client review

Client Review<Insert Client Name: Mr. John Smith>

<Insert Date>

Agenda

• Follow-up From Last Meeting

• Financial Planning Check Up and Reconfirm Goals

• Global Market Review and Economic Outlook

• Your Portfolio Review

• Financial Planning Tips & Upcoming Tax Climate

• Next Steps

• Appendix

– 2013 Goal Setting

– Performance

As Your Financial Advisor, I am Committed to

• Better understanding your needs and goals.

• Helping you avoid emotion-driven mistakes.

• Helping you better understand the markets.

• Providing options and explaining the trade-offs of each.

• Being available to consult with you in all markets.

• Providing access to your investments 24/7 through personal contact and technology.

• Continuous monitoring and rebalancing of your accounts.

• Keeping you up-to-date on your concerns and adjusting your investment strategies so you meet your goals.

My goal is to help you manage risk and achieve consistent returns that will keep you on path to your goals.

Follow-up from Prior Meeting

Financial Check Up

• How are you and your family doing? How is your health?

• How is your cash flow?

• Do you have any anticipated changes to your investment plan, estate plan or

insurance coverage?

• Have there been any changes to your lifestyle or circumstances?

• What are your plans for the next three to six months?

• What are your top concerns for this year? What keeps you up at night?

Identify the appropriate investment

Discovery

Assessment

EvaluationImplementation

Monitoring & Review

Review and Monitor Your Goals

..

Identify your goals and resources

Evaluate and confirm the proposed investment solution

Implement the Goals-Based investment solution

Monitor investment strategies and progress

Global Market Review and Economic Outlook

Global Market Review: Third Quarter 2012

• Central-bank policies supported a global market rally.

• The U.S. Fed’s Quantitative Easing program and the European Central Bank’s Outright Monetary Transactions were the focus.

• Risk assets, such as equities and non-government bonds, were favored.

• Non-U.S. stocks led U.S. stocks as depressed areas, such as the eurozone, rebounded strongly

• High-yield bond and emerging debt experienced healthy gains, driving year-to-date returns to double digits.

• Further stimulus raised inflation expectations, driving inflation-sensitive assets higher.

• The U.S. dollar weakened versus most major currencies.

Source: SEI,. Returns in US dollars. Large Cap = Russell 1000, Small Cap = Russell 2000, Real Estate = Wilshire RESI (Float Adjusted) Index, Developed International Equity Markets = MSCI EAFE, Emerging Markets Equity = MSCI EME, World Equities = MSCI World Index, Global Bonds = Barclay’s Capital Aggregate Global Bond Index, US Investment Grade Bonds = Barclay’s Capital US Aggregate, High Yield = Merrill Lynch US HY Constrained, Emerging Markets Debt = JP Morgan EMBIGD, Treasury = Barclay’s Capital US Treasury Bond Index, Inflation Linked = Barclays Capital 1-10 Yrs TIPS Index, Cash = BoA ML USD LIBOR 3M

Past performance does not guarantee future results.

Equity Market Review: Third Quarter 2012

Source: FactSet, Standard & Poor’s, JP Morgan Asset Management* EPS growth reflects operating earnings pershare; 4Q 2008, 1Q 2010 and 2Q 2010 represent -101%, 92% and 51% growth in operating earnings and have been adjusted in the chart

• Year-to-date, we have seen a choppy return pattern driven by macroeconomic issues.

• Central banks’ actions led to a “risk-on” environment.

• However, earnings growth was pressured as top-line growth remained in focus.

• Nonetheless, investors were focused on shorter- term developments as stocks with higher risk (beta and volatility) exposure outperformed.

• Non-U.S. markets outperformed the U.S., with emerging markets leading.

• The Energy sector, driven by inflation concerns as a result of central-bank actions, was the top U.S. sector.

• Top three S&P 500 sectors:– Energy: 10.0%

– Telecom: 7.7%

– Consumer Disc.: 7.3%


Fixed-Income Market Review: Third Quarter 2012

Source: FactSet, Barclays Capital

The chart above represents the asset classes within the Barclays Capital US Aggregate Bond Index.

• Yields hit a low point in late July as investors digested ongoing eurozone news and slowing global growth.

• Active central-bank policies lent support to a sluggish economic backdrop.

• U.S. rates rose as investors rotated out of safe havens at quarter end.

• Rates for peripheral Europe fell as statements from the European Central Bank reduced fears.

• Non-government (spread) sectors outperformed U.S. Treasurys.

• The Fed’s third round of quantitative easing drove yields on agency mortgage-backed securities to extreme lows.


The Outlook › Lots of Challenges, Lots of Uncertainty

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The Good News

• The U.S. economy continues to grow, although the pace is slow.

• Equities still appear reasonably priced, but changes in investor sentiment will be an important driver of stock and bond prices.

• Monetary policy remains expansionary in most countries.

• Inflation fears have eased, although energy and food prices remain volatile.

• Emerging markets have become more attractive, but China’s slowdown is keeping investors on the sidelines.

The Bad News

• Europe’s recession is likely to be deeper for longer.

• The debt crisis in Europe is far from resolved, although we are staying alert to policy surprises.

• The fiscal cliff looms at year end, with U.S. public deeply divided on how to address the problem.

• Emerging markets are struggling as developed markets slow and China traverses its soft patch.

• Tensions over Iran’s nuclear capabilities have eased but have not disappeared.

Manager Changes › Key Additions and Terminations, Portfolio Structure Changes

Fund Additions Rationale

SIMT Small Cap Fiduciary Mgmt Assoc Integrated macro and stock-specific process

SIMT Small Cap Value Fiduciary Mgmt Assoc Integrated macro and stock-specific process

SIMT Multi-Asset Accumulation PanAgora Asset Mgmt. Unique risk parity approach

SIMT U.S. Fixed Income Western Asset Mgmt. Robust analytics and broad skill set

Fund Terminations Rationale

SIMT Small Cap Growth Allianz Global Investors Capital Higher level of conviction in other managers

SIMT Small Cap Allianz Global Investors Capital Higher level of conviction in other managers

SIMT Small Cap Wellington Management Co. Change in key personnel

Portfolio Review

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Let’s Review Your Most Recent Client Statement

**Insert Client-Specific Strategy Performance Slide from the Appendix.

Active Management in Action › Multi-Asset Accumulation Fund

The Chart shows the Fund’s proportional market exposure represented by each asset class.The portfolio is actively managed and the asset class weights are subject to change.

Current Weight (%) as of August 31, 2012Previous Weight (%) as of July 31, 2012

Active Management in Action › Multi-Asset Income Fund



Active Management in Action › Multi-Asset Capital Stability Fund



Active Management in Action › Multi-Asset Inflation Managed Fund



Important Tax Dates to Consider Though the biggest tax deadline for most people is April 15th, other important deadlines come up throughout the rest of the tax year. Here are some common ones:

January 15, 2013Individuals: Fourth (last) estimated tax payment for 2012 (Form 1040-ES) due.

April 15, 2013Individuals:

• Last day to file Form 1040 (or extension Form 4868) your personal return and pay any tax that is due.• First estimated tax payment (Form 1040-ES) is due.• If you need to file a 2012 gift tax return, it also must be filed or extended by this date.• Last day to contribute to an IRA or Educational Savings Account for 2012. SEP and Keogh

contributions are also due today if your return is not being extended.• Last day for individuals to file amended income tax returns (Form 1040X) for the calendar year 2009.

Trust:• Last day to file (or extend) fiduciary income return (Form 1041) and pay any tax that is due.• First estimated tax payment due.• Last day for trusts to file amended income tax returns for the calendar year 2009.

Estates:• Last day to file (or extend) fiduciary income return (Form 1041) and pay any tax that is due.• Last day for estates to file amended income tax returns for the calendar year 2009.

2013 Project Plan › Next Steps Worksheet

Example

Priority Next Steps

1.

2.

3.

4.

Strategy Appendix

SEI Growth-Focused StrategyPC Market-Growth

Sources: SEI, FactSet. Performance is net of fees, selected Private Client Strategies. Past Performance is No Guarantee of Future Performance.

• The strategy’s 5.07% quarterly return fell within the range of returns on the broad U.S. fixed-income and global equity markets.

• The Multi-Asset Accumulation Fund’s flexibility in accessing broad, global exposures was rewarded, as global equity exposure and a strategic allocation to inflation-sensitive assets helped performance.

• The reversal of sentiment from the second to third quarters was felt strongest in non-U.S. equities. As such, International Equity and Emerging Market Equity led in terms of quarterly performance. Relative performance in International Equity was supported by an overweight to emerging markets. U.S. Large Cap continued to outpace Small Cap with both gaining.

• Non-traditional bond exposures – High Yield Bond and Emerging Market Debt – led fixed income. Positioning in non-government sectors, particularly corporate financial bonds, was again beneficial to U.S. Fixed Income.

1%

SIMT Multi-Asset Accumulation Fund

• The Multi-Asset Accumulation Fund returned 6.01%. Its blended benchmark* returned 5.25% for the quarter.

• The Fund’s models took a more aggressive short-term position, specifically in global developed equities and emerging currencies, as the volatility from risk assets decreased significantly.

• From a risk weighting perspective, the Fund now maintains meaningful tactical underweights to nominal bonds and overweights to global equities and commodities. These positions were rewarded during the quarter.

Emerging Currencies = JP Morgan ELMI+ Index,, Global Inflation-Linked Bonds = Barclays World Govt Inflation Linked Bond Index Hedged, US , Commodities = DJ UBS Commodity Index,, Global Developed Bonds = Citigroup WGBI (USD) Hedged, U.S. Small/Mid Cap=Russell 2500, Global Emerging Equities = S&P Emerging Markets BMI Net Return – USD Hedged, Global , Global Developed Equities = S&P Developed BMI Net Return – USD Hedged*60% MSCI World Equity Index (Hedged) / 40% Barclays Global Aggregate Bond Index (Hedged)Source: SEI

SEI Stability-Focused StrategyPrivate Client Conservative

Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. Past Performance is No Guarantee of Future Performance.

• The strategy’s 2.07% quarterly return outpaced cash and the broad U.S. fixed-income markets.

• The recently introduced Multi Asset Income Fund was the strongest performer, benefitting from its more opportunistic positioning in both credit and equities. Mult-Asset Inflation was driven by central bank action.

• As global stock markets rallied on central-bank policy actions, the U.S. Managed Volatility and Global Managed Volatility Funds made meaningful contributions to the Strategy. Their focus on more stable areas of the economy reduced exposure to some of the equity market’s volatility.

• High Yield led all bond offerings and outpaced the Strategy’s overall return. Positioning in non-government sectors, particularly corporate financial bonds, was again beneficial to the performance of the U.S. Fixed Income Fund.

Not Losing Sight of Inflation Risk

Source: Bloomberg, SEI

• Further Federal Reserve quantitative easing (QE3) drove inflation expectations higher during the third quarter.– Fed not alone; ECB and BoJ also active

– TIPs outperformed nominal bonds

• Fed policy appears aimed at higher inflation as means to support overall economic growth

• In this environment, inflation risk should be monitored, as it can erode the value of one’s investment returns

• SEI’s Stability-Focused strategies include allocations to:– SIMT Real Return – portfolio of inflation-protected

bonds that aids in preventing the erosion of real returns generated from interest payments

– SIMT Multi Asset Inflation – diverse portfolio of inflation-sensitive assets designed to efficiently generate real returns, increase inflation responsiveness and help protect against inflation surprises

SEI Institutional Growth and Income Strategy

Sources: SEI, FactSet. Performance is net of Fees, selected Private Client Strategies Past Performance is No Guarantee of Future Performance.

• The strategy posted a third-quarter return of 5.19%, falling within the range of returns on the broad U.S. fixed income and global equity markets.

• The reversal of sentiment from the second quarter was felt strongest in non-U.S. equities. As such, international equity and emerging market equity led in terms of quarterly performance. Relative performance in international equity was supported by an overweight to emerging markets.

• Within the U.S., large caps continued to outpace small caps with both offerings generating healthy gains. Our portfolios continue to focus on fundamentals (quality firms) and, in general, this has resulted in a pro-growth positioning at the sector level.

• Non-traditional bond exposures – Highyield bond and emerging-market debt – led fixed income. Positioning in non-government sectors, particularly corporate financial bonds, was again beneficial to the performance of U.S. fixed income.

SIMT Core Fixed Income Fund

Source: FactSet, Barclays CapitalRepresents OAS of non-agency mortgages within SIMT Core Fixed Income** Represents BoA ML High Yield Constrained Index

• SEI’s Core Fixed Income Fund continues to favor spread sectors due to solid corporate balance sheets, moderate economic growth and relative valuations

• Absolute and relative performance has benefited from this positioning– Corporate bonds, particularly financials, performed well due to

robust capital levels, improving credit-loss trends and strength in housing

– CMBS reached post-crisis tights and benefited from investor’s yield appetite

– Agency MBS had a solid quarter driven by additional Fed purchases

• Fund positioning continues to shift given relative opportunities as yields compress:– Compressed valuations and global macro uncertainties have led

to reduced risk posturing

– Positions reduced in mortgages (agency and residential) and corporates

– Overweight positions found in non-agency mortgages and corporate financial bonds

– Shorter duration than Barclays US Aggregate Index

SEI Growth-Focused StrategyPrivate Client Tax-Managed Market Growth

Sources: SEI, FactSet. Performance is net of Fees, selected Private Client Strategies Past Performance is No Guarantee of Future Performance.

• The strategy returned 5.5% for the quarter, performing with the range of the broad U.S. fixed-income and global equity markets.

• The reversal of sentiment from the second quarter was felt strongest in non-U.S. equities.

• Within the U.S., the Tax-Managed Large Cap Fund continued to outpace the Tax-Managed Small Cap Fund, with both generating healthy gains. Our portfolios continue to focus on fundamentals (quality firms) and, in general, this has resulted in a pro-growth positioning at the sector level.

• Diversification to non-traditional bond exposures – Emerging Market Debt and Tax Advantaged Income –was beneficial as these assets led the traditional Intermediate Term Municipal. However, Intermediate Term Municipal posted solid results. Municipal bonds may experience further benefits depending on any tax law changes following the elections.

SEI Stability-Focused Strategy › PC Short Term

Sources: SEI, FactSet.. Past Performance is No Guarantee of Future Performance.

• The strategy posted a quarterly return of 0.44% and continued to enhance yield beyond that of cash.

• The Multi Asset Capital Stability Fund was the best performer. The Fund’s process of monitoring market volatility and adjusting bond and equity exposures to manage potential drawdown proved beneficial.

• Real Return also delivered returns in excess of the overall strategy. With global central banks taking further action to reflate their economies, investor expectations for inflation spiked. As a result, inflation-protected bonds outperformed nominal bonds.

SEI Stability-Focused Strategy › PC Defensive

Sources: SEI, FactSet. Returns are net of fees.Past Performance is No Guarantee of Future Performance.

• The strategy posted a quarterly return of 1.43% falling within the range of cash and the broad U.S. fixed-income markets.

• The recently introduced Multi-Asset Funds were additive. The Multi Asset Income Fund was the strongest performer, benefitting from its more opportunistic positioning in both credit and equities. Multi Asset Inflation was driven by increased inflation expectations as global central banks made efforts to reflate their economies.

• As global stock markets rallied on central-bank policy actions, U.S. Managed Volatility and Global Managed Volatility participated in the broad rally and outpaced the returns of the broad Strategy. Their focus on more stable areas of the economy continues to minimize the full volatility associated with equity investing.

• High Yield led all bond offerings and outpaced the Strategy’s overall return. U.S. Fixed Income also was a strong absolute and relative performer as a bias to non-government sectors, particularly corporate financial bonds, was beneficial.

SEI Stability-Focused Strategy › PC Moderate

Sources: SEI, FactSet. Returns are net of fees.Past Performance is No Guarantee of Future Performance.

• The strategy posted a quarterly return of 3.0% outpacing cash and the broad U.S. fixed-income markets.

• The recently introduced Multi-Asset funds were contributors. Multi Asset Accumulation offers flexibility in accessing broad, global exposures and was rewarded for its positioning. An overweight towards global equity exposure and a strategic allocation to inflation-sensitive assets, which witnessed a surge on central bank news, combined for strong performance. The rise in investor inflation expectations also drove solid results in the Multi Asset Inflation Managed Fund.

• With risk in favor, Large Cap led all stock funds and remains biased in favor of a pro-growth environment. U.S. Managed Volatility and Global Managed Volatility participated in the broad rally and outpaced the returns of the broad Strategy. Their focus on more stable areas of the economy continues to minimize the full volatility associated with equity investing.

• High Yield led all bond offerings and outpaced the Strategy’s overall return. U.S. Fixed Income also was a strong absolute and relative performer as a bias to non-government sectors, particularly corporate financial bonds, was beneficial.

SEI Growth-Focused Strategy › PC Core Market

Sources: SEI, FactSet. Performance is net of fees.Past Performance is No Guarantee of Future Performance.

• The strategy posted a quarterly return of 4.47%, falling within the range of returns on the broad U.S. fixed income and global equity markets.

• The recently introduced Multi Asset Accumulation Fund offers flexibility in accessing broad, global exposures and was rewarded for its positioning. An overweight towards global equity exposure and a strategic allocation to inflation-sensitive assets, which surged on central-bank news, combined for strong results. The rise in inflation expectations helped the Multi Asset Inflation Managed Fund.

• The reversal of sentiment from the second quarter was felt strongest in non-U.S. equities. As such, International Equity and Emerging Market Equity led. Relative performance in International Equity was supported by an overweight to emerging markets. Within the U.S., Large Cap continued to outpace Small Cap with both offerings generating healthy gains.

• Non-traditional bond exposures – High Yield Bond and Emerging Market Debt – led fixed income. U.S. Fixed Income also was a strong absolute and relative performer as a bias to non-government sectors, particularly corporate financial bonds, was beneficial.

1%

SEI Growth-Focused Strategy › PC Aggressive


• The strategy posted a quarterly return of 5.95%, keeping pace with the majority of the global equity market rally.

• The recently introduced Multi Asset Accumulation Fund offers flexibility in accessing broad, global exposures and was rewarded for its positioning. An overweight towards global equity exposure and a strategic allocation to inflation-sensitive assets, which witnessed a surge on central-bank news, combined for strong quarterly performance.

• The reversal of sentiment from the second quarter was felt strongest in non-U.S. equities. As such, International Equity and Emerging Market Equity led in terms of quarterly performance. Relative performance in International Equity was supported by an overweight to emerging markets. Within the U.S., Large Cap continued to outpace Small Cap with both offerings generating healthy gains.

• Non-traditional bond exposures – High Yield Bond and Emerging Market Debt – led most fixed-income asset classes. Emerging Market Debt was the stronger of the offerings with managers finding opportunities in corporate bonds and local currency debt.

1%

SEI Growth-Focused Strategy › PC Equity


• The strategy posted a quarterly return of 6.22%, falling in-line with the broad global equity market rally.

• The reversal of sentiment from the second quarter was felt strongest in non-U.S. equities. As such, International Equity and Emerging Market Equity had the best performance. Relative performance in International Equity was supported by an overweight to emerging markets, an are managers favor.

• Within the U.S., Large Cap continued to outpace Small Cap with both offerings generating healthy gains. Large Cap continues to support a pro-growth stance, resulting in overweights to technology and consumer-oriented stocks. In Small Caps, positioning has been more conservative relative to Large Cap as economic and regulatory overhang has provided less clarity.

1%

Fund Performance

SEI Performance Summary › Fixed-Income Mutual Funds

Performance data quoted is past performance. Past performance is no guarantee of future results. The principal value and investment return of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original value. Current performance may be higher or lower. For performance data current to the most recent month end, please call 1-800-DIAL-SEI. Performance information as shown is net of all mutual fund fees and expenses, but does not include any charges or fees which may or may not be imposed by an investor’s financial advisor which will reduce performance returns. For example, on an account charged 1% by a financial advisor with a stated annual return (net of mutual fund fees) of 10%, the net total return before taxes would be reduced from 10% to 9%. A ten year investment of $100,000 at 10% would grow to $259,400, and at 9%, to $236,700 before taxes. Source: SEI Datamart

Net of Fees Quarter-End Return Year-to-Date ReturnsFixed-Income Mutual FundBenchmark Index SEI Benchmark SEI Benchmark

SIMT Core Fixed IncomeBarclays Capital U.S. Aggregate Bond 3.03% 1.58% 7.36% 3.99%SIT Emerging Markets DebtJP Morgan EMBI Global Diversified 5.81% 5.72% 13.32% 13.25%SIMT Enhanced IncomeBofA ML USD 3M LIBOR Constant Maturity 1.80% 0.13% 4.26% 0.41%SIMT High Yield BondBofA ML USD High Yield Constrained 4.37% 4.61% 11.99% 11.98%STET Intermediate Term MunicipalBarclays Capital 3-15 Year Muni Blend 1.99% 1.97% 4.75% 4.65%SIT International Fixed IncomeBofA ML USD High Yield Constrained 2.37% 2.19% 5.36% 5.11%SIMT Real ReturnBarclays Capital 1-5 Year U.S. TIPS 1.06% 1.05% 1.92% 2.19%SDIT Short Duration GovernmentBofA ML 1-3 Year U.S. Treasury 0.56% 0.26% 1.49% 0.37%STET Short Duration MunicipalBarclays Capital 1 Year Municipal Bond 0.23% 0.22% 0.79% 0.73%STET Tax-Advantaged IncomeBarclays Capital 60/40 HY Muni and Muni 4.28% 3.25% 13.11% 10.70%SDIT Ultra Short BondBarclays Capital Short UST 9-12 Month 1.05% 0.10% 2.52% 0.16%SIMT US Fixed IncomeBarclays Capital U.S. Aggregate Bond 2.19% 1.58% 5.51% 3.99%

SEI Performance Summary › Equity Mutual Funds


Net of Fees Quarter-End Return Year-to-DateEquity Mutual FundBenchmark Index SEI Benchmark SEI Benchmark

SIT Emerging Markets EquityMSCI Emerging Markets 6.88% 7.74% 10.33% 11.98%SIMT Global Managed VolatilityMSCI World 3.59% 5.59% 9.99% 12.52%SIT International EquityMSCI EAFE 6.92% 6.92% 9.93% 10.08%SIMT Large CapRussell 1000 6.26% 6.31% 15.31% 16.28%SIMT Large Cap GrowthRussell 1000 Growth 6.30% 6.11% 17.38% 16.80%SIMT Large Cap ValueRussell 1000 Value 6.90% 6.51% 14.25% 15.75%SIMT Mid CapRussell Midcap 6.09% 5.59% 14.41% 14.00%SIMT Real EstateWilshire RESI (Float-Adjusted) -0.59% -0.11% 13.13% 14.72%SIMT Small CapRussell 2000 4.75% 5.25% 11.70% 14.23%SIMT Small Cap GrowthRussell 2000 Growth 4.68% 4.84% 12.96% 14.08%SIMT Small Cap ValueRussell 2000 Value 3.74% 5.67% 11.40% 14.37%SIMT US Managed VolatilityRussell 3000 3.32% 6.23% 12.65% 16.13%

SEI Performance Summary › Equity Mutual Funds (continued)


Net of Fees Quarter-End Return Year-to-Date

Equity Mutual FundBenchmark Index SEI Benchmark SEI Benchmark

SIMT Tax-Managed Large CapRussell 1000 6.39% 6.31% 15.63% 16.28%SIMT Tax-Managed Managed VolatilityRussell 3000 3.53% 6.23% 10.89% 16.13%SIMT Tax-Managed Small/Mid CapRussell 2500 4.85% 5.57% 13.18% 14.33%

SEI Performance Summary › Multi-Asset Mutual Funds

Blended Benchmarks include: Accumulation (40% Barclays Global Aggregate Hdg index; 60% MSCI World Hdg Index), Capital Stability (95% Barclays 1-3yr U.S. Govt/Credit Index; 5% S&P 500 Index), Income (45% Barclays U.S. Aggregate Bond Index; 40% BofAML High Yield Master Constrained Index; 15% S&P 500 Index), inflation (70% Barclays TIPS 1-5yr; 30% MSCI ACWI Commodity Producers Index)


Net of Fees Quarter-End Return Year-to-Date Since Inception

Mutual FundBenchmark Index SEI Benchmark SEI Benchmark SEI Benchmark

SIMT Multi Strategy AlternativeBofA ML US 3M Treasury Bill 0.63% 0.03% 1.91% 0.07% -0.17% 0.11%

SIMT Multi Asset AccumulationBlended Accumulation Benchmark 5.41% 4.15% N/A N/A 5.51% 2.26%

SIMT Multi Asset Capital StabilityBlended Capital Stability Benchmark 1.10% 0.81% N/A N/A 1.2% 0.89%

SIMT Multi Asset IncomeBlended Income Benchmark 5.36% 3.50% N/A N/A 5.37% 4.8%

SIMT Multi Asset InflationBlended Inflation Benchmark 3.19% 3.01% N/A N/A 1.54% -0.21%

SEI Annualized Performance Summary › Fixed-Income Mutual Funds

Performance data quoted is past performance. Past performance is no guarantee of future results. The principal value and investment return of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original value. Current performance may be higher or lower. For performance data current to the most recent month end, please call 1-800-DIAL-SEI. Performance information as shown is net of all mutual fund fees and expenses, but does not include any charges or fees which may or may not be imposed by an investor’s financial advisor which will reduce performance returns. For example, on an account charged 1% by a financial advisor with a stated annual return (net of mutual fund fees) of 10%, the net total return before taxes would be reduced from 10% to 9%. A ten year investment of $100,000 at 10% would grow to $259,400, and at 9%, to $236,700 before taxes. Fee waivers are voluntary. Source: SEI Datamart

Net of Fees Before Waiver

After Waiver 1-Year 5-Year 10-Year Since Inception

Fixed-Income Mutual Fund (Inception)Benchmark Index

Expense Ratio (%)

Expense Ratio (%) SEI B’mark SEI B’mark SEI B’mark SEI B’mark

SIMT Core Fixed Income (5/1/87)Barclays Capital U.S. Aggregate Bond 0.90% 0.72% 8.67% 5.16% 7.34% 6.52% 5.80% 5.32% 6.96% 7.26%SIT Emerging Markets Debt (6/26/97)JP Morgan EMBI Global Diversified 1.80% 1.36% 18.48% 18.52% 9.33% 9.87% 14.24% 12.54% 10.77% 9.73%SIMT Enhanced Income (7/27/06)BofA ML USD 3M LIBOR Constant Mat 1.05% 0.60% 5.30% 0.48% -2.13% 1.44% #N/A #N/A -1.09% 2.21%SIMT High Yield Bond (1/11/95)BofA ML USD High Yield Constrained 1.14% 0.90% 18.04% 18.91% 7.83% 9.23% 8.91% 10.69% 7.72% 8.26%STET Intermediate Term Municipal (9/5/89)Barclays Capital 3-15 Year Muni Blend 0.86% 0.63% 7.06% 7.02% 5.51% 6.15% 4.09% 4.71% 5.27% 5.95%SIT International Fixed Income (9/1/93)BofA ML USD High Yield Constrained 1.21% 1.02% 6.34% 5.86% 4.03% 4.84% 4.73% 5.71% 4.63% 5.36%SIMT Real Return (7/6/09)Barclays Capital 1-5 Year U.S. TIPS 0.86% 0.46% 2.66% 3.08% #N/A #N/A #N/A #N/A 4.41% 4.75%SDIT Short Duration Government (2/17/87)BofA ML 1-3 Year U.S. Treasury 0.74% 0.48% 1.74% 0.56% 3.80% 2.78% 3.17% 2.80% 5.22% 5.31%STET Short Duration Municipal (11/13/03)Barclays Capital 1 Year Municipal Bond 0.86% 0.63% 1.10% 0.94% 2.29% 2.58% #N/A #N/A 2.17% 2.44%STET Tax-Advantaged Income (9/4/07)Barclays Capital 60/40 HY Muni and Muni 1.15% 0.87% 15.35% 12.17% 5.27% 5.35% #N/A #N/A 5.30% 5.52%SDIT Ultra Short Duration Bond (9/28/93)Barclays Capital Short UST 9-12 Month 0.74% 0.38% 2.45% 0.25% 1.35% 1.63% 2.03% 2.23% 3.68% 3.72%SIMT US Fixed Income (7/2/09)Barclays Capital U.S. Aggregate Bond 0.88% 0.67% 6.68% 5.16% #N/A #N/A #N/A #N/A 7.70% 6.89%

SEI Annualized Performance Summary › Equity Mutual Funds




Equity Mutual Fund (Inception)Benchmark Index

Expense Ratio (%)


SIT Emerging Markets Equity (1/17/95)MSCI Emerging Markets 2.10% 1.97% 14.21% 16.93% -3.44% -1.28% 13.56% 16.99% 4.99% 7.40%SIMT Global Managed Volatility (7/27/06)MSCI World 1.29% 1.11% 14.89% 21.40% -1.97% -1.77% #N/A #N/A 0.51% 1.80%SIT International Equity (12/20/89)MSCI EAFE 1.27% 1.27% 14.76% 13.75% -9.12% -5.24% 5.10% 8.20% 2.84% 3.74%SIMT Large Cap (9/30/09)Russell 1000 1.03% 0.90% 29.04% 30.06% #N/A #N/A #N/A #N/A 11.39% 13.26%SIMT Large Cap Growth (12/20/94)Russell 1000 Growth 1.29% 1.12% 29.47% 29.19% 1.95% 3.24% 7.35% 8.40% 7.06% 7.79%SIMT Large Cap Value (10/3/94)Russell 1000 Value 0.99% 0.90% 29.54% 30.92% -1.86% -0.90% 7.16% 8.16% 7.64% 9.40%SIMT Mid Cap (2/16/93)Russell Midcap 1.32% 1.29% 29.50% 28.03% -0.12% 2.24% 9.85% 11.17% 9.10% 10.23%SIMT Real Estate (11/13/03)Wilshire RESI (Float-Adjusted) 1.29% 1.15% 29.44% 32.40% -0.05% 1.53% #N/A #N/A 9.03% 9.83%SIMT Small Cap (9/30/09)Russell 2000 1.29% 1.15% 29.93% 31.91% #N/A #N/A #N/A #N/A 10.67% 12.97%SIMT Small Cap Growth (4/20/92)Russell 2000 Growth 1.29% 1.13% 30.77% 31.18% -1.54% 2.95% 7.73% 10.54% 8.34% 6.55%SIMT Small Cap Value (12/20/94)Russell 2000 Value 1.29% 1.15% 29.04% 32.63% 0.78% 1.35% 9.59% 9.67% 9.77% 10.10%SIMT US Managed Volatility (10/28/04)Russell 3000 1.29% 1.01% 23.41% 30.20% 2.87% 1.30% #N/A #N/A 6.56% 5.60%

SEI Annualized Performance Summary › Equity Mutual Funds (continued)

(1) After taxes on distributions of dividends and capital gains** (2) After taxes on distributions of dividends and capital gains and proceeds from the sale of fund shares** ** After-tax returns are calculated using the historical top individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After taxes on distributions of dividends and capital gains** After taxes on distributions of dividends and capital gains and proceeds from the sale of fund shares** ** After-tax returns are calculated using the historical top individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Performance data quoted is past performance. Past performance is no guarantee of future results. The principal value and investment return of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original value. Current performance may be higher or lower. For performance data current to the most recent month end, please call 1-800-DIAL-SEI. Performance information as shown is net of all mutual fund fees and expenses, but does not include any charges or fees which may or may not be imposed by an investor’s financial advisor which will reduce performance returns. For example, on an account charged 1% by a financial advisor with a stated annual return (net of mutual fund fees) of 10%, theon net total return before taxes would be reduced from 10% to 9%. A ten year investment of $100,000 at 10% would grow to $259,400, and at 9%, to $236,700 before taxes. Fee waivers are voluntary. Source: SEI Datamart



Equity Mutual Fund (Inception)Benchmark Index

Expense Ratio (%)


SIMT Tax-Managed Large Cap (3/5/98)Russell 1000 1.04% 0.90% 29.70% 30.06% -0.03% 1.22% 7.44% 8.35% 3.21% 4.33%

After Tax Return (1) 29.40% -0.21% 7.26% 3.00%

After Tax Return (2) 19.38% -0.07% 6.53% 2.71%SIMT Tax-Managed Mgd Volatility (12/20/07)Russell 3000 1.29% 1.01% 21.70% 30.20% #N/A #N/A #N/A #N/A 4.78% 2.10%

After Tax Return (1) 20.57% #N/A

After Tax Return (2) 14.99% #N/ASIMT Tax-Managed Small/Mid Cap (10/31/00)Russell 2500 1.29% 1.15% 28.09% 30.93% 0.32% 2.80% 8.76% 10.85% 4.80% 6.70%

After Tax Return (1) 27.98% 0.07% 8.28% 4.40%

After Tax Return (2) 18.30% 0.23% 7.69% 4.12%

SEI Annualized Performance Summary › Multi-Asset Mutual Funds

Blended Benchmarks include: Accumulation (40% Barclays Global Aggregate Hdg index; 60% MSCI World Hdg Index), Capital Stability (95% Barclays 1-3yr U.S. Govt/Credit Index; 5% S&P 500 Index), Income (45% Barclays U.S. Aggregate Bond Index; 40% BofAML High Yield Master Constrained Index; 15% S&P 500 Index), inflation (70% Barclays TIPS 1-5yr; 30% MSCI ACWI Commodity Producers Index)




Mutual Fund (Inception)Benchmark Index

Expense Ratio (%)


SIMT Multi Strategy Alternative (3/31/10)BofA ML US 3M Treasury Bill 3.77% 2.14% 2.50% 0.07% #N/A #N/A #N/A #N/A -0.17% 0.11%

SIMT Multi Asset Accumulation (4/9/12)Blended Accumulation Benchmark 1.56% 1.23% N/A N/A N/A 5.51% 2.26%

SIMT Multi Asset Capital Stability (4/9/12)Blended Capital Stability Benchmark 1.10% 0.62% N/A N/A N/A 1.2% 0.89%

SIMT Multi Asset Income (4/9/12)Blended Income Benchmark 1.34% 0.84% N/A N/A N/A 5.37% 4.8%

SIMT Multi Asset Inflation (4/9/12)Blended Inflation Benchmark 1.35% 0.90% N/A N/A N/A 1.54% -0.21%

SEI Annualized Performance Summary › Money Market Funds

Source: SEI Datamart Performance data quoted is past performance. Past performance is no guarantee of future results. Current performance may be higher or lower. For performance data current to the most recent month end, please call 1-800-DIAL-SEI. The yield quotation more closely reflects the current earnings of the money market fund than the total returns. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per shares, it is possible to lose money by investing in the Fund. Fee waivers are voluntary.


After Waiver

7-Day Yield

Unsubsidized 7-Day Yield 1-Year 5-Year 10-Year Since Inception

Money Market Fund (Inception)Benchmark Index

Expense Ratio (%)

Expense Ratio (%) SEI SEI SEI B’mark SEI B’mark SEI B’mark SEI B’mark

SDIT Prime Obligation A (12/22/87)iMoneyNet First Tier Institutional 0.77% 0.31% 0.07% -0.27% 0.06% 0.06% 0.88% 0.87% 1.90% 1.79% 4.08% 0.00%

STET Tax Free A (11/12/82)iMoneyNet Tax-Free Retail 0.69% 0.30% 0.01% -0.38% 0.01% 0.00% 0.63% 0.50% 1.24% 1.05% 2.97% 0.00%

iAn investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The yield quotation more closely reflects the current earnings of the Fund than the total return quotation.

GoalLink Goals-Based Performance

Fee waivers are voluntary.


GoalLink Fund (Inception) QTD Total Return

YTD Total Return

1-Year Total

Return

5-Year Total

Return

5-Year Standard Deviation

Since Inception

Return Annualized

Before Waiver Fee (%)

After Waiver Fee (%)

Stability-Focused (SF) Defensive Strategy Fund (11/17/03) 1.49% 3.01% 3.95% 0.54% 2.61% 2.59% 0.86% 0.60%

Stability-Focused (SF) Conservative Strategy Fund (11/17/03) 2.29% 5.44% 7.91% 0.38% 6.68% 3.41% 1.00% 0.74%

Stability-Focused (SF) Moderate Strategy Fund (11/17/03) 3.19% 7.82% 12.07% 1.36% 10.16% 4.78% 1.15% 0.89%

Growth-Focused (MF) Core Market Strategy Fund (11/17/03) 4.53% 10.59% 17.51% 2.77% 11.43% 5.25% 1.25% 0.99%

Growth-Focused (MF) Market Growth Strategy Fund (11/17/03) 5.08% 12.28% 21.34% 1.05% 15.46% 5.14% 1.34% 1.08%

Growth-Focused (GF) Aggressive Strategy Fund (11/17/03) 5.74% 13.97% 25.02% -0.86% 19.51% 5.14% 1.42% 1.17%

S&P 500 Index6.35% 16.44% 30.20% 1.05% 19.13%

US TSY Bill 0.03% 0.07% 0.07% 0.72% 0.38%

MSCI EAFE 6.92% 10.08% 13.75% -5.24% 23.52%

GoalLink Tax-Managed Goals-Based Performance

Source: SEI DataMart (monthly returns )Performance assumes investment at the beginning of the period indicated and reflects all recommended reallocations and changes among the funds, including changes in investment managers and funds included in the model. Information on allocations among funds, reallocations and model changes is available upon request. Model performance shown is not meant to represent any individual client account. Model performance shown is net of fees charged by SEI.

Tax-Managed GoalLink Models QTD Total

Return

YTD Total Return

1-Year Total Return

5-Year Total Return


Since Inception Return Annualized

Stability-Focused TM Defensive Strategy (11/17/03) 1.08% 4.02% 6.76% 3.45% 4.34% 3.93%Stability-Focused TM Conservative Strategy (11/17/03) 1.55% 6.38% 11.17% 4.01% 7.88% 5.30%Stability-Focused TM Moderate Strategy (11/17/03) 2.72% 8.20% 14.27% 3.36% 9.56% 5.47%Growth-Focused TM Core Market Strategy (11/17/03) 3.99% 9.27% 16.02% 2.78% 10.48% 5.11%Growth-Focused TM Market Growth Strategy (11/17/03) 4.99% 11.53% 20.61% 1.40% 15.14% 5.21%Growth-Focused TM Aggressive Strategy (11/17/03) * 6.07% 13.80% 25.25% -0.42% 19.93% 5.46%

* The Before Waiver Fee and After Waiver Fee is 1.40% and 1.14%, respectively

S&P 500 Index 6.35% 16.44% 30.20% 1.05% 19.13%

US TSY Bill 0.03% 0.07% 0.07% 0.72% 0.38%

MSCI EAFE 6.92% 10.08% 13.75% -5.24% 23.52%

Private Client Strategies › Goals-Based Performance

Performance assumes investment at the beginning of the period indicated and reflects all recommended reallocations and changes among the funds, including changes in investment managers and funds included in the model. Information on allocations among funds, reallocations and model changes is available upon request. Model performance shown is not meant to represent any individual client account. Model performance shown is net of fees charged by SEI. Performance information as shown is net of all mutual fund fees and expenses, but does not include any charges or fees which may or may not be imposed by an investor’s financial advisor which will reduce performance returns. For example, on an account charged 1% by a financial advisor with a stated annual return (net of mutual fund fees) of 10%, the net total return before taxes would be reduced from 10% to 9%. A ten year investment of $100,000 at 10% would grow to $259,400, and at 9%, to $236,700 before taxes. Source: SEI Datamart

QTD Total Return

YTD Total Return

1-Year Total Return

5-Year Total Return


Since Inception Return Annualized

Stability-Focused (SF) Short Term Strategy (12/31/09) 0.44% 0.89% 1.06% N/A N/A 1.45%Stability-Focused (SF) Defensive Strategy (7/31/06) 1.43% 2.94% 3.96% -0.02% 3.12% 2.18%Stability-Focused (SF) Conservative Strategy Fund (7/31/06) 2.07% 4.97% 7.22% -0.62% 7.57% 2.69%Stability-Focused (SF) Moderate Strategy Fund (7/31/06) 3.00% 7.35% 11.38% 0.98% 10.38% 4.22%Growth-Focused (MF) Core Market Strategy Fund (7/31/06) 4.47% 9.87% 15.73% 2.37% 11.38% 5.05%Growth-Focused (MF) Market Growth Strategy Fund (7/31/06) 5.07% 11.68% 19.84% 0.64% 15.43% 4.99%Growth-Focused (GF) Aggressive Strategy Fund (7/31/06) 5.95% 13.68% 24.21% -1.12% 19.50% 4.94%Growth-Focused (GF) Equity Strategy Fund (12/31/09) 6.22% 13.52% 25.18% N/A N/A 7.94%

S&P 500 Index 6.35% 16.44% 30.20% 1.05% 19.13%

US TSY Bill 0.03% 0.07% 0.07% 0.72% 0.38%

MSCI EAFE 6.92% 10.08% 13.75% -5.24% 23.52%

Private Client Strategies › Tax-Managed Goals-Based Performance

Performance assumes investment at the beginning of the period indicated and reflects all recommended reallocations and changes among the funds, including changes in investment managers and funds included in the model. Information on allocations among funds, reallocations and model changes is available upon request. Model performance shown is not meant to represent any individual client account. Model performance shown is net of fees charged by SEI. Performance information as shown is net of all mutual fund fees and expenses, but does not include any charges or fees which may or may not be imposed by an investor’s financial advisor which will reduce performance returns. For example, on an account charged 1% by a financial advisor with a stated annual return (net of mutual fund fees) of 10%, the net total return before taxes would be reduced from 10% to 9%. A ten year investment of $100,000 at 10% would grow to $259,400, and at 9%, to $236,700 before taxes. Source: SEI Datamart

QTD Total Return

YTD Total Return

1-Year Total Return

5-Year Total Return


Since Inception Return

Annualized Stability-Focused TM Short Term Strategy (12/31/09) 0.29% 0.79% 1.14% N/A N/A 1.09%

Stability-Focused TM Defensive Strategy (7/31/06) 1.14% 3.36% 5.01% 3.14% 3.75% 3.72%Stability-Focused TM Conservative Strategy (7/31/06) 1.97% 5.72% 9.12% 3.61% 6.87% 4.92%Stability-Focused TM Moderate Strategy (7/31/06) 2.83% 7.53% 12.53% 3.17% 8.82% 5.12%Growth-Focused TM Core Market Strategy (7/31/06) 4.27% 10.24% 16.88% 3.03% 10.46% 5.20%Growth-Focused TM Market Growth Strategy (7/31/06) 5.20% 12.27% 21.16% 1.36% 14.99% 5.33%Growth-Focused TM Aggressive Strategy (7/31/06) 6.07% 14.03% 24.99% -0.50% 19.59% 5.39%Growth-Focused TM Equity Strategy (12/31/09) 6.22% 14.05% 26.10% N/A N/A 8.79%

S&P 500 Index 6.35% 16.44% 30.20% 1.05% 19.13%

US TSY Bill 0.03% 0.07% 0.07% 0.72% 0.38%

MSCI EAFE 6.92% 10.08% 13.75% -5.24% 23.52%

Institutional Performance

Performance assumes investment at the beginning of the period indicated and reflects all recommended reallocations and changes among the funds, including changes in investment managers and funds included in the model. Information on allocations among funds, reallocations and model changes is available upon request. Model performance shown is not meant to represent any individual client account. Model performance shown is net of fees charged by SEI. Performance information as shown is net of all mutual fund fees and expenses, but does not include any charges or fees which may or may not be imposed by an investor’s financial advisor which will reduce performance returns. For example, on an account charged 1% by a financial advisor with a stated annual return (net of mutual fund fees) of 10%, the net total return before taxes would be reduced from 10% to 9%. A ten year investment of $100,000 at 10% would grow to $259,400, and at 9%, to $236,700 before taxes. Source: FactSet

Strategy QTD Total Return (%)

YTD Total Return (%) 1 Year Return (%) 5 Year Annualized

Return (%) 10 Year Annualized

Return (%)

Institutional Fixed Income 3.31% 8.04% 10.12% 7.13% 6.81%Institutional Moderate Growth & Income 4.56% 10.46% 16.16% 3.74% 7.42%Institutional Growth & Income 5.18% 11.59% 19.12% 1.89% 7.61%Institutional Capital Growth 5.81% 12.68% 22.05% -0.05% 7.70%Institutional Equity 6.39% 13.65% 24.73% -2.04% 7.63%

S&P 500 Index 6.35% 16.44% 30.20% 1.05% 8.01%Barclays Aggregate Bond Index 1.58% 3.99% 5.16% 6.53% 5.32%US TSY Bill 1-3 Month 0.03% 0.07% 0.07% 0.72% 1.82%

Index definitions

• The Barclays Capital Global Aggregate Bond Index (formerly Lehman Brothers Global Aggregate Index), an unmanaged market-capitalization-weighted benchmark, tracks the performance of investment-grade fixed income securities denominated in 13 currencies. The index reflects reinvestment of all distributions and changes in market prices.

• The Barclays Capital U.S. Aggregate Bond Index (formerly Lehman Brothers U.S. Aggregate Bond Index) is a benchmark index composed of U.S. securities in Treasury, Government-Related, Corporate, and Securitized sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $250 million.

• The CDX IG 12 is a benchmark high-grade derivatives index, which measures the cost of insuring a basket of U.S. investment-grade corporate debt against defaults.

• The Chicago Board Options Exchange Volatility Index (VIX) tracks the expected volatility in the S&P 500 over the next 30 days. A higher number indicates greater volatility. Common usage: The Chicago Board Options Exchange Volatility Index (VIX), a barometer of market volatility.

Index definitions

• The Dow Jones Wilshire Real Estate Securities Index (RESI) is used to measure the U.S. real estate market and includes both real estate investment trusts (REITs) and real estate operating companies (REOCs). It is weighted by float-adjusted market capitalization.

• The JP Morgan Emerging Market Bond Index is a total return, unmanaged trade-weighted index for U.S. dollar-denominated emerging-market bonds, including sovereign debt, quasi-sovereign debt, Brady bonds, loans and Eurobonds.

• The MSCI All Country World Index is a market-capitalization-weighted index composed of over 2,000 companies, and is representative of the market structure of 48 developed and emerging-market countries in North and South America, Europe, Africa, and the Pacific Rim. The index is calculated with net dividends reinvested in U.S. dollars.

• The MSCI EAFE Index is an unmanaged, market-capitalization-weighted equity index that represents the developed world outside North America.

• The MSCI Emerging Markets Index is a free-float-adjusted market-capitalization-weighted index designed to measure the performance of global emerging-market equities.

Index definitions

• The Merrill Lynch High Yield Master II Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Its securities have maturities of one year or more and a credit rating lower than BBB-/Baa3 but are not in default.

• The Russell 1000 Index includes 1000 of the largest U.S. equity securities based on market cap and current index membership; it is used to measure the activity of the U.S. large-cap equity market.

• The Russell 2000 Index includes 2000 small-cap U.S. equity names and is used to measure the activity of the U.S. small-cap equity market.

• The S&P 500 Index is a capitalization-weighted index made up of 500 widely held large-cap U.S. stocks in the Industrials, Transportation, Utilities and Financials sectors.

Disclosures

DisclosureThis 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. This information should not be relied upon by the reader as research or investment advice regarding the Funds or any stock in particular, nor should it be construed as a recommendation to purchase or sell a security, including futures contracts. There is no assurance as of the date of this material that the securities mentioned remain in or out of SEI Funds.

For those SEI Funds which employ the `manager of managers' structure, SEI Investments Management Corporation (SIMC) has ultimate responsibility for the investment performance of the Funds due to its responsibility to oversee the sub-advisers and recommend their hiring, termination and replacement. SIMC is the adviser to the SEI Funds, which are distributed by SEI Investments Distribution Co. (SIDCO). SIMC and SIDCO are wholly owned subsidiaries of SEI Investments Company.

Carefully consider the investment objectives, risk factors and charges and expenses of the Funds before investing. This and other information can be found in the Funds’ prospectuses, which can be obtained by calling 1-800-DIAL-SEI. Read them carefully before investing.

DisclosureThere are risks involved with investing, including loss of principal. Current and future portfolio holdings are subject to risks as well. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Narrowly focused investments and smaller companies typically exhibit higher volatility. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Bonds and bond funds will decrease in value as interest rates rise. High-yield bonds involve greater risks of default or downgrade and are more volatile than investment-grade securities due to their more speculative nature.

Diversification may not protect against market risk. There is no assurance the objectives discussed will be met. Past performance does not guarantee future results. Index returns are for illustrative purposes only and do not represent actual portfolio performance. Index returns do not reflect any management fees, transaction costs or expenses. One cannot invest directly in an index.

Not FDIC Insured

No Bank Guarantee

May Lose Value

Disclosure Please note that PC model allocations and/or investment components are subject to change. Short- and long-term tax impact should be considered. It is your responsibility to ensure that you and your clients are investing in the most recent allocations.

Neither SEI nor its affiliates provide tax advice. Please note that (i) any discussion of U.S. tax matters contained in this communication cannot be used by you for the purpose of avoiding tax penalties; (ii) this communication was written to support the promotion or marketing of the matters addressed herein; and (iii) you should seek advice based on your particular circumstances from an independent tax advisor.

There are risks involved with investing, including loss of principal. Current and future portfolio holdings are subject to risks as well. Investing in the Funds is subject to the risks of the underlying funds. Asset allocation may not protect against market risk. Bonds and bond funds will decrease in value as interest rates rise. Due to their investment strategies, the Funds may buy and sell securities frequently. The use of leverage can amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not otherwise be advantageous to do so in order to satisfy its obligations.

High-yield securities may be more volatile, be subject to greater levels of credit or default risk and may be less liquid and more difficult to sell at an advantageous time or price to value than higher-rated securities of similar maturity.

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 Fund’s use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk.

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