SEI Catholic Values Trust NCSRS Certified semi-annual shareholder report (management investment company)

SEI Catholic Values Trust N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-23015

SEI Catholic Values Trust

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

Timothy D. Barto, Esq.

SEI Investments Co.

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: 610-676-1000

Date of fiscal year end: February 28, 2022

Date of reporting period: August 31, 2021

Item 1.

Reports to Stockholders.

LOGO

August

31, 2021

SEMI-ANNUAL REPORT

SEI Catholic Values Trust

➤ Catholic Values Equity Fund

➤ Catholic Values Fixed Income Fund

Paper copies of the Funds’ shareholder reports are no longer sent by mail, unless you specifically request them from the Funds or from your financial intermediary, such as a broker-dealer or bank. Shareholder reports are available online and you will be notified by mail each time a report is posted on the Funds’ website and provided with a link to access the report online.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.

LOGO

TABLE OF CONTENTS


Schedules of Investments			1

Statements of Assets and Liabilities			34

Statements of Operations			35

Statements of Changes in Net Assets			36

Financial Highlights			37

Notes to Financial Statements			38

Disclosure of Fund Expenses			54

Review of the Liquidity Risk Management Program			55

Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements			56

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarter of each fiscal year on Form N-PORT. The Trust’s Forms N-PORT are available on the Commission’s website at http://www.sec.gov.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Equity Fund

Sector Weightings^†:

LOGO

^†Percentages based on total investments.



Description	Shares		Market Value ($ Thousands)


COMMON STOCK — 76.0%

Communication Services — 5.8%
Activision Blizzard Inc		8,545	$	704
Alphabet Inc, Cl A *		1,708		4,943
Alphabet Inc, Cl C *		837		2,435
AT&T Inc		57,058		1,565
Cable One Inc		159		334
Charter Communications Inc, Cl A *		128		105
Cogent Communications Holdings Inc		1,022		74
Comcast Corp, Cl A		14,311		868
Discovery *		2,402		69
Electronic Arts Inc		4,755		690
Fox Corp		2,882		104
Genius Sports *		12,372		254
IAC *		443		58
Interpublic Group of Cos Inc/The		4,252		158
Live Nation Entertainment Inc *		1,131		98
Madison Square Garden Sports C *		191		35
Match Group *		658		90
Netflix Inc *		129		73
New York Times Co/The, Cl A		2,073		105
Omnicom Group Inc		9,271		679
Pinterest Inc, Cl A *		10,815		601
Roku Inc, Cl A *		961		339
Snap Inc, Cl A *		9,537		726
Spotify Technology SA *		1,813		425
Take-Two Interactive Software Inc *		1,384		223
TEGNA		5,058		90
T-Mobile US Inc *		10,602		1,453
TripAdvisor Inc *		1,860		65
Twitter Inc *		1,852		119
Verizon Communications Inc		21,390		1,176
ViacomCBS Inc		2,056		95
ViacomCBS Inc, Cl B		2,018		84
Vimeo Inc *		719		27
Walt Disney Co/The *		6,703		1,215
World Wrestling Entertainment, Cl A		1,782		93



Description	Shares		Market Value ($ Thousands)


COMMON STOCK (continued)
Zynga Inc, Cl A *		22,216	$	197


				20,369


Consumer Discretionary — 10.2%
Aaron’s Co Inc		6,759		179
Advance Auto Parts Inc		623		126
Amazon.com Inc *		1,814		6,296
American Eagle Outfitters Inc		16,752		511
Aramark		2,596		90
AutoNation *		1,082		118
AutoZone Inc *		44		68
Best Buy Co Inc		976		114
Booking Holdings Inc *		27		62
BorgWarner Inc		537		23
Brunswick Corp		1,228		119
Burlington Stores Inc *		404		121
Callaway Golf *		2,933		82
Capri Holdings *		2,143		121
CarMax Inc *		744		93
Carnival Corp *		4,654		112
Carter’s Inc		1,053		108
Carvana Co, Cl A *		927		304
Chipotle Mexican Grill Inc, Cl A *		81		154
Columbia Sportswear Co		602		61
Darden Restaurants Inc		1,745		263
Deckers Outdoor Corp *		281		118
Dick’s Sporting Goods Inc		1,799		253
Dollar General Corp		9,398		2,095
Dollar Tree Inc *		565		51
Domino’s Pizza Inc		993		513
DR Horton Inc		1,823		174
DraftKings Inc, Cl A *		1,618		96
eBay Inc		5,427		416
Expedia Group *		485		70
Foot Locker Inc		2,533		144
Ford Motor Co *		6,427		84
frontdoor Inc *		1,979		86
Gap Inc/The		4,895		131
Garmin Ltd		814		142
General Motors Co *		17,790		872
Gentex		2,897		89
Goodyear Tire & Rubber Co/The *		5,890		93
H&R Block Inc		6,724		173
Hanesbrands Inc		1,600		30
Hasbro Inc		526		52
Hilton Worldwide Holdings Inc *		1,519		190
Home Depot Inc/The		4,222		1,377
Hyatt Hotels Corp, Cl A *		774		57
KB Home		2,788		120
Kohl’s Corp		839		48
Las Vegas Sands Corp *		9,875		441
Lear Corp		411		66
Lithia Motors, Cl A		1,066		353


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		1

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)


COMMON STOCK (continued)
Lowe’s Cos Inc		16,639	$	3,393
Magna International Inc		12,236		966
Marriott International Inc/MD, Cl A *		679		92
Marriott Vacations Worldwide *		610		91
Mattel Inc *		5,705		122
McDonald’s Corp		2,783		661
MGM Resorts International		13,922		593
Mohawk Industries Inc *		721		143
Monro Inc		4,052		231
Murphy USA		644		100
NIKE Inc, Cl B		11,325		1,866
Nordstrom Inc *		1,516		43
Norwegian Cruise Line Holdings Ltd *		2,379		62
NVR *		23		119
O’Reilly Automotive Inc *		141		84
Oxford Industries		1,191		108
Peloton Interactive Inc, Cl A *		1,049		105
Polaris Inc		549		66
Pool Corp		261		129
PulteGroup Inc		8,539		460
PVH Corp *		1,066		112
Ralph Lauren, Cl A		847		98
Ross Stores Inc		18,294		2,166
Royal Caribbean Cruises Ltd *		765		63
Service Corp International/US		1,137		71
Shutterstock		2,033		234
Starbucks Corp		9,991		1,174
Steven Madden		2,716		110
Tapestry		2,532		102
Target Corp		1,620		400
Tempur Sealy International		2,754		123
Tesla Inc *		2,060		1,516
Thor Industries Inc		1,119		127
TJX Cos Inc/The		5,133		373
Tractor Supply Co		1,428		277
Travel + Leisure		1,185		65
Ulta Beauty Inc *		893		346
Under Armour, Cl A *		4,708		109
Urban Outfitters Inc *		5,762		190
Vail Resorts Inc *		213		65
VF Corp		1,652		126
Vista Outdoor Inc *		3,390		139
Wendy’s Co/The		2,626		60
Whirlpool		461		102
Williams-Sonoma Inc		555		104
Wingstop Inc		789		136
Wyndham Hotels & Resorts Inc		874		64
Yum China Holdings Inc		3,981		245
Yum! Brands Inc		560		73


				35,663


Consumer Staples — 6.2%
Altria Group Inc		30,349		1,524



Description	Shares		Market Value ($ Thousands)


COMMON STOCK (continued)
Archer-Daniels-Midland Co		1,290	$	77
Brown-Forman Corp, Cl B		1,103		78
Bunge Ltd		963		73
Calavo Growers Inc		1,642		77
Campbell Soup Co		2,145		90
Casey’s General Stores Inc		344		70
Clorox Co/The		495		83
Coca-Cola Co/The		35,844		2,018
Colgate-Palmolive Co		7,124		555
Conagra Brands Inc		39,281		1,301
Constellation Brands Inc, Cl A		474		100
Costco Wholesale Corp		1,758		801
Darling Ingredients *		1,535		114
Energizer Holdings Inc		2,100		83
Estee Lauder, Cl A		422		144
Flowers Foods Inc		2,694		65
General Mills Inc		1,001		58
Grocery Outlet Holding Corp *		1,589		41
Hain Celestial Group Inc/The *		2,713		102
Hershey Co/The		1,957		348
Hormel Foods Corp		1,199		55
Ingredion Inc		6,376		560
JM Smucker Co/The		10,199		1,261
Kellogg Co		3,231		204
Keurig Dr Pepper Inc		1,806		64
Kimberly-Clark Corp		2,896		399
Kraft Heinz Co/The		1,549		56
Kroger Co/The		70,916		3,264
Lamb Weston Holdings Inc		1,288		84
McCormick & Co Inc/MD		1,882		162
MGP Ingredients		1,668		109
Molson Coors Beverage Co, Cl B		15,618		742
Mondelez International Inc, Cl A		3,900		242
Nomad Foods Ltd *		20,652		545
PepsiCo Inc		6,344		992
Philip Morris International Inc		18,448		1,900
Pilgrim’s Pride Corp *		3,199		89
Reynolds Consumer Products		3,307		94
Sanderson Farms		619		122
Sysco Corp		22,601		1,800
TreeHouse Foods Inc *		3,179		119
Tyson Foods Inc, Cl A		5,285		415
US Foods Holding Corp *		13,632		464
Walgreens Boots Alliance Inc		7,606		386


				21,930


Energy — 2.1%
Antero Midstream		11,161		107
Baker Hughes Co, Cl A		19,658		448
Cabot Oil & Gas Corp		4,804		76
Canadian Natural Resources Ltd		38,253		1,265
Cheniere Energy Inc *		1,728		151
Chevron Corp		20,577		1,991


2		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021



Description	Shares		Market Value ($ Thousands)


COMMON STOCK (continued)
Cimarex Energy Co		1,104	$	71
ConocoPhillips		7,088		394
Devon Energy Corp		6,524		193
Diamondback Energy Inc		1,270		98
DT Midstream		465		22
EOG Resources Inc		1,358		92
EQT Corp *		6,571		120
Exxon Mobil Corp		8,227		448
Halliburton Co		5,206		104
Helmerich & Payne Inc		3,831		103
Hess Corp		1,868		128
HollyFrontier Corp		2,771		90
Kinder Morgan Inc/DE		19,664		320
Marathon Oil Corp		9,442		111
Marathon Petroleum Corp		2,427		144
ONEOK Inc		2,578		135
Phillips 66		1,454		103
Pioneer Natural Resources Co		761		114
Schlumberger Ltd		4,621		130
Select Energy Services, Cl A *		16,447		88
Valero Energy Corp		1,795		119
Williams Inc		4,821		119


				7,284


Financials — 11.3%
Affiliated Managers Group Inc		631		107
Aflac Inc		10,180		577
AGNC Investment Corp ^‡		2,829		46
Allstate Corp/The		1,314		178
Ally Financial Inc		2,235		118
American Express Co		1,286		214
Ameriprise Financial Inc		528		144
Annaly Capital Management Inc ^‡		94,744		823
Apollo Global Management Inc, Cl A		2,038		122
Assured Guaranty Ltd		1,974		98
Bank of America Corp		49,159		2,052
Bank of Hawaii Corp		618		52
Bank of New York Mellon Corp/The		6,146		339
Bank OZK		9,680		411
BankUnited Inc		8,965		377
Berkshire Hathaway Inc, Cl B *		5,399		1,543
BlackRock Inc, Cl A		522		492
Blackstone		1,004		126
BOK Financial Corp		794		70
Capital One Financial Corp		657		109
Charles Schwab Corp/The		8,887		647
Chimera Investment Corp ^‡		7,819		120
Chubb Ltd		1,561		287
Citigroup Inc		41,337		2,973
Citizens Financial Group Inc		15,919		697
CME Group Inc, Cl A		2,621		529
Cohen & Steers Inc		2,433		213
Comerica Inc		5,306		392



Description	Shares		Market Value ($ Thousands)


COMMON STOCK (continued)
Commerce Bancshares Inc/MO		1,138	$	81
Cullen/Frost Bankers Inc		599		68
Discover Financial Services		1,133		145
Dynex Capital ^‡		5,368		95
East West Bancorp Inc		1,870		137
Equitable Holdings Inc		4,036		125
Erie Indemnity Co, Cl A		343		61
Essent Group Ltd		3,347		158
Evercore Inc, Cl A		786		110
Everest Re Group Ltd		248		66
FactSet Research Systems Inc		513		195
Fifth Third Bancorp		1,877		73
First Hawaiian Inc		1,924		54
First Horizon National Corp		10,810		177
First Republic Bank/CA		491		98
FNB Corp		33,393		390
Franklin Resources Inc		1,707		55
GoHealth Inc, Cl A *		4,648		23
Hartford Financial Services Group Inc/The		4,339		292
Hercules Capital		6,250		106
Home BancShares Inc/AR		4,338		96
Huntington Bancshares Inc/OH		11,006		171
Intercontinental Exchange Inc		6,912		826
Invesco Ltd		3,179		81
JPMorgan Chase & Co		15,057		2,408
KeyCorp		3,317		67
KKR & Co Inc, Cl A		2,511		161
Lincoln National Corp		1,943		133
LPL Financial Holdings		709		105
M&T Bank Corp		568		80
MarketAxess Holdings Inc		557		265
Marsh & McLennan Cos Inc		17,107		2,689
MetLife Inc		4,026		250
Moody’s Corp		248		94
Morgan Stanley		16,794		1,754
Morningstar Inc		253		68
MSCI Inc, Cl A		201		128
Nasdaq Inc		587		115
New Residential Investment ^‡		9,381		102
New York Community Bancorp		10,889		136
Northern Trust Corp		2,012		238
OneMain Holdings Inc, Cl A		1,860		108
PacWest Bancorp		5,717		243
People’s United Financial Inc		4,672		77
Pinnacle Financial Partners		2,549		247
PNC Financial Services Group Inc/The		2,121		405
Popular Inc		1,000		76
Primerica		683		104
Principal Financial Group Inc		1,152		77
Progressive Corp/The		6,508		627
Prosperity Bancshares Inc		1,900		133
Prudential Financial Inc		5,745		608


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		3

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)


COMMON STOCK (continued)
Raymond James Financial Inc		907	$	127
Regions Financial Corp		5,506		113
Rocket Inc, Cl A *		6,200		108
S&P Global Inc		3,045		1,351
Santander Consumer USA Holdings Inc		2,144		89
Signature Bank NY		419		109
SLM Corp		33,402		626
Starwood Property Trust ^‡		4,020		104
State Street Corp		25,760		2,393
Sterling Bancorp		4,380		100
Synchrony Financial		2,944		147
Synovus Financial Corp		5,299		228
T Rowe Price Group Inc		674		151
Travelers Cos Inc/The		433		69
Truist Financial Corp		2,659		152
Two Harbors Investment Corp ^‡		94,975		627
Umpqua Holdings Corp		25,167		490
Univest Financial Corp		3,549		96
Unum Group		3,649		97
US Bancorp		42,704		2,451
UWM Holdings		10,526		77
Virtu Financial Inc, Cl A		3,660		90
Voya Financial Inc		1,531		100
Webster Financial Corp		3,840		194
Western Alliance Bancorp		2,780		271
Wintrust Financial Corp		1,614		121
Zions Bancorp NA		1,209		70


				39,588


Health Care — 9.4%
Abbott Laboratories		9,142		1,155
ABIOMED Inc *		297		108
Acceleron Pharma Inc *		1,022		137
Adaptive Biotechnologies Corp *		995		36
Align Technology Inc *		210		149
Alnylam Pharmaceuticals Inc *		1,813		365
AmerisourceBergen Corp, Cl A		17,208		2,103
Anthem Inc		1,274		478
Avantor Inc *		20,147		795
Baxter International Inc		8,537		651
BioMarin Pharmaceutical Inc *		3,751		316
Boston Scientific Corp *		19,665		888
Bruker Corp		9,855		870
Cardinal Health Inc		3,870		203
Cerner Corp		7,854		600
Change Healthcare Inc *		2,000		44
Chemed Corp		502		239
Cigna Corp		3,235		685
CVS Health Corp		49,054		4,238
DaVita Inc *		1,288		168
DENTSPLY SIRONA Inc		1,719		106
DexCom Inc *		967		512
Edwards Lifesciences Corp *		6,662		781



Description	Shares		Market Value ($ Thousands)


COMMON STOCK (continued)
Elanco Animal Health Inc *		21,978	$	734
Encompass Health Corp		2,370		186
Envista Holdings Corp *		2,745		117
Exact Sciences Corp *		2,022		211
Exelixis Inc *		13,403		257
Globus Medical Inc, Cl A *		824		67
Guardant Health Inc *		457		58
Henry Schein Inc *		2,467		186
Hill-Rom Holdings Inc		1,552		226
Hologic Inc *		1,306		103
Humana Inc		817		331
ICU Medical Inc *		171		34
IDEXX Laboratories Inc *		489		329
Incyte Corp *		5,877		450
Insulet Corp *		385		115
Integra LifeSciences Holdings Corp *		1,163		88
Intra-Cellular Therapies, Cl A *		2,284		76
Intuitive Surgical Inc *		558		588
Ionis Pharmaceuticals Inc *		3,796		151
Iovance Biotherapeutics Inc *		1,232		30
IQVIA Holdings Inc *		3,229		839
Laboratory Corp of America Holdings *		513		156
LeMaitre Vascular		2,009		114
Maravai LifeSciences Holdings, Cl A *		13,836		819
Masimo Corp *		645		175
McKesson Corp		370		75
Mettler-Toledo International Inc *		559		868
Nektar Therapeutics, Cl A *		35,979		557
Neurocrine Biosciences Inc *		2,482		236
Penumbra Inc *		330		91
PPD Inc *		3,455		160
Premier Inc, Cl A		12,059		448
Prestige Consumer Healthcare *		17,646		1,013
Quest Diagnostics Inc		2,735		418
Repligen Corp *		922		261
ResMed Inc		3,241		942
Sage Therapeutics Inc *		1,667		77
Sarepta Therapeutics Inc *		348		27
Seagen Inc *		1,536		257
Sotera Health *		18,272		447
Stryker Corp		2,405		666
Teladoc Health Inc *		293		42
Teleflex Inc		1,029		407
United Therapeutics Corp *		3,075		661
Veeva Systems Inc, Cl A *		1,171		389
Waters Corp *		2,005		830
West Pharmaceutical Services Inc		999		451
Zimmer Biomet Holdings Inc		5,327		801
Zoetis Inc, Cl A		4,431		906


				33,097


Industrials — 5.8%
3M Co		4,290		835


4		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021



Description	Shares		Market Value ($ Thousands)


COMMON STOCK (continued)
ABM Industries Inc		2,652	$	131
Acuity Brands		561		103
ADT Inc		6,874		59
AECOM *		2,764		181
AerCap Holdings NV *		5,396		291
AGCO Corp		675		93
Air Lease Corp, Cl A		6,874		273
Alaska Air Group Inc *		775		44
Allison Transmission Holdings Inc		400		15
AMERCO *		140		93
American Airlines Group Inc *		4,404		88
AMETEK Inc		605		82
AO Smith Corp		943		69
Armstrong World Industries Inc		1,080		112
Booz Allen Hamilton Holding, Cl A		1,232		101
Carrier Global		2,640		152
Caterpillar Inc		357		75
Cintas Corp		215		85
Copart Inc *		809		117
CoStar Group Inc *		3,030		257
CSX Corp		4,524		147
Cummins Inc		1,667		393
Deere & Co		1,422		538
Delta Air Lines Inc *		3,480		141
Donaldson Co Inc		397		27
Dover Corp		1,366		238
EMCOR Group		908		110
Emerson Electric Co		1,607		170
EnPro Industries		1,183		101
Equifax Inc		375		102
Expeditors International of Washington Inc		896		112
Fastenal Co		1,480		83
FedEx Corp		1,376		366
Flowserve Corp		1,306		51
Fortive Corp		627		46
FTI Consulting Inc *		918		128
Graco Inc		401		31
HEICO Corp		674		85
Hexcel Corp *		889		50
Howmet Aerospace		2,891		92
Hubbell Inc, Cl B		100		21
IHS Markit Ltd		1,053		127
Illinois Tool Works Inc		3,727		868
Ingersoll Rand Inc *		2,918		155
ITT		1,117		107
JB Hunt Transport Services Inc		477		85
JetBlue Airways Corp *		6,090		92
Kansas City Southern		423		119
Kelly Services, Cl A		25,917		504
Kirby Corp *		2,029		109
Knight-Swift Transportation Holdings Inc, Cl A		1,702		88



Description	Shares		Market Value ($ Thousands)


COMMON STOCK (continued)
Korn Ferry		1,643	$	116
Landstar System Inc		477		80
Lennox International Inc		194		65
Lincoln Electric Holdings		809		113
Lyft, Cl A *		1,618		77
ManpowerGroup Inc		944		115
ManTech International Corp/VA, Cl A		3,515		278
Masco Corp		1,719		104
MasTec *		946		86
Mercury Systems *		1,569		79
MSA Safety Inc		672		109
MSC Industrial Direct Co Inc, Cl A		5,596		471
Nordson Corp		843		201
Norfolk Southern Corp		420		106
Old Dominion Freight Line		406		117
Oshkosh Corp		837		96
Otis Worldwide Corp		1,520		140
Owens Corning		790		75
PACCAR Inc		771		63
Parker-Hannifin Corp		356		106
Quanta Services		1,185		121
Regal Beloit Corp		733		110
Republic Services Inc, Cl A		700		87
Robert Half International Inc		1,607		166
Rockwell Automation Inc		1,053		343
Rollins Inc		2,023		79
Roper Technologies Inc		173		84
Ryder System Inc		2,375		189
Schneider National Inc, Cl B		2,470		56
Snap-on Inc		657		148
Southwest Airlines Co *		1,122		56
Spirit AeroSystems Holdings Inc, Cl A		1,276		50
Stanley Black & Decker Inc		4,972		961
Team *		12,316		55
Tetra Tech Inc		1,268		182
Timken Co/The		1,209		89
Toro Co/The		721		79
TransDigm Group Inc *		112		68
Trex Inc *		956		105
Uber Technologies Inc *		2,765		108
UniFirst		449		103
Union Pacific Corp		3,457		750
United Airlines Holdings Inc *		1,164		54
United Parcel Service Inc, Cl B		5,623		1,100
United Rentals Inc *		308		109
Univar Solutions Inc *		2,330		55
Valmont Industries Inc		383		95
Verisk Analytics Inc, Cl A		474		96
Waste Management Inc		3,911		607
Watsco Inc		331		92
Westinghouse Air Brake Technologies Corp		720		65
WW Grainger Inc		5,076		2,201


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		5

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)


COMMON STOCK (continued)
Xylem Inc/NY		5,273	$	719


				20,321


Information Technology — 19.0%
Adobe Inc *		6,593		4,376
Advanced Micro Devices Inc *		9,549		1,057
Akamai Technologies Inc *		623		71
Alliance Data Systems Corp		1,401		137
Alteryx, Cl A *		1,413		105
Amdocs Ltd		2,854		220
Amphenol Corp, Cl A		1,822		140
Analog Devices Inc		2,223		362
ANSYS Inc *		247		90
Apple Inc		52,462		7,965
Applied Materials Inc		20,357		2,751
Arista Networks Inc *		3,665		1,354
Arrow Electronics Inc *		1,030		125
Aspen Technology Inc *		767		99
AudioCodes Ltd		3,496		109
Autodesk Inc *		816		253
Automatic Data Processing Inc		9,523		1,991
Avalara Inc *		758		136
Avnet Inc		1,907		77
Badger Meter Inc		1,861		199
Black Knight Inc *		1,137		86
Broadcom Inc		1,407		700
Broadridge Financial Solutions Inc		1,766		304
Cadence Design Systems Inc *		832		136
CDK Global		1,878		78
CDW Corp		774		155
Ceridian HCM Holding *		1,194		134
Ciena Corp *		1,878		107
Cirrus Logic Inc *		1,236		104
Cisco Systems Inc		22,109		1,305
Citrix Systems Inc		1,286		132
CMC Materials Inc		872		116
Cognex Corp		774		69
Cognizant Technology Solutions Corp, Cl A		2,694		206
Coherent Inc *		769		194
CommScope Holding Co Inc *		8,049		127
Concentrix Corp *		404		70
Coupa Software Inc *		405		99
Crowdstrike Holdings Inc, Cl A *		517		145
Dell Technologies Inc, Cl C *		1,116		109
DocuSign Inc, Cl A *		497		147
Dolby Laboratories Inc, Cl A		1,050		104
Dropbox Inc, Cl A *		5,565		176
Duck Creek Technologies Inc *		2,806		131
DXC Technology Co *		9,464		348
Elastic NV *		642		102
Enphase Energy Inc *		552		96
Entegris		824		99
EPAM Systems Inc *		306		194



Description	Shares			Market Value ($ Thousands)


COMMON STOCK (continued)
Everbridge Inc *		594		$	93
ExlService Holdings *		1,082			133
F5 Networks Inc *		506			103
Fidelity National Information Services Inc		6,006			767
FireEye Inc *		2,720			50
First Solar Inc *		343			32
Fiserv Inc *		5,598			659
Five9 Inc *		837			132
FleetCor Technologies Inc *		370			97
Fortinet *		523			165
Gartner *		527			163
Genpact Ltd		5,245			272
Global Payments Inc		10,306			1,676
Globant SA *		2,802			903
GoDaddy Inc, Cl A *		1,178			86
Hewlett Packard Enterprise Co		41,813			647
HP Inc		25,682			764
HubSpot Inc *		242			166
Intuit Inc		1,817			1,029
IPG Photonics Corp *		692			118
Jabil Inc		2,333			144
Jack Henry & Associates Inc		1,949			344
Jamf Holding Corp *		1,893			67
Juniper Networks Inc		9,983			289
Keysight Technologies Inc *		1,697			304
KLA Corp		445			151
Kulicke & Soffa Industries		1,690			119
Lam Research Corp		341			206
Littelfuse Inc		331			94
Manhattan Associates *		860			140
Marvell Technology		1,417			87
Mastercard Inc, Cl A		2,813			974
MAXIMUS Inc		4,896			426
McAfee, Cl A		4,220			112
Microchip Technology Inc		7,385			1,162
Micron Technology Inc		13,878			1,023
MKS Instruments Inc		668			98
MongoDB Inc, Cl A *		261			102
Monolithic Power Systems Inc		281			139
Motorola Solutions Inc		302			74
National Instruments Corp		3,105			130
nCino Inc *		762			47
NCR Corp *		1,832			78
NetApp Inc		1,531			136
NortonLifeLock Inc		6,773			180
Nuance Communications *		2,270			125
Nutanix Inc, Cl A *		4,280			158
NVIDIA Corp		14,327	��		3,207
NXP Semiconductors NV		4,380			942
Okta Inc, Cl A *		2,384			628
ON Semiconductor Corp *		3,126			139
Palo Alto Networks *		420			194


6		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021



Description	Shares		Market Value ($ Thousands)


COMMON STOCK (continued)
Paychex Inc		1,390	$	159
Paycom Software Inc *		217		106
Paylocity Holding Corp *		467		126
PayPal Holdings Inc *		12,178		3,515
Power Integrations Inc		1,574		171
Proofpoint *		381		67
PTC Inc *		835		110
QUALCOMM Inc		11,017		1,616
Rackspace Technology *		4,409		62
RingCentral Inc, Cl A *		199		50
Rogers Corp *		544		116
salesforce.com Inc *		10,906		2,893
ServiceNow Inc *		552		355
Skyworks Solutions Inc		606		111
Smartsheet Inc, Cl A *		1,379		110
SolarWinds *		4,538		77
Splunk Inc *		489		75
Square Inc, Cl A *		434		116
StoneCo Ltd, Cl A *		1,174		55
Switch Inc, Cl A		6,231		155
SYNNEX Corp		404		51
Synopsys Inc *		451		150
Teledyne Technologies Inc *		252		117
Teradata Corp *		4,945		270
Teradyne Inc		841		102
Texas Instruments Inc		6,047		1,154
Trade Desk Inc, Cl A *		1,530		123
Trimble Inc *		1,500		141
Twilio Inc, Cl A *		842		301
Tyler Technologies *		237		115
Universal Display Corp		975		203
VeriSign Inc *		466		101
ViaSat Inc *		2,883		149
Viavi Solutions *		6,176		101
Visa Inc, Cl A		16,660		3,817
VMware Inc, Cl A *		382		57
Vontier Corp		10,245		373
Western Digital Corp *		2,446		155
Western Union Co		4,919		106
WEX Inc *		324		60
Wix.com *		336		75
Workday Inc, Cl A *		2,264		618
Xerox Holdings Corp		5,099		115
Xilinx Inc *		598		93
Zebra Technologies, Cl A *		214		126
Zendesk Inc *		700		87
Zoom Video Communications, Cl A *		186		54
Zscaler Inc *		487		136


				66,459


Materials — 2.5%
Air Products and Chemicals Inc		2,611		704
Alcoa Corp *		13,307		590



Description	Shares		Market Value ($ Thousands)


COMMON STOCK (continued)
AptarGroup Inc		1,090	$	147
Ardagh Group, Cl A		5,727		151
Avery Dennison Corp		548		124
Axalta Coating Systems Ltd *		700		21
Ball Corp		927		89
Berry Global Group Inc *		2,689		181
Cabot Corp		1,164		62
Celanese, Cl A		707		112
CF Industries Holdings Inc		2,717		123
Cleveland-Cliffs *		4,585		108
Corteva Inc		3,591		158
Crown Holdings Inc		2,788		306
Dow Inc		975		61
DuPont de Nemours Inc		10,129		750
Eastman Chemical Co		4,713		533
Ecolab Inc		466		105
FMC Corp		524		49
Freeport-McMoRan Inc		5,276		192
Huntsman Corp		4,477		118
Ingevity *		1,326		107
International Flavors & Fragrances Inc		737		112
International Paper Co		1,238		74
Livent Corp *		15,731		391
Louisiana-Pacific		1,691		107
LyondellBasell Industries NV, Cl A		607		61
Martin Marietta Materials		317		121
Mosaic Co/The		4,600		148
NewMarket Corp		145		51
Newmont Corp		14,973		868
Nucor Corp		870		102
O-I Glass Inc, Cl I *		8,446		128
Packaging Corp of America		655		99
PPG Industries Inc		510		81
Quaker Chemical Corp		241		63
Reliance Steel & Aluminum Co		701		105
Royal Gold Inc		466		52
Sherwin-Williams Co/The		3,025		919
Sonoco Products Co		903		59
Steel Dynamics Inc		1,777		120
United States Steel Corp		4,118		110
Valvoline Inc		2,446		74
Vulcan Materials Co		363		68
Westrock Co		1,448		75


				8,779


Real Estate — 1.5%
Alexandria Real Estate Equities Inc ^‡		885		183
American Campus Communities Inc ^‡		1,095		56
American Tower Corp ^‡		1,117		326
Americold Realty Trust ^‡		2,617		96
AvalonBay Communities Inc ^‡		909		209
Boston Properties Inc ^‡		2,949		333
Brixmor Property Group ^‡		4,961		116


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		7

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Equity Fund (Continued)



Description	Shares		Market Value ($ Thousands)


COMMON STOCK (continued)
CBRE Group Inc, Cl A *^‡		1,590	$	153
Columbia Property Trust ^‡		5,788		97
CoreSite Realty Corp ^‡		816		121
Corporate Office Properties Trust ^‡		3,768		106
Crown Castle International Corp ^‡		685		133
CubeSmart ^‡		1,472		79
Digital Realty Trust Inc ^‡		437		72
Duke Realty ^‡		2,335		123
Equinix Inc ^‡		145		122
Equity Commonwealth *^‡		3,273		86
Equity Residential ^‡		780		65
Essex Property Trust Inc ^‡		187		62
Extra Space Storage Inc ^‡		438		82
Federal Realty Investment Trust ^‡		402		49
Gaming and Leisure Properties Inc ^‡		17		1
Healthpeak Properties Inc ^‡		3,935		142
Host Hotels & Resorts Inc *^‡		9,310		154
Howard Hughes Corp/The *^‡		411		37
Hudson Pacific Properties ^‡		3,556		94
Iron Mountain Inc ^‡		1,533		73
JBG SMITH Properties ^‡		3,147		95
Jones Lang LaSalle Inc *^‡		410		99
Kennedy-Wilson Holdings Inc ^‡		2,346		52
Kilroy Realty Corp ^‡		811		53
Kimco Realty Corp ^‡		2,506		55
National Retail Properties Inc ^‡		993		47
Newmark Group, Cl A ^‡		9,389		128
Prologis Inc ^‡		2,414		325
Public Storage ^‡		298		96
Realty Income Corp ^‡		747		54
Regency Centers Corp ^‡		826		57
Ryman Hospitality Properties Inc *^‡		783		65
SBA Communications Corp, Cl A ^‡		364		131
Simon Property Group Inc ^‡		566		76
SL Green Realty Corp ^‡		584		41
STORE Capital Corp ^‡		1,477		53
UDR Inc ^‡		2,288		124
Ventas Inc ^‡		1,890		106
VEREIT Inc ^‡		1,259		64
Vornado Realty Trust Co ^‡		765		32
Welltower Inc ^‡		1,829		160
Weyerhaeuser Co ^‡		2,954		106


				5,189


Utilities — 2.2%
AES Corp/The		4,013		96
Algonquin Power & Utilities Corp		3,894		60
Alliant Energy Corp		1,828		111
Ameren Corp		786		69
American Electric Power Co Inc		1,847		165
American Water Works Co Inc		2,358		430
Atmos Energy Corp		622		61
Avangrid Inc		2,174		119



Description	Shares		Market Value ($ Thousands)


COMMON STOCK (continued)
CMS Energy Corp		5,948	$	381
Consolidated Edison Inc		3,038		229
Dominion Energy Inc		1,583		123
DTE Energy Co		931		112
Duke Energy Corp		2,448		256
Edison International		4,423		256
Entergy Corp		595		66
Essential Utilities Inc		1,211		60
Evergy Inc		833		57
Eversource Energy		5,900		535
Exelon Corp		15,856		777
FirstEnergy Corp		9,890		384
Hawaiian Electric Industries Inc		1,502		66
IDACORP		994		105
MDU Resources Group Inc		2,166		70
NextEra Energy Inc		9,701		815
NiSource Inc		1,898		47
NRG Energy Inc		3,167		145
Pinnacle West Capital Corp		566		44
Portland General Electric		2,092		107
PPL Corp		23,068		677
Public Service Enterprise Group Inc		1,789		114
Sempra Energy		466		62
Southern Co/The		4,478		294
UGI Corp		3,927		182
Vistra Energy Corp		2,937		56
WEC Energy Group Inc		737		70
Xcel Energy Inc		6,735		463


				7,664


Total Common Stock (Cost $166,072) ($ Thousands)				266,343


FOREIGN COMMON STOCK — 21.3%

Australia — 0.1%
Qantas Airways Ltd *		127,637		475


Brazil — 0.1%
Banco Bradesco SA ADR *		22,178		99
CPFL Energia SA		27,055		154


				253


Canada — 0.4%
BRP		4,398		368
Dollarama Inc		2,429		111
Home Capital Group Inc, Cl B *		4,666		146
lululemon athletica Inc *		285		114
Lundin Mining Corp		44,745		361
National Bank of Canada		1,789		142
Toromont Industries Ltd		2,925		245


				1,487


China — 0.6%
Alibaba Group Holding Ltd ADR *		6,708		1,120


8		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021



Description	Shares		Market Value ($ Thousands)


FOREIGN COMMON STOCK (continued)
LONGi Green Energy Technology, Cl A *		43,960	$	609
Midea Group, Cl A		23,400		239
					��

				1,968


Denmark — 0.6%
Coloplast, Cl B		6,630		1,148
Danske Bank		29,094		489
Demant *		5,854		332


				1,969


France — 1.4%
Cie de Saint-Gobain		25,686		1,861
Legrand SA		5,753		658
LVMH Moet Hennessy Louis Vuitton		1,987		1,470
Pernod Ricard SA		4,382		921


				4,910


Germany — 1.0%
METRO AG		9,247		123
SAP SE		9,701		1,460
Scout24 AG		8,933		751
Siemens AG		7,236		1,203


				3,537


Hong Kong — 1.5%
AIA Group Ltd		98,800		1,181
Alibaba Group Holding *		15,200		323
China Resources Land ^‡		94,000		350
Samsonite International SA *		185,700		389
Sands China *		184,400		592
Tencent Holdings Ltd		19,200		1,188
Topsports International Holdings		245,000		324
Xinyi Glass Holdings Ltd		252,000		1,059


				5,406


India — 0.8%
HDFC Bank Ltd ADR		8,381		657
Tech Mahindra Ltd		106,171		2,105


				2,762


Isreal — 0.5%
Check Point Software Technologies Ltd *		13,469		1,692


Italy — 0.4%
Prysmian SpA		18,936		712
Stellantis *		32,493		650


				1,362


Japan — 2.0%
Daiwa Securities Group Inc		251,200		1,423
Mitsubishi UFJ Financial Group		279,800		1,514
ORIX		32,400		605
Pigeon Corp		3,100		90
Shimano Inc		4,000		1,176
SMS Co Ltd *		30,100		1,067
Toei Animation Co Ltd		5,800		882
Workman Co Ltd		1,800		116


				6,873


Netherlands — 1.4%
ArcelorMittal		9,366		314



Description	Shares		Market Value ($ Thousands)


FOREIGN COMMON STOCK (continued)
ASML Holding NV		2,614	$	2,174
Koninklijke Philips NV		24,784		1,142
NN Group NV		11,346		589
OCI NV *		5,211		127
Unilever NV		4,693		261
Wolters Kluwer		1,196		138


				4,745


Norway — 0.4%
DNB Bank		62,833		1,325
Gjensidige Forsikring		4,629		108


				1,433


Singapore — 0.0%
Sea ADR *		326		110


South Korea — 1.2%
Coway Co Ltd		18,893		1,274
Hana Financial Group		12,359		480
LG Household & Health Care		775		977
Samsung Electronics Co Ltd		19,990		1,322
SK Telecom		447		115


				4,168


Spain — 0.3%
Banco Santander SA ADR *		64,215		237
Industria de Diseno Textil		26,229		895


				1,132


Sweden — 0.4%
Assa Abloy, Cl B		44,669		1,426
Hexagon, Cl B		7,875		136


				1,562


Switzerland — 0.8%
LafargeHolcim Ltd		31,740		1,809
Partners Group Holding AG		614		1,088


				2,897


Taiwan — 0.5%
Taiwan Semiconductor Manufacturing Co Ltd ADR		13,549		1,613


Thailand — 0.1%
Siam Commercial Bank		136,600		451


United Kingdom — 6.8%
Accenture PLC, Cl A		3,481		1,172
Allegion PLC		536		77
Amcor PLC		8,591		110
Aon PLC, Cl A		1,272		365
Aptiv PLC *		636		97
Atlassian Corp PLC, Cl A *		2,456		902
BP PLC ADR		13,955		341
ConvaTec Group PLC		104,676		325
Dechra Pharmaceuticals PLC		19,080		1,376
Diageo PLC		27,678		1,331
Eaton Corp PLC		5,869		988
Fresnillo PLC		25,853		304
Gates Industrial Corp PLC *		5,238		86
Greencore Group PLC *		62,981		123


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		9

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Equity Fund (Concluded)



Description	Shares		Market Value ($ Thousands)


FOREIGN COMMON STOCK (continued)
Horizon Therapeutics PLC *		5,701	$	616
Intertek Group PLC		4,058		294
Janus Henderson Group PLC		2,562		111
Jazz Pharmaceuticals PLC *		10,366		1,365
Johnson Controls International PLC		8,766		656
Kingfisher PLC		288,881		1,393
London Stock Exchange Group		4,301		471
Man Group PLC		205,818		614
Medtronic PLC		30,954		4,132
Natwest Group		174,646		512
Nielsen Holdings PLC		2,443		52
nVent Electric PLC		2,436		84
Pentair PLC		1,364		105
Prudential PLC		40,299		840
RELX PLC		30,314		912
Royalty Pharma PLC, Cl A		22,130		855
Sensata Technologies Holding PLC *		1,149		68
Smiths Group PLC		22,016		437
STERIS PLC		2,039		438
Trane Technologies PLC		3,308		657
Unilever PLC ADR		28,811		1,604
Willis Towers Watson PLC		290		64


				23,877


Total Foreign Common Stock (Cost $59,656) ($ Thousands)				74,682


EXCHANGE TRADED FUND — 0.1%
iShares MSCI ACWI ex US ETF		8,679		498


Total Exchange Traded Fund (Cost $492) ($ Thousands)				498


CASH EQUIVALENT — 1.9%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**^†		6,691,424		6,691


Total Cash Equivalent (Cost $6,691) ($ Thousands)				6,691


Total Investments in Securities — 99.3% (Cost $232,911) ($ Thousands)			$	348,214


10		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

A list of the open futures contracts held by the Fund at August 31, 2021 is as follows:



Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation/ (Depreciation) (Thousands)
Long Contracts
Russell 2000 Index E-MINI		8		Sep-2021	$	892	$	908	$	16
S&P 500 Index E-MINI		27		Sep-2021		5,904		6,103		199


					$	6,796	$	7,011	$	215

Percentages are based on Net Assets of $350,566 ($ Thousands).

*	Non-income producing security.

**	The rate reported is the 7-day effective yield as of August 31, 2021.

^†	Investment in Affiliated Security (see Note 5).

^‡	Real Estate Investment Trust.

ACWI — All Country World Index

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

Ltd. — Limited

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

S&P— Standard & Poor’s

The following is a list of the level of inputs used as of August 31, 2021, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):


Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Common Stock		266,343		—		—		266,343
Foreign Common Stock		74,682		—		—		74,682
Exchange Traded Fund		498		—		—		498
Cash Equivalent		6,691		—		—		6,691

Total Investments in Securities		348,214		—		—		348,214


Other Financial Instruments	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		215		—		—		215

Total Other Financial Instruments		215		—		—		215

*	Futures contracts are valued at the unrealized appreciation on the instrument.

For the period ended August 31, 2021, there were no transfers in or out of Level 3 securities.

The following is a summary of the Fund’s transactions with affiliates for the period ended August 31, 2021 ($ Thousands):



Security Description	Value at 2/28/2021		Purchases at Cost		Proceeds from Sales		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value 8/31/2021		Shares		Income		Capital Gains
SEI Daily Income Trust, Government Fund, Cl F	$	2,809	$	28,809	$	(24,927)	$	—	$	—	$	6,691		6,691,424	$	—	$	—

Amounts designated as “-” are $0.

The accompanying notes are an integral part of the financial statements.


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		11

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Equity Fund

Sector Weightings^†:

LOGO

^†Percentages based on total investments.



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS — 32.2%

Communication Services — 3.3%
Alphabet
2.050%, 08/15/2050	$	30	$	27
1.100%, 08/15/2030		20		19
0.800%, 08/15/2027		20		20
AT&T
5.350%, 09/01/2040		1		1
4.500%, 03/09/2048		39		46
4.350%, 06/15/2045		20		23
3.650%, 09/15/2059 (A)		12		12
3.500%, 06/01/2041		151		159
3.100%, 02/01/2043		90		89
2.550%, 12/01/2033 (A)		299		301
2.300%, 06/01/2027		60		63
1.650%, 02/01/2028		60		60
1.299%, VAR ICE LIBOR USD 3
Month+1.180%, 06/12/2024		462		474
CCO Holdings
4.500%, 05/01/2032		100		104
Charter Communications Operating
6.484%, 10/23/2045		20		28
6.384%, 10/23/2035		580		775
5.750%, 04/01/2048		90		116
5.375%, 04/01/2038		20		25
5.050%, 03/30/2029		40		47
4.908%, 07/23/2025		30		34
4.800%, 03/01/2050		30		35
Comcast
4.700%, 10/15/2048		20		26
4.250%, 10/15/2030		110		130
4.150%, 10/15/2028		40		46
4.000%, 03/01/2048		10		12
3.950%, 10/15/2025		70		78
3.750%, 04/01/2040		10		11
3.450%, 02/01/2050		50		55



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)
3.400%, 04/01/2030	$	20	$	22
3.400%, 07/15/2046		10		11
3.375%, 08/15/2025		60		65
3.300%, 04/01/2027		190		209
3.150%, 03/01/2026		20		22
2.887%, 11/01/2051(A)		224		223
2.800%, 01/15/2051		30		29
2.350%, 01/15/2027		260		274
Fox
5.476%, 01/25/2039		70		91
Sprint Spectrum
4.738%, 03/20/2025(A)		216		230
Telefonica Emisiones SAU
5.213%, 03/08/2047		150		188
T-Mobile USA
3.875%, 04/15/2030		80		90
3.750%, 04/15/2027		10		11
3.500%, 04/15/2025		150		162
3.500%, 04/15/2031(A)		50		53
3.000%, 02/15/2041		10		10
2.875%, 02/15/2031		20		21
2.625%, 02/15/2029		30		30
2.550%, 02/15/2031		20		20
2.250%, 02/15/2026		10		10
2.250%, 11/15/2031		10		10
2.050%, 02/15/2028		10		10
Verizon Communications
5.500%, 03/16/2047		6		9
5.250%, 03/16/2037		20		27
4.862%, 08/21/2046		30		39
4.522%, 09/15/2048		311		391
4.500%, 08/10/2033		170		206
4.329%, 09/21/2028		300		350
4.125%, 08/15/2046		30		35
4.000%, 03/22/2050		30		35
3.500%, 11/01/2024		20		22
3.376%, 02/15/2025		39		42
3.150%, 03/22/2030		30		33
3.000%, 03/22/2027		10		11
2.875%, 11/20/2050		10		10
2.650%, 11/20/2040		70		68
2.625%, 08/15/2026		10		11
2.550%, 03/21/2031		90		93
2.100%, 03/22/2028		30		31
1.750%, 01/20/2031		130		126
1.450%, 03/20/2026		20		20
0.850%, 11/20/2025		10		10
Vodafone Group
4.375%, 05/30/2028		40		46


				6,222


12		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)

Consumer Discretionary — 2.4%
Amazon.com
4.950%, 12/05/2044	$	157	$	216
4.250%, 08/22/2057		10		13
4.050%, 08/22/2047		30		37
3.875%, 08/22/2037		20		24
3.150%, 08/22/2027		50		55
2.100%, 05/12/2031		20		21
1.500%, 06/03/2030		30		30
1.200%, 06/03/2027		60		60
BMW US Capital
1.850%, 09/15/2021 (A)		10		10
Cox Communications
3.350%, 09/15/2026 (A)		231		251
Dollar General
3.250%, 04/15/2023		10		10
Element Fleet Management
1.600%, 04/06/2024 (A)		491		499
Ford Motor
4.750%, 01/15/2043		20		22
Ford Motor Credit
4.000%, 11/13/2030		200		211
General Motors
6.250%, 10/02/2043		50		68
6.125%, 10/01/2025		20		24
5.400%, 10/02/2023		20		22
5.150%, 04/01/2038		20		24
General Motors Financial
5.100%, 01/17/2024		200		219
4.150%, 06/19/2023		353		373
3.450%, 04/10/2022		10		10
Hanesbrands
5.375%, 05/15/2025 (A)		20		21
Hilton Domestic Operating
5.750%, 05/01/2028 (A)		20		22
5.375%, 05/01/2025 (A)		30		31
Home Depot
3.350%, 04/15/2050		70		78
3.300%, 04/15/2040		198		219
2.700%, 04/15/2030		20		21
2.500%, 04/15/2027		30		32
Las Vegas Sands
3.200%, 08/08/2024		10		10
2.900%, 06/25/2025		210		217
Lennar
5.000%, 06/15/2027		10		12
4.750%, 11/29/2027		20		23
4.500%, 04/30/2024		20		22
Levi Strauss
5.000%, 05/01/2025		4		4
Lowe’s
5.000%, 04/15/2040		53		69



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)
4.500%, 04/15/2030	$	20	$	24
3.700%, 04/15/2046		96		107
McDonald’s MTN
4.200%, 04/01/2050		250		307
3.800%, 04/01/2028		10		11
3.700%, 01/30/2026		10		11
3.600%, 07/01/2030		20		23
3.500%, 03/01/2027		60		66
3.500%, 07/01/2027		214		238
3.300%, 07/01/2025		10		11
1.450%, 09/01/2025		10		10
NIKE
3.375%, 03/27/2050		50		58
3.250%, 03/27/2040		10		11
2.750%, 03/27/2027		20		22
2.400%, 03/27/2025		30		32
Nissan Motor
3.522%, 09/17/2025(A)		200		214
Target
2.250%, 04/15/2025		40		42
Time Warner Cable
7.300%, 07/01/2038		90		131
Time Warner Entertainment
8.375%, 07/15/2033		50		74
Toll Brothers Finance
4.375%, 04/15/2023		20		21
VOC Escrow
5.000%, 02/15/2028(A)		30		30


				4,423


Consumer Staples — 1.8%
Altria Group
6.200%, 02/14/2059		4		5
5.950%, 02/14/2049		20		26
5.800%, 02/14/2039		90		113
4.800%, 02/14/2029		15		17
4.400%, 02/14/2026		37		42
3.875%, 09/16/2046		20		20
2.450%, 02/04/2032		80		78
2.350%, 05/06/2025		10		10
Anheuser-Busch
4.900%, 02/01/2046		568		725
3.650%, 02/01/2026		20		22
Anheuser-Busch InBev Worldwide
5.550%, 01/23/2049		10		14
4.500%, 06/01/2050		50		62
4.350%, 06/01/2040		50		60
4.000%, 04/13/2028		20		23
3.500%, 06/01/2030		20		22
BAT Capital
4.540%, 08/15/2047		110		118
3.734%, 09/25/2040		30		30


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		13

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Fixed Income Fund (Continued)



Description	Face Amount (Thousands)		Market Value ($ Thousands)

CORPORATE OBLIGATIONS (continued)
3.557%, 08/15/2027	$	40	$	43
Cargill
1.375%, 07/23/2023 (A)		30		31
Coca-Cola
3.375%, 03/25/2027		20		22
2.600%, 06/01/2050		20		20
1.450%, 06/01/2027		40		41
Constellation Brands
4.750%, 11/15/2024		80		89
Costco Wholesale
1.600%, 04/20/2030		40		40
1.375%, 06/20/2027		70		71
CVS Health
5.125%, 07/20/2045		60		79
3.875%, 07/20/2025		18		20
CVS Pass-Through Trust
7.507%, 01/10/2032 (A)		361		457
6.036%, 12/10/2028		185		217
Danone
2.077%, 11/02/2021 (A)		200		200
Hershey
0.900%, 06/01/2025		10		10
Kraft Heinz Foods
5.500%, 06/01/2050		10		13
5.200%, 07/15/2045		20		26
4.875%, 10/01/2049		20		25
4.375%, 06/01/2046		10		12
4.250%, 03/01/2031		10		11
Lamb Weston Holdings
4.875%, 05/15/2028 (A)		10		11
Mars
3.200%, 04/01/2030 (A)		10		11
2.700%, 04/01/2025 (A)		30		32
Mondelez International
1.500%, 05/04/2025		70		71
PepsiCo
4.600%, 07/17/2045		40		53
3.875%, 03/19/2060		20		25
3.625%, 03/19/2050		10		12
2.875%, 10/15/2049		20		21
1.625%, 05/01/2030		20		20
Philip Morris International
2.900%, 11/15/2021		10		10
2.500%, 08/22/2022		50		51
2.500%, 11/02/2022		50		51
2.100%, 05/01/2030		20		20
1.125%, 05/01/2023		20		20
Reynolds American
5.850%, 08/15/2045		20		25


				3,247



Description	Face Amount (Thousands)		Market Value ($ Thousands)

CORPORATE OBLIGATIONS (continued)

Energy — 4.7%
Apache
4.750%, 04/15/2043	$	10	$	11
4.375%, 10/15/2028		130		140
4.250%, 01/15/2044		150		152
BP Capital Markets
3.535%, 11/04/2024		10		11
3.506%, 03/17/2025		100		109
BP Capital Markets America
3.633%, 04/06/2030		20		23
3.588%, 04/14/2027		10		11
3.216%, 11/28/2023		150		158
3.000%, 02/24/2050		50		49
Cameron LNG
3.302%, 01/15/2035 (A)		30		33
2.902%, 07/15/2031 (A)		60		65
Cheniere Energy
4.625%, 10/15/2028		20		21
Cheniere Energy Partners
4.000%, 03/01/2031 (A)		10		11
Chevron
3.078%, 05/11/2050		10		11
2.954%, 05/16/2026		30		33
1.554%, 05/11/2025		50		51
Chevron USA
5.250%, 11/15/2043		10		14
4.950%, 08/15/2047		10		14
3.850%, 01/15/2028		30		34
Cimarex Energy
4.375%, 03/15/2029		160		182
3.900%, 05/15/2027		80		88
ConocoPhillips
4.300%, 08/15/2028 (A)		130		151
3.750%, 10/01/2027 (A)		20		22
Continental Resources
4.900%, 06/01/2044		10		11
4.500%, 04/15/2023		30		31
4.375%, 01/15/2028		30		34
DCP Midstream Operating
6.450%, 11/03/2036 (A)		10		12
Devon Energy
8.250%, 08/01/2023 (A)		30		34
5.850%, 12/15/2025		30		35
5.600%, 07/15/2041		50		62
5.000%, 06/15/2045		140		166
Diamondback Energy
3.500%, 12/01/2029		10		11
3.250%, 12/01/2026		10		11
Ecopetrol
5.875%, 05/28/2045		110		118
Energy Transfer
6.250%, 04/15/2049		40		53


14		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)
5.250%, 04/15/2029	$	30	$	35
5.000%, 05/15/2050		30		35
4.950%, 06/15/2028		20		23
3.750%, 05/15/2030		110		119
3.450%, 01/15/2023		381		392
2.900%, 05/15/2025		10		10
Enterprise Products Operating
4.850%, 03/15/2044		50		62
4.150%, 10/16/2028		350		402
EOG Resources
4.950%, 04/15/2050		70		94
4.150%, 01/15/2026		20		22
3.900%, 04/01/2035		40		46
Equities
3.900%, 10/01/2027		10		11
3.000%, 10/01/2022		50		51
Exxon Mobil
4.327%, 03/19/2050		30		38
4.114%, 03/01/2046		70		84
3.482%, 03/19/2030		40		45
3.043%, 03/01/2026		40		43
2.992%, 03/19/2025		295		316
1.571%, 04/15/2023		10		10
Halliburton
5.000%, 11/15/2045		40		48
3.800%, 11/15/2025		4		4
Kinder Morgan
5.300%, 12/01/2034		20		25
5.200%, 03/01/2048		10		13
4.300%, 06/01/2025		30		33
4.300%, 03/01/2028		110		126
Kinder Morgan Energy Partners
4.250%, 09/01/2024		40		44
3.500%, 09/01/2023		30		31
MEG Energy
5.875%, 02/01/2029 (A)		10		10
MPLX
5.500%, 02/15/2049		30		39
4.875%, 06/01/2025		110		124
4.800%, 02/15/2029		80		94
4.700%, 04/15/2048		60		70
4.500%, 04/15/2038		10		11
Occidental Petroleum
7.875%, 09/15/2031		10		13
7.500%, 05/01/2031		60		78
6.950%, 07/01/2024		10		11
6.200%, 03/15/2040		75		89
5.550%, 03/15/2026		30		33
4.810%, 10/10/2036 (B)		1,026		557
4.625%, 06/15/2045		20		21
4.400%, 04/15/2046		10		10
4.400%, 08/15/2049		70		71



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)
4.100%, 02/15/2047	$	70	$	68
3.500%, 08/15/2029		20		21
3.400%, 04/15/2026		20		21
3.200%, 08/15/2026		30		31
3.000%, 02/15/2027		20		20
Pertamina Persero
6.000%, 05/03/2042 (A)		200		251
Petrobras Global Finance BV
7.375%, 01/17/2027		410		502
6.850%, 06/05/2115		50		55
5.750%, 02/01/2029		50		57
Petroleos Mexicanos
6.625%, 06/15/2035		100		97
Petroleos Mexicanos MTN
6.875%, 08/04/2026		20		22
Phillips 66 Partners
3.605%, 02/15/2025		95		102
3.550%, 10/01/2026		232		251
Pioneer Natural Resources
2.150%, 01/15/2031		40		39
1.125%, 01/15/2026		10		10
Qatar Petroleum
3.125%, 07/12/2041 (A)		200		206
Range Resources
5.875%, 07/01/2022		4		4
5.000%, 03/15/2023		8		8
4.875%, 05/15/2025		30		31
Schlumberger Holdings
4.000%, 12/21/2025 (A)		30		33
3.900%, 05/17/2028 (A)		471		527
Shell International Finance BV
4.375%, 05/11/2045		50		62
4.000%, 05/10/2046		50		60
3.250%, 04/06/2050		50		54
2.875%, 05/10/2026		60		65
2.750%, 04/06/2030		20		21
Sinopec Group Overseas Development
4.375%, 04/10/2024 (A)		200		218
Targa Resources Partners
5.500%, 03/01/2030		20		22
5.000%, 01/15/2028		10		10
4.875%, 02/01/2031		30		33
Tennessee Gas Pipeline
2.900%, 03/01/2030 (A)		30		31
Transcontinental Gas Pipe Line
7.850%, 02/01/2026		50		63
Western Midstream Operating
6.500%, 02/01/2050		20		24
5.300%, 02/01/2030		100		112
4.500%, 03/01/2028		10		11
4.350%, 02/01/2025		30		32


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		15

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Fixed Income Fund (Continued)



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)
2.229%, VAR ICE LIBOR USD 3 Month+2.100%, 01/13/2023	$	10	$	10
Williams
7.875%, 09/01/2021		30		30
7.750%, 06/15/2031		140		197
7.500%, 01/15/2031		10		14
3.700%, 01/15/2023		20		21


				8,811


Financials — 10.6%
AIA Group MTN
3.200%, 03/11/2025 (A)		270		287
Ambac Assurance
5.100%(A)(C)		—		—
American International Group
3.750%, 07/10/2025		40		44
2.500%, 06/30/2025		464		488
Aviation Capital Group
1.950%, 01/30/2026 (A)		301		303
Bank of America
3.419%, VAR ICE LIBOR USD 3 Month+1.040%, 12/20/2028		42		46
3.311%, VAR United States Secured Overnight Financing Rate+1.580%, 04/22/2042		185		199
3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/2023		99		102
2.592%, VAR United States Secured Overnight Financing Rate+2.150%, 04/29/2031		90		93
Bank of America MTN
5.000%, 01/21/2044		20		27
4.450%, 03/03/2026		10		11
4.330%, VAR ICE LIBOR USD 3 Month+1.520%, 03/15/2050		478		598
4.250%, 10/22/2026		50		57
4.083%, VAR ICE LIBOR USD 3 Month+3.150%, 03/20/2051		110		133
4.000%, 01/22/2025		300		328
3.970%, VAR ICE LIBOR USD 3 Month+1.070%, 03/05/2029		150		169
3.593%, VAR ICE LIBOR USD 3 Month+1.370%, 07/21/2028		90		99
3.550%, VAR ICE LIBOR USD 3 Month+0.780%, 03/05/2024		70		73
3.500%, 04/19/2026		224		247
Bank of Montreal MTN
1.850%, 05/01/2025		70		72
Bank of New York Mellon MTN
1.600%, 04/24/2025		20		21
Bank of Nova Scotia
1.300%, 06/11/2025		40		41



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)
Barclays
5.088%, VAR ICE LIBOR USD 3 Month+3.054%, 06/20/2030	$	200	$	233
Barclays MTN
4.972%, VAR ICE LIBOR USD 3 Month+1.902%, 05/16/2029		200		235
Blackstone Holdings Finance
6.250%, 08/15/2042 (A)		118		176
5.000%, 06/15/2044 (A)		200		272
BNP Paribas
4.705%, VAR ICE LIBOR USD 3 Month+2.235%, 01/10/2025 (A)		200		218
4.400%, 08/14/2028 (A)		200		231
Brighthouse Financial
4.700%, 06/22/2047		5		6
Canadian Imperial Bank of Commerce
0.950%, 06/23/2023		40		40
Capital One Financial
3.900%, 01/29/2024		700		751
Citigroup
8.125%, 07/15/2039		60		103
4.650%, 07/23/2048		180		239
4.450%, 09/29/2027		90		103
4.412%, VAR United States Secured Overnight Financing Rate+3.914%, 03/31/2031		233		273
4.125%, 07/25/2028		90		102
3.980%, VAR ICE LIBOR USD 3 Month+1.338%, 03/20/2030		110		125
3.700%, 01/12/2026		100		111
3.520%, VAR ICE LIBOR USD 3 Month+1.151%, 10/27/2028		148		163
3.400%, 05/01/2026		510		559
3.106%, VAR United States Secured Overnight Financing Rate+2.842%, 04/08/2026		30		32
2.572%, VAR United States Secured Overnight Financing Rate+2.107%, 06/03/2031		10		10
1.678%, VAR United States Secured Overnight Financing Rate+1.667%, 05/15/2024		40		41
Cooperatieve Rabobank UA
4.375%, 08/04/2025		250		280
3.875%, 09/26/2023 (A)		392		419
Credit Agricole
8.125%, VAR USD Swap Semi 30/360 5 Yr Curr+6.185%(A)(C)		260		316
Credit Suisse Group
4.550%, 04/17/2026		250		283
4.194%, VAR United States Secured Overnight Financing Rate+3.730%, 04/01/2031 (A)		250		283


16		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)
1.305%, VAR United States Secured Overnight Financing Rate+0.980%, 02/02/2027 (A)	$	250	$	246
Danske Bank
5.000%, 01/12/2022 (A)		200		203
Five Corners Funding Trust
4.419%, 11/15/2023 (A)		390		423
Guardian Life Global Funding
1.100%, 06/23/2025 (A)		10		10
Intesa Sanpaolo
3.125%, 07/14/2022 (A)		200		205
Intesa Sanpaolo MTN
5.017%, 06/26/2024 (A)		200		217
JPMorgan Chase
4.950%, 06/01/2045		100		133
4.493%, VAR United States Secured Overnight Financing Rate+3.790%, 03/24/2031		298		353
4.203%, VAR ICE LIBOR USD 3 Month+1.260%, 07/23/2029		590		678
4.023%, VAR ICE LIBOR USD 3 Month+1.000%, 12/05/2024		200		215
3.509%, VAR ICE LIBOR USD 3 Month+0.945%, 01/23/2029		210		232
3.109%, VAR United States Secured Overnight Financing Rate+2.440%, 04/22/2051		10		10
2.522%, VAR United States Secured Overnight Financing Rate+2.040%, 04/22/2031		130		135
2.083%, VAR United States Secured Overnight Financing Rate+1.850%, 04/22/2026		60		62
1.514%, VAR United States Secured Overnight Financing Rate+1.455%, 06/01/2024		100		102
KKR Group Finance III
5.125%, 06/01/2044 (A)		215		284
KKR Group Finance VIII
3.500%, 08/25/2050 (A)		137		147
Liberty Mutual Group
4.569%, 02/01/2029 (A)		349		410
4.250%, 06/15/2023 (A)		90		96
Lincoln National
3.400%, 01/15/2031		209		230
Lloyds Banking Group
4.375%, 03/22/2028		200		230
3.900%, 03/12/2024		536		579
2.858%, VAR ICE LIBOR USD 3 Month+1.249%, 03/17/2023		200		203



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)
Macquarie Group
1.340%, VAR United States Secured Overnight Financing Rate+1.069%, 01/12/2027 (A)	$	302	$	301
Macquarie Group MTN
4.150%, VAR ICE LIBOR USD 3 Month+1.330%, 03/27/2024 (A)		471		496
Massachusetts Mutual Life Insurance
3.375%, 04/15/2050 (A)		144		155
Metropolitan Life Insurance
7.800%, 11/01/2025 (A)		267		335
Mitsubishi UFJ Financial Group
2.998%, 02/22/2022		20		20
Moody’s
3.250%, 05/20/2050		235		249
Morgan Stanley
3.737%, VAR ICE LIBOR USD 3 Month+0.847%, 04/24/2024		40		42
Morgan Stanley MTN
3.772%, VAR ICE LIBOR USD 3 Month+1.140%, 01/24/2029		90		101
3.622%, VAR United States Secured Overnight Financing Rate+3.120%, 04/01/2031		384		430
3.125%, 07/27/2026		450		488
2.188%, VAR United States Secured Overnight Financing Rate+1.990%, 04/28/2026		100		104
National Securities Clearing
1.500%, 04/23/2025 (A)		250		255
Natwest Group
3.073%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+2.550%, 05/22/2028		200		213
New York Life Global Funding
0.950%, 06/24/2025 (A)		30		30
Park Aerospace Holdings
5.250%, 08/15/2022 (A)		4		4
Peachtree Corners Funding Trust
3.976%, 02/15/2025 (A)		225		246
Principal Life Global Funding II
1.250%, 06/23/2025 (A)		10		10
Royal Bank of Canada MTN
1.600%, 04/17/2023		60		61
1.150%, 06/10/2025		40		40
Santander Holdings USA
4.500%, 07/17/2025		10		11
State Street
3.152%, VAR United States Secured Overnight Financing Rate+2.650%, 03/30/2031		110		122


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		17

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Fixed Income Fund (Continued)



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)
2.901%, VAR United States Secured Overnight Financing Rate+2.600%, 03/30/2026	$	95	$	101
Teachers Insurance & Annuity Association of America
4.900%, 09/15/2044 (A)		90		118
Toronto-Dominion Bank MTN
1.150%, 06/12/2025		30		30
0.750%, 06/12/2023		80		81
UBS MTN
4.500%, 06/26/2048 (A)		200		268
UBS Group
1.364%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.080%, 01/30/2027 (A)		200		200
UBS Group Funding Jersey
4.125%, 04/15/2026 (A)		449		503
US Bancorp
1.450%, 05/12/2025		30		31
WEA Finance
3.750%, 09/17/2024 (A)		200		213


				19,703


Health Care — 1.4%
Abbott Laboratories
4.900%, 11/30/2046		40		56
4.750%, 11/30/2036		10		13
3.750%, 11/30/2026		43		49
Aetna
2.800%, 06/15/2023		10		10
Anthem
3.650%, 12/01/2027		30		34
3.350%, 12/01/2024		20		22
2.950%, 12/01/2022		50		51
Cigna
4.800%, 08/15/2038		100		125
4.375%, 10/15/2028		160		187
4.125%, 11/15/2025		377		421
3.750%, 07/15/2023		14		15
3.400%, 03/01/2027		441		486
CVS Health
5.050%, 03/25/2048		90		119
4.300%, 03/25/2028		30		35
4.250%, 04/01/2050		70		85
4.125%, 04/01/2040		10		12
3.750%, 04/01/2030		30		34
3.625%, 04/01/2027		30		33
2.125%, 09/15/2031		30		30
Fresenius Medical Care US Finance II
4.750%, 10/15/2024 (A)		50		55
Humana
4.500%, 04/01/2025		10		11



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)
Medtronic
3.500%, 03/15/2025	$	16	$	17
PeaceHealth Obligated Group
1.375%, 11/15/2025		430		436
SSM Health Care
3.688%, 06/01/2023		248		260


				2,596


Industrials — 2.9%
3M
3.700%, 04/15/2050		100		119
Air Canada Pass-Through Trust, Ser 2015-1, Cl A
3.600%, 03/15/2027 (A)		229		234
Air Lease
3.375%, 07/01/2025		20		21
Canadian National Railway
3.650%, 02/03/2048		151		171
Canadian Pacific Railway
6.125%, 09/15/2115		167		264
Carrier Global
2.700%, 02/15/2031		10		10
Cintas No. 2
3.700%, 04/01/2027		30		34
2.900%, 04/01/2022		20		20
Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A
4.000%, 10/29/2024		149		157
CSX
3.800%, 04/15/2050		331		384
Deere
3.750%, 04/15/2050		40		49
3.100%, 04/15/2030		10		11
Delta Air Lines
7.375%, 01/15/2026		30		35
7.000%, 05/01/2025 (A)		190		222
4.750%, 10/20/2028 (A)		30		34
4.500%, 10/20/2025 (A)		30		32
3.625%, 03/15/2022		20		20
2.900%, 10/28/2024		40		41
Delta Air Lines Pass-Through Trust, Ser 2020-1AA
2.000%, 06/10/2028		160		160
Eaton
4.150%, 11/02/2042		70		85
FedEx
5.250%, 05/15/2050		88		121
4.050%, 02/15/2048		237		275
Ferguson Finance
4.500%, 10/24/2028 (A)		394		459
3.250%, 06/02/2030 (A)		230		250


18		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)
GFL Environmental
4.250%, 06/01/2025 (A)	$	20	$	21
International Lease Finance
5.875%, 08/15/2022		50		53
Mileage Plus Holdings
6.500%, 06/20/2027 (A)		40		44
Norfolk Southern
4.837%, 10/01/2041		200		261
Penske Truck Leasing LP
3.900%, 02/01/2024 (A)		457		489
Republic Services
2.500%, 08/15/2024		20		21
Spirit Airlines Pass-Through Trust, Ser 2017-1AA
3.375%, 02/15/2030		167		172
Spirit Loyalty Cayman
8.000%, 09/20/2025 (A)		24		27
United Airlines
4.625%, 04/15/2029 (A)		30		31
United Airlines Pass-Through Trust, Ser 2014-1, Cl A
4.000%, 04/11/2026		560		593
United Parcel Service
5.300%, 04/01/2050		66		98
United Rentals North America
3.875%, 02/15/2031		100		104
Verisk Analytics
3.625%, 05/15/2050		202		220


				5,342


Information Technology — 1.4%
Apple
3.850%, 08/04/2046		156		186
3.200%, 05/13/2025		80		87
1.125%, 05/11/2025		40		40
Broadcom
4.750%, 04/15/2029		253		294
4.700%, 04/15/2025		40		45
4.110%, 09/15/2028		237		266
3.150%, 11/15/2025		110		118
1.950%, 02/15/2028 (A)		139		139
Genpact Luxembourg SARL
1.750%, 04/10/2026		292		295
Hewlett Packard Enterprise
4.400%, 10/15/2022		69		71
Lam Research
2.875%, 06/15/2050		92		95
Mastercard
3.850%, 03/26/2050		10		12
Micron Technology
2.497%, 04/24/2023		30		31



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)
NVIDIA
3.700%, 04/01/2060	$	50	$	60
3.500%, 04/01/2040		70		80
3.500%, 04/01/2050		70		80
2.850%, 04/01/2030		20		22
NXP BV
4.625%, 06/01/2023 (A)		215		230
2.700%, 05/01/2025 (A)		30		32
PayPal Holdings
1.650%, 06/01/2025		30		31
1.350%, 06/01/2023		30		30
Prosus MTN
3.061%, 07/13/2031 (A)		200		196
salesforce.com
3.250%, 04/11/2023		40		42
Sprint Capital
8.750%, 03/15/2032		10		15
Texas Instruments
1.750%, 05/04/2030		20		20
Visa
4.300%, 12/14/2045		50		64
3.150%, 12/14/2025		70		76
2.050%, 04/15/2030		20		21


				2,678


Materials — 0.6%
Anglo American Capital
3.625%, 09/11/2024 (A)		200		216
Barrick North America Finance
5.700%, 05/30/2041		60		83
Equate Petrochemical BV MTN
4.250%, 11/03/2026 (A)		200		222
Freeport-McMoRan
5.450%, 03/15/2043		60		77
4.625%, 08/01/2030		10		11
4.550%, 11/14/2024		10		11
Glencore Funding
4.125%, 05/30/2023 (A)		70		74
4.000%, 03/27/2027 (A)		140		155
Southern Copper
5.250%, 11/08/2042		120		154
Suzano Austria GmbH
3.750%, 01/15/2031		90		95
3.125%, 01/15/2032		20		20
Vale Overseas
6.875%, 11/21/2036		10		14
WestRock RKT
4.000%, 03/01/2023		10		10


				1,142


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		19

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Fixed Income Fund (Continued)



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)

Real Estate — 0.7%
Digital Realty Trust
4.750%, 10/01/2025	$	145	$	164
3.700%, 08/15/2027		311		349
Federal Realty Investment Trust
1.250%, 02/15/2026		264		263
Simon Property Group
1.750%, 02/01/2028		501		503


				1,279


Utilities — 2.4%
Aquarion
4.000%, 08/15/2024 (A)		192		207
Berkshire Hathaway Energy
4.450%, 01/15/2049		600		756
Consolidated Edison of New York
3.950%, 04/01/2050		20		23
3.350%, 04/01/2030		20		22
Duke Energy Carolinas
3.950%, 03/15/2048		98		117
Duke Energy Florida
3.200%, 01/15/2027		230		253
Duke Energy Ohio
3.650%, 02/01/2029		50		56
Eversource Energy
3.150%, 01/15/2025		111		119
Exelon
5.625%, 06/15/2035		60		80
5.100%, 06/15/2045		328		439
4.700%, 04/15/2050		69		88
FirstEnergy
7.375%, 11/15/2031		270		377
5.350%, 07/15/2047		100		125
4.400%, 07/15/2027		50		56
1.600%, 01/15/2026		20		20
Interstate Power and Light
2.300%, 06/01/2030		295		300
NextEra Energy Capital Holdings
3.550%, 05/01/2027		292		323
NSTAR Electric
3.950%, 04/01/2030		230		267
Pacific Gas and Electric
3.300%, 08/01/2040		10		9
2.500%, 02/01/2031		20		19
2.100%, 08/01/2027		20		19
1.750%, 06/16/2022		60		60
Southern
3.250%, 07/01/2026		415		450
Virginia Electric & Power
3.150%, 01/15/2026		124		135



Description	Face Amount (Thousands)		Market Value ($ Thousands)


CORPORATE OBLIGATIONS (continued)
Xcel Energy
3.400%, 06/01/2030	$	188	$	208


				4,528


Total Corporate Obligations (Cost $55,439) ($ Thousands)				59,971


MORTGAGE-BACKED SECURITIES — 29.8%

Agency Mortgage-Backed Obligations — 21.1%
FHLMC
6.000%, 03/01/2035 to 07/01/2040		414		492
5.500%, 04/01/2030		129		144
5.000%, 06/01/2041 to 01/01/2049		359		397
4.500%, 06/01/2038 to 10/01/2048		694		767
4.000%, 07/01/2037 to 06/01/2048		944		1,034
3.500%, 04/01/2033 to 03/01/2050		1,276		1,365
3.000%, 09/01/2036 to 10/01/2050		3,342		3,565
2.500%, 01/01/2050 to 07/01/2051		2,256		2,355
2.000%, 09/01/2041 to 05/01/2051		1,735		1,770
FHLMC ARM
2.771%, VAR ICE LIBOR USD 12 Month+1.653%, 01/01/2049		213		221
2.008%, VAR ICE LIBOR USD 12 Month+1.596%, 06/01/2047		203		211
FHLMC CMO, Ser 2014-328, Cl S4, IO
1.807%, 02/15/2038 (D)		32		2
FHLMC CMO, Ser 2014-4415, Cl IO, IO
1.705%, 04/15/2041 (D)		143		8
FHLMC CMO, Ser 2015-4494, Cl AI, IO
1.756%, 11/15/2038 (D)		141		8
FHLMC CMO, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		22		23
FHLMC CMO, Ser 2020-5010, Cl JI, IO
2.500%, 09/25/2050		93		14
FHLMC CMO, Ser 2020-5018, Cl MI, IO
2.000%, 10/25/2050		95		12
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1517, Cl X1, IO
1.447%, 07/25/2035 (D)		240		35
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1519, Cl X1, IO
0.707%, 12/25/2035 (D)		2,116		143
FNMA
5.000%, 10/01/2048 to 03/01/2050		261		286
4.500%, 07/01/2033 to 01/01/2059		2,694		2,972
4.000%, 01/01/2037 to 06/01/2057		2,743		2,986
3.500%, 12/01/2034 to 04/01/2050		3,150		3,392
3.160%, 05/01/2029		19		22
3.000%, 11/01/2034 to 09/01/2051		3,954		4,206
2.810%, 04/01/2025		40		43


20		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021



Description	Face Amount (Thousands)		Market Value ($ Thousands)


MORTGAGE-BACKED SECURITIES (continued)
2.790%, 08/01/2029	$	100	$	110
2.500%, 08/01/2035 to 07/01/2051		3,176		3,328
2.260%, 04/01/2030		97		103
2.000%, 08/01/2050 to 08/01/2051		2,255		2,293
FNMA ARM
2.664%, VAR ICE LIBOR USD 12 Month+1.589%, 04/01/2047		261		272
FNMA CMO, Ser 2015-55, Cl IO, IO
1.458%, 08/25/2055 (D)		143		6
FNMA CMO, Ser 2015-56, Cl AS, IO
6.066%, VAR ICE LIBOR USD 1 Month+6.150%, 08/25/2045		164		40
FNMA CMO, Ser 2020-97, Cl AI, IO
2.000%, 01/25/2051		195		24
FNMA TBA
2.000%, 09/15/2051		600		608
1.500%, 09/15/2036 to 09/15/2051		800		809
FNMA, Ser 2019-M4, Cl A2
3.610%, 02/25/2031		40		47
FNMA, Ser 2019-M5, Cl A2
3.273%, 02/25/2029		70		79
FNMA, Ser 2019-M6, Cl A2
3.450%, 01/01/2029		70		79
FRESB Mortgage Trust, Ser 2019-SB63, Cl A5H
2.550%, 02/25/2039 (D)		242		249
GNMA
4.500%, 01/15/2042 to 02/20/2050		1,158		1,276
4.000%, 08/15/2045 to 04/20/2050		545		594
3.500%, 04/20/2046 to 10/20/2050		635		676
3.000%, 09/15/2042 to 04/20/2048		540		568
2.000%, 12/20/2050		191		195
GNMA CMO, Ser 2007-51, Cl SG, IO
6.492%, VAR ICE LIBOR USD 1 Month+6.580%, 08/20/2037		9		1
GNMA CMO, Ser 2012-34, Cl SA, IO
5.962%, VAR ICE LIBOR USD 1 Month+6.050%, 03/20/2042		93		21
GNMA CMO, Ser 2012-43, Cl SN, IO
6.505%, VAR ICE LIBOR USD 1 Month+6.600%, 04/16/2042		77		19
GNMA CMO, Ser 2012-H27, Cl AI, IO
1.747%, VAR ICE LIBOR USD 1 Month0.000%, 10/20/2062		59		3
GNMA CMO, Ser 2014-118, Cl HS, IO
6.112%, VAR ICE LIBOR USD 1 Month+6.200%, 08/20/2044		159		36
GNMA CMO, Ser 2020-123, Cl NI, IO
2.500%, 08/20/2050		95		12
GNMA CMO, Ser 2020-160, Cl YI, IO
2.500%, 10/20/2050		96		13



Description	Face Amount (Thousands)		Market Value ($ Thousands)


MORTGAGE-BACKED SECURITIES (continued)
GNMA CMO, Ser 2020-H09, Cl FL
1.238%, VAR ICE LIBOR USD 1 Month+1.150%, 05/20/2070	$	90	$	95
GNMA TBA
2.500%, 09/15/2051		600		622
2.000%, 09/15/2051		400		408
GNMA, Ser 2018-130, Cl A
3.250%, 05/16/2059		23		23
GNMA, Ser 2020-178, Cl IO, IO
1.415%, 10/16/2060 (D)		1,207		130


				39,212


Non-Agency Mortgage-Backed Obligations — 8.7%
BANK, Ser 2017-BNK8, Cl XA, IO
0.865%, 11/15/2050 (D)		1,633		63
BBCCRE Trust, Ser 2015-GTP, Cl D
4.715%, 08/10/2033 (A)(D)		140		144
Bear Stearns Asset-Backed Securities I Trust, Ser 2004-AC6, Cl A1
5.750%, 11/25/2034		59		58
Benchmark Mortgage Trust, Ser 2019-B15, Cl A5
2.928%, 12/15/2072		183		198
Benchmark Mortgage Trust, Ser 2019-B17, Cl A2
2.211%, 03/15/2053		395		409
Benchmark Mortgage Trust, Ser 2020-B22, Cl ASB
1.731%, 01/15/2054		474		481
BX Commercial Mortgage Trust, Ser 2019-XL, Cl A
1.016%, VAR ICE LIBOR USD 1 Month+0.920%, 10/15/2036 (A)		441		441
BXP Trust, Ser 2017-CQHP, Cl A
0.946%, VAR ICE LIBOR USD 1 Month+0.850%, 11/15/2034 (A)		190		188
Chevy Chase Funding Mortgage-Backed Certificates, Ser 2004-2A, Cl A1
0.354%, VAR ICE LIBOR USD 1 Month+0.270%, 05/25/2035 (A)		64		64
Chevy Chase Funding Mortgage-Backed Certificates, Ser 2004-2A, Cl B1
0.635%, 05/25/2035 (A)(D)		195		178
CIM Trust, Ser 2020-INV1, Cl A2
2.500%, 04/25/2050 (A)(D)		180		184
COMM Mortgage Trust, Ser 2013-CR6, Cl B
3.397%, 03/10/2046 (A)		100		102
COMM Mortgage Trust, Ser 2013-CR8, Cl A4
3.334%, 06/10/2046		58		59
COMM Mortgage Trust, Ser 2015-CR24, Cl AM
4.028%, 08/10/2048 (D)		90		98


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		21

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Fixed Income Fund (Continued)



Description	Face Amount (Thousands)		Market Value ($ Thousands)


MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust, Ser 2015-CR26, Cl A4
3.630%, 10/10/2048	$	417	$	457
Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl F
2.746%, VAR ICE LIBOR USD 1 Month+2.650%, 05/15/2036 (A)		190		191
CSAIL Commercial Mortgage Trust, Ser 2015-C2, Cl AS
3.849%, 06/15/2057 (D)		210		224
CSMC Trust, Ser 2017-TIME, Cl A
3.646%, 11/13/2039 (A)		100		104
CSMC Trust, Ser 2018-J1, Cl A2
3.500%, 02/25/2048 (A)(D)		203		208
CSMC Trust, Ser 2020-FACT, Cl F
6.253%, VAR ICE LIBOR USD 1 Month+6.157%, 10/15/2037 (A)		250		256
EverBank Mortgage Loan Trust, Ser 2018-1, Cl A22
3.500%, 02/25/2048 (A)(D)		63		64
FHLMC STACR Remic Trust, Ser 2020-DNA1, Cl B1
2.384%, VAR ICE LIBOR USD 1 Month+2.300%, 01/25/2050 (A)		180		179
FHLMC STACR Remic Trust, Ser 2020-DNA1, Cl M2
1.784%, VAR ICE LIBOR USD 1 Month+1.700%, 01/25/2050 (A)		150		150
FHLMC STACR Risk Debt Notes, Ser 2016-DNA2, Cl M3
4.734%, VAR ICE LIBOR USD 1 Month+4.650%, 10/25/2028		230		239
Flagstar Mortgage Trust, Ser 2021-6INV, Cl A4
2.500%, 08/25/2051 (A)(D)		641		654
Flagstar Mortgage Trust, Ser 2021-8INV, Cl A3
2.500%, 09/25/2051 (A)(D)		280		285
FNMA Connecticut Avenue Securities, Ser 2014-C02, Cl 1M2
2.684%, VAR ICE LIBOR USD 1 Month+2.600%, 05/25/2024		130		131
FNMA Connecticut Avenue Securities, Ser 2016-C04, Cl 1M2
4.334%, VAR ICE LIBOR USD 1 Month+4.250%, 01/25/2029		32		33
FNMA Connecticut Avenue Securities, Ser 2017-C03, Cl 1M2
3.084%, VAR ICE LIBOR USD 1 Month+3.000%, 10/25/2029		186		191



Description	Face Amount (Thousands)		Market Value ($ Thousands)


MORTGAGE-BACKED SECURITIES (continued)
FNMA Connecticut Avenue Securities, Ser 2018-C05, Cl 1M2
2.434%, VAR ICE LIBOR USD 1 Month+2.350%, 01/25/2031	$	193	$	195
GS Mortgage Securities II, Ser 2018-SRP5, Cl A
1.646%, VAR ICE LIBOR USD 1 Month+1.550%, 09/15/2031 (A)		190		171
GS Mortgage Securities Trust, Ser 2006-GG8, Cl AJ
5.622%, 11/10/2039		94		26
GS Mortgage Securities Trust, Ser 2010-C1, Cl A2
4.592%, 08/10/2043 (A)		92		92
GS Mortgage Securities Trust, Ser 2012-GC6, Cl AS
4.948%, 01/10/2045 (A)		200		201
GS Mortgage Securities Trust, Ser 2012-GCJ7, Cl A4
3.377%, 05/10/2045		97		97
GS Mortgage Securities Trust, Ser 2018-SRP5, Cl B
4.481%, 09/15/2031		190		152
GS Mortgage Securities Trust, Ser 2020-GSA2, Cl AAB
1.662%, 12/12/2053		260		263
GS Mortgage-Backed Securities Trust, Ser 2020-INV1, Cl A14
2.983%, 10/25/2050 (A)(D)		204		208
GS Mortgage-Backed Securities Trust, Ser 2021-PJ1, Cl A2
2.500%, 06/25/2051 (A)(D)		337		343
Impac CMB Trust, Ser 2005-4, Cl 1M1
0.729%, VAR ICE LIBOR USD 1 Month+0.430%, 05/25/2035		33		32
Impac Secured Assets Trust, Ser 2006-2, Cl 2M3
1.734%, VAR ICE LIBOR USD 1 Month+1.650%, 08/25/2036		173		174
JPMDB Commercial Mortgage Securities Trust, Ser 2017-C7, Cl XA, IO
0.992%, 10/15/2050 (D)		1,399		58
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2012-C6, Cl A3
3.507%, 05/15/2045		153		155
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2012-CIBX, Cl A4
3.483%, 06/15/2045		109		110
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-PHH, Cl F
4.660%, VAR ICE LIBOR USD 1 Month+3.160%, 06/15/2035 (A)		250		65


22		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021



Description	Face Amount (Thousands)		Market Value ($ Thousands)


MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2020-MKST, Cl F
2.946%, VAR ICE LIBOR USD 1 Month+2.850%, 12/15/2036 (A)	$	270	$	250
JPMorgan Mortgage Trust, Ser 2005-S2, Cl 2A15
6.000%, 09/25/2035		110		101
JPMorgan Mortgage Trust, Ser 2018-5, Cl A1
3.500%, 10/25/2048 (A)(D)		31		32
JPMorgan Mortgage Trust, Ser 2020-3, Cl A3A
3.000%, 08/25/2050 (A)(D)		129		130
JPMorgan Mortgage Trust, Ser 2021-3, Cl A3
2.500%, 07/01/2051 (A)(D)		383		391
KKR Industrial Portfolio Trust, Ser 2021-KDIP, Cl A
0.646%, VAR ICE LIBOR USD 1 Month+0.550%, 12/15/2037 (A)		348		348
Metlife Securitization Trust, Ser 2020-INV1, Cl A2A
2.500%, 05/25/2050 (A)(D)		161		165
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C17, Cl A4
3.443%, 08/15/2047		345		354
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C23, Cl B
4.282%, 07/15/2050 (D)		100		107
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C32, Cl ASB
3.514%, 12/15/2049		283		304
Morgan Stanley Capital I Trust, Ser 2007-IQ16, Cl AJ
6.470%, 12/12/2049 (D)		22		12
Morgan Stanley Capital I Trust, Ser 2019-BPR, Cl A
1.496%, VAR ICE LIBOR USD 1 Month+1.400%, 05/15/2036 (A)		140		137
MSCG Trust, Ser 2015-ALDR, Cl A2
3.577%, 06/07/2035 (A)(D)		110		114
Natixis Commercial Mortgage Securities Trust, Ser 2019-FAME, Cl A
3.047%, 08/15/2036 (A)		110		113
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B1
4.000%, 09/25/2059 (A)(D)		219		239
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B2
4.250%, 09/25/2059 (A)(D)		219		239
New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1
2.492%, 09/25/2059 (A)(D)		102		103



Description	Face Amount (Thousands)		Market Value ($ Thousands)


MORTGAGE-BACKED SECURITIES (continued)
Nomura Asset Acceptance Alternative Loan Trust, Ser 2007-1, Cl 1A4
6.138%, 03/25/2047	$	133	$	139
Residential Mortgage Loan Trust, Ser 2019-3, Cl A1
2.633%, 09/25/2059 (A)(D)		46		46
Seasoned Credit Risk Transfer Trust, Ser 2018-3, Cl MA
3.500%, 08/25/2057 (D)		249		261
Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MA
3.500%, 03/25/2058		334		352
Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA
3.500%, 08/25/2058		297		314
Seasoned Credit Risk Transfer Trust, Ser 2020-2, Cl MA
2.000%, 11/25/2059		207		212
Seasoned Credit Risk Transfer Trust, Ser 2020-3, Cl MA
2.000%, 05/25/2060		181		184
Seasoned Credit Risk Transfer Trust, Ser 2021-1, Cl MA
2.000%, 09/25/2060		268		272
Sequoia Mortgage Trust, Ser 2017-1, Cl A4
3.500%, 02/25/2047 (A)(D)		13		13
Sequoia Mortgage Trust, Ser 2020-1, Cl A4
3.500%, 02/25/2050 (A)(D)		19		19
Sequoia Mortgage Trust, Ser 2021-1, Cl A1
2.500%, 03/25/2051 (A)(D)		383		391
UBS Commercial Mortgage Trust, Ser 2012-C1, Cl A3
3.400%, 05/10/2045		508		511
UBS Commercial Mortgage Trust, Ser 2018-C13, Cl ASB
4.241%, 10/15/2051		532		601
WaMu Mortgage Pass-Through Certificates Trust, Ser 2005-AR6, Cl 2A1A
0.544%, VAR ICE LIBOR USD 1 Month+0.460%, 04/25/2045		157		155
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl AS
3.872%, 05/15/2048 (D)		270		292
Wells Fargo Commercial Mortgage Trust, Ser 2021-C59, Cl A5
2.626%, 04/15/2054		475		502


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		23

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Fixed Income Fund (Continued)



Description	Face Amount (Thousands)		Market Value ($ Thousands)


MORTGAGE-BACKED SECURITIES(continued)
WFRBS Commercial Mortgage Trust, Ser 2014-C24, Cl A5
3.607%, 11/15/2047	$	442	$	474


				16,252


Total Mortgage-Backed Securities (Cost $54,919) ($ Thousands)				55,464


U.S. TREASURY OBLIGATIONS — 19.7%
U.S. Treasury Bills
0.064%, 08/11/2022(B)		230		230
0.052%, 03/03/2022(B)		1,230		1,230
0.046%, 02/24/2022(B)		250		250
U.S. Treasury Bond STRIPS
2.376%, 05/15/2049(B)		410		237
U.S. Treasury Bonds
3.750%, 11/15/2043		950		1,278
3.125%, 05/15/2048		620		779
2.875%, 08/15/2045		70		83
2.875%, 05/15/2049		70		85
2.750%, 08/15/2047		970		1,137
2.375%, 05/15/2051		460		508
2.250%, 05/15/2041		10		11
2.250%, 08/15/2049		120		128
2.000%, 02/15/2050		330		335
2.000%, 08/15/2051		148		151
1.875%, 02/15/2051		5,273		5,205
1.625%, 11/15/2050		2,680		2,494
1.375%, 08/15/2050		3,706		3,242
1.250%, 05/15/2050		1,490		1,263
1.125%, 08/15/2040		4,595		4,079
U.S. Treasury Inflation Protected Securities
1.750%, 01/15/2028		156		190
1.375%, 02/15/2044		117		164
1.000%, 02/15/2049		112		155
0.125%, 01/15/2030		412		459
U.S. Treasury Notes
1.625%, 05/15/2031		3,890		4,011
1.250%, 03/31/2028		580		588
1.250%, 04/30/2028		810		821
1.250%, 05/31/2028		640		648
1.250%, 06/30/2028		320		324
1.250%, 08/15/2031		653		649
1.125%, 08/31/2028		430		431
1.125%, 02/15/2031		2,173		2,144
1.000%, 07/31/2028		640		637
0.750%, 04/30/2026		900		901
0.625%, 07/31/2026		359		357
0.375%, 04/15/2024		720		721
0.375%, 01/31/2026		180		177



Description	Face Amount (Thousands)		Market Value ($ Thousands)


U.S. TREASURY OBLIGATIONS (continued)
0.250%, 05/31/2025	$	40	$	40
0.250%, 06/30/2025		250		247
0.250%, 08/31/2025		140		138
0.250%, 10/31/2025		100		98


Total U.S. Treasury Obligations (Cost $35,743) ($ Thousands)				36,625


ASSET-BACKED SECURITIES — 9.5%

Automotive — 1.5%
Avis Budget Rental Car Funding AESOP, Ser 2021-1A, Cl A
1.380%, 08/20/2027 (A)		130		131
Ford Credit Auto Lease Trust, Ser 2020-A, Cl A3
1.850%, 03/15/2023		290		291
Ford Credit Auto Owner Trust, Ser 2020-1, Cl A
2.040%, 08/15/2031 (A)		400		417
Ford Credit Auto Owner Trust, Ser 2021-REV1, Cl A
1.370%, 10/17/2033 (A)		254		257
Ford Credit Floorplan Master Owner Trust, Ser 2018-3, Cl A1
3.520%, 10/15/2023		585		587
Ford Credit Floorplan Master Owner Trust, Ser 2018-4, Cl A
4.060%, 11/15/2030		150		172
Hertz Vehicle Financing, Ser 2021-1A, Cl A
1.210%, 12/26/2025 (A)		100		101
Toyota Auto Loan Extended Note Trust, Ser 2021-1A, Cl A
1.070%, 02/27/2034 (A)		456		458
World Omni Auto Receivables Trust, Ser 2020-A, Cl A3
1.700%, 01/17/2023		463		469


				2,883


Mortgage Related Securities — 0.4%
Asset-Backed Securities Home Equity Loan Trust, Ser 2007-HE1, Cl A4
0.224%, VAR ICE LIBOR USD 1 Month+0.140%, 12/25/2036		157		153
Bear Stearns Asset-Backed Securities I Trust, Ser 2004-HE6, Cl M1
0.939%, VAR ICE LIBOR USD 1 Month+0.855%, 08/25/2034		253		252


24		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021



Description	Face Amount (Thousands)		Market Value ($ Thousands)


ASSET-BACKED SECURITIES (continued)
Bear Stearns Asset-Backed Securities I Trust, Ser 2004-HE7, Cl M1
0.984%, VAR ICE LIBOR USD 1 Month+0.900%, 08/25/2034	$	176	$	174
Option One Mortgage Loan Trust, Ser 2007-FXD1, Cl 3A4
5.860%, 01/25/2037		82		84


				663


Other Asset-Backed Securities — 7.6%
AMSR Trust, Ser 2020-SFR4, Cl A
1.355%, 11/17/2037 (A)		253		254
Applebee’s Funding, Ser 2019-1A, Cl A2I
4.194%, 06/07/2049 (A)		139		141
BankAmerica Manufactured Housing Contract Trust, Ser 1996-1, Cl B1
7.875%, 10/10/2026		510		47
CCG Receivables Trust, Ser 2019-1, Cl A2
2.800%, 09/14/2026 (A)		55		56
CF Hippolyta, Ser 2020-1, Cl A1
1.690%, 07/15/2060 (A)		176		180
CF Hippolyta, Ser 2021-1A, Cl A1
1.530%, 03/15/2061 (A)		348		354
CIT Mortgage Loan Trust, Ser 2007-1, Cl 1M1
1.584%, VAR ICE LIBOR USD 1 Month+1.500%, 10/25/2037 (A)		120		122
Corevest American Finance Trust, Ser 2021-1, Cl A
1.569%, 04/15/2053 (A)		379		381
DB Master Finance, Ser 2017-1A, Cl A2I
3.629%, 11/20/2047 (A)		244		246
DB Master Finance, Ser 2019-1A, Cl A2I
3.787%, 05/20/2049 (A)		222		224
DLLAA, Ser 2021-1A, Cl A3
0.670%, 04/17/2026 (A)		487		488
Domino’s Pizza Master Issuer, Ser 2019-1A, Cl A2
3.668%, 10/25/2049 (A)		79		85
Domino’s Pizza Master Issuer, Ser 2021-1A, Cl A2I
2.662%, 04/25/2051 (A)		367		381
First Franklin Mortgage Loan Trust, Ser 2006-FF15, Cl A2
0.204%, VAR ICE LIBOR USD 1 Month+0.120%, 11/25/2036		88		84
First Franklin Mortgage Loan Trust, Ser 2006-FF15, Cl A5
0.244%, VAR ICE LIBOR USD 1 Month+0.160%, 11/25/2036		129		128
FirstKey Homes Trust, Ser 2020-SFR1, Cl A
1.339%, 08/17/2037 (A)		220		220



Description	Face Amount (Thousands)		Market Value ($ Thousands)


ASSET-BACKED SECURITIES (continued)
FirstKey Homes Trust, Ser 2020-SFR2, Cl A
1.266%, 10/19/2037 (A)	$	251	$	252
GMF Floorplan Owner Revolving Trust, Ser 2018-4, Cl A1
3.500%, 09/15/2023 (A)		255		255
JPMorgan Mortgage Acquisition, Ser 2005-OPT2, Cl M4
1.014%, VAR ICE LIBOR USD 1 Month+0.930%, 12/25/2035		180		180
Merrill Lynch Mortgage Investors Trust, Ser 2004-WMC5, Cl M1
1.014%, VAR ICE LIBOR USD 1 Month+0.930%, 07/25/2035		276		276
National Collegiate Student Loan Trust, Ser 2006-3, Cl B
0.444%, VAR ICE LIBOR USD 1 Month+0.360%, 01/26/2032		250		206
Navient Student Loan Trust, Ser 2016-3A, Cl A3
1.434%, VAR ICE LIBOR USD 1 Month+1.350%, 06/25/2065 (A)		168		171
NextGear Floorplan Master Owner Trust, Ser 2018-2A, Cl A2
3.690%, 10/15/2023 (A)		377		378
NextGear Floorplan Master Owner Trust, Ser 2019-1A, Cl A2
3.210%, 02/15/2024 (A)		347		352
Oak Street Investment Grade Net Lease Fund, Ser 2020-1A, Cl A1
1.850%, 11/20/2050 (A)		470		477
Oak Street Investment Grade Net Lease Fund, Ser 2021-1A, Cl A2
1.930%, 01/20/2051 (A)		464		468
Palmer Square CLO, Ser 2021-2A, Cl A1A3
1.134%, VAR ICE LIBOR USD 3 Month+1.000%, 10/17/2031 (A)		330		330
Progress Residential Trust, Ser 2018-SFR3, Cl A
3.880%, 10/17/2035 (A)		407		408
Progress Residential Trust, Ser 2019-SFR3, Cl A
2.271%, 09/17/2036 (A)		351		357
Progress Residential Trust, Ser 2021-SFR3, Cl A
1.637%, 05/17/2026 (A)		273		276
RAMP Trust, Ser 2006-RZ3, Cl M1
0.434%, VAR ICE LIBOR USD 1 Month+0.350%, 08/25/2036		376		372
Sabey Data Center Issuer, Ser 2020-1, Cl A2
3.812%, 04/20/2045 (A)		170		181
Sabey Data Center Issuer, Ser 2021-1, Cl A2
1.881%, 06/20/2046 (A)		466		467


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		25

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Income Fund (Continued)



Description	Face Amount (Thousands)		Market Value ($ Thousands)


ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Ser 2021-10A, Cl A4
0.789%, VAR ICE LIBOR USD 3 Month+0.670%, 12/17/2068 (A)	$	130	$	130
Sofi Professional Loan Program Trust, Ser 2018-B, Cl A2FX
3.340%, 08/25/2047 (A)		53		55
Sofi Professional Loan Program Trust, Ser 2020-A, Cl A1FX
2.060%, 05/15/2046 (A)		56		56
Stack Infrastructure Issuer, Ser 2019-2A, Cl A2
3.080%, 10/25/2044 (A)		159		164
Structured Asset Investment Loan Trust, Ser 2003-BC12, Cl 2A
0.804%, VAR ICE LIBOR USD 1 Month+0.720%, 11/25/2033		172		170
Structured Asset Securities Mortgage LoanTrust, Ser 2007-WF1, Cl A1
0.504%, VAR ICE LIBOR USD 1 Month+0.420%, 02/25/2037		202		199
Taco Bell Funding, Ser 2021-1A, Cl A2II
2.294%, 08/25/2051 (A)		283		285
Tricon American Homes Trust, Ser 2020-SFR1, Cl A
1.499%, 07/17/2038 (A)		260		261
Tricon American Homes Trust, Ser 2020-SFR2, Cl A
1.482%, 11/17/2039 (A)		256		255
U.S. Small Business Administration, Ser 2010-20B, Cl 1
4.140%, 02/01/2030		51		56
U.S. Small Business Administration, Ser 2011-20G, Cl 1
3.740%, 07/01/2031		234		251
U.S. Small Business Administration, Ser 2011-20H, Cl 1
3.290%, 08/01/2031		111		119
U.S. Small Business Administration, Ser 2013-20G, Cl 1
3.150%, 07/01/2033		446		479
U.S. Small Business Administration, Ser 2014-20C, Cl 1
3.210%, 03/01/2034		418		448
U.S. Small Business Administration, Ser 2015-20F, Cl 1
2.980%, 06/01/2035		120		129
U.S. Small Business Administration, Ser 2017-20H, Cl 1
2.750%, 08/01/2037		218		235
U.S. Small Business Administration, Ser 2018-20A, Cl 1
2.920%, 01/01/2038		226		246



Description	Face Amount (Thousands)		Market Value ($ Thousands)


ASSET-BACKED SECURITIES (continued)
U.S. Small Business Administration, Ser 2018-20B, Cl 1
3.220%, 02/01/2038	$	345	$	379
U.S. Small Business Administration, Ser 2018-20E, Cl 1
3.500%, 05/01/2038		225		250
U.S. Small Business Administration, Ser 2019-20D, Cl 1
2.980%, 04/01/2039		27		29
U.S. Small Business Administration, Ser 2019-25G, Cl 1
2.690%, 07/01/2044		26		29
Vantage Data Centers Issuer, Ser 2019-1A, Cl A2
3.188%, 07/15/2044 (A)		380		394
Vantage Data Centers, Ser 2020-1A, Cl A2
1.645%, 09/15/2045 (A)		387		387
Verizon Owner Trust, Ser 2020-A, Cl A1A
1.850%, 07/22/2024		236		240
Wendy’s Funding, Ser 2019-1A, Cl A2I
3.783%, 06/15/2049 (A)		145		154

				14,197


Total Asset-Backed Securities (Cost $17,539) ($ Thousands)				17,743


LOAN PARTICIPATIONS — 3.0%
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-4 Loan, 1st Lien		71		69
1.835%, VAR LIBOR+1.750%, 11/19/2026
Aecom Technology, 1st Lien
1.835%, 04/13/2028		10		10
Air Canada, 1st Lien
4.250%, 07/27/2028		30		30
Allied Universal Holdco LLC, Initial Term Loan, 1st Lien
4.250%, 05/12/2028		98		98
Amwins Group Inc, 1st Lien
3.000%, 02/19/2028		34		33
Amwins Group Inc., Term Loan, 1st Lien
3.000%, 02/19/2028		6		6
APi Group, Term Loan B, 1st Lien
2.585%, 10/01/2026		95		94
Aramark Services, B4 Cov-Lite, 1st Lien
1.835%, VAR LIBOR+1.750%, 01/15/2027
Asplundh Tree Expert, LLC, 1st Lien
1.835%, 09/07/2027		30		30


26		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021



Description	Face Amount (Thousands)		Market Value ($ Thousands)

LOAN PARTICIPATIONS (continued)
Asurion LLC, B-8 Term Loan, 1st Lien
3.335%, 12/23/2026	$	44	$	44
Asurion LLC, B-9 Term Loan, 1st Lien
3.335%, 07/31/2027		30		29
Asurion, LLC (fka Asurion Corporation), New B-7 Term Loan, 1st Lien
3.085%, VAR LIBOR+3.000%, 11/03/2024		49		48
Athenahealth Inc, Term B-1 Loan, 1st Lien
4.377%, 02/11/2026		128		128
Atlantic Aviation FBO Inc., Term Loan, 1st Lien
3.840%, VAR LIBOR+3.750%, 12/06/2025		10		10
Bass Pro Group, Term Loan B, 1st Lien
5.000%, 03/06/2028		30		30
Berry Global, Inc., 1st Lien
1.856%, 07/01/2026		51		50
BJ’s Wholesale Club, Inc., Tranche B Term Loan, 1st Lien
2.097%, 01/27/2024 (D)		6		6
Brightspring Health, Cov-Lite, 1st Lien
3.596%, 03/05/2026		40		40
Brightview Landscapes, LLC, Initial Term Loan (2018), 1st Lien
2.625%, VAR LIBOR+2.500%, 08/15/2025		19		19
Brookfield Wec Holdings Inc., Initial Term Loan, 1st Lien
3.250%, 08/01/2025 (D)		20		20
Caesars Resort Collection, LLC (fka Caesars Growth Properties Holdings, LLC), Term B Loan, 1st Lien
2.835%, VAR LIBOR+2.750%, 12/23/2024		66		66
Caesars Resort Collection, LLC, 1st Lien
4.585%, 07/21/2025		50		50
Change Healthcare Holdings, 1st Lien
3.500%, 03/01/2024		3		3
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien
3.500%, VAR ICE LIBOR USD 1 Month+2.500%, 03/01/2024		104		104
Charter Communications Operating, LLC, Term B-2 Loan, 1st Lien
1.840%, 02/01/2027		10		10
Charter Communications, Term Loan, 1st Lien
1.840%, 04/30/2025		116		115
Citadel Securities, 1st Lien
2.585%, 02/02/2028		50		49



Description	Face Amount (Thousands)		Market Value ($ Thousands)

LOAN PARTICIPATIONS (continued)
CityCenter Holdings, LLC , Term B Loan, 1st Lien
3.000%, VAR LIBOR+2.250% 04/18/2024	$	149	$	149
Clarios Global, 1st Lien
3.335%, 04/30/2026		92		91
Cloudera, Inc., 1st Lien
3.750%, 08/10/2028		30		30
CSC Holdings, LLC, 1st Lien
2.345%, 01/15/2026		10		10
CSC Holdings, LLC, September 2019 Initial Term Loan, 1st Lien
2.595%, VAR LIBOR+2.500%, 04/15/2027		10		10
DCert Buyer, Inc., Initial Term Loan, 1st Lien
4.085%, VAR LIBOR+4.000%, 10/16/2026		109		108
Deerfield Dakora Holding, LLC, Term Loan, 1st Lien
5.250%, 04/09/2027		79		79
Dell International LLC, Refinancing Term B-2 Loan, 1st Lien
2.000%, 09/19/2025		44		44
Energizer Holdings, 1st Lien
2.750%, 12/22/2027		20		20
Entain PLC, Facility B, 1st Lien
2.500%, 03/29/2027		20		20
Entercom Media Corp., Term B-2 Loan, 1st Lien
2.585%, VAR LIBOR+2.500%, 11/18/2024		25		25
Eyecare Partners, LLC, Term Loan, 1st Lien
3.857%, 02/18/2027		30		29
First Eagles Holdings, Inc., Term Loan
2.647%, 02/01/2027		19		19
Fleetcor Technologies Operating Company LLC, 1st Lien
1.835%, 04/28/2028		30		30
Focus Financial Partners, LLC, Term Loan 1st Lien
2.085%, 07/03/2024		49		49
Froneri International Limited, Facility B2, 1st Lien
2.335%, VAR LIBOR+2.250%, 01/29/2027		40		39
Garda World Security Corp, Term Loan B, 1st Lien
4.340%, 10/30/2026		14		14
Genesee & Wyoming Inc., Initial Term Loan, 1st Lien
2.147%, VAR LIBOR+2.000%, 12/30/2026		109		107



SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		27

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Income Fund (Continued)



Description	Face Amount (Thousands)		Market Value ($ Thousands)

LOAN PARTICIPATIONS (continued)
GFL Environmental, Refinancing Term Loan, 1st Lien
3.500%, 05/30/2025 (D)	$	10	$	10
Global Medical, Term Loan B, 1st Lien
5.750%, 10/02/2025		88		88
Go Daddy Operating Company LLC, Tranche B-1 Term Loan, 1st Lien
1.835%, 02/15/2024 (D)		13		13
Go Daddy, Tranche B-L Loan, 1st Lien
1.835%, 02/15/2024 (D)		7		7
Golden Nugget, Inc., Initial Term Loan B, 1st Lien
3.250%, VAR LIBOR+0.070%, 10/04/2023		3		3
Grifols Worldwide Operations Limited, Dollar Tranche B Term Loan, 1st Lien
2.082%, VAR LIBOR+2.000%,11/15/2027		99		97
Harbor Freight Tools, Cov-Lite, Term Loan B, 1st Lien
3.250%, 10/19/2027		40		40
Hilton Worldwide Finance LLC, Refinanced Series B-2 Term Loan, 1st Lien
1.834%, VAR LIBOR+1.750%, 06/22/2026		112		111
Horizon Therapeutics, 1st Lien
2.500%, 03/15/2028		50		50
Hudson River, 1st Lien
3.085%, 03/20/2028		40		39
Icon, Cov-Lite, Term Loan B, 1st Lien
3.000%, 07/03/2028		16		16
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.), New Term Loan, 1st Lien
3.084%, VAR LIBOR+3.000%, 05/01/2026		65		64
Ineos Styrolution Group, Tranche B Dollar Term Loan, 1st Lien
3.250%, 01/29/2026		40		40
Intrawest, Term Loan B-1, 2nd Lien
2.835%, VAR LIBOR+2.750%, 07/31/2024		39		38
Jane Street Group, LLC, Dollar Term Loan, 1st Lien
2.835%, 01/26/2028		59		58
Jazz Pharmaceuticals, Inc., 1st Lien
4.000%, 05/05/2028		90		90
Level 3 Financing, Inc., Tranche B Loan, 1st Lien
1.835%, VAR LIBOR+1.750%, 03/01/2027		85		83
LifePoint Health, Term Loan, 1st Lien
3.835%, 11/16/2025		85		84



Description	Face Amount (Thousands)		Market Value ($ Thousands)

LOAN PARTICIPATIONS (continued)
MA Financeco., LLC, Tranche B-3 TermLoan, 1st Lien
2.835%, VAR LIBOR+2.500%, 06/21/2024	$	1	$	1
McAfee, 1st Lien
5.750%, 07/27/2028		120		120
Michaels Stores Inc., 1st Lien
5.000%, 04/15/2028		40		40
Milano Acquistion, Term B Loan, 1st Lien
4.750%, 10/01/2027		90		90
MPH Acquisition Holdings LLC, Initial Term Loan, 1st Lien
3.750%, VAR LIBOR+2.750%, 06/07/2023		—		—
MSG National, 1st Lien
3.000%, 07/03/2028		64		64
Nexstar Broadcasting, Inc., Term B-4 Loan, 1st Lien
2.596%, VAR LIBOR+2.750%, 09/18/2026		114		114
Numericable U.S. LLC, USD TLB-12 Term Loan, 1st Lien
3.814%, VAR LIBOR+3.688%, 01/31/2026		39		39
Option Care Health, Inc., Term B Loan, 1st Lien
3.835%, VAR LIBOR+4.500%, 08/06/2026		39		39
PCI Gaming Authority, Term B Facility Loan, 1st Lien
2.585%, VAR LIBOR+2.500%, 05/29/2026		34		34
Peraton Corp, 1st Lien
4.500%, 02/01/2028		90		90
Petco Health & Wellness, Tem Loan B, 1st Lien
4.000%, 03/03/2028		50		50
Phoenix Guarantor Inc., Tranche B-1 TermLoan, 1st Lien
3.339%, VAR LIBOR+3.250%, 03/05/2026		59		58
Pilot Travel Centers LLC, Initial Tranche B Term Loan, 1st Lien
2.083%, 07/28/2028		140		139
PPD Inc., Initial Term Loan, 1st Lien
2.500%, 01/13/2028		100		99
Prime Security Services Borrower, LLC, Refinancing Term B-1 Loan, 1st Lien
3.500%, 09/23/2026		103		103
Quikrete Holding, Term Loan B, 1st Lien
3.000%, 02/21/2028		30		30


28		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021



Description	Face Amount (Thousands)		Market Value ($ Thousands)

LOAN PARTICIPATIONS (continued)
Rackspace Technology Global, Inc. Term B Loan, 1st Lien
3.500%, 02/15/2028	$	50	$	49
Realpage Inc, 1st Lien
3.750%, 04/24/2028		80		79
Reynolds Consumer Products LLC, Initial Term Loan, 1st Lien
1.835%, VAR LIBOR+1.750% 02/04/2027		99		99
Reynolds Group Holdings Inc., Incremental U.S. Term Loan, 1st Lien
2.835%, VAR LIBOR+2.750%, 02/05/2023		23		22
Scientific Games International, Inc., Initial Term B-5 Loan, 1st Lien
2.835%, VAR LIBOR+2.750%, 08/14/2024		76		75
Seattle SpinCo, Inc., Initial Term Loan, 1st Lien
2.835%, VAR LIBOR+2.500%, 06/21/2024		9		9
Sotera, Health Holdings, LLC, Refinancing Loan, 1st Lien
3.250%, 12/11/2026 (D)		90		89
Station Casinos LLC, Term B-1 Facility Loan, 1st Lien
2.500%, VAR LIBOR+2.250%, 02/08/2027		50		49
Terrier Media Buyer, Term B Loan, 1st Lien
3.585%, 12/17/2026		39		39
Trans Union LLC, 2019 Replacement Term B-5 Loan, 1st Lien
1.835%, VAR LIBOR+1.750%, 11/16/2026		52		51
TransDigm Inc., Tranche F Refinancing Term Loan, 1st Lien
2.335%, 12/09/2025		10		10
Triton Water, 1st Lien
4.000%, 03/31/2028		60		60
UFC Holdings, LLC, 1st Lien
3.500%, 04/29/2026		27		26
United Airlines Inc., 1st Lien
4.500%, 04/21/2028		70		70
Univision, Cov-Lite, Term Loan B, 1st Lien
4.000%, 03/15/2026		57		57
US Foods, Inc. (aka U.S. Foodservice, Inc.), Initial Term Loan, 1st Lien
1.835%, 06/27/2023 (D)		27		26
Verscend, 1st Lien
4.085%, 08/27/2025		50		50
VFH Parent LLC, Initial Term Loan, 1st Lien
3.088%, VAR LIBOR+3.000%, 03/01/2026		84		84



Description	Face Amount (Thousands)		Market Value ($ Thousands)

LOAN PARTICIPATIONS (continued)
VICI Properties 1 LLC, Term B Loan, 1st Lien
1.838%, VAR LIBOR+1.750%, 12/20/2024	$	100	$	99
Virgin Media Bristol LLC, N Facility, Term Loan, 1st Lien
2.596%, VAR LIBOR+2.500%, 01/31/2028		105		104
Western Digital Corporation, U.S. Term B-4 Loan, 1st Lien
1.838%, VAR LIBOR+1.750%, 04/29/2023		13		13
XPO Logistics, Inc., Refinancing Term Loan (2018)
1.881%, VAR LIBOR+0.053%, 02/24/2025		40		40
Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1st Lien
3.085%, 03/09/2027		60		59
Zebra Buyer LLC, 1st Lien
3.250%, 04/21/2028		40		40
Ziggo Financing Partnership, Term Loan I Facility, 1st Lien
2.596%, VAR LIBOR+2.500%, 04/30/2028		80		79


Total Loan Participations (Cost $5,519) ($ Thousands)				5,497


SOVEREIGN DEBT — 2.0%
Abu Dhabi Government International Bond
2.500%, 10/11/2022 (A)		400		409
Argentine Republic Government International Bond
3.500%, 07/09/2022		20		8
1.500%, 07/09/2022		136		47
1.000%, 07/09/2029		14		6
0.750%, 07/09/2023		204		80
Brazilian Government International Bond
4.750%, 01/14/2050		200		189
4.625%, 01/13/2028		290		313
Colombia Government International Bond
5.625%, 02/26/2044		200		223
Egypt Government International Bond
5.577%, 02/21/2023 (A)		200		209
Indonesia Government International Bond
4.350%, 01/11/2048		600		696
Mexico Government International Bond
4.600%, 02/10/2048		230		252



SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		29

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Income Fund (Continued)



Description	Face Amount (Thousands)		Market Value ($ Thousands)

SOVEREIGN DEBT (continued)
Nigeria Government International Bond MTN
6.500%, 11/28/2027 (A)	$	200	$	211
Peruvian Government International Bond
6.550%, 03/14/2037		10		14
5.625%, 11/18/2050		90		125
Poland Government International Bond
4.000%, 01/22/2024		110		119
Provincia de Buenos Aires
6.500%, 02/15/2023 (A)(E)		200		104
Qatar Government International Bond
4.400%, 04/16/2050 (A)		240		297
Republic of South Africa Government International Bond
4.300%, 10/12/2028		200		206
Uruguay Government International Bond
4.375%, 01/23/2031		200		235

Total Sovereign Debt (Cost $3,570) ($ Thousands)				3,743


MUNICIPAL BONDS — 1.1%

California — 0.2%
California State, Build America, GO
7.500%, 04/01/2034		280		442


Colorado — 0.1%
City & County of Denver, Airport System Revenue, Ser C, RB
1.722%, 11/15/2027		190		194


Florida — 0.2%
Florida State, Board of Administration Finance, Ser A, RB
1.258%, 07/01/2025		255		258


Illinois — 0.3%
Chicago, Metropolitan Water Reclamation District, GO
5.720%, 12/01/2038		345		493


Michigan — 0.1%
Michigan State, Finance Authority, RB
2.366%, 09/01/2049		220		226



Description	Face Amount (Thousands)			Market Value ($ Thousands)

MUNICIPAL BONDS (continued)

New York — 0.2%
New York State, Urban Development, RB
5.770%, 03/15/2039	$	275		$	345

Total Municipal Bonds (Cost $1,761) ($ Thousands)					1,958


U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.2%
FHLB DN
0.049%, 09/24/2021 (B)		170			170
0.045%, 10/01/2021 (B)		160			160


Total U.S. Government Agency Obligations (Cost $330) ($ Thousands)					330

		Shares


CASH EQUIVALENT — 4.0%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**†		7,462,642			7,463


Total Cash Equivalent (Cost $7,463) ($ Thousands)					7,463


Total Investments in Securities — 101.5% (Cost $182,283) ($ Thousands)				$	188,794

		Contracts


*PURCHASED OPTIONS — 0.0%**

Total Purchased Options (F) (Cost $9) ($ Thousands)		420,057		$	8


*WRITTEN OPTIONS — 0.0%**

Total Written Options (F) (Premiums Received $3) ($ Thousands)		(47	)	$	(1	)


30		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

A list of the open options held by the Fund at August 31, 2021, is as follows:



Description	Number of Contracts			Notional Amount (Thousands) ^††			Exercise Price		Expiration Date		Value (Thousands)

PURCHASED OPTIONS — 0.0%

Put Options
March 2022, IMM Eurodollar Future Option*		57		$	6		$	99.63		3/19/2022	$	1
USD PUT CAD CALL*		420,000			3			1.27		11/20/2021		7

Total Purchased Options				$	9						$	8


WRITTEN OPTIONS — 0.0%

Put Options
March 2022, IMM Eurodollar Future Option*		(38	)	$	(2	)		99.38		03/19/22	$	(1	)
October 2021, U.S. 5-Year Future Option 122.75*		(9	)		(1	)		122.75		09/18/21		—

Total Written Options				$	(3	)					$	(1	)

^††	Represents Cost

A list of the open futures contracts held by the Fund at August 31, 2021, is as follows:



Type of Contract	Number of Contracts			Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ (Depreciation) (Thousands)
Long Contracts
U.S. 10-Year Treasury Note		40			Dec-2021	$	5,325		$	5,338		$	13
U.S. Long Treasury Bond		11			Dec-2021		1,800			1,792			(8	)
U.S. Ultra Long Treasury Bond		14			Dec-2021		2,771			2,762			(9	)


							9,896			9,892			(4	)

Short Contracts
U.S. 2-Year Treasury Note		(3	)		Jan-2022	$	(661	)	$	(661	)	$	—
U.S. 5-Year Treasury Note		(31	)		Jan-2022		(3,827	)		(3,835	)		(8	)


							(4,488	)		(4,496	)		(8	)


						$	5,408		$	5,396		$	(12	)

A list of the open forward foreign currency contracts held by the Fund at August 31, 2021, is as follows:



Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		10/19/21		USD	7		EUR	6	$	—
Citigroup		10/19/21		USD	163		ZAR	2,370		—
Citigroup		10/19/21		USD	566		GBP	409		(3	)
Citigroup		10/19/21		USD	742		BRL	3,940		22
Citigroup		10/19/21		USD	1,043		JPY	114,451		(1	)
Citigroup		10/19/21		USD	1,068		IDR	15,760,196		37
Citigroup		10/19/21		USD	1,122		AUD	1,499		(27	)
Citigroup		10/19/21		USD	2,344		RUB	177,022		54
Citigroup		10/19/21		USD	2,352		CAD	2,954		(14	)

									$	68


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		31

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

Catholic Values Fixed Income Fund (Concluded)

A list of open centrally cleared swap agreements held by the Fund at August 31, 2021, is as follows:



Credit Default Swaps

Reference Entity/ Obligation	Buy/Sell Protection	(Pays)/ Receives Rate	Payment Frequency	Termination Date		Notional Amount (Thousands)			Value (Thousands)		Upfront Payments/ Receipts (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
CDX.NA.HY.36	Sell	1.00%	Quarterly		06/20/2026		(2,074	)	$	202	$	171	$	31
CDX.NA.IG.36	Sell	1.00%	Quarterly		06/20/2026		(12,529	)		316		255		61

									$	518	$	426	$	92



Interest Rate Swaps

Fund Pays	Fund Receives	Payment Frequency	Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments/ Receipts (Thousands)			Net Unrealized Appreciation (Depreciation) (Thousands)
0.19%	3-MONTH USD - LIBOR	Semi-Annually		06/15/2022		USD		3,217	$	1		$	—		$	1
3-MONTH USD - LIBOR	1.20%	Quarterly		10/07/2050		USD		436		51			2			49
3-MONTH USD - LIBOR	0.90%	Quarterly		03/17/2050		USD		311		58			–			58
USD-LIBOR-BBA	2.00%	Quarterly		02/15/2047		USD		476		(33	)		2			(35	)
3-MONTH USD - LIBOR	1.00%	Quarterly		02/15/2047		USD		683		100			8			92
3-MONTH USD - LIBOR	1.60%	Quarterly		02/15/2047		USD		235		4			1			3
1.63%	USD-LIBOR-BBA	Quarterly		02/15/2047		USD		882		10			6			4
2.0%	3-MONTH USD - LIBOR	Semi-Annually		02/15/2047		USD		206		(14	)		–			(14	)
USD-LIBOR-BBA	2.00%	Quarterly		06/03/2051		USD		21		(2	)		–			(2	)
SECURED OVERNIGHT FINANCING RATE - SOFR	1.52%	Annually		02/15/2047		USD
3-MONTH USD - LIBOR	1.20%	Quarterly		02/15/2047		USD		180		19			1			18
3-MONTH USD - LIBOR	0.80%	Quarterly		11/15/2045		USD		177		32			1			31
Secured Overnight Financing Rate - SOFR	0.74%	Annually		08/19/2045		USD
Secured Overnight Financing Rate - SOFR	0.56%	Annually		07/20/2045		USD
1.25	USD-LIBOR-BBA	Quarterly		02/15/2028		USD		4,984		(61	)		5			(66	)
3-MONTH USD - LIBOR	0.78%	Quarterly		11/15/2027		USD		648		10			1			9
Federal Funds Rate	0.26%	Annually		05/15/2027		USD		2,717		80			(8	)		88
3-MONTH USD - LIBOR	1.225%	Quarterly		02/15/2047		USD		181		18			–			18
USD-LIBOR-BBA	0.017%	Quarterly		07/09/2051		USD		337		1			(1	)		2

									$	448		$	14		$	434

Percentages are based on Net Assets of $186,002 ($ Thousands).

*	Non-income producing security.

**	The rate reported is the 7-day effective yield as of August 31, 2021.

^†	Investment in Affiliated Security (see Note 5).

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On August 31, 2021, the value of these securities amounted to $34,912 ($ Thousands), representing 18.8% of the Net Assets of the Fund.

(B)	Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase.

(C)	Perpetual security with no stated maturity date.

(D)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. (E) Security is in default on interest payment.

(F)	Refer to table below for details on Options Contracts.

ARM — Adjustable Rate Mortgage

AUD — Australian Dollar

BBA — British Bankers’ Association

BRL — Brazilian Real

CAD — Canadian Dollar

Cl — Class

CLO — Collateralized Loan Obligation

CMO — Collateralized Mortgage Obligation

DN — Discount Note

EUR — Euro

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FRESB — Freddie Mac Small Balance Mortgage Trust

GBP — British Pound Sterling

GNMA — Government National Mortgage Association

GO — General Obligation

ICE — Intercontinental Exchange

IDR — Indonesian Rupiah

IO — Interest Only — face amount represents notional amount.

JPY — Japanese Yen

LIBOR— London Interbank Offered Rate

LLC — Limited Liability Company

L.P. — Limited Partnership


32		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

MTN — Medium Term Note

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

RUB — Russian Ruble

Ser — Series

SOFR — Secured Overnight Financing Rate

STRIPS — Separately Traded Registered Interest and Principal Securities

TBA — To Be Announced

USD — U.S. Dollar

VAR — Variable Rate

ZAR — South African Rand

The following is a list of the inputs used as of August 31, 2021, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):


Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Corporate Obligations		—		59,971		—		59,971
Mortgage-Backed Securities		—		55,464		—		55,464
U.S. Treasury Obligations		—		36,625		—		36,625
Asset-Backed Securities		—		17,743		—		17,743
Loan Participations		—		5,497		—		5,497
Sovereign Debt		—		3,743		—		3,743
Municipal Bonds		—		1,958		—		1,958
U.S. Government Agency Obligations		—		330		—		330
Cash Equivalent		7,463		—		—		7,463

Total Investments in Securities		7,463		181,331		—		188,794


Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Purchased Options		8			—			—		8
Written Options		(1	)		—			—		(1	)
Futures Contracts*
Unrealized Appreciation		13			—			—		13
Unrealized Depreciation		(25	)		—			—		(25	)
Forwards Contracts*
Unrealized Appreciation		—			113			—		113
Unrealized Depreciation		—			(45	)		—		(45	)
Centrally Cleared Swaps
Credit Default Swaps*
Unrealized Appreciation		—			92			—		92
Interest Rate Swaps*
Unrealized Appreciation		—			551			—		551
Unrealized Depreciation		—			(117	)		—		(117	)

Total Other Financial Instruments		(5	)		594			—		589

*	Futures contracts, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For the period ended August 31, 2021, there were no transfers in or out of Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended August 31, 2021 ($ Thousands):


Security Description	Value at 2/28/2021			Purchases at Cost			Proceeds from Sales				Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value 8/31/2021			Shares		Income			Capital Gains
SEI Daily Income Trust, Government Fund, Cl F		$	5,274		$	47,180		$	(44,991	)		$	—		$	—		$	7,463		7,462,642		$	—		$	—

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		33

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) ($ Thousands)

August 31, 2021


	Catholic Values Equity Fund			Catholic Values Fixed Income Fund

Assets:
Investments, at Value ^†	$	341,523		$	181,331
Affiliated Investments, at Value ^††		6,691			7,463
Cash		278			39
Cash Collateral on Futures		368			64
Cash Collateral on Swap Contracts		—			748
Foreign Currency, at Value ^†††		1,047			43
Receivable for Fund Shares Sold		—			1
Receivable for Investment Securities Sold		486			1,327
Dividends and Interest Receivable		363			865
Unrealized Appreciation on Forward Foreign Currency Contracts		—			113
Options Purchased, at Value ^††††		—			8
Receivable for Variation Margin on Swap Contracts		—			30
Foreign Tax Reclaim Receivable		39			—
Receivable for Variation Margin on Futures Contracts		2			—
Prepaid Expenses		35			19
Total Assets		350,832			192,051
Liabilities:
Payable for Investment Securities Purchased		—			5,833
Payable for Fund Shares Redeemed		7			5
Income Distribution Payable		—			1
Options Written, at Value ^#		—			1
Payable for Variation Margin on Futures Contracts		7			21
Payable for Variation Margin on Swap Contracts		—			6
Administration Fees Payable		76			21
Shareholder Servicing Fees Payable, Class F		26			12
Unrealized Depreciation on Forward Foreign Currency Contracts		—			45
Trustees Fees Payable		2			1
Investment Advisory Fees Payable		122			47
Accrued Expense Payable		26			56
Total Liabilities		266			6,049
Net Assets	$	350,566		$	186,002
^† Cost of Investments	$	226,220		$	174,820
^†† Cost of Affiliated Investments		6,691			7,463
^††† Cost of Foreign Currency		1,044			38
^†††† Cost of Purchased Options		—			9
^# Premiums Received on Written Options		—			3
Net Assets:
Paid-in Capital — (Unlimited Authorization — No Par Value)	$	193,926		$	179,513
Total Distributable Earnings		156,640			6,489
Net Assets	$	350,566		$	186,002
Net Asset Value, Offering and Redemption Price Per Share — Class F	$	17.43		$	10.47
		($328,184,666 ÷ 18,833,572 shares	)		($152,701,375 ÷ 14,581,094 shares	)
Net Asset Value, Offering and Redemption Price Per Share — Class Y	$	17.41		$	10.48
		($22,381,810 ÷ 1,285,824 shares	)		($33,300,254 ÷ 3,178,135 shares	)

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.


34		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)

For the period ended August 31, 2021


	Catholic Values Equity Fund			Catholic Values Fixed Income Fund

Investment Income:
Dividends	$	2,975		$	—
Interest Income		—			2,086
Income from Affiliated Registered Investment Company⁽¹⁾		—			—
Less: Foreign Taxes Withheld		(106	)		—
Total Investment Income		2,869			2,086
Expenses:
Investment Advisory Fees		1,013			321
Administration Fees		506			183
Shareholder Servicing Fees, Class F Shares		395			185
Professional Fees		35			19
Registration Fees		28			17
Printing Fees		20			11
Custodian/Wire Agent Fees		15			25
Pricing Fees		13			71
Trustees’ Fees		3			2
Chief Compliance Officer Fees		1			—
Other Expenses		25			14
Total Expenses		2,054			848
Less:
Waiver of Investment Advisory Fees		(308	)		(46	)
Waiver of Shareholder Servicing Fees, Class F Shares		(237	)		(111	)
Waiver of Administration Fees		(64	)		(57	)
Net Expenses		1,445			634
Net Investment Income		1,424			1,452
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		15,150			202
Futures Contracts		439			135
Forward Foreign Currency Contracts		(3	)		(4	)
Foreign Currency Transactions		(59	)		—
Purchased and Written Options		—			11
Swap Contracts		—			191
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		28,032			2,316
Futures Contracts		302			164
Forward Foreign Currency Contracts		—			145
Foreign Currency and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(61	)		(1	)
Purchased and Written Options		—			(3	)
Swap Contracts		—			(291	)
Net Increase in Net Assets Resulting from Operations	$	45,224		$	4,317

(1)	See Note 5 in the Notes to the Financial Statements.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		35

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the six-month period ended August 31, 2021 (Unaudited) and the year ended February 28, 2021


	Catholic Values Equity Fund						Catholic Values Fixed Income Fund

	8/31/2021			2/28/2021			8/31/2021			2/28/2021
Operations:
Net Investment Income	$	1,424		$	2,388		$	1,452		$	3,259
Net Realized Gain on Investments, Futures Contracts, Options and Swap Contracts		15,589			27,338			539			4,408
Net Realized Loss on Foreign Currency Transactions and Forward Foreign Currency Contracts		(62	)		(6	)		(4	)		(504	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Options and Swap Contracts		28,334			54,889			2,186			(4,581	)
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(61	)		55			144			300
Net Increase in Net Assets Resulting from Operations		45,224			84,664			4,317			2,882
Distributions:
Class F		—			(8,498	)		(1,553	)		(5,002	)
Class Y		—			(839	)		(386	)		(2,452	)
Total Distributions		—			(9,337	)		(1,939	)		(7,454	)
Capital Share Transactions:
Class F:
Proceeds from Shares Issued		12,863			23,310			17,818			31,734
Reinvestment of Dividends & Distributions		—			8,495			1,548			4,985
Cost of Shares Redeemed		(21,599	)		(24,549	)		(5,830	)		(11,871	)
Net Increase (Decrease) in Net Assets from Class F Transactions		(8,736	)		7,256			13,536			24,848
Class Y:
Proceeds from Shares Issued		2,021			909			3,618			9,317
Reinvestment of Dividends & Distributions		—			839			386			2,451
Cost of Shares Redeemed		(4,373	)		(8,853	)		(9,297	)		(31,432	)
Net Decrease in Net Assets from Class Y Transactions		(2,352	)		(7,105	)		(5,293	)		(19,664	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		(11,088	)		151			8,243			5,184
Net Increase in Net Assets		34,136			75,478			10,621			612
Net Assets:
Beginning of Period		316,430			240,952			175,381			174,769
End of Period	$	350,566		$	316,430		$	186,002		$	175,381
Capital Share Transactions:
Class F:
Shares Issued		783			1,919			1,736			2,978
Shares Issued in Lieu of Dividends & Distributions		—			584			149			469
Shares Redeemed		(1,335	)		(1,805	)		(565	)		(1,172	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(552	)		698			1,320			2,275
Capital Share Transactions:
Class Y:
Shares Issued		122			87			352			883
Shares Issued in Lieu of Dividends & Distributions		—			58			37			230
Shares Redeemed		(270	)		(596	)		(903	)		(2,987	)
Net Decrease in Shares Outstanding from Share Transactions		(148	)		(451	)		(514	)		(1,874	)

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.


36		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

FINANCIAL HIGHLIGHTS

For the six-month period ended August 31, 2021 (Unaudited) and the years ended February 28, or February 29, For a share outstanding throughout the period or year


	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gains (Losses) on Investments⁽¹⁾			Total from Operations		Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Dividends and Distributions			Net Asset Value, End of Period		Total Return†			Net Assets End of Period ($ Thousands)		Ratio of Net Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Waivers)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate†
Catholic Values Equity Fund
Class F
2021^@	$	15.20	$	0.07	$	2.16		$	2.23	$	—		$	—		$	—		$	17.43		14.67	%	$	328,184		0.86	%		1.23	%		0.84	%		16	%
2021		11.71		0.11		3.82			3.93		(0.12	)		(0.32	)		(0.44	)		15.20		33.76			294,671		0.86			1.23			0.87			65
2020		11.93		0.15		0.14			0.29		(0.15	)		(0.36	)		(0.51	)		11.71		2.09			218,926		0.86			1.24			1.19			34
2019		12.53		0.15		(0.13	)		0.02		(0.15	)		(0.47	)		(0.62	)		11.93		0.62			229,548		0.82			1.24			1.26			49
2018		10.61		0.11		1.90			2.01		(0.09	)		—			(0.09	)		12.53		18.93			225,146		0.86			1.24			0.94			56
2017		8.57		0.09		2.05			2.14		(0.10	)		—			(0.10	)		10.61		25.03			185,908		0.86			1.25			0.88			63
Class Y
2021^@	$	15.17	$	0.08	$	2.16		$	2.24	$	—		$	—		$	—		$	17.41		14.77	%	$	22,382		0.76	%		0.98	%		0.94	%		16	%
2021		11.69		0.13		3.81			3.94		(0.14	)		(0.32	)		(0.46	)		15.17		33.84			21,759		0.76			0.98			0.99			65
2020		11.90		0.16		0.15			0.31		(0.16	)		(0.36	)		(0.52	)		11.69		2.28			22,026		0.76			0.99			1.31			34
2019		12.51		0.16		(0.13	)		0.03		(0.17	)		(0.47	)		(0.64	)		11.90		0.71			35,207		0.76			0.99			1.31			49
2018		10.60		0.12		1.90			2.02		(0.11	)		—			(0.11	)		12.51		19.05			34,541		0.76			0.99			1.06			56
2017		8.56		0.10		2.06			2.16		(0.12	)		—			(0.12	)		10.60		25.28			11,516		0.76			1.00			0.98			63
Catholic Values Fixed Income Fund
Class F
2021^@	$	10.34	$	0.08	$	0.16		$	0.24	$	(0.11	)	$	—		$	(0.11	)	$	10.47		2.33	%	$	152,702		0.71	%		0.97	%		1.56	%		44	%
2021		10.56		0.19		0.05			0.24		(0.20	)		(0.26	)		(0.46	)		10.34		2.25			137,169		0.71			0.95			1.88			126
2020		9.83		0.25		0.84			1.09		(0.28	)		(0.08	)		(0.36	)		10.56		11.28			115,971		0.71			0.95			2.54			128
2019		9.79		0.25		0.07			0.32		(0.28	)		—			(0.28	)		9.83		3.29			107,715		0.67			0.96			2.66			159
2018		9.93		0.20		(0.11	)		0.09		(0.23	)		—			(0.23	)		9.79		0.87			116,124		0.71			0.96			2.06			194
2017		9.89		0.19		0.11			0.30		(0.23	)		(0.03	)		(0.26	)		9.93		3.11			111,465		0.71			1.04			1.87			124
Class Y
2021^@	$	10.35	$	0.09	$	0.15		$	0.24	$	(0.11	)	$	—		$	(0.11	)	$	10.48		2.38	%	$	33,300		0.61	%		0.72	%		1.66	%		44	%
2021		10.56		0.21		0.05			0.26		(0.21	)		(0.26	)		(0.47	)		10.35		2.45			38,212		0.61			0.70			1.99			126
2020		9.84		0.27		0.82			1.09		(0.29	)		(0.08	)		(0.37	)		10.56		11.28			58,798		0.61			0.70			2.62			128
2019		9.81		0.26		0.06			0.32		(0.29	)		—			(0.29	)		9.84		3.29			35,686		0.61			0.71			2.72			159
2018		9.94		0.23		(0.12	)		0.11		(0.24	)		—			(0.24	)		9.81		1.07			35,191		0.61			0.74			2.35			194
2017		9.89		0.20		0.15			0.35		(0.24	)		(0.03	)		(0.27	)		9.94		3.32			1,170		0.61			0.79			1.97			124

For the six-month period ended August 31, 2021. All ratios for the period have been annualized.

†

Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

(1)

Per share net investment income and net realized and unrealized gains (losses) calculated using average shares.

The accompanying notes are an integral part of the financial statements.

Amounts designated as “—” are either $0 or have been rounded to $0.


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		37

NOTES TO FINANCIAL STATEMENTS (Unaudited)

August 31, 2021

1. ORGANIZATION

SEI Catholic Values Trust (the “Trust”) is organized as a Delaware statutory trust under a Declaration of Trust dated December 8, 2014.

The Trust is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end investment company with two operational Funds: Catholic Values Equity Fund (“Equity Fund”) and Catholic Values Fixed Income Fund (“Fixed Income Fund”) (each a “Fund,” collectively, the “Funds”), both of which are diversified Funds. The Trust is registered to offer: Class F and Class Y shares of the Funds. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Funds’ prospectuses provide a description of each Fund’s investment objective and strategies.

In addition to its objective and strategies, each of the Funds makes investment decisions consistent with Catholic values on a range of social and moral concerns that may include: protecting human life; promoting human dignity; reducing arms production; pursuing economic justice; protecting the environment, and encouraging corporate responsibility. Potential investments for the Funds are first selected for financial soundness and then evaluated according to the Funds’ social criteria. The Adviser has engaged an independent compliance support organization that has identified a list of issuers that do not align with Catholic values. The Funds will not invest in issuers identified through this process. The Adviser reserves the right to modify the criteria from time to time to maintain alignment with evolving Catholic social and moral positions.

2. SIGNIFICANT ACCOUNTING POLICIES

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (“NASDAQ”) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. The Funds value securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of ETFs, which are priced as equity securities. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, the Funds will value the securities using a bid price from at least one independent broker. If such prices are not readily available or cannot be valued using the methodologies described above, the Funds will value the security using the Funds’ Fair Value Pricing Policies and Procedures (“Fair Value Procedures”), as described below.

On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Funds’ Fair Value Procedures until a price from an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less may be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or lower than the price a Fund would receive if it sold the instrument. Further, the value of securities in the Fund can be


38		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

expected to vary inversely with changes in prevailing interest rates. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer-specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.

Options and warrants are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price.

Futures and swaps cleared through a central clearing house (“Centrally Cleared swaps”) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time a Fund calculates its NAV, the settlement price may not be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SEI Investments Management Corporation (“SIMC”) or a Sub-Adviser (“Sub-Adviser”), as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC or a Sub-Adviser, as applicable, monitors the reliability of prices obtained from any pricing service and shall promptly notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, notifies the Fair Value Pricing Committee (the “Committee”) if it receives such notification from SIMC or a Sub-Adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

The Funds’ Fair Value Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board of Trustees (“Board”) or its designated sub-committee. However, when the change would not materially affect valuation of a Fund’s net assets or involve a material

departure in pricing methodology from that of the Fund’s existing pricing agent or pricing methodology, approval may be obtained at the next regularly scheduled meeting of the Board.

Securities for which market prices are not readily available, for which market prices are determined to be unreliable, or which cannot be valued using the methodologies described above are valued in accordance with the Fair Value Procedures established by the Board. The Funds’ Fair Value Procedures are implemented through the Committee designated by the Board. The Committee is currently composed of two members of the Board, as well as representatives from SIMC and its affiliates. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: (i) the security’s trading has been halted or suspended, (ii) the security has been delisted from a national exchange, (iii) the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open, or (iv) the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the facts giving rise to the need to fair value, (ii) the last trade price, (iii) the performance of the market or the issuer’s industry, (iv) the liquidity of the security, (v) the size of the holding in a Fund, or (vi) any other appropriate information.

The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its Net Asset Value (“NAV”). The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a “Significant Event”), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security’s last close and the time that the Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		39

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2021

its shares. As a result, the NAV of the Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares.

A Significant Event may relate to a single issuer or to an entire market sector. If SIMC or a Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate NAV, it may request that a Committee meeting be called. In addition, the Funds use several processes, with respect to certain securities to monitor the pricing data supplied by various sources, including price comparisons and price movements. Any identified discrepancies are researched and subject to the procedures described above.

The Equity Fund and Fixed Income Fund, which may hold international securities, use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, these Funds will value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants

would use in pricing the asset or liability based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2 — Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, warrants, swaps and forward contracts.

The valuation techniques used by the Funds to measure fair value during the period ended August 31, 2021 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the period ended August 31, 2021, there have been no significant changes to the Trust’s fair valuation methodologies. For details of the investment classifications reference the Schedules of Investments.

Security Transactions and Investment Income — Security transactions are recorded on the trade date. Costs used in determining net realized capital gains and losses on the sale of securities are on the basis of specific identification. Dividend income is recognized on the ex-dividend date, and interest income is recognized using the accrual basis of accounting. Income from payment-in-kind securities is recorded daily based on the effective interest method of accrual.

Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.


40		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

Amortization and accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security, which is not materially different from the effective interest method. Amortization of premiums and discounts is included in interest income.

Foreign Currency Translation — The books and records of the Funds investing in international securities are maintained in U.S. dollars on the following basis:

(i) market value of investment securities, assets and liabilities at the current rate of exchange; and

(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

Futures Contracts — To the extent consistent with its Investment Objective and Strategies, a Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. In addition, fixed income funds will utilize futures contracts to help manage duration and yield curve exposure. These Funds’ investments in futures contracts are designed to enable the Funds to more closely approximate the performance of their benchmark indices. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are market-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When contracts are closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, futures contracts involve the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities.

It is the Funds’ policy to present the gross variation margin payable and the gross variation margin receivable of the future contracts separately on the Statements of Assets and Liabilities as the Funds do not have a master netting agreement with the counter party to the future contracts.

Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of August 31, 2021, if applicable.

Master Limited Partnerships — Investments in units of master limited partnerships (“MLPs”) involve risks that differ from an investment in common stock. Holders of the units of master limited partnerships have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of master limited partnerships. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of a master limited partnership, including a conflict arising as a result of incentive distribution payments. The benefit a Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to a Fund of distributions from the MLP, likely causing a reduction in the value of a Fund’s shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on a Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole.

Inflation-Indexed Bonds — Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included in interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		41

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2021

indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Options Written/Purchased — To the extent consistent with its investment objective and strategies, a Fund may invest in financial options contracts to add return or to hedge their existing portfolio securities. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from purchasing or writing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes. In connection with option agreement securities may be set aside as collateral by a Fund’s custodian.

The cost of purchased options and the premiums received for written options that are presented in the Schedule of Investments are representative of the volume of activity during the period ended August 31, 2021.

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open options contracts as of August 31, 2021, if applicable.

Securities Sold Short — To the extent consistent with its Investment Objective and Strategies, a Fund may engage in short sales. Short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. A Fund then is obligated to replace the security borrowed by

purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by a Fund. Until the security is replaced, a Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. Dividends and interest are shown as an expense for financial reporting purposes. To borrow the security, a Fund also may be required to pay a premium, which would decrease proceeds of the security sold. The proceeds of the short sale are retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the close of a short sale.

Refer to each Fund’s Schedule of Investments for details regarding securities sold short as of August 31, 2021, if applicable.

Swap Agreements — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in swap contracts as an efficient means to synthetically obtain exposure to securities or baskets of securities and to manage a Fund’s interest rate duration and yield curve exposure. Swap contracts may also be used to mitigate a Fund’s overall level of risk and/or a Fund’s risk to particular types of securities, currencies or market segments. Interest rate swaps may further be used to manage a Fund’s yield spread sensitivity. A Fund may buy credit default swaps in an attempt to manage credit risk where a Fund has credit exposure to an issuer, and a Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “Basket” of securities representing a particular index. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“Centrally Cleared swaps”). Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit default swaps involve periodic payments by a Fund or counterparty based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments


42		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

(i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the recovery rate used to settle the contracts. The recovery rate is a function of how many credit default swap investors wish to deliver the security or receive the security. The recovery rate is determined through an auction process. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR or some other form of indices on the notional amount. Payments received or made are recorded as realized gains or loss. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the Statements of Assets and Liabilities. Interest rate swap contracts outstanding at period end, if any, are listed after a Fund’s portfolio. In connection with swap agreements securities may be set aside as collateral by a Fund’s custodian.

Swaps are “marked-to-market” daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statements of Operations. Centrally Cleared swaps are valued at the settlement price established each day by the board on exchange on which they are traded. The daily settlement prices for centrally cleared swaps are provided by an independent source. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of Centrally Cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“Variation Margin”) on the Statements of Assets and Liabilities.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.

It is the Funds’ policy to present the gross variation margin payable and the gross variation margin receivable of the swap contracts separately on the Statements of Assets and Liabilities as the Funds do not have a master netting agreement with the counter party to the swap contracts. See Note 3 for further details. Refer to each Fund’s Schedule of Investments, for details regarding open swap agreements as of August 31, 2021, if applicable.

Delayed Delivery Transactions — To the extent consistent with its Investment Objective and Strategies, a Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Fund will set aside liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security.

Collateralized Debt Obligations — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in collateralized debt obligations (“CDOs”), which include collateralized loan obligations (“CLOs”) and other similarly structured securities. CLOs are a type of asset-backed securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses.

For CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “Equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CDO trust typically has a higher rating and lower yield than its underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CDO tranches


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		43

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2021

can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CDO securities as a class.

The risks of an investment in a CDO depend largely on its Class and its collateral securities. Normally, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Funds as illiquid securities; however, an active dealer market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities (e.g., interest rate risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Funds may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Restricted Securities — Throughout the period, the Funds may own private placement investments that were purchased through private offerings or acquired through initial public offerings that could not be sold without prior registration under the Securities Act of 1933 or pursuant to an exemption there from. In addition, the Funds had generally agreed to further restrictions on the disposition of certain holdings as set forth in various agreements entered into in connection with the purchase of those investments. These investments were valued at amortized cost, which approximates fair value, as determined in accordance with the procedures approved by the Board of Trustees. At August 31, 2021, the Funds did not own any restricted securities.

Classes — Class-specific expenses are borne by that class of shares. Income, expenses, and realized and unrealized gains/losses and non- class-specific expenses are allocated to the respective class on the basis of relative daily net assets.

Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Funds are prorated to the Funds on the basis of relative net assets.

Cash — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash equivalents on the Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

Dividends and Distributions to Shareholders — The Equity Fund will distribute its net investment income annually. The Fixed Income Fund declares its net investment income daily and distributes monthly. The Funds make distributions of capital gains, if any, at least annually.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

3. CREDIT DERIVATIVES

A Fund may use credit default swaps to reduce risk where a Fund has exposure to the issuer, or to take an active long or short position with respect to the likelihood of an event of default. The reference obligation of the swap can be a single issuer, a “basket” of issuers, or an index. The underlying referenced assets are corporate debt, sovereign debt and asset backed securities.

The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event for corporate or sovereign reference obligations means bankruptcy, failure to pay, obligation acceleration, repudiation/moratorium or restructuring. For credit default swaps on asset-backed securities, credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down.


44		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.

If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional

amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

As of August 31, 2021, the Fixed Income Fund is the seller (“Providing Protection”) on a total notional amount of $14.6 million. The notional amounts of the swaps are not recorded in the financial statements. The notional amounts approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund were the seller of protection and a credit event were to occur. Those credit default swaps (“CDS”) for which the Fund is providing protection at balance sheet date are summarized as follows:


FIXED INCOME FUND WRITTEN CREDIT DERIVATIVE CONTRACTS	SINGLE NAME CREDIT DEFAULT SWAPS				CREDIT DEFAULT SWAP INDEX
REFERENCE ASSET	CORPORATE DEBT		SOVERIGN DEBT		ASSET BACKED SECURITIES		CORPORATE DEBT		Total
Fair value of written credit derivatives		$—		$—		$—	$	517,980	$	517,980
Maximum potential amount of future payments		—		—		—		14,603,000		14,603,000
Recourse provisions with third parties to recover any amounts paid under the credit derivative (including any purchased credit protection)¹		—		—		—		—		—
Collateral held by the Fund can obtain upon occurrence of triggering event		—		—		—		—		—

Potential recoveries would include purchased credit derivatives to the extent they offset written credit derivatives which have an identical underlying, or a netting arrangement or credit support annex with the counterparty. There may be other potential recoveries from recourse provisions where agreements cover multiple derivative arrangements but those amounts have not been included.


MAXIMUM POTENTIAL AMOUNT OF FUTURE PAYMENTS BY CONTRACT TERM
FIXED INCOME FUND	0-6 MONTHS		6-12 MONTHS		1-5 YEARS		5-10 YEARS		> 10 YEARS		Total
Current credit spread* on underlying (in basis points)
0-100		$—		$—	$	12,529,000		$—		$—	$	12,529,000
> than 100		—		—		2,074,000		—		—		2,074,000
Total		$—		$—	$	14,603,000		$—		$—	$	14,603,000

The credit spread on the underlying asset is generally indicative of the current status of the underlying risk of the Fund having to perform. The spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a contract. Higher credit spreads with a shorter contract term is indicative of a higher likelihood of performance by the Fund.

The credit spread disclosed above for each reference obligation where the Fund is the seller of protection is a representation of the current payment/performance risk of the swap.


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		45

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2021

4. DERIVATIVE TRANSACTIONS

The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the period. For Funds that held derivatives throughout the period with only one type of risk exposure, additional information can be found on the Schedule of Investments and the Statements of Operations.

The fair value of derivative instruments as of August 31, 2021 was as follows ($ Thousands):

Asset Derivatives

Liability Derivatives

Statements of Assets and Liabilities Location

Fair Value

Statements of Assets and Liabilities Location

Fair Value

Derivatives not accounted for as hedging instruments:

Fixed Income Fund

Interest rate contracts

Net Assets — Unrealized appreciation
on futures contracts

$13

Net Assets — Unrealized depreciation on
futures contracts

$25

Net Assets — Unrealized appreciation
on swap contracts

551

^†

Net Assets — Unrealized depreciation
on swap contracts

117

^†

Options purchased, at value

Options written, at value

Foreign exchange contracts

Unrealized gain on forward foreign
currency contracts

113

Unrealized loss on forward foreign
currency contracts

Credit Contracts

Net Assets — Unrealized appreciation
on swap contracts

^†

Net Assets — Unrealized depreciation
on swap contracts

—

^†

Total Derivatives not accounted for as hedging instruments

777

188

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets & Liabilities.

†	Includes cumulative appreciation/depreciation of swap contracts as reported in the Schedules of Investments. Market Value is reported within the Statements of Assets & Liabilities for swap contracts that have paid premiums.

The effect of derivative instruments on the Statements of Operations for the period ended August 31, 2021.

Amount of realized gain or (loss) on derivatives recognized in income ($ Thousands):


Derivatives Not Accounted for as Hedging Instruments	Options		Futures		Forward Currency Contracts		Swaps		Total
Equity Fund
Equity Contracts		$—		$439		$—		$—		$439
Foreign Exchange Contracts		—		—		(3)		—		(3)
Total		$—		$439		$(3)		$—		$436
Fixed Income Fund
Interest Rates		$11		$135		$—		$(56)		$90
Foreign exchange contracts		—		—		(4)		—		(4)
Credit contracts		—		—		—		247		247
Total		$11		$135		$(4)		$191		$333

Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($ Thousands):


Derivatives Not Accounted for as Hedging Instruments	Options		Futures		Forward Currency Contracts		Swaps		Total
Equity Fund
Equity Contracts		$—		$302		$—		$—		$302
Total		$—		$302		$—		$—		$302
Fixed Income Fund
Interest Rates		$(3)		$164		$—		$(228)		$(67)
Foreign exchange contracts		—		—		145		—		145
Credit contracts		—		—		—		(63)		(63)
Total		$(3)		$164		$145		$(291)		$15


46		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

The following table discloses the volume of the Fund’s futures contracts, forward foreign currency contracts and swap activity during the period ended August 31, 2021 ($ Thousands):


	Equity Fund		Fixed Income Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long	$	5,457	$	—
Ending Notional Balance Long		6,797		—
Interest Contracts
Average Notional Balance Long		—		11,091
Average Notional Balance Short		—		4,495
Ending Notional Balance Long		—		9,987
Ending Notional Balance Short		—		4,488
Forward Foreign Currency Contracts:
Average Notional Balance Long		—		11,530
Average Notional Balance Short		—		11,340
Ending Notional Balance Long		—		9,476
Ending Notional Balance Short		—		9,408
Swaps:
Credit Contracts
Average Notional Balance Short		—		437
Ending Notional Balance Short		—		426
Interest Contracts
Average Notional Balance		—		22,625
Ending Notional Balance		—		17,069
Options/Swaptions:
Interest
Average Notional Balance Long†		—		6
Average Notional Balance Short†		—		6
Ending Notional Balance Long†		—		6
Ending Notional Balance Short†		—		3
Currency
Average Notional Balance Long†		—		5
Ending Notional Balance Long†		—		4

†	Represents cost.

5. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUB-ADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory, Administration, Distribution and Custodian Agreements —SIMC serves as each Fund’s investment adviser (the “Adviser”) and “Manager of Managers” under an investment advisory agreement approved by the shareholders of each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each Fund.

SEI Investments Global Funds Services (the “Administrator”) provides the Trust with administrative

and transfer agency services. For its services, the Administrator is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each Fund.

The Fund has adopted a shareholder servicing plan (the “Shareholder Servicing Plan”) under which a shareholder servicing fee of up to 0.25% of the average daily net assets of Class F shares of the Funds will be paid to other service providers. Under the Shareholder Servicing Plan, other service providers may perform, or may compensate other service providers for performing, certain shareholder and administrative services.

The Adviser, Administrator and/or Distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, Trustee fees, prime broker fees, interest and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at a specified level.

The waivers by the Funds’ Adviser, Administrator and/ or Distributor are limited to the Funds’ direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses. The waivers are voluntary and the Funds’ Adviser, Administrator and/or Distributor may discontinue all or part of any of these waivers at any time. In addition, some Funds may participate in a commission recapture program where the Funds’ trades may be executed through the Funds’ distributor, and a portion of the commissions paid on those trades are then used to pay the Funds’ expenses.

The following is a summary of annual fees payable to the Adviser and Distributor and the voluntary expense limitations for each Fund:


	Advisory Fee		Shareholder Servicing Fee		Voluntary Expense Limitation
Equity Fund
Class F		0.60%		0.25%		0.86%
Class Y		0.60%		0.00%		0.76%
Fixed Income Fund
Class F		0.35%		0.25%		0.71%
Class Y		0.35%		0.00%		0.61%


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		47

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2021

The following is a summary of annual fees payable to the Administrator:


	First $1.5 Billion			Next $500 Million			Next $500 Million			Next $500 Million			Over $3 Billion
Equity Fund		0.300	%		0.260	%		0.210	%		0.1700	%		0.120	%
Fixed Income Fund		0.200	%		0.1775	%		0.1550	%		0.1325	%		0.110	%

Investment Sub-Advisory Agreements — As of August 31, 2021, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:

Investment Sub-Adviser

Equity Fund

Brandywine Global Investment Management, LLC

Coho Partners, Ltd.

Copeland Capital Management, LLC

Fred Alger Management, Inc.

Lazard Asset Management LLC

LMCG Investments, LLC

Parametric Portfolio Associates LLC

Wells Capital Management, Inc.

Fixed Income Fund

Income Research & Management

Western Asset Management Company

Western Asset Management Company Limited

Under the investment sub-advisory agreements, each sub-adviser receives an annual fee, paid by SIMC.

U.S. Bank, N.A. serves as the custodian of the Fixed Income Fund. Brown Brothers Harriman & Co. serves as the custodian of the Equity Fund. The custodians play no role in determining the investment policies of the Funds or which securities are to be purchased or sold in the Funds.

Investment in Affiliated Securities — The Funds may invest in the SEI Daily Income Trust Government Fund, an affiliated money market fund to manage excess cash or to serve as margin or collateral for derivative positions. Refer to the Fund’s Schedule of Investments for details regarding transactions with affiliates for the period ended August 31, 2021, if applicable.

Payment to Affiliates — Certain officers and Trustees of the Trust are also officers and/or Trustees of the Administrator, Adviser, or the Distributor. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The Administrator, Adviser and/or the Distributor pays compensation of Officers and affiliated Trustees. A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the administrator, are paid for by the Trust as incurred.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (the “Program”) with existing or future investment companies registered under the 1940 Act

that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes.

Participation in the Program is voluntary for both borrowing and lending funds.

Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the Trust’s Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. For the period ended August 31, 2021 and for the year then ended, the Trust has not participated in the Program.

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities other than temporary cash investments, during the period ended August 31, 2021, were as follows:


	U.S. Gov’t ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Equity Fund
Purchases	$	—	$	51,537	$	51,537
Sales		—		63,403		63,403
Fixed Income Fund
Purchases		73,088		10,460		83,548
Sales		64,386		9,855		74,241

7. FEDERAL TAX INFORMATION

It is each Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required.


48		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

The tax character of dividends and distributions during the last two fiscal years was as follows:


	Tax-Exempt Income ($ Thousands)		Ordinary Income ($ Thousands)		Long-term Capital Gain ($ Thousands)		Total ($ Thousands)
Equity Fund
2021	$	—	$	3,944	$	5,393	$	9,337
2020		—		3,242		7,667		10,909
Fixed Income Fund
2021		—		6,610		844		7,454
2020		—		5,379		—		5,379

As of February 28, 2021, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows:


	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)		Post- October Losses ($ Thousands)			Late Year Ordinary Losses ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)		Other Temporary Differences ($ Thousands)			Total Distributable Earnings/ (Accumulated Losses) ($ Thousands)
Equity Fund	$	9,538	$	15,722	$	—	$	—		$	—	$	86,177	$	(21	)	$	111,416
Fixed Income Fund		506		—		—		(323	)		—		4,713		(785	)		4,111

During the fiscal year ended February 28, 2021, no Funds used capital loss carryforward to offset capital gains.

Other temporary differences primarily consist of straddle loss deferral and deferred start-up costs.

For Federal income tax purposes, the cost of securities owned at February 28, 2021, and net realized gains or

losses on securities sold for the period, were different from amounts reported for financial reporting purposes, primarily due to wash sales, PFIC MTM, and MLP basis adjustments, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at August 31, 2021, were as follows:


	Federal Tax Cost ($ Thousands)		Aggregate Gross Unrealized Appreciation ($ Thousands)		Aggregate Gross Unrealized Depreciation ($ Thousands)			Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
Equity Fund	$	232,911	$	119,570	$	(4,267	)	$	115,303
Fixed Income Fund		182,283		8,026		(1,515	)		6,511

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of August 31, 2021, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

8. CONCENTRATION/RISKS

In the normal course of business, a Fund may enter into contracts that provide general indemnifications by a Fund to the counterparty to the contract. A Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against a Fund and, therefore, cannot be established; however,

based on experience, management believes the risk of loss from such claim is considered remote.

The market values of the Fixed Income Fund’s investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments.

The following descriptions provide additional information about some of the risks of investing in the Funds:


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		49

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2021

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

Bank Loans Risk — 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.

Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade ( junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as “high yield bonds,” but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets.

Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer’s underlying asset portfolio and the issuer’s ability to issue new asset-backed commercial paper.

Corporate Fixed Income Securities Risk — 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.

Catholic Values Investing Risk — The Funds consider the United States Conference of Catholic Bishops’ Socially Responsible Investing Guidelines (“Guidelines”) in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Guidelines. This means that the Funds may underperform other similar mutual funds that do not consider the Guidelines when making investment decisions.

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.

Credit Risk — 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.

Depositary Receipts Risk — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

Derivatives Risk — The Fund’s use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, credit risk, valuation risk and liquidity risk. Credit risk is described above. Leverage risk and liquidity risk are described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the investment. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. 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


50		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

in a swap. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by some shareholders. Both U.S. and non-U.S. regulators have adopted and are in the process of implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.

Duration Risk — 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.

Economic Risks of Global Health Events — Global health events and pandemics, such as COVID-19, have the ability to affect—quickly, drastically and substantially the economies of many nations, states, individual companies and the markets in general and can cause disruptions that cannot necessarily be foreseen. The spread of COVID-19 around the world in 2020 resulted in a substantial number of nations implementing social distancing measures, quarantines, and the shutdown of non-essential businesses and governmental services. Further, it has caused significant volatility in U.S. and international markets. The impact of the outbreak may be short term or may last for an extended period of time.

Exchange-Traded Funds Risk — 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.

Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.

Foreign Investment/Emerging Markets Risk — 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 since 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.

Foreign Sovereign Debt Securities Risk — The risk that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

Interest Rate Risk — The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly.

Investment Style Risk —The risk that the equity or fixed income securities in which a Fund invests may underperform other segments of the equity or fixed income markets or the equity or fixed income markets as a whole.

Leverage Risk — The Fund’s use of equity swaps may result in the Fund’s total investment exposure substantially exceeding the value of its portfolio securities and the Fund’s investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund’s use of leverage may result in a heightened risk of investment loss.

Liquidity Risk — 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


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		51

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)

August 31, 2021

could have a negative effect on Fund management or performance.

Market Risk — 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. The prices of 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 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 or epidemics, 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.

Manager Risk — The success of the Fund’s investment strategy depends both on SIMC’s selection of the Sub-Advisers and allocating assets to such Sub-Advisers, as well as the Sub-Advisers’ success or failure in implementing the Fund’s investment strategies. SIMC or a Sub-Adviser may be incorrect in assessing market trends, the value or growth capability of particular securities or asset classes.

Mortgage-Backed Securities Risk — 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.

Participation Notes (P-Notes) Risk — Participation notes (P-Notes) are participation interest notes that are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity, debt, currency or market. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies or foreign securities markets that they seek to replicate. However, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate.

Portfolio Turnover Risk — 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.

Prepayment Risk — 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.

Small and Medium Capitalization Risk —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.

U.S. Government Securities Risk —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


52		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

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.

Warrants Risk — 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.

Please refer to each Fund’s current prospectus for additional disclosure regarding the risks associated with investing in the Funds. The foregoing is not intended to be a complete discussion of the risks associated with the investment strategies of the Funds.

9. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of August 31, 2021, SPTC held of record the following:


Equity Fund
Class F	98.95	%
Class Y	31.43	%
Fixed Income Fund
Class F	98.32	%
Class Y	56.86	%

SPTC is not a direct service provider to the Funds. However, SPTC performs a key role in the comprehensive investment solution that SEI provides to investors. SPTC holds the vast majority of shares in the Funds as custodian for shareholders that are clients of the advisors and financial planners. SPTC maintains accounts at SEI Institutional Transfer Agency (“SITA”), and operates in an omnibus fund account environment.

10. REGULATORY MATTERS

LIBOR Replacement — The elimination of the London Inter-Bank Offered Rate (LIBOR) may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. However, it

remains unclear if LIBOR will continue to exist in its current, or a modified, form. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments.

11. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements as of August 31, 2021.


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		53

DISCLOSURE OF FUND EXPENSES (Unaudited)

August 31, 2021

All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund’s average net assets; this percentage is known as the fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (March 1, 2021 through August 31, 2021).

The table on this page illustrates your fund’s costs in two ways:

Actual fund return: This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% return: This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.


	Beginning Account Value 3/1/21		Ending Account Value 8/31/21		Annualized Expense Ratios			Expenses Paid During Period *
Catholic Values Equity Fund
Actual Fund Return
Class F	$	1,000.00	$	1,146.70		0.86	%	$	4.66
Class Y		1,000.00		1,147.70		0.76			4.12
Hypothetical 5% Return
Class F	$	1,000.00	$	1,020.89		0.86	%	$	4.39
Class Y		1,000.00		1,021.39		0.76			3.88


	Beginning Account Value 3/1/21		Ending Account Value 8/31/21		Annualized Expense Ratios			Expenses Paid During Period *
Catholic Values Fixed Income Fund
Actual Fund Return
Class F	$	1,000.00	$	1,023.30		0.71	%	$	3.63
Class Y		1,000.00		1,023.80		0.61			3.12
Hypothetical 5% Return
Class F	$	1,000.00	$	1,021.64		0.71	%	$	3.63
Class Y		1,000.00		1,022.14		0.61			3.12

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).


54		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

REVIEW OF THE LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

August 31, 2021

Pursuant to Rule 22e-4 under the 1940 Act, the Trust, on behalf of the Funds, has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Program is overseen by the SIMC Liquidity Risk Oversight Committee, and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund.

At a meeting of the Board held on March 23, 2021, the Trustees received a report from the SIMC Liquidity Risk Oversight Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation. The SIMC Liquidity Risk Oversight Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since the Program was implemented on December 1, 2018. The SIMC Liquidity Risk Oversight Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The SIMC Liquidity Risk Oversight Committee further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		55

BOARD OF TRUSTEES CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited)

SEI Catholic Values Trust (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (the “Board”), the sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers’ skills and investment results in managing assets for specific asset classes, investment styles and strategies.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of a Fund’s Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”) cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In the case of the initial approval of a Sub-Advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required, pursuant to an exemptive order that has been granted to the Trust by the Securities and Exchange Commission. In connection with their consideration of such initial approvals and renewals, the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an investment advisory agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, during the first half of the Trust’s fiscal year, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Advisers, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data; (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Advisers’ expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indexes.


56		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

At the March 22-24, 2021 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, certain Sub-Advisory Agreements were either initially approved or, if the Sub-Advisory Agreement was already in effect (unless operating under an initial two-year term), renewed at meetings of the Board held during the first half of the Trust’s fiscal year on March 22-24, 2021 and June 22-23, 2021. In each case, the Board’s approval (or renewal) was based on its consideration and evaluation of the factors described above, as discussed at the meetings and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and each Sub-Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support the renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or its affiliates.

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered a report compiled by Broadridge, an independent third-party that was engaged to prepare an assessment of the Funds in connection with the renewal of the Advisory Agreement (the “Broadridge Report”). The Broadridge Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the approval or renewal of Sub-Advisory Agreements, the Board considered the performance of the Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of each Sub-Adviser was sufficient to support approval or renewal of the Sub-Advisory Agreement.

Fees. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratios in comparison to those of the Funds’ respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various asset levels, actual management fees (including transfer agent expenses), and actual total expenses for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC’s and its affiliates voluntary waivers of management and other fees to prevent total Fund operating expenses from exceeding any applicable cap and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for its distribution channels. In determining the appropriateness of fees, the Board also took into consideration the impact of fees incurred indirectly by the Funds as a result of investments into underlying funds, including funds from which SIMC or its affiliates earn fees. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements. The Board


SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021		57

BOARD OF TRUSTEES CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Concluded)

also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the approval or renewal of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC’s advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of SIMC and the Sub-Advisers is reasonable and supported renewal of the Investment Advisory Agreements.

Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the approval or renewal, as applicable, of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.


58		SEI Catholic Values Trust / Semi-Annual Report / August 31, 2021

SEI CATHOLIC VALUES TRUST / SEMI-ANNUAL REPORT / AUGUST 31, 2021

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Christine Reynolds

Officers

Robert A. Nesher

President and Chief Executive Officer

Peter Rodriguez

Controller and Chief Financial Officer

Glenn R. Kurdziel

Assistant Controller

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

Aaron Buser

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Bridget E. Sudall

Anti-Money Laundering Compliance Officer Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

For more information call

1 800 DIAL SEI

(1 800 342 5734)

LOGO

1 Freedom Valley Drive, P.O. Box 1100, Oaks, PA 19456

SEI-F-199 (8/21)

Item 2.

Code of Ethics.

Not applicable for semi-annual report.

Item 3.

Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.

Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments

The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Catholic Values Equity Fund and the Catholic Values Fixed Income Fund are included as part of the report to shareholders filed under Item 1 of this form.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s Charter, adopted on June 18, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

Item 11.

Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 5, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By						/s/ Robert A. Nesher
						Robert A. Nesher, President & CEO

Date: November 5, 2021

By						/s/ Peter A. Rodriguez
						Peter A. Rodriguez, Controller & CFO

Date: November 5, 2021

SEI Catholic Values Trust

/s/ Robert A. Nesher

Robert A. Nesher, President & CEO