# EDGAR Filing Document

**Accession Number:** 0001003632
**File Stem:** 0001398344-25-021723
**Filing Date:** 2025-12
**Character Count:** 257052
**Document Hash:** a0dffd09e847677635cb56e8f9108db3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-021723.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001398344-25-021723

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEI ASSET ALLOCATION TRUST
- **CENTRAL INDEX KEY:** 0001003632

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07445
- **FILM NUMBER:** 251548888

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** 610 676-3097

**MAIL ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### SAAT AGGRESSIVE STRATEGY FUND (Series ID: S000005808)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000015946 | SAAT AGGRESSIVE STRATEGY FUND - CLASS F | SSGAX           |
| C000015947 | SAAT AGGRESSIVE STRATEGY FUND - CLASS I | SEAIX           |
| C000093796 | SAAT AGGRESSIVE STRATEGY FUND - CLASS D | SASDX           |

### SAAT MARKET GROWTH STRATEGY FUND (Series ID: S000005811)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000015954 | SAAT MARKET GROWTH STRATEGY FUND - CLASS F | SRWAX           |
| C000015955 | SAAT MARKET GROWTH STRATEGY FUND - CLASS I | SMGSX           |
| C000093797 | SAAT MARKET GROWTH STRATEGY FUND - CLASS D | SMKDX           |

### SAAT MODERATE STRATEGY FUND (Series ID: S000005812)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000015956 | SAAT MODERATE STRATEGY FUND - CLASS F | SMOAX           |
| C000015957 | SAAT MODERATE STRATEGY FUND - CLASS I | SMSIX           |
| C000093798 | SAAT MODERATE STRATEGY FUND - CLASS D | SMSDX           |

### SAAT TAX-MANAGED AGGRESSIVE STRATEGY FUND (Series ID: S000005813)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000015958 | SAAT TAX-MANAGED AGGRESSIVE STRATEGY FUND - CLASS F | SISAX           |

### SAAT CONSERVATIVE STRATEGY ALLOCATION FUND (Series ID: S000005814)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000015959 | SAAT CONSERVATIVE STRATEGY ALLOCATION FUND - CLASS F | SMGAX           |

### SAAT CORE MARKET STRATEGY ALLOCATION FUND (Series ID: S000005815)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000015960 | SAAT CORE MARKET STRATEGY ALLOCATION FUND - CLASS F | SKTAX           |

### SAAT DEFENSIVE STRATEGY ALLOCATION FUND (Series ID: S000005816)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000015961 | SAAT DEFENSIVE STRATEGY ALLOCATION FUND - CLASS F | STDAX           |

### SAAT MARKET GROWTH STRATEGY ALLOCATION FUND (Series ID: S000005817)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000015962 | SAAT MARKET GROWTH STRATEGY ALLOCATION FUND - CLASS F | SGOAX           |

### SAAT MODERATE STRATEGY ALLOCATION FUND (Series ID: S000005818)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000015963 | SAAT MODERATE STRATEGY ALLOCATION FUND - CLASS F | SXMAX           |

### SAAT CONSERVATIVE STRATEGY FUND (Series ID: S000005819)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000015964 | SAAT CONSERVATIVE STRATEGY FUND - CLASS F | SVSAX           |
| C000015965 | SAAT CONSERVATIVE STRATEGY FUND - CLASS I | SICIX           |
| C000093799 | SAAT CONSERVATIVE STRATEGY FUND - CLASS D | SSTDX           |

### SAAT CORE MARKET STRATEGY FUND (Series ID: S000005820)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000015966 | SAAT CORE MARKET STRATEGY FUND - CLASS F | SOKAX           |
| C000015967 | SAAT CORE MARKET STRATEGY FUND - CLASS I | SCMSX           |

### SAAT DEFENSIVE STRATEGY FUND (Series ID: S000005821)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000015968 | SAAT DEFENSIVE STRATEGY FUND - CLASS F | SNSAX           |
| C000015969 | SAAT DEFENSIVE STRATEGY FUND - CLASS I | SEDIX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act file number 811-07445**

**SEI Asset Allocation Trust**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices)

Timothy D. Barto, Esq.

SEI Investments Co.

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

**Date of fiscal year end: March 31, 2026**

**Date of reporting period: September 30, 2025**

**Item 1. Reports to Stockholders.**

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

**# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Defensive Strategy Fund

## SEI Asset Allocation Trust/Class F Shares - SNSAX

## Fund Overview
This semi-annual shareholder report contains important information about Class F Shares of the Defensive Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Defensive Strategy Fund, Class F Shares | $11 | 0.21% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| Total Net Assets (000's) | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $8747<sub>11</sub> | $- | 4% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](id04df9280170e44ce94f0b7c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Daily Income Trust Short-Duration Government Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 29.2% |
| SEI Institutional Managed Trust Multi-Asset Capital Stability Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 20.2% |
| SEI Institutional Managed Trust Conservative Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 15.0% |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.5% |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.3% |
| SEI Daily Income Trust Government Fund, Institutional Class<sup>Footnote Reference\*\*</sup> | 5.0% |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 5.0% |
| SEI Institutional Managed Trust Real Return Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 5.0% |
| SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 3.7% |
| SEI Exchange-Traded Funds DBi Multi-Strategy Alternative ETF<sup>Footnote Reference\*\*</sup> | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SNSAX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Defensive Strategy Fund

## SEI Asset Allocation Trust/Class I Shares - SEDIX

## Fund Overview
This semi-annual shareholder report contains important information about Class I Shares of the Defensive Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Defensive Strategy Fund, Class I Shares | $23 | 0.46% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| Total Net Assets (000's) | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $8747<sub>11</sub> | $- | 4% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](iec4c74375ebd2d0e2fb349eb.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Daily Income Trust Short-Duration Government Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 29.2% |
| SEI Institutional Managed Trust Multi-Asset Capital Stability Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 20.2% |
| SEI Institutional Managed Trust Conservative Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 15.0% |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.5% |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.3% |
| SEI Daily Income Trust Government Fund, Institutional Class<sup>Footnote Reference\*\*</sup> | 5.0% |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 5.0% |
| SEI Institutional Managed Trust Real Return Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 5.0% |
| SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 3.7% |
| SEI Exchange-Traded Funds DBi Multi-Strategy Alternative ETF<sup>Footnote Reference\*\*</sup> | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SEDIX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Defensive Strategy Allocation Fund

## SEI Asset Allocation Trust/Class F Shares - STDAX

## Fund Overview
This semi-annual shareholder report contains important information about Class F Shares of the Defensive Strategy Allocation Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Defensive Strategy Allocation Fund, Class F Shares | $18 | 0.35% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| Total Net Assets (000's) | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $1650<sub>2</sub> | $- | 6% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i97030d0e68a2d013a976b0b7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Daily Income Trust Government Fund, Institutional Class<sup>Footnote Reference\*\*</sup> | 80.7% |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 19.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

STDAX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Conservative Strategy Fund

## SEI Asset Allocation Trust/Class F Shares - SVSAX

## Fund Overview
This semi-annual shareholder report contains important information about Class F Shares of the Conservative Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Conservative Strategy Fund, Class F Shares | $13 | 0.26% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $29685 | 16 | $- | 3% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ib2f9887dc3287de64ba1ca4f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust Multi-Asset Capital Stability Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 17.1% |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 14.6% |
| SEI Daily Income Trust Short-Duration Government Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 14.1% |
| SEI Institutional Managed Trust Conservative Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.8% |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.2% |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.9% |
| SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.4% |
| SEI Daily Income Trust Ultra Short Duration Bond Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 3.9% |
| SEI Institutional Managed Trust Real Return Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 3.9% |
| SEI Exchange-Traded Funds Select International Equity ETF<sup>Footnote Reference\*\*</sup> | 3.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SVSAX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Conservative Strategy Fund

## SEI Asset Allocation Trust/Class D Shares - SSTDX

## Fund Overview
This semi-annual shareholder report contains important information about Class D Shares of the Conservative Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Conservative Strategy Fund, Class D Shares | $52 | 1.01% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $29685 | 16 | $- | 3% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ibbe12463127f114ffed14871.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust Multi-Asset Capital Stability Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 17.1% |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 14.6% |
| SEI Daily Income Trust Short-Duration Government Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 14.1% |
| SEI Institutional Managed Trust Conservative Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.8% |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.2% |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.9% |
| SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.4% |
| SEI Daily Income Trust Ultra Short Duration Bond Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 3.9% |
| SEI Institutional Managed Trust Real Return Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 3.9% |
| SEI Exchange-Traded Funds Select International Equity ETF<sup>Footnote Reference\*\*</sup> | 3.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SSTDX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Conservative Strategy Fund

## SEI Asset Allocation Trust/Class I Shares - SICIX

## Fund Overview
This semi-annual shareholder report contains important information about Class I Shares of the Conservative Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Conservative Strategy Fund, Class I Shares | $26 | 0.51% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $29685 | 16 | $- | 3% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i916f676b749fe93eb414c967.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust Multi-Asset Capital Stability Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 17.1% |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 14.6% |
| SEI Daily Income Trust Short-Duration Government Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 14.1% |
| SEI Institutional Managed Trust Conservative Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.8% |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.2% |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.9% |
| SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.4% |
| SEI Daily Income Trust Ultra Short Duration Bond Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 3.9% |
| SEI Institutional Managed Trust Real Return Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 3.9% |
| SEI Exchange-Traded Funds Select International Equity ETF<sup>Footnote Reference\*\*</sup> | 3.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SICIX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Conservative Strategy Allocation Fund

## SEI Asset Allocation Trust/Class F Shares - SMGAX

## Fund Overview
This semi-annual shareholder report contains important information about Class F Shares of the Conservative Strategy Allocation Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Conservative Strategy Allocation Fund, Class F Shares | $18 | 0.35% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| Total Net Assets (000's) | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $14767<sub>4</sub> | $- | 4% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i4b36a96497fe67be68a0016d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 33.0% |
| SEI Institutional Managed Trust U.S. Managed Volatility Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 31.4% |
| SEI Daily Income Trust Government Fund, Institutional Class<sup>Footnote Reference\*\*</sup> | 20.0% |
| SEI Institutional Managed Trust Real Estate Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 15.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SMGAX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Moderate Strategy Fund

## SEI Asset Allocation Trust/Class F Shares - SMOAX

## Fund Overview
This semi-annual shareholder report contains important information about Class F Shares of the Moderate Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Moderate Strategy Fund, Class F Shares | $16 | 0.31% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $78764 | 20 | $- | 5% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](if7cf74d056b84220df52a766.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 19.1% |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 12.3% |
| SEI Institutional Managed Trust Multi-Asset Capital Stability Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.7% |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.3% |
| SEI Daily Income Trust Short-Duration Government Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 6.8% |
| SEI Exchange-Traded Funds Select International Equity ETF<sup>Footnote Reference\*\*</sup> | 5.2% |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.9% |
| SEI Exchange-Traded Funds DBi Multi-Strategy Alternative ETF<sup>Footnote Reference\*\*</sup> | 4.8% |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF<sup>Footnote Reference\*\*</sup> | 4.0% |
| SEI Exchange-Traded Funds Enhanced Low Volatility U.S. Large Cap ETF<sup>Footnote Reference\*\*</sup> | 4.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SMOAX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Moderate Strategy Fund

## SEI Asset Allocation Trust/Class D Shares - SMSDX

## Fund Overview
This semi-annual shareholder report contains important information about Class D Shares of the Moderate Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Moderate Strategy Fund, Class D Shares | $55 | 1.07%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.06%. |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $78764 | 20 | $- | 5% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](if9e745211b25763c75ff3962.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 19.1% |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 12.3% |
| SEI Institutional Managed Trust Multi-Asset Capital Stability Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.7% |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.3% |
| SEI Daily Income Trust Short-Duration Government Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 6.8% |
| SEI Exchange-Traded Funds Select International Equity ETF<sup>Footnote Reference\*\*</sup> | 5.2% |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.9% |
| SEI Exchange-Traded Funds DBi Multi-Strategy Alternative ETF<sup>Footnote Reference\*\*</sup> | 4.8% |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF<sup>Footnote Reference\*\*</sup> | 4.0% |
| SEI Exchange-Traded Funds Enhanced Low Volatility U.S. Large Cap ETF<sup>Footnote Reference\*\*</sup> | 4.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SMSDX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Moderate Strategy Fund

## SEI Asset Allocation Trust/Class I Shares - SMSIX

## Fund Overview
This semi-annual shareholder report contains important information about Class I Shares of the Moderate Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Moderate Strategy Fund, Class I Shares | $29 | 0.56% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $78764 | 20 | $- | 5% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ie40c91f778c6a5495c06bd69.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 19.1% |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 12.3% |
| SEI Institutional Managed Trust Multi-Asset Capital Stability Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.7% |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.3% |
| SEI Daily Income Trust Short-Duration Government Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 6.8% |
| SEI Exchange-Traded Funds Select International Equity ETF<sup>Footnote Reference\*\*</sup> | 5.2% |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.9% |
| SEI Exchange-Traded Funds DBi Multi-Strategy Alternative ETF<sup>Footnote Reference\*\*</sup> | 4.8% |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF<sup>Footnote Reference\*\*</sup> | 4.0% |
| SEI Exchange-Traded Funds Enhanced Low Volatility U.S. Large Cap ETF<sup>Footnote Reference\*\*</sup> | 4.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SMSIX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Moderate Strategy Allocation Fund

## SEI Asset Allocation Trust/Class F Shares - SXMAX

## Fund Overview
This semi-annual shareholder report contains important information about Class F Shares of the Moderate Strategy Allocation Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Moderate Strategy Allocation Fund, Class F Shares | $18 | 0.35% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| Total Net Assets (000's) | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $40894<sub>6</sub> | $- | 4% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ifac0dec32a9f0e6747fda078.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust U.S. Managed Volatility Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 46.0% |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 18.0% |
| SEI Daily Income Trust Government Fund, Institutional Class<sup>Footnote Reference\*\*</sup> | 14.5% |
| SEI Institutional Managed Trust Tax-Managed Large Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 10.5% |
| SEI Institutional International Trust International Equity Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 5.5% |
| SEI Institutional Managed Trust Real Estate Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 5.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SXMAX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Aggressive Strategy Fund

## SEI Asset Allocation Trust/Class F Shares - SSGAX

## Fund Overview
This semi-annual shareholder report contains important information about Class F Shares of the Aggressive Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Aggressive Strategy Fund, Class F Shares | $19 | 0.35% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| Total Net Assets (000's) | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $106698<sub>12</sub> | $- | 6% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i479a2f08fc891243bed72682.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Exchange-Traded Funds Select International Equity ETF<sup>Footnote Reference\*\*</sup> | 21.6% |
| SEI Institutional Managed Trust Large Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 13.2% |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 11.9% |
| SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.2% |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF<sup>Footnote Reference\*\*</sup> | 8.9% |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.5% |
| SEI Exchange-Traded Funds Select Small Cap ETF<sup>Footnote Reference\*\*</sup> | 6.2% |
| SEI Exchange-Traded Funds Enhanced US Large Cap Momentum Factor ETF<sup>Footnote Reference\*\*</sup> | 6.2% |
| SEI Exchange-Traded Funds Enhanced US Large Cap Value Factor ETF<sup>Footnote Reference\*\*</sup> | 6.1% |
| SEI Exchange-Traded Funds Enhanced US Large Cap Quality Factor ETF<sup>Footnote Reference\*\*</sup> | 3.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SSGAX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Aggressive Strategy Fund

## SEI Asset Allocation Trust/Class D Shares - SASDX

## Fund Overview
This semi-annual shareholder report contains important information about Class D Shares of the Aggressive Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Aggressive Strategy Fund, Class D Shares | $59 | 1.10% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| Total Net Assets (000's) | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $106698<sub>12</sub> | $- | 6% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i7e1e11c50d52589874ec42d0.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Exchange-Traded Funds Select International Equity ETF<sup>Footnote Reference\*\*</sup> | 21.6% |
| SEI Institutional Managed Trust Large Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 13.2% |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 11.9% |
| SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.2% |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF<sup>Footnote Reference\*\*</sup> | 8.9% |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.5% |
| SEI Exchange-Traded Funds Select Small Cap ETF<sup>Footnote Reference\*\*</sup> | 6.2% |
| SEI Exchange-Traded Funds Enhanced US Large Cap Momentum Factor ETF<sup>Footnote Reference\*\*</sup> | 6.2% |
| SEI Exchange-Traded Funds Enhanced US Large Cap Value Factor ETF<sup>Footnote Reference\*\*</sup> | 6.1% |
| SEI Exchange-Traded Funds Enhanced US Large Cap Quality Factor ETF<sup>Footnote Reference\*\*</sup> | 3.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SASDX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Aggressive Strategy Fund

## SEI Asset Allocation Trust/Class I Shares - SEAIX

## Fund Overview
This semi-annual shareholder report contains important information about Class I Shares of the Aggressive Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Aggressive Strategy Fund, Class I Shares | $33 | 0.60% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| Total Net Assets (000's) | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $106698<sub>12</sub> | $- | 6% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i180ff5628e9d644a2714b4a7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Exchange-Traded Funds Select International Equity ETF<sup>Footnote Reference\*\*</sup> | 21.6% |
| SEI Institutional Managed Trust Large Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 13.2% |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 11.9% |
| SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 9.2% |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF<sup>Footnote Reference\*\*</sup> | 8.9% |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.5% |
| SEI Exchange-Traded Funds Select Small Cap ETF<sup>Footnote Reference\*\*</sup> | 6.2% |
| SEI Exchange-Traded Funds Enhanced US Large Cap Momentum Factor ETF<sup>Footnote Reference\*\*</sup> | 6.2% |
| SEI Exchange-Traded Funds Enhanced US Large Cap Value Factor ETF<sup>Footnote Reference\*\*</sup> | 6.1% |
| SEI Exchange-Traded Funds Enhanced US Large Cap Quality Factor ETF<sup>Footnote Reference\*\*</sup> | 3.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SEAIX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Tax-Managed Aggressive Strategy Fund

## SEI Asset Allocation Trust/Class F Shares - SISAX

## Fund Overview
This semi-annual shareholder report contains important information about Class F Shares of the Tax-Managed Aggressive Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Tax-Managed Aggressive Strategy Fund, Class F Shares | $19 | 0.35% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| Total Net Assets (000's) | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $90766<sub>6</sub> | $- | 2% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i56fbe36193dcbdbd65ce5e52.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust Tax-Managed Large Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 56.1% |
| SEI Institutional International Trust International Equity Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 16.1% |
| SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 13.9% |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.9% |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.0% |
| SEI Institutional International Trust Emerging Markets Equity Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SISAX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Core Market Strategy Fund

## SEI Asset Allocation Trust/Class F Shares - SOKAX

## Fund Overview
This semi-annual shareholder report contains important information about Class F Shares of the Core Market Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Core Market Strategy Fund, Class F Shares | $18 | 0.35% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $36367 | 16 | $- | 6% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i601508b7eab86df1729e51c3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 25.0% |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 12.1% |
| SEI Exchange-Traded Funds Select International Equity ETF<sup>Footnote Reference\*\*</sup> | 9.9% |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.7% |
| SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 5.6% |
| SEI Institutional Managed Trust Large Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.9% |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF<sup>Footnote Reference\*\*</sup> | 4.9% |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.5% |
| SEI Exchange-Traded Funds Select Small Cap ETF<sup>Footnote Reference\*\*</sup> | 4.2% |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 3.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SOKAX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Core Market Strategy Fund

## SEI Asset Allocation Trust/Class I Shares - SCMSX

## Fund Overview
This semi-annual shareholder report contains important information about Class I Shares of the Core Market Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Core Market Strategy Fund, Class I Shares | $0 | 0.00% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $36367 | 16 | $- | 6% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i2c21aa465534479993cb40be.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 25.0% |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 12.1% |
| SEI Exchange-Traded Funds Select International Equity ETF<sup>Footnote Reference\*\*</sup> | 9.9% |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.7% |
| SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 5.6% |
| SEI Institutional Managed Trust Large Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.9% |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF<sup>Footnote Reference\*\*</sup> | 4.9% |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.5% |
| SEI Exchange-Traded Funds Select Small Cap ETF<sup>Footnote Reference\*\*</sup> | 4.2% |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 3.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SCMSX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Core Market Strategy Allocation Fund

## SEI Asset Allocation Trust/Class F Shares - SKTAX

## Fund Overview
This semi-annual shareholder report contains important information about Class F Shares of the Core Market Strategy Allocation Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Core Market Strategy Allocation Fund, Class F Shares | $19 | 0.35% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| Total Net Assets (000's) | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $20424<sub>6</sub> | $- | 2% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i4e1d2bc18606aeb19f6bf52d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust Tax-Managed Large Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 56.1% |
| SEI Institutional International Trust International Equity Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 16.0% |
| SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 14.0% |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.9% |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.0% |
| SEI Institutional International Trust Emerging Markets Equity Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SKTAX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Market Growth Strategy Fund

## SEI Asset Allocation Trust/Class F Shares - SRWAX

## Fund Overview
This semi-annual shareholder report contains important information about Class F Shares of the Market Growth Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Market Growth Strategy Fund, Class F Shares | $19 | 0.35% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $105673 | 16 | $- | 8% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i45d4653cd2666314f59e77a4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 14.4% |
| SEI Exchange-Traded Funds Select International Equity ETF<sup>Footnote Reference\*\*</sup> | 13.8% |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 12.0% |
| SEI Institutional Managed Trust Large Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.9% |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.1% |
| SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 6.6% |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF<sup>Footnote Reference\*\*</sup> | 6.4% |
| SEI Exchange-Traded Funds Select Small Cap ETF<sup>Footnote Reference\*\*</sup> | 5.1% |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.2% |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SRWAX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Market Growth Strategy Fund

## SEI Asset Allocation Trust/Class D Shares - SMKDX

## Fund Overview
This semi-annual shareholder report contains important information about Class D Shares of the Market Growth Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Market Growth Strategy Fund, Class D Shares | $58 | 1.10% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $105673 | 16 | $- | 8% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i2699d2b9c335285705eb736a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 14.4% |
| SEI Exchange-Traded Funds Select International Equity ETF<sup>Footnote Reference\*\*</sup> | 13.8% |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 12.0% |
| SEI Institutional Managed Trust Large Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.9% |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.1% |
| SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 6.6% |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF<sup>Footnote Reference\*\*</sup> | 6.4% |
| SEI Exchange-Traded Funds Select Small Cap ETF<sup>Footnote Reference\*\*</sup> | 5.1% |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.2% |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SMKDX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Market Growth Strategy Fund

## SEI Asset Allocation Trust/Class I Shares - SMGSX

## Fund Overview
This semi-annual shareholder report contains important information about Class I Shares of the Market Growth Strategy Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Market Growth Strategy Fund, Class I Shares | $32 | 0.60% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $105673 | 16 | $- | 8% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ia8603227aed8aff0be288c6f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 14.4% |
| SEI Exchange-Traded Funds Select International Equity ETF<sup>Footnote Reference\*\*</sup> | 13.8% |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 12.0% |
| SEI Institutional Managed Trust Large Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.9% |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.1% |
| SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 6.6% |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF<sup>Footnote Reference\*\*</sup> | 6.4% |
| SEI Exchange-Traded Funds Select Small Cap ETF<sup>Footnote Reference\*\*</sup> | 5.1% |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.2% |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SMGSX-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](i4bf82fbf066fa01a8a077b7c.jpg)

# Market Growth Strategy Allocation Fund

## SEI Asset Allocation Trust/Class F Shares - SGOAX

## Fund Overview
This semi-annual shareholder report contains important information about Class F Shares of the Market Growth Strategy Allocation Fund (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Market Growth Strategy Allocation Fund, Class F Shares | $19 | 0.35% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | |
|:---|:---|:---|
| Total Net Assets (000's) | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $134213<sub>6</sub> | $- | 1% |

---

# Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i2f8eaa74282a7a969f15b9cc.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Affiliated Investment Funds | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| SEI Institutional Managed Trust Tax-Managed Large Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 56.1% |
| SEI Institutional International Trust International Equity Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 16.1% |
| SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 13.9% |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 7.9% |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 4.0% |
| SEI Institutional International Trust Emerging Markets Equity Fund, Cl Y<sup>Footnote Reference\*\*</sup> | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](if5db12760a00fcd7b7cd0d5c.jpg)

![Image](i4bf82fbf066fa01a8a077b7c.jpg)

SGOAX-SAR-2025**

(b) Not applicable.

**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 for semi-annual report.

**Item 6. Schedule of Investments.**

(a) The Schedules of Investments are included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Financial Statements and Financial Highlights are filed herein.

![](fp0096336_01.jpg)

September 30, 2025

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

SEI Asset Allocation Trust

---

| | |
|:---|:---|
| ![](fp0096336_03.jpg) | Defensive Strategy Fund |

---

---

| | |
|:---|:---|
| ![](fp0096336_03.jpg) | Defensive Strategy Allocation Fund |

---

---

| | |
|:---|:---|
| ![](fp0096336_03.jpg) | Conservative Strategy Fund |

---

---

| | |
|:---|:---|
| ![](fp0096336_03.jpg) | Conservative Strategy Allocation Fund |

---

---

| | |
|:---|:---|
| ![](fp0096336_03.jpg) | Moderate Strategy Fund |

---

---

| | |
|:---|:---|
| ![](fp0096336_03.jpg) | Moderate Strategy Allocation Fund |

---

---

| | |
|:---|:---|
| ![](fp0096336_03.jpg) | Aggressive Strategy Fund |

---

---

| | |
|:---|:---|
| ![](fp0096336_03.jpg) | Tax-Managed Aggressive Strategy Fund |

---

---

| | |
|:---|:---|
| ![](fp0096336_03.jpg) | Core Market Strategy Fund |

---

---

| | |
|:---|:---|
| ![](fp0096336_03.jpg) | Core Market Strategy Allocation Fund |

---

---

| | |
|:---|:---|
| ![](fp0096336_03.jpg) | Market Growth Strategy Fund |

---

---

| | |
|:---|:---|
| ![](fp0096336_03.jpg) | Market Growth Strategy Allocation Fund |

---

**seic.com**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 20 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 22 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 24 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 28 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 34 |
| Other Information (Form N-CSRS Items 8-11) (Unaudited) | 45 |

---

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Defensive Strategy Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** |
| **Fixed Income Funds — 56.7%** | **Fixed Income Funds — 56.7%** | **Fixed Income Funds — 56.7%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust Short-Duration Government Fund, Cl Y<sup>‡</sup> | 250270 | $2558 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Conservative Income Fund, Cl Y<sup>‡</sup> | 131254 | 1314 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y | 67634 | 655 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Real Return Fund, Cl Y | 43837 | 435 |
| Total Fixed Income Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,816) ($ Thousands) |  | 4962 |
| **Multi-Asset Funds — 29.0%** | **Multi-Asset Funds — 29.0%** | **Multi-Asset Funds — 29.0%** |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Capital Stability Fund, Cl Y<sup>‡</sup> | 172548 | 1769 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y | 31952 | 327 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y | 53510 | 436 |
| Total Multi-Asset Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,423) ($ Thousands) |  | 2532 |
| **Equity Funds — 9.3%** | **Equity Funds — 9.3%** | **Equity Funds — 9.3%** |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds DBi Multi-Strategy Alternative ETF | 6964 | 177 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced Low Volatility U.S. Large Cap ETF | 83 | 2 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y | 55858 | 636 |
| Total Equity Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $704) ($ Thousands) |  | 815 |
| **Money Market Fund — 5.0%** | **Money Market Fund — 5.0%** | **Money Market Fund — 5.0%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust Government Fund, Institutional Class, 4.040%\*\* | 437605 | 438 |
| Total Money Market Fund |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $438) ($ Thousands) |  | 438 |
| Total Investments in Securities — 100.0% | Total Investments in Securities — 100.0% | Total Investments in Securities — 100.0% |
| &nbsp;&nbsp;&nbsp;(Cost $8,381) ($ Thousands) |  | $8747 |

---

Percentages are based on Net Assets of $8,747 ($ Thousands).

---

| | |
|:---|:---|
| <sup>‡</sup> | Represents greater than 10% of the Fund's total investments. For further financial information, available upon request at no charge, please go to the Securities and Exchange Commission's website at http://www.sec.gov or call 1-800-DIAL-SEI. |

---

\*\* The rate reported is the 7-day effective yield as of September 30, 2025.

Cl — Class

ETF — Exchange-Traded Fund

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

SEI Asset Allocation Trust 1

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

**Defensive Strategy Fund** (Concluded**)**

The following is a summary of the Fund's transactions with affiliates for the period ended September 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 3/31/2025** | **Purchases<br> at Cost** | **Proceeds from Sales** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value<br> 9/30/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust Short-Duration Government Fund, Cl Y | $2620 | $103 | $(180) | $— | $15 | $2558 | $43 | $— |
| SEI Institutional Managed Trust Conservative Income Fund, Cl Y | 1342 | 65 | (93) |  |  | 1314 | 28 |  |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y | 671 | 35 | (60) |  | 9 | 655 | 12 |  |
| SEI Institutional Managed Trust Real Return Fund, Cl Y | 447 | 15 | (28) |  | 1 | 435 | 10 |  |
| SEI Institutional Managed Trust Multi-Asset Capital Stability Fund, Cl Y | 1803 | 28 | (138) | (1) | 77 | 1769 |  |  |
| SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y | 334 | 17 | (31) | (1) | 8 | 327 | 9 |  |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y | 449 | 20 | (32) |  | (1) | 436 |  |  |
| SEI Exchange-Traded Funds DBi Multi-Strategy Alternative ETF |  | 170 |  |  | 7 | 177 |  |  |
| SEI Exchange-Traded Funds Enhanced Low Volatility U.S. Large Cap ETF | 3 |  |  | (1) |  | 2 |  |  |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y | 649 | 25 | (81) | 7 | 36 | 636 |  |  |
| SEI Institutional Managed Trust Liquid Alternative Fund, Cl Y | 176 | 7 | (187) |  | 4 |  |  |  |
| SEI Daily Income Trust Government Fund, Institutional Class | 447 | 22 | (31) |  |  | 438 | 9 |  |
| Totals | $8941 | $507 | $(861) | $4 | $156 | $8747 | $111 | $— |

---

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

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

2 SEI Asset Allocation Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

**Defensive Strategy Allocation Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** |
| **Money Market Fund — 80.7%** | **Money Market Fund — 80.7%** | **Money Market Fund — 80.7%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust Government Fund, Institutional Class, 4.040%\*\*<sup>‡</sup> | 1331691 | $1332 |
| Total Money Market Fund | Total Money Market Fund | Total Money Market Fund |
| &nbsp;&nbsp;&nbsp;(Cost $1,332) ($ Thousands) |  | 1332 |
| **Fixed Income Fund — 19.3%** | **Fixed Income Fund — 19.3%** | **Fixed Income Fund — 19.3%** |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust High Yield Bond Fund, Cl Y<sup>‡</sup> | 58867 | 318 |
| Total Fixed Income Fund | Total Fixed Income Fund | Total Fixed Income Fund |
| &nbsp;&nbsp;&nbsp;(Cost $314) ($ Thousands) |  | 318 |
| Total Investments in Securities — 100.0% | Total Investments in Securities — 100.0% | Total Investments in Securities — 100.0% |
| &nbsp;&nbsp;&nbsp;(Cost $1,646) ($ Thousands) |  | $1650 |

---

Percentages are based on Net Assets of $1,650 ($ Thousands).

\*\* The rate reported is the 7-day effective yield as of September 30, 2025.

---

| | |
|:---|:---|
| <sup>‡</sup> | Represents greater than 10% of the Fund's total investments. For further financial information, available upon request at no charge, please go to the Securities and Exchange Commission's website at http://www.sec.gov or call 1-800-DIAL-SEI. |

---

Cl — Class

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund's transactions with affiliates for the period ended September 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 3/31/2025** | **Purchases at Cost** | **Proceeds from Sales** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value<br> 9/30/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust Government Fund, Institutional Class | $1336 | $61 | $(66) | $— | $1 | $1332 | $27 | $— |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 317 | 18 | (22) | (2) | 7 | 318 | 12 |  |
| Totals | $1653 | $79 | $(88) | $(2) | $8 | $1650 | $39 | $— |

---

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

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

SEI Asset Allocation Trust 3

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Conservative Strategy Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** |
| **Fixed Income Funds — 50.3%** | **Fixed Income Funds — 50.3%** | **Fixed Income Funds — 50.3%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust Short-Duration Government Fund, Cl Y<sup>‡</sup> | 410481 | $4195 |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust Ultra Short Duration Bond Fund, Cl Y | 124497 | 1166 |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 62985 | 586 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Conservative Income Fund, Cl Y | 291179 | 2915 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>‡</sup> | 447748 | 4339 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 108699 | 587 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Real Return Fund, Cl Y | 116780 | 1159 |
| Total Fixed Income Funds | Total Fixed Income Funds | Total Fixed Income Funds |
| &nbsp;&nbsp;&nbsp;(Cost $14,853) ($ Thousands) |  | 14947 |
| **Multi-Asset Funds — 28.4%** | **Multi-Asset Funds — 28.4%** | **Multi-Asset Funds — 28.4%** |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y | 74706 | 587 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Capital Stability Fund, Cl Y<sup>‡</sup> | 494514 | 5069 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y | 127600 | 1308 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y | 179355 | 1460 |
| Total Multi-Asset Funds | Total Multi-Asset Funds | Total Multi-Asset Funds |
| &nbsp;&nbsp;&nbsp;(Cost $8,095) ($ Thousands) |  | 8424 |
| **Equity Funds — 21.3%** | **Equity Funds — 21.3%** | **Equity Funds — 21.3%** |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds DBi Multi-Strategy Alternative ETF | 34633 | 879 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced Low Volatility U.S. Large Cap ETF | 28875 | 922 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y | 241095 | 2744 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust U.S. Managed Volatility Fund, Cl Y | 49711 | 755 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Select International Equity ETF | 33250 | 1015 |
| Total Equity Funds | Total Equity Funds | Total Equity Funds |
| &nbsp;&nbsp;&nbsp;(Cost $5,298) ($ Thousands) |  | 6315 |
| Total Investments in Securities — 100.0% | Total Investments in Securities — 100.0% | Total Investments in Securities — 100.0% |
| &nbsp;&nbsp;&nbsp;(Cost $28,246) ($ Thousands) |  | $29686 |

---

Percentages are based on Net Assets of $29,685 ($ Thousands).

---

| | |
|:---|:---|
| <sup>‡</sup> | Represents greater than 10% of the Fund's total investments. For further financial information, available upon request at no charge, please go to the Securities and Exchange Commission's website at http://www.sec.gov or call 1-800-DIAL-SEI. |

---

Cl — Class

ETF — Exchange-Traded Fund

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

4 SEI Asset Allocation Trust

The following is a summary of the Fund's transactions with affiliates for the period ended September 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 3/31/2025** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain (Loss)** | **Change in<br> Unrealized Appreciation (Depreciation)** | **Value<br> 9/30/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust Short-Duration Government Fund, Cl Y | $4326 | $192 | $(346) | $(12) | $35 | $4195 | $71 | $— |
| SEI Daily Income Trust Ultra Short Duration Bond Fund, Cl Y | 1213 | 33 | (82) | (1) | 3 | 1166 | 24 |  |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 597 | 24 | (77) | 2 | 40 | 586 | 21 |  |
| SEI Institutional Managed Trust Conservative Income Fund, Cl Y | 3031 | 86 | (202) |  |  | 2915 | 62 |  |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y | 4471 | 235 | (426) | (66) | 125 | 4339 | 82 |  |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 602 | 26 | (52) | (3) | 14 | 587 | 22 |  |
| SEI Institutional Managed Trust Real Return Fund, Cl Y | 1211 | 33 | (86) | (2) | 3 | 1159 | 26 |  |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y | 602 | 3 | (58) | (6) | 46 | 587 |  |  |
| SEI Institutional Managed Trust Multi-Asset Capital Stability Fund, Cl Y | 5207 | 132 | (485) | (5) | 220 | 5069 |  |  |
| SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y | 1361 | 34 | (118) | 1 | 30 | 1308 | 34 |  |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y | 1520 | 28 | (86) | (1) | (1) | 1460 |  |  |
| SEI Exchange-Traded Funds DBi Multi-Strategy Alternative ETF |  | 844 |  |  | 35 | 879 |  |  |
| SEI Exchange-Traded Funds Enhanced Low Volatility U.S. Large Cap ETF | 1224 |  | (349) | 73 | (26) | 922 | 12 |  |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y | 2847 | 43 | (322) | 25 | 151 | 2744 |  |  |
| SEI Institutional Managed Trust Liquid Alternative Fund, Cl Y | 885 | 8 | (912) | (2) | 21 |  |  |  |
| SEI Institutional Managed Trust U.S. Managed Volatility Fund, Cl Y | 786 | 15 | (84) | 2 | 36 | 755 | 7 |  |
| SEI Exchange-Traded Funds Select International Equity ETF | 873 | 1 |  |  | 141 | 1015 | 17 |  |
| Totals | $30756 | $1737 | $(3685) | $5 | $873 | $29686 | $378 | $— |

---

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

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

SEI Asset Allocation Trust 5

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Conservative Strategy Allocation Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** |
| **Equity Funds — 47.0%** | **Equity Funds — 47.0%** | **Equity Funds — 47.0%** |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Real Estate Fund, Cl Y<sup>‡</sup> | 139991 | $2304 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust U.S. Managed Volatility Fund, Cl Y<sup>‡</sup> | 305362 | 4639 |
| Total Equity Funds | Total Equity Funds | Total Equity Funds |
| &nbsp;&nbsp;&nbsp;(Cost $4,695) ($ Thousands) |  | 6943 |
| **Fixed Income Fund — 33.0%** | **Fixed Income Fund — 33.0%** | **Fixed Income Fund — 33.0%** |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust High Yield Bond Fund, Cl Y<sup>‡</sup> | 903271 | 4877 |
| Total Fixed Income Fund | Total Fixed Income Fund | Total Fixed Income Fund |
| &nbsp;&nbsp;&nbsp;(Cost $4,926) ($ Thousands) |  | 4877 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS (continued)** | **AFFILIATED INVESTMENT FUNDS (continued)** | **AFFILIATED INVESTMENT FUNDS (continued)** |
| **Money Market Fund — 20.0%** | **Money Market Fund — 20.0%** | **Money Market Fund — 20.0%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust Government Fund, Institutional Class, 4.040%\*\*<sup>‡</sup> | 2948535 | $2949 |
| Total Money Market Fund | Total Money Market Fund | Total Money Market Fund |
| &nbsp;&nbsp;&nbsp;(Cost $2,949) ($ Thousands) |  | 2949 |
| Total Investments in Securities — 100.0% | Total Investments in Securities — 100.0% | Total Investments in Securities — 100.0% |
| &nbsp;&nbsp;&nbsp;(Cost $12,570) ($ Thousands) |  | $14769 |

---

Percentages are based on Net Assets of $14,767 ($ Thousands).

---

| | |
|:---|:---|
| <sup>‡</sup> | Represents greater than 10% of the Fund's total investments. For further financial information, available upon request at no charge, please go to the Securities and Exchange Commission's website at http://www.sec.gov or call 1-800-DIAL-SEI. |

---

<sup>\*\*</sup> The rate reported is the 7-day effective yield as of September 30, 2025.

Cl — Class

As of September 30, 2025, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund's transactions with affiliates for the period ended September 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 3/31/2025** | **Purchases at Cost** | **Proceeds from Sales** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value<br> 9/30/2025** | **Income** | **Capital Gains** |
| SEI Institutional Managed Trust Real Estate Fund, Cl Y | $2444 | $104 | $(264) | $27 | $(7) | $2304 | $31 | $— |
| SEI Institutional Managed Trust U.S. Managed Volatility Fund, Cl Y | 4920 | 186 | (707) | 72 | 168 | 4639 | 42 |  |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 5161 | 203 | (576) | (94) | 183 | 4877 | 186 |  |
| SEI Daily Income Trust Government Fund, Institutional Class | 3157 | 146 | (354) |  |  | 2949 | 62 |  |
| Totals | $15682 | $639 | $(1901) | $5 | $344 | $14769 | $321 | $— |

---

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

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

6 SEI Asset Allocation Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

**Moderate Strategy Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** |
| **Fixed Income Funds — 36.7%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust Short-Duration Government Fund, Cl Y | 525908 | $5375 |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust Ultra Short Duration Bond Fund, Cl Y | 245574 | 2301 |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 205591 | 1912 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>‡</sup> | 1555791 | 15076 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 354734 | 1915 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Real Return Fund, Cl Y | 231132 | 2295 |
| Total Fixed Income Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $29,530) ($ Thousands) |  | 28874 |
| **Equity Funds — 35.7%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds DBi Multi- Strategy Alternative ETF | 149864 | 3804 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced Low Volatility U.S. Large Cap ETF | 97961 | 3129 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced US Large Cap Momentum Factor ETF | 379 | 17 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced US Large Cap Quality Factor ETF | 221 | 9 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced US Large Cap Value Factor ETF | 309 | 12 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y | 79575 | 1541 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y‡ | 852484 | 9701 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust U.S. Managed Volatility Fund, Cl Y | 177827 | 2701 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Select Emerging Markets Equity ETF | 103960 | 3142 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Select International Equity ETF | 134680 | 4109 |
| Total Equity Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $23,973) ($ Thousands) |  | 28165 |
| **Multi-Asset Funds — 27.6%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y | 933959 | 7341 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Capital Stability Fund, Cl Y | 747323 | 7660 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y | 280514 | 2875 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS (continued)** | **AFFILIATED INVESTMENT FUNDS (continued)** | **AFFILIATED INVESTMENT FUNDS (continued)** |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y | 472744 | $3848 |
| Total Multi-Asset Funds | Total Multi-Asset Funds | Total Multi-Asset Funds |
| &nbsp;&nbsp;&nbsp;(Cost $21,240) ($ Thousands) |  | 21724 |
| Total Investments in Securities — 100.0% | Total Investments in Securities — 100.0% | Total Investments in Securities — 100.0% |
| &nbsp;&nbsp;&nbsp;(Cost $74,743) ($ Thousands) |  | $78763 |

---

Percentages are based on Net Assets of $78,764 ($ Thousands).

---

| | |
|:---|:---|
| <sup>‡</sup> | Represents greater than 10% of the Fund's total investments. For further financial information, available upon request at no charge, please go to the Securities and Exchange Commission's website at http://www.sec.gov or call 1-800-DIAL-SEI. |

---

Cl — Class

ETF — Exchange-Traded Fund

As of September 30, 2025, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

SEI Asset Allocation Trust 7

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

**Moderate Strategy Fund** (Concluded)

The following is a summary of the Fund's transactions with affiliates for the period ended September 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 3/31/2025** | **Purchases at Cost** | **Proceeds from Sales** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value<br> 9/30/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust Short-Duration Government Fund, Cl Y | $5420 | $280 | $(355) | $(12) | $42 | $5375 | $89 | $— |
| SEI Daily Income Trust Ultra Short Duration Bond Fund, Cl Y | 2322 | 130 | (156) |  | 5 | 2301 | 47 |  |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 1920 | 2 | (145) | (4) | 139 | 1912 | 68 |  |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y | 15100 | 1022 | (1248) | (248) | 450 | 15076 | 279 |  |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 1926 | 105 | (150) | (17) | 51 | 1915 | 70 |  |
| SEI Institutional Managed Trust Real Return Fund, Cl Y | 2317 | 140 | (166) | (3) | 7 | 2295 | 51 |  |
| SEI Exchange-Traded Funds DBi Multi-Strategy Alternative ETF |  | 3655 |  |  | 149 | 3804 |  |  |
| SEI Exchange-Traded Funds Enhanced Low Volatility U.S. Large Cap ETF | 3484 |  | (499) | 105 | 39 | 3129 | 34 |  |
| SEI Exchange-Traded Funds Enhanced US Large Cap Momentum Factor ETF | 14 |  | (1) |  | 4 | 17 |  |  |
| SEI Exchange-Traded Funds Enhanced US Large Cap Quality Factor ETF | 8 |  |  |  | 1 | 9 |  |  |
| SEI Exchange-Traded Funds Enhanced US Large Cap Value Factor ETF | 10 |  |  |  | 2 | 12 |  |  |
| SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y | 1522 | 112 | (370) | 11 | 266 | 1541 |  |  |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y | 9670 | 525 | (1100) | 72 | 534 | 9701 |  |  |
| SEI Institutional Managed Trust Liquid Alternative Fund, Cl Y | 3817 | 62 | (3961) | (10) | 92 |  |  |  |
| SEI Institutional Managed Trust U.S. Managed Volatility Fund, Cl Y | 2727 | 178 | (339) |  | 135 | 2701 | 23 |  |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF | 2575 |  |  |  | 567 | 3142 | 41 |  |
| SEI Exchange-Traded Funds Select International Equity ETF | 4149 |  | (691) | 104 | 547 | 4109 | 81 |  |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y | 7321 | 370 | (854) | (248) | 752 | 7341 |  |  |
| SEI Institutional Managed Trust Multi-Asset Capital Stability Fund, Cl Y | 7703 | 195 | (558) | (11) | 331 | 7660 |  |  |
| SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y | 2900 | 153 | (243) | (14) | 79 | 2875 | 74 |  |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y | 3871 | 175 | (193) | (3) | (2) | 3848 |  |  |
| Totals | $78776 | $7104 | $(11029) | $(278) | $4190 | $78763 | $857 | $— |

---

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

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

8 SEI Asset Allocation Trust

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Moderate Strategy Allocation Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** |
| **Equity Funds — 67.5%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust International Equity Fund, Cl Y | 157134 | $2258 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Real Estate Fund, Cl Y | 136847 | 2252 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Tax- Managed Large Cap Fund, Cl Y<sup>‡</sup> | 106447 | 4286 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust U.S. Managed Volatility Fund, Cl Y<sup>‡</sup> | 1238525 | 18813 |
| Total Equity Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $15,872) ($ Thousands) |  | 27609 |
| **Fixed Income Fund — 18.0%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust High Yield Bond Fund, Cl Y<sup>‡</sup> | 1364093 | 7366 |
| Total Fixed Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,555) ($ Thousands) |  | 7366 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS (continued)** | **AFFILIATED INVESTMENT FUNDS (continued)** | **AFFILIATED INVESTMENT FUNDS (continued)** |
| **Money Market Fund — 14.5%** | **Money Market Fund — 14.5%** | **Money Market Fund — 14.5%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust Government Fund, Institutional Class, 4.040%\*\*<sup>‡</sup> | 5918539 | $5919 |
| Total Money Market Fund | Total Money Market Fund | Total Money Market Fund |
| &nbsp;&nbsp;&nbsp;(Cost $5,919) ($ Thousands) |  | 5919 |
| Total Investments in Securities — 100.0% | Total Investments in Securities — 100.0% | Total Investments in Securities — 100.0% |
| &nbsp;&nbsp;&nbsp;(Cost $29,346) ($ Thousands) |  | $40894 |

---

Percentages are based on Net Assets of $40,894 ($ Thousands).

---

| | |
|:---|:---|
| <sup>‡</sup> | Represents greater than 10% of the Fund's total investments. For further financial information, available upon request at no charge, please go to the Securities and Exchange Commission's website at http://www.sec.gov or call 1-800-DIAL-SEI. |

---

\*\* The rate reported is the 7-day effective yield as of September 30, 2025.

Cl — Class

As of September 30, 2025, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund's transactions with affiliates for the period ended September 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 3/31/2025** | **Purchases<br> at Cost** | **Proceeds from Sales** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value<br> 9/30/2025** | **Income** | **Capital Gains** |
| SEI Institutional International Trust International Equity Fund, Cl Y | $2228 | $87 | $(452) | $147 | $248 | $2258 | $— | $— |
| SEI Institutional Managed Trust Real Estate Fund, Cl Y | 2285 | 123 | (176) | 16 | 4 | 2252 | 30 |  |
| SEI Institutional Managed Trust Tax-Managed Large Cap Fund, Cl Y | 4283 | 190 | (820) | 456 | 177 | 4286 | 21 |  |
| SEI Institutional Managed Trust U.S. Managed Volatility Fund, Cl Y | 19025 | 572 | (1737) | 322 | 631 | 18813 | 167 |  |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 7427 | 584 | (777) | (174) | 306 | 7366 | 272 |  |
| SEI Daily Income Trust Government Fund, Institutional Class | 6007 | 573 | (661) |  |  | 5919 | 120 |  |
| Totals | $41255 | $2129 | $(4623) | $767 | $1366 | $40894 | $610 | $— |

---

Amount designated as "— " are $0 or have been rounded to $0.

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

SEI Asset Allocation Trust 9

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

**Aggressive Strategy Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** |
| **Equity Funds — 74.7%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced US Large Cap Momentum Factor ETF | 146230 | $6639 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced US Large Cap Quality Factor ETF | 90753 | 3510 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced US Large Cap Value Factor ETF | 168297 | 6547 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y | 505320 | 9788 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Large Cap Fund, Cl Y‡ | 850300 | 14098 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Select Emerging Markets Equity ETF | 313620 | 9477 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Select International Equity ETF‡ | 754649 | 23021 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Select Small Cap ETF | 238160 | 6656 |
| Total Equity Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $57,942) ($ Thousands) |  | 79736 |
| **Fixed Income Funds — 13.4%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 337559 | 3139 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y | 824493 | 7989 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 583845 | 3153 |
| Total Fixed Income Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,796) ($ Thousands) |  | 14281 |
| **Multi-Asset Fund — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y<sup>‡</sup> | 1614016 | 12686 |
| Total Multi-Asset Fund |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,560) ($ Thousands) |  | 12686 |
| Total Investments in Securities — 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $84,298) ($ Thousands) |  | $106703 |

---

Percentages are based on Net Assets of $106,698 ($ Thousands).

---

| | |
|:---|:---|
| <sup>‡</sup> | Represents greater than 10% of the Fund's total investments. For further financial information, available upon request at no charge, please go to the Securities and Exchange Commission's website at http://www.sec.gov or call 1-800-DIAL-SEI. |

---

Cl — Class

ETF — Exchange-Traded Fund

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

10 SEI Asset Allocation Trust

The following is a summary of the Fund's transactions with affiliates for the period ended September 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 3/31/2025** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 9/30/2025** | **Income** | **Capital<br> Gains** |
| SEI Exchange-Traded Funds Enhanced US Large Cap Momentum Factor ETF | $6147 | $— | $(1044) | $436 | $1100 | $6639 | $23 | $— |
| SEI Exchange-Traded Funds Enhanced US Large Cap Quality Factor ETF | 3169 |  |  |  | 341 | 3510 | 17 |  |
| SEI Exchange-Traded Funds Enhanced US Large Cap Value Factor ETF | 6003 |  | (627) | 211 | 960 | 6547 | 58 |  |
| SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y | 8762 | 423 | (1101) | 44 | 1660 | 9788 |  |  |
| SEI Institutional Managed Trust Large Cap Fund, Cl Y | 12111 | 1501 | (1773) | 29 | 2230 | 14098 | 59 |  |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF | 7768 |  | (1) |  | 1710 | 9477 | 124 |  |
| SEI Exchange-Traded Funds Select International Equity ETF | 21865 |  | (2184) | 218 | 3122 | 23021 | 406 |  |
| SEI Exchange-Traded Funds Select Small Cap ETF | 5664 |  |  |  | 992 | 6656 | 22 |  |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 2872 | 320 | (271) | (2) | 220 | 3139 | 106 |  |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y | 7349 | 1208 | (678) | (91) | 201 | 7989 | 145 |  |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 2883 | 398 | (183) | (9) | 64 | 3153 | 112 |  |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y | 11107 | 2202 | (1487) | (301) | 1165 | 12686 |  |  |
| Totals | $95700 | $6052 | $(9349) | $535 | $13765 | $106703 | $1072 | $— |

---

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

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

SEI Asset Allocation Trust 11

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

**Tax-Managed Aggressive Strategy Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** |
| **Equity Funds — 88.1%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust Emerging Markets Equity Fund, Cl Y | 129341 | $1811 |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust International Equity Fund, Cl Y<sup>‡</sup> | 1016756 | 14611 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Tax- Managed Large Cap Fund, Cl Y<sup>‡</sup> | 1265074 | 50932 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Tax- Managed Small/Mid Cap Fund, Cl Y<sup>‡</sup> | 513745 | 12648 |
| Total Equity Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $32,566) ($ Thousands) |  | 80002 |
| **Fixed Income Funds — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 386443 | 3594 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS (continued)** | **AFFILIATED INVESTMENT FUNDS (continued)** | **AFFILIATED INVESTMENT FUNDS (continued)** |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 1327158 | $7166 |
| Total Fixed Income Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,504) ($ Thousands) |  | 10760 |
| Total Investments in Securities — 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $44,070) ($ Thousands) |  | $90762 |

---

Percentages are based on Net Assets of $90,766 ($ Thousands).

---

| | |
|:---|:---|
| <sup>‡</sup> | Represents greater than 10% of the Fund's total investments. For further financial information, available upon request at no charge, please go to the Securities and Exchange Commission's website at http://www.sec.gov or call 1-800-DIAL-SEI. |

---

Cl — Class

As of September 30, 2025, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund's transactions with affiliates for the period ended September 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 3/31/2025** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 9/30/2025** | **Income** | **Capital Gains** |
| SEI Institutional International Trust Emerging Markets Equity Fund, Cl Y | $1701 | $6 | $(277) | $33 | $348 | $1811 | $— | $— |
| SEI Institutional International Trust International Equity Fund, Cl Y | 13555 |  | (1355) | 205 | 2206 | 14611 |  |  |
| SEI Institutional Managed Trust Tax-Managed Large Cap Fund, Cl Y | 44890 | 226 | (1205) | 74 | 6947 | 50932 | 226 |  |
| SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund, Cl Y | 10607 | 465 | (23) |  | 1599 | 12648 | 51 |  |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 3364 | 135 | (154) | (26) | 275 | 3594 | 121 |  |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 6653 | 463 | (75) | (28) | 153 | 7166 | 253 |  |
| Totals | $80770 | $1295 | $(3089) | $258 | $11528 | $90762 | $651 | $— |

---

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

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

12 SEI Asset Allocation Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

**Core Market Strategy Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** |
| **Equity Funds — 44.4%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds DBi Multi- Strategy Alternative ETF | 52969 | $1345 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced US Large Cap Momentum Factor ETF | 21777 | 989 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced US Large Cap Quality Factor ETF | 13767 | 532 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced US Large Cap Value Factor ETF | 24569 | 956 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y | 105013 | 2034 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y | 144731 | 1647 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Large Cap Fund, Cl Y | 107192 | 1777 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Select Emerging Markets Equity ETF | 58568 | 1770 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Select International Equity ETF | 117655 | 3589 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Select Small Cap ETF | 54050 | 1510 |
| Total Equity Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,166) ($ Thousands) |  | 16149 |
| **Fixed Income Funds — 32.3%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 145095 | 1349 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>‡</sup> | 937607 | 9086 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 245431 | 1325 |
| Total Fixed Income Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,209) ($ Thousands) |  | 11760 |
| **Multi-Asset Funds — 23.3%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y‡ | 559821 | 4400 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y | 121065 | 1241 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y | 345923 | 2816 |
| Total Multi-Asset Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,412) ($ Thousands) |  | 8457 |
| Total Investments in Securities — 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $32,787) ($ Thousands) |  | $36366 |

---

Percentages are based on Net Assets of $36,367 ($ Thousands).

---

| | |
|:---|:---|
| <sup>‡</sup> | Represents greater than 10% of the Fund's total investments. For further financial information, available upon request at no charge, please go to the Securities and Exchange Commission's website at http://www.sec.gov or call 1-800-DIAL-SEI. |

---

Cl — Class

ETF — Exchange-Traded Fund

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

SEI Asset Allocation Trust 13

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

**Core Market Strategy Fund** (Concluded)

The following is a summary of the Fund's transactions with affiliates for the period ended September 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 3/31/2025** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 9/30/2025** | **Income** | **Capital Gains** |
| SEI Exchange-Traded Funds DBi Multi-Strategy Alternative ETF | $— | $1292 | $— | $— | $53 | $1345 | $— | $— |
| SEI Exchange-Traded Funds Enhanced US Large Cap Momentum Factor ETF | 1035 |  | (298) | 125 | 127 | 989 | 4 |  |
| SEI Exchange-Traded Funds Enhanced US Large Cap Quality Factor ETF | 481 |  | (1) |  | 52 | 532 | 3 |  |
| SEI Exchange-Traded Funds Enhanced US Large Cap Value Factor ETF | 969 |  | (199) | 67 | 119 | 956 | 9 |  |
| SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y | 2026 | 24 | (387) | 138 | 233 | 2034 |  |  |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y | 1735 | 3 | (200) | 18 | 91 | 1647 |  |  |
| SEI Institutional Managed Trust Large Cap Fund, Cl Y | 1768 | 37 | (337) | 54 | 255 | 1777 | 8 |  |
| SEI Institutional Managed Trust Liquid Alternative Fund, Cl Y | 1363 | 1 | (1395) | 1 | 30 |  |  |  |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF | 1623 |  | (198) | 23 | 322 | 1770 | 26 |  |
| SEI Exchange-Traded Funds Select International Equity ETF | 3940 |  | (926) | 111 | 464 | 3589 | 72 |  |
| SEI Exchange-Traded Funds Select Small Cap ETF | 1285 |  |  |  | 225 | 1510 | 5 |  |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 1376 | 49 | (173) | (6) | 103 | 1349 | 49 |  |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y | 8970 | 1350 | (1358) | (212) | 336 | 9086 | 166 |  |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 1375 | 52 | (127) | (25) | 50 | 1325 | 50 |  |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y | 4316 | 259 | (473) | (114) | 412 | 4400 |  |  |
| SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y | 1298 | 33 | (119) | (6) | 35 | 1241 | 33 |  |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y | 2787 | 208 | (174) | (3) | (2) | 2816 |  |  |
| Totals | $36347 | $3308 | $(6365) | $171 | $2905 | $36366 | $425 | $— |

---

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

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

14 SEI Asset Allocation Trust

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

**Core Market Strategy Allocation Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** |
| **Equity Funds — 88.1%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust Emerging Markets Equity Fund, Cl Y | 29108 | $408 |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust International Equity Fund, Cl Y‡ | 227671 | 3272 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Tax- Managed Large Cap Fund, Cl Y‡ | 284513 | 11454 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Tax- Managed Small/Mid Cap Fund, Cl Y<sup>‡</sup> | 116056 | 2857 |
| Total Equity Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,100) ($ Thousands) |  | 17991 |
| **Fixed Income Funds — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 87408 | 813 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS (continued)** | **AFFILIATED INVESTMENT FUNDS (continued)** | **AFFILIATED INVESTMENT FUNDS (continued)** |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 299868 | $1619 |
| Total Fixed Income Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,607) ($ Thousands) |  | 2432 |
| Total Investments in Securities — 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,707) ($ Thousands) |  | $20423 |

---

Percentages are based on Net Assets of $20,424 ($ Thousands).

---

| | |
|:---|:---|
| <sup>‡</sup> | Represents greater than 10% of the Fund's total investments. For further financial information, available upon request at no charge, please go to the Securities and Exchange Commission's website at http://www.sec.gov or call 1-800-DIAL-SEI. |

---

Cl — Class

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund's transactions with affiliates for the period ended September 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 3/31/2025** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 9/30/2025** | **Income** | **Capital Gains** |
| SEI Institutional International Trust Emerging Markets Equity Fund, Cl Y | $393 | $6 | $(79) | $14 | $74 | $408 | $— | $— |
| SEI Institutional International Trust International Equity Fund, Cl Y | 3149 | 30 | (455) | 120 | 428 | 3272 |  |  |
| SEI Institutional Managed Trust Tax-Managed Large Cap Fund, Cl Y | 10948 | 126 | (1240) | 750 | 870 | 11454 | 54 |  |
| SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund, Cl Y | 2631 | 32 | (184) | (4) | 382 | 2857 | 12 |  |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 797 | 29 | (68) | (11) | 66 | 813 | 28 |  |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 1600 | 83 | (90) | (31) | 57 | 1619 | 58 |  |
| Totals | $19518 | $306 | $(2116) | $838 | $1877 | $20423 | $152 | $— |

---

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

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

SEI Asset Allocation Trust 15

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

**Market Growth Strategy Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** |
| **Equity Funds — 55.5%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds DBi Multi- Strategy Alternative ETF | 107120 | $2719 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced US Large Cap Momentum Factor ETF | 90333 | 4101 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced US Large Cap Quality Factor ETF | 64050 | 2477 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Enhanced US Large Cap Value Factor ETF | 102651 | 3993 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y | 358860 | 6951 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y | 292067 | 3324 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Large Cap Fund, Cl Y | 501966 | 8323 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Select Emerging Markets Equity ETF | 223044 | 6740 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Select International Equity ETF<sup>‡</sup> | 479260 | 14620 |
| &nbsp;&nbsp;&nbsp;SEI Exchange-Traded Funds Select Small Cap ETF | 193790 | 5416 |
| Total Equity Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $43,730) ($ Thousands) |  | 58664 |
| **Fixed Income Funds — 22.9%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 482253 | 4485 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y<sup>‡</sup> | 1574885 | 15261 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 829647 | 4480 |
| Total Fixed Income Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,441) ($ Thousands) |  | 24226 |
| **Multi-Asset Funds — 21.6%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y‡ | 1619448 | 12729 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y | 252875 | 2592 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y | 917151 | 7465 |
| Total Multi-Asset Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $22,114) ($ Thousands) |  | 22786 |
| Total Investments in Securities — 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $90,285) ($ Thousands) |  | $105676 |

---

Percentages are based on Net Assets of $105,673 ($ Thousands).

---

| | |
|:---|:---|
| <sup>‡</sup> | Represents greater than 10% of the Fund's total investments. For further financial information, available upon request at no charge, please go to the Securities and Exchange Commission's website at http://www.sec.gov or call 1-800-DIAL-SEI. |

---

Cl — Class

ETF — Exchange-Traded Fund

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

16 SEI Asset Allocation Trust

The following is a summary of the Fund's transactions with affiliates for the period ended September 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 3/31/2025** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 9/30/2025** | **Income** | **Capital Gains** |
| SEI Exchange-Traded Funds DBi Multi-Strategy Alternative ETF | $— | $2617 | $— | $— | $102 | $2719 | $— | $— |
| SEI Exchange-Traded Funds Enhanced US Large Cap Momentum Factor ETF | 4755 | 1 | (1702) | 659 | 388 | 4101 | 17 |  |
| SEI Exchange-Traded Funds Enhanced US Large Cap Quality Factor ETF | 2237 |  | (1) |  | 241 | 2477 | 12 |  |
| SEI Exchange-Traded Funds Enhanced US Large Cap Value Factor ETF | 4447 |  | (1294) | 436 | 404 | 3993 | 43 |  |
| SEI Institutional Managed Trust Dynamic Asset Allocation Fund, Cl Y | 6455 | 359 | (1068) | 166 | 1039 | 6951 |  |  |
| SEI Institutional Managed Trust Global Managed Volatility Fund, Cl Y | 3272 | 88 | (245) | 17 | 192 | 3324 |  |  |
| SEI Institutional Managed Trust Large Cap Fund, Cl Y | 7630 | 603 | (1261) | 39 | 1312 | 8323 | 36 |  |
| SEI Institutional Managed Trust Liquid Alternative Fund, Cl Y | 2637 |  | (2696) | (2) | 61 |  |  |  |
| SEI Exchange-Traded Funds Select Emerging Markets Equity ETF | 6128 |  | (694) | 81 | 1225 | 6740 | 98 |  |
| SEI Exchange-Traded Funds Select International Equity ETF | 15601 |  | (3250) | 360 | 1909 | 14620 | 280 |  |
| SEI Exchange-Traded Funds Select Small Cap ETF | 4608 | 1 |  |  | 807 | 5416 | 18 |  |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 4406 | 159 | (398) | (28) | 346 | 4485 | 159 |  |
| SEI Institutional Managed Trust Core Fixed Income Fund, Cl Y | 14083 | 3414 | (2440) | (393) | 597 | 15261 | 269 |  |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 4445 | 197 | (243) | (50) | 131 | 4480 | 165 |  |
| SEI Institutional Managed Trust Multi-Asset Accumulation Fund, Cl Y | 11744 | 2611 | (2492) | (648) | 1514 | 12729 |  |  |
| SEI Institutional Managed Trust Multi-Asset Income Fund, Cl Y | 2584 | 103 | (154) | (8) | 67 | 2592 | 67 |  |
| SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund, Cl Y | 7066 | 780 | (373) |  | (8) | 7465 |  |  |
| Totals | $102098 | $10933 | $(18311) | $629 | $10327 | $105676 | $1164 | $— |

---

Amounts designated as " – " are $0 or have been rounded to $0.

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

SEI Asset Allocation Trust 17

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

**Market Growth Strategy Allocation Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 100.0%** | **AFFILIATED INVESTMENT FUNDS — 100.0%** |  |
| **Equity Funds — 88.1%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust Emerging Markets Equity Fund, Cl Y | 191911 | $2687 |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust International Equity Fund, Cl Y<sup>‡</sup> | 1506183 | 21644 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Tax-Managed Large Cap Fund, Cl Y<sup>‡</sup> | 1870600 | 75310 |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund, Cl Y<sup>‡</sup> | 757265 | 18644 |
| Total Equity Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $43,765) ($ Thousands) |  | 118285 |
| **Fixed Income Funds — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 575765 | 5354 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS (continued)** | **AFFILIATED INVESTMENT FUNDS (continued)** |  |
| &nbsp;&nbsp;&nbsp;SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 1957175 | $10569 |
| Total Fixed Income Funds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,160) ($ Thousands) |  | 15923 |
| Total Investments in Securities — 100.0% | Total Investments in Securities — 100.0% |  |
| &nbsp;&nbsp;&nbsp;(Cost $60,925) ($ Thousands) |  | $134208 |

---

Percentages are based on Net Assets of $134,213 ($ Thousands).

---

| | |
|:---|:---|
| <sup>‡</sup> | Represents greater than 10% of the Fund's total investments. For further financial information, available upon request at no charge, please go to the Securities and Exchange Commission's website at http://www.sec.gov or call 1-800-DIAL-SEI. |

---

Cl — Class

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund's transactions with affiliates for the period ended September 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 3/31/2025** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 9/30/2025** | **Income** | **Capital Gains** |
| SEI Institutional International Trust Emerging Markets Equity Fund, Cl Y | $2521 | $— | $(402) | $90 | $478 | $2687 | $— | $— |
| SEI Institutional International Trust International Equity Fund, Cl Y | 20099 | 18 | (2052) | 367 | 3212 | 21644 |  |  |
| SEI Institutional Managed Trust Tax-Managed Large Cap Fund, Cl Y | 68468 | 342 | (4069) | 528 | 10041 | 75310 | 342 |  |
| SEI Institutional Managed Trust Tax-Managed Small/Mid Cap Fund, Cl Y | 16331 | 109 | (187) | 3 | 2388 | 18644 | 77 |  |
| SEI Institutional International Trust Emerging Markets Debt Fund, Cl Y | 5075 | 183 | (270) | (52) | 418 | 5354 | 183 |  |
| SEI Institutional Managed Trust High Yield Bond Fund, Cl Y | 10157 | 580 | (349) | (156) | 337 | 10569 | 377 |  |
| Totals | $122651 | $1232 | $(7329) | $780 | $16874 | $134208 | $979 | $— |

---

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

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

18 SEI Asset Allocation Trust

(This page intentionally left blank)

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

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Defensive<br> Strategy Fund | Defensive Strategy<br> Allocation Fund | Conservative<br> Strategy Fund | Conservative Strategy<br> Allocation Fund |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in affiliated funds, at market value <sup>†</sup> | $8747 | $1650 | $29686 | $14769 |
| &nbsp;&nbsp;&nbsp;Income distribution receivable from affiliated funds | 15 | 6 | 44 | 35 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold | 6 | 1 | 18 | 28 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  |  | 4 |  |
| &nbsp;&nbsp;&nbsp;Receivable from adviser |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  |  | 6 | 3 |
| &nbsp;&nbsp;&nbsp;Total Assets | 8768 | 1657 | 29759 | 14836 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased | 17 | 6 | 48 | 38 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 2 |  | 10 | 22 |
| &nbsp;&nbsp;&nbsp;Payable for Audit Fees | 1 |  | 4 | 2 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees payable | 1 |  | 4 | 3 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;Administrative servicing fees payable |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses |  | 1 | 7 | 4 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 21 | 7 | 74 | 69 |
| Net Assets | $8747 | $1650 | $29685 | $14767 |
| &nbsp;&nbsp;&nbsp;<sup>†</sup> Cost of investments in affiliated funds | $8381 | $1646 | $28246 | $12570 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in Capital (unlimited authorization - no par value) | $8748 | $3431 | $31510 | $13530 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(loss) | (1) | (1781) | (1825) | 1237 |
| &nbsp;&nbsp;&nbsp;Net Assets | $8747 | $1650 | $29685 | $14767 |
| **Net Asset Value, Offering and Redemption Price Per** |  |  |  |  |
| **Share — Class F** | $9.84 | $11.28 | $10.80 | $12.51 |
|  | ($8,547,856 ÷<br> 868,607 shares) | ($1,649,602 ÷<br> 146,191 shares) | ($29,491,334 ÷<br> 2,731,366 shares) | ($14,767,354 ÷<br> 1,180,886 shares) |
| **Net Asset Value, Offering and Redemption Price Per** |  |  |  |  |
| **Share — Class D** | N/A | N/A | $10.78 | N/A |
|  |  |  | ($138,114 ÷<br> 12,810 shares) |  |
| **Net Asset Value, Offering and Redemption Price Per** |  |  |  |  |
| **Share — Class I** | $9.64 | N/A | $11.06 | N/A |
|  | ($199,281 ÷<br> 20,672 shares) |  | ($55,857 ÷<br> 5,048 shares) |  |

---

(1) Net assets divided by shares does
 not calculate to the stated NAV because net assets and shares are shown rounded.

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

N/A - Not applicable. Class D and/or Class I shares currently not offered.

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

20 SEI Asset Allocation Trust

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Moderate<br> Strategy Fund | Moderate<br> Strategy<br> Allocation Fund | Aggressive<br> Strategy Fund | Tax-Managed<br> Aggressive<br> Strategy Fund | Core Market<br> Strategy Fund | Core Market<br> Strategy<br> Allocation Fund | Market Growth<br> Strategy Fund | Market Growth<br> Strategy<br> Allocation Fund |
| $78763 | $40894 | $106703 | $90762 | $36366 | $20423 | $105676 | $134208 |
| 83 | 58 | 36 | 37 | 36 | 8 | 75 | 55 |
| 75 | 20 | 64 | 38 | 44 | 17 | 51 | 105 |
| 1 | 1 | 6 | 21 |  |  | 6 |  |
| 3 | 2 | 4 | 3 | 1 | 1 | 4 | 5 |
| 16 | 10 | 20 | 17 | 8 | 4 | 22 | 26 |
| 78941 | 40985 | 106833 | 90878 | 36455 | 20453 | 105834 | 134399 |
| 91 | 63 | 40 | 42 | 39 | 9 | 81 | 62 |
| 43 | 3 | 25 | 22 | 29 | 9 | 13 | 50 |
| 11 | 6 | 14 | 11 | 5 | 3 | 14 | 17 |
| 14 | 8 | 22 | 19 | 7 | 4 | 21 | 28 |
| 2 |  | 9 |  |  |  | 5 |  |
| 1 |  | 3 |  |  |  | 1 |  |
| 1 |  | 1 | 1 |  |  | 1 | 1 |
| 14 | 11 | 21 | 17 | 8 | 4 | 25 | 28 |
| 177 | 91 | 135 | 112 | 88 | 29 | 161 | 186 |
| $78764 | $40894 | $106698 | $90766 | $36367 | $20424 | $105673 | $134213 |
| $74743 | $29346 | $84298 | $44070 | $32787 | $8707 | $90285 | $60925 |
| $81168 | $29206 | $82454 | $40048 | $36015 | $6665 | $95659 | $53513 |
| (2404) | 11688 | 24244 | 50718 | 352 | 13759 | 10014 | 80700 |
| $78764 | $40894 | $106698 | $90766 | $36367 | $20424 | $105673 | $134213 |
| $12.40 | $18.08 | $16.93 | $29.23 | $11.62 | $22.37 | $13.89 | $31.23 |
| ($76,130,569 ÷<br> 6,139,748 shares) | ($40,893,730 ÷<br> 2,262,433 shares) | ($97,475,871 ÷<br> 5,758,358 shares) | ($90,765,544 ÷<br> 3,104,707 shares) | ($36,366,467 ÷<br> 3,130,554 shares) | ($20,423,944 ÷<br> 912,971 shares) | ($103,162,392 ÷<br> 7,425,658 shares) | ($134,213,140 ÷<br> 4,297,549 shares) |
| $12.41 | N/A | $16.46 | N/A | N/A | N/A | $13.80 | N/A |
| ($106,167 ÷<br> 8,558 shares) |  | ($1,825,154 ÷<br> 110,886 shares) |  |  |  | ($408,506 ÷<br> 29,605 shares) |  |
| $12.85 | N/A | $16.24 | N/A | $13.78 | N/A | $13.59 | N/A |
| ($2,527,192 ÷<br> 196,629 shares) |  | ($7,396,665 ÷<br> 455,535 shares) |  | ($326 ÷<br> 24 shares)<sup>(1)</sup> |  | ($2,102,403 ÷<br> 154,702 shares) |  |

---

SEI Asset Allocation Trust 21

**STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)** 

For the six months ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Defensive<br> Strategy Fund | Defensive Strategy<br> Allocation Fund | Conservative<br> Strategy Fund | Conservative Strategy<br> Allocation Fund |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income distributions from affiliated funds | $111 | $39 | $378 | $321 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Administration fees | 7 | 1 | 22 | 11 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 4 | 1 | 15 | 8 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees — Class F | 11 | 2 | 37 | 19 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees — Class D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees — Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trustees' fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distribution fees — Class D |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;Administrative servicing fees — Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registration fees | 3 | 1 | 8 | 5 |
| &nbsp;&nbsp;&nbsp;Professional fees | 2 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;Printing fees | 2 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proxy fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Custodian/wire agent fees |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Other expenses |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Total expenses | 29 | 5 | 95 | 51 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Administration fees waived | (7) | (1) | (22) | (11) |
| &nbsp;&nbsp;&nbsp;Investment advisory fees waived | (4) | (1) | (15) | (8) |
| &nbsp;&nbsp;&nbsp;Reimbursement from advisor | (2) | (1) | (7) | (4) |
| &nbsp;&nbsp;&nbsp;Waiver of shareholder servicing fees — Class F | (6) |  | (13) |  |
| &nbsp;&nbsp;&nbsp;Net Expenses | 10 | 2 | 38 | 28 |
| **Net Investment Income** | 101 | 37 | 340 | 293 |
| **Net Realized and Unrealized Gain (Loss) from Affiliated Funds:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from sales of affiliated funds | 4 | (2) | 5 | 5 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation from affiliated funds | 156 | 8 | 873 | 344 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized gain from Affiliated Funds | 160 | 6 | 878 | 349 |
| **Net Increase in Net Assets Resulting from Operations** | $261 | $43 | $1218 | $642 |

---

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

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

22 SEI Asset Allocation Trust

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Moderate<br> Strategy Fund | Moderate<br> Strategy<br> Allocation Fund | Aggressive<br> Strategy Fund | Tax-Managed<br> Aggressive<br> Strategy Fund | Core Market<br> Strategy Fund | Core Market<br> Strategy<br> Allocation Fund | Market Growth<br> Strategy Fund | Market Growth<br> Strategy<br> Allocation Fund |
| $857 | $610 | $1072 | $651 | $425 | $152 | $1164 | $979 |
| 58 | 30 | 76 | 64 | 27 | 15 | 77 | 96 |
| 39 | 20 | 51 | 43 | 18 | 10 | 52 | 64 |
| 94 | 51 | 116 | 106 | 45 | 25 | 126 | 159 |
|  |  | 2 |  |  |  |  |  |
| 3 |  | 9 |  |  |  | 2 |  |
| 1 | 1 | 2 | 1 | 1 |  | 2 | 2 |
|  |  | 7 |  |  |  | 1 |  |
| 3 |  | 9 |  |  |  | 2 |  |
| 25 | 15 | 29 | 24 | 12 | 6 | 33 | 38 |
| 14 | 7 | 18 | 15 | 6 | 4 | 18 | 23 |
| 14 | 8 | 18 | 15 | 7 | 4 | 19 | 23 |
|  |  |  |  |  |  |  | 1 |
|  |  |  |  |  |  |  | 1 |
| 4 | 2 | 5 | 4 | 2 | 1 | 5 | 6 |
| 3 | 2 | 4 | 3 | 1 | 1 | 4 | 5 |
| 258 | 136 | 346 | 275 | 119 | 66 | 341 | 418 |
| (58) | (30) | (76) | (64) | (27) | (15) | (77) | (96) |
| (39) | (20) | (51) | (43) | (18) | (10) | (52) | (64) |
| (21) | (13) | (24) | (20) | (10) | (5) | (28) | (32) |
| (15) |  |  |  |  |  |  |  |
| 125 | 73 | 195 | 148 | 64 | 36 | 184 | 226 |
| 732 | 537 | 877 | 503 | 361 | 116 | 980 | 753 |
| (278) | 767 | 535 | 258 | 171 | 838 | 629 | 780 |
| 4190 | 1366 | 13765 | 11528 | 2905 | 1877 | 10327 | 16874 |
| 3912 | 2133 | 14300 | 11786 | 3076 | 2715 | 10956 | 17654 |
| $4644 | $2670 | $15177 | $12289 | $3437 | $2831 | $11936 | $18407 |

---

SEI Asset Allocation Trust 23

**STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)**

For the six months ended September 30, 2025 (Unaudited) and the year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Defensive Strategy Fund | Defensive Strategy Fund | Defensive Strategy Allocation Fund | Defensive Strategy Allocation Fund |
|  | 4/01/25 - 9/30/25 | 2025 | 4/01/25 - 9/30/25 | 2025 |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $101 | $355 | $37 | $96 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from sales of affiliated funds | 4 | 19 | (2) | (13) |
| &nbsp;&nbsp;&nbsp;Capital gain distributions received from affiliated funds |  | 82 |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) from affiliated funds | 156 | 58 | 8 | 27 |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | 261 | 514 | 43 | 110 |
| **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class F | (103) | (376) | (35) | (117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2) | (7) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Total Distributions | (105) | (383) | (35) | (117) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 252 | 1035 | 41 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends & distributions | 100 | 361 | 30 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (713) | (2970) | (82) | (1176) |
| &nbsp;&nbsp;&nbsp;Decrease in Net Assets Derived from Class F Transactions | (361) | (1574) | (11) | (891) |
| &nbsp;&nbsp;&nbsp;Class D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends & distributions | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in Net Assets Derived from Class D Transactions | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 13 | 15 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends & distributions | 2 | 7 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (5) | (2) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in Net Assets Derived from Class I Transactions | 10 | 20 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Decrease in Net Assets Derived From Capital Share Transactions | (351) | (1554) | (11) | (891) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets | (195) | (1423) | (3) | (898) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 8942 | 10365 | 1653 | 2551 |
| &nbsp;&nbsp;&nbsp;End of Period | $8747 | $8942 | $1650 | $1653 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) For Capital Share Transactions see footnote 4 in the notes to
 financial statements.

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

N/A — Not applicable. Class D and Class I shares currently not offered.

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

24 SEI Asset Allocation Trust

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Conservative Strategy Fund | Conservative Strategy Fund | Conservative Strategy<br> Allocation Fund | Conservative Strategy<br> Allocation Fund | Moderate Strategy Fund | Moderate Strategy Fund | Moderate Strategy<br> Allocation Fund | Moderate Strategy<br> Allocation Fund |
| 4/01/25 - 9/30/25 | 2025 | 4/01/25 - 9/30/25 | 2025 | 4/01/25 - 9/30/25 | 2025 | 4/01/25 - 9/30/25 | 2025 |
| $340 | $1121 | $293 | $577 | $732 | $2420 | $537 | $1337 |
| 5 | 11 | 5 | 61 | (278) | (272) | 767 | 978 |
|  | 411 |  | 742 |  | 1308 |  | 3628 |
| 873 | 358 | 344 | 47 | 4190 | 1892 | 1366 | (1846) |
| 1218 | 1901 | 642 | 1427 | 4644 | 5348 | 2670 | 4097 |
| (341) | (1224) | (236) | (1303) | (696) | (2716) | (456) | (5580) |
| (1) | (5) | N/A | N/A |  | (2) | N/A | N/A |
| (1) | (4) | N/A | N/A | (17) | (63) | N/A | N/A |
| (343) | (1233) | (236) | (1303) | (713) | (2781) | (456) | (5580) |
| 274 | 1941 | 36 | 699 | 1937 | 7066 | 281 | 884 |
| 333 | 1197 | 210 | 1179 | 674 | 2620 | 409 | 5091 |
| (2497) | (5594) | (1567) | (4144) | (6755) | (19806) | (3262) | (15539) |
| (1890) | (2456) | (1321) | (2266) | (4144) | (10120) | (2572) | (9564) |
|  | 1 | N/A | N/A | 23 | 19 | N/A | N/A |
|  |  | N/A | N/A |  | 2 | N/A | N/A |
| (23) | (41) | N/A | N/A |  | (148) | N/A | N/A |
| (23) | (40) | N/A | N/A | 23 | (127) | N/A | N/A |
| 1 | 4 | N/A | N/A | 236 | 277 | N/A | N/A |
| 1 | 4 | N/A | N/A | 17 | 63 | N/A | N/A |
| (32) | (22) | N/A | N/A | (67) | (44) | N/A | N/A |
| (30) | (14) | N/A | N/A | 186 | 296 | N/A | N/A |
| (1943) | (2510) | (1321) | (2266) | (3935) | (9951) | (2572) | (9564) |
| (1068) | (1842) | (915) | (2142) | (4) | (7384) | (358) | (11047) |
| 30753 | 32595 | 15682 | 17824 | 78768 | 86152 | 41252 | 52299 |
| $29685 | $30753 | $14767 | $15682 | $78764 | $78768 | $40894 | $41252 |

---

SEI Asset Allocation Trust 25

**STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)**

For the six months ended September 30, 2025 (Unaudited) and the year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Aggressive Strategy Fund | Aggressive Strategy Fund | Tax-Managed Aggressive Strategy Fund | Tax-Managed Aggressive Strategy Fund |
| | 4/01/25 - 9/30/25 | 2025 | 4/01/25 - 9/30/25 | 2025 |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $877 | $1228 | $503 | $1349 |
| &nbsp;&nbsp;&nbsp;Net realized gain from sales of affiliated funds | 535 | 12163 | 258 | 409 |
| &nbsp;&nbsp;&nbsp;Capital gain distributions received from affiliated funds |  | 2610 |  | 6449 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) from affiliated funds | 13765 | (9098) | 11528 | (4837) |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | 15177 | 6903 | 12289 | 3370 |
| **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class F | (775) | (1449) | (423) | (3976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | (9) | (18) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (51) | (91) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Return of Capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class F |  |  | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D |  |  | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Total Distributions | (835) | (1558) | (423) | (3976) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 1545 | 3948 | 923 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends & distributions | 753 | 1406 | 351 | 3356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (5664) | (19907) | (3136) | (4459) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in Net Assets Derived from Class F Transactions | (3366) | (14553) | (1862) | 547 |
| &nbsp;&nbsp;&nbsp;Class D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 38 | 201 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends & distributions | 8 | 16 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (194) | (402) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Decrease in Net Assets Derived from Class D Transactions | (148) | (185) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 394 | 429 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends & distributions | 51 | 91 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (253) | (775) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in Net Assets Derived from Class I Transactions | 192 | (255) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in Net Assets Derived From Capital Share Transactions | (3322) | (14993) | (1862) | 547 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets | 11020 | (9648) | 10004 | (59) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 95678 | 105326 | 80762 | 80821 |
| &nbsp;&nbsp;&nbsp;End of Period | $106698 | $95678 | $90766 | $80762 |

---

<sup>(1)</sup> For Capital Share Transactions see footnote 4 in the notes to financial statements.

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

N/A — Not applicable. Class D and Class I shares currently not offered.

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

26 SEI Asset Allocation Trust

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Core Market Strategy Fund | Core Market Strategy Fund | Core Market Strategy Allocation Fund | Core Market Strategy Allocation Fund | Market Growth Strategy Fund | Market Growth Strategy Fund | Market Growth Strategy Allocation Fund | Market Growth Strategy Allocation Fund |
| 4/01/25 - 9/30/25 | 2025 | 4/01/25 - 9/30/25 | 2025 | 4/01/25 - 9/30/25 | 2025 | 4/01/25 - 9/30/25 | 2025 |
| $361 | $966 | $116 | $340 | $980 | $2265 | $753 | $2094 |
| 171 | 2042 | 838 | 511 | 629 | 6998 | 780 | 2041 |
|  | 628 |  | 1657 |  | 1958 |  | 10015 |
| 2905 | (1220) | 1877 | (1614) | 10327 | (3745) | 16874 | (8783) |
| 3437 | 2416 | 2831 | 894 | 11936 | 7476 | 18407 | 5367 |
| (346) | (1112) | (97) | (2274) | (896) | (4542) | (628) | (8549) |
| N/A | N/A | N/A | N/A | (2) | (12) | N/A | N/A |
|  |  | N/A | N/A | (15) | (91) | N/A | N/A |
|  | (9) | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  |  | N/A | N/A | N/A | N/A | N/A | N/A |
| (346) | (1121) | (97) | (2274) | (913) | (4645) | (628) | (8549) |
| 134 | 2553 | 180 | 603 | 807 | 9565 | 387 | 1075 |
| 323 | 1080 | 79 | 1879 | 870 | 4416 | 518 | 7263 |
| (3525) | (9555) | (2085) | (2889) | (9095) | (30262) | (7110) | (10429) |
| (3068) | (5922) | (1826) | (407) | (7418) | (16281) | (6205) | (2091) |
| N/A | N/A | N/A | N/A |  | 85 | N/A | N/A |
| N/A | N/A | N/A | N/A | 2 | 10 | N/A | N/A |
| N/A | N/A | N/A | N/A | (10) | (183) | N/A | N/A |
| N/A | N/A | N/A | N/A | (8) | (88) | N/A | N/A |
|  |  | N/A | N/A | 112 | 219 | N/A | N/A |
|  |  | N/A | N/A | 15 | 92 | N/A | N/A |
|  |  | N/A | N/A | (131) | (481) | N/A | N/A |
|  |  | N/A | N/A | (4) | (170) | N/A | N/A |
| (3068) | (5922) | (1826) | (407) | (7430) | (16539) | (6205) | (2091) |
| 23 | (4627) | 908 | (1787) | 3593 | (13708) | 11574 | (5273) |
| 36344 | 40971 | 19516 | 21303 | 102080 | 115788 | 122639 | 127912 |
| $36367 | $36344 | $20424 | $19516 | $105673 | $102080 | $134213 | $122639 |

---

SEI Asset Allocation Trust 27

**FINANCIAL HIGHLIGHTS**

For the six months ended September 30, 2025 (Unaudited) and the years ended March 31,

For a Share Outstanding Throughout Each Period/Year

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset Value, Beginning of Period | Net Investment Income\* | Net Realized and Unrealized Gains (Losses) from Affiliated Funds\* | Total from Operations | Dividends from Net Investment Income | Distributions from Realized Capital 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 Waivers)\*\* | Ratio of Net Investment Income to Average Net Assets\*\*\* | Portfolio Turnover Rate<sup>†</sup> |
| Defensive Strategy Fund | Defensive Strategy Fund | Defensive Strategy Fund | Defensive Strategy Fund |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $9.67 | $0.11 | $0.18 | $0.29 | $(0.12) | $— | $(0.12) | $9.84 | 3.00% | $8548 | 0.21% | 0.66% | 2.32% | 4% |
| &nbsp;&nbsp;&nbsp;2025 | 9.54 | 0.36 | 0.17 | 0.53 | (0.40) |  | (0.40) | 9.67 | 5.66 | 8756 | 0.25<sup>(1)</sup> | 0.70 | 3.79 | 15 |
| &nbsp;&nbsp;&nbsp;2024 | 9.40 | 0.34 | 0.13 | 0.47 | (0.33) |  | (0.33) | 9.54 | 5.13 | 10202 | 0.21 | 0.64 | 3.60 | 57 |
| &nbsp;&nbsp;&nbsp;2023 | 9.81 | 0.27 | (0.33) | (0.06) | (0.25) | (0.10) | (0.35) | 9.40 | (0.60) | 11851 | 0.21 | 0.61 | 2.88 | 18 |
| &nbsp;&nbsp;&nbsp;2022 | 10.11 | 0.13 | (0.09) | 0.04 | (0.18) | (0.16) | (0.34) | 9.81 | 0.41 | 14438 | 0.21 | 0.62 | 1.23 | 27 |
| &nbsp;&nbsp;&nbsp;2021 | 9.72 | 0.07 | 0.51 | 0.58 | (0.19) |  | (0.19) | 10.11 | 5.99 | 17330 | 0.21 | 0.58 | 0.68 | 143 |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $9.47 | $0.10 | $0.17 | $0.27 | $(0.10) | $— | $(0.10) | $9.64 | 2.93% | $199 | 0.46% | 0.91% | 2.07% | 4% |
| &nbsp;&nbsp;&nbsp;2025 | 9.36 | 0.35 | 0.13 | 0.48 | (0.37) |  | (0.37) | 9.47 | 5.29 | 186 | 0.50<sup>(2)</sup> | 0.94 | 3.68 | 15 |
| &nbsp;&nbsp;&nbsp;2024 | 9.22 | 0.32 | 0.13 | 0.45 | (0.31) |  | (0.31) | 9.36 | 4.99 | 163 | 0.46 | 0.89 | 3.53 | 57 |
| &nbsp;&nbsp;&nbsp;2023 | 9.62 | 0.26 | (0.35) | (0.09) | (0.21) | (0.10) | (0.31) | 9.22 | (0.88) | 81 | 0.46 | 0.87 | 2.74 | 18 |
| &nbsp;&nbsp;&nbsp;2022 | 9.93 | 0.18 | (0.17) | 0.01 | (0.16) | (0.16) | (0.32) | 9.62 | 0.09 | 77 | 0.46 | 0.86 | 1.83 | 27 |
| &nbsp;&nbsp;&nbsp;2021 | 9.54 | 0.04 | 0.52 | 0.56 | (0.17) |  | (0.17) | 9.93 | 5.84 | 370 | 0.46 | 0.83 | 0.43 | 143 |
| Defensive Strategy Allocation Fund | Defensive Strategy Allocation Fund | Defensive Strategy Allocation Fund | Defensive Strategy Allocation Fund | Defensive Strategy Allocation Fund |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $11.23 | $0.25 | $0.03 | $0.28 | $(0.23) | $— | $(0.23) | $11.28 | 2.58% | $1650 | 0.35% | 0.67% | 4.40% | 6% |
| &nbsp;&nbsp;&nbsp;2025 | 11.25 | 0.48 | 0.05 | 0.53 | (0.55) |  | (0.55) | 11.23 | 4.88 | 1653 | 0.52<sup>(3)</sup> | 0.82 | 4.29 | 17 |
| &nbsp;&nbsp;&nbsp;2024 | 11.29 | 0.63 | 0.02 | 0.65 | (0.69) |  | (0.69) | 11.25 | 5.98 | 2551 | 0.35 | 0.65 | 5.65 | 15 |
| &nbsp;&nbsp;&nbsp;2023 | 11.63 | 0.34 | (0.29) | 0.05 | (0.39) |  | (0.39) | 11.29 | 0.52 | 3358 | 0.35 | 0.62 | 2.96 | 34 |
| &nbsp;&nbsp;&nbsp;2022 | 11.71 | 0.09 | (0.07) | 0.02 | (0.10) |  | (0.10) | 11.63 | 0.18 | 4343 | 0.35 | 0.60 | 0.74 | 13 |
| &nbsp;&nbsp;&nbsp;2021 | 11.36 | 0.10 | 0.45 | 0.55 | (0.20) |  | (0.20) | 11.71 | 4.88 | 6236 | 0.35 | 0.61 | 0.86 | 27 |
| Conservative Strategy Fund | Conservative Strategy Fund | Conservative Strategy Fund | Conservative Strategy Fund | Conservative Strategy Fund |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $10.48 | $0.12 | $0.32 | $0.44 | $(0.12) | $— | $(0.12) | $10.80 | 4.24% | $29491 | 0.26% | 0.65% | 2.27% | 3% |
| &nbsp;&nbsp;&nbsp;2025 | 10.26 | 0.37 | 0.26 | 0.63 | (0.41) |  | (0.41) | 10.48 | 6.29 | 30512 | 0.28<sup>(4)</sup> | 0.68 | 3.57 | 13 |
| &nbsp;&nbsp;&nbsp;2024 | 10.01 | 0.34 | 0.28 | 0.62 | (0.37) |  | (0.37) | 10.26 | 6.32 | 32304 | 0.26 | 0.65 | 3.37 | 17 |
| &nbsp;&nbsp;&nbsp;2023 | 10.75 | 0.35 | (0.59) | (0.24) | (0.35) | (0.15) | (0.50) | 10.01 | (2.12) | 46264 | 0.26 | 0.62 | 3.42 | 18 |
| &nbsp;&nbsp;&nbsp;2022 | 10.99 | 0.20 | (0.02) | 0.18 | (0.29) | (0.13) | (0.42) | 10.75 | 1.56 | 58538 | 0.26 | 0.60 | 1.81 | 8 |
| &nbsp;&nbsp;&nbsp;2021 | 10.15 | 0.12 | 0.96 | 1.08 | (0.19) | (0.05) | (0.24) | 10.99 | 10.71 | 64670 | 0.26 | 0.60 | 1.07 | 20 |
| &nbsp;&nbsp;&nbsp;Class D |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $10.46 | $0.08 | $0.32 | $0.40 | $(0.08) | $— | $(0.08) | $10.78 | 3.83% | $138 | 1.01% | 1.40% | 1.52% | 3% |
| &nbsp;&nbsp;&nbsp;2025 | 10.25 | 0.29 | 0.25 | 0.54 | (0.33) |  | (0.33) | 10.46 | 5.39 | 157 | 1.03<sup>(5)</sup> | 1.42 | 2.82 | 13 |
| &nbsp;&nbsp;&nbsp;2024 | 9.99 | 0.28 | 0.27 | 0.55 | (0.29) |  | (0.29) | 10.25 | 5.63 | 194 | 1.01 | 1.40 | 2.83 | 17 |
| &nbsp;&nbsp;&nbsp;2023 | 10.72 | 0.25 | (0.56) | (0.31) | (0.27) | (0.15) | (0.42) | 9.99 | (2.82) | 188 | 1.01 | 1.37 | 2.49 | 18 |
| &nbsp;&nbsp;&nbsp;2022 | 10.97 |  | 0.08 | 0.08 | (0.20) | (0.13) | (0.33) | 10.72 | 0.64 | 268 | 1.01 | 1.35 | 0.02 | 8 |
| &nbsp;&nbsp;&nbsp;2021 | 10.13 | 0.04 | 0.96 | 1.00 | (0.11) | (0.05) | (0.16) | 10.97 | 9.91 | 4507 | 1.01 | 1.35 | 0.34 | 20 |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $10.73 | $0.11 | $0.32 | $0.43 | $(0.10) | $— | $(0.10) | $11.06 | 4.08% | $56 | 0.51% | 0.90% | 2.01% | 3% |
| &nbsp;&nbsp;&nbsp;2025 | 10.50 | 0.37 | 0.24 | 0.61 | (0.38) |  | (0.38) | 10.73 | 5.98 | 84 | 0.53<sup>(6)</sup> | 0.92 | 3.49 | 13 |
| &nbsp;&nbsp;&nbsp;2024 | 10.23 | 0.34 | 0.27 | 0.61 | (0.34) |  | (0.34) | 10.50 | 6.11 | 97 | 0.51 | 0.90 | 3.33 | 17 |
| &nbsp;&nbsp;&nbsp;2023 | 10.97 | 0.34 | (0.61) | (0.27) | (0.32) | (0.15) | (0.47) | 10.23 | (2.38) | 120 | 0.51 | 0.87 | 3.30 | 18 |
| &nbsp;&nbsp;&nbsp;2022 | 11.20 | 0.18 | (0.02) | 0.16 | (0.26) | (0.13) | (0.39) | 10.97 | 1.35 | 125 | 0.51 | 0.85 | 1.61 | 8 |
| &nbsp;&nbsp;&nbsp;2021 | 10.34 | 0.06 | 1.00 | 1.06 | (0.15) | (0.05) | (0.20) | 11.20 | 10.35 | 342 | 0.51 | 0.85 | 0.58 | 20 |

---

\* Per share calculations were performed using average shares.

\*\* The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

\*\*\* Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.

<sup>†</sup> Returns and portfolio turnover rate are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

---

| | |
|:---|:---|
| ^ | Includes return of capital less than $0.005. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.21%.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.46%.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.35%.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.26%.

28 SEI Asset Allocation Trust

**FINANCIAL HIGHLIGHTS**

For the six months ended September 30, 2025 (Unaudited) and the years ended March 31,

For a Share Outstanding Throughout Each Period/Year

&nbsp;&nbsp;&nbsp;&nbsp;(5) The
 expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.51%.

@ For the six-month period ended September 30, 2025. All ratios for the period have been annualized.

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

SEI Asset Allocation Trust 29

**FINANCIAL HIGHLIGHTS**

For the six months ended September 30, 2025 (Unaudited) and the years ended March 31,

For a Share Outstanding Throughout Each Period/Year

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset Value, Beginning of Period | Net Investment Income\* | Net Realized and Unrealized Gains (Losses) from Affiliated Funds\* | Total from Operations | Dividends from Net Investment Income | Distributions from Realized Capital Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return<sup>†</sup> | Net Assets End of Period ($ Thousands) | Ratio of Net Expenses to Average Net Assets\*\* | Ratio of Expenses to Average Net Assets (Excluding Waivers)\*\* | Ratio of Net Investment Income to Average Net Assets\*\*\* | Portfolio Turnover Rate<sup>†</sup> |
| Conservative Strategy Allocation Fund | Conservative Strategy Allocation Fund | Conservative Strategy Allocation Fund | Conservative Strategy Allocation Fund |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $12.16 | $0.24 | $0.30 | $0.54 | $(0.19) | $— | $(0.19) | $12.51 | 4.51% | $14767 | 0.35% | 0.66% | 3.91% | 4% |
| &nbsp;&nbsp;&nbsp;2025 | 12.08 | 0.42 | 0.61 | 1.03 | (0.63) | (0.32) | (0.95) | 12.16 | 8.88 | 15682 | 0.38<sup>(1)</sup> | 0.68 | 3.43 | 14 |
| &nbsp;&nbsp;&nbsp;2024 | 11.90 | 0.59 | 0.63 | 1.22 | (0.69) | (0.35) | (1.04) | 12.08 | 10.88 | 17824 | 0.35 | 0.65 | 5.01 | 16 |
| &nbsp;&nbsp;&nbsp;2023 | 13.37 | 0.43 | (1.21) | (0.78) | (0.69) |  | (0.69) | 11.90 | (5.78) | 19239 | 0.35 | 0.62 | 3.51 | 21 |
| &nbsp;&nbsp;&nbsp;2022 | 12.78 | 0.32 | 0.80 | 1.12 | (0.53) |  | (0.53) | 13.37 | 8.90 | 27191 | 0.35 | 0.60 | 2.38 | 12 |
| &nbsp;&nbsp;&nbsp;2021 | 10.46 | 0.30 | 2.42 | 2.72 | (0.40) |  | (0.40) | 12.78 | 26.55 | 29156 | 0.35 | 0.60 | 2.57 | 23 |
| Moderate Strategy Fund | Moderate Strategy Fund | Moderate Strategy Fund | Moderate Strategy Fund |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $11.78 | $0.11 | $0.62 | $0.73 | $(0.11) | $— | $(0.11) | $12.40 | 6.26% | $76131 | 0.31% | 0.66% | 1.90% | 5% |
| &nbsp;&nbsp;&nbsp;2025 | 11.44 | 0.34 | 0.40 | 0.74 | (0.40) |  | (0.40) | 11.78 | 6.59 | 76467 | 0.32<sup>(2)</sup> | 0.66 | 2.93 | 19 |
| &nbsp;&nbsp;&nbsp;2024 | 11.02 | 0.33 | 0.43 | 0.76 | (0.34) |  | (0.34) | 11.44 | 7.08 | 84082 | 0.31 | 0.64 | 2.98 | 27 |
| &nbsp;&nbsp;&nbsp;2023 | 12.65 | 0.48 | (1.09) | (0.61) | (0.50) | (0.52) | (1.02) | 11.02 | (4.62) | 93455 | 0.31 | 0.62 | 4.13 | 16 |
| &nbsp;&nbsp;&nbsp;2022 | 12.87 | 0.33 | 0.11 | 0.44 | (0.53) | (0.13) | (0.66) | 12.65 | 3.30 | 120332 | 0.31 | 0.60 | 2.53 | 11 |
| &nbsp;&nbsp;&nbsp;2021 | 11.37 | 0.13 | 1.71 | 1.84 | (0.22) | (0.12) | (0.34) | 12.87 | 16.32 | 142002 | 0.31 | 0.60 | 1.08 | 33 |
| &nbsp;&nbsp;&nbsp;Class D |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $11.79 | $0.07 | $0.62 | $0.69 | $(0.07) | $— | $(0.07) | $12.41 | 5.84% | $106 | 1.07%<sup>(3)</sup> | 1.41% | 1.11% | 5% |
| &nbsp;&nbsp;&nbsp;2025 | 11.43 | 0.21 | 0.44 | 0.65 | (0.29) |  | (0.29) | 11.79 | 5.79 | 79 | 1.07<sup>(3)</sup> | 1.41 | 1.79 | 19 |
| &nbsp;&nbsp;&nbsp;2024 | 11.00 | 0.26 | 0.43 | 0.69 | (0.26) |  | (0.26) | 11.43 | 6.39 | 203 | 1.06 | 1.40 | 2.32 | 27 |
| &nbsp;&nbsp;&nbsp;2023 | 12.63 | 0.40 | (1.10) | (0.70) | (0.41) | (0.52) | (0.93) | 11.00 | (5.39) | 221 | 1.06 | 1.37 | 3.46 | 16 |
| &nbsp;&nbsp;&nbsp;2022 | 12.83 | 0.03 | 0.32 | 0.35 | (0.42) | (0.13) | (0.55) | 12.63 | 2.61 | 266 | 1.06 | 1.35 | 0.24 | 11 |
| &nbsp;&nbsp;&nbsp;2021 | 11.34 | 0.05 | 1.69 | 1.74 | (0.13) | (0.12) | (0.25) | 12.83 | 15.40 | 3908 | 1.06 | 1.35 | 0.38 | 33 |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $12.21 | $0.10 | $0.64 | $0.74 | $(0.10) | $— | $(0.10) | $12.85 | 6.06% | $2527 | 0.56% | 0.91% | 1.64% | 5% |
| &nbsp;&nbsp;&nbsp;2025 | 11.84 | 0.34 | 0.40 | 0.74 | (0.37) |  | (0.37) | 12.21 | 6.36 | 2222 | 0.57<sup>(4)</sup> | 0.91 | 2.82 | 19 |
| &nbsp;&nbsp;&nbsp;2024 | 11.39 | 0.32 | 0.45 | 0.77 | (0.32) |  | (0.32) | 11.84 | 6.85 | 1867 | 0.56 | 0.90 | 2.81 | 27 |
| &nbsp;&nbsp;&nbsp;2023 | 13.04 | 0.50 | (1.16) | (0.66) | (0.47) | (0.52) | (0.99) | 11.39 | (4.90) | 2050 | 0.56 | 0.86 | 4.22 | 16 |
| &nbsp;&nbsp;&nbsp;2022 | 13.24 | 0.35 | 0.07 | 0.42 | (0.49) | (0.13) | (0.62) | 13.04 | 3.10 | 1894 | 0.56 | 0.85 | 2.58 | 11 |
| &nbsp;&nbsp;&nbsp;2021 | 11.70 | 0.11 | 1.74 | 1.85 | (0.19) | (0.12) | (0.31) | 13.24 | 15.91 | 2409 | 0.56 | 0.85 | 0.87 | 33 |
| Moderate Strategy Allocation Fund | Moderate Strategy Allocation Fund | Moderate Strategy Allocation Fund | Moderate Strategy Allocation Fund |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $17.11 | $0.23 | $0.93 | $1.16 | $(0.19) | $— | $(0.19) | $18.08 | 6.88% | $40894 | 0.35% | 0.67% | 2.65% | 4% |
| &nbsp;&nbsp;&nbsp;2025 | 17.69 | 0.47 | 0.98 | 1.45 | (0.76) | (1.27) | (2.03) | 17.11 | 8.59 | 41252 | 0.36<sup>(1)</sup> | 0.66 | 2.68 | 13 |
| &nbsp;&nbsp;&nbsp;2024 | 17.30 | 0.61 | 1.44 | 2.05 | (0.69) | (0.97) | (1.66) | 17.69 | 12.60 | 52299 | 0.35 | 0.64 | 3.54 | 13 |
| &nbsp;&nbsp;&nbsp;2023 | 19.78 | 0.47 | (1.24) | (0.77) | (0.65) | (1.06) | (1.71) | 17.30 | (3.70) | 54442 | 0.35 | 0.62 | 2.60 | 16 |
| &nbsp;&nbsp;&nbsp;2022 | 19.71 | 0.38 | 1.36 | 1.74 | (0.77) | (0.90) | (1.67) | 19.78 | 8.94 | 67097 | 0.35 | 0.59 | 1.90 | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 15.94 | 0.35 | 4.67 | 5.02 | (0.43) | (0.82) | (1.25) | 19.71 | 32.25 | 68502 | 0.35 | 0.60 | 1.92 | 17 |

---

\* Per share calculations were performed using average shares.

\*\* The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

\*\*\* Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.

<sup>†</sup> Returns and portfolio turnover rate are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(1) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.35%.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.31%.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 1.06%.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.56%.

@ For the six-month period ended September 30, 2025. All ratios for the period have been annualized.

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

30 SEI Asset Allocation Trust

**FINANCIAL HIGHLIGHTS**

For the six months ended September 30, 2025 (Unaudited) and the years ended March 31,

For a Share Outstanding Throughout Each Period/Year

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset Value, Beginning of Period | Net Investment Income\* | Net Realized and Unrealized Gains (Losses) from Affiliated Funds\* | Total from Operations | Dividends from Net Investment Income | Distributions from Realized Capital Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return<sup>†</sup> | Net Assets End of Period ($ Thousands) | Ratio of Net Expenses to Average Net Assets\*\* |  | Ratio of Expenses to Average Net Assets (Excluding Waivers)\*\* |  | Ratio of Net Investment Income to Average Net Assets\*\*\* | Portfolio Turnover Rate<sup>†</sup> |
| Aggressive Strategy Fund | Aggressive Strategy Fund | Aggressive Strategy Fund | Aggressive Strategy Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $14.70 | $0.14 | $2.22 | $2.36 | $(0.13) | $— | $(0.13) | $16.93 | 16.18% | $97476 | 0.35 | % | 0.65 | % | 1.77% | 6% |
| &nbsp;&nbsp;&nbsp;2025 | 13.92 | 0.18 | 0.83 | 1.01 | (0.23) |  | (0.23) | 14.70 | 7.32 | 87724 | 0.36 | <sup>(1)</sup> | 0.66 |  | 1.27 | 45 |
| &nbsp;&nbsp;&nbsp;2024 | 12.52 | 0.23 | 1.67 | 1.90 | (0.28) | (0.22) | (0.50) | 13.92 | 15.56 | 97357 | 0.35 |  | 0.65 |  | 1.77 | 18 |
| &nbsp;&nbsp;&nbsp;2023 | 16.05 | 0.43 | (1.72) | (1.29) | (0.46) | (1.78) | (2.24) | 12.52 | (7.29) | 109345 | 0.35 |  | 0.62 |  | 3.12 | 20 |
| &nbsp;&nbsp;&nbsp;2022 | 17.09 | 0.47 | (0.02) | 0.45 | (0.95) | (0.54) | (1.49) | 16.05 | 2.19 | 139099 | 0.35 |  | 0.59 |  | 2.69 | 18 |
| &nbsp;&nbsp;&nbsp;2021 | 12.41 | 0.19 | 5.16 | 5.35 | (0.28) | (0.39) | (0.67) | 17.09 | 43.43 | 154482 | 0.35 |  | 0.60 |  | 1.25 | 19 |
| &nbsp;&nbsp;&nbsp;Class D |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $14.29 | $0.08 | $2.16 | $2.24 | $(0.07) | $— | $(0.07) | $16.46 | 15.75% | $1825 | 1.10 | % | 1.40 | % | 1.04% | 6% |
| &nbsp;&nbsp;&nbsp;2025 | 13.55 | 0.08 | 0.80 | 0.88 | (0.14) |  | (0.14) | 14.29 | 6.50 | 1716 | 1.11 | <sup>(3)</sup> | 1.41 |  | 0.57 | 45 |
| &nbsp;&nbsp;&nbsp;2024 | 12.21 | 0.14 | 1.61 | 1.75 | (0.19) | (0.22) | (0.41) | 13.55 | 14.61 | 1806 | 1.10 |  | 1.40 |  | 1.09 | 18 |
| &nbsp;&nbsp;&nbsp;2023 | 15.73 | 0.33 | (1.68) | (1.35) | (0.39) | (1.78) | (2.17) | 12.21 | (7.88) | 1287 | 1.10 |  | 1.37 |  | 2.43 | 20 |
| &nbsp;&nbsp;&nbsp;2022 | 16.83 | (0.31) | 0.62 | 0.31 | (0.87) | (0.54) | (1.41) | 15.73 | 1.35 | 1470 | 1.10 |  | 1.34 |  | (1.75) | 18 |
| &nbsp;&nbsp;&nbsp;2021 | 12.25 | 0.09 | 5.07 | 5.16 | (0.19) | (0.39) | (0.58) | 16.83 | 42.37 | 19093 | 1.10 |  | 1.35 |  | 0.57 | 19 |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $14.10 | $0.11 | $2.14 | $2.25 | $(0.11) | $— | $(0.11) | $16.24 | 16.08% | $7397 | 0.60 | % | 0.90 | % | 1.50% | 6% |
| &nbsp;&nbsp;&nbsp;2025 | 13.36 | 0.15 | 0.79 | 0.94 | (0.20) |  | (0.20) | 14.10 | 7.06 | 6238 | 0.61 | <sup>(5)</sup> | 0.91 |  | 1.06 | 45 |
| &nbsp;&nbsp;&nbsp;2024 | 12.04 | 0.21 | 1.58 | 1.79 | (0.25) | (0.22) | (0.47) | 13.36 | 15.22 | 6163 | 0.60 |  | 0.90 |  | 1.71 | 18 |
| &nbsp;&nbsp;&nbsp;2023 | 15.52 | 0.40 | (1.67) | (1.27) | (0.43) | (1.78) | (2.21) | 12.04 | (7.47) | 6652 | 0.60 |  | 0.87 |  | 3.02 | 20 |
| &nbsp;&nbsp;&nbsp;2022 | 16.58 | 0.46 | (0.07) | 0.39 | (0.91) | (0.54) | (1.45) | 15.52 | 1.89 | 6977 | 0.60 |  | 0.84 |  | 2.71 | 18 |
| &nbsp;&nbsp;&nbsp;2021 | 12.05 | 0.15 | 5.01 | 5.16 | (0.24) | (0.39) | (0.63) | 16.58 | 43.13 | 9861 | 0.60 |  | 0.85 |  | 1.04 | 19 |
| Tax-Managed Aggressive Strategy Fund | Tax-Managed Aggressive Strategy Fund | Tax-Managed Aggressive Strategy Fund | Tax-Managed Aggressive Strategy Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $25.44 | $0.16 | $3.76 | $3.92 | $(0.13) | $— | $(0.13) | $29.23 | 15.50% | $90766 | 0.35 | % | 0.65 | % | 1.18% | 2% |
| &nbsp;&nbsp;&nbsp;2025 | 25.64 | 0.43 | 0.64 | 1.07 | (0.47) | (0.80) | (1.27) | 25.44 | 4.21 | 80762 | 0.36 | <sup>(1)</sup> | 0.66 |  | 1.65 | 6 |
| &nbsp;&nbsp;&nbsp;2024 | 22.66 | 0.44 | 3.85 | 4.29 | (0.48) | (0.83) | (1.31) | 25.64 | 19.53 | 80821 | 0.35 |  | 0.65 |  | 1.86 | 6 |
| &nbsp;&nbsp;&nbsp;2023 | 26.61 | 0.36 | (1.81) | (1.45) | (0.46) | (2.04) | (2.50) | 22.66 | (5.03) | 71034 | 0.35 |  | 0.62 |  | 1.51 | 10 |
| &nbsp;&nbsp;&nbsp;2022 | 26.03 | 0.34 | 1.26 | 1.60 | (0.52) | (0.50) | (1.02) | 26.61 | 6.00 | 87208 | 0.35 |  | 0.59 |  | 1.24 | 8 |
| &nbsp;&nbsp;&nbsp;2021 | 17.53 | 0.27 | 9.21 | 9.48 | (0.31) | (0.67) | (0.98) | 26.03 | 54.85 | 86953 | 0.35 |  | 0.60 |  | 1.22 | 8 |
| Core Market Strategy Fund | Core Market Strategy Fund | Core Market Strategy Fund | Core Market Strategy Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $10.67 | $0.11 | $0.94 | $1.05 | $(0.10) | $— | $(0.10) | $11.62 | 9.97% | $36367 | 0.35 | % | 0.51 | % | 2.00% | 6% |
| &nbsp;&nbsp;&nbsp;2025 | 10.33 | 0.26 | 0.38 | 0.64 | (0.30) |  | (0.30) | 10.67 | 6.28 | 36344 | 0.36 | <sup>(1)</sup> | 0.66 |  | 2.43 | 27 |
| &nbsp;&nbsp;&nbsp;2024 | 9.71 | 0.27 | 0.64 | 0.91 | (0.29) |  | (0.29) | 10.33 | 9.61 | 40971 | 0.35 |  | 0.65 |  | 2.74 | 19 |
| &nbsp;&nbsp;&nbsp;2023 | 11.57 | 0.42 | (1.25) | (0.83) | (0.47) | (0.56) | (1.03) | 9.71 | (6.91) | 44314 | 0.35 |  | 0.62 |  | 4.05 | 16 |
| &nbsp;&nbsp;&nbsp;2022 | 12.52 | 0.39 | (0.11) | 0.28 | (0.64) | (0.59) | (1.23) | 11.57 | 1.81 | 65450 | 0.35 |  | 0.60 |  | 3.09 | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 10.33 | 0.17 | 2.56 | 2.73 | (0.30) | (0.24) | (0.54) | 12.52 | 26.72 | 78990 | 0.35 |  | 0.60 |  | 1.40 | 16 |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $12.61 | $0.15 | $1.12 | $1.27 | $(0.10) | $— | $(0.10) | $13.78 | 10.18% | $— |  | %<sup>††</sup> |  | %<sup>††</sup> | 2.31% | 6% |
| &nbsp;&nbsp;&nbsp;2025 | 12.13 | 0.34 | 0.43 | 0.77 | (0.29) |  | (0.29) | 12.61 | 6.44 |  | 0.01 | <sup>††</sup> | 0.01 | <sup>††</sup> | 2.72 | 27 |
| &nbsp;&nbsp;&nbsp;2024 | 11.29 | 0.36 | 0.77 | 1.13 | (0.29) |  | (0.29) | 12.13 | 10.15 |  |  | <sup>††</sup> |  | <sup>††</sup> | 3.15 | 19 |
| &nbsp;&nbsp;&nbsp;2023 | 13.16 | 0.61 | (1.47) | (0.86) | (0.45) | (0.56) | (1.01) | 11.29 | (6.31) |  | (0.01) |)<sup>‡</sup> |  | <sup>‡</sup> | 5.16 | 16 |
| &nbsp;&nbsp;&nbsp;2022 | 14.03 | 0.71 | (0.38) | 0.33 | (0.61) | (0.59) | (1.20) | 13.16 | 2.01 |  | 0.56 |  | 0.65 |  | 4.89 | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 11.45 | 0.10 | 3.01 | 3.11 | (0.29) | (0.24) | (0.53) | 14.03 | 27.44 | 2 | 0.33 | <sup>‡</sup> | 0.38 | <sup>‡</sup> | 0.70 | 16 |

---

SEI Asset Allocation Trust 31

**FINANCIAL HIGHLIGHTS**

For the six months ended September 30, 2025 (Unaudited) and the years ended March 31,

For a Share Outstanding Throughout Each Period/Year

\* Per share calculations were performed using average shares.

\*\* The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

\*\*\* Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.

<sup>†</sup> Returns and portfolio turnover rate are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

---

| | |
|:---|:---|
| <sup>††</sup> | The ratio appears lower due to the relative net asset value of Class I. Prospectively, it is expected the ratio of net expenses to average net assets would approximate 0.60% (0.90% excluding waivers). |

---

---

| | |
|:---|:---|
| <sup>‡</sup> | The ratio appears lower due to the relative net asset value of Class I. Prospectively, it is expected the ratio of net expenses to average net assets would approximate 0.60% (0.85% excluding waivers). |

---

---

| | |
|:---|:---|
| ^ | Includes return of capital less than $0.005. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.35%.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes a return of capital of
 $0.04 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 1.10%.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Includes a return of capital of
 $0.02 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.60%.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Includes a return of capital of
 $0.03 per share.

@ For the six-month period ended September 30, 2025. All ratios for the period have been annualized.

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

32 SEI Asset Allocation Trust

**FINANCIAL HIGHLIGHTS**

For the six months ended September 30, 2025 (Unaudited) and the years ended March 31,

For a Share Outstanding Throughout Each Period/Year

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset Value, Beginning of Period | Net Investment Income\* | Net Realized and Unrealized Gains (Losses) from Affiliated Funds\* | Total from Operations | Dividends from Net Investment Income | Distributions from Realized Capital Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return<sup>†</sup> | Net Assets End of Period ($ Thousands) | Ratio of Net Expenses to Average Net Assets\*\* | Ratio of Expenses to Average Net Assets (Excluding Waivers)\*\* | Ratio of Net Investment Income to Average Net Assets\*\*\* | Portfolio Turnover Rate<sup>†</sup> |
| Core Market Strategy Allocation Fund | Core Market Strategy Allocation Fund | Core Market Strategy Allocation Fund | Core Market Strategy Allocation Fund |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $19.47 | $0.12 | $2.88 | $3.00 | $(0.10) | $— | $(0.10) | $22.37 | 15.48% | $20424 | 0.35% | 0.66% | 1.19% | 2% |
| &nbsp;&nbsp;&nbsp;2025 | 20.91 | 0.34 | 0.54 | 0.88 | (0.37) | (1.95) | (2.32) | 19.47 | 4.23 | 19516 | 0.37<sup>(1)</sup> | 0.67 | 1.62 | 13 |
| &nbsp;&nbsp;&nbsp;2024 | 18.69 | 0.36 | 3.16 | 3.52 | (0.40) | (0.90) | (1.30) | 20.91 | 19.49 | 21303 | 0.35 | 0.64 | 1.87 | 6 |
| &nbsp;&nbsp;&nbsp;2023 | 21.81 | 0.29 | (1.47) | (1.18) | (0.38) | (1.56) | (1.94) | 18.69 | (5.04) | 21251 | 0.35 | 0.61 | 1.52 | 7 |
| &nbsp;&nbsp;&nbsp;2022 | 22.35 | 0.29 | 1.12 | 1.41 | (0.44) | (1.51) | (1.95) | 21.81 | 5.98 | 25419 | 0.35 | 0.60 | 1.24 | 9 |
| &nbsp;&nbsp;&nbsp;2021 | 15.31 | 0.24 | 8.00 | 8.24 | (0.27) | (0.93) | (1.20) | 22.35 | 54.79 | 25876 | 0.35 | 0.60 | 1.23 | 5 |
| Market Growth Strategy Fund | Market Growth Strategy Fund | Market Growth Strategy Fund | Market Growth Strategy Fund |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $12.49 | $0.12 | $1.40 | $1.52 | $(0.12) | $— | $(0.12) | $13.89 | 12.23% | $103162 | 0.35% | 0.66% | 1.90% | 8% |
| &nbsp;&nbsp;&nbsp;2025 | 12.23 | 0.26 | 0.54 | 0.80 | (0.30) | (0.24) | (0.54) | 12.49 | 6.68 | 99806 | 0.36<sup>(1)</sup> | 0.66 | 2.04 | 35 |
| &nbsp;&nbsp;&nbsp;2024 | 11.29 | 0.28 | 1.04 | 1.32 | (0.32) | (0.06) | (0.38) | 12.23 | 11.93 | 113299 | 0.35 | 0.65 | 2.47 | 20 |
| &nbsp;&nbsp;&nbsp;2023 | 13.62 | 0.50 | (1.48) | (0.98) | (0.52) | (0.83) | (1.35) | 11.29 | (6.78) | 124296 | 0.35 | 0.62 | 4.15 | 18 |
| &nbsp;&nbsp;&nbsp;2022 | 14.60 | 0.46 |  | 0.46 | (0.80) | (0.64) | (1.44) | 13.62 | 2.71 | 159472 | 0.35 | 0.59 | 3.06 | 13 |
| &nbsp;&nbsp;&nbsp;2021 | 11.42 | 0.18 | 3.56 | 3.74 | (0.29) | (0.27) | (0.56) | 14.60 | 33.05 | 184903 | 0.35 | 0.60 | 1.34 | 13 |
| &nbsp;&nbsp;&nbsp;Class D |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $12.40 | $0.07 | $1.40 | $1.47 | $(0.07) | $— | $(0.07) | $13.80 | 11.88% | $409 | 1.10% | 1.41% | 1.13% | 8% |
| &nbsp;&nbsp;&nbsp;2025 | 12.12 | 0.15 | 0.55 | 0.70 | (0.18) | (0.24) | (0.42) | 12.40 | 5.89 | 375 | 1.11<sup>(2)</sup> | 1.41 | 1.23 | 35 |
| &nbsp;&nbsp;&nbsp;2024 | 11.19 | 0.18 | 1.04 | 1.22 | (0.23) | (0.06) | (0.29) | 12.12 | 11.05 | 454 | 1.10 | 1.39 | 1.55 | 20 |
| &nbsp;&nbsp;&nbsp;2023 | 13.52 | 0.41 | (1.47) | (1.06) | (0.44) | (0.83) | (1.27) | 11.19 | (7.49) | 1726 | 1.10 | 1.37 | 3.42 | 18 |
| &nbsp;&nbsp;&nbsp;2022 | 14.51 | 0.12 | 0.23 | 0.35 | (0.70) | (0.64) | (1.34) | 13.52 | 1.99 | 2003 | 1.10 | 1.35 | 0.83 | 13 |
| &nbsp;&nbsp;&nbsp;2021 | 11.36 | 0.07 | 3.55 | 3.62 | (0.20) | (0.27) | (0.47) | 14.51 | 32.00 | 5307 | 1.10 | 1.35 | 0.56 | 13 |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $12.22 | $0.10 | $1.37 | $1.47 | $(0.10) | $— | $(0.10) | $13.59 | 12.11% | $2102 | 0.60% | 0.91% | 1.64% | 8% |
| &nbsp;&nbsp;&nbsp;2025 | 11.97 | 0.23 | 0.53 | 0.76 | (0.27) | (0.24) | (0.51) | 12.22 | 6.48 | 1899 | 0.61<sup>(3)</sup> | 0.91 | 1.91 | 35 |
| &nbsp;&nbsp;&nbsp;2024 | 11.06 | 0.24 | 1.02 | 1.26 | (0.29) | (0.06) | (0.35) | 11.97 | 11.60 | 2034 | 0.60 | 0.90 | 2.18 | 20 |
| &nbsp;&nbsp;&nbsp;2023 | 13.37 | 0.46 | (1.45) | (0.99) | (0.49) | (0.83) | (1.32) | 11.06 | (7.00) | 3799 | 0.60 | 0.87 | 3.93 | 18 |
| &nbsp;&nbsp;&nbsp;2022 | 14.36 | 0.48 | (0.07) | 0.41 | (0.76) | (0.64) | (1.40) | 13.37 | 2.42 | 4691 | 0.60 | 0.85 | 3.25 | 13 |
| &nbsp;&nbsp;&nbsp;2021 | 11.24 | 0.15 | 3.50 | 3.65 | (0.26) | (0.27) | (0.53) | 14.36 | 32.71 | 4423 | 0.60 | 0.85 | 1.14 | 13 |
| Market Growth Strategy Allocation Fund | Market Growth Strategy Allocation Fund | Market Growth Strategy Allocation Fund | Market Growth Strategy Allocation Fund |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025<sup>@</sup> | $27.18 | $0.17 | $4.02 | $4.19 | $(0.14) | $— | $(0.14) | $31.23 | 15.49% | $134213 | 0.35% | 0.65% | 1.18% | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 27.93 | 0.46 | 0.71 | 1.17 | (0.51) | (1.41) | (1.92) | 27.18 | 4.22 | 122639 | 0.36<sup>(1)</sup> | 0.65 | 1.64 | 9 |
| &nbsp;&nbsp;&nbsp;2024 | 24.71 | 0.48 | 4.19 | 4.67 | (0.52) | (0.93) | (1.45) | 27.93 | 19.50 | 127912 | 0.35 | 0.64 | 1.87 | 6 |
| &nbsp;&nbsp;&nbsp;2023 | 28.63 | 0.39 | (1.94) | (1.55) | (0.50) | (1.87) | (2.37) | 24.71 | (5.06) | 116739 | 0.35 | 0.62 | 1.52 | 7 |
| &nbsp;&nbsp;&nbsp;2022 | 28.65 | 0.38 | 1.42 | 1.80 | (0.58) | (1.24) | (1.82) | 28.63 | 6.06 | 134399 | 0.35 | 0.59 | 1.25 | 9 |
| &nbsp;&nbsp;&nbsp;2021 | 19.50 | 0.30 | 10.22 | 10.52 | (0.34) | (1.03) | (1.37) | 28.65 | 54.87 | 135260 | 0.35 | 0.60 | 1.22 | 4 |

---

\* Per share calculations were performed using average shares.

\*\* The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

\*\*\* Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.

<sup>†</sup> Returns and portfolio turnover rate are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(1) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.35%.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 1.10%.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.60%.

@ For the six-month period ended September 30, 2025. All ratios for the period have been annualized.

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

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

SEI Asset Allocation Trust 33

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

September 30, 2025

1. ORGANIZATION

SEI Asset Allocation Trust (the "Trust") is organized as a Massachusetts Business Trust under a Declaration of Trust dated November 20, 1995. The Trust is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end investment company with twelve funds: Defensive Strategy Fund, Defensive Strategy Allocation Fund, Conservative Strategy Fund, Conservative Strategy Allocation Fund, Moderate Strategy Fund, Moderate Strategy Allocation Fund, Aggressive Strategy Fund, Tax-Managed Aggressive Strategy Fund, Core Market Strategy Fund, Core Market Strategy Allocation Fund, Market Growth Strategy Fund and Market Growth Strategy Allocation Fund (each a "Fund," collectively the "Funds"). Each Fund is a "fund of funds" and offers shareholders the opportunity to invest in certain underlying affiliated investment companies, which are separately managed series of the following investment companies: SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, and SEI Exchange Traded Funds. The Declaration of Trust permits the Trust to offer separate classes of shares in each Fund, as follows: Defensive Strategy Fund, Conservative Strategy Fund, Moderate Strategy Fund, Aggressive Strategy Fund, Core Market Strategy Fund and Market Growth Strategy Fund offer Class F (formerly Class A), Class D and Class I Shares; Defensive Strategy Allocation Fund, Conservative Strategy Allocation Fund, Moderate Strategy Allocation Fund, Tax-Managed Aggressive Strategy Fund, Core Market Strategy Allocation Fund, and Market Growth Strategy Allocation Fund offer Class F Shares. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. The Trust's prospectuses provide a description of each Fund's investment objective and strategies.

As of September 30, 2025, the Class D shares of Defensive Strategy Fund and Core Market Strategy Fund had not yet commenced operations.

2. SIGNIFICANT ACCOUNTING POLICIES

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

**Use of Estimates** — The preparation of financial statements, in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets at the date of

the financial statements, and the reported results of operations during the reporting period. Actual results could differ from those estimates.

**Security Valuation** — Pursuant to the requirements of the 1940 Act and Rule 2a-5, the administrator, as delegated by the Board of Trustees (the "Board"), has the responsibility for the valuation of Fund investments with readily available market quotations in accordance with the Funds' Valuation and Pricing Policy. The Board has designated SIMC as the Valuation Designee for the Funds pursuant to Rule 2a-5 (the "Rule") under the 1940 Act. The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC has appointed a Valuation Committee and has established a Valuation and Pricing Policy to implement the Rule and the Funds' Valuation and Pricing Policy.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable Net Asset Value ("NAV") per share, with the exception of ETFs, which are priced as equity securities. These open-end investment companies' shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company's NAV is determined.

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:

34 SEI Asset Allocation Trust

**Level 1** — quoted prices in active markets for identical investments

**Level 2** — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

**Level 3** — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The valuation techniques used by the Funds to measure fair value during the period ended September 30, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs.

During the period ended September 30, 2025, there were no significant changes to the Trust's fair valuation methodologies. For details of the investment classification, reference the Schedules of Investments.

**Security Transactions and Related Income** — Security transactions are accounted for on trade date. Dividend income received from the affiliated funds is recognized on the ex-dividend date and is recorded as income distributions in the Statement of Operations. Capital gain distributions received from the affiliated funds are recognized on ex-dividend date and are recorded on the Statement of Operations as such. Costs used in determining realized gains and losses on the sales of investment securities are on the basis of specific identification.

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

Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the underlying funds.

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

**Dividends and Distributions to Shareholders** — Dividends and distributions to shareholders which are determined in accordance with Federal tax regulations are recorded on the ex-dividend date. Distributions from net investment income are declared and paid to shareholders periodically for each Fund. Any net

realized capital gain for each Fund is distributed to shareholders at least annually.

3. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

**Investment Advisory, Administration and Distribution Agreements** — SEI Investments Management Corporation ("SIMC") serves as investment adviser (the "Adviser") to each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on each Fund's average daily net assets.

SEI Investments Global Funds Services (the "Administrator") provides the Trust with administrative and transfer agency services. For its services, the Administrator is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each Fund.

SEI Investments Distribution Co. (the "Distributor"), a wholly owned subsidiary of SEI Investments Company ("SEI") and a registered broker-dealer, acts as the Distributor of the shares of the Trust. Pursuant to Rule 12b-1 under the 1940 Act, the Funds have adopted a distribution and shareholder services plan (the Distribution Plan) with respect to Class D Shares that allows Class D Shares to pay fees to service providers, based on average daily net assets of the Class D Shares, to compensate them for distribution services or shareholder services with respect to Class D Shares.

In addition, the Funds have adopted a shareholder services plan (the Service Plan) with respect to Class F, D and I Shares that allows such Shares to pay service providers a fee, based on average daily net assets of each respective Class of Shares, in connection with the ongoing servicing of shareholder accounts owning such Shares. The Funds have also adopted an administrative services plan and agreement (the "Administrative Service Plan") with respect to Class I Shares that allows such Shares to pay service providers a fee, based on average daily net assets of the Class I Shares, in connection with ongoing administrative services for shareholder accounts owning such Shares.

The Funds' Distribution, Service and Administrative Service Plans provide that distribution fees, shareholder service fees and administrative service fees, as applicable, will be paid to SEI Investments Distribution Co., which may then be used by SEI Investments Distribution Co. to compensate financial intermediaries for providing distribution, shareholder services or administrative services with respect to the Shares.

SEI Asset Allocation Trust 35

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

September 30, 2025

The Adviser, Administrator and/or Distributor have voluntarily agreed to waive or reimburse the Funds for all or a portion of their fees in order to keep total annual fund operating expenses (exclusive of acquired fund fees and expenses, interest from borrowings, brokerage commissions, taxes, trustees fees, proxy fees and extraordinary expenses not incurred in the ordinary course of the Funds' business) at a specified level. These waivers and reimbursements are voluntary

and the Funds' Adviser, Administrator and/or Distributor may discontinue all or part of any of these waivers at any time.

The Administrator, Distributor, and Adviser for the Trust serve in the same capacity for the underlying affiliated investment companies.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Advisory Fees | Shareholder Servicing Fees | Administrative Servicing Fees | Distribution Fees\* | Voluntary Expense<br> Limitations |
| Defensive Strategy Fund |  |  |  |  |  |
| Class F | 0.10% | 0.25% |  |  | 0.21% |
| Class I | 0.10% | 0.25% | 0.25% |  | 0.46% |
| Defensive Strategy Allocation Fund |  |  |  |  |  |
| Class F | 0.10% | 0.25% |  |  | 0.35% |
| Conservative Strategy Fund |  |  |  |  |  |
| Class F | 0.10% | 0.25% |  |  | 0.26% |
| Class D | 0.10% | 0.25% |  | 0.75% | 1.01% |
| Class I | 0.10% | 0.25% | 0.25% |  | 0.51% |
| Conservative Strategy Allocation Fund |  |  |  |  |  |
| Class F | 0.10% | 0.25% |  |  | 0.35% |
| Moderate Strategy Fund |  |  |  |  |  |
| Class F | 0.10% | 0.25% |  |  | 0.31% |
| Class D | 0.10% | 0.25% |  | 0.75% | 1.06% |
| Class I | 0.10% | 0.25% | 0.25% |  | 0.56% |
| Moderate Strategy Allocation Fund |  |  |  |  |  |
| Class F | 0.10% | 0.25% |  |  | 0.35% |
| Aggressive Strategy Fund |  |  |  |  |  |
| Class F | 0.10% | 0.25% |  |  | 0.35% |
| Class D | 0.10% | 0.25% |  | 0.75% | 1.10% |
| Class I | 0.10% | 0.25% | 0.25% |  | 0.60% |
| Tax-Managed Aggressive Strategy Fund |  |  |  |  |  |
| Class F | 0.10% | 0.25% |  |  | 0.35% |
| Core Market Strategy Fund |  |  |  |  |  |
| Class F | 0.10% | 0.25% |  |  | 0.35% |
| Class I | 0.10% | 0.25% | 0.25% |  | 0.60% |
| Core Market Strategy Allocation Fund |  |  |  |  |  |
| Class F | 0.10% | 0.25% |  |  | 0.35% |
| Market Growth Strategy Fund |  |  |  |  |  |
| Class F | 0.10% | 0.25% |  |  | 0.35% |
| Class D | 0.10% | 0.25% |  | 0.75% | 1.10% |
| Class I | 0.10% | 0.25% | 0.25% |  | 0.60% |
| Market Growth Strategy Allocation Fund |  |  |  |  |  |
| Class F | 0.10% | 0.25% |  |  | 0.35% |

---

\* These payments are characterized as "compensation" and are not directly tied to expenses incurred by the Distributor. The payments the Distributor receives during any year may therefore be higher or lower than its actual expenses.

36 SEI Asset Allocation Trust

The Trust will pay the Administrator the following fees at the annual rate set forth below based upon the aggregate average daily net assets of the Trust:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | First $1.5 Billion | Next $500 Million | Next $500 Million | Next $500 Million | Over $3 Billion |
| Defensive Strategy Fund | 0.150% | 0.1375% | 0.1250% | 0.1125% | 0.10% |
| Defensive Strategy Allocation Fund | 0.150% | 0.1375% | 0.1250% | 0.1125% | 0.10% |
| Conservative Strategy Fund | 0.150% | 0.1375% | 0.1250% | 0.1125% | 0.10% |
| Conservative Strategy Allocation Fund | 0.150% | 0.1375% | 0.1250% | 0.1125% | 0.10% |
| Moderate Strategy Fund | 0.150% | 0.1375% | 0.1250% | 0.1125% | 0.10% |
| Moderate Strategy Allocation Fund | 0.150% | 0.1375% | 0.1250% | 0.1125% | 0.10% |
| Aggressive Strategy Fund | 0.150% | 0.1375% | 0.1250% | 0.1125% | 0.10% |
| Tax-Managed Aggressive Strategy Fund | 0.150% | 0.1375% | 0.1250% | 0.1125% | 0.10% |
| Core Market Strategy Fund | 0.150% | 0.1375% | 0.1250% | 0.1125% | 0.10% |
| Core Market Strategy Allocation Fund | 0.150% | 0.1375% | 0.1250% | 0.1125% | 0.10% |
| Market Growth Strategy Fund | 0.150% | 0.1375% | 0.1250% | 0.1125% | 0.10% |
| Market Growth Strategy Allocation Fund | 0.150% | 0.1375% | 0.1250% | 0.1125% | 0.10% |

---

**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 SEI Funds' Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. For the period ended September 30, 2025, the Trust has not participated in the Program.

**Other** — Certain officers and Trustees of the Trust are also officers and/or Directors of the Administrator, the Adviser and/or the Distributor. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The Administrator or the Adviser 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. The services include regulatory oversight of the Trust's Adviser and service providers.

SEI Asset Allocation Trust 37

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

September 30, 2025

4. CAPITAL SHARE TRANSACTIONS

For the six months ended September 30, 2025 (Unaudited) and the year ended March 31, 2025, Capital Share transactions for the Funds were as follows (Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Defensive Strategy Fund | Defensive Strategy Fund | Defensive Strategy<br> Allocation Fund | Defensive Strategy<br> Allocation Fund | Conservative Strategy<br> Fund | Conservative Strategy<br> Fund | Conservative Strategy<br> Allocation Fund | Conservative Strategy<br> Allocation Fund |
|  | 4/01/25<br> - 9/30/25 | 2025 | 4/01/25<br> - 9/30/25 | 2025 | 4/01/25<br> - 9/30/25 | 2025 | 4/01/25<br> - 9/30/25 | 2025 |
| Shares Issued and Redeemed: |  |  |  |  |  |  |  |  |
| Class F: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 27 | 107 | 3 | 15 | 26 | 188 | 3 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Cash Distributions | 10 | 38 | 3 | 10 | 32 | 117 | 18 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (74) | (308) | (7) | (105) | (239) | (540) | (130) | (341) |
| &nbsp;&nbsp;&nbsp;Total Class F Transactions | (37) | (163) | (1) | (80) | (181) | (235) | (109) | (185) |
| Shares Issued and Redeemed: |  |  |  |  |  |  |  |  |
| Class D: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | N/A | N/A | N/A | N/A |  |  | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Cash Distributions | N/A | N/A | N/A | N/A |  |  | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | N/A | N/A | N/A | N/A | (2) | (4) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Total Class D Transactions | N/A | N/A | N/A | N/A | (2) | (4) | N/A | N/A |
| Shares Issued and Redeemed: |  |  |  |  |  |  |  |  |
| Class I: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 1 | 2 | N/A | N/A |  |  | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Cash Distributions |  | 1 | N/A | N/A |  |  | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed |  |  | N/A | N/A | (3) | (1) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Total Class I Transactions | 1 | 3 | N/A | N/A | (3) | (1) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Decrease in Capital Shares | (36) | (160) | (1) | (80) | (186) | (240) | (109) | (185) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Moderate Strategy Fund | Moderate Strategy Fund | Moderate Strategy<br> Allocation Fund | Moderate Strategy<br> Allocation Fund | Aggressive Strategy<br> Fund | Aggressive Strategy<br> Fund | Tax-Managed<br> Aggressive Strategy<br> Fund  | Tax-Managed<br> Aggressive Strategy<br> Fund  |
|  | 4/01/25<br> - 9/30/25 | 2025 | 4/01/25<br> - 9/30/25 | 2025 | 4/01/25<br> - 9/30/25 | 2025 | 4/01/25<br> - 9/30/25 | 2025 |
| Shares Issued and Redeemed: |  |  |  |  |  |  |  |  |
| Class F: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 161 | 610 | 16 | 50 | 100 | 269 | 34 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Cash Distributions | 57 | 229 | 24 | 298 | 50 | 97 | 14 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (568) | (1697) | (189) | (894) | (361) | (1393) | (117) | (172) |
| &nbsp;&nbsp;&nbsp;Total Class F Transactions | (350) | (858) | (149) | (546) | (211) | (1027) | (69) | 22 |
| Shares Issued and Redeemed: |  |  |  |  |  |  |  |  |
| Class D: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 2 | 2 | N/A | N/A | 3 | 14 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Cash Distributions |  |  | N/A | N/A | 1 | 1 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed |  | (13) | N/A | N/A | (13) | (28) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Total Class D Transactions | 2 | (11) | N/A | N/A | (9) | (13) | N/A | N/A |
| Shares Issued and Redeemed: |  |  |  |  |  |  |  |  |
| Class I: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 19 | 23 | N/A | N/A | 28 | 30 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Cash Distributions | 1 | 6 | N/A | N/A | 3 | 7 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (5) | (5) | N/A | N/A | (17) | (56) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Total Class I Transactions | 15 | 24 | N/A | N/A | 14 | (19) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in Capital Shares | (333) | (845) | (149) | (546) | (206) | (1059) | (69) | 22 |

---

38 SEI Asset Allocation Trust

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Core Market Strategy<br> Fund | Core Market Strategy<br> Fund | Core Market Strategy<br> Allocation Fund | Core Market Strategy<br> Allocation Fund | Market Growth Strategy<br> Fund | Market Growth Strategy<br> Fund | Market Growth Strategy<br> Allocation Fund | Market Growth Strategy<br> Allocation Fund |
|  | 4/01/25<br> - 9/30/25 | 2025 | 4/01/25<br> - 9/30/25 | 2025 | 4/01/25<br> - 9/30/25 | 2025 | 4/01/25<br> - 9/30/25 | 2025 |
| Shares Issued and Redeemed: |  |  |  |  |  |  |  |  |
| Class F: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 12 | 242 | 9 | 29 | 62 | 768 | 13 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Cash Distributions | 30 | 103 | 4 | 95 | 69 | 357 | 19 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (319) | (901) | (102) | (141) | (699) | (2398) | (247) | (370) |
| &nbsp;&nbsp;&nbsp;Total Class F Transactions | (277) | (556) | (89) | (17) | (568) | (1273) | (215) | (67) |
| Shares Issued and Redeemed: |  |  |  |  |  |  |  |  |
| Class D: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | N/A | N/A | N/A | N/A | 1 | 7 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Cash Distributions | N/A | N/A | N/A | N/A |  | 1 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | N/A | N/A | N/A | N/A | (1) | (15) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Total Class D Transactions | N/A | N/A | N/A | N/A |  | (7) | N/A | N/A |
| Shares Issued and Redeemed: |  |  |  |  |  |  |  |  |
| Class I: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued |  |  | N/A | N/A | 9 | 18 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Cash Distributions |  |  | N/A | N/A | 2 | 7 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed |  |  | N/A | N/A | (11) | (40) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Total Class I Transactions |  |  | N/A | N/A |  | (15) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Decrease in Capital Shares | (277) | (556) | (89) | (17) | (568) | (1295) | (215) | (67) |

---

Amounts designated as "—" are zero or have been rounded to zero.

N/A — Not applicable. Class D and Class I shares currently not offered.

5. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments and futures, during the period ended September 30, 2025 were as follows ($ Thousands):

---

| | |
|:---|:---|
| | Total |
| **Defensive Strategy Fund** |  |
| Purchases | $485 |
| Sales | 830 |
| **Defensive Strategy Allocation Fund** |  |
| Purchases | 18 |
| Sales | 22 |
| **Conservative Strategy Fund** |  |
| Purchases | 1737 |
| Sales | 3685 |
| **Conservative Strategy Allocation Fund** |  |
| Purchases | 493 |
| Sales | 1547 |
| **Moderate Strategy Fund** |  |
| Purchases | 7104 |
| Sales | 11029 |
| **Moderate Strategy Allocation Fund** |  |
| Purchases | 1556 |
| Sales | 3962 |
| **Aggressive Strategy Fund** |  |
| Purchases | 6052 |
| Sales | 9349 |

---

---

| | |
|:---|:---|
| | Total |
| **Tax-Managed Aggressive Strategy Fund** |  |
| Purchases | 1295 |
| Sales | 3089 |
| **Core Market Strategy Fund** |  |
| Purchases | 3308 |
| Sales | 6365 |
| **Core Market Strategy Allocation Fund** |  |
| Purchases | 306 |
| Sales | 2116 |
| **Market Growth Strategy Fund** |  |
| Purchases | 10933 |
| Sales | 18311 |
| **Market Growth Strategy Allocation Fund** |  |
| Purchases | 1232 |
| Sales | 7329 |

---

6. FEDERAL TAX INFORMATION

It is each Fund's intention 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.

Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years (current and prior three tax years) and has concluded that as of March 31, 2025, no provision for income tax is 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.

SEI Asset Allocation Trust 39

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

September 30, 2025

Reclassification of Components of Net Assets — The timing and characterization of certain income and capital gains distributions are determined annually in accordance with Federal tax regulations which may differ from accounting principles generally accepted in the United States of America. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ

significantly from distributions during such period. These book/tax differences may be temporary or permanent in nature. The permanent differences are primarily attributable to reclassification of short-term capital gains received from affiliated funds and the reclassification of distributions. There is no permanent difference in the current year that would require a charge or credit to distributable earnings or Paid-in capital accounts.

These classifications have no impact on net assets or net asset value per share.

The tax character of dividends and distributions declared during the years ended March 31, 2025 and March 31, 2024 were as follows ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ordinary Income | Ordinary Income | Long-Term<br> Capital Gains | Long-Term<br> Capital Gains | Return of Capital | Return of Capital | Totals | Totals |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Defensive Strategy Fund | $383 | $409 | $— | $— | $— | $— | $383 | $409 |
| Defensive Strategy Allocation Fund | 117 | 187 |  |  |  |  | 117 | 187 |
| Conservative Strategy Fund | 1233 | 1401 |  |  |  |  | 1233 | 1401 |
| Conservative Strategy Allocation Fund | 884 | 1084 | 419 | 531 |  |  | 1303 | 1615 |
| Moderate Strategy Fund | 2781 | 2768 |  |  |  |  | 2781 | 2768 |
| Moderate Strategy Allocation Fund | 2323 | 2102 | 3257 | 2788 |  |  | 5580 | 4890 |
| Aggressive Strategy Fund | 1558 | 2001 |  | 1735 |  | 285 | 1558 | 4021 |
| Tax-Managed Aggressive Strategy Fund | 1603 | 1561 | 2373 | 2509 |  |  | 3976 | 4070 |
| Core Market Strategy Fund | 1113 | 1251 |  |  | 9 |  | 1122 | 1251 |
| Core Market Strategy Allocation Fund | 396 | 465 | 1878 | 914 |  |  | 2274 | 1379 |
| Market Growth Strategy Fund | 2665 | 3229 | 1980 | 544 |  |  | 4645 | 3773 |
| Market Growth Strategy Allocation Fund | 2448 | 2523 | 6101 | 4161 |  |  | 8549 | 6684 |

---

As of March 31, 2025, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br> Ordinary<br> Income | Undistributed<br> Long-Term<br> Capital Gain | Capital Loss<br> Carryforwards | Post-<br> October<br> Losses | Late Year<br> Ordinary<br> Losses | Other<br> Temporary<br> Differences | Unrealized<br> Appreciation<br> (Depreciation) | Total<br> Distributable<br> Earnings/<br> (Accumulated<br> Losses) |
| Defensive Strategy Fund | $46 | $— | $(262) | $– $|  | $1 | $58 | $(157) |
| Defensive Strategy Allocation Fund | 5 |  | (1704) | – |  | 2 | (92) | (1789) |
| Conservative Strategy Fund | 23 |  | (1827) | – |  |  | (896) | (2700) |
| Conservative Strategy Allocation Fund | 59 | 535 |  | – |  | (1) | 238 | 831 |
| Moderate Strategy Fund | 525 |  | (2489) | – |  | 2 | (4373) | (6335) |
| Moderate Strategy Allocation Fund | 153 | 3214 |  | – |  | (1) | 6108 | 9474 |
| Aggressive Strategy Fund | 218 | 6147 |  | – |  |  | 3537 | 9902 |
| Tax-Managed Aggressive Strategy Fund | 18 | 5562 |  | – |  | (29) | 33301 | 38852 |
| Core Market Strategy Fund |  |  | (945) | – |  | (1) | (1793) | (2739) |
| Core Market Strategy Allocation Fund | 10 | 1663 |  | – | (8) |  | 9360 | 11025 |
| Market Growth Strategy Fund |  | 831 |  | – |  | (1) | (1839) | (1009) |
| Market Growth Strategy Allocation Fund | 31 | 10084 |  | – | (57) |  | 52863 | 62921 |

---

40 SEI Asset Allocation Trust

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. The Funds had capital loss carryforwards at March 31, 2025 as follows ($ Thousands):

---

| | | | |
|:---|:---|:---|:---|
| | Short-Term | Long-Term | Total |
| Defensive Strategy Fund | $21 | $241 | $262 |
| Defensive Strategy Allocation Fund | 545 | 1159 | 1704 |
| Conservative Strategy Fund | 18 | 1809 | 1827 |
| Moderate Strategy Fund | 258 | 2231 | 2489 |
| Core Market Strategy Fund | 382 | 563 | 945 |

---

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

For Federal income tax purposes, the cost of investments owned at March 31, 2025, and the net realized gains or losses on investments sold for the period were different from amounts reported for financial reporting purposes. These differences are primarily due to wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at September 30, 2025, was as follows ($ Thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Federal<br> Tax Cost | Appreciated<br> Securities | Depreciated<br> Securities | Net<br> Unrealized<br> Appreciation |
| Defensive Strategy Fund | $8381 | $366 | $— | $366 |
| Defensive Strategy Allocation Fund | 1646 | 4 |  | 4 |
| Conservative Strategy Fund | 28246 | 1469 | (29) | 1440 |
| Conservative Strategy Allocation Fund | 12570 | 2248 | (49) | 2199 |
| Moderate Strategy Fund | 74743 | 4905 | (885) | 4020 |
| Moderate Strategy Allocation Fund | 29346 | 11737 | (189) | 11548 |
| Aggressive Strategy Fund | 84298 | 22405 |  | 22405 |
| Tax-Managed Aggressive Strategy Fund | 44070 | 47487 | (795) | 46692 |
| Core Market Strategy Fund | 32787 | 4262 | (683) | 3579 |
| Core Market Strategy Allocation Fund | 8707 | 11903 | (187) | 11716 |
| Market Growth Strategy Fund | 90285 | 15971 | (580) | 15391 |
| Market Growth Strategy Allocation Fund | 60925 | 74687 | (1404) | 73283 |

---

7. INDEMNIFICATIONS

In the normal course of business, a Fund may enter into contracts that provide general indemnifications by a Fund to the counterparty of 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 claims is considered remote.

8. CONCENTRATION RISK

The Underlying SEI Funds and other investment companies and exchange traded products in which the Funds invest may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to attempt to achieve their designated investment goals.

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

**Asset Allocation Risk** — The risk that SIMC's decisions regarding asset classes and Underlying SEI Funds will not anticipate market trends successfully.

**Below Investment Grade Securities (Junk Bonds) Risk** — Fixed income securities rated below investment grade (junk bonds) involve greater risk 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 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.

**Exchange-Traded Products (ETPs) Risk** — The risks of owning interests of an ETP, such as an ETF or exchange-traded commodity pool, generally reflect the same risks as owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (i.e., the market value may differ from the net asset value (NAV) of an ETP's shares). For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be emphasized in less liquid markets. By investing in an ETP, the Fund or an Underlying SEI Fund indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Fund and its shareholders directly bear in connection with the Fund's operations. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities.

**Foreign Investment/Emerging Markets Risk** — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund or an Underlying SEI Fund to sell such investments at inopportune times, which could result in losses to the Fund or an Underlying SEI Fund.

SEI Asset Allocation Trust 41

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

September 30, 2025

**Investment Company Risk** — When the Fund or an Underlying SEI Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund or an Underlying SEI Fund had invested directly in the underlying investments.

**Real Estate Industry Risk** — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

**Short Sales Risk** — A short sale involves the sale of a security that a fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales entered into by an Underlying SEI Fund expose the Fund to the risk that the Underlying SEI Fund will be required to buy a security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Underlying SEI Fund and, therefore, the Fund, that is potentially unlimited. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the share price of an Underlying SEI Fund and, therefore, the Fund. Investment in short sales may also cause an Underlying SEI Fund to incur expenses related to borrowing securities. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a

practice may exacerbate the loss in a case of adverse price action.

**Small and Medium Capitalization Risk** — Small and medium capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small and medium capitalization stocks may be more volatile than those of larger companies. Small and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange listed stocks.

**Large Capitalization Risk** — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

**U.S. Government Securities Risk** — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

**Interest Rate Risk** — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Underlying SEI Funds invest. Generally, the value of the Underlying SEI Funds' fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by an Underlying SEI Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

**Commodity Investments Risk** — Certain Underlying SEI Funds may invest a portion of their assets in a wholly owned subsidiary that is not registered under the Investment Company Act of 1940, as amended (1940 Act), and invests directly in commodities and commodity-related instruments. Other Underlying SEI Funds may have indirect exposure to commodities by investing in commodity-related instruments. Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. The value of a commodity investment or a derivative investment in commodities is typically based upon the price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates, or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments.

42 SEI Asset Allocation Trust

**Currency Risk** — As a result of the Fund's and certain Underlying SEI Funds' investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund or an Underlying SEI 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.

**Equity 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. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters or epidemics, or widespread Fear that such events may occur, may impact markets adversely and cause market volatility in both the short-and long-term.

**Fixed Income Market Risk** — The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to

perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, an Underlying SEI Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters or epidemics, or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Underlying SEI Fund's and, in turn, the Fund's value may fluctuate and/or the Underlying SEI Fund and the Fund may experience increased redemptions from shareholders, which may impact the Underlying SEI Fund's and the Fund's liquidity or force the Underlying SEI Fund and the Fund to sell securities into a declining or illiquid market.

**Current Market Conditions Risk** — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. As a means to fight inflation, which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates and expect to continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. U.S. regulators have proposed several changes to market and issuer regulations that could directly impact the Funds, and any regulatory changes could adversely impact the Funds' ability to achieve its investment strategies or make certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund's investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds.

SEI Asset Allocation Trust 43

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)**

September 30, 2025

The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Funds. Please refer to the current prospectus for a discussion of the risks associated with investing in the Funds.

9. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company ("SPTC") and SIMC are subsidiaries of SEI Investments Company. As of September 30, 2025, SPTC held of record the following:

---

| | |
|:---|:---|
| Defensive Strategy Fund - Class F | 60% |
| Defensive Strategy Allocation Fund - Class F | 81% |
| Conservative Strategy Fund - Class F | 84% |
| Conservative Strategy Fund - Class D | 100% |
| Conservative Strategy Allocation Fund - Class F | 85% |
| Moderate Strategy Fund - Class F | 85% |
| Moderate Strategy Fund - Class D | 67% |
| Moderate Strategy Allocation Fund - Class F | 82% |
| Aggressive Strategy Fund - Class F | 60% |
| Aggressive Strategy Fund - Class D | 88% |
| Tax-Managed Aggressive Strategy Fund - Class F | 86% |
| Core Market Strategy Fund - Class F | 94% |
| Core Market Strategy Allocation Fund - Class F | 91% |
| Market Growth Strategy Fund - Class F | 85% |
| Market Growth Strategy Fund - Class D | 47% |
| Market Growth Strategy Allocation Fund - Class F | 80% |

---

SPTC is not a direct service provider to the SEI Funds. However, SPTC performs a role in the comprehensive investment solution that SEI provides to investors. SPTC holds shares in the Funds as custodian for shareholders that are clients of independent registered investment advisers, financial planners, bank trust departments and other financial advisers. SPTC maintains omnibus accounts at the Fund's transfer agent.

10. SUBSEQUENT EVENTS

The Trust, on behalf of the Funds, has evaluated the need for disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no

disclosures and/or adjustments were required to the financial statements through the date of issuance.

44 SEI Asset Allocation Trust

**OTHER INFORMATION (FORM N-CSRS ITEMS 8-11) (UNAUDITED)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The remuneration paid by the company during the period covered by the report to the Trustees on the company's Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

SEI Asset Allocation Trust 45

**SEI ASSET ALLOCATION TRUST SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION SEPTEMBER 30, 2025**

**Trustees**

Robert A. Nesher, Chairman

Dennis McGonigle

Nina Lesavoy

James M. Williams

Susan C. Cote

James B. Taylor

Christine Reynolds

Thomas Melendez

Kimberly Walker

Eli Powell Niepoky

**Officers**

Robert A. Nesher

*President and Chief Executive Officer*

Glenn R. Kurdziel

*Controller and Chief Financial Officer*

Stephen Panner

*Chief Compliance Officer*

Timothy D. Barto

*Vice President, Secretary*

David F. McCann

*Vice President, Assistant Secretary*

Katherine Mason

*Vice President, Assistant Secretary*

Stephen G. MacRae

*Vice President*

Marci Morgan

*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)**

---

| | |
|:---|:---|
| ![](fp0096336_02.jpg) | 1 Freedom Valley Drive<br> P.O. Box 1100<br> Oaks, Pennsylvania 19456 |

---

SEI-F-118 (9/25)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under Item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

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

**Item 16. Controls and Procedures.**

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

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

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

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

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are filed herewith.](fp0096336-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Officer certifications, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.](fp0096336-1_ex99906cert.htm)

 **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 Asset Allocation Trust | SEI Asset Allocation Trust |
|  | By: | /s/ Robert A. Nesher |
|  |  | Robert A. Nesher |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: December 4, 2025 |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | By: | /s/ Robert A. Nesher |
|  |  | Robert A. Nesher |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: December 4, 2025 |  |  |
|  | By: | /s/ Glenn R. Kurdziel |
|  |  | Glenn R. Kurdziel |
|  |  | Controller and Chief Financial Officer |
|  |  | (Principal Financial Officer) |
| Date: December 4, 2025 |  |  |

---

## Ex-99.Cert

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302**

**of the Sarbanes-Oxley Act of 2002**

I, Robert A. Nesher, certify that:

1. I have reviewed this report on Form N-CSRS of SEI Asset Allocation Trust (Registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Date: December 4, 2025 |
| /s/ Robert A. Nesher |
| Robert A. Nesher |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302**

**of the Sarbanes-Oxley Act of 2002**

I, Glenn R. Kurdziel, certify that:

1. I have reviewed this report on Form N-CSRS of SEI Asset Allocation Trust (Registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Date: December 4, 2025 |
| /s/ Glenn R. Kurdziel |
| Glenn R. Kurdziel |
| Controller and Chief Financial Officer |
| (Principal Financial Officer) |

---

## Exhibit 99.906

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, the Controller and Chief Financial Officer of the SEI ASSET ALLOCATION TRUST (the "Trust"), with respect to the Trust's Report on Form N-CSRS for the period ended September 30, 2025 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| Dated: December 4, 2025 |  |
|  | /s/ Glenn R. Kurdziel |
|  | Glenn R. Kurdziel |
|  | Controller and Chief Financial Officer |
|  | (Principal Financial Officer) |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, the President and Chief Executive Officer of the SEI Asset Allocation Trust (the "Trust"), with respect to the Trust's Report on Form N-CSRS for the period ended September 30, 2025 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| Dated: December 4, 2025 |  |
|  | /s/ Robert A. Nesher |
|  | Robert A. Nesher |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---