Client Investment Review First Quarter 2015. Agenda › Setting Goals Follow-up From Last Meeting Financial Planning Check Up and Reconfirm Goals Global

Client Investment ReviewFirst Quarter 2015

Agenda › Setting Goals

• 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

Our Plan › My Commitment as Your Financial Advisor

• 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 quarterly rebalancing of your accounts.

• Keeping you up-to-date on your concerns and adjusting your investment strategies to

help 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 Previous MeetingReconnecting on Your Goals

Financial Check Up › A Holistic View

• 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 strategies to meet your goals

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Your Goals › Ongoing Monitor and Review

Identify your goals and resources

Evaluate and confirm the proposed investment solution designed to meet your goals

Implement the Goals-Based investment solution

Monitor investment strategies & progress to

goals on an on-going basis

Diversification › Asset Class Returns

• Individual asset classes go in and out of favor over time. Harnessing proper diversification may enhance returns and help to minimize volatility.

• This graphic illustrates why investors diversify and the potential damages of market timing.

• As you can see, asset classes that were at the top one year, often trailed the market in succeeding years.

Source: lbbotson Associates. This material has been obtained from sources generally considered reliable. No guarantee can be made as to its accuracy.Not intended to represent the performance of any particular investment. Indices are unmanaged and one cannot invest directly in an index.

See appendix for index definitions. Index returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. Diversification may not protect against loss.

Economic Review

Global Market Review

Source: SEI, DataMart. Returns in US dollars. Large Cap = Russell 1000, Small Cap = Russell 2000, Developed International Equity Markets = MSCI EAFE, Emerging Markets Equity = MSCI EME, Global 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 Index, Emerging Markets Debt = 50/50 JPM EMBI Global Div & JPM GBI EM Global, Treasury = Barclay’s Capital US Treasury Bond Index, Inflation Linked = Barclays Capital 1-10 Yrs TIPS Index, Cash = BofA Merrill Lynch US Dollar 3-Month Deposit Offered Rate Constant Maturity Index. Index returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance is no guarantee of future results.

• U.S. equities traded in a choppy pattern as investors digested some economic weakness, low oil prices and the impact of a stronger dollar.

• Earnings revisions of multinationals continue due to the strength of the U.S. dollar; large caps lagged small caps.

• Outside of the U.S., easy monetary policies have upped optimism, leading to strong equity returns in local currency terms.

• Global yields generally fell, with a number of regional markets slipping into negative territory; however, gains were erased due to U.S. dollar strength.

• U.S. bond yields oscillated along with equities, with the 10-year Treasury yield ending lower.

• High-yield bonds were additive to portfolios as corporate credit outpaced Treasuries.

• The theme of broad emerging market currency declines versus the U.S. dollar remained intact, weighing on emerging market debt.

10

Equity Market Review

• In a reversal of 2014, U.S. large caps trailed other major equity assets classes for the quarter, but continue to lead on a 1-year basis.

• Growth led value for the quarter and 1-year timeframe.

• With defensive sectors falling out of favor in the U.S., utilities, the best performing sector in 2014, was the worst year to date.

• Continued pressure on the energy sector continued 2014’s negative return trend into the first quarter of 2015.

• The eurozone’s focus on quantitative easing helped that region’s performance in the first quarter.

Source (all charts): Factset, SEI. US LC = Russell 1000 Index, US SC = Russell 2000 Index, ACWI = MSCI ACWI Index, EM = MSCI Emerging Markets Index. Index returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance is no guarantee of future results.

Valuations

•U.S. valuations are becoming more expensive relative to their histories.

•Prices have generally held up despite softness in forward earnings.

•Vulnerability to a correction has increased within the U.S. if earnings do not strengthen to support valuations.

Total Returns by Region, Size and Style

Mar 2015

Fixed-Income Review

Source: Bloomberg (top chart), SEI. Index returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance is no guarantee of future results.

• Quantitative easing in Europe and negative yields in many regions, along with weaker domestic economic data, aided in creating demand for U.S. bonds.

• Longer-term yields in the U.S. declined more than shorter-term yields, causing the Treasury yield curve to flatten during the quarter.

• The U.S. 10-year Treasury yield fell below 2% for the first time since late spring 2013.

• The Fed remains dovish, pushing out expectations of a rate hike to later in 2015.

• Treasury inflation-protected securities lagged Treasurys as inflation remains subdued.

• Corporate credit markets outpaced Treasuries despite high levels of issuance as companies continue to refinance.

• High-yield defaults are not anticipated to materially increase this year, as any fallout within the energy sector will take time.

6M 2Y 5Y 10Y 30Y

Manager Positioning

Fixed Income

• SEI’s core fixed-income portfolios continue to emphasize spread sectors over Treasurys, as the latter’s current valuations appear unattractive. Overweights include non-agency and commercial mortgage-backed securities, as well as the financial sector, while industrials remain underweight.

• Positioning for yield-curve flattening and a slightly shorter duration posture remain in place.• High yield (including bank loans) looks attractive, as we do not expect to see a meaningful increase in defaults over the

next 12 months.

U.S. Equity

• U.S. equity valuations have become more expensive relative to their histories; defensive stocks in particular appear richly valued.

• Nevertheless, it is still our expectation that the U.S. bull market will remain intact and any correction will be limited.• Relative to large caps, we will remain more cautious on small caps until the underlying economic growth and top-line

revenue conditions warrant a more positive shift.• In general, we favor growth over value, less cyclical areas over deep cyclicals and defensives, and will look to rely upon

momentum and stability in a more fully valued market.

International Equity

• Despite the European Central Bank’s entry into quantitative easing, European growth concerns remain given high levels of unemployment, particularly in the periphery. Managers are underweight the larger eurozone constituents (Germany and Switzerland), favoring the stronger countries (e.g., the Netherlands).

• Emerging market managers continue to emphasize consumer discretionary and healthcare stocks intended to capitalize on a growing emerging-market middle class.

The Outlook: Central Banks Still Call the Tune

The Good News

• Quantitative easing in the eurozone has resulted in a stock market boom in that region, negative government bond rates across several countries and a broad range of maturities, and a sharp decline in the euro against the dollar and other currencies.

• European economic data have been surprising to the upside as a result of the euro’s decline, the drop in energy prices, and rising consumer and business confidence.

• Historically, an initial tightening of Fed monetary policy leads to increased stock market volatility, but does not end the bull-market run.

• Emerging markets have posted a modest recovery in stock and bond prices, although country selection remains a critical component of investment success.

• We generally favor equities over bonds, international exposure (hedged for currency fluctuations) over the U.S., and a pro-cyclical orientation.

The Bad News

• Uncertainty over the timing of the first Fed funds rate increase, as well as the speed of subsequent rate hikes, has hurt U.S. investor sentiment.

• Economic activity in the U.S. proved disappointing during the first quarter, owing to severe winter weather, the West Coast port strikes, the impact of a rising dollar, and weakness in the oil patch.

• Earnings globally have been slow to recover from the collapse of oil and other commodity prices, leading to a sharp rise in stock valuations in developed-world markets.

• Although the U.K. economy is enjoying a solid recovery, the country’s equity market continues to lag owing to a weak earnings trend, a deteriorating trade sector, and political uncertainty over May elections.

• Emerging markets continue to get hit by the triple whammy of U.S. dollar-induced commodity-price declines, sluggish global trade, and geopolitical uncertainty.

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Manager ChangesFirst Quarter 2015

Additions

• There were no additions during this quarter.

Terminations

• There were no terminations during this quarter.

Manager Changes › First Quarter 2015

Your Portfolio ReviewStatement & Strategy Review

Statement › Your Current Snapshot

Strategy AppendixStrategy Snapshots & Multi-Style Charts

SEI Representative Strategy Review• During the first quarter, markets traded in a choppy

pattern as investors assessed the impact of U.S. economic weakness, low oil prices, U.S. dollar strength, and easing of monetary policies outside of the U.S. Equity returns were generally positive, particularly international developed markets, as were investment-grade and high-yield fixed income. Emerging markets equity and debt were slightly lower, while commodities declined further.

• This environment resulted in slightly positive first-quarter strategy returns, particularly for those with more equity-based exposure. In particular, Stability-focused strategies benefited from managed volatility and high yield, but were constrained by shorter-duration and emerging-market fixed income. Growth-focused strategies were aided by international and small cap equity as well as risk parity, but were hurt by exposure to emerging markets and inflation-sensitive assets.

Performance shown is for selected Private Client strategies, net of fees. 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, but does not reflect any fee your advisor may charge.

Sources: SEI, DataMart

-2%

0%

2%

4%

6%

8%

10%

12%

14%

Ne

t Pe

rfo

rman

ce in

%

SEI Private Client StrategiesPerformance as of March 31, 2015

Q1 2015 Trailing year

Index returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any management fees, transaction costs orexpenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance is no guarantee of future results.

SEI Representative Strategy ReviewStability-Focused Strategies

Source: SEI, BlackRock SolutionsDurations shown as of 3/31/15.Weighted average results derived from the fixed income fund components of Strategy; U.S. Bonds reflects Barclays U.S. Aggregate Bond Index

• SEI’s Stability-focused strategies (Short Term, Defensive, Conservative, and Moderate) are designed to reduce portfolio volatility and drawdown risk, while still seeking long-term appreciation.

• The fixed-income focus is on reducing interest-rate risk and enhancing yield.

• The equity exposure seeks capital appreciation with below-market volatility by investing in low-beta stocks.

• An additional component of these strategies is the Multi-Asset Capital Stability fund, which uses a dynamic approach and seeks to limit the risk of principal loss by diversifying expected sources of drawdown risk and reducing the concentrated equity risk of traditional preservation portfolios.

0123456

PC Conservative Strategy – Duration (Yrs)

12%1%

52%

9%

3%

6%

17%

Capital StabilityAsset Allocation – March 2015

Global Equities

Inv Grade Corporates

Global Sovereign Bonds

U.S. Agency

U.S. MBS

U.S. TIPS

Cash

As of 3/31/15

Fund (Inception Date) YTD 1-Year 3-Year 5-Year 10-YearSince Fund Inception

SEI U.S. Managed Volatility (10/28/04) 2.46% 14.61% 17.60% 15.85% 9.01% 9.38%

Russell 3000 Index 1.80% 12.37% 16.43% 14.70% 8.34% 8.60%

SEI Stability-Focused Strategies › Managed Volatility Equity

11/07 - 3/09

Cumulative Return (%)

11/04 – 3/15 (since inception)

Standard Deviation (%)Since Inception (11/04 – 3/15)

Annualized Returns (%)

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-DIAL-SEI.

-50%

0%

50%

100%

150%

SEI US Mgd Vol Russell 3000 Index

0%

10%

20%

SEI US Mgd Vol Russell 3000 Index

Sources: SEI, FactSet

• An important distinguishing feature of SEI’s Stability-focused strategies is the use of managed volatility equity to obtain equity exposure.

• The mandate seeks to achieve a return similar to that of its equity benchmark over the long term, but with a lower level of volatility.

• The U.S. Managed Volatility equity fund outperformed its benchmark during the first quarter, and continued to show solid longer-term returns, with a standard deviation roughly 25% lower than the index.

Private Client Short Term Strategy

• The strategy generated a slight gain during the first quarter, reflecting a mildly favorable environment for shorter-duration fixed income.

• Quarterly performance was driven mainly by modest gains in the Multi-Asset Capital Stability and Short Duration Government funds.

• The Real Return fund experienced a more subdued gain, as Treasury inflation-protected securities (TIPS) continued to face the headwind of low inflation expectations.

• Quarterly returns were constrained most by the continuance of near-zero money market yields, which impacted half of the portfolio.

50%

20%

20%

10% Money Market

Short DurationGovernment

Multi Asset CapitalStability

Real Return

Strategy Themes

Asset allocation as of 3/31/2015 and subject to change.

Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. Please see standard performance slide at the end of this presentation. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI

Private Client Short Term Strategy

Asset allocation as of 3/31/15 and subject to change. Securities as of 2/28/15 and subject to change.

Private Client Defensive Strategy

Strategy Themes•During the quarter, the portfolio benefited most from its equity and below-investment-grade fixed-income exposure. In particular, Global Managed Volatility was the strongest performer, reflecting relative strength in non-U.S. stocks. High Yield, U.S. Managed Volatility, and Multi-Asset Income also contributed favorably to performance, while U.S. Fixed Income achieved a positive, though more modest, return.

•None of the strategy’s component funds had a negative return for the quarter. The Real Return and Short Duration Government funds showed just slight gains for the period, marginally constraining performance.

3%

3% 3%

6%

5%

7%

5%

26%

20%

20%

2%Global Mgd Volatility

U.S. Mgd Volatility

High Yield Bond

U.S. Fixed Income

Multi Asset Income

Real Return Bond

Multi Asset Inflation

Short Duration Govt

Multi Asset Cap Stability

Money Market

Multi Strategy Alternative

Fund Highlight: U.S. Fixed IncomeThree of SEI’s stability-focused strategies employ the U.S. Fixed Income fund, a core mandate investing primarily in investment-grade securities. The fund’s modest first-quarter gain, in line with its benchmark, had a positive impact on strategy performance. Longer-term returns have been favorable on both an absolute and relative basis.

SEI continues to emphasize spread sectors over Treasurys, as the latter’s current valuations appear unattractive. Overweights include non-agency and commercial mortgage-backed securities, as well as investment-grade corporates in the financial sector, while industrials remain underweight. Positioning for yield-curve flattening and a slightly shorter duration posture remain in place.

Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. Please see standard performance slide at the end of this presentation.


Private Client Defensive Strategy


Private Client Conservative Strategy

4%9%

8%

6%

6%

3%2%

7%4%5%

8%

13%

15%

10%

Multi-Strat Alternative

Global Mgd Volatility

U.S. Mgd Volatility

High Yield Bond

U.S. Fixed Income

Enhanced Income

Emerging Markets Debt

Multi Asset Income

Ultra Short Bond

Real Return Bond


Short Duration Govt

Multi Asset Cap Stability

Money Market



Strategy Themes•During the quarter, the portfolio benefited most from its equity and below-investment-grade fixed-income exposure. In particular, Global Managed Volatility was the strongest performer, reflecting relative strength in non-U.S. stocks. High Yield, U.S. Managed Volatility, and Multi-Asset Income also contributed favorably to performance, while U.S. Fixed Income achieved a positive, though more modest, return.

•Emerging Markets Debt was the only one of the strategy’s component funds that had a negative return for the quarter, largely driven by local (unhedged) currency exposure. The Real Return and Ultra Short Duration Bond funds showed just slight gains for the period.



Private Client Conservative Strategy


Private Client Moderate Strategy

14%

9%

3%

10%

7%4%10%

10%

5%

7%

4%

5%3%

8% 1%

Global Mgd Volatility

U.S. Mgd Volatility

Large Cap

Multi Asset Accumulation

High Yield Bond

Emerging Mkt Debt


Multi Asset Capital Stability

Multi Asset Income

U.S. Fixed Income

Real Return Bond

Short Duration Govt

Enhanced Income

Multi-Strat Alternative

Money Market



Strategy Themes•During the quarter, the portfolio benefited most from its risk parity, equity, and below-investment-grade fixed-income exposure. In particular, Global Managed Volatility made the largest contribution to performance, reflecting relative strength in non-U.S. stocks. Multi-Asset Accumulation and High Yield also generated favorable returns, followed closely by U.S. Managed Volatility and Multi-Asset Income.

•Emerging Markets Debt was the only one of the strategy’s component funds that had a negative return for the quarter, largely driven by local (unhedged) currency exposure. The Real Return and Short Duration Government funds showed just slight gains for the period.



Private Client Moderate Strategy


13%

18%

32%

3%

17%

1%

17%0%

Asset Allocation – March 2015

High Yield Bonds

Bank Loans

ABS

Inv Grade Corp

RMBS/CMBS

Preferreds

Equities/Options

Cash

Multi-Asset Income Fund• The Multi-Asset Income Fund is held in five of the

non-tax-managed Private Client strategies.

• The fund utilizes a differentiated, non-benchmark-constrained, “go-anywhere” tactical approach, investing in a broad range of income-producing securities. In addition to opportunistically managing credit and liquidity risk, the fund also seeks to actively manage interest-rate risk.

• The fund’s duration is currently less than 1 year, and it has been gradually shifting assets from high yield (including bank loans) into a variety of asset-backed securities.

• The fund has delivered positive returns for the first quarter, trailing 1-year, and since-inception* periods of 2.4%, 5.0%, and 8.1% (annualized), respectively.

• The fund’s performance has held up particularly well on days in which interest rates have risen most and fixed-income markets have been stressed.

*Inception date: 4/09/2012

•Sources: SEI, FactSet, BlackRock. Returns are net of fees, selected Private Client Strategies. Please see standard performance slide at the end of this presentation. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI


15%

3%

7%

3%

20%

10%3%

7%

9%

17%

5%1%

U.S. Large Cap

U.S. Small Cap


Emerging Markets Equity



Multi Asset Income


High-Yield Bond

U.S. Fixed Income


Money Market

Private Client Core Market Strategy

Strategy Themes•During the quarter, the portfolio benefited most from its risk parity and equity exposure. In particular, International Equity was the strongest performer, reflecting relative strength in non-U.S. stocks. Multi-Asset Accumulation and Small Cap also generated solid returns, followed by High Yield.

•Emerging Markets Debt and Emerging Markets Equity both detracted from strategy performance, though each fund declined less than 1% for the quarter. Multi-Asset Inflation Managed and Multi-Strategy Alternative showed just slight gains for the period.

1%Fund Highlights: Large Cap and Small CapSEI’s growth-focused strategies employ both the Large Cap and Small Cap funds. Each fund outperformed its benchmark during the first quarter, with Small Cap producing a larger gain, while Large Cap had the higher trailing one-year return. Growth outperformed value, and we expect this to continue as the market expansion matures.

Both funds exhibit a constructive view of the U.S. economy, although more expensive valuations and recent weak earnings growth have raised the possibility of more modest prospects in 2015. Relative to large caps, we will remain more cautious on small caps until the underlying economic growth and top-line revenue conditions warrant a more positive shift. In general, we favor growth over value, less cyclical areas over deep cyclicals and defensives, and will look to rely upon momentum and stability in a more fully valued market.



Private Client Core Market Strategy


Private Client Market Growth Strategy


•Emerging Markets Debt and Emerging Markets Equity both detracted from strategy performance, though each fund declined less than 1% for the quarter. Multi-Asset Inflation Managed and Multi-Strategy Alternative showed just slight gains for the period.

23%

4%

11%

4%

20%

10%

2%

7%

7%

8% 3%1%

U.S. Large Cap

U.S. Small Cap





Multi Asset Income


High-Yield Bond

U.S. Fixed Income


Money Market

1%Fund Highlights: Large Cap and Small CapSEI’s growth-focused strategies employ both the Large Cap and Small Cap funds. Each fund outperformed its benchmark during the first quarter, with Small Cap producing a larger gain, while Large Cap had the higher trailing one-year return. Growth outperformed value, and we expect this to continue as the market expansion matures.




Private Client Market Growth Strategy


35%

6%

16%

7%

20%

8%

7% 1%U.S. Large Cap

U.S. Small Cap





High-Yield Bond

Money Market

Private Client Aggressive Strategy1%

Fund Highlights: Large Cap and Small CapSEI’s growth-focused strategies employ both the Large Cap and Small Cap funds. Each fund outperformed its benchmark during the first quarter, with Small Cap producing a larger gain, while Large Cap had the higher trailing one-year return. Growth outperformed value, and we expect this to continue as the market expansion matures.



•Emerging Markets Debt and Emerging Markets Equity both detracted from strategy performance, though each fund declined less than 1% for the quarter. Large Cap gained 2% for the period, slightly less than the overall strategy.



Private Client Aggressive Strategy


56%

14%

19%

10% 1%

U.S. Large Cap

U.S. Small Cap



Money Market

Private Client Equity Strategy1%Fund Highlights: Large Cap and Small Cap

SEI’s growth-focused strategies employ both the Large Cap and Small Cap funds. Each fund outperformed its benchmark during the first quarter, with Small Cap producing a larger gain, while Large Cap had the higher trailing one-year return. Growth outperformed value, and we expect this to continue as the market expansion matures.


Strategy Themes•The strategy’s first-quarter return was aided by solid gains in more niche equity funds, namely, International Equity and Small Cap. Large Cap delivered a 2% gain, trailing the other two funds on an absolute basis.

•Emerging Markets Equity’s slight decline (-0.4%) made it the only fund that had a negative absolute impact on strategy performance.



Private Client Equity Strategy


Multi-Asset Accumulation Fund

• The investment goal of the Multi-Asset Accumulation Fund is total return, including capital appreciation and income.

• The fund is held in four of the non-tax-managed Private Client strategies, and aims to decrease the reliance on equity beta as the primary driver of portfolio risk and return.

• The fund seeks long-term growth across a variety of economic and market conditions by offering very diversified and dynamic global market exposures that are balanced on the basis of volatility levels rather than capital weightings.

• The fund benefited from its diversified approach during the first quarter, gaining 4.6% and exceeding its blended benchmark* by nearly 90 basis points.

• On a risk-weighted basis, the fund’s allocation to Global Equity is somewhat higher than its long-term strategic target. The fund reduced its risk-weighted allocation to Inflation-Related assets last year, and remains under-weight relative to its target.

*60% MSCI World Equity Index (Hedged) / 40% Barclays Global Aggregate Bond Index (Hedged)

Source: SEI, Factset, BlackRock

0%

10%

20%

30%

40%

50%

60%

Global Equity Global Bonds Inflation Related

Risk Weighted Allocations

3/31/2015 12/31/2014 Strategic



Tax-Managed Strategies

The Importance of Active Tax Management › Hypothetical Pre- and Post-Tax Performance

Source: Parametric Portfolio Associates: 60% Russell 3000; 40% Barclays Capital Aggregate; No Liquidation. Interest income and dividends are taxed annually at historical top marginal tax rates; capital gains are realized at 50% per year and are taxed at the historical long-term capital gains tax rate at the time. Past performance is no guarantee of future results. *As of 12/31/14. Since inception 12/2002. There is no guarantee that distributions will not be made in the future.

A hypothetical tax-free $100,000 portfolio (invested 60% in stocks and 40% in bonds) held for 35 years would have grown to about $5.1million. If the portfolio was taxed like an average mutual fund, it would have lost 49% of its value, due to taxes paid and earnings lost on that money. Tax-managed investment strategies are designed to minimize capital gains distributions and maximize after-tax returns.

Taxes Reduce Performance Over Time – Growth of $100,000

Before-Tax Portfolio:$5,118,000

After-Tax Portfolio:$2,507,000

51% Lost to Taxes≈ $2,611,000

1979 1987 1995 2003 2014

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Private Client Tax-Managed Short Term Strategy

Strategy Themes

• The strategy achieved a marginal gain for the first quarter, reflecting the continuation of a mostly favorable environment for U.S. municipal fixed-income securities, especially medium and longer duration. Following a difficult 2013, municipal securities enjoyed a solid recovery last year, and positive sentiment for the asset class continued into 2015.

• Similar to the last two quarters, performance was driven primarily by a gain in Intermediate-Term Municipal, while Short Duration Municipal experienced a more subdued advance. Quarterly returns were constrained most by the continuance of near-zero money market yields, which impacted half of the portfolio.

40%

10%

50%

Short Duration Municipal

Intermediate Term Muni

Tax Free Money Market

Fund Highlight: Short Duration Municipal

All four of SEI’s tax-managed stability-focused strategies employ the Short Duration Municipal fund. The fund experienced a marginally positive return for the first quarter, trailing its bench-mark slightly. Consistent with its focus on capital preservation, the fund has never experienced a calendar year decline during its history of more than 11 years.

The fund currently has a higher trailing 12-month yield than its benchmark, while maintaining a significantly shorter duration. It is positioned in anticipation of higher interest rates, with over 70% of assets coming due in the next 12 months, and nearly a 20% allocation to floating-rate municipal securities.

Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. Please see standard performance slide at the end of this presentation. The fund’s benchmark is the Barclays 1 Year Municipal Bond Index and the fund’s 30-day SEC yield is 0.17%. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI


Private Client Tax-Managed Short Term Strategy


Private Client Tax-Managed Defensive Strategy

Strategy Themes

• During the quarter, the portfolio’s diversified approach proved advantageous, as performance benefited most from its equity and high-yield exposure. In particular, Tax-Managed Managed Volatility and Tax-Advantaged Income (a blend of high-yield municipal securities and preferred stocks) were the strongest performers. Intermediate-Term Municipal rose to a lesser extent.

• None of the strategy’s component funds had a negative return for the quarter. However, quarterly performance was constrained by Short Duration Municipal, which constitutes nearly 70% of the portfolio and showed only a marginal gain.

10%

69%

10%

10%1%

Tax-Mgd Mgd Volatility



Tax-Advantaged Income







Private Client Tax-Managed Defensive Strategy


Private Client Tax-Managed Conservative Strategy

Strategy Themes

• During the quarter, the portfolio’s diversified approach proved advantageous, as performance benefited most from its equity and high-yield exposure. In particular, Tax-Managed Managed Volatility and Tax-Managed Large Cap were the strongest performers. Tax-Advantaged Income (a blend of high-yield municipal securities and preferred stocks) also showed a solid advance.

• None of the strategy’s component funds had a negative return for the quarter. However, quarterly performance was constrained by Short Duration Municipal, which constitutes nearly half of the portfolio and had only a marginal gain.

20%

5%

49%

10%

15%1%


Tax-Managed Large Cap










Private Client Tax-Managed Conservative Strategy


Private Client Tax-Managed Moderate Strategy

Strategy Themes

• During the quarter, the portfolio benefited most from its equity exposure. In particular, International Equity and Tax-Managed Managed Volatility were the strongest performers. Tax-Managed Large Cap also showed a solid advance.

• None of the strategy’s component funds had a negative return for the quarter. However, quarterly performance was constrained by Short Duration Municipal, which constitutes just over 25% of the portfolio and had only a marginal gain.

25%

10%

5%

27%

20%

12%1%


Tax-Managed Large Cap











Private Client Tax-Managed Moderate Strategy


Private Client Tax-Managed Core Market Strategy

Strategy Themes• During the quarter, the portfolio benefited most from its developed market equity exposure. In particular, International

Equity was the strongest performer, reflecting relative strength in non-U.S. stocks. Tax-Managed Small/Mid Cap and Tax-Managed Large Cap also generated solid returns, followed by Tax-Advantaged Income (a blend of high-yield municipal securities and preferred stocks).

• Emerging Markets Debt and Emerging Markets Equity both detracted from strategy performance, though each fund declined less than 1% for the quarter. Intermediate-Term Municipal showed a modest gain (+0.7%) for the period.

30%

5%

8%1%

40%

12%

3%1%

Tax-Mgd Large Cap

Tax-Mgd Small/Mid Cap


Emerging Mkts Equity



Emerging Mkt Debt


Fund Highlights: Tax-Managed Large Cap and Small/Mid CapSEI’s tax-managed growth-focused strategies use both the Tax-Managed Large Cap and Tax-Managed Small/Mid Cap funds. Small/Mid Cap produced a larger gain during the first quarter, while Large Cap had the higher trailing one-year return. Growth out-performed value, and we expect this to continue as the market expansion matures.




Private Client Tax-Managed Core Market Strategy


Private Client Tax-Managed Market Growth Strategy


Equity was the strongest performer, reflecting relative strength in non-U.S. stocks. Tax-Managed Small/Mid Cap and Tax-Managed Large Cap also generated solid returns.


45%

8%10%

3%

19%

10%

4%1%

Tax-Mgd Large Cap






Emerging Mkt Debt






Private Client Tax-Managed Market Growth Strategy


Private Client Tax-Managed Aggressive Strategy


Equity was the strongest performer, reflecting relative strength in non-U.S. stocks. Tax-Managed Small/Mid Cap and Tax-Managed Large Cap also generated solid returns.

• Emerging Markets Debt and Emerging Markets Equity both detracted from strategy performance, though each fund declined less than 1% for the quarter. Tax-Advantaged Income (a blend of high-yield municipal securities and preferred stocks) gained 1.6% for the period, somewhat less than the overall strategy.

58%

11%

13%

4%

7%

6% 1%Tax-Mgd Large Cap





Emerging Mkt Debt






Private Client Tax-Managed Aggressive Strategy


Private Client Tax-Managed Equity Strategy

Strategy Themes• The strategy’s first-quarter return was aided by solid gains in more niche equity funds, namely, International Equity and

Tax-Managed Small/Mid Cap. Tax-Managed Large Cap delivered a gain of 1.7%, trailing the other two funds on an absolute basis.

• Emerging Markets Equity’s slight decline (-0.4%) made it the only fund that had a negative absolute impact on strategy performance.

65%

14%

15%

5% 1%

Tax-Mgd Large Cap









Private Client Tax-Managed Equity Strategy


Institutional Strategies

Institutional Moderate Growth & Income Strategy

Strategy Themes•During the quarter, the portfolio benefited most from its developed market equity exposure. In particular, International Equity was one of the strongest performers, reflecting relative strength in non-U.S. stocks. Small Cap Growth and Large Cap Growth also generated solid returns, followed by Small Cap Value.

•Emerging Markets Debt and Emerging Markets Equity both detracted from strategy performance, though each fund declined less than 1% for the quarter. Large Cap Value showed a modest gain (+1.1%) for the period.

12%

12%

2%2%

8%

4%38%

6%

9%

6%1%

Large Cap Value

Large Cap Growth

Small Cap Value

Small Cap Growth



Core Fixed Income

High Yield Bond

Int'l Fixed Income


Money Market

1%Fund Highlight: Core Fixed IncomeFive of SEI’s six Institutional strategies employ the Core Fixed Income fund, a mandate investing primarily in investment-grade securities, but which may also invest in below-investment-grade and non-U.S. issues. The fund’s first-quarter gain slightly lagged the overall strategy’s return, but exceeded that of its benchmark. Longer-term performance has also been favorable, on both an absolute and relative basis.




Institutional Moderate Growth & Income Strategy


Institutional Growth & Income Strategy



17%

19%

3%3%

12%6%

25%

4%

6%

4%1%

Large Cap Value

Large Cap Growth

Small Cap Value

Small Cap Growth



Core Fixed Income

High Yield Bond

Int'l Fixed Income


Money Market





Institutional Growth & Income Strategy


Institutional Capital Growth Strategy



25%

23%

4%4%

16%

8%

12%

2%3%2%

1%

Large Cap Value

Large Cap Growth

Small Cap Value

Small Cap Growth



Core Fixed Income

High Yield Bond

Int'l Fixed Income


Money Market





Institutional Capital Growth Strategy


The Importance of Active Tax Management › Hypothetical Pre- and Post-Tax Performance

Source: Parametric Portfolio Associates: 60% Russell 3000; 40% Barclays Capital Aggregate; No Liquidation. Interest income and dividends are taxed annually at historical top marginal tax rates; capital gains are realized at 50% per year and are taxed at the historical long-term capital gains tax rate at the time. Past performance is no guarantee of future results. *As of 12/31/14. Since inception 12/2002. There is no guarantee that distributions will not be made in the future.

A hypothetical tax-free $100,000 portfolio (invested 60% in stocks and 40% in bonds) held for 35 years would have grown to about $5.1million. If the portfolio was taxed like an average mutual fund, it would have lost 49% of its value, due to taxes paid and earnings lost on that money. Tax-managed investment strategies are designed to minimize capital gains distributions and maximize after-tax returns.

Taxes Reduce Performance Over Time – Growth of $100,000

Before-Tax Portfolio:$5,118,000

After-Tax Portfolio:$2,507,000

51% Lost to Taxes≈ $2,611,000

1979 1987 1995 2003 2014

Tax-Sensitive 40 Strategy

Strategy Themes

• During the quarter, the portfolio benefited most from its developed market equity exposure. In particular, International Equity was the strongest performer, reflecting relative strength in non-U.S. stocks. Tax-Managed Small/Mid Cap and High Yield also generated solid returns.


24%

4%

8%

4%38%

6%

9%

6%1%

Tax-Mgd Large CapTax-Mgd Small/Mid CapInternational EquityEmerging Mkts EquityIntermediate Term MuniHigh YieldInt'l Fixed IncomeEmerging Markets DebtTax Free Money Market








Strategy Themes

• During the quarter, the portfolio benefited most from its developed market equity exposure. In particular, International Equity was the strongest performer, reflecting relative strength in non-U.S. stocks. Tax-Managed Small/Mid Cap and High Yield also generated solid returns.


36%

6%

12%6%

25%

4%

6%

4%1%

Tax-Mgd Large CapTax-Mgd Small/Mid CapInternational EquityEmerging Mkts EquityIntermediate Term MuniHigh YieldInt'l Fixed IncomeEmerging Markets DebtTax Free Money Market



•Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. Please see standard performance slide at the end of this presentation. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI





Strategy Themes• The strategy’s first-quarter return was aided by solid gains in more niche equity funds, namely, International Equity and

Tax-Managed Small/Mid Cap. Tax-Managed Large Cap delivered a gain of 1.7%, trailing the other two funds on an absolute basis.

• Emerging Markets Equity’s slight decline (-0.4%) made it the only fund that had a negative absolute impact on strategy performance.

59%

10%

20%

10%1%

Tax-Mgd Large Cap











Point of ViewEconomic Outlook

Guaranteed to Lose Money

• Data as of 3/31/15

• Nearly $1.5 trillion of bonds in Europe are trading with a negative yield-to-maturity.

• Two-year notes trade in negative-yield territory in at least nine developed European countries.

• Portugal, Spain and Italy—periphery countries that sported yields as high as 19.4%, 6.6% and 7.5% on their respective two-year notes a few years ago—are now close to turning negative too.

Germany Throws a Yield Curve Ball


• In Germany, negative yields extend out to seven years. Investors are lining up to buy bonds that will pay them a negative return if held to maturity over the next seven years.

• The gravitational pull exerted by Germany’s yield curve configuration is being felt across the Atlantic.

• Even though the U.S. economy is in the midst of a modest expansion and appears in no real deflationary danger, benchmark Treasury two-year notes remain within one-half percentage point of their historic lows and ten-year maturities are only 65 basis points from their all-time lows.

Once Upon a Time, Negative Real Yields Meant Rampant Inflation

• Low and negative inflation is one reasonable explanation for negative yields across countries and maturities in Europe.

• Nominal yields have often yielded less than the rate of inflation, sometimes by a much larger margin than they do now. With the year-on-year change in consumer prices now negative in many countries, it therefore makes sense for nominal yields to be very low as well.

• However, we do not subscribe to the idea that global economic activity will remain so weak that price deflation will prove to be a sustained, multiyear phenomenon—even in problem-plagued Europe.

• We believe oil would need to suffer a secondary price collapse to $20-$30 per barrel versus a current price for Brent crude of $55 for that to happen.

Looking for Thaw in Eurozone Credit


• In the absence of deflation, why else would an investor hold a nominal bond guaranteed to lose money?

• In the aftermath of the financial crisis, banks and other financial institutions are required to hold more capital against loans.

• Also, banks in Europe have been reluctant to make loans. Loans to households and non-financial businesses in Europe remain becalmed.

• Although recent loan officers’ surveys suggest that the lending freeze has begun to thaw, there is no denying that banks have preferred to hold liquid assets or lend to their national governments, whose debt is risk-free for regulatory purposes, than make riskier loans to the private sector.

Mario Wants Your Bonds

• In our view, the most important reason for an investor to buy a negative-yielding bond, is the expectation of selling the asset at a higher price.

• As full-blown quantitative easing (QE) gets underway in Europe, European Central Bank (ECB) President Mario Draghi has been forthright in saying that the central bank is not a price-sensitive buyer.

• According to GaveKal Research, the ECB’s €45 billion per month of sovereign bond purchases through September 2016 amounts to 2.5 times the estimated net new supply of bonds that will be issued by eurozone governments over the next 18 months. The ECB’s version of QE by this metric is a much bigger deal than the programs put in place by other central banks since the crisis.

Yields Rose When the Fed Was Buying


• We think it is worth recalling, though, the U.S. experience with QE. Instead of falling as one might intuit as the Fed purchased bonds, T-bond rates actually increased significantly during the implementation phase of QE1, QE2 and QE3. When those bond-buying programs drew to a close, yields tumbled.

• We think this surprising behavior of T-bond yields before, during and after each QE episode reflected the risk-on, risk-off calculus of investors during the post-crisis period.

• When the Fed tried to wean the markets from QE, worries about the recovery’s sustainability came back to the fore and investors returned to safe-haven assets. A return to QE, on the other hand, led to an increase in risk-taking and a preference for stocks over T-bonds.

A Eurozone Recovery – Surprise, Surprise

• * The index measures data surprises relative to market expectations. A positive reading means the data releases have been stronger than expected and a negative reading means that data releases have been worse than expected.


• Now that the European Central Bank is engaged in QE, there is a bona fide reason for economic optimism within the eurozone.

• Equity investors have responded, with the MSCI-EMU Total Return Index jumping 20% in local-currency terms in the year-to-date. Sovereign and corporate bond yield spreads between the periphery and core countries of the eurozone have contracted meaningfully.

• The sharp depreciation of the trade-weighted euro over the past year and the collapse in oil prices are two extremely important events boosting the region’s prospects.

• According to Citigroup, economic surprises have been strongly to the upside in the eurozone in recent months.

Herd on the Street


• The odds favor further depreciation of the euro against the dollar as the monetary policies of the Fed and the ECB diverge. That view, however, is shared by the vast majority of investors and traders, if the positioning of currency speculators is any guide.

• Net short positions of non-commercial traders in the euro as a percentage of open interest are as extreme as they were in 2010 and almost as high as they were in 2012.

• On both occasions, the euro posted an important low. In 2010, the rebound coincided with the first Greek bailout, and in 2012 the European currency soared on the heels of Draghi’s “whatever it takes” remarks and the introduction of the (never-used) “bazooka” known as the Outright Monetary Transactions program.

The Euro Sell-Off: Fast and Furious


• It is hard to dispute the view that shorting the euro is a crowded trade. It is also clear that the euro’s decline over the past year has been extraordinary in its magnitude.

• The euro is now 13% below its 200-day moving average, an extreme that has only been reached once in its 16-year history, in the teeth of the 2008 financial crisis.

• We think the euro will keep falling, but over a longer time frame. In the near term, look for some of the excessive positioning against the currency to be squeezed out.

• Signs of economic improvement in the eurozone, another last-minute agreement with Greece on a bail-out package, or intimations by the Fed that U.S. rates will stay lower for longer could spark sporadic, but sharp moves to the upside in the euro.

The U.K. Makes France Look Good

• The current account balance has been deteriorating on a secular basis for the past 15 years.

• Following a cyclical recovery between 2009 and 2011, the U.K. competitive position has been in continuous decline.

• At 4.8% percent of GDP, the current account deficit is at its widest point since the aftermath of World War II.

• To be sure, a driving force of the recent worsening of the current account reflects the economic problems of continental Europe, the country’s largest trading partner.

• U.K. merchandise exports to the European Union fell to a five-year low in January. Total exports, including services, have drifted lower since 2011.

U.K. Equities Get Left Behind


• With the MSCI—United Kingdom Index dominated by big multinational companies in energy, consumer staples, healthcare and financial services, it should not be surprising that the U.K. equity market has been a laggard against the U.S. and, more recently, the rest of developed Europe in local-currency terms.

• Although sterling has weakened somewhat against the dollar in the past year, it has appreciated sharply against the euro.

• So far, however, the Bank of England has avoided engaging in the currency wars, despite a headline inflation rate close to zero and a core rate that has eased to its lowest level (+1.7%) since 2009.

S&P 500 Profits: Out of Energy


• The 20%-plus rise in the trade-weighted value of the dollar over the past year has depressed commodity prices well beyond the oil patch.

• Not surprisingly, the energy sector is leading the downward earnings-revision trend in the S&P 500 industry sectors in both the year-to-date and over the past 12 months, with forward earnings estimates falling more than 55% over the past year and almost 37% since the start of 2015.

• The projected earnings of materials companies also have come down sharply in recent months. Consumer staple stocks, meanwhile, is another sector facing an earnings decline, as the dollar’s advance hurts the prospects of large multinationals.

Yearning for Earnings


• The decline in U.S. forward earnings has been less severe than those recorded in Canada, the United Kingdom and the eurozone.

• We find the gloom among company analysts in the eurozone to be the most surprising. Earnings per share in the region recently hit a new cycle low despite the slide in the euro, the increasingly optimistic views of businesses and households, and the rebound in equity prices.

• Japan, in contrast, has been enjoying a strong upward trajectory in earnings since the yen started to weaken in late 2012. This may be one reason why Japanese equities have performed rather well this year, even in U.S.-dollar terms (despite the Bank of Japan’s on-going quantitative easing program, the yen has been holding firm against the dollar).

Mind the (Financing) Gap

• In terms of corporate financial health, the U.S. seems to have reached an inflection point.

• The so-called financing gap has flipped in recent quarters. From 2009 until 2013, companies had generated massive amounts of cash flow versus their investment needs as a percentage of gross domestic product (depicted in the chart as a negative number).

• Credit spreads tend to widen as the financing gap worsens, and as the economy nears the end of its expansion phase.

• The re-emergence of a financing gap should not pose an immediate problem; the end of this expansion is probably a few years away.

• Still, when the next recession hits, a price likely will be paid in the form of a sharp deterioration in corporate credit spreads.

Yellen for More Improvement

• The official headline unemployment rate has fallen steadily from 10% in 2009 (which, at the time, was the same rate found in the eurozone) to a rate of 5.5% in February.

• Even the more inclusive unemployment rate, the so-called U-6 measure that includes workers marginally attached to the labor force and those working part-time for economic reasons, has recorded a notable improvement.

• After peaking in 2009 at 17.1%, the U-6 statistic has tumbled to a February reading of 11%—slightly better than the eurozone’s current official rate.

• Although Yellen believes that the labor market can safely tighten further without generating an inflation problem, it seems an appropriate time to consider embarking on a tightening cycle.

•*The U-6 unemployment rate includes the total unemployed, plus all marginally attached workers and total employed part time for economic reasons.

A Stumble, Not a Tumble

• Since Fed policy is “data dependent,” the views of market participants will shift with every surprising wiggle in the numbers. We should therefore expect an increase in financial-market volatility as we get closer to the first round of interest rate hikes.

• It’s still our expectation, however, that the U.S. bull market is intact and any correction associated with the start of an interest-rate up-cycle will be limited.

• Since 1928, there have been 19 occasions when the Fed initiated an interest rate up-cycle.

• The reaction during the first three months of a Fed-tightening sequence tends to be the most negative. In 12 of those 19 episodes, the S&P has declined; the median price change amounts to less than 2%.

• Six months and 12 months after the first rate hike, however, stock prices tend to be higher; indeed, the market has a tendency to perform at least as well, if not better, compared against all six- and 12-month periods in the historical record.

Emerging Market Equity: Cheap and Cheaper


• At the end of last year, we catalogued the headwinds facing emerging-market economies.

• A strong dollar was helping to pull down the price of commodities across the board.

• Sluggish economic conditions in China and around the world generally provided further reason for a cautious investment stance.

• Geopolitical tensions also had their impact, from Eastern Europe to the Middle East to Africa.

• The MSCI-Emerging Market Total Return Index recently hit a new relative low against its developed-country MSCI-World counterpart, measured in U.S. dollars.

• The widening gap in price-to-earnings ratios between emerging and developed countries has yet to spark a turnaround in the asset class.

Modi Operandi, Putin on the Fritz


• It is not all bad news, however.

• India’s stocks market has enjoyed a total return in U.S. dollar terms of more than 30% since the start of 2014.

• China has recorded a gain of nearly 15%, not far below the performance of the MSCI-U.S. Index’s cumulative 17% rise over the same period.

• Since the start of this year, Russia (+16%), India (+7%), China (+6%) and South Africa (+4%) are all ahead of the U.S. market.

• Among the BRICs, only Brazil continues to lose significant ground, falling 13% in the year to date. Since the beginning of 2014, that country’s equity market, as measured by MSCI, has suffered a 25% cumulative decline, a performance in dollar terms almost as bad as that recorded by the Russian stock market (-37%).

A Chinese Squeeze

• The Chinese government has reduced its official GDP target to 7% from 7.5%, and we think it takes a statistical sleight-of-hand to reach even that growth rate nowadays.

• Although we have frequently expressed our concerns about the country’s banking structure and the massive misallocation of resources, the government evidently has managed to maintain control over the economy’s direction.

• In response to a declining inflation rate and a weak property sector, the government has been engaging in both fiscal and monetary stimulus in recent months.

• Aggregate social financing continues to ease, however, amid a further slowdown in industrial production to a pace of gain last seen in 2008-09, before the credit boom took hold.

Appendix

SEI performance summary: Fixed-income mutual funds – as of 3/31/2015

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 10-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 ReturnFixed-Income Mutual FundBenchmark Index

SEI Benchmark SEI Benchmark

SIMT Core Fixed IncomeBarclays Capital U.S. Aggregate Bond 1.83% 1.61% 1.83% 1.61%SIT Emerging Markets Debt50% JPM EMBI Global Div & 50% JPM GBI EM Global Div -0.73% -1.00% -0.73% -1.00%SIMT Enhanced IncomeBofA ML USD 3M LIBOR Constant Maturity 1.07% 0.06% 1.07% 0.06%SIMT High Yield BondBofA ML USD High Yield Constrained 2.56% 2.54% 2.56% 2.54%STET Intermediate Term MunicipalBarclays Capital 3-15 Year Muni Blend 0.70% 0.90% 0.70% 0.90%SIT International Fixed IncomeBofA ML USD High Yield Constrained 1.83% 2.01% 1.83% 2.01%SIMT Real ReturnBarclays Capital 1-5 Year U.S. TIPS 0.30% 0.45% 0.30% 0.45%SDIT Short-Duration GovernmentBofA ML 1-3 Year U.S. Treasury 0.49% 0.52% 0.49% 0.52%STET Short Duration MunicipalBarclays Capital 1 Year Municipal Bond 0.06% 0.23% 0.06% 0.23%STET Tax-Advantaged IncomeBarclays Capital 60/40 HY Muni and Muni 1.59% 1.07% 1.59% 1.07%SDIT Ultra Short BondBarclays Capital Short UST 9-12 Month 0.31% 0.10% 0.31% 0.10%SIMT U.S. Fixed IncomeBarclays Capital U.S. Aggregate Bond 1.61% 1.61% 1.61% 1.61%

Net of Fees Quarter-End Return Year-to-Date ReturnEquity Mutual FundBenchmark Index


SIT Emerging Markets EquityMSCI Emerging Markets -0.40% 2.24% -0.40% 2.24%SIMT Global Managed VolatilityMSCI World 3.91% 4.81% 3.91% 4.81%SIT International EquityMSCI EAFE 5.54% 4.88% 5.54% 4.88%SIMT Large CapRussell 1000 1.98% 1.59% 1.98% 1.59%SIMT Large Cap GrowthRussell 1000 Growth 4.11% 3.84% 4.11% 3.84%SIMT Large Cap ValueRussell 1000 Value 1.12% -0.72% 1.12% -0.72%SIMT Mid CapRussell Midcap 5.20% 3.95% 5.20% 3.95%SIMT Real EstateWilshire RESI (Float-Adjusted) 4.68% 4.74% 4.68% 4.74%SIMT Small CapRussell 2000 4.42% 4.32% 4.42% 4.32%SIMT Small Cap GrowthRussell 2000 Growth 6.08% 6.63% 6.08% 6.63%SIMT Small Cap ValueRussell 2000 Value 3.31% 1.98% 3.31% 1.98%SIMT U.S. Managed VolatilityRussell 3000 2.46% 1.80% 2.46% 1.80%

SEI performance summary: Equity mutual funds – as of 3/31/2015


Net of Fees Quarter-End Return Year-to-Date ReturnEquity Mutual FundBenchmark Index


SIMT Tax-Managed Large CapRussell 1000 1.71% 1.59% 1.71% 1.59%SIMT Tax-Managed Managed VolatilityRussell 3000 2.20% 1.80% 2.20% 1.80%SIMT Tax-Managed Small/Mid CapRussell 2500 4.05% 5.17% 4.05% 5.17%

SEI performance summary:Equity mutual funds – as of 3/31/2015 (continued)


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

Mutual FundBenchmark Index


SIMT Multi-Strategy AlternativeBofA ML US 3M Treasury Bill 1.01% 0.00% 1.01% 0.00%SIMT Multi-Asset AccumulationBlended Accumulation Benchmark 4.55% 3.67% 4.55% 3.67%SIMT Multi-Asset Capital StabilityBlended Capital Stability Benchmark 0.80% 0.62% 0.80% 0.62%SIMT Multi-Asset IncomeBlended Income Benchmark 2.44% 1.93% 2.44% 1.93%SIMT Multi-Asset Inflation ManagedBlended Inflation Benchmark 0.56% -0.88% 0.56% -0.88%

SEI performance summary:Multi-asset mutual funds – as of 3/31/2015


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 Managed (70% Barclays TIPS 1-5yr; 30% MSCI ACWI Commodity Producers Index)

SEI annualized performance summary:Fixed-income mutual funds – as of 3/31/2015

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 10-year investment of $100,000 at 10% would grow to $259,400, and at 9%, to $236,700 before taxes. Fee waivers are voluntary and may be discontinued at any time. Source: SEI Datamart

Net of FeesBefore Waiver

After Waiver

1-Year 5-Year 10-Year Since Inception

Fixed-Income Mutual Fund (Inception)Benchmark Index

Expense Ratio (%)

Expense Ratio (%)

SEI Benchmark SEI Benchmark SEI Benchmark SEI Benchmark

SIMT Core Fixed Income (5/1/87)Barclays Capital U.S. Aggregate Bond 0.85% 0.67% 6.12% 5.72% 5.79% 4.41% 5.37% 4.92% 6.60% 6.80%SIT Emerging Markets Debt (6/26/97)50% JPM EMBI Global Div & 50% JPM GBI EM Global Div 1.60% 1.36% -4.30% -3.05% 3.53% 4.63% 6.80% 6.90% 8.68% 8.05%SIMT Enhanced Income (7/27/06)BofA ML USD 3M LIBOR Constant Mat 1.00% 0.60% 1.21% 0.23% 2.38% 0.32% -0.21% 1.64%SIMT High Yield Bond (1/11/95)BofA ML USD High Yield Constrained 1.07% 0.89% 1.69% 2.06% 8.40% 8.38% 7.03% 8.04% 7.50% 8.02%STET Intermediate Term Municipal (9/5/89)Barclays Capital 3-15 Year Muni Blend 0.85% 0.63% 4.96% 5.33% 4.27% 4.64% 4.11% 4.70% 4.98% 5.64%SIT International Fixed Income (9/1/93)BofA ML USD High Yield Constrained 1.05% 1.02% 7.72% 8.63% 4.45% 4.77% 2.71% 3.66% 4.59% 5.35%SIMT Real Return (7/6/09)Barclays Capital 1-5 Year U.S. TIPS 0.79% 0.45% -1.29% -0.89% 1.17% 1.52% 1.88% 2.27%SDIT Short-Duration Government (2/17/87)BofA ML 1-3 Year U.S. Treasury 0.73% 0.48% 1.17% 1.00% 1.35% 1.02% 2.95% 2.62% 4.78% 4.89%STET Short Duration Municipal (11/13/03)Barclays Capital 1 Year Municipal Bond 0.85% 0.63% 0.44% 0.57% 0.79% 0.98% 1.94% 2.22% 1.79% 2.06%STET Tax-Advantaged Income (9/4/07)Barclays Capital 60/40 HY Muni and Muni 1.13% 0.86% 7.61% 7.87% 6.38% 6.71% 5.06% 5.10%SDIT Ultra Short Duration Bond (9/28/93)Barclays Capital Short UST 9-12 Month 0.73% 0.38% 0.63% 0.19% 1.25% 0.34% 1.78% 1.96% 3.33% 3.31%SIMT U.S. Fixed Income (7/2/09)Barclays Capital U.S. Aggregate Bond 0.86% 0.66% 5.60% 5.72% 4.78% 4.41% 5.29% 4.85%

SEI annualized performance summary:Equity mutual funds – as of 3/31/2015



After Waiver


Equity Mutual Fund (Inception)Benchmark Index

Expense Ratio (%)

Expense Ratio (%)


SIT Emerging Markets Equity (1/17/95)MSCI Emerging Markets 1.74% 1.74% -3.86% 0.44% -0.47% 1.75% 5.85% 8.47% 4.36% 6.61%SIMT Global Managed Volatility (7/27/06)MSCI World 1.23% 1.11% 14.41% 13.81% 11.20% 11.32% 4.58% 6.31%SIT International Equity (12/20/89)MSCI EAFE 1.25% 1.25% -1.07% -0.92% 5.75% 6.16% 2.43% 4.94% 3.53% 4.46%SIMT Large Cap (9/30/09)Russell 1000 0.96% 0.89% 11.09% 12.73% 13.61% 14.72% 14.48% 15.68%SIMT Large Cap Growth (12/20/94)Russell 1000 Growth 0.97% 0.89% 14.67% 16.09% 14.52% 15.63% 8.43% 9.35% 8.33% 9.12%SIMT Large Cap Value (10/3/94)Russell 1000 Value 0.92% 0.89% 9.22% 9.33% 13.57% 13.75% 6.70% 7.21% 8.60% 10.15%SIMT Mid Cap (2/16/93)Russell Midcap 0.98% 0.98% 13.15% 13.68% 15.30% 16.15% 8.74% 10.01% 10.48% 11.46%SIMT Real Estate (11/13/03)Wilshire RESI (Float-Adjusted) 1.23% 1.14% 24.46% 25.25% 15.08% 16.02% 8.65% 9.38% 10.29% 11.11%SIMT Small Cap (9/30/09)Russell 2000 1.23% 1.14% 6.27% 8.21% 13.32% 14.56% 14.42% 15.71%SIMT Small Cap Growth (4/20/92)Russell 2000 Growth 1.23% 1.11% 10.44% 12.06% 15.44% 16.57% 7.37% 10.01% 9.66% 8.07%SIMT Small Cap Value (12/20/94)Russell 2000 Value 1.22% 1.14% 4.43% 4.43% 12.31% 12.53% 7.39% 7.53% 10.66% 10.91%SIMT U.S. Managed Volatility (10/28/04)Russell 3000 1.22% 1.00% 14.61% 12.37% 15.85% 14.70% 9.01% 8.34% 9.38% 8.60%

SEI annualized performance summary:Equity mutual funds – as of 3/31/2015 (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 Waiver



Expense Ratio (%)

Expense Ratio (%)


SIMT Tax-Managed Large Cap (3/5/98)Russell 1000 0.97% 0.89% 11.07% 12.73% 13.98% 14.72% 7.59% 8.33% 5.33% 6.31%

After Tax Return (1) 10.95% 12.73% 13.83% 14.72% 7.43% 8.33% 5.13% 6.31% After Tax Return (2) 6.35% 12.73% 11.25% 14.72% 6.18% 8.33% 4.33% 6.31%

SIMT Tax-Managed Mgd Volatility (12/20/07)Russell 3000 1.23% 1.00% 14.10% 12.37% 15.32% 14.70% 9.19% 7.53%

After Tax Return (1) 12.10% 12.37% 14.20% 14.70% 8.38% 7.53% After Tax Return (2) 9.40% 12.37% 12.29% 14.70% 7.34% 7.53%

SEI annualized performance summary:Equity mutual funds – as of 3/31/2015 (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 Waiver



Expense Ratio (%)

Expense Ratio (%)


SIMT Tax-Managed Small/Mid Cap (10/31/00)Russell 2500 1.23% 1.11% 7.78% 10.07% 13.77% 15.47% 7.70% 9.61% 7.17% 8.95%

After Tax Return (1) 7.49% 10.07% 13.38% 15.47% 7.15% 9.61% 6.72% 8.95% After Tax Return (2) 4.62% 10.07% 11.02% 15.47% 6.21% 9.61% 5.90% 8.95%

STET Tax-Advantaged Income (9/4/07) 1.13% 0.86% 7.61% 7.87% 6.38% 6.71% 5.06% 5.10%

After Tax Return (1) 6.94% 7.87% 5.67% 6.71% 4.30% 5.10%

After Tax Return (2) 5.34% 7.87% 5.25% 6.71% 4.18% 5.10%

SEI annualized performance summary:Multi-asset mutual funds – as of 3/31/2015



After Waiver


Mutual Fund (Inception)Benchmark Index

Expense Ratio (%)

Expense Ratio (%)


SIMT Multi-Strategy Alternative (3/31/10)BofA ML U.S. 3M Treasury Bill 3.43% 1.93% 0.66% 0.03% 1.26% 0.09% 1.26% 0.09%SIMT Multi-Asset Accumulation (4/9/12)Blended Accumulation Benchmark 1.37% 1.21% 10.66% 11.27% 7.49% 11.12%SIMT Multi-Asset Capital Stability (4/9/12)Blended Capital Stability Benchmark 0.99% 0.64% 3.18% 1.70% 1.47% 1.70%SIMT Multi-Asset Income (4/9/12)Blended Income Benchmark 1.24% 0.85% 4.98% 5.32% 8.08% 6.79%SIMT Multi-Asset Inflation Managed (4/9/12)Blended Inflation Benchmark 1.25% 1.02% -4.76% -5.38% -3.11% -1.82%

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 Managed (70% Barclays TIPS 1-5yr; 30% MSCI ACWI Commodity Producers Index)

SEI annualized performance summary:Money market funds – as of 3/31/2015

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. Fee waivers are voluntary and may be discontinued at any time. Source: SEI Datamart.


After Waiver

7-Day Yield

Unsubsidized 7-Day Yield


Money Market Fund (Inception)Benchmark Index

Expense Ratio (%)

Expense Ratio (%)

SEI SEI SEI Benchmark SEI Benchmark SEI Benchmark SEI Benchmark

SLAT Prime Obligation A (1/18/82)iMoneyNet First Tier Institutional 0.44% 0.17% 0.01% -0.26% 0.01% 0.01% 0.01% 0.01% 1.45% 1.32% 4.10% N/ASDIT Treasury II (7/28/89)iMoneyNet Treasury Institutional 0.58% 0.20% 0.01% -0.37% 0.01% 0.00% 0.01% 0.00% 1.22% 1.19% 3.02% N/A

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 share, it is possible to lose money by investing in the Fund.

Private Client Strategies performance – as of 3/31/2015

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 10-year investment of $100,000 at 10% would grow to $259,400, and at 9%, to $236,700 before taxes. Performance data quoted is past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost. Current performance may be higher or lower. For performance data current to the most recent month end, please call 1-800-DIAL-SEI. Fee waivers are voluntary and may be discontinued at any time. Source: SEI Datamart.

QTD Total

ReturnYTD Total

Return 1-Year Total

Return 5-Year Total

Return 5-Year Standard

Deviation Since Inception

Return Annualized

Stability-Focused (SF) Short Term Strategy (12/31/09) 0.29% 0.29% 0.75% 0.77% 0.70% 0.85%Stability-Focused (SF) Defensive Strategy (7/31/06) 0.85% 0.85% 2.09% 2.52% 1.42% 2.08%Stability-Focused (SF) Conservative Strategy (7/31/06) 1.29% 1.29% 3.34% 4.29% 2.45% 2.92%Stability-Focused (SF) Moderate Strategy (7/31/06) 1.96% 1.96% 5.13% 6.19% 4.24% 4.54%Growth-Focused (GF) Core Market Strategy (7/31/06) 2.39% 2.39% 4.27% 6.73% 6.65% 5.25%

Growth-Focused (GF) Market Growth Strategy (7/31/06) 2.57% 2.57% 4.54% 7.63% 9.18% 5.54%Growth-Focused (GF) Aggressive Strategy (7/31/06) 2.89% 2.89% 5.70% 9.41% 12.03% 6.23%Growth-Focused (GF) Equity Strategy (12/31/09) 2.75% 2.75% 6.49% 10.98% 14.10% 11.32% S&P 500 Index 0.95% 0.95% 12.73% 14.47% 12.97% --U.S. TSY Bill 0.00% 0.00% 0.03% 0.09% 0.02% --MSCI EAFE 4.88% 4.88% -0.92% 6.16% 16.58% --

Tax-managed Private Client Strategies performance – as of 3/31/2015

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 10-year investment of $100,000 at 10% would grow to $259,400, and at 9%, to $236,700 before taxes. Performance data quoted is past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost. Current performance may be higher or lower. For performance data current to the most recent month end, please call 1-800-DIAL-SEI. Fee waivers are voluntary and may be discontinued at any time. Source: SEI Datamart.

QTD Total

ReturnYTD Total Return

1-Year Total

Return 5-Year Total

Return 5-Year Standard

Deviation Since Inception

Return Annualized

Stability-Focused TM Short Term Strategy (12/31/09) 0.10% 0.10% 0.67% 0.75% 0.45% 0.77%Stability-Focused TM Defensive Strategy (7/31/06) 0.49% 0.49% 2.91% 3.19% 1.54% 3.50%Stability-Focused TM Conservative Strategy (7/31/06) 0.88% 0.88% 5.16% 5.69% 3.01% 5.06%Stability-Focused TM Moderate Strategy (7/31/06) 1.37% 1.37% 6.57% 7.46% 4.72% 5.72%Growth-Focused TM Core Market Strategy (7/31/06) 1.68% 1.68% 6.44% 8.15% 6.46% 5.95%Growth-Focused TM Market Growth Strategy (7/31/06) 1.97% 1.97% 6.97% 9.74% 9.55% 6.67%Growth-Focused TM Aggressive Strategy (7/31/06) 2.24% 2.24% 7.24% 11.07% 12.61% 7.28%Growth-Focused TM Equity Strategy (12/31/09) 2.50% 2.50% 7.90% 11.87% 14.02% 12.27% S&P 500 Index 0.95% 0.95% 12.73% 14.47% 12.97% --U.S. TSY Bill 0.00% 0.00% 0.03% 0.09% 0.02% --MSCI EAFE 4.88% 4.88% -0.92% 6.16% 16.58% --

Institutional performance – as of 3/31/2015

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 10-year investment of $100,000 at 10% would grow to $259,400, and at 9%, to $236,700 before taxes. Performance data quoted is past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost. Current performance may be higher or lower. For performance data current to the most recent month end, please call 1-800-DIAL-SEI. Source: SEI Datamart.

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

Return (%) 10 Year Annualized

Return (%)

Institutional Fixed Income 1.63% 1.63% 4.78% 5.60% 5.30%

Institutional Moderate Growth & Income 2.28% 2.28% 5.83% 7.93% 6.03%

Institutional Growth & Income 2.57% 2.57% 6.30% 9.00% 6.27%

Institutional Capital Growth 2.88% 2.88% 6.78% 9.99% 6.42%

Institutional Equity 3.11% 3.11% 7.15% 10.83% 6.45%

S&P 500 Index 0.95% 0.95% 12.73% 14.47% 8.01%

Lehman Aggregate Bond Index 1.61% 1.61% 5.72% 4.41% 4.93%

U.S. TSY Bill 1-3 Month 0.00% 0.00% 0.03% 0.09% 1.49%

Tax-Sensitive performance – as of 3/31/2015

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. Performance data quoted is past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost. Current performance may be higher or lower. For performance data current to the most recent month end, please call 1-800-DIAL-SEI. Source: SEI Datamart.

Strategy QTD Total Return (%) YTD Total Return

(%)1 Year Return

(%) 5 Year Annualized

Return (%) 10 Year Annualized

Return (%)

TS 40 1.60% 1.60% 5.21% 7.33% 5.60%

TS 60 1.92% 1.92% 5.74% 8.57% 5.99%

TS 80 2.22% 2.22% 6.24% 9.75% 6.30%

TS 100 2.49% 2.49% 6.66% 10.76% 6.47%

S&P 500 Index 0.95% 0.95% 12.73% 14.47% 8.01%Lehman Aggregate Bond Index 1.61% 1.61% 5.72% 4.41% 4.93%U.S. TSY Bill 1-3 Month 0.00% 0.00% 0.03% 0.09% 1.49%

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.

• Barclays Capital High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.

• Barclays Capital Municipal 3-15 Year Index is an unmanaged index considered representative of the tax-exempt bond market.

• Barclays Capital Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market.

• Barclays Capital U.S. TIPS: 1-10 Year is an unmanaged index comprised of U.S. Treasury Inflation Protected securities having a maturity of at least 1 year and less than 10 years.

• 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.

• Barclays Capital US Treasury Index is an unmanaged index of public obligations of the U.S. Treasury with a remaining maturity of one year or more.

• The BofA Merrill Lynch US 3-Month Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

• BofA Merrill Lynch Preferred Stock Fixed is designed to replicate the total return of a diversified group of investment-grade preferred securities.

• 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.

• The VIX, or Chicago Board Options Exchange Volatility Index, uses option prices on the S&P 500 to estimate the implied volatility of the S&P 500 Index over the next 30 days. Options are derivative contracts that give a buyer the right (and impose upon the seller an obligation, if called upon by the buyer) to buy or sell an underlying security at a specified price, usually for a specified period of time. A higher number indicates greater volatility and an increase in the VIX is often associated with higher risk aversion among investors. Common usage: The Chicago Board Options Exchange Volatility Index (VIX), a barometer of market volatility.

Index Definitions (cont’d)

• 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 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 ACWI ex-US Index is a market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies.

• 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.

• The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

• The MSCI World Minimum Volatility Index aims to reflect the performance characteristics of a minimum-variance strategy, focused on providing absolute return and volatility with the lowest absolute risk. It is constructed from the MSCI World Index and the Barra Global Equity risk model and subject to various constituent, country, sector and factor constraints. The Index is unhedged and rebalanced (or re-optimized) semiannually.

• 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.

Index Definitions (cont’d)

• Large Cap Core = Russell 1000 Index

• International Equity = MSCI EAFE Index

• Emerging Markets Equity = MSCI Emerging Markets Free Index

• Core Fixed Income = Barclays Capital U.S. Aggregate Bond Index

• REIT Index = DJ U.S. Select REIT Index

• High Yield Bond = U.S. High Yield Master II Constrained Index

• Emerging Market Debt = JP Morgan EMBI Global Index

• International Fixed Income = Citigroup Bond WGBI Non-US Hedged Index

• Large Cap Growth = Russell 1000 Growth Index

• Large Cap Value = Russell 1000 Value Index

• Small Cap Value = Russell 2000 Value Index

• Small Cap Growth = Russell 2000 Growth Index

• 60/40 Diversified Portfolio = Annual returns for the 60/40 diversified portfolio are based on 24% Barclays Capital U.S. Aggregate Bond Index, 19% Russell 1000 Growth, 18% Russell 1000 Value, 12% MSCI EAFE, 6% MSCI Emerging Market, 6% Citigroup WGBI, Non-US, Hedged 4% Merrill Lynch U.S. High Yield Master II Constrained, 4% J.P. Morgan EMBI Global, 3% Russell 2000 Growth, 2% Russell 2000 Value, and 2% Dow Jones DJ U.S. Select REIT Index.

Glossary

• The Sharpe ratio is a measure of risk-adjusted return. It is the difference between the return on an investment (a portfolio, a stock or a benchmark index, for example) and a risk-free interest rate, divided by the investment’s volatility (as measured by standard deviation, or average periodic divergence from the investment’s average return).

• Standard Deviation is a statistical measure of historical volatility. A statistical measure of the distance a quantity is likely to lie from its average value. It is applied to the annual rate of return of an investment, to measure the investment's volatility (risk). Standard deviation is synonymous with volatility, in that the greater the standard deviation the more volatile an investment’s return will be. A standard deviation of zero would mean an investment has a return rate that never varies.

• Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha.

• Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.

• Inflation beta is many percentage points the asset's total return rises or falls, on average, for each percentage point increase in inflation

Disclosures

Disclosures

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. This information should not be relied upon by the reader as research or investment advice. This information is for educational purposes only.

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.

Index returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

There are risks involved with investing, including loss of principal. Current and future portfolio holdings are subject to risks as well. Diversification may not protect against market risk. There is no assurance the goals of the strategies discussed will be met. 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. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Narrowly focused investments and smaller companies typically exhibit higher volatility. 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 the speculative nature of their investments. In addition to the normal risks associated with investing, real estate and REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations. TIPS can provide investors a hedge against inflation, as the inflation adjustment feature helps preserve the purchasing power of the investment. Because of this inflation adjustment feature, inflation protected bonds typically have lower yields than conventional fixed rate bonds

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.

Disclosures

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.

An investment in the money market fund (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.

To determine if the Funds are an appropriate investment for you, carefully consider the investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Funds’ summary and full prospectuses, which may be obtained by calling 1-800-DIAL-SEI. Read it carefully before investing.

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.

SEI Investments Management Corporation (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. Neither SEI nor its subsidiaries is affiliated with your financial advisor.

Documents

Client Investment Review First Quarter 2015. Agenda › Setting Goals Follow-up From Last Meeting Financial Planning Check Up and Reconfirm Goals Global