To determine if the Fund is an appropriate investment for you, carefully consider the fund’s investment objectives, risk, and charges and expenses. This and other information can be found in the fund’s prospectus, which can be obtained by calling 888-228-0002. Please read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal. There is no guarantee the fund will achieve its stated objective. Diversification may not protect against market loss. The principal risk factors affecting shareholders’ investments in the Fund are set forth below.

The CCT Thematic Equity Fund is distributed by SEI Investments Distribution Co. (SIDCO). Funds are managed by Chevy Chase Trust Company. SIDCO is not affiliated with Chevy Chase Trust Company.

The value of equity securities will fluctuate in response to factors affecting a particular company, as well as broader market and economic conditions. Broad movements in financial markets may adversely affect the price of the Fund’s investments, regardless of how well the companies in which the Fund invests perform. 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. Small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. Non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, inflation and different legal, regulatory and tax environments. Foreign currencies may decline in value relative to the U.S. dollar, in which case the dollar value of an investment in the Fund would be adversely affected. REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs are subject to the risks associated with the direct ownership of real estate. The Adviser manages the Fund’s assets pursuant to its proprietary Thematic-focused investment strategy. The value of the Fund may decline if, among other reasons, Themes beneficial to the Fund do not develop as anticipated or maintain over time, the companies selected by the Adviser for inclusion in the Fund’s portfolio as a result of Thematic analysis do not perform as anticipated or the Adviser fails to identify or declines to include in the Fund’s portfolio profitable companies that would be beneficial to a Theme, the Adviser misidentifies Themes as being beneficial to the Fund when such Themes may be detrimental, or other investment strategies generally outperform Thematic investing based on a variety of factors.