SEI Catholic Values Trust NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-23015

SEI Catholic Values Trust

SEI Investments

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

Registrant’s telephone number, including area code: 1-610-676-1000

Date of fiscal year end: February 28, 2023

Date of reporting period: February 28, 2023

Item 1. Reports to Stockholders.

February 28, 2023

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.

seic.com

TABLE OF CONTENTS

Letter to Shareholders	1
Management Discussion and Analysis of Fund Performance	5
Schedules of Investments	9
Statements of Assets and Liabilities	42
Statements of Operations	43
Statements of Changes in Net Assets	44
Financial Highlights	45
Notes to Financial Statements	46
Report of Independent Registered Public Accounting Firm	63
Trustees and Officers of the Trust	64
Disclosure of Fund Expenses	68
Review of the Liquidity Risk Management Program	69
Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements	70
Notice to Shareholders	73

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.

LETTER TO SHAREHOLDERS

February 28, 2023 (Unaudited)

To our Shareholders:

All eyes (and ears) were on the U.S. Federal Reserve (Fed) during the 12-month period ending February 28, 2023. The U.S. equity market gyrated as the central bank began and then maintained its interest rate-hiking cycle in an effort to tame inflation. Headline inflation peaked in June 2022, before decelerating as energy prices declined. However, core inflation (excluding food and energy costs) remained stubbornly high for much of the period. As inflationary pressures persisted, the Fed raised its benchmark interest rate eight times by an aggregate of 450 basis points (4.50%) over the reporting period to a range of 4.50% to 4.75%. However, the central bank slowed the pace of its 75-basis-point increases following its meeting in December and raised it by just 50 basis points, followed by a 25-basis-point rate hike in early February—its smallest increase since the central bank began its rate-hiking policy in March 2022.

Geopolitical Events

The ongoing war in Ukraine, which began with Russia’s invasion of the country on February 24, 2022, dominated the geopolitical news during the reporting period. Ukraine’s president, Volodymyr Zelenskyy, addressed a joint session of the U.S. Congress in late December 2022 in an effort to secure additional financial aid from the U.S. and its allies. President Joe Biden reiterated the U.S. government’s support for Ukraine in its conflict with Russia. In late December, the U.S. Congress approved $US 45 billion in additional financial assistance to Ukraine. In February 2023, nearly a year after the conflict began, President Biden made an unannounced visit to Ukraine to meet with President Zelenskyy and to encourage ongoing support from U.S. allies. The visit occurred as Russian President Vladimir Putin increased military activity in eastern Ukraine. President Biden’s trip was particularly risky as there was no protection from U.S. military personnel on the ground in Ukraine.

The Republican Party secured a slim majority in the U.S. House of Representatives in the general election in November. After a contentious 15 ballots of voting in early January, Kevin McCarthy was elected speaker of the House. One of the first moves by McCarthy and other Republican Party leaders was the refusal to approve an increased debt limit (commonly referred to as the “debt ceiling”) unless the administration of President Biden, a Democrat, agreed to specific spending cuts. U.S. Treasury Secretary Janet Yellen announced that the Treasury Department began taking “extraordinary measures” after the government reached its $31.4 trillion borrowing limit on January 19, 2023. Yellen estimated that the U.S. government might run out of money and be unable to meet its financial obligations in early June if the House of Representatives does not vote to raise the debt ceiling. She urged Congress to “act promptly to protect the full faith and credit of the United States.

Liz Truss was elected U.K. Prime Minister in September, but served just seven weeks before resigning. The disastrous reception of her fiscal program sent gilt and sterling markets reeling, collapsing her support within the Conservative Party. Her departure cleared the way for Rishi Sunak to ascend as the Conservative Party leader and Prime Minister. The Sunak administration soon was plagued by public-sector employee strikes and other job actions as pay increases have not kept up with inflation; the U.K. consumer-price index rose 10.1% year-over-year in January 2023. Sunak is considering pay increases of a maximum of 5% for public employees after the Office for National Statistics reported that the public sector had a budget surplus of £5.4 billion (US $6.5 billion). In response to the news of a possible pay raise, the Royal College of Nursing canceled its plan for a 48-hour strike in February 2023 to restart labor negotiations with the U.K. National Health Service.

Economic Performance

U.S. inflation, as measured by the consumer-price index (CPI), peaked at an annual rate of 9.1% in June 2022, the largest year-over-year increase since December 1981, and then showed signs of cooling in the second half of the reporting period. The CPI advanced 0.4% in February 2023, down marginally from the 0.5% rise in January. The year-over-year increase of 6.0%, a notable decline from the 6.4% rise in December, was the smallest annual gain in the CPI since the 12-month period ending September 2021.

The personal-consumption-expenditures index (PCE) posted increases of 0.6% in January (the most recent available data) and 5.4% over the previous 12-month period. The core PCE, which excludes volatile food and energy prices, was also up 0.6% for the month and 4.7% year-over-year. The Department of Commerce sources the PCE data from a survey of businesses (such as the Census Bureau’s monthly retail surveys) rather than consumers. The index tracks the change in prices paid by or on behalf of consumers for a more comprehensive set of goods and services than that of the CPI. Consequently, the PCE is the Fed’s preferred gauge of inflation.

SEI Catholic Values Trust/Annual Report/February 28, 2023

LETTER TO SHAREHOLDERS (Continued)

February 28, 2023 (Unaudited)

The Department of Commerce reported that the U.S. economy expanded at annualized rates of 3.2% and 2.7% in the third and fourth quarters of 2022, respectively. These gains reversed the corresponding 1.6% and 0.6% declines in GDP in the first and second quarters of the year. The U.S. economy expanded by 2.1% for the 2022 calendar year—down from the 37-year high of 5.7% in 2021. The government attributed the rise in GDP in 2022 mainly to upturns in consumer spending and exports, which were partly offset by decreases in residential fixed investment (purchases of private residential structures and residential equipment that is owned by landlords and rented to tenants) and federal government spending, as well as an increase in imports (which are subtracted from the calculation of GDP).

U.S. payrolls expanded by a monthly average of 362,000 over the reporting period, and the unemployment rate dipped from 3.8% to 3.6%. The labor-force participation rate ended the period at 62.5%, up modestly from 62.2% in February 2022. Average hourly earnings rose 4.6% over the 12-month period.

In its announcement of a 25-basis-point increase in the federal funds rate on February 1, 2023, the Federal Open Market Committee (FOMC) noted that it will continue to monitor information regarding the economic outlook, including labor market conditions, inflation pressures, and financial and international developments. The Fed reiterated its commitment to restricting inflation to its 2% target rate.

Market Developments

A theme for U.S. fixed-income markets over the reporting period was the inversion of the U.S. Treasury yield curve; yields on shorter-term bonds rose by more than those on longer-term securities (bond prices move inversely to interest rates). The significant upturn in shorter-term bond yields reflected expectations for continued rate hikes by the Fed; longer-term bonds showed signs of concerns regarding how monetary tightening might have a negative effect on economic growth. The yield on the two-year Treasury notes ended the fiscal year up 337 basis points to 4.81%, while the 10-year yield rose 209 basis points to 3.92%.

Despite posting losses during the reporting period, U.S. high-yield bonds outperformed U.S. government and corporate bonds as they have less interest-rate sensitivity. The U.S. government bond market, as measured by the Bloomberg U.S. Government Index, was down 8.4% during the reporting period, while U.S. high-yield bonds, as measured by the ICE BofA US High Yield Constrained Index, fell 5.5%. The ICE BofA U.S. Corporate Index declined 10.0%. U.S. asset- and mortgage-backed securities also posted negative returns during the period.

Commodity prices, as measured by the Bloomberg Commodity Total Return Index (which represents the broad commodity market), fell 4.7% during the reporting period. Precious metals prices rallied sharply in the second half of the reporting period as the U.S. dollar weakened and the Fed’s interest-rate hikes started to moderate, but declined sharply in February 2023, due mainly to notable strength in the U.S. dollar. Prices for West Texas Intermediate crude oil and Brent crude oil moved lower during the period amid concerns that additional interest-rate hikes from central banks will weigh on global economic growth and reduce demand. Wheat prices moved higher for the first several months of the reporting period before decreasing after Russia renewed a deal with the UN, Ukraine, and Turkey that allows the shipment of Ukrainian grain through the Black Sea. Additionally, toward the end of the period, Egypt made a large purchase tender for Russian wheat at a relatively low price. Russia reduced its prices in a bid to undercut those of other wheat-exporting countries.

Our View

We are projecting a less robust global economy in 2023 than the one witnessed in the past year. Volatility is expected across asset classes as investors face familiar headwinds: inflation rates exceeding the targets of major central banks, interest-rate increases continuing throughout the first half of the year, and quantitative easing shifting to quantitative tightening. The expected result for many countries is stagnant or recessionary economies through 2023 and perhaps into 2024. While these obstacles are bad news for stock prices and depress the value of current bond holdings, there is a silver lining for long-suffering income-seeking investors, as fixed-income markets now offer better yields than they have in decades.

In the U.S., wages are down in inflation-adjusted terms, the housing market is suffering a severe contraction, and some industries (notably within technology) are losing a significant number of jobs. However, the overall economy still isn’t declining in the pronounced, pervasive, and persistent manner that characterizes a typical recession.

SEI Catholic Values Trust/Annual Report/February 28, 2023

There is good reason to believe that inflation rates have peaked for most countries. We don’t expect to see inflation fall back to the 2% target that central banks of advanced economies set for themselves. This is especially true in the U.S. and other countries challenged by exceptionally tight labor markets and already-high wage inflation.

Following its meeting on January 31-February 1, the FOMC raised the federal funds rate by 0.25% to a range of 4.50% to 4.75%—the smallest increase since its rate-hiking policy began in March 2022. The central bank’s policymakers reiterated their commitment to reducing inflation to the 2% target rate, and said they would continue to monitor the labor market, inflation pressures and expectations, and financial and international developments to inform its economic outlook. Whether this proves sufficient to tame inflation remains to be seen.

Russia’s war in Ukraine rages on; energy prices are expected to remain unstable. Despite military aid to Ukraine from the U.S. and some of its allies, the country’s war with Russia appears likely to persist well into this year at the very least. As Russia is a major exporter of oil and natural gas to Europe, the possibility exists for more surprises that will keep energy prices quite volatile.

The Chinese government’s easing of the most onerous COVID-19 restrictions should help offset, at least partially, the impact of a global slowdown in advanced countries. It also could eventually exert upward pressure on commodity prices, especially for energy and metals. This would benefit commodity-oriented exporters in Latin America and the Middle East, along with South Africa, Indonesia, and Malaysia.

Looking ahead, there are numerous challenges for the global economy. Nonetheless, we believe any recession will likely be fairly shallow. Inflation may continue to run above its long-term trend for some time, but it appears that central banks have at least begun to rein it in. Value-oriented stocks had strong relative performance in 2022, and we believe they remain attractive. As inflation pressures ease and the pace of central bank rate hikes slows, we believe that the fixed-income environment should be more compelling.

Sincerely,

James Smigiel

Chief Investment Officer

SEI Catholic Values Trust/Annual Report/February 28, 2023

LETTER TO SHAREHOLDERS (Concluded)

February 28, 2023 (Unaudited)

Index Definitions

The ICE BofA U.S. Corporate Index includes publicly issued, fixed-rate, nonconvertible investment-grade (rated BBB- or higher by S&P Global Ratings and Fitch Ratings or Baa3 or higher by Moody's Investors Service) dollar-denominated, U.S. Securities and Exchange (SEC)-registered corporate debt having at least one year to maturity.

The Bloomberg U.S. Government Index tracks the performance of U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury.

The ICE BofA U.S. High Yield Constrained Index is a market capitalization-weighted index which tracks the performance of U.S. dollar-denominated below-investment-grade (rated BB+ or lower by S&P Global Ratings and Fitch Ratings or Ba1 or lower by Moody’s Investors Service) corporate debt publicly issued in the U.S. domestic market.

The Bloomberg Commodity Total Return Index comprises futures contracts and tracks the performance of a fully collateralized investment in the index. This combines the returns of the index with the returns on cash collateral invested in 13-week (three-month) U.S. Treasury bills.

SEI Catholic Values Trust/Annual Report/February 28, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

February 28, 2023 (Unaudited)

Catholic Values Equity Fund

I. Objective

The Catholic Values Equity Fund (the “Fund”) seeks long-term capital appreciation.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of February 28, 2023: Allspring Global Investments, LLC (Allspring); Brandywine Global Investment Management, LLC (Brandywine); Coho Partners, Ltd. (Coho); Copeland Capital Management, LLC (Copeland); Fred Alger Management, LLC (Alger); Lazard Asset Management LLC (Lazard); Leeward Investments, LLC (Leeward); and Parametric Portfolio Associates LLC. During the fiscal year, a sleeve managed by Copeland Capital Management was added to the Fund.

III. Returns

For the period from March 1, 2022, through February 28, 2023, the Fund’s F class shares returned -7.57%. The Fund’s primary benchmark—the Russell 3000 Index—returned -8.07%.

IV. Performance Discussion

Global equities sold off during the 12-month period ending February 28, 2023. U.S. large-cap stocks (as measured by the Russell 1000 Index) were down 8.21%, while U.S. small-cap stocks (as represented by the Russell 2000 Index) declined 6.02%. International stocks (as measured by the MSCI All Country World ex USA Index) lost 7.19% for the reporting period. Investor psychology was dominated by inflation, rising interest rates, and Russia’s military invasion of Ukraine.

Value stocks declined less than their growth counterparts as investors generally preferred sectors with significant current earnings that could withstand the pressures of rising inflation and higher interest rates. Not only did value and small-capitalization stocks hold up better than large-cap growth stocks, medium-capitalization stocks outperformed their large-capitalization counterparts.

The energy, industrials, consumer staples, and health care sectors were the strongest performers for the reporting period, demonstrating economic diversity with some cyclical as well as traditional non-cyclical sectors. The weakest-performing sectors included communication services and consumer discretionary due largely to

the significant decline in mega-cap growth stocks that previously had rallied sharply.

The Fund slightly outperformed its benchmark during the 12-month reporting period. Fund performance benefited from tilts toward value and smaller-capitalization stocks. Both an underweight allocation and stock selection within the health care sector weighed on Fund performance. An underweight and stock selection in the communication services sector bolstered Fund performance.

Among the Fund’s managers, Allspring outperformed due to its non-U.S. value orientation. In particular, holdings within the industrials and materials sectors enhanced performance. Lazard also benefited from its non-U.S. orientation. Alger underperformed due to its exposure to U.S. growth stocks as well as underweights to some of the stronger-performing sectors such as consumer staples. Brandywine’s outperformance was attributable to its value orientation and holdings within the energy sector. Coho benefited significantly from underweights to poorly performing mega-cap growth stocks and an overweight to the consumer staples sector. Copeland’s large-and small-cap equity mandates both contributed to Fund performance as a result of avoiding the non-dividend-paying mega-cap growth stocks that sold off sharply over the reporting period. Leeward outperformed due to significant contributions from its holdings in the energy, materials, industrials, and consumer staples sectors.

Parametric provided exposure to the Russell 1000 Index and captured the return of that benchmark when adjusted for the screens and environmental, social, and governance (ESG) tilting. However, the screens in the health care sector detracted from Fund performance during the reporting period.

Investing is subject to risk, including the possible loss of principal. Past performance is not an indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	One-Year Return	Three-Year Return	Five-Year Return	Annualized Inception to Date
Class F	-7.57%	10.36%	6.67%	7.58%
Class Y	-7.42%	10.48%	6.79%	7.72%
Russell 3000 Index	-8.07%	11.79%	9.42%	10.15%
80/20 Russell 3000 Index & MSCI ACWI ex U.S. Index	-7.79%	10.53%	7.88%	8.74%

SEI Catholic Values Trust/Annual Report/February 28, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

February 28, 2023 (Unaudited)

Catholic Values Equity Fund (Concluded)

Comparison of Change in the Value of a $10,000 Investment in the Catholic Values Equity Fund, Class F, versus the Russell 3000 Index and 80/20 Russell 3000 Index & MSCI ACWI ex U.S. Index

For the year ended 2/28/2023. Past performance is no indication of future performance. Class F shares were offered beginning on 4/30/2015 and Class Y shares were offered beginning 5/29/2015. The graph is based on only the Class F; performance for Class Y would be different due to differences in fee structures. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

Comparison of Change in the Value of a $10,000 Investment in the Catholic Values Equity Fund, Class Y, versus the Russell 3000 Index and 80/20 Russell 3000 Index & MSCI ACWI ex U.S. Index

For the year ended 2/28/2023. Past performance is no indication of future performance. Class Y shares were offered beginning on 5/29/2015 and Class F shares were offered beginning 4/30/2015. The graph is based on only the Class Y; performance for Class F would be different due to differences in fee structures. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

SEI Catholic Values Trust/Annual Report/February 28, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

February 28, 2023 (Unaudited)

Catholic Values Fixed Income Fund

I. Objective

The Catholic Values Fixed Income Fund (the “Fund”) seeks a high level of current income with preservation of capital.

II. Investment Approach

III. Returns

For the period from March 1, 2022 through February 28, 2023, the Fund’s F class shares returned -10.70%. The Fund’s benchmark—the Bloomberg US Aggregate Bond Index (USD) (which tracks the performance of U.S. securities in Treasury, government-related, corporate and securitized sectors.)—returned -9.72%.

IV. Performance Discussion

As noted in the shareholder letter, in an effort to combat persistent inflation, the Federal Reserve (Fed) increased the federal-funds rate eight times by an aggregate of 450 basis points (4.50%) from a range of 0.0%-0.25% at the beginning of the 12-month reporting period to 4.50%-4.75% by February 28, 2023. This included an unprecedented four consecutive 75-basis point interest-rate hikes between June and November 2022. The lagging effects of the Fed’s tighter monetary policy started to work its way through the economy as inflation began to moderate during the fourth quarter, with the consumer-price index (CPI) declining to an annual rate of 6.0% in February 2023, after peaking at 9.1% in June 2022. In addition to raising interest rates, the Fed commenced its balance sheet runoff during the reporting period, and while the central bank hasn‘t directly sold any securities, it has set monthly caps of $60 billion of U.S. Treasurys and $35 billion of agency mortgage-backed securities (MBS). Performance was mixed across spread sectors over the 12-month reporting period. Corporate bonds produced positive excess returns following a rebound during the fourth quarter of 2022, as inflation began to moderate and investors’ optimism grew that the Fed was getting closer to the end of its rate-hiking regime. The reporting period was challenging for agency MBS, which continued to face technical headwinds as the Fed reduced the size of its balance sheet and interest-rate

volatility was elevated. The performance of asset-backed securities (ABS) was generally positive, with the sector as a whole slightly outperforming comparable-duration U.S. Treasurys. While recessionary risks have increased and growth appears to be slowing, the U.S. consumer remains in relatively strong shape as the unemployment rate dipped from 3.8% to 3.6% over the reporting period.

The two-year U.S. Treasury note yield increased by 337 basis points (3.37%) to 4.81% over the 12-month reporting period, while the yield on the 10-year Treasury note was up 209 basis points to 3.92%; the 30-year Treasury bond yield rose by 176 basis points to 3.93%. The yield curve inverted during the period as markets continued to price in the belief that the Fed will ultimately be successful in bringing down inflation and the lagged and variable effects of monetary policy will eventually slow economic growth.

While the Fund’s overweight to corporate credit added to performance for the reporting period, security selection within the financials sector was a detractor. Shares of financial companies lagged other corporate subsectors as the inverted yield curve hurt their profitability and bond issuance was elevated throughout 2022. An overweight to ABS contributed positively to Fund performance given the strength of the U.S. consumer. The unemployment rate remains at historically low levels and the Fund’s allocations to consumer-based sectors generally helped performance. AAA rated collateralized loan obligations (CLOs) maintained strong fundamentals and bolstered Fund performance over the reporting period due to their floating-rate structure amid rising interest rates as the Fed continued to tighten monetary policy. Positions in agency MBS detracted from Fund performance for the reporting period. The Fund’s allocation to non-agency MBS weighed on performance as housing affordability declined due to higher mortgage rates and limited inventory. An underweight allocation to U.S. Treasurys also detracted from Fund performance amid investors’ “risk-off” sentiment. The Fund’s long-duration positioning hampered performance given the rapid and significant rise in yields during the reporting period.

Among the Fund’s managers, IRM outperformed for the period due to an overweight in corporate bonds as well as security selection within the industrials and utilities sectors. Security selection within ABS also enhanced Fund performance as attributable to IRM’s preference for higher-quality liquid tranches at the top of the capital structure. A slightly short duration position benefited Fund performance while positioning within commercial mortgage-backed securities (CMBS) was a detractor. Western underperformed for the reporting period due to a long duration position, which typically serves as a hedge to credit-spread risk. An overweight to corporate credit

SEI Catholic Values Trust/Annual Report/February 28, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

February 28, 2023 (Unaudited)

Catholic Values Fixed Income Fund (Concluded)

bolstered Fund performance, but security selection within the financials sector had a negative impact. Positioning within the securitized sectors, including security selection in ABS and an overweight to lower-quality CMBS, also detracted from Fund performance.

Regarding derivatives, the Fund employed Treasury and eurodollar futures, and to-be-announced (TBA) forward contracts in an effort to efficiently manage duration, yield-curve and market exposures.

Investing is subject to risk, including the possible loss of principal. Past performance is not an indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	One-Year Return	Three-Year Return	Five-Year Return	Annualized Inception to Date
Class F	-10.70%	-3.73%	0.51%	0.90%
Class Y	-10.65%	-3.63%	0.57%	1.06%
Bloomberg U.S. Aggregate Bond Index	-9.72%	-3.77%	0.53%	0.76%

Comparison of Change in the Value of a $10,000 Investment in the Fixed Income Fund, Class F, versus the Bloomberg U.S. Aggregate Bond Index

Comparison of Change in the Value of a $10,000 Investment in the Fixed Income Fund, Class Y, versus the Bloomberg U.S. Aggregate Bond Index

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Equity Fund

^†Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 97.7%

Communication Services — 5.9%
Alphabet Inc, Cl A *		8,431	$	759
Alphabet Inc, Cl C *		25,100		2,267
America Movil ADR, Cl L		28,642		589
AT&T Inc		60,883		1,151
Cable One Inc		159		110
Charter Communications Inc, Cl A *		128		47
Cogent Communications Holdings Inc		1,022		66
Comcast Corp, Cl A		14,311		532
Electronic Arts Inc		4,755		528
Fox Corp		2,882		97
IAC *		443		23
Informa PLC		125,588		1,016
Interpublic Group of Cos Inc/The		4,252		151
Liberty Media -Liberty Formula One, Cl C *		3,042		207
Liberty Media -Liberty SiriusXM *		2,161		70
Live Nation Entertainment Inc *		33		2
Lumen Technologies		8,286		28
Madison Square Garden Sports C		191		37
Match Group *		514		21
Meta Platforms, Cl A *		6,680		1,169
Netflix Inc *		1,697		547
New York Times Co/The, Cl A		2,073		80
News		6,196		106
Nexstar Media Group Inc, Cl A		3,095		575
Paramount Global, Cl A		2,056		51
Paramount Global, Cl B		2,018		43
Pinterest Inc, Cl A *		15,783		396
Quebecor, Cl B		24,450		580
ROBLOX, Cl A *		389		14
Roku Inc, Cl A *		292		19
Scout24 AG		8,933		492
Shutterstock		560		42
SK Telecom		18,860		643
Spotify Technology SA *		3,055		355
Take-Two Interactive Software Inc *		833		91


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
TEGNA		5,058	$	88
Tencent Holdings Ltd		2,600		114
T-Mobile US Inc *		10,602		1,507
Toei Animation Co Ltd		1,300		130
Trade Desk Inc, Cl A *		1,530		86
TripAdvisor Inc *		1,860		40
Universal Music Group		8,645		205
Verizon Communications Inc		20,260		786
Walt Disney Co/The *		24,517		2,442
World Wrestling Entertainment, Cl A		1,782		150
ZoomInfo Technologies, Cl A *		2,140		52

				18,504
Consumer Discretionary — 10.6%
ADT Inc		5,625		42
Advance Auto Parts Inc		623		90
Airbnb, Cl A *		1,045		129
Alibaba Group Holding Ltd ADR *		4,160		365
Amazon.com Inc *		33,537		3,160
American Eagle Outfitters Inc		16,752		241
Aptiv PLC *		636		74
Aramark		2,596		96
Autoliv		1,309		121
AutoNation *		266		36
AutoZone Inc *		44		109
Bath & Body Works		2,927		120
Best Buy Co Inc		976		81
Booking Holdings Inc *		299		755
BorgWarner Inc		537		27
BRP		4,398		382
Brunswick Corp		1,228		107
Burlington Stores Inc *		404		87
CarMax Inc *		744		51
Carnival Corp *		4,654		49
Carter's Inc		1,053		79
Carvana Co, Cl A *		554		5
Cheesecake Factory Inc/The		2,627		98
Chipotle Mexican Grill Inc, Cl A *		81		121
Choice Hotels International		641		76
Columbia Sportswear Co		602		53
Deckers Outdoor Corp *		281		117
Dick's Sporting Goods Inc		1,799		231
Dollar General Corp		9,398		2,033
Dollar Tree Inc *		565		82
Dollarama Inc		4,268		247
DoorDash, Cl A *		31		2
DR Horton Inc		286		26
eBay Inc		5,427		249
Etsy Inc *		427		52
Expedia Group *		485		53
Faurecia		6,028		133
Floor & Decor Holdings Inc, Cl A *		1,447		133
Ford Motor Co		6,427		78

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Equity Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
GameStop, Cl A *		2,112	$	41
Gap Inc/The		4,895		64
Garmin Ltd		814		80
General Motors Co		12,734		493
Gentex		9,742		278
Goodyear Tire & Rubber Co/The *		5,890		67
Grand Canyon Education *		215		24
H&R Block Inc		2,629		97
Hanesbrands Inc		1,600		9
Hasbro Inc		526		29
Hilton Worldwide Holdings Inc		2,280		329
Home Depot Inc/The		6,276		1,861
Hyatt Hotels Corp, Cl A *		774		90
Industria de Diseno Textil SA		39,166		1,208
Kohl's Corp		839		23
Lear Corp		411		57
Leggett & Platt		3,003		104
Lithia Motors, Cl A		418		107
Lowe's Cos Inc		9,807		2,018
lululemon athletica Inc *		285		88
Macy's Inc		595		12
Magna International Inc		12,236		682
Marriott International Inc/MD, Cl A		679		115
Marriott Vacations Worldwide		610		93
Mattel Inc *		910		16
McDonald's Corp		368		97
Meituan, Cl B *		260		5
MercadoLibre Inc *		564		688
Midea Group, Cl A		23,400		177
Minor International		768,200		728
Mohawk Industries Inc *		721		74
Monro Inc		9,774		493
Murphy USA		644		164
NIKE Inc, Cl B		10,089		1,198
Nordstrom Inc		1,516		30
Norwegian Cruise Line Holdings Ltd *		2,379		35
NVR *		23		119
Ollie's Bargain Outlet Holdings *		1,782		103
Oppein Home Group, Cl A		21,100		431
O'Reilly Automotive Inc *		141		117
Oxford Industries		1,191		140
Peloton Interactive Inc, Cl A *		1,049		14
Penske Automotive Group		933		135
Petco Health & Wellness, Cl A *		6,097		63
Polaris Inc		549		62
Pool Corp		1,958		699
PulteGroup Inc		48		3
PVH Corp		1,066		86
Ralph Lauren, Cl A		847		100
Ross Stores Inc		16,020		1,771
Royal Caribbean Cruises Ltd *		765		54
Samsonite International SA		194,200		544


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Shimano Inc		4,000	$	623
Six Flags Entertainment *		4,098		108
Sodexo SA		5,654		526
Starbucks Corp		9,115		931
Steven Madden		2,716		99
Tapestry		2,532		110
Target Corp		1,620		273
Tempur Sealy International		2,754		118
Tesla Inc *		9,246		1,902
TJX Cos Inc/The		5,133		393
Topgolf Callaway Brands *		2,933		68
Topsports International Holdings		277,000		242
Tractor Supply Co		1,428		333
Travel + Leisure		1,185		50
Trip.com Group ADR *		2,629		93
Ulta Beauty Inc *		893		463
Under Armour, Cl A *		4,708		47
Urban Outfitters Inc *		2,117		57
Vail Resorts Inc		213		50
VF Corp		1,652		41
Wendy's Co/The		2,626		58
Whirlpool		461		64
Williams-Sonoma Inc		555		69
Wingstop Inc		789		134
Wyndham Hotels & Resorts Inc		874		67
YETI Holdings Inc *		1,751		68
Yum! Brands Inc		560		71

				33,163
Consumer Staples — 7.2%
Archer-Daniels-Midland Co		1,290		103
Brown-Forman Corp, Cl B		1,103		72
Bunge Ltd		963		92
Campbell Soup Co		2,145		113
Casey's General Stores Inc		344		72
Clorox Co/The		495		77
Coca-Cola Co/The		29,579		1,760
Colgate-Palmolive Co		7,124		522
Conagra Brands Inc		45,001		1,638
Constellation Brands Inc, Cl A		1,692		378
Costco Wholesale Corp		2,339		1,132
Darling Ingredients *		1,535		97
Diageo PLC		27,503		1,175
Estee Lauder, Cl A		422		103
Flowers Foods Inc		2,694		75
General Mills Inc		4,193		333
Greencore Group PLC *		847,731		836
Hain Celestial Group Inc/The *		2,713		48
Haleon PLC ADR *		18,952		149
Hershey Co/The		1,957		466
Hormel Foods Corp		2,233		99
Ingredion Inc		6,376		634
JM Smucker Co/The		8,121		1,201

SEI Catholic Values Trust/Annual Report/February 28, 2023


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kellogg Co		3,231	$	213
Keurig Dr Pepper Inc		1,806		62
Kimberly-Clark Corp		2,896		362
Kraft Heinz Co/The		1,549		60
Kroger Co/The		23,362		1,008
Lamb Weston Holdings Inc		1,288		130
Lancaster Colony		634		122
McCormick & Co Inc/MD		1,882		140
MGP Ingredients		213		22
Mondelez International Inc, Cl A		25,784		1,681
Nomad Foods Ltd *		28,354		508
PepsiCo Inc		5,766		1,001
Pernod Ricard SA		6,038		1,266
Pigeon Corp		8,400		129
Sysco Corp		22,682		1,691
TreeHouse Foods Inc *		2,188		107
Tyson Foods Inc, Cl A		6,235		369
Unilever PLC		25,683		1,286
US Foods Holding Corp *		13,632		512
Walgreens Boots Alliance Inc		9,524		338
Walmart		659		94

				22,276
Energy — 4.9%
3R PETROLEUM OLEO E GAS *		11,726		82
Antero Midstream		10,225		108
Antero Resources Corp *		3,254		85
Baker Hughes Co, Cl A		29,228		894
BP PLC ADR		29,443		1,166
Canadian Natural Resources Ltd		18,278		1,033
Cheniere Energy Inc		1,728		272
Chevron Corp		15,633		2,513
Chord Energy		685		92
ConocoPhillips		8,365		865
Coterra Energy		648		16
Devon Energy Corp		6,524		352
Diamondback Energy Inc		1,330		187
DT Midstream		465		23
Enviva		1,814		79
EOG Resources Inc		6,401		723
EQT Corp		6,571		218
Exxon Mobil Corp		8,227		904
Halliburton Co		5,206		189
Helmerich & Payne Inc		3,831		161
Hess Corp		1,868		252
Kinder Morgan Inc/DE		19,664		335
Marathon Oil Corp		9,442		238
Marathon Petroleum Corp		2,427		300
New Fortress Energy, Cl A		2,147		71
Northern Oil and Gas		2,702		84
Occidental Petroleum Corp		1,417		83
ONEOK Inc		2,578		169
Ovintiv		2,331		100


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Phillips 66		1,454	$	149
Pioneer Natural Resources Co		6,814		1,366
Range Resources Corp		4,108		111
Schlumberger Ltd		4,621		246
Select Energy Services, Cl A		3,358		25
Shell PLC ADR		5,673		345
Shell PLC		34,759		1,063
Southwestern Energy Co *		15,313		81
Texas Pacific Land		71		126
Valero Energy Corp		1,795		236
Vitesse Energy		329		6
Williams Inc		4,821		145

				15,493
Financials — 14.5%
Affiliated Managers Group Inc		631		101
Aflac Inc		1,184		81
AGNC Investment Corp ^‡		2,829		31
AIA Group Ltd		106,000		1,124
Allfunds Group PLC		12,733		112
Allstate Corp/The		1,314		169
Ally Financial Inc		2,235		67
American Express Co		2,128		370
Ameriprise Financial Inc		1,620		555
Aon PLC, Cl A		1,968		598
Arch Capital Group *		2,300		161
Ares Management, Cl A		1,251		101
Arthur J Gallagher		588		110
Assured Guaranty Ltd		1,974		123
Axis Capital Holdings		1,754		106
Bank of America Corp		46,998		1,612
Bank of Hawaii Corp		618		46
Bank of New York Mellon Corp/The		6,146		313
Bank OZK		9,680		446
BankUnited Inc		2,425		86
Berkshire Hathaway Inc, Cl B *		5,464		1,667
BlackRock Inc, Cl A		797		549
Blackstone		1,004		91
BOK Financial Corp		794		83
Brown & Brown		1,634		92
Capital One Financial Corp		657		72
Carlyle Group		1,855		64
Charles Schwab Corp/The		8,887		692
Chimera Investment Corp ^‡		7,819		51
Chubb Ltd		1,561		329
Cincinnati Financial		726		88
Citigroup Inc		41,337		2,095
Citizens Financial Group Inc		14,083		588
CME Group Inc, Cl A		2,621		486
Cohen & Steers Inc		792		57
Comerica Inc		724		51
Commerce Bancshares Inc/MO		1,253		83
Credit Acceptance Corp *		209		93

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Equity Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cullen/Frost Bankers Inc		599	$	79
Discover Financial Services		3,821		428
DNB Bank		66,974		1,344
East West Bancorp Inc		1,870		142
Equitable Holdings Inc		4,036		127
Erie Indemnity Co, Cl A		343		81
Evercore Inc, Cl A		786		103
Everest Re Group Ltd		248		95
Eversource Energy		5,900		445
FactSet Research Systems Inc		1,257		521
Fifth Third Bancorp		1,877		68
First Citizens BancShares, Cl A		16		12
First Hawaiian Inc		1,924		53
First Horizon National Corp		10,810		268
First Republic Bank/CA		491		60
FNB Corp		33,393		476
Franklin Resources Inc		1,707		50
Gjensidige Forsikring		4,629		82
Globe Life		1,091		133
Goldman Sachs Group Inc/The		270		95
Hamilton Lane, Cl A		1,565		122
Hana Financial Group		13,310		457
Hanover Insurance Group		687		96
Hartford Financial Services Group Inc/The		4,339		340
HDFC Bank Ltd ADR		8,381		567
Home BancShares Inc/AR		4,004		96
Huntington Bancshares Inc/OH		11,006		169
Independent Bank		1,149		92
ING Groep		58,676		826
Intercontinental Exchange Inc		565		57
Invesco Ltd		3,179		56
Janus Henderson Group PLC		2,562		70
Jefferies Financial Group		2,802		106
JPMorgan Chase & Co		13,791		1,977
KeyCorp		3,317		61
KKR & Co Inc, Cl A		2,511		141
Lincoln National Corp		1,943		62
London Stock Exchange Group PLC		4,301		387
LPL Financial Holdings		709		177
LVMH Moet Hennessy Louis Vuitton		1,891		1,582
M&T Bank Corp		1,119		174
MarketAxess Holdings Inc		311		106
Marsh & McLennan Cos Inc		9,792		1,588
MetLife Inc		4,026		289
MGIC Investment Corp		7,078		97
Moody's Corp		248		72
Morgan Stanley		9,778		944
Morningstar Inc		253		52
MSCI Inc, Cl A		381		199
Nasdaq Inc		1,761		99
NatWest Group PLC		392,008		1,387
New York Community Bancorp		19,241		171


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
NN Group NV		13,267	$	539
Northern Trust Corp		2,012		192
Old National Bancorp		5,074		90
OneMain Holdings Inc, Cl A		1,860		80
ORIX		80,500		1,443
PacWest Bancorp		5,717		159
Partners Group Holding AG		614		585
Pinnacle Financial Partners		2,549		189
PNC Financial Services Group Inc/The		2,121		335
Popular Inc		8,265		590
Primerica		683		131
Principal Financial Group Inc		1,152		103
Progressive Corp/The		5,722		821
Prosperity Bancshares Inc		1,900		140
Prudential Financial Inc		5,745		574
Raymond James Financial Inc		1,360		147
Regions Financial Corp		5,506		128
Reinsurance Group of America		1		—
Rithm Capital ^‡		9,381		85
Rocket Inc, Cl A		6,200		49
S&P Global Inc		3,343		1,141
SCB X		196,500		578
Signature Bank NY		632		73
SLM Corp		12,309		177
Starwood Property Trust ^‡		4,020		77
State Street Corp		18,977		1,683
Stifel Financial		1,841		123
SVB Financial Group *		249		72
Synchrony Financial		2,944		105
Synovus Financial Corp		5,299		221
T Rowe Price Group Inc		674		76
Travelers Cos Inc/The		433		80
Truist Financial Corp		2,659		125
Umpqua Holdings Corp		25,167		444
UniCredit		54,960		1,128
Univest Financial Corp		3,549		100
Unum Group		3,649		163
US Bancorp		11,813		564
UWM Holdings		21,978		94
Virtu Financial Inc, Cl A		3,660		67
W R Berkley		1,406		93
Webster Financial Corp		5,867		312
Western Alliance Bancorp		2,780		206
White Mountains Insurance Group		78		113
Willis Towers Watson PLC		1,659		389
Wintrust Financial Corp		1,614		149
Zions Bancorp NA		1,209		61

				45,618
Health Care — 12.9%
Acadia Healthcare Co Inc *		4,280		310
agilon health *		753		16
Align Technology Inc *		210		65

SEI Catholic Values Trust/Annual Report/February 28, 2023


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Alnylam Pharmaceuticals Inc *		1,813	$	347
Amedisys Inc *		873		80
AmerisourceBergen Corp, Cl A		11,554		1,797
Avantor Inc *		19,635		479
Azenta *		9,220		405
Baxter International Inc		11,232		449
BioMarin Pharmaceutical Inc *		3,751		374
Boston Scientific Corp *		15,011		701
Bruker Corp		1,511		104
Cardinal Health Inc		3,870		293
Certara *		1,816		33
Chemed Corp		1,524		795
Cigna Group		2,116		618
Coloplast, Cl B		7,558		876
ConvaTec Group PLC		415,134		1,128
CVS Health Corp		30,022		2,508
DaVita Inc *		1,288		106
Dechra Pharmaceuticals PLC		27,230		901
Definitive Healthcare, Cl A *		86		1
Demant *		19,025		572
DENTSPLY SIRONA Inc		4,307		164
DexCom Inc *		5,879		653
Doximity, Cl A *		19		1
Edwards Lifesciences Corp *		9,711		781
Elanco Animal Health Inc *		31,999		367
Elevance Health		1,763		828
Encompass Health Corp		2,370		134
Enhabit *		10,075		155
Enovis *		1,772		102
Ensign Group Inc/The		1,143		102
Envista Holdings Corp *		2,745		106
Exact Sciences Corp *		2,022		126
Exelixis Inc *		13,403		229
Globus Medical Inc, Cl A *		824		48
Guardant Health Inc *		457		14
Henry Schein Inc *		2,467		193
Hologic Inc *		1,306		104
Horizon Therapeutics PLC *		5,701		624
Hoya		7,700		761
Humana Inc		151		75
ICON PLC *		4,678		1,055
ICU Medical Inc *		171		29
IDEXX Laboratories Inc *		1,521		720
Incyte Corp *		7,222		556
Insulet Corp *		385		106
Integra LifeSciences Holdings Corp *		1,163		65
Intuitive Surgical Inc *		2,721		624
Ionis Pharmaceuticals Inc *		3,796		136
IQVIA Holdings Inc *		3,034		633
Jazz Pharmaceuticals PLC *		7,319		1,028
Laboratory Corp of America Holdings		513		123
LeMaitre Vascular		2,009		101


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Masimo Corp *		645	$	108
McKesson Corp		2,773		970
Medtronic PLC		24,607		2,037
Mettler-Toledo International Inc *		431		618
Mirati Therapeutics Inc *		1,886		86
Molina Healthcare Inc *		1		—
Natera *		6,018		292
Neurocrine Biosciences Inc *		4,676		482
Novocure Ltd *		1,591		122
NuVasive *		1,742		75
Oak Street Health *		88		3
Penumbra Inc *		330		86
Premier Inc, Cl A		12,059		388
Prestige Consumer Healthcare *		16,138		972
Prometheus Biosciences *		1,081		132
Quest Diagnostics Inc		2,735		379
QuidelOrtho *		903		79
Reata Pharmaceuticals Inc, Cl A *		18,243		569
Repligen Corp *		2,688		469
ResMed Inc		2,818		600
Royalty Pharma PLC, Cl A		12,435		446
Sarepta Therapeutics Inc *		348		43
Seagen Inc *		1,536		276
Signify Health, Cl A *		836		24
Sotera Health *		19,148		320
STERIS PLC		4,108		772
Stryker Corp		2,405		632
Syneos Health, Cl A *		9,274		373
Tandem Diabetes Care Inc *		159		6
Teladoc Health Inc *		293		8
Teleflex Inc		1,029		245
TransMedics Group *		2,335		187
United Therapeutics Corp *		2,281		561
US Physical Therapy Inc		1,056		107
Veeva Systems Inc, Cl A *		1,171		194
Waters Corp *		2,039		634
West Pharmaceutical Services Inc		2,061		653
Zimmer Biomet Holdings Inc		5,327		660
Zoetis Inc, Cl A		9,371		1,565

				39,874
Industrials — 12.0%
3M Co		4,290		462
ABM Industries Inc		2,652		128
Acuity Brands		561		109
AECOM		1,218		105
AerCap Holdings NV *		10,135		633
AGCO Corp		675		95
Air Lease Corp, Cl A		6,874		297
Alaska Air Group Inc *		2,479		119
Allegion PLC		536		60
Allison Transmission Holdings Inc		2,275		108
American Airlines Group Inc *		4,404		70

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Equity Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
AMETEK Inc		3,249	$	460
AO Smith Corp		943		62
Armstrong World Industries Inc		1,080		85
Assa Abloy AB, Cl B		49,376		1,208
AutoStore Holdings *		47,629		100
Booz Allen Hamilton Holding, Cl A		1,232		117
CACI International, Cl A *		373		109
Carlisle		402		104
Carrier Global		2,640		119
Caterpillar Inc		357		86
CH Robinson Worldwide Inc		994		99
Cie de Saint-Gobain		15,198		908
Cintas Corp		215		94
Clarivate PLC *		9,578		97
CNH Industrial		62,902		1,036
Copa Holdings SA, Cl A		1,209		112
Copart Inc *		1,618		114
CoStar Group Inc *		862		61
CSX Corp		4,524		138
Cummins Inc		1,667		405
Deere & Co		1,975		828
Delta Air Lines Inc *		12,113		464
Diploma PLC		3,323		112
Donaldson Co Inc		397		25
Dover Corp		1,366		205
Eaton Corp PLC		8,845		1,547
EMCOR Group		908		152
Emerson Electric Co		1,607		133
Enerpac Tool Group, Cl A		24,116		649
EnPro Industries		1,183		127
Expeditors International of Washington Inc		896		94
Fastenal Co		1,480		76
FedEx Corp		2,248		457
Flowserve Corp		1,306		45
Fortive Corp		627		42
Fortune Brands Home & Security		945		59
FTI Consulting Inc *		918		169
Gates Industrial Corp PLC *		5,238		74
GFL Environmental		2,633		80
Graco Inc		401		28
Harsco *		35,867		303
HEICO Corp		12		2
Hexcel Corp		889		65
Hillenbrand		2,530		119
Howmet Aerospace		2,891		122
Hubbell Inc, Cl B		100		25
Huron Consulting Group *		270		19
IAA Inc *		2,607		107
IDEX		425		96
Illinois Tool Works Inc		3,263		761
Ingersoll Rand Inc		1,197		69
Insperity		1,029		128


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Intertek Group PLC		4,058	$	205
ITT		1,117		102
JB Hunt Transport Services Inc		477		86
JetBlue Airways Corp *		6,090		51
Johnson Controls International PLC		9,066		569
Kirby Corp *		2,029		147
Knight-Swift Transportation Holdings Inc, Cl A		1,702		97
Korn Ferry		1,643		92
Landstar System Inc		477		86
Legrand SA		11,776		1,094
Lennox International Inc		194		49
Lincoln Electric Holdings		809		136
Lyft, Cl A *		1,618		16
ManpowerGroup Inc		944		80
Masco Corp		1,719		90
Masonite International *		897		80
MasTec *		946		92
Masterbrand *		945		9
MDU Resources Group Inc		2,166		69
Mercury Systems *		1,569		82
Middleby *		535		83
MSC Industrial Direct Co Inc, Cl A		5,596		473
Nordson Corp		843		185
Norfolk Southern Corp		420		94
nVent Electric PLC		2,436		112
Old Dominion Freight Line		24		8
Oshkosh Corp		1,137		101
Otis Worldwide Corp		5,471		463
Owens Corning		790		77
PACCAR Inc		1,156		83
Parker-Hannifin Corp		356		125
Pentair PLC		1,364		76
Prysmian SpA		14,697		567
Qantas Airways Ltd *		146,476		634
Quanta Services		1,185		191
Regal Beloit Corp		733		116
RELX PLC		49,820		1,508
Republic Services Inc, Cl A		700		90
Rheinmetall		2,246		573
Robert Half International Inc		1,607		130
Rockwell Automation Inc		1,053		311
Rollins Inc		2,023		71
RXO *		1,313		27
Ryder System Inc		2,375		233
Schneider National Inc, Cl B		2,470		69
Science Applications International		1,200		128
Sensata Technologies Holding PLC		6,719		340
Siemens Energy		3,665		73
SiteOne Landscape Supply *		487		72
SMS Co Ltd		24,300		583
Snap-on Inc		657		164

SEI Catholic Values Trust/Annual Report/February 28, 2023


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
SNC-Lavalin Group		38,282	$	794
Southwest Airlines Co		1,122		38
Standex International		982		114
Stanley Black & Decker Inc		4,972		426
Sunrun Inc *		439		11
Tetra Tech Inc		1,268		174
Timken Co/The		1,209		103
Toro Co/The		721		80
Toromont Industries Ltd		5,172		427
Trane Technologies PLC		3,308		612
TransDigm Group Inc		1,646		1,224
TransUnion		974		64
Trex Inc *		956		49
Uber Technologies Inc *		2,866		95
UniFirst		449		88
Union Pacific Corp		3,457		717
United Airlines Holdings Inc *		1,164		60
United Parcel Service Inc, Cl B		7,148		1,304
United Rentals Inc		308		144
Univar Solutions Inc *		2,330		81
Verisk Analytics Inc, Cl A		474		81
Waste Connections		4,523		606
Waste Management Inc		3,911		586
Watsco Inc		331		101
WESCO International Inc		964		160
Westinghouse Air Brake Technologies Corp		2,694		281
WillScot Mobile Mini Holdings *		3,052		157
Wolters Kluwer		3,535		410
Woodward Inc		800		79
WW Grainger Inc		2,931		1,959
Xinyi Glass Holdings Ltd		165,000		308
XPO Logistics *		1,313		44
Xylem Inc/NY		5,273		541

				37,792
Information Technology — 21.6%
Accenture PLC, Cl A		4,755		1,263
Adobe Inc *		2,572		833
Advanced Micro Devices Inc *		14,160		1,113
Akamai Technologies Inc *		5,807		422
Allegro MicroSystems *		3,884		170
Alteryx, Cl A *		1,413		92
Amdocs Ltd		872		80
Amphenol Corp, Cl A		1,822		141
Analog Devices Inc		2,222		408
ANSYS Inc *		247		75
Apple Inc		53,461		7,881
Applied Materials Inc		7,558		878
Arista Networks Inc *		4,432		615
Arrow Electronics Inc *		1,030		121
ASML Holding NV		2,776		1,719
Aspen Technology *		322		68
Atlassian, Cl A *		1		—


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Autodesk Inc *		816	$	162
Automatic Data Processing Inc		6,209		1,365
Avnet Inc		1,907		85
Belden		1,619		137
Bentley Systems, Cl B		2,299		93
Black Knight Inc *		1,137		68
Block, Cl A *		934		72
Broadcom Inc		1,756		1,044
Broadridge Financial Solutions Inc		381		54
Cadence Design Systems Inc *		832		160
CDW Corp		2,530		512
Ceridian HCM Holding *		1,194		87
Check Point Software Technologies Ltd *		9,110		1,127
Ciena Corp *		1,878		91
Cirrus Logic Inc *		1,236		127
Cisco Systems Inc		20,739		1,004
Cloudflare, Cl A *		666		40
Cognex Corp		6,582		312
Cognizant Technology Solutions Corp, Cl A		869		54
Coherent *		2,594		112
Computershare		6,047		101
Concentrix Corp		404		55
Confluent, Cl A *		550		13
Crowdstrike Holdings Inc, Cl A *		110		13
Dell Technologies Inc, Cl C		1,116		45
DocuSign Inc, Cl A *		497		30
Dolby Laboratories Inc, Cl A		1,050		86
Dropbox Inc, Cl A *		2,225		45
DXC Technology Co *		2,083		58
Elastic NV *		642		38
EPAM Systems Inc *		101		31
ExlService Holdings *		1,082		178
F5 Networks Inc *		506		72
Fair Isaac *		42		28
Fidelity National Information Services Inc		613		39
First Solar Inc *		1,016		172
Fiserv Inc *		689		79
FleetCor Technologies Inc *		370		79
Fortinet *		1,010		60
Gartner *		205		67
Gen Digital		2,665		52
Genpact Ltd		1,375		66
Global Payments Inc		14,216		1,595
Globant SA *		146		24
GoDaddy Inc, Cl A *		7,977		604
Guidewire Software *		1,075		75
Harmonic *		9,616		127
Hewlett Packard Enterprise Co		41,813		653
Hexagon, Cl B		38,002		423
HP Inc		19,892		587
HubSpot Inc *		83		32
Intel Corp		3,429		85

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Equity Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
International Business Machines Corp		678	$	88
Intuit Inc		5,572		2,269
IPG Photonics Corp *		692		85
Jack Henry & Associates Inc		408		67
Jamf Holding Corp *		1,893		40
Juniper Networks Inc		15,906		489
Keysight Technologies Inc *		2,282		365
KLA Corp		445		169
Kulicke & Soffa Industries		1,690		90
Lam Research Corp		1,445		702
Lattice Semiconductor Corp *		2,069		176
Littelfuse Inc		331		86
LONGi Green Energy Technology, Cl A		79,444		506
Lumentum Holdings *		1,071		58
Manhattan Associates *		64		9
Marvell Technology		13,962		630
Mastercard Inc, Cl A		677		241
Microchip Technology Inc		12,079		979
Micron Technology Inc		17,825		1,031
Microsoft Corp		36,929		9,211
MKS Instruments Inc		668		65
MongoDB Inc, Cl A *		261		55
Monolithic Power Systems Inc		281		136
Motorola Solutions Inc		1,626		427
National Bank of Canada		16,154		1,189
National Instruments Corp		3,105		157
nCino *		762		21
NCR Corp *		1,832		47
NetApp Inc		1,531		99
New Relic Inc *		1,365		100
Nutanix Inc, Cl A *		3,455		98
NVIDIA Corp		13,671		3,174
Okta Inc, Cl A *		276		20
ON Semiconductor Corp *		1,303		101
Oracle Corp		1,258		110
Palo Alto Networks *		1,607		303
Paychex Inc		550		61
Paycom Software Inc *		217		63
Paylocity Holding Corp *		467		90
PayPal Holdings Inc *		4,618		340
Procore Technologies *		1,863		125
PTC Inc *		835		105
QUALCOMM Inc		7,331		905
RingCentral Inc, Cl A *		199		7
Roper Technologies Inc		173		74
salesforce.com Inc *		5,331		872
Samsung Electronics Co Ltd		34,089		1,561
SAP SE		10,420		1,188
ServiceNow Inc *		597		258
Skyworks Solutions Inc		606		68
Smartsheet Inc, Cl A *		1,379		61
Snowflake, Cl A *		867		134


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
SolarEdge Technologies *		718	$	228
Splunk Inc *		489		50
Synopsys Inc *		451		164
Taiwan Semiconductor Manufacturing Co Ltd ADR		15,145		1,319
TD SYNNEX		404		39
Tech Mahindra Ltd		81,961		1,091
Teradata Corp *		1,199		49
Teradyne Inc		5,413		547
Texas Instruments Inc		4,914		842
Thoughtworks Holding *		10,776		79
Trimble Inc *		1,500		78
Twilio Inc, Cl A *		463		31
Tyler Technologies *		237		76
Ubiquiti		331		89
UiPath, Cl A *		4,862		72
Unity Software *		585		18
Universal Display Corp		975		132
VeriSign Inc *		2,996		590
Viavi Solutions *		6,176		68
Visa Inc, Cl A		14,423		3,172
VMware Inc, Cl A *		873		96
Vontier Corp		10,767		282
Western Digital Corp *		2,446		94
Western Union Co		4,919		64
WEX Inc *		324		62
Wix.com *		336		31
Wolfspeed *		341		25
Workday Inc, Cl A *		2,264		420
Worldline *		4,500		189
Zebra Technologies, Cl A *		677		203
Zoom Video Communications, Cl A *		186		14
Zscaler Inc *		487		64

				67,780
Materials — 3.7%
Air Products and Chemicals Inc		2,611		747
Albemarle		467		119
Alcoa Corp		4,724		231
Amcor PLC		8,591		96
AptarGroup Inc		1,090		127
Ardagh Metal Packaging		19,120		92
Avery Dennison Corp		548		100
Axalta Coating Systems Ltd *		19,933		594
Ball Corp		927		52
Cabot Corp		1,164		93
Celanese, Cl A		707		82
CF Industries Holdings Inc		2,717		233
Chemours		3,046		104
Cleveland-Cliffs *		4,585		98
Crown Holdings Inc		3,878		335
Dow Inc		975		56
DuPont de Nemours Inc		10,129		740

SEI Catholic Values Trust/Annual Report/February 28, 2023


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Eastman Chemical Co		4,713	$	401
Ecolab Inc		466		74
Element Solutions		5,641		116
FMC Corp		524		68
Freeport-McMoRan Inc		5,276		216
Graphic Packaging Holding		4,953		118
Huntsman Corp		4,477		131
Ingevity *		1,326		109
Innospec		1,185		130
International Flavors & Fragrances Inc		737		69
International Paper Co		1,238		45
Linde PLC		2,844		991
Livent Corp *		15,731		369
Louisiana-Pacific		1,691		99
LyondellBasell Industries NV, Cl A		607		58
Martin Marietta Materials		1,144		412
Mosaic Co/The		4,600		245
NewMarket Corp		145		50
Newmont Corp		14,973		653
Nucor Corp		870		146
O-I Glass Inc, Cl I *		8,446		188
Packaging Corp of America		655		90
PPG Industries Inc		510		67
Quaker Chemical Corp		241		47
Reliance Steel & Aluminum Co		2,750		682
Resonac Holdings		57,800		949
Royal Gold Inc		466		55
Scotts Miracle-Gro		796		66
Sherwin-Williams Co/The		2,735		605
Sonoco Products Co		903		53
SSR Mining		5,467		75
Steel Dynamics Inc		1,777		224
United States Steel Corp		4,118		126
Valvoline Inc		2,446		86
Vulcan Materials Co		363		66
Westrock Co		1,448		45

				11,823
Real Estate — 2.2%
Alexandria Real Estate Equities Inc ^‡		322		48
American Homes 4 Rent, Cl A ^‡		2,436		76
American Tower Corp ^‡		3,377		669
Americold Realty Trust ^‡		2,617		77
AvalonBay Communities Inc ^‡		909		157
Boston Properties Inc ^‡		2,949		193
Brixmor Property Group ^‡		4,961		112
CBRE Group Inc, Cl A *		5,245		447
China Resources Land		72,000		319
Corporate Office Properties Trust ^‡		3,768		96
Cousins Properties ^‡		2,645		65
Crown Castle Inc ^‡		4,114		538
CubeSmart ^‡		1,472		69
Digital Realty Trust Inc ^‡		437		45


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
EastGroup Properties ^‡		635	$	104
Equinix Inc ^‡		145		100
Equity LifeStyle Properties ^‡		1,548		106
Equity Residential ^‡		780		49
Essex Property Trust Inc ^‡		187		43
Extra Space Storage Inc ^‡		438		72
Federal Realty Investment Trust ^‡		402		43
First Industrial Realty Trust ^‡		1,730		91
Gaming and Leisure Properties Inc ^‡		17		1
Healthpeak Properties Inc ^‡		3,935		95
Highwoods Properties ^‡		2,287		61
Host Hotels & Resorts Inc ^‡		9,310		156
Howard Hughes Corp/The *		411		34
Hudson Pacific Properties		3,556		33
Iron Mountain Inc ^‡		1,533		81
JBG SMITH Properties ^‡		3,147		54
Jones Lang LaSalle Inc *		410		71
Kennedy-Wilson Holdings Inc		2,346		39
Kilroy Realty Corp ^‡		811		29
Kimco Realty Corp ^‡		2,506		52
Lamar Advertising, Cl A ^‡		862		90
Life Storage Inc ^‡		829		100
Mid-America Apartment Communities ^‡		482		77
National Retail Properties Inc ^‡		993		45
Opendoor Technologies *		14,792		21
Prologis Inc ^‡		6,809		840
Public Storage ^‡		298		89
Rayonier ^‡		2,788		94
Realty Income Corp ^‡		1,634		104
Regency Centers Corp ^‡		826		52
SBA Communications Corp, Cl A ^‡		1,053		273
Simon Property Group Inc ^‡		566		69
SL Green Realty ^‡		583		20
STAG Industrial ^‡		3,653		123
Terreno Realty ^‡		1,746		109
UDR Inc ^‡		2,288		98
Ventas Inc ^‡		1,890		92
VICI Properties, Cl A ^‡		3,472		116
Vornado Realty Trust Co ^‡		765		15
Welltower Inc ^‡		1,829		136
Weyerhaeuser Co ^‡		2,954		92
Zillow Group, Cl C *		1,894		79

				6,959
Utilities — 2.2%
AES Corp/The		4,013		99
Alliant Energy Corp		1,828		94
Ameren Corp		786		65
American Electric Power Co Inc		1,847		162
American Water Works Co Inc		2,358		331
Atmos Energy Corp		622		70
Avangrid Inc		2,174		85
Brookfield Renewable, Cl A		3,044		85

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Equity Fund (Concluded)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
CenterPoint Energy Inc		3,540	$	98
CMS Energy Corp		5,948		351
Consolidated Edison Inc		3,038		271
CPFL Energia SA		69,255		400
Dominion Energy Inc		1,583		88
DTE Energy Co		931		102
Duke Energy Corp		2,448		231
Edison International		7,451		493
Entergy Corp		595		61
Essential Utilities Inc		1,211		52
Evergy Inc		833		49
Exelon Corp		15,856		640
FirstEnergy Corp		9,890		391
Hawaiian Electric Industries Inc		1,502		61
IDACORP		994		103
NextEra Energy Inc		9,701		689
NiSource Inc		1,440		40
NRG Energy Inc		3,167		104
OGE Energy		2,708		97
Pinnacle West Capital Corp		566		42
PPL Corp		23,068		624
Sempra Energy		466		70
UGI Corp		1,904		71
Vistra Energy Corp		2,937		65
WEC Energy Group Inc		737		65
Xcel Energy Inc		6,735		435

				6,684
Total Common Stock
(Cost $250,529) ($ Thousands)				305,966

Description	Shares		Market Value ($ Thousands)
EXCHANGE TRADED FUNDS — 0.1%

iShares MSCI ACWI ex US ETF		4,125	$	195
iShares Russell 2000 Value ETF		759		113


Total Exchange Traded Funds
(Cost $299) ($ Thousands)				308



		Number of Rights
RIGHTS — 0.0%
United States — 0.0%
Abiomed Inc *^‡^‡		297		–
Total Rights
(Cost $—) ($ Thousands)				–


	Shares
CASH EQUIVALENT — 1.5%
SEI Daily Income Trust, Government Fund, Institutional Class
4.350%**^†		4,800,530		4,801

Total Cash Equivalent
(Cost $4,801) ($ Thousands)				4,801


Total Investments in Securities — 99.3%
(Cost $255,629) ($ Thousands)			$	311,075

A list of the open futures contracts held by the Fund at February 28, 2023 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		7		Mar-2023	$	649	$	665	$	16
S&P 500 Index E-MINI		22		Mar-2023		4,342		4,373		31
					$	4,991	$	5,038	$	47

	Percentages are based on Net Assets of $313,417 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of February 28, 2023.
^†	Investment in Affiliated Security (see Note 5).
^‡	Real Estate Investment Trust.
^‡^‡	Expiration date not available.

ACWI — All Country World Index

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange-Traded Fund

Ltd. — Limited

MSCI — Morgan Stanley Capital International

NASDAQ – National Association of Securities Dealers and Automated Quotations

PLC — Public Limited Company

S&P— Standard & Poor's

The following is a summary of the level of inputs used as of February 28, 2023, 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

305,422

544

–

305,966

Exchange Traded Funds

308

–

308

SEI Catholic Values Trust/Annual Report/February 28, 2023

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Rights

–

Cash Equivalent

4,801

–

4,801

Total Investments in Securities

310,531

544

–

311,075

Other Financial Instruments

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Futures Contracts*

Unrealized Appreciation

–

Total Other Financial Instruments

–

^ Security valued at zero.

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

The following is a summary of the Fund’s transactions with affiliates for the year ended February 28, 2023 ($ Thousands):

Security Description		Value 2/28/2022				Purchases at Cost				Proceeds from Sales				Realized Gain/(Loss)				Change in Unrealized Appreciation/(Depreciation)				Value 2/28/2023				Income				Capital Gains
SEI Daily Income Trust, Government Fund, Institutional Class		$	10,869			$	14,309			$	(20,377	)		$	—			$	—			$	4,801			$	93			$	—

Amounts designated as "-" are $0.

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

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Fixed Income Fund

^†Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 32.5%
Agency Mortgage-Backed Obligations — 25.5%
FHLMC
6.000%, 03/01/2035 to 12/01/2052	$	396	$	408
5.500%, 04/01/2030		75		75
5.000%, 06/01/2041 to 07/01/2052		341		339
4.500%, 06/01/2038 to 09/01/2050		507		503
4.000%, 07/01/2037 to 06/01/2052		659		631
3.500%, 04/01/2033 to 04/01/2052		1,430		1,335
3.000%, 09/01/2036 to 09/01/2050		2,347		2,109
2.500%, 01/01/2050 to 05/01/2052		4,010		3,435
2.000%, 09/01/2041 to 11/01/2051		2,203		1,811
1.500%, 10/01/2041 to 11/01/2041		162		130
FHLMC ARM
3.643%, ICE LIBOR USD 12 Month + 1.625%, 10/01/2046(A)		238		239
3.475%, ICE LIBOR USD 12 Month + 1.597%, 06/01/2047(A)		117		117
3.096%, ICE LIBOR USD 12 Month + 1.621%, 02/01/2050(A)		72		69
3.007%, ICE LIBOR USD 12 Month + 1.628%, 11/01/2048(A)		54		50
2.877%, ICE LIBOR USD 12 Month + 1.619%, 11/01/2047(A)		60		57
FHLMC CMO, Ser 2014-328, Cl S4, IO
0.074%, 02/15/2038(A)		22		1
FHLMC CMO, Ser 2014-4415, Cl IO, IO
0.212%, 04/15/2041(A)		96		4
FHLMC CMO, Ser 2015-4494, Cl AI, IO
0.124%, 11/15/2038(A)		98		4
FHLMC CMO, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		15		13
FHLMC CMO, Ser 2020-5010, Cl JI, IO
2.500%, 09/25/2050		82		13


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC CMO, Ser 2020-5018, Cl MI, IO
2.000%, 10/25/2050	$	86	$	11
FHLMC CMO, Ser 2021-5071, Cl IH, IO
2.500%, 02/25/2051		87		11
FHLMC CMO, Ser 2022-5224, Cl HL
4.000%, 04/25/2052		200		181
FHLMC CMO, Ser 2022-5230, Cl PE
2.000%, 12/25/2051		100		78
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1517, Cl X1, IO
1.324%, 07/25/2035(A)		235		26
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1519, Cl X1, IO
0.598%, 12/25/2035(A)		2,071		102
FHLMC STACR Remic Trust, Ser 2020-DNA1, Cl M2
6.317%, ICE LIBOR USD 1 Month + 1.700%, 01/25/2050(A)(B)		44		44
FHLMC STACR Remic Trust, Ser 2020-DNA1, Cl B1
6.917%, ICE LIBOR USD 1 Month + 2.300%, 01/25/2050(A)(B)		180		175
FHLMC STACR REMIC Trust, Ser 2022-DNA6, Cl M1A
6.634%, SOFR30A + 2.150%, 09/25/2042(A)(B)		108		108
FNMA
6.500%, 01/01/2053		99		102
5.500%, 08/01/2049		249		254
5.000%, 07/01/2052 to 08/01/2052		829		820
4.500%, 07/01/2033 to 01/01/2059		2,103		2,077
4.000%, 01/01/2037 to 06/01/2057		2,782		2,660
3.500%, 12/01/2034 to 05/01/2052		3,036		2,808
3.450%, 03/01/2029		19		18
3.250%, 05/01/2029		19		18
3.160%, 05/01/2029		19		18
3.000%, 11/01/2034 to 03/01/2052		4,099		3,696
2.930%, 06/01/2030		38		35
2.810%, 04/01/2025		40		38
2.500%, 08/01/2035 to 07/01/2061		6,072		5,230
2.150%, 02/01/2032(A)		80		66
2.000%, 03/01/2041 to 03/01/2052		3,146		2,588
1.500%, 03/01/2051		78		61
FNMA ARM
2.963%, ICE LIBOR USD 12 Month + 1.587%, 04/01/2047(A)		136		135
FNMA CMO, Ser 2014-6, Cl Z
2.500%, 02/25/2044		125		106
FNMA CMO, Ser 2015-55, Cl IO, IO
0.309%, 08/25/2055(A)		90		3
FNMA CMO, Ser 2015-56, Cl AS, IO
1.533%, 08/25/2045(A)		126		13

SEI Catholic Values Trust/Annual Report/February 28, 2023


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA CMO, Ser 2020-56, Cl AQ
2.000%, 08/25/2050	$	200	$	158
FNMA CMO, Ser 2020-96, Cl IN, IO
3.000%, 01/25/2051		163		26
FNMA CMO, Ser 2020-97, Cl AI, IO
2.000%, 01/25/2051		179		24
FNMA Connecticut Avenue Securities, Ser 2014-C02, Cl 1M2
7.217%, ICE LIBOR USD 1 Month + 2.600%, 05/25/2024(A)		88		89
FNMA TBA
5.500%, 03/01/2037		400		399
5.000%, 03/15/2053		300		295
4.500%, 03/15/2053		400		385
4.000%, 03/01/2039		300		282
3.500%, 03/15/2053		300		273
3.000%, 03/15/2045		200		176
2.500%, 03/15/2053		1,400		1,186
2.000%, 03/15/2053		100		81
GNMA
4.500%, 01/15/2042 to 02/20/2050		727		721
4.000%, 08/15/2045 to 04/20/2050		329		317
3.500%, 04/20/2046 to 02/20/2052		631		586
3.000%, 09/15/2042 to 04/20/2052		598		538
2.500%, 03/20/2051 to 09/20/2051		363		315
GNMA CMO, Ser 2007-51, Cl SG, IO
1.982%, 08/20/2037(A)		6		–
GNMA CMO, Ser 2012-34, Cl SA, IO
1.452%, 03/20/2042(A)		71		7
GNMA CMO, Ser 2012-43, Cl SN, IO
2.010%, 04/16/2042(A)		57		7
GNMA CMO, Ser 2012-H27, Cl AI, IO
1.621%, 10/20/2062(A)		36		1
GNMA CMO, Ser 2014-118, Cl HS, IO
1.602%, 08/20/2044(A)		118		12
GNMA CMO, Ser 2020-123, Cl NI, IO
2.500%, 08/20/2050		80		11
GNMA CMO, Ser 2020-160, Cl YI, IO
2.500%, 10/20/2050		82		11
GNMA CMO, Ser 2020-175, Cl GI, IO
2.000%, 11/20/2050		79		8
GNMA CMO, Ser 2020-H09, Cl FL
5.542%, ICE LIBOR USD 1 Month + 1.150%, 05/20/2070(A)		64		63
GNMA CMO, Ser 2021-176, Cl IN, IO
2.500%, 10/20/2051		277		37
GNMA CMO, Ser 2021-57, Cl BI, IO
3.000%, 03/20/2051		378		55
GNMA CMO, Ser 2021-96, Cl VI, IO
2.500%, 06/20/2051		272		37
GNMA CMO, Ser 2022-139, Cl AL
4.000%, 07/20/2051		100		93


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA CMO, Ser 2022-189, Cl PT
2.500%, 10/20/2051	$	99	$	85
GNMA CMO, Ser 2022-63, Cl LM
3.500%, 10/20/2050		100		85
GNMA TBA
5.500%, 03/20/2038		200		201
5.000%, 03/15/2052		600		593
4.500%, 03/15/2053		400		388
4.000%, 03/15/2053		200		189
3.500%, 03/15/2053		200		184
3.000%, 03/15/2053		1,100		982
2.500%, 03/15/2053		1,100		951
GNMA, Ser 103, Cl AD
1.450%, 01/16/2063		118		94
GNMA, Ser 113, Cl Z
2.000%, 09/16/2061		608		402
GNMA, Ser 2020-178, Cl IO, IO
1.422%, 10/16/2060(A)		1,137		99
GNMA, Ser 3, Cl IO, IO
0.640%, 02/16/2061(A)		294		17


				43,288
Non-Agency Mortgage-Backed Obligations — 7.0%
BANK, Ser 2017-BNK8, Cl XA, IO
0.713%, 11/15/2050(A)		1,362		37
BBCCRE Trust, Ser 2015-GTP, Cl D
4.563%, 08/10/2033(A)(B)		140		121
Bear Stearns Asset-Backed Securities I Trust, Ser 2004-AC6, Cl A1
5.750%, 11/25/2034(C)		48		41
Benchmark Mortgage Trust, Ser 2019-B17, Cl A2
2.211%, 03/15/2053		395		366
Benchmark Mortgage Trust, Ser 2020-B22, Cl ASB
1.731%, 01/15/2054		474		402
BRAVO Residential Funding Trust, Ser 2022-NQM3, Cl A1
5.108%, 07/25/2062(A)(B)		179		174
BX Commercial Mortgage Trust, Ser 2019-XL, Cl A
5.597%, TSFR1M + 1.034%, 10/15/2036(A)(B)		371		369
BX Commercial Mortgage Trust, Ser VOLT, Cl A
5.288%, ICE LIBOR USD 1 Month + 0.700%, 09/15/2036(A)(B)		287		280
BX Mortgage Trust, Ser 2022-MVRK, Cl A
6.029%, TSFR1M + 1.467%, 03/15/2039(A)(B)		170		169
BXP Trust, Ser 2017-CQHP, Cl A
5.438%, ICE LIBOR USD 1 Month + 0.850%, 11/15/2034(A)(B)		190		183

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Fixed Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Chevy Chase Funding Mortgage-Backed Certificates, Ser 2004-2A, Cl A1
4.887%, ICE LIBOR USD 1 Month + 0.270%, 05/25/2035(A)(B)	$	44	$	41
Chevy Chase Funding Mortgage-Backed Certificates, Ser 2004-2A, Cl B1
4.629%, 05/25/2035(A)(B)		148		115
CIM Trust, Ser 2020-INV1, Cl A2
2.500%, 04/25/2050(A)(B)		121		99
COMM Mortgage Trust, Ser 2013-CR6, Cl B
3.397%, 03/10/2046(B)		67		62
COMM Mortgage Trust, Ser 2015-CR24, Cl AM
4.028%, 08/10/2048(A)		90		85
COMM Mortgage Trust, Ser 2015-CR26, Cl A4
3.630%, 10/10/2048		417		397
Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl F
7.238%, ICE LIBOR USD 1 Month + 2.650%, 05/15/2036(A)(B)		190		187
CSAIL Commercial Mortgage Trust, Ser 2015-C2, Cl AS
3.849%, 06/15/2057(A)		210		198
CSMC Trust, Ser 2017-TIME, Cl A
3.646%, 11/13/2039(B)		100		84
CSMC Trust, Ser 2018-J1, Cl A2
3.500%, 02/25/2048(A)(B)		131		116
CSMC Trust, Ser 2020-FACT, Cl F
10.745%, ICE LIBOR USD 1 Month + 6.157%, 10/15/2037(A)(B)		250		212
EverBank Mortgage Loan Trust, Ser 2018-1, Cl A22
3.500%, 02/25/2048(A)(B)		37		32
Flagstar Mortgage Trust, Ser 2021-6INV, Cl A4
2.500%, 08/25/2051(A)(B)		542		438
Flagstar Mortgage Trust, Ser 2021-8INV, Cl A3
2.500%, 09/25/2051(A)(B)		243		197
FRESB Mortgage Trust, Ser 2019-SB63, Cl A5H
2.550%, 02/25/2039(A)		195		189
GS Mortgage Securities II, Ser 2018-SRP5, Cl A
6.388%, ICE LIBOR USD 1 Month + 1.800%, 09/15/2031(A)(B)		172		147
GS Mortgage Securities Trust, Ser 2018-SRP5, Cl B
7.588%, ICE LIBOR USD 1 Month + 3.000%, 09/15/2031(A)(B)		172		127


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust, Ser 2020-GSA2, Cl AAB
1.662%, 12/12/2053	$	260	$	224
GS Mortgage-Backed Securities Trust, Ser 2020-INV1, Cl A14
2.929%, 10/25/2050(A)(B)		133		113
ILPT Commercial Mortgage Trust, Ser 2022-LPF2, Cl A
6.808%, TSFR1M + 2.245%, 10/15/2039(A)(B)		160		160
Impac CMB Trust, Ser 2005-4, Cl 1M1
5.262%, ICE LIBOR USD 1 Month + 0.430%, 05/25/2035(A)		22		20
Impac Secured Assets Trust, Ser 2006-2, Cl 2M3
6.267%, ICE LIBOR USD 1 Month + 1.650%, 08/25/2036(A)		22		22
JPMDB Commercial Mortgage Securities Trust, Ser 2017-C7, Cl XA, IO
0.832%, 10/15/2050(A)		1,333		38
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-PHH, Cl F
7.898%, ICE LIBOR USD 1 Month + 3.310%, 06/15/2035(A)(B)		250		47
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2020-MKST, Cl F
7.688%, ICE LIBOR USD 1 Month + 3.100%, 12/15/2036(A)(B)		170		104
JPMorgan Mortgage Trust, Ser 2005-S2, Cl 2A15
6.000%, 09/25/2035		87		65
JPMorgan Mortgage Trust, Ser 2018-5, Cl A1
3.500%, 10/25/2048(A)(B)		16		15
JPMorgan Mortgage Trust, Ser 2020-3, Cl A3A
3.000%, 08/25/2050(A)(B)		70		59
JPMorgan Mortgage Trust, Ser 2021-3, Cl A3
2.500%, 07/25/2051(A)(B)		313		253
KKR Industrial Portfolio Trust, Ser 2021-KDIP, Cl A
5.227%, TSFR1M + 0.664%, 12/15/2037(A)(B)		99		97
Metlife Securitization Trust, Ser 2020-INV1, Cl A2A
2.500%, 05/25/2050(A)(B)		93		78
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C17, Cl A4
3.443%, 08/15/2047		217		211
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C23, Cl B
4.139%, 07/15/2050(A)		100		93

SEI Catholic Values Trust/Annual Report/February 28, 2023


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C32, Cl ASB
3.514%, 12/15/2049	$	221	$	212
Morgan Stanley Capital I Trust, Ser 2007-IQ16, Cl AJ
6.282%, 12/12/2049(A)		14		7
Morgan Stanley Capital I Trust, Ser 2018-H4, Cl A4
4.310%, 12/15/2051		313		297
Morgan Stanley Capital I Trust, Ser 2019-BPR, Cl A
6.238%, ICE LIBOR USD 1 Month + 1.650%, 05/15/2036(A)(B)		123		119
MSCG Trust, Ser 2015-ALDR, Cl A2
3.462%, 06/07/2035(A)(B)		110		100
Natixis Commercial Mortgage Securities Trust, Ser 2019-FAME, Cl A
3.047%, 08/15/2036(B)		110		99
New Residential Mortgage Loan Trust, Ser 2017-3A, Cl A1
4.000%, 04/25/2057(A)(B)		117		110
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B2
4.250%, 09/25/2059(A)(B)		201		178
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B1
4.000%, 09/25/2059(A)(B)		201		178
New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1
2.492%, 09/25/2059(A)(B)		42		38
Nomura Asset Acceptance Alternative Loan Trust, Ser 2007-1, Cl 1A4
6.138%, 03/25/2047(C)		102		96
OBX Trust, Ser 2022-NQM1, Cl A2
3.001%, 11/25/2061(A)(B)		120		86
OBX Trust, Ser 2022-NQM6, Cl A1
4.700%, 07/25/2062(B)(C)		171		164
PRKCM Trust, Ser 2022-AFC1, Cl A1A
4.100%, 04/25/2057(A)(B)		95		89
Residential Mortgage Loan Trust, Ser 2019-3, Cl A1
2.633%, 09/25/2059(A)(B)		11		11
Seasoned Credit Risk Transfer Trust CMO, Ser 2018-1, Cl MA
3.000%, 05/25/2057		182		169
Seasoned Credit Risk Transfer Trust CMO, Ser 2022-1, Cl MAU
3.250%, 11/25/2061		324		298
Seasoned Credit Risk Transfer Trust CMO, Ser 2022-2, Cl MA
3.000%, 04/25/2062		253		230


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Seasoned Credit Risk Transfer Trust, Ser 2018-3, Cl MA
3.349%, 08/25/2057(A)	$	169	$	160
Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MA
3.500%, 03/25/2058		233		221
Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA
3.500%, 08/25/2058		280		265
Seasoned Credit Risk Transfer Trust, Ser 2020-2, Cl MA
2.000%, 11/25/2059		144		128
Seasoned Credit Risk Transfer Trust, Ser 2020-3, Cl MA
2.000%, 05/25/2060		130		116
Seasoned Credit Risk Transfer Trust, Ser 2021-1, Cl MA
2.000%, 09/25/2060		197		174
Sequoia Mortgage Trust, Ser 2021-1, Cl A1
2.500%, 03/25/2051(A)(B)		326		264
SMRT, Ser 2022-MINI, Cl D
6.513%, TSFR1M + 1.950%, 01/15/2039(A)(B)		110		104
SREIT Trust, Ser 2021-MFP2, Cl A
5.410%, ICE LIBOR USD 1 Month + 0.822%, 11/15/2036(A)(B)		110		108
UBS Commercial Mortgage Trust, Ser 2018-C13, Cl ASB
4.241%, 10/15/2051		532		507
WaMu Mortgage Pass-Through Certificates Trust, Ser 2005-AR6, Cl 2A1A
5.077%, ICE LIBOR USD 1 Month + 0.460%, 04/25/2045(A)		105		101
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl AS
3.872%, 05/15/2048(A)		270		257
WFRBS Commercial Mortgage Trust, Ser 2014-C24, Cl A5
3.607%, 11/15/2047		442		426


				11,779
Total Mortgage-Backed Securities
(Cost $60,670) ($ Thousands)				55,067



CORPORATE OBLIGATIONS — 31.8%
Communication Services — 3.6%
AT&T
5.915%, ICE LIBOR USD 3 Month + 1.180%, 06/12/2024 (A)		462		467
5.350%, 09/01/2040		21		20
4.500%, 03/09/2048		39		32

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Fixed Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.350%, 03/01/2029	$	120	$	114
4.350%, 06/15/2045		20		16
3.650%, 09/15/2059		32		22
3.550%, 09/15/2055		10		7
3.500%, 06/01/2041		151		113
3.500%, 09/15/2053		30		21
2.550%, 12/01/2033		399		306
2.300%, 06/01/2027		60		53
2.250%, 02/01/2032		50		39
1.650%, 02/01/2028		60		51
CCO Holdings
4.750%, 02/01/2032 (B)		100		81
4.500%, 05/01/2032		100		79
4.500%, 06/01/2033 (B)		20		16
Charter Communications Operating
6.484%, 10/23/2045		20		18
6.384%, 10/23/2035		580		557
5.750%, 04/01/2048		90		75
5.500%, 04/01/2063		30		23
5.375%, 04/01/2038		10		8
5.375%, 05/01/2047		10		8
5.125%, 07/01/2049		10		8
5.050%, 03/30/2029		40		37
4.908%, 07/23/2025		30		29
4.800%, 03/01/2050		30		22
4.400%, 04/01/2033		150		128
3.500%, 03/01/2042		10		6
Comcast
4.250%, 10/15/2030		130		123
4.150%, 10/15/2028		40		38
4.049%, 11/01/2052		150		121
4.000%, 08/15/2047		10		8
4.000%, 03/01/2048		10		8
3.999%, 11/01/2049		10		8
3.969%, 11/01/2047		90		73
3.950%, 10/15/2025		70		68
3.750%, 04/01/2040		20		16
3.450%, 02/01/2050		40		29
3.400%, 04/01/2030		20		18
3.400%, 07/15/2046		10		7
3.375%, 08/15/2025		60		58
3.300%, 04/01/2027		190		178
3.150%, 03/01/2026		20		19
2.937%, 11/01/2056		27		17
2.887%, 11/01/2051		254		165
2.800%, 01/15/2051		40		26
2.350%, 01/15/2027		260		236
DISH DBS
5.750%, 12/01/2028 (B)		30		24
5.250%, 12/01/2026 (B)		40		34
Fox
5.476%, 01/25/2039		70		64


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Sprint Spectrum
4.738%, 03/20/2025 (B)	$	129	$	128
Take-Two Interactive Software
3.700%, 04/14/2027		290		274
Telefonica Emisiones SAU
5.213%, 03/08/2047		150		126
T-Mobile USA
4.500%, 04/15/2050		50		42
3.875%, 04/15/2030		130		118
3.750%, 04/15/2027		10		9
3.500%, 04/15/2025		150		144
3.500%, 04/15/2031		80		69
3.400%, 10/15/2052		30		20
3.375%, 04/15/2029		20		18
3.000%, 02/15/2041		10		7
2.875%, 02/15/2031		20		17
2.625%, 02/15/2029		30		26
2.550%, 02/15/2031		20		16
2.250%, 02/15/2026		10		9
2.250%, 11/15/2031		10		8
Verizon Communications
5.500%, 03/16/2047		6		6
5.250%, 03/16/2037		20		20
4.862%, 08/21/2046		30		27
4.500%, 08/10/2033		180		167
4.329%, 09/21/2028		300		287
4.125%, 08/15/2046		30		24
4.000%, 03/22/2050		30		24
3.400%, 03/22/2041		10		8
3.150%, 03/22/2030		30		26
3.000%, 03/22/2027		10		9
2.875%, 11/20/2050		10		6
2.650%, 11/20/2040		70		47
2.625%, 08/15/2026		10		9
2.550%, 03/21/2031		90		74
2.355%, 03/15/2032		93		73
2.100%, 03/22/2028		30		26
1.750%, 01/20/2031		130		100
Warnermedia Holdings
5.141%, 03/15/2052 (B)		420		329
5.050%, 03/15/2042 (B)		10		8
4.279%, 03/15/2032 (B)		140		121
4.054%, 03/15/2029 (B)		20		18
3.755%, 03/15/2027 (B)		20		18

				6,152

Consumer Discretionary — 2.7%
Amazon.com
4.950%, 12/05/2044		157		154
4.250%, 08/22/2057		10		9
4.100%, 04/13/2062		374		309
4.050%, 08/22/2047		30		26

SEI Catholic Values Trust/Annual Report/February 28, 2023


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.875%, 08/22/2037	$	230	$	203
3.600%, 04/13/2032		110		101
3.450%, 04/13/2029		20		19
3.300%, 04/13/2027		10		9
3.150%, 08/22/2027		50		47
3.100%, 05/12/2051		120		86
2.100%, 05/12/2031		20		16
1.500%, 06/03/2030		30		24
1.200%, 06/03/2027		60		52
Cox Communications
3.350%, 09/15/2026 (B)		231		215
CSC Holdings
4.500%, 11/15/2031 (B)		200		142
Element Fleet Management
1.600%, 04/06/2024 (B)		491		468
Ford Motor
6.100%, 08/19/2032		30		28
4.750%, 01/15/2043		20		15
3.250%, 02/12/2032		30		23
Ford Motor Credit
4.950%, 05/28/2027		230		214
4.000%, 11/13/2030		200		167
2.900%, 02/10/2029		220		179
General Motors
6.250%, 10/02/2043		50		47
6.125%, 10/01/2025		20		20
5.600%, 10/15/2032		10		9
5.150%, 04/01/2038		20		17
General Motors Financial
2.400%, 10/15/2028		553		463
Hilton Domestic Operating
5.750%, 05/01/2028 (B)		20		19
5.375%, 05/01/2025 (B)		30		30
Home Depot
3.625%, 04/15/2052		80		61
3.350%, 04/15/2050		70		52
3.300%, 04/15/2040		198		158
3.250%, 04/15/2032		100		88
2.700%, 04/15/2030		20		17
2.500%, 04/15/2027		30		27
Lennar
5.000%, 06/15/2027		10		10
4.750%, 11/29/2027		20		19
4.500%, 04/30/2024		20		20
Lowe's
5.625%, 04/15/2053		245		234
5.000%, 04/15/2040		53		48
4.500%, 04/15/2030		20		19
3.700%, 04/15/2046		96		71
NIKE
3.375%, 03/27/2050		50		39
3.250%, 03/27/2040		10		8


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.750%, 03/27/2027	$	20	$	19
2.400%, 03/27/2025		30		29
Nissan Motor
3.522%, 09/17/2025 (B)		200		187
Target
2.250%, 04/15/2025		40		38
Time Warner Cable
7.300%, 07/01/2038		90		90
6.550%, 05/01/2037		10		10
Time Warner Cable Enterprises
8.375%, 07/15/2033		50		56
Toll Brothers Finance
4.375%, 04/15/2023		20		20
University of Miami
4.063%, 04/01/2052		189		159
VOC Escrow
5.000%, 02/15/2028 (B)		30		26

				4,616

Consumer Staples — 1.1%
Anheuser-Busch
4.900%, 02/01/2046		618		567
3.650%, 02/01/2026		20		19
Anheuser-Busch InBev Worldwide
5.550%, 01/23/2049		20		20
4.600%, 04/15/2048		8		7
4.350%, 06/01/2040		50		44
4.000%, 04/13/2028		20		19
3.500%, 06/01/2030		20		18
Cargill
1.375%, 07/23/2023 (B)		30		30
Coca-Cola
3.375%, 03/25/2027		20		19
2.600%, 06/01/2050		20		13
1.450%, 06/01/2027		40		35
Constellation Brands
4.750%, 11/15/2024		80		79
4.350%, 05/09/2027		20		19
3.600%, 05/09/2024		30		29
Costco Wholesale
1.600%, 04/20/2030		40		33
1.375%, 06/20/2027		70		61
CVS Health
5.125%, 07/20/2045		60		54
3.875%, 07/20/2025		18		17
CVS Pass-Through Trust
7.507%, 01/10/2032 (B)		323		341
6.036%, 12/10/2028		153		154
Hershey
0.900%, 06/01/2025		10		9
Kraft Heinz Foods
5.500%, 06/01/2050		10		10

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Fixed Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.200%, 07/15/2045	$	20	$	19
4.875%, 10/01/2049		20		18
4.375%, 06/01/2046		10		8
4.250%, 03/01/2031		10		9
Mars
3.200%, 04/01/2030 (B)		10		9
2.700%, 04/01/2025 (B)		30		29
Mondelez International
1.500%, 05/04/2025		70		65
PepsiCo
2.875%, 10/15/2049		20		14
1.625%, 05/01/2030		20		16

				1,784

Energy — 3.7%
Apache
7.750%, 12/15/2029		20		21
5.350%, 07/01/2049		20		16
4.750%, 04/15/2043		10		8
4.250%, 01/15/2044		150		108
BP Capital Markets America
3.633%, 04/06/2030		20		18
3.588%, 04/14/2027		10		9
3.000%, 02/24/2050		50		34
Cameron LNG
3.302%, 01/15/2035 (B)		70		58
2.902%, 07/15/2031 (B)		60		52
Cheniere Energy
4.625%, 10/15/2028		20		19
Cheniere Energy Partners
4.000%, 03/01/2031		10		9
3.250%, 01/31/2032		40		32
Chevron
3.078%, 05/11/2050		10		7
2.954%, 05/16/2026		30		28
1.554%, 05/11/2025		50		46
Chevron USA
3.850%, 01/15/2028		30		29
Continental Resources
5.750%, 01/15/2031 (B)		40		38
4.900%, 06/01/2044		20		15
4.500%, 04/15/2023		30		30
4.375%, 01/15/2028		30		28
2.268%, 11/15/2026 (B)		20		17
Coterra Energy
4.375%, 03/15/2029		160		148
3.900%, 05/15/2027		80		75
DCP Midstream Operating
6.450%, 11/03/2036 (B)		10		10
Devon Energy
8.250%, 08/01/2023		30		30
5.850%, 12/15/2025		30		30


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.600%, 07/15/2041	$	50	$	46
5.000%, 06/15/2045		210		178
Diamondback Energy
3.500%, 12/01/2029		30		27
3.250%, 12/01/2026		10		9
Ecopetrol
5.875%, 05/28/2045		110		73
4.625%, 11/02/2031		20		15
Energy Transfer
8.892%, ICE LIBOR USD 3 Month + 4.028%(A)(D)		70		66
7.125%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.306%(A)(D)		50		44
6.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.134%(A)(D)		10		9
6.500%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.694%(A)(D)		20		18
6.250%, 04/15/2049		160		152
5.250%, 04/15/2029		30		29
5.000%, 05/15/2050		30		25
4.950%, 06/15/2028		20		19
4.150%, 09/15/2029		20		18
3.750%, 05/15/2030		110		98
2.900%, 05/15/2025		10		9
Enterprise Products Operating
5.375%, ICE LIBOR USD 3 Month + 2.570%, 02/15/2078 (A)		10		8
4.850%, 03/15/2044		50		44
4.150%, 10/16/2028		350		331
EOG Resources
4.950%, 04/15/2050		70		67
4.150%, 01/15/2026		20		20
3.900%, 04/01/2035		40		35
Equities
3.900%, 10/01/2027		230		211
3.625%, 05/15/2031 (B)		20		17
Exxon Mobil
4.327%, 03/19/2050		30		27
4.114%, 03/01/2046		70		60
3.482%, 03/19/2030		40		37
3.043%, 03/01/2026		40		38
2.992%, 03/19/2025		50		48
1.571%, 04/15/2023		10		10
Halliburton
5.000%, 11/15/2045		40		35
3.800%, 11/15/2025		2		2
Kinder Morgan
5.300%, 12/01/2034		20		19
5.200%, 03/01/2048		10		9
4.300%, 06/01/2025		30		29

SEI Catholic Values Trust/Annual Report/February 28, 2023


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.300%, 03/01/2028	$	80	$	76
Kinder Morgan Energy Partners
4.250%, 09/01/2024		40		39
3.500%, 09/01/2023		30		30
MEG Energy
5.875%, 02/01/2029 (B)		10		9
MPLX
5.500%, 02/15/2049		30		27
4.875%, 06/01/2025		110		108
4.800%, 02/15/2029		80		77
4.700%, 04/15/2048		60		48
4.500%, 04/15/2038		10		9
Occidental Petroleum
7.875%, 09/15/2031		10		11
7.500%, 05/01/2031		60		64
6.950%, 07/01/2024		4		4
6.200%, 03/15/2040		75		73
5.550%, 03/15/2026		30		30
4.863%, 10/10/2036 (E)		750		379
4.625%, 06/15/2045		20		16
4.400%, 04/15/2046		10		8
4.400%, 08/15/2049		70		54
4.100%, 02/15/2047		70		53
3.500%, 08/15/2029		20		18
3.400%, 04/15/2026		20		19
3.200%, 08/15/2026		30		27
3.000%, 02/15/2027		20		18
Pertamina Persero
6.000%, 05/03/2042 (B)		200		193
Petrobras Global Finance BV
7.375%, 01/17/2027		100		102
6.850%, 06/05/2115		50		42
5.750%, 02/01/2029		50		48
Phillips 66
3.605%, 02/15/2025 (B)		95		92
3.550%, 10/01/2026 (B)		232		216
Pioneer Natural Resources
2.150%, 01/15/2031		50		39
1.900%, 08/15/2030		20		16
1.125%, 01/15/2026		10		9
Range Resources
4.875%, 05/15/2025		30		29
Schlumberger Holdings
3.900%, 05/17/2028 (B)		471		443
Shell International Finance BV
4.375%, 05/11/2045		50		44
4.000%, 05/10/2046		50		42
3.250%, 04/06/2050		50		37
2.875%, 05/10/2026		60		56
2.750%, 04/06/2030		20		17
Sinopec Group Overseas Development
4.375%, 04/10/2024 (B)		200		198


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Southwestern Energy
5.375%, 03/15/2030	$	20	$	18
Targa Resources
5.200%, 07/01/2027		50		49
4.200%, 02/01/2033		20		17
Targa Resources Partners
5.500%, 03/01/2030		20		19
5.000%, 01/15/2028		10		10
4.875%, 02/01/2031		30		27
Tennessee Gas Pipeline
2.900%, 03/01/2030 (B)		60		51
Transcontinental Gas Pipe Line
7.850%, 02/01/2026		50		53
Venture Global Calcasieu Pass
3.875%, 11/01/2033 (B)		20		16
Western Midstream Operating
5.500%, 02/01/2050		20		16
4.500%, 03/01/2028		10		9
4.300%, 02/01/2030		100		89
3.350%, 02/01/2025		110		104
Williams
7.750%, 06/15/2031		140		153
7.500%, 01/15/2031		10		11
5.750%, 06/24/2044		40		38

				6,297

Financials — 11.6%
AIA Group MTN
3.200%, 03/11/2025 (B)		270		259
American Express
4.050%, 05/03/2029		70		66
3.375%, 05/03/2024		20		20
American International Group
2.500%, 06/30/2025		310		292
Aviation Capital Group
1.950%, 01/30/2026 (B)		301		266
Bank of America
3.419%, ICE LIBOR USD 3 Month + 1.040%, 12/20/2028 (A)		42		38
3.311%, U.S. SOFR + 1.580%, 04/22/2042 (A)		185		138
2.592%, U.S. SOFR + 2.150%, 04/29/2031 (A)		90		74
2.572%, U.S. SOFR + 1.210%, 10/20/2032 (A)		90		72
Bank of America MTN
5.000%, 01/21/2044		20		19
4.948%, U.S. SOFR + 2.040%, 07/22/2028 (A)		221		216
4.450%, 03/03/2026		10		10
4.376%, U.S. SOFR + 1.580%, 04/27/2028 (A)		100		96

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Fixed Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.330%, ICE LIBOR USD 3 Month + 1.520%, 03/15/2050 (A)	$	398	$	335
4.250%, 10/22/2026		50		48
4.083%, ICE LIBOR USD 3 Month + 3.150%, 03/20/2051 (A)		110		88
4.000%, 01/22/2025		300		292
3.970%, ICE LIBOR USD 3 Month + 1.070%, 03/05/2029 (A)		150		139
3.593%, ICE LIBOR USD 3 Month + 1.370%, 07/21/2028 (A)		90		83
3.550%, ICE LIBOR USD 3 Month + 0.780%, 03/05/2024 (A)		70		70
2.972%, U.S. SOFR + 1.330%, 02/04/2033 (A)		40		33
Bank of Montreal MTN
1.850%, 05/01/2025		70		65
Bank of New York Mellon MTN
4.289%, U.S. SOFR + 1.418%, 06/13/2033 (A)		140		130
1.600%, 04/24/2025		20		19
Bank of Nova Scotia
4.588%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.050%, 05/04/2037 (A)		40		35
1.300%, 06/11/2025		40		37
Barclays
5.304%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.300%, 08/09/2026 (A)		200		197
5.088%, ICE LIBOR USD 3 Month + 3.054%, 06/20/2030 (A)		200		185
Barclays MTN
4.972%, ICE LIBOR USD 3 Month + 1.902%, 05/16/2029 (A)		200		191
Blackstone Holdings Finance
6.250%, 08/15/2042 (B)		118		119
5.000%, 06/15/2044 (B)		200		176
BNP Paribas
5.125%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.450%, 01/13/2029 (A)(B)		200		197
4.705%, ICE LIBOR USD 3 Month + 2.235%, 01/10/2025 (A)(B)		200		198
4.400%, 08/14/2028 (B)		200		189
Brighthouse Financial
4.700%, 06/22/2047		4		3
Canadian Imperial Bank of Commerce
0.950%, 06/23/2023		40		39
Capital One Financial
4.927%, U.S. SOFR + 2.057%, 05/10/2028 (A)		42		41
3.900%, 01/29/2024		700		690


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Citigroup
8.125%, 07/15/2039	$	60	$	76
4.910%, U.S. SOFR + 2.086%, 05/24/2033 (A)		40		38
4.658%, U.S. SOFR + 1.887%, 05/24/2028 (A)		20		19
4.650%, 07/23/2048		180		161
4.450%, 09/29/2027		90		86
4.412%, U.S. SOFR + 3.914%, 03/31/2031 (A)		233		217
4.125%, 07/25/2028		90		84
3.980%, ICE LIBOR USD 3 Month + 1.338%, 03/20/2030 (A)		110		100
3.785%, U.S. SOFR + 1.939%, 03/17/2033 (A)		60		52
3.700%, 01/12/2026		100		96
3.520%, ICE LIBOR USD 3 Month + 1.151%, 10/27/2028 (A)		148		135
3.400%, 05/01/2026		510		482
3.106%, U.S. SOFR + 2.842%, 04/08/2026 (A)		30		28
2.572%, U.S. SOFR + 2.107%, 06/03/2031 (A)		10		8
1.678%, U.S. SOFR + 1.667%, 05/15/2024 (A)		40		40
Cooperatieve Rabobank UA
4.375%, 08/04/2025		250		242
Credit Agricole
8.125%, USD Swap Semi 30/360 5 Yr Curr + 6.185%(A)(B)(D)		260		263
Credit Suisse Group
9.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.383%(A)(B)(D)		200		181
4.550%, 04/17/2026		250		223
4.194%, U.S. SOFR + 3.730%, 04/01/2031 (A)(B)		250		198
1.305%, U.S. SOFR + 0.980%, 02/02/2027 (A)(B)		250		202
Credit Suisse NY
7.950%, 01/09/2025		322		325
CTR Partnership
3.875%, 06/30/2028 (B)		10		8
Discover Financial Services
6.700%, 11/29/2032		160		165
Five Corners Funding Trust
4.419%, 11/15/2023 (B)		390		386
Guardian Life Global Funding
1.100%, 06/23/2025 (B)		10		9
HSBC Holdings
7.390%, U.S. SOFR + 3.350%, 11/03/2028 (A)		230		243

SEI Catholic Values Trust/Annual Report/February 28, 2023


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Intercontinental Exchange
4.950%, 06/15/2052	$	10	$	9
4.600%, 03/15/2033		100		95
Intesa Sanpaolo MTN
5.017%, 06/26/2024 (B)		200		193
JPMorgan Chase
4.950%, 06/01/2045		100		92
4.565%, U.S. SOFR + 1.750%, 06/14/2030 (A)		180		171
4.493%, TSFR3M + 3.790%, 03/24/2031 (A)		298		281
4.203%, ICE LIBOR USD 3 Month + 1.260%, 07/23/2029 (A)		590		553
4.023%, ICE LIBOR USD 3 Month + 1.000%, 12/05/2024 (A)		200		197
3.845%, U.S. SOFR + 0.980%, 06/14/2025 (A)		100		98
3.509%, ICE LIBOR USD 3 Month + 0.945%, 01/23/2029 (A)		210		192
3.109%, U.S. SOFR + 2.440%, 04/22/2051 (A)		10		7
2.522%, U.S. SOFR + 2.040%, 04/22/2031 (A)		130		107
2.083%, U.S. SOFR + 1.850%, 04/22/2026 (A)		60		56
1.514%, U.S. SOFR + 1.455%, 06/01/2024 (A)		100		99
KKR Group Finance III
5.125%, 06/01/2044 (B)		215		189
KKR Group Finance VIII
3.500%, 08/25/2050 (B)		137		93
Liberty Mutual Group
4.569%, 02/01/2029 (B)		349		330
4.250%, 06/15/2023 (B)		90		90
Lincoln National
3.400%, 01/15/2031		209		176
Lloyds Banking Group
4.375%, 03/22/2028		200		189
3.900%, 03/12/2024		536		527
Macquarie Group
1.340%, U.S. SOFR + 1.069%, 01/12/2027 (A)(B)		302		265
Macquarie Group MTN
4.150%, ICE LIBOR USD 3 Month + 1.330%, 03/27/2024 (A)(B)		471		471
Manulife Financial
3.703%, 03/16/2032		340		305
Massachusetts Mutual Life Insurance
5.672%, 12/01/2052 (B)		305		308
3.375%, 04/15/2050 (B)		144		105
Metropolitan Life Global Funding I MTN
3.300%, 03/21/2029 (B)		361		326


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Metropolitan Life Insurance
7.800%, 11/01/2025 (B)	$	267	$	281
Mitsubishi UFJ Financial Group
3.837%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.125%, 04/17/2026 (A)		200		192
Moody's
3.250%, 05/20/2050		235		163
Morgan Stanley
3.737%, ICE LIBOR USD 3 Month + 0.847%, 04/24/2024 (A)		40		40
2.484%, U.S. SOFR + 1.360%, 09/16/2036 (A)		20		15
Morgan Stanley MTN
3.772%, ICE LIBOR USD 3 Month + 1.140%, 01/24/2029 (A)		90		83
3.622%, U.S. SOFR + 3.120%, 04/01/2031 (A)		384		340
3.125%, 07/27/2026		450		419
2.511%, U.S. SOFR + 1.200%, 10/20/2032 (A)		120		95
2.188%, U.S. SOFR + 1.990%, 04/28/2026 (A)		100		93
National Securities Clearing
1.500%, 04/23/2025 (B)		250		231
NatWest Group
3.073%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.550%, 05/22/2028 (A)		200		180
New York Life Global Funding
0.950%, 06/24/2025 (B)		30		27
Peachtree Corners Funding Trust
3.976%, 02/15/2025 (B)		225		216
Principal Life Global Funding II
1.250%, 06/23/2025 (B)		10		9
Royal Bank of Canada MTN
1.600%, 04/17/2023		60		60
1.150%, 06/10/2025		40		37
Santander Holdings USA
4.500%, 07/17/2025		10		10
State Street
3.152%, U.S. SOFR + 2.650%, 03/30/2031 (A)		110		97
2.901%, U.S. SOFR + 2.600%, 03/30/2026 (A)		95		90
Teachers Insurance & Annuity Association of America
4.900%, 09/15/2044 (B)		90		83
Toronto-Dominion Bank MTN
4.456%, 06/08/2032		70		66
1.150%, 06/12/2025		30		27
0.750%, 06/12/2023		80		79

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Fixed Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
UBS MTN
4.500%, 06/26/2048 (B)	$	400	$	356
UBS Group
1.364%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.080%, 01/30/2027 (A)(B)		200		177
UBS Group Funding Jersey
4.125%, 04/15/2026 (B)		449		432
US Bancorp
5.727%, U.S. SOFR + 1.430%, 10/21/2026 (A)		169		171
1.450%, 05/12/2025		30		28
WEA Finance
3.750%, 09/17/2024 (B)		200		191
Wells Fargo MTN
4.808%, U.S. SOFR + 1.980%, 07/25/2028 (A)		457		445
3.350%, U.S. SOFR + 1.500%, 03/02/2033 (A)		20		17

				19,506

Health Care — 1.3%
Aetna
2.800%, 06/15/2023		10		10
Cigna Group
4.900%, 12/15/2048		10		9
4.800%, 08/15/2038		100		92
4.375%, 10/15/2028		170		163
4.125%, 11/15/2025		377		367
3.750%, 07/15/2023		14		14
3.400%, 03/01/2027		441		413
CVS Health
5.050%, 03/25/2048		190		170
4.300%, 03/25/2028		30		29
4.250%, 04/01/2050		70		56
4.125%, 04/01/2040		10		8
3.750%, 04/01/2030		30		27
3.625%, 04/01/2027		30		28
2.125%, 09/15/2031		30		24
1.875%, 02/28/2031		10		8
Elevance Health
4.550%, 05/15/2052		20		17
4.100%, 05/15/2032		60		55
3.650%, 12/01/2027		30		28
3.350%, 12/01/2024		20		19
Fresenius Medical Care US Finance II
4.750%, 10/15/2024 (B)		50		49
Humana
4.500%, 04/01/2025		10		10
2.150%, 02/03/2032		10		8
PeaceHealth Obligated Group
1.375%, 11/15/2025		430		385


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
SSM Health Care
3.688%, 06/01/2023	$	248	$	247

				2,236

Industrials — 2.9%
3M
3.700%, 04/15/2050		100		77
AerCap Ireland Capital DAC
3.000%, 10/29/2028		417		356
2.450%, 10/29/2026		150		132
Air Canada Pass-Through Trust, Ser 2015-1, Cl A
3.600%, 03/15/2027 (B)		207		191
Air Lease
5.300%, 02/01/2028		40		39
3.375%, 07/01/2025		20		19
Burlington Northern Santa Fe
2.875%, 06/15/2052		30		20
Canadian National Railway
3.650%, 02/03/2048		151		121
Canadian Pacific Railway
6.125%, 09/15/2115		167		171
3.100%, 12/02/2051		40		27
3.000%, 12/02/2041		20		15
Carlisle
2.200%, 03/01/2032		407		309
Carrier Global
2.700%, 02/15/2031		10		8
Cintas No. 2
4.000%, 05/01/2032		20		18
3.700%, 04/01/2027		30		29
Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A
4.000%, 10/29/2024		131		126
CSX
3.800%, 04/15/2050		331		256
Deere
3.750%, 04/15/2050		40		34
3.100%, 04/15/2030		10		9
Delta Air Lines
7.375%, 01/15/2026		30		31
7.000%, 05/01/2025 (B)		390		398
4.750%, 10/20/2028 (B)		30		28
4.500%, 10/20/2025 (B)		27		27
2.900%, 10/28/2024		40		38
Delta Air Lines Pass-Through Trust, Ser 2020-1AA
2.000%, 06/10/2028		145		127
Eaton
4.150%, 11/02/2042		70		60
Ferguson Finance
4.500%, 10/24/2028 (B)		394		367

SEI Catholic Values Trust/Annual Report/February 28, 2023


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.250%, 06/02/2030 (B)	$	230	$	197
GFL Environmental
4.250%, 06/01/2025 (B)		20		19
H&E Equipment Services
3.875%, 12/15/2028 (B)		10		9
Mileage Plus Holdings
6.500%, 06/20/2027 (B)		36		36
Norfolk Southern
4.837%, 10/01/2041		200		182
Penske Truck Leasing LP
3.900%, 02/01/2024 (B)		457		449
Republic Services
2.500%, 08/15/2024		20		19
Spirit Airlines Pass-Through Trust, Ser 2017-1AA
3.375%, 02/15/2030		149		133
Spirit Loyalty Cayman
8.000%, 09/20/2025 (B)		24		24
United Airlines
4.625%, 04/15/2029 (B)		30		27
4.375%, 04/15/2026 (B)		20		19
United Airlines Pass-Through Trust, Ser 2014-1, Cl A
4.000%, 04/11/2026		493		461
United Rentals North America
3.875%, 02/15/2031		100		86
3.750%, 01/15/2032		20		17
Verisk Analytics
3.625%, 05/15/2050		202		141
Vertiv Group
4.125%, 11/15/2028 (B)		10		9
XPO
6.250%, 05/01/2025 (B)		4		4

				4,865

Information Technology — 1.3%
Apple
3.850%, 08/04/2046		156		132
3.200%, 05/13/2025		80		77
1.125%, 05/11/2025		40		37
Broadcom
4.926%, 05/15/2037 (B)		20		17
4.750%, 04/15/2029		253		242
4.110%, 09/15/2028		237		221
3.137%, 11/15/2035 (B)		150		111
1.950%, 02/15/2028 (B)		139		118
CommScope
6.000%, 03/01/2026 (B)		20		19
Genpact Luxembourg SARL
1.750%, 04/10/2026		292		261
Lam Research
2.875%, 06/15/2050		92		61


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Mastercard
3.850%, 03/26/2050	$	10	$	8
Micron Technology
5.875%, 02/09/2033		50		49
NVIDIA
3.700%, 04/01/2060		50		38
3.500%, 04/01/2040		70		58
3.500%, 04/01/2050		50		39
2.850%, 04/01/2030		20		18
NXP BV
2.700%, 05/01/2025		30		28
PayPal Holdings
1.650%, 06/01/2025		30		28
Prosus MTN
3.061%, 07/13/2031 (B)		200		154
Salesforce
3.250%, 04/11/2023		40		40
2.700%, 07/15/2041		40		28
Sprint Capital
8.750%, 03/15/2032		10		12
Texas Instruments
1.750%, 05/04/2030		20		16
Visa
4.300%, 12/14/2045		50		45
3.150%, 12/14/2025		70		67
2.050%, 04/15/2030		20		17
Workday
3.800%, 04/01/2032		40		35
3.700%, 04/01/2029		20		18
3.500%, 04/01/2027		205		192

				2,186

Materials — 0.5%
Anglo American Capital
4.750%, 04/10/2027 (B)		200		194
3.625%, 09/11/2024 (B)		200		193
Ball
3.125%, 09/15/2031		30		24
Equate Petrochemical BV MTN
4.250%, 11/03/2026 (B)		200		192
Freeport-McMoRan
5.450%, 03/15/2043		140		126
5.400%, 11/14/2034		20		19
4.625%, 08/01/2030		10		9
4.550%, 11/14/2024		10		10
Southern Copper
5.250%, 11/08/2042		120		112
Suzano Austria GmbH
3.750%, 01/15/2031		90		76
3.125%, 01/15/2032		20		16

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Fixed Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Teck Resources
3.900%, 07/15/2030	$	30	$	27

				998

Real Estate — 0.5%
Digital Realty Trust
3.700%, 08/15/2027		233		216
3.600%, 07/01/2029		78		69
Federal Realty Investment Trust
1.250%, 02/15/2026		233		207
Simon Property Group
1.750%, 02/01/2028		501		428

				920

Utilities — 2.6%
American Transmission Systems
2.650%, 01/15/2032 (B)		30		24
Aquarion
4.000%, 08/15/2024 (B)		192		188
Berkshire Hathaway Energy
4.450%, 01/15/2049		600		518
Consolidated Edison of New York
3.950%, 04/01/2050		20		16
3.350%, 04/01/2030		20		18
DTE Electric Securitization Funding I
2.640%, 12/01/2026		260		245
Duke Energy Carolinas
3.950%, 03/15/2048		98		79
Duke Energy Florida
3.200%, 01/15/2027		230		216
Duke Energy Ohio
3.650%, 02/01/2029		50		46
Eversource Energy
3.150%, 01/15/2025		111		106
Exelon
5.625%, 06/15/2035		60		60
5.100%, 06/15/2045		328		302
4.700%, 04/15/2050		69		60
FirstEnergy
5.100%, 07/15/2047		100		89
4.150%, 07/15/2027		50		47
1.600%, 01/15/2026		20		18
Interstate Power and Light
2.300%, 06/01/2030		295		241
NextEra Energy Capital Holdings
3.550%, 05/01/2027		292		272
NSTAR Electric
3.950%, 04/01/2030		230		216
Pacific Gas and Electric
5.450%, 06/15/2027		100		98
4.950%, 06/08/2025		40		39
3.300%, 08/01/2040		10		7


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.500%, 02/01/2031	$	20	$	16
2.100%, 08/01/2027		20		17
PG&E Wildfire Recovery Funding
4.722%, 06/01/2037		456		439
3.594%, 06/01/2030		357		336
Southern
3.250%, 07/01/2026		415		387
Virginia Electric & Power
3.150%, 01/15/2026		124		117
Xcel Energy
3.400%, 06/01/2030		188		167

				4,384

Total Corporate Obligations
(Cost $60,581) ($ Thousands)				53,944



U.S. TREASURY OBLIGATIONS — 23.5%
U.S. Treasury Bills
4.736%, 05/18/2023 (F)		870		861
4.657%, 06/01/2023 (F)		240		237
4.625%, 05/25/2023 (F)		490		485
4.465%, 03/28/2023 (F)		760		757
4.331%, 03/02/2023 (F)		230		230
U.S. Treasury Bonds
4.000%, 11/15/2042		170		168
4.000%, 11/15/2052		370		377
3.875%, 02/15/2043		330		320
3.750%, 11/15/2043		490		464
3.625%, 02/15/2053		530		504
3.375%, 08/15/2042		335		302
3.375%, 11/15/2048		50		45
3.250%, 05/15/2042		110		97
3.000%, 08/15/2052		2,242		1,885
2.875%, 08/15/2045		70		57
2.875%, 05/15/2052		1,400		1,146
2.750%, 08/15/2047		460		366
2.459%, 05/15/2049 (E)		410		149
2.375%, 02/15/2042		626		482
2.375%, 05/15/2051		30		22
2.250%, 05/15/2041		10		8
2.250%, 02/15/2052		1,429		1,019
2.000%, 11/15/2041		120		87
2.000%, 02/15/2050		330		223
2.000%, 08/15/2051		1,080		726
1.875%, 02/15/2051		4,903		3,201
1.875%, 11/15/2051		572		372
1.750%, 08/15/2041		1,946		1,348
1.625%, 11/15/2050		2,410		1,477
1.375%, 08/15/2050		2,451		1,405
1.250%, 05/15/2050		670		372

SEI Catholic Values Trust/Annual Report/February 28, 2023


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
1.125%, 08/15/2040	$	4,321	$	2,721
U.S. Treasury Inflation Indexed Bonds
1.125%, 01/15/2033		468		451
0.125%, 10/15/2024		459		447
0.125%, 01/15/2030		450		408
U.S. Treasury Notes
4.125%, 09/30/2027		250		249
4.000%, 10/31/2029		590		586
3.500%, 01/31/2028		763		740
3.125%, 08/31/2027		1,151		1,098
2.750%, 04/30/2027		180		169
2.750%, 08/15/2032		2,865		2,604
2.000%, 11/15/2026		2,670		2,456
1.875%, 02/15/2032		1,051		890
1.500%, 01/31/2027		2,035		1,829
1.250%, 11/30/2026		4,660		4,162
1.125%, 01/15/2025		1,980		1,849
0.250%, 05/31/2025		90		81

Total U.S. Treasury Obligations
(Cost $47,392) ($ Thousands)				39,932



ASSET-BACKED SECURITIES — 9.0%
Automotive — 1.0%

Avis Budget Rental Car Funding AESOP, Ser 2021-1A, Cl A
1.380%, 08/20/2027 (B)		130		114
Ford Credit Auto Owner Trust, Ser 2020-1, Cl A
2.040%, 08/15/2031 (B)		400		375
Ford Credit Auto Owner Trust, Ser 2021-REV1, Cl A
1.370%, 10/17/2033 (B)		254		225
Ford Credit Floorplan Master Owner Trust, Ser 2018-4, Cl A
4.060%, 11/15/2030		150		142
Hertz Vehicle Financing, Ser 2021-1A, Cl A
1.210%, 12/26/2025 (B)		100		93
NextGear Floorplan Master Owner Trust, Ser 2022-1A, Cl A2
2.800%, 03/15/2027 (B)		489		462
Toyota Auto Loan Extended Note Trust, Ser 2021-1A, Cl A
1.070%, 02/27/2034 (B)		456		405
				1,816


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Mortgage Related Securities — 0.3%

Asset-Backed Securities Home Equity Loan Trust, Ser 2007-HE1, Cl A4
3.539%, ICE LIBOR USD 1 Month + 0.140%, 12/25/2036 (A)	$	87	$	84
Bear Stearns Asset-Backed Securities I Trust, Ser 2004-HE6, Cl M1
4.877%, ICE LIBOR USD 1 Month + 0.855%, 08/25/2034 (A)		253		242
Bear Stearns Asset-Backed Securities I Trust, Ser 2004-HE7, Cl M1
5.217%, ICE LIBOR USD 1 Month + 0.900%, 08/25/2034 (A)		141		134
				460

Other Asset-Backed Securities — 7.7%

AMSR Trust, Ser 2021-SFR3, Cl A
1.476%, 10/17/2038 (B)		300		260
AMSR Trust, Ser 2022-SFR3, Cl A
4.000%, 10/17/2039 (B)		236		222
AMSR Trust, Ser 2023-SFR1, Cl A
4.000%, 04/17/2040 (B)		410		385
Applebee's Funding, Ser 2019-1A, Cl A2I
4.194%, 06/05/2049 (B)		139		135
BankAmerica Manufactured Housing Contract Trust, Ser 1996-1, Cl B1
7.875%, 10/10/2026		510		17
CF Hippolyta, Ser 2020-1, Cl A1
1.690%, 07/15/2060 (B)		168		150
CIT Mortgage Loan Trust, Ser 2007-1, Cl 1M1
6.117%, ICE LIBOR USD 1 Month + 1.500%, 10/25/2037 (A)(B)		120		115
College Ave Student Loans, Ser 2021-C, Cl C
3.060%, 07/26/2055 (B)		150		126
Corevest American Finance Trust, Ser 2021-1, Cl A
1.569%, 04/15/2053 (B)		344		303
DB Master Finance, Ser 2021-1A, Cl A23
2.791%, 11/20/2051 (B)		472		379
DLLAA, Ser 2021-1A, Cl A3
0.670%, 04/17/2026 (B)		487		467
Domino's Pizza Master Issuer, Ser 2021-1A, Cl A2I
2.662%, 04/25/2051 (B)		420		359
First Franklin Mortgage Loan Trust, Ser 2006-FF15, Cl A2
4.737%, ICE LIBOR USD 1 Month + 0.120%, 11/25/2036 (A)		65		60
First Franklin Mortgage Loan Trust, Ser 2006-FF15, Cl A5
4.777%, ICE LIBOR USD 1 Month + 0.160%, 11/25/2036 (A)		59		58

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Fixed Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
FirstKey Homes Trust, Ser 2020-SFR2, Cl A
1.266%, 10/19/2037 (B)	$	249	$	222
FirstKey Homes Trust, Ser 2021-SFR3, Cl A
2.135%, 12/17/2038 (B)		267		236
GoodLeap Sustainable Home Solutions Trust, Ser 2022-1GS, Cl A
2.700%, 01/20/2049 (B)		90		73
Home Partners of America Trust, Ser 2021-2, Cl A
1.901%, 12/17/2026 (B)		304		268
JPMorgan Mortgage Acquisition, Ser 2005-OPT2, Cl M4
5.547%, ICE LIBOR USD 1 Month + 0.930%, 12/25/2035 (A)		180		171
Merrill Lynch Mortgage Investors Trust, Ser 2004-WMC5, Cl M1
5.547%, ICE LIBOR USD 1 Month + 0.930%, 07/25/2035 (A)		227		218
Mortgage Repurchase Agreement Financing Trust II, Ser 2022-S1, Cl A1
6.368%, SOFR30A + 2.000%, 03/30/2025 (A)(B)		120		120
National Collegiate Student Loan Trust, Ser 2006-3, Cl B
4.977%, ICE LIBOR USD 1 Month + 0.360%, 01/26/2032 (A)		250		194
Navient Private Education Refi Loan Trust, Ser 2020-DA, Cl A
1.690%, 05/15/2069 (B)		154		139
Navient Student Loan Trust, Ser 2016-3A, Cl A3
5.967%, ICE LIBOR USD 1 Month + 1.350%, 06/25/2065 (A)(B)		127		127
Oak Street Investment Grade Net Lease Fund, Ser 2020-1A, Cl A1
1.850%, 11/20/2050 (B)		211		188
Oak Street Investment Grade Net Lease Fund, Ser 2021-1A, Cl A2
1.930%, 01/20/2051 (B)		446		371
Palmer Square CLO, Ser 2021-2A, Cl A1A3
5.798%, ICE LIBOR USD 3 Month + 1.000%, 10/17/2031 (A)(B)		330		326
Palmer Square CLO, Ser 2022-2A, Cl A1
6.209%, TSFR3M + 1.570%, 07/20/2034 (A)(B)		250		248
Palmer Square Loan Funding, Ser 2022-2A, Cl A1
5.928%, TSFR3M + 1.270%, 10/15/2030 (A)(B)		370		367
PFS Financing, Ser 2022-A, Cl A
2.470%, 02/15/2027 (B)		463		437


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Progress Residential Trust, Ser 2019-SFR3, Cl A
2.271%, 09/17/2036 (B)	$	349	$	331
RAMP Trust, Ser 2006-RZ3, Cl M1
4.967%, ICE LIBOR USD 1 Month + 0.350%, 08/25/2036 (A)		229		221
Sabey Data Center Issuer, Ser 2020-1, Cl A2
3.812%, 04/20/2045 (B)		170		160
Sabey Data Center Issuer, Ser 2021-1, Cl A2
1.881%, 06/20/2046 (B)		466		401
SLM Student Loan Trust, Ser 2021-10A, Cl A4
5.439%, ICE LIBOR USD 3 Month + 0.670%, 12/17/2068 (A)(B)		109		107
Sofi Professional Loan Program Trust, Ser 2018-B, Cl A2FX
3.340%, 08/25/2047 (B)		23		22
Stack Infrastructure Issuer, Ser 2019-2A, Cl A2
3.080%, 10/25/2044 (B)		159		150
Structured Asset Investment Loan Trust, Ser 2003-BC12, Cl 2A
5.337%, ICE LIBOR USD 1 Month + 0.720%, 11/25/2033 (A)		128		119
Structured Asset Securities Mortgage Loan Trust, Ser 2007-WF1, Cl A1
5.037%, ICE LIBOR USD 1 Month + 0.420%, 02/25/2037 (A)		133		128
Taco Bell Funding, Ser 2021-1A, Cl A2II
2.294%, 08/25/2051 (B)		427		355
Tricon American Homes Trust, Ser 2019-SFR1, Cl A
2.750%, 03/17/2038 (B)		285		263
Tricon American Homes Trust, Ser 2020-SFR2, Cl A
1.482%, 11/17/2039 (B)		238		202
U.S. Small Business Administration, Ser 2010-20B, Cl 1
4.140%, 02/01/2030		33		32
U.S. Small Business Administration, Ser 2011-20G, Cl 1
3.740%, 07/01/2031		130		123
U.S. Small Business Administration, Ser 2011-20H, Cl 1
3.290%, 08/01/2031		71		66
U.S. Small Business Administration, Ser 2013-20G, Cl 1
3.150%, 07/01/2033		302		283
U.S. Small Business Administration, Ser 2014-20C, Cl 1
3.210%, 03/01/2034		261		242
U.S. Small Business Administration, Ser 2015-20F, Cl 1
2.980%, 06/01/2035		83		77

SEI Catholic Values Trust/Annual Report/February 28, 2023


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
U.S. Small Business Administration, Ser 2017-20H, Cl 1
2.750%, 08/01/2037	$	168	$	151
U.S. Small Business Administration, Ser 2018-20A, Cl 1
2.920%, 01/01/2038		176		160
U.S. Small Business Administration, Ser 2018-20B, Cl 1
3.220%, 02/01/2038		249		230
U.S. Small Business Administration, Ser 2018-20E, Cl 1
3.500%, 05/01/2038		169		158
U.S. Small Business Administration, Ser 2019-20D, Cl 1
2.980%, 04/01/2039		21		19
U.S. Small Business Administration, Ser 2019-25G, Cl 1
2.690%, 07/01/2044		22		19
U.S. Small Business Administration, Ser 2022-25D, Cl 1
3.500%, 04/01/2047		334		306
U.S. Small Business Administration, Ser 2022-25E, Cl 1
3.940%, 05/01/2047		342		322
U.S. Small Business Administration, Ser 2022-25G, Cl 1
3.930%, 07/01/2047		451		426
U.S. Small Business Administration, Ser 2022-25K, Cl 1
5.130%, 11/01/2047		261		264
Vantage Data Centers Issuer, Ser 2019-1A, Cl A2
3.188%, 07/15/2044 (B)		259		247
Vantage Data Centers Issuer, Ser 2020-1A, Cl A2
1.645%, 09/15/2045 (B)		387		345
Verizon Owner Trust, Ser 2020-A, Cl A1A
1.850%, 07/22/2024		15		15
Wendy's Funding, Ser 2019-1A, Cl A2I
3.783%, 06/15/2049 (B)		139		130
Wind River CLO, Ser 2021-3A, Cl A
5.958%, ICE LIBOR USD 3 Month + 1.150%, 07/20/2033 (A)(B)		250		244
				13,059

Total Asset-Backed Securities
(Cost $16,818) ($ Thousands)				15,335


LOAN PARTICIPATIONS — 2.0%
Acrisure LLC, 1st Lien
8.885%, 02/15/2027		30		29


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Air Canada, 1st Lien
8.369%, 08/11/2028 (A)	$	30	$	30
Ali Group, Term Loan B, 1st Lien
6.732%, 07/30/2029 (A)		61		61
Allied Universal Holdco LLC, Initial Term Loan, 1st Lien
8.468%, 05/12/2028 (A)		87		84
Alterra Mountain Company, Series B-2, 1st Lien
8.135%, 08/17/2028 (A)		39		38
Amwins Group Inc, 1st Lien
6.885%, 02/19/2028 (A)		19		19
Amwins Group Inc., Intial Term Loan, 1st Lien
7.413%, 02/19/2028		20		—
APi Group, Term Loan B, 1st Lien
7.135%, 10/01/2026 (A)		67		67
Asplundh Tree Expert, LLC, 1st Lien
6.385%, 09/07/2027 (A)		9		9
Asurion LLC, B-8 Term Loan, 1st Lien
7.885%, 12/23/2026 (A)		44		42
Asurion LLC, B-9 Term Loan, 1st Lien
7.885%, 07/31/2027 (A)		29		27
Asurion, LLC (fka Asurion Corporation), New B-7 Term Loan, 1st Lien
7.635%, LIBOR + 3.000%, 11/03/2024 (A)		48		48
Athena Health Group, INC. Initial Term Loan
8.061%, 02/15/2029 (A)(G)		115		106
Brightspring Health, Cov-Lite, 1st Lien
8.135%, 03/05/2026 (A)		14		14
Brown Group Holdings, LLC, Intitial Term Loan, 1st Lien
7.218%, 06/07/2028 (A)		39		39
Castlelake Avia, 1st Lien
7.519%, 10/22/2026 (A)		59		58
Central Parent Inc., Intial Term Loan, 1st Lien
9.080%, 07/06/2029 (A)		30		30
Charter Communications Operating, LLC, Term B-2 Loan, 1st Lien
6.368%, 02/01/2027 (A)		10		10
Charter Communications, Term Loan, 1st Lien
6.368%, 04/30/2025		74		74
Citadel Securities, 1st Lien
7.232%, 02/02/2028 (A)		39		39
Clarios Global, 1st Lien
7.885%, 04/30/2026		86		85
Cloudera, Inc., 1st Lien
8.385%, 10/08/2028 (A)		30		28
CSC Holdings, LLC, 1st Lien
6.838%, 01/15/2026 (A)		–		—

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Fixed Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
DCert Buyer, Inc., Initial Term Loan, 1st Lien
8.696%, LIBOR + 4.000%, 10/16/2026 (A)	$	107	$	105
Deerfield Dakora Holding, LLC, Term Loan, 1st Lien
8.368%, 04/09/2027		103		99
Energizer Holdings, 1st Lien
6.928%, 12/22/2027		18		18
Eyecare Partners, LLC, Term Loan, 1st Lien
8.480%, 02/18/2027		29		24
First Eagles Holdings, Inc., Term Loan
7.230%, 02/01/2027		19		18
Fleetcor Technologies Operating Company LLC, 1st Lien
6.385%, 04/28/2028		–		—
Focus Financial, 1st Lien
7.868%, 06/30/2028		88		88
Garda World Security Corp, Term Loan B, 1st Lien
8.850%, 10/30/2026 (A)		14		14
Genesee & Wyoming Inc., Initial Term Loan, 1st Lien
6.730%, LIBOR + 2.000%, 12/30/2026 (A)		87		87
GFL Environmental, Refinancing Term Loan, 1st Lien
7.718%, 05/31/2027 (A)		59		59
Global Medical, Term Loan B, 1st Lien
8.830%, 10/02/2025		86		68
Great Outdoors Group, LLC Term B-2 Loan
8.385%, 03/06/2028 (A)		19		19
Grifols Worldwide Operations Limited, Dollar Tranche B Term Loan, 1st Lien
6.635%, LIBOR + 2.000%, 11/15/2027 (A)		83		80
Harbor Freight Tools, Cov-Lite, Term Loan B, 1st Lien
7.385%, 10/19/2027		59		57
Hilton Worldwide Finance LLC, Refinanced Series B-2 Term Loan, 1st Lien
6.455%, LIBOR + 1.750%, 06/22/2026 (A)		32		32
Hunter Douglas, 1st Lien
8.373%, 02/26/2029 (A)		80		73
Hunter Dougles, Tranche B-1 Term Loan, 1st Lien
8.373%, 02/26/2029		29		27
Icon, Cov-Lite, Term Loan B, 1st Lien
7.000%, 07/03/2028 (A)		12		12


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.), New Term Loan, 1st Lien
7.635%, LIBOR + 3.000%, 05/01/2026 (A)	$	65	$	63
II-VI, Term Loan B, 1st Lien
7.385%, 07/02/2029 (A)		57		57
Jane Street Group, LLC, Dollar Term Loan, 1st Lien
7.385%, 01/26/2028 (A)		39		39
Jazz Pharmaceuticals, Inc., 1st Lien
8.135%, 05/05/2028 (A)		80		80
KKR Apple Bidco LLC, Intial Term Loan, 1st Lien
7.385%, 09/22/2028 (A)(G)		30		30
LifePoint Health, Term Loan, 1st Lien
8.575%, 11/16/2025 (A)(G)		25		24
McAfee, 1st Lien
9.580%, 07/27/2028 (A)		119		100
Milano Acquistion, Term B Loan, 1st Lien
8.730%, 10/01/2027 (A)(G)		88	��	85
Mozart Debt Merger, 1st Lien
7.885%, 10/23/2028 (A)(G)		69		67
MSG National, 1st Lien
7.000%, 07/03/2028 (A)		49		49
Nexstar Broadcasting, Inc., Term B-4 Loan, 1st Lien
7.135%, LIBOR + 2.750%, 09/18/2026 (A)(G)		31		31
PCI Gaming Authority, Term B Facility Loan, 1st Lien
7.135%, LIBOR + 2.500%, 05/29/2026 (A)		22		22
Peraton Corp, 1st Lien
8.385%, 02/01/2028 (A)		67		66
Phoenix Guarantor Inc., Tranche B-1 Term Loan, 1st Lien
7.885%, LIBOR + 3.250%, 03/05/2026 (A)		58		57
Pilot Travel Centers LLC, Initial Tranche B Term Loan, 1st Lien
6.718%, 08/04/2028 (A)(G)		48		48
Prime Security Services Borrower, LLC, Refinancing Term B-1 Loan, 1st Lien
7.517%, 09/23/2026 (A)		82		82
Quikrete Holding, Term Loan B, 1st Lien
7.635%, 03/18/2029 (A)		50		50
Rackspace Technology Global, Inc. Term B Loan, 1st Lien
7.595%, 02/15/2028 (A)		49		31

SEI Catholic Values Trust/Annual Report/February 28, 2023


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Reynolds Consumer Products LLC, Initial Term Loan, 1st Lien
6.468%, LIBOR + 1.750%, 02/04/2027 (A)	$	–	$	—
Setanta Aircraft, Term Loan B, 1st Lien
6.730%, 11/05/2028		80		79
Sotera, Health Holdings, LLC, Refinancing Loan, 1st Lien
7.160%, 12/11/2026 (A)		90		86
Terrier Media Buyer, Term B Loan, 1st Lien
8.230%, 12/17/2026 (A)		39		36
Transdigm Inc., Tranche F Term Loan, 1st Lien
6.980%, 12/09/2025		10		10
Triton Water, 1st Lien
8.230%, 03/31/2028 (A)		59		55
UFC Holdings, LLC, 1st Lien
7.570%, 04/29/2026		26		26
United Airlines Inc., 1st Lien
8.568%, 04/21/2028 (A)		69		69
Univision, Cov-Lite, Term Loan B, 1st Lien
7.885%, 03/15/2026 (A)		–		—
Verscend, 1st Lien
8.635%, 08/27/2025 (A)		49		49
VFH Parent LLC, Initial Term Loan, 1st Lien
7.661%, 01/13/2029 (A)		30		29
Virgin Media Bristol LLC, N Facility, Term Loan, 1st Lien
7.088%, LIBOR + 2.500%, 01/31/2028 (A)		105		103
Zebra Buyer LLC, 1st Lien
7.750%, 11/01/2028 (A)		31		31


Total Loan Participations
(Cost $3,510) ($ Thousands)				3,371



MUNICIPAL BONDS — 1.0%
California — 0.2%
California State, Build America, GO
7.500%, 04/01/2034		280		341


Colorado — 0.1%
City & County of Denver, Airport System Revenue, Ser C, RB
1.722%, 11/15/2027		190		165


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Illinois — 0.2%
Chicago, Metropolitan Water Reclamation District, GO
5.720%, 12/01/2038	$	345	$	371


Massachusetts — 0.2%
Massachusetts State, Educational Financing Authority, Ser A, RB
4.141%, 07/01/2027		285		272


Michigan — 0.1%
Michigan State University, Ser A, RB
4.165%, 08/15/2122		83		65
Michigan State, Finance Authority, RB
2.366%, 09/01/2049 (A)		220		217

				282

New York — 0.2%
New York State, Urban Development, RB
5.770%, 03/15/2039		275		284



Total Municipal Bonds
(Cost $1,858) ($ Thousands)				1,715



SOVEREIGN DEBT — 0.8%

Argentine Republic Government International Bond
3.500%, 07/09/2041(C)		20		6
1.000%, 07/09/2029		14		4
0.500%, 07/09/2030(C)		194		63
Brazilian Government International Bond
4.750%, 01/14/2050		200		143
4.625%, 01/13/2028		290		276
Colombia Government International Bond
5.625%, 02/26/2044		200		144
Mexico Government International Bond
4.600%, 02/10/2048		230		183
Nigeria Government International Bond MTN
6.500%, 11/28/2027(B)		200		165
Peruvian Government International Bond
5.625%, 11/18/2050		70		69
Provincia de Buenos Aires MTN
5.250%, 09/01/2037(B)(C)		297		114
Uruguay Government International Bond
5.750%, 10/28/2034		150		161
4.375%, 01/23/2031		40		39

Total Sovereign Debt
(Cost $1,664) ($ Thousands)				1,367

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Fixed Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. GOVERNMENT AGENCY OBLIGATION — 0.2%
FHLB DN
4.841%, 05/26/2023(E)(F)	$	270	$	267

Total U.S. Government Agency Obligation
(Cost $267) ($ Thousands)				267


	Shares
CASH EQUIVALENT — 2.6%
SEI Daily Income Trust, Government Fund, Institutional Class
4.350%**^†		4,435,712		4,436

Total Cash Equivalent
(Cost $4,436) ($ Thousands)				4,436


PURCHASED OPTIONS — 0.0%
Total Purchased Options
(Cost $52) ($ Thousands)				53


Total Investments in Securities — 103.4%
(Cost $197,248) ($ Thousands)			$	175,487


WRITTEN OPTIONS — (0.1)%
Total Written Options
(Premiums Received $90) ($ Thousands)			$	(167	)

A list of the open options held by the Fund at February 28, 2023, is as follows:

Description	Number of Contracts			Notional Amount (Thousands)			Exercise Price		Expiration Date		Value (Thousands)
PURCHASED OPTIONS — 0.0%
Put Options
December 2023, SOFR 1-Year Mid Curve		14		$	3,356		$	95.88		12/16/2023	$	12
December 2023, SOFR 1-Year Mid Curve		33			7,920			96.00		12/16/2023		34
March 2023, U.S. 5 Year Future Option		42			4,473			106.50		03/18/2023		3

					15,749							49


Call Options
March 2023, U.S. 5 Year Future Option		42			4,515			107.50		03/18/2023		4



Total Purchased Options				$	20,264						$	53
WRITTEN OPTIONS — (0.1)%
Put Options
December 2023, SOFR 1-Year Mid Curve		(28	)	$	(6,667	)		95.25		12/16/2023	$	(11	)
December 2023, SOFR 1-Year Mid Curve		(66	)		(15,737	)		95.38		12/16/2023		(32	)
April 2023, U.S. 10 Year Future Option		(15	)		(1,695	)		113.00		03/18/2023		(26	)
April 2023, U.S. 10 Year Future Option		(21	)		(2,415	)		115.00		03/18/2023		(72	)
March 2023, U.S. 5 Year Future Option		(14	)		(1,498	)		107.00		03/18/2023		(3	)
April 2023, U.S. 5 Year Future Option		(10	)		(1,088	)		108.75		03/18/2023		(18	)

					(29,100	)						(162	)

SEI Catholic Values Trust/Annual Report/February 28, 2023

Description	Number of Contracts			Notional Amount (Thousands)			Exercise Price		Expiration Date		Value (Thousands)
WRITTEN OPTIONS (continued)
Call Options
April 2023, U.S. 10 Year Future Option		(32	)	$	(3,712	)	$	116.00		03/18/2023	$	(1	)
March 2023, U.S. 5 Year Future Option		(14	)		(1,498	)		107.00		03/18/2023		(4	)

					(5,210	)						(5	)


Total Written Options				$	(34,310	)					$	(167	)

A list of the open futures contracts held by the Fund at February 28, 2023, is as follows:

Type of Contract	Number of Contracts			Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ (Depreciation) (Thousands)
Long Contracts
U.S. 5-Year Treasury Note		87			Jun-2023	$	9,308		$	9,314		$	6
U.S. 10-Year Treasury Note		102			Jun-2023		11,381			11,389			8
U.S. Long Treasury Bond		11			Jun-2023		1,382			1,377			(5	)
U.S. Ultra Long Treasury Bond		5			Jun-2023		681			675			(6	)
							22,752			22,755			3
Short Contracts
U.S. 2-Year Treasury Note		(40	)		Jun-2023	$	(8,167	)	$	(8,149	)	$	18
						$	14,585		$	14,606		$	21

A list of the open forward foreign currency contracts held by the Fund at February 28, 2023, is as follows:

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		04/18/23		EUR	112		USD	121	$	2
Citigroup		04/18/23		USD	138		ZAR	2,370		(10	)
Citigroup		04/18/23		CAD	277		USD	206		3
Citigroup		04/18/23		AUD	298		USD	206		4
Citigroup		04/18/23		EUR	366		NOK	3,944		(7	)
Citigroup		04/18/23		USD	434		EUR	404		(4	)
Citigroup		04/18/23		USD	498		GBP	409		(2	)
Citigroup		04/18/23		USD	614		JPY	80,407		(20	)
Citigroup		04/18/23		USD	645		IDR	9,959,840		8
Citigroup		04/18/23		USD	765		AUD	1,105		(19	)
Citigroup		04/18/23		USD	1,715		CAD	2,302		(23	)
Citigroup		04/18/23		CNH	3,033		USD	450		13
									$	(55	)

SEI Catholic Values Trust/Annual Report/February 28, 2023

SCHEDULE OF INVESTMENTS

February 28, 2023

Catholic Values Fixed Income Fund (Concluded)

A list of open centrally cleared swap agreements held by the Fund at February 28, 2023, is as follows:

Credit Default Swap - Buy Protection
Reference Entity/ Obligation	Pay Rate		Payment Frequency		Termination Date		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments/ Receipts (Thousands)			Net Unrealized Appreciation (Depreciation) (Thousands)
CDX.NA.HY.39		5.00%		Quarterly		12/20/2027	$	166	$	(2	)	$	(3	)	$	1

Credit Default Swap - Sell Protection
Reference Entity/ Obligation	Receive Rate		Payment Frequency		Termination Date		Notional Amount (Thousands)		Value (Thousands)		Upfront Payments/ Receipts (Thousands)			Net Unrealized Appreciation (Depreciation) (Thousands)
CDX.NA.IG.39		1.00%		Quarterly		12/20/2027	$	16,004	$	164	$	(14	)	$	178

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)
1.65%		SOFR		Annually		08/15/2047		USD		377	$	107		$	36		$	71
2.50%		SOFR		Annually		04/21/2052		USD		290		41			–			41
2.00%		SOFR		Annually		03/18/2032		USD		500		64			3			61
2.62%		SOFR		Annually		02/15/2048		USD		600		76			1			75
2.60%		SOFR		Annually		02/15/2048		USD		569		73			38			35
2.51%		SOFR		Annually		02/15/2048		USD		236		34			2			32
1.63%		SOFR		Annually		05/15/2047		USD		400		115			16			99
1.73%		SOFR		Quarterly		02/15/2047		USD		376		101			5			96
1.52%		SOFR		Annually		02/15/2047		USD		268		81			(9	)		90
1.50%		SOFR		Annually		02/15/2047		USD		175		53			1			52
3.25%		SOFR		Annually		09/30/2029		USD		681		21			–			21
3.85%		SOFR		Annually		06/30/2029		USD		2,094		(2	)		1			(3	)
3.27%		SOFR		Annually		04/30/2029		USD		2,150		67			(11	)		78
2.85%		SOFR		Annually		02/15/2029		USD		517		28			2			26
1.22%		SOFR		Annually		08/15/2028		USD		736		96			–			96
3.15%		SOFR		Annually		05/15/2048		USD		542		20			–			20
1.13%		SOFR		Annually		08/15/2028		USD		1,960		265			11			254
											$	1,240		$	96		$	1,144

	Percentages are based on Net Assets of $169,782 ($ Thousands).
**	The rate reported is the 7-day effective yield as of February 28, 2023.
^†	Investment in Affiliated Security (see Note 5).
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(B)	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 February 28, 2023, the value of these securities amounted to $30,757 ($ Thousands), representing 18.1% of the Net Assets of the Fund.
(C)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(D)	Perpetual security with no stated maturity date.
(E)	Zero coupon security.
(F)	Interest rate represents the security's effective yield at the time of purchase.
(G)	Unsettled bank loan. Interest rate may not be available.

ARM — Adjustable Rate Mortgage

AUD — Australian Dollar

CAD — Canadian Dollar

Cl — Class

CLO — Collateralized Loan Obligation

CMO — Collateralized Mortgage Obligation

CNH — Chinese Yuan Offshore

DAC — Designated Activity Company

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

SEI Catholic Values Trust/Annual Report/February 28, 2023

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

MTN — Medium Term Note

NOK — Norwegian Krone

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

STACR — Structured Agency Credit Risk

TBA — To Be Announced

TSFR1M — Term Secured Overnight Financing Rate 1 Month

TSFR3M — Term Secured Overnight Financing Rate 3 Months

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the level of inputs used as of February 28, 2023, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Mortgage-Backed Securities

–

55,067

–

55,067

Corporate Obligations

–

53,944

–

53,944

U.S. Treasury Obligations

–

39,932

–

39,932

Asset-Backed Securities

–

15,335

–

15,335

Loan Participations

–

3,371

–

3,371

Municipal Bonds

–

1,715

–

1,715

Sovereign Debt

–

1,367

–

1,367

U.S. Government Agency Obligation

–

267

–

267

Cash Equivalent

4,436

–

4,436

Purchased Options

–

Total Investments in Securities

4,489

170,998

–

175,487

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Written Options		(167	)		–			–		(167	)
Futures Contracts*
Unrealized Appreciation		32			–			–		32
Unrealized Depreciation		(11	)		–			–		(11	)
Forward Contracts*
Unrealized Appreciation		–			30			–		30
Unrealized Depreciation		–			(85	)		–		(85	)
Centrally Cleared Swaps
Credit Default Swaps*
Unrealized Appreciation		–			179			–		179
Interest Rate Swaps*
Unrealized Appreciation		–			1,147			–		1,147
Unrealized Depreciation		–			(3	)		–		(3	)
Total Other Financial Instruments		(146	)		1,268			–		1,122

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

The following is a summary of the transactions with affiliates for the year ended February 28, 2023 ($ Thousands):

Security Description		Value 2/28/2022				Purchases at Cost				Proceeds from Sales				Realized Gain/(Loss)				Change in Unrealized Appreciation/(Depreciation)				Value 2/28/2023				Income				Capital Gains
SEI Daily Income Trust, Government Fund, Institutional Class		$	2,126			$	62,475			$	(60,165	)		$	—			$	—			$	4,436			$	70				$ —

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/Annual Report/February 28, 2023

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

February 28, 2023

	Catholic Values Equity Fund			Catholic Values Fixed Income Fund
Assets:
Investments, at Value ^†	$	306,274		$	171,051
Affiliated Investments, at Value ^†^†		4,801			4,436
Cash		1,753			91
Cash Collateral on Futures		274			277
Cash Collateral on Centrally Cleared Swap Contracts		–			615
Foreign Currency, at Value ^†^†^†		5			120
Receivable for Fund Shares Sold		71			30
Receivable for Investment Securities Sold		33			1,276
Dividends and Interest Receivable		435			1,048
Unrealized Appreciation on Forward Foreign Currency Contracts		–			30
Foreign Tax Reclaim Receivable		64			–
Receivable for Variation Margin on Swap Contracts		–			4
Receivable for Variation Margin on Futures Contracts		–			8
Prepaid Expenses		11			6
Total Assets		313,721			178,992
Liabilities:
Payable for Investment Securities Purchased		–			8,760
Payable for Fund Shares Redeemed		49			48
Income Distribution Payable		–			2
Options Written, at Value #		–			167
Payable for Variation Margin on Futures Contracts		14			2
Payable for Variation Margin on Swap Contracts		–			6
Administration Fees Payable		57			14
Shareholder Servicing Fees Payable, Class F		21			9
Unfunded Commitments on Loan Participations		–			1
Unrealized Depreciation on Forward Foreign Currency Contracts		–			85
Trustees Fees Payable		2			1
Chief Compliance Officer Fees Payable		1			–
Investment Advisory Fees Payable		103			40
Accrued Expense Payable		46			75
Accrued Foreign Capital Gains Tax on Appreciated Securities		11			–
Total Liabilities		304			9,210
Net Assets	$	313,417		$	169,782
^† Cost of Investments	$	250,828		$	192,812
^†^† Cost of Affiliated Investments		4,801			4,436
^†^†^† Cost of Foreign Currency		6			112
# Premiums Received on Written Options		–			90
Net Assets:
Paid-in Capital — (Unlimited Authorization — No Par Value)	$	263,786		$	199,708
Total Distributable Earnings/(Loss)		49,631			(29,926	)
Net Assets	$	313,417		$	169,782
Net Asset Value, Offering and Redemption Price Per Share — Class F	$	12.59		$	8.60
		($286,483,296 ÷ 22,749,863 shares	)		($130,175,893 ÷ 15,144,255 shares	)
Net Asset Value, Offering and Redemption Price Per Share — Class Y	$	12.57		$	8.61
		($26,933,644 ÷ 2,142,688 shares	)		($39,605,694 ÷ 4,601,202 shares	)

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/Annual Report/February 28, 2023

STATEMENTS OF OPERATIONS ($ Thousands)

For the year ended February 28, 2023

	Catholic Values Equity Fund			Catholic Values Fixed Income Fund
Investment Income:
Dividend Income	$	6,070		$	–
Income from Affiliated Registered Investment Company⁽¹⁾		93			70
Interest Income		27			5,546
Less: Foreign Taxes Withheld		(200	)		–
Total Investment Income		5,990			5,616
Expenses:
Investment Advisory Fees		1,862			611
Administration Fees		931			349
Shareholder Servicing Fees, Class F Shares		708			334
Professional Fees		67			36
Registration Fees		59			32
Pricing Fees		37			147
Printing Fees		31			18
Custodian/Wire Agent Fees		20			45
Trustees' Fees		7			4
Chief Compliance Officer Fees		2			1
Other Expenses		56			7
Total Expenses		3,780			1,584
Less:
Waiver of Investment Advisory Fees		(567	)		(87	)
Waiver of Shareholder Servicing Fees, Class F Shares		(425	)		(200	)
Waiver of Administration Fees		(138	)		(95	)
Net Expenses		2,650			1,202
Net Investment Income		3,340			4,414

Net Realized Gain (Loss) on:
Investments		(3,910	)		(5,790	)
Futures Contracts		(1,162	)		(2,742	)
Forward Foreign Currency Contracts		–			(486	)
Foreign Capital Gains Tax		(4	)		–
Foreign Currency Transactions		2			13
Written Options and Swaptions		–			576
Purchased Options and Swaptions		–			(474	)
Swap Contracts		–			1,343
Net Realized Gain (Loss)		(5,074	)		(7,560	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(24,968	)		(18,638	)
Futures Contracts		697			(170	)
Forward Foreign Currency Contracts		–			457
Foreign Capital Gains Tax		25			–
Foreign Currency and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(1	)		4
Written Options and Swaptions		–			(55	)
Purchased Options and Swaptions		–			(22	)
Swap Contracts		–			830
Net Change in Unrealized Appreciation (Depreciation)		(24,247	)		(17,594	)
Net Realized and Unrealized Gain (Loss)		(29,321	)		(25,154	)
Net Decrease in Net Assets Resulting from Operations	$	(25,981	)	$	(20,740	)

(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/Annual Report/February 28, 2023

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the years ended February 28,

	Catholic Values Equity Fund						Catholic Values Fixed Income Fund
		2/28/2023			2/28/2022			2/28/2023			2/28/2022
Operations:
Net Investment Income	$	3,340		$	2,098		$	4,414		$	2,790
Net realized gain (loss)		(5,074	)		31,866			(7,560	)		281
Net change in unrealized appreciation (depreciation)		(24,247	)		(7,522	)		(17,594	)		(7,715	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(25,981	)		26,442			(20,740	)		(4,644	)
Distributions:
Class F		(9,737	)		(48,224	)		(3,260	)		(3,483	)
Class Y		(954	)		(3,331	)		(1,014	)		(896	)
Total Distributions		(10,691	)		(51,555	)		(4,274	)		(4,379	)
Capital Share Transactions:
Class F:
Proceeds from Shares Issued		4,210			18,689			4,164			21,329
Reinvestment of Dividends & Distributions		9,716			48,168			3,243			3,471
Cost of Shares Redeemed		(8,704	)		(23,630	)		(5,563	)		(7,674	)
Net Increase in Net Assets from Class F Transactions		5,222			43,227			1,844			17,126
Class Y:
Proceeds from Shares Issued		375			11,550			1,498			18,711
Reinvestment of Dividends & Distributions		952			3,331			1,013			895
Cost of Shares Redeemed		(1,182	)		(4,703	)		(3,044	)		(9,605	)
Net Increase (Decrease) in Net Assets from Class Y Transactions		145			10,178			(533	)		10,001
Net Increase in Net Assets Derived from Capital Share Transactions		5,367			53,405			1,311			27,127
Net Increase (Decrease) in Net Assets		(31,305	)		28,292			(23,703	)		18,104
Net Assets:
Beginning of Year		344,722			316,430			193,485			175,381
End of Year	$	313,417		$	344,722		$	169,782		$	193,485
Capital Share Transactions:
Class F:
Shares Issued		325			1,146			466			2,080
Shares Issued in Lieu of Dividends & Distributions		805			3,225			366			337
Shares Redeemed		(677	)		(1,460	)		(621	)		(745	)
Net Increase in Shares Outstanding from Share Transactions		453			2,911			211			1,672
Capital Share Transactions:
Class Y:
Shares Issued		29			761			168			1,818
Shares Issued in Lieu of Dividends & Distributions		79			223			114			87
Shares Redeemed		(93	)		(290	)		(345	)		(933	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		15			694			(63	)		972

	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/Annual Report/February 28, 2023

FINANCIAL HIGHLIGHTS

For the the years ended February 28, or February 29,

For a share outstanding throughout the year

	Net Asset Value, Beginning of Year		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gains (Losses) on Investments			Total from Operations			Distributions from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Net Asset Value, End of Year		Total Return^†			Net Assets End of Year ($ 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
2023	$	14.12	$	0.14	$	(1.23	)	$	(1.09	)	$	(0.13	)	$	(0.31	)	$	(0.44	)	$	12.59		(7.57	)%	$	286,483		0.86	%		1.24	%		1.07	%		33	%
2022		15.20		0.10		1.34			1.44			(0.10	)		(2.42	)		(2.52	)		14.12		8.72			314,736		0.86			1.23			0.61			37
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
Class Y
2023	$	14.09	$	0.15	$	(1.22	)	$	(1.07	)	$	(0.14	)	$	(0.31	)	$	(0.45	)	$	12.57		(7.42	)%	$	26,934		0.76	%		0.99	%		1.17	%		33	%
2022		15.17		0.11		1.35			1.46			(0.12	)		(2.42	)		(2.54	)		14.09		8.82			29,986		0.76			0.98			0.68			37
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
Catholic Values Fixed Income Fund
Class F
2023	$	9.87	$	0.22	$	(1.27	)	$	(1.05	)	$	(0.22	)	$	—		$	(0.22	)	$	8.60		(10.70	)%	$	130,176		0.71	%		0.97	%		2.51	%		101	%
2022		10.34		0.15		(0.38	)		(0.23	)		(0.21	)		(0.03	)		(0.24	)		9.87		(2.29	)		147,409		0.71			0.97			1.48			76
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
Class Y
2023	$	9.88	$	0.23	$	(1.28	)	$	(1.05	)	$	(0.22	)	$	—		$	(0.22	)	$	8.61		(10.65	)%	$	39,606		0.61	%		0.72	%		2.60	%		101	%
2022		10.35		0.16		(0.38	)		(0.22	)		(0.22	)		(0.03	)		(0.25	)		9.88		(2.21	)		46,076		0.61			0.72			1.58			76
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

^†	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 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/Annual Report/February 28, 2023

NOTES TO FINANCIAL STATEMENTS

February 28, 2023

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 — Effective September 8, 2022, and pursuant to the requirements of the 1940 Act and Rule 2a-5, the administrator, as delegated by the

Board of Trustees (the "Board"), has the responsibility for the valuation of Fund investments with readily available market quotations in accordance with the Funds' Valuation and Pricing Policy. The Trust's Board of Trustees has designated SEI Investments Management Corporation ("SIMC") as the Valuation Designee for the Funds pursuant to Rule 2a-5 (the "Rule") under the 1940 Act. The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board's designation, has appointed a valuation committee of SIMC persons to function as the Valuation Designee (the "Committee") and has established a Valuation and Pricing Policy to implement the Rule and the Fund's' Valuation and Pricing Policy (together with SIMC's Valuation and Pricing Policy, the "Procedures"). Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust's Fair Value Procedures established by the Funds' Board of Trustees and were implemented through a Fair Value Committee designated by the Board. As discussed in detail below, the Committee will typically first seek to fair value investments with valuations received from an independent, third-party pricing agent (a "Pricing Service"). If such valuations are not available or are unreliable, the Committee will seek to obtain a bid price from at least one independent broker or dealer. If a broker or dealer quote is unavailable, the Committee will convene, subject to the Fair Value Procedures, to establish a fair value for the fair value investments.

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 debt tranches of 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

SEI Catholic Values Trust/Annual Report/February 28, 2023

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, or in the case of an equity tranche of a CDO/CLO, 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 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. SIMC, through the Committee 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, will notify the Committee, if it receives such notification from 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. 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" are valued in accordance with Rule 2a-5 and the Procedures. The Committee must monitor for circumstances that may necessitate that a security be valued using the Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed 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, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event (as defined below). When a security is valued in accordance with the Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Valuation Designee. Examples of factors the Committee may consider

SEI Catholic Values Trust/Annual Report/February 28, 2023

NOTES TO FINANCIAL STATEMENTS (Continued)

February 28, 2023

include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

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 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.

SEI Catholic Values Trust/Annual Report/February 28, 2023

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 year ended February 28, 2023 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended February 28, 2023, 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.

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.

Forward Foreign Currency Contracts — To the extent consistent with its Investment Objective and Strategies, a Fund may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. A Fund may also engage in currency transactions to enhance that Fund’s returns. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Funds realize gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for Federal income tax purposes.

The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open forward foreign currency contracts as of February 28, 2023, if applicable.

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,

SEI Catholic Values Trust/Annual Report/February 28, 2023

NOTES TO FINANCIAL STATEMENTS (Continued)

February 28, 2023

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 February 28, 2023, 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-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.

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 February 28, 2023, 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

SEI Catholic Values Trust/Annual Report/February 28, 2023

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 February 28, 2023, 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 (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

SEI Catholic Values Trust/Annual Report/February 28, 2023

NOTES TO FINANCIAL STATEMENTS (Continued)

February 28, 2023

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 February 28, 2023, 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 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 February 28, 2023, 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

SEI Catholic Values Trust/Annual Report/February 28, 2023

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.

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.

SEI Catholic Values Trust/Annual Report/February 28, 2023

NOTES TO FINANCIAL STATEMENTS (Continued)

February 28, 2023

As of February 28, 2023, the Fixed Income Fund is the seller (“Providing Protection”) on a total notional amount of $16 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:

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	$	—	$	—	$	16,004,000	$	—	$	—	$	16,004,000
> than 100		—		—		—		—		—		—
Total	$	—	$	—	$	16,004,000	$	—	$	—	$	16,004,000

* 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.

4. DERIVATIVE TRANSACTIONS

The following tables include only Funds that had exposure to 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 February 28, 2023 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:
Catholic Values Equity Fund
Equity contracts	Unrealized appreciation on futures contracts	$	47	*	Unrealized depreciation on futures contracts	$	—	*
Total Derivatives not accounted for as hedging instruments		$	47			$	—

	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:
Catholic Values Fixed Income Fund
Interest rate contracts	Unrealized appreciation on futures contracts	$	32	*	Unrealized depreciation on futures contracts	$	11	*
	Unrealized appreciation on swap contracts		1,147	^{^†}	Unrealized depreciation on swap contracts		3	^{^†}
	Investments purchased, at value		53		Options written, at value		167
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		30		Unrealized loss on forward foreign currency contracts		85
Credit Contracts	Unrealized appreciation on swap contracts		179	^{^†}	Unrealized depreciation on swap contracts		—	^{^†}
Total Derivatives not accounted for as hedging instruments		$	1,441			$	266

* 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 OTC swap contracts that have paid premiums. Only current day’s variation margin is reported within the Statement of Assets & Liabilities for centrally cleared swap contracts.

The effect of derivative instruments on the Statements of Operations for the year ended February 28, 2023.

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

SEI Catholic Values Trust/Annual Report/February 28, 2023

Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions			Written Options and Swaptions		Futures			Forward Currency Contracts			Swaps			Total
Catholic Values Equity Fund
Equity contracts	$	—		$	—	$	(1,162	)	$	—		$	—		$	(1,162	)
Total	$	—		$	—	$	(1,162	)	$	—		$	—		$	(1,162	)

Catholic Values Fixed Income Fund
Interest Rates	$	—		$	—	$	(2,742	)	$	—		$	1,583		$	(1,159	)
Foreign exchange contracts		(474	)		5		—			(486	)		—			(955	)
Credit contracts		—			—		—			—			(240	)		(240	)
Equity contracts		—			571		—			—			—			571
Total	$	(474	)	$	576	$	(2,742	)	$	(486	)	$	1,343		$	(1,783	)

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

Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions			Written Options and Swaptions			Futures			Forward Currency Contracts		Swaps		Total
Catholic Values Equity Fund
Equity contracts	$	—		$	—		$	697		$	—	$	—	$	697
Total	$	—		$	—		$	697		$	—	$	–	$	697

Catholic Values Fixed Income Fund
Interest Rates	$	—		$	—		$	(170	)	$	—	$	490	$	320
Foreign exchange contracts		—			—			—			457		—		457
Credit contracts		—			—			—			—		340		340
Equity contracts		(22	)		(55	)		—			—		—		(77	)
Total	$	(22	)	$	(55	)	$	(170	)	$	457	$	830	$	1,040

The following table discloses the average quarterly balances of the Funds’ derivative activity during the year ended February 28, 2023 ($ Thousands):

	Catholic Values Equity Fund		Catholic Values Fixed Income Fund
Futures Contracts:
Average Notional Balance Long	$	4,507	$	20,699
Average Notional Balance Short		–		2,144
Forward Foreign Currency Contracts:
Average Notional Balance Long		–		6,830
Average Notional Balance Short		–		6,865
Credit Default Swaps:
Average Notional Balance Buy Protection		–		42
Average Notional Balance Sell Protection		–		18,412
Interest Rate Swaps:
Average Notional Balance		–		16,875
Options/Swaptions:
Average Notional Balance Long^†		–		23
Average Notional Balance Short^†		–		61

^† 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.

SEI Catholic Values Trust/Annual Report/February 28, 2023

NOTES TO FINANCIAL STATEMENTS (Continued)

February 28, 2023

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
Catholic Values Equity Fund
Class F		0.60	%		0.25	%		0.86	%
Class Y		0.60	%		0.00	%		0.76	%
Catholic Values Fixed Income Fund
Class F		0.35	%		0.25	%		0.71	%
Class Y		0.35	%		0.00	%		0.61	%

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
Catholic Values Equity Fund	0.300	%	0.260	%	0.210	%	0.1700	%	0.120	%
Catholic Values Fixed Income Fund	0.200	%	0.1775	%	0.1550	%	0.1325	%	0.110	%

Investment Sub-Advisory Agreements — As of February 28, 2023, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:

Investment Sub-Adviser

Catholic Values Equity Fund

Brandywine Global Investment Management, LLC

Coho Partners, Ltd.

Copeland Capital Management, LLC

Fred Alger Management, LLC

Lazard Asset Management LLC

Leeward Investments, LLC

Parametric Portfolio Associates, LLC

Allspring Global Investments, LLC

Catholic Values Fixed Income Fund

Income Research & Management

Western Asset Management, LLC

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 year ended February 28, 2023, 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

SEI Catholic Values Trust/Annual Report/February 28, 2023

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 year ended February 28, 2023, 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 year ended February 28, 2023, were as follows:

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Catholic Values Equity Fund
Purchases	$	—	$	104,414	$	104,414
Sales		—		100,693		100,693
Catholic Values Fixed Income Fund
Purchases		157,457		20,237		177,694
Sales		158,481		14,108		172,589

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.

Reclassification of Components of Net Assets — The timing and characterization of certain income and capital gain distributions are determined annually in accordance with Federal tax regulations which may differ from accounting principles generally accepted in the United States. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for the reporting period may differ from distributions during such period. These book/tax differences may be temporary or permanent in nature. The permanent differences are primarily attributable to gains and losses on passive foreign investment companies and distribution reclassification. The temporary differences are primarily attributable to perpetual bond adjustments, FX mark-to-market, mark-to-market on open futures, straddle loss deferral, deferred start-up costs, and passive foreign investment companies marked to market. There are no permanent differences in the current year that would require a charge or credit to distributable earnings or Paid-in Capital accounts.

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

	Ordinary Income ($ Thousands)		Long-term Capital Gain ($ Thousands)		Total ($ Thousands)
Catholic Values Equity Fund
2023	$	3,477	$	7,214	$	10,691
2022		19,665		31,890		51,555
Catholic Values Fixed Income Fund
2023		4,274		—		4,274
2022		4,379		—		4,379

SEI Catholic Values Trust/Annual Report/February 28, 2023

NOTES TO FINANCIAL STATEMENTS (Continued)

February 28, 2023

As of February 28, 2023, 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)
Catholic Values Equity Fund	$	215	$	—	$	(2,841	)	$	(88	)	$	—	$	52,360		$	(15	)	$	49,631
Catholic Values Fixed Income Fund		71		—		(8,355	)		(470	)		—		(20,827	)		(345	)		(29,926	)

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Losses carried forward are as follows:

	Short-Term Loss ($ Thousands)		Long-Term Loss ($ Thousands)		Total ($ Thousands)
Catholic Values Equity Fund		2,841		–		2,841
Catholic Values Fixed Income Fund		3,828		4,527		8,355

During the fiscal year ended February 28, 2023, no Funds used capital loss carryforwards to offset capital gains.

For Federal income tax purposes, the cost of securities owned at February 28, 2023, 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 and PFIC MTM, 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 February 28, 2023, were as follows:

	Federal Tax Cost ($ Thousands)		Aggregate Gross Unrealized Appreciation ($ Thousands)		Aggregate Gross Unrealized Depreciation ($ Thousands)			Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
Equity Fund Fund	$	258,698	$	74,871	$	(22,512	)	$	52,359
Fixed Income Fund		197,651		1,181		(22,008	)		(20,827	)

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of February 28, 2023, 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. Policy to record interest and penalties, if any.

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:

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

SEI Catholic Values Trust/Annual Report/February 28, 2023

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 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

SEI Catholic Values Trust/Annual Report/February 28, 2023

NOTES TO FINANCIAL STATEMENTS (Continued)

February 28, 2023

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 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

SEI Catholic Values Trust/Annual Report/February 28, 2023

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 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.

SEI Catholic Values Trust/Annual Report/February 28, 2023

NOTES TO FINANCIAL STATEMENTS (Concluded)

February 28, 2023

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 February 28, 2023, SPTC held of record the following:


Catholic Values Equity Fund
Class F	98.95%
Class Y	50.51%
Catholic Values Fixed Income Fund
Class F	97.60%
Class Y	58.11%

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 U.K. Financial Conduct Authority stopped compelling or inducing banks to submit certain London Inter-Bank Offered Rate (LIBOR) rates. The publication of LIBOR on a representative basis ceased for the one-week and two-month U.S. dollar LIBOR settings immediately after December 31, 2021, and is expected to cease for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. The elimination of the 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. 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 (SOFR), 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 a Fund. The effect of any changes to, or discontinuation of, LIBOR on a Fund 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 a Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

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 February 28, 2023.

SEI Catholic Values Trust/Annual Report/February 28, 2023

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Trustees

SEI Catholic Values Trust:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of SEI Catholic Values Trust, comprised of Catholic Values Equity Fund and Catholic Values Fixed Income Fund (collectively, the Funds), including the schedules of investments, as of February 28, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 28, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2023, by correspondence with the custodians, transfer agent, agent banks, and brokers or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more SEI Funds investment companies since 2005.

Philadelphia, Pennsylvania April 28, 2023

April 28, 2023

SEI Catholic Values Trust/Annual Report/February 28, 2023

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited)

The following chart lists Trustees and Officers as of February 28, 2023.

Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of positions in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-800-342-5734.

Name, Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
INTERESTED TRUSTEES
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 76 yrs. old	Chairman of the Board of Trustees*	since 2015	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	96	President and Director of SEI Structured Credit Fund, LP. Director of SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Multi-Strategy Funds PLC, SEI Global Nominee Ltd and SEI Investments—Unit Trust Management (UK) Limited. President, Director and Chief Executive Officer of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. President, Chief Executive Officer and Trustee of SEI Liquid Asset Trust from 1989 to 2016. President, Chief Executive Officer and Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of The KP Funds from 2013 to 2020. Vice Chairman of O'Connor EQUUS (closed-end investment company) from 2014 to 2016. Vice Chairman of Winton Series Trust from 2014 to 2017. Vice Chairman of The Advisors' Inner Circle Fund III and Winton Diversified Opportunities Fund (closed-end investment company) from 2014 to 2018. Vice Chairman of Gallery Trust from 2015 to 2018. Vice Chairman of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2018. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. President, Chief Executive Officer and Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.
William M. Doran One Freedom Valley Drive Oaks, PA 19456 82 yrs. old	Trustee*	since 2015	Self-employed consultant since 2003.Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003. Counsel to the Trust, SEI Investments, SIMC, the Administrator and the Distributor.	96	Director of SEI Investments since 1985; Secretary of SEI Investments since 1978. Director of SEI Investments Distribution Co. since 2003. Director of SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Investments (Asia) Limited, SEI Global Nominee Ltd. and SEI Investments—Unit Trust Management (UK) Limited. Trustee of SEI Liquid Asset Trust from 1982 to 2016. Trustee of O'Connor EQUUS (closed-end investment company) from 2014 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of Winton Series Trust from 2014 to 2017. Trustee of The Advisors’ Inner Circle Fund and The Advisors’ Inner Circle Fund II from 1991 to 2018. Trustee of Bishop Street Funds from 2006 to 2018. Trustee of The KP Funds from 2013 to 2018. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) from 2014 to 2018. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2021. Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.

*	Messrs. Nesher and Doran are Trustees who may be deemed as “interested” persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with SIMC and the Trust’s Distributor.

1	Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.

The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, SEI Catholic Values Trust, New Covenant Funds and SEI Exchange Traded Funds.

SEI Catholic Values Trust/Annual Report/February 28, 2023

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
TRUSTEES (continued)
Nina Lesavoy One Freedom Valley Drive, Oaks, PA 19456 65 yrs. old	Trustee	since 2015	Founder and Managing Director, Avec Capital (strategic fundraising firm) since 2008. Managing Director, Cue Capital (strategic fundraising firm) from March 2002-March 2008.	96	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2003 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee/Director of SEI Structured Credit Fund, L.P., SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.
James M. Williams One Freedom Valley Drive, Oaks, PA 19456 75 yrs. old	Trustee	since 2015	Vice President and Chief Investment Officer, J. Paul Getty Trust, Non-Profit Foundation for Visual Arts, since December 2002. President, Harbor Capital Advisors and Harbor Mutual Funds, 2000-2002. Manager, Pension Asset Management, Ford Motor Company, 1997-1999.	96	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2004 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee/Director of Ariel Mutual Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.
Hubert L. Harris, Jr. One Freedom Valley Drive, Oaks, PA 19456 79 yrs. old	Trustee	since 2015	Retired since December 2005. Owner of Harris Plantation, Inc. since 1995. Chief Executive Officer of Harris CAPM, a consulting asset and property management entity. Chief Executive Officer, INVESCO North America, August 2003-December 2005. Chief Executive Officer and Chair of the Board of Directors, AMVESCAP Retirement, Inc., January 1998- August 2005.	96	Director of AMVESCAP PLC from 1993-2004. Served as a director of a bank holding company, 2003-2009. Director, Aaron’s Inc., 2012-present. Member of the Board of Councilors of the Carter Center (nonprofit corporation) and served on the boards of other non-profit organizations. Director of SEI Alpha Strategy Portfolios, LP from 2008 to 2013. Trustee of SEI Liquid Asset Trust from 2008 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.
Susan C. Cote One Freedom Valley Drive Oaks, PA 19456 68 years old	Trustee	since 2015	Retired since July 2015. Treasurer and Chair of Finance, Investment and Audit Committee of the New York Women's Foundation from 2012 to 2017. Member of the Ernst & Young LLP Retirement Investment Committee, 2009-2015. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006-2015. Partner, Ernst & Young LLP from 1997-2015. Americas Director of Asset Management, Ernst & Young LLP from 2006-2013. Prudential, 1983-1997.	96	Trustee of SEI Insurance Products Trust from 2015 to 2020. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.
James B. Taylor One Freedom Valley Drive Oaks, PA 19456 72 years old	Trustee	since 2018	Retired since December 2017. Chief Investment Officer at Georgia Tech Foundation from 2008 to 2017. Chief Investment Officer at Delta Air Lines from 1983 to 2007. Member of the Investment Committee of Institute of Electrical and Electronic Engineers from 1999 to 2004. President, Vice President and Treasurer for Southern Benefits Conference from 1998 to 2000.	96	Trustee of SEI Insurance Products Trust from 2018 to 2020. Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.
Christine Reynolds One Freedom Valley Drive Oaks, PA 19456 64 years old	Trustee	since 2019	Retired since December 2016. Executive Vice President, Fidelity Investments from 2014-2016. President, Fidelity Pricing and Cash Management Services and Chief Financial Officer of Fidelity Funds from 2008-2014. Chief Operating Officer, Fidelity Pricing and Cash Management Services from 2007-2008. President and Treasurer, Fidelity Funds from 2004-2007. Anti-Money Laundering Officer, Fidelity Funds in 2004. Executive Vice President, Fidelity Funds from 2002-2004. Audit Partner, PricewaterhouseCoopers from 1992-2002.	96	Trustee of SEI Insurance Products Trust from 2019 to 2020. Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.

1	Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.

The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Catholic Values Trust, New Covenant Funds and SEI Exchange Traded Funds.

SEI Catholic Values Trust/Annual Report/February 28, 2023

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) (Concluded)

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
OFFICERS
Robert A. Nesher One Freedom Valley Drive, Oaks, PA 19456 76 yrs. Old	President and CEO	since 2015	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	N/A	N/A
Ankit Puri One Freedom Valley Drive Oaks, PA 19456 39 yrs. old	Controller and Chief Financial Officer	since 2022	Director, Fund Accounting, SEI Investments Global Funds Services since July 2021. Associate Director, Fund Accounting Policy, Vanguard from September 2020 – June 2021. Senior Manager, Ernst & Young LLP, October 2017 – August 2020.	N/A	N/A
Glenn R. Kurdziel One Freedom Valley Drive Oaks, PA 19456 49 yrs. old	Assistant Controller	since 2017	Senior Manager, Funds Accounting, SEI Investments Global Funds Services since 2005.	N/A	N/A
Steven Panner One Freedom Valley Drive Oaks, PA 19456 52 yrs. old	Chief Compliance Officer	since 2022	Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund, L.P., The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund and Catholic Responsible Investments Funds since September 2022. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011.	N/A	N/A
Timothy D Barto One Freedom Valley Drive Oaks, PA 19456 54 yrs. old	Vice President and Secretary	since 2015	Vice President and Secretary of SEI Institutional Transfer Agent, Inc. since 2009. General Counsel and Secretary of SIMC since 2004. Vice President of SIMC and the Administrator since 1999. Vice President and Assistant Secretary of SEI since 2001.	N/A	N/A
Katherine Mason One Freedom Valley Drive Oaks, PA 19456 43 yrs. Old	Vice President and Assistant Secretary	since 2022	Consulting Attorney, Hirtle, Callaghan & Co. from October 2021 – June 2022. Attorney, Stradley Ronon Stevens & Young from September 2007 – July 2012.	N/A	N/A

1	Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.

The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Catholic Values Trust, SEI Tax Exempt Trust and New Covenant Funds.

SEI Catholic Values Trust/Annual Report/February 28, 2023

Name

Address,

and Age

Position(s)

Held with

Trusts

Term of

Office and

Length of

Time Served¹

Principal Occupation(s)

During Past Five Years

Number of

Portfolios in

Fund Complex

Overseen

by Trustee²

Other Directorships

Held by Trustee

OFFICERS

David F. McCann

One Freedom

Valley Drive,

Oaks, PA 19456

45 yrs. old

Vice

President

and

Assistant

Secretary

since 2015

General Counsel and Secretary of SEI Institutional Transfer Agent, Inc. since 2020. Vice President and Assistant Secretary of SEI Institutional Transfer Agent, Inc. from 2009-2020. Vice President and Assistant Secretary of SIMC since 2008. Attorney, Drinker Biddle & Reath, LLP (law firm), May 2005 - October 2008.

N/A

Stephen G. MacRae

One Freedom

Valley Drive,

Oaks, PA 19456

55 yrs. old

Vice

President

since 2015

Director of Global Investment Product

Management since January 2004.

N/A

Bridget E. Sudall

One Freedom

Valley Drive

Oaks, PA 19456

42 yrs. old

Anti-Money

Laundering

Compliance

Officer and

Privacy

Officer

since 2015

Anti-Money Laundering Compliance Officer and Privacy Officer of Schroder Global Series Trust and Schroder Series Trust from 2017 to 2021. Anti-Money Laundering Compliance Officer and Privacy Officer of The KP Funds from 2015 to 2020. Anti-Money Laundering Compliance Officer and Privacy Officer of Winton Series Trust from 2015 to 2017. Senior Associate and AML Officer at Morgan Stanley Alternative Investment Partners from April 2011 to March 2015. Investor Services Team Lead at Morgan Stanley Alternative Investment Partners from July 2007 to April 2011.

N/A

1	Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.

SEI Catholic Values Trust/Annual Report/February 28, 2023

DISCLOSURE OF FUND EXPENSES (Unaudited)

February 28, 2023

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 (September 1, 2022 through February 28, 2023).

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 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratios			Expenses Paid During Period *
Catholic Values Equity Fund
Actual Fund Return
Class F	$	1,000.00	$	1,042.50		0.86	%	$	4.36
Class Y		1,000.00		1,043.60		0.76			3.84
Hypothetical 5% Return
Class F	$	1,000.00	$	1,020.53		0.86	%	$	4.31
Class Y		1,000.00		1,021.04		0.76			3.80

	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Annualized Expense Ratios			Expenses Paid During Period *
Catholic Values Fixed Income Fund
Actual Fund Return
Class F	$	1,000.00	$	977.00		0.71	%	$	3.48
Class Y		1,000.00		977.00		0.61			2.99
Hypothetical 5% Return
Class F	$	1,000.00	$	1,021.27		0.71	%	$	3.56
Class Y		1,000.00		1,021.77		0.61			3.05

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

SEI Catholic Values Trust/Annual Report/February 28, 2023

REVIEW OF THE LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

February 28, 2023

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 22, 2022, 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 remains reasonably designed to assess and manage each Fund’s liquidity risk and that the Program adequately and effectively managed each Fund’s liquidity risk during the 2021 calendar year. The SIMC Liquidity Risk Oversight Committee also reported that with respect to the Trust there were no reportable liquidity events during the period. The SIMC Liquidity Risk Oversight Committee noted that additional monitoring processes have been implemented.

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/Annual Report/February 28, 2023

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 (each member, a “Trustee” and, collectively, the “Trustees” or 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 or renew 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 or renew 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 course 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 that was engaged to prepare an assessment of the Funds in connection with the renewal of the Investment Advisory Agreements (the “Broadridge Report”); (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.

SEI Catholic Values Trust/Annual Report/February 28, 2023

At the March 21-23, 2022 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, each Sub-Advisory Agreement was 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 course of the Trust’s fiscal year on March 21-23, 2022, June 20-22, 2022, September 6-8, 2022 and December 5-7, 2022. 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 approval or 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 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 the renewal of SIMC’s Advisory Agreement, and the performance of each Sub-Adviser was sufficient to support the 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 the approval or renewal of the Investment Advisory Agreements. The Board 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.

SEI Catholic Values Trust/Annual Report/February 28, 2023

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

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 the approval or 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.

SEI Catholic Values Trust/Annual Report/February 28, 2023

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders who do not have a February 28, 2023, taxable year end, this notice is for informational purposes only. For shareholders with a February 28, 2023, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended February 28, 2023, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

	(A) Return of Capital		(B) Long Term Capital Gains Distributions (Tax Basis)		(C) Ordinary Income Distributions (Tax Basis)		(D) Total Distributions (Tax Basis)		(E) Dividends Qualifying for Corporate Dividends Rec. Deduction (1)		(F) Qualifying Dividend Income (15% Tax Rate for QDI) (2)		Qualifying Business Income (3)		(G) U.S. Government Interest (4)		(H) Interest Related Dividends (5)		(I) Short-Term Capital Gain Dividends (6)
Equity Fund*		0.00%		67.47%		32.53%		100.00%		90.25%		90.25%		3.77%		0.00%		0.39%		100.00%
Fixed Income Fund*		0.00%		0.00%		100.00%		100.00%		0.00%		0.00%		0.00%		4.35%		97.19%		0.00%

(1) “Dividends Received Deduction” represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).

(2) “Qualifying Dividend Income” represent qualifying dividends as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. It is the intention of the Fund to designate the max amount permitted by law.

(3) The percentage of this column represents that amount of ordinary dividend income that qualified for 20% Business Income Deduction.

(4) “U.S. Government Interest” represent the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax.

(5) The percentage in this column represents the amount of “Interest Related Dividend” and is reflected as a percentage of ordinary income distribution. Interest related dividends are exempted from U.S. withholding tax when paid to foreign investors.

(6) The percentage of this column represents the amount of “Short Term Capital Gain Dividend” and is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.

* Shareholders who are residents of California, Connecticut and New York, these funds have not met the statutory threshold requirements to permit exemption of these amounts from state income tax.

Items (A), (B), (C) and (D) are based on the percentage of each fund’s total distribution.

Items (E) and (F) are based on the percentage of “Ordinary Income Distributions”.

Item (G) is based on the percentage of gross income of each Fund.

Item (H) is based on the percentage of net investment income distributions.

Item (I) is based on the percentage of short-term capital gains distributions.

Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.

SEI Catholic Values Trust/Annual Report/February 28, 2023

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SEI Catholic Values Trust/Annual Report/February 28, 2023

Trustees

Robert A. Nesher, Chairman

William M. Doran

Nina Lesavoy

James M. Williams

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Christine Reynolds

Officers

Robert A. Nesher

President and Chief Executive Officer

Ankit Puri

Controller and Chief Financial Officer

Glenn R. Kurdziel

Assistant Controller

Stephen Panner

Chief Compliance Officer

Timothy D. Barto

Vice President, Assistant Secretary

Katherine Mason

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)

SEI-F-198 (2/23)

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

(a) (1) The Registrant’s Board of Trustees has determined that the Registrant has two audit committee financial experts serving on the audit committee.

(a) (2) The audit committee financial experts are Susan C. Cote, and Hubert L. Harris, Jr. Ms. Cote and Mr. Harris are independent as defined in Form N-CSR Item 3 (a) (2).

Item 4. Principal Accountant Fees and Services.

Fees billed by KPMG LLP (“KPMG”) related to the Registrant.

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2023 and 2022 as follows:

		Fiscal Year 2023			Fiscal Year 2022
		All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees(1)	$65,220	$0	N/A	$61,220	$0	N/A
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees	$0	$0	$0	$0	$0	$0
(d)	All Other Fees(2)	$0	$334,750	$0	$0	$402,250	$0

Notes:

(1)

Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(2)

See Item 4(g) for a description of the services comprising the fees disclosed in this category.

(e)(1) The Registrant’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules on auditor independence and whether the provision of such services would compromise the auditor’s independence.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services: (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.

The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees (or the manner of their determination) to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	Fiscal 2023	Fiscal 2022
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not Applicable.

(g)(1) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2023 and 2022 were $334,750 and $402,250, respectively. Non-audit fees consist of a SSAE No. 16 review of fund accounting and administration operations and an attestation report in accordance with Rule 17 Ad-13.

(h) During the past fiscal year, Registrant's principal accountant provided certain non-audit services to Registrant's investment adviser or to entities controlling, controlled by, or under common control with Registrant's investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of Registrant's Board of Trustees reviewed and considered these non-audit services provided by Registrant's principal accountant to Registrant's affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

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 Investment 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) Code of Ethics attached hereto.

(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.

	SEI Catholic Values Trust

By:	/s/ Robert A. Nesher
	Robert A. Nesher
	President and Chief Executive Officer

Date: May 8, 2023

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 and Chief Executive Officer

Date: May 8, 2023

By:	/s/ Ankit Puri
	Ankit Puri
	Controller and Chief Financial Officer

Date: May 8, 2023

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