SEI has made the decision to remove AQR Capital Management, LLC (AQR) from SEI Canada’s U.S. Small Company Equity Fund (the Fund).

Rationale

We decided to remove AQR primarily for portfolio construction reasons. We believe this change will increase the likelihood of the Fund generating positive
benchmark-relative performance. The assets from AQR will be reallocated to Great Lakes Advisors (GLA), who we believe offers greater potential for outperforming the Fund’s benchmark.

As a multifactor quantitative manager, GLA uses several different models in its portfolio construction process. GLA has a great deal of experience in smalland mid-cap investing, which we find attractive.

AQR remains a manager in other SEI Funds and we retain confidence in its abilities.

SEI Investments Canada Company, a wholly owned subsidiary of SEI Investments Company, is the Manager of the SEI Funds in Canada. The information contained herein is for general and educational information purposes only and is not intended to constitute legal, tax, accounting, securities, research or investment advice regarding the Funds or any security in particular, nor an opinion regarding the appropriateness of any investment. This information should not be construed as a recommendation to purchase or sell a security, derivative or futures contract. You should not act or rely on the information contained herein without obtaining specific legal, tax, accounting and investment advice from an investment professional. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. There are risks involved with investing, including loss of principal. Diversification may not protect against market risk. There may be other holdings which are not discussed that may have additional specific risks. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.