SEI Investments Management Corp

Item 5 – Fees and Compensation
Below are the fees for SIMC’s investment programs offered to Independent Advisors for use with their
Clients. In certain cases SIMC will apply discounts to the contracted sub-advisory fee rates (listed below).
These discounts may be substantial and vary materially based on a variety of factors, including SEI’s
business relationship and individual arrangements with the Client’s Independent Advisor. These discounts
are typically at SIMC’s discretion and may be terminated at any time, after which time contracted fee
rates will apply.

Independent Advisors charge Clients additional fees for their investment advisory services, and SIMC does
not establish, review or approve those fees. As discussed in this Brochure, many of the programs available
to Independent Advisors for use with Clients include allocation to SEI Funds. Clients will be invested in
the SEI Fund share class for which they are eligible, as set forth in the SEI Funds’ prospectuses, generally
F Class shares. Independent Advisors that direct substantial Client assets in the aggregate to SEI Fund
shares are eligible to invest Client assets into other SEI Fund share classes, generally with lower fees than
F Class.

Fund Models-Based Program - SEI Funds and SEI Asset Allocation Program

Each SEI Fund and SEI ETF pays an advisory fee to SIMC that is based on a percentage of the portfolio's
average daily net assets, as described in the applicable fund’s prospectus. From such amount, SIMC pays
a portion of the advisory fee to the sub-advisor(s) to the SEI Funds, if any. SIMC’s fund advisory fee varies,
but it typically ranges from 0.03% - 1.50% of the portfolio's average daily net assets for its advisory
services. Affiliates of SIMC provide administrative, distribution to all of the SEI Funds and ETFs and
transfer agency services to most of the SEI Funds, as noted above and as described in the SEI Funds’
registration statements and are paid a fee from the SEI Funds for such services. However, in connection
with the SEI ETFs, SIMC pays all fund expenses, except for the fees paid to SIMC for advisory services,
interest expenses, dividend and other expenses on securities sold short, taxes, expenses incurred with
respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions
(including brokerage commissions), acquired fund fees and expenses, distribution fees or expenses.

These fees and expenses are paid by the SEI Funds and SEI ETFs but ultimately are borne by each
shareholder of the SEI Funds and SEI ETFs. If a Client invests in a model available through the SEI Asset
Allocation Program, the Client will be charged the expense ratios of each of the applicable SEI funds
included in the applicable model. Clients may have the option to purchase certain SIMC investment
products, including the SEI Funds and SEI ETFs, that SIMC recommends through other brokers or agents not
affiliated with SIMC.

Clients also pay custody fees to SPTC on their Asset Allocation Program assets custodied at SPTC (which
is generally a requirement of the program), although SPTC may waive its fee on models invested in SEI
Funds or SEI ETFs. SPTC’s custody fees range from 0.01% - 0.15%. These fees will vary depending on the
account balance and trade activity in the account. Clients can refer to their account application for
specific information on SPTC custody fees.

Funds Models-Based Program – Independent Funds Model Program

The advisory fee charged by SIMC to the Independent Advisor using the Independent Funds Model program,
which, in almost all cases, will be paid by the Client pursuant to instructions provided to SPTC in the
account application, range from 0.08% - 0.30%. SPTC will also charge accounts invested in the
Independent Funds Model program a custodial platform fee on the assets held in a model that ranges
from 0.01% - 0.15%, including on assets invested in SEI ETFs. SPTC may, in its sole discretion, discount
or waive one or more of these fees, in whole or part based on SEI’s relationship with your advisor. SPTC
may end any such fee waiver at any time, after which time affected accounts will be assessed the
applicable fees. In addition, Clients will incur the expense ratios of the underlying mutual funds, ETFs
and SEI ETFs allocated to a model and held in a Client’s accounts as noted in each fund’s prospectus.
Clients should discuss the Independent Funds Models Program with their Independent Advisor to
understand the fees and expenses the Client will incur when investing in this program.
Fee in Similar Programs available in MAS

Through MAS, which is described generally in this Brochure (and detailed in SIMC’s separate “Wrap
Brochure”), SIMC directly manages portfolios that are similar to the model portfolios SIMC makes available
on a non-discretionary basis within our Independent Fund Models-Based Program. A Client’s participation
in the Fund Models-Based Program may cost the Client more or less than if the Client invested through
MAS (which has a bundled fee), and the services provided by SIMC within MAS differs from that of our role
within the Fund Models-Based Program based on our level of responsibility as the MAS sponsor. The
difference in fees SIMC and its affiliates earn in MAS versus our Fund Models-Based Program could cause
SIMC to recommend one program over the other. SIMC believes that this conflicts of interest of interest
is mitigated through our disclosure about each investment program, including the different fees and
services. SIMC also believes that our conflict of interest is further mitigated by the Independent Advisor’s
fiduciary responsibilities to its Clients, who has sole discretion to recommend a Fund Models-Based
Program investment model to its Client. The degree of such mitigation may be affected if the Independent
Advisor does not have access to SIMC’s MAS program. Clients are encouraged to speak with their
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Item 7 – Types of Clients
Please refer to Item 4 for a description of the types of Clients to whom SIMC and IAS generally provide
investment advice and services.

SIMC does not require a minimum account size for the services described in this Brochure, however,
third-party sub-advisors and products available through our programs may require minimum investments,
which vary. Please refer to the Wrap Brochure for additional detail on account size requirements.