038 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53.2pt; max-width:53.2pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53.1pt; max-width:53.1pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:128.77pt; max-width:128.77pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Long Duration Fund — Class A Shares</span></p></td><td style="min-width:176.23pt; max-width:176.23pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$39</span></p></td><td style="min-width:53.2pt; max-width:53.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$122</span></p></td><td style="min-width:53.1pt; max-width:53.1pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$213</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$480</span></p></td></tr> </table> 39 122 213 480 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 131% of the average value of its portfolio.</span></p> 1.31 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Long Duration Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade US dollar-denominated fixed income instruments. The Fund will primarily invest in long duration government and corporate fixed income securities and may also invest in synthetic instruments or derivatives having economic characteristics similar to fixed income securities. The Fund will invest in a broad array of fixed income instruments including: (i) US and foreign corporate obligations; (ii) securities issued or guaranteed by the U.S. Government and its agencies and </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">instrumentalities; (iii) fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets; (iv) obligations of supranational entities; and (v) debt obligations issued by state, provincial, county or city governments or other municipalities, as well as those of public utilities, universities and other quasi-governmental bodies.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund will primarily invest in the instruments described above. It may also invest in futures contracts, forward contracts, and swaps, including interest rate swaps, single security swaps, swaps on an index of securities or credit default swaps. The Fund will primarily use such derivatives for hedging purposes to attempt to manage the Fund’s exposure to changes in interest rate duration and related investment risks resulting from the interaction of interest rate changes over time and the current value of fixed income securities. The Fund will typically use options and swaps in an attempt to either mitigate the Fund’s overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market. Interest rate swaps, credit default swaps and total return swaps may be used to manage various portfolio exposures including but not limited to interest rate risk and credit risk. The Fund may use credit default swaps to take an active long or short position with respect to a security or basket of securities. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities. The Fund may also, to a lesser extent, invest in shares of exchange-traded funds (ETFs) or mutual funds to obtain exposure to certain fixed income markets.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">While the Fund may invest in securities with any maturity or duration, the Fund under normal circumstances will seek to maintain an effective average duration of greater than ten years. The Fund’s effective average duration was approximately 12.19 years as of July 31, 2026. 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 ten-year duration, it will decrease in value by 10% if interest rates rise 1% and increase in value by 10% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), allocating its assets among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) using different investment strategies designed to provide current income consistent with the preservation of capital. Due to its investment strategy, the Fund may buy and sell securities frequently.</span></p> Under normal circumstances, the Long Duration Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade US dollar-denominated fixed income instruments. The Fund will primarily invest in long duration government and corporate fixed income securities and may also invest in synthetic instruments or derivatives having economic characteristics similar to fixed income securities. The Fund will invest in a broad array of fixed income instruments including: (i) US and foreign corporate obligations; (ii) securities issued or guaranteed by the U.S. Government and its agencies and <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">instrumentalities; (iii) fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets; (iv) obligations of supranational entities; and (v) debt obligations issued by state, provincial, county or city governments or other municipalities, as well as those of public utilities, universities and other quasi-governmental bodies.</span> <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), allocating its assets among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) using different investment strategies designed to provide current income consistent with the preservation of capital. Due to its investment strategy, the Fund may buy and sell securities frequently.</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Duration Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that longer-term U.S. fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Interest Rate Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">U.S. Government Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Corporate Fixed Income Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment/Emerging Markets Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Sovereign Debt Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Municipal Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer’s current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund’s holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures, forwards and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of forward contracts and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Extension Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Prepayment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Portfolio Turnover Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund’s performance.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bk003.jpg" style="-sec-ix-hidden: hidden-fact-17; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 12.96% (12/31/23)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑12.61% (6/30/22)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 0.85%.</span></p> </td></tr> </table> Best Quarter: 0.1296 2023-12-31 Worst Quarter: -0.1261 2022-06-30 total return 2026-06-30 0.0085 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) as well as a blended benchmark that is composed of the Bloomberg U.S. Long Credit Index and the Bloomberg U.S. Long Government Index weighted 70%/30%.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) as well as a blended benchmark that is composed of the Bloomberg U.S. Long Credit Index and the Bloomberg U.S. Long Government Index weighted 70%/30%. 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. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:244.04pt; max-width:244.04pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Long Duration Fund</span></p></td><td colspan="2" style="min-width:57.46pt; max-width:57.46pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:50.5pt; max-width:50.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:52pt; max-width:52pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(4/21/2004)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:244.04pt; max-width:244.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:50.96pt; max-width:50.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.79</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑4.22</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.2pt; max-width:45.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.84</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.18%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:244.04pt; max-width:244.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:50.96pt; max-width:50.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.62</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑5.97</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.2pt; max-width:45.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.50</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.73%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:244.04pt; max-width:244.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:50.96pt; max-width:50.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.99</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑3.80</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.2pt; max-width:45.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.33</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.30%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:244.04pt; max-width:244.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for <br/>fees, expenses or taxes)</span></p></td><td style="min-width:50.96pt; max-width:50.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.30</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.36</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.2pt; max-width:45.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.01</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.29%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:244.04pt; max-width:244.04pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">The Fund’s 70/30 Blended Benchmark Return (reflects no deduction for <br/>fees, expenses or taxes)</span></p></td><td style="min-width:50.96pt; max-width:50.96pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.13</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑4.18</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.2pt; max-width:45.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.43</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.68%</span></p></td></tr> </table> 2004-04-21 Return Before Taxes 0.0679 -0.0422 0.0284 0.0418 Return After Taxes on Distributions 0.0462 -0.0597 0.005 0.0173 Return After Taxes on Distributions and Sale of Fund Shares 0.0399 -0.038 0.0133 0.023 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0329 The Fund’s 70/30 Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 0.0713 -0.0418 0.0243 0.0468 LONG DURATION CREDIT FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Return characteristics similar to those of high quality bonds.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.30%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.07%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.37%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.003 0 0.0007 0.0037 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53.2pt; max-width:53.2pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53.1pt; max-width:53.1pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:151.89pt; max-width:151.89pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Long Duration Credit Fund — Class A Shares</span></p></td><td style="min-width:153.11pt; max-width:153.11pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$38</span></p></td><td style="min-width:53.2pt; max-width:53.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$119</span></p></td><td style="min-width:53.1pt; max-width:53.1pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$208</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$468</span></p></td></tr> </table> 38 119 208 468 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund will incur 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 101% of the average value of its portfolio.</span></p> 1.01 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Long Duration Credit Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade US dollar-denominated fixed income instruments. The Fund will primarily invest in (i) US and foreign corporate obligations; (ii) fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets; (iii) obligations of supranational entities; (iv) debt obligations issued by state, provincial, county, or city governments or other municipalities, as well as those of public utilities, universities and other quasi-governmental bodies; and </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">(v) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities. The Fund will invest primarily in fixed income securities rated in one of the three highest rating categories by a major rating agency and may also invest in fixed income securities rated in the fourth highest rating category by a major rating agency.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund will primarily invest in the instruments described above and may also invest in futures contracts, options on securities or indexes and swaps, including interest rate swaps, single security swaps, swaps on an index of securities or credit default swaps. The Fund will primarily use such derivatives for hedging purposes to attempt to manage the Fund’s exposure to changes in interest rate duration and related investment risks resulting from the interaction of interest rate changes over time and the current value of fixed income securities. The Fund will typically use options and swaps in an attempt to either mitigate the Fund’s overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market. Interest rate swaps, credit default swaps and total return swaps may be used to manage various portfolio exposures including, but not limited to, interest rate risk and credit risk. The Fund may use credit default swaps to take an active long or short position with respect to a security or basket of securities. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities. The Fund may also, to a lesser extent, invest in shares of exchange-traded funds (ETFs) or mutual funds to obtain exposure to certain fixed income markets.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">While the Fund may invest in securities with any maturity or duration, the Fund under normal circumstances will seek to maintain an effective average duration of greater than ten years. The Fund’s effective average duration was approximately 11.88 years as of July 31, 2026. 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 ten-year duration, it will decrease in value by approximately 10% if interest rates rise 1% and increase in value by approximately 10% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), the Fund’s adviser, allocating its assets among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) using different investment strategies designed to provide current income consistent with the preservation of capital.</span></p> Under normal circumstances, the Long Duration Credit Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade US dollar-denominated fixed income instruments. The Fund will primarily invest in (i) US and foreign corporate obligations; (ii) fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets; (iii) obligations of supranational entities; (iv) debt obligations issued by state, provincial, county, or city governments or other municipalities, as well as those of public utilities, universities and other quasi-governmental bodies; and <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">(v) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities. The Fund will invest primarily in fixed income securities rated in one of the three highest rating categories by a major rating agency and may also invest in fixed income securities rated in the fourth highest rating category by a major rating agency.</span> <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), the Fund’s adviser, allocating its assets among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) using different investment strategies designed to provide current income consistent with the preservation of capital.</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Duration Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that longer duration corporate fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Interest Rate Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Corporate Fixed Income Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment/Emerging Markets Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Sovereign Debt Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Municipal Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer’s current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund’s holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">U.S. Government Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many 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 options and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Extension Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Prepayment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Portfolio Turnover Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception, compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bm001.jpg" style="-sec-ix-hidden: hidden-fact-18; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 12.88% (12/31/23)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑11.97% (6/30/22)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 0.87%.</span></p> </td></tr> </table> Best Quarter: 0.1288 2023-12-31 Worst Quarter: -0.1197 2022-06-30 total return 2026-06-30 0.0087 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:247.38pt; max-width:247.38pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Long Duration Credit Fund</span></p></td><td colspan="2" style="min-width:54.12pt; max-width:54.12pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:50.5pt; max-width:50.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:52pt; max-width:52pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(6/29/2012)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:247.38pt; max-width:247.38pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:47.62pt; max-width:47.62pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.36</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑3.67</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.2pt; max-width:45.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.92</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.21%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:247.38pt; max-width:247.38pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:47.62pt; max-width:47.62pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.18</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑5.49</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.2pt; max-width:45.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.96</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.19%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:247.38pt; max-width:247.38pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:47.62pt; max-width:47.62pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.32</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑3.41</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.2pt; max-width:45.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.50</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.65%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:247.38pt; max-width:247.38pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg U.S. Aggregate Bond Index Return (reflects no deductions for <br/>fees, expenses or taxes)</span></p></td><td style="min-width:47.62pt; max-width:47.62pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.30</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.36</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.2pt; max-width:45.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.01</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.94%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:247.38pt; max-width:247.38pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg Long A+ U.S. Credit Index Return (reflects no deductions for <br/>fees, expenses or taxes)</span></p></td><td style="min-width:47.62pt; max-width:47.62pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.54</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑3.69</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.2pt; max-width:45.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.59</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.78%</span></p></td></tr> </table> 2012-06-29 Return Before Taxes 0.0736 -0.0367 0.0292 0.0321 Return After Taxes on Distributions 0.0518 -0.0549 0.0096 0.0119 Return After Taxes on Distributions and Sale of Fund Shares 0.0432 -0.0341 0.015 0.0165 Bloomberg U.S. Aggregate Bond Index Return (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0194 Bloomberg Long A+ U.S. Credit Index Return (reflects no deductions for fees, expenses or taxes) 0.0754 -0.0369 0.0259 0.0278 ULTRA SHORT DURATION BOND FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Provide higher current income than that typically offered by a money market fund while maintaining a high degree of liquidity and a correspondingly higher risk of principal volatility.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.15%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.09%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.24%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0015 0 0.0009 0.0024 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53.2pt; max-width:53.2pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53.1pt; max-width:53.1pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:169.52pt; max-width:169.52pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Ultra Short Duration Bond Fund — Class A Shares</span></p></td><td style="min-width:135.48pt; max-width:135.48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$25</span></p></td><td style="min-width:53.2pt; max-width:53.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$77</span></p></td><td style="min-width:53.1pt; max-width:53.1pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$135</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$306</span></p></td></tr> </table> 25 77 135 306 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 73% of the average value of its portfolio.</span></p> 0.73 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Ultra Short Duration Bond Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade U.S. dollar-denominated debt instruments, including: (i) commercial paper and other corporate obligations; (ii) certificates of deposit, time deposits, bankers’ acceptances, bank notes and other obligations of U.S. savings and loan and thrift institutions, U.S. commercial banks (including foreign branches of such banks) and foreign banks that meet </span></p>certain asset requirements; (iii) U.S. Treasury obligations and obligations issued or guaranteed as to principal and interest by agencies or instrumentalities of the U.S. Government; (iv) mortgage-backed securities; (v) asset-backed securities; (vi) collateralized debt obligations and collateralized loan obligations; (vii) fully-collateralized repurchase agreements involving any of the foregoing obligations; and (viii) U.S. dollar-denominated instruments of foreign issuers. <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Ultra Short Duration Bond Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade U.S. dollar-denominated debt instruments, including: (i) commercial paper and other corporate obligations; (ii) certificates of deposit, time deposits, bankers’ acceptances, bank notes and other obligations of U.S. savings and loan and thrift institutions, U.S. commercial banks (including foreign branches of such banks) and foreign banks that meet </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">certain asset requirements; (iii) U.S. Treasury obligations and obligations issued or guaranteed as to principal and interest by agencies or instrumentalities of the U.S. Government; (iv) mortgage-backed securities; (v) asset-backed securities; (vi) collateralized debt obligations and collateralized loan obligations; (vii) fully-collateralized repurchase agreements involving any of the foregoing obligations; and (viii) U.S. dollar-denominated instruments of foreign issuers. In addition, the Fund may invest in futures contracts, options, swaps and other similar instruments. The primary derivatives used by the Fund are futures contracts, options, interest rate swaps and credit default swaps. The Fund will primarily use futures contracts for hedging purposes to manage the Fund’s exposure to interest rate risk. There will be times when the Fund utilizes futures contracts to take an active position to either add or reduce the interest rate sensitivity of the Fund. The Fund will primarily use options and swaps to either mitigate the Fund’s overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Using a top-down strategy and bottom-up security selection, one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) seeks attractively-valued securities that offer competitive yields and that are issued by issuers that are on a sound financial footing. The Sub-Adviser also considers factors such as the anticipated level of interest rates, relative valuations and yield spreads among various sectors and the duration of the Fund’s entire portfolio. Duration measures the price sensitivity of a fixed income security to changes in interest rates. For example, a five-year duration means that the fixed income security will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%. While the Fund may invest in securities with any maturity or duration, the Fund will maintain a portfolio duration of 18 months or less under normal market conditions.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">To achieve its investment goal, the Fund may invest in one or more SEI-sponsored funds to pursue its investment strategies in an efficient manner. The Fund may invest in a SEI-sponsored fund only if the SEI-sponsored fund invests in securities and pursues investment strategies that are consistent with the Fund’s investment goal and strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), the Fund’s adviser, allocating its assets among Sub-Advisers using different investment strategies designed to provide current income consistent with the preservation of capital.</span></p> <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Using a top-down strategy and bottom-up security selection, one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) seeks attractively-valued securities that offer competitive yields and that are issued by issuers that are on a sound financial footing. The Sub-Adviser also considers factors such as the anticipated level of interest rates, relative valuations and yield spreads among various sectors and the duration of the Fund’s entire portfolio. Duration measures the price sensitivity of a fixed income security to changes in interest rates. For example, a five-year duration means that the fixed income security will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%. While the Fund may invest in securities with any maturity or duration, the Fund will maintain a portfolio duration of 18 months or less under normal market conditions.</span> <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), the Fund’s adviser, allocating its assets among Sub-Advisers using different investment strategies designed to provide current income consistent with the preservation of capital.</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Duration Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that short-duration fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Interest Rate Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Corporate Fixed Income Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Commercial Paper Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 an issuer’s underlying asset portfolio and the issuer’s ability to issue new asset-backed commercial paper.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">U.S. Government Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Asset-Backed Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Mortgage-Backed Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Repurchase Agreements and Reverse Repurchase Agreements Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts, options, interest rate swaps and credit default swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many 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, credit-linked notes and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Company Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an exchange-traded fund could result in its value being more volatile than the underlying portfolio securities.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investing in Limited Recourse Obligations Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Collateralized debt obligation (CDO) and collateralized loan obligation (CLO) securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Opportunity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Extension Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Prepayment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of derivatives and repurchase agreements (which effectively constitute a form of borrowing) 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception, compare with those of a broad measure of market performance. <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception, compare </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bm002.jpg" style="-sec-ix-hidden: hidden-fact-19; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 2.63% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑1.30% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 1.60%.</span></p> </td></tr> </table> Best Quarter: 0.0263 2020-06-30 Worst Quarter: -0.013 2020-03-31 total return 2026-06-30 0.016 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:231.11pt; max-width:231.11pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Ultra Short Duration Bond Fund</span></p></td><td colspan="2" style="min-width:70.39pt; max-width:70.39pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:50.5pt; max-width:50.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="3" style="min-width:52pt; max-width:52pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(2/28/2011)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:231.11pt; max-width:231.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:63.89pt; max-width:63.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.07</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0.2pt 0.77pt 0pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.23</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td colspan="2" style="min-width:45.2pt; max-width:45.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.72</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.19%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:231.11pt; max-width:231.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:63.89pt; max-width:63.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.14</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.7pt; max-width:43.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.87</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.61</span></p></td><td colspan="2" style="min-width:7.5pt; max-width:7.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.29%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:231.11pt; max-width:231.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:63.89pt; max-width:63.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.98</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.7pt; max-width:43.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.88</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.60</span></p></td><td colspan="2" style="min-width:7.5pt; max-width:7.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.29%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:231.11pt; max-width:231.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg U.S. Aggregate Bond Index Return (reflects no <br/>deduction for fees, expenses or taxes)</span></p></td><td style="min-width:63.89pt; max-width:63.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.30</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.7pt; max-width:43.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.36</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.01</span></p></td><td colspan="2" style="min-width:7.5pt; max-width:7.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.42%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:231.11pt; max-width:231.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg Short U.S. Treasury 9‑12 Month Index Return (reflects no <br/>deduction for fees, expenses or taxes)</span></p></td><td style="min-width:63.89pt; max-width:63.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.40</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.7pt; max-width:43.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.78</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.18</span></p></td><td colspan="2" style="min-width:7.5pt; max-width:7.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.55%</span></p></td></tr> </table> 2011-02-28 Return Before Taxes 0.0507 0.0323 0.0272 0.0219 Return After Taxes on Distributions 0.0314 0.0187 0.0161 0.0129 Return After Taxes on Distributions and Sale of Fund Shares 0.0298 0.0188 0.016 0.0129 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0242 Bloomberg Short U.S. Treasury 9‑12 Month Index Return (reflects no deduction for fees, expenses or taxes) 0.044 0.0278 0.0218 0.0155 EMERGING MARKETS DEBT FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Maximize total return.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.60%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.10%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.70%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.006 0 0.001 0.007 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53.2pt; max-width:53.2pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53.1pt; max-width:53.1pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:160.61pt; max-width:160.61pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Emerging Markets Debt Fund — Class A Shares</span></p></td><td style="min-width:144.39pt; max-width:144.39pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$72</span></p></td><td style="min-width:53.2pt; max-width:53.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$224</span></p></td><td style="min-width:53.1pt; max-width:53.1pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$390</span></p></td><td style="min-width:56.7pt; max-width:56.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$871</span></p></td></tr> </table> 72 224 390 871 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 91% of the average value of its portfolio.</span></p> 0.91 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Emerging Markets Debt Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities of emerging market issuers. The Fund will invest in debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. The Fund may obtain its exposures by investing directly (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">e.g.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, in fixed income securities and other instruments) or indirectly/synthetically (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">e.g.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, through the use of derivative instruments, principally futures contracts, forward </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">contracts, swaps, including swaps based on a single security or an index of securities, interest rate swaps, credit default swaps, currency swaps and fully funded total return swaps, and structured securities, such as credit-linked notes). The Fund may invest in swaps based on a single security or an index of securities, including interest rate swaps, credit default swaps, currency swaps and fully-funded total return swaps. Emerging market countries are those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), the Fund’s adviser. The Sub-Advisers will spread the Fund’s holdings across a number of countries and industries to limit its exposure to a single emerging market economy and may not invest more than 25% of its assets in any single country. There are no restrictions on the Fund’s average portfolio maturity or on the maturity of any specific security. There is no minimum rating standard for the Fund’s securities and the Fund’s securities will generally be in the lower or lowest rating categories (including junk bonds).</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Sub-Advisers may seek to enhance the Fund’s return by actively managing the Fund’s foreign currency exposure. In managing the Fund’s currency exposure, the Sub-Advisers buy and sell currencies (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, take long or short positions) using derivatives, principally, swaps, futures, foreign currency forward contracts and options on foreign currencies. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund’s assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund’s currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may also invest in futures contracts, forward contracts and swaps for speculative or hedging purposes. Futures contracts, forward contracts and swaps are used to synthetically obtain exposure to the securities identified above or baskets of such securities and to manage the Fund’s interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund’s overall level of risk and/or the Fund’s risk to particular types of securities, currencies or market segments. Interest rate swaps are further used to manage the Fund’s yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may purchase shares of exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly.</span></p> Under normal circumstances, the Emerging Markets Debt Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities of emerging market issuers. The Fund will invest in debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. The Fund may obtain its exposures by investing directly (<span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">e.g.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, in fixed income securities and other instruments) or indirectly/synthetically (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">e.g.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, through the use of derivative instruments, principally futures contracts, forward </span>contracts, swaps, including swaps based on a single security or an index of securities, interest rate swaps, credit default swaps, currency swaps and fully funded total return swaps, and structured securities, such as credit-linked notes). <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), the Fund’s adviser. The Sub-Advisers will spread the Fund’s holdings across a number of countries and industries to limit its exposure to a single emerging market economy and may not invest more than 25% of its assets in any single country. There are no restrictions on the Fund’s average portfolio maturity or on the maturity of any specific security. There is no minimum rating standard for the Fund’s securities and the Fund’s securities will generally be in the lower or lowest rating categories (including junk bonds).</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment/Emerging Markets Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that emerging market debt securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Interest Rate Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that a change in interest rates will cause a fall in the value of fixed income securities. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Sovereign Debt Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Corporate Fixed Income Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Below Investment Grade Securities (Junk Bonds) Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts, forward contracts, swaps and credit-linked notes is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many 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, credit-linked notes and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Market risk is described above. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies and the Fund’s active management of its currency exposures, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Exchange-Traded Funds Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Duration Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Extension Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Prepayment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Non-Diversified Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, for classification as a regulated investment company.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Portfolio Turnover Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bm003.jpg" style="-sec-ix-hidden: hidden-fact-20; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 12.82% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑16.50% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 4.48%.</span></p> </td></tr> </table> Best Quarter: 0.1282 2020-06-30 Worst Quarter: -0.165 2020-03-31 total return 2026-06-30 0.0448 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of the Bloomberg Global Aggregate Index (a broad-based securities market index) as well as a blended benchmark that is composed of the J.P. Morgan EMBI Global Diversified Index and the J.P. Morgan GBI-EM Global Diversified Index weighted 50%/50%.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of the Bloomberg Global Aggregate Index (a broad-based securities market index) as well as a blended benchmark that is composed of the J.P. Morgan EMBI Global Diversified Index and the J.P. Morgan GBI-EM Global Diversified Index weighted 50%/50%. 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. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:256.11pt; max-width:256.11pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Emerging Markets Debt Fund</span></p></td><td colspan="2" style="min-width:45.39pt; max-width:45.39pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:50.5pt; max-width:50.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="3" style="min-width:52pt; max-width:52pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(12/5/2005)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:256.11pt; max-width:256.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:38.89pt; max-width:38.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">20.34</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.5pt; max-width:43.5pt; padding:0pt 0.2pt 0.77pt 0pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.96</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td colspan="2" style="min-width:45.2pt; max-width:45.2pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.06</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.27%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:256.11pt; max-width:256.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:38.89pt; max-width:38.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">16.83</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.7pt; max-width:43.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.72</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.20</span></p></td><td colspan="2" style="min-width:7.5pt; max-width:7.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.13%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:256.11pt; max-width:256.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:38.89pt; max-width:38.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.96</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.7pt; max-width:43.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.22</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.08</span></p></td><td colspan="2" style="min-width:7.5pt; max-width:7.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.22%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:256.11pt; max-width:256.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg Global Aggregate Index (USD) Return (reflects no deduction for <br/>fees, expenses or taxes)</span></p></td><td style="min-width:38.89pt; max-width:38.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.17</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.7pt; max-width:43.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑2.15</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.26</span></p></td><td colspan="2" style="min-width:7.5pt; max-width:7.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.55%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:256.11pt; max-width:256.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">The Fund’s Blended Benchmark Return (reflects no deduction for <br/>fees, expenses or taxes)</span></p></td><td style="min-width:38.89pt; max-width:38.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">16.79</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:43.7pt; max-width:43.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.48</span></p></td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.19</span></p></td><td colspan="2" style="min-width:7.5pt; max-width:7.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.96%</span></p></td></tr> </table> 2005-12-05 Return Before Taxes 0.2034 0.0296 0.0506 0.0527 Return After Taxes on Distributions 0.1683 0.0072 0.032 0.0313 Return After Taxes on Distributions and Sale of Fund Shares 0.1196 0.0122 0.0308 0.0322 Bloomberg Global Aggregate Index (USD) Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0817 -0.0215 0.0126 0.0255 The Fund’s Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 0.1679 0.0148 0.0419 0.0496 REAL RETURN FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Total return exceeding the rate of inflation.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.22%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.06%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.28%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0022 0 0.0006 0.0028 EXAMPLE <p style="margin:7pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:307pt; max-width:307pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:119.27pt; max-width:119.27pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Real Return Fund — Class A Shares</span></p></td><td style="min-width:187.73pt; max-width:187.73pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$29</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$90</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$157</span></p></td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$356</span></p></td></tr> </table> 29 90 157 356 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 38% of the average value of its portfolio.</span></p> 0.38 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Although the Fund is able to use a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser) whereby Fund assets would be allocated among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers), the Real Return Fund’s assets currently are managed directly by SIMC. The Fund seeks to produce a return similar to that of the Bloomberg 1‑5 Year U.S. TIPS Index, which is the Fund’s benchmark index.</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Fund will invest a significant portion of its assets in investment grade fixed income securities, including inflation-indexed bonds of varying maturities issued by the U.S. Treasury, other U.S. Government agencies and instrumentalities. An inflation-indexed bond is a bond that is structured so that its principal value will change with inflation. Treasury Inflation-Protected Securities (TIPS) are a type of inflation-indexed bond in which the Fund may invest. The Fund’s exposure to fixed income securities is not restricted by maturity requirements.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may, on a limited basis, also invest in futures contracts for risk management, speculative or hedging purposes. Futures contracts may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund’s interest rate duration and yield curve exposure. These derivatives may also be used to mitigate the Fund’s overall level of risk and/or the Fund’s risk to particular types of securities or market segments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may also invest in securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as time deposits, U.S. and foreign corporate debt including commercial paper and fully-collateralized repurchase agreements with highly rated counterparties (those rated A or better at the time of purchase); and securitized issues, such as mortgage-backed securities issued by U.S. Government agencies.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Inflation Protected Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The value of inflation protected securities, including TIPS, generally will fluctuate in response to changes in “real” interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Interest Rate Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund is also subject to the risk that the Fund’s securities may underperform other segments of the markets or the markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">U.S. Government Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Commercial Paper Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 an issuer’s underlying asset portfolio and the issuer’s ability to issue new asset-backed commercial paper.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Corporate Fixed Income Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Mortgage-Backed Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk and liquidity risk are described above, and leverage risk is described below. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Repurchase Agreements and Reverse Repurchase Agreements Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Duration Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Extension Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Prepayment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years, and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bo001.jpg" style="-sec-ix-hidden: hidden-fact-21; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.17pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.17pt; color:#231f20"> 3.51% (3/31/25)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.17pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.17pt; color:#231f20"> ‑3.11% (9/30/22)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 1.43%.</span></p> </td></tr> </table> Best Quarter: 0.0351 2025-03-31 Worst Quarter: -0.0311 2022-09-30 total return 2026-06-30 0.0143 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:232.35pt; max-width:232.35pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Real Return Fund</span></p></td><td colspan="2" style="min-width:59.15pt; max-width:59.15pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:53.5pt; max-width:53.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td colspan="2" style="min-width:70pt; max-width:70pt; padding:0pt 0.5pt 1.28pt 0pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(12/14/2006)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:232.35pt; max-width:232.35pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:52.65pt; max-width:52.65pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.53</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.28</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.10</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.04</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:232.35pt; max-width:232.35pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:52.65pt; max-width:52.65pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.56</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.33</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.74</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.75</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:232.35pt; max-width:232.35pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:52.65pt; max-width:52.65pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.85</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.65</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.79</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.83</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:232.35pt; max-width:232.35pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction <br/>for fees, expenses or taxes)</span></p></td><td style="min-width:52.65pt; max-width:52.65pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.30</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.36</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.01</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.17</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:232.35pt; max-width:232.35pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg 1‑5 Year U.S. TIPS Index Return (reflects no deduction <br/>for fees, expenses or taxes)</span></p></td><td style="min-width:52.65pt; max-width:52.65pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.55</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.32</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.16</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:63.5pt; max-width:63.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.01</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> </table> 2006-12-14 Return Before Taxes 0.0653 0.0328 0.031 0.0304 Return After Taxes on Distributions 0.0456 0.0133 0.0174 0.0175 Return After Taxes on Distributions and Sale of Fund Shares 0.0385 0.0165 0.0179 0.0183 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0317 Bloomberg 1‑5 Year U.S. TIPS Index Return (reflects no deduction for fees, expenses or taxes) 0.0655 0.0332 0.0316 0.0301 LIMITED DURATION BOND FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Preservation of capital and current income.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.25%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.07%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.32%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0025 0 0.0007 0.0032 EXAMPLE <p style="margin:7pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:307pt; max-width:307pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:157.5pt; max-width:157.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Limited Duration Bond Fund — Class A Shares</span></p></td><td style="min-width:149.5pt; max-width:149.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$33</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$103</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$180</span></p></td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$406</span></p></td></tr> </table> 33 103 180 406 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 181% of the average value of its portfolio.</span></p> 1.81 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Limited Duration Bond Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade U.S. dollar-denominated debt instruments, which may include (i) securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities; (ii) obligations of U.S. and foreign commercial banks such as certificates of deposit, time deposits, bankers’ acceptances and bank notes; (iii) corporate obligations; (iv) asset-backed securities; </span></p><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">(v) residential and commercial mortgage-backed securities, collateralized debt obligations and mortgage dollar rolls; and (vi) U.S. dollar-denominated instruments of foreign issuers.</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Limited Duration Bond Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade U.S. dollar-denominated debt instruments, which may include (i) securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities; (ii) obligations of U.S. and foreign commercial banks such as certificates of deposit, time deposits, bankers’ acceptances and bank notes; (iii) corporate obligations; (iv) asset-backed securities; </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">(v) residential and commercial mortgage-backed securities, collateralized debt obligations and mortgage dollar rolls; and (vi) U.S. dollar-denominated instruments of foreign issuers.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may also invest in futures contracts, forward contracts, to-be-announced mortgage-backed securities, options and swaps. The Fund will primarily use futures contracts and forward contracts for hedging purposes to attempt to manage the Fund’s exposure to changes in interest rate duration and yield. The Fund will typically use options and swaps to attempt to either mitigate the Fund’s overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market. Any of these instruments may also be used to take an active position to attempt to add or reduce the Fund’s interest rate sensitivity.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Duration measures how changes in interest rates affect the amount of time it takes an issuer to repay a bond from internal cash flows and indicates the price sensitivity of a fixed income security. For example, a five-year duration means that the fixed income security 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. Although the Fund may invest in securities with any maturity or duration, the Fund seeks to maintain an effective duration of three years or less under normal market conditions.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), allocating its assets among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) using different investment strategies designed to preserve capital and generate current income. Due to its investment strategy, the Fund may buy and sell securities frequently.</span></p> The Fund will primarily use futures contracts and forward contracts for hedging purposes to attempt to manage the Fund’s exposure to changes in interest rate duration and yield. The Fund will typically use options and swaps to attempt to either mitigate the Fund’s overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market. Any of these instruments may also be used to take an active position to attempt to add or reduce the Fund’s interest rate sensitivity. <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), allocating its assets among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) using different investment strategies designed to preserve capital and generate current income. Due to its investment strategy, the Fund may buy and sell securities frequently.</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.</span></p> 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. <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Duration Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Interest Rate Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">U.S. Government Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.</span></p> Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Bank Loans Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Corporate Fixed Income Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Asset-Backed Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Mortgage-Backed Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Mortgage Dollar Rolls Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund’s right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment and Foreign Issuer Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts, forwards contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below, and market risk is described above. Many 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 OTC forwards, options and swaps is also subject to credit risk and valuation risk. Credit risk is described above. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investing in Limited Recourse Obligations Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Collateralized debt obligation (CDO) and collateralized loan obligation (CLO) securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Opportunity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Extension Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Prepayment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Redemption Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. This could have a significant adverse effect on the Fund’s ability to maintain a stable $1.00 share price, and, in extreme circumstances, could cause the Fund to suspend redemptions and liquidate completely.</span></p> This could have a significant adverse effect on the Fund’s ability to maintain a stable $1.00 share price, and, in extreme circumstances, could cause the Fund to suspend redemptions and liquidate completely. <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Portfolio Turnover Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund’s performance.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years and since the Fund’s inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> 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 past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years and since the Fund’s inception, compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bo002.jpg" style="-sec-ix-hidden: hidden-fact-22; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 3.05% (9/30/24)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑2.24% (3/31/22)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 1.04%.</span></p> </td></tr> </table> Best Quarter: 0.0305 2024-09-30 Worst Quarter: -0.0224 2022-03-31 total return 2026-06-30 0.0104 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> 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. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:232.35pt; max-width:232.35pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Limited Duration Bond Fund</span></p></td><td colspan="2" style="min-width:63.15pt; max-width:63.15pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:53.5pt; max-width:53.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td colspan="2" style="min-width:66pt; max-width:66pt; padding:0pt 0.5pt 1.28pt 0pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(7/31/2014)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:232.35pt; max-width:232.35pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:56.65pt; max-width:56.65pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.87</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.43</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.49</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:59.5pt; max-width:59.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.25</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:232.35pt; max-width:232.35pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:56.65pt; max-width:56.65pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.01</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.12</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.38</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:59.5pt; max-width:59.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.22</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:232.35pt; max-width:232.35pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:56.65pt; max-width:56.65pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.45</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.29</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.42</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:59.5pt; max-width:59.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.27</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:232.35pt; max-width:232.35pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction <br/>for fees, expenses or taxes)</span></p></td><td style="min-width:56.65pt; max-width:56.65pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.30</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.36</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.01</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:59.5pt; max-width:59.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.00</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:232.35pt; max-width:232.35pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">ICE BofA 1‑3 Year US Treasury Index Return (reflects no deduction <br/>for fees, expenses or taxes)</span></p></td><td style="min-width:56.65pt; max-width:56.65pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.09</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.79</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.85</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:59.5pt; max-width:59.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.69</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> </table> 2014-07-31 Return Before Taxes 0.0587 0.0243 0.0249 0.0225 Return After Taxes on Distributions 0.0401 0.0112 0.0138 0.0122 Return After Taxes on Distributions and Sale of Fund Shares 0.0345 0.0129 0.0142 0.0127 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.02 ICE BofA 1‑3 Year US Treasury Index Return (reflects no deduction for fees, expenses or taxes) 0.0509 0.0179 0.0185 0.0169 INTERMEDIATE DURATION CREDIT FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Current income consistent with the preservation of capital.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.25%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.07%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.32%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0025 0 0.0007 0.0032 EXAMPLE <p style="margin:7pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:307pt; max-width:307pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:179.11pt; max-width:179.11pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Intermediate Duration Credit Fund — Class A Shares</span></p></td><td style="min-width:127.89pt; max-width:127.89pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$33</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$103</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$180</span></p></td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$406</span></p></td></tr> </table> 33 103 180 406 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund will incur 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 148% of the average of its portfolio.</span></p> 1.48 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Intermediate Duration Credit Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade US dollar-denominated fixed income instruments. The Fund will primarily invest in (i) US and foreign corporate obligations; (ii) fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets; (iii) obligations of supranational entities; (iv) debt obligations issued by state, provincial, county, or city governments or other municipalities, as well as those of public utilities, universities and other </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">quasi‑governmental bodies; and (v) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Although the Fund will primarily invest in the instruments described above, it may also invest in futures contracts, options on securities, currencies or indexes and swaps, including interest rate swaps, single security swaps, swaps on an index of securities or credit default swaps. The Fund will primarily use such derivatives for hedging purposes to attempt to manage the Fund’s exposure to changes in interest rate duration and related investment risks resulting from the interaction of interest rate changes over time and the current value of fixed income securities. The Fund will typically use options and swaps in an attempt to either mitigate the Fund’s overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market. Interest rate swaps, credit default swaps and total return swaps may be used to manage various portfolio exposures including, but not limited to, interest rate risk and credit risk. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities. The Fund may also, to a lesser extent, invest in shares of exchange-traded funds (ETFs) or mutual funds to obtain exposure to certain fixed income markets.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility. Although the Fund may invest in securities with any maturity or duration, the Fund under normal circumstances will seek to maintain an effective average duration between three and ten years.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), allocating its assets among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) using different investment strategies designed to provide current income consistent with the preservation of capital. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.</span></p> Under normal circumstances, the Intermediate Duration Credit Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade US dollar-denominated fixed income instruments. The Fund will primarily invest in (i) US and foreign corporate obligations; (ii) fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets; (iii) obligations of supranational entities; (iv) debt obligations issued by state, provincial, county, or city governments or other municipalities, as well as those of public utilities, universities and other <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">quasi‑governmental bodies; and (v) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities.</span> <span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), allocating its assets among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) using different investment strategies designed to provide current income consistent with the preservation of capital. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.</span> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Style Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that intermediate duration corporate fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Interest Rate Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Duration Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The longer-term securities in which the Fund may invest may be 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Corporate Fixed Income Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment/Emerging Markets Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Sovereign Debt Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Municipal Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer’s current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">creditworthiness of municipal issuers may reduce the value of the Fund’s holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">U.S. Government Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below, and market risk is described above. Many 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 options and swaps is also subject to credit risk and valuation risk. Credit risk is described above. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Company Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— When the Fund invests in an investment company, including ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Extension Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Prepayment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Portfolio Turnover Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund’s performance.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years and since the Fund’s inception compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. 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.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bo003.jpg" style="-sec-ix-hidden: hidden-fact-23; margin:0pt 1.5pt 0pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 7.50% (12/31/23)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑7.03% (3/31/22)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 0.87%.</span></p> </td></tr> </table> Best Quarter: 0.075 2023-12-31 Worst Quarter: -0.0703 2022-03-31 total return 2026-06-30 0.0087 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy.</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> 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. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:235.69pt; max-width:235.69pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Intermediate Duration Credit Fund</span></p></td><td colspan="2" style="min-width:59.81pt; max-width:59.81pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:53.5pt; max-width:53.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td colspan="2" style="min-width:66pt; max-width:66pt; padding:0pt 0.5pt 1.28pt 0pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(3/31/2015)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:235.69pt; max-width:235.69pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:53.31pt; max-width:53.31pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.39</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.19</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.01</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:59.5pt; max-width:59.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.60</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:235.69pt; max-width:235.69pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:53.31pt; max-width:53.31pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.38</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑1.79</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.48</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:59.5pt; max-width:59.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.10</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:235.69pt; max-width:235.69pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:53.31pt; max-width:53.31pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.34</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.82</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.66</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:59.5pt; max-width:59.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.35</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:235.69pt; max-width:235.69pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg U.S. Aggregate Bond Index Return (reflects no deductions <br/>for fees, expenses or taxes)</span></p></td><td style="min-width:53.31pt; max-width:53.31pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.30</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.36</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.01</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:59.5pt; max-width:59.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.77</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:235.69pt; max-width:235.69pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg A+ U.S. Credit Index Return (reflects no deductions <br/>for fees, expenses or taxes)</span></p></td><td style="min-width:53.31pt; max-width:53.31pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.57</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45.5pt; max-width:45.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.35</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:46.5pt; max-width:46.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.60</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:59.5pt; max-width:59.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.28</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td></tr> </table> 2015-03-31 Return Before Taxes 0.0739 -0.0019 0.0301 0.026 Return After Taxes on Distributions 0.0538 -0.0179 0.0148 0.011 Return After Taxes on Distributions and Sale of Fund Shares 0.0434 -0.0082 0.0166 0.0135 Bloomberg U.S. Aggregate Bond Index Return (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0177 Bloomberg A+ U.S. Credit Index Return (reflects no deductions for fees, expenses or taxes) 0.0757 -0.0035 0.026 0.0228 DYNAMIC ASSET ALLOCATION FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Long-term total return.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td colspan="2" style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="5" style="min-width:468pt; max-width:468pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees (of the Fund and Subsidiary)</span></p></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees of the Fund</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.60%</span></p></td><td style="min-width:39.5pt; max-width:39.5pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees of the Subsidiary</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:39.5pt; max-width:39.5pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Management Fees</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:39.5pt; max-width:39.5pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.60%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:39.5pt; max-width:39.5pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="5" style="min-width:468pt; max-width:468pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses (of the Fund and Subsidiary)</span></p></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses of the Fund</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.07%</span></p></td><td style="min-width:39.5pt; max-width:39.5pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses of the Subsidiary</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:39.5pt; max-width:39.5pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:39.5pt; max-width:39.5pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.67%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.006 0 0.0067 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:167.02pt; max-width:167.02pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Dynamic Asset Allocation Fund — Class A Shares</span></p></td><td style="min-width:137.98pt; max-width:137.98pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$68</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$214</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$373</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$835</span></p></td></tr> </table> 68 214 373 835 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 19% of the average value of its portfolio.</span></p> 0.19 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund employs a dynamic investment strategy seeking to achieve, over time, a total return in excess of the broad U.S. equity market by selecting investments from among a broad range of asset classes or market exposures based upon SEI Investments Management Corporation’s (SIMC or the Adviser) expectations of risk and return. Asset classes or market exposures in which the Fund may invest include U.S. and foreign equities and bonds, currencies, and investment exposures to various market characteristics such as interest rates or volatility. Assets of the Fund not allocated to a Sub-Adviser, as discussed below, are managed directly by SIMC.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The asset classes and market exposures used and the Fund’s allocations among them are determined based on SIMC’s views of fundamental, technical or valuation measures and may be dynamically adjusted (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20"> actively adjusted over long or short periods of time). The Fund may at any particular point in time be diversified across many exposures or concentrated in a limited number of exposures, including, possibly, a single asset class or market exposure.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Although the Fund will seek to achieve excess total return through its dynamic investment selection, it will also normally maintain, as a primary component of its strategy, passive exposure to the large capitalization U.S. equity market. To the extent that the Fund is not dynamically invested in other asset classes or market exposures, the Fund’s assets will generally be passively invested in a portfolio of securities designed to track, before fees and expenses, the performance of the large capitalization U.S. equity market. This passive exposure to the large capitalization U.S. equity market is implemented by the Fund’s sub-adviser (the Sub‑Adviser).</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may obtain asset class or market exposures by investing directly (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">e.g.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, in equity and fixed income securities and other instruments) or indirectly (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">e.g.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, through the use of other pooled investment vehicles (including a wholly-owned subsidiary) and/or derivative instruments, principally futures contracts, forward contracts, options and swaps). The particular types of securities and other instruments in which the Fund may invest are further described below. The Fund may invest in particular securities or instruments that are not specifically listed below, but which have similar characteristics or represent similar exposures as those described below.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Equity Securities.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20"> The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants (including equity-linked warrants) and depositary receipts of U.S. and non‑U.S. issuers (including emerging markets) of various market capitalizations and industries.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Fixed Income Securities</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">. The Fund may invest in fixed income securities that are investment or non-investment grade (also known as “junk bonds”), U.S.- or foreign-issued (including emerging markets), and corporate- or government-issued. The Fund’s fixed income investments may include asset-backed securities, mortgage-backed securities, collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs), corporate bonds and debentures, commercial paper, exchange traded notes (ETNs), money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, structured notes, construction loans, obligations of foreign governments, and obligations of either supranational entities issued or guaranteed by certain banks and entities organized to restructure the outstanding debt of such issuers.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund’s fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Treasury), such as obligations issued by U.S. Government sponsored entities, and Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities of both U.S. and non-U.S. governments and corporations.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans (participations) and assignments of all or a portion of the loans from third parties (assignments).</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund’s portfolio and the Fund’s investments in particular fixed income securities are not subject to any maturity or duration restrictions.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Other Instruments</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">. The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Pooled Investment Vehicles</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, including open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs), to obtain the Fund’s desired exposure to a particular asset class.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivative and Commodity Instruments</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">. The Fund may also purchase or sell futures contracts, forward contracts and swaps (including total return swaps, swaptions, caps, floors or collars) for return enhancement or hedging purposes or to obtain the Fund’s desired exposure to a particular asset class or market exposure. Futures contracts, forward contracts and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund’s interest rate duration and yield curve exposure. These derivatives may also be used to mitigate the Fund’s overall level of risk and/or the Fund’s exposure to the risk of particular types of securities or market segments. The Fund may purchase or sell futures contracts (and options on futures contracts) on U.S. Government securities for return enhancement and hedging purposes. The Fund may purchase and sell forward contracts on currencies or securities for return enhancement and hedging purposes. Interest rate swaps are further used to manage the Fund’s yield spread sensitivity.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Swaps may be used for return enhancement or hedging purposes. Securities index and single-security swaps may be used to manage the inflation-adjusted return of the Fund or to more efficiently gain exposure to a particular security or basket of securities. Total return swaps are used to seek to enhance the Fund’s investment return. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. The Fund may also, to a lesser extent, purchase or sell put or call options on securities, indexes or currencies for return enhancement or hedging purposes or to obtain the Fund’s desired exposure to a particular asset class or market exposure.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">A portion of the Fund’s assets may also be invested in commodity-linked securities to provide exposure to the investment returns of the commodities markets without investing directly in physical commodities. Commodity-linked securities include marketable securities issued by companies that own or invest in commodities or commodities contracts, equity and debt securities of issuers in commodity-related industries, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index, or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may also seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts, commodity investments and derivative instruments. The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Exposure</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">. The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Fund may also seek to enhance its return by actively managing the Fund’s foreign currency exposure. In managing the Fund’s currency exposure, the Fund may buy and sell currencies (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, take long or short positions) using futures, options and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund’s assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing its currency exposure from foreign securities, the Fund may buy and sell currencies for hedging or for speculative purposes.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Short Sales</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">. The Fund may engage in short sales in an attempt to capitalize on equity securities that are expected to underperform the market or their peers. When the Fund sells securities short, it may invest the proceeds from the short sales in an attempt to enhance returns. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The goal of the Fund is to serve as a dynamic overlay to broader strategic allocations. This Fund is intended to be used by shareholders seeking to add a dynamic component to their broader overall investment strategy. </span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">An investment in the Fund should not constitute a shareholder’s complete investment program.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20"> This Fund will represent the active investment views of SIMC.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Equity Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Fixed Income Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium sized companies. Additionally, 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Duration Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of derivatives and repurchase agreements (which effectively constitute a form of borrowing) 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Interest Rate Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures, forwards, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk and leverage risk are described above, and liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. 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 OTC forwards, options and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Inflation Protected Securities </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The value of investments in inflation protected securities, including TIPS, will generally fluctuate in response to changes in “real” interest rates. Real interest rates represent nominal interest rates reduced by the expected impact of inflation. The value of an inflation-protected security generally decreases when real interest rates rise and generally increases when real interest rates fall. In addition, the principal value of an inflation-protected security is periodically adjusted up or down along with the rate of inflation. If the measure of inflation falls, the principal value of the inflation-protected security will be adjusted downwards, and, consequently, the interest payable on the security will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed by the U.S. Treasury in the case of TIPS. For securities that do not provide a similar guarantee, the adjusted principal value of the security to be repaid at maturity is subject to credit risk.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Commodity-Linked Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer’s financial structure or the performance of unrelated businesses.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">U.S. Government Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Corporate Fixed Income Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Below Investment Grade Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. These risks may be increased in foreign and emerging markets.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Commercial Paper Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 an issuer’s underlying asset portfolio and the issuer’s ability to issue new asset-backed commercial paper.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment/Emerging Markets Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Sovereign Debt Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Repurchase Agreements and Reverse Repurchase Agreements Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Extension Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Prepayment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Opportunity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Short Sales Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund’s share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Real Estate Industry Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direst ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">REITs Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Smaller capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Depositary Receipts Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Depositary receipts, such as American Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Warrants Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Tax Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund may gain most of its exposure to the commodities markets through its investment in the Subsidiary, which invests in commodity investments and derivative instruments. The Fund’s investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the Code) for qualification as a regulated investment company (RIC). To the extent the Fund invests in such instruments directly, it will seek to restrict the resulting income from commodity-linked derivative instruments that do not generate qualifying income, such as commodity-linked swaps, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to comply with the qualifying income test necessary for the Fund to qualify as a RIC under Subchapter M of the Code. However, the Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income requirement, or may not be able to accurately predict the non-qualifying income from these investments. Accordingly, the extent to which the Fund invests in commodities or commodity-linked derivative instruments directly may be limited by the requirements of Subchapter M of the Code, which the Fund must continue to </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">satisfy to maintain its status as a RIC. Failure to comply with such requirements could have significant negative consequences to Fund shareholders. Under certain circumstances, the Fund may be able to cure a failure to meet the qualifying income requirement, but in order to do so the Fund may incur significant Fund‑level taxes, which would effectively reduce (and could eliminate) the Fund’s returns. See the “Taxes” section of the SAI for additional information.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Company Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund’s share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment in the Subsidiary Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the 1940 Act), and, unless otherwise noted in this prospectus, is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could negatively affect the Fund and its shareholders.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Commodity Investments and Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer’s financial structure or the performance of unrelated businesses. The value of a commodity investment or a derivative investment in commodities is typically based upon the price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Convertible and Preferred Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible bonds may be more sensitive to changes in interest rates than stocks. Convertible bonds may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Asset-Backed Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 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.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Mortgage-Backed Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Mortgage Dollar Rolls Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund’s right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Bank Loans Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investing in Limited Recourse Obligations Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Collateralized debt obligation (CDO) and collateralized loan obligation (CLO) securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Private Placements Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1‑800-DIAL-SEI.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years and since the Fund’s inception compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137.98pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bq001.jpg" style="-sec-ix-hidden: hidden-fact-24; margin:0pt 1.5pt 0.98pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 21.14% (6/30/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑19.08% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 8.68%.</span></p> </td></tr> </table> Best Quarter: 0.2114 2020-06-30 Worst Quarter: -0.1908 2020-03-31 total return 2026-06-30 0.0868 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> 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. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Dynamic Asset Allocation Fund</span></p></td><td colspan="2" style="min-width:55.79pt; max-width:55.79pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:51pt; max-width:51pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:51.5pt; max-width:51.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(7/30/2010)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:49.29pt; max-width:49.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">20.26</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">15.22</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45pt; max-width:45pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.53</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.31%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:49.29pt; max-width:49.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">16.26</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.40</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45pt; max-width:45pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.24</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.58%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:49.29pt; max-width:49.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.01</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">10.84</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45pt; max-width:45pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.08</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">11.28%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:245.71pt; max-width:245.71pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">S&amp;P 500 Index Return (reflects no deduction for fees, expenses or taxes)</span></p></td><td style="min-width:49.29pt; max-width:49.29pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">17.88</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.42</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:45pt; max-width:45pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.82</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">14.69%</span></p></td></tr> </table> 2010-07-30 Return Before Taxes 0.2026 0.1522 0.1453 0.1431 Return After Taxes on Distributions 0.1626 0.104 0.1124 0.1158 Return After Taxes on Distributions and Sale of Fund Shares 0.1401 0.1084 0.1108 0.1128 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1469 MULTI-ASSET REAL RETURN FUND Investment Goal <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Total return exceeding the rate of inflation.</span></p> Fees and Expenses <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. </span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; letter-spacing:0.11pt; color:#231f20">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td><td colspan="2" style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Class A Shares</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="5" style="min-width:468pt; max-width:468pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees (of the Fund and Subsidiary)</span></p></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees of the Fund</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.55%</span></p></td><td style="min-width:39.5pt; max-width:39.5pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Management Fees of the Subsidiary</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:39.5pt; max-width:39.5pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Management Fees</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:39.5pt; max-width:39.5pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.55%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Distribution (12b‑1) Fees</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:39.5pt; max-width:39.5pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="5" style="min-width:468pt; max-width:468pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses (of the Fund and Subsidiary)</span></p></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses of the Fund</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.08%</span></p></td><td style="min-width:39.5pt; max-width:39.5pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Other Expenses of the Subsidiary</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">None</span></p></td><td style="min-width:39.5pt; max-width:39.5pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Dividends on Shorts</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.03%</span></p></td><td style="min-width:39.5pt; max-width:39.5pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Interest Expense on Reverse Repurchase Agreements</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.00%</span></p></td><td style="min-width:39.5pt; max-width:39.5pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Other Expenses</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:39.5pt; max-width:39.5pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.11%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Total Annual Fund Operating Expenses</span></p></td><td style="min-width:171.24pt; max-width:171.24pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:39.5pt; max-width:39.5pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.29; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.66%</span></p></td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0055 0 0.0011 0.0066 EXAMPLE <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:305pt; max-width:305pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">3 Years</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:160.85pt; max-width:160.85pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Multi-Asset Real Return Fund — Class A Shares</span></p></td><td style="min-width:144.15pt; max-width:144.15pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$67</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$211</span></p></td><td style="min-width:53pt; max-width:53pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$368</span></p></td><td style="min-width:57pt; max-width:57pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">$822</span></p></td></tr> </table> 67 211 368 822 PORTFOLIO TURNOVER <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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 55% of the average value of its portfolio.</span></p> 0.55 Principal Investment Strategies <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), allocating its assets among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) using different investment strategies designed to produce a total return that exceeds the rate of inflation in the U.S. Assets of the Fund not allocated to Sub-Advisers are managed directly by SIMC.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Under normal circumstances, the Fund will pursue its investment goal by selecting investments from a broad range of asset classes, including fixed income and equity securities and commodity linked instruments. The Fund seeks “real return” (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, total returns that exceed the rate of inflation over a full market cycle, regardless of market conditions). The Fund may invest in U.S. and non-U.S. dollar-denominated securities.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Fixed income securities may include: (i) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as certificates of deposit, time deposits, bankers’ acceptances and bank notes; (ii) obligations of foreign governments; (iii) Treasury Inflation-Protected Securities (TIPS) and other inflation-linked debt securities; (iv) U.S. and foreign (including emerging markets) corporate debt securities, including commercial paper, and fully-collateralized repurchase and reverse repurchase agreements with highly rated counterparties (those rated A or better); and (v) securitized issues such as residential and commercial mortgage-backed securities, asset‑backed securities and collateralized debt obligations. The Fund may invest in debt securities of any credit quality, including those rated below investment grade (junk bonds) or, if unrated, of equivalent credit quality, as determined by the Fund’s managers. The Fund may invest in securities with a broad range of maturities. The Fund may also enter into reverse repurchase agreements with respect to its investment in TIPS. In an attempt to generate excess returns, when the Fund enters into such a TIPS reverse repurchase agreement it will use the cash received to enter into a short position on U.S. Treasury bonds.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Equity securities may include common or preferred stocks, warrants, rights, depositary receipts, equity-linked securities and other equity interests. The Fund may invest in securities of issuers of any market capitalization and may invest in both foreign and domestic equity securities. In addition to direct investment in securities and other instruments, the Fund may invest in exchange-traded funds (ETFs). The Fund may also invest in real estate investment trusts (REITs) and U.S. and non-U.S. real estate companies.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">A portion of the Fund’s assets may also be invested in commodity-linked securities to provide exposure to the investment returns of the commodities markets without investing directly in physical commodities. Commodity-linked securities include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes. The Fund may also invest in equity and debt securities of issuers in commodity-related industries. The Fund may also seek to gain long and short exposure to the commodity markets, in whole or in part, through investments in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in long and short positions in commodities, commodity contracts, commodity investments and derivative instruments. The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Fund may also purchase or sell futures contracts, options, forward contracts and swaps (including swaptions) for return enhancement or hedging purposes. Futures contracts, forward contracts and swaps are used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund’s interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund’s overall level of risk and/or the Fund’s risk to particular types of securities or market segments. The Fund may purchase or sell futures contracts and options on U.S. Government securities for return enhancement.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Interest rate swaps are further used to manage the Fund’s interest rate risk. Swaps on indexes are used to manage the inflation-adjusted return of the Fund. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Sub-Adviser(s) may seek to enhance the Fund’s return by actively managing the Fund’s currency exposure. In managing the Fund’s currency exposure, the Sub-Adviser(s) may buy and sell currencies (</span><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">i.e.</span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">, take long or short positions) through the use of cash, securities and/or currency-related derivatives, including, without limitation, currency forward contracts, futures contracts, swaps and options. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund’s assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase their exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The Sub-Adviser(s) may engage in short sales in an attempt to capitalize on equity securities that they believe will underperform the market or their peers. When a Sub-Adviser(s) sells securities short, it may invest the proceeds from the short sales in an attempt to enhance returns. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss.</span></p> In addition, the methodology by which SIMC allocates the Fund’s assets to the Sub-Adviser(s) may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds. <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Fixed Income Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Equity Market Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Inflation Protected Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The value of inflation protected securities, including TIPS, generally will fluctuate in response to changes in “real” interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Large Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium sized companies. Additionally, 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">U.S. Government Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Investment/Emerging Markets Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Foreign Sovereign Debt Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Corporate Fixed Income Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Commercial Paper Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 an issuer’s underlying asset portfolio and the issuer’s ability to issue new asset-backed commercial paper.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Repurchase Agreements and Reverse Repurchase Agreements Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Asset-Backed Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Mortgage-Backed Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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; </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investing in Limited Recourse Obligations Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Collateralized debt obligation (CDO) and collateralized loan obligation (CLO) securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Below Investment Grade Securities (Junk Bonds) Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Preferred Stock Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Warrants Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Depositary Receipts Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Depositary receipts, such as American Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Small and Medium Capitalization Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The 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, smaller 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 </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment Company Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— When the Fund invests in an investment company, it will bear a pro rata portion of the investment company’s expenses in addition to directly bearing the expenses associated with its own operations. Furthermore, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Real Estate Industry Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate, including fluctuations in the value of underlying properties and defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">REITs Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate are described above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Commodity-Linked Securities Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer’s financial structure or the performance of unrelated businesses.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of futures, forwards, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below, and market risk is described above. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of OTC forwards, options and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Investment in the Subsidiary Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the 1940 Act), and, unless otherwise noted in this prospectus, is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could negatively affect the Fund and its shareholders.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Commodity Investments and Derivatives Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer’s financial structure or the performance of unrelated businesses. The </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">value of a commodity investment or a derivative investment in commodities is typically based upon the price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Currency Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies and the Fund’s active management of its currency exposures, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Short Sales Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund’s share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Interest Rate Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Liquidity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Opportunity Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Tax Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund may gain most of its exposure to the commodities markets through its investment in the Subsidiary, which invests in commodity investments and derivative instruments. The Fund’s investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. To the extent the Fund invests in such instruments directly, it will seek to restrict the resulting income from commodity-linked derivative instruments that do not generate qualifying income, such as commodity-linked swaps, to a </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to comply with the qualifying income test necessary for the Fund to qualify as a RIC under Subchapter M of the Code. However, the Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income requirement, or may not be able to accurately predict the non-qualifying income from these investments. Accordingly, the extent to which the Fund invests in commodities or commodity-linked derivative instruments directly may be limited by the requirements of Subchapter M of the Code, which the Fund must continue to satisfy to maintain its status as a RIC. Failure to comply with such requirements could have significant negative consequences to Fund shareholders. Under certain circumstances, the Fund may be able to cure a failure to meet the qualifying income requirement, but in order to do so the Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Fund’s returns. See the “Taxes” section of the SAI for additional information.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Credit Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Duration Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— 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.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Extension Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Prepayment Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The risk that, with declining interest rates, fixed income securities with stated interests may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-style:italic; font-size:10pt; letter-spacing:0.11pt; color:#231f20">Leverage Risk </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">— The Fund’s use of derivatives and repurchase agreements (which effectively constitute a form of borrowing) 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.</span></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. Performance Information <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years and since the Fund’s inception, compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1‑800-DIAL-SEI.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years, and by showing how the Fund’s average annual returns for 1, 5 and 10 years and since the Fund’s inception, compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1‑800-DIAL-SEI <table cellpadding="0" style="border-collapse:collapse; margin:0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><span style="display:inline-block; width:212pt; height:137.98pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26227272_bq002.jpg" style="-sec-ix-hidden: hidden-fact-25; margin:0pt 1.5pt 0.98pt 0pt; width: 280.6px; height: 182.62px;"/></span></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt"><p style="margin:0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Best Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> 8.43% (3/31/22)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20">Worst Quarter:</span><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.16pt; color:#231f20"> ‑9.92% (3/31/20)</span></p> <p style="margin:6pt 0pt 0pt; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; letter-spacing:0.18pt; color:#231f20">The Fund’s total return from January 1, 2026 to June 30, 2026 was 5.40%.</span></p> </td></tr> </table> Best Quarter: 0.0843 2022-03-31 Worst Quarter: -0.0992 2020-03-31 total return 2026-06-30 0.054 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">This table compares the Fund’s average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) as well as a blended benchmark that is composed of the Bloomberg 1‑5 Year U.S. TIPS Index, the Bloomberg Commodity Total Return Index and the S&amp;P 500 Index weighted 70%/20%/10%.</span></p> <p style="margin:6pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">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.</span></p> This table compares the Fund’s average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) as well as a blended benchmark that is composed of the Bloomberg 1‑5 Year U.S. TIPS Index, the Bloomberg Commodity Total Return Index and the S&P 500 Index weighted 70%/20%/10%. 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. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:265.03pt; max-width:265.03pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Multi-Asset Real Return Fund</span></p></td><td colspan="2" style="min-width:36.47pt; max-width:36.47pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">1 Year</span></p></td><td colspan="2" style="min-width:51pt; max-width:51pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">5 Years</span></p></td><td colspan="2" style="min-width:51.5pt; max-width:51.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">10 Years</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:7pt; line-height:1.14; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:7pt; letter-spacing:0.11pt; color:#231f20">Since<br/>Inception<br/>(7/28/2011)</span></p></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:265.03pt; max-width:265.03pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return Before Taxes</span></p></td><td style="min-width:29.97pt; max-width:29.97pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">8.49</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.48</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.77</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.37%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:265.03pt; max-width:265.03pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions</span></p></td><td style="min-width:29.97pt; max-width:29.97pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.33</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.69</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">1.97</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.05%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:265.03pt; max-width:265.03pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Return After Taxes on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:29.97pt; max-width:29.97pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">5.13</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">3.81</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.14</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">0.47%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:265.03pt; max-width:265.03pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">Bloomberg U.S. Aggregate Bond Index Return (reflects no deductions for fees, <br/>expenses or taxes)</span></p></td><td style="min-width:29.97pt; max-width:29.97pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">7.30</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">‑0.36</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.01</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.25%</span></p></td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:265.03pt; max-width:265.03pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; padding-left:10.98pt; text-indent:-10.98pt; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">The Fund’s Blended Benchmark Return (reflects no deductions for fees, <br/>expenses or taxes)</span></p></td><td style="min-width:29.97pt; max-width:29.97pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">9.57</span></p></td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44pt; max-width:44pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">6.04</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:44.5pt; max-width:44.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">4.99</span></p></td><td style="min-width:7pt; max-width:7pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">%</span></p></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20"><p style="margin:0; text-align:right; white-space:nowrap; font-size:8.5pt; line-height:1.41; transform-origin:left; transform:matrix(0.82,0,0,1,0,0); min-width:121.95%"><span style="font-family:Arial, sans-serif; font-size:8.5pt; color:#231f20">2.58%</span></p></td></tr> </table> 2011-07-28 Return Before Taxes 0.0849 0.0648 0.0377 0.0137 Return After Taxes on Distributions 0.0733 0.0369 0.0197 0.0005 Return After Taxes on Distributions and Sale of Fund Shares 0.0513 0.0381 0.0214 0.0047 Bloomberg U.S. Aggregate Bond Index Return (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0225 The Fund’s Blended Benchmark Return (reflects no deductions for fees, expenses or taxes) 0.0957 0.0604 0.0499 0.0258 0.0704 0.2111 -0.0639 0.2810 0.1169 0.2660 -0.1412 0.1951 0.2128 0.1772 0.1086 0.1983 -0.0685 0.2792 0.1196 0.3050 -0.1528 0.2402 0.2415 0.1754 0.1205 0.2159 -0.0480 0.3138 0.2086 0.2638 -0.1914 0.2652 0.2442 0.1722 0.1186 0.2173 -0.0441 0.3144 0.1836 0.2867 -0.1821 0.2624 0.2491 0.1781 0.1677 0.1826 -0.0902 0.2795 0.3293 0.1257 -0.2537 0.2504 0.1704 0.1255 0.1791 0.0945 -0.1089 0.2378 0.1310 0.2541 -0.1718 0.1177 0.1670 0.0979 0.1544 0.1209 -0.0947 0.2502 0.1984 0.2093 -0.1539 0.1496 0.1345 0.1290 0.1662 0.1365 -0.1102 0.2556 0.1227 0.2636 -0.1780 0.1284 0.1198 0.0368 0.2811 0.1317 0.3297 -0.1577 0.2253 0.2520 0.1799 0.1377 0.1531 -0.0221 0.2394 -0.0188 0.2036 -0.0044 0.0476 0.1596 0.1075 0.1765 -0.0437 0.2059 -0.0271 0.1886 -0.0341 0.0887 0.1537 0.1790 0.0389 0.2951 -0.1599 0.2375 0.1460 0.0733 -0.1663 0.1694 0.0723 0.2932 0.0714 0.3297 -0.1501 0.2481 0.1654 0.0930 -0.1421 0.1497 0.0689 0.2787 0.1026 0.3351 -0.1759 0.1891 0.1730 0.0806 -0.1933 0.1663 0.0925 0.3981 0.0420 0.0392 0.0182 0.0582 0.0264 0.0267 -0.0116 0.0985 0.0834 0.0615 0.0338 0.0419 0.0011 0.0956 0.0947 -0.0136 -0.1412 0.0651 0.0153 0.0754 0.1727 0.0804 -0.0204 0.1395 0.0598 0.1012 -0.1139 0.1366 0.0985 0.0796 0.0824 0.1172 -0.0517 0.2108 0.1820 -0.0196 -0.2688 0.0845 -0.0293 0.0679 0.0854 0.1165 -0.0625 0.2140 0.1652 -0.0258 -0.2572 0.0945 -0.0243 0.0736 0.0185 0.0177 0.0187 0.0356 0.0204 0.0025 -0.0092 0.0623 0.0572 0.0507 0.1046 0.1531 -0.0811 0.1554 0.0468 -0.0493 -0.1453 0.1470 0.0315 0.2034 0.0305 0.0073 0.0031 0.0501 0.0564 0.0541 -0.0406 0.0437 0.0453 0.0653 0.0175 0.0130 0.0183 0.0386 0.0401 -0.0004 -0.0356 0.0539 0.0484 0.0587 0.0509 0.0565 -0.0162 0.1240 0.1066 -0.0147 -0.1503 0.0770 0.0229 0.0739 0.1227 0.1978 -0.0776 0.2771 0.2071 0.3158 -0.1609 0.2199 0.2536 0.2026 0.0424 -0.0113 -0.0292 0.0632 -0.0052 0.1143 0.0920 -0.0100 0.0472 0.0849 <p>Best Quarter: 19.29% (6/30/20)<br/>Worst Quarter: -23.12% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 10.83%.</p> <p>Best Quarter: 19.78% (6/30/20)<br/>Worst Quarter: -22.77% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 10.73%.</p> <p>Best Quarter: 21.71% (6/30/20)<br/>Worst Quarter: -20.19% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 10.33%.</p> <p>Best Quarter: 20.57% (6/30/20)<br/>Worst Quarter: -19.61% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 10.16%.</p> <p>Best Quarter: 30.60% (6/30/20)<br/>Worst Quarter: -27.81% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 17.90%.</p> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 26.09% (12/31/20)<br/>Worst Quarter: -31.08% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 18.10%.</td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 30.14% (12/31/20)<br/>Worst Quarter: -31.16% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 20.23%.</td> </tr> </table> <p>Best Quarter: 24.37% (6/30/20)<br/>Worst Quarter: -30.34% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 16.37%.</p> <p>Best Quarter: 20.01% (6/30/20)<br/>Worst Quarter: -21.75% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 11.18%.<br/><br/></p> <p>Best Quarter: 13.58% (12/31/22)<br/>Worst Quarter: -23.19% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 6.80%.</p> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 11.98% (12/31/22)<br/>Worst Quarter: -20.50% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 8.35%.</td> </tr> </table> <p>Best Quarter: 19.84% (6/30/20)<br/>Worst Quarter: -23.54% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 11.82%.</p> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 19.32% (6/30/20)<br/>Worst Quarter: -22.98% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 10.03%.</td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 21.74% (6/30/20)<br/>Worst Quarter: -25.81% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 22.28%.</td> </tr> </table> <p>Best Quarter: 6.68% (6/30/20)<br/>Worst Quarter: -7.71% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 1.77%.</p> <p>Best Quarter: 7.31% (12/31/23)<br/>Worst Quarter: -6.14% (3/31/22)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 0.64%.</p> <p>Best Quarter: 9.47% (6/30/20)<br/>Worst Quarter: -15.48% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 1.78%.</p> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 12.96% (12/31/23)<br/>Worst Quarter: -12.61% (6/30/22)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 0.85%.</td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 12.88% (12/31/23)<br/>Worst Quarter: -11.97% (6/30/22)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 0.87%.</td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 2.63% (6/30/20)<br/>Worst Quarter: -1.30% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 1.60%.</td> </tr> </table> <p>Best Quarter: 12.82% (6/30/20)<br/>Worst Quarter: -16.50% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 4.48%.</p> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 3.51% (3/31/25)<br/>Worst Quarter: -3.11% (9/30/22)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 1.43%.</td> </tr> </table> <p>Best Quarter: 3.05% (9/30/24)<br/>Worst Quarter: -2.24% (3/31/22)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 1.04%.</p> <p>Best Quarter: 7.50% (12/31/23)<br/>Worst Quarter: -7.03% (3/31/22)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 0.87%.</p> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 21.14% (6/30/20)<br/>Worst Quarter: -19.08% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 8.68%.</td> </tr> </table> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 8pt;">Best Quarter: 8.43% (3/31/22)<br/>Worst Quarter: -9.92% (3/31/20)<br/>The Fund's total return from January 1, 2026 to June 30, 2026 was 5.40%.</span></p> 485BPOS 0000939934 false