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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number811-23015

SEI Catholic Values Trust

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

Date of fiscal year end: February 29, 2020

Date of reporting period: August 31, 2019

Item 1. Reports to Stockholders.

August 31, 2019

SEMI-ANNUAL REPORT

SEI Catholic Values Trust

➤ Catholic Values Equity Fund

➤ Catholic Values Fixed Income Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or 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.

TABLE OF CONTENTS

Schedules of Investments	1
Statements of Assets and Liabilities	26
Statements of Operations	27
Statements of Changes in Net Assets	28
Financial Highlights	29
Notes to Financial Statements	30
Disclosure of Fund Expenses	46
Board of Trustees Considerations in Approving the Advisory andSub-Advisory Agreements	47

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 FormN-PORT. The Trust’s FormsN-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 recent12-month period ended June 30, is available (i) without charge, upon request, by calling1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2019

Catholic Values Equity Fund

Sector Weightings^†:

^† Percentages based on total investments.

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 73.9%
Communication Services — 6.0%
Activision Blizzard Inc		1,536	$	78
Alphabet Inc, Cl A *		2,116		2,519
Alphabet Inc, Cl C *		600		713
AT&T Inc		71,309		2,514
CBS Corp, Cl B		1,031		43
Charter Communications Inc, Cl A *		818		335
Comcast Corp, Cl A		14,311		633
Electronic Arts Inc *		1,255		118
Facebook Inc, Cl A *		20,127		3,737
Fox		2,882		95
Interpublic Group of Cos Inc/The		2,450		49
John Wiley & Sons Inc, Cl A		1,163		52
Live Nation Entertainment Inc *		1,776		123
Madison Square Garden Co/The *		191		48
Netflix Inc *		2,437		716
Omnicom Group Inc		21,567		1,640
Pinterest, Cl A *		8,568		295
Spotify Technology *		360		49
Sprint Corp *		8,319		56
Take-Two Interactive Software Inc *		734		97
T-Mobile US Inc *		4,020		314
Tribune Media, Cl A		1,113		52
Verizon Communications Inc		18,942		1,102
Viacom Inc, Cl B		1,657		41
Walt Disney Co/The		6,703		920
				16,339
Consumer Discretionary — 10.3%
Amazon.com Inc *		2,712		4,817
Best Buy Co Inc		1,325		84
Bloomin’ Brands Inc		12,279		222
Booking Holdings Inc *		132		260
Carnival Corp		25,197		1,111
Cheesecake Factory Inc/The		4,938		188
Cooper Tire & Rubber Co		4,116		97
Darden Restaurants Inc		434		53
Dave & Buster’s Entertainment		3,494		150

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Delphi Automotive PLC		7,667	$	638
Dollar General Corp		16,785		2,620
Dollar Tree Inc *		4,305		437
DR Horton Inc		15,427		763
Dunkin’ Brands Group Inc		777		64
eBay Inc		12,262		494
Ford Motor Co		6,427		59
frontdoor Inc *		1,192		61
Gap Inc/The		2,620		41
Garmin Ltd		814		66
General Motors Co		45,086		1,672
Goodyear Tire & Rubber Co/The		3,742		43
Hasbro Inc		526		58
Hilton Worldwide Holdings Inc		1,519		140
Home Depot Inc/The		6,629		1,511
Hyatt Hotels Corp, Cl A		774		56
Kohl’s Corp		839		40
Las Vegas Sands Corp		958		53
Lear Corp		411		46
Lowe’s Cos Inc		21,948		2,463
Macy’s Inc		1,472		22
Magna International Inc		16,863		845
Marriott International Inc/MD, Cl A		679		86
McDonald’s Corp		4,615		1,006
Modine Manufacturing Co *		56,146		573
Mohawk Industries Inc *		4,755		565
NIKE Inc, Cl B		7,680		649
Nordstrom Inc		1,516		44
Norwegian Cruise Line Holdings Ltd *		7,705		391
O’Reilly Automotive Inc *		141		54
PulteGroup Inc		18,091		611
Ross Stores Inc		20,089		2,130
Royal Caribbean Cruises Ltd		2,466		257
Skechers U.S.A. Inc, Cl A *		6,059		192
Starbucks Corp		5,909		571
Target		585		63
Tesla Inc *		364		82
TJX Cos Inc/The		6,986		384
Ulta Beauty Inc *		235		56
Urban Outfitters Inc *		16,371		383
Vail Resorts Inc		574		136
VF Corp		1,652		135
Williams-Sonoma Inc		1,003		66
Wingstop Inc		967		97
Wyndham Destinations Inc		1,185		53
YETI Holdings Inc *		2,157		61
Yum China Holdings Inc		3,981		181
Yum! Brands Inc		560		65
				28,065
Consumer Staples — 6.2%
Altria Group Inc		30,349		1,327
Andersons Inc/The		3,336		76

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 1

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2019

Catholic Values Equity Fund(Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Archer-Daniels-Midland Co		1,290	$	49
Brown-Forman Corp, Cl B		1,103		65
Bunge Ltd		963		51
Campbell Soup Co		3,192		144
Clorox Co/The		1,567		248
Coca-Cola Co/The		17,527		965
Colgate-Palmolive Co		7,862		583
Conagra Brands Inc		45,979		1,304
Constellation Brands Inc, Cl A		832		170
Costco Wholesale Corp		1,758		518
Flowers Foods Inc		2,694		61
Hain Celestial Group Inc/The *		9,694		185
Hershey Co/The		1,957		310
Hormel Foods Corp		1,199		51
Ingredion Inc		7,939		613
JM Smucker Co/The		16,042		1,687
Kellogg Co		3,231		203
Keurig Dr Pepper Inc		2,773		76
Kimberly-Clark Corp		3,984		562
Kraft Heinz Co/The		1,549		40
McCormick & Co Inc/MD		941		153
Molson Coors Brewing Co, Cl B		16,232		834
Mondelez International Inc, Cl A		3,900		215
Monster Beverage Corp *		884		52
PepsiCo Inc		7,764		1,062
Philip Morris International Inc		24,389		1,758
Pilgrim’s Pride Corp *		5,978		186
Simply Good Foods Co/The *		2,945		87
Sprouts Farmers Market Inc *		6,447		116
Sysco Corp		3,544		263
TreeHouse Foods Inc *		838		42
Tyson Foods Inc, Cl A		10,827		1,007
Unilever		24,134		1,498
US Foods Holding Corp *		1,326		54
Walgreens Boots Alliance Inc		3,089		158
				16,773
Energy — 3.1%
Antero Resources *		14,903		47
Apache Corp		1,840		40
Baker Hughes a GE Co, Cl A		1,514		33
Chevron Corp		22,912		2,697
ConocoPhillips		14,292		746
Core Laboratories NV		10,095		400
Devon Energy Corp		1,691		37
EOG Resources Inc		556		41
Exxon Mobil Corp		12,948		887
Gulfport Energy Corp *		52,115		125
Helmerich & Payne Inc		1,311		49
Hess Corp		1,534		97
Kinder Morgan Inc/DE		20,643		418
Marathon Petroleum Corp		850		42
National Oilwell Varco		2,348		48

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Occidental Petroleum Corp		25,209	$	1,096
ONEOK Inc		921		66
Phillips 66		555		55
Schlumberger Ltd		43,086		1,397
				8,321
Financials — 10.3%
Aflac Inc		43,630		2,189
AGNC Investment Corp ‡		2,829		42
Allstate Corp/The		1,314		135
American Equity Investment Life Holding Co		21,170		456
American Express Co		2,157		260
American International Group Inc		1,158		60
Annaly Capital Management Inc ‡		78,453		651
Aon PLC		352		69
AXA Equitable Holdings Inc		12,944		269
Bancorp Inc/The *		5,099		47
Bank of America Corp		67,106		1,846
Bank of New York Mellon Corp/The		7,482		315
BankUnited Inc		11,232		357
BB&T Corp		1,008		48
BlackRock Inc, Cl A		522		221
Capital One Financial Corp		657		57
Cboe Global Markets Inc		535		64
Charles Schwab Corp/The		1,227		47
Chubb Ltd		1,561		244
Citigroup Inc		45,423		2,923
CME Group Inc, Cl A		2,621		570
CNA Financial Corp		4,132		195
CNO Financial Group Inc		23,998		347
Cowen Inc, Cl A *		9,917		155
Cullen/Frost Bankers Inc		907		75
Discover Financial Services		857		69
E*TRADE Financial Corp		6,681		279
Everest Re Group Ltd		4,002		944
First Commonwealth Financial Corp		17,417		215
First Republic Bank/CA		491		44
FNB Corp/PA		24,890		268
Franklin Resources Inc		1,707		45
Great Western Bancorp Inc		12,488		373
Green Dot, Cl A *		5,567		170
Hartford Financial Services Group Inc/The		4,339		253
Intercontinental Exchange Inc		9,530		891
Invesco Ltd		16,527		259
Janus Henderson Group		2,462		47
KeyCorp		3,317		55
Legg Mason Inc		1,747		64
Lincoln National Corp		983		52
Marsh & McLennan Cos Inc		24,009		2,398
MetLife Inc		4,026		178
Moody’s Corp		599		129
Morgan Stanley		12,948		537
Morningstar Inc		695		112

2 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
MSCI Inc, Cl A		353	$	83
Nasdaq Inc		587		59
National General Holdings Corp		22,522		531
Northern Trust Corp		2,684		236
PNC Financial Services Group Inc/The		1,879		242
Principal Financial Group Inc		1,152		61
Progressive Corp/The		15,046		1,140
Prudential Financial Inc		6,389		512
Regions Financial Corp		6,455		94
S&P Global Inc		5,433		1,414
Santander Consumer USA Holdings Inc		4,402		115
SLM Corp		33,402		282
State Street Corp		33,543		1,721
SunTrust Banks Inc		812		50
Synchrony Financial		2,528		81
T Rowe Price Group Inc		1,349		149
TD Ameritrade Holding Corp		1,020		45
Travelers Cos Inc/The		433		64
Two Harbors Investment Corp ‡		23,228		293
Umpqua Holdings Corp		19,773		311
US Bancorp		2,210		116
Virtu Financial, Cl A		5,771		109
Voya Financial Inc		1,992		98
Wells Fargo & Co		21,587		1,005
Willis Towers Watson PLC		290		57
Zions Bancorp NA		1,209		50
				27,942
Health Care — 13.0%
Abbott Laboratories		45,624		3,893
ABIOMED Inc *		952		184
Acadia Healthcare Co Inc *		1,743		46
Adverum Biotechnologies *		4,891		51
Agios Pharmaceuticals Inc *		1,478		56
Alcon Inc *		12,713		775
Alexion Pharmaceuticals Inc *		2,688		271
Align Technology Inc *		178		33
Alkermes PLC *		5,476		115
Allakos *		1,126		100
Alnylam Pharmaceuticals Inc *		3,782		305
Anthem Inc		1,653		432
ArQule Inc *		15,735		141
Arrowhead Pharmaceuticals *		2,238		76
Axonics Modulation Technologies Inc *		1,700		57
Axsome Therapeutics Inc *		15,884		404
Baxter International Inc		8,300		730
BioMarin Pharmaceutical Inc *		5,008		376
Boston Scientific Corp *		37,666		1,609
Bruker Corp		20,273		875
Cantel Medical Corp		702		65
Cara Therapeutics *		33,665		789
Cardinal Health Inc		3,870		167
Centene Corp *		3,353		156

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cerner Corp		1,889	$	130
Chemed Corp		160		69
Cigna Corp		3,223		496
Covetrus Inc *		987		13
CryoPort *		2,719		59
CVS Health Corp		50,541		3,079
DaVita Inc *		1,288		73
DENTSPLY SIRONA Inc		1,719		90
DexCom Inc *		722		124
Edwards Lifesciences Corp *		1,263		280
Elanco Animal Health Inc *		30,701		799
Encompass Health Corp		831		51
Exact Sciences Corp *		856		102
Exelixis Inc *		6,508		129
G1 Therapeutics Inc *		2,625		95
Guardant Health Inc *		588		51
Henry Schein Inc *		2,467		152
Hill-Rom Holdings Inc		1,390		150
Hologic Inc *		1,306		64
Horizon Therapeutics Plc *		44,873		1,240
Humana Inc		1,123		318
ICU Medical Inc *		171		28
IDEXX Laboratories Inc *		489		142
Incyte Corp *		3,204		262
Inovalon Holdings, Cl A *		3,117		53
Inspire Medical Systems Inc *		1,002		70
Insulet Corp *		584		90
Integra LifeSciences Holdings Corp *		1,163		70
Intuitive Surgical Inc *		693		354
Ionis Pharmaceuticals Inc *		1,893		120
Iovance Biotherapeutics *		3,113		65
IQVIA Holdings Inc *		5,587		867
Krystal Biotech *		2,120		95
Laboratory Corp of America Holdings *		513		86
LHC Group Inc *		1,055		125
Magellan Health Inc *		9,212		580
Masimo Corp *		874		134
McKesson Corp		1,393		193
Medicines *		2,622		110
Medpace Holdings Inc *		10,440		845
Mettler-Toledo International Inc *		1,249		820
Mirati Therapeutics Inc *		698		57
Moderna Inc *		6,070		95
Molina Healthcare Inc *		616		80
Natera *		3,160		104
Nektar Therapeutics, Cl A *		41,292		726
NeoGenomics Inc *		35,003		874
Neurocrine Biosciences Inc *		2,134		212
Novocure Ltd *		1,011		92
Penumbra Inc *		579		84
PRA Health Sciences Inc *		8,124		803
Premier Inc, Cl A *		1,272		45

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 3

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2019

Catholic Values Equity Fund(Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Quest Diagnostics Inc		2,735	$	280
R1 RCM *		4,138		48
Ra Pharmaceuticals Inc *		4,519		123
Repligen Corp *		1,901		176
ResMed Inc		2,570		358
Sage Therapeutics Inc *		901		155
Sarepta Therapeutics Inc *		2,359		213
Seattle Genetics Inc *		1,982		144
STERIS PLC		1,076		166
Stryker Corp		2,405		531
Teleflex Inc		473		172
Tivity Health Inc *		26,452		483
Turning Point Therapeutics *		1,549		84
United Therapeutics Corp *		4,865		402
Varian Medical Systems Inc *		2,254		239
Veeva Systems Inc, Cl A *		378		61
Veracyte Inc *		6,405		170
Vertex Pharmaceuticals Inc *		6,233		1,122
Waters Corp *		3,791		803
WellCare Health Plans Inc *		480		130
West Pharmaceutical Services Inc		999		145
Zimmer Biomet Holdings Inc		5,327		742
Zoetis Inc, Cl A		7,639		966
				35,264
Industrials — 6.3%
3M Co		9,791		1,583
ACCO Brands Corp		15,434		143
AGCO Corp		1,432		99
Alaska Air Group Inc		775		46
Allegion PLC		536		52
AMERCO		140		49
American Airlines Group Inc		28,082		739
AMETEK Inc		605		52
AO Smith Corp		943		44
Apogee Enterprises Inc		10,092		373
ASGN Inc *		1,076		67
Astec Industries Inc		2,843		78
Atlas Air Worldwide Holdings Inc *		11,564		299
Casella Waste Systems Inc, Cl A *		1,827		83
Caterpillar Inc		1,301		155
CH Robinson Worldwide Inc		602		51
Cintas Corp		3,662		966
Clean Harbors Inc *		1,128		83
CoStar Group Inc *		109		67
CSX Corp		1,508		101
Cummins Inc		1,667		249
Deere & Co		1,422		220
Delta Air Lines Inc		6,659		385
Dover Corp		1,366		128
Eaton Corp PLC		8,231		664
Emerson Electric Co		1,607		96
Equifax Inc		476		70

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Fastenal Co		1,480	$	45
FedEx Corp		1,376		218
Flowserve Corp		1,306		56
Fortive Corp		627		44
Great Lakes Dredge & Dock *		4,914		53
HD Supply Holdings Inc *		1,156		45
HEICO		386		56
Hexcel Corp		889		75
IHS Markit Ltd *		1,072		70
Illinois Tool Works Inc		16,109		2,414
Ingersoll-Rand PLC		3,308		401
JB Hunt Transport Services Inc		536		58
JetBlue Airways Corp *		2,913		50
Johnson Controls International plc		8,766		374
Kansas City Southern		423		53
LB Foster Co, Cl A *		3,821		76
Lennox International Inc		194		49
Lydall Inc *		9,664		194
Macquarie Infrastructure Corp		1,159		44
ManpowerGroup Inc		944		77
Masco Corp		1,719		70
MSC Industrial Direct Co Inc, Cl A		598		40
Nielsen Holdings PLC		2,443		51
Oshkosh Corp		837		59
Owens Corning		2,456		141
PACCAR Inc		771		51
Parker-Hannifin Corp		356		59
Pentair PLC		1,364		49
Regal Beloit Corp		733		52
Republic Services Inc, Cl A		700		62
Resideo Technologies Inc *		2,553		35
REV Group Inc		18,346		236
Rockwell Automation Inc		1,053		161
Rollins Inc		1,349		44
Roper Technologies Inc		173		63
Sensata Technologies Holding PLC *		1,149		52
Snap-on Inc		310		46
Southwest Airlines Co		1,122		59
Spirit AeroSystems Holdings Inc, Cl A		1,276		103
Stanley Black & Decker Inc		4,507		599
Toro Co/The		721		52
TransDigm Group Inc *		626		337
TriNet Group Inc *		836		56
Trinity Industries Inc		4,400		77
Uber Technologies *		1,225		40
United Continental Holdings Inc *		1,139		96
United Parcel Service Inc, Cl B		2,273		270
United Rentals Inc *		402		45
Univar Inc *		2,330		45
Verisk Analytics Inc, Cl A		474		77
Wabtec Corp		720		50
Waste Management Inc		3,911		467

4 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Watsco Inc		331	$	54
WESCO International Inc *		1,999		90
Woodward Inc		485		52
WW Grainger Inc		5,535		1,515
Xylem Inc/NY		4,067		312
				17,061
Information Technology — 12.6%
Accenture PLC, Cl A		4,534		899
Adobe Inc *		7,759		2,208
Advanced Micro Devices *		1,592		50
Amdocs		2,854		185
Analog Devices Inc		1,648		181
Appian, Cl A *		839		50
Apple Inc		17,040		3,557
Applied Materials Inc		2,919		140
Atlassian, Cl A *		391		53
Autodesk Inc *		816		117
Automatic Data Processing Inc		4,812		817
Avalara Inc *		4,211		355
Broadcom Inc		1,407		398
Cisco Systems Inc		16,461		771
Cognizant Technology Solutions Corp, Cl A		621		38
Dell Technologies Inc, Cl C *		1,116		58
Digital Turbine *		10,275		78
DXC Technology Co		691		23
Enphase Energy Inc *		1,565		46
Fidelity National Information Services Inc		8,337		1,136
Fiserv Inc *		1,217		130
Global Payments Inc		6,372		1,058
Hewlett Packard Enterprise Co		12,502		173
HP Inc		15,698		287
Intuit Inc		1,427		411
IPG Photonics Corp *		2,086		258
Keysight Technologies Inc *		598		58
KLA		445		66
Lam Research Corp		2,217		467
Lattice Semiconductor Corp *		3,985		78
Mastercard Inc, Cl A		3,611		1,016
Microchip Technology Inc		15,904		1,373
Micron Technology Inc *		10,569		478
Microsoft Corp		50,474		6,958
NCR Corp *		6,852		216
NetApp Inc		980		47
NVIDIA Corp		6,665		1,116
ON Semiconductor Corp *		2,294		41
PayPal Holdings Inc *		10,264		1,119
QUALCOMM Inc		4,917		382
salesforce.com Inc*		14,573		2,274
ServiceNow Inc *		188		49
Skyworks Solutions Inc		606		46
Super Micro Computer Inc *		29,161		551
Symantec Corp		3,404		79

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Telaria Inc *		8,457	$	84
Teradata Corp *		1,351		42
Texas Instruments Inc		4,800		594
Visa Inc, Cl A		19,314		3,492
VMware Inc, Cl A *		382		54
Workday Inc, Cl A *		251		45
Workiva Inc, Cl A *		1,038		50
Xilinx Inc		598		62
				34,314
Materials — 3.3%
Air Products & Chemicals Inc		3,688		833
AptarGroup Inc		1,090		133
Avery Dennison Corp		1,234		143
B2Gold Corp *		49,054		176
Ball Corp		4,736		381
Berry Global Group Inc *		1,067		42
Cabot Corp		883		35
Century Aluminum Co *		9,125		50
Commercial Metals Co		19,369		304
Corteva		9,598		281
Crown Holdings Inc *		12,110		797
Domtar Corp		1,435		47
Dow Inc		5,823		248
DuPont de Nemours		5,823		396
Eastman Chemical Co		6,389		418
Ecolab Inc		466		96
FMC Corp		1,027		89
Freeport-McMoRan Inc		21,003		193
Huntsman Corp		13,246		264
International Flavors & Fragrances Inc		1,080		119
International Paper Co		1,238		48
Linde PLC		2,849		538
Livent Corp *		9,157		56
LyondellBasell Industries NV, Cl A		607		47
Newmont Goldcorp Corp		28,149		1,123
Nucor Corp		870		43
Owens-Illinois Inc		27,394		279
PPG Industries Inc		510		57
Sherwin-Williams Co/The		1,456		767
Sonoco Products Co		3,500		200
United States Steel Corp		19,964		221
Vulcan Materials Co		3,153		445
Westrock Co		1,448		49
				8,918
Real Estate — 1.5%
American Campus Communities Inc ‡		1,095		51
American Tower Corp ‡		1,117		257
AvalonBay Communities Inc ‡		909		193
Brandywine Realty Trust ‡		3,873		56
CBRE Group Inc, Cl A *‡		1,320		69
Corporate Office Properties Trust ‡		2,505		72

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 5

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2019

Catholic Values Equity Fund(Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Crown Castle International Corp ‡		8,384	$	1,217
CubeSmart‡		1,472		53
Digital Realty Trust ‡		437		54
Equinix Inc ‡		145		81
Equity Residential ‡		780		66
Essex Property Trust Inc ‡		187		60
Extra Space Storage ‡		438		53
Gaming and Leisure Properties ‡		1,375		54
HCP Inc ‡		1,868		65
Host Hotels & Resorts Inc ‡		7,990		128
Iron Mountain Inc ‡		1,533		49
Jones Lang LaSalle Inc ‡		410		55
Kilroy Realty Corp ‡		811		63
Prologis Inc ‡		7,761		649
Public Storage ‡		457		121
Realty Income Corp ‡		747		55
Simon Property Group Inc ‡		566		84
SL Green Realty ‡		586		47
Ventas Inc ‡		1,890		139
VEREIT Inc ‡		6,295		61
Vornado Realty Trust ‡		765		46
Welltower Inc ‡		1,829		164
Weyerhaeuser Co ‡		5,915		156
				4,218
Utilities — 1.3%
Alliant Energy Corp		1,056		55
Ameren Corp		786		61
American Electric Power Co Inc		675		62
American Water Works Co Inc		950		121
Avangrid Inc		1,034		52
CMS Energy Corp		6,772		427
Consolidated Edison Inc		664		59
Dominion Energy Inc		694		54
DTE Energy Co		4,574		593
Duke Energy Corp		1,264		117
Edison International		839		61
Entergy Corp		595		67
Evergy Inc		923		60
Eversource Energy		3,118		250
Exelon Corp		6,186		292
FirstEnergy Corp		1,272		59
NextEra Energy Inc		1,489		326
NiSource Inc		2,008		59
Pinnacle West Capital Corp		590		56
PPL Corp		1,714		51
Public Service Enterprise Group Inc		1,789		108
Sempra Energy		466		66
Southern Co/The		1,127		66
WEC Energy Group Inc		737		71
Xcel Energy Inc		6,735		433
				3,626

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Total Common Stock     (Cost $167,010) ($ Thousands)			$	200,841
FOREIGN COMMON STOCK — 22.4%
Australia — 0.4%
BHP Group Ltd ADR		22,006		1,082
South32 Ltd ADR		7,863		69
				1,151
Austria — 0.7%
Erste Group Bank AG *		28,543		920
Schoeller-Bleckmann Oilfield Equipment AG		7,939		505
voestalpine AG		21,904		505
				1,930
Bermuda — 0.2%
Marvell Technology Group Ltd		20,966		503
Brazil — 0.8%
Banco Bradesco SA ADR *		119,023		951
JBS SA		149,600		1,081
				2,032
Canada — 1.0%
Canadian Natural Resources Ltd		57,388		1,371
Magna International Inc		17,257		866
Rogers Communications Inc, Cl B		9,788		485
				2,722
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA ADR		5,090		125
China — 1.2%
Alibaba Group Holding Ltd ADR *		8,215		1,438
Anhui Conch Cement Co Ltd, Cl H		176,500		995
Baidu Inc ADR *		2,280		238
BYD Co Ltd, Cl H		102,000		528
				3,199
Colombia — 0.4%
Bancolombia SA ADR		21,447		1,068
Czech Republic — 0.2%
Komercni banka as		17,516		623
France — 1.1%
Capgemini SE		8,963		1,078
Societe Generale SA		32,468		824
Sodexo SA		9,978		1,133
				3,035
Germany — 1.0%
BASF SE		14,266		946
Continental AG		6,157		744
Vonovia SE‡		19,808		988
				2,678

6 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Hong Kong — 0.7%
ANTA Sports Products Ltd		60,000	$	498
China Life Insurance Co Ltd, Cl H		362,000		847
Sinopharm Group Co Ltd, Cl H		135,200		489
				1,834
India — 0.8%
HDFC Bank Ltd ADR		10,650		1,148
ICICI Bank Ltd ADR		90,404		1,015
				2,163
Ireland — 2.4%
AerCap Holdings NV *		10,948		587
ICON PLC *		20,455		3,154
Jazz Pharmaceuticals PLC *		8,966		1,149
Medtronic PLC		15,468		1,669
				6,559
Israel — 0.4%
Check Point Software Technologies Ltd *		10,180		1,096
Italy — 0.3%
Prysmian SpA		36,774		806
Japan — 1.3%
Denso Corp		35,200		1,478
Hitachi Ltd		29,500		1,009
Toray Industries Inc		146,500		1,046
				3,533
Mexico — 0.3%
Grupo Financiero Banorte SAB de CV, Cl O		132,600		715
Netherlands — 2.4%
Heineken NV		13,435		1,432
NXP Semiconductors NV		10,411		1,063
RELX PLC		51,732		1,240
Royal Dutch Shell PLC, Cl A		28,974		805
Royal Dutch Shell PLC ADR, Cl A		35,237		1,959
				6,499
Norway — 1.1%
DNB ASA		99,951		1,612

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Equinor ASA ADR		83,157	$	1,415
				3,027
Puerto Rico — 0.0%
OFG Bancorp		2,668		55
Singapore — 0.6%
DBS Group Holdings Ltd		84,600		1,496
South Korea — 0.4%
Samsung Electronics Co Ltd		28,171		1,023
Spain — 0.6%
Amadeus IT Group SA, Cl A		23,403		1,746
Switzerland — 0.5%
Credit Suisse Group AG ADR		118,020		1,378
Taiwan — 1.2%
ASE Technology Holding Co Ltd		356,700		811
Hon Hai Precision Industry Co Ltd		376,960		890
Taiwan Semiconductor Manufacturing Co Ltd		194,000		1,600
				3,301
United Kingdom — 2.4%
Barclays PLC		371,460		618
BP PLC ADR		42,703		1,578
Diageo PLC		36,945		1,576
HSBC Holdings PLC		193,316		1,392
ITV PLC		297,246		420
Rio Tinto PLC ADR		19,393		981
				6,565
Total Foreign Common Stock (Cost $58,151) ($ Thousands)				60,862
CASH EQUIVALENT — 3.3%
SEI Daily Income Trust, Government Fund, Cl F
1.970% **†		9,010,128		9,010
Total Cash Equivalent (Cost $9,010) ($ Thousands)				9,010
Total Investments in Securities — 99.6% (Cost $234,171) ($ Thousands)			$	270,713

A list of the open futures contracts held by the Fund at August 31, 2019, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Depreciation (Thousands)
Russell 2000 IndexE-MINI		14		Sep-2019		$    1,079		$    1,046		$    (33	)
S&P 500 IndexE-MINI		52		Sep-2019		7,634		7,604		(30	)
						$    8,713		$    8,650		$    (63	)

Percentages are based on Net Assets of $271,934 ($ Thousands).	**  Rate shown is the7-day effective yield as of August 31, 2019.
*  Non-income producing security.	†  Investment in Affiliated Security (see Note 5).
	‡  Real Estate Investment Trust.

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 7

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2019

Catholic Values Equity Fund(Concluded)

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

S&P— Standard & Poor’s

As of August 31, 2019, all of the Fund’s investments and other financial instruments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended August 31, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended August 31, 2019, there were no transfers between Level 2 and Level 3 assets and liabilities. For the period ended August 31, 2019, there were no Level 3 securities.

The following is a summary of the Fund’s transactions with affiliates for the period ended August 31, 2019 ($ Thousands):

Security Description	Value 2/28/19		Purchases at Cost		Proceeds from Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 8/31/19		Shares		Income		Capital Gains
SEI Daily Income Trust, Government Fund, Cl F	$	5,352	$	17,829	$	(14,171)	$	—	$	—	$	9,010		9,010,128	$	86	$	—

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

8 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2019

Catholic Values Fixed Income Fund

Sector Weightings^†:

^† Percentages based on total investments.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 38.3%
Agency Mortgage-Backed Obligations — 30.8%
FHLMC
6.000%, 03/01/2035 to 07/01/2040	$	611	$	700
5.500%, 04/01/2030		228		246
5.000%, 06/01/2041 to 01/01/2049		384		420
4.500%, 06/01/2038 to 07/01/2047		821		883
4.000%, 07/01/2037 to 05/01/2049		2,623		2,756
3.500%, 03/01/2043 to 12/01/2048		908		945
3.000%, 09/01/2036 to 09/01/2049		5,026		5,177
FHLMC CMO, Ser 2012-4057, Cl CS, IO
3.855%, VAR LIBOR USD 1 Month+6.050%, 04/15/2039		21		1
FHLMC CMO,Ser 2014-328, Cl S4, IO
2.003%, 02/15/2038 (A)		56		4
FHLMC CMO, Ser 2014-4415, Cl IO, IO
1.867%, 04/15/2041 (A)		271		15
FHLMC CMO, Ser 2015-4494, Cl AI, IO
1.994%, 11/15/2038 (A)		289		15
FHLMC CMO, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		148		148
FHLMC Multifamily Structured Pass Through Certificates, Ser K091, Cl A2
3.505%, 03/25/2029		80		90
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA2, Cl M3
6.795%, VAR ICE LIBOR USD 1 Month+4.650%, 10/25/2028		340		362
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA4, Cl M2
3.445%, VAR ICE LIBOR USD 1 Month+1.300%, 03/25/2029		170		170
FHLMC TBA
3.000%, 09/25/2049		300		307
FNMA
5.000%, 10/01/2033 to 02/01/2049		2,996		3,301

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
4.500%, 07/01/2033 to 09/01/2057	$	2,740	$	2,947
4.000%, 04/01/2036 to 06/01/2057		4,364		4,616
3.525%, 02/01/2029		300		336
3.500%, 10/01/2037 to 03/01/2057		6,424		6,700
3.350%, 05/01/2029		10		11
3.260%, 05/01/2029		30		33
3.240%, 05/01/2029		40		44
3.160%, 05/01/2029		20		22
3.000%, 12/01/2037 to 09/01/2049		3,000		3,097
2.810%, 04/01/2025		40		42
2.790%, 08/01/2029		100		106
2.765%, 08/01/2031		100		105
2.450%, 08/01/2031		100		100
FNMA CMO,Ser 2015-55, Cl IO, IO
1.681%, 08/25/2055 (A)		228		13
FNMA CMO,Ser 2015-56, Cl AS, IO
4.005%, VAR LIBOR USD 1 Month+6.150%, 08/25/2045		256		58
FNMA Connecticut Avenue Securities,Ser 2016-C04, Cl 1M2
6.395%, VAR ICE LIBOR USD 1 Month+4.250%, 01/25/2029		50		53
FNMA Connecticut Avenue Securities,Ser 2018-C05, Cl 1M2
4.495%, VAR ICE LIBOR USD 1 Month+2.350%, 01/25/2031		250		253
FNMA TBA
5.000%, 09/01/2037		200		214
4.500%, 10/15/2033		800		842
3.500%, 09/01/2040		2,100		2,176
3.000%, 09/13/2042 to 09/25/2049		400		409
FNMA,Ser 2019-M1, Cl A2
3.673%, 09/25/2028 (A)		190		212
FNMA,Ser 2019-M4, Cl A2
3.610%, 02/25/2031		40		46
FNMA,Ser 2019-M5, Cl A2
3.273%, 01/25/2029		70		76
FNMA,Ser 2019-M6, Cl A2
3.450%, 01/01/2029		70		78
GNMA
5.000%, 04/15/2048 to 01/20/2049		655		695
4.500%, 01/15/2042 to 01/20/2049		2,372		2,521
4.000%, 08/15/2045 to 08/20/2048		1,088		1,151
3.500%, 01/20/2047 to 02/20/2048		516		542
3.000%, 09/15/2042 to 04/20/2048		804		830
GNMA CMO,Ser 2007-51, Cl SG, IO
4.408%, VAR LIBOR USD 1 Month+6.580%, 08/20/2037		13		2
GNMA CMO,Ser 2012-34, Cl SA, IO
3.878%, VAR LIBOR USD 1 Month+6.050%, 03/20/2042		147		29

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 9

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2019

Catholic Values Fixed Income Fund(Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA CMO,Ser 2012-43, Cl SN, IO
4.403%, VAR LIBOR USD 1 Month+6.600%, 04/16/2042	$	126	$	26
GNMA CMO,Ser 2012-H27, Cl AI, IO
1.740%, VAR ICE LIBOR USD 1 Month0.000%, 10/20/2062		97		5
GNMA CMO,Ser 2014-118, Cl HS, IO
4.028%, VAR LIBOR USD 1 Month+6.200%, 08/20/2044		267		54
GNMA TBA
4.500%, 09/15/2039		500		523
3.500%, 09/15/2041		1,600		1,663
3.000%, 09/01/2042		300		309
GNMA,Ser 2018-130, Cl A
3.250%, 05/16/2059		99		102
				46,581
Non-Agency Mortgage-Backed Obligations — 7.5%
BANK, Ser 2017-BNK8, Cl XA, IO
0.881%, 11/15/2050 (A)		1,649		85
BBCCRE Trust,Ser 2015-GTP, Cl D
4.715%, 08/10/2033 (A)(B)		140		143
Chevy Chase Funding Mortgage-Backed Certificates,Ser 2004-2A, Cl B1
2.901%, 05/25/2035 (A)(B)		220		174
Chevy Chase Funding Mortgage-Backed Certificates,Ser 2004-2A, Cl A1
2.415%, VAR ICE LIBOR USD 1 Month+0.270%, 05/25/2035 (B)		128		126
CIT Mortgage Loan Trust,Ser 2007-1, Cl 1M1
3.645%, VAR ICE LIBOR USD 1 Month+1.500%, 10/25/2037 (B)		120		122
COMM Mortgage Trust,Ser 2013-CR6, Cl B
3.397%, 03/10/2046 (B)		100		103
COMM Mortgage Trust,Ser 2013-CR8, Cl A4
3.334%, 06/10/2046		385		400
COMM Mortgage Trust, Ser 2015-CR24, Cl AM
4.028%, 08/10/2048 (A)		90		98
Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl F
4.845%, VAR ICE LIBOR USD 1 Month+2.650%, 05/15/2036 (B)		190		191
CSAIL Commercial Mortgage Trust, Ser 2015-C2, Cl AS
3.849%, 06/15/2057 (A)		210		224
CSMC Trust,Ser 2017-HL1, Cl A3
3.500%, 06/25/2047 (A)(B)		226		229
CSMC Trust, Ser 2017-TIME, Cl A
3.646%, 11/13/2039 (B)		100		107
CSMC Trust,Ser 2018-J1, Cl A2
3.500%, 02/25/2048 (A)(B)		626		630

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
EverBank Mortgage Loan Trust, Ser 2018-1, Cl A22
3.500%, 02/25/2048 (A)(B)	$	224	$	227
First Franklin Mortgage Loan Trust, Ser 2006-FF15, Cl A5
2.305%, VAR ICE LIBOR USD 1 Month+0.160%, 11/25/2036		224		219
GS Mortgage Securities Trust, Ser 2006-GG8, Cl AJ
5.622%, 11/10/2039		106		93
GS Mortgage Securities Trust, Ser 2010-C1, Cl A2
4.592%, 08/10/2043 (B)		735		744
GS Mortgage Securities Trust, Ser 2012-GC6, Cl AS
4.948%, 01/10/2045 (B)		200		212
GS Mortgage Securities Trust, Ser 2012-GCJ7, Cl A4
3.377%, 05/10/2045		373		380
GS Mortgage Securities Trust, Ser 2018- SRP5, Cl A
3.281%, 06/09/2021		190		187
GS Mortgage Securities Trust, Ser 2018- SRP5, Cl B
4.481%, 06/09/2021		190		187
Impac CMB Trust, Ser 2005-4, Cl 1M1
2.790%, VAR ICE LIBOR USD 1 Month+0.645%, 05/25/2035		55		53
Impac Secured Assets Trust, Ser 2006-2, Cl 2M3
3.245%, VAR ICE LIBOR USD 1 Month+1.100%, 08/25/2036		173		175
JPMDB Commercial Mortgage Securities Trust, Ser 2017-C7, Cl XA, IO
1.046%, 10/15/2050 (A)		1,465		82
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2012-C6, Cl A3
3.507%, 05/15/2045		176		183
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2012-CIBX, Cl A4
3.483%, 06/15/2045		440		452
JPMorgan Mortgage Trust, Ser 2005-S2, Cl 2A15
6.000%, 09/25/2035		162		159
JPMorgan Mortgage Trust, Ser 2016-1, Cl A5
3.500%, 05/25/2046 (A)(B)		209		211
JPMorgan Mortgage Trust, Ser 2016-4, Cl A5
3.500%, 10/25/2046 (A)(B)		83		84
JPMorgan Mortgage Trust, Ser 2018-3, Cl A1
3.500%, 09/25/2048 (A)(B)		260		265
JPMorgan Mortgage Trust, Ser 2018-4, Cl A1
3.500%, 10/25/2048 (A)(B)		130		132

10 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Mortgage Trust, Ser 2018-5, Cl A1
3.500%, 10/25/2048 (A)(B)	$	440	$	448
JPMorgan Mortgage Trust, Ser 2018-6, Cl 1A4
3.500%, 12/25/2048 (A)(B)		345		349
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C23, Cl B
4.268%, 07/15/2050 (A)		100		108
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C32, Cl ASB
3.514%, 12/15/2049		283		301
Morgan Stanley Capital I Trust, Ser 2007-IQ16, Cl AJ
6.458%, 12/12/2049 (A)		28		17
Morgan Stanley Capital I Trust, Ser 2019-BPR, Cl A
3.595%, VAR ICE LIBOR USD 1 Month+1.400%, 05/15/2036 (B)		140		140
MSCG Trust, Ser 2015-ALDR, Cl A2
3.577%, 06/07/2035 (A)(B)		110		116
Natixis Commercial Mortgage Securities Trust, Ser 2019-FAME, Cl A
3.047%, 08/05/2024 (B)		110		113
Option One Mortgage Loan Trust, Ser 2007-FXD1, Cl 3A4
5.860%, 01/25/2037		124		125
Reperforming Loan REMIC Trust, Ser 2005-R2, Cl 2A3
8.000%, 06/25/2035 (B)		75		78
Rosslyn Portfolio Trust, Ser 2017-R17, Cl A
3.145%, VAR ICE LIBOR USD 1 Month+0.950%, 06/15/2033 (B)		100		100
Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA
3.500%, 08/25/2058		224		237
Sequoia Mortgage Trust, Ser 2017-1, Cl A4
3.500%, 02/25/2047 (A)(B)		279		283
Sequoia Mortgage Trust, Ser 2017-4, Cl A4
3.500%, 07/25/2047 (A)(B)		150		153
Sequoia Mortgage Trust, Ser 2017-6, Cl A4
3.500%, 09/25/2047 (A)(B)		161		163
UBS Commercial Mortgage Trust, Ser 2012-C1, Cl A3
3.400%, 05/10/2045		630		648
UBS Commercial Mortgage Trust, Ser 2018-C13, Cl ASB
4.241%, 10/15/2051		532		603
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl AS
3.872%, 05/15/2048 (A)		270		290
WFRBS Commercial Mortgage Trust, Ser 2011-C4, Cl A4
4.902%, 06/15/2044 (A)(B)		359		373

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
WFRBS Commercial Mortgage Trust, Ser 2013-UBSS1, Cl A2
2.927%, 03/15/2046	$	10	$	10
				11,332
Total Mortgage-Backed Securities (Cost $56,739) ($ Thousands)				57,913
CORPORATE OBLIGATIONS — 32.9%
Communication Services — 3.2%
AT&T
5.350%, 09/01/2040		1		1
4.500%, 03/09/2048		130		143
4.350%, 06/15/2045		20		21
3.616%, VAR ICE LIBOR USD 3 Month+1.180%, 06/12/2024		462		469
3.600%, 07/15/2025		135		142
3.400%, 05/15/2025		438		459
CCO Holdings
5.125%, 05/01/2027 (B)		50		53
5.000%, 02/01/2028 (B)		10		10
Charter Communications Operating
6.484%, 10/23/2045		102		126
6.384%, 10/23/2035		390		476
5.750%, 04/01/2048		70		81
5.375%, 04/01/2038		20		23
5.050%, 03/30/2029		20		23
4.200%, 03/15/2028		110		117
3.579%, 07/23/2020		50		50
Comcast
6.400%, 05/15/2038		170		245
4.700%, 10/15/2048		40		50
4.250%, 10/15/2030		60		70
4.150%, 10/15/2028		160		181
3.950%, 10/15/2025		70		77
3.900%, 03/01/2038		40		45
3.375%, 08/15/2025		140		149
3.150%, 03/01/2026		20		21
Comcast Cable Communications Holdings
9.455%, 11/15/2022		270		332
Netflix
5.375%, 02/01/2021		10		10
Sprint
7.250%, 09/15/2021		10		11
Sprint Spectrum
4.738%, 03/20/2025 (B)		230		244
Telefonica Emisiones
4.103%, 03/08/2027		150		164
Telefonica Emisiones SAU
5.213%, 03/08/2047		150		175

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 11

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2019

Catholic Values Fixed Income Fund(Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Verizon Communications
5.500%, 03/16/2047	$	6	$	8
5.250%, 03/16/2037		20		25
4.862%, 08/21/2046		20		25
4.522%, 09/15/2048		261		314
4.500%, 08/10/2033		170		201
4.329%, 09/21/2028		50		58
3.500%, 11/01/2024		20		21
3.376%, 02/15/2025		19		20
2.625%, 08/15/2026		10		10
Vodafone Group
4.375%, 05/30/2028		110		123
				4,773
Consumer Discretionary — 2.1%
1011778 BC ULC
4.250%, 05/15/2024 (B)		30		31
Amazon.com
4.950%, 12/05/2044		30		40
4.050%, 08/22/2047		30		37
3.875%, 08/22/2037		20		23
3.150%, 08/22/2027		50		54
American Axle & Manufacturing
6.625%, 10/15/2022		8		8
BMW US Capital
1.850%, 09/15/2021 (B)		10		10
Cox Communications
3.350%, 09/15/2026 (B)		231		240
3.250%, 12/15/2022 (B)		385		396
Daimler Finance North America
2.700%, 08/03/2020 (B)		180		181
2.550%, 08/15/2022 (B)		297		298
Ford Motor
4.750%, 01/15/2043		30		27
General Motors
6.250%, 10/02/2043		50		56
5.150%, 04/01/2038		20		21
General Motors Financial
4.150%, 06/19/2023		545		569
3.450%, 04/10/2022		10		10
2.450%, 11/06/2020		20		20
Hanesbrands
4.875%, 05/15/2026 (B)		20		21
Hilton Domestic Operating
5.125%, 05/01/2026		10		11
Hilton Worldwide Finance
4.875%, 04/01/2027		20		21
Las Vegas Sands
3.200%, 08/08/2024		110		112
Lennar
5.000%, 06/15/2027		10		11
4.750%, 11/29/2027		20		22

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.500%, 04/30/2024	$	20	$	21
McDonald’s MTN
3.800%, 04/01/2028		10		11
3.500%, 03/01/2027		90		97
Myriad International Holdings BV
4.850%, 07/06/2027 (B)		200		226
Sands China
5.125%, 08/08/2025		200		221
Time Warner Cable
7.300%, 07/01/2038		90		116
5.875%, 11/15/2040		30		34
Time Warner Entertainment
8.375%, 07/15/2033		120		168
Toll Brothers Finance
4.375%, 04/15/2023		20		21
VOC Escrow
5.000%, 02/15/2028 (B)		30		31
				3,165
Consumer Staples — 2.8%
Altria Group
6.200%, 02/14/2059		10		13
5.950%, 02/14/2049		20		26
5.800%, 02/14/2039		130		160
4.800%, 02/14/2029		60		68
4.750%, 05/05/2021		50		52
4.400%, 02/14/2026		70		77
3.800%, 02/14/2024		10		10
3.490%, 02/14/2022		20		21
2.850%, 08/09/2022		20		20
Anheuser-Busch
4.900%, 02/01/2046		638		761
3.650%, 02/01/2026		60		64
Anheuser-Busch InBev Finance
3.300%, 02/01/2023		120		125
2.650%, 02/01/2021		15		15
Anheuser-Busch InBev Worldwide
5.550%, 01/23/2049		50		65
4.750%, 01/23/2029		70		82
4.150%, 01/23/2025		40		44
4.000%, 04/13/2028		20		22
3.500%, 01/12/2024		100		106
2.500%, 07/15/2022		60		61
BAT Capital
4.540%, 08/15/2047		110		110
3.557%, 08/15/2027		140		144
Constellation Brands
4.750%, 11/15/2024		80		89
Cott Holdings
5.500%, 04/01/2025 (B)		20		21
CVS Health
5.125%, 07/20/2045		60		70

12 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.875%, 07/20/2025	$	18	$	19
CVS Pass-Through Trust
7.507%, 01/10/2032 (B)		404		505
6.036%, 12/10/2028		223		253
Danone
2.077%, 11/02/2021 (B)		200		199
Diageo Capital
4.828%, 07/15/2020		110		113
Kraft Heinz Foods
5.375%, 02/10/2020		30		30
3.950%, 07/15/2025		70		73
Kroger
4.000%, 02/01/2024		407		437
Lamb Weston Holdings
4.875%, 11/01/2026 (B)		20		21
Mars
3.200%, 04/01/2030 (B)		10		11
2.700%, 04/01/2025 (B)		30		31
PepsiCo
4.600%, 07/17/2045		40		52
Philip Morris International
2.900%, 11/15/2021		10		10
2.500%, 08/22/2022		50		51
2.500%, 11/02/2022		50		50
1.875%, 11/01/2019		70		70
Reynolds American
5.850%, 08/15/2045		20		23
3.250%, 06/12/2020		11		11
Spectrum Brands
6.625%, 11/15/2022		10		10
Walgreens Boots Alliance
3.450%, 06/01/2026		40		41
Wm Wrigley Jr
3.375%, 10/21/2020 (B)		30		30
				4,266
Energy — 4.7%
Anadarko Finance
7.500%, 05/01/2031		60		80
Anadarko Petroleum
6.200%, 03/15/2040		75		92
5.550%, 03/15/2026		60		68
5.021%, 10/10/2036 (C)		1,000		497
4.850%, 03/15/2021		16		16
Antero Resources
5.375%, 11/01/2021		10		10
Apache
4.375%, 10/15/2028		90		93
4.250%, 01/15/2044		150		136
Blue Racer Midstream
6.125%, 11/15/2022 (B)		20		20

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
BP Capital Markets
3.535%, 11/04/2024	$	10	$	11
3.506%, 03/17/2025		100		106
BP Capital Markets America
3.588%, 04/14/2027		10		11
3.216%, 11/28/2023		200		208
Cheniere Corpus Christi Holdings
5.125%, 06/30/2027		10		11
Chesapeake Energy
8.000%, 06/15/2027		10		7
6.125%, 02/15/2021		10		10
Chevron
2.954%, 05/16/2026		30		32
Cimarex Energy
3.900%, 05/15/2027		50		51
Concho Resources
4.300%, 08/15/2028		325		354
3.750%, 10/01/2027		10		10
Continental Resources
4.500%, 04/15/2023		70		72
4.375%, 01/15/2028		20		21
3.800%, 06/01/2024		10		10
Devon Energy
5.850%, 12/15/2025		30		36
5.600%, 07/15/2041		50		61
5.000%, 06/15/2045		50		59
Diamondback Energy
5.375%, 05/31/2025		10		11
Ecopetrol
5.875%, 05/28/2045		100		118
Energy Transfer Operating
6.250%, 04/15/2049		10		12
5.500%, 06/01/2027		121		139
5.250%, 04/15/2029		20		23
4.950%, 06/15/2028		10		11
4.500%, 04/15/2024		50		54
Enterprise Products Operating
4.150%, 10/16/2028		290		322
4.050%, 02/15/2022		123		129
EOG Resources
4.150%, 01/15/2026		20		22
ExxonMobil
4.114%, 03/01/2046		70		85
3.043%, 03/01/2026		40		42
Halliburton
5.000%, 11/15/2045		40		45
3.800%, 11/15/2025		50		53
Kerr-McGee
7.875%, 09/15/2031		10		14
6.950%, 07/01/2024		10		12
Kinder Morgan
5.300%, 12/01/2034		20		23

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 13

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2019

Catholic Values Fixed Income Fund(Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.300%, 03/01/2028	$	20	$	22
Kinder Morgan Energy Partners
4.250%, 09/01/2024		40		43
3.500%, 03/01/2021		20		21
3.500%, 09/01/2023		30		31
MPLX
5.500%, 02/15/2049		30		34
4.875%, 06/01/2025		110		122
4.800%, 02/15/2029		60		67
4.700%, 04/15/2048		60		62
4.500%, 04/15/2038		10		10
Noble Energy
5.250%, 11/15/2043		10		11
4.950%, 08/15/2047		10		11
4.150%, 12/15/2021		50		52
3.850%, 01/15/2028		30		31
Oasis Petroleum
6.875%, 03/15/2022		10		10
6.875%, 01/15/2023		9		8
Occidental Petroleum
4.625%, 06/15/2045		20		21
4.400%, 04/15/2046		10		10
4.100%, 02/15/2047		70		70
3.400%, 04/15/2026		20		21
3.125%, 02/15/2022		19		19
3.000%, 02/15/2027		20		20
2.900%, 08/15/2024		30		30
2.700%, 08/15/2022		30		30
2.600%, 08/13/2021		20		20
Pertamina Persero
6.000%, 05/03/2042 (B)		200		250
Petrobras Global Finance BV
7.375%, 01/17/2027		210		249
6.850%, 06/05/2115		50		56
5.750%, 02/01/2029		50		54
5.299%, 01/27/2025		155		168
Petroleos Mexicanos
6.625%, 06/15/2035		100		97
Petroleos Mexicanos MTN
6.875%, 08/04/2026		20		21
Phillips 66 Partners
3.605%, 02/15/2025		300		313
3.550%, 10/01/2026		232		242
Range Resources
5.875%, 07/01/2022		10		9
4.875%, 05/15/2025		30		25
Schlumberger Holdings
4.000%, 12/21/2025 (B)		30		32
3.900%, 05/17/2028 (B)		471		501
Shell International Finance BV
4.375%, 05/11/2045		50		61
4.000%, 05/10/2046		50		59

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.875%, 05/10/2026	$	80	$	84
Sinopec Group Overseas Development
4.375%, 04/10/2024 (B)		200		217
Sunoco Logistics Partners Operations
3.450%, 01/15/2023		381		391
Targa Resources Partners
6.875%, 01/15/2029 (B)		10		11
6.500%, 07/15/2027 (B)		10		11
5.875%, 04/15/2026		10		10
4.250%, 11/15/2023		10		10
Whiting Petroleum
5.750%, 03/15/2021		10		9
Williams
7.875%, 09/01/2021		30		33
7.750%, 06/15/2031		140		190
7.500%, 01/15/2031		10		13
3.700%, 01/15/2023		20		21
Williams Partners
5.250%, 03/15/2020		20		20
WPX Energy
8.250%, 08/01/2023		30		33
				7,163
Financials — 10.3%
Ally Financial
8.000%, 11/01/2031		50		70
Ambac Assurance
5.100%, 06/07/2020 (B)		—		1
Ambac LSNI
7.319%, VAR ICE LIBOR USD 3 Month+5.000%, 02/12/2023 (B)		1		1
American Express
3.400%, 02/27/2023		412		430
2.650%, 12/02/2022		140		143
American Express Credit MTN
2.375%, 05/26/2020		40		40
American International Group
3.750%, 07/10/2025		40		43
Banco Santander
4.379%, 04/12/2028		200		220
Bank of America
3.946%, VAR ICE LIBOR USD 3 Month+1.190%, 01/23/2049		10		12
3.419%, VAR ICE LIBOR USD 3 Month+1.040%, 12/20/2028		42		44
3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/2023		419		430
Bank of America MTN
5.000%, 01/21/2044		70		91
4.450%, 03/03/2026		10		11
4.330%, VAR ICE LIBOR USD 3 Month+1.520%, 03/15/2050		258		315

14 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.000%, 01/22/2025	$	300	$	320
3.970%, VAR ICE LIBOR USD 3 Month+1.070%, 03/05/2029		50		55
3.593%, VAR ICE LIBOR USD 3 Month+1.370%, 07/21/2028		160		171
3.550%, VAR ICE LIBOR USD 3 Month+0.780%, 03/05/2024		70		73
3.500%, 04/19/2026		224		240
Barclays
5.088%, VAR ICE LIBOR USD 3 Month+3.054%, 06/20/2030		200		208
Barclays MTN
4.972%, VAR ICE LIBOR USD 3 Month+1.902%, 05/16/2029		200		219
Blackstone Holdings Finance
6.250%, 08/15/2042 (B)		118		163
BNP Paribas
4.705%, VAR ICE LIBOR USD 3 Month+2.235%, 01/10/2025 (B)		200		217
4.400%, 08/14/2028 (B)		200		223
Brighthouse Financial
4.700%, 06/22/2047		50		45
Chubb INA Holdings
2.300%, 11/03/2020		10		10
CIT Group
5.250%, 03/07/2025		20		22
4.750%, 02/16/2024		20		22
Citigroup
8.125%, 07/15/2039		110		184
4.650%, 07/23/2048		10		13
4.450%, 09/29/2027		270		297
4.125%, 07/25/2028		90		98
3.980%, VAR ICE LIBOR USD 3 Month+1.338%, 03/20/2030		60		66
3.700%, 01/12/2026		170		183
3.400%, 05/01/2026		510		539
Commonwealth Bank of Australia MTN
3.900%, 07/12/2047 (B)		20		23
Cooperatieve Rabobank UA
4.375%, 08/04/2025		250		269
3.875%, 09/26/2023 (B)		392		418
3.125%, 04/26/2021		250		255
Credit Agricole
8.125%, VAR USD Swap Semi 30/360 5 Yr Curr+6.185%, 03/23/2168 (B)		260		303
Credit Agricole MTN
4.000%, VAR USD Swap Semi 30/360 5 Yr Curr+1.644%, 01/10/2033 (B)		250		261
Credit Suisse Group Funding Guernsey
4.550%, 04/17/2026		250		277
Danske Bank
5.000%, 01/12/2022 (B)		200		211

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Five Corners Funding Trust
4.419%, 11/15/2023 (B)	$	200	$	217
HSBC Holdings
4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/2029		600		671
4.250%, 03/14/2024		200		211
4.041%, VAR ICE LIBOR USD 3 Month+1.546%, 03/13/2028		200		213
Intesa Sanpaolo
3.125%, 07/14/2022 (B)		200		201
Intesa Sanpaolo MTN
5.017%, 06/26/2024 (B)		200		205
KKR Group Finance II
5.500%, 02/01/2043 (B)		208		258
KKR Group Finance III
5.125%, 06/01/2044 (B)		215		256
Liberty Mutual Group
4.569%, 02/01/2029 (B)		49		56
4.250%, 06/15/2023 (B)		15		16
Lloyds Banking Group
4.375%, 03/22/2028		200		218
Macquarie Group MTN
4.150%, VAR ICE LIBOR USD 3 Month+1.330%, 03/27/2024 (B)		374		396
Metropolitan Life Insurance
7.800%, 11/01/2025 (B)		267		344
Mitsubishi UFJ Financial Group
2.998%, 02/22/2022		20		20
Morgan Stanley
3.737%, VAR ICE LIBOR USD 3 Month+0.847%, 04/24/2024		120		126
Morgan Stanley MTN
3.875%, 04/29/2024		346		371
3.772%, VAR ICE LIBOR USD 3 Month+1.140%, 01/24/2029		170		184
Navient MTN
8.000%, 03/25/2020		40		41
Park Aerospace Holdings
5.250%, 08/15/2022 (B)		50		53
Peachtree Corners Funding Trust
3.976%, 02/15/2025 (B)		225		238
Reliance Standard Life Global Funding II MTN
2.500%, 01/15/2020 (B)		10		10
Royal Bank of Canada MTN
3.200%, 04/30/2021		40		41
2.150%, 10/26/2020		30		30
Royal Bank of Scotland Group
5.125%, 05/28/2024		200		212
4.519%, VAR ICE LIBOR USD 3 Month+1.550%, 06/25/2024		200		210
Santander Holdings USA
4.500%, 07/17/2025		10		11

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 15

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2019

Catholic Values Fixed Income Fund(Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Santander UK
2.375%, 03/16/2020	$	20	$	20
Sumitomo Mitsui Financial Group
2.058%, 07/14/2021		30		30
Teachers Insurance & Annuity Association of America
4.900%, 09/15/2044 (B)		150		189
Toronto-Dominion Bank MTN
3.250%, 06/11/2021		50		51
UBS MTN
4.500%, 06/26/2048 (B)		200		258
UBS Group Funding Jersey
4.125%, 04/15/2026 (B)		449		491
UBS Group Funding Switzerland
4.253%, 03/23/2028 (B)		200		221
US Bank
3.150%, 04/26/2021		250		254
Voya Financial
3.125%, 07/15/2024		258		267
WEA Finance
3.750%, 09/17/2024 (B)		200		214
2.700%, 09/17/2019 (B)		430		430
Wells Fargo
4.480%, 01/16/2024		200		217
3.000%, 10/23/2026		50		52
Wells Fargo MTN
4.900%, 11/17/2045		50		62
4.750%, 12/07/2046		30		37
4.650%, 11/04/2044		100		120
4.400%, 06/14/2046		10		12
4.300%, 07/22/2027		300		332
3.450%, 02/13/2023		160		166
Westpac Banking
2.600%, 11/23/2020		40		40
2.300%, 05/26/2020		10		10
				15,518
Health Care — 1.4%
Abbott Laboratories
4.900%, 11/30/2046		40		53
4.750%, 11/30/2036		10		13
3.750%, 11/30/2026		23		25
Aetna
2.800%, 06/15/2023		10		10
Anthem
3.650%, 12/01/2027		70		74
3.350%, 12/01/2024		20		21
2.950%, 12/01/2022		50		51
Cardinal Health
3.079%, 06/15/2024		20		20
2.616%, 06/15/2022		20		20

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Centene
6.125%, 02/15/2024	$	20	$	21
5.625%, 02/15/2021		10		10
5.375%, 06/01/2026 (B)		10		11
4.750%, 05/15/2022		20		20
Cigna
4.375%, 10/15/2028		120		134
4.125%, 11/15/2025		347		378
3.750%, 07/15/2023		80		84
3.400%, 09/17/2021		30		31
CVS Health
5.050%, 03/25/2048		20		23
4.300%, 03/25/2028		310		338
4.100%, 03/25/2025		40		43
3.700%, 03/09/2023		180		188
3.350%, 03/09/2021		16		17
Express Scripts Holding
3.400%, 03/01/2027		441		459
Fresenius Medical Care US Finance II
4.750%, 10/15/2024 (B)		50		54
Medtronic
3.500%, 03/15/2025		32		35
				2,133
Industrials — 3.2%
3M
2.375%, 08/26/2029		30		30
AerCap Ireland Capital DAC
4.625%, 10/30/2020		278		285
Air Canada Pass-Through Trust,Ser 2015-1, Cl A
3.600%, 03/15/2027 (B)		259		272
American Airlines Pass-Through Trust,Ser 2013-1, Cl B
5.625%, 01/15/2021 (B)		106		109
American Airlines Pass-Through Trust,Ser 2013-2, Cl A
4.950%, 01/15/2023		556		586
Canadian Pacific Railway
6.125%, 09/15/2115		127		192
Cintas No. 2
3.700%, 04/01/2027		30		33
2.900%, 04/01/2022		20		20
Continental Airlines Pass-Through Trust,Ser 2012-2, Cl A
4.000%, 10/29/2024		172		182
DAE Funding
5.750%, 11/15/2023 (B)		10		11
Eaton
4.150%, 11/02/2042		70		79
FedEx
4.050%, 02/15/2048		237		242

16 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Ferguson Finance
4.500%, 10/24/2028 (B)	$	394	$	425
International Lease Finance
8.625%, 01/15/2022		20		23
5.875%, 08/15/2022		50		55
Norfolk Southern
4.837%, 10/01/2041		200		247
Penske Truck Leasing LP
3.900%, 02/01/2024 (B)		457		483
Republic Services
2.500%, 08/15/2024		20		20
Ryder System MTN
3.875%, 12/01/2023		432		459
Spirit Airlines Pass-Through Trust,Ser 2017-1AA
3.375%, 02/15/2030		190		202
United Airlines Pass-Through Trust, Ser 2014-1, Cl A
4.000%, 04/11/2026		651		696
United Rentals North America
6.500%, 12/15/2026		10		11
5.875%, 09/15/2026		30		32
4.875%, 01/15/2028		20		21
Waste Management
4.150%, 07/15/2049		20		24
3.500%, 05/15/2024		60		64
3.450%, 06/15/2029		10		11
3.200%, 06/15/2026		20		21
				4,835
Information Technology — 1.3%
Apple
3.200%, 05/13/2025		80		86
2.000%, 11/13/2020		30		30
1.550%, 08/04/2021		150		149
Broadcom
3.625%, 10/15/2024 (B)		224		227
3.125%, 01/15/2025		30		30
Diamond 1 Finance
4.420%, 06/15/2021 (B)		140		144
Hewlett Packard Enterprise
4.400%, 10/15/2022		69		73
Microsoft
4.450%, 11/03/2045		40		52
4.100%, 02/06/2037		10		12
3.300%, 02/06/2027		130		142
2.875%, 02/06/2024		60		63
2.700%, 02/12/2025		20		21
2.400%, 02/06/2022		70		71
2.400%, 08/08/2026		160		165
1.550%, 08/08/2021		50		50

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
NXP BV
4.625%, 06/01/2023 (B)	$	215	$	230
salesforce.com
3.700%, 04/11/2028		10		11
3.250%, 04/11/2023		40		42
Telefonaktiebolaget LM Ericsson
4.125%, 05/15/2022		211		219
Visa
4.300%, 12/14/2045		50		63
3.150%, 12/14/2025		70		75
				1,955
Materials — 0.8%
Anglo American Capital
3.625%, 09/11/2024 (B)		200		206
ArcelorMittal
4.550%, 03/11/2026		50		52
Barrick North America Finance
5.700%, 05/30/2041		60		78
BHP Billiton Finance USA
6.750%, VAR USD Swap Semi 30/360 5 Yr Curr+5.093%, 10/19/2075 (B)		200		234
Equate Petrochemical BV MTN
4.250%, 11/03/2026 (B)		200		217
Freeport-McMoRan
5.450%, 03/15/2043		50		46
4.550%, 11/14/2024		10		10
3.550%, 03/01/2022		30		30
Glencore Funding
4.125%, 05/30/2023 (B)		70		74
4.125%, 03/12/2024 (B)		10		10
4.000%, 03/27/2027 (B)		150		155
2.875%, 04/16/2020 (B)		10		10
Resolute Forest Products
5.875%, 05/15/2023		30		30
Reynolds Group Issuer
5.125%, 07/15/2023 (B)		20		21
Southern Copper
5.250%, 11/08/2042		80		92
Vale Overseas
6.875%, 11/21/2036		10		13
4.375%, 01/11/2022		3		3
WestRock RKT
4.000%, 03/01/2023		10		10
				1,291
Real Estate — 1.0%
Boston Properties
3.850%, 02/01/2023		200		211
Digital Realty Trust
3.700%, 08/15/2027		317		338

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 17

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2019

Catholic Values Fixed Income Fund(Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
HCP
4.000%, 06/01/2025	$	150	$	161
Realty Income
4.125%, 10/15/2026		207		230
Ventas Realty
4.125%, 01/15/2026		136		147
Welltower
4.500%, 01/15/2024		144		156
4.000%, 06/01/2025		231		248
				1,491
Utilities — 2.1%
Aquarion
4.000%, 08/15/2024 (B)		103		109
Duke Energy
3.950%, 08/15/2047		10		11
Duke Energy Ohio
3.650%, 02/01/2029		50		55
Eversource Energy
3.150%, 01/15/2025		111		116
2.500%, 03/15/2021		305		306
Exelon
5.625%, 06/15/2035		60		76
5.100%, 06/15/2045		328		411
FirstEnergy
7.375%, 11/15/2031		220		315
4.850%, 07/15/2047		100		122
3.900%, 07/15/2027		50		54
NextEra Energy Capital Holdings
3.550%, 05/01/2027		292		312
2.403%, 09/01/2021		227		228
Public Service Enterprise Group
2.875%, 06/15/2024		259		267
Sempra Energy
1.625%, 10/07/2019		239		239
Southern
3.250%, 07/01/2026		415		430
Virginia Electric & Power
3.150%, 01/15/2026		124		131
				3,182
Total Corporate Obligations (Cost $46,265) ($ Thousands)				49,772
U.S. TREASURY OBLIGATIONS — 15.0%
U.S. Treasury Bills
2.101%, 09/19/2019 (C)		315		314
1.952%, 11/07/2019 (C)		990		987
U.S. Treasury Bonds
4.500%, 05/15/2038		2,293		3,302
3.750%, 11/15/2043		1,830		2,474

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
3.000%, 02/15/2048	$	341	$	418
3.000%, 08/15/2048		1,763		2,164
3.000%, 02/15/2049		10		12
2.875%, 08/15/2045		550		653
2.750%, 08/15/2047		970		1,133
2.750%, 11/15/2047		1,977		2,312
2.500%, 02/15/2045		230		255
2.500%, 05/15/2046		826		918
U.S. Treasury Inflation Protected Securities
1.750%, 01/15/2028		147		168
1.375%, 02/15/2044		396		492
1.000%, 02/15/2046		173		201
1.000%, 02/15/2049		683		794
0.750%, 02/15/2042		45		50
U.S. Treasury Notes
3.625%, 02/15/2020		750		755
3.125%, 11/15/2028		110		125
2.875%, 08/15/2028		202		225
2.750%, 02/15/2028		8		9
2.625%, 05/15/2021		84		85
2.625%, 02/15/2029		660		725
2.375%, 02/29/2024		3,026		3,153
2.375%, 05/15/2029		290		313
1.750%, 06/30/2024		549		558
Total U.S. Treasury Obligations (Cost $19,826) ($ Thousands)				22,595
ASSET-BACKED SECURITIES — 8.7%
Automotive — 1.1%
Avis Budget Rental Car Funding AESOP,Ser 2019-2A, Cl A
3.350%, 09/22/2025 (B)		100		105
Ford Credit Floorplan Master Owner Trust,Ser 2015-2, Cl A1
1.980%, 01/15/2022		825		824
Ford Credit Floorplan Master Owner Trust,Ser 2018-3, Cl A1
3.520%, 10/15/2023		585		605
Ford Credit Floorplan Master Owner Trust,Ser 2018-4, Cl A
4.060%, 11/15/2030		150		169
				1,703
Other Asset-Backed Securities — 7.6%
Applebee's Funding, Ser 2019-1A, Cl A2I
4.194%, 06/07/2049 (B)		140		144
Ascentium Equipment Receivables Trust,Ser 2018-2A, Cl A2
3.270%, 10/12/2021 (B)		368		370

18 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Asset Backed Securities Home Equity Loan Trust, Ser 2007-HE1, Cl A4
2.285%, VAR ICE LIBOR USD 1 Month+0.140%, 12/25/2036	$	251	$	243
BankAmerica Manufactured Housing
Contract Trust, Ser 1996-1, Cl B1
7.875%, 10/10/2026		508		121
Bear Stearns Asset Backed Securities I Trust,Ser 2004-AC6, Cl A1
5.750%, 11/25/2034		84		85
Bear Stearns Asset Backed Securities I Trust,Ser 2004-HE6, Cl M1
3.000%, VAR ICE LIBOR USD 1 Month+0.855%, 08/25/2034		253		251
Bear Stearns Asset Backed Securities I Trust,Ser 2004-HE7, Cl M1
3.045%, VAR ICE LIBOR USD 1 Month+0.900%, 08/25/2034		229		229
BXP Trust, Ser 2017-CQHP, Cl A
3.045%, VAR ICE LIBOR USD 1 Month+0.850%, 11/15/2034 (B)		190		189
CCG Receivables Trust, Ser 2017-1, Cl A2
1.840%, 11/14/2023 (B)		74		74
CCG Receivables Trust, Ser 2018-1, Cl A2
2.500%, 06/16/2025 (B)		396		397
CCG Receivables Trust, Ser 2019-1, Cl A2
2.800%, 09/14/2026 (B)		240		242
DB Master Finance, Ser 2017-1A, Cl A2I
3.629%, 11/20/2047 (B)		249		254
Domino’s Pizza Master Issuer, Ser 2017-1A, Cl A2I
3.526%, VAR ICE LIBOR USD 3 Month+1.250%, 07/25/2047 (B)		221		220
Domino’s Pizza Master Issuer, Ser 2018-1A, Cl A2I
4.116%, 07/25/2048 (B)		148		156
GMF Floorplan Owner Revolving Trust,Ser 2018-4, Cl A1
3.500%, 09/15/2023 (B)		255		263
Lone Star Portfolio Trust, Ser 2015-LSP, Cl E
8.045%, VAR ICE LIBOR USD 1 Month+5.850%, 09/15/2028 (B)		137		137
Navient Private Education Refi Loan Trust,Ser 2019-CA, Cl A2
3.130%, 02/15/2068 (B)		180		187
Nelnet Student Loan Trust, Ser 2008-3, Cl A4
3.782%, VAR ICE LIBOR USD 3 Month+1.650%, 11/25/2024		72		72
NextGear Floorplan Master Owner Trust,Ser 2018-1A, Cl A2
3.220%, 02/15/2023 (B)		354		359

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
NextGear Floorplan Master Owner Trust, Ser 2018-2A, Cl A2
3.690%, 10/15/2023 (B)	$	377	$	389
NextGear Floorplan Master Owner Trust, Ser 2019-1A, Cl A2
3.210%, 02/15/2024 (B)		347		356
Nomura Asset Acceptance Alternative Loan Trust, Ser 2007-1, Cl 1A4
6.138%, 03/25/2047		179		190
Progress Residential Trust, Ser 2018-SFR3, Cl A
3.880%, 10/17/2035 (B)		408		423
RAMP Trust, Ser 2006-RZ3, Cl M1
2.495%, VAR ICE LIBOR USD 1 Month+0.350%, 08/25/2036		470		468
Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MA
3.500%, 03/25/2058		452		475
Sofi Professional Loan Program Trust,Ser 2018-B, Cl A2FX
3.340%, 08/25/2047 (B)		100		104
Sofi Professional Loan Program Trust,Ser 2018-D, Cl A2FX
3.600%, 02/25/2048 (B)		180		190
Store Master Funding I, Ser 2015-1A, Cl A1
3.750%, 04/20/2045 (B)		329		337
Structured Asset Investment Loan Trust,Ser 2003-BC12, Cl 2A
2.865%, VAR ICE LIBOR USD 1 Month+0.720%, 11/25/2033		238		239
U.S. Small Business Administration, Ser 2010-20B, Cl 1
4.140%, 02/01/2030		96		104
U.S. Small Business Administration, Ser 2011-20H, Cl 1
3.290%, 08/01/2031		168		176
U.S. Small Business Administration,Ser 2013-20G, Cl 1
3.150%, 07/01/2033		752		791
U.S. Small Business Administration,Ser 2014-20C, Cl 1
3.210%, 03/01/2034		629		671
U.S. Small Business Administration,Ser 2015-20F, Cl 1
2.980%, 06/01/2035		177		187
U.S. Small Business Administration,Ser 2018-20A, Cl 1
2.920%, 01/01/2038		277		293
U.S. Small Business Administration,Ser 2018-20B, Cl 1
3.220%, 02/01/2038		435		466

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 19

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2019

Catholic Values Fixed Income Fund(Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
U.S. Small Business Administration, Ser 2018-20E, Cl 1
3.500%, 05/01/2038	$	283	$	308
U.S. Small Business Administration, Ser 2019-20D, Cl 1
2.980%, 04/01/2039		30		32
U.S. Small Business Administration, Ser 2019-25G, Cl 1
2.690%, 07/01/2044		30		32
Vantage Data Centers Issuer, Ser 2019-1A, Cl A2
3.188%, 07/15/2044 (B)		120		122
Verizon Owner Trust, Ser 2017-2A, Cl A
1.920%, 12/20/2021 (B)		244		244
Verizon Owner Trust, Ser 2017-3A, Cl A1A
2.060%, 04/20/2022 (B)		325		325
Verizon Owner Trust, Ser 2019-B, Cl A1A
2.330%, 12/20/2023		285		288
Volvo Financial Equipment LLC, Ser 2017-1A, Cl A3
1.920%, 03/15/2021 (B)		123		122
Wendy’s Funding, Ser 2019-1A, Cl A2I
3.783%, 06/15/2049 (B)		153		158
				11,483
Total Asset-Backed Securities (Cost $12,874) ($ Thousands)				13,186
U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.3%
FHLB
2.125%, 02/11/2020		30		30
FHLB DN
2.461%, 09/27/2019 (C)		850		849
2.152%, 09/20/2019 (C)		220		220
2.145%, 09/03/2019 (C)		650		650
2.021%, 10/23/2019 (C)		940		937
2.002%, 09/09/2019 (C)		380		380
1.957%, 10/28/2019 (C)		380		379
Total U.S. Government Agency Obligations (Cost $3,444) ($ Thousands)				3,445
SOVEREIGN DEBT — 2.2%
Abu Dhabi Government International Bond
2.500%, 10/11/2022 (B)		200		203
Argentine Republic Government International Bond
6.875%, 01/11/2048		140		53
5.625%, 01/26/2022		210		83

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
3.750%, 5.250%, 03/31/2029, 12/31/2038 (D)	$	20	$	7
Brazilian Government International Bond
5.625%, 01/07/2041		120		137
4.625%, 01/13/2028		290		312
Colombia Government International Bond
5.625%, 02/26/2044		200		257
Ecuador Government International Bond
7.875%, 01/23/2028 (B)		200		187
Egypt Government International Bond
5.577%, 02/21/2023 (B)		200		206
Indonesia Government International Bond
4.350%, 01/11/2048		400		455
Mexico Government International Bond
4.600%, 02/10/2048		230		251
Nigeria Government International Bond MTN
6.500%, 11/28/2027 (B)		200		199
Peruvian Government International Bond
6.550%, 03/14/2037		10		15
5.625%, 11/18/2050		240		366
Poland Government International Bond
4.000%, 01/22/2024		110		120
Provincia de Buenos Aires
6.500%, 02/15/2023 (B)		200		62
Republic of South Africa Government International Bond
4.300%, 10/12/2028		200		199
Uruguay Government International Bond
4.375%, 01/23/2031		200		227
Total Sovereign Debt (Cost $3,342) ($ Thousands)				3,339
LOAN PARTICIPATIONS — 1.6%
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-3 Loan
4.362%, VAR LIBOR+0.023%, 02/16/2024		10		10
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-3 Loan, 1st Lien
4.362%, VAR LIBOR+0.023%, 02/16/2024		13		13
Air Medical Group Holdings, 2018 Term Loan
5.432%, 04/28/2022		69		65
Albertson’s, Term Loan, 1st Lien
4.862%, 08/07/2026		46		46
Allied Universal Hold LLC, Term Loan B, 1st Lien
6.507%, 06/26/2026		18		18

20 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
American Axle & Manufacturing, Inc., Tranche B Term Loan, 1st Lien
4.530%, VAR LIBOR+0.045%, 04/06/2024	$	1	$	1
4.400%, VAR LIBOR+0.045%, 04/06/2024		6		6
Asurion, LLC (fka Asurion Corporation), Amendment No. 14 ReplacementB-4 Term Loan, 1st Lien
5.112%, 08/04/2022		50		50
Asurion, LLC, Term Loan
5.112%, 11/03/2024		40		40
Athenahealth, Inc., Term Loan
6.701%, 02/11/2026		—		—
Athenahealth, Inc., Term Loan B, 1st Lien
6.681%, 02/11/2026		80		79
Atlantic Aviation, Term Loan B, 1st Lien
5.870%, 12/06/2025		10		10
Avalon, Term Loan B, 1st Lien
3.922%, 01/15/2025		39		39
Berry Global, Inc. (fka Berry Plastics Corporation), Term Q Loan, 1st Lien
4.451%, VAR LIBOR+0.050%, 10/01/2022		13		13
Blackstone CQP Holdco LP, Initial Term Loan, 1st Lien
5.887%, 06/07/2024		10		10
Brickman Group/Brightview Landscapes, 1st Lien
4.688%, 08/15/2025		11		11
Brightview Landscapes, LLC, Initial Term Loan, 1st Lien
4.625%, 08/15/2025		9		9
Caesars Resort Collection, LLC (fka Caesars Growth Properties Holdings, LLC), Term B Loan, 1st Lien
4.862%, VAR LIBOR+0.043%, 12/23/2024		48		47
CBS Radio Inc. Term Loan B (2017)
4.890%, VAR LIBOR+0.038%, 11/18/2024		32		32
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien
4.612%, VAR LIBOR+0.053%, 03/01/2024		22		22
Charter Communications Operating LLC, Term Loan B
4.330%, VAR LIBOR+0.090%, 04/30/2025		98		98

Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
CityCenter Holdings, LLC, Term B Loan, 1st Lien
4.362%, VAR LIBOR+0.030%, 04/18/2024	$	18	$	18
Dell International L.L.C. (EMC Corporation), Refinancing Term B Loan
4.120%, 09/07/2023		39		39
Diamond Sports, Term Loan B, 1st Lien
5.420%, 07/17/2026		10		10
DigiCert Holdings, Inc., Term Loan, 1st Lien
0.000%, 08/07/2026 (E)		60		60
Digicert, Term LoanB-2
6.112%, 10/31/2024		90		90
Edelman Financial Center, Term Loan B
5.432%, 07/21/2025		30		30
First Eagle Holdings, Inc. (fka Arnhold and S. Bleichroeder Holdings, Inc.), Refinancing Term Loan
5.080%, 12/02/2024		20		20
Focus Financial Partners, Term Loan, 1st Lien
4.612%, 07/03/2024		10		10
Four Seasons, 1st Lien
4.112%, 11/30/2023		20		20
Golden Nugget, Inc., Initial Term Loan B
4.932%, VAR LIBOR+0.070%, 10/04/2023		11		11
Golden Nugget, Inc., Initial Term Loan B, 1st Lien
4.862%, VAR LIBOR+0.070%, 10/04/2023		13		13
HC Group Holdings II, Inc., 1st Lien
6.612%, 05/22/2026		40		40
Hilton Worldwide Finance LLC, Term Loan
3.895%, 06/22/2026		42		43
iHeartCommunications, Term Loan, 1st Lien
6.230%, 05/01/2026		16		16
Intelsat Jackson Holdings S.A., TrancheB-3 Term Loan
5.895%, 11/27/2023		20		20
Intrawest, Term LoanB-1
5.112%, 07/31/2024		40		40
Jaguar Holding, Inital Term Loan
4.612%, 08/18/2022		12		12
Level 3 Financing, Inc., Tranche B, Term Loan
4.423%, VAR LIBOR+0.030%, 02/22/2024		96		96
LifePoint Health, Term Loan, 1st Lien
6.645%, 11/16/2025		80		79
LPL Holdings, Term Loan B (2017)
4.395%, 09/23/2024		10		10
MA Financeco., LLC, TrancheB-3 Term Loan
4.612%, 06/21/2024		1		1

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 21

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2019

Catholic Values Fixed Income Fund(Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
McAfee, LLC, Term B USD Loan
5.866%, 09/30/2024	$	50	$	50
MGM Growth Properties Operating Partnership, Term B Loan, 1st Lien
4.112%, VAR US LIBOR+0.038%, 04/25/2023		32		32
Michaels Stores, Inc., 2018 New Replacement Term B Loan
4.667%, 01/30/2023		8		8
4.612%, 01/30/2023		21		19
Michaels Stores, Replacement Term Loan B
4.612%, 01/30/2023		1		1
MPH Acquisition Holdings LLC, Initial Term Loan, 1st Lien
5.080%, VAR LIBOR+0.088%, 06/07/2023		87		80
Nexstar Broadcasting, Term Loan, 1st Lien
0.000%, 06/19/2026 (E)		50		50
Numericable U.S. LLC, Term Loan B
5.883%, VAR LIBOR+0.038%, 01/31/2026		50		49
ON Semiconductor, 2018 New Replacement Term Loan B-3
3.862%, 03/31/2023		25		25
Panther BF Aggregator 2 L.P., Initial Term Loan, 1st Lien
5.612%, 04/30/2026		50		49
Party City Holdings Inc., 2018 Replacement Term Loan
4.620%, 08/19/2022		12		12
PCO Gaming, 1st Lien
5.112%, 05/15/2026		40		40
Phoenix Guarantor Inc., Initial Term Loan, 1st Lien
6.744%, 03/05/2026		60		60
Post Holdings, Inc., Series A Incremental Term Loan
4.150%, VAR LIBOR+0.058%, 05/24/2024		24		24
Prime Security Services Borrower, LLC, Refinancing Term Loan B-1, Ser 2016-2
4.862%, 05/02/2022		74		74
Reynolds Group Holdings Inc., Incremental U.S. Term Loan
4.862%, VAR LIBOR+0.040%, 02/05/2023		72		72
RPI Finance Trust, Initial Term Loan B-6
4.112%, VAR Prime Rate by Country+0.025%, 03/27/2023		47		47
Scientific Games International, Inc., Initial Term Loan B-5
4.896%, VAR LIBOR+0.055%, 08/14/2024		59		58

Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
4.862%, VAR LIBOR+0.055%, 08/14/2024	$	14	$	14
Seattle SpinCo, Inc., Initial Term Loan, 1st Lien
4.612%, VAR LIBOR+0.080%, 06/21/2024		9		9
Sprint Communications, Inc., Initial Term Loan, 1st Lien
4.625%, VAR LIBOR+0.065%, 02/02/2024		19		18
Station Casinos LLC, Term B Facility Loan, 1st Lien
4.620%, VAR LIBOR+0.075%, 06/08/2023		13		13
The Servicemaster Company, 1st Lien
4.612%, 11/08/2023		4		4
TKC Holdings, Inc. Term Loan B
5.870%, 02/01/2023		20		19
Trans Union LLC, 2017 Replacement Term Loan B-3
4.112%, 04/10/2023		29		29
UFC Holdings II, Inc. 1st Lien
5.370%, 04/29/2026		50		50
Univision Communications Inc., 2017 Replacement Repriced First-Lien Term Loan
4.862%, 03/15/2024		52		50
VICI Properties 1 LLC, Term B Loan, 1st Lien
4.170%, 12/20/2024		8		8
Virgin Media, Term Loan, 1st Lien
4.695%, VAR LIBOR+0.085%, 01/15/2026		55		55
Western Digital
3.862%, 04/29/2023		32		32
Ziggo Secured Finance Partnership, Term Loan E Facility, 1st Lien
4.695%, VAR LIBOR+0.038%, 04/15/2025		90		90
Total Loan Participations (Cost $2,459) ($ Thousands)				2,438
MUNICIPAL BONDS — 0.9%
California — 0.3%
California State, GO
7.500%, 04/01/2034		280		441
Florida — 0.1%
Florida State, Board of Administration Finance, Ser A, RB
2.638%, 07/01/2021		100		101

22 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Illinois — 0.3%
Chicago, Metropolitan Water Reclamation District, GO
5.720%, 12/01/2038	$	345	$	479
New York — 0.2%
New York State, Urban Development, RB
5.770%, 03/15/2039		275		347
Total Municipal Bonds (Cost $1,232) ($ Thousands)				1,368

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 3.5%
SEI Daily Income Trust, Government Fund, Cl F
1.970%**†		5,314,163	$	5,314
Total Cash Equivalent (Cost $5,314) ($ Thousands)				5,314
Total Investments in Securities — 105.4% (Cost $151,495) ($ Thousands)			$	159,370
	Contracts
PURCHASED OPTIONS* — 0.0%
Total Purchased Options (F) (Cost $29) ($ Thousands)		1,782,611	$	63

A list of the open options held by the Fund at August 31, 2019, is as follows:

Description	Counterparty		Number of Contracts		Notional Amount (Thousands)^		Exercise Price		Expiration Date		Value (Thousands)
PURCHASED OPTIONS — 0.0%
Call Options
November 2019, USD Call EUR Put *		Citigroup		1,182,611	$	22	$	1.14		11/16/19	$	45
October 2019, USD Call EUR Put *		Citigroup		600,000		7		1.13		10/19/19		18
Total Purchased Option					$	29					$	63

^ Represents cost.

A list of the open futures contracts held by the Fund at August 31, 2019, is as follows:

Type of Contract	Number of Contracts Long/(Short)			Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
90-Day Euro$		25			Dec-2019	$	6,063		$	6,134		$	70
90-Day Euro$		5			Mar-2021		1,218			1,235			17
U.S.10-Year Treasury Note		24			Dec-2019		3,155			3,161			6
U.S.2-Year Treasury Note		(3	)		Jan-2020		(648	)		(648	)		—
U.S.5-Year Treasury Note		(134	)		Jan-2020		(16,037	)		(16,077	)		(40	)
U.S. Long Treasury Bond		18			Dec-2019		2,950			2,975			25
U.S. Ultra Long Treasury Bond		16			Dec-2019		3,114			3,159			45
Ultra10-Year U.S. Treasury Note		(9	)		Dec-2019		(1,295	)		(1,300	)		(5	)
						$	(1,480	)	$	(1,361	)	$	118

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 23

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2019

Catholic Values Fixed Income Fund(Concluded)

A list of the open forward foreign currency contracts held by the Fund at August 31, 2019, is as follows:

Counterparty	Settlement Date			Currency to Deliver (Thousands)				Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		10/17/19	GBP		50	USD			61	$	—
Citigroup		10/17/19	USD		165	ZAR			2,370		(10	)
Citigroup		10/17/19	USD		173	GBP			138		(5	)
Citigroup		10/17/19	USD		176	AUD			254		(5	)
Citigroup		10/17/19 - 10/23/19	USD		688	EUR			608		(16	)
Citigroup		10/17/19	USD		750	INR			51,986		(29	)
Citigroup		10/17/19	USD		909	RUB	��		58,693		(33	)
Citigroup		10/17/19	USD		1,100	IDR			15,760,196		4
Citigroup		10/17/19	CAD		1,254	USD			955		11
Citigroup		10/17/19	BRL		1,734	USD			460		41
Citigroup		10/17/19	USD		1,751	BRL			6,654		(146	)
Citigroup		10/17/19	CNY		2,862	USD			416		16
Citigroup		10/17/19	USD		3,209	CAD			4,207		(40	)
Citigroup		10/17/19	PHP		32,016	USD			620		6
										$	(206)

A list of open centrally cleared swap agreements held by the Fund at August 31, 2019, is as follows:

Credit Default Swaps
Reference Entity/Obligation	Buy/Sell Protection		(Pays)/ Receives Rate		Payment Frequency		Termination Date		Notional Amount (Thousands)			Value (Thousands)		Upfront Payments/ Receipts (Thousands)		Net Unrealized Appreciation (Thousands)
CDX.NA.HY.24		Sell		5.00%		Quarterly		06/20/2024	$	(916	)	$	60	$	48	$	12
CDX.NA.IG.32		Sell		1.00%		Quarterly		06/20/2024		(2,830	)		59		40		19
												$	119	$	88	$	31

Interest Rate Swaps
Fund Pays	Fund Receives	Payment Frequency		Termination Date	Currency	Notional Amount (Thousands)	Value (Thousands)			Upfront Payments/ Receipts (Thousands)			Net Unrealized Depreciation (Thousands)
2.5%	3-MONTH USD - LIBOR		Quarterly	01/31/2026	USD	1,089	$	(79	)	$	(15	)	$	(64	)
1.55%	USD FEDL01		Annually	04/30/2026	USD	2,630		(86	)		3			(89	)
2.875%	3-MONTH USD - LIBOR		Quarterly	05/15/2044	USD	945		(268	)		11			(279	)
2.75%	3-MONTH USD - LIBOR		Quarterly	08/15/2044	USD	918		(238	)		(2	)		(236	)
1.85%	SD LIBOR BBA		Quarterly	11/15/2044	USD	324		(22	)		1			(23	)
1.81%	3-MONTH USD - LIBOR		Quarterly	11/15/2044	USD	164		(9	)		—			(9	)
1.65%	3-MONTH USD - LIBOR		Quarterly	08/23/2049	USD	580		(16	)		(2	)		(14	)
							$	(718	)	$	(4	)	$	(714	)

Percentages are based on Net Assets of $151,141 ($ Thousands).

* Non-income producing security.

** Rate shown is the7-day effective yield as of August 31, 2019.

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

(A) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(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 August 31, 2019, the value of these securities amounted to $25,217 ($ Thousands), representing 16.7% of the Net Assets of the Fund.

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

(D) Step Bonds — Represents the current rate, the step rate, the step date and the final maturity date.

(E) Unsettled bank loan. Interest rate may not be available.

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

24 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

AUD — Australian Dollar

BBA — British Bankers’ Association

BRL — Brazilian Real

CAD — Canadian Dollar

Cl — Class

CMO — Collateralized Mortgage Obligation

CNY — Chinese Yuan Onshore

DN — Discount Note

EUR — Euro

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GBP — British Pound Sterling

GNMA — Government National Mortgage Association

GO — General Obligation

ICE — Intercontinental Exchange

IDR — Indonesian Rupiah

INR — Indian Rupee

IO — Interest Only — face amount represents notional amount.

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PHP — Philippine Peso

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

RUB — Russian Ruble

Ser — Series

TBA — To Be Announced

ULC — Unlimited Liability Company

USD — U.S. Dollar

VAR — Variable Rate

ZAR — South African Rand

The following is a list of the inputs used as of August 31, 2019, 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	$	—		$	57,913		$	—	$	57,913
Corporate Obligations		—			49,772			—		49,772
U.S. Treasury Obligations		—			22,595			—		22,595
Asset-Backed Securities		—			13,186			—		13,186
U.S. Government Agency Obligations		—			3,445			—		3,445
Sovereign Debt		—			3,339			—		3,339
Loan Participations		—			2,438			—		2,438
Municipal Bonds		—			1,368			—		1,368
Cash Equivalent		5,314			—			—		5,314
Total Investments in Securities	$	5,314		$	154,056		$	—	$	159,370
Other Financial Instruments	Level 1			Level 2			Level 3		Total
Purchased Options	$	63		$	—		$	—	$	63
Futures Contracts *
Unrealized Appreciation		163			—			—		163
Unrealized Depreciation		(45	)		—			—		(45	)
Forwards Contracts *
Unrealized Appreciation		—			78			—		78
Unrealized Depreciation		—			(284	)		—		(284	)
Centrally Cleared Swaps
Credit Default Swaps *
Unrealized Appreciation		—			31			—		31
Interest Rate Swaps *
Unrealized Depreciation		—			(714	)		—		(714	)
Total Other Financial Instruments	$	181		$	(889	)	$	—	$	(708	)

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

For the period ended August 31, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended August 31, 2019, there were no transfers from Level 2 into Level 3 assets and liabilities. For the period ended August 31, 2019, there were no Level 3 investments.

The following is a summary of the transactions with affiliates for the period ended August 31, 2019 ($ Thousands):

Security Description	Value 2/28/19		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 8/31/19		Shares		Income		Capital Gains
SEI Daily Income Trust, Government Fund, Cl F	$	6,772	$	32,830	$	(34,288	)	$	—	$	—	$	5,314		5,314,163	$	53	$	—

Amounts designated as “—” are $0.

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

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 25

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

August 31, 2019

	Catholic Values Equity Fund			Catholic Values Fixed Income Fund
Assets:
Investments, at Value†	$	261,703		$	154,056
Affiliated Investments, at Value††		9,010			5,314
Cash		236			—
Cash Collateral on Futures		395			90
Cash Collateral on Swap Contracts		—			509
Foreign Currency, at Value†††		1,043			67
Receivable for Fund Shares Sold		42			58
Receivable for Investment Securities Sold		2,859			2,461
Dividends and Interest Receivable		461			830
Unrealized Appreciation on Forward Foreign Currency Contracts		—			78
Options Purchased, at Value††††		—			63
Foreign Tax Reclaim Receivable		3			—
Prepaid Expenses		34			20
Total Assets		275,786			163,546
Liabilities:
Payable for Investment Securities Purchased		2,834			11,438
Payable for Fund Shares Redeemed		785			342
Income Distribution Payable		—			1
Payable to Custodian		—			187
Payable for Variation Margin on Futures Contracts		8			14
Payable for Variation Margin on Swap Contracts		—			29
Administration Fees Payable		61			20
Shareholder Servicing Fees Payable, Class F		19			9
Unrealized Depreciation on Forward Foreign Currency Contracts		—			284
Trustees Fees Payable		1			1
Chief Compliance Officer Fees Payable		1			1
Investment Advisory Fees Payable		96			38
Accrued Expense Payable		47			41
Total Liabilities		3,852			12,405
Net Assets	$	271,934		$	151,141
† Cost of Investments	$	225,161		$	146,181
†† Cost of Affiliated Investments		9,010			5,314
††† Cost of Foreign Currency		1,046			66
†††† Cost of Purchased Options		—			29
Net Assets:
Paid-in Capital — (Unlimited Authorization — No Par Value)	$	227,697		$	144,492
Total Distributable Earnings		44,237			6,649
Net Assets	$	271,934		$	151,141
Net Asset Value, Offering and Redemption Price Per Share — Class F	$	12.17		$	10.46
		($234,494,858 ÷			($112,663,414 ÷
		19,268,092 shares	)		10,773,523 shares	)
Net Asset Value, Offering and Redemption Price Per Share — Class Y	$	12.14		$	10.47
		($37,439,116 ÷			($38,477,497 ÷
		3,082,832 shares	)		3,676,766 shares	)

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

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

26 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)

For thesix-month period ended August 31, 2019

	Catholic Values Equity Fund			Catholic Values Fixed Income Fund
Investment Income:
Dividends	$	3,184		$	—
Income from Affiliated Registered Investment Company(1)		86			53
Interest Income		28			2,458
Less: Foreign Taxes Withheld		(185	)		—
Total Investment Income		3,113			2,511
Expenses:
Investment Advisory Fees		820			261
Administration Fees		410			149
Shareholder Servicing Fees, Class F Shares		294			140
Professional Fees		32			18
Registration Fees		26			16
Printing Fees		15			9
Custodian/Wire Agent Fees		11			20
Pricing Fees		10			44
Trustees’ Fees		3			1
Other Expenses		17			10
Total Expenses		1,638			668
Less:
Waiver of Investment Advisory Fees		(250	)		(37	)
Waiver of Shareholder Servicing Fees, Class F Shares		(176	)		(84	)
Waiver of Administration Fees		(54	)		(35	)
Net Expenses		1,158			512
Net Investment Income		1,955			1,999
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		4,643			840
Futures Contracts		753			467
Forward Foreign Currency Contracts		2			88
Foreign Currency Transactions		(9	)		(2	)
Purchased and Written Options		—			95
Swap Contracts		—			(96	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(1,352	)		8,760
Futures Contracts		(633	)		89
Forward Foreign Currency Contracts		—			(220	)
Foreign Currency and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(3	)		(1	)
Purchased and Written Options		—			34
Swap Contracts		—			(778	)
Net Increase in Net Assets Resulting from Operations	$	5,356		$	11,275

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

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

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

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 27

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For thesix-month period ended August 31, 2019 (Unaudited) and the year ended February 28, 2019

	Catholic Values Equity Fund						Catholic Values Fixed Income Fund
	8/31/2019			2/28/2019			8/31/2019			2/28/2019
Operations:
Net Investment Income	$	1,955		$	3,257		$	1,999		$	4,077
Net Realized Gain (Loss) on Investments, Futures Contracts, Options and Swap Contracts		5,396			6,056			1,306			(262	)
Net Realized Gain (Loss) on Foreign Currency Transactions and Forward Foreign Currency Contracts		(7	)		(5	)		86			1
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Options and Swap Contracts		(1,985	)		(6,360	)		8,105			929
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(3	)		1			(221	)		—
Net Increase in Net Assets Resulting from Operations		5,356			2,949			11,275			4,745
Distributions:
Class F		—			(10,898	)		(1,606	)		(3,328	)
Class Y		—			(1,790	)		(555	)		(1,039	)
Total Distributions		—			(12,688	)		(2,161	)		(4,367	)
Capital Share Transactions:
Class F:
Proceeds from Shares Issued		8,578			23,862			6,116			14,015
Reinvestment of Dividends & Distributions		—			10,878			1,598			3,317
Cost of Shares Redeemed		(8,316	)		(22,076	)		(9,586	)		(25,977	)
Net Increase (Decrease) in Net Assets from Class F Transactions		262			12,664			(1,872	)		(8,645	)
Class Y:
Proceeds from Shares Issued		3,105			10,927			1,244			10,078
Reinvestment of Dividends & Distributions		—			1,790			555			1,037
Cost of Shares Redeemed		(1,545	)		(10,573	)		(1,301	)		(10,762	)
Net Increase in Net Assets from Class Y Transactions		1,560			2,144			498			353
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		1,822			14,808			(1,374	)		(8,292	)
Net Increase (Decrease) in Net Assets		7,178			5,069			7,740			(7,914	)
Net Assets:
Beginning of Period		264,756			259,687			143,401			151,315
End of Period	$	271,934		$	264,756		$	151,141		$	143,401
Capital Share Transactions:
Class F:
Shares Issued		707			2,057			605			1,445
Shares Issued in Lieu of Dividends & Distributions		—			994			157			341
Shares Redeemed		(685	)		(1,779	)		(945	)		(2,687	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		22			1,272			(183	)		(901	)
Capital Share Transactions:
Class Y:
Shares Issued		252			879			124			1,036
Shares Issued in Lieu of Dividends & Distributions		—			164			55			106
Shares Redeemed		(129	)		(845	)		(129	)		(1,104	)
Net Increase in Shares Outstanding from Share Transactions		123			198			50			38

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

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

28 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

FINANCIAL HIGHLIGHTS

For thesix-month period ended August 31, 2019 (Unaudited) and the year or period ended February 28,

For a share outstanding throughout the year or period

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gains (Losses) on Investments(1)		Total from Operations		Dividends from Net Investment Income		Distributions from Net Realized Gains		Total Dividends and Distributions		Net Asset Value, End of Period		Total Return†		Net Assets End of Period ($ Thousands)		Ratio of Net Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets (Excluding  Fees Paid Indirectly and Waivers)		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate†
Catholic Values Equity Fund
Class F
2019@		$11.93		$0.09		$0.15		$0.24		$—		$—		$—		$12.17		2.01%		$234,495		0.86%		1.23%		1.42%		18%
2019		12.53		0.15		(0.13)		0.02		(0.15)		(0.47)		(0.62)		11.93		0.62		229,548		0.82		1.24		1.26		49
2018		10.61		0.11		1.90		2.01		(0.09)		—		(0.09)		12.53		18.93		225,146		0.86		1.24		0.94		56
2017		8.57		0.09		2.05		2.14		(0.10)		—		(0.10)		10.61		25.03		185,908		0.86		1.25		0.88		63
2016(2)		10.00		0.08		(1.44)		(1.36)		(0.07)		—		(0.07)		8.57		(13.66)		142,564		0.86		1.32		0.96		84
Class Y
2019@		$11.90		$0.09		$0.15		$0.24		$—		$—		$—		$12.14		2.02%		$37,439		0.76%		0.98%		1.53%		18%
2019		12.51		0.16		(0.13)		0.03		(0.17)		(0.47)		(0.64)		11.90		0.71		35,207		0.76		0.99		1.31		49
2018		10.60		0.12		1.90		2.02		(0.11)		—		(0.11)		12.51		19.05		34,541		0.76		0.99		1.06		56
2017		8.56		0.10		2.06		2.16		(0.12)		—		(0.12)		10.60		25.28		11,516		0.76		1.00		0.98		63
2016(3)		10.04		0.07		(1.47)		(1.40)		(0.08)		—		(0.08)		8.56		(14.05)		9,308		0.76		1.07		1.01		84
Catholic Values Fixed Income Fund
Class F
2019@		$9.83		$0.13		$0.65		$0.78		$(0.15)		$—		$(0.15)		$10.46		7.95%		$112,663		0.71%		0.96%		2.66%		67%
2019		9.79		0.25		0.07		0.32		(0.28)		—		(0.28)		9.83		3.29		107,715		0.67		0.96		2.66		159
2018		9.93		0.20		(0.11)		0.09		(0.23)		—		(0.23)		9.79		0.87		116,124		0.71		0.96		2.06		194
2017		9.89		0.19		0.11		0.30		(0.23)		(0.03)		(0.26)		9.93		3.11		111,465		0.71		1.04		1.87		124
2016(2)		10.00		0.14		(0.09)		0.05		(0.16)		—		(0.16)		9.89		0.54		86,406		0.71		1.09		1.77		216
Class Y
2019@		$9.84		$0.14		$0.64		$0.78		$(0.15)		$—		$(0.15)		$10.47		8.00%		$38,478		0.61%		0.71%		2.75%		67%
2019		9.81		0.26		0.06		0.32		(0.29)		—		(0.29)		9.84		3.29		35,686		0.61		0.71		2.72		159
2018		9.94		0.23		(0.12)		0.11		(0.24)		—		(0.24)		9.81		1.07		35,191		0.61		0.74		2.35		194
2017		9.89		0.20		0.15		0.35		(0.24)		(0.03)		(0.27)		9.94		3.32		1,170		0.61		0.79		1.97		124
2016(3)		9.95		0.14		(0.04)		0.10		(0.16)		—		(0.16)		9.89		1.00		1,185		0.61		0.84		1.97		216

^@  For thesix-month period ended August 31, 2019. All ratios for the period have been annualized.

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

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

(2) Commenced operations on April 30, 2015. All ratios for the period have been annualized.

(3) Commenced operations on May 31, 2015. All ratios for the period have been annualized.

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

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

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 29

NOTES TO FINANCIAL STATEMENTS (Unaudited)

August 31, 2019

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 POLICIES

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

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

Security Valuation— Securities listed on a securities exchange, market or automated quotation system

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

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

30 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

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 andone-hundred eighty day forward rates provided by an independent source.

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

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

existing pricing agent or pricing methodology, approval may be obtained at the next regularly scheduled meeting of the Board.

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

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

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

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 31

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2019

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 aSub-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 eachnon-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 thenon-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

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

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

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

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

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

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

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

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

The valuation techniques used by the Funds to measure fair value during the period ended August 31, 2019 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the period ended August 31, 2019, 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 theex-dividend date, and interest income is recognized using the accrual basis of accounting. Income frompayment-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.

32 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

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

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

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

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

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

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

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

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

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

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

Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of August 31, 2019, 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 theafter-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 Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 33

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2019

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

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

The cost of purchased options and the premiums received for written options that are presented in the Schedule of Investments are representative of the volume of activity during the period ended August 31, 2019.

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open options contracts as of August 31, 2019, 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 atwo-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 theover-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 statement of assets and liabilities. Interest rate swap contracts outstanding at period end, if any, are listed after a Fund’s

34 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

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 Statement 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 Statement 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 Statement of Assets and Liabilities as the Funds do not have a master netting agreement with the counter party to the swap contracts. See Note 3 for further details. Refer to each Fund’s Schedule of Investments, for details regarding open swap agreements as of August 31, 2019, 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.

Illiquid Securities— A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 35

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2019

business within seven days or less for its approximate carrying value on the books of a Fund. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed.

Restricted Securities— Throughout the period, the Funds may own private placement investments that were purchased through private offerings or acquired through initial public offerings that could not be sold without prior registration under the Securities Act of 1933 or pursuant to an exemption there from. In addition, the Funds had generally agreed to further restrictions on the disposition of certain holdings as set forth in various agreements entered into in connection with the purchase of those investments. These investments were valued at amortized cost, which approximates fair value, as determined in accordance with the procedures approved by the Board of Trustees. At August 31, 2019, 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 andnon- 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 and Cash Equivalents— Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash equivalents on the Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

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

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

gains are only determined by each REIT after its fiscalyear-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

36 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

a specified valuation method, are used to calculate the settlement value.

As of August 31, 2019, the Fixed Income Fund is the seller (“Providing Protection”) on a total notional amount of

$3.7 million. The notional amounts of the swaps are not recorded in the financial statements. The notional amounts approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund were the seller of protection and a credit event were to occur. Those credit default swaps (“CDS”) for which the Fund is providing protection at balance sheet date are summarized as follows:

FIXED INCOME FUND
WRITTEN CREDIT DERIVATIVE CONTRACTS	SINGLE NAME CREDIT DEFAULT SWAPS				CREDIT DEFAULT SWAP INDEX
REFERENCE ASSET	CORPORATE DEBT		SOVERIGN DEBT		ASSET BACKED SECURITIES		CORPORATE DEBT		Total
Fair value of written credit derivatives	$	—	$	—	$	—	$	119,004	$	119,004
Maximum potential amount of future payments		—		—		—		3,745,750		3,745,750
Recourse provisions with third parties to recover any amounts paid under the credit derivative (including any purchased credit protection)(1)		—		—		—		—		—
Collateral held by the Fund can obtain upon occurrence of triggering event		—		—		—		—		—

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

FIXED INCOME FUND
MAXIMUM POTENTIAL AMOUNT OF FUTURE PAYMENTS BY CONTRACT TERM	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	$	—	$	—	$	2,830,000	$	—	$	—	$	2,830,000
> than 100		—		—		915,750		—		—		915,750
Total	$	—	$	—	$	3,745,750	$	—	$	—	$	3,745,750

* 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 more than one type of risk on derivatives held throughout the period. For Funds that held derivatives throughout the period with only one type of risk exposure, additional information can be found on the Schedule of Investments and the Statement of Operations.

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 37

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2019

The fair value of derivative instruments as of August 31, 2019 was as follows ($ Thousands):

	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Derivatives Not Accounted for as Hedging Instruments:
Fixed Income Fund
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts	$	163	*	Net Assets — Unrealized depreciation on futures contracts	$	45	*
	Net Assets — Unrealized appreciation on swap contracts		—	†	Net Assets — Unrealized depreciation on swap contracts		714	†
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		78		Unrealized loss on forward foreign currency contracts		284
	Over the counter options purchased, at value		63		Over the counter options written, at value		—
Credit Contracts	Net Assets — Unrealized appreciation on swap contracts		31	†	Net Assets — Unrealized depreciation on swap contracts		—	†
Total Derivatives Not Accounted for as Hedging Instruments		$	335			$	1,043

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

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

The effect of derivative instruments on the Statements of Operations for the period ended August 31, 2019.

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

Derivatives Not Accounted for as Hedging Instruments:	Options		Futures		Forward Currency         Contracts		Swaps		Total
Equity Fund
Equity Contracts		$—		$753		$—		$—		$753
Foreign Exchange Contracts		—		—		2		—		2
Total		$—		$753		$2		$—		$755
Fixed Income Fund
Interest Rates		$100		$467		$—		$(206)		$361
Foreign exchange contracts		(5)		—		88		—		83
Credit contracts		—		—		—		110		110
Total		$95		$467		$88		$(96)		$554

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

Derivatives Not Accounted for as Hedging Instruments	Options		Futures		Forward Currency         Contracts			Swaps		Total
Equity Fund
Equity Contracts		$—		$(633)		$—			$—		$(633	)
Total		$—		$(633)		$—			$—		$(633	)
Fixed Income Fund
Interest Rates		$(3)		$89		$—			$(749)		$(663	)
Foreign exchange contracts		37		—		(220)			—		(220	)
Credit contracts		—		—		—			(29)		(29	)
Total		$34		$89		$(220	)		$(778)		$(912	)

38 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

The following table discloses the volume of the Fund’s futures contracts, forward foreign currency contracts and swap activity during the period ended August 31, 2019 ($ Thousands):

	Fixed Income Fund
Futures Contracts:
Interest Contracts
Average Notional Balance Long	$	22,359
Average Notional Balance Short		21,145
Ending Notional Balance Long		16,501
Ending Notional Balance Short		17,980
Forward Foreign Currency Contracts:
Average Notional Balance Long		10,306
Average Notional Balance Short		10,441
Ending Notional Balance Long		11,154
Ending Notional Balance Short		11,359
Swaps:
Credit Contracts
Average Notional Balance Short		5,490
Ending Notional Balance Short		3,746
Interest Contracts
Average Notional Balance Long		8,654
Average Notional Balance Short		8,654
Ending Notional Balance Long		6,650
Ending Notional Balance Short		6,650
Options:
Currency
Average Notional Balance Long†		28
Ending Notional Balance Long†		29

^†  Represents cost.

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

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

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

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

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

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

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

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

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

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 39

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2019

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

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

InvestmentSub-Advisory Agreements— As of August 31, 2019, SIMC has entered into InvestmentSub-Advisory Agreements with the following parties:

InvestmentSub-Adviser

Equity Fund

Brandywine Global Investment Management, LLC

Coho Partners, Ltd.

Copeland Capital Management, LLC

EARNEST Partners, LLC

Fred Alger Management, Inc

Parametric Portfolio Associates LLC

Snow Capital Management, L.P.

Fixed Income Fund

Income Research & Management

Western Asset Management Company

Western Asset Management Company Limited

Under the investmentsub-advisory agreements, eachsub-adviser receives an annual fee, paid by SIMC.

The Administrator and Distributor have voluntarily agreed to waive a portion of their fee for each fund. The following table lists the waivers for the period ended August 31, 2019 ($ Thousands):

		Administration Fee Waiver		Shareholder Servicing Fee Waiver (Class F)
Equity Fund	$	54	$	176
Fixed Income Fund		35		84

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 custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold in the Funds.

Investment in Affiliated Securities— The Funds may invest in the SEI Daily Income Trust Government Fund, an affiliated money market fund to manage excess cash or to serve as margin or collateral for derivative positions. Refer to the Fund’s Schedule of Investments for details regarding transactions with affiliates for the period ended August 31, 2019, if applicable.

Payment to Affiliates— Certain officers and Trustees of the Trust are also officers and/or Trustees of the Administrator, Adviser, or the Distributor. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The

Administrator, Adviser and/or the Distributor pays compensation of Officers and affiliated Trustees.

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the administrator, are paid for by the Trust as incurred.

Interfund Lending— The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (the “Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes.

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

Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the Trust’s Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. As of August 31, 2019 and for the period then ended, the Trust has not participated in the Program.

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities other than temporary cash investments, during the period ended August 31, 2019, were as follows:

	U.S. Gov’t ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Equity Fund
Purchases	$	—		$        49,353		$        49,353
Sales		—		46,621		46,621
Fixed Income Fund
Purchases		87,503		8,790		96,293
Sales		89,589		12,620		102,209

40 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

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. To the extent these differences are permanent, they are charged or credited toPaid-in Capital and Distributable Earnings, as appropriate, in the periods that the differences arise.

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)
Equity Fund
	2019	$	4,437	$	8,251	$	12,688
	2018		1,776		—		1,776
Fixed Income Fund
	2019		4,367		—		4,367
	2018		2,847		—		2,847

As of February 28, 2019, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows:

		Undistributed Ordinary Income ($ Thousands	)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post- October Losses ($ Thousands)			Late Year Ordinary Losses ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Distributable Earnings/ (Accumulated Losses) ($ Thousands)
Equity Fund	$	405		$	3,039	$	—		$	(1,287	)	$	—	$	36,752		$	(28	)	$	38,881
Fixed Income Fund		389			—		(1,406	)		—			—		(889	)		(559	)		(2,465	)

Post October losses represent losses realized on investment transactions from November 1, 2018 through February 28, 2019 that, in accordance with Federal income tax regulations, the Funds may defer and treat as having arisen in the following fiscal year. Deferred Late-Year Losses represent ordinary losses realized on investment transactions from January 1, 2019 through February 28, 2019 and specified losses realized on investment transactions from November 1, 2018 through February 28, 2019, that, in accordance with Federal income tax regulations, the Fund defers and treats as having arisen in the following fiscal year.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred inpre-enactment taxable years. As a result of this ordering rule,pre-enactment

capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:

		Short-Term Loss ($ Thousands)	Long-Term Loss ($ Thousands)	Total * ($ Thousands)
Fixed Income Fund	$	76	1,330	1,406

* This table should be used in conjunction with the capital loss carryforwards table.

For Federal income tax purposes, the cost of securities owned at February 28, 2019, and net realized gains or losses on securities sold for the period, were different from amounts reported for financial reporting purposes, primarily due to wash sales, PFIC MTM, and MLP basis adjustments, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 41

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2019

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at August 31, 2019, were as follows:

		Federal Tax Cost ($ Thousands)		Aggregate Gross Unrealized Appreciation ($ Thousands)		Aggregate Gross Unrealized Depreciation ($ Thousands)		Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
Equity Fund	$	234,171	$	53,602	$	(17,060)	$	36,542
Fixed Income Fund		151,495		8,476		(601)		7,875

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of August 31, 2019, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

8. CONCENTRATION/RISKS

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

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

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

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

Bank Loans Risk— With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan.

The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

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

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

Corporate Fixed Income Securities Risk— Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

Catholic Values Investing Risk— The Funds consider the United States Conference of Catholic Bishops’ Socially Responsible Investing Guidelines (“Guidelines”) in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in

42 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

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 and tax environments.

Derivatives Risk— The Equity Fund’s use of swaps and the Fixed Income Fund’s use of futures contracts, forwards contracts, and options 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. Manyover-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. andnon-U.S. regulators are in the process of adopting and

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.

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 thatnon-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

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 securities in which the Fund invests may underperform

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 43

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)

August 31, 2019

other segments of the equity markets or the equity markets as a whole.

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

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.

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

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 the Fixed income Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the

Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.

Mortgage-Backed Securities Risk— Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

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 inP-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 ofP-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 additional capital gains tax liabilities, 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 tradedover-the-counter or listed on an exchange.

U.S. Government Securities Risk— Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources.

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

44 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

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

9. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of August 31, 2019, SPTC held of record the following:

Equity Fund
Class F	99.23%
Class Y	71.12%
Fixed Income Fund
Class F	99.44%
Class Y	65.34%

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

On August 17, 2018, the SEC adopted amendments to RegulationS-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statements of Assets and Liabilities. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statements of Changes in Net Assets. The amounts presented in the current Statements of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately.

11. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, The FASB issued Accounting Standards Update2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications

to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. At this time, management is currently evaluating the impact of this new guidance on the financial statements and disclosures.

12. 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 disclosures and/or adjustments were required to the financial statements as of August 31, 2019.

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 45

DISCLOSURE OF FUND EXPENSES (Unaudited)

August 31, 2019

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (March 1, 2019 through August 31, 2019).

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

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

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

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

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

	Beginning Account Value 3/1/19		Ending Account Value 8/31/19		Annualized Expense Ratios			Expenses Paid During Period *
Catholic Values Equity Fund
Actual Fund Return
Class F	$	1,000.00	$	1,020.10		0.86	%	$	4.38
Class Y		1,000.00		1,020.20		0.76			3.87
Hypothetical 5% Return
Class F	$	1,000.00	$	1,020.87		0.86	%	$	4.38
Class Y		1,000.00		1,021.37		0.76			3.87

	Beginning Account Value 3/1/19		Ending Account Value 8/31/19		Annualized Expense Ratios			Expenses Paid During Period *
Catholic Values Fixed Income Fund
Actual Fund Return
Class F	$	1,000.00	$	1,079.50		0.71	%	$	3.72
Class Y		1,000.00		1,080.00		0.61			3.20
Hypothetical 5% Return
Class F	$	1,000.00	$	1,021.63		0.71	%	$	3.62
Class Y		1,000.00		1,022.13		0.61			3.11

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

46 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

BOARD OF TRUSTEES CONSIDERATIONS IN APPROVING THE ADVISORY ANDSUB-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 the Advisory Agreement, SIMC is responsible for the investment advisory services provided to the series of the Trust (the “Funds”). Pursuant to separatesub-advisory agreements with SIMC (the“Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (the “Board”), thesub-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. TheSub-Advisers are also responsible for managing their employees who provide services to the Funds. TheSub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively theSub-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, as well as the continuation of, the Funds’ Investment Advisory Agreements be specifically approved: (i) by the vote of the Board or by a vote of the shareholders of the Funds; and (ii) by 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 at a meeting called for the purpose of voting on such approval(s). In connection with their consideration of such approval(s), the Funds’ Trustees must request and evaluate, and SIMC and theSub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an investment advisory agreement.

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

Specifically, during the first half of the Trust’s fiscal year, the Board requested and received written materials from SIMC and theSub-Advisers regarding: (i) the quality of SIMC’s and theSub-Advisers’ investment management and other services; (ii) SIMC’s and theSub-Advisers’ investment management personnel; (iii) SIMC’s and theSub-Advisers’ operations and financial condition; (iv) SIMC’s and theSub-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 thesub-advisory fees that SIMC pays theSub-Advisers, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data; (vii) the level of SIMC’s and theSub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and theSub-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 theSub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and theSub-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.

At the December4-5, 2018 meeting of the Board, the Trustees approved a brief extension of the Advisory Agreement already in effect to accommodate a revised meeting schedule. Accordingly, at the April2-3. 2019 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, onepre-existingSub-Advisory Agreement was renewed at a meeting of the Board held on June25-26, 2019. In each case, the Board’s renewal was based on its consideration and evaluation of the

SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019 47

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

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 theSub-Advisers to the Funds and the resources of SIMC and theSub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and eachSub-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 theSub-Advisers to the Funds and the resources of SIMC and theSub-Advisers and their affiliates dedicated to the Funds were sufficient to support the renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and othernon-investment advisory services provided to the Funds by SIMC and/or its affiliates.

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered a report compiled by Broadridge, an independent third-party that was engaged to prepare an assessment of the Funds in connection with the renewal of the Advisory Agreement (the “Broadridge Report”). The Broadridge Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the approval or renewal ofSub-Advisory Agreements, the Board considered the performance of theSub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of eachSub-Adviser was sufficient to support approval or renewal of theSub-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 ratio 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 waiver of management and other fees to prevent total Fund operating expenses from exceeding a specified 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 fornon-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 toSub-Advisers, the Board took into account the fact that theSub-Advisers are compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliatedSub-Adviser reflects an arms-length negotiation between theSub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements. The Board also considered whether theSub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and theSub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and

48 SEI Catholic Values Trust / Semi-Annual Report / August 31, 2019

profitability were reasonable. As with the fee levels, when considering the profitability of theSub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliatedSub-Adviser reflects an arms-length negotiation between theSub-Adviser and SIMC. In connection with the approval or renewal of eachSub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to theSub-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 theSub-Advisers is reasonable and supported renewal of the Investment Advisory Agreements.

Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on afund-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 wasall-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 / Semi-Annual Report / August 31, 2019 49

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SEI CATHOLIC VALUES TRUST / SEMI-ANNUAL REPORT / AUGUST 31, 2019

Robert A. Nesher,Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Officers

Robert A. Nesher

President and Chief Executive Officer

James J. Hoffmayer

Controller and Chief Financial Officer

Glenn R. Kurdziel

Assistant Controller

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President and Secretary

Aaron Buser

Vice President and Assistant Secretary

David F. McCann

Vice President and Assistant Secretary

Stephen G. MacRae

Vice President

Bridget E. Sudall

Anti-Money Laundering Compliance Officer

and 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)

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

SEI-F-199 (8/19)

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments

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

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities byClosed-End Management Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustee (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, 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 Rule30a-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 Rule30a-3(b) under the 1940 Act (17 CFR270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Securities

Exchange Act of 1934 (17 CFR240.13a-15(b) or240.15d-15(b)) 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 Rule30a-3(d) under the 1940 Act (17 CFR270.30a-3(d)) 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.

Items 12. Disclosure of Securities Lending Activities forclosed-end Management Investment Companies.

Not applicable.

Items 13. Exhibits.

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

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule30a-2(a) under the Investment Company of 1940 are filed herewith.

(b) Officer certifications as required by Rule30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as an exhibit.

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 & CEO
Date: November 7, 2019

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

By	/s/ Robert A. Nesher
	Robert A. Nesher, President & CEO
Date: November 7, 2019
By	/s/ James J. Hoffmayer
	James J. Hoffmayer, Controller & CFO
Date: November 7, 2019