# EDGAR Filing Document

**Accession Number:** 0000701817
**File Stem:** 0001104659-25-124346
**Filing Date:** 2025-12
**Character Count:** 1360353
**Document Hash:** 397d7372bd6dbd2e80d5169f873e67c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-124346.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001104659-25-124346

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 92

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251223

**EFFECTIVENESS DATE**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEI TAX EXEMPT TRUST
- **CENTRAL INDEX KEY:** 0000701817

**ORGANIZATION NAME:**
- **EIN:** 236741646
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03447
- **FILM NUMBER:** 251602054

**BUSINESS ADDRESS:**
- **STREET 1:** SEI INVESTMENTS
- **STREET 2:** 1 FREEDOM VALLEY CIRCLE
- **CITY:** OAK
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** 610 676-3097

**MAIL ADDRESS:**
- **STREET 1:** SEI INVESTMENTS
- **STREET 2:** 1 FREEDOM VALLEY CIRCLE
- **CITY:** OAK
- **STATE:** PA
- **ZIP:** 19456

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUSTFUNDS TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19890123
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEI TAX EXEMPT TRUST
- **CENTRAL INDEX KEY:** 0000701817

**ORGANIZATION NAME:**
- **EIN:** 236741646
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-76990
- **FILM NUMBER:** 251602053

**BUSINESS ADDRESS:**
- **STREET 1:** SEI INVESTMENTS
- **STREET 2:** 1 FREEDOM VALLEY CIRCLE
- **CITY:** OAK
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** 610 676-3097

**MAIL ADDRESS:**
- **STREET 1:** SEI INVESTMENTS
- **STREET 2:** 1 FREEDOM VALLEY CIRCLE
- **CITY:** OAK
- **STATE:** PA
- **ZIP:** 19456

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUSTFUNDS TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19890123

## Series and Classes Contracts Data

### STET SHORT DURATION MUNICIPAL FUND (Series ID: S000006430)

| Class ID   | Class Name                                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000017624 | STET SHORT DURATION MUNICIPAL FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SUMAX           |
| C000147411 | STET SHORT DURATION MUNICIPAL FUND - CLASS Y                                         | SHYMX           |

### STET PENNSYLVANIA MUNICIPAL BOND FUND (Series ID: S000006431)

| Class ID   | Class Name                                                                              | Ticker Symbol   |
|:---|:---|:---|
| C000017626 | STET PENNSYLVANIA MUNICIPAL BOND FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SEPAX           |
| C000147412 | STET PENNSYLVANIA MUNICIPAL BOND FUND - CLASS Y                                         | SPAYX           |

### STET MASSACHUSETTS MUNICIPAL BOND FUND (Series ID: S000006432)

| Class ID   | Class Name                                                                               | Ticker Symbol   |
|:---|:---|:---|
| C000017627 | STET MASSACHUSETTS MUNICIPAL BOND FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SMAAX           |
| C000147413 | STET MASSACHUSETTS MUNICIPAL BOND FUND - CLASS Y                                         | SMSYX           |

### STET NEW YORK MUNICIPAL BOND FUND (Series ID: S000006434)

| Class ID   | Class Name                                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000017629 | STET NEW YORK MUNICIPAL BOND FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SENYX           |
| C000147414 | STET NEW YORK MUNICIPAL BOND FUND - CLASS Y                                         | SNYYX           |

### STET NEW JERSEY MUNICIPAL BOND FUND (Series ID: S000006435)

| Class ID   | Class Name                                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000017630 | STET NEW JERSEY MUNICIPAL BOND FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SENJX           |
| C000147415 | STET NEW JERSEY MUNICIPAL BOND FUND - CLASS Y                                         | SNJYX           |

### STET CALIFORNIA MUNICIPAL BOND FUND (Series ID: S000006436)

| Class ID   | Class Name                                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000017631 | STET CALIFORNIA MUNICIPAL BOND FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SBDAX           |
| C000147416 | STET CALIFORNIA MUNICIPAL BOND FUND - CLASS Y                                         | SCYYX           |

### STET INTERMEDIATE TERM MUNICIPAL FUND (Series ID: S000006439)

| Class ID   | Class Name                                                                              | Ticker Symbol   |
|:---|:---|:---|
| C000017636 | STET INTERMEDIATE TERM MUNICIPAL FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SEIMX           |
| C000147417 | STET INTERMEDIATE-TERM MUNICIPAL FUND - CLASS Y                                         | SINYX           |

### STET TAX-ADVANTAGED INCOME FUND (Series ID: S000016947)

| Class ID   | Class Name                                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000047166 | STET TAX-ADVANTAGED INCOME FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SEATX           |
| C000147418 | STET TAX-ADVANTAGED INCOME FUND - CLASS Y                                         | STAYX           |

?xml version='1.0' encoding='ASCII'?

**As filed with the U.S. Securities and Exchange Commission on December 29, 2025**

**File No. 002-76990 File No. 811-03447** 

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE** |  |
| **SECURITIES ACT OF 1933** | ☐ |
| **POST-EFFECTIVE AMENDMENT NO. 94** | ☒ |
| **AND** |  |
| **REGISTRATION STATEMENT UNDER THE** |  |
| **INVESTMENT COMPANY ACT OF 1940** | ☐ |
| **AMENDMENT NO. 96** | ☒ |

---

**SEI TAX EXEMPT TRUST**

(Exact Name of Registrant as Specified in Charter)

SEI Investments Company

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(Address of Principal Executive Offices)

(610) 676-1000

(Registrant's Telephone Number)

**David F. McCann, Esq.**

SEI Investments Company

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(Name and Address of Agent for Service)

**Copies to:**

Timothy W. Levin, Esq.

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

John J. O'Brien, Esq.

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

Title of Securities Being Registered. . .Units of Beneficial Interest

It is proposed that the filing will become effective (check appropriate box)

☐ immediately upon filing pursuant to paragraph (b)

☒ on December 31, 2025 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on [date] pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on [date] pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

![](j25292622_ac001.jpg)

December 31, 2025

PROSPECTUS

SEI Tax Exempt Trust

Class F Shares

• Intermediate-Term Municipal Fund (SEIMX)

• Short Duration Municipal Fund (SUMAX)

• California Municipal Bond Fund (SBDAX)

• Massachusetts Municipal Bond Fund (SMAAX)

• New Jersey Municipal Bond Fund (SENJX)

• New York Municipal Bond Fund (SENYX)

• Pennsylvania Municipal Bond Fund (SEPAX)

• Tax-Advantaged Income Fund (SEATX)

*The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.*

*Not all Funds appearing in this prospectus are available for purchase in all states. You may purchase Fund shares only if they are registered in your state.*

seic.com

------

SEI TAX EXEMPT TRUST

About This Prospectus

---

| | |
|:---|:---|
| FUND SUMMARY | FUND SUMMARY |
| INTERMEDIATE-TERM MUNICIPAL FUND | 1 |
| SHORT DURATION MUNICIPAL FUND | 6 |
| CALIFORNIA MUNICIPAL BOND FUND | 11 |
| MASSACHUSETTS MUNICIPAL BOND FUND | 16 |
| NEW JERSEY MUNICIPAL BOND FUND | 21 |
| NEW YORK MUNICIPAL BOND FUND | 26 |
| PENNSYLVANIA MUNICIPAL BOND FUND | 31 |
| TAX-ADVANTAGED INCOME FUND | 36 |
| Purchase and Sale of Fund Shares | 43 |
| Payments to Broker-Dealers and Other<br>Financial Intermediaries | 43 |
| MORE INFORMATION ABOUT THE FUNDS | 43 |
| MORE INFORMATION ABOUT RISKS | 43 |
| Risk Information Common to the Funds | 43 |
| More Information About Principal Risks | 44 |
| GLOBAL ASSET ALLOCATION | 50 |
| MORE INFORMATION ABOUT THE FUNDS'<br>BENCHMARK INDEXES | 51 |
| INVESTMENT ADVISER | 52 |
| SUB-ADVISERS | 53 |
| Information About Fee Waivers | 54 |
| Sub-Advisers and Portfolio Managers | 55 |
| PURCHASING, EXCHANGING AND SELLING <br>FUND SHARES | 60 |
| HOW TO PURCHASE FUND SHARES | 60 |
| Pricing of Fund Shares | 61 |
| Frequent Purchases and Redemptions of<br>Fund Shares | 63 |
| Foreign Investors | 64 |
| Customer Identification and Verification and<br>Anti-Money Laundering Program | 64 |

---

---

| | |
|:---|:---|
| HOW TO EXCHANGE YOUR FUND SHARES | 65 |
| HOW TO SELL YOUR FUND SHARES | 65 |
| Receiving Your Money | 65 |
| Methods Used to Meet Redemption Obligations | 66 |
| Low Balance Redemptions | 66 |
| Suspension of Your Right to Sell Your Shares | 66 |
| Large Redemptions | 66 |
| Telephone Transactions | 66 |
| Unclaimed Property | 66 |
| DISTRIBUTION OF FUND SHARES | 67 |
| SERVICE OF FUND SHARES | 67 |
| DISCLOSURE OF PORTFOLIO HOLDINGS <br>INFORMATION | 67 |
| DIVIDENDS, DISTRIBUTIONS AND TAXES | 68 |
| Dividends and Distributions | 68 |
| Taxes | 68 |
| ADDITIONAL INFORMATION | 70 |
| FINANCIAL HIGHLIGHTS | 71 |
| HOW TO OBTAIN MORE INFORMATION ABOUT<br>SEI TAX EXEMPT TRUST | Back Cover |

---

------

SEI / PROSPECTUS

INTERMEDIATE-TERM MUNICIPAL FUND

Fund Summary

Investment Goal

The highest level of income exempt from federal income tax as is consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.33% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.48% |
| Total Annual Fund Operating Expenses | 0.81% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Intermediate-Term Municipal Fund — Class F Shares | $83 | $259 | $450 | $1002 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of its portfolio.

Principal Investment Strategies

The Intermediate-Term Municipal Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal income tax, including, but not limited to, municipal bonds, notes and commercial paper. The principal issuers of these securities are state and local governments and their agencies

------

SEI / PROSPECTUS

located in any of the fifty states, the District of Columbia, Puerto Rico and other U.S. territories and possessions.

The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). To a limited extent, SIMC may also directly manage a portion of the Fund's portfolio. The Sub-Advisers and, to the extent applicable, SIMC select securities based on their views on the future direction of interest rates and the shape of the yield curve, as well as their views on credit quality and sector allocation issues. Where possible, the Sub-Advisers and, to the extent applicable, SIMC will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Advisers and, to the extent applicable, SIMC will strive to maintain an average dollar-weighted portfolio maturity of three to ten years for the Fund's entire portfolio. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal income tax. The Fund may also invest in municipal securities rated below investment grade (junk bonds) or unrated municipal securities.

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events,

------

SEI / PROSPECTUS

the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

------

SEI / PROSPECTUS

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292622_ba002.jpg)  | Best Quarter: 6.31% (12/31/23)<br>Worst Quarter: -5.89% (3/31/22)<br>The Fund's Class F total return (pre-tax) from January 1, 2025 to September 30, 2025 was 2.81%. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on 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. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

------

SEI / PROSPECTUS

---

| | | | | |
|:---|:---|:---|:---|:---|
| Intermediate-Term Municipal Fund — Class F Shares | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(9/5/1989) |
| Return Before Taxes | 1.77% | 0.95% | 1.93% | 4.12% |
| Return After Taxes on Distributions | 1.75% | 0.92% | 1.90% | 4.07% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.20% | 1.28% | 2.04% | 4.06% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes)† | 1.05% | 0.99% | 2.25% | 5.04% |
| Bloomberg 3-15 Year Municipal Blend Index Return (reflects no deduction <br>for fees, expenses or taxes)\* | 0.71% | 1.05% | 2.12% | N/A<br>|

---

† Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (9/5/1989 – 9/30/1989). Annualization calculation of the inception to date returns is based on the actual inception date (9/5/1989).

\* The Bloomberg 3-15 Year Municipal Blend Index returns for the "Since Inception" period are not provided because index returns are not available prior to January 31, 1990.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 1999 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust | Stephen J. Czepiel<br>Gregory A. Gizzi<br>William Roach | Since 2007<br>Since 2012<br>Since 2023 | Senior Vice President, Senior Portfolio Manager<br>Senior Vice President, Senior Portfolio Manager<br>Vice President, Portfolio Manager |
| Insight North America LLC | Daniel Rabasco, CFA | Since 2010 | Head of Municipal Bonds |
| Wellington Management Company LLP | Brad W. Libby | Since 2019 | Managing Director and Fixed Income Portfolio Manager/Credit Analyst |

---

Tax Information

The Fund intends to make distributions consisting of exempt-interest dividends that are exempt from federal income tax and may also be exempt from certain state and/or local income taxes depending on an investor's state of residence. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

SHORT DURATION MUNICIPAL FUND

Fund Summary

Investment Goal

High level of income exempt from federal income tax consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.33% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.49% |
| Total Annual Fund Operating Expenses | 0.82% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Short Duration Municipal Fund — Class F Shares | $84 | $262 | $455 | $1014 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 31% of the average value of its portfolio.

Principal Investment Strategies

The Short Duration Municipal Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal income tax, including, but not limited to, municipal bonds, notes, variable rate demand notes and commercial paper. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, the District of Columbia, Puerto Rico and other U.S. territories and possessions.

------

SEI / PROSPECTUS

The Fund uses one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). The Sub-Advisers select securities based on their views on the future direction of interest rates and the shape of the yield curve, as well as their views on credit quality and sector allocation issues. Where possible, the Sub-Advisers will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Advisers will strive to maintain a portfolio duration of three years or less. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a three-year duration, it will decrease in value by approximately 3% if interest rates rise 1% and increase in value by approximately 3% if interest rates fall 1%. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal income tax.

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities

------

SEI / PROSPECTUS

supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

------

SEI / PROSPECTUS

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292622_ba003.jpg)  | Best Quarter: 2.47% (12/31/23)<br>Worst Quarter: -1.77% (3/31/22)<br>The Fund's Class F total return (pre-tax) from January 1, 2025 to September 30, 2025 was 2.95%. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on 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. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

------

SEI / PROSPECTUS

---

| | | | | |
|:---|:---|:---|:---|:---|
| Short Duration Municipal Fund — Class F Shares | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(11/13/2003) |
| Return Before Taxes | 2.67% | 1.24% | 1.02% | 1.44% |
| Return After Taxes on Distributions | 2.67% | 1.24% | 1.02% | 1.43% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.62% | 1.29% | 1.04% | 1.44% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes) | 1.05% | 0.99% | 2.25% | 3.58% |
| Bloomberg 1-Year Municipal Bond Index Return (reflects no deduction for <br>fees, expenses or taxes) | 2.71% | 1.39% | 1.30% | 1.71% |

---

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2003 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Allspring Global Investments, LLC | Bruce Johns<br>James Randazzo<br>Nicholos Venditti, CFA | Since 2011<br>Since 2019<br>Since 2020 | Senior Portfolio Manager<br>Senior Portfolio Manager<br>Senior Portfolio Manager, Head of Municipal Fixed Income |
| Neuberger Berman Investment Advisers LLC | Kristian J. Lind<br>Peter Moukios | Since 2011<br>Since 2016 | Senior Portfolio Manager, Managing Director<br>Senior Portfolio Manager, Senior Vice President |

---

Tax Information

The Fund intends to make distributions consisting of exempt-interest dividends that are exempt from federal income tax and may also be exempt from certain state and/or local income taxes depending on an investor's state of residence. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

CALIFORNIA MUNICIPAL BOND FUND

Fund Summary

Investment Goal

The highest level of current income exempt from federal and California state income taxes as is consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.33% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.49% |
| Total Annual Fund Operating Expenses | 0.82% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| California Municipal Bond Fund — Class F Shares | $84 | $262 | $455 | $1014 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

Principal Investment Strategies

The California Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and California state income taxes, including, but not limited to, municipal bonds, notes and commercial paper. The principal issuers of these securities are state and local

------

SEI / PROSPECTUS

governments and their agencies located in California, as well as in Puerto Rico and other U.S. territories and possessions.

The Fund uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of three to ten years. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and California state income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*California Investment Risk* — The Fund's performance will be affected by the fiscal and economic health of the State of California, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting California municipal issuers.

*Non-Diversified Risk* — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended, for classification as a regulated investment company.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities

------

SEI / PROSPECTUS

may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

------

SEI / PROSPECTUS

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Adviser will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292622_ba004.jpg)  | Best Quarter: 6.19% (12/31/23)<br>Worst Quarter: -6.10% (3/31/22)<br>The Fund's Class F total return (pre-tax) from January 1, 2025 to September 30, 2025 was 3.59%. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

------

SEI / PROSPECTUS

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on 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. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| California Municipal Bond Fund — Class F Shares | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(8/19/1998) |
| Return Before Taxes | 0.13% | 0.13% | 1.25% | 3.13% |
| Return After Taxes on Distributions | 0.09% | 0.08% | 1.19% | 3.05% |
| Return After Taxes on Distributions and Sale of Fund Shares | 0.81% | 0.46% | 1.36% | 3.07% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes)\* | 1.05% | 0.99% | 2.25% | 3.98% |
| Bloomberg California Intermediate Municipal Index Return (reflects no <br>deduction for fees, expenses or taxes) | 0.20% | 0.75% | 1.85% | 3.85% |

---

\* Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (8/19/1998 – 8/31/1998). Annualization calculation of the inception to date returns is based on the actual inception date (8/19/1998).

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 1999 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Adviser and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Insight North America LLC | Jeffrey Burger, CFA<br>Thomas Casey | Since 2013<br>Since 2013 | Senior Portfolio Manager<br>Senior Portfolio Manager |

---

Tax Information

The Fund intends to make distributions consisting of exempt-interest dividends that are exempt from federal income and California state income taxes. The Fund may invest a portion of its assets in securities that generate income that is subject to federal and California state income taxes, including the federal alternative minimum tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

MASSACHUSETTS MUNICIPAL BOND FUND

Fund Summary

Investment Goal

The highest level of current income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.33% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.51% |
| Total Annual Fund Operating Expenses | 0.84% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Massachusetts Municipal Bond Fund — Class F Shares | $86 | $268 | $466 | $1037 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.

Principal Investment Strategies

The Massachusetts Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and Massachusetts state income taxes, including, but not limited to, municipal bonds, notes and commercial paper. The principal issuers of these securities are state

------

SEI / PROSPECTUS

and local governments and their agencies located in Massachusetts, as well as in Puerto Rico and other U.S. territories and possessions.

The Fund uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of three to ten years. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and Massachusetts state income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*Massachusetts Investment Risk* — The Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Massachusetts, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Massachusetts municipal issuers.

*Non-Diversified Risk* — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended, for classification as a regulated investment company.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities

------

SEI / PROSPECTUS

may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

------

SEI / PROSPECTUS

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Adviser will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292622_ba005.jpg)  | Best Quarter: 6.09% (12/31/23)<br>Worst Quarter: -6.01% (3/31/22)<br>The Fund's Class F total return (pre-tax) from January 1, 2025 to September 30, 2025 was 3.45%. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

------

SEI / PROSPECTUS

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on 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. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Massachusetts Municipal Bond Fund — Class F Shares | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(8/19/1998) |
| Return Before Taxes | -0.23% | 0.05% | 1.20% | 3.11% |
| Return After Taxes on Distributions | -0.26% | 0.00% | 1.12% | 3.02% |
| Return After Taxes on Distributions and Sale of Fund Shares | 0.50% | 0.36% | 1.28% | 3.03% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes)\* | 1.05% | 0.99% | 2.25% | 3.98% |
| Bloomberg Massachusetts Intermediate Municipal Index Return (reflects no <br>deduction for fees, expenses or taxes) | -0.25% | 0.68% | 1.86% | 3.86% |

---

\* Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (8/19/1998 – 8/31/1998). Annualization calculation of the inception to date returns is based on the actual inception date (8/19/1998).

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 1999 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Adviser and Portfolio Manager.

<u> Sub-Adviser</u> <u> Portfolio Manager</u> <u> Experience withthe Fund</u> <u> Title with Sub-Adviser</u> <br> Insight North America LLC Daniel Rabasco, CFA Since 2010 Head of Municipal Bonds

Tax Information

The Fund intends to make distributions consisting of exempt-interest dividends that are exempt from federal income and Massachusetts state income taxes. The Fund may invest a portion of its assets in securities that generate income that is subject to federal and Massachusetts state income taxes, including the federal alternative minimum tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

NEW JERSEY MUNICIPAL BOND FUND

Fund Summary

Investment Goal

The highest level of current income exempt from federal and New Jersey state income taxes as is consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.33% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.48% |
| Total Annual Fund Operating Expenses | 0.81% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| New Jersey Municipal Bond Fund — Class F Shares | $83 | $259 | $450 | $1002 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of its portfolio.

Principal Investment Strategies

The New Jersey Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and New Jersey state income taxes, including, but not limited to, municipal bonds, notes and commercial paper. The principal issuers of these securities are state and local

------

SEI / PROSPECTUS

governments and their agencies located in New Jersey, as well as in Puerto Rico and other U.S. territories and possessions.

The Fund uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of three to ten years. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and New Jersey state income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*New Jersey Investment Risk* — The Fund's performance will be affected by the fiscal and economic health of the State of New Jersey, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New Jersey municipal issuers.

*Non-Diversified Risk* — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended, for classification as a regulated investment company.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities

------

SEI / PROSPECTUS

may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

------

SEI / PROSPECTUS

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Adviser will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292622_bc006.jpg)  | Best Quarter: 5.43% (12/31/23)<br>Worst Quarter: -5.09% (3/31/22)<br>The Fund's Class F total return (pre-tax) from January 1, 2025 to September 30, 2025 was 3.44%. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

------

SEI / PROSPECTUS

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on 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. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| New Jersey Municipal Bond Fund — Class F Shares | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(8/18/1998) |
| Return Before Taxes | 0.55% | 0.42% | 1.41% | 2.91% |
| Return After Taxes on Distributions | 0.52% | 0.41% | 1.38% | 2.86% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.13% | 0.74% | 1.53% | 2.89% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes)\* | 1.05% | 0.99% | 2.25% | 3.98% |
| Bloomberg 3-10 Year Municipal Blend Index Return (reflects no <br>deduction for fees, expenses or taxes) | 0.69% | 0.99% | 1.89% | 3.60% |

---

\* Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (8/18/1998 – 8/31/1998). Annualization calculation of the inception to date returns is based on the actual inception date (8/18/1998).

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 1999 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Adviser and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Insight North America LLC | Daniel Barton, CFA<br>Jeffrey Burger, CFA | Since 2013<br>Since 2013 | Head of Research, Municipal Bonds<br>Senior Portfolio Manager |

---

Tax Information

The Fund intends to make distributions consisting of exempt-interest dividends that are exempt from federal income and New Jersey state income taxes. The Fund may invest a portion of its assets in securities that generate income that is subject to federal and New Jersey state income taxes, including the federal alternative minimum tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

NEW YORK MUNICIPAL BOND FUND

Fund Summary

Investment Goal

The highest level of current income exempt from federal and New York state and city income taxes as is consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.33% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.49% |
| Total Annual Fund Operating Expenses | 0.82% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| New York Municipal Bond Fund — Class F Shares | $84 | $262 | $455 | $1014 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 40% of the average value of its portfolio.

Principal Investment Strategies

The New York Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and New York state and city income taxes, including, but not limited to, municipal bonds, notes and commercial paper. The principal issuers of these securities are state and local

------

SEI / PROSPECTUS

governments and their agencies located in New York, as well as in Puerto Rico and other U.S. territories and possessions.

The Fund uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of three to ten years. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and New York state and city income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*New York Investment Risk* — The Fund's performance will be affected by the fiscal and economic health of the State of New York, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New York municipal issuers.

*Non-Diversified Risk* — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended, for classification as a regulated investment company.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities

------

SEI / PROSPECTUS

may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

------

SEI / PROSPECTUS

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Adviser will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292622_bc007.jpg)  | Best Quarter: 6.30% (12/31/23)<br>Worst Quarter: -5.38% (3/31/22)<br>The Fund's Class F total return (pre-tax) from January 1, 2025 to September 30, 2025 was 3.51%. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

------

SEI / PROSPECTUS

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on 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. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| New York Municipal Bond Fund — Class F Shares | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(8/18/1998) |
| Return Before Taxes | -0.02% | 0.44% | 1.37% | 3.07% |
| Return After Taxes on Distributions | -0.05% | 0.36% | 1.30% | 3.00% |
| Return After Taxes on Distributions and Sale of Fund Shares | 0.74% | 0.71% | 1.44% | 3.01% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes)\* | 1.05% | 0.99% | 2.25% | 3.98% |
| Bloomberg New York Intermediate Municipal Index Return (reflects no <br>deduction for fees, expenses or taxes) | -0.11% | 0.89% | 1.93% | 3.79% |

---

\* Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (8/18/1998 – 8/31/1998). Annualization calculation of the inception to date returns is based on the actual inception date (8/18/1998).

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 1999 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Adviser and Portfolio Manager.

<u> Sub-Adviser</u> <u> Portfolio Manager</u> <u> Experience withthe Fund</u> <u> Title with Sub-Adviser</u> <br> Insight North America LLC Daniel Rabasco, CFA Since 2010 Head of Municipal Bonds

Tax Information

The Fund intends to make distributions consisting of exempt-interest dividends that are exempt from federal income tax and New York state and city income taxes. The Fund may invest a portion of its assets in securities that generate income that is subject to federal and New York state and city income taxes, including the federal alternative minimum tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

PENNSYLVANIA MUNICIPAL BOND FUND

Fund Summary

Investment Goal

Current income exempt from federal and Pennsylvania state income taxes consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.35% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.49% |
| Total Annual Fund Operating Expenses | 0.84% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Pennsylvania Municipal Bond Fund — Class F Shares | $86 | $268 | $466 | $1037 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 18% of the average value of its portfolio.

Principal Investment Strategies

The Pennsylvania Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and Pennsylvania state income taxes, including, but not limited to, municipal bonds, notes and commercial paper. The principal issuers of these securities are state and local

------

SEI / PROSPECTUS

governments and their agencies located in Pennsylvania, as well as in Puerto Rico and other U.S. territories and possessions.

The Fund uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of seven years or less. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and Pennsylvania state income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*Pennsylvania Investment Risk* — The Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Pennsylvania, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Pennsylvania municipal issuers.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events,

------

SEI / PROSPECTUS

the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

------

SEI / PROSPECTUS

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Adviser will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292622_bc008.jpg)  | Best Quarter: 5.53% (12/31/23)<br>Worst Quarter: -5.75% (3/31/22)<br>The Fund's Class F total return (pre-tax) from January 1, 2025 to September 30, 2025 was 3.70%. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on 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. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

------

SEI / PROSPECTUS

---

| | | | | |
|:---|:---|:---|:---|:---|
| Pennsylvania Municipal Bond Fund — Class F Shares | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(8/26/1998) |
| Return Before Taxes | 0.44% | 0.33% | 1.48% | 3.02% |
| Return After Taxes on Distributions | 0.42% | 0.29% | 1.46% | 2.99% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.05% | 0.64% | 1.56% | 3.03% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes)\* | 1.05% | 0.99% | 2.25% | 3.99% |
| Bloomberg Pennsylvania Intermediate Municipal Index Return (reflects no <br>deduction for fees, expenses or taxes) | 0.36% | 0.94% | 2.23% | 3.92% |

---

\* Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (8/26/1998 –8/31/1998). Annualization calculation of the inception to date returns is based on the actual inception date (8/26/1998).

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 1999 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Adviser and Portfolio Manager.

<u> Sub-Adviser</u> <u> Portfolio Manager</u> <u> Experience with the Fund</u> <u> Title with Sub-Adviser</u> <br> Insight North America LLC Daniel Rabasco, CFA Since 2010 Head of Municipal Bonds

Tax Information

The Fund intends to make distributions consisting of exempt-interest dividends that are exempt from federal income and Pennsylvania state income taxes. The Fund may invest a portion of its assets in securities that generate income that is subject to federal and Pennsylvania state income taxes, including the federal alternative minimum tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

TAX-ADVANTAGED INCOME FUND

Fund Summary

Investment Goal

Provide the highest level of income possible in a tax efficient manner.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.50% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.58% |
| Total Annual Fund Operating Expenses | 1.08% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Tax-Advantaged Income Fund — Class F Shares | $110 | $343 | $595 | $1317 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.

Principal Investment Strategies

The Tax-Advantaged Income Fund will invest, under normal circumstances, at least 50% of its net assets in municipal securities, such as bonds, that pay interest that is exempt from federal income tax, including the alternative minimum tax. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, as well as in Puerto Rico and other U.S. territories and possessions. The Fund may invest more than 25% of its total assets in bonds of issuers in California and New York. Under

------

SEI / PROSPECTUS

most market conditions, a large percentage of the municipal securities in which the Fund invests will be below investment grade (junk bonds), but the Fund, without limitation, may invest in higher rated municipal securities.

To a lesser extent, the Fund will also invest in a full range of preferred stock with an emphasis on preferred securities that, at the time of issuance, are eligible to pay dividends that qualify for certain favorable federal income tax treatment, such as dividends that are treated as qualified dividend income and eligible for the dividends received deduction (in each instance, provided certain requirements and holding periods are satisfied, see "Taxes"). The amount invested in preferred stocks at any one time will depend on the attractiveness of the after-tax income stream produced by the preferred securities and will be less than 50% of the Fund's net assets. It is possible that the Fund could own no preferred securities if municipal securities produce a higher yield on an after-tax basis.

Although the Fund may invest a portion of its assets in securities other than municipal and preferred securities, the Fund will seek to purchase securities that generate income eligible for preferential tax treatment in the hands of shareholders. The Fund may also invest in convertible securities, securities eligible for resale under Rule 144A of the Securities Act of 1933, as amended, and other privately placed securities, debt securities subject to federal income tax, common stock and open and closed-end funds. SEI Investments Management Corporation (SIMC or the Adviser) may directly invest up to 5% of the Fund's assets in closed-end bond funds.

The Fund uses a multi-manager approach to manage the Fund's portfolio under the general supervision of SIMC. Each sub-adviser (each, a Sub-Adviser and collectively, the Sub-Advisers) and, to the extent applicable, SIMC selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, each Sub-Adviser and, to the extent applicable, SIMC, will attempt to acquire securities that are underpriced relative to other eligible securities. Each Sub-Adviser and, to the extent applicable, SIMC, will seek to maintain duration of four to eleven years for the Fund's entire portfolio. The Fund may invest in securities subject to the alternative minimum tax or in taxable debt securities.

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

------

SEI / PROSPECTUS

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

*California/New York Investment Risk* — To the extent the Fund invests a material portion of its assets in issuers of California or New York municipal securities, the Fund's performance will be affected by the fiscal and economic health of the States of California or New York, their political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting California or New York municipal issuers.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities generally have less potential for gain or loss than common stocks. In addition, convertible and preferred securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible and preferred securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible and preferred securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. Convertible and preferred securities are also subject to credit risk and are often lower-quality securities.

------

SEI / PROSPECTUS

*Investment Company Risk* — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

*Private Placements Risk* — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Equity Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Taxation Risk* — In order to pay tax-exempt interest, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. Changes or proposed changes in federal tax laws may cause the prices of tax-exempt securities to fall. While the Fund intends, under normal circumstances, to invest at least 50% of its

------

SEI / PROSPECTUS

net assets in municipal securities that pay interest that is exempt from federal income tax in order to meet the requirements necessary to pay out exempt-interest dividends to its shareholders, if the Fund fails to meet this requirement, the income distributions resulting from all of its investments, including its municipal securities, may be subject to federal income tax when received by shareholders. The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to additional tax liabilities.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292622_bc009.jpg)  | Best Quarter: 7.11% (12/31/23)<br>Worst Quarter: -5.95% (3/31/22)<br>The Fund's Class F total return (pre-tax) from January 1, 2025 to September 30, 2025 was 1.41%. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Municipal Bond Index (a broad-based securities market index) as well as a blended benchmark that is composed of the Bloomberg High Yield Municipal Bond Index and the Bloomberg U.S. Municipal Bond Index weighted 60%/40%. In prior years, the Fund also compared its performance to the Bloomberg High Yield Municipal Bond Index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold

------

SEI / PROSPECTUS

their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Tax-Advantaged Income Fund — Class F Shares | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(9/4/2007) |
| Return Before Taxes | 5.81% | 2.01% | 3.62% | 4.20% |
| Return After Taxes on Distributions | 4.96% | 1.25% | 2.79% | 3.39% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.57% | 1.79% | 3.01% | 3.48% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes) | 1.05% | 0.99% | 2.25% | 3.51% |
| The Fund's 60/40 Blended Benchmark Return (reflects no deduction for <br>fees, expenses or taxes) | 4.19% | 2.02% | 3.48% | 4.17% |

---

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2007 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Allspring Global Investments, LLC | Dennis Derby<br>Kerry Laurin<br>Nicholos Venditti, CFA | Since 2017<br>Since 2020<br>Since 2025 | Senior Research Analyst and Portfolio Manager<br>Senior Research Analyst and Portfolio Manager<br>Senior Portfolio Manager, Head of Municipal Fixed Income |
| Pacific Investment Management Company LLC | David Hammer | Since 2015 | Managing Director |
| Spectrum Asset Management, Inc. | Mark A. Lieb<br>L. Phillip Jacoby<br>Manu Krishnan<br>Roberto Giangregorio<br>Fred Diaz<br>Satomi Yarnell<br>Kevin Nugent | Since 2007<br>Since 2007<br>Since 2007<br>Since 2007<br>Since 2007<br>Since 2021<br>Since 2024 | Chief Executive Officer and President<br>Chief Investment Officer and Executive Director<br>Portfolio Manager<br>Portfolio Manager<br>Portfolio Manager<br>Portfolio Manager<br>Portfolio Manager |

---

------

SEI / PROSPECTUS

Tax Information

The Fund expects a portion of its distributions to consist of exempt-interest dividends that are exempt from federal income tax and that may also be exempt from certain state and/or local income taxes depending on an investor's state of residence. The Fund, however, expects to invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

Purchase and Sale of Fund Shares

The minimum initial investment for Class F Shares is $100,000 with minimum subsequent investments of $1,000. The Funds may accept investments of smaller amounts at their discretion. You may purchase and redeem shares of a Fund on any day that the New York Stock Exchange (NYSE) is open for business (a Business Day). You may sell your Fund shares by contacting your authorized financial institution or intermediary directly. Authorized financial institutions and intermediaries may redeem Fund shares on behalf of their clients by contacting the Funds' transfer agent (the Transfer Agent) or the Funds' authorized agent, using certain SEI Investments Company (SEI) or third party systems or by calling 1-800-858-7233, as applicable.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), a Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

MORE INFORMATION ABOUT THE FUNDS

Each Fund is a mutual fund. A mutual fund pools shareholders' money and, using professional investment managers, invests it in securities and certain other instruments.

Each Fund has its own investment goal and strategies for reaching that goal. Each Fund's assets are managed under the direction of SIMC and one or more Sub-Advisers who manage portions of the Fund's assets in a way that they believe will help the Fund achieve its goal.

The investments and strategies described in this prospectus are those that SIMC and the Sub-Advisers use under normal conditions. For temporary defensive or liquidity purposes during unusual economic or market conditions, each Fund may invest up to 100% of its assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with a Fund's strategies. During such time, the Funds may not achieve their investment goals. A Fund will do so only if SIMC or a Sub-Adviser believes that the risk of loss outweighs the opportunity for capital gains or higher income. Of course, there is no guarantee that any Fund will achieve its investment goal.

This prospectus describes the Funds' primary investment strategies. However, the Funds may also invest in other securities, use other strategies and engage in other investment practices. These investments and strategies, as well as those described in this prospectus, are described in detail in the Funds' Statement of Additional Information (SAI).

MORE INFORMATION ABOUT RISKS

Risk Information Common to the Funds

Investing in the Funds involves risks, and there is no guarantee that a Fund will achieve its goal. SIMC and the Sub-Advisers, as applicable, make judgments about the securities markets, the economy and companies, but these judgments may not anticipate actual market movements or the impact of economic conditions on company performance. You could lose money on your investment in a Fund, just as you could with other

------

SEI / PROSPECTUS

investments. An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The value of your investment in a Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect security markets generally, as well as those that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities a Fund owns and the markets in which those securities trade. The effect on a Fund's share price of a change in the value of a single security will depend on how widely the Fund diversifies its holdings.

More Information About Principal Risks

The following descriptions provide additional information about some of the risks of investing in the Funds:

*Artificial Intelligence* — The rapid development of increasingly widespread use of certain artificial intelligence — or "AI"- technologies may adversely impact the overall performance of a Fund's investments, or alter the services provided to a Fund by its service providers. AI technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms, and it is possible that the information provided through use of AI technologies could be insufficient, incomplete, inaccurate or biased, leading to adverse effects for a Fund, including, potentially, operational errors and investment losses. AI technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations and the associated risks to a Fund.

*Below Investment Grade Fixed Income Securities (Junk Bonds) —* Below investment grade fixed income securities (commonly referred to as junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Junk bonds involve greater risk of price declines than investment grade securities due to actual or perceived changes in an issuer's creditworthiness. In addition, issuers of junk bonds may be more susceptible than other issuers to economic downturns. Junk bonds are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the security. The volatility of junk bonds is even greater because the prospect for repayment of principal and interest of many of these securities is speculative. Some may even be in default. As an incentive to invest, these risky securities tend to offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return.

*California Investment* — To the extent a Fund invests in California municipal securities, the Fund's performance will be affected by the fiscal and economic health of the State of California, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting California municipal issuers. Political, economic, regulatory and other developments in California may adversely affect the securities held by a Fund. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California's governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations, and adversely affect Fund performance. The California economy continues to benefit from broad-based growth, and in recent years, California has paid off billions of dollars of budgetary borrowings, debts and deferrals which were accumulated in order to balance budgets in prior years. Despite the recent significant budgetary improvements, there remain a number of risks that threaten the fiscal condition of the State of California, including the significant unfunded liabilities of the state's two main retirement systems. In recent years,

------

SEI / PROSPECTUS

California has committed to significant increases in annual payments to these systems to reduce the unfunded liabilities. However, California also has significant unfunded liability with respect to other post-employment benefits. Although California's economy is broad, it has major concentrations in certain industries and may be sensitive to economic problems affecting those industries. A default or credit rating downgrade of a small number of municipal security issuers could negatively impact the market values and marketability of all California municipal securities held by a Fund. In addition, investments in California municipal securities may be affected by natural disasters, such as earthquakes or wildfires, which could impair an issuer's ability to pay principal and/or interest on its obligations.

*Commercial Paper —* Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities to finance short-term credit needs. Commercial paper is usually sold on a discount basis and has a maturity at the time of issuance generally not exceeding 270 days. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities. The value of commercial paper will tend to fall when interest rates rise and rise when interest rates fall.

*Convertible and Preferred Securities —* Convertible and preferred securities generally have less potential for gain or loss than common stocks. In addition, convertible and preferred securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible and preferred securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible and preferred securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. Convertible and preferred securities are also subject to credit risk and are often lower-quality securities.

*Credit —* Credit risk is the risk that a decline in the credit quality of an investment could cause the Funds to lose money. Although the Funds, except the Tax-Advantaged Income Fund, primarily invest in investment grade securities, the Funds could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. Fixed income securities rated below investment grade (junk bonds) (described above) involve greater risk of default or downgrade and are generally more volatile than investment grade securities. Discontinuation of these payments could substantially adversely affect the market value of the security.

*Current Market Conditions Risk* — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks raised interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal Reserve stopping or reversing these changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Funds' investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in

------

SEI / PROSPECTUS

Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Funds' portfolio investments and could result in disruptions in the trading markets.

*Duration —* Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if the interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with longer duration typically have higher risk and higher volatility. Longer-term securities in which a portfolio may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is typically more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Equity Market —* Because the Tax-Advantaged Income Fund may purchase equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors can contribute to price volatility.

*Extension —* The Funds' investments in fixed income securities are subject to extension risk. Generally, rising interest rates tend to extend the duration of fixed income securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a Fund may exhibit additional volatility.

*Fixed Income Markets* — The prices of the Funds' fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Funds' fixed income securities will decrease in value if interest rates rise and vice versa. Fixed income securities may have fixed-, variable- or floating-rates. There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates. Also, longer-term securities are generally more sensitive to changes in the level of interest rates, so the average maturity or duration of these securities affects risk. Changes in government policy, including the Federal Reserve's decisions with respect to raising interest rates or terminating certain programs such as quantitative easing, could increase the risk that interest rates will rise. Rising interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. These risks may be heightened in a low interest rate environment. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Funds' values may fluctuate and/or the Funds may

------

SEI / PROSPECTUS

experience increased redemptions from shareholders, which may impact the Funds' liquidity or force the Funds to sell securities into a declining or illiquid market.

*Interest Rate —* The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. In a low interest rate environment, the risk of a decline in value of the Fund's portfolio securities associated with rising rates are heightened because there may be a greater likelihood of rates increasing, potentially rapidly. In a declining interest rate environment, the Fund generally will be required to invest available cash in instruments with lower interest rates than those of the current portfolio securities. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, whereas others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources.

*Investment Company —* Certain Funds may purchase shares of investment companies, such as open-end and closed-end funds. When a Fund invests in an investment company, it will bear a pro rata portion of the investment company's expenses in addition to directly bearing the expenses associated with its own operations. Such expenses may make owning shares of an investment company more costly than owning the underlying securities directly. The Funds may invest in affiliated funds including, for example, money market funds for reasons such as cash management or other purposes. In such cases, the Funds' adviser and its affiliates will earn fees at both the Fund level and within the underlying fund with respect to the Fund's assets invested in the underlying fund. In part because of these additional expenses, the performance of an investment company may differ from the performance the Fund would achieve if it invested directly in the underlying investments of the investment company. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments.

*Liquidity —* Each Fund is subject to liquidity risk. Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the condition of a particular issuer or under adverse market or economic conditions independent of the issuer. A Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

*Massachusetts Investment —* To the extent a Fund invests in Massachusetts municipal securities, the Fund's performance will be vulnerable to events that adversely affect the fiscal and economic health of the Commonwealth of Massachusetts, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Massachusetts municipal issuers. These events include tax, legislative, or political changes as well as a deterioration in the state or local budgets. Although Massachusetts' economy is relatively diverse, industries significant to the state's economy could experience downturns or fail to develop as expected, negatively impacting the local economy and a Fund's performance. Massachusetts generally has a high degree of job stability and an educated work force due to its large concentration of colleges and universities, but the high cost of doing business in Massachusetts may serve as an impediment to job creation. Additionally, fluctuations in unemployment levels or in the state or national economy could result in decreased tax revenues, which could also impact a Fund's performance. Events such as epidemics or pandemics, and the significant uncertainty and stress to the financial resources they may cause to the state and its municipalities may impair the ability of the state and its municipalities to repay their obligations and could, amongst other things, exacerbate existing economic, political or other tensions.

------

SEI / PROSPECTUS

*Municipal Securities —* The Funds invest primarily in municipal securities. Municipal securities are fixed income securities issued by state or local governments or their agencies (such as housing or hospital authorities) to finance capital expenditures and operations. The obligation to pay principal and interest on municipal securities may be a general obligation of the state or local government or may be supported only by an agency or a particular source of revenues. Therefore, municipal securities vary in credit quality. Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Funds' holdings. As a result, the Funds will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great of a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Funds. Any changes in the financial condition of municipal issuers also may adversely affect the value of the Funds' securities.

*New Jersey Investment* — To the extent a Fund invests in New Jersey municipal securities, the Fund's performance will be affected by the fiscal and economic health of the State of New Jersey, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New Jersey municipal issuers. Unfavorable developments in any economic sector may have far-reaching ramifications on the overall New Jersey municipal market. Market conditions may also impact the liquidity and valuation of New Jersey municipal securities. Employment levels, personal income and commercial activity contribute significantly to New Jersey tax revenues, and the state could suffer from declines in these or other sources of revenue. For more than a decade, the state has contributed significantly less to the state's pension plans than the amount needed to fund these programs. New Jersey's pension liabilities are expected to increase substantially in the future, and the state anticipates that future pension plan contributions will place a significant burden on state finances. Meanwhile, the state's health care funding obligations continue to rise. Changes in federal law or regulation, federal budgetary changes or other actions may lead to reductions in federal spending. Further reductions in federal funding or other changes that increase state spending could place additional strain on the state and local governments and may have a negative effect on their ability to meet their obligations. Furthermore, local municipal issuers in New Jersey often are dependent on the state government for a portion of their revenues. These and other factors may adversely affect the ability of the issuers of New Jersey municipal securities to make required payments of interest and principal, as well as the market value and marketability of municipal securities held by a Fund.

*New York Investment* — To the extent a Fund invests in New York municipal securities, the Fund's performance will be affected by the fiscal and economic health of the State of New York, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New York municipal issuers. Unfavorable developments in any economic sector may have a substantial impact on the overall New York municipal market. As the nation's financial capital, New York's economy is heavily dependent on the financial sector and may be sensitive to economic problems affecting the sector.

------

SEI / PROSPECTUS

New York also faces a particularly large degree of uncertainty from interest rate risk and equity market volatility. The New York economy tends to be more sensitive to monetary policy actions and to movements in the national and world economies than the economies of other states. The New York economy is diversified across the finance, insurance, real estate, entertainment and services sectors. Any downturn in these sectors or related industries may adversely affect the New York economy. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations. Any deterioration of New York's fiscal situation could increase the risk of investing in New York municipal securities, including the risk of potential issuer default, and could heighten the risk that the prices of New York municipal securities, and the Fund's net asset value and/or yield, will experience greater volatility. Furthermore, any such deterioration could result in a downgrade of the credit rating of an issuer of New York municipal securities. Future downgrades could reduce the market value of the securities held by the Fund, which could adversely affect the Fund's performance.

*Non-Diversification* — The California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond and New York Municipal Bond Funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, these Funds may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, each of these Funds intends to satisfy the asset diversification requirements for qualification as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Intermediate-Term Municipal, Tax-Advantaged Income, Short Duration Municipal and Pennsylvania Municipal Bond Funds are diversified.

*Pennsylvania Investment* — To the extent a Fund invests in Pennsylvania municipal securities, the Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Pennsylvania, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Pennsylvania municipal issuers. Pennsylvania is one of the nation's most populous states and has a diversified economy. Pennsylvania had been historically identified as a heavy industrial state. That reputation has changed over the last several decades as the coal, steel and railroad industries declined. Pennsylvania's business environment readjusted with a more diversified economic base. Currently, the major sources of growth in Pennsylvania are in the service sector, including healthcare, leisure hospitality, transport and storage. As in other industrially developed states, economic activity in Pennsylvania may be more cyclical than in some other states or in the nation as a whole. Other factors that may negatively affect economic conditions in Pennsylvania include adverse changes in employment rates, federal revenue sharing laws or laws with respect to tax-exempt financing. Additionally, Pennsylvania faces significant fiscal challenges including a structural imbalance and significant underfunding of the Pennsylvania's pension systems. An economic downturn could significantly impact Pennsylvania's finances and, therefore, its municipal securities. Moreover, the level of public debt in Pennsylvania may affect long-term growth prospects and could cause some municipalities to experience financial hardship.

*Prepayment —* The Funds' investments in fixed income securities are subject to prepayment risk. In a declining interest rate environment, fixed income securities with stated interest rates may have their principal paid earlier than expected. This may result in a Fund having to reinvest that money at lower prevailing interest rates, which can reduce the returns of the Fund.

*Private Placements —* Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by a Fund or less than what may be considered the

------

SEI / PROSPECTUS

fair value of such securities. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

*Puerto Rico Investment —* To the extent a Fund invests in Puerto Rico municipal securities, the Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Puerto Rico, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Puerto Rico municipal issuers. Unfavorable developments in any economic sector may have far-reaching ramifications on the overall Puerto Rico municipal market. Puerto Rico has recently experienced (and may in the future experience) significant fiscal and economic challenges, including substantial debt service obligations, high levels of unemployment, underfunded public retirement systems and persistent government budget deficits. The economy of Puerto Rico is closely linked to the mainland U.S. economy, as many of the external factors that affect the local economy are determined by the policies and performance of the mainland U.S. economy. Tourism makes a significant contribution to Puerto Rico's economic activity so a decline in tourism, a change in tourism trends or an economic recession that reduces worldwide disposable income could disproportionately affect Puerto Rico's economy relative to other economies that depend less on tourism.

*Reallocation* — In addition to managing the Funds, SIMC constructs and maintains strategies (Strategies) for certain clients, and the Funds are designed in part to implement those Strategies. Within the Strategies, SIMC periodically adjusts the target allocations among the Funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect significant changes in allocation among the Funds. Because a significant portion of the assets in the Funds may be composed of investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could in certain cases have a detrimental effect on the Funds if they are being materially reallocated, including by increasing portfolio turnover (and related transactions costs), disrupting the portfolio management strategy, and causing the Funds to incur taxable gains. SIMC seeks to manage the impact to the Funds resulting from reallocations in the Strategies.

GLOBAL ASSET ALLOCATION

The Funds and other funds managed by SIMC are used within the Strategies that SIMC constructs and maintains for certain clients (Strategy Clients). The Funds are designed in part to be used as a component within those Strategies. The degree to which a Strategy Client's portfolio is invested in the particular market segments and/or asset classes represented by the Funds and other funds varies. SIMC believes that an investment in a portfolio of funds representing a range of asset classes as part of a Strategy may reduce the Strategy's overall level of volatility.

Within the Strategies, SIMC periodically adjusts the target allocations among the Funds and other funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect significant changes in allocation among the Funds and other funds. Because a significant portion of the assets in the Funds and other funds may be attributable to investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could, in certain cases, have a detrimental effect on the Funds. Such detrimental effects could include: transaction costs, capital gains and other expenses resulting from an increase in portfolio turnover; and disruptions to the portfolio management strategy, such as foregone investment opportunities or the inopportune sale of securities to facilitate redemptions.

------

SEI / PROSPECTUS

MORE INFORMATION ABOUT THE FUNDS' BENCHMARK INDEXES

The following information describes the various indexes referred to in the Performance Information sections of this prospectus, including those indexes that compose the Tax-Advantaged Income Fund's Blended Benchmark Index.

The Bloomberg High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated or rated below Ba1 by Moody's Investors Service with a remaining maturity of at least one year.

The Bloomberg California Intermediate Municipal Index is a subset of the Bloomberg Municipal Bond Index, an unmanaged, broad-based statistical composite of municipal bonds, and is comprised primarily of bond obligations of the state and local governments of California and their agencies with maturities between 5 and 10 years.

The Bloomberg Massachusetts Intermediate Municipal Index is a subset of the Bloomberg Municipal Bond Index, an unmanaged, broad-based statistical composite of municipal bonds, and is comprised primarily of bond obligations of the state and local governments of Massachusetts and their agencies with maturities between 5 and 10 years.

The Bloomberg New York Intermediate Municipal Index is a subset of the Bloomberg Municipal Bond Index, an unmanaged, broad-based statistical composite of municipal bonds, and is comprised primarily of bond obligations of the state and local governments of New York and their agencies with maturities between 5 and 10 years.

The Bloomberg Pennsylvania Intermediate Municipal Index is a subset of the Bloomberg Municipal Bond Index, an unmanaged, broad-based statistical composite of municipal bonds, and is comprised primarily of bond obligations of the state and local governments of Pennsylvania and their agencies with maturities between 5 and 10 years.

The Bloomberg Municipal Bond Index is a market-value-weighted index for the long-term tax-exempt bond market and must have a minimum credit rating of Baa.

The Bloomberg 1-Year Municipal Bond Index is a rules-based, market-value weighted index engineered for the short-term tax exempt investor. The index has four main sectors: general obligation, revenue, insured and pre-refunded bonds.

The Bloomberg 3-15 Year Municipal Blend Index is a rules-based, market-value weighted index engineered for the intermediate-term tax exempt investor. The index is derived from a combination of the Bloomberg 3, 5, 7, 10 and 15 year municipal indexes. These indexes have four main sectors: general obligation, revenue, insured and pre-refunded bonds.

The Bloomberg 3-10 Year Municipal Blend Index is a rules-based, market-value weighted index engineered for the intermediate-term tax exempt investor. The index is derived from a combination of the Bloomberg 3, 5, 7 and 10 year municipal indexes. These indexes have four main sectors: general obligation, revenue, insured and pre-refunded bonds.

The Bloomberg U.S. Municipal Bond Index is designed to measure the performance of the USD-denominated long-term tax-exempt bond market.

------

SEI / PROSPECTUS

INVESTMENT ADVISER

SIMC, a Securities and Exchange Commission (SEC) registered investment adviser, located at One Freedom Valley Drive, Oaks, PA 19456, serves as the investment adviser to the Funds. As of September 30, 2025, SIMC had approximately $219.46 billion in assets under management.

The Funds are managed by SIMC and one or more Sub-Advisers. SIMC acts as a "manager of managers" of the Funds and, subject to the oversight of the Board of Trustees of the Trust (the Board), is responsible for:

— researching and recommending to the Board, the hiring, termination and replacement of Sub-Advisers;

— allocating, on a continuous basis, assets of a Fund among the Sub-Advisers (to the extent a Fund has more than one Sub-Adviser);

— monitoring and evaluating each Sub-Adviser's performance;

— overseeing the Sub-Advisers to ensure compliance with the Funds' investment objectives, policies and restrictions; and

— monitoring each Sub-Adviser's adherence to its investment style.

SIMC acts as manager of managers for the Funds pursuant to an exemptive order obtained from the SEC. The exemptive order permits SIMC, with the approval of the Board, to retain unaffiliated sub-advisers for the Funds without submitting the sub-advisory agreements to a vote of the applicable Funds' shareholders. Among other things, the exemptive order permits the non-disclosure of amounts payable by SIMC under a particular sub-advisory agreement, but instead requires SIMC to disclose the aggregate amount of sub-advisory fees paid by SIMC with respect to each Fund. As a manager of managers, SIMC is ultimately responsible for the investment performance of the Funds. The Board supervises SIMC and the Sub-Advisers and establishes policies that they must follow in their management activities.

In accordance with a separate exemptive order that the Trust and SIMC have obtained from the SEC, the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, subject to certain conditions, including that the Trustees are able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting.

SIMC sources, analyzes, selects and monitors a wide array of Sub-Advisers across multiple asset classes. Differentiating manager skill from market-generated returns is one of SIMC's primary objectives, as it seeks to identify Sub-Advisers that can deliver attractive investment results. SIMC believes that a full assessment of qualitative as well as quantitative factors is required to identify truly skilled managers. In carrying out this function, SIMC forms forward-looking expectations regarding how a Sub-Adviser will execute a given investment mandate; defines environments in which the strategy is likely to outperform or underperform; and seeks to identify the relevant factors behind a Sub-Adviser's performance. It also utilizes this analysis to identify catalysts that would lead SIMC to reevaluate its view of a Sub-Adviser.

SIMC then constructs a portfolio that seeks to maximize the risk-adjusted rate of return by finding a proper level of diversification between sources of excess return (at an asset class level) and the investment managers implementing them. The allocation to a given investment manager is based on SIMC's analysis of the manager's particular array of alpha sources, the current macroeconomic environment, expectations about the future macroeconomic environment, and the level of risk inherent in a particular manager's investment

------

SEI / PROSPECTUS

strategy. SIMC measures and allocates to Sub-Advisers based on risk allocations in an attempt to ensure that one manager does not dominate the risk of a multi-manager, multi-return-source fund.

Richard Bamford and Anthony Karaminas are the portfolio managers primarily responsible for the management and oversight of the Funds, as described above, and Daniel Falkowski is an assistant portfolio manager for the Funds. Mr. Bamford, Mr. Karaminas and Mr. Falkowski may also, to a limited extent, directly manage a portion of the assets in each Fund in a manner that SIMC believes will help each Fund achieve its investment goals.

Mr. Bamford serves as a Senior Portfolio Manager for the Traditional Strategies Group within the Investment Management Unit. Mr. Bamford is responsible for high yield, emerging market, municipal and taxable fixed-income portfolios, as well as leading the investment-grade debt and municipal bonds portfolios. Mr. Bamford's duties include manager analysis and selection, strategy development and enhancement as well as investment research. Mr. Bamford has over 32 years of investment experience in investment management. Prior to joining SEI in 1999, Mr. Bamford worked as a Municipal Credit Analyst for Vanguard. Mr. Bamford received a Bachelor of Science in Economics/Finance and Accounting from the University of Scranton and an M.B.A. with a concentration in Finance from St. Joseph's University.

Anthony Karaminas, CFA, serves as a Portfolio Manager for the Funds. Mr. Karaminas is the Head of Sub-Advisory Fixed Income & Multi-Asset within the Investment Management Unit and is responsible for Portfolio Management leadership and oversight duties. Prior to joining SEI, he was an Associate Portfolio Manager/Analyst within the Multi-Manager Solution team at UBS Asset Management. Previously, Mr. Karaminas held the role of Sector Head of Global Fixed Income and Global High Yield Funds Research at S&P Capital IQ. Mr. Karaminas was also a Senior Analyst at Goldman Sachs JBWere. Mr. Karaminas received a Bachelor of Business (with honors) from Swinburne University in Melbourne, Australia. He is a CFA charterholder and a member of the CFA Institute.

Mr. Falkowski serves as an Assistant Portfolio Manager for the Funds. His duties include manager due diligence and selection. Mr. Falkowski has over 15 years of investment experience. Prior to joining SEI in 2016, Mr. Falkowski was a Senior Investment Officer at the City of Philadelphia Board of Pensions and Retirement. Mr. Falkowski received both his B.S. and M.S. in Finance from the Villanova University.

SUB-ADVISERS

Each Sub-Adviser makes investment decisions for the assets it manages and continuously reviews, supervises and administers its investment program. Each Sub-Adviser must also operate within each Fund's investment objective, restrictions and policies, and within specific guidelines and instructions established by SIMC from time to time. Each Sub-Adviser is responsible for managing only the portion of the Fund allocated to it by SIMC, and Sub-Advisers may not consult with each other concerning transactions for a Fund. SIMC pays the Sub-Advisers out of the investment advisory fees it receives (as described below).

------

SEI / PROSPECTUS

For the fiscal year ended August 31, 2025, SIMC received investment advisory fees (after fee waivers), as a percentage of each Fund's average daily net assets, as follows:

---

| | | |
|:---|:---|:---|
| | Investment<br>Advisory Fees | Investment<br>Advisory Fees<br>After Fee Waivers\* |
| Intermediate-Term Municipal Fund | 0.33% | 0.19% |
| Short Duration Municipal Fund | 0.33% | 0.20% |
| California Municipal Bond Fund | 0.33% | 0.24% |
| Massachusetts Municipal Bond Fund | 0.33% | 0.26% |
| New Jersey Municipal Bond Fund | 0.33% | 0.23% |
| New York Municipal Bond Fund | 0.33% | 0.23% |
| Pennsylvania Municipal Bond Fund | 0.35% | 0.27% |
| Tax-Advantaged Income Fund | 0.50% | 0.37% |

---

\* Fee waivers during the prior fiscal year were voluntary. Voluntary waivers may be discontinued, in whole or in part, at any time.

A discussion regarding the basis for the Board's approval of the investment advisory and sub-advisory agreements for the Funds is available in the Funds' reports filed on Form N-CSR. The Funds' Semi-Annual Form N-CSR covers the period of September 1, 2024 through February 29, 2025, and the Funds' Annual Form N-CSR covers the period of September 1, 2024 through August 31, 2025.

SIMC has registered with the National Futures Association as a "commodity pool operator" under the Commodity Exchange Act (CEA) with respect to certain products not included in this prospectus. SIMC has claimed, on behalf of each Fund in accordance with CFTC Regulation 4.5 and other relevant rules, regulations and no-action relief, an exclusion from the definition of the term "commodity pool operator" under the CEA. SIMC is therefore not subject to regulation as a pool operator under the CEA with regard to the operation of the Funds.

Information About Fee Waivers

The Funds' actual total annual fund operating expenses for the most recent fiscal year were less than the amounts shown in the Annual Fund Operating Expenses Tables in the Fund Summary sections because, among other reasons, the Funds' adviser, the Funds' administrator and/or the Funds' distributor voluntarily waived and/or reimbursed a portion of its fees in order to keep total direct annual fund operating expenses (exclusive of interest from borrowings, brokerage commissions and prime broker fees, taxes, costs associated with litigation- or tax-related services, Trustee fees, interest and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds' business) at a specified level. The Funds' adviser, the Funds' administrator and/or the Funds' distributor may discontinue all or part of these

------

SEI / PROSPECTUS

waivers and/or reimbursements at any time. With these fee waivers and/or reimbursements, the Funds' actual total annual fund operating expenses were as follows:

---

| | | |
|:---|:---|:---|
| Fund Name — Class F Shares | Total Annual Fund<br>Operating Expenses<br>(before fee waivers) | Total Annual Fund<br>Operating Expenses<br>(after fee waivers) |
| Intermediate-Term Municipal Fund | 0.81% | 0.63% |
| Short Duration Municipal Fund | 0.82% | 0.63% |
| California Municipal Bond Fund | 0.82% | 0.60% |
| Massachusetts Municipal Bond Fund | 0.84% | 0.63% |
| New Jersey Municipal Bond Fund | 0.81% | 0.60% |
| New York Municipal Bond Fund | 0.82% | 0.60% |
| Pennsylvania Municipal Bond Fund | 0.84% | 0.63% |
| Tax-Advantaged Income Fund | 1.08% | 0.86% |

---

Sub-Advisers and Portfolio Managers

INTERMEDIATE-TERM MUNICIPAL FUND:

Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust: Nomura Investments Fund Advisers ("NIFA) is a series of Nomura Macquarie Investment Management Business Trust ("NIMBT"), a Delaware statutory trust which is registered with the SEC as an investment adviser. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which include NIMBT and its NIFA series. NIFA's principal business address is 610 Market Street, Philadelphia, Pennsylvania 19106. William Roach, Stephen J. Czepiel and Gregory A. Gizzi are the portfolio managers responsible for the day-to-day investment decisions regarding the portion of the Intermediate-Term Municipal Fund's assets allocated to NIFA. Mr. Roach is a Senior Portfolio Manager for municipal bond funds and client accounts at Nomura Asset Management International, a role he assumed in May 2023 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Mr. Roach joined Macquarie's Municipal Bond Team in April 2015, and before that, he spent three years as an Internal Sales Consultant in Macquarie's Client Solutions Group, where he managed relationships across the country and across asset classes. Previously, Mr. Roach worked at Merrill Lynch as an Investment Consultant and Analyst and Creative Financial Group as a Financial Advisor. He earned a Bachelor of Science with dual concentrations in business administration and political science from Albright College and a Master of Business Administration with a concentration in finance from Villanova University. He holds the Chartered Financial Analyst<sup>®</sup> and Chartered Market Technician<sup>®</sup> designations. Mr. Czepiel is a Senior Portfolio Manager for municipal bond funds and accounts at Nomura Asset Management International. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, he held the same role at Macquarie Asset Management, and he first assumed portfolio management responsibilities with Delaware Investments (which was acquired by Macquarie in 2010) in 2007. Before that, Mr. Czepiel was a Senior Bond Trader at Delaware Investments and a Vice President at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a Municipal Bond Trader at

------

SEI / PROSPECTUS

Kidder Peabody and has more than 40 years of experience in the municipal securities industry. Mr. Czepiel earned a Bachelor of Science in finance and economics from Duquesne University. Mr. Gizzi is Head of Fixed Income and Municipal Bonds of Nomura Asset Management International, a role he assumed in July 2022 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investment business in 2025. Mr. Gizzi oversees the US fixed income business, leads the firm's municipal business, and is team lead on several of the firm's tax-exempt strategies. Mr. Gizzi also leads the firm's taxable municipal business, and he is a member of the Nomura Asset Management International Executive Committee. Previously, he was a Co-Portfolio Manager of Macquarie Asset Management's municipal bond funds and several client accounts, a role he assumed in November 2011. Before that, Mr. Gizzi was Head of Municipal Bond Trading at Delaware Investments (which was acquired by Macquarie in 2010). Mr. Gizzi has more than 20 years of trading experience in the municipal securities industry at firms including Lehman Brothers, UBS, Dillon Read, and Kidder Peabody. He earned his Bachelor of Arts in economics from Harvard University.

Insight North America LLC: Insight North America LLC (INA), located at 200 Park Avenue, New York, New York 10166, serves as a Sub-Adviser to the Intermediate-Term Municipal Fund. Daniel Rabasco, CFA, Head of Municipal Bonds, is responsible for the management of the portion of the Intermediate-Term Municipal Fund's assets allocated to INA. Mr. Rabasco joined Mellon Investments Corporation (Mellon), the fund's previous sub-adviser and an affiliate of INA, in 1998. Mr. Rabasco holds the CFA designation and has 38 years of investment experience.

Wellington Management Company LLP: Wellington Management Company LLP (Wellington Management), a Delaware limited liability partnership with principal offices located at 280 Congress Street, Boston, Massachusetts 02210, serves as a Sub-Adviser to the Intermediate-Term Municipal Fund. Brad W. Libby, Managing Director and Fixed Income Portfolio Manager/Credit Analyst, manages the portion of the Intermediate-Term Municipal Fund's assets allocated to Wellington Management. Mr. Libby has served as the Portfolio Manager for the Intermediate-Term Municipal Fund since 2019. Mr. Libby joined Wellington Management as an investment professional in 2010.

SHORT DURATION MUNICIPAL FUND:

Allspring Global Investments, LLC: Allspring Global Investments, LLC (Allspring Investments), located at 1415 Vantage Park Drive, 3rd Floor. Charlotte, North Carolina 28203, serves as a Sub-Adviser to the Short Duration Municipal Fund. Allspring Investments is a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. Bruce Johns, Senior Portfolio Manager, James Randazzo, Senior Portfolio Manager and Nicholos Venditti, Senior Portfolio Manager, are responsible for the day-to-day management of the portion of the Short Duration Municipal Fund's assets allocated to Allspring Investments. Prior to joining Allspring Investments in 2005, Mr. Johns was with Strong Capital Management, where he served as a Senior Research Analyst covering the healthcare sector. Mr. Johns began his investment industry career in 1998 as a mutual fund and brokerage agent with Strong Financial Services. Mr. Johns earned a Bachelor's degree in business and finance from the University of Wisconsin, Parkside. Prior to joining Allspring Investments, Mr. Randazzo had been with Evergreen or one of its predecessor firms since 2000. Prior to this, Mr. Randazzo served as a financial analyst at KPMG, as a financial adviser for Prudential Securities, and as a trader for HSBC. He began his investment industry career in 1993 at Greenwich Partners, Inc. He earned a Bachelor's degree in finance from Iona College and a Master's degree in business administration with an emphasis in finance from the University of Connecticut. Prior to joining Allspring, Mr. Venditti was with Thornburg Investment Management for 10 years, most recently serving as a senior portfolio manager and head of the Municipal

------

SEI / PROSPECTUS

Bond Group. In addition to managing Thornburg's municipal business and portfolio management team, he was portfolio manager on seven mutual funds and separately managed accounts. Prior to Thornburg, he held a variety of roles focused on municipal credit analysis at Financial Security Assurance/Assured Guaranty in New York where he began his investment industry career in 2007. He earned a Bachelor of Arts in Theoretical Economics from Trinity University and his Master's in Applied Economics from University of North Carolina-Greensboro, where he also served as an adjunct professor. He received a Master's degree in finance from Syracuse University and has earned the right to use the Chartered Financial Analyst<sup>®</sup> designation.

Neuberger Berman Investment Advisers LLC: Neuberger Berman Investment Advisers LLC (NBIA), with its principal offices located at 1290 Avenue of the Americas, New York, NY 10104, serves as a Sub-Adviser to the Short Duration Municipal Fund. Kristian J. Lind, Managing Director, joined the firm in 2005. Mr. Lind is a Portfolio Manager for the Municipal Fixed Income team. He heads the department's cash management and short duration strategies. Additionally, Mr. Lind co-manages the sub-advised Short Duration Municipal Fund. Prior to NBIA, he worked for Weiss, Peck & Greer as an Assistant Portfolio Manager working in the Municipal Fixed Income group, where he worked since 2003. Prior to Weiss, Peck & Greer, Mr. Lind began his career as an Operations Analyst at Barclays Capital in their Operations Control group. Mr. Lind holds a B.S. in Finance from Purdue University. Peter Moukios, Senior Vice President, joined the firm in 2008. Mr. Moukios is a Portfolio Manager for the Municipal Fixed Income team. Additionally, he co-manages the sub-advised Short Duration Municipal Fund. Prior to NBIA, Mr. Moukios was a Portfolio Manager in Municipal Securities at Weiss, Peck & Greer, where he worked since 1987. Previously he worked at Manufacturers Hanover Trust where he was the supervisor of broker custody. Mr. Moukios is a member of the Municipal Analysts Group of New York and a member of the National Federation of Municipal Analysts. He holds a B.S. in Management from St. John's University and an M.B.A. from Fordham University.

CALIFORNIA MUNICIPAL BOND FUND:

Insight North America LLC: Insight North America LLC (INA), located at 200 Park Avenue, New York, New York 10166, serves as the Sub-Adviser to the California Municipal Bond Fund. Jeffrey Burger, CFA, and Thomas Casey are respectively the primary and secondary portfolio managers who manage the portion of the California Municipal Bond Fund's assets allocated to INA. Mr. Burger is a Senior Portfolio Manager for U.S. Municipal Bond Strategies. Mr. Burger manages U.S. Municipal Bond Strategies for institutional, high net worth and mutual fund clients. Mr. Burger previously served as a Senior Analyst when he joined Mellon Investments Corporation (Mellon), the fund's previous sub-adviser and an affiliate of INA, in 2009, specializing in land secured and special tax bonds. Prior to joining Mellon, Mr. Burger worked at Columbia Management from 2002 to 2009 as a Portfolio Manager and Senior Research Analyst. Mr. Burger has an M.P.A. and a B.A., cum laude, from Syracuse University. Mr. Burger was elected to the Society of Municipal Analysts in 2019 and is a former chairman and member of the executive committee for the National Federation of Municipal Analysts. Mr. Burger holds the CFA designation and has 27 years of investment experience. Mr. Casey is a Senior Portfolio Manager for U.S. Municipal Bond Strategies. Mr. Casey manages U.S. Municipal Bond portfolios for institutional, insurance and high net worth clients. Prior to assuming his current responsibilities, Mr. Casey worked for a number of years as a Trader and a Portfolio Analyst in the municipal group. Mr. Casey joined Mellon in 1993 from State Street Bank & Trust Company, where he was an Analyst. Mr. Casey has an M.B.A. and a B.A. from Boston College and has 36 years of investment experience.

MASSACHUSETTS MUNICIPAL BOND FUND:

Insight North America LLC: Insight North America LLC (INA), located at 200 Park Avenue, New York, New York 10166, serves as the Sub-Adviser to the Massachusetts Municipal Bond Fund. Daniel Rabasco, CFA,

------

SEI / PROSPECTUS

Head of Municipal Bonds, is responsible for the management of the assets of the Massachusetts Municipal Bond Fund allocated to INA. Mr. Rabasco joined Mellon Investments Corporation (Mellon), the fund's previous sub-adviser and an affiliate of INA, in 1998, holds the CFA designation and has 38 years of investment experience.

NEW JERSEY MUNICIPAL BOND FUND:

Insight North America LLC: Insight North America LLC (INA), located at 200 Park Avenue, New York, New York 10166, serves as the Sub-Adviser to the New Jersey Municipal Fund. Daniel Barton, CFA, and Jeffrey Burger, CFA, are respectively the primary and secondary portfolio managers who manage the portion of the New Jersey Municipal Bond Fund's assets allocated to INA. Mr. Barton is a Portfolio Manager and Head of Research for Tax Exempt Bonds. As a Portfolio Manager, Mr. Barton co-manages several BNY Mellon state-specific and credit-specific tax exempt bond mutual funds. Mr. Barton's research responsibilities include utilities, airports, tobacco securitization, charter schools and corporate backed bonds. Mr. Barton joined Mellon Investments Corporation (Mellon), the fund's previous sub-adviser and an affiliate of INA, in 2005 from Columbia Management Group, where he was a municipal credit analyst for over four years. Mr. Barton earned an M.B.A from Bentley College and a B.S. in chemical engineering from Rensselaer Polytechnic Institute. Mr. Barton holds the CFA designation and has over 25 years of investment experience. Mr. Burger is a Senior Portfolio Manager for U.S. Municipal Bond Strategies. Mr. Burger manages U.S. Municipal Bond Strategies for institutional, high net worth and mutual fund clients. Mr. Burger previously served as a Senior Analyst when he joined Mellon in 2009, specializing in land secured and special tax bonds. Prior to joining Mellon, Mr. Burger worked at Columbia Management from 2002 to 2009 as a Portfolio Manager and Senior Research Analyst. Mr. Burger has an M.P.A. and a B.A., cum laude, from Syracuse University. Mr. Burger was elected to the Society of Municipal Analysts in 2019 and is a former chairman and member of the executive committee for the National Federation of Municipal Analysts. Mr. Burger holds the CFA designation and has 27 years of investment experience.

NEW YORK MUNICIPAL BOND FUND:

Insight North America LLC: Insight North America LLC (INA), located at 200 Park Avenue, New York, New York 10166, serves as the Sub-Adviser to the New York Municipal Bond Fund. Daniel Rabasco, CFA, Head of Municipal Bonds, is responsible for the management of the assets of the New York Municipal Bond Fund allocated to INA. Mr. Rabasco joined Mellon Investments Corporation (Mellon), the fund's previous sub-adviser and an affiliate of INA, in 1998, holds the CFA designation and has 38 years of investment experience.

PENNSYLVANIA MUNICIPAL BOND FUND:

Insight North America LLC: Insight North America LLC (INA), located at 200 Park Avenue, New York, New York 10166, serves as the Sub-Adviser to the Pennsylvania Municipal Bond Fund. Daniel Rabasco, CFA, Head of Municipal Bonds, is responsible for the management of the assets of the Pennsylvania Municipal Bond Fund allocated to INA. Mr. Rabasco joined Mellon Investments Corporation (Mellon), the fund's previous sub-adviser and an affiliate of INA, in 1998, holds the CFA designation and has 38 years of investment experience.

TAX-ADVANTAGED INCOME FUND:

Allspring Global Investments, LLC: Allspring Global Investments, LLC (Allspring Investments), located at 1415 Vantage Park Drive, 3rd Floor. Charlotte, North Carolina 28203, serves as a Sub-Adviser to the Tax-Advantaged Income Fund. Allspring Investments is a wholly owned subsidiary of Allspring Global Investments

------

SEI / PROSPECTUS

Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. Dennis Derby, Senior Research Analyst and Portfolio Manager, Kerry Laurin, CFA Senior Analyst and Portfolio Manager, and Nicholos Venditti, CFA, Senior Portfolio Manager are responsible for the day-to-day management of the portion of the Tax-Advantaged Income Fund's assets allocated to Allspring Investments. Mr. Derby joined one of Allspring Investments' predecessor firms in 1995. He currently serves as a Senior Research Analyst and Portfolio Manager with the Municipal Fixed-Income team. Mr. Derby has extensive experience in a number of municipal sectors and his research has included a variety of higher-yield municipal bonds, including private placements. He earned a Bachelor's degree from Emory University. He is a member of the National Federation of Municipal Analysts and the southern Municipal Analysts Society. Prior to joining Allspring Investments in 2016, Ms. Laurin was a research analyst for Heartland Advisors where she covered taxable fixed income, consumer, and utility equity sectors. Previously, she served as a compliance officer for M&I Investment Management. Ms. Laurin began her investment industry career in 1999. She earned a Bachelor's degree in English from Marquette University and a Master's degree in accounting from the University of Wisconsin, Milwaukee. Ms. Laurin is a Certified Public Accountant (CPA) and has earned the right to use the Chartered Financial Analyst (CFA) designation. Prior to joining Allspring, Mr. Venditti was with Thornburg Investment Management for 10 years, most recently serving as a senior portfolio manager and head of the Municipal Bond Group. In addition to managing Thornburg's municipal business and portfolio management team, he was portfolio manager on seven mutual funds and separately managed accounts. Prior to Thornburg, he held a variety of roles focused on municipal credit analysis at Financial Security Assurance/Assured Guaranty in New York where he began his investment industry career in 2007. He earned a Bachelor of Arts in Theoretical Economics from Trinity University and his Master's in Applied Economics from University of North Carolina-Greensboro, where he also served as an adjunct professor. He received a Master's degree in finance from Syracuse University and has earned the right to use the Chartered Financial Analyst<sup>®</sup> designation.

Pacific Investment Management Company LLC: Pacific Investment Management Company LLC (PIMCO), located at 650 Newport Center Drive, Newport Beach, California 92660, serves as a Sub-Adviser to the Tax-Advantaged Income Fund. David Hammer is the primary individual responsible for managing the portion of the Tax-Advantaged Income Fund's assets allocated to PIMCO. Mr. Hammer is managing director in the Newport Beach office and leads municipal bond portfolio management, with oversight of the firm's municipal investment grade, high yield, taxable, and separately managed accounts. He is the lead portfolio manager on PIMCO's municipal bond fund complex, including investment grade, high yield, state-specific, closed-end funds, and interval fund. Prior to rejoining PIMCO in 2015, he was a managing director at Morgan Stanley, where he was head of municipal trading, risk management, and research. He has 23 years of investment experience and holds an undergraduate degree from Syracuse University.

Spectrum Asset Management, Inc.: Spectrum Asset Management, Inc. (Spectrum), located at 2 High Ridge Park, Stamford, Connecticut 06905, serves as a Sub-Adviser to the Tax-Advantaged Income Fund. Spectrum manages the portion of the Tax-Advantaged Income Fund's assets allocated to it under a team approach involving the following individuals: Mr. Mark Lieb, Chief Executive Officer and President (with Spectrum for 38 years); Mr. L. Phillip Jacoby, Chief Investment Officer and Executive Director (with Spectrum for 30 years); Mr. Manu Krishnan, Portfolio Manager (with Spectrum for 21 years); Mr. Roberto Giangregorio, Portfolio Manager (with Spectrum for 22 years); and Mr. Fred Diaz, Portfolio Manager (with Spectrum for 25 years), Satomi Yarnell, Portfolio Manager (with Spectrum for 10 years) and Kevin Nugent, Portfolio Manager (with Spectrum for 13 years).

The SAI provides additional information about the portfolio managers' compensation, other accounts they manage and their ownership, if any, of Fund shares.

------

SEI / PROSPECTUS

PURCHASING, EXCHANGING AND SELLING FUND SHARES

This section tells you how to purchase, exchange and sell (sometimes called "redeem") Class F Shares of the Funds. The Funds offer Class F Shares only to financial institutions or intermediaries for their own or their customers' accounts. For information on how to open an account and set up procedures for placing transactions, please call 1-800-DIAL-SEI.

HOW TO PURCHASE FUND SHARES

Fund shares may be purchased on any Business Day. Authorized financial institutions and intermediaries may purchase, sell or exchange Class F Shares by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233. Generally, cash investments must be transmitted or delivered in federal funds to the Funds' wire agent by the close of business on the day after the order is placed. However, in certain circumstances, the Funds, at their discretion, may allow purchases to settle (*i.e.*, receive final payment) at a later date in accordance with the Funds' procedures and applicable law. The Funds reserve the right to refuse any purchase requests, particularly those that the Funds reasonably believe may not be in the best interest of the Funds or their shareholders and could adversely affect the Funds or their operations. This includes those from any individual or group who, in a Fund's view, is likely to engage in excessive trading (usually defined as four or more "round trips" in a Fund in any twelve-month period). For more information regarding the Funds' policies and procedures related to excessive trading, please see "Frequent Purchases and Redemptions of Fund Shares" below.

You may be eligible to purchase other classes of shares of a Fund. However, you may only purchase a class of shares that your financial institutions or intermediaries sell or service. Your financial institution representative or intermediaries can tell you which classes of shares are available to you.

Each Fund calculates its net asset value (NAV) per share once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m. Eastern Time). So, for you to receive the current Business Day's NAV per share, generally the Funds (or an authorized agent) must receive your purchase order in proper form before 4:00 p.m. Eastern Time. A Fund will not accept orders that request a particular day or price for the transaction or any other special conditions.

When you purchase, sell or exchange Fund shares through certain financial institutions, you may have to transmit your purchase, sale and exchange requests to these financial institutions at an earlier time for your transaction to become effective that day. This allows these financial institutions time to process your requests and transmit them to the Funds.

Certain other intermediaries, including certain broker-dealers and shareholder organizations, are authorized to accept purchase, redemption and exchange requests for Fund shares. These requests are executed at the next determined NAV per share after the intermediary receives the request if transmitted to the Funds in accordance with the Funds' procedures and applicable law. These authorized intermediaries are responsible for transmitting requests and delivering funds on a timely basis.

You will have to follow the procedures of your financial institution or intermediary for transacting with the Funds. You may be charged a fee for purchasing and/or redeeming Fund shares by your financial institution or intermediary.

------

SEI / PROSPECTUS

Pricing of Fund Shares

NAV for one Fund share is the value of that share's portion of the net assets of the Fund. In calculating NAV, the Fund generally values its investment portfolio at market price. You may obtain the current NAV of the Fund by calling 1-800-DIAL-SEI.

If a market quotation is readily available for the valuation of Fund investments, then it is valued by the Funds' administrator at current market value in accordance with the Funds' Pricing and Valuation Procedures. The Trust's Board of Trustees has designated SIMC as the Valuation Designee for the Funds pursuant to Rule 2a-5 under the 1940 Act (the "Rule"). The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board's designation, has appointed a committee of SIMC persons to function as the Valuation Designee (the "Committee") and has established a Valuation and Pricing Policy to implement the Rule and the Funds' Valuation and Pricing Policy (together with SIMC's Valuation and Pricing Policy, the "Fair Value Procedures").

As discussed in detail below, the Committee will typically first seek to fair value investments with valuations received from an independent, third-party pricing agent (a "Pricing Service"). If such valuations are not available or are unreliable, the Committee will seek to obtain a bid price from at least one independent broker or dealer. If a broker or dealer quote is unavailable, the Committee will convene, subject to the Fair Value Procedures, to establish a fair value for the fair value investments.

When valuing portfolio securities, securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which the securities are traded or, if there is no such reported sale, at the most recent quoted bid price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable NAV per share, with the exception of ETFs, which are priced as equity securities. These open-end investment company shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company's NAV is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, then long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price as provided by a Pricing Service.

Futures and swaps cleared through a central clearing house (centrally cleared swaps) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by a Pricing Service. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time the fund calculates its NAV, the settlement price may not be available at the time at which a fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund's futures or centrally cleared swaps position.

If a security's price cannot be obtained, as noted above, or in the case of equity tranches of collateralized loan obligations (CLOs) or collateralized debt obligations (CDOs), the securities will be valued using a bid price

------

SEI / PROSPECTUS

from at least one independent broker. If such prices are not readily available, are determined to be unreliable or cannot be valued using the methodologies described above, the Committee will fair value the security using the Fair Value Procedures, as described below.

If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of CLOs/CDOs, such as those held by the Funds, are priced based upon valuations provided by a Pricing Service. Such values generally reflect the last reported sales price if the security is actively traded. The Pricing Service may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities.

On the first day a new debt security purchase is recorded, if a price is not available from a Pricing Service or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Fair Value Procedures until an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less will be valued at their amortized cost. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the security will be valued by an independent broker quote or fair valued by the Committee.

Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using forward rates provided by a Pricing Service.

The Committee and Fund's administrator, as applicable, reasonably believe that prices provided by Pricing Services are reliable. However, there can be no assurance that such Pricing Service's prices will be reliable. The Committee, who is responsible for making fair value determinations with respect to the Funds' portfolio securities, will, with assistance from the applicable Sub-Adviser, continuously monitor the reliability of readily available market quotations obtained from any Pricing Service and shall promptly notify the Funds' administrator if the Committee reasonably believes that a Pricing Service is no longer a reliable source of readily available market quotations. The Funds' administrator, in turn, will notify the Committee if it reasonably believes that a Pricing Service is no longer a reliable source for readily available market quotations.

The Fair Value Procedures provide that any change in a primary Pricing Service or a pricing methodology for investments with readily available market quotations requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund's net assets or involve a material departure in pricing methodology from that of the Fund's existing Pricing Service or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board. A change in a Pricing Service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Committee in accordance with certain requirements.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Fair Value Procedures.

The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions, or (vii) a significant event (as

------

SEI / PROSPECTUS

defined below). When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

Frequent Purchases and Redemptions of Fund Shares

"Market timing" refers to a pattern of frequent purchases and sales of a Fund's shares, often with the intent of earning arbitrage profits. Market timing of a Fund could harm other shareholders in various ways, including by diluting the value of the shareholders' holdings, increasing Fund transaction costs, disrupting the portfolio management strategy, causing a Fund to incur unwanted taxable gains and forcing a Fund to hold excess levels of cash.

The Funds are intended to be long-term investment vehicles and are not designed for investors that engage in short-term trading activity (*i.e.*, a purchase of Fund shares followed shortly thereafter by a redemption of such shares, or vice versa, in an effort to take advantage of short-term market movements). Accordingly, the Board has adopted policies and procedures on behalf of the Funds to deter short-term trading. The Transfer Agent will monitor trades in an effort to detect short-term trading activities. If, as a result of this monitoring, a Fund determines, in its sole discretion, that a shareholder has engaged in excessive short-term trading, it will refuse to process future purchases or exchanges into the Fund from that shareholder's account.

A shareholder will be considered to be engaging in excessive short-term trading in a Fund in the following circumstances:

i. if the shareholder conducts four or more "round trips" in a Fund in any twelve-month period. A round trip involves the purchase of shares of a Fund and subsequent redemption of all or most of those shares. An exchange into and back out of a Fund in this manner is also considered a round trip.

ii. if a Fund determines, in its sole discretion, that a shareholder's trading activity constitutes excessive short-term trading, regardless of whether such shareholder exceeds the foregoing round trip threshold.

The Funds, in their sole discretion, also reserve the right to reject any purchase request (including exchange requests) for any reason without notice.

Judgments with respect to implementation of the Funds' policies are made uniformly and in good faith in a manner that the Funds believe is consistent with the best long-term interests of shareholders. When applying the Funds' policies, the Funds may consider (to the extent reasonably available) an investor's trading history in all SEI funds, as well as trading in accounts under common ownership, influence or control, and any other information available to the Funds.

------

SEI / PROSPECTUS

The Funds' monitoring techniques are intended to identify and deter short-term trading in the Funds. However, despite the existence of these monitoring techniques, it is possible that short-term trading may occur in the Funds without being identified. For example, certain investors seeking to engage in short-term trading may be adept at taking steps to hide their identity or activity from the Funds' monitoring techniques. Operational or technical limitations may also limit the Funds' ability to identify short-term trading activity.

The Funds and/or their service providers have entered into agreements with financial intermediaries that require them to provide the Funds and/or their service providers with certain shareholder transaction information to enable the Funds and/or their service providers to review the trading activity in the omnibus accounts maintained by financial intermediaries. The Funds may also delegate trade monitoring to the financial intermediaries. If excessive trading is identified in an omnibus account, the Funds will work with the financial intermediary to restrict trading by the shareholder and may request that the financial intermediary prohibit the shareholder from future purchases or exchanges into the Funds.

Certain of the Funds are sold to participant-directed employee benefit plans. The Funds' ability to monitor or restrict trading activity by individual participants in a plan may be constrained by regulatory restrictions or plan policies. In such circumstances, a Fund will take such action, which may include taking no action, as deemed appropriate in light of all the facts and circumstances.

The Funds may amend these policies and procedures in response to changing regulatory requirements or to enhance the effectiveness of the program.

Foreign Investors

The Funds do not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in a Fund subject to the satisfaction of enhanced due diligence. Prospective investors should consult their own financial institution or financial intermediary regarding their eligibility to invest in a Fund. The Funds may rely on representations from such financial institutions and financial intermediaries regarding their investor eligibility.

Customer Identification and Verification and Anti-Money Laundering Program

Federal law requires all financial institutions to obtain, verify and record information that identifies each customer who opens an account. Accounts for the Funds are generally opened through other financial institutions or financial intermediaries. When you open your account through your financial institution or financial intermediary, you will have to provide your name, address, date of birth, identification number and other information that will allow the financial institution or financial intermediary to identify you. When you open an account on behalf of an entity you will have to provide formation documents and identifying information about beneficial owner(s) and controlling parties. This information is subject to verification by the financial institution or financial intermediary to ensure the identity of all persons opening an account.

Your financial institution or financial intermediary is required by law to reject your new account application if the required identifying information is not provided. Your financial institution or intermediary may contact you in an attempt to collect any missing information required on the application, and your application may be rejected if they are unable to obtain this information. In certain instances, your financial institution or financial intermediary is required to collect documents, which will be used solely to establish and verify your identity.

The Funds will accept investments and your order will be processed at the next determined NAV after receipt of your application in proper form (or upon receipt of all identifying information required on the application).

------

SEI / PROSPECTUS

The Funds, however, reserve the right to close and/or liquidate your account at the then-current day's NAV if the financial institution or financial intermediary through which you open your account is unable to verify your identity. As a result, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax consequences.

Customer identification and verification is part of the Funds' overall obligation to deter money laundering under federal law. The Funds have adopted an Anti-Money Laundering Compliance Program designed to prevent the Funds from being used for money laundering or the financing of terrorist activities. In this regard, the Funds reserve the right to (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of a Fund or in cases when a Fund is requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if a Fund is required to withhold such proceeds.

HOW TO EXCHANGE YOUR FUND SHARES

You may exchange Class F Shares of any Fund for Class F Shares of certain other funds of SEI Tax Exempt Trust on any Business Day by placing orders with the Transfer Agent or the Fund's authorized agent. For information about how to exchange Fund shares through your authorized financial institution or intermediary, you should contact your financial institution or intermediary directly. This exchange privilege may be changed or canceled at any time upon 60 days' notice. When you exchange shares, you are really selling your shares and buying shares of another fund. Therefore, your sale price and purchase price will be based on the next calculated NAV after the Funds receive your exchange request. All exchanges are based on the eligibility requirements of the fund into which you are exchanging and any other limits on sales of or exchanges into that fund. Each Fund reserves the right to refuse or limit any exchange order for any reason, including if the transaction is deemed not to be in the best interest of the Fund's other shareholders or possibly disruptive to the management of the Fund. When a purchase or exchange order is rejected, the Fund will send notice to the prospective investor or the prospective investor's financial intermediary.

HOW TO SELL YOUR FUND SHARES

Authorized financial institutions and intermediaries may sell Fund shares on any Business Day by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233. For information about how to sell Fund shares through your authorized financial institution or intermediary, you should contact your authorized financial institution or intermediary directly. Your authorized financial institution or intermediary may charge a fee for its services. The sale price of each share will be the next determined NAV after the Funds receive your request or after the Funds' authorized intermediary receives your request if transmitted to the Funds in accordance with the Funds' procedures and applicable law.

Receiving Your Money

Normally, the Funds will make payment on your redemption request on the Business Day following the day on which they receive your request regardless of the method the Funds use to make such payment, but it may take up to seven days. You may arrange for your proceeds to be wired to your bank account.

------

SEI / PROSPECTUS

Methods Used to Meet Redemption Obligations

The Funds generally pay sale (redemption) proceeds in cash during normal market conditions. To the extent that a Fund does not have sufficient cash holdings for redemption proceeds, it will typically seek to generate such cash through the sale of portfolio assets. The Funds operate an interfund lending program that enables a Fund to borrow from another Fund on a temporary basis, which, on a less regular basis, may be used to help a Fund satisfy redemptions. Under stressed or unusual conditions that make the payment of cash unwise (and for the protection of the Funds' remaining shareholders), the Funds might pay all or part of your redemption proceeds in liquid securities with a market value equal to the redemption price (redemption in kind). Although it is highly unlikely that your shares would ever be redeemed in kind, you would probably have to pay brokerage costs to sell the securities distributed to you, as well as taxes on any capital gains from the sale as with any redemption and you will bear the investment risk of the distributed securities until the distributed securities are sold. These methods may be used during both normal and stressed market conditions.

Low Balance Redemptions

A Fund (or its delegate) may, in its discretion, and upon reasonable notice, redeem in full a financial institution, intermediary or shareholder that fails to maintain an investment of at least $1,000 in the Fund.

Suspension of Your Right to Sell Your Shares

The Funds may suspend your right to sell your shares if the NYSE restricts trading, the SEC declares an emergency or for other reasons, as permitted by the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder. More information about such suspension can be found in the SAI.

Large Redemptions

Large unexpected redemptions to a Fund can disrupt portfolio management and increase trading costs by causing the Fund to liquidate a substantial portion of its assets in a short period of time. Large redemptions may arise from the redemption activity of a single investor, or the activity of a single investment manager managing multiple underlying accounts. In the event of a large unexpected redemption, a Fund may take such steps as implementing a redemption in kind or delaying the delivery of redemption proceeds for up to seven days. Further, the Funds may reject future purchases from that investor or investment manager. An investor or investment manager with a large position in a Fund may reduce the likelihood of these actions if it works with the Fund to mitigate the impact of a large redemption by, for example, providing advance notice to the Fund of a large redemption or by implementing the redemption in stages over a period of time.

Telephone Transactions

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. The Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions. If the Funds follow these procedures, the Funds will not be responsible for any losses or costs incurred by following telephone instructions the Funds reasonably believe to be genuine.

Unclaimed Property

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property, including mutual fund shares, under various circumstances. Such circumstances include

------

SEI / PROSPECTUS

inactivity (*i.e.*, no owner-initiated contact for a certain period), returned mail (*i.e.*, when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. More information on unclaimed property and how to maintain an active account is available through your state.

If you are a resident of certain states, you may designate a representative to receive notice of the potential escheatment of your property. The designated representative would not have any rights to your shares. Please contact your financial intermediary for additional information.

DISTRIBUTION OF FUND SHARES

SEI Investments Distribution Co. (SIDCo.) is the distributor of the shares of the Funds.

The Funds are sold primarily through independent registered investment advisers, financial planners, bank trust departments and other financial advisors (Financial Advisors) who provide their clients with advice and services in connection with their investments in the Funds. Many Financial Advisors are also associated with broker-dealer firms. SIMC and its affiliates, at their expense, may pay compensation to these broker-dealers or other financial institutions for marketing, promotional or other services. These payments may be significant to these firms and may create an incentive for the firm or its associated Financial Advisors to recommend or offer shares of the Funds to its customers rather than other funds or investment products. These payments are made by SIMC and its affiliates out of their past profits or other available resources. SIMC and its affiliates may also provide other products and services to Financial Advisors. For additional information, please see the Funds' SAI. You can also ask your Financial Advisor about any payments it receives from SIMC and its affiliates, as well as about fees it charges.

SERVICE OF FUND SHARES

The Funds have adopted a shareholder services plan and agreement (the Service Plan) with respect to Class F Shares that allows such shares to pay service providers a fee in connection with the ongoing servicing of shareholder accounts owning such shares at an annual rate of up to 0.25% of average daily net assets of the Class F Shares. The Service Plan provides that shareholder service fees on Class F Shares will be paid to SIDCo., which may then be used by SIDCo. to compensate financial intermediaries for providing shareholder services with respect to Class F Shares.

DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION

Portfolio holdings information for the Funds can be obtained on the Internet at the following address: http://www.seic.com/holdings (the Portfolio Holdings Website). Five calendar days after each month end, a list of all portfolio holdings in each Fund as of the end of such month shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person who requests it, through electronic or other means. The portfolio holdings information placed on the Portfolio Holdings Website shall remain there until the fifth calendar day of the thirteenth month after the date of which the data relates, at which time it will be permanently removed from the site.

Additional information regarding the information disclosed on the Portfolio Holdings website and the Funds' policies and procedures on the disclosure of portfolio holdings information is available in the SAI.

------

SEI / PROSPECTUS

DIVIDENDS, DISTRIBUTIONS AND TAXES

Dividends and Distributions

Each Fund distributes its income monthly. The Funds make distributions of capital gains, if any, at least annually. You will receive dividends and distributions in cash unless otherwise stated.

Taxes

Please consult your tax adviser regarding your specific questions about federal, state and local income taxes. Below, the Funds have summarized certain important tax issues that affect the Funds and their shareholders. This summary is based on current tax laws, which may change.

Each Fund has elected and intends to qualify each year for treatment as regulated investment company (a RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

The Funds generally intend to operate in a manner such that they will not be liable for federal income or excise taxes.

The Funds intend to make distributions, the majority of which consist of tax exempt-interest dividends that are exempt from federal income tax. In order to pay tax-exempt interest dividends to shareholders, a Fund must invest at least 50% of its net assets in securities that pay interest that is exempt from federal income tax. The California, Massachusetts, New Jersey, New York and Pennsylvania Municipal Bond Funds also intend to distribute income that is exempt from state (and in some cases, local) income taxes for residents of each such state. A portion of the income distributed by the Intermediate-Term Municipal, the Short Duration Municipal and the Tax-Advantaged Income Funds may be exempt from your state and local income taxes depending on the investments of the Funds. Each Fund may invest a portion of its assets in securities that generate income that is subject to federal, state or local income taxes. In addition, exempt-interest dividends may be subject to a federal alternative minimum tax for individuals and certain corporations. Income exempt from federal tax may also be subject to state and local taxes. Income from municipal bonds held by the Funds could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service (IRS) or state tax authorities, or noncompliant conduct of a bond issuer. Interest paid on a municipal bond issued after December 31, 2017, to advance refund another municipal bond is subject to federal income tax. The Funds may not be a suitable investment for individual retirement accounts, for other tax-exempt or tax-deferred accounts or for investors who are not sensitive to the federal income tax consequences of their investments.

While the Tax-Advantaged Income Fund intends, under normal circumstances, to invest at least 50% of its net assets in municipal securities that pay interest that is exempt from federal income tax in order to meet the requirements necessary for a Fund to pay out exempt-interest dividends to its shareholders, if the Tax-Advantaged Income Fund fails to meet this requirement, the income from all of its investments, including its municipal securities, may be subject to federal income tax.

The Funds intend to distribute substantially all of their net investment income, tax exempt-interest income and their net realized capital gains, if any. Certain dividends and distributions you receive may be subject to

------

SEI / PROSPECTUS

federal, state and local taxation, depending upon your tax situation. If so, they are taxable whether or not you reinvest them. Income distributions are generally taxable at ordinary income rates. Capital gains distributions are generally taxable at the rates applicable to long-term capital gains regardless of how long you have held your Fund shares.

The Tax-Advantaged Income Fund's taxable dividends may qualify, in the case of non-corporate shareholders, for the lower tax rates applicable to qualified dividend income (20% (lower rates apply to individuals in lower tax brackets)) but only to the extent that such Fund receives qualified dividend income and meets certain holding period requirements and other requirements are satisfied by you and the Fund. In the case of corporate shareholders in the Tax-Advantaged Income Fund, Fund distributions (other than capital gain distributions) generally qualify for the dividends received deduction to the extent such distributions are so reported and do not exceed the gross amount of qualifying dividends received by such Fund for the year. Other than the Tax-Advantaged Income Fund, it is not expected that any portion of the taxable distributions that may be generated by a Fund will be qualified dividend income or eligible for the dividends received deduction.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

Each sale of Fund shares may be a taxable event. For tax purposes, an exchange of your Fund shares for shares of a different Fund is the same as a sale. You will recognize a gain or loss on such transactions equal to the difference, if any, between the amount of your net sales proceeds and your tax basis in the Fund shares. Such gain or loss will be capital gain or loss if you held your Fund shares as capital assets. Any capital gain or loss realized upon a sale or exchange of Fund shares is generally treated as long-term gain or loss if the shares have been held for more than twelve months. Capital gain or loss realized upon a sale or exchange of Fund shares held for twelve months or less is generally treated as short-term capital gain or loss. Any capital loss on the sale of Fund shares held for six months or less, however, is treated as long-term capital loss to the extent that capital gain dividends were paid with respect to such Fund shares or disallowed to the extent of the amount of tax exempt-interest dividends that were paid with respect to Fund shares. The ability to deduct capital losses may be limited.

A dividend or distribution received shortly after the purchase of Fund shares reduces the NAV of the shares by the amount of the dividend or distribution and, although in effect a return of capital, will be taxable to the shareholder, commonly referred to as "buying a dividend."

------

SEI / PROSPECTUS

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) will be subject to a new 3.8% tax on their "net investment income," including interest, dividends and capital gains (including capital gains realized on the sale or exchange of shares of a Fund). "Net investment income" does not include tax exempt-interest dividends.

Non-U.S. investors in the Funds may be subject to U.S. withholding tax and are encouraged to consult their tax advisor prior to investing in the Funds.

The SAI contains more information about taxes.

ADDITIONAL INFORMATION

The Trust enters into contractual arrangements with various parties (including, among others, the Funds' investment adviser, custodian, administrator and transfer agent, accountants and distributor) who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or any right to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this prospectus, the SAI nor any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly (and which may not be waived) by federal or state securities laws.

------

SEI / PROSPECTUS

FINANCIAL HIGHLIGHTS

The tables that follow present performance information about Class F Shares of the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds. This information is intended to help you understand each Fund's financial performance for the past five years. Some of this information reflects financial information for a single Fund share. The total returns in the tables represent the rate that you would have earned (or lost) on an investment in a Fund, assuming you reinvested all of your dividends and distributions.

The information in the following tables has been derived from each Fund's financial statements, which have been audited by KPMG LLP, the Funds' independent registered public accounting firm, whose report, along with each Fund's financial statements, appears in the Funds' Form N-CSR filing for the fiscal year ending August 31, 2025 and are available upon request, at no charge, by dialing 1-800-DIAL-SEI.

SEI TAX EXEMPT TRUST—FOR THE YEARS ENDED AUGUST 31,

FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income\* | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Dividends<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized <br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Year | Total<br>Return† | Net Assets<br>End of<br>Year<br>($ Thousands) | Ratio of <br>Net<br>Expenses<br>to<br>Average<br>Net<br>Assets | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net <br>Assets | Portfolio<br>Turnover<br>Rate† |
| Intermediate-Term Municipal Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $11.18 | $0.33 | $(0.27) | $0.06 | $(0.32) | $— | $(0.32) | $10.92 | 0.58% | $1348018 | 0.64%<sup>(1)</sup> | 0.82% | 2.98% | 25% |
| 2024 | 10.84 | 0.31 | 0.34 | 0.65 | (0.31) |  | (0.31) | 11.18 | 6.07 | 1366706 | 0.63 | 0.82 | 2.85 | 24 |
| 2023 | 11.00 | 0.28 | (0.16) | 0.12 | (0.28) |  | (0.28) | 10.84 | 1.11 | 1443612 | 0.63 | 0.81 | 2.60 | 18 |
| 2022 | 12.29 | 0.25 | (1.26) | (1.01) | (0.25) | (0.03) | (0.28) | 11.00 | (8.31) | 1755076 | 0.63 | 0.80 | 2.16 | 24 |
| 2021 | 12.09 | 0.26 | 0.22 | 0.48 | (0.26) | (0.02) | (0.28) | 12.29 | 3.98 | 2033780 | 0.63 | 0.80 | 2.15 | 11 |
| Short Duration Municipal Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $10.00 | $0.26 | $0.05 | $0.31 | $(0.26) | $— | $(0.26) | $10.05 | 3.12% | $715984 | 0.64%<sup>(1)</sup> | 0.83% | 2.59% | 31% |
| 2024 | 9.83 | 0.24 | 0.17 | 0.41 | (0.24) |  | (0.24) | 10.00 | 4.24 | 781433 | 0.63 | 0.82 | 2.45 | 37 |
| 2023 | 9.83 | 0.18 |  | 0.18 | (0.18) |  | (0.18) | 9.83 | 1.87 | 918844 | 0.63 | 0.81 | 1.85 | 40 |
| 2022 | 10.13 | 0.06 | (0.30) | (0.24) | (0.06) |  | (0.06) | 9.83 | (2.33) | 1094787 | 0.63 | 0.80 | 0.65 | 35 |
| 2021 | 10.13 | 0.08 |  | 0.08 | (0.08) |  | (0.08) | 10.13 | 0.77 | 1188974 | 0.63 | 0.81 | 0.77 | 30 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income\* | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Dividends<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized <br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Year | Total<br>Return† | Net Assets<br>End of<br>Year<br>($ Thousands) | Ratio of <br>Net<br>Expenses<br>to<br>Average<br>Net<br>Assets | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net <br>Assets | Portfolio<br>Turnover<br>Rate† |
| California Municipal Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $10.24 | $0.21 | $(0.05) | $0.16 | $(0.21) | $— | $(0.21) | $10.19 | 1.55% | $211532 | 0.61%<sup>(2)</sup> | 0.83% | 2.03% | 28% |
| 2024 | 9.99 | 0.18 | 0.25 | 0.43 | (0.18) |  | (0.18) | 10.24 | 4.37 | 220137 | 0.60 | 0.82 | 1.80 | 26 |
| 2023 | 10.10 | 0.16 | (0.09) | 0.07 | (0.16) | (0.02) | (0.18) | 9.99 | 0.73 | 229828 | 0.60 | 0.82 | 1.60 | 11 |
| 2022 | 11.13 | 0.15 | (1.00) | (0.85) | (0.15) | (0.03) | (0.18) | 10.10 | (7.71) | 267060 | 0.60 | 0.81 | 1.44 | 9 |
| 2021 | 11.18 | 0.16 | (0.01) | 0.15 | (0.16) | (0.04) | (0.20) | 11.13 | 1.31 | 329000 | 0.60 | 0.81 | 1.42 | 8 |
| Massachusetts Municipal Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $10.16 | $0.18 | $(0.05) | $0.13 | $(0.18) | $— | $(0.18) | $10.11 | 1.32% | $60092 | 0.65%<sup>(1)</sup> | 0.86% | 1.83% | 20% |
| 2024 | 9.91 | 0.16 | 0.25 | 0.41 | (0.16) |  | (0.16) | 10.16 | 4.18 | 58938 | 0.64 | 0.83 | 1.58 | 21 |
| 2023 | 9.96 | 0.14 | (0.05) | 0.09 | (0.14) |  | (0.14) | 9.91 | 0.92 | 61290 | 0.63 | 0.82 | 1.40 | 14 |
| 2022 | 10.98 | 0.13 | (0.97) | (0.84) | (0.13) | (0.05) | (0.18) | 9.96 | (7.78) | 72934 | 0.63 | 0.82 | 1.21 | 5 |
| 2021 | 11.06 | 0.13 | (0.03) | 0.10 | (0.13) | (0.05) | (0.18) | 10.98 | 0.93 | 83982 | 0.63 | 0.82 | 1.21 | 9 |
| New Jersey Municipal Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $9.98 | $0.22 | $(0.03) | $0.19 | $(0.22) | $— | $(0.22) | $9.95 | 1.91% | $91712 | 0.62%<sup>(2)</sup> | 0.83% | 2.20% | 25% |
| 2024 | 9.78 | 0.20 | 0.20 | 0.40 | (0.20) |  | (0.20) | 9.98 | 4.12 | 92445 | 0.61 | 0.82 | 2.01 | 21 |
| 2023 | 9.84 | 0.19 | (0.06) | 0.13 | (0.19) |  | (0.19) | 9.78 | 1.33 | 92987 | 0.60 | 0.82 | 1.90 | 19 |
| 2022 | 10.73 | 0.17 | (0.89) | (0.72) | (0.17) |  | (0.17) | 9.84 | (6.78) | 108363 | 0.60 | 0.82 | 1.63 | 12 |
| 2021 | 10.77 | 0.19 | (0.03) | 0.16 | (0.19) | (0.01) | (0.20) | 10.73 | 1.44 | 121735 | 0.60 | 0.81 | 1.74 | 6 |
| New York Municipal Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $10.28 | $0.22 | $(0.06) | $0.16 | $(0.22) | $— | $(0.22) | $10.22 | 1.59% | $100986 | 0.61%<sup>(2)</sup> | 0.83% | 2.18% | 40% |
| 2024 | 10.02 | 0.19 | 0.26 | 0.45 | (0.19) |  | (0.19) | 10.28 | 4.52 | 96269 | 0.61 | 0.82 | 1.85 | 19 |
| 2023 | 10.07 | 0.17 | (0.04) | 0.13 | (0.17) | (0.01) | (0.18) | 10.02 | 1.31 | 102989 | 0.60 | 0.82 | 1.67 | 23 |
| 2022 | 11.07 | 0.15 | (0.89) | (0.74) | (0.15) | (0.11) | (0.26) | 10.07 | (6.80) | 122816 | 0.60 | 0.82 | 1.45 | 11 |
| 2021 | 11.03 | 0.16 | 0.09 | 0.25 | (0.16) | (0.05) | (0.21) | 11.07 | 2.26 | 147951 | 0.60 | 0.81 | 1.46 | 17 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income\* | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Dividends<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized <br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Year | Total<br>Return† | Net Assets<br>End of<br>Year<br>($ Thousands) | Ratio of <br>Net<br>Expenses<br>to<br>Average<br>Net<br>Assets | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net <br>Assets | Portfolio<br>Turnover<br>Rate† |
| Pennsylvania Municipal Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $10.38 | $0.22 | $0.01 | $0.23 | $(0.22) | $— | $(0.22) | $10.39 | 2.22% | $138133 | 0.64%<sup>(1)</sup> | 0.85% | 2.14% | 18% |
| 2024 | 10.14 | 0.20 | 0.24 | 0.44 | (0.20) |  | (0.20) | 10.38 | 4.36 | 133321 | 0.64 | 0.84 | 1.94 | 20 |
| 2023 | 10.25 | 0.18 | (0.11) | 0.07 | (0.18) |  | (0.18) | 10.14 | 0.68 | 142567 | 0.63 | 0.84 | 1.75 | 7 |
| 2022 | 11.29 | 0.17 | (1.02) | (0.85) | (0.17) | (0.02) | (0.19) | 10.25 | (7.66) | 165277 | 0.63 | 0.84 | 1.55 | 6 |
| 2021 | 11.34 | 0.17 |  | 0.17 | (0.17) | (0.05) | (0.22) | 11.29 | 1.53 | 180465 | 0.63 | 0.83 | 1.54 | 7 |
| Tax-Advantaged Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $9.44 | $0.44 | $(0.56) | $(0.12) | $(0.42) | $— | $(0.42) | $8.90 | (1.37)% | $608823 | 0.87%<sup>(3)</sup> | 1.09% | 4.78% | 20% |
| 2024 | 8.94 | 0.47 | 0.47 | 0.94 | (0.44) |  | (0.44) | 9.44 | 10.77 | 802059 | 0.86 | 1.08 | 5.19 | 23 |
| 2023 | 9.36 | 0.44 | (0.45) | (0.01) | (0.41) |  | (0.41) | 8.94 | (0.07) | 849722 | 0.86 | 1.08 | 4.84 | 27 |
| 2022 | 10.87 | 0.38 | (1.45) | (1.07) | (0.37) | (0.07) | (0.44) | 9.36 | (10.01) | 1006757 | 0.86 | 1.08 | 3.72 | 24 |
| 2021 | 10.39 | 0.38 | 0.52 | 0.90 | (0.36) | (0.06) | (0.42) | 10.87 | 8.93 | 1189304 | 0.86 | 1.08 | 3.53 | 17 |

---

\* Per share calculated using average shares.

† Total return and portfolio turnover rate are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(1) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.63%.

(2) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.60%.

(3) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.86%.

Amounts designated as "—" are $0 or have been rounded to $0.

------

![](j25292622_za010.jpg)

Investment Adviser

SEI Investments Management Corporation

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

More information about the Funds is available without charge through the following:

Statement of Additional Information (SAI)

The SAI dated December 31, 2025 includes more detailed information about SEI Tax Exempt Trust. The SAI is on file with the SEC and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus.

Annual and Semi-Annual Reports

Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

To Obtain an SAI, Annual or Semi-Annual Report, Fund Financial Statements, or More Information:

By Telephone: Call 1-800-DIAL-SEI

By Mail: Write to the Funds at:

One Freedom Valley Drive

Oaks, Pennsylvania 19456

By Internet: www.seic.com/fundprospectuses

From the SEC: You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about SEI Tax Exempt Trust, from the EDGAR Database on the SEC's website (http://www.sec.gov). You may request documents by mail from the SEC, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

SEI Tax Exempt Trust's Investment Company Act registration number is 811-03447.

SEI-F-008 (12/25)

seic.com

------

![](j25292623_ac001.jpg)

December 31, 2025

PROSPECTUS

SEI Tax Exempt Trust

Class Y Shares

• Intermediate-Term Municipal Fund (SINYX)

• Short Duration Municipal Fund (SHYMX)

• California Municipal Bond Fund (SCYYX)

• Massachusetts Municipal Bond Fund (SMSYX)

• New Jersey Municipal Bond Fund (SNJYX)

• New York Municipal Bond Fund (SNYYX)

• Pennsylvania Municipal Bond Fund (SPAYX)

• Tax-Advantaged Income Fund (STAYX)

*The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.*

*Not all Funds appearing in this prospectus are available for purchase in all states. You may purchase Fund shares only if they are registered in your state.*

seic.com

------

SEI / PROSPECTUS

SEI TAX EXEMPT TRUST

About This Prospectus

---

| | |
|:---|:---|
| FUND SUMMARY |  |
| INTERMEDIATE-TERM MUNICIPAL FUND | 1 |
| SHORT DURATION MUNICIPAL FUND | 6 |
| CALIFORNIA MUNICIPAL BOND FUND | 11 |
| MASSACHUSETTS MUNICIPAL BOND FUND | 16 |
| NEW JERSEY MUNICIPAL BOND FUND | 21 |
| NEW YORK MUNICIPAL BOND FUND | 26 |
| PENNSYLVANIA MUNICIPAL BOND FUND | 31 |
| TAX-ADVANTAGED INCOME FUND | 36 |
| Purchase and Sale of Fund Shares | 43 |
| Payments to Broker-Dealers and Other<br>Financial Intermediaries | 43 |
| MORE INFORMATION ABOUT THE FUNDS | 43 |
| MORE INFORMATION ABOUT RISKS | 43 |
| Risk Information Common to the Funds | 43 |
| More Information About Principal Risks | 44 |
| GLOBAL ASSET ALLOCATION | 50 |
| MORE INFORMATION ABOUT THE FUNDS'<br>BENCHMARK INDEXES | 51 |
| INVESTMENT ADVISER | 52 |
| SUB-ADVISERS | 54 |
| Information About Fee Waivers | 54 |
| Sub-Advisers and Portfolio Managers | 55 |
| PURCHASING, EXCHANGING AND SELLING <br>FUND SHARES | 60 |
| HOW TO PURCHASE FUND SHARES | 61 |
| Pricing of Fund Shares | 61 |
| Frequent Purchases and Redemptions of<br>Fund Shares | 64 |
| Foreign Investors | 65 |
| Customer Identification and Verification and<br>Anti-Money Laundering Program | 65 |

---

---

| | |
|:---|:---|
| HOW TO EXCHANGE YOUR FUND SHARES | 66 |
| HOW TO SELL YOUR FUND SHARES | 66 |
| Receiving Your Money | 66 |
| Methods Used to Meet Redemption Obligations | 66 |
| Low Balance Redemptions | 67 |
| Suspension of Your Right to Sell Your Shares | 67 |
| Large Redemptions | 67 |
| Telephone Transactions | 67 |
| Unclaimed Property | 67 |
| DISTRIBUTION OF FUND SHARES | 68 |
| DISCLOSURE OF PORTFOLIO HOLDINGS <br>INFORMATION | 68 |
| DIVIDENDS, DISTRIBUTIONS AND TAXES | 68 |
| Dividends and Distributions | 68 |
| Taxes | 68 |
| ADDITIONAL INFORMATION | 70 |
| FINANCIAL HIGHLIGHTS | 72 |
| HOW TO OBTAIN MORE INFORMATION ABOUT <br>SEI TAX EXEMPT TRUST | Back Cover |

---

------

SEI / PROSPECTUS

INTERMEDIATE-TERM MUNICIPAL FUND

Fund Summary

Investment Goal

The highest level of income exempt from federal income tax as is consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.33% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.23% |
| Total Annual Fund Operating Expenses | 0.56% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Intermediate-Term Municipal Fund — Class Y Shares | $57 | $179 | $313 | $701 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of its portfolio.

Principal Investment Strategies

The Intermediate-Term Municipal Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal income tax, including, but not limited to, municipal bonds, notes and commercial paper. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, the District of Columbia, Puerto Rico and other U.S. territories and possessions.

------

SEI / PROSPECTUS

The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). To a limited extent, SIMC may also directly manage a portion of the Fund's portfolio. The Sub-Advisers and, to the extent applicable, SIMC select securities based on their views on the future direction of interest rates and the shape of the yield curve, as well as their views on credit quality and sector allocation issues. Where possible, the Sub-Advisers and, to the extent applicable, SIMC will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Advisers and, to the extent applicable, SIMC will strive to maintain an average dollar-weighted portfolio maturity of three to ten years for the Fund's entire portfolio. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal income tax. The Fund may also invest in municipal securities rated below investment grade (junk bonds) or unrated municipal securities.

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

------

SEI / PROSPECTUS

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Advisers will independently review the

------

SEI / PROSPECTUS

bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292623_ba002.jpg)  | Best Quarter: 6.38% (12/31/23)<br>Worst Quarter: -5.82% (3/31/22)<br>The Fund's Class Y total return (pre-tax) from January 1, 2025 to September 30, 2025 was 2.91%.<br>The Fund's Class Y Shares commenced operations on May 1, 2015. For the calendar year ended December 31, 2015, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class Y Shares are invested in the same portfolio of securities, returns for Class Y Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on 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. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

------

SEI / PROSPECTUS

---

| | | | | |
|:---|:---|:---|:---|:---|
| Intermediate-Term Municipal Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(9/5/1989) |
| Return Before Taxes | 2.11% | 1.20% | 2.18% | 4.19% |
| Return After Taxes on Distributions | 2.10% | 1.17% | 2.36% | 4.20% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.50% | 1.53% | 2.50% | 4.19% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes)† | 1.05% | 0.99% | 2.25% | 5.04% |
| Bloomberg 3-15 Year Municipal Blend Index Return (reflects no deduction <br>for fees, expenses or taxes)\*\* | 0.71% | 1.05% | 2.12% | N/A<br>|

---

\* The Fund's Class Y Shares commenced operations on May 1, 2015. For periods prior to May 1, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

† Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (9/5/1989 – 9/30/1989). Annualization calculation of the inception to date returns is based on the actual inception date (9/5/1989).

\*\* The Bloomberg 3-15 Year Municipal Blend Index returns for the "Since Inception" period are not provided because index returns are not available prior to January 31, 1990.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 1999 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust | Stephen J. Czepiel<br>Gregory A. Gizzi<br>William Roach | Since 2007<br>Since 2012<br>Since 2023 | Senior Vice President, Senior Portfolio Manager<br>Senior Vice President, Senior Portfolio Manager<br>Vice President, Portfolio Manager |
| Insight North America LLC | Daniel Rabasco, CFA | Since 2010 | Head of Municipal Bonds |
| Wellington Management <br>Company LLP | Brad W. Libby | Since 2019 | Managing Director and Fixed Income Portfolio <br>Manager/Credit Analyst |

---

Tax Information

The Fund intends to make distributions consisting of exempt-interest dividends that are exempt from federal income tax and may also be exempt from certain state and/or local income taxes depending on an investor's state of residence. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

SHORT DURATION MUNICIPAL FUND

Fund Summary

Investment Goal

High level of income exempt from federal income tax consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.33% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.24% |
| Total Annual Fund Operating Expenses | 0.57% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Short Duration Municipal Fund — Class Y Shares | $58 | $183 | $318 | $714 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 31% of the average value of its portfolio.

Principal Investment Strategies

The Short Duration Municipal Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal income tax, including, but not limited to, municipal bonds, notes, variable rate demand notes and commercial paper. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, the District of Columbia, Puerto Rico and other U.S. territories and possessions.

------

SEI / PROSPECTUS

The Fund uses one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). The Sub-Advisers select securities based on their views on the future direction of interest rates and the shape of the yield curve, as well as their views on credit quality and sector allocation issues. Where possible, the Sub-Advisers will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Advisers will strive to maintain a portfolio duration of three years or less. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a three-year duration, it will decrease in value by approximately 3% if interest rates rise 1% and increase in value by approximately 3% if interest rates fall 1%. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal income tax.

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities

------

SEI / PROSPECTUS

supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

------

SEI / PROSPECTUS

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292623_ba003.jpg)  | Best Quarter: 2.44% (12/31/23)<br>Worst Quarter: -1.81% (3/31/22)<br>The Fund's Class Y total return (pre-tax) from January 1, 2025 to September 30, 2025 was 3.14%.<br>The Fund's Class Y Shares commenced operations on May 1, 2015. For the calendar year ended December 31, 2015, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class Y Shares are invested in the same portfolio of securities, returns for Class Y Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on 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. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

------

SEI / PROSPECTUS

---

| | | | | |
|:---|:---|:---|:---|:---|
| Short Duration Municipal Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(11/13/2003) |
| Return Before Taxes | 3.03% | 1.49% | 1.26% | 1.56% |
| Return After Taxes on Distributions | 3.02% | 1.49% | 1.29% | 1.56% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.94% | 1.54% | 1.31% | 1.57% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes) | 1.05% | 0.99% | 2.25% | 3.58% |
| Bloomberg 1-Year Municipal Bond Index Return (reflects no deduction <br>for fees, expenses or taxes) | 2.71% | 1.39% | 1.30% | 1.71% |

---

\* The Fund's Class Y Shares commenced operations on May 1, 2015. For periods prior to May 1, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2003 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Allspring Global<br>Investments, LLC | Bruce Johns<br>James Randazzo<br>Nicholos Venditti, CFA | Since 2011<br>Since 2019<br>Since 2020 | Senior Portfolio Manager<br>Senior Portfolio Manager<br>Senior Portfolio Manager, Head of Municipal Fixed Income |
| Neuberger Berman Investment <br>Advisers LLC | Kristian J. Lind<br>Peter Moukios | Since 2011<br>Since 2016 | Senior Portfolio Manager, Managing Director<br>Senior Portfolio Manager, Senior Vice President |

---

Tax Information

The Fund intends to make distributions consisting of exempt-interest dividends that are exempt from federal income tax and may also be exempt from certain state and/or local income taxes depending on an investor's state of residence. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

CALIFORNIA MUNICIPAL BOND FUND

Fund Summary

Investment Goal

The highest level of current income exempt from federal and California state income taxes as is consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.33% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.24% |
| Total Annual Fund Operating Expenses | 0.57% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| California Municipal Bond Fund — Class Y Shares | $58 | $183 | $318 | $714 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

Principal Investment Strategies

The California Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and California state income taxes, including, but not limited to, municipal bonds, notes and commercial paper. The principal issuers of these securities are state and local governments and their agencies located in California, as well as in Puerto Rico and other U.S. territories and possessions.

------

SEI / PROSPECTUS

The Fund uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of three to ten years. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and California state income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*California Investment Risk* — The Fund's performance will be affected by the fiscal and economic health of the State of California, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting California municipal issuers.

*Non-Diversified Risk* — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended, for classification as a regulated investment company.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these

------

SEI / PROSPECTUS

developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

------

SEI / PROSPECTUS

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Adviser will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292623_ba004.jpg)  | Best Quarter: 6.23% (12/31/23)<br>Worst Quarter: -6.16% (3/31/22)<br>The Fund's Class Y total return (pre-tax) from January 1, 2025 to September 30, 2025 was 3.74%.<br>The Fund's Class Y Shares commenced operations on October 30, 2015. For the calendar year ended December 31, 2015, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class Y Shares are invested in the same portfolio of securities, returns for Class Y Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

------

SEI / PROSPECTUS

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on 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. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| California Municipal Bond Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(8/19/1998) |
| Return Before Taxes | 0.28% | 0.26% | 1.38% | 3.18% |
| Return After Taxes on Distributions | 0.24% | 0.21% | 1.37% | 3.12% |
| Return After Taxes on Distributions and Sale of Fund Shares | 0.96% | 0.59% | 1.53% | 3.13% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes)† | 1.05% | 0.99% | 2.25% | 3.98% |
| Bloomberg California Intermediate Municipal Index Return (reflects no <br>deduction for fees, expenses or taxes) | 0.20% | 0.75% | 1.85% | 3.85% |

---

\* The Fund's Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

† Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (8/19/1998 – 8/31/1998). Annualization calculation of the inception to date returns is based on the actual inception date (8/19/1998).

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 1999 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Adviser and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Insight North America LLC | Jeffrey Burger, CFA<br>Thomas Casey | Since 2013<br>Since 2013 | Senior Portfolio Manager<br>Senior Portfolio Manager |

---

Tax Information

The Fund intends to make distributions consisting of exempt-interest dividends that are exempt from federal income and California state income taxes. The Fund may invest a portion of its assets in securities that generate income that is subject to federal and California state income taxes, including the federal alternative minimum tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

MASSACHUSETTS MUNICIPAL BOND FUND

Fund Summary

Investment Goal

The highest level of current income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.33% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.26% |
| Total Annual Fund Operating Expenses | 0.59% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Massachusetts Municipal Bond Fund — Class Y Shares | $60 | $189 | $329 | $738 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.

Principal Investment Strategies

The Massachusetts Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and Massachusetts state income taxes, including, but not limited to, municipal bonds, notes and commercial paper. The principal issuers of these securities are state

------

SEI / PROSPECTUS

and local governments and their agencies located in Massachusetts, as well as in Puerto Rico and other U.S. territories and possessions.

The Fund uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of three to ten years. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and Massachusetts state income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*Massachusetts Investment Risk* — The Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Massachusetts, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Massachusetts municipal issuers.

*Non-Diversified Risk* — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended, for classification as a regulated investment company.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities

------

SEI / PROSPECTUS

may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

------

SEI / PROSPECTUS

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Adviser will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292623_ba005.jpg)  | Best Quarter: 6.14% (12/31/23)<br>Worst Quarter: -5.89% (3/31/22)<br>The Fund's Class Y total return (pre-tax) from January 1, 2025 to September 30, 2025 was 3.57%.<br>The Fund's Class Y Shares commenced operations on October 30, 2015. For the calendar year ended December 31, 2015, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class Y Shares are invested in the same portfolio of securities, returns for Class Y Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

------

SEI / PROSPECTUS

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on 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. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Massachusetts Municipal Bond Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(8/19/1998) |
| Return Before Taxes | -0.08% | 0.20% | 1.33% | 3.16% |
| Return After Taxes on Distributions | -0.11% | 0.15% | 1.33% | 3.10% |
| Return After Taxes on Distributions and Sale of Fund Shares | 0.65% | 0.50% | 1.49% | 3.12% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes)† | 1.05% | 0.99% | 2.25% | 3.98% |
| Bloomberg Massachusetts Intermediate Municipal Index Return (reflects no <br>deduction for fees, expenses or taxes) | -0.25% | 0.68% | 1.86% | 3.86% |

---

\* The Fund's Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

† Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (8/19/1998 – 8/31/1998). Annualization calculation of the inception to date returns is based on the actual inception date (8/19/1998).

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 1999 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Adviser and Portfolio Manager.

<u> Sub-Adviser</u> <u> Portfolio Manager</u> <u> Experience withthe Fund</u> <u> Title with Sub-Adviser</u> <br> Insight North America LLC Daniel Rabasco, CFA Since 2010 Head of Municipal Bonds

Tax Information

The Fund intends to make distributions consisting of exempt-interest dividends that are exempt from federal income and Massachusetts state income taxes. The Fund may invest a portion of its assets in securities that generate income that is subject to federal and Massachusetts state income taxes, including the federal alternative minimum tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

NEW JERSEY MUNICIPAL BOND FUND

Fund Summary

Investment Goal

The highest level of current income exempt from federal and New Jersey state income taxes as is consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.33% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.23% |
| Total Annual Fund Operating Expenses | 0.56% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| New Jersey Municipal Bond Fund — Class Y Shares | $57 | $179 | $313 | $701 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of its portfolio.

Principal Investment Strategies

The New Jersey Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and New Jersey state income taxes, including, but not limited to, municipal bonds, notes and commercial paper. The principal issuers of these securities are state and local governments and their agencies located in New Jersey, as well as in Puerto Rico and other U.S. territories and possessions.

------

SEI / PROSPECTUS

The Fund uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of three to ten years. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and New Jersey state income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*New Jersey Investment Risk* — The Fund's performance will be affected by the fiscal and economic health of the State of New Jersey, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New Jersey municipal issuers.

*Non-Diversified Risk* — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended, for classification as a regulated investment company.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these

------

SEI / PROSPECTUS

developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

------

SEI / PROSPECTUS

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Adviser will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292623_bc006.jpg)  | Best Quarter: 5.47% (12/31/23)<br>Worst Quarter: -5.05% (3/31/22)<br>The Fund's Class Y total return (pre-tax) from January 1, 2025 to September 30, 2025 was 3.45%.<br>The Fund's Class Y Shares commenced operations on October 30, 2015. For the calendar year ended December 31, 2015, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class Y Shares are invested in the same portfolio of securities, returns for Class Y Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

------

SEI / PROSPECTUS

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on 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. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| New Jersey Municipal Bond Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(8/18/1998) |
| Return Before Taxes | 0.70% | 0.57% | 1.54% | 2.96% |
| Return After Taxes on Distributions | 0.67% | 0.56% | 1.55% | 2.93% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.28% | 0.89% | 1.70% | 2.95% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes)† | 1.05% | 0.99% | 2.25% | 3.98% |
| Bloomberg 3-10 Year Municipal Blend Index Return(reflects no deduction for <br>fees, expenses or taxes) | 0.69% | 0.99% | 1.89% | 3.60% |

---

\* The Fund's Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

† Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (8/18/1998 – 8/31/1998). Annualization calculation of the inception to date returns is based on the actual inception date (8/18/1998).

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 1999 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Adviser and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Insight North America LLC | Daniel Barton, CFA<br>Jeffrey Burger, CFA | Since 2013<br>Since 2013 | Head of Research, Municipal Bonds<br>Senior Portfolio Manager |

---

Tax Information

The Fund intends to make distributions consisting of exempt-interest dividends that are exempt from federal income and New Jersey state income taxes. The Fund may invest a portion of its assets in securities that generate income that is subject to federal and New Jersey state income taxes, including the federal alternative minimum tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

NEW YORK MUNICIPAL BOND FUND

Fund Summary

Investment Goal

The highest level of current income exempt from federal and New York state and city income taxes as is consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.33% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.24% |
| Total Annual Fund Operating Expenses | 0.57% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| New York Municipal Bond Fund — Class Y Shares | $58 | $183 | $318 | $714 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 40% of the average value of its portfolio.

Principal Investment Strategies

The New York Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and New York state and city income taxes, including, but not limited to, municipal bonds, notes and commercial paper. The principal issuers of these securities are state and local governments and their agencies located in New York, as well as in Puerto Rico and other U.S. territories and possessions.

------

SEI / PROSPECTUS

The Fund uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of three to ten years. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and New York state and city income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*New York Investment Risk* — The Fund's performance will be affected by the fiscal and economic health of the State of New York, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New York municipal issuers.

*Non-Diversified Risk* — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended, for classification as a regulated investment company.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these

------

SEI / PROSPECTUS

developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

------

SEI / PROSPECTUS

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Adviser will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292623_bc007.jpg)  | Best Quarter: 6.35% (12/31/23)<br>Worst Quarter: -5.35% (3/31/22)<br>The Fund's Class Y total return (pre-tax) from January 1, 2025 to September 30, 2025 was 3.62%.<br>The Fund's Class Y Shares commenced operations on October 30, 2015. For the calendar year ended December 31, 2015, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class Y Shares are invested in the same portfolio of securities, returns for Class Y Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

------

SEI / PROSPECTUS

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on 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. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| New York Municipal Bond Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(8/18/1998) |
| Return Before Taxes | 0.13% | 0.57% | 1.50% | 3.12% |
| Return After Taxes on Distributions | 0.10% | 0.48% | 1.46% | 3.06% |
| Return After Taxes on Distributions and Sale of Fund Shares | 0.89% | 0.84% | 1.61% | 3.07% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes)† | 1.05% | 0.99% | 2.25% | 3.98% |
| Bloomberg New York Intermediate Municipal Index Return (reflects no <br>deduction for fees, expenses or taxes) | -0.11% | 0.89% | 1.93% | 3.79% |

---

\* The Fund's Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

† Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (8/18/1998 – 8/31/1998). Annualization calculation of the inception to date returns is based on the actual inception date (8/18/1998).

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 1999 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Adviser and Portfolio Manager.

<u> Sub-Adviser</u> <u> Portfolio Manager</u> <u> Experience withthe Fund</u> <u> Title with Sub-Adviser</u> <br> Insight North America LLC Daniel Rabasco, CFA Since 2010 Head of Municipal Bonds

Tax Information

The Fund intends to make distributions consisting of exempt-interest dividends that are exempt from federal income tax and New York state and city income taxes. The Fund may invest a portion of its assets in securities that generate income that is subject to federal and New York state and city income taxes, including the federal alternative minimum tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

PENNSYLVANIA MUNICIPAL BOND FUND

Fund Summary

Investment Goal

Current income exempt from federal and Pennsylvania state income taxes consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.35% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.24% |
| Total Annual Fund Operating Expenses | 0.59% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Pennsylvania Municipal Bond Fund — Class Y Shares | $60 | $189 | $329 | $738 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 18% of the average value of its portfolio.

Principal Investment Strategies

The Pennsylvania Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and Pennsylvania state income taxes, including, but not limited to, municipal bonds, notes and commercial paper. The principal issuers of these securities are state and local

------

SEI / PROSPECTUS

governments and their agencies located in Pennsylvania, as well as in Puerto Rico and other U.S. territories and possessions.

The Fund uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of seven years or less. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and Pennsylvania state income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*Pennsylvania Investment Risk* — The Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Pennsylvania, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Pennsylvania municipal issuers.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events,

------

SEI / PROSPECTUS

the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

------

SEI / PROSPECTUS

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Adviser will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292623_bc008.jpg)  | Best Quarter: 5.68% (12/31/23)<br>Worst Quarter: -5.71% (3/31/22)<br>The Fund's Class Y total return (pre-tax) from January 1, 2025 to September 30, 2025 was 3.82%.<br>The Fund's Class Y Shares commenced operations on October 30, 2015. For the calendar year ended December 31, 2015, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class Y Shares are invested in the same portfolio of securities, returns for Class Y Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. |

---

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold

------

SEI / PROSPECTUS

their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Pennsylvania Municipal Bond Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(8/26/1998) |
| Return Before Taxes | 0.57% | 0.47% | 1.62% | 3.08% |
| Return After Taxes on Distributions | 0.55% | 0.44% | 1.61% | 3.05% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.17% | 0.79% | 1.71% | 3.08% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes)† | 1.05% | 0.99% | 2.25% | 3.99% |
| Bloomberg Pennsylvania Intermediate Municipal Index Return (reflects no <br>deduction for fees, expenses or taxes) | 0.36% | 0.94% | 2.23% | 3.92% |

---

\* The Fund's Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

† Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (8/26/1998 – 8/31/1998). Annualization calculation of the inception to date returns is based on the actual inception date (8/26/1998).

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 1999 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

Sub-Adviser and Portfolio Manager.

<u> Sub-Adviser</u> <u> Portfolio Manager</u> <u> Experience withthe Fund</u> <u> Title with Sub-Adviser</u> <br> Insight North America LLC Daniel Rabasco, CFA Since 2010 Head of Municipal Bonds

Tax Information

The Fund intends to make distributions consisting of exempt-interest dividends that are exempt from federal income and Pennsylvania state income taxes. The Fund may invest a portion of its assets in securities that generate income that is subject to federal and Pennsylvania state income taxes, including the federal alternative minimum tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

TAX-ADVANTAGED INCOME FUND

Fund Summary

Investment Goal

Provide the highest level of income possible in a tax efficient manner.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.50% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.33% |
| Total Annual Fund Operating Expenses | 0.83% |

---

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Tax-Advantaged Income Fund — Class Y Shares | $85 | $265 | $460 | $1025 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.

Principal Investment Strategies

The Tax-Advantaged Income Fund will invest, under normal circumstances, at least 50% of its net assets in municipal securities, such as bonds, that pay interest that is exempt from federal income tax, including the alternative minimum tax. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, as well as in Puerto Rico and other U.S. territories and possessions. The Fund may invest more than 25% of its total assets in bonds of issuers in California and New York. Under

------

SEI / PROSPECTUS

most market conditions, a large percentage of the municipal securities in which the Fund invests will be below investment grade (junk bonds), but the Fund, without limitation, may invest in higher rated municipal securities.

To a lesser extent, the Fund will also invest in a full range of preferred stock with an emphasis on preferred securities that, at the time of issuance, are eligible to pay dividends that qualify for certain favorable federal income tax treatment, such as dividends that are treated as qualified dividend income and eligible for the dividends received deduction (in each instance, provided certain requirements and holding periods are satisfied, see "Taxes"). The amount invested in preferred stocks at any one time will depend on the attractiveness of the after-tax income stream produced by the preferred securities and will be less than 50% of the Fund's net assets. It is possible that the Fund could own no preferred securities if municipal securities produce a higher yield on an after-tax basis.

Although the Fund may invest a portion of its assets in securities other than municipal and preferred securities, the Fund will seek to purchase securities that generate income eligible for preferential tax treatment in the hands of shareholders. The Fund may also invest in convertible securities, securities eligible for resale under Rule 144A of the Securities Act of 1933, as amended, and other privately placed securities, debt securities subject to federal income tax, common stock and open and closed-end funds. SEI Investments Management Corporation (SIMC or the Adviser) may directly invest up to 5% of the Fund's assets in closed-end bond funds.

The Fund uses a multi-manager approach to manage the Fund's portfolio under the general supervision of SIMC. Each sub-adviser (each, a Sub-Adviser and collectively, the Sub-Advisers) and, to the extent applicable, SIMC selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, each Sub-Adviser and, to the extent applicable, SIMC, will attempt to acquire securities that are underpriced relative to other eligible securities. Each Sub-Adviser and, to the extent applicable, SIMC, will seek to maintain duration of four to eleven years for the Fund's entire portfolio. The Fund may invest in securities subject to the alternative minimum tax or in taxable debt securities.

Principal Risks

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest

------

SEI / PROSPECTUS

payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

*California/New York Investment Risk* — To the extent the Fund invests a material portion of its assets in issuers of California or New York municipal securities, the Fund's performance will be affected by the fiscal and economic health of the States of California or New York, their political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting California or New York municipal issuers.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities generally have less potential for gain or loss than common stocks. In addition, convertible and preferred securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible and preferred securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible and preferred securities will vary over

------

SEI / PROSPECTUS

time depending on changes in the value of the underlying common stocks and interest rates. Convertible and preferred securities are also subject to credit risk and are often lower-quality securities.

*Investment Company Risk* — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

*Private Placements Risk* — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Equity Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Duration Risk* — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Taxation Risk* — In order to pay tax-exempt interest, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund

------

SEI / PROSPECTUS

to shareholders to be taxable. Changes or proposed changes in federal tax laws may cause the prices of tax-exempt securities to fall. While the Fund intends, under normal circumstances, to invest at least 50% of its net assets in municipal securities that pay interest that is exempt from federal income tax in order to meet the requirements necessary to pay out exempt-interest dividends to its shareholders, if the Fund fails to meet this requirement, the income distributions resulting from all of its investments, including its municipal securities, may be subject to federal income tax when received by shareholders. The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to additional tax liabilities.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j25292623_bc009.jpg)  | Best Quarter: 7.18% (12/31/23)<br>Worst Quarter: -5.90% (3/31/22)<br>The Fund's Class Y total return (pre-tax) from January 1, 2025 to September 30, 2025 was 1.71%.<br>The Fund's Class Y Shares commenced operations on May 1, 2015. For the calendar year ended December 31, 2015, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class Y Shares are invested in the same portfolio of securities, returns for Class Y Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. |

---

------

SEI / PROSPECTUS

Average Annual Total Returns (for the periods ended December 31, 2024)

This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Municipal Bond Index (a broad-based securities market index) as well as a blended benchmark that is composed of the Bloomberg High Yield Municipal Bond Index and the Bloomberg U.S. Municipal Bond Index weighted 60%/40%. In prior years, the Fund also compared its performance to the Bloomberg High Yield Municipal Bond Index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on 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. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Tax-Advantaged Income Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(9/4/2007) |
| Return Before Taxes | 6.07% | 2.25% | 3.84% | 4.33% |
| Return After Taxes on Distributions | 5.17% | 1.44% | 3.23% | 3.68% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.78% | 1.98% | 3.45% | 3.77% |
| Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, <br>expenses or taxes) | 1.05% | 0.99% | 2.25% | 3.51% |
| The Fund's 60/40 Blended Benchmark Return (reflects no deduction for <br>fees, expenses or taxes) | 4.19% | 2.02% | 3.48% | 4.17% |

---

\* The Fund's Class Y Shares commenced operations on May 1, 2015. For periods prior to May 1, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2007 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |

---

------

SEI / PROSPECTUS

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Allspring Global Investments, LLC | Dennis Derby<br>Kerry Laurin<br>Nicholos Venditti, CFA | Since 2017<br>Since 2020<br>Since 2025 | Senior Research Analyst and Portfolio Manager<br>Senior Research Analyst and Portfolio Manager<br>Senior Portfolio Manager, Head of Municipal Fixed Income |
| Pacific Investment Management Company LLC | David Hammer | Since 2015 | Managing Director |
| Spectrum Asset Management, Inc. | Mark A. Lieb<br>L. Phillip Jacoby<br>Manu Krishnan<br>Roberto Giangregorio<br>Fred Diaz<br>Satomi Yarnell<br>Kevin Nugent | Since 2007<br>Since 2007<br>Since 2007<br>Since 2007<br>Since 2007<br>Since 2021<br>Since 2024 | Chief Executive Officer and President<br>Chief Investment Officer and Executive Director<br>Portfolio Manager<br>Portfolio Manager<br>Portfolio Manager<br>Portfolio Manager<br>Portfolio Manager |

---

Tax Information

The Fund expects a portion of its distributions to consist of exempt-interest dividends that are exempt from federal income tax and that may also be exempt from certain state and/or local income taxes depending on an investor's state of residence. The Fund, however, expects to invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax.

For important information about the Purchase and Sale of Fund Shares and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 43 of this prospectus.

------

SEI / PROSPECTUS

Purchase and Sale of Fund Shares

The minimum initial investment for Class Y Shares is $100,000 with minimum subsequent investments of $1,000. Such minimums may be waived at the discretion of SIMC. Notwithstanding the foregoing, a higher minimum investment amount may be required for certain types of investors to be eligible to invest in Class Y shares, as set forth in "Purchasing, Exchanging and Selling Fund Shares" on page 60.

You may purchase and redeem shares of a Fund on any day that the New York Stock Exchange (NYSE) is open for business (a Business Day). You may sell your Fund shares by contacting your authorized financial institution or intermediary directly. Authorized financial institutions and intermediaries may redeem Fund shares on behalf of their clients by contacting the Funds' transfer agent (the Transfer Agent) or the Funds' authorized agent, using certain SEI Investments Company (SEI) or third party systems or by calling 1-800-858-7233, as applicable.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), a Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

MORE INFORMATION ABOUT THE FUNDS

Each Fund is a mutual fund. A mutual fund pools shareholders' money and, using professional investment managers, invests it in securities and certain other instruments.

Each Fund has its own investment goal and strategies for reaching that goal. Each Fund's assets are managed under the direction of SIMC and one or more Sub-Advisers who manage portions of the Fund's assets in a way that they believe will help the Fund achieve its goal.

The investments and strategies described in this prospectus are those that SIMC and the Sub-Advisers use under normal conditions. For temporary defensive or liquidity purposes during unusual economic or market conditions, each Fund may invest up to 100% of its assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with a Fund's strategies. During such time, the Funds may not achieve their investment goals. A Fund will do so only if SIMC or a Sub-Adviser believes that the risk of loss outweighs the opportunity for capital gains or higher income. Of course, there is no guarantee that any Fund will achieve its investment goal.

This prospectus describes the Funds' primary investment strategies. However, the Funds may also invest in other securities, use other strategies and engage in other investment practices. These investments and strategies, as well as those described in this prospectus, are described in detail in the Funds' Statement of Additional Information (SAI).

MORE INFORMATION ABOUT RISKS

Risk Information Common to the Funds

Investing in the Funds involves risks, and there is no guarantee that a Fund will achieve its goal. SIMC and the Sub-Advisers, as applicable, make judgments about the securities markets, the economy and companies, but

------

SEI / PROSPECTUS

these judgments may not anticipate actual market movements or the impact of economic conditions on company performance. You could lose money on your investment in a Fund, just as you could with other investments. An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The value of your investment in a Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect security markets generally, as well as those that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities a Fund owns and the markets in which those securities trade. The effect on a Fund's share price of a change in the value of a single security will depend on how widely the Fund diversifies its holdings.

More Information About Principal Risks

The following descriptions provide additional information about some of the risks of investing in the Funds:

*Artificial Intelligence* — The rapid development of increasingly widespread use of certain artificial intelligence — or "AI" — technologies may adversely impact the overall performance of a Fund's investments, or alter the services provided to a Fund by its service providers. AI technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms, and it is possible that the information provided through use of AI technologies could be insufficient, incomplete, inaccurate or biased, leading to adverse effects for a Fund, including, potentially, operational errors and investment losses. AI technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations and the associated risks to a Fund.

*Below Investment Grade Fixed Income Securities (Junk Bonds)* — Below investment grade fixed income securities (commonly referred to as junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Junk bonds involve greater risk of price declines than investment grade securities due to actual or perceived changes in an issuer's creditworthiness. In addition, issuers of junk bonds may be more susceptible than other issuers to economic downturns. Junk bonds are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the security. The volatility of junk bonds is even greater because the prospect for repayment of principal and interest of many of these securities is speculative. Some may even be in default. As an incentive to invest, these risky securities tend to offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return.

*California Investment* — To the extent a Fund invests in California municipal securities, the Fund's performance will be affected by the fiscal and economic health of the State of California, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting California municipal issuers. Political, economic, regulatory and other developments in California may adversely affect the securities held by a Fund. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California's governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations, and adversely affect Fund performance. The California economy continues to benefit from broad-based growth, and in recent years, California has paid off billions of dollars of budgetary borrowings, debts and deferrals which were

------

SEI / PROSPECTUS

accumulated in order to balance budgets in prior years. Despite the recent significant budgetary improvements, there remain a number of risks that threaten the fiscal condition of the State of California, including the significant unfunded liabilities of the state's two main retirement systems. In recent years, California has committed to significant increases in annual payments to these systems to reduce the unfunded liabilities. However, California also has significant unfunded liability with respect to other post-employment benefits. Although California's economy is broad, it has major concentrations in certain industries and may be sensitive to economic problems affecting those industries. A default or credit rating downgrade of a small number of municipal security issuers could negatively impact the market values and marketability of all California municipal securities held by a Fund. In addition, investments in California municipal securities may be affected by natural disasters, such as earthquakes or wildfires, which could impair an issuer's ability to pay principal and/or interest on its obligations.

*Commercial Paper* — Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities to finance short-term credit needs. Commercial paper is usually sold on a discount basis and has a maturity at the time of issuance generally not exceeding 270 days. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities. The value of commercial paper will tend to fall when interest rates rise and rise when interest rates fall.

*Convertible and Preferred Securities* — Convertible and preferred securities generally have less potential for gain or loss than common stocks. In addition, convertible and preferred securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible and preferred securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible and preferred securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. Convertible and preferred securities are also subject to credit risk and are often lower-quality securities.

*Credit* — Credit risk is the risk that a decline in the credit quality of an investment could cause the Funds to lose money. Although the Funds, except the Tax-Advantaged Income Fund, primarily invest in investment grade securities, the Funds could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. Fixed income securities rated below investment grade (junk bonds) (described above) involve greater risk of default or downgrade and are generally more volatile than investment grade securities. Discontinuation of these payments could substantially adversely affect the market value of the security.

*Current Market Conditions Risk* — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks raised interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal Reserve stopping or reversing these changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse

------

SEI / PROSPECTUS

impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Funds' investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Funds' portfolio investments and could result in disruptions in the trading markets.

*Duration* — Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if the interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with longer duration typically have higher risk and higher volatility. Longer-term securities in which a portfolio may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is typically more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Equity Market* — Because the Tax-Advantaged Income Fund may purchase equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors can contribute to price volatility.

*Extension* — The Funds' investments in fixed income securities are subject to extension risk. Generally, rising interest rates tend to extend the duration of fixed income securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a Fund may exhibit additional volatility.

*Fixed Income Markets* — The prices of the Funds' fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Funds' fixed income securities will decrease in value if interest rates rise and vice versa. Fixed income securities may have fixed-, variable- or floating-rates. There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates. Also, longer-term securities are generally more sensitive to changes in the level of interest rates, so the average maturity or duration of these securities affects risk. Changes in government policy, including the Federal Reserve's decisions with respect to raising interest rates or terminating certain programs such as quantitative easing, could increase the risk that interest rates will rise.

------

SEI / PROSPECTUS

Rising interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. These risks may be heightened in a low interest rate environment. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Funds' values may fluctuate and/or the Funds may experience increased redemptions from shareholders, which may impact the Funds' liquidity or force the Funds to sell securities into a declining or illiquid market.

*Interest Rate* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. In a low interest rate environment, the risk of a decline in value of the Fund's portfolio securities associated with rising rates are heightened because there may be a greater likelihood of rates increasing, potentially rapidly. In a declining interest rate environment, the Fund generally will be required to invest available cash in instruments with lower interest rates than those of the current portfolio securities. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, whereas others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources.

*Investment Company* — Certain Funds may purchase shares of investment companies, such as open-end and closed-end funds. When a Fund invests in an investment company, it will bear a pro rata portion of the investment company's expenses in addition to directly bearing the expenses associated with its own operations. Such expenses may make owning shares of an investment company more costly than owning the underlying securities directly. The Funds may invest in affiliated funds including, for example, money market funds for reasons such as cash management or other purposes. In such cases, the Funds' adviser and its affiliates will earn fees at both the Fund level and within the underlying fund with respect to the Fund's assets invested in the underlying fund. In part because of these additional expenses, the performance of an investment company may differ from the performance the Fund would achieve if it invested directly in the underlying investments of the investment company. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments.

*Liquidity* — Each Fund is subject to liquidity risk. Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the condition of a particular issuer or under adverse market or economic conditions independent of the issuer. A Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

*Massachusetts Investment* — To the extent a Fund invests in Massachusetts municipal securities, the Fund's performance will be vulnerable to events that adversely affect the fiscal and economic health of the Commonwealth of Massachusetts, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Massachusetts municipal issuers. These events include tax, legislative, or political changes as well as a deterioration in the state or local budgets. Although Massachusetts' economy is relatively diverse, industries significant to the state's economy could experience downturns or fail to develop as expected, negatively impacting the local economy and a Fund's performance. Massachusetts generally has a high degree of job stability and an educated work force due to its large

------

SEI / PROSPECTUS

concentration of colleges and universities, but the high cost of doing business in Massachusetts may serve as an impediment to job creation. Additionally, fluctuations in unemployment levels or in the state or national economy could result in decreased tax revenues, which could also impact a Fund's performance. Events such as epidemics or pandemics, and the significant uncertainty and stress to the financial resources they may cause to the state and its municipalities may impair the ability of the state and its municipalities to repay their obligations and could, amongst other things, exacerbate existing economic, political or other tensions.

*Municipal Securities* — The Funds invest primarily in municipal securities. Municipal securities are fixed income securities issued by state or local governments or their agencies (such as housing or hospital authorities) to finance capital expenditures and operations. The obligation to pay principal and interest on municipal securities may be a general obligation of the state or local government or may be supported only by an agency or a particular source of revenues. Therefore, municipal securities vary in credit quality. Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Funds' holdings. As a result, the Funds will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great of a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Funds. Any changes in the financial condition of municipal issuers also may adversely affect the value of the Funds' securities.

*New Jersey Investment* — To the extent a Fund invests in New Jersey municipal securities, the Fund's performance will be affected by the fiscal and economic health of the State of New Jersey, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New Jersey municipal issuers. Unfavorable developments in any economic sector may have far-reaching ramifications on the overall New Jersey municipal market. Market conditions may also impact the liquidity and valuation of New Jersey municipal securities. Employment levels, personal income and commercial activity contribute significantly to New Jersey tax revenues, and the state could suffer from declines in these or other sources of revenue. For more than a decade, the state has contributed significantly less to the state's pension plans than the amount needed to fund these programs. New Jersey's pension liabilities are expected to increase substantially in the future, and the state anticipates that future pension plan contributions will place a significant burden on state finances. Meanwhile, the state's health care funding obligations continue to rise. Changes in federal law or regulation, federal budgetary changes or other actions may lead to reductions in federal spending. Further reductions in federal funding or other changes that increase state spending could place additional strain on the state and local governments and may have a negative effect on their ability to meet their obligations. Furthermore, local municipal issuers in New Jersey often are dependent on the state government for a portion of their revenues. These and other factors may adversely

------

SEI / PROSPECTUS

affect the ability of the issuers of New Jersey municipal securities to make required payments of interest and principal, as well as the market value and marketability of municipal securities held by a Fund.

*New York Investment* — To the extent a Fund invests in New York municipal securities, the Fund's performance will be affected by the fiscal and economic health of the State of New York, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New York municipal issuers. Unfavorable developments in any economic sector may have a substantial impact on the overall New York municipal market. As the nation's financial capital, New York's economy is heavily dependent on the financial sector and may be sensitive to economic problems affecting the sector. New York also faces a particularly large degree of uncertainty from interest rate risk and equity market volatility. The New York economy tends to be more sensitive to monetary policy actions and to movements in the national and world economies than the economies of other states. The New York economy is diversified across the finance, insurance, real estate, entertainment and services sectors. Any downturn in these sectors or related industries may adversely affect the New York economy. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations. Any deterioration of New York's fiscal situation could increase the risk of investing in New York municipal securities, including the risk of potential issuer default, and could heighten the risk that the prices of New York municipal securities, and the Fund's net asset value and/or yield, will experience greater volatility. Furthermore, any such deterioration could result in a downgrade of the credit rating of an issuer of New York municipal securities. Future downgrades could reduce the market value of the securities held by the Fund, which could adversely affect the Fund's performance.

*Non-Diversification* — The California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond and New York Municipal Bond Funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, these Funds may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, each of these Funds intends to satisfy the asset diversification requirements for qualification as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Intermediate-Term Municipal, Tax-Advantaged Income, Short Duration Municipal and Pennsylvania Municipal Bond Funds are diversified.

*Pennsylvania Investment* — To the extent a Fund invests in Pennsylvania municipal securities, the Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Pennsylvania, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Pennsylvania municipal issuers. Pennsylvania is one of the nation's most populous states and has a diversified economy. Pennsylvania had been historically identified as a heavy industrial state. That reputation has changed over the last several decades as the coal, steel and railroad industries declined. Pennsylvania's business environment readjusted with a more diversified economic base. Currently, the major sources of growth in Pennsylvania are in the service sector, including healthcare, leisure hospitality, transport and storage. As in other industrially developed states, economic activity in Pennsylvania may be more cyclical than in some other states or in the nation as a whole. Other factors that may negatively affect economic conditions in Pennsylvania include adverse changes in employment rates, federal revenue sharing laws or laws with respect to tax-exempt financing. Additionally, Pennsylvania faces significant fiscal challenges including a structural imbalance and significant underfunding of the Pennsylvania's pension systems. An economic downturn could significantly impact Pennsylvania's finances and, therefore, its municipal

------

SEI / PROSPECTUS

securities. Moreover, the level of public debt in Pennsylvania may affect long-term growth prospects and could cause some municipalities to experience financial hardship.

*Prepayment* — The Funds' investments in fixed income securities are subject to prepayment risk. In a declining interest rate environment, fixed income securities with stated interest rates may have their principal paid earlier than expected. This may result in a Fund having to reinvest that money at lower prevailing interest rates, which can reduce the returns of the Fund.

*Private Placements* — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by a Fund or less than what may be considered the fair value of such securities. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

*Puerto Rico Investment* — To the extent a Fund invests in Puerto Rico municipal securities, the Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Puerto Rico, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Puerto Rico municipal issuers. Unfavorable developments in any economic sector may have far-reaching ramifications on the overall Puerto Rico municipal market. Puerto Rico has recently experienced (and may in the future experience) significant fiscal and economic challenges, including substantial debt service obligations, high levels of unemployment, underfunded public retirement systems and persistent government budget deficits. The economy of Puerto Rico is closely linked to the mainland U.S. economy, as many of the external factors that affect the local economy are determined by the policies and performance of the mainland U.S. economy. Tourism makes a significant contribution to Puerto Rico's economic activity so a decline in tourism, a change in tourism trends or an economic recession that reduces worldwide disposable income could disproportionately affect Puerto Rico's economy relative to other economies that depend less on tourism.

*Reallocation* — In addition to managing the Funds, SIMC constructs and maintains strategies (Strategies) for certain clients, and the Funds are designed in part to implement those Strategies. Within the Strategies, SIMC periodically adjusts the target allocations among the Funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect significant changes in allocation among the Funds. Because a significant portion of the assets in the Funds may be composed of investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could in certain cases have a detrimental effect on the Funds if they are being materially reallocated, including by increasing portfolio turnover (and related transactions costs), disrupting the portfolio management strategy, and causing the Funds to incur taxable gains. SIMC seeks to manage the impact to the Funds resulting from reallocations in the Strategies.

GLOBAL ASSET ALLOCATION

The Funds and other funds managed by SIMC are used within the Strategies that SIMC constructs and maintains for certain clients (Strategy Clients). The Funds are designed in part to be used as a component within those Strategies. The degree to which a Strategy Client's portfolio is invested in the particular market segments and/or asset classes represented by the Funds and other funds varies. SIMC believes that an

------

SEI / PROSPECTUS

investment in a portfolio of funds representing a range of asset classes as part of a Strategy may reduce the Strategy's overall level of volatility.

Within the Strategies, SIMC periodically adjusts the target allocations among the Funds and other funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect significant changes in allocation among the Funds and other funds. Because a significant portion of the assets in the Funds and other funds may be attributable to investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could, in certain cases, have a detrimental effect on the Funds. Such detrimental effects could include: transaction costs, capital gains and other expenses resulting from an increase in portfolio turnover; and disruptions to the portfolio management strategy, such as foregone investment opportunities or the inopportune sale of securities to facilitate redemptions.

MORE INFORMATION ABOUT THE FUNDS' BENCHMARK INDEXES

The following information describes the various indexes referred to in the Performance Information sections of this prospectus, including those indexes that compose the Tax-Advantaged Income Fund's Blended Benchmark Index.

The Bloomberg High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated or rated below Ba1 by Moody's Investors Service with a remaining maturity of at least one year.

The Bloomberg California Intermediate Municipal Index is a subset of the Bloomberg Municipal Bond Index, an unmanaged, broad-based statistical composite of municipal bonds, and is comprised primarily of bond obligations of the state and local governments of California and their agencies with maturities between 5 and 10 years.

The Bloomberg Massachusetts Intermediate Municipal Index is a subset of the Bloomberg Municipal Bond Index, an unmanaged, broad-based statistical composite of municipal bonds, and is comprised primarily of bond obligations of the state and local governments of Massachusetts and their agencies with maturities between 5 and 10 years.

The Bloomberg New York Intermediate Municipal Index is a subset of the Bloomberg Municipal Bond Index, an unmanaged, broad-based statistical composite of municipal bonds, and is comprised primarily of bond obligations of the state and local governments of New York and their agencies with maturities between 5 and 10 years.

The Bloomberg Pennsylvania Intermediate Municipal Index is a subset of the Bloomberg Municipal Bond Index, an unmanaged, broad-based statistical composite of municipal bonds, and is comprised primarily of bond obligations of the state and local governments of Pennsylvania and their agencies with maturities between 5 and 10 years.

The Bloomberg Municipal Bond Index is a market-value-weighted index for the long-term tax-exempt bond market and must have a minimum credit rating of Baa.

The Bloomberg 1-Year Municipal Bond Index is a rules-based, market-value weighted index engineered for the short-term tax exempt investor. The index has four main sectors: general obligation, revenue, insured and pre-refunded bonds.

------

SEI / PROSPECTUS

The Bloomberg 3-15 Year Municipal Blend Index is a rules-based, market-value weighted index engineered for the intermediate-term tax exempt investor. The index is derived from a combination of the Bloomberg 3, 5, 7, 10 and 15 year municipal indexes. These indexes have four main sectors: general obligation, revenue, insured and pre-refunded bonds.

The Bloomberg 3-10 Year Municipal Blend Index is a rules-based, market-value weighted index engineered for the intermediate-term tax exempt investor. The index is derived from a combination of the Bloomberg 3, 5, 7 and 10 year municipal indexes. These indexes have four main sectors: general obligation, revenue, insured and pre-refunded bonds.

The Bloomberg U.S. Municipal Bond Index is designed to measure the performance of the USD-denominated long-term tax-exempt bond market.

INVESTMENT ADVISER

SIMC, a Securities and Exchange Commission (SEC) registered investment adviser, located at One Freedom Valley Drive, Oaks, PA 19456, serves as the investment adviser to the Funds. As of September 30, 2025, SIMC had approximately $219.46 billion in assets under management.

The Funds are managed by SIMC and one or more Sub-Advisers. SIMC acts as a "manager of managers" of the Funds and, subject to the oversight of the Board of Trustees of the Trust (the Board), is responsible for:

— researching and recommending to the Board, the hiring, termination and replacement of Sub-Advisers;

— allocating, on a continuous basis, assets of a Fund among the Sub-Advisers (to the extent a Fund has more than one Sub-Adviser);

— monitoring and evaluating each Sub-Adviser's performance;

— overseeing the Sub-Advisers to ensure compliance with the Funds' investment objectives, policies and restrictions; and

— monitoring each Sub-Adviser's adherence to its investment style.

SIMC acts as manager of managers for the Funds pursuant to an exemptive order obtained from the SEC. The exemptive order permits SIMC, with the approval of the Board, to retain unaffiliated sub-advisers for the Funds without submitting the sub-advisory agreements to a vote of the applicable Funds' shareholders. Among other things, the exemptive order permits the non-disclosure of amounts payable by SIMC under a particular sub-advisory agreement, but instead requires SIMC to disclose the aggregate amount of sub-advisory fees paid by SIMC with respect to each Fund. As a manager of managers, SIMC is ultimately responsible for the investment performance of the Funds. The Board supervises SIMC and the Sub-Advisers and establishes policies that they must follow in their management activities.

In accordance with a separate exemptive order that the Trust and SIMC have obtained from the SEC, the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, subject to certain conditions, including that the Trustees are able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting.

SIMC sources, analyzes, selects and monitors a wide array of Sub-Advisers across multiple asset classes. Differentiating manager skill from market- generated returns is one of SIMC's primary objectives, as it seeks

------

SEI / PROSPECTUS

to identify Sub-Advisers that can deliver attractive investment results. SIMC believes that a full assessment of qualitative as well as quantitative factors is required to identify truly skilled managers. In carrying out this function, SIMC forms forward-looking expectations regarding how a Sub-Adviser will execute a given investment mandate; defines environments in which the strategy is likely to outperform or underperform; and seeks to identify the relevant factors behind a Sub-Adviser's performance. It also utilizes this analysis to identify catalysts that would lead SIMC to reevaluate its view of a Sub-Adviser.

SIMC then constructs a portfolio that seeks to maximize the risk-adjusted rate of return by finding a proper level of diversification between sources of excess return (at an asset class level) and the investment managers implementing them. The allocation to a given investment manager is based on SIMC's analysis of the manager's particular array of alpha sources, the current macroeconomic environment, expectations about the future macroeconomic environment, and the level of risk inherent in a particular manager's investment strategy. SIMC measures and allocates to Sub-Advisers based on risk allocations in an attempt to ensure that one manager does not dominate the risk of a multi-manager, multi-return-source fund.

Richard Bamford and Anthony Karaminas are the portfolio managers primarily responsible for the management and oversight of the Funds, as described above, and Daniel Falkowski is an assistant portfolio manager for the Funds. Mr. Bamford, Mr. Karaminas and Mr. Falkowski may also, to a limited extent, directly manage a portion of the assets in each Fund in a manner that SIMC believes will help each Fund achieve its investment goals.

Mr. Bamford serves as a Senior Portfolio Manager for the Traditional Strategies Group within the Investment Management Unit. Mr. Bamford is responsible for high yield, emerging market, municipal and taxable fixed-income portfolios, as well as leading the investment-grade debt and municipal bonds portfolios. Mr. Bamford's duties include manager analysis and selection, strategy development and enhancement as well as investment research. Mr. Bamford has over 32 years of investment experience in investment management. Prior to joining SEI in 1999, Mr. Bamford worked as a Municipal Credit Analyst for Vanguard. Mr. Bamford received a Bachelor of Science in Economics/Finance and Accounting from the University of Scranton and an M.B.A. with a concentration in Finance from St. Joseph's University.

Anthony Karaminas, CFA, serves as a Portfolio Manager for the Funds. Mr. Karaminas is the Head of Sub-Advisory Fixed Income & Multi-Asset within the Investment Management Unit and is responsible for Portfolio Management leadership and oversight duties. Prior to joining SEI, he was an Associate Portfolio Manager/Analyst within the Multi-Manager Solution team at UBS Asset Management. Previously, Mr. Karaminas held the role of Sector Head of Global Fixed Income and Global High Yield Funds Research at S&P Capital IQ. Mr. Karaminas was also a Senior Analyst at Goldman Sachs JBWere. Mr. Karaminas received a Bachelor of Business (with honors) from Swinburne University in Melbourne, Australia. He is a CFA charterholder and a member of the CFA Institute.

Mr. Falkowski serves as an Assistant Portfolio Manager for the Funds. His duties include manager due diligence and selection. Mr. Falkowski has over 15 years of investment experience. Prior to joining SEI in 2016, Mr. Falkowski was a Senior Investment Officer at the City of Philadelphia Board of Pensions and Retirement. Mr. Falkowski received both his B.S. and M.S. in Finance from the Villanova University.

------

SEI / PROSPECTUS

SUB-ADVISERS

Each Sub-Adviser makes investment decisions for the assets it manages and continuously reviews, supervises and administers its investment program. Each Sub-Adviser must also operate within each Fund's investment objective, restrictions and policies, and within specific guidelines and instructions established by SIMC from time to time. Each Sub-Adviser is responsible for managing only the portion of the Fund allocated to it by SIMC, and Sub-Advisers may not consult with each other concerning transactions for a Fund. SIMC pays the Sub-Advisers out of the investment advisory fees it receives (as described below).

For the fiscal year ended August 31, 2025, SIMC received investment advisory fees (after fee waivers), as a percentage of each Fund's average daily net assets, as follows:

---

| | | |
|:---|:---|:---|
| | Investment<br>Advisory Fees | Investment<br>Advisory Fees<br>After Fee Waivers\* |
| Intermediate-Term Municipal Fund | 0.33% | 0.19% |
| Short Duration Municipal Fund | 0.33% | 0.20% |
| California Municipal Bond Fund | 0.33% | 0.24% |
| Massachusetts Municipal Bond Fund | 0.33% | 0.26% |
| New Jersey Municipal Bond Fund | 0.33% | 0.23% |
| New York Municipal Bond Fund | 0.33% | 0.23% |
| Pennsylvania Municipal Bond Fund | 0.35% | 0.27% |
| Tax-Advantaged Income Fund | 0.50% | 0.37% |

---

\* Fee waivers during the prior fiscal year were voluntary. Voluntary waivers may be discontinued, in whole or in part, at any time.

A discussion regarding the basis for the Board's approval of the investment advisory and sub-advisory agreements for the Funds is available in the Funds' reports filed on Form N-CSR. The Funds' Semi-Annual Form N-CSR covers the period of September 1, 2024 through February 29, 2025, and the Funds' Annual Form N-CSR covers the period of September 1, 2024 through August 31, 2025.

SIMC has registered with the National Futures Association as a "commodity pool operator" under the Commodity Exchange Act (CEA) with respect to certain products not included in this prospectus. SIMC has claimed, on behalf of each Fund in accordance with CFTC Regulation 4.5 and other relevant rules, regulations and no-action relief, an exclusion from the definition of the term "commodity pool operator" under the CEA. SIMC is therefore not subject to regulation as a pool operator under the CEA with regard to the operation of the Funds.

Information About Fee Waivers

The Funds' actual total annual fund operating expenses for the most recent fiscal year were less than the amounts shown in the Annual Fund Operating Expenses Tables in the Fund Summary sections because, among other reasons, the Funds' adviser, the Funds' administrator and/or the Funds' distributor voluntarily waived and/or reimbursed a portion of its fees in order to keep total direct annual fund operating expenses (exclusive of interest from borrowings, brokerage commissions and prime broker fees, taxes, costs associated with litigation- or tax- related services, Trustee fees, interest and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds' business) at a specified level. The Funds' adviser, the Funds' administrator and/or the Funds' distributor may discontinue all or part of these

------

SEI / PROSPECTUS

waivers and/or reimbursements at any time. With these fee waivers and/or reimbursements, the Funds' actual total annual fund operating expenses were as follows:

---

| | | |
|:---|:---|:---|
| Fund Name — Class Y Shares | Total Annual Fund<br>Operating Expenses<br>(before fee waivers) | Total Annual Fund<br>Operating Expenses<br>(after fee waivers) |
| Intermediate-Term Municipal Fund | 0.56% | 0.38% |
| Short Duration Municipal Fund | 0.57% | 0.38% |
| California Municipal Bond Fund | 0.57% | 0.45% |
| Massachusetts Municipal Bond Fund | 0.59% | 0.48% |
| New Jersey Municipal Bond Fund | 0.56% | 0.45% |
| New York Municipal Bond Fund | 0.57% | 0.45% |
| Pennsylvania Municipal Bond Fund | 0.59% | 0.48% |
| Tax-Advantaged Income Fund | 0.83% | 0.61% |

---

Sub-Advisers and Portfolio Managers

INTERMEDIATE-TERM MUNICIPAL FUND:

Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust: Nomura Investments Fund Advisers ("NIFA) is a series of Nomura Macquarie Investment Management Business Trust ("NIMBT"), a Delaware statutory trust which is registered with the SEC as an investment adviser. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which include NIMBT and its NIFA series. NIFA's principal business address is 610 Market Street, Philadelphia, Pennsylvania 19106. William Roach, Stephen J. Czepiel and Gregory A. Gizzi are the portfolio managers responsible for the day-to-day investment decisions regarding the portion of the Intermediate-Term Municipal Fund's assets allocated to NIFA. Mr. Roach is a Senior Portfolio Manager for municipal bond funds and client accounts at Nomura Asset Management International, a role he assumed in May 2023 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Mr. Roach joined Macquarie's Municipal Bond Team in April 2015, and before that, he spent three years as an Internal Sales Consultant in Macquarie's Client Solutions Group, where he managed relationships across the country and across asset classes. Previously, Mr. Roach worked at Merrill Lynch as an Investment Consultant and Analyst and Creative Financial Group as a Financial Advisor. He earned a Bachelor of Science with dual concentrations in business administration and political science from Albright College and a Master of Business Administration with a concentration in finance from Villanova University. He holds the Chartered Financial Analyst<sup>®</sup> and Chartered Market Technician<sup>®</sup> designations. Mr. Czepiel is a Senior Portfolio Manager for municipal bond funds and accounts at Nomura Asset Management International. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, he held the same role at Macquarie Asset Management, and he first assumed portfolio management responsibilities with Delaware Investments (which was acquired by Macquarie in 2010) in 2007. Before that, Mr. Czepiel was a Senior Bond Trader at Delaware Investments and a Vice President at both Mesirow Financial and Loop

------

SEI / PROSPECTUS

Capital Markets. He began his career in the securities industry in 1982 as a Municipal Bond Trader at Kidder Peabody and has more than 40 years of experience in the municipal securities industry. Mr. Czepiel earned a Bachelor of Science in finance and economics from Duquesne University. Mr. Gizzi is Head of Fixed Income and Municipal Bonds of Nomura Asset Management International, a role he assumed in July 2022 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investment business in 2025. Mr. Gizzi oversees the US fixed income business, leads the firm's municipal business, and is team lead on several of the firm's tax-exempt strategies. Mr. Gizzi also leads the firm's taxable municipal business, and he is a member of the Nomura Asset Management International Executive Committee. Previously, he was a Co-Portfolio Manager of Macquarie Asset Management's municipal bond funds and several client accounts, a role he assumed in November 2011. Before that, Mr. Gizzi was Head of Municipal Bond Trading at Delaware Investments (which was acquired by Macquarie in 2010). Mr. Gizzi has more than 20 years of trading experience in the municipal securities industry at firms including Lehman Brothers, UBS, Dillon Read, and Kidder Peabody. He earned his Bachelor of Arts in economics from Harvard University.

Insight North America LLC: Insight North America LLC (INA), located at 200 Park Avenue, New York, New York 10166, serves as a Sub-Adviser to the Intermediate-Term Municipal Fund. Daniel Rabasco, CFA, Head of Municipal Bonds, is responsible for the management of the portion of the Intermediate-Term Municipal Fund's assets allocated to INA. Mr. Rabasco joined Mellon Investments Corporation (Mellon), the fund's previous sub-adviser and an affiliate of INA, in 1998. Mr. Rabasco holds the CFA designation and has 38 years of investment experience.

Wellington Management Company LLP: Wellington Management Company LLP (Wellington Management), a Delaware limited liability partnership with principal offices located at 280 Congress Street, Boston, Massachusetts 02210, serves as a Sub-Adviser to the Intermediate-Term Municipal Fund. Brad W. Libby, Managing Director and Fixed Income Portfolio Manager/Credit Analyst, manages the portion of the Intermediate-Term Municipal Fund's assets allocated to Wellington Management. Mr. Libby has served as the Portfolio Manager for the Intermediate-Term Municipal Fund since 2019. Mr. Libby joined Wellington Management as an investment professional in 2010.

SHORT DURATION MUNICIPAL FUND:

Allspring Global Investments, LLC: Allspring Global Investments, LLC (Allspring Investments), located at 1415 Vantage Park Drive, 3rd Floor. Charlotte, North Carolina 28203, serves as a Sub-Adviser to the Short Duration Municipal Fund. Allspring Investments is a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. Bruce Johns, Senior Portfolio Manager, James Randazzo, Senior Portfolio Manager and Nicholos Venditti, Senior Portfolio Manager, are responsible for the day-to-day management of the portion of the Short Duration Municipal Fund's assets allocated to Allspring Investments. Prior to joining Allspring Investments in 2005, Mr. Johns was with Strong Capital Management, where he served as a Senior Research Analyst covering the healthcare sector. Mr. Johns began his investment industry career in 1998 as a mutual fund and brokerage agent with Strong Financial Services. Mr. Johns earned a Bachelor's degree in business and finance from the University of Wisconsin, Parkside. Prior to joining Allspring Investments, Mr. Randazzo had been with Evergreen or one of its predecessor firms since 2000. Prior to this, Mr. Randazzo served as a financial analyst at KPMG, as a financial adviser for Prudential Securities, and as a trader for HSBC. He began his investment industry career in 1993 at Greenwich Partners, Inc. He earned a Bachelor's degree in finance

------

SEI / PROSPECTUS

from Iona College and a Master's degree in business administration with an emphasis in finance from the University of Connecticut. Prior to joining Allspring, Mr. Venditti was with Thornburg Investment Management for 10 years, most recently serving as a senior portfolio manager and head of the Municipal Bond Group. In addition to managing Thornburg's municipal business and portfolio management team, he was portfolio manager on seven mutual funds and separately managed accounts. Prior to Thornburg, he held a variety of roles focused on municipal credit analysis at Financial Security Assurance/Assured Guaranty in New York where he began his investment industry career in 2007. He earned a Bachelor of Arts in Theoretical Economics from Trinity University and his Master's in Applied Economics from University of North Carolina-Greensboro, where he also served as an adjunct professor. He received a Master's degree in finance from Syracuse University and has earned the right to use the Chartered Financial Analyst<sup>®</sup> designation.

Neuberger Berman Investment Advisers LLC: Neuberger Berman Investment Advisers LLC (NBIA), with its principal offices located at 1290 Avenue of the Americas, New York, NY 10104, serves as a Sub-Adviser to the Short Duration Municipal Fund. Kristian J. Lind, Managing Director, joined the firm in 2005. Mr. Lind is a Portfolio Manager for the Municipal Fixed Income team. He heads the department's cash management and short duration strategies. Additionally, Mr. Lind co-manages the sub-advised Short Duration Municipal Fund. Prior to NBIA, he worked for Weiss, Peck & Greer as an Assistant Portfolio Manager working in the Municipal Fixed Income group, where he worked since 2003. Prior to Weiss, Peck & Greer, Mr. Lind began his career as an Operations Analyst at Barclays Capital in their Operations Control group. Mr. Lind holds a B.S. in Finance from Purdue University. Peter Moukios, Senior Vice President, joined the firm in 2008. Mr. Moukios is a Portfolio Manager for the Municipal Fixed Income team. Additionally, he co-manages the sub-advised Short Duration Municipal Fund. Prior to NBIA, Mr. Moukios was a Portfolio Manager in Municipal Securities at Weiss, Peck & Greer, where he worked since 1987. Previously he worked at Manufacturers Hanover Trust where he was the supervisor of broker custody. Mr. Moukios is a member of the Municipal Analysts Group of New York and a member of the National Federation of Municipal Analysts. He holds a B.S. in Management from St. John's University and an M.B.A. from Fordham University.

CALIFORNIA MUNICIPAL BOND FUND:

Insight North America LLC: Insight North America LLC (INA), located at 200 Park Avenue, New York, New York 10166, serves as the Sub-Adviser to the California Municipal Bond Fund. Jeffrey Burger, CFA, and Thomas Casey are respectively the primary and secondary portfolio managers who manage the portion of the California Municipal Bond Fund's assets allocated to INA. Mr. Burger is a Senior Portfolio Manager for U.S. Municipal Bond Strategies. Mr. Burger manages U.S. Municipal Bond Strategies for institutional, high net worth and mutual fund clients. Mr. Burger previously served as a Senior Analyst when he joined Mellon Investments Corporation (Mellon), the fund's previous sub-adviser and an affiliate of INA, in 2009, specializing in land secured and special tax bonds. Prior to joining Mellon, Mr. Burger worked at Columbia Management from 2002 to 2009 as a Portfolio Manager and Senior Research Analyst. Mr. Burger has an M.P.A. and a B.A., cum laude, from Syracuse University. Mr. Burger was elected to the Society of Municipal Analysts in 2019 and is a former chairman and member of the executive committee for the National Federation of Municipal Analysts. Mr. Burger holds the CFA designation and has 27 years of investment experience. Mr. Casey is a Senior Portfolio Manager for U.S. Municipal Bond Strategies. Mr. Casey manages U.S. Municipal Bond portfolios for institutional, insurance and high net worth clients. Prior to assuming his current responsibilities, Mr. Casey worked for a number of years as a Trader and a Portfolio Analyst in the municipal group. Mr. Casey joined Mellon in 1993 from State Street Bank & Trust Company, where he was an Analyst. Mr. Casey has an M.B.A. and a B.A. from Boston College and has 36 years of investment experience.

------

SEI / PROSPECTUS

MASSACHUSETTS MUNICIPAL BOND FUND:

Insight North America LLC: Insight North America LLC (INA), located at 200 Park Avenue, New York, New York 10166, serves as the Sub-Adviser to the Massachusetts Municipal Bond Fund. Daniel Rabasco, CFA, Head of Municipal Bonds, is responsible for the management of the assets of the Massachusetts Municipal Bond Fund allocated to INA. Mr. Rabasco joined Mellon Investments Corporation (Mellon), the fund's previous sub-adviser and an affiliate of INA, in 1998, holds the CFA designation and has 38 years of investment experience.

NEW JERSEY MUNICIPAL BOND FUND:

Insight North America LLC: Insight North America LLC (INA), located at 200 Park Avenue, New York, New York 10166, serves as the Sub-Adviser to the New Jersey Municipal Fund. Daniel Barton, CFA, and Jeffrey Burger, CFA, are respectively the primary and secondary portfolio managers who manage the portion of the New Jersey Municipal Bond Fund's assets allocated to INA. Mr. Barton is a Portfolio Manager and Head of Research for Tax Exempt Bonds. As a Portfolio Manager, Mr. Barton co-manages several BNY Mellon state-specific and credit-specific tax exempt bond mutual funds. Mr. Barton's research responsibilities include utilities, airports, tobacco securitization, charter schools and corporate backed bonds. Mr. Barton joined Mellon Investments Corporation (Mellon), the fund's previous sub-adviser and an affiliate of INA, in 2005 from Columbia Management Group, where he was a municipal credit analyst for over four years. Mr. Barton earned an M.B.A from Bentley College and a B.S. in chemical engineering from Rensselaer Polytechnic Institute. Mr. Barton holds the CFA designation and has over 25 years of investment experience. Mr. Burger is a Senior Portfolio Manager for U.S. Municipal Bond Strategies. Mr. Burger manages U.S. Municipal Bond Strategies for institutional, high net worth and mutual fund clients. Mr. Burger previously served as a Senior Analyst when he joined Mellon in 2009, specializing in land secured and special tax bonds. Prior to joining Mellon, Mr. Burger worked at Columbia Management from 2002 to 2009 as a Portfolio Manager and Senior Research Analyst. Mr. Burger has an M.P.A. and a B.A., cum laude, from Syracuse University. Mr. Burger was elected to the Society of Municipal Analysts in 2019 and is a former chairman and member of the executive committee for the National Federation of Municipal Analysts. Mr. Burger holds the CFA designation and has 27 years of investment experience.

NEW YORK MUNICIPAL BOND FUND:

Insight North America LLC: Insight North America LLC (INA), located at 200 Park Avenue, New York, New York 10166, serves as the Sub-Adviser to the New York Municipal Bond Fund. Daniel Rabasco, CFA, Head of Municipal Bonds, is responsible for the management of the assets of the New York Municipal Bond Fund allocated to INA. Mr. Rabasco joined Mellon Investments Corporation (Mellon), the fund's previous sub-adviser and an affiliate of INA, in 1998, holds the CFA designation and has 38 years of investment experience.

PENNSYLVANIA MUNICIPAL BOND FUND:

Insight North America LLC: Insight North America LLC (INA), located at 200 Park Avenue, New York, New York 10166, serves as the Sub-Adviser to the Pennsylvania Municipal Bond Fund. Daniel Rabasco, CFA, Head of Municipal Bonds, is responsible for the management of the assets of the Pennsylvania Municipal Bond Fund allocated to INA. Mr. Rabasco joined Mellon Investments Corporation (Mellon), the fund's previous sub-adviser and an affiliate of INA, in 1998, holds the CFA designation and has 38 years of investment experience.

------

SEI / PROSPECTUS

TAX-ADVANTAGED INCOME FUND:

Allspring Global Investments, LLC: Allspring Global Investments, LLC (Allspring Investments), located at 1415 Vantage Park Drive, 3rd Floor. Charlotte, North Carolina 28203, serves as a Sub-Adviser to the Tax-Advantaged Income Fund. Allspring Investments is a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. Dennis Derby, Senior Research Analyst and Portfolio Manager, Kerry Laurin, CFA Senior Analyst and Portfolio Manager, and Nicholos Venditti, CFA, Senior Portfolio Manager are responsible for the day-to-day management of the portion of the Tax-Advantaged Income Fund's assets allocated to Allspring Investments. Mr. Derby joined one of Allspring Investments' predecessor firms in 1995. He currently serves as a Senior Research Analyst and Portfolio Manager with the Municipal Fixed-Income team. Mr. Derby has extensive experience in a number of municipal sectors and his research has included a variety of higher-yield municipal bonds, including private placements. He earned a Bachelor's degree from Emory University. He is a member of the National Federation of Municipal Analysts and the southern Municipal Analysts Society. Prior to joining Allspring Investments in 2016, Ms. Laurin was a research analyst for Heartland Advisors where she covered taxable fixed income, consumer, and utility equity sectors. Previously, she served as a compliance officer for M&I Investment Management. Ms. Laurin began her investment industry career in 1999. She earned a Bachelor's degree in English from Marquette University and a Master's degree in accounting from the University of Wisconsin, Milwaukee. Ms. Laurin is a Certified Public Accountant (CPA) and has earned the right to use the Chartered Financial Analyst (CFA) designation. Prior to joining Allspring, Mr. Venditti was with Thornburg Investment Management for 10 years, most recently serving as a senior portfolio manager and head of the Municipal Bond Group. In addition to managing Thornburg's municipal business and portfolio management team, he was portfolio manager on seven mutual funds and separately managed accounts. Prior to Thornburg, he held a variety of roles focused on municipal credit analysis at Financial Security Assurance/Assured Guaranty in New York where he began his investment industry career in 2007. He earned a Bachelor of Arts in Theoretical Economics from Trinity University and his Master's in Applied Economics from University of North Carolina-Greensboro, where he also served as an adjunct professor. He received a Master's degree in finance from Syracuse University and has earned the right to use the Chartered Financial Analyst<sup>®</sup> designation.

Pacific Investment Management Company LLC: Pacific Investment Management Company LLC (PIMCO), located at 650 Newport Center Drive, Newport Beach, California 92660, serves as a Sub-Adviser to the Tax-Advantaged Income Fund. David Hammer is the primary individual responsible for managing the portion of the Tax-Advantaged Income Fund's assets allocated to PIMCO. Mr. Hammer is managing director in the Newport Beach office and leads municipal bond portfolio management, with oversight of the firm's municipal investment grade, high yield, taxable, and separately managed accounts. He is the lead portfolio manager on PIMCO's municipal bond fund complex, including investment grade, high yield, state-specific, closed-end funds, and interval fund. Prior to rejoining PIMCO in 2015, he was a managing director at Morgan Stanley, where he was head of municipal trading, risk management, and research. He has 23 years of investment experience and holds an undergraduate degree from Syracuse University.

Spectrum Asset Management, Inc.: Spectrum Asset Management, Inc. (Spectrum), located at 2 High Ridge Park, Stamford, Connecticut 06905, serves as a Sub-Adviser to the Tax-Advantaged Income Fund. Spectrum manages the portion of the Tax-Advantaged Income Fund's assets allocated to it under a team approach involving the following individuals: Mr. Mark Lieb, Chief Executive Officer and President (with Spectrum for 38 years); Mr. L. Phillip Jacoby, Chief Investment Officer and Executive Director (with Spectrum for 30 years); Mr. Manu Krishnan, Portfolio Manager (with Spectrum for 21 years); Mr. Roberto Giangregorio, Portfolio

------

SEI / PROSPECTUS

Manager (with Spectrum for 22 years); and Mr. Fred Diaz, Portfolio Manager (with Spectrum for 25 years), Satomi Yarnell, Portfolio Manager (with Spectrum for 10 years) and Kevin Nugent, Portfolio Manager (with Spectrum for 13 years).

The SAI provides additional information about the portfolio managers' compensation, other accounts they manage and their ownership, if any, of Fund shares.

PURCHASING, EXCHANGING AND SELLING FUND SHARES

This section tells you how to purchase, exchange and sell (sometimes called "redeem") Class Y Shares of the Funds. Class Y Shares may only be purchased by:

• independent investment advisers investing for the benefit of their clients through accounts held at SEI Private Trust Company, that, after requesting access to Class Y Shares, are determined to be eligible to purchase Class Y Shares based on the criteria maintained by the SEI Funds (or their delegate) and made available to independent investment advisers through the SEI Wealth PlatformSM communication site. For these purposes, the SEI Funds (or their delegate) consider an independent investment adviser to be an individual or a group of related individuals that, in the sole determination of the SEI Funds (or their delegate), operate as a distinct customer of SEI. In the event that an independent investment adviser that was authorized to purchase Class Y Shares for its clients subsequently fails to meet eligibility requirements for whatever reason, which may include a situation where a group of related individuals that previously operated as a distinct customer of SEI cease to do so, the SEI Funds (or their delegate) may in their discretion waive the eligibility requirements;

• bank trust departments or other financial firms, for the benefit of their clients, that have entered into an agreement with the Funds' Distributor, or its affiliates, permitting the purchase of Class Y shares;

• institutions, such as defined benefit plans, defined contribution plans, healthcare plans and board designated funds, insurance operating funds, foundations, endowments, public plans and Taft-Hartley plans, subject to a minimum initial investment of least $25,000,000 in Class Y shares of the SEI Funds;

• clients that have entered into a direct bilateral investment advisory agreement with SIMC with respect to their assets invested in the Funds; and

• other SEI mutual funds and pooled investment products managed by SIMC.

In the event a Class Y shareholder no longer meets the eligibility requirements to purchase Class Y shares (as noted in the section), the SEI Funds (or their delegate) may, in their discretion, elect to convert such shareholder's Class Y shares into a Class of shares of the same Fund(s) for which such shareholder does meet the eligibility requirements. Without limiting the foregoing, this may include situations, as applicable, where the shareholder's independent investment adviser, bank trust department or financial firm no longer meets the eligibility criteria noted above or the shareholder no longer meets the eligibility criteria (for example, by terminating their relationship with an eligible adviser or firm). In all cases, if a client meets the eligibility requirements for more than one other Class of shares, then such client's Class Y shares shall be convertible into shares of the Class having the lowest total annual operating expenses (disregarding fee waivers) for which such clients meet the eligibility requirements.

For information on how to open an account and set up procedures for placing transactions, please call 1-800-DIAL-SEI.

------

SEI / PROSPECTUS

HOW TO PURCHASE FUND SHARES

Fund shares may be purchased on any Business Day. Authorized financial institutions and intermediaries may purchase, sell or exchange Class Y Shares by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233. Generally, cash investments must be transmitted or delivered in federal funds to the Funds' wire agent by the close of business on the day after the order is placed. However, in certain circumstances, the Funds, at their discretion, may allow purchases to settle (*i.e.*, receive final payment) at a later date in accordance with the Funds' procedures and applicable law. The Funds reserve the right to refuse any purchase requests, particularly those that the Funds reasonably believe may not be in the best interest of the Funds or their shareholders and could adversely affect the Funds or their operations. This includes those from any individual or group who, in a Fund's view, is likely to engage in excessive trading (usually defined as four or more "round trips" in a Fund in any twelve-month period). For more information regarding the Funds' policies and procedures related to excessive trading, please see "Frequent Purchases and Redemptions of Fund Shares" below.

You may be eligible to purchase other classes of shares of a Fund. However, you may only purchase a class of shares that your financial institutions or intermediaries sell or service. Your financial institution representative or intermediaries can tell you which classes of shares are available to you.

Each Fund calculates its net asset value (NAV) per share once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m. Eastern Time). So, for you to receive the current Business Day's NAV per share, generally the Funds (or an authorized agent) must receive your purchase order in proper form before 4:00 p.m. Eastern Time. A Fund will not accept orders that request a particular day or price for the transaction or any other special conditions.

When you purchase, sell or exchange Fund shares through certain financial institutions, you may have to transmit your purchase, sale and exchange requests to these financial institutions at an earlier time for your transaction to become effective that day. This allows these financial institutions time to process your requests and transmit them to the Funds.

Certain other intermediaries, including certain broker-dealers and shareholder organizations, are authorized to accept purchase, redemption and exchange requests for Fund shares. These requests are executed at the next determined NAV per share after the intermediary receives the request if transmitted to the Funds in accordance with the Funds' procedures and applicable law. These authorized intermediaries are responsible for transmitting requests and delivering funds on a timely basis.

You will have to follow the procedures of your financial institution or intermediary for transacting with the Funds. You may be charged a fee for purchasing and/or redeeming Fund shares by your financial institution or intermediary.

Pricing of Fund Shares

NAV for one Fund share is the value of that share's portion of the net assets of the Fund. In calculating NAV, the Fund generally values its investment portfolio at market price. You may obtain the current NAV of the Fund by calling 1-800-DIAL-SEI.

If a market quotation is readily available for the valuation of Fund investments, then it is valued by the Funds' administrator at current market value in accordance with the Funds' Pricing and Valuation Procedures. The

------

SEI / PROSPECTUS

Trust's Board of Trustees has designated SIMC as the Valuation Designee for the Funds pursuant to Rule 2a-5 under the 1940 Act (the "Rule"). The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board's designation, has appointed a committee of SIMC persons to function as the Valuation Designee (the "Committee") and has established a Valuation and Pricing Policy to implement the Rule and the Funds' Valuation and Pricing Policy (together with SIMC's Valuation and Pricing Policy, the "Fair Value Procedures").

As discussed in detail below, the Committee will typically first seek to fair value investments with valuations received from an independent, third-party pricing agent (a "Pricing Service"). If such valuations are not available or are unreliable, the Committee will seek to obtain a bid price from at least one independent broker or dealer. If a broker or dealer quote is unavailable, the Committee will convene, subject to the Fair Value Procedures, to establish a fair value for the fair value investments.

When valuing portfolio securities, securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which the securities are traded or, if there is no such reported sale, at the most recent quoted bid price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable NAV per share, with the exception of ETFs, which are priced as equity securities. These open-end investment company shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company's NAV is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, then long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price as provided by a Pricing Service.

Futures and swaps cleared through a central clearing house (centrally cleared swaps) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by a Pricing Service. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time the fund calculates its NAV, the settlement price may not be available at the time at which a fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund's futures or centrally cleared swaps position.

If a security's price cannot be obtained, as noted above, or in the case of equity tranches of collateralized loan obligations (CLOs) or collateralized debt obligations (CDOs), the securities will be valued using a bid price from at least one independent broker. If such prices are not readily available, are determined to be unreliable or cannot be valued using the methodologies described above, the Committee will fair value the security using the Fair Value Procedures, as described below.

If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of CLOs/CDOs, such as those held by the Funds, are priced based upon valuations provided by a Pricing Service. Such values generally reflect the last reported sales price if the security is actively traded. The Pricing Service may also value debt securities at an evaluated bid price by employing methodologies that utilize actual

------

SEI / PROSPECTUS

market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities.

On the first day a new debt security purchase is recorded, if a price is not available from a Pricing Service or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Fair Value Procedures until an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less will be valued at their amortized cost. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the security will be valued by an independent broker quote or fair valued by the Committee.

Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using forward rates provided by a Pricing Service.

The Committee and Fund's administrator, as applicable, reasonably believe that prices provided by Pricing Services are reliable. However, there can be no assurance that such Pricing Service's prices will be reliable. The Committee, who is responsible for making fair value determinations with respect to the Funds' portfolio securities, will, with assistance from the applicable Sub-Adviser, continuously monitor the reliability of readily available market quotations obtained from any Pricing Service and shall promptly notify the Funds' administrator if the Committee reasonably believes that a Pricing Service is no longer a reliable source of readily available market quotations. The Funds' administrator, in turn, will notify the Committee if it reasonably believes that a Pricing Service is no longer a reliable source for readily available market quotations.

The Fair Value Procedures provide that any change in a primary Pricing Service or a pricing methodology for investments with readily available market quotations requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund's net assets or involve a material departure in pricing methodology from that of the Fund's existing Pricing Service or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board. A change in a Pricing Service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Committee in accordance with certain requirements.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Fair Value Procedures.

The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions, or (vii) a significant event (as defined below). When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

------

SEI / PROSPECTUS

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

Frequent Purchases and Redemptions of Fund Shares

"Market timing" refers to a pattern of frequent purchases and sales of a Fund's shares, often with the intent of earning arbitrage profits. Market timing of a Fund could harm other shareholders in various ways, including by diluting the value of the shareholders' holdings, increasing Fund transaction costs, disrupting the portfolio management strategy, causing a Fund to incur unwanted taxable gains and forcing a Fund to hold excess levels of cash.

The Funds are intended to be long-term investment vehicles and are not designed for investors that engage in short-term trading activity (*i.e.*, a purchase of Fund shares followed shortly thereafter by a redemption of such shares, or vice versa, in an effort to take advantage of short-term market movements). Accordingly, the Board has adopted policies and procedures on behalf of the Funds to deter short-term trading. The Transfer Agent will monitor trades in an effort to detect short-term trading activities. If, as a result of this monitoring, a Fund determines, in its sole discretion, that a shareholder has engaged in excessive short-term trading, it will refuse to process future purchases or exchanges into the Fund from that shareholder's account.

A shareholder will be considered to be engaging in excessive short-term trading in a Fund in the following circumstances:

i. if the shareholder conducts four or more "round trips" in a Fund in any twelve-month period. A round trip involves the purchase of shares of a Fund and subsequent redemption of all or most of those shares. An exchange into and back out of a Fund in this manner is also considered a round trip.

ii. if a Fund determines, in its sole discretion, that a shareholder's trading activity constitutes excessive short-term trading, regardless of whether such shareholder exceeds the foregoing round trip threshold.

The Funds, in their sole discretion, also reserve the right to reject any purchase request (including exchange requests) for any reason without notice.

Judgments with respect to implementation of the Funds' policies are made uniformly and in good faith in a manner that the Funds believe is consistent with the best long-term interests of shareholders. When applying the Funds' policies, the Funds may consider (to the extent reasonably available) an investor's trading history in all SEI funds, as well as trading in accounts under common ownership, influence or control, and any other information available to the Funds.

The Funds' monitoring techniques are intended to identify and deter short-term trading in the Funds. However, despite the existence of these monitoring techniques, it is possible that short-term trading may occur in the Funds without being identified. For example, certain investors seeking to engage in short-term trading may be adept at taking steps to hide their identity or activity from the Funds' monitoring techniques. Operational or technical limitations may also limit the Funds' ability to identify short-term trading activity.

The Funds and/or their service providers have entered into agreements with financial intermediaries that require them to provide the Funds and/or their service providers with certain shareholder transaction

------

SEI / PROSPECTUS

information to enable the Funds and/or their service providers to review the trading activity in the omnibus accounts maintained by financial intermediaries. The Funds may also delegate trade monitoring to the financial intermediaries. If excessive trading is identified in an omnibus account, the Funds will work with the financial intermediary to restrict trading by the shareholder and may request that the financial intermediary prohibit the shareholder from future purchases or exchanges into the Funds.

Certain of the Funds are sold to participant-directed employee benefit plans. The Funds' ability to monitor or restrict trading activity by individual participants in a plan may be constrained by regulatory restrictions or plan policies. In such circumstances, a Fund will take such action, which may include taking no action, as deemed appropriate in light of all the facts and circumstances.

The Funds may amend these policies and procedures in response to changing regulatory requirements or to enhance the effectiveness of the program.

Foreign Investors

The Funds do not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in a Fund subject to the satisfaction of enhanced due diligence. Prospective investors should consult their own financial institution or financial intermediary regarding their eligibility to invest in a Fund. The Funds may rely on representations from such financial institutions and financial intermediaries regarding their investor eligibility.

Customer Identification and Verification and Anti-Money Laundering Program

Federal law requires all financial institutions to obtain, verify and record information that identifies each customer who opens an account. Accounts for the Funds are generally opened through other financial institutions or financial intermediaries. When you open your account through your financial institution or financial intermediary, you will have to provide your name, address, date of birth, identification number and other information that will allow the financial institution or financial intermediary to identify you. When you open an account on behalf of an entity you will have to provide formation documents and identifying information about beneficial owner(s) and controlling parties. This information is subject to verification by the financial institution or financial intermediary to ensure the identity of all persons opening an account.

Your financial institution or financial intermediary is required by law to reject your new account application if the required identifying information is not provided. Your financial institution or intermediary may contact you in an attempt to collect any missing information required on the application, and your application may be rejected if they are unable to obtain this information. In certain instances, your financial institution or financial intermediary is required to collect documents, which will be used solely to establish and verify your identity.

The Funds will accept investments and your order will be processed at the next determined NAV after receipt of your application in proper form (or upon receipt of all identifying information required on the application). The Funds, however, reserve the right to close and/or liquidate your account at the then-current day's NAV if the financial institution or financial intermediary through which you open your account is unable to verify your identity. As a result, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax consequences.

Customer identification and verification is part of the Funds' overall obligation to deter money laundering under federal law. The Funds have adopted an Anti-Money Laundering Compliance Program designed to prevent the Funds from being used for money laundering or the financing of terrorist activities. In this regard,

------

SEI / PROSPECTUS

the Funds reserve the right to (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of a Fund or in cases when a Fund is requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if a Fund is required to withhold such proceeds.

HOW TO EXCHANGE YOUR FUND SHARES

You may exchange Class Y Shares of any Fund for Class Y Shares of certain other funds of SEI Tax Exempt Trust on any Business Day by placing orders with the Transfer Agent or the Fund's authorized agent. For information about how to exchange Fund shares through your authorized financial institution or intermediary, you should contact your financial institution or intermediary directly. This exchange privilege may be changed or canceled at any time upon 60 days' notice. When you exchange shares, you are really selling your shares and buying shares of another fund. Therefore, your sale price and purchase price will be based on the next calculated NAV after the Funds receive your exchange request. All exchanges are based on the eligibility requirements of the fund into which you are exchanging and any other limits on sales of or exchanges into that fund. Each Fund reserves the right to refuse or limit any exchange order for any reason, including if the transaction is deemed not to be in the best interest of the Fund's other shareholders or possibly disruptive to the management of the Fund. When a purchase or exchange order is rejected, the Fund will send notice to the prospective investor or the prospective investor's financial intermediary.

HOW TO SELL YOUR FUND SHARES

Authorized financial institutions and intermediaries may sell Fund shares on any Business Day by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233. For information about how to sell Fund shares through your authorized financial institution or intermediary, you should contact your authorized financial institution or intermediary directly. Your authorized financial institution or intermediary may charge a fee for its services. The sale price of each share will be the next determined NAV after the Funds receive your request or after the Funds' authorized intermediary receives your request if transmitted to the Funds in accordance with the Funds' procedures and applicable law.

Receiving Your Money

Normally, the Funds will make payment on your redemption request on the Business Day following the day on which they receive your request regardless of the method the Funds use to make such payment, but it may take up to seven days. You may arrange for your proceeds to be wired to your bank account.

Methods Used to Meet Redemption Obligations

The Funds generally pay sale (redemption) proceeds in cash during normal market conditions. To the extent that a Fund does not have sufficient cash holdings for redemption proceeds, it will typically seek to generate such cash through the sale of portfolio assets. The Funds operate an interfund lending program that enables a Fund to borrow from another Fund on a temporary basis, which, on a less regular basis, may be used to help a

------

SEI / PROSPECTUS

Fund satisfy redemptions. Under stressed or unusual conditions that make the payment of cash unwise (and for the protection of the Funds' remaining shareholders), the Funds might pay all or part of your redemption proceeds in liquid securities with a market value equal to the redemption price (redemption in kind). Although it is highly unlikely that your shares would ever be redeemed in kind, you would probably have to pay brokerage costs to sell the securities distributed to you, as well as taxes on any capital gains from the sale as with any redemption and you will bear the investment risk of the distributed securities until the distributed securities are sold. These methods may be used during both normal and stressed market conditions.

Low Balance Redemptions

A Fund (or its delegate) may, in its discretion, and upon reasonable notice, redeem in full a financial institution, intermediary or shareholder that fails to maintain an investment of at least $1,000 in the Fund.

Suspension of Your Right to Sell Your Shares

The Funds may suspend your right to sell your shares if the NYSE restricts trading, the SEC declares an emergency or for other reasons, as permitted by the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder. More information about such suspension can be found in the SAI.

Large Redemptions

Large unexpected redemptions to a Fund can disrupt portfolio management and increase trading costs by causing the Fund to liquidate a substantial portion of its assets in a short period of time. Large redemptions may arise from the redemption activity of a single investor, or the activity of a single investment manager managing multiple underlying accounts. In the event of a large unexpected redemption, a Fund may take such steps as implementing a redemption in kind or delaying the delivery of redemption proceeds for up to seven days. Further, the Funds may reject future purchases from that investor or investment manager. An investor or investment manager with a large position in a Fund may reduce the likelihood of these actions if it works with the Fund to mitigate the impact of a large redemption by, for example, providing advance notice to the Fund of a large redemption or by implementing the redemption in stages over a period of time.

Telephone Transactions

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. The Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions. If the Funds follow these procedures, the Funds will not be responsible for any losses or costs incurred by following telephone instructions the Funds reasonably believe to be genuine.

Unclaimed Property

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property, including mutual fund shares, under various circumstances. Such circumstances include inactivity (*i.e.*, no owner-initiated contact for a certain period), returned mail (*i.e.*, when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. More information on unclaimed property and how to maintain an active account is available through your state.

------

SEI / PROSPECTUS

If you are a resident of certain states, you may designate a representative to receive notice of the potential escheatment of your property. The designated representative would not have any rights to your shares. Please contact your financial intermediary for additional information.

DISTRIBUTION OF FUND SHARES

SEI Investments Distribution Co. (SIDCo.) is the distributor of the shares of the Funds.

The Funds are sold primarily through independent registered investment advisers, financial planners, bank trust departments and other financial advisors (Financial Advisors) who provide their clients with advice and services in connection with their investments in the Funds. Many Financial Advisors are also associated with broker-dealer firms. SIMC and its affiliates, at their expense, may pay compensation to these broker-dealers or other financial institutions for marketing, promotional or other services. These payments may be significant to these firms and may create an incentive for the firm or its associated Financial Advisors to recommend or offer shares of the Funds to its customers rather than other funds or investment products. These payments are made by SIMC and its affiliates out of their past profits or other available resources. SIMC and its affiliates may also provide other products and services to Financial Advisors. For additional information, please see the Funds' SAI. You can also ask your Financial Advisor about any payments it receives from SIMC and its affiliates, as well as about fees it charges.

DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION

Portfolio holdings information for the Funds can be obtained on the Internet at the following address: http://www.seic.com/holdings (the Portfolio Holdings Website). Five calendar days after each month end, a list of all portfolio holdings in each Fund as of the end of such month shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person who requests it, through electronic or other means. The portfolio holdings information placed on the Portfolio Holdings Website shall remain there until the fifth calendar day of the thirteenth month after the date of which the data relates, at which time it will be permanently removed from the site.

Additional information regarding the information disclosed on the Portfolio Holdings website and the Funds' policies and procedures on the disclosure of portfolio holdings information is available in the SAI.

DIVIDENDS, DISTRIBUTIONS AND TAXES

Dividends and Distributions

Each Fund distributes its income monthly. The Funds make distributions of capital gains, if any, at least annually. You will receive dividends and distributions in cash unless otherwise stated.

Taxes

Please consult your tax adviser regarding your specific questions about federal, state and local income taxes. Below, the Funds have summarized certain important tax issues that affect the Funds and their shareholders. This summary is based on current tax laws, which may change.

Each Fund has elected and intends to qualify each year for treatment as regulated investment company (a RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). If it meets certain

------

SEI / PROSPECTUS

minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

The Funds generally intend to operate in a manner such that they will not be liable for federal income or excise taxes.

The Funds intend to make distributions, the majority of which consist of tax exempt-interest dividends that are exempt from federal income tax. In order to pay tax-exempt interest dividends to shareholders, a Fund must invest at least 50% of its net assets in securities that pay interest that is exempt from federal income tax. The California, Massachusetts, New Jersey, New York and Pennsylvania Municipal Bond Funds also intend to distribute income that is exempt from state (and in some cases, local) income taxes for residents of each such state. A portion of the income distributed by the Intermediate-Term Municipal, the Short Duration Municipal and the Tax-Advantaged Income Funds may be exempt from your state and local income taxes depending on the investments of the Funds. Each Fund may invest a portion of its assets in securities that generate income that is subject to federal, state or local income taxes. In addition, exempt-interest dividends may be subject to a federal alternative minimum tax for individuals and certain corporations. Income exempt from federal tax may also be subject to state and local taxes. Income from municipal bonds held by the Funds could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service (IRS) or state tax authorities, or noncompliant conduct of a bond issuer. Interest paid on a municipal bond issued after December 31, 2017, to advance refund another municipal bond is subject to federal income tax. The Funds may not be a suitable investment for individual retirement accounts, for other tax-exempt or tax-deferred accounts or for investors who are not sensitive to the federal income tax consequences of their investments.

While the Tax-Advantaged Income Fund intends, under normal circumstances, to invest at least 50% of its net assets in municipal securities that pay interest that is exempt from federal income tax in order to meet the requirements necessary for a Fund to pay out exempt-interest dividends to its shareholders, if the Tax-Advantaged Income Fund fails to meet this requirement, the income from all of its investments, including its municipal securities, may be subject to federal income tax.

The Funds intend to distribute substantially all of their net investment income, tax exempt-interest income and their net realized capital gains, if any. Certain dividends and distributions you receive may be subject to federal, state and local taxation, depending upon your tax situation. If so, they are taxable whether or not you reinvest them. Income distributions are generally taxable at ordinary income rates. Capital gains distributions are generally taxable at the rates applicable to long-term capital gains regardless of how long you have held your Fund shares.

The Tax-Advantaged Income Fund's taxable dividends may qualify, in the case of non-corporate shareholders, for the lower tax rates applicable to qualified dividend income (20% (lower rates apply to individuals in lower tax brackets)) but only to the extent that such Fund receives qualified dividend income and meets certain holding period requirements and other requirements are satisfied by you and the Fund. In the case of corporate shareholders in the Tax-Advantaged Income Fund, Fund distributions (other than capital gain distributions) generally qualify for the dividends received deduction to the extent such distributions are so reported and do not exceed the gross amount of qualifying dividends received by such Fund for the year. Other than the Tax-Advantaged Income Fund, it is not expected that any portion of the taxable distributions

------

SEI / PROSPECTUS

that may be generated by a Fund will be qualified dividend income or eligible for the dividends received deduction.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

Each sale of Fund shares may be a taxable event. For tax purposes, an exchange of your Fund shares for shares of a different Fund is the same as a sale. You will recognize a gain or loss on such transactions equal to the difference, if any, between the amount of your net sales proceeds and your tax basis in the Fund shares. Such gain or loss will be capital gain or loss if you held your Fund shares as capital assets. Any capital gain or loss realized upon a sale or exchange of Fund shares is generally treated as long-term gain or loss if the shares have been held for more than twelve months. Capital gain or loss realized upon a sale or exchange of Fund shares held for twelve months or less is generally treated as short-term capital gain or loss. Any capital loss on the sale of Fund shares held for six months or less, however, is treated as long-term capital loss to the extent that capital gain dividends were paid with respect to such Fund shares or disallowed to the extent of the amount of tax exempt-interest dividends that were paid with respect to Fund shares. The ability to deduct capital losses may be limited.

A dividend or distribution received shortly after the purchase of Fund shares reduces the NAV of the shares by the amount of the dividend or distribution and, although in effect a return of capital, will be taxable to the shareholder, commonly referred to as "buying a dividend."

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) will be subject to a new 3.8% tax on their "net investment income," including interest, dividends and capital gains (including capital gains realized on the sale or exchange of shares of a Fund). "Net investment income" does not include tax exempt-interest dividends.

Non-U.S. investors in the Funds may be subject to U.S. withholding tax and are encouraged to consult their tax advisor prior to investing in the Funds.

The SAI contains more information about taxes.

ADDITIONAL INFORMATION

The Trust enters into contractual arrangements with various parties (including, among others, the Funds' investment adviser, custodian, administrator and transfer agent, accountants and distributor) who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any

------

SEI / PROSPECTUS

individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or any right to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this prospectus, the SAI nor any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly (and which may not be waived) by federal or state securities laws.

------

SEI / PROSPECTUS

FINANCIAL HIGHLIGHTS

The tables that follow present performance information about Class Y Shares of the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds. This information is intended to help you understand each Fund's financial performance for the past five years. Some of this information reflects financial information for a single Fund share. The total returns in the tables represent the rate that you would have earned (or lost) on an investment in a Fund, assuming you reinvested all of your dividends and distributions.

The information in the following tables has been derived from each Fund's financial statements, which have been audited by KPMG LLP, the Funds' independent registered public accounting firm, whose report, along with each Fund's financial statements, appears in the Funds' Form N-CSR filing for the fiscal year ending August 31, 2025 and are available upon request, at no charge, by dialing 1-800-DIAL-SEI.

SEI TAX EXEMPT TRUST—FOR THE YEARS ENDED AUGUST 31,

FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income\* | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Dividends<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Year | Total<br>Return† | Net Assets<br>End of<br>Year<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net<br>Assets | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net Assets | Portfolio<br>Turnover<br>Rate† |
| Intermediate-Term Municipal Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $11.19 | $0.36 | $(0.27) | $0.09 | $(0.35) | $— | $(0.35) | $10.93 | 0.83% | $192157 | 0.39%<sup>(1)</sup> | 0.57% | 3.23% | 25% |
| 2024 | 10.85 | 0.34 | 0.34 | 0.68 | (0.34) |  | (0.34) | 11.19 | 6.33 | 191376 | 0.38 | 0.57 | 3.10 | 24 |
| 2023 | 11.01 | 0.31 | (0.16) | 0.15 | (0.31) |  | (0.31) | 10.85 | 1.37 | 199741 | 0.38 | 0.56 | 2.85 | 18 |
| 2022 | 12.30 | 0.28 | (1.26) | (0.98) | (0.28) | (0.03) | (0.31) | 11.01 | (8.07) | 174307 | 0.38 | 0.55 | 2.41 | 24 |
| 2021 | 12.10 | 0.29 | 0.22 | 0.51 | (0.29) | (0.02) | (0.31) | 12.30 | 4.23 | 189210 | 0.38 | 0.55 | 2.40 | 11 |
| Short Duration Municipal Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $9.99 | $0.28 | $0.05 | $0.33 | $(0.28) | $— | $(0.28) | $10.04 | 3.38% | $54994 | 0.39%<sup>(1)</sup> | 0.58% | 2.84% | 31% |
| 2024 | 9.82 | 0.27 | 0.17 | 0.44 | (0.27) |  | (0.27) | 9.99 | 4.50 | 47691 | 0.38 | 0.57 | 2.70 | 37 |
| 2023 | 9.82 | 0.21 |  | 0.21 | (0.21) |  | (0.21) | 9.82 | 2.12 | 52717 | 0.38 | 0.56 | 2.10 | 40 |
| 2022 | 10.12 | 0.09 | (0.30) | (0.21) | (0.09) |  | (0.09) | 9.82 | (2.10) | 63199 | 0.38 | 0.55 | 0.90 | 35 |
| 2021 | 10.12 | 0.10 |  | 0.10 | (0.10) |  | (0.10) | 10.12 | 1.01 | 62824 | 0.38 | 0.56 | 1.02 | 30 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income\* | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Dividends<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Year | Total<br>Return† | Net Assets<br>End of<br>Year<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net<br>Assets | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net Assets | Portfolio<br>Turnover<br>Rate† |
| California Municipal Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $10.24 | $0.22 | $(0.05) | $0.17 | $(0.21) | $— | $(0.21) | $10.20 | 1.74% | $21086 | 0.46%<sup>(2)</sup> | 0.58% | 2.18% | 28% |
| 2024 | 10.00 | 0.20 | 0.24 | 0.44 | (0.20) |  | (0.20) | 10.24 | 4.42 | 19660 | 0.45 | 0.57 | 1.95 | 26 |
| 2023 | 10.09 | 0.17 | (0.07) | 0.10 | (0.17) | (0.02) | (0.19) | 10.00 | 1.00 | 21238 | 0.45 | 0.57 | 1.75 | 11 |
| 2022 | 11.12 | 0.17 | (1.00) | (0.83) | (0.17) | (0.03) | (0.20) | 10.09 | (7.58) | 35948 | 0.45 | 0.56 | 1.60 | 9 |
| 2021 | 11.17 | 0.17 | (0.01) | 0.16 | (0.17) | (0.04) | (0.21) | 11.12 | 1.46 | 29632 | 0.45 | 0.56 | 1.57 | 8 |
| Massachusetts Municipal Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $10.14 | $0.20 | $(0.04) | $0.16 | $(0.20) | $— | $(0.20) | $10.10 | 1.57% | $147 | 0.50%<sup>(3)</sup> | 0.61% | 1.98% | 20% |
| 2024 | 9.90 | 0.17 | 0.25 | 0.42 | (0.18) |  | (0.18) | 10.14 | 4.24 | 281 | 0.49 | 0.58 | 1.73 | 21 |
| 2023 | 9.94 | 0.15 | (0.03) | 0.12 | (0.16) |  | (0.16) | 9.90 | 1.17 | 337 | 0.48 | 0.57 | 1.55 | 14 |
| 2022 | 10.97 | 0.14 | (0.98) | (0.84) | (0.14) | (0.05) | (0.19) | 9.94 | (7.74) | 882 | 0.48 | 0.57 | 1.36 | 5 |
| 2021 | 11.04 | 0.15 | (0.02) | 0.13 | (0.15) | (0.05) | (0.20) | 10.97 | 1.18 | 862 | 0.48 | 0.57 | 1.36 | 9 |
| New Jersey Municipal Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $9.98 | $0.23 | $(0.03) | $0.20 | $(0.23) | $— | $(0.23) | $9.95 | 2.06% | $276 | 0.47%<sup>(2)</sup> | 0.58% | 2.33% | 25% |
| 2024 | 9.77 | 0.21 | 0.21 | 0.42 | (0.21) |  | (0.21) | 9.98 | 4.39 | 741 | 0.46 | 0.57 | 2.16 | 21 |
| 2023 | 9.84 | 0.20 | (0.07) | 0.13 | (0.20) |  | (0.20) | 9.77 | 1.38 | 746 | 0.45 | 0.57 | 2.05 | 19 |
| 2022 | 10.73 | 0.18 | (0.89) | (0.71) | (0.18) |  | (0.18) | 9.84 | (6.64) | 1052 | 0.45 | 0.57 | 1.79 | 12 |
| 2021 | 10.77 | 0.20 | (0.03) | 0.17 | (0.20) | (0.01) | (0.21) | 10.73 | 1.59 | 1077 | 0.45 | 0.56 | 1.89 | 6 |
| New York Municipal Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $10.27 | $0.24 | $(0.06) | $0.18 | $(0.24) | $— | $(0.24) | $10.21 | 1.74% | $9217 | 0.46%<sup>(2)</sup> | 0.58% | 2.33% | 40% |
| 2024 | 10.00 | 0.20 | 0.27 | 0.47 | (0.20) |  | (0.20) | 10.27 | 4.78 | 9161 | 0.46 | 0.57 | 2.00 | 19 |
| 2023 | 10.05 | 0.18 | (0.04) | 0.14 | (0.18) | (0.01) | (0.19) | 10.00 | 1.46 | 9591 | 0.45 | 0.57 | 1.82 | 23 |
| 2022 | 11.05 | 0.17 | (0.89) | (0.72) | (0.17) | (0.11) | (0.28) | 10.05 | (6.68) | 18421 | 0.45 | 0.57 | 1.60 | 11 |
| 2021 | 11.01 | 0.18 | 0.09 | 0.27 | (0.18) | (0.05) | (0.23) | 11.05 | 2.42 | 20785 | 0.45 | 0.56 | 1.61 | 17 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income\* | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Dividends<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Year | Total<br>Return† | Net Assets<br>End of<br>Year<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net<br>Assets | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net Assets | Portfolio<br>Turnover<br>Rate† |
| Pennsylvania Municipal Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $10.38 | $0.24 | $— | $0.24 | $(0.23) | $— | $(0.23) | $10.39 | 2.38% | $251 | 0.49%<sup>(3)</sup> | 0.60% | 2.30% | 18% |
| 2024 | 10.13 | 0.21 | 0.25 | 0.46 | (0.21) |  | (0.21) | 10.38 | 4.60 | 246 | 0.48 | 0.59 | 2.10 | 20 |
| 2023 | 10.25 | 0.19 | (0.12) | 0.07 | (0.19) |  | (0.19) | 10.13 | 0.73 | 236 | 0.48 | 0.59 | 1.90 | 7 |
| 2022 | 11.29 | 0.18 | (1.02) | (0.84) | (0.18) | (0.02) | (0.20) | 10.25 | (7.52) | 866 | 0.48 | 0.59 | 1.70 | 6 |
| 2021 | 11.34 | 0.19 |  | 0.19 | (0.19) | (0.05) | (0.24) | 11.29 | 1.67 | 951 | 0.48 | 0.58 | 1.69 | 7 |
| Tax-Advantaged Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $9.43 | $0.46 | $(0.56) | $(0.10) | $(0.44) | $— | $(0.44) | $8.89 | (1.13)% | $221124 | 0.62%<sup>(4)</sup> | 0.84% | 5.03% | 20% |
| 2024 | 8.93 | 0.50 | 0.46 | 0.96 | (0.46) |  | (0.46) | 9.43 | 11.05 | 224106 | 0.62 | 0.84 | 5.43 | 23 |
| 2023 | 9.35 | 0.46 | (0.45) | 0.01 | (0.43) |  | (0.43) | 8.93 | 0.18 | 206077 | 0.61 | 0.83 | 5.09 | 27 |
| 2022 | 10.86 | 0.40 | (1.44) | (1.04) | (0.40) | (0.07) | (0.47) | 9.35 | (9.80) | 171151 | 0.61 | 0.83 | 3.98 | 24 |
| 2021 | 10.38 | 0.40 | 0.53 | 0.93 | (0.39) | (0.06) | (0.45) | 10.86 | 9.20 | 185211 | 0.61 | 0.83 | 3.78 | 17 |

---

\* Per share calculated using average shares.

† Total return and portfolio turnover rate are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(1) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.38%.

(2) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.45%.

(3) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.48%.

(4) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.61%.

Amounts designated as "—" are $0 or have been rounded to $0.

------

![](j25292623_za010.jpg)

Investment Adviser

SEI Investments Management Corporation

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

More information about the Funds is available without charge through the following:

Statement of Additional Information (SAI)

The SAI dated December 31, 2025 includes more detailed information about SEI Tax Exempt Trust. The SAI is on file with the SEC and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus.

Annual and Semi-Annual Reports

Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

To Obtain an SAI, Annual or Semi-Annual Report, Fund Financial Statements, or More Information:

By Telephone: Call 1-800-DIAL-SEI

By Mail: Write to the Funds at:

One Freedom Valley Drive

Oaks, Pennsylvania 19456

By Internet: www.seic.com/fundprospectuses

From the SEC: You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about SEI Tax Exempt Trust, from the EDGAR Database on the SEC's website (http://www.sec.gov). You may request documents by mail from the SEC, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

SEI Tax Exempt Trust's Investment Company Act registration number is 811-03447.

SEI-F-183 (12/25)

seic.com

------

STATEMENT OF ADDITIONAL INFORMATION

SEI TAX EXEMPT TRUST

Class F SharesIntermediate-Term Municipal Fund (SEIMX)

Short Duration Municipal Fund (SUMAX)

California Municipal Bond Fund (SBDAX)

Massachusetts Municipal Bond Fund (SMAAX)

New Jersey Municipal Bond Fund (SENJX)

New York Municipal Bond Fund (SENYX)

Pennsylvania Municipal Bond Fund (SEPAX)

Tax-Advantaged Income Fund (SEATX)Class Y SharesIntermediate-Term Municipal Fund (SINYX)

Short Duration Municipal Fund (SHYMX)

California Municipal Bond Fund (SCYYX)

Massachusetts Municipal Bond Fund (SMSYX)

New Jersey Municipal Bond Fund (SNJYX)

New York Municipal Bond Fund (SNYYX)

Pennsylvania Municipal Bond Fund (SPAYX)

Tax-Advantaged Income Fund (STAYX)

Administrator:

SEI Investments Global Funds Services

Distributor:

SEI Investments Distribution Co.

Investment Adviser:

SEI Investments Management Corporation

Investment Sub-Advisers:

Allspring Global Investments, LLC

Nomura Investments Fund Advisers, a series of

Nomura Investment Management

Business Trust

Insight North America LLC

Neuberger Berman Investment Advisers LLC

Pacific Investment Management Company LLC

Spectrum Asset Management, Inc.

Wellington Management Company LLP

This Statement of Additional Information is not a prospectus. It is intended to provide additional information regarding the activities and operations of SEI Tax Exempt Trust (the "Trust") and should be read in conjunction with the Trust's Prospectuses relating to Class F shares of the Intermediate-Term Municipal Fund, Short Duration Municipal Fund, California Municipal Bond Fund, Massachusetts Municipal Bond Fund, New Jersey Municipal Bond Fund, New York Municipal Bond Fund, Pennsylvania Municipal Bond Fund and Tax-Advantaged Income Fund; and Class Y shares of the Intermediate-Term Municipal Fund, Short Duration Municipal Fund, California Municipal Bond Fund, Massachusetts Municipal Bond Fund, New Jersey Municipal Bond Fund, New York Municipal Bond Fund, Pennsylvania Municipal Bond Fund and Tax-Advantaged Income Fund (the "Prospectuses"), each dated December 31, 2025. Prospectuses may be obtained upon request and without charge by writing the Trust's distributor, SEI Investments Distribution Co., One Freedom Valley Drive, Oaks, Pennsylvania 19456, or by calling 1-800-342-5734.

[The Trust's financial statements for the fiscal year ended August 31, 2025, including notes thereto and the report of the Independent Registered Public Accounting Firm thereon are included in the most recent Form N-CSR for the Funds and are incorporated herein by reference to this SAI.](https://www.sec.gov/ix?doc=/Archives/edgar/data/701817/000139834425020469/fp0095886-1_ncsrixbrl.htm) Shareholders may obtain copies of the Prospectus, the Funds' annual or semi-annual report, and other information such as the Funds' financial statements free of charge online or by calling 1-800-DIAL-SEI. Unless you have elected to receive paper copies of shareholder reports, you will be notified by mail each time a report is posted on the Funds' website and provided with a link to access the report online.

December 31, 2025

SEI-F-043 (12/25)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| GLOSSARY OF TERMS | S-1 |
| THE TRUST | S-3 |
| INVESTMENT OBJECTIVES AND POLICIES | S-3 |
| DESCRIPTION OF PERMITTED INVESTMENTS AND RISK FACTORS | S-9 |
| Artificial Intelligence Technology | S-9 |
| California Investment | S-10 |
| Commercial Paper | S-10 |
| Current Market Conditions Risk | S-10 |
| Derivatives | S-11 |
| Equity Securities | S-12 |
| Fixed Income Securities | S-13 |
| Futures Contracts and Options on Futures Contracts | S-15 |
| Illiquid Securities | S-16 |
| Interfund Lending and Borrowing Arrangements | S-16 |
| Investment Companies | S-16 |
| Massachusetts Investment | S-17 |
| Municipal Securities | S-17 |
| New Jersey Investment | S-18 |
| New York Investment | S-19 |
| Non-Diversification | S-19 |
| Non-Publicly Traded Securities and Private Placements | S-19 |
| Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks | S-19 |
| Pennsylvania Investment | S-20 |
| Puerto Rico Investment | S-20 |
| Quantitative Investing | S-21 |
| Repurchase Agreements | S-21 |
| Restricted Securities | S-21 |
| Risks of Cyber Attacks | S-21 |
| Standby Commitments and Put Transactions | S-22 |
| Swaps, Caps, Floors, Collars and Swaptions | S-22 |
| U.S. Government Securities | S-24 |
| Variable and Floating Rate Instruments | S-26 |
| When-Issued and Delayed Delivery Securities | S-26 |
| INVESTMENT LIMITATIONS | S-26 |
| STATE SPECIFIC DISCLOSURE | S-31 |
| THE ADMINISTRATOR AND TRANSFER AGENT | S-33 |
| THE ADVISER AND SUB-ADVISERS | S-35 |
| DISTRIBUTION, SHAREHOLDER SERVICING AND ADMINISTRATIVE SERVICING | S-58 |
| SECURITIES LENDING ACTIVITY | S-59 |
| TRUSTEES AND OFFICERS OF THE TRUST | S-60 |
| PROXY VOTING POLICIES AND PROCEDURES | S-68 |
| PURCHASE AND REDEMPTION OF SHARES | S-69 |
| TAXES | S-70 |
| PORTFOLIO TRANSACTIONS | S-80 |
| PORTFOLIO TURNOVER | S-82 |
| DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION | S-82 |
| DESCRIPTION OF SHARES | S-83 |
| LIMITATION OF TRUSTEES' LIABILITY | S-83 |
| CODES OF ETHICS | S-83 |
| VOTING | S-84 |
| SHAREHOLDER LIABILITY | S-84 |
| CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES | S-84 |

---

------

---

| | |
|:---|:---|
| CUSTODIAN | S-90 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | S-90 |
| LEGAL COUNSEL | S-90 |
| APPENDIX A—DESCRIPTION OF RATINGS | A-1 |

---

December 31, 2025

------

GLOSSARY OF TERMS

The following terms are used throughout this SAI, and have the meanings set forth below. Because the following is a combined glossary of terms used for all the SEI Funds, certain terms below may not apply to your fund. Any terms used but not defined herein have the meaning ascribed to them in the applicable Fund's prospectus or as otherwise defined in this SAI.

---

| | |
|:---|:---|
| *Term* | *Definition* |
| 1933 Act | Securities Act of 1933, as amended |
| 1940 Act | Investment Company Act of 1940, as amended |
| ADRs | American Depositary Receipts |
| ARMS | Adjustable Rate Mortgage Securities |
| BHCA | Bank-Holding Company Act |
| Bank Loan <br>Rate | The rate of interest that would be charged by a <br>bank for short-term borrowings |
| Board | The Trust's Board of Trustees |
| CATS | Certificates of Accrual on Treasury Securities |
| CDOs | Collateralized Debt Obligations |
| CDRs | Continental Depositary Receipts |
| CFTC | Commodity Futures Trading Commission |
| CLCs | Construction Loan Certificates |
| CLOs | Collateralized Loan Obligations |
| CMBS | Commercial Mortgage-Backed Securities |
| CMOs | Collateralized Mortgage Obligations |
| Code | Internal Revenue Code of 1986, as amended |
| Confidential<br>Information | Material, non-public information |
| Dodd-Frank <br>Act | Dodd-Frank Wall Street Reform and Consumer <br>Protections Act |
| EDRs | European Depositary Receipts |
| ETFs | Exchange-Traded Funds |
| ETNs | Exchange-Traded Notes |
| ETPs | Exchange-Traded Products |
| EU | European Union |
| Fannie Mae | Federal National Mortgage Association |
| FHA | Federal Housing Administration |
| Freddie Mac | Federal Home Loan Mortgage Corporation |
| GDRs | Global Depositary Receipts |
| GNMA | Government National Mortgage Association |
| IFA | Insurance Funding Agreement |
| IO | Interest-Only Security |
| IRS | Internal Revenue Service |
| LYONs | Liquid Yield Option Notes |
| MLPs | Master Limited Partnerships |
| Moody's | Moody's Investors Service, Inc. |

---

------

---

| | |
|:---|:---|
| *Term* | *Definition* |
| NAV | Net Asset Value |
| NDFs | Non-Deliverable Forwards |
| NRSRO | Nationally Recognized Statistical Rating <br>Organization |
| OTC | Over-the-Counter |
| PAC Bonds | Planned Amortization Class CMOs |
| PIPEs | Private Investments in Public Equity |
| PLC | Permanent Loan Certificate |
| P-Notes | Participation Notes |
| PO | Principal-Only Security |
| Program | SEI Funds' interfund lending program |
| QFII | Qualified Foreign Institutional Investor |
| QPTPs | Qualified Publicly Traded Partnerships |
| REITs | Real Estate Investment Trusts |
| REMIC Certificates | REMIC pass-through certificates |
| REMICs | Real Estate Mortgage Investment Conduits |
| REOCs | Real Estate Operating Companies |
| Repo Rate | rate of interest for an investment in overnight <br>repurchase agreements |
| RIC | Regulated Investment Company |
| S&P | Standard & Poor's Rating Group |
| SEC | U.S. Securities and Exchange Commission |
| SEI Funds | The existing or future investment companies <br>registered under the 1940 Act that are advised <br>by SIMC |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separately Traded Registered Interest <br>and Principal Securities |
| Subsidiary | A wholly-owned subsidiary organized <br>under the laws of the Cayman Islands |
| TIGRs | Treasury Investment Growth Receipts |
| TRs | Treasury Receipts |
| UK | United Kingdom |
| World Bank | International Bank of Reconstruction <br>and Development |
| Yankees | Yankee Obligations |

---

------

THE TRUST

General. SEI Tax Exempt Trust (the "Trust") is an open-end management investment company established as a Massachusetts business trust pursuant to a Declaration of Trust dated March 15, 1982 that offers shares of diversified and non-diversified portfolios. The Intermediate-Term Municipal, Tax-Advantaged Income, Short Duration Municipal and Pennsylvania Municipal Bond Funds are diversified and the California Municipal Bond Fund, Massachusetts Municipal Bond Fund, New Jersey Municipal Bond Fund and New York Municipal Bond Fund are non-diversified. The Amended and Restated Agreement and Declaration of Trust permits the Trust to offer separate series ("funds") of units of beneficial interest ("shares") and separate classes of shares of such funds. Shareholders may purchase shares in certain funds through separate classes. Class F and Class Y shares may be offered, which provide for variations in transfer agent fees, shareholder servicing fees, administrative servicing fees, distribution fees, dividends and certain voting rights. Except for differences among the classes pertaining to distribution, shareholder servicing and administrative servicing plans, transfer agency costs or other related class expenses and voting rights and/or dividends, each share of each fund represents an equal proportionate interest in that fund with each other share of that fund.

This Statement of Additional Information ("SAI") relates to the following funds: Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds (each, a "Fund" and collectively, the "Funds"), including any different classes of the Funds.

INVESTMENT OBJECTIVES AND POLICIES

INTERMEDIATE-TERM MUNICIPAL FUND—The Fund's investment objective is to seek the highest level of income exempt from federal income tax as is consistent with the preservation of capital. There can be no assurance that the Fund will achieve its investment objective.

The Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal income tax, including, but not limited to, municipal bonds, notes and commercial paper, based upon opinions from bond counsel for the issuers. The issuers of these securities are state and local governments and their agencies located in any of the fifty states, the District of Columbia, Puerto Rico and other U.S. territories and possessions. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities the interest on which is not a preference item for purposes of the federal alternative minimum tax. The Fund may invest up to 20% of its assets in taxable debt securities for defensive purposes or when sufficient tax-exempt securities considered appropriate by the Fund's investment adviser, SEI Investments Management Corporation ("SIMC" or the "Adviser"), or the Fund's investment sub-advisers (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") are not available for purchase.

The Fund uses a multi-manager approach, relying on a number of Sub-Advisers with differing investment philosophies to manage the Fund's portfolio under the general supervision of SIMC. To a limited extent, SIMC may also directly manage a portion of the Fund's portfolio and, in doing so, may invest up to 5% of the Fund's assets in closed-end bond funds. The Sub-Advisers and, to the extent applicable, SIMC select securities based on their views on the future direction of interest rates and the shape of the yield curve, as well as their views on credit quality and sector allocation issues. Where possible, the Sub-Advisers and, to the extent applicable, SIMC will attempt to acquire securities that are underpriced relative to other eligible securities.

The Fund may, with respect to at least 80% of its net assets (plus the amount of any borrowings for investment purposes), purchase the following types of municipal obligations, but only if such securities, at the time of purchase, either have the requisite rating or, if not rated, are of comparable quality as determined by the Sub-Adviser: (i) municipal bonds rated BBB- or better by S&P, Baa3 or better by Moody's, or BBB or better by Fitch, Inc. ("Fitch"); (ii) municipal notes rated at least SP-1 by S&P, MIG-1/VMIG-1 by Moody's or F2 by Fitch; and (iii) tax-exempt commercial paper rated at least A-1 by S&P, Prime-1 by Moody's or F2 by Fitch. See the description of "Investment Grade Fixed Income Securities" under "Fixed Income Securities" in the "Description

------

of Permitted Investments and Risk Factors" section of this SAI, as well as the "Description of Ratings" in Appendix A of this SAI, for information about ratings. In the event that municipal obligations owned by the Fund become less than the prescribed investment quality, SIMC or the Sub-Adviser, as applicable, will review the situation and take appropriate action with regard to the securities. In addition, the Fund may invest up to 20% of its net assets in lower-rated or non-investment grade municipal securities (*i.e.*, municipal securities that are rated below the requisite ratings described above) or unrated municipal securities determined to be of comparable credit quality. SIMC may also directly invest up to 5% of the Fund's assets in municipal closed-end bond funds. The Fund may also invest, to a limited extent, in interest rate swaps in an effort to hedge the risk associated with its current investments in fixed income assets in response to changes in interest rates.

There could be economic, business or political developments that affect all municipal securities of a similar type. To the extent that a significant portion of the Fund's assets are invested in municipal securities payable from revenues on similar projects, the Fund will be subject to the peculiar risks presented by such projects to a greater extent than it would be if the Fund's assets were not so invested. Accordingly, the Fund will not invest more than 25% of its assets in: (a) municipal securities whose issuers are located in the same state; or (b) municipal securities the interest on which is derived from revenues of similar type projects. This restriction does not apply to municipal securities in any of the following categories: (i) public housing authorities; (ii) general obligations of states and localities; (iii) state and local housing finance authorities; or (iv) municipal utilities systems.

The Fund will typically maintain a dollar-weighted average portfolio maturity of three to ten years. However, when SIMC and the Sub-Advisers determine that market conditions so warrant, the Fund can maintain an average weighted maturity of less than three years.

SHORT DURATION MUNICIPAL FUND—The Fund's investment objective is to seek a high level of income exempt from federal income taxes consistent with the preservation of capital. There can be no assurance that the Fund will achieve its investment objective.

The Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal income tax, including, but not limited to, municipal bonds, notes, variable rate demand notes and commercial paper, based upon opinions from bond counsel for the issuers. The issuers of these securities are state and local governments and their agencies located in any of the fifty states, the District of Columbia, Puerto Rico and other U.S. territories and possessions. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities the interest on which is not a preference item for purposes of the federal alternative minimum tax. The Fund may invest up to 20% of its assets in debt securities subject to federal income tax and the alternative minimum tax. The Fund may also invest, to a limited extent, in interest rate swaps in an effort to hedge the risk associated with its current investments in fixed income assets in response to changes in interest rates.

The Fund uses one or more Sub-Advisers to manage the Fund's portfolio under the general supervision of SIMC. The Sub-Advisers select securities based on their views on the future direction of interest rates and the shape of the yield curve, as well as their views on credit quality and sector allocation issues. Where possible, the Sub-Advisers will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Advisers will strive to maintain a portfolio duration of three years or less. Duration is a weighted average term-to-maturity of the security's cash flow. The weights are the present values of each cash flow as a percentage of the present value of all cash flows (*i.e.*, the weights are the present value of each cash flow as a percentage of the bond's full price).

The Fund may, with respect to at least 80% of its net assets (plus the amount of any borrowings for investment purposes), purchase the following types of municipal securities, but only if such securities, at the time of purchase, either have the requisite rating or, if not rated, are of comparable quality as determined by the Fund's Sub-Advisers: (i) municipal bonds rated BBB- or better by S&P, Baa3 or better by Moody's, or BBB or better by Fitch; (ii) municipal notes rated at least SP-2 by S&P, MIG-2/VMIG-2 by Moody's or F2 by Fitch; and (iii) tax-exempt commercial paper rated at least A-2 by S&P, Prime-2 by Moody's or F2 by Fitch. See the description

------

of "Investment Grade Fixed Income Securities" under "Fixed Income Securities" in the "Description of Permitted Investments and Risk Factors" section of this SAI, as well as the "Description of Ratings" in Appendix A of this SAI, for information about ratings. In the event that municipal obligations owned by the Fund become less than the prescribed investment quality, SIMC or the Sub-Advisers, as applicable, will review the situation and take appropriate action with regard to the securities.

The Fund also may invest in other securities and use investment strategies and techniques included in the section titled "Description of Permitted Investments and Risk Factors."

CALIFORNIA MUNICIPAL BOND FUND—The Fund's investment objective is to seek the highest level of current income exempt from federal and California state income taxes as is consistent with the preservation of capital. There can be no assurance that the Fund will achieve its investment objective.

The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and California state income taxes ("California Securities"), including, but not limited to, municipal bonds, notes and commercial paper. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities the interest on which is not a preference item for purposes of the federal alternative minimum tax. However, the Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and California state income tax. California Securities constitute municipal obligations of the State of California and its political subdivisions or municipal authorities, as well as municipal obligations issued by territories or possessions of the United States, such as Puerto Rico. In addition, for temporary defensive purposes when, in the opinion of SIMC or the Sub-Adviser, such securities are not readily available or of sufficient quality, the Fund can invest up to 100% of its assets in securities that pay interest that is exempt only from federal income taxes or in taxable securities as described below.

The Fund uses a Sub-Adviser to manage the Fund's portfolio under the general supervision of SIMC. The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities.

The Fund may, with respect to at least 80% of its net assets (plus the amount of any borrowings for investment purposes), purchase the following types of municipal obligations, but only if such securities, at the time of purchase, either have the requisite rating or, if not rated, are of comparable quality as determined by the Fund's Sub-Adviser: (i) municipal bonds rated BBB- or better by S&P, Baa3 or better by Moody's, or BBB or better by Fitch; (ii) municipal notes rated at least SP-1 by S&P, MIG-1/VMIG-1 by Moody's or F2 by Fitch; and (iii) tax-exempt commercial paper rated at least A-1 by S&P, Prime-1 by Moody's or by F2 by Fitch. See the description of "Investment Grade Fixed Income Securities" under "Fixed Income Securities" in the "Description of Permitted Investments and Risk Factors" section of this SAI, as well as the "Description of Ratings" in Appendix A of this SAI, for information about ratings. In the event that municipal obligations owned by the Fund become less than the prescribed investment quality, SIMC or the Sub-Adviser, as applicable, will review the situation and take appropriate action with regard to the securities. In addition, the Fund may invest up to 20% of its net assets in non-investment grade municipal securities (*i.e.*, municipal securities that are rated below the requisite ratings described above) and, may also invest, to a limited extent, in interest rate swaps in an effort to hedge the risk associated with its current investments in fixed income assets in response to changes in interest rates.

The Fund will typically maintain a dollar-weighted average portfolio maturity of three to ten years. However, when SIMC and the Sub-Adviser determine that market conditions so warrant, the Fund can maintain an average weighted maturity of less than three years.

MASSACHUSETTS MUNICIPAL BOND FUND—The Fund's investment objective is to seek the highest level of current income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital. There can be no assurance that the Fund will achieve its investment objective.

------

The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from both federal and Massachusetts state income taxes ("Massachusetts Securities"), including, but not limited to, municipal bonds, notes and commercial paper. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities the interest on which is not a preference item for purposes of the federal alternative minimum tax. However, the Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and Massachusetts state income tax. Massachusetts Securities constitute municipal obligations of the Commonwealth of Massachusetts and its political subdivisions or municipal authorities, as well as municipal obligations issued by territories or possessions of the United States, such as Puerto Rico. In addition, for temporary defensive purposes when, in the opinion of SIMC or the Sub-Adviser, such securities are not readily available or of sufficient quality, the Fund can invest up to 100% of its assets in securities that pay interest that is exempt only from federal income taxes or in taxable securities as described below.

The Fund uses a Sub-Adviser to manage the Fund's portfolio under the general supervision of SIMC. The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities.

The Fund may, with respect to at least 80% of its net assets (plus the amount of any borrowings for investment purposes), purchase the following types of municipal obligations, but only if such securities, at the time of purchase, either have the requisite rating or, if not rated, are of comparable quality as determined by the Sub-Adviser: (i) municipal bonds rated BBB- or better by S&P, Baa3 or better by Moody's, or BBB or better by Fitch; (ii) municipal notes rated at least SP-1 by S&P, MIG-1/VMIG-1 by Moody's or F2 by Fitch; and (iii) tax-exempt commercial paper rated at least A-1 by S&P, Prime-1 by Moody's or F2 by Fitch. See the description of "Investment Grade Fixed Income Securities" under "Fixed Income Securities" in the "Description of Permitted Investments and Risk Factors" section of this SAI, as well as the "Description of Ratings" in Appendix A of this SAI, for information about ratings. In the event that municipal obligations owned by the Fund become less than the prescribed investment quality, SIMC or the Sub-Adviser, as applicable, will review the situation and take appropriate action with regard to the securities. In addition, the Fund may invest up to 20% of its net assets in non-investment grade municipal securities (*i.e.,* municipal securities that are rated below the requisite ratings described above) and, may also invest, to a limited extent, in interest rate swaps in an effort to hedge the risk associated with its current investments in fixed income assets in response to changes in interest rates.

The Fund will typically maintain a dollar-weighted average portfolio maturity of three to ten years. However, when SIMC and the Sub-Adviser determine that market conditions so warrant, the Fund can maintain an average weighted maturity of less than three years.

NEW JERSEY MUNICIPAL BOND FUND—The Fund's investment objective is to seek the highest level of income exempt from federal and New Jersey state income taxes as is consistent with the preservation of capital. There can be no assurance that the Fund will achieve its investment objective.

The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from both federal and New Jersey state income taxes ("New Jersey Securities"), including, but not limited to, municipal bonds, notes and commercial paper. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities the interest on which is not a preference item for purposes of the federal alternative minimum tax. However, the Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and New Jersey state income tax. New Jersey Securities constitute municipal obligations of the State of New Jersey and its political subdivisions or municipal authorities, as well as municipal obligations issued by territories or possessions of the United States, such as Puerto Rico. In addition, for temporary defensive purposes when, in the opinion of SIMC or the Sub-Adviser, such securities are not readily available or of sufficient quality, the

------

Fund can invest up to 100% of its assets in securities that pay interest that is exempt only from federal income taxes or in taxable securities as described below.

The Fund uses a Sub-Adviser to manage the Fund's portfolio under the general supervision of SIMC. The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities.

The Fund may, with respect to at least 80% of its net assets (plus the amount of any borrowings for investment purposes), purchase the following types of municipal obligations, but only if such securities, at the time of purchase, either have the requisite rating or, if not rated, are of comparable quality as determined by the Sub-Adviser: (i) municipal bonds rated BBB- or better by S&P, Baa3 or better by Moody's, or BBB or better by Fitch; (ii) municipal notes rated at least SP-1 by S&P, MIG-1/VMIG-1 by Moody's or F2 by Fitch; and (iii) tax-exempt commercial paper rated at least A-1 by S&P, Prime-1 by Moody's or F2 by Fitch. See the description of "Investment Grade Fixed Income Securities" under "Fixed Income Securities" in the "Description of Permitted Investments and Risk Factors" section of this SAI, as well as the "Description of Ratings" in Appendix A of this SAI, for information about ratings. In the event that municipal obligations owned by the Fund become less than the prescribed investment quality, SIMC or the Sub-Adviser, as applicable, will review the situation and take appropriate action with regard to the securities. In addition, the Fund may invest up to 20% of its net assets in non-investment grade municipal securities (*i.e.*, municipal securities that are rated below the requisite ratings described above) and, may also invest, to a limited extent, in interest rate swaps in an effort to hedge the risk associated with its current investments in fixed income assets in response to changes in interest rates.

The Fund will typically maintain a dollar-weighted average portfolio maturity of three to ten years. However, when SIMC and the Sub-Adviser determine that market conditions so warrant, the Fund can maintain an average weighted maturity of less than three years.

NEW YORK MUNICIPAL BOND FUND—The Fund's investment objective is to seek the highest level of current income exempt from federal and New York state and city income taxes as is consistent with the preservation of capital. There can be no assurance that the Fund will achieve its investment objective.

The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from both federal and New York state and city income taxes ("New York Securities"), including, but not limited to, municipal bonds, notes and commercial paper. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities the interest on which is not a preference item for purposes of the federal alternative minimum tax. However, the Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and New York state and city income taxes. New York Securities constitute municipal obligations of the State of New York and its political subdivisions or municipal authorities, as well as municipal obligations issued by territories or possessions of the United States, such as Puerto Rico. In addition, for temporary defensive purposes when, in the opinion of SIMC or the Sub-Adviser, such securities are not readily available or of sufficient quality, the Fund can invest up to 100% of its assets in securities that pay interest that is exempt only from federal income taxes or in taxable securities as described below.

The Fund uses a Sub-Adviser to manage the Fund's portfolio under the general supervision of SIMC. The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities.

The Fund may, with respect to at least 80% of its net assets (plus the amount of any borrowings for investment purposes), purchase the following types of municipal obligations, but only if such securities, at the time of purchase, either have the requisite rating or, if not rated, are of comparable quality as determined by the Sub-Adviser: (i) municipal bonds rated BBB- or better by S&P, Baa3 or better by Moody's, or BBB or better by Fitch; (ii) municipal notes rated at least SP-1 by S&P, MIG-1/VMIG-1 by Moody's or F2 by Fitch; and (iii) tax-exempt commercial paper rated at least A-1 by S&P, Prime-1 by Moody's or F2 by Fitch. See the description of

------

"Investment Grade Fixed Income Securities" under "Fixed Income Securities" in the "Description of Permitted Investments and Risk Factors" section of this SAI, as well as the "Description of Ratings" in Appendix A of this SAI, for information about ratings. In the event that municipal obligations owned by the Fund become less than the prescribed investment quality, SIMC or the Sub-Adviser, as applicable, will review the situation and take appropriate action with regard to the securities. In addition, the Fund may invest up to 20% of its net assets in non-investment grade municipal securities (*i.e.*, municipal securities that are rated below the requisite ratings described above) and may also invest, to a limited extent, in interest rate swaps in an effort to hedge the risk associated with its current investments in fixed income assets in response to changes in interest rates.

The Fund will typically maintain a dollar-weighted average portfolio maturity of three to ten years. However, when SIMC and the Fund's Sub-Adviser determine that market conditions so warrant, the Fund can maintain an average-weighted maturity of less than three years.

PENNSYLVANIA MUNICIPAL BOND FUND—The Fund's investment objective is to provide current income exempt from federal and Pennsylvania state income taxes consistent with the preservation of capital. There can be no assurance that the Fund will achieve its investment objective.

The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from both federal and Pennsylvania state income taxes ("Pennsylvania Securities"), including, but not limited to, municipal bonds, notes and commercial paper. Under normal circumstances, the Fund will invest at least 90% (and intends to invest 100%) of its net assets in securities the interest on which is not a preference item for purposes of the federal alternative minimum tax. However, the Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and Pennsylvania state income tax. Pennsylvania Securities constitute municipal obligations of the Commonwealth of Pennsylvania and its political subdivisions or municipal authorities, as well as municipal obligations issued by territories or possessions of the United States, such as Puerto Rico. In addition, for temporary defensive purposes when, in the opinion of SIMC or the Sub-Adviser, such securities are not readily available or of sufficient quality, the Fund can invest up to 100% of its assets in securities that pay interest that is exempt only from federal income taxes or in taxable securities as described below.

The Fund uses a Sub-Adviser to manage the Fund's portfolio under the general supervision of SIMC. The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities.

The Fund may, with respect to at least 80% of its net assets (plus the amount of any borrowings for investment purposes), purchase the following types of municipal obligations, but only if such securities, at the time of purchase, either have the requisite rating or, if not rated, are of comparable quality as determined by the Sub-Adviser: (i) municipal bonds rated BBB- or better by S&P, Baa3 or better by Moody's, or BBB or better by Fitch; (ii) municipal notes rated at least SP-1 by S&P, MIG-1/VMIG-1 by Moody's or F2 by Fitch; and (iii) tax-exempt commercial paper rated at least A-1 by S&P, Prime-1 by Moody's or F2 by Fitch. See the description of "Investment Grade Fixed Income Securities" under "Fixed Income Securities" in the "Description of Permitted Investments and Risk Factors" section of this SAI, as well as the "Description of Ratings" in Appendix A of this SAI, for information about ratings. In the event that municipal obligations owned by the Fund become less than the prescribed investment quality, SIMC or the Sub-Adviser, as applicable, will review the situation and take appropriate action with regard to the securities. In addition, the Fund may invest up to 20% of its net assets in non-investment grade municipal securities (*i.e.*, municipal securities that are rated below the requisite ratings described above) and may also invest, to a limited extent, in interest rate swaps in an effort to hedge the risk associated with its current investments in fixed income assets in response to changes in interest rates.

The Fund will typically maintain a dollar-weighted average portfolio maturity of seven years or less. Each security purchased will typically have an average maturity of no longer than fifteen years.

------

TAX-ADVANTAGED INCOME FUND—The Fund's investment objective is to provide the highest level of income possible in a tax efficient manner. There can be no assurance that the Fund will achieve its investment objective.

The Fund will invest, under normal circumstances, at least 50% of its net assets in municipal securities, such as bonds, that pay interest that is exempt from federal income taxes, including the alternative minimum tax. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, as well as in Puerto Rico and other U.S. territories and possessions. The Fund may invest more than 25% of its total assets in bonds of issuers in California and New York. Under most market conditions, a large percentage of the municipal securities in which the Fund invests will be below investment grade (junk bonds), but the Fund, without limitation, may invest in higher rated municipal securities. The Fund may also invest in securities whose interest is subject to the alternative minimum tax. To a lesser extent, the Fund will also invest in a full range of preferred stock with an emphasis on preferred securities that, at the time of issuance, are eligible to pay dividends that qualify for certain favorable tax treatment, such as dividends that are treated as qualified dividend income and the dividend received deduction (in each instance, provided certain requirements and holding periods are satisfied).

The amount invested in preferred stocks at any one time will depend on the attractiveness of the after-tax income stream produced by the preferred securities and will be less than 50% of the Fund's assets. It is possible that the Fund could own no preferred securities if municipal securities produce a higher yield on an after-tax basis. In addition, the Fund may invest in convertible securities, securities eligible for resale under Rule 144A of the 1933 Act, and other private placements, debt securities subject to federal income tax, common stock and open and closed-end funds. Up to 5% of the Fund's assets may be invested in municipal closed-end bond funds. Although the Fund may invest a portion of its assets in securities other than municipal and preferred securities, the Fund will seek to purchase securities that generate income eligible for preferential tax treatment in the hands of shareholders. The Fund may also invest, to a limited extent, in interest rate swaps and futures contracts in an effort to hedge the risk associated with its current investments in fixed income assets in response to changes in interest rates.

Each Sub-Adviser and, to the extent applicable, SIMC selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, each Sub-Adviser and, to the extent applicable, SIMC will attempt to acquire securities that are underpriced relative to other eligible securities. Each Sub-Adviser and, to the extent applicable, SIMC will strive to maintain a duration of four to eleven years for the Fund's entire portfolio. The Fund may invest in securities subject to the alternative minimum tax or in taxable debt securities.

DESCRIPTION OF PERMITTED INVESTMENTS AND RISK FACTORS

The following are descriptions of the permitted investments and investment practices of the Funds, including those discussed in the applicable Prospectus and the Funds' "Investment Objectives and Policies" section of this SAI and the associated risk factors. A Fund may purchase any of these instruments and/or engage in any of these investment practices if, in the opinion of SIMC or the Sub-Advisers, such investments or investment practices will be advantageous to the Fund. A Fund is free to reduce or eliminate its activity in any of these areas. An adviser may invest in any of the following instruments or engage in any of the following investment practices unless such investment or activity is inconsistent with or is not permitted by a Fund's stated investment policies, including those stated below. There is no assurance that any of these strategies or any other strategies and methods of investment available to a Fund will result in the achievement of the Fund's investment objective.

ARTIFICIAL INTELLIGENCE TECHNOLOGY—The rapid development and increasingly widespread use of certain artificial intelligence technologies, including machine learning models and generative artificial intelligence (collectively "AI"), may adversely impact markets, the overall performance of a Fund's investments, or the services provided to a Fund. To the extent a Fund invests in companies that are involved in various aspects of AI, the Fund will be affected by the risks of those types of companies, including changes in business cycles,

------

world economic growth, technological progress, and changes in government regulation. Rapid change to technologies that affect a company's products could have a material adverse effect on such company's operating results. Companies that are extensively involved in AI also may rely heavily on a combination of patents, copyrights, trademarks, and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology. Further, because of the innovative nature of the AI market, outpaced advancement by one company or increasing market share by one company could result in rapid and substantial declines in the value of competing companies. In addition, market reaction to the potential impact of AI could result in excess demand for access to AI-related investments, thereby resulting in accelerated growth in the market value of such companies, which may then be subject to sharp resets in the wake of news or other information that tempers expectations of AI or of particular AI-related companies, thus potentially resulting in periods of high volatility in the price of such securities, which could negatively affect the Funds' performance.

CALIFORNIA INVESTMENT—Each of the California Municipal Bond and Tax-Advantaged Income Funds' performance will be affected by the fiscal and economic health of the State of California, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting California municipal issuers. Political, economic, regulatory and other developments in California may adversely affect the securities held by the Funds. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California's governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations, and adversely affect Fund performance. The California economy continues to benefit from broad-based growth, and in recent years, California has paid off billions of dollars of budgetary borrowings, debts and deferrals which were accumulated in order to balance budgets in prior years. Despite the recent significant budgetary improvements, there remain a number of risks that threaten the fiscal condition of the State of California, including the significant unfunded liabilities of the state's two main retirement systems. In recent years, California has committed to significant increases in annual payments to these systems to reduce the unfunded liabilities. However, California also has significant unfunded liability with respect to other post-employment benefits. Although California's economy is broad, it has major concentrations in certain industries and may be sensitive to economic problems affecting those industries. A default or credit rating downgrade of a small number of municipal security issuers could negatively impact the market values and marketability of all California municipal securities held by a Fund. In addition, investments in California municipal securities may be affected by natural disasters, such as earthquakes or wildfires; public health crises; and other domestic and global events, may have an adverse effect on the state's economy.

COMMERCIAL PAPER—Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities to finance short-term credit needs. Commercial paper is usually sold on a discount basis and has a maturity at the time of issuance generally not exceeding 270 days. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities. The value of commercial paper will tend to fall when interest rates rise and rise when interest rates fall.

CURRENT MARKET CONDITIONS RISK—Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks raised interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal Reserve stopping or reversing these changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Funds' investments and operations. Since the change in the U.S. presidential administration in 2025, the administration

------

has pursued an aggressive foreign policy agenda, including through suggestions that the United States should control sovereign foreign territories, attempts to restructure federal government agencies with international influence, and the actual or potential imposition of tariffs on foreign countries, including China and long-time U.S. allies. In particular, the imposition of tariffs has led to retaliatory tariffs by certain foreign countries and could lead to retaliatory tariffs imposed by additional foreign countries, as well as increased and prolonged market volatility, and sector-specific downturns in industries reliant on international trade. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Additionally, advancements in technology may also adversely impact markets and the overall performance of the Funds. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Funds' portfolio investments and could result in disruptions in the trading markets.

DERIVATIVES—In an attempt to reduce systemic and counterparty risks associated with OTC derivative transactions, the Dodd-Frank Act requires that a substantial portion of OTC derivatives be executed in regulated markets and submitted for clearing to regulated clearinghouses. The CFTC also requires a substantial portion of derivative transactions that have historically been executed on a bilateral basis in the OTC markets to be executed through a regulated swap execution facility or designated contract market. The SEC has and is expected to continue to impose similar requirements with respect to security-based swaps. Such requirements could limit the ability of the Funds to invest or remain invested in derivatives and may make it more difficult and costly for investment funds, including the Funds, to enter into highly tailored or customized transactions. They may also render certain strategies in which a Fund might otherwise engage impossible or so costly that they will no longer be economical to implement.

Rule 18f-4 under the 1940 Act governs a Fund's use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by a Fund. Rule 18f-4 permits a Fund to enter into Derivative Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including a Fund, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage"). In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering Derivative Transactions and certain financial instruments.

Under Rule 18f-4, "Derivative Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions, if a Fund elects to treat these transactions as Derivative Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (*e.g.,* firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically settle the transactions and the transaction will settle within 35 days of its trade date.

------

Rule 18f-4 requires that a Fund that invests in Derivative Transactions above a specified amount adopt and implement a derivatives risk management program administered by a derivatives risk manager that is appointed by and overseen by the Funds' Board, and comply with an outer limit on Fund leverage risk based on value at risk ("VaR"). A Fund that uses Derivative Transactions in a limited amount are considered "limited derivatives users," as defined in Rule 18f-4, will not be subject to the full requirements of Rule 18f-4, but will have to adopt and implement policies and procedures reasonably designed to manage the Funds' derivatives risk. A Fund will be subject to reporting and recordkeeping requirements regarding its use of Derivative Transactions.

The requirements of Rule 18f-4 may limit a Fund's ability to engage in Derivative Transactions as part of its investment strategies. These requirements may also increase the cost of a Fund's investments and cost of doing business, which could adversely affect the value of the Fund's investments and/or the performance of the Fund. The rule also may not be effective to limit a Fund's risk of loss. In particular, measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in a Fund's derivatives or other investments. There may be additional regulation of the use of Derivative Transactions by registered investment companies, which could significantly affect their use. The ultimate impact of the regulations remains unclear. Additional regulation of Derivative Transactions may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.

EQUITY SECURITIES—Equity securities represent ownership interests in a company and include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock.

In general, investments in equity securities are subject to market risks, which may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which a Fund invests will cause the NAV of the Fund to fluctuate. The Funds purchase and sell equity securities in various ways, including through recognized foreign exchanges, registered exchanges in the United States or the OTC market. Equity securities are described in more detail below:

*Common Stock.* Common stock represents an equity or ownership interest in an issuer. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

*Preferred Stock.* Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. A Fund may purchase preferred stock of all ratings as well as unrated stock.

*Warrants.* Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments.

*Convertible Securities.* Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged by the holder or by the issuer into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by a Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields that are higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a

------

price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk and are often lower-quality securities. The Funds that invest in convertible securities may purchase convertible securities of all ratings, as well as unrated securities.

*Small and Medium Capitalization Issuers.* Investing in equity securities of small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management associated with small and medium capitalization companies. The securities of small and medium capitalization companies typically have lower trading volumes than large capitalization companies and consequently are often less liquid. Such securities may also have less market stability and may be subject to more severe, abrupt or erratic market movements than securities of larger, more established companies or the market averages in general.

FIXED INCOME SECURITIES—Fixed income securities consist primarily of debt obligations issued by governments, corporations, municipalities and other borrowers, but may also include structured securities that provide for participation interests in debt obligations. The market value of the fixed income securities in which a Fund invests will change in response to interest rate changes and other factors. During periods of falling interest rates, the value of outstanding fixed income securities generally rises. Conversely, during periods of rising interest rates, the value of such securities generally declines. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market fluctuations as a result of changes in interest rates. Changes by recognized agencies in the rating of any fixed income security and in the ability of an issuer to make payments of interest and principal also affect the value of these investments. Changes in the value of these securities will not necessarily affect cash income derived from these securities, but will affect a Fund's NAV.

Securities held by a Fund that are guaranteed by the U.S. Government, its agencies or instrumentalities guarantee only the payment of principal and interest and do not guarantee the yield or value of the securities or the yield or value of the Fund's shares.

There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates.

Additional information regarding fixed income securities is described below:

*Duration.* Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with longer duration typically have higher risk and higher volatility. Longer-term fixed income securities in which a portfolio may invest are more volatile than shorter-term fixed income securities. A portfolio with a longer average portfolio duration is typically more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Investment Grade Fixed Income Securities.* Fixed income securities are considered investment grade if they are rated in one of the four highest rating categories by a NRSRO, or, if not rated, are determined to be of comparable quality by SIMC or a Sub-Adviser, as applicable. See "Appendix A-Description of Ratings" for a

------

description of the bond rating categories of several NRSROs. Ratings of each NRSRO represent its opinion of the safety of principal and interest payments, not the market risk, of bonds and other fixed income securities it undertakes to rate at the time of issuance. Ratings are not absolute standards of quality and may not reflect changes in an issuer's creditworthiness. Securities rated Baa3 or higher by Moody's or BBB- or higher by S&P are considered by those rating agencies to be "investment grade" securities, although securities rated Baa3 or BBB- lack outstanding investment characteristics and have speculative characteristics. Although issuers of bonds rated BBB by S&P are considered to have adequate capacity to meet their financial commitments, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and principal for debt in this category than debt in higher-rated categories. In the event a security owned by a Fund is downgraded below investment grade, SIMC or a Sub-Adviser, as applicable, will review the situation and take appropriate action with regard to the security.

*Lower-Rated Securities.* Lower-rated bonds or non-investment grade bonds are commonly referred to as "junk bonds" or high yield/high-risk securities. Lower-rated securities are defined as securities rated below the fourth highest rating category by an NRSRO. Such obligations are speculative and may be in default.

Fixed income securities are subject to the risk of an issuer's ability to meet principal and interest payments on the obligation (known as "credit risk") and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (known as "market risk"). Lower-rated or unrated (*i.e.*, high yield) securities are more likely to react to developments affecting market and credit risk than are more highly rated securities, which primarily react to movements in the general level of interest rates. Yields and market values of high yield securities will fluctuate over time, reflecting not only changing interest rates but also the market's perception of credit quality and the outlook for economic growth. When economic conditions appear to be deteriorating, medium- to lower-rated securities may decline in value due to heightened concern over credit quality, regardless of prevailing interest rates.

Investors should carefully consider the relative risks of investing in high yield securities and understand that such securities are not generally meant for short-term investing.

Adverse economic developments can disrupt the market for high yield securities and severely affect the ability of issuers, especially highly leveraged issuers, to service their debt obligations or to repay their obligations upon maturity, which may lead to a higher incidence of default on such securities. In addition, the secondary market for high yield securities may not be as liquid as the secondary market for more highly rated securities. As a result, it may be more difficult for a Fund to sell these securities, or a Fund may only be able to sell the securities at prices lower than if such securities were highly liquid. Furthermore, a Fund may experience difficulty in valuing certain high yield securities at certain times. Under these circumstances, prices realized upon the sale of such lower-rated or unrated securities may be less than the prices used in calculating the Fund's NAV. Prices for high yield securities may also be affected by legislative and regulatory developments.

Lower-rated or unrated fixed income obligations also present risks based on payment expectations. If an issuer calls the obligations for redemption, a Fund may have to replace the security with a lower-yielding security, resulting in a decreased return for investors. If a Fund experiences unexpected net redemptions, it may be forced to sell its higher-rated securities, resulting in a decline in the overall credit quality of the Fund's investment portfolio and increasing the Fund's exposure to the risks of high yield securities.

A Fund may invest in securities rated as low as "C" by Moody's or "D" by S&P and may invest in unrated securities that are of comparable quality as "junk bonds."

Sensitivity to Interest Rate and Economic Changes. Lower-rated bonds are very sensitive to adverse economic changes and corporate developments. During an economic downturn, highly leveraged issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing. If the issuer of a bond defaulted on its obligations to pay interest or principal or entered into bankruptcy proceedings, a Fund may incur losses or expenses in seeking recovery of amounts owed to it. In addition, periods of economic uncertainty and change

------

can be expected to result in increased volatility of market prices of high-yield, high-risk bonds and a Fund's NAV.

Payment Expectations. High-yield, high-risk bonds may contain redemption or call provisions. If an issuer exercised these provisions in a declining interest rate market, a Fund would have to replace the security with a lower-yielding security, resulting in a decreased return for investors. Conversely, a high-yield, high-risk bond's value may decrease in a rising interest rate market, as will the value of a Fund's assets. If a Fund experiences significant unexpected net redemptions, it may be forced to sell high-yield, high-risk bonds without regard to their investment merits, thereby decreasing the asset base upon which expenses can be spread and possibly reducing the Fund's rate of return.

Liquidity and Valuation. There may be little trading in the secondary market for particular bonds, which may adversely affect a Fund's ability to value accurately or dispose of such bonds. Adverse publicity and investor perception, whether or not based on fundamental analysis, may decrease the value and liquidity of high-yield, high-risk bonds, especially in a thin market.

Taxes. A Fund may purchase debt securities (such as zero coupon or pay-in-kind securities) that contain original issue discount. Original issue discount that accretes in a taxable year is treated as earned by a Fund and is therefore subject to the distribution requirements applicable to RICs under Subchapter M of the Code. Because the original issue discount earned by a Fund in a taxable year may not be represented by cash income, the Fund may have to dispose of other securities and use the proceeds to make distributions to shareholders.

FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS—Futures contracts (also called "futures") provide for the future sale by one party and purchase by another party of a specified amount of a specific security at a specified future time and at a specified price. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. An index futures contract is a bilateral agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the index value at the close of trading of the contract and the price at which the futures contract is originally struck. No physical delivery of the securities comprising the index is made, and generally contracts are closed out prior to the expiration date of the contract.

A Fund may also invest in Treasury futures, interest rate futures, interest rate swaps, and interest rate swap futures. A Treasury futures contract involves an obligation to purchase or sell Treasury securities at a future date at a price set at the time of the contract. The sale of a Treasury futures contract creates an obligation by the Fund to deliver the amount of certain types of Treasury securities called for in the contract at a specified future time for a specified price. A purchase of a Treasury futures contract creates an obligation by the Fund to take delivery of an amount of securities at a specified future time at a specific price. Interest rate futures can be sold as an offset against the effect of expected interest rate increases and purchased as an offset against the effect of expected interest rate declines. Interest rate swaps are an agreement between two parties where one stream of future interest rate payments is exchanged for another based on a specified principal amount. Interest rate swaps often exchange a fixed payment for a floating payment that is linked to a particular interest rate. Interest rate swap futures are instruments that provide a way to gain swap exposure and the structure features of a futures contract in a single instrument. Swap futures are futures contracts on interest rate swaps that enable purchasers to cash settle at a future date at the price determined by the benchmark rate at the end of a fixed period.

A Fund will reduce the risk that it will be unable to close out a futures contract by only entering into futures contracts that are traded on national futures exchanges regulated by the CFTC (generally, futures must be traded on such exchanges). Subject to their permitted investment strategies, certain Funds may use futures contracts and related options for either hedging purposes or risk management purposes, or to gain exposure to currencies, as well as to enhance the Fund's returns. Instances in which a Fund may use futures contracts and related options for risk management purposes include: (i) attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; (ii) attempting to minimize fluctuations in foreign currencies; (iii) attempting to gain exposure to a particular market, index or instrument; or (iv) other risk management

------

purposes. A Fund may use futures contracts for cash equitization purposes, which allows a Fund to invest consistent with its investment strategy while managing daily cash flows, including significant client inflows and outflows.

There are significant risks associated with a Fund's use of futures contracts and options on futures contracts, including: (i) the success of a hedging strategy may depend on SIMC or a Sub-Adviser's ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect or no correlation between the changes in market value of the securities held by a Fund and the prices of futures and options on futures; (iii) there may not be a liquid secondary market for a futures contract or option; (iv) trading restrictions or limitations may be imposed by an exchange; and (v) government regulations or exchange requirements may restrict trading in futures contracts and options on futures contracts. In addition, some strategies reduce a Fund's exposure to price fluctuations, while others tend to increase its market exposure.

ILLIQUID SECURITIES—Illiquid securities are investments that cannot be sold or disposed of in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If, subsequent to purchase, a security held by a Fund becomes illiquid, the Fund may continue to hold the security. Because of their illiquid nature, illiquid securities must be priced at fair value as determined in good faith pursuant to procedures approved by the Board. Despite such good faith efforts to determine fair value prices, a Fund's illiquid securities are subject to the risk that the security's fair value price may differ from the actual price that the Fund may ultimately realize upon its sale or disposition. Difficulty in selling illiquid securities may result in a loss or may be costly to a Fund. Under the supervision of the Board, SIMC or the Sub-Adviser, as applicable, determines the liquidity of a Fund's investments. In determining the liquidity of a Fund's investments, SIMC or the Sub-Adviser, as applicable, may consider various factors, including: (i) the frequency and volume of trades and quotations; (ii) the number of dealers and prospective purchasers in the marketplace; (iii) dealer undertakings to make a market; and (iv) the nature of the security and the market in which it trades (including any demand, put or tender features, the mechanics and other requirements for transfer, any letters of credit or other credit enhancement features, any ratings, the number of holders, the method of soliciting offers, the time required to dispose of the security, and the ability to assign or offset the rights and obligations of the security).

INTERFUND LENDING AND BORROWING ARRANGEMENTS—The SEC has granted an exemption that permits the Funds to participate in the Program with the SEI Funds. The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than the Repo Rate and more favorable to the borrowing fund than the Bank Loan Rate. The Bank Loan Rate will be determined using a formula approved by the SEI Funds' Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate.

All interfund loans and borrowings must comply with the conditions set forth in the exemption, which are designed to ensure fair and equitable treatment of all participating funds. Each Fund's participation in the Program must be consistent with its investment policies and limitations and is subject to certain percentage limitations. SIMC administers the Program according to procedures approved by the SEI Funds' Board of Trustees. In addition, the Program is subject to oversight and periodic review by the SEI Funds' Board of Trustees.

INVESTMENT COMPANIES—Securities of other investment companies, including shares of closed-end investment companies, unit investment trusts, open-end investment companies and REITs, represent interests in professionally managed portfolios that may invest in various types of instruments. Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but may involve additional expenses at the investment company-level, such as portfolio management fees and operating expenses. When a Fund invests in an affiliated or unaffiliated investment company, it will bear a pro rata portion of the investment company's expenses in addition to directly bearing the expenses associated with its own operations. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their

------

NAV. Others are continuously offered at NAV, but may also be traded in the secondary market at a premium or discount to their NAV.

Because of restrictions on direct investment by U.S. entities in certain countries, investment in other investment companies may be the most practical or the only manner in which an international and global fund can invest in the securities markets of those countries. A Fund also may be subject to adverse tax consequences to the extent it invests in the stock of a foreign issuer that constitutes a "passive foreign investment company."

Generally, federal securities laws limit the extent to which investment companies can invest in securities of other investment companies, subject to certain statutory, regulatory and other exceptions. For example an investment company is generally prohibited under Section 12(d)(1)(A) of the 1940 Act from acquiring the securities of another investment company if, as a result of such acquisition: (i) the acquiring investment company would own more than 3% of the total voting stock of the other company; (ii) securities issued by any one investment company represent more than 5% of the acquiring investment company's total assets; or (iii) securities (other than treasury stock) issued by all investment companies represent more than 10% of the total assets of the acquiring investment company, subject to certain statutory, regulatory or other exceptions. Pursuant to Rule 12d1-1 under the 1940 Act and the conditions set forth therein, a Fund may invest in one or more affiliated or unaffiliated investment companies that operate in compliance with Rule 2a-7 under the 1940 Act in excess of the limits of Section 12(d)(1)(A).

In addition, Rule 12d1-4 under the 1940 Act permits a Fund to invest in other investment companies beyond the statutory limits of Section 12(d)(1)(A), subject to certain conditions.

MASSACHUSETTS INVESTMENT—The Massachusetts Municipal Bond Fund's performance will be vulnerable to events that adversely affect the fiscal and economic health of the Commonwealth of Massachusetts, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Massachusetts municipal issuers. These events include tax, legislative, or political changes as well as a deterioration in the state or local budgets. Although Massachusetts' economy is relatively diverse, industries significant to Massachusetts' economy, such as the education, technology, biotech, financial services or healthcare, could experience downturns or fail to develop as expected, negatively impacting the local economy and a Fund's performance. Massachusetts generally has a high degree of job stability and an educated work force due to its large concentration of colleges and universities, but the high cost of doing business in Massachusetts may serve as an impediment to job creation. Additionally, fluctuations in unemployment levels or in the state or national economy could result in decreased tax revenues, which could also impact a Fund's performance.

Events such as epidemics or pandemics, and the significant uncertainty and stress to the financial resources they may cause to the state and its municipalities may impair the ability of the state and its municipalities to repay their obligations and could, amongst other things, exacerbate existing economic, political or other tensions.

MUNICIPAL SECURITIES—Municipal securities consist of: (i) debt obligations issued by or on behalf of public authorities to obtain funds to be used for various public facilities, refunding outstanding obligations, general operating expenses and lending such funds to other public institutions and facilities, and (ii) certain private activity and industrial development bonds issued by or on behalf of public authorities to obtain funds to provide for the construction, equipment, repair or improvement of privately operated facilities. Additional information regarding municipal securities is described below:

*Municipal Bonds.* Municipal bonds are debt obligations issued to obtain funds for various public purposes. Municipal bonds include general obligation bonds, revenue or special obligation bonds, private activity and industrial development bonds, moral obligation bonds and participation interests in municipal bonds. General obligation bonds are backed by the taxing power of the issuing municipality. Revenue bonds are backed by the revenues of a project or facility, such as tolls from a toll bridge. Certificates of participation represent an interest in an underlying obligation or commitment, such as an obligation issued in connection with a leasing arrangement. The payment of principal and interest on private activity and industrial development bonds is generally dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment. A Fund may purchase private activity

------

or industrial development bonds if, in the opinion of counsel for the issuers, the interest paid is exempt from federal income tax. Municipal bonds are issued by or on behalf of public authorities to raise money to finance various privately-owned or operated facilities for business and manufacturing, housing, sports and pollution control. These bonds are also used to finance public facilities such as airports, mass transit systems, ports, parking, sewage or solid waste disposal facilities and certain other facilities. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment. Moral obligation bonds are normally issued by special purpose authorities. Moral obligation bonds are not backed by the full faith and credit of the state, but are generally backed by the agreement of the issuing authority to request appropriations from the state legislative body.

*Municipal Leases.* Municipal leases are instruments, or participations in instruments, issued in connection with lease obligations or installment purchase contract obligations of municipalities (so-called "municipal lease obligations"). Although municipal lease obligations do not constitute general obligations of the issuing municipality, a lease obligation may be backed by the municipality's covenant to budget for, appropriate funds for and make the payments due under the lease obligation. However, certain lease obligations contain "non-appropriation" clauses, which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose in the relevant years. Municipal lease obligations are a form of financing, and the market for such obligations is still developing. Municipal leases will be treated as liquid only if they satisfy criteria set forth in guidelines established by the Board, and there can be no assurance that a market will exist or continue to exist for any municipal lease obligation. Information regarding illiquid securities is provided under the section "Illiquid Securities" above.

*Municipal Notes.* Municipal notes consist of general obligation notes, tax anticipation notes (notes sold to finance working capital needs of the issuer in anticipation of receiving taxes on a future date), revenue anticipation notes (notes sold to provide needed cash prior to receipt of expected non-tax revenues from a specific source), bond anticipation notes, tax and revenue anticipation notes, certificates of indebtedness, demand notes and construction loan notes. The maturities of the instruments at the time of issue will generally range from three months to one year.

SIMC and/or the Sub-Adviser, as applicable, may rely on the opinion of the issuer's counsel, which is rendered at the time the security is issued, to determine whether the security is fit, with respect to its validity and tax status, to be purchased by a Fund. SIMC, the Sub-Advisers and the Funds do not guarantee this opinion is correct, and there is no assurance that the IRS will agree with such counsel's opinion.

NEW JERSEY INVESTMENT—The New Jersey Municipal Bond Fund's performance will be affected by the fiscal and economic health of the State of New Jersey, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New Jersey municipal issuers. Unfavorable developments in any economic sector may have far-reaching ramifications on the overall New Jersey municipal market. Market conditions may also impact the liquidity and valuation of New Jersey municipal securities. Employment levels, personal income and commercial activity contribute significantly to New Jersey tax revenues, and the state could suffer from declines in these or other sources of revenue. For more than a decade, the state has contributed significantly less to the state's pension plans than the amount needed to fund these programs. New Jersey's pension liabilities are expected to increase substantially in the future, and the state anticipates that future pension plan contributions will place a significant burden on state finances. Meanwhile, the state's health care funding obligations continue to rise. Changes in federal law or regulation, federal budgetary changes or other actions may lead to reductions in federal spending. Further reductions in federal funding or other changes that increase state spending could place additional strain on the State and local governments and may have a negative effect on their ability to meet their obligations. Furthermore, local municipal issuers in New Jersey often are dependent on the state government for a portion of their revenues. New Jersey has one of the highest property taxes in the nation and a large foreclosure inventory concentrated mainly in the southern section of the state as well as some domestic outmigration, particularly among college graduates and retirees, which could limit future economic performance and revenue growth. These and other factors may adversely

------

affect the ability of the issuers of New Jersey municipal securities to make required payments of interest and principal, as well as the market value and marketability of municipal securities held by a Fund.

NEW YORK INVESTMENT—Each of the New York Municipal Bond and Tax-Advantaged Income Funds' performance will be affected by the fiscal and economic health of the State of New York, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New York municipal issuers. Unfavorable developments in any economic sector may have a substantial impact on the overall New York municipal market. As the nation's financial capital, New York's economy is heavily dependent on the financial sector and may be sensitive to economic problems affecting the sector. New York also faces a particularly large degree of uncertainty from interest rate risk and equity market volatility. The New York economy tends to be more sensitive to monetary policy actions and to movements in the national and world economies than the economies of other states. The New York economy is diversified across the finance, insurance, real estate, entertainment and services sectors. Any downturn in these sectors or related industries may adversely affect the economy of the state. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations. Any deterioration of New York's fiscal situation could increase the risk of investing in New York municipal securities, including the risk of potential issuer default, and could heighten the risk that the prices of New York municipal, and the Fund's net asset value and/or yield, will experience greater volatility. Furthermore, any such deterioration could result in a downgrade of the credit rating of an issuer of New York municipal securities. Future downgrades could reduce the market value of the securities held by the Fund, which could adversely affect the Fund's performance.

NON-DIVERSIFICATION—As indicated in the Investment Limitations section, certain Funds are non-diversified investment companies as defined in the 1940 Act, which means that a relatively high percentage of such Fund's assets may be invested in the obligations of a limited number of issuers. The value of shares of each such Fund may be more susceptible to any single economic, political or regulatory occurrence than the shares of a diversified investment company would be. Each of these Funds intends to satisfy the diversification requirements necessary to qualify as a RIC under the Code, as described more fully in the "Taxes" section of this SAI.

NON-PUBLICLY TRADED SECURITIES AND PRIVATE PLACEMENTS—The Funds may invest in securities that are neither listed on a stock exchange nor traded over-the-counter, including privately placed securities. Such unlisted securities may involve a higher degree of business and financial risk that can result in substantial losses. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by a fund or less than what may be considered the fair value of such securities. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded. If such securities are required to be registered under the securities laws of one or more jurisdictions before being sold, a fund may be required to bear the expenses of registration.

OBLIGATIONS OF DOMESTIC BANKS, FOREIGN BANKS AND FOREIGN BRANCHES OF U.S. BANKS—Investments in bank obligations include obligations of domestic branches of foreign banks and foreign branches of domestic banks. Such investments in domestic branches of foreign banks and foreign branches of domestic banks may involve risks that are different from investments in securities of domestic branches of U.S. banks. These risks may include future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization of foreign deposits, currency controls, interest limitations, or other governmental restrictions that might affect the payment of principal or interest on the securities held by a Fund. Additionally, these institutions may be subject to less stringent reserve requirements and to different accounting, auditing, reporting and recordkeeping requirements than those applicable to domestic branches of U.S. banks. Bank obligations include the following:

*Bankers' Acceptances.* Bankers' acceptances are bills of exchange or time drafts drawn on and accepted by a commercial bank. Corporations use bankers' acceptances to finance the shipment and storage of goods and to furnish dollar exchange. Maturities are generally six months or less.

------

*Bank Notes.* Bank notes are notes used to represent debt obligations issued by banks in large denominations.

*Certificates of Deposit.* Certificates of deposit are interest-bearing instruments with a specific maturity. They are issued by banks and savings and loan institutions in exchange for the deposit of funds and can normally be traded in the secondary market prior to maturity. Certificates of deposit with penalties for early withdrawal will be considered illiquid. Additional information about illiquid securities is provided under the section "Illiquid Securities" above.

*Time Deposits.* Time deposits are non-negotiable receipts issued by a bank in exchange for the deposit of funds. Like a certificate of deposit, a time deposit earns a specified rate of interest over a definite period of time; however, it cannot be traded in the secondary market. Time deposits with a withdrawal penalty or that mature in more than seven days are considered to be illiquid. Additional information about illiquid securities is provided under the section "Illiquid Securities" above.

PENNSYLVANIA INVESTMENT—The Pennsylvania Municipal Bond Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Pennsylvania, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Pennsylvania municipal issuers. Pennsylvania is one of the nation's most populous states and has a diversified economy. Pennsylvania had been historically identified as a heavy industrial state. That reputation has changed over the last several decades as the coal, steel and railroad industries declined. Pennsylvania's business environment readjusted with a more diversified economic base. Currently, the major sources of growth in Pennsylvania are in the service sector, including healthcare, leisure hospitality, transport and storage. As in other industrially developed states, economic activity in Pennsylvania may be more cyclical than in some other states or in the nation as a whole. Other factors that may negatively affect economic conditions in Pennsylvania include adverse changes in employment rates, federal revenue sharing laws or laws with respect to tax-exempt financing. Additionally, Pennsylvania faces significant fiscal challenges including a structural imbalance and significant underfunding of the Pennsylvania's pension systems. An economic downturn could significantly impact Pennsylvania's finances and, therefore, its municipal securities. Moreover, the level of public debt in Pennsylvania may affect long-term growth prospects and could cause some municipalities to experience financial hardship.

PUERTO RICO INVESTMENT—To the extent a Fund invests in Puerto Rico municipal securities, the Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Puerto Rico, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Puerto Rico municipal issuers. Unfavorable developments in any economic sector may have far-reaching ramifications on the overall Puerto Rico municipal market. Puerto Rico has recently experienced (and may in the future experience) significant fiscal and economic challenges, including substantial debt service obligations, high levels of unemployment, underfunded public retirement systems, and persistent government budget deficits.

In May 2017, Puerto Rico made a filing in the U.S. District Court in Puerto Rico to commence a debt restructuring process similar to that of a traditional municipal bankruptcy. On March 15, 2022, Puerto Rico's government formally exited bankruptcy, completing the largest public debt restructuring in U.S. history. Puerto Rico's debt restructuring plan was approved by a federal judge in January 2022, and reduced claims against Puerto Rico's government from $33 billion to just over $7.4 billion. The restructuring is related to Puerto Rico's general obligation bonds, and did not resolve the bankruptcy proceedings for Puerto Rico's Highways and Transportation Authority and the Electric Power Company, which owed nearly $9 billion, the largest debt of any government agency. In November 2023, a federal judge tentatively approved a portion of the plan to restructure the debt owed by Puerto Rico's power company. A confirmation hearing regarding the plan began in March 2024 and is ongoing. The continued debt restructuring process could adversely affect the value of Puerto Rico municipal securities, including Puerto Rico municipal securities that are not subject to the debt restructuring process. As of the date of this SAI, Puerto Rico's general obligation debt was not rated by Moody's, S&P, or Fitch. The lack of credit ratings could weaken the demand for such securities and prevent those issuers from obtaining the financing they need.

------

The economy of Puerto Rico is closely linked to the mainland U.S. economy, as many of the external factors that affect the local economy are determined by the policies and performance of the mainland U.S. economy. Tourism makes a significant contribution to Puerto Rico's economic activity so a decline in tourism, a change in tourism trends or an economic recession that reduces worldwide disposable income could disproportionately affect Puerto Rico's economy relative to other economies that depend less on tourism.

QUANTITATIVE INVESTING—A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. These issues or flaws, which can be difficult to identify, may result in the implementation of a portfolio that is different from that which was intended, and could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon quantitative models and computerization.

REPURCHASE AGREEMENTS—A repurchase agreement is an agreement in which one party sells securities to another party in return for cash, with an agreement to repurchase equivalent securities at an agreed-upon price and on an agreed-upon future date. A Fund may enter into repurchase agreements with financial institutions. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions deemed creditworthy by SIMC or a Sub-Adviser. The repurchase agreements entered into by a Fund will provide that the underlying collateral at all times shall have a value at least equal to 102% of the resale price stated in the agreement at all times. SIMC and the applicable Sub-Advisers monitor compliance with this requirement as well as the ongoing financial condition and creditworthiness of the counterparty.

Under all repurchase agreements entered into by a Fund, the Fund's custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, a Fund will seek to liquidate such collateral. However, the exercising of a Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price, the Fund could suffer a loss. A Fund may enter into "tri-party" repurchase agreements. In "tri-party" repurchase agreements, an unaffiliated third party custodian maintains accounts to hold collateral for the Fund and its counterparties and, therefore, the Fund may be subject to the credit risk of those custodians. At times, the investments of a Fund in repurchase agreements may be substantial when, in the view of SIMC or the Sub-Adviser(s), liquidity or other considerations so warrant.

RESTRICTED SECURITIES—Restricted securities are securities that may not be sold freely to the public without registration under the 1933 Act or an exemption from registration. Restricted securities, including securities eligible for re-sale under Rule 144A of the 1933 Act, that are determined to be liquid are not subject to a Fund's limitation on investing in illiquid securities. The determination of whether a restricted security is illiquid is to be made by SIMC or a Sub-Adviser pursuant to guidelines adopted by the Board. Under these guidelines, SIMC or a Sub-Adviser will consider the frequency of trades and quotes for the security, the number of dealers in, and potential purchasers for, the security, dealer undertakings to make a market in the security, and the nature of the security and of the marketplace trades. In purchasing such restricted securities, SIMC and each Sub-Adviser intends to purchase securities that are exempt from registration under Rule 144A under the 1933 Act and Section 4(a)(2) commercial paper issued in reliance on an exemption from registration under Section 4(a)(2) of the 1933 Act, including, but not limited to, Rules 506(b) or 506(c) under Regulation D.

RISKS OF CYBER-ATTACKS—As with any entity that conducts business through electronic means in the modern marketplace, the Funds, and their service providers, may be susceptible to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential information, unauthorized access to relevant systems, compromises to networks or devices that the Funds and their service providers use to service the Funds' operations, ransomware, operational disruption or failures in the physical infrastructure or operating systems

------

that support the Funds and their service providers, or various other forms of cyber security breaches. Cyber-attacks affecting a Fund, SIMC or any of the Sub-Advisers, a Fund's distributor, custodian, transfer agent, or any other of a Fund's intermediaries or service providers may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses or the inability of Fund shareholders to transact business. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Funds may also incur additional costs for cyber security risk management purposes designed to mitigate or prevent the risk of cyber-attacks. Such costs may be ongoing because threats of cyber-attacks are constantly evolving as cyber attackers become more sophisticated and their techniques become more complex. Similar types of cyber security risks are also present for issuers of securities in which a Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such companies to lose value. There can be no assurance that the Funds, the Funds' service providers, or the issuers of the securities in which the Funds invest will not suffer losses relating to cyber-attacks or other information security breaches in the future. A Fund may also experience losses due to systems failures or inadequate system back-up or procedures at the brokerage firm(s) carrying the Fund's positions.

STANDBY COMMITMENTS AND PUT TRANSACTIONS—The Funds may purchase securities at a price that would result in a yield to maturity lower than generally offered by the seller at the time of purchase when a Fund can simultaneously acquire the right to sell the securities back to the seller, the issuer or a third party (the "writer") at an agreed-upon price at any time during a stated period or on a certain date. Such a right is generally denoted as a "standby commitment" or a "put." The purpose of engaging in transactions involving puts is to maintain flexibility and liquidity to permit a Fund to meet redemptions and remain as fully invested as possible in municipal securities. A Fund reserves the right to engage in put transactions. The right to put the securities depends on the writer's ability to pay for the securities at the time the put is exercised. A Fund would limit its put transactions to institutions that SIMC or the Sub-Adviser, as applicable, believes present minimum credit risks, and SIMC or the Sub-Adviser, as applicable, would use its best efforts to initially determine and continue to monitor the financial strength of the sellers of the options by evaluating their financial statements and such other information as is available in the marketplace. It may, however, be difficult to monitor the financial strength of the writers because adequate current financial information may not be available. In the event that any writer is unable to honor a put for financial reasons, a Fund would be a general creditor (*i.e.,* on a parity with all other unsecured creditors) of the writer. Furthermore, particular provisions of the contract between a Fund and the writer may excuse the writer from repurchasing the securities; for example, a change in the published rating of the underlying municipal securities or any similar event that has an adverse effect on the issuer's credit or a provision in the contract that the put will not be exercised except in certain special cases, such as to maintain Fund liquidity. A Fund could, however, at any time sell the underlying portfolio security in the open market or wait until the portfolio security matures, at which time it should realize the full par value of the security.

The securities purchased subject to a put may be sold to third persons at any time, even though the put is outstanding, but the put itself, unless it is an integral part of the security as originally issued, may not be marketable or otherwise assignable. Therefore, the put would have value only to that particular Fund. Sale of the securities to third parties or lapse of time with the put unexercised may terminate the right to put the securities. Prior to the expiration of any put option, a Fund could seek to negotiate terms for the extension of such an option. If such a renewal cannot be negotiated on terms satisfactory to the Fund, the Fund could, of course, sell the portfolio security. The maturity of the underlying security will generally be different from that of the put. For the purpose of determining the "maturity" of securities purchased subject to an option to put, and for the purpose of determining the dollar-weighted average maturity of a Fund including such securities, the Intermediate-Term Municipal and Pennsylvania Municipal Bond Funds will consider "maturity" to be the first date on which they have the right to demand payment from the writer of the put (although the final maturity of the security is later than such date).

SWAPS, CAPS, FLOORS, COLLARS AND SWAPTIONS—Swaps are centrally-cleared or OTC derivative products in which two parties agree to exchange payment streams calculated by reference to an underlying

------

asset, such as a rate, index, instrument or securities (referred to as the "underlying") and a predetermined amount (referred to as the "notional amount"). The underlying for a swap may be an interest rate (fixed or floating), a currency exchange rate, a commodity price index, a security, group of securities or a securities index, a combination of any of these, or various other rates, securities, instruments, assets or indexes. Swap agreements generally do not involve the delivery of the underlying or principal, and a party's obligations are generally equal to only the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the swap agreement.

A great deal of flexibility is possible in the way swaps may be structured. For example, in a simple fixed-to-floating interest rate swap, one party makes payments equivalent to a fixed interest rate, and the other party makes payments calculated with reference to a specified floating interest rate, such as SOFR or the prime rate. In a currency swap, the parties generally enter into an agreement to pay interest streams in one currency based on a specified rate in exchange for receiving interest streams denominated in another currency. Currency swaps may involve initial and final exchanges of the currency that correspond to the agreed upon notional amount. The use of currency swaps is a highly specialized activity which involves special investment techniques and risks, including settlement risk, non-business day risk, the risk that trading hours may not align, and the risk of market disruptions and restrictions due to government action or other factors.

A Fund may engage in simple or more complex swap transactions involving a wide variety of underlying assets for various reasons. For example, a Fund may enter into a swap (i) to gain exposure to investments (such as an index of securities in a market) or currencies without actually purchasing those stocks or currencies; (ii) to make an investment without owning or taking physical custody of securities or currencies in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable; (iii) to hedge an existing position; (iv) to obtain a particular desired return at a lower cost to the Fund than if it had invested directly in an instrument that yielded the desired return; or (v) for various other reasons.

Certain Funds may enter into credit default swaps as a buyer or a seller. The buyer in a credit default contract is obligated to pay the seller a periodic stream of payments over the term of the contract provided no event of default has occurred. If an event of default occurs, the seller must pay the buyer the full notional value ("par value") of the underlying in exchange for the underlying. If a Fund is a buyer and no event of default occurs, the Fund will have made a stream of payments to the seller without having benefited from the default protection it purchased. However, if an event of default occurs, the Fund, as a buyer, will receive the full notional value of the underlying that may have little or no value following default. As a seller, a Fund receives a fixed rate of income throughout the term of the contract, provided there is no default. If an event of default occurs, the Fund would be obligated to pay the notional value of the underlying in return for the receipt of the underlying. The value of the underlying received by the Fund, coupled with the periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Fund. Credit default swaps involve different risks than if a Fund invests in the underlying directly. For example, credit default swaps would increase credit risk by providing the Fund with exposure to both the issuer of the referenced obligation (typically a debt obligation) and the counterparty to the credit default swap. Credit default swaps may in some cases be illiquid. Furthermore, the definition of a "credit event" triggering the seller's payment obligations under a credit default swap may not encompass all of the circumstances in which the buyer may suffer credit-related losses on an obligation of a referenced entity.

Caps, floors, collars and swaptions are privately-negotiated option-based derivative products. Like a put or call option, the buyer of a cap or floor pays a premium to the writer. In exchange for that premium, the buyer receives the right to a payment equal to the differential if the specified index or rate rises above (in the case of a cap) or falls below (in the case of a floor) a pre-determined strike level. Like swaps, obligations under caps and floors are calculated based upon an agreed notional amount, and, like most swaps (other than foreign currency swaps), the entire notional amount is not exchanged. A collar is a combination product in which one party buys a cap from and sells a floor to another party. Swaptions give the holder the right to enter into a swap. A Fund may use one or more of these derivative products in addition to or in lieu of a swap involving a similar rate or index.

------

Under current market practice, swaps, caps, collars and floors between the same two parties are generally documented under a "master agreement." In some cases, options and forward contracts between the parties may also be governed by the same master agreement. In the event of a default, amounts owed under all transactions entered into under, or covered by, the same master agreement would be netted, and only a single payment would be made.

Generally, a Fund would calculate the obligations of the swap agreements' counterparties on a "net basis." Consequently, a Fund's current obligation (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each counterparty to the swap agreement (the "net amount"). A Fund's current obligation under a swap agreement will be accrued daily (offset against any amounts owed to the Fund).

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents using standardized swap agreements. As a result, the use of swaps has become more prevalent in comparison with the markets for other similar instruments that are also traded in OTC markets.

Swaps and other derivatives involve risks. One significant risk in a swap, cap, floor, collar or swaption is the volatility of the specific interest rate, currency or other underlying that determines the amount of payments due to and from a Fund. This is true whether these derivative products are used to create additional risk exposure for a Fund or to hedge, or manage, existing risk exposure. If under a swap, cap, floor, collar or swaption agreement a Fund is obligated to make a payment to the counterparty, the Fund must be prepared to make the payment when due. A Fund could suffer losses with respect to such an agreement if the Fund is unable to terminate the agreement or reduce its exposure through offsetting transactions. Further, the risks of caps, floors and collars, like put and call options, may be unlimited for the seller if the cap or floor is not hedged or covered, but is limited for the buyer.

Because under swap, cap, floor, collar and swaption agreements a counterparty may be obligated to make payments to a Fund, these derivative products are subject to risks related to the counterparty's creditworthiness, in addition to other risks discussed in this SAI. If a counterparty defaults, a Fund's risk of loss will consist of any payments that the Fund is entitled to receive from the counterparty under the agreement (this may not be true for currency swaps that require the delivery of the entire notional amount of one designated currency in exchange for the other). Upon default by a counterparty, however, a Fund may have contractual remedies under the swap agreement.

A Fund will enter into swaps only with counterparties that SIMC or a Sub-Adviser believes to be creditworthy.

The swap market is a relatively new market for which regulations are still being developed. The Dodd-Frank Act has substantially altered and increased the regulation of swaps. Swaps are broadly defined in the Dodd-Frank Act, CFTC rules and SEC rules, and also include commodity options and NDFs. Additionally, the Dodd-Frank Act divided the regulation of swaps between commodity swaps (such as swaps on interest rates, currencies, physical commodities, broad based stock indexes, and broad based credit default swap indexes), regulated by the CFTC, and security based swaps (such as equity swaps and single name credit default swaps), regulated by the SEC. The CFTC will determine which categories of swaps will be required to be traded on regulated exchange-like platforms, such as swap execution facilities, and which will be required to be centrally cleared. Cleared swaps must be cleared through futures commission merchants registered with the CFTC, and such futures commission merchants will be required to collect margin from customers for such cleared swaps. Additionally, all swaps are subject to reporting to a swap data repository. Dealers in swaps are required to register with the CFTC as swap dealers and are required to comply with extensive regulations regarding their external and internal business conduct practices, regulatory capital requirements, and rules regarding the holding of counterparty collateral.

U.S. GOVERNMENT SECURITIES—Examples of types of U.S. Government obligations in which a Fund may invest include U.S. Treasury obligations and the obligations of U.S. Government agencies or U.S. Government sponsored entities such as Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the FHA,

------

the Farmers Home Administration, the Export-Import Bank of the United States, the Small Business Administration, Fannie Mae, GNMA, the General Services Administration, the Student Loan Marketing Association, the Central Bank for Cooperatives, Freddie Mac, Federal Intermediate Credit Banks, the Maritime Administration and other similar agencies. Whether backed by the full faith and credit of the U.S. Treasury or not, U.S. Government securities are not guaranteed against price movements due to fluctuating interest rates.

If the total public debt of the U.S. Government as a percentage of gross domestic product reaches high levels as a result of combating financial downturn or otherwise, such high levels of debt may create certain systemic risks if sound debt management practices are not implemented. A high national debt level may increase market pressures to meet government funding needs, which may increase borrowing costs and cause a government to issue additional debt, thereby increasing the risk of refinancing. A high national debt also raises concerns that a government may be unable or unwilling to repay the principal or interest on its debt when due. Unsustainable debt levels can decline the valuation of currencies, can prevent a government from implementing effective counter-cyclical fiscal policy during economic downturn, and can contribute to market volatility.

An increase in national debt levels may also necessitate the need for the U.S. Congress to negotiate adjustments to the statutory debt ceiling to increase the cap on the amount the U.S. Government is permitted to borrow to meet its existing obligations and finance current budget deficits. Future downgrades could increase volatility in domestic and foreign financial markets, result in higher interest rates, lower prices of U.S. Treasury securities and increase the costs of different kinds of debt. Any controversy or ongoing uncertainty regarding statutory debt ceiling negotiations may impact the U.S. long-term sovereign credit rating and may cause market uncertainty. As a result, market prices and yields of securities supported by the full faith and credit of the U.S. government may be adversely affected. Although remote, it is at least theoretically possible that under certain scenarios the U.S. Government could default on its debt, including U.S. Treasury securities.

*U.S. Treasury Obligations.* U.S. Treasury obligations consist of bills, notes and bonds issued by the U.S. Treasury and separately traded interest and principal component parts of such obligations that are transferable through the federal book-entry systems known as STRIPS and TRs.

*U.S. Government Zero Coupon Securities.* STRIPS and receipts are sold as zero coupon securities; that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturities and credit qualities.

*U.S. Government Agencies.* Some obligations issued or guaranteed by agencies of the U.S. Government are supported by the full faith and credit of the U.S. Treasury (*e.g.,* Treasury bills, notes and bonds, and securities guaranteed by GNMA), others are supported by the right of the issuer to borrow from the U.S. Treasury (*e.g.,* obligations of Federal Home Loan Banks), while still others are supported only by the credit of the instrumentality (*e.g.,* obligations of Fannie Mae). Guarantees of principal by agencies or instrumentalities of the U.S. Government may be a guarantee of payment at the maturity of the obligation so that, in the event of a default prior to maturity, there might not be a market and thus no means of realizing on the obligation prior to maturity.

------

Guarantees as to the timely payment of principal and interest neither extend to the value or yield of these securities nor to the value of a Fund's shares.

VARIABLE AND FLOATING RATE INSTRUMENTS—Certain obligations may carry variable or floating rates of interest and may involve a conditional or unconditional demand feature. Such instruments bear interest at rates that are not fixed, but that vary with changes in specified market rates or indexes. The interest rates on these securities may be reset daily, weekly, quarterly, or some other reset period. There is a risk that the current interest rate on such obligations may not accurately reflect existing market interest rates. A demand instrument with a demand notice exceeding seven days may be considered illiquid if there is no secondary market for such security.

WHEN-ISSUED AND DELAYED DELIVERY SECURITIES—When-issued and delayed delivery basis, including "TBA" (to be announced) basis, transactions involve the purchase of an instrument with payment and delivery taking place in the future. Delivery of and payment for these securities may occur a month or more after the date of the purchase commitment. A TBA transaction is a method of trading mortgage-backed securities. In a TBA transaction, the buyer and seller agree upon general trade parameters such as agency, settlement date, par amount and price. The actual pools delivered generally are determined two days prior to the settlement date. The interest rate realized on these securities is fixed as of the purchase date, and no interest accrues to a Fund before settlement. These securities are subject to market fluctuation due to changes in market interest rates, and it is possible that the market value of these securities at the time of settlement could be higher or lower than the purchase price if the general level of interest rates has changed. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of actually acquiring securities for its portfolio, the Fund may dispose of a when-issued security or forward commitment prior to settlement if SIMC or a Sub-Adviser deems it appropriate. Rule 18f-4 under 1940 Act permits a Fund to enter into when-issued or delayed delivery basis securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date. If a when-issued or delayed delivery basis security does not satisfy those requirements, the Fund would need to comply with Rule 18f-4 under the 1940 Act with respect to its when issued or delayed delivery transactions, which are considered Derivative Transactions under the Rule. See "Derivatives" above.

INVESTMENT LIMITATIONS

The following are fundamental and non-fundamental policies of the Funds. The percentage limitations (except for the limitation on borrowing and illiquid investments) set forth below will apply at the time of the purchase of a security, and shall not be violated unless an excess or deficiency occurs, immediately after or as a result of a purchase of such security.

Fundamental Policies

*The following investment limitations are fundamental policies of each Fund that cannot be changed with respect to a Fund without the consent of the holders of a majority of that Fund's outstanding shares. The phrase "majority of outstanding shares" means the vote of: (i) 67% or more of a Fund's shares present at a meeting if more than 50% of the total outstanding shares of a Fund are present or represented by proxy, or (ii) more than 50% of a Fund's total outstanding shares, whichever is less.*

A Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase securities of an issuer if it would cause the Fund to fail to satisfy the diversification requirement for a diversified management company under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. This investment limitation does not apply to the California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond and New York Municipal Bond Funds.

------

&nbsp;&nbsp;&nbsp;&nbsp;2. Concentrate investments in a particular industry or group of industries, as concentration is defined under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;3. Borrow money or issue senior securities (as defined under the 1940 Act), except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;4. Make loans, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase or sell commodities or real estate, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;6. Underwrite securities issued by other persons, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

Non-Fundamental Policies

*The following non-fundamental policies apply to the California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond and Tax-Advantaged Income Funds. These non-fundamental policies, other than with respect to Item 1 below, may be changed by the Board without shareholder approval.*

A Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Solely with respect to the Tax-Advantaged Income Fund, with respect to 75% of its assets, (i) purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government, its agents or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer; or (ii) acquire more than 10% of the voting securities of any one issuer.

&nbsp;&nbsp;&nbsp;&nbsp;2. Pledge, mortgage or hypothecate assets except to secure permitted borrowings or related to the deposit of assets in escrow or in segregated accounts in compliance with applicable law or as otherwise contractually required.

&nbsp;&nbsp;&nbsp;&nbsp;3. Invest in companies for the purpose of exercising control.

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase securities on margin or effect short sales, except that each Fund may: (i) obtain short-term credits as necessary for the clearance of security transactions; (ii) provide initial and variation margin payments in connection with transactions involving derivatives contracts; and (iii) make short sales "against the box" or in compliance with applicable law or as otherwise contractually required.

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase securities that are not readily marketable if, in the aggregate, more than 15% of the Fund's total assets would be invested in such securities as a result of such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;6. Purchase or hold illiquid securities, *i.e.*, any investment that the fund reasonably expects cannot be sold in current market conditions in seven calendar days without significantly changing the market value of the investment, if, in the aggregate, more than 15% of its total assets would be invested in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;7. Invest its assets in securities of any investment company, except as permitted by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;8. Purchase any securities which would cause 25% or more of the total assets of the Fund to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply to investments in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

------

&nbsp;&nbsp;&nbsp;&nbsp;9. Borrow money in an amount exceeding 33<sup>1</sup>/<sub>3</sub>% of the value of its total assets, provided that, for purposes of this limitation, investment strategies that either obligate the Fund to purchase securities or require the Fund to segregate assets are not considered to be borrowings. To the extent that its borrowings exceed 5% of its assets: (i) all borrowings will be repaid before the Fund makes additional investments and any interest paid on such borrowings will reduce income; and (ii) asset coverage of at least 300% is required in accordance with applicable SEC or SEC staff positions.

&nbsp;&nbsp;&nbsp;&nbsp;10. Make loans if, as a result, more than 33<sup>1</sup>/<sub>3</sub>% of its total assets would be lent to other parties, except that each Fund may: (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase agreements; and (iii) lend its securities.

&nbsp;&nbsp;&nbsp;&nbsp;11. Purchase or sell real estate, physical commodities or commodities contracts, except that each Fund may purchase: (i) marketable securities issued by companies which own or invest in real estate (including real estate investment trusts), commodities or commodities contracts; and (ii) commodities contracts relating to financial instruments, such as financial futures contracts and options on such contracts.

&nbsp;&nbsp;&nbsp;&nbsp;12. Issue senior securities (as defined in the 1940 Act), except as permitted by rule, regulation or order of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;13. Invest in interests in oil, gas or other mineral exploration or development programs and oil, gas or mineral leases.

*The following non-fundamental policies apply to the Intermediate-Term Municipal and Pennsylvania Municipal Bond Funds. These non-fundamental policies, other than with respect to Item 1 below, may be changed by the Board without shareholder approval. It is a non-fundamental policy of the Intermediate-Term Municipal and Pennsylvania Municipal Bond Funds to abide by the maturity restrictions and to invest solely in the permitted investments described in this SAI and in their respective prospectuses.*

A Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to 75% of its assets, (i) purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government, its agents or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer; or (ii) acquire more than 10% of the voting securities of any one issuer.

&nbsp;&nbsp;&nbsp;&nbsp;2. Purchase any securities that would cause 25% or more of the total assets of the Fund to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply to investments in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;3. Borrow money except for temporary or emergency purposes and then only in an amount not exceeding 10% of the value of total assets. This borrowing provision is included solely to facilitate the orderly sale of portfolio securities to accommodate heavy redemption requests if they should occur and is not for investment purposes. All borrowings of the Funds, in excess of 5% of their total assets, will be repaid before making additional investments and any interest paid on such borrowings will reduce income.

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase securities of other investment companies, except that the Fund may only purchase securities of money market funds, as permitted by the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;5. Make loans, except that each Fund may purchase or hold debt instruments in accordance with its investment objectives and policies and may enter repurchase agreements, provided that repurchase agreements maturing in more than seven days, restricted securities and other illiquid securities are not to exceed, in the aggregate, 15% of the Intermediate-Term Municipal Fund's net assets or 5% of the Pennsylvania Municipal Bond Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;6. Pledge, mortgage or hypothecate assets except to secure temporary borrowings permitted by a Fund's borrowing limitation described above in aggregate amounts not to exceed 10% of the net assets of such Fund taken at current value at the time of the incurrence of such loan.

------

&nbsp;&nbsp;&nbsp;&nbsp;7. Invest in companies for the purpose of exercising control.

&nbsp;&nbsp;&nbsp;&nbsp;8. Purchase or sell real estate, real estate limited partnership interests, commodities or commodities contracts including futures contracts. However, subject to its permitted investments, any Fund may invest in municipal securities or other obligations secured by real estate or other interests therein.

&nbsp;&nbsp;&nbsp;&nbsp;9. Make short sales of securities, maintain a short position or purchase securities on margin, except that the Fund may obtain short-term credits as necessary for the clearance of security transactions.

&nbsp;&nbsp;&nbsp;&nbsp;10. Issue senior securities (as defined in the 1940 Act) except in connection with permitted borrowings as described in this SAI or as permitted by rule, regulation or order of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;11. Purchase warrants, puts, calls, straddles, spreads or combinations thereof, except as permitted by this SAI.

&nbsp;&nbsp;&nbsp;&nbsp;12. Invest in interests in oil, gas or other mineral exploration or development programs.

&nbsp;&nbsp;&nbsp;&nbsp;13. Invest more than 25% of total assets in issuers within the same state or similar type projects (except in specified categories). For the Pennsylvania Municipal Bond Fund, this limitation does not apply to the extent stated in its investment objective and policies.

*The following non-fundamental policies apply to the Short Duration Municipal Fund. These non-fundamental policies, other than with respect to Item 6 below, may be changed by the Board without approval of a majority of Fund shareholders.*

The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Pledge, mortgage or hypothecate assets except to secure permitted borrowings or related to the deposit of assets in escrow or in segregated accounts in compliance with applicable law or as otherwise contractually required.

&nbsp;&nbsp;&nbsp;&nbsp;2. Invest in companies for the purpose of exercising control.

&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase securities on margin or effect short sales, except that the Fund may: (i) obtain short-term credits as necessary for the clearance of security transactions; (ii) provide initial and variation margin payments in connection with transactions involving futures contracts and options on such contracts; and (iii) make short sales "against the box" or in compliance with applicable law or as otherwise contractually required.

&nbsp;&nbsp;&nbsp;&nbsp;4. Invest its assets in securities of any investment company, except as permitted by the 1940 Act or any rule, regulation or order thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase or hold illiquid securities, if, in the aggregate, more than 15% of its net assets would be invested in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;6. With respect to 75% of its total assets: (i) purchase the securities of any issuer (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer; or (ii) acquire more than 10% of the outstanding voting securities of any one issuer.

&nbsp;&nbsp;&nbsp;&nbsp;7. Purchase any securities which would cause 25% or more of the total assets of the Fund to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply to investments in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities. For purposes of this industry concentration limitation: (i) utility companies will be divided according to their services, for example, gas, gas transmission, electric and telephone will each be considered a separate industry; (ii) financial service companies will be classified according to end users of their services, for example, automobile finance, bank finance and diversified finance will each be considered a separate industry; (iii) supranational agencies will be deemed to be issuers conducting their principal business activities in the same industry; and (iv) governmental issuers within a particular country will be deemed to be conducting their principal business activities in the same industry.

------

&nbsp;&nbsp;&nbsp;&nbsp;8. Issue senior securities (as defined in the 1940 Act) except as permitted by rule, regulation or order of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;9. Make loans if, as a result, more than 33<sup>1</sup>/<sub>3</sub>% of its total assets would be lent to other parties, except that the Fund may: (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase agreements; and (iii) lend its securities.

&nbsp;&nbsp;&nbsp;&nbsp;10. Purchase or sell real estate, physical commodities or commodities contracts, except that the Fund may purchase: (i) marketable securities issued by companies which own or invest in real estate (including real estate investment trusts), commodities or commodities contracts; and (ii) commodities contracts relating to financial instruments, such as financial futures contracts and options on such contracts.

&nbsp;&nbsp;&nbsp;&nbsp;11. Borrow money in an amount exceeding 33<sup>1</sup>/<sub>3</sub>% of the value of its total assets, provided that, for purposes of this limitation, investment strategies that either obligate the Fund to purchase securities or require the Fund to segregate assets are not considered to be borrowing. Asset coverage of at least 300% is required for all borrowing, except where the Fund has borrowed money for temporary purposes in an amount not exceeding 5% of its total assets.

The following descriptions of the 1940 Act may assist shareholders in understanding the above policies and restrictions.

Diversification. Under the 1940 Act, a diversified investment management company, as to 75% of its total assets, may not purchase securities of any issuer (other than securities issued or guaranteed by the U.S. Government, its agents or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer, or more than 10% of the issuer's outstanding voting securities would be held by the fund. Under applicable federal securities laws, the diversification of a mutual fund's holdings is measured at the time a fund purchases a security. If a Fund holds securities that perform well on a relative basis, the value of those securities could appreciate such that the value of the Fund's securities that constitute more than 5% of the Fund's total assets, in the aggregate, might exceed 25% of the Fund's total assets. In these circumstances, the Adviser or applicable Sub-Adviser might determine that it is in the best interests of a Fund's shareholders not to reduce one or more of the Fund's holdings in securities that constitute more than 5% of the Fund's total assets. If the Adviser or applicable Sub-Adviser makes such a determination, a Fund's holdings in such securities would continue to exceed 25% of the Fund's total assets, and the Fund would not purchase any additional shares of securities that constituted more than 5% of the Fund's total assets. The Fund would continue to qualify as a diversified fund under applicable federal securities laws. If more than 25% of a Fund's assets were invested, in the aggregate, in securities of issuers that individually represented more than 5% of the Fund's total assets, the Fund would be subject to the risk that its performance could be disproportionately affected by the performance of such securities.

Concentration. The SEC has presently defined concentration as investing 25% or more of an investment company's net assets in an industry or group of industries, with certain exceptions.

Borrowing. The 1940 Act presently allows a fund to borrow from any bank (including pledging, mortgaging or hypothecating assets) in an amount up to 33<sup>1</sup>/<sub>3</sub>% of its total assets (not including temporary borrowings not in excess of 5% of its total assets). In accordance with Rule 18f-4 under the 1940 Act, when a fund engages in reverse repurchase agreements and similar financing transactions, the fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions as "derivative transactions" and comply with Rule 18f-4 with respect to such transactions. Transactions that are treated as derivatives for purposes of Rule 18f-4, shall not be regarded as borrowings for the purposes of a fund's investment limitations.

Senior Securities. Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although certain transactions are not treated as senior securities, such as certain borrowings, short sales, reverse repurchase agreements, firm commitment agreements and standby commitments.

------

Lending. Under the 1940 Act, a fund may only make loans if expressly permitted by its investment policies. Each Fund's non-fundamental investment policy on lending is set forth above.

Underwriting. Under the 1940 Act, underwriting securities involves a fund purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly. Under the 1940 Act, a diversified fund may not make any commitment as underwriter, if immediately thereafter the amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets.

Real Estate. The 1940 Act does not directly restrict a fund's ability to invest in real estate, but does require that every fund have a fundamental investment policy governing such investments. Each Fund has adopted a fundamental policy that would permit direct investment in real estate to the extent permitted by the 1940 Act. However, each Fund has a non-fundamental investment limitation that prohibits it from investing directly in real estate. This non-fundamental policy may be changed only by vote of each Fund's Board.

STATE SPECIFIC DISCLOSURE

The following are brief summaries of state risk factors associated with investing in municipal debt obligations of California, Massachusetts, New Jersey, New York and Pennsylvania issuers. It does not represent a complete analysis of every risk factor that may affect debt obligations of these issuers, and information provided herein is subject to change rapidly, substantially, and without notice and may not be current. This summary is based on a sampling of documents from public sources. The Funds have not independently verified this information and have no obligation to update it during the year.

Special Considerations Relating to California Municipal Securities

The ability of issuers to pay interest on, and repay principal of, California municipal securities may be affected by: (1) amendments to the California Constitution and related statutes that limit the taxing and spending authority of California government entities, and related civil actions; (2) a wide variety of California laws and regulations; and (3) the general financial condition of the State of California.

There could be economic, business or political developments that affect all municipal securities of a similar type. To the extent that a significant portion of the California Municipal Bond Fund's assets are invested in municipal securities payable from revenues on similar projects, the Fund will be subject to the risks presented by such projects to a greater extent than it would be if the Fund's assets were not so invested. Moreover, in seeking to attain its investment objective, the Fund may invest all or any part of its assets in municipal securities that are industrial development bonds.

*California Risk Factors.* The California Municipal Bond Fund will have considerable investments in California municipal obligations. As a result, the Fund will be more susceptible to factors that adversely affect issuers of California obligations than a mutual fund that does not have as great a concentration in California municipal obligations. An investment in the Fund will be affected by the many factors that affect the financial condition of the State of California. For example, financial difficulties of the state, its counties, municipalities and school districts that hinder efforts to borrow and credit ratings are factors that may affect the Fund.

Special Considerations Relating to Massachusetts Municipal Securities

*Massachusetts Risk Factors.* The Massachusetts Municipal Bond Fund will have considerable investments in Massachusetts municipal obligations. As a result, the Fund will be more susceptible to factors that adversely affect issuers of Massachusetts obligations than a mutual fund that does not have as great a concentration in Massachusetts municipal obligations.

An investment in the Fund will be affected by the many factors that affect the financial condition of the Commonwealth of Massachusetts. For example, financial difficulties of the Commonwealth, its counties,

------

municipalities and school districts that hinder efforts to borrow and credit ratings are factors that may affect the Fund.

Special Considerations Relating to New Jersey Municipal Securities

*New Jersey Risk Factors.* The New Jersey Municipal Bond Fund will have considerable investments in New Jersey municipal obligations. As a result, the Fund will be more susceptible to factors that adversely affect issuers of New Jersey obligations than a mutual fund that does not have as great a concentration in New Jersey municipal obligations.

An investment in the Fund will be affected by the many factors that affect the financial condition of the state of New Jersey. For example, financial difficulties of the state, its counties, municipalities and school districts that hinder efforts to borrow and credit ratings are factors that may affect the Fund.

Special Considerations Relating to New York Municipal Securities

Revenues and Expenditures. New York's governmental funds receive a majority of their revenues from taxes levied by the state. Investment income, fees and assessments, abandoned property collections and other varied sources supply the balance of the receipts for these funds. New York's major expenditures are grants to local governments.

*New York Risk Factors.* The New York Municipal Bond Fund's concentration in investments in New York municipal securities involves greater risk than if its investments were more diversified. These risks result from: (1) amendments to the New York Constitution and other statutes that limit the taxing and spending authority of New York government entities; (2) the general financial condition of the State of New York; and (3) a variety of New York laws and regulations that may affect, directly or indirectly, New York municipal securities. The ability of issuers of municipal securities to pay interest on, or repay principal of, municipal securities may be impaired as a result. The Fund's yield and share price are sensitive to political and economic developments within the State of New York and to the financial condition of the State, its public authorities and political subdivisions, particularly the City of New York. In the recent past, both the State and the City experienced financial difficulties related to poor economic performance and recurring deficits. The State's credit standing has been reduced, and its ability to provide assistance to its public authorities and political subdivisions could be impaired.

New York City. The fiscal health of the state is closely related to the fiscal health of its localities, particularly New York City, which has required significant financial assistance from the state in the recent past.

Special Considerations Relating to Pennsylvania Municipal Securities

Revenues and Expenditures. The Constitution of Pennsylvania provides that operating budget appropriations may not exceed the estimated revenues and available surplus in the fiscal year for which funds are appropriated. Annual budgets are enacted for the Pennsylvania General Fund and for certain special revenue funds that represent the majority of expenditures of the Commonwealth. Pennsylvania's governmental funds receive a majority of their revenues from taxes levied by the Commonwealth. Interest earnings, licenses and fees, lottery ticket sales, liquor store profits, miscellaneous revenues, augmentations and federal government grants supply the balance of the receipts of these funds.

*Pennsylvania Risk Factors.* The Pennsylvania Municipal Bond Fund will have considerable investments in Pennsylvania municipal obligations. As a result, the Fund will be more susceptible to factors that adversely affect issuers of Pennsylvania obligations than a mutual fund that does not have as great a concentration in Pennsylvania municipal obligations.

An investment in the Fund will be affected by the many factors that affect the financial condition of the Commonwealth of Pennsylvania. For example, financial difficulties of the Commonwealth, its counties, municipalities and school districts that hinder efforts to borrow and lower credit ratings are factors that may affect the Fund.

------

Local Government Debt. Local government in Pennsylvania consists of numerous individual units. Each unit is distinct and independent of other local units, although they may overlap geographically. There is extensive general legislation applying to local government. Municipalities may also issue revenue obligations without limit and without affecting their general obligation borrowing capacity if the obligations are projected to be paid solely from project revenues. Municipal authorities and industrial development authorities are also widespread in Pennsylvania.

Special Considerations Relating to Puerto Rico Municipal Securities

Certain of the Funds may have considerable investments in Puerto Rico municipal obligations. As a result, these Funds will be more susceptible to factors that adversely affect issuers of Puerto Rico obligations than a mutual fund that does not have as great an investment in Puerto Rico municipal obligations.

An investment in a Fund with considerable investments in Puerto Rico municipal obligations will be affected by the many factors that affect the financial condition of the Commonwealth of Puerto Rico. For example, financial difficulties of Puerto Rico and its municipalities and school districts that hinder efforts to borrow and credit ratings are factors that may affect the Funds.

Unfavorable developments in any economic sector may have far-reaching ramifications on the overall Puerto Rico municipal market. A number of events, including economic and political policy changes, tax base erosion, territory constitutional limits on tax increases, budget deficits, high rates of unemployment, Puerto Rico constitutional amendments, legislative measures, voter initiatives and other changes in the law, and other financial difficulties and changes in the credit ratings assigned to Puerto Rico's municipal issuers, are likely to affect each Fund's performance.

The economy of Puerto Rico is closely linked to the mainland U.S. economy, as many of the external factors that affect the local economy are determined by the policies and performance of the mainland U.S. economy. Tourism makes a significant contribution to Puerto Rico's economic activity so a decline in tourism, a change in tourism trends or an economic recession that reduces worldwide disposable income could disproportionately affect Puerto Rico's economy relative to other economies that depend less on tourism.

General Considerations Relating to State Specific Municipal Securities

With respect to municipal securities issued by a state and its political subdivisions, as well as certain other governmental issuers such as the Commonwealth of Puerto Rico, the Trust cannot predict what legislation, if any, may be proposed in the state's legislature in regards to the state's personal income tax status of interest on such obligations or which proposals, if any, might be enacted. Such proposals, if enacted, might materially adversely affect the availability of a state's municipal securities for investment by a Fund and the value of a Fund's investments.

THE ADMINISTRATOR AND TRANSFER AGENT

General. SEI Investments Global Funds Services (the "Administrator"), a Delaware statutory trust, has its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456. The Administrator also serves as the transfer agent for the Funds (the "Transfer Agent"). SIMC, a wholly-owned subsidiary of SEI Investments Company ("SEI"), is the owner of all beneficial interest in the Administrator and Transfer Agent. SEI and its subsidiaries and affiliates, including the Administrator, are leading providers of fund evaluation services, trust accounting systems and brokerage and information services to financial institutions, institutional investors, and money managers. The Administrator and its affiliates also serve as administrator or sub-administrator to other mutual funds.

Administration Agreement with the Trust. The Trust and the Administrator have entered into an administration and transfer agency agreement (the "Administration Agreement"). Under the Administration Agreement, the Administrator provides the Trust with administrative and transfer agency services or employs

------

certain other parties, including its affiliates, who provide such services. Such services generally include, but are not limited to:

• maintaining books and records related to a Fund's cash and position reconciliations, and portfolio transactions;

• preparation of financial statements and other reports for the Funds;

• calculating the net asset value of the Funds in accordance with the Funds' valuation policies and procedures;

• tracking income and expense accruals and processing disbursements to vendors and service providers;

• providing performance, financial and expense information for registration statements and board materials;

• providing certain tax monitoring and reporting;

• providing space, equipment, personnel and facilities;

• maintaining share transfer records;

• reviewing account opening documents and subscription and redemption requests;

• calculating and distributing required ordinary income and capital gains distributions; and

• providing anti-money laundering program services.

The Administration Agreement provides that the Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Administration Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Administrator in the performance of its duties or from reckless disregard of its duties and obligations thereunder.

The Administration Agreement shall remain effective for the initial term of the Agreement and each renewal term thereof unless earlier terminated: (i) by a vote of a majority of the Trustees of the Trust on not less than 60 days' written notice to the Administrator; or (ii) by the Administrator on not less than 90 days' written notice to the Trust.

Administration Fees. For its administrative services, the Administrator receives a fee, which is calculated based upon the average daily net assets of each Fund and paid monthly by the Trust. The annual rates are as set forth in the charts below:

For the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond and Pennsylvania Municipal Bond Funds:

---

| | |
|:---|:---|
| | Administration Fee |
| on the first $1.5 billion of Assets; | 0.200% |
| on the next $500 million of Assets; | 0.1775% |
| on the next $500 million of Assets; | 0.1550% |
| on the next $500 million of Assets; | 0.1325% |
| on Assets over $3 billion. | 0.110% |

---

For the Tax-Advantaged Income Fund:

---

| | |
|:---|:---|
| | Administration Fee |
| on the first $1.5 billion of Assets; | 0.30% |
| on the next $500 million of Assets; | 0.2550% |
| on the next $500 million of Assets; | 0.210% |
| on the next $500 million of Assets; | 0.1650% |
| on Assets over $3 billion. | 0.120% |

---

------

For the fiscal years ended August 31, 2023, 2024 and 2025, the following table shows: (i) the dollar amount of fees paid by each Fund to the Administrator; and (ii) the dollar amount of the Administrator's voluntary fee waiver and/or reimbursement for each Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Administration Fees Paid (000) | Administration Fees Paid (000) | Administration Fees Paid (000) | Administration Fees Waived or<br>Reimbursed (000) | Administration Fees Waived or<br>Reimbursed (000) | Administration Fees Waived or<br>Reimbursed (000) |
| Fund | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 |
| Intermediate-Term Municipal Fund | $3404 | $3141 | $3198 | $734 | $730 | $744 |
| Short Duration Municipal Fund | $2115 | $1771 | $1636 | $526 | $460 | $442 |
| California Municipal Bond Fund | $537 | $478 | $497 | $59 | $55 | $58 |
| Massachusetts Municipal Bond Fund | $131 | $120 | $123 | $13 | $11 | $26 |
| New Jersey Municipal Bond Fund | $200 | $185 | $191 | $18 | $16 | $17 |
| New York Municipal Bond Fund | $249 | $216 | $225 | $19 | $18 | $18 |
| Pennsylvania Municipal Bond Fund | $301 | $273 | $282 | $38 | $35 | $37 |
| Tax-Advantaged Income Fund | $3241 | $3053 | $2699 | $950 | $916 | $807 |

---

THE ADVISER AND SUB-ADVISERS

General. SIMC serves as investment adviser to the Funds. SIMC is a wholly-owned subsidiary of SEI (NASDAQ: SEIC), a leading global provider of outsourced asset management, investment processing and investment operations solutions. The principal business address of SIMC and SEI is One Freedom Valley Drive, Oaks, Pennsylvania 19456. SEI was founded in 1968 and is a leading provider of investment solutions to banks, institutional investors, investment advisers and insurance companies. SIMC has approximately $219.46 billion in assets under management as of September 30, 2025.

Manager of Managers Structure. SIMC is the investment adviser to the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds and operates as a "manager of managers." SIMC and the Trust have obtained an exemptive order from the SEC that permits SIMC, with the approval of the Trust's Board, to hire, retain or terminate sub-advisers unaffiliated with SIMC for the Funds without submitting the sub-advisory agreements to a vote of the Funds' shareholders. Among other things, the exemptive relief permits the disclosure of only the aggregate amount payable by SIMC under all such sub-advisory agreements. The Funds will notify shareholders in the event of any addition or change in the identity of their Sub-Advisers.

Subject to Board review, SIMC allocates and, when appropriate, reallocates the Funds' assets to the Sub-Advisers, monitors and evaluates the Sub-Advisers' performance and oversees Sub-Adviser compliance with the Funds' investment objectives, policies and restrictions. SIMC has the ultimate responsibility for the investment performance of the Funds due to its responsibility to oversee Sub-Advisers and recommend their hiring, termination and replacement.

Advisory and Sub-Advisory Agreements. The Trust and SIMC have entered into an investment advisory agreement (the "Advisory Agreement"). Pursuant to the Advisory Agreement, SIMC oversees the investment advisory services provided to the Funds, may directly manage a portion of the Funds' assets and may manage cash on behalf of the Funds. Pursuant to separate sub-advisory agreements (the "Sub-Advisory Agreements" and, together with the Advisory Agreement, the "Investment Advisory Agreements") with SIMC, and under the supervision of SIMC and the Board, one or more Sub-Advisers are generally responsible for the day-to-day investment management of all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds.

Each Investment Advisory Agreement sets forth a standard of care, pursuant to which the Adviser or Sub-Adviser, as applicable, is responsible for performing services to the Funds, and also includes liability and indemnification provisions.

The continuance of each Investment Advisory Agreement after the first two (2) years must be specifically approved at least annually: (i) by the vote of a majority of the outstanding shares of that Fund or by the Trustees;

------

and (ii) by the vote of a majority of the Trustees who are not parties to such Investment Advisory Agreement or "interested persons" of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. Each Investment Advisory Agreement will terminate automatically in the event of its assignment and is terminable at any time without penalty by the Trustees of the Trust or, with respect to a Fund, by a majority of the outstanding shares of that Fund, on not less than 30 days' nor more than 60 days' written notice to SIMC or the Fund's Sub-Adviser, as applicable, or by SIMC or the Fund's Sub-Adviser, as applicable, on 90 days' written notice to the Trust.

In accordance with a separate exemptive order that the Trust and SIMC have obtained from the SEC, the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, subject to certain conditions, including that the Trustees are able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting.

Advisory and Sub-Advisory Fees. For these advisory services, SIMC receives a fee, which is calculated daily and paid monthly, at the annual rates set forth in the table below (shown as a percentage of the average daily net assets of each Fund). SIMC then pays the Sub-Advisers out of its contractual advisory fee for sub-advisory services provided to the Funds. The rates paid to each Sub-Adviser vary. The aggregate sub-advisory fees paid by SIMC for the fiscal year ended August 31, 2025 are set forth below as a percentage of the average daily net assets of each Fund.

---

| | | |
|:---|:---|:---|
| Fund Name | Contractual<br>Advisory Fee | Aggregate<br>Sub-Advisory<br>Fees Paid |
| Intermediate-Term Municipal Fund | 0.33% | 0.12% |
| Short Duration Municipal Fund | 0.33% | 0.12% |
| California Municipal Bond Fund | 0.33% | 0.12% |
| Massachusetts Municipal Bond Fund | 0.33% | 0.12% |
| New Jersey Municipal Bond Fund | 0.33% | 0.12% |
| New York Municipal Bond Fund | 0.33% | 0.12% |
| Pennsylvania Municipal Bond Fund | 0.35% | 0.12% |
| Tax-Advantaged Income Fund | 0.50% | 0.30% |

---

SIMC pays each Sub-Adviser a fee out of its advisory fee. Sub-Advisory fees are based on a percentage of the average daily net assets managed by the applicable Sub-Adviser.

For the fiscal years ended August 31, 2023, 2024 and 2025, the following tables show: (i) the contractual advisory fees that SIMC is entitled to receive from each Fund; (ii) the dollar amount of SIMC's voluntary fee waivers; (iii) the dollar amount of fees paid to the Sub-Advisers by SIMC; and (iv) the dollar amount of the fees retained by SIMC.

For the fiscal year ended August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Contractual<br>Advisory Fees (000) | Advisory Fees<br>Waived (000) | Sub-Advisory Fees<br>Paid (000) | Advisory Fees <br>Retained<br>by SIMC (000) |
| Intermediate-Term Municipal <br>Fund | $5319 | $2219 | $1961 | $1139 |
| Short Duration Municipal Fund | $2699 | $1083 | $985 | $631 |
| California Municipal Bond Fund | $820 | $228 | $298 | $294 |
| Massachusetts Municipal Bond <br>Fund | $202 | $42 | $73 | $87 |
| New Jersey Municipal Bond <br>Fund | $315 | $96 | $114 | $105 |
| New York Municipal Bond Fund | $371 | $113 | $134 | $124 |
| Pennsylvania Municipal Bond <br>Fund | $493 | $115 | $168 | $210 |
| Tax-Advantaged Income Fund | $4499 | $1203 | $2683 | $613 |

---

------

For the fiscal year ended August 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Contractual<br>Advisory Fees (000) | Advisory Fees<br>Waived (000) | Sub-Advisory Fees<br>Paid (000) | Advisory Fees <br>Retained<br>by SIMC (000) |
| Intermediate-Term Municipal <br>Fund | $5212 | $2175 | $1991 | $1046 |
| Short Duration Municipal Fund | $2922 | $1172 | $1066 | $684 |
| California Municipal Bond Fund | $789 | $219 | $286 | $284 |
| Massachusetts Municipal Bond <br>Fund | $198 | $42 | $72 | $84 |
| New Jersey Municipal Bond <br>Fund | $305 | $93 | $110 | $102 |
| New York Municipal Bond Fund | $357 | $109 | $129 | $119 |
| Pennsylvania Municipal Bond <br>Fund | $479 | $112 | $163 | $204 |
| Tax-Advantaged Income Fund | $5089 | $1361 | $3033 | $695 |

---

For the fiscal year ended August 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Contractual<br>Advisory Fees (000) | Advisory Fees<br>Waived (000) | Sub-Advisory Fees<br>Paid (000) | Advisory Fees <br>Retained<br>by SIMC (000) |
| Intermediate-Term Municipal <br>Fund | $5702 | $2379 | $2239 | $1084 |
| Short Duration Municipal Fund | $3490 | $1400 | $1277 | $813 |
| California Municipal Bond Fund | $886 | $246 | $320 | $320 |
| Massachusetts Municipal Bond <br>Fund | $217 | $46 | $78 | $93 |
| New Jersey Municipal Bond <br>Fund | $330 | $100 | $119 | $111 |
| New York Municipal Bond Fund | $411 | $125 | $149 | $137 |
| Pennsylvania Municipal Bond <br>Fund | $527 | $123 | $179 | $225 |
| Tax-Advantaged Income Fund | $5401 | $1444 | $3213 | $744 |

---

The Sub-Advisers.

ALLSPRING GLOBAL INVESTMENTS, LLC—Allspring Global Investments, LLC ("Allspring Investments") serves as Sub-Adviser to the Short Duration Municipal and Tax-Advantaged Income Funds. Allspring Investments is a Delaware limited liability company and is an SEC registered investment adviser. Allspring Investments is a direct and wholly-owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company owned by certain private funds of GTCR LLC and of Reverence Capital Partners, L.P.

NOMURA INVESTMENTS FUND ADVISERS, A SERIES OF NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST—Nomura Investments Fund Advisers ("NIFA"), a series of Nomura Investment Management Business Trust ("NIMBT"), serves as a Sub-Adviser to a portion of the assets of the Intermediate-Term Municipal Fund. NIMBT is a statutory trust organized under the laws of Delaware and an SEC-registered investment adviser. NIMBT is a subsidiary of Nomura Holding America Inc. ("NHA"). NHA is a wholly owned subsidiary of Nomura Holdings, Inc., a publicly traded Japanese compnay.

INSIGHT NORTH AMERICA LLC—Insight North America LLC ("INA") serves as Sub-Adviser to the Intermediate-Term Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond and Pennsylvania Municipal Bond Funds. INA is an independently operated indirect subsidiary of The Bank of New York Mellon Corporation ("BNYM").

------

NEUBERGER BERMAN INVESTMENT ADVISERS LLC—Neuberger Berman Investment Advisers LLC ("NBIA", and, together with its affiliates, "Neuberger"), serves as Sub-Adviser to the Short Duration Municipal Fund. NBIA is a registered investment adviser and an indirect subsidiary of Neuberger Berman Group LLC ("NBG"). NBG is a holding company that through its subsidiaries provides a broad range of global asset management services. NBG's voting equity is owned by NBSH Acquisition, LLC ("NBSH"). NBSH is owned by portfolio managers, members of the NBG's management team, and certain of NBG's key employees and senior professionals.

PACIFIC INVESTMENT MANAGEMENT COMPANY LLC—Pacific Investment Management Company LLC ("PIMCO") serves as a Sub-Adviser to a portion of the assets of the Tax-Advantaged Income Fund. PIMCO, including its global affiliates, is a limited liability company, directly owns and controls PIMCO Investments LLC and may directly or indirectly own and control certain other global PIMCO entities. PIMCO is a majority owned subsidiary of Allianz Asset Management of America L.P., a subsidiary of Allianz SE. PIMCO does not anticipate any near-term changes to the firm's ownership structure.

SPECTRUM ASSET MANAGEMENT, INC.—Spectrum Asset Management, Inc. ("Spectrum") serves as a Sub-Adviser to a portion of the assets of the Tax-Advantaged Income Fund. Spectrum, a Connecticut corporation, was founded in 1987. Spectrum is a wholly-owned affiliate of Principal Global Investors Holding Company (U.S.), LLC.

WELLINGTON MANAGEMENT COMPANY LLP—Wellington Management Company LLP ("Wellington Management"), a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210, serves as a Sub-Adviser to a portion of the assets of the Intermediate-Term Municipal Fund. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 90 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership.

Portfolio Management.

SIMC

*Compensation.* SIMC compensates the portfolio manager for his or her management of the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds. The portfolio manager's compensation consists of a fixed annual salary, plus a discretionary annual bonus determined generally as follows.

Portfolio manager compensation is a combination of both Fund performance and SEI Investments Company ("SEI") performance. A majority of each portfolio manager's compensation is determined by the performance of the Funds for which the portfolio manager is responsible for over both a short-term and long-term time horizon. A final factor is a discretionary component, which is based upon a qualitative review of the portfolio managers and their team.

With respect to the bonus, twenty percent of each portfolio manager's compensation is tied to the corporate performance of SEI (SIMC's ultimate parent company), as measured by the earnings per share earned for a particular year. This percentage is set at the discretion of SEI and not SIMC.

The remaining percentage is based upon each Fund's performance (pre-tax) versus its respective benchmark over a one and three year period.

------

*Ownership of Fund Shares.* As of September 30, 2025, the portfolio manager beneficially owned shares of the Funds he manages, as follows:

---

| | |
|:---|:---|
| Portfolio Manager | Dollar Range of<br>Fund Shares |
| Richard A. Bamford | $0 |
| Daniel Falkowski | $0 |
| Anthony Karaminas, CFA | $0 |

---

*Other Accounts.* As of September 30, 2025, in addition to the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds, the portfolio manager was responsible for the day-to-day management of certain other accounts, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
| Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in billions) | Number<br>of Accounts | Total Assets<br>(in billions) | Number<br>of Accounts | Total Assets<br>(in billions) |
| Richard A. Bamford | 21 | $35.76 | 1 | $0.21 | 0 | $0 |
| Daniel Falkowski | 1 | $0.20 | 0 | $0 | 0 | $0 |
| Anthony Karaminas, CFA | 23 | $27.22 | 1 | $0.01 | 0 | $0 |

---

No account listed above is subject to a performance-based advisory fee.

*Conflicts of Interest.* The portfolio manager's management of registered investment companies other pooled investment vehicles or other accounts may give rise to actual or potential conflicts of interest in connection with his day-to-day management of the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds' investments. The other accounts might have similar investment objectives as the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds or hold, purchase or sell securities that are eligible to be held, purchased or sold by the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds.

While the portfolio manager's management of the other accounts may give rise to the following potential conflicts of interest, SIMC does not believe that the conflicts, if any, are material or, to the extent any such conflicts are material, SIMC believes that it has designed policies and procedures that are reasonably designed to manage such conflicts in an appropriate way.

*Knowledge of the Timing and Size of Fund Trades.* A potential conflict of interest may arise as a result of the portfolio manager's day-to-day management of the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds. Because of his position with the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds, the portfolio manager knows the size, timing and possible market impact of Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Fund trades. It is theoretically possible that the portfolio manager could use this information to the advantage of the other accounts and to the possible detriment of the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds. However, SIMC has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

------

*Investment Opportunities.* A potential conflict of interest may arise as a result of the portfolio manager's management of the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors the other accounts over the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds. This conflict of interest may be exacerbated to the extent that SIMC or the portfolio manager receives, or expect to receive, greater compensation from his management of the other accounts than the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds. Notwithstanding this theoretical conflict of interest, it is SIMC's policy to manage each account based on its investment objectives and related restrictions and, as discussed above, SIMC has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while the portfolio manager may buy for other accounts securities that differ in identity or quantity from securities bought for the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds, such an approach might not be suitable for the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds given their investment objectives and related restrictions.

ALLSPRING INVESTMENTS

SIMC pays Allspring Investments a fee based on the assets under management of the Short Duration Municipal and Tax-Advantaged Income Funds as set forth in an investment sub-advisory agreement between Allspring Investments and SIMC. Allspring Investments pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Short Duration Municipal and Tax-Advantaged Income Funds. The following information relates to the period ended September 30, 2025.

The compensation structure for Allspring Investments' portfolio managers includes a competitive fixed base salary plus variable incentives, payable annually and over a deferred period. Allspring Investments participates in third party investment management compensation surveys for market-based compensation information to help support individual pay decisions and to ensure compensation is aligned with the marketplace. In addition to surveys, Allspring Investments also considers prior professional experience, tenure, seniority, and a portfolio manager's team size, scope, and assets under management when determining his/her total compensation. In addition, portfolio managers, who meet the eligibility requirements, may participate in Allspring Investments' 401(k) plan that features a limited matching contribution. Eligibility for and participation in this plan is on the same basis for all employees.

Allspring Investments' investment incentive program plays an important role in aligning the interests of Allspring Investments' portfolio managers, investment team members, clients, and shareholders. Incentive awards for portfolio managers are determined based on a review of relative investment and business/team performance. Investment performance is generally evaluated for 1, 3, and 5-year performance results, with a predominant weighting on the 3- and 5-year time periods, versus the relevant benchmarks and/or peer groups consistent with the investment style. Once determined, incentives are awarded to portfolio managers annually, with a portion awarded as annual cash and a portion awarded as deferred incentive. The long-term portion of incentives generally carry a pro-rated vesting schedule over a three-year period. For many of Allspring Investments' portfolio managers, Allspring Investments further requires a portion of their annual long-term award be allocated directly into each strategy they manage through a deferred compensation vehicle. In addition, the investment team members who are eligible for long term awards also have the opportunity to invest up to 100% of their awards into investment strategies they support (through a deferred compensation vehicle).

------

As an independent firm, approximately 20% of Allspring Group Holdings, LLC (of which Allspring Investments is a subsidiary) is owned by employees, including portfolio managers.

*Ownership of Fund Shares.* As of September 30, 2025, Allspring Investment's portfolio managers did not beneficially own any shares of the Short Duration Municipal or Tax-Advantaged Income Funds.

*Other Accounts.* As of September 30, 2025, in addition to the Short Duration Municipal and Tax-Advantaged Income Funds, Allspring Investment's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Bruce Johns | 10 | $5350 | 0 | $0 | 3 | $187 |
| James Randazzo | 5 | $4140 | 0 | $0 | 0 | $0 |
| Dennis Derby | 2 | $272 | 0 | $0 | 7 | $1466 |
| Kerry Laurin | 5 | $677 | 0 | $0 | 0 | $0 |
| Nicholos Venditti | 14 | $21616 | 0 | $0 | 47 | $8860 |

---

None of these accounts are subject to a performance-based advisory fee.

*Conflicts of Interests.* Allspring Investment's portfolio managers often provide investment management for separate accounts advised in the same or similar investment style as that provided to mutual funds. While management of multiple accounts could potentially lead to conflicts of interest over various issues such as trade allocation, fee disparities and research acquisition, Allspring Investments has implemented policies and procedures for the express purpose of ensuring that clients are treated fairly and that potential conflicts of interest are minimized.

The portfolio managers face inherent conflicts of interest in their day-to-day management of the Funds and other accounts because the Funds may have different investment objectives, strategies and risk profiles than the other accounts managed by the portfolio managers. For instance, to the extent that the portfolio managers manage accounts with different investment strategies than the Funds, they may from time to time be inclined to purchase securities, including initial public offerings, for one account but not for a Fund. Additionally, some of the accounts managed by the portfolio managers may have different fee structures, including performance fees, which are or have the potential to be higher or lower, in some cases significantly higher or lower, than the fees paid by the Funds. The differences in fee structures may provide an incentive to the portfolio managers to allocate more favorable trades to the higher-paying accounts.

To minimize the effects of these inherent conflicts of interest, Allspring Investments has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, believed to address the potential conflicts associated with managing portfolios for multiple clients and are designed to ensure that all clients are treated fairly and equitably. Accordingly, security block purchases are allocated to all accounts with similar objectives in a fair and equitable manner. Furthermore, Allspring Investments has adopted a Code of Ethics under Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") to address potential conflicts associated with managing the Funds and any personal accounts the portfolio managers may maintain.

NIFA

*Compensation.* SIMC pays NIFA a fee based on the assets under management of the Intermediate-Term Municipal Fund as set forth in an investment sub-advisory agreement between NIFA and SIMC. NIFA pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Intermediate-Term Municipal Fund. The following information relates to the period ended August 31, 2025.

------

Base Salary—Each portfolio manager receives a fixed base salary. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms.

Bonus—An objective component is added to the bonus for each manager that is reflective of account performance relative to an appropriate peer group or database. The following paragraph describes the structure of the non-guaranteed bonus.

Each portfolio manager is eligible to receive an annual cash bonus, which is based on quantitative and qualitative factors. There is one pool for bonus payments for the fixed income department. The pool is allotted based on subjective factors and objective factors. The amount of the pool for bonus payments is determined by assets managed (including investment companies, insurance product-related accounts and other separate accounts), management fees and related expenses (including fund waiver expenses) for registered investment companies, pooled vehicles, and managed separate accounts. For investment companies, each manager is compensated according to the Fund's Broadridge Financial Solutions, Inc. (formerly, Lipper Inc.) or Morningstar peer group percentile ranking on a 1-, 3-, and 5-year basis, with longer term performance more heavily weighted. For managed separate accounts the portfolio managers are compensated according to the composite percentile ranking against the eVestment Alliance database (or similar sources of relative performance data) on a 1-, 3-, and 5-year basis, with longer term performance more heavily weighted; composite performance relative to the benchmark is also evaluated for the same time periods. Incentives reach maximum potential at the top 25th-30th percentile. The remaining portion of the bonus is discretionary as determined by MAM and takes into account subjective factors.

For new and recently transitioned portfolio managers, the compensation may be weighted more heavily towards a portfolio manager's actual contribution and ability to influence performance, rather than longer-term performance. Management intends to move the compensation structure towards longer-term performance for these portfolio managers over time.

Portfolio managers participate in retention programs, including the Nomura notional investment plan (the "Nomura Notional Investment Plan") and the Nomura Employee Retained Equity Plan, for alignment of interest purposes.

*Nomura Notional Investment Plan*—A portion of a portfolio manager's retained profit share may be notionally exposed to the return of certain funds within the complex pursuant to the terms of the Nomura Notional Investment Plan. The retained amount will vest in equal tranches over a period ranging from four to five years after the date of investment (depending on the level of employee).

*Nomura Group Employee Retained Equity Plan—*A portion of a portfolio manager's retained profit share may be invested in the Nomura Group Employee Retained Equity Plan ("NEREP"), which is used to deliver remuneration in the form of Nomura equity. The main type of award currently being offered under the NEREP is units comprising a beneficial interest in a Nomura share held in a trust for the employee, subject to the vesting and forfeiture provisions of the NEREP. Subject to vesting conditions, vesting and release of the shares occurs in a period ranging from four to five years after the date of investment (depending on the level of the employee).

Other Compensation—Portfolio managers may also participate in benefit plans and programs available generally to all employees.

*Ownership of Fund Shares.* As of August 31, 2025, NIFA's portfolio managers did not beneficially own any shares of the Intermediate-Term Municipal Fund.

------

*Other Accounts.* As of August 31, 2025, in addition to the Intermediate-Term Municipal Fund, NIFA's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| William Roach | 15 | $8118 | 1 | $26.6 | 20 | $2400 |
| Stephen J. Czepiel | 15 | $8777 | 1 | $26.6 | 20 | $2236 |
| Gregory A. Gizzi | 15 | $8777 | 1 | $26.6 | 27 | $2400 |

---

None of these accounts are subject to a performance-based advisory fee.

*Conflicts of Interest.* Individual portfolio managers may perform investment management services for other funds or accounts similar to those provided to the Intermediate-Term Municipal Fund and the investment action for each other fund or account and the Intermediate-Term Municipal Fund may differ. For example, an account or fund may be selling a security, while another account or fund maybe purchasing or holding the same security. As a result, transactions executed for one account or accounts may adversely affect the value of securities held by another fund, account or the Intermediate-Term Municipal Fund. Additionally, the management of multiple other funds or accounts and the Intermediate-Term Municipal Fund may give rise to potential conflicts of interest, as a portfolio manager must allocate time and effort to multiple funds or accounts and the Intermediate-Term Municipal Fund. A portfolio manager may discover an investment opportunity that may be suitable for more than one account or fund. The investment opportunity may be limited, however, so that all funds or accounts for which the investment would be suitable may not be able to participate. NIFA and its affiliates have established proprietary accounts and initial seed accounts, and also manages accounts for affiliated entities. A portfolio manager also may have invested in certain funds or accounts managed by NIFA. Accordingly, portfolio managers have an incentive to favor these accounts or funds over other client accounts or funds. NIFA has adopted procedures designed to allocate investments fairly across multiple funds or accounts.

In the future, certain accounts managed by a portfolio manager may have performance-based fees. This compensation structure would present a potential conflict of interest because a portfolio manager has an incentive to manage these types of accounts so as to enhance their performance, to the possible detriment of other accounts for which the Manager does not receive a performance-based fee.

A portfolio manager's management of personal accounts also may present certain conflicts of interest. While NIFA's Code of Ethics is designed to address these potential conflicts, there is no guarantee that it will do so.

When NIFA and its affiliates establish proprietary accounts, provide the initial seed capital in connection with the creation of a new investment product or style, and manage affiliate accounts, these accounts may not exhibit the same performance results as a similarly managed fund for a variety of reasons, including regulatory restrictions on the type and amount of securities in which the proprietary capital invests, differential credit and financing terms, and the use of hedging transactions that differ from those used to implement investment strategies for advisory clients.

INA

*Compensation.* SIMC pays INA a fee based on the assets under management of the Intermediate-Term Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond and Pennsylvania Municipal Bond Funds as set forth in investment sub-advisory agreements between INA and SIMC. INA pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Intermediate-Term Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond and Pennsylvania Municipal Bond Funds. The following information relates to the period ended August 31, 2025.

INA, not the Funds, compensates the portfolio managers. The portfolio managers' compensation is comprised primarily of a market-based salary and an incentive compensation plan (annual and long term).

------

The firm's rewards program is designed to be market-competitive and align compensation with the goals of INA's clients. This alignment is achieved through an emphasis on deferred awards, which incentivizes INA's investment personnel to focus on long-term alpha generation.

Our incentive model is designed to compensate for quantitative and qualitative objectives achieved during the performance year. An individual's final annual incentive award is tied to the firm's overall performance, the team's investment performance, as well as individual performance.

Awards are paid in cash on an annual basis; however, some portfolio managers may receive a portion of their annual incentive award in deferred vehicles. Annual incentive as a percentage of fixed pay varies with the profitability of the firm and the product team.

The following factors encompass INA's investment professional rewards program:

• Base salary

• Annual cash incentive

• Long-Term Incentive Plan

° Deferred cash for investment in INA's products

° BNY Mellon restricted stock units

Awards for selected senior portfolio managers are based on a two-stage model: an opportunity range based on the current level of business and an assessment of long-term business value. A significant portion of the opportunity awarded is structured and based upon the performance of the portfolio manager's accounts relative to the performance of appropriate peers, with longer-term performance more heavily weighted.

*Ownership of Fund Shares.* As of August 31, 2025, INA's portfolio managers did not beneficially own any shares of the Intermediate-Term Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond or Pennsylvania Municipal Bond Funds.

*Other Accounts.* As of August 31, 2025, in addition to the Intermediate-Term Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond and Pennsylvania Municipal Bond Funds, INA's portfolio managers were responsible for the day-to-day management of certain other accounts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Daniel Barton, CFA | 3 | $554.8 | 0 | $0 | 0 | $0 |
| Jeffrey Burger, CFA | 11 | $2641.3 | 0 | $0 | 446 | $676.6 |
| Thomas Casey | 5 | $2110.5 | 0 | $0 | 529 | $2614.7 |
| Daniel Rabasco, CFA | 14 | $5533.4 | 0 | $0 | 58 | $1986.7 |

---

None of the accounts listed above are subject to a performance-based advisory fee.

*Conflicts of Interests.* As a fiduciary, INA seeks to avoid or eliminate potential conflicts of interest wherever possible. Where this is not possible, INA's objective is to recognize potential and actual conflicts of interest and work to mitigate or control and disclose such conflicts as they are identified. INA's business decisions are based on its duty to its clients, and it places the interests of clients ahead of its own. As an asset manager operating in a number of different jurisdictions with a diverse client base in a variety of strategies, conflicts of interest are inherent. Furthermore, as an indirect subsidiary of BNYM, potential conflicts also arise between INA and other BNYM companies.

INA will take steps to provide reasonable assurance that no client or group of clients is advantaged at the expense of any other client. As such, INA has adopted a Code of Ethics (the "Code") and compliance policy manual to address such conflicts. These potential and inherent conflicts include but are not limited to: the allocation of investment opportunities, side by side management, execution of portfolio transactions, brokerage

------

conflicts, compensation conflicts, related party arrangements, personal interests, and other investment and operational conflicts of interest. The compliance policies are designed to ensure that all client accounts are treated equitably over time. Additionally, INA has structured compensation of investment personnel to reasonably safeguard client accounts from being adversely impacted by any potential or related conflicts.

All material conflicts of interest are presented in greater detail within Part 2A of INA's Form ADV.

NBIA

*Compensation.* SIMC pays NBIA a fee based on the assets under management of the Short Duration Municipal Fund as set forth in an investment sub-advisory agreement between NBIA and SIMC. NBIA pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Short Duration Municipal Fund. The following information relates to the period ended August 31, 2025.

Compensation of Portfolio Managers

NBIA's compensation philosophy is one that focuses on rewarding performance and incentivizing employees. NBIA is also focused on creating a compensation process that it believes is fair, transparent, and competitive with the market.

Compensation for Portfolio Managers consists of either (i) fixed (salary) and variable (discretionary bonus) compensation but is more heavily weighted on the variable portion of total compensation (ii) on a production model, whereby formulaic compensation is paid from the team compensation pool on a fixed schedule (typically monthly) or (iii) a combination of salary, bonus and/or production compensation. Compensation is paid from a team compensation pool made available to the portfolio management team with which the Portfolio Manager is associated. The size of the team compensation pool is determined based on a formula that takes into consideration a number of factors including the pre-tax revenue that is generated by that particular portfolio management team, less certain adjustments. The amount allocated to individual Portfolio Managers is determined on the basis of a variety of criteria, including investment performance (including the aggregate multi-year track record), utilization of central resources (including research, sales and operations/support), business building to further the longer term sustainable success of the investment team, effective team/people management, and overall contribution to the success of Neuberger. Certain Portfolio Managers may manage products other than mutual funds, such as high net worth separate accounts. The share of pre-tax revenue a Portfolio Manager receives pursuant to any such arrangement will vary based on certain revenue thresholds.

The terms of NBIA's long-term retention incentives are as follows:

*Employee-Owned Equity.* Certain employees (primarily senior leadership and investment professionals) participated in Neuberger's equity ownership structure, which was launched as part of the firm's management buyout in 2009 and designed to incentivize and retain key personnel. NBIA also currently offers an equity acquisition program which allows employees a more direct opportunity to invest in Neuberger.

*Contingent Compensation.* Certain employees may participate in Neuberger's Contingent Compensation Plan (the "CCP") to serve as a means to further align the interests of NBIA's employees with the success of the firm and the interests of NBIA's clients, and to reward continued employment. Under the CCP, up to 20% of a participant's annual total compensation in excess of $500,000 is contingent and subject to vesting. The contingent amounts are maintained in a notional account that is tied to the performance of a portfolio of Neuberger investment strategies as specified by the firm on an employee-by-employee basis. By having a participant's contingent compensation tied to Neuberger investment strategies, each employee is given further incentive to operate as a prudent risk manager and to collaborate with colleagues to maximize performance across all business areas. In the case of members of investment teams, including Portfolio Managers, the CCP is currently structured so that such employees have exposure to the investment strategies of their respective teams as well as the broader Neuberger portfolio.

------

*Restrictive Covenants.* Most investment professionals, including Portfolio Managers, are subject to notice periods and restrictive covenants which include employee and client non-solicit restrictions as well as restrictions on the use of confidential information. In addition, depending on participation levels, certain senior professionals who have received equity grants have also agreed to additional notice and transition periods and, in some cases, non-compete restrictions.

*Ownership of Fund Shares.* As of August 31, 2025, NBIA's portfolio managers for the Fund did not beneficially own any shares of the Short Duration Municipal Fund.

*Other Accounts.* As of August 31, 2025, in addition to the Short Duration Municipal Fund, NBIA's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Kristian J. Lind | 0 | $0 | 0 | $0 | 174 | $603 |
| Peter Moukios | 0 | $0 | 0 | $0 | 653 | $1520 |

---

None of these accounts are subject to a performance-based advisory fee.

Potential conflicts may also arise because portfolio decisions and related actions regarding a position held for a fund or another account may not be in the best interests of a position held by another fund or account having similar or different objectives. If one account were to buy or sell portfolio securities or instruments shortly before another account bought or sold the same securities or instruments, it could affect the price paid or received by the second account. Securities selected for funds or accounts other than a fund may outperform the securities selected for the fund. Finally, a conflict of interest may arise if NBIA and a Portfolio Manager have a financial incentive to favor one account over another, such as a performance-based management fee

------

that applies to one account but not all funds or accounts for which the Portfolio Manager is responsible. In the ordinary course of operations certain businesses within the Neuberger organization will seek access to material non-public information. For instance, NBIA portfolio managers may obtain and utilize material non-public information in purchasing loans and other debt instruments and certain privately placed or restricted equity instruments. From time to time, NBIA portfolio managers will be offered the opportunity on behalf of applicable clients to participate on a creditors or other similar committee in connection with restructuring or other "work-out" activity, which participation could provide access to material non-public information. Neuberger maintains procedures that address the process by which material non-public information may be acquired intentionally by Neuberger. When considering whether to acquire material non-public information, Neuberger will attempt to balance the interests of all clients, taking into consideration relevant factors, including the extent of the prohibition on trading that would occur, the size of Neuberger's existing position in the issuer, if any, and the value of the information as it relates to the investment decision-making process. The acquisition of material non-public information would likely give rise to a conflict of interest since Neuberger may be prohibited from rendering investment advice to clients regarding the securities or instruments of such issuer and thereby potentially limiting the universe of securities or instruments that Neuberger, including a fund, may purchase or potentially limiting the ability of Neuberger, including a fund, to sell such securities or instruments. Similarly, where Neuberger declines access to (or other-wise does not receive or share within Neuberger) material non-public information regarding an issuer, the portfolio managers could potentially base investment decisions with respect to assets of such issuer solely on public information, thereby limiting the amount of information available to the portfolio managers in connection with such investment decisions. In determining whether or not to elect to receive material non-public information, Neuberger will endeavor to act fairly to its clients as a whole. Neuberger reserves the right to decline access to material non-public information, including declining to join a creditors or similar committee.

NBIA has adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

PIMCO

*Compensation.* SIMC pays PIMCO a fee based on the assets under management of the Tax-Advantaged Income Fund as set forth in an investment sub-advisory agreement between PIMCO and SIMC. PIMCO pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Tax-Advantaged Income Fund. The following information relates to the period ended October 31, 2025.

Portfolio Manager Compensation

PIMCO's and its affiliates' approach to compensation seeks to provide professionals with a compensation process that is driven by values of collaboration, openness, responsibility and excellence.

Generally, compensation packages consist of three components. The compensation program for portfolio managers is designed to align with clients' interests, emphasizing each portfolio manager's ability to generate long-term investment success for clients, among other factors. A portfolio manager's compensation is not based solely on the performance of the Fund or any other account managed by that portfolio manager:

*Base Salary—*Base salary is determined based on core job responsibilities, positions/levels and market factors. Base salary levels are reviewed annually, when there is a significant change in job responsibilities or position, or after a significant change in market levels.

*Variable Compensation*—In addition to a base salary, portfolio managers have a variable component of their compensation, which is based on a combination of individual and company performance and includes

------

both qualitative and quantitative factors. The following non-exhaustive list of qualitative and quantitative factors is considered when determining total compensation for portfolio managers:

• performance measured over a variety of longer- and shorter-term periods, including 5- year, 4-year, 3-year, 2- year and 1-year dollar-weighted and account-weighted, pre-tax total and risk-adjusted investment performance as judged against the applicable benchmarks (which may include internal investment performance-related benchmarks) for each account managed by a portfolio manager (including the Fund(s)) and relative to applicable industry peer groups; and

• amount and nature of assets managed by the portfolio manager.

The variable compensation component of an employee's compensation may include a deferred component. The deferred portion will generally be subject to vesting and may appreciate or depreciate based on the performance of PIMCO and/or its affiliates. PIMCO's Long-Term Incentive Plan provides participants with deferred cash awards that appreciate or depreciate based on PIMCO's operating earnings over a rolling three-year period. Additionally, PIMCO's Carried Interest Plan provides eligible participants (*i.e.* those who provide services to PIMCO's alternative funds) a percentage of the carried interest otherwise payable to PIMCO if the applicable performance measurements described in the alternative fund's partnership agreements are achieved.

Portfolio managers who are Managing Directors of PIMCO receive compensation from a non-qualified profit sharing plan consisting of a portion of PIMCO's net profits. Portfolio managers who are Managing Directors receive an amount determined by the Partner Compensation Committee, based upon an individual's overall contribution to PIMCO.

*Ownership of Fund Shares.* As of October 31, 2025, PIMCO's portfolio managers did not beneficially own any shares of the Tax-Advantaged Income Fund.

*Other Accounts.* As of October 31, 2025, in addition to the Tax-Advantaged Income Fund, PIMCO's portfolio managers were responsible for the day-to-day management of certain other accounts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| David Hammer | 21 | $22663 | 7 | $1714 | 180 | $19640 |
|  | 0 | $0 | 4<br> \* | $1125 | 0 | $0 |

---

\* These accounts, which are a subset of the accounts in the previous row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* From time to time, potential and actual conflicts of interest may arise between a portfolio manager's management of the investments of the Fund, on the one hand, and the management of other accounts, on the other. Potential and actual conflicts of interest may also arise as a result of PIMCO's other business activities and PIMCO's possession of material non-public information ("MNPI") about an issuer. Other accounts managed by a portfolio manager might have similar investment objectives or strategies as the Fund, track the same index the Fund tracks or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. The other accounts might also have different investment objectives or strategies than the Fund. Investors should be aware that investments made by the Fund and the results achieved by the Fund at any given time are not expected to be the same as those made by other funds for which PIMCO acts as investment adviser, including funds with names, investment objectives and policies, and/or portfolio management teams, similar to the Fund. This may be attributable to a wide variety of factors, including, but not limited to, the use of a different strategy or portfolio management team, the execution venue(s) used for a given strategy or Fund when a particular fund commenced operations or the size of a particular fund, in each case as compared to other similar funds. Potential and actual conflicts of interest may also arise as a result of PIMCO serving as investment adviser to accounts that invest in the Fund or to accounts in which the Fund invests. In this case, such conflicts of interest could in theory give rise to incentives for PIMCO to, among other things, vote proxies, purchase or redeem shares of the underlying account, or take other actions with respect

------

to the underlying account, in a manner beneficial to the investing account and/or PIMCO but detrimental to the underlying account. Such conflicts of interest could similarly in theory give rise to incentives for PIMCO to, among other things, vote proxies or purchase or redeem shares of the underlying account, or take other actions with respect to the underlying account, in a manner beneficial to the underlying account and/or PIMCO and that may or may not be detrimental to the investing account. For example, even if there is a fee waiver or reimbursement in place relating to a Fund's investment in an underlying account, or relating to an investing account's investment in the Fund, this will not necessarily eliminate all conflicts of interest, as PIMCO could nevertheless have a financial incentive to favor investments in PIMCO-affiliated funds and managers (for example, to increase the assets under management of PIMCO or a fund, product or line of business, or otherwise provide support to, certain funds, products or lines of business), which could also impact the manner in which certain transaction fees are set. Conversely, PIMCO's duties to the Fund, as well as regulatory or other limitations applicable to the Fund, may affect the courses of action available to PIMCO-advised accounts (including certain Funds) that invest in the Fund in a manner that is detrimental to such investing accounts. In addition, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause PIMCO to restrict or prohibit participation in certain investments. To the extent portfolio managers of a Fund or other PIMCO-sponsored account acting as investing account come into possession of MNPI regarding a Fund that is a current or potential underlying account in connection with their official duties (including potentially serving as portfolio manager of one or more such underlying accounts), portfolio managers of the Fund (or other PIMCO-sponsored account) acting as investing account may not base trading decisions for such investing accounts on MNPI relating to any Fund acting as underlying account.

Because PIMCO is affiliated with Allianz SE, a large multi-national financial institution (together with its affiliates, "Allianz"), conflicts similar to those described below may occur between the Fund or other accounts managed by PIMCO and PIMCO's affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to the Fund or other accounts managed by PIMCO. In many cases, PIMCO will not be in a position to mitigate those actions or address those conflicts, which could adversely affect the performance of the Fund or other accounts managed by PIMCO (each, a "Client," and collectively, the "Clients"). In addition, because certain Clients are affiliates of PIMCO or have investors who are affiliates or employees of PIMCO, PIMCO may have incentives to resolve conflicts of interest in favor of these Clients over other Clients.

*Knowledge and Timing of Fund Trades*. A potential conflict of interest may arise as a result of a portfolio manager's day-to-day management of the Fund. Because of their positions with the Fund, the portfolio managers know the size, timing and possible market impact of the Fund's trades. It is theoretically possible that the portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Fund.

*Cross Trades.* A potential conflict of interest may arise in instances where the Fund buys an instrument from a Client or sells an instrument to a Client (each, a "cross trade"). Such conflicts of interest may arise, among other reasons, as a result of PIMCO representing the interests of both the buying party and the selling party in the cross trade or because the price at which the instrument is bought or sold through a cross trade may not be as favorable as the price that might have been obtained had the trade been executed in the open market. PIMCO effects cross trades when appropriate pursuant to procedures adopted under applicable rules and SEC guidance. Among other things, such procedures require that the cross trade is consistent with the respective investment policies and investment restrictions of both parties and is in the best interests of both the buying and selling accounts.

*Selection of Service Providers.* PIMCO, its affiliates and its employees may have relationships with service providers that recommend, or engage in transactions with or for, the Fund, and these relationships may influence PIMCO's selection of these service providers for the Fund. Additionally, as a result of these relationships, service providers may have conflicts that create incentives for them to promote the Fund over other funds or financial products. In such circumstances, there is a conflict of interest between PIMCO and the Fund if the Funds determine not to engage or continue to engage these service providers.

------

*Investment Opportunities.* A potential conflict of interest may arise as a result of a portfolio manager's management of a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for one or more Clients, including Clients with similar names, investment objectives and policies, and/or portfolio management teams, but may not be available in sufficient quantities for all accounts to participate fully. In addition, regulatory issues applicable to PIMCO or one or more Funds or other accounts may result in certain Funds not receiving securities that may otherwise be appropriate for them. Similarly, there may be limited opportunity to sell an investment held by the Fund and another Client. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

PIMCO seeks to allocate orders across eligible Client accounts with similar investment guidelines and objectives fairly and equitably over time, taking into consideration relevant factors including, without limitation: the nature of the security or instrument and associated risk characteristics, applicable Client account investment restrictions and guidelines, including regulatory restrictions; Client account-specific investment objectives, restrictions and other Client instructions, as applicable; risk tolerances; amounts of available cash; the need to rebalance a Client account's portfolio (*e.g.,* due to investor contributions and redemptions); whether the allocation would result in a Client account receiving a de minimis amount or an amount below the established minimum quantity; regulatory requirements; the origin of the investment; the bases for an issuer's allocation to PIMCO; the availability of certain trading platforms for a Client account; and other Client account-specific factors. As part of PIMCO's trade allocation process, portions of new fixed income investment opportunities are distributed among Client account categories where the relevant portfolio managers seek to participate in the investment. Those portions are then further allocated among the Client accounts within such categories pursuant to PIMCO's trade allocation policy. Portfolio managers managing quantitative strategies and specialized accounts, such as those focused on international securities, mortgage-backed securities, bank loans, or other specialized asset classes, will likely receive an increased distribution of new fixed income investment opportunities where the investment involves a quantitative strategy or specialized asset class that matches the investment objective or focus of the Client account category, which may adversely affect a Client account. In addition, quantitative strategies and certain other Client account types will have access to certain trading platforms in PIMCO's discretion that may result in priority of trade allocations over other Client accounts or more favorable execution. PIMCO seeks to allocate fixed income investments to Client accounts with the general purpose of maintaining consistent concentrations across similar accounts and achieving, as nearly as possible, portfolio characteristic parity among such accounts. Client accounts furthest from achieving portfolio characteristic parity typically receive priority in allocations. With respect to an order to buy or sell an equity security in the secondary market, PIMCO seeks to allocate the order across Client accounts with similar investment guidelines and investment styles fairly and equitably over time, taking into consideration the relevant factors discussed above.

Any particular allocation decision among Client accounts may be more or less advantageous to any one Client or group of Clients, and certain allocations will, to the extent consistent with PIMCO's fiduciary obligations, deviate from a pro rata basis among Clients in order to address for example, differences in legal, tax, regulatory, risk management, concentration, exposure, Client guideline limitations and/or mandate or strategy considerations for the relevant Clients. PIMCO may determine that an investment opportunity or particular purchases or sales are appropriate for one or more Clients, but not appropriate for other Clients, or are appropriate or suitable for, or available to, Clients but in different sizes, terms, or timing than is appropriate or suitable for other Clients. For example, some Clients have higher risk tolerances than other Clients, such as private funds, which, in turn, allows PIMCO to allocate a wider variety and/or greater percentage of certain types of investments (which may or may not outperform other types of investments) to such Clients. Further, the respective risk tolerances of different types of Clients may change over time as market conditions change. Those Clients receiving an increased allocation as a result of the effect of their respective risk tolerance may be Clients that pay higher investment management fees or that pay incentive fees. In addition, certain Client account categories focusing on certain types of investments or asset classes will be given priority in new issue distribution and allocation with respect to the investments or asset classes that are the focus of their investment mandate. PIMCO may also take into account the bases for an issuer's allocation to PIMCO, for example, by

------

giving priority allocations to Client accounts holding existing positions in the issuer's debt if the issuer's allocation to PIMCO is based on such holdings. PIMCO also may determine not to allocate to or purchase or sell for certain Clients all investments for which all Clients may be eligible. Legal, contractual, or regulatory issues and/or related expenses applicable to PIMCO or one or more Clients may result in certain Clients not receiving securities that may otherwise be appropriate for them or may result in PIMCO selling securities out of Client accounts even if it might otherwise be beneficial to continue to hold them. Additional factors that are taken into account in the distribution and allocation of investment opportunities to Client accounts include, without limitation: ability to utilize leverage and risk tolerance of the Client account; the amount of discretion and trade authority given to PIMCO by the Client; availability of other similar investment opportunities; the Client account's investment horizon and objectives; hedging, cash and liquidity needs of the portfolio; minimum increments and lot sizes; and underlying benchmark factors. Given all of the foregoing factors, the amount, timing, structuring, or terms of an investment by a Client, including a Fund, may differ from, and performance may be lower than, investments and performance of other Clients, including those that may provide greater fees or other compensation (including performance-based fees or allocations) to PIMCO. PIMCO has also adopted additional procedures to complement the general trade allocation policy that are designed to address potential conflicts of interest due to the side-by-side management of the Funds and certain pooled investment vehicles, including investment opportunity allocation issues.

From time to time, PIMCO may take an investment position or action for one or more Clients that may be different from, or inconsistent with, an action or position taken for one or more other Clients having similar or differing investment objectives. These positions and actions may adversely impact, or in some instances may benefit, one or more affected Clients (including Clients that are PIMCO affiliates) in which PIMCO has an interest, or which pays PIMCO higher fees or a performance fee. For example, a Client may buy a security and another Client may establish a short position in that same security. Such inconsistent positions may arise with respect to quantitative/systematic strategies, for example, when the investment model establishes a short position, and one or more other Clients maintain a long position. The subsequent short sale may result in a decrease in the price of the security that the other Client holds. Similarly, transactions or investments by one or more Clients may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of another Client.

When PIMCO implements for one Client a portfolio decision or strategy ahead of, or contemporaneously with, similar portfolio decisions or strategies of another Client, market impact, liquidity constraints or other factors could result in one or more Clients receiving less favorable trading results, the costs of implementing such portfolio decisions or strategies could be increased or such Clients could otherwise be disadvantaged. On the other hand, potential conflicts may also arise because portfolio decisions regarding a Client may benefit other Clients. For example, the sale of a long position or establishment of a short position for a Client may decrease the price of the same security sold short by (and therefore benefit) other Clients, and the purchase of a security or covering of a short position in a security for a Client may increase the price of the same security held by (and therefore benefit) other Clients.

Under certain circumstances, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment. In addition, to the extent permitted by applicable law, a Client may also engage in investment transactions that may result in other Clients being relieved of obligations, or that may cause other Clients to divest certain investments (*e.g.,* a Client may make a loan to, or directly or indirectly acquire securities or indebtedness of, a company that uses the proceeds to refinance or reorganize its capital structure, which could result in repayment of debt held by another Client). Such Clients (or groups of Clients) may have conflicting interests and objectives in connection with such investments, including with respect to views on the operations or activities of the issuer involved, the targeted returns from the investment and the timeframe for, and method of, exiting the investment. When making such investments, PIMCO may do so in a way that favors one Client over another Client, even if both Clients are investing in the same security at the same time. Certain Clients may invest on a "parallel" basis (*i.e.,* proportionately in all transactions at substantially the same time and on substantially the same terms and conditions). In addition, other accounts may expect to invest in many of the same types of investments as another account. However, there may be investments in which one or more of such accounts does not invest

------

(or invests on different terms or on a non-pro rata basis) due to factors such as legal, tax, regulatory, business, contractual or other similar considerations or due to the provisions of a Client's governing documents. Decisions as to the allocation of investment opportunities among such Clients present numerous conflicts of interest, which may not be resolved in a manner that is favorable to a Client's interests. To the extent an investment is not allocated pro rata among such entities, a Client could incur a disproportionate amount of income or loss related to such investment relative to such other Client.

In addition, Clients may invest alongside one another in the same underlying investments or otherwise pursuant to a substantially similar investment strategy as one or more other Clients. In such cases, certain Clients may have preferential liquidity and information rights relative to other Clients holding the same investments, with the result that such Clients will be able to withdraw/redeem their interests in underlying investments in priority to Clients who may have more limited access to information or more restrictive withdrawal/redemption rights. Clients with more limited information rights or more restrictive liquidity may therefore be adversely affected in the event of a downturn in the markets.

Although PIMCO generally does not actively trade or manage assets on its own behalf, from time to time, PIMCO or an affiliate may invest on its own behalf, as principal, for strategic or other reasons (a proprietary investment). This may occur, for example, when the investment is an equity interest (*e.g.,* stock or warrants) made in connection with PIMCO's use of a product or service supplied by the issuer. In connection with these proprietary investments, PIMCO may eventually hold common stock or other publicly traded equity and may ultimately dispose of or hedge its exposure, as principal, to such proprietary investment. Such proprietary investments may be suitable for, or alternatively competitive with, a Client. In either case, PIMCO is permitted to allocate such investments away from a Client to PIMCO.

These proprietary investments can ultimately result in conflicts with Clients that also invest (including debt and equity investments) in or transact with the issuer or with other companies which may be transacting with the issuer. In other cases, a Client may be prohibited from making or disposing of an investment in the proprietary investment, or a related instrument, even when it would be in the Client's best interest to do so. Although PIMCO will seek to mitigate and address such conflicts in a fair and reasonable manner, it may not be able to do so, and will have an incentive to favor PIMCO's interests over the Client's interests. PIMCO generally seeks to avoid committing to such investments if they would otherwise be suitable for and there is an investment interest on behalf of a Client; however, there is no guarantee that such measures will adequately mitigate the potential or actual conflicts, and PIMCO will have an incentive to favor its interests over a Client's interests.

Further, potential conflicts may be inherent in PIMCO's use of multiple strategies. For example, conflicts will arise in cases where different Clients invest in different parts of an issuer's capital structure, including circumstances in which one or more Clients may own private securities or obligations of an issuer and other Clients may own or seek to acquire private securities of the same issuer. For example, a Client may acquire a loan, loan participation or a loan assignment of a particular borrower in which one or more other Clients have an equity investment, or may invest in senior debt obligations of an issuer for one Client and junior debt obligations or equity of the same issuer for another Client.

PIMCO may also, for example, direct a Client to invest in a tranche of a structured finance vehicle, such as a CLO or CDO, where PIMCO is also, at the same or different time, directing another Client to make investments in a different tranche of the same vehicle, which tranche's interests may be adverse to other tranches. PIMCO may also cause a Client to purchase from, or sell assets to, an entity, such as a structured finance vehicle, in which other Clients may have an interest, potentially in a manner that will have an adverse effect on the other Clients. There may also be conflicts where, for example, a Client holds certain debt or equity securities of an issuer, and that same issuer has issued other debt, equity or other instruments that are owned by other Clients or by an entity, such as a structured finance vehicle, in which other Clients have an interest.

In each of the situations described above, PIMCO may take actions with respect to the assets held by one Client that are adverse to the other Clients, for example, by foreclosing on loans, by putting an issuer into default, or by exercising rights to purchase or sell to an issuer, causing an issuer to take actions adverse to certain classes of securities, or otherwise. In negotiating the terms and conditions of any such investments, or

------

any subsequent amendments or waivers or taking any other actions, PIMCO may find that the interests of a Client and the interests of one or more other Clients could conflict. In these situations, decisions over items such as whether to make the investment or take an action, proxy voting, corporate reorganization, how to exit an investment, or bankruptcy or similar matters (including, for example, whether to trigger an event of default or the terms of any workout) may result in conflicts of interest. Similarly, if an issuer in which a Client and one or more other Clients directly or indirectly hold different classes of securities (or other assets, instruments or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, decisions over the terms of any workout will raise conflicts of interests (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, a debt holder may be better served by a liquidation of the issuer in which it may be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity holders. In some cases, PIMCO may refrain from taking certain actions or making certain investments on behalf of Clients in order to avoid or mitigate certain conflicts of interest or to prevent adverse regulatory or other effects on PIMCO, or may sell investments for certain Clients (in each case potentially disadvantaging the Clients on whose behalf the actions are not taken, investments not made, or investments sold). In other cases, PIMCO may not refrain from taking actions or making investments on behalf of certain Clients that have the potential to disadvantage other Clients. In addition, PIMCO may take actions or refrain from taking actions in order to mitigate legal risks to PIMCO or its affiliates or its Clients even if disadvantageous to a Client's account. Moreover, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment.

Additionally, certain conflicts may exist with respect to portfolio managers who make investment decisions on behalf of several different types of Clients. Such portfolio managers may have an incentive to allocate trades, time or resources to certain Clients, including those Clients who pay higher investment management fees or that pay incentive fees or allocations, over other Clients. These conflicts may be heightened with respect to portfolio managers who are eligible to receive a performance allocation under certain circumstances as part of their compensation.

From time to time, PIMCO personnel may come into possession of MNPI which, if disclosed, might affect an investor's decision to buy, sell or hold a security. Should a PIMCO employee come into possession of MNPI with respect to an issuer, he or she generally will be prohibited from communicating such information to, or using such information for the benefit of, Clients, which could limit the ability of Clients to buy, sell or hold certain investments, thereby limiting the investment opportunities or exit strategies available to Clients. In addition, holdings in the securities or other instruments of an issuer by PIMCO or its affiliates may affect the ability of a Client to make certain acquisitions of or enter into certain transactions with such issuer. PIMCO has no obligation or responsibility to disclose such information to, or use such information for the benefit of, any person (including Clients). Moreover, restrictions imposed by or through third-party automated trading platforms could affect a Client's ability to transact through, or the quality of execution achieved through, such platforms.

PIMCO maintains one or more restricted lists of companies whose securities are subject to certain trading prohibitions due to PIMCO's business activities. PIMCO may restrict trading in an issuer's securities if the issuer is on a restricted list or if PIMCO has MNPI about that issuer. In some situations, PIMCO may restrict Clients from trading in a particular issuer's securities in order to allow PIMCO to receive MNPI on behalf of other Clients. A Client may be unable to buy or sell certain securities until the restriction is lifted, which could disadvantage the Client. PIMCO may also be restricted from making (or divesting of) investments in respect of some Clients but not others. In some cases PIMCO may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice relating to certain securities if a security is restricted due to MNPI or if PIMCO is seeking to limit receipt of MNPI.

PIMCO may conduct litigation or engage in other legal actions on behalf of one or more Clients. In such cases, Clients may be required to bear certain fees, costs, expenses and liabilities associated with the litigation. Other Clients that are or were investors in, or otherwise involved with, the subject investments may or may not (depending on the circumstances) be parties to such litigation actions, with the result that certain Clients may participate in litigation actions in which not all Clients with similar investments may participate, and such non-participating Clients may benefit from the results of such litigation actions without bearing or otherwise being

------

subject to the associated fees, costs, expenses and liabilities. PIMCO, for example, typically does not pursue legal claims on behalf of its separate accounts. Furthermore, in certain situations, litigation or other legal actions pursued by PIMCO on behalf of a Client may be brought against or be otherwise adverse to a portfolio company or other investment held by a Client.

The foregoing is not a complete list of conflicts to which PIMCO or Clients may be subject. PIMCO seeks to review conflicts on a case-by-case basis as they arise. Any review will take into consideration the interests of the relevant Clients, the circumstances giving rise to the conflict, applicable PIMCO policies and procedures, and applicable laws. Clients (and investors in the Funds) should be aware that conflicts will not necessarily be resolved in favor of their interests and may in fact be resolved in a manner adverse to their interests. PIMCO will attempt to resolve such matters fairly, but even so, matters may be resolved in favor of other Clients which pay PIMCO higher fees or performance fees or in which PIMCO or its affiliates have a significant proprietary interest. Clients (and investors in the Fund) should also be aware that the Fund may experience losses associated with decisions or actions directly or indirectly attributable to PIMCO, and PIMCO may determine whether compensation to the Fund for such losses is appropriate in view of its standard of care. PIMCO will attempt to resolve such matters fairly subject to applicable PIMCO policies and procedures, and applicable laws, but even so, such matters may not be resolved in favor of Clients' (and Fund investors') interests and may in fact be resolved in a manner adverse to their interests. There can be no assurance that any actual or potential conflicts of interest will not result in a particular Client or group of Clients receiving less favorable investment terms in or returns from certain investments than if such conflicts of interest did not exist.

Conflicts like those described above may also occur between Clients, on the one hand, and PIMCO or its affiliates, on the other. These conflicts will not always be resolved in favor of the Client. In addition, because PIMCO is affiliated with Allianz, a large multi-national financial institution, conflicts similar to those described above may occur between clients of PIMCO and PIMCO's affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to PIMCO's Clients. In many cases PIMCO will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect Client performance. In addition, certain regulatory or internal restrictions may prohibit PIMCO from using certain brokers or investing in certain companies (even if such companies are not affiliated with Allianz) because of the applicability of certain laws and regulations or internal Allianz policies applicable to PIMCO, Allianz SE or their affiliates. An account's willingness to negotiate terms or take actions with respect to an investment may also be, directly or indirectly, constrained or otherwise impacted to the extent Allianz SE, PIMCO, and/or their affiliates, directors, partners, managers, members, officers or personnel are also invested therein or otherwise have a connection to the subject investment (*e.g.,* serving as a trustee or board member thereof).

Certain service providers to the Fund are expected to be owned by or otherwise related to or affiliated with a Client, and in certain cases, such service providers are expected to be, or are owned by, employed by, or otherwise related to, PIMCO, Allianz SE, their affiliates and/or their respective employees, consultants and other personnel. PIMCO may, in its sole discretion, determine to provide, or engage or recommend an affiliate of PIMCO to provide certain services to the Fund, instead of engaging or recommending one or more third parties to provide such services. Subject to the governance requirements of a particular fund and applicable law, PIMCO or its affiliates, as applicable, will receive compensation in connection with the provision of such services. As a result, PIMCO faces a conflict of interest when selecting or recommending service providers for the Fund. Fees paid to an unaffiliated service provider will be determined in PIMCO's commercially reasonable discretion, taking into account the relevant facts and circumstances, and consistent with PIMCO's responsibilities. Although PIMCO has adopted various policies and procedures intended to mitigate or otherwise manage conflicts of interest with respect to affiliated service providers, there can be no guarantee that such policies and procedures (which may be modified or terminated at any time in PIMCO's sole discretion) will be successful.

*Performance Fees.* A portfolio manager may advise certain accounts with respect to which the advisory fee is based entirely or partially on performance. Performance fee arrangements may create a conflict of interest for the portfolio manager in that the portfolio manager may have an incentive to allocate the investment

------

opportunities that he or she believes might be the most profitable to such other accounts instead of allocating them to a Fund. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities between the Fund and such other accounts on a fair and equitable basis over time.

PIMCO has implemented policies and procedures relating to, among other things, portfolio management and trading practices, personal investment transactions, insider trading, gifts and entertainment, and political contributions that seek to identify, manage and/or mitigate actual or potential conflicts of interest and resolve such conflicts appropriately if they occur. PIMCO seeks to resolve any actual or potential conflicts in each client's best interest. For more information regarding PIMCO's actual or potential conflicts of interest, please refer to Item 10 and Item 11 in PIMCO's Form ADV, Part 2A.

Spectrum

*Compensation.* SIMC pays Spectrum a fee based on the assets under management of the Tax-Advantaged Income Fund as set forth in an investment sub-advisory agreement between Spectrum and SIMC. Spectrum pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Tax-Advantaged Income Fund. The following information relates to the period ended August 31, 2025.

Spectrum offers investment professionals a competitive compensation structure that is evaluated relative to other asset management firms to ensure its continued competitiveness and alignment with industry best practices. The objective of the structure is to align individual and team contributions with client performance objectives in a manner that is consistent with industry standards and business results.

Compensation for investment professionals at all levels is comprised of base salary and variable incentive components. As team members advance in their careers, the variable component increases in its proportion commensurate with responsibility levels. The incentive component is aligned with performance and goals of the firm. Salaries are established based on a benchmark of salary levels of relevant asset management firms, taking into account each portfolio manager's position and responsibilities, experience, contribution to client servicing, compliance with firm and/or regulatory policies and procedures, work ethic, seniority and length of service, and contribution to the overall functioning of the organization. Spectrum attempts to award all compensation in a manner that promotes sound risk management principles. Base salaries are fixed, but are subject to periodic adjustments, usually on an annual basis.

The variable incentive is in the form of a discretionary bonus and may represent a significant proportion of an individual's total annual compensation. Discretionary bonuses are determined quarterly and are based on methodology used by senior management that takes into consideration several factors, including, but not necessarily limited to, those listed below:

• Changes in overall firm assets under management. (Portfolio managers are not directly incentivized to increase assets ("AUM"), although they are indirectly compensated as a result of an increase in AUM.)

• Portfolio performance relative to benchmarks.

• Contribution to client servicing

• Compliance with firm policies and procedures and regulatory requirements

• Risk Management

• Work ethic

• Seniority and length of service

• Contribution to overall functioning of organization

*Ownership of Fund Shares.* As of August 31, 2025, Spectrum's portfolio managers did not beneficially own any shares of the Tax-Advantaged Income Fund.

------

*Other Accounts.* As of August 31, 2025, in addition to the Tax-Advantaged Income Fund, Spectrum's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
| Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in billions) | Number<br>of Accounts | Total Assets<br>(in billions) | Number<br>of Accounts | Total Assets<br>(in billions) |
| Mark A. Lieb | 6 | $8.029 | 8 | $4.330 | 74 | $7.204 |
| L. Phillip Jacoby | 6 | $8.029 | 8 | $4.330 | 74 | $7.204 |
| Manu Krishnan | 6 | $8.029 | 8 | $4.330 | 74 | $7.204 |
| Roberto Giangregorio | 6 | $8.029 | 8 | $4.330 | 74 | $7.204 |
| Fred Diaz | 6 | $8.029 | 8 | $4.330 | 74 | $7.204 |
| Satomi Yarnell | 6 | $8.029 | 8 | $4.330 | 74 | $7.204 |
| Kevin Nugent | 6 | $8.029 | 8 | $4.330 | 74 | $7.204 |

---

None of these accounts are subject to a performance-based advisory fee.

<sup>†</sup> Spectrum utilizes a team-based approach to portfolio management, and each of the portfolio managers listed above are jointly responsible for the management of a portion of the accounts listed in each category.

*Conflicts of Interest.* Spectrum's portfolio managers' management of other accounts may give rise to potential conflicts of interest in connection with their management of the Tax-Advantaged Income Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts might have similar investment objectives to the Tax-Advantaged Income Fund or hold, purchase or sell securities that are eligible to be held, purchased or sold by the Tax-Advantaged Income Fund. Spectrum does not believe that these conflicts, if any, are material or, to the extent any such conflicts are material, Spectrum believes that it has designed policies and procedures to manage those conflicts in an appropriate way.

A potential conflict of interest may arise as a result of Spectrum's portfolio managers' day-to-day management of the Tax-Advantaged Income Fund. Because of their positions with the Tax-Advantaged Income Fund, the portfolio managers know the size, timing and possible market impact of Tax-Advantaged Income Fund trades. It is theoretically possible that Spectrum's portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Tax-Advantaged Income Fund. However, Spectrum has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time. A potential conflict of interest may arise as a result of Spectrum's portfolio managers' management of the Tax-Advantaged Income Fund and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors other accounts over the Tax-Advantaged Income Fund. This conflict of interest may be exacerbated to the extent that Spectrum or its portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts than the Tax-Advantaged Income Fund. Notwithstanding this theoretical conflict of interest, it is Spectrum's policy to manage each account based on its investment objectives and related restrictions and, as discussed above, Spectrum has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while Spectrum's portfolio managers may buy for other accounts securities that differ in identity or quantity from securities bought for the Tax-Advantaged Income Fund, such securities might not be suitable for the Tax-Advantaged Income Fund given its investment objectives and related restrictions.

Wellington Management

*Compensation*. Wellington Management receives a fee based on the assets under management of the Intermediate-Term Municipal Fund as set forth in an investment sub-advisory agreement between Wellington Management and SIMC. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to the Intermediate-Term Municipal Fund. The following information relates to the period ended August 31, 2025.

------

Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of the Intermediate-Term Municipal Fund's portfolio manager listed in the prospectuses, who is primarily responsible for the day-to-day management of the Intermediate-Term Municipal Fund (the "Portfolio Manager"), includes a base salary and incentive components. The base salary for the Portfolio Manager is determined by the Portfolio Manager's experience and performance in his role as a Portfolio Manager. Base salaries for Wellington Management's employees are reviewed annually and may be adjusted using guidelines established by Wellington Management's Compensation Committee, which has final oversight responsibility for base salaries of employees of the firm. The Portfolio Manager is eligible to receive an incentive payment based on the revenues earned by Wellington Management from the Intermediate-Term Municipal Fund managed by the Portfolio Manager and generally each other account managed by the Portfolio Manager. The Portfolio Manager's incentive payment relating to the Intermediate-Term Municipal Fund is linked to the gross pre-tax performance of the portion of the Intermediate-Term Municipal Fund managed by the Portfolio Manager compared to the Bloomberg 3-15 Year Municipal Bond Index over one-, three- and five-year periods, with an emphasis on five year results. Wellington Management applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rates may differ) to other accounts managed by the Portfolio Manager, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an investment professional can, and typically do, represent a significant portion of an investment professional's overall compensation. Incentive compensation varies significantly by individual and can vary significantly from year to year. The Portfolio Manager may also be eligible for bonus payments based on his overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors.

*Ownership of Fund Shares.* As of August 31, 2025, Wellington Management's portfolio manager did not beneficially own any shares of the Intermediate-Term Municipal Fund.

*Other Accounts.* As of August 31, 2025, in addition to the Intermediate-Term Municipal Fund, Wellington Management's portfolio manager was responsible for the day-to-day management of certain other accounts, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Brad W. Libby | 4 | $2646.48 | 2 | $85.50 | 1 | $3160.13 |

---

None of these accounts are subject to a performance-based advisory fee.

*Conflicts of Interest.* Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions, such as pension funds, insurance companies, foundations or separately managed account programs sponsored by financial intermediaries), bank common trust accounts and hedge funds.

The Intermediate-Term Municipal Fund's portfolio manager, who is primarily responsible for the day-to-day management of the Intermediate-Term Municipal Fund, generally manages accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations and risk profiles that differ from those of the Intermediate-Term Municipal Fund. The Portfolio Manager makes investment decisions for each account, including the Intermediate-Term Municipal Fund, based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, the Portfolio Manager may purchase or sell securities, including initial public offerings, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the Intermediate-Term Municipal Fund and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the Intermediate-Term Municipal Fund.

------

The Portfolio Manager or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the Intermediate-Term Municipal Fund or make investment decisions that are similar to those made for the Intermediate-Term Municipal Fund, both of which have the potential to adversely impact the Intermediate-Term Municipal Fund depending on market conditions. For example, an investment professional may purchase a security in one account while appropriately selling that same security in another account. Similarly, the Portfolio Manager may purchase the same security for the Intermediate-Term Municipal Fund and for one or more other accounts at or at about the same time. In those instances, the other accounts will have access to their respective holdings prior to the public disclosure of the Intermediate-Term Municipal Fund's holdings. In addition, some of these accounts have fee structures, including performance fees, which are or have the potential to be higher, in some cases significantly higher, than the fees Wellington Management receives for managing the Intermediate-Term Municipal Fund. Finally, the Portfolio Manager may hold shares or investments in the other pooled investment vehicles and/or other accounts identified above.

Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures that it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of initial public offerings and compliance with the firm's Code of Ethics and places additional investment restrictions on investment professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

DISTRIBUTION, SHAREHOLDER SERVICING AND ADMINISTRATIVE SERVICING

General. SEI Investments Distribution Co. (the "Distributor") serves as each Fund's distributor. The Distributor, a wholly-owned subsidiary of SEI, has its principal business address at One Freedom Valley Drive, Oaks, Pennsylvania 19456.

Distribution Agreement, Shareholder Servicing and Administrative Servicing Plans. The Distributor serves as each Fund's distributor pursuant to a distribution agreement (the "Distribution Agreement") with the Trust.

For the fiscal year ended August 31, 2025, the Funds did not incur any 12b-1 expenses.

Pursuant to a Shareholder Service Plan (the "Service Plan"), the Class F Shares are authorized to pay service providers a fee in connection with the ongoing servicing of shareholder accounts owning such shares at the annual rate of up to 0.25% of the value of the average daily net assets attributable to the Class F Shares of the Fund, which is calculated daily and payable monthly.

The service fees payable under the Service Plan are intended to compensate service providers for the provision of shareholder services and may be used to provide compensation to financial intermediaries for ongoing service and/or maintenance of shareholder accounts with respect to Shares of the applicable Funds. Shareholder services under the Service Plan may include: (i) maintaining accounts relating to Clients; (ii) arranging for bank wires; (iii) responding to Client inquiries relating to the services performed by service providers; (iv) responding to inquiries from Clients concerning their investment in Shares; (v) assisting Clients in changing dividend options, account designations and addresses; (vi) providing information periodically to Clients showing their position in Shares; (vii) forwarding shareholder communications from the Funds such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to Clients; (viii) processing purchase, exchange and redemption requests from Clients and placing orders with the Funds or their service providers; (ix) providing sub-accounting with respect to Shares beneficially owned by Clients; (x) processing

------

dividend payments from the Funds on behalf of Clients; and (xi) providing such other similar services as a Fund may reasonably request to the extent the service provider is permitted to do so under applicable statutes, rules and regulations.

Distribution Expenses Incurred by Adviser. The Funds are sold primarily through independent registered investment advisers, financial planners, bank trust departments and other financial advisors ("Financial Advisors") who provide their clients with advice and services in connection with their investments in the SEI Funds. SEI Funds are typically combined into complete investment portfolios and strategies using asset allocation techniques to serve investor needs. In connection with its distribution activities, SIMC and its affiliates may provide Financial Advisors, without charge, asset allocation models and strategies, custody services, risk assessment tools and other investment information and services to assist the Financial Adviser in providing advice to investors.

SIMC may hold conferences, seminars and other educational and informational activities for Financial Advisors for the purpose of educating Financial Advisors about the Funds and other investment products offered by SIMC or its affiliates. SIMC may pay for lodging, meals and other similar expenses incurred by Financial Advisors in connection with such activities. SIMC also may pay expenses associated with joint marketing activities with Financial Advisors, including, without limitation, seminars, conferences, client appreciation dinners, direct market mailings and other marketing activities designed to further the promotion of the Funds. In certain cases, SIMC may make payments to Financial Advisors or their employer in connection with their solicitation or referral of investment business, subject to any regulatory requirements for disclosure to and consent from the investor. All such marketing expenses and solicitation payments are paid by SIMC or its affiliates out of its past profits or other available resources and are not charged to the Funds.

Many Financial Advisors may be affiliated with broker-dealers. SIMC and its affiliates may pay compensation to broker-dealers or other financial institutions for services such as, without limitation, providing the Funds with "shelf space" or a higher profile for the firm's associated Financial Advisors and their customers, placing the Funds on the firm's preferred or recommended fund list, granting the Distributor access to the firm's associated Financial Advisors, providing assistance in training and educating the firm's personnel, allowing sponsorship of seminars or informational meetings and furnishing marketing support and other specified services. These payments may be based on average net assets of SEI Funds attributable to that broker-dealer, gross or net sales of SEI Funds attributable to that broker-dealer, a negotiated lump sum payment or other appropriate compensation for services rendered.

Payments may also be made by SIMC or its affiliates to financial institutions to compensate or reimburse them for administrative or other client services provided such as sub-transfer agency services for shareholders or retirement plan participants, omnibus accounting or sub-accounting, participation in networking arrangements, account set-up, recordkeeping and other shareholder services. These fees may be used by the financial institutions to offset or reduce fees that would otherwise be paid directly to them by certain account holders, such as retirement plans.

The payments discussed above may be significant to the financial institutions receiving them and may create an incentive for the financial institutions or its representatives to recommend or offer shares of the SEI Funds to its customers rather than other funds or investment products. These payments are made by SIMC and its affiliates out of their past profits or other available resources.

Although the Funds may use broker-dealers that sell Fund shares to effect transactions for the Funds' portfolio, the Funds, SIMC and the Funds' Sub-Advisers will not consider the sale of Fund shares as a factor when choosing broker-dealers to effect those transactions and will not direct brokerage transactions to broker-dealers as compensation for the sales of Fund shares.

SECURITIES LENDING ACTIVITY

During the most recent fiscal year, the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income Funds did not engage in securities lending.

------

TRUSTEES AND OFFICERS OF THE TRUST

Board Responsibilities. The management and affairs of the Trust and of its series, including the Funds described in this SAI, are overseen by the Trustees. The Board has approved contracts, as described above, under which certain companies provide essential management services to the Trust.

Like most mutual funds, the day-to-day business of the Trust, including the management of risk, is performed by third party service providers, such as SIMC, the Distributor and the Administrator. The Trustees are responsible for overseeing the Trust's service providers and, thus, have oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, *i.e.*, events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the Funds. The Funds and their service providers employ a variety of processes, procedures and controls to identify risks, to lessen the probability of their occurrence and/or to mitigate the effects of such risks if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (*e.g.*, SIMC is responsible for the investment performance of the Funds and, along with the Board, is responsible for the oversight of the Funds' Sub-Advisers, which in turn are responsible for the day-to-day management of the Funds' portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Funds' service providers the importance of maintaining vigorous risk management.

The Trustees' role in risk oversight begins before the inception of a Fund, at which time SIMC presents the Board with information concerning the investment objectives, strategies and risks of the Fund as well as proposed investment limitations for the Fund. Additionally, each Sub-Adviser and SIMC provides the Board with an overview of, among other things, its investment philosophy, brokerage practices and compliance infrastructure. Thereafter, the Board continues its oversight function as various personnel, including the Trust's Chief Compliance Officer ("CCO"), as well as personnel of SIMC and other service providers, such as the Funds' independent accountants, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the Funds may be exposed.

The Board is responsible for overseeing the nature, extent and quality of the services provided to the Funds by the Adviser and Sub-Advisers and receives information about those services at its regular meetings. In addition, in connection with its consideration of whether to annually renew the Advisory Agreement between the Trust, on behalf of the Funds, and SIMC and the various Sub-Advisory Agreements between SIMC and the Sub-Advisers with respect to the Funds, the Board annually meets with SIMC and, at least every other year, meets with the Sub-Advisers to review such services. Among other things, the Board regularly considers the Adviser's and each Sub-Advisers' adherence to the Funds' investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations.

The Trust's CCO regularly reports to the Board to review and discuss compliance issues and Fund, Adviser and Sub-Adviser risk assessments. At least annually, the Trust's CCO provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the Adviser and Sub-Advisers. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report, any material changes to the policies and procedures since the date of the last report, any recommendations for material changes to the policies and procedures and any material compliance matters since the date of the last report.

The Board receives reports from the Valuation Designee and the Funds' service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. The Trust's Valuation Designee provides quarterly reports to the Board concerning investments for which market prices are not readily available or may be unreliable. Annually, the independent registered public accounting firm reviews with the Audit Committee its audit of the Funds' financial statements, focusing on major areas of financial statement risk encountered by the Funds and noting any significant deficiencies or material weaknesses that were identified in the Funds' internal controls. Additionally, in connection with its oversight function, the Board oversees Fund management's implementation of disclosure controls and procedures, which are designed to ensure that

------

information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized and reported within the required time periods. The Board also oversees the Trust's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust's financial reporting and the preparation of the Trust's financial statements.

From their review of these reports and discussions with SIMC, the Sub-Advisers, the CCO, the independent registered public accounting firm and other service providers, the Board and the Audit Committee learn about the material risks of the Funds, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the Funds can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Funds' goals and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Reports received by the Trustees as to risk management matters are typically summaries of the relevant information. Most of the Funds' investment management and business affairs are carried out by or through SIMC, the Sub-Advisers and the Funds' other service providers, each of which has an independent interest in risk management and each of which has policies and methods by which one or more risk management functions are carried out. These risk management policies and methods may differ in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

Members of the Board. There are ten members of the Board, eight of whom are not interested persons of the Trust, as that term is defined in the 1940 Act ("independent Trustees"). Robert A. Nesher, an interested person of the Trust, serves as Chairman of the Board. James M. Williams, an independent Trustee, serves as the lead independent Trustee. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Trust made this determination in consideration of, among other things, the fact that the chairperson of each Committee of the Board is an independent Trustee, the amount of assets under management in the Trust and the number of Funds (and classes of shares) overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the independent Trustees from Fund management. The Board has three standing committees: the Audit Committee, the Governance Committee and the Compliance and Operations Committee. The Audit Committee, Governance Committee and the Compliance and Operations Committee are each chaired by an independent Trustee and composed of all of the independent Trustees.

In his role as lead independent Trustee, Mr. Williams, among other things: (i) presides over Board meetings in the absence of the Chairman of the Board; (ii) presides over executive sessions of the independent Trustees; (iii) along with the Chairman of the Board, oversees the development of agendas for Board meetings; (iv) facilitates dealings and communications between the independent Trustees and management and among the independent Trustees; and (v) has such other responsibilities as the Board or independent Trustees determine from time to time.

Set forth below are the names, years of birth, position with the Trust, the year in which the Trustee was elected and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee of the Trust. There is no stated term of office for the Trustees of the Trust. However, each Trustee who is not an interested person of the Trust must retire from the Board by the end of the calendar year in which the Trustee attains the age of 75 years. Current members of the Board may, upon the unanimous vote of the Governance Committee and a majority vote of the full Board, continue to serve on the Board for a maximum of five successive one calendar year terms after attaining the age of 75 years. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456.

------

Interested Trustees.

ROBERT A. NESHER (Born: 1946)—Chairman of the Board of Trustees\* (since 1989)—President and Chief Executive Officer of the Trust since 2005. SEI employee since 1974; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. President and Director of SEI Structured Credit Fund, LP. Director of SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments—Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI Global Nominee Ltd. Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. President, Chief Executive Officer and Trustee of SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. President, Chief Executive Officer and Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of The KP Funds from 2013 to 2020. Vice Chairman of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2018. Vice Chairman of Gallery Trust from 2015 to 2018. Vice Chairman of Winton Diversified Opportunities Fund from 2014 to 2018. Vice Chairman of The Advisors' Inner Circle Fund III from 2014 to 2018. Vice Chairman of Winton Series Trust from 2014 to 2017. Vice Chairman of O'Connor EQUUS (closed-end investment company) from 2014 to 2016. President, Chief Executive Officer and Trustee of SEI Liquid Asset Trust from 1989 to 2016. President, Chief Executive Officer and Director of SEI Alpha Strategy Portfolios, LP, from 2007 to 2013.

DENNIS J. MCGONIGLE (Born: 1960)—Trustee\* (since 2024)—Adviser to SEI Investments Company, Inc. since April 2024. Trustee/Director of SEI Structured Credit Fund, LP, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Chief Financial Officer of SEI Investments Company, Inc. from 2002 to April 2024. Executive Vice President of SEI Investments Company, Inc. from 1996 to 2024. Business Manager and Product Manager of SEI Investments Company, Inc. from 1985 to 1998. Senior Auditor of Arthur Andersen and Company from 1982 to 1985.

Independent Trustees.

NINA LESAVOY (Born: 1957)—Trustee (since 2003)—Founder and Managing Director, Avec Capital (strategic fundraising firm), since April 2008. Trustee/Director of SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of SEI Liquid Asset Trust from 2003 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Managing Director, Cue Capital (strategic fundraising firm) from March 2002 to March 2008.

JAMES M. WILLIAMS (Born: 1947)—Trustee (since 2004)—Retired since June 2024. Vice President and Chief Investment Officer, J. Paul Getty Trust, Non Profit Foundation for Visual Arts, from December 2002 to June 2024. Trustee/Director of Ariel Mutual Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee/Director of SEI Insurance Products Trust from 2013 to 2020. Trustee of SEI Liquid Asset Trust from 2004 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. President of Harbor Capital Advisors and Harbor Mutual Funds from 2000 to 2002. Manager of Pension Asset Management for Ford Motor Company from 1997 to 1999.

\* Messrs. Nesher and McGonigle are Trustees deemed to be "interested persons" (as that term is defined in the 1940 Act) of the Funds by virtue of their relationships with SEI.

------

SUSAN C. COTE (Born: 1954)—Trustee (since 2016)—Retired since July 2015. Trustee/Director of SEI Structured Credit Fund, LP, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee of SEI Insurance Products Trust from 2015 to 2020. Treasurer and Chair of Finance of the Investment and Audit Committee of the New York Women's Foundation from 2012 to 2017. Member of the Ernst & Young LLP Retirement Investment Committee from 2009 to 2015. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006 to 2015. Partner of Ernst & Young LLP from 1997 to 2015. Americas Director of Asset Management of Ernst & Young LLP from 2006 to 2013. Employee of Prudential from 1983 to 1997.

JAMES B. TAYLOR (Born: 1950)—Trustee (since 2018)—Retired since December 2017. Trustee/Director of SEI Structured Credit Fund, LP, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee of SEI Insurance Products Trust from 2018 to 2020. Chief Investment Officer, Georgia Tech Foundation from 2008 to 2017. Director, Assistant Vice President, and Chief Investment Officer, Delta Air Lines from 1983 to 2007. Member of the Investment Committee of Institute of Electrical and Electronic Engineers from 1999 to 2004. President, Vice President and Treasurer for Southern Benefits Conference from 1998 to 2000.

CHRISTINE REYNOLDS (Born: 1958)—Trustee (since 2019)—Retired since December 2016. Trustee/Director of SEI Structured Credit Fund, LP, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee of SEI Insurance Products Trust from 2019 to 2020. Executive Vice President at Fidelity Investments from 2014 to 2016. President at Fidelity Pricing and Cash Management Services ("FPCMS") and Chief Financial Officer of Fidelity Funds from 2008 to 2014. Chief Operating Officer of FPCMS from 2007 to 2008. President, Treasurer at Fidelity Funds from 2004 to 2007. Anti-Money Laundering Officer at Fidelity Funds in 2004. Executive Vice President at Fidelity Funds from 2002 to 2004. Audit Partner at PricewaterhouseCoopers from 1992 to 2002.

THOMAS MELENDEZ (Born 1959)—Trustee (since 2021)—Retired since April 2019. Trustee/Director of SEI Structured Credit Fund, LP, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Exchange Traded Funds, SEI Catholic Values Trust, New Covenant Funds and SEI Alternative Income Fund. Trustee of Boston Children's Hospital, The Partnership Inc. (non-profit organizations) and Brae Burn Country Club. Investment Officer and Institutional Equity Portfolio Manager at MFS Investment Management from 2002 to 2019. Director of Emerging Markets Group, General Manager of Operations in Argentina and Portfolio Manager for Latin America at Schroders Investment Management from 1994 to 2002.

ELI POWELL NIEPOKY (Born: 1966)—Trustee (since 2024)—Treasurer of The Robert W. Woodruff Foundation since May 2021. Trustee/Director of SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Vice President and Chief Investment Officer of Berman Capital Advisors from March 2018 to May 2021. Independent Consultant from January 2017 to February 2018. Principal and Chief Investment Officer of Diversified Trust Company from January 2003 to April 2015. Information Analyst and Director of Delta Air Lines from January 1990 to December 2002.

KIMBERLY WALKER (Born: 1958)—Trustee (since 2024)—General Partner at 1809 Capital since 2022. Trustee/Director of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Advisory Committee Member of NISA Investment Advisors since 2018. Chief Investment Officer of Washington University in St. Louis from 2006 to 2016. President of Qwest Asset Management Company from 1998 to 2006. Director of Equity Strategy for General Motors Corporation from 1994 to 1998.

------

Individual Trustee Qualifications. The Trust has concluded that each of the Trustees should serve on the Board because of their ability to review and understand information about the Funds provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Funds and to exercise their business judgment in a manner that serves the best interests of the Funds' shareholders. The Trust has concluded that each of the Trustees should serve as a Trustee based on their own experience, qualifications, attributes and skills as described below.

The Trust has concluded that Mr. Nesher should serve as Trustee because of the experience he has gained in his various roles with SEI, which he joined in 1974, his knowledge of and experience in the financial services industry and the experience he has gained serving as Trustee of the various SEI Trusts since 1995.

The Trust has concluded that Mr. McGonigle should serve as Trustee because of the experience he has gained in his various roles with SEI Investments Company, his knowledge of the financial services industry, and the experience he gained serving as a director on various company boards.

The Trust has concluded that Ms. Lesavoy should serve as Trustee because of the experience she gained as a Director of several private equity fundraising firms and marketing and selling a wide range of investment products to institutional investors, her experience in and knowledge of the financial services industry and the experience she has gained serving as Trustee of the various SEI Trusts since 2003 and the various SEI Trusts' Governance Chair since 2014.

The Trust has concluded that Mr. Williams should serve as Trustee because of the experience he gained as Chief Investment Officer of a non-profit foundation, the President of an investment management firm, the President of a registered investment company and the Manager of a public company's pension assets, his experience in and knowledge of the financial services industry, and the experience he has gained serving as Trustee of the various SEI Trusts since 2004.

The Trust has concluded that Ms. Cote should serve as Trustee because of her education, knowledge of financial services and investment management, and the experience she has gained as a partner at a major accounting firm, where she served as both the Global Asset Management Assurance Leader and the Americas Director of Asset Management, and other professional experience gained through her prior employment and directorships.

The Trust has concluded that Mr. Taylor should serve as Trustee because of his education, knowledge of financial services and investment management, and the experience he has gained as a Chief Investment Officer at an endowment of a large university, and other professional experience gained through his prior employment and leadership positions.

The Trust has concluded that Ms. Reynolds should serve as Trustee because of the experience she has gained in her various roles with Fidelity, which she joined in 2002, including Chief Financial Officer of Fidelity Funds, her experience as a partner of a major accounting firm, and her experience in and knowledge of the financial services industry.

The Trust has concluded that Mr. Melendez should serve as Trustee because of the experience he has gained as an executive and portfolio manager of an investment management firm, his experience in and knowledge of the financial services industry, and other professional experience gained through his prior employment and leadership positions.

The Trust has concluded that Ms. Niepoky should serve as Trustee because of her education, her knowledge of public and private markets gained through her institutional and private wealth management roles, and her other professional experience.

The Trust has concluded that Ms. Walker should serve as Trustee because of her extensive knowledge of institutional asset management, experience she gained serving as Chief Investment Officer of a large university, and other professional experience gained through her prior employment.

------

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Funds. Moreover, references to the qualifications, attributes and skills of Trustees are pursuant to requirements of the SEC, do not constitute holding out of, or a Board conclusion that, the Board or any Trustee has any special expertise or experience, and shall not be deemed to impose any greater responsibility or liability on any such person or on the Board by reason thereof.

Board Standing Committees. The Board has established the following standing committees:

• Audit Committee. The Board has a standing Audit Committee that is composed of each of the independent Trustees of the Trust. The Audit Committee operates under a written charter approved by the Board. The principal responsibilities of the Audit Committee include: (i) recommending which firm to engage as the Trust's independent auditor and whether to terminate this relationship; (ii) reviewing the independent auditor's compensation, the proposed scope and terms of its engagement and the firm's independence; (iii) pre-approving audit and non-audit services provided by the Trust's independent auditor to the Trust and certain other affiliated entities; (iv) serving as a channel of communication between the independent auditor and the Trustees; (v) reviewing the results of each external audit, including any qualifications in the independent auditor's opinion, any related management letter, management's responses to recommendations made by the independent auditor in connection with the audit, reports submitted to the Audit Committee by the internal auditing department of the Trust's Administrator that are material to the Trust as a whole, if any, and management's responses to any such reports; (vi) reviewing the Trust's audited financial statements and considering any significant disputes between the Trust's management and the independent auditor that arose in connection with the preparation of those financial statements; (vii) considering, in consultation with the independent auditor and the Trust's senior internal accounting executive, if any, the independent auditor's report on the adequacy of the Trust's internal financial controls; (viii) reviewing, in consultation with the Trust's independent auditor, major changes regarding auditing and accounting principles and practices to be followed when preparing the Trust's financial statements; and (ix) other audit related matters. In addition, the Audit Committee is responsible for the oversight of the Trust's compliance program. Messrs. Williams, Taylor and Melendez and Mses. Lesavoy, Cote, Reynolds, Niepoky and Walker currently serve as members of the Audit Committee. The Audit Committee meets periodically, as necessary, and met four (4) times during the Trust's most recently completed fiscal year.

• Governance Committee. The Board has a standing Governance Committee that is composed of each of the Independent Trustees of the Trust. The Governance Committee operates under a written charter approved by the Board. The principal responsibilities of the Governance Committee include: (i) considering and reviewing Board governance and compensation issues; (ii) conducting a self assessment of the Board's operations; (iii) selecting and nominating all persons to serve as Independent Trustees and evaluating the qualifications of "interested" (as defined under the 1940 Act) Trustee candidates; and (iv) reviewing shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Governance Committee at the Trust's offices, which are located at One Freedom Valley Drive, Oaks, Pennsylvania 19456. Messrs. Williams, Taylor and Melendez and Mses. Lesavoy, Cote, Reynolds, Niepoky and Walker currently serve as members of the Governance Committee. The Governance Committee shall meet at the direction of its Chair as often as appropriate to accomplish its purpose. In any event, the Governance Committee shall meet at least once each year and shall conduct at least one meeting in person. The Governance Committee met four (4) times during the Trust's most recently completed fiscal year.

• Compliance and Operations Committee. The Board has a standing Compliance and Operations Committee that is composed of each of the Independent Trustees of the Trust. The Compliance and Operations Committee operates under a written charter approved by the Board. The principal responsibilities of the Compliance and Operations Committee include: (i) serving as a liaison between

------

the Board and the Trust's Chief Compliance Officer; (ii) recommending policies and procedures concerning the Trust's compliance with applicable law; (iii) reviewing the Chief Compliance Officer's procedures for compliance testing plans; (iv) coordinating the Board's approval of the Chief Compliance Officer's compensation; and (v) coordinating with SIMC's chief compliance officer and chief risk officer on material compliance and operations matters. Messrs. Williams, Taylor and Melendez and Mses. Lesavoy, Cote, Reynolds, Niepoky and Walker currently serve as members of the Compliance and Operations Committee. The Compliance and Operations Committee shall meet at the direction of its Chair as often as appropriate to accomplish its purpose. In any event, the Compliance and Operations Committee shall meet at least once each year and shall conduct at least one meeting in person. The Compliance and Operations Committee is a new committee and did not meet during the Trust's most recently completed fiscal year.

Fund Shares Owned by Board Members. The following table shows the dollar amount range of each Trustee's "beneficial ownership" of shares of each of the Funds as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) of the Securities and Exchange Act of 1934 (the "1934 Act"). Collectively, the Trustees and officers of the Trust own less than 1% of the outstanding shares of the Trust.

---

| | | |
|:---|:---|:---|
| | Dollar Range of<br>Fund Shares<br>(Fund)\* | Aggregate Dollar<br>Range of Shares<br>(Fund Complex)\*\* |
| Interested | Interested | Interested |
| Mr. Nesher |  | Over $100,000 |
| Mr. McGonigle^ |  | Over $100,000 |
| Independent | Independent | Independent |
| Ms. Lesavoy |  | Over $100,000 |
| Mr. Williams |  | $50001-$100000 |
| Ms. Cote |  |  |
| Mr. Taylor |  | Over $100,000 |
| Ms. Reynolds |  | Over $100,000 |
| Mr. Melendez |  |  |
| Ms. Niepoky^ |  |  |
| Ms. Walker^ |  |  |

---

\* Valuation date is December 31, 2024.

\*\* The Fund Complex currently consists of 100 portfolios of the following trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.

^ Mr. McGonigle and Mses. Niepoky and Walker became trustees for the Trust effective December 18, 2024.

Board Compensation. The Trust and the Fund Complex paid the following fees to the Trustees during its most recently completed fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name | Aggregate<br>Compensation | Pension or<br>Retirement<br>Benefits Accrued<br>as Part of<br>Fund Expenses | Estimated<br>Annual<br>Benefits Upon<br>Retirement | Total Compensation<br>from the Trust<br>and Fund<br>Complex |
| Interested | Interested | Interested | Interested | Interested |
| Mr. Nesher | $0 | $0 | $0 | $0 |
| Mr. Doran\* | $0 | $0 | $0 | $0 |
| Mr. McGonigle\*\* | $0 | $0 | $0 | $0 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name | Aggregate<br>Compensation | Pension or<br>Retirement<br>Benefits Accrued<br>as Part of<br>Fund Expenses | Estimated<br>Annual<br>Benefits Upon<br>Retirement | Total Compensation<br>from the Trust<br>and Fund<br>Complex |
| Independent | Independent | Independent | Independent | Independent |
| Ms. Lesavoy | $14136 | $0 | $0 | $353750 |
| Mr. Williams | $14788 | $0 | $0 | $370000 |
| Ms. Cote | $14136 | $0 | $0 | $353750 |
| Mr. Taylor | $13390 | $0 | $0 | $335000 |
| Ms. Reynolds | $13642 | $0 | $0 | $341250 |
| Mr. Melendez | $13642 | $0 | $0 | $341250 |
| Ms. Niepoky\*\* | $0 | $0 | $0 | $0 |
| Ms. Walker\*\* | $0 | $0 | $0 | $0 |

---

\* Mr. William M. Doran retired from the Board of Trustees effective May 31, 2025, after having dutifully served on the SEI Funds' Board since 1982.

\*\* Mr. McGonigle and Mses. Niepoky and Walker became trustees for the Trust effective December 18, 2024.

Trust Officers. Set forth below are the names, dates of birth, position with the Trust, length of term of office, and the principal occupations for the last five years of each of the persons currently serving as officers of the Trust. Unless otherwise noted, the business address of each officer is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456. None of the officers, except for Stephen Panner, the CCO of the Trust, receives compensation from the Trust for his or her services. The Trust's CCO serves in the same capacity for the other SEI trusts included in the Fund Complex, and the Trust pays its pro-rata share of the aggregate compensation payable to the CCO for his services.

Certain officers of the Trust also serve as officers to one or more mutual funds to which SEI or its affiliates act as investment adviser, administrator or distributor.

The officers of the Trust have been elected by the Board. Each officer shall hold office until the election and qualification of his or her successor or until earlier resignation or removal.

ROBERT A. NESHER (Born: 1946)—President and Chief Executive Officer (since 2005)—See biographical information above under the heading "Interested Trustees."

TIMOTHY D. BARTO (Born: 1968)—Vice President, Secretary and Chief Legal Officer (since 2002)—General Counsel and Secretary of SIMC since 2004. Vice President and Assistant Secretary of SEI since 2001. Vice President of SIMC since 1999. Vice President and Secretary of SEI Institutional Transfer Agent, Inc. from 2009 to 2024. Vice President of the Administrator from 1999 to 2024.

GLENN KURDZIEL (Born: 1974)—Controller and Chief Financial Officer (since 2023)—Controller and Chief Financial Officer of SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund since August 2023. Assistant Controller of SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds and SEI Catholic Values Trust from 2017 to 2023. Assistant Controller of SEI Exchange Traded Funds from 2022 to 2023. Senior Manager of Funds Accounting of SEI Investments Global Funds Services from 2005 to 2023.

STEPHEN G. MACRAE (Born: 1967)—Vice President (since 2012)—Director of Global Investment Product Management, January 2004 to present. Vice President of SEI Insurance Products Trust from 2013 to 2020.

STEPHEN F. PANNER (Born: 1970)—Chief Compliance Officer (since 2022)—Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund, The

------

Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds, The Advisors' Inner Circle Fund III, Gallery Trust, Wilshire Private Markets Fund, Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund and Catholic Responsible Investments Funds since September 2022. Chief Compliance Officer of SEI Alternative Income Fund since 2023. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011.

KATHERINE MASON (Born: 1979)—Vice President and Assistant Secretary (since 2022)—Consulting Attorney at Hirtle, Callaghan & Co. (investment company) from October 2021 to June 2022. Attorney at Stradley Ronon Stevens & Young, LLP (law firm) from September 2007 to July 2012.

DAVID F. MCCANN (Born: 1976)—Vice President and Assistant Secretary (since 2009)—General Counsel and Secretary of SEI Institutional Transfer Agent, Inc. from 2020 to 2023. Vice President and Assistant Secretary of SIMC since 2008. Vice President and Assistant Secretary of SEI Insurance Products Trust from 2013 to 2020. Attorney at Drinker Biddle & Reath, LLP (law firm) from May 2005 to October 2008.

MARCI MORGAN (Born: 1971)—Anti-Money Laundering Compliance Officer (since 2025)—Director of Anti-Money Laundering Compliance at SEI since May 2025. Director of Global Due Diligence at SEI from October 2023 to May 2025. Vice President of Regulatory Management at BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing) from December 2001 to January 2006 and from April 2010 to February 2023.

PROXY VOTING POLICIES AND PROCEDURES

The Funds have delegated proxy voting responsibilities to SIMC, subject to the Board's general oversight. As required by applicable regulations, SIMC must vote proxies in a manner consistent with the best interest of each investment advisory client who delegates voting responsibility to SIMC, which includes the Funds (each a "Client") and must not place its own interests above those of its Clients. SIMC has adopted its own written proxy voting policies, procedures and guidelines that are reasonably designed to meet this purpose (the "Procedures"). The Procedures may be changed as necessary to remain current with regulatory requirements and internal policies and procedures.

SIMC has elected to retain an independent proxy voting service (the "Service") to vote proxies with respect to its Clients. The Service votes proxies in accordance with guidelines (the "Proxy Guidelines") approved by SIMC's Proxy Voting Committee (the "Proxy Committee") with certain limited exceptions as outlined below. The Proxy Guidelines set forth the manner in which SIMC will vote, or the manner in which SIMC shall determine how to vote, with respect to matters that may come up for shareholder vote. The Service will review each matter on a case-by-case basis and, in most cases, vote the proxies in accordance with the Proxy Guidelines.

Prior to voting a proxy, the Service makes available to SIMC its recommendation on how to vote in light of the Proxy Guidelines. SIMC retains the authority to overrule the Service's recommendation in certain scenarios (as listed below) and instruct the Service to vote in a manner in variance with the Service's recommendation:

• <u>Requests by Sub-Advisers to Direct Proxy Votes</u>. Sub-Advisers retained by SIMC to manage the Funds may contact SIMC with requests that SIMC direct a proxy vote in a particular solicitation which would differ from the Service's recommendation.

• <u>Recommendations by Engagement Vendor</u>. In addition to retaining the Service, SIMC has also engaged a third party vendor to assist with engagement services (the "Engagement Service"). The Engagement Service strives to help investors manage reputational risk and increase corporate accountability through proactive, professional and constructive engagement. It does so by collaborating with investors, facilitating avenues of active ownership (including direct, constructive dialogue with companies) and assisting with shareholder resolutions and proxy voting decisions. As a result of this process, the Engagement Service will at times provide SIMC with proxy voting recommendations that may conflict with the Proxy Guidelines. Recommendations from the Engagement Service to potentially override the Service's recommendation are expected to be limited to companies with which the

------

Engagement Service is engaged on SIMC's behalf, and limited to proxy matters that bear on the subject of the engagement with that issuer.

In all circumstances identified above, the Proxy Committee shall convene and adhere to the conflicts provisions of the Procedures. For any proposal where the Proxy Committee determines that SIMC does not have a material conflict of interest, the Proxy Committee may overrule the Service's recommendation if the Proxy Committee reasonably determines that doing so is in the best interest of the Clients. For any proposal where the Proxy Committee determines that SIMC has a material conflict of interest, SIMC must vote in accordance with the Service's recommendation unless it has first fully disclosed to each Client holding the security at issue the nature of the conflict and obtained each Client's consent as to how SIMC will vote on the proposal. If the Proxy Committee decides to overrule the Service's recommendation, the Proxy Committee shall maintain a written record setting forth the basis of its decision.

In some circumstances, SIMC may determine it is in the best interest of its Clients to abstain from voting certain proxies. These include (but are not necessarily limited to) the following circumstances:

• Proxy Guidelines do not cover an issue;

• The Service does not make a recommendation on the issue;

• SIMC determines that the costs of voting exceed the expected benefits to Clients;

• The accounts engage in securities lending;

• The vote is subject to "share blocking," which requires investors who intend to vote to surrender the right to dispose of their shares until after the shareholder meeting, potentially creating liquidity issues; and

• The Proxy Committee is unable to convene to determine whether the proposal would be in the Client's best interests.

With respect to proxies of an affiliated investment company or series thereof, SIMC will vote such proxies in the same proportion as the vote of all other shareholders of the investment company or series thereof (*i.e.*, "echo vote" or "mirror vote").

With respect to proxies in foreign jurisdictions, certain countries or issuers may require SIMC to have a duly executed power of attorney in place with such country or issuer in order to vote a proxy. The Service may execute, on behalf of SIMC, power of attorney requirements in order to satisfy these requirements. Under circumstances where the issuer, not the jurisdiction, requires an issuer-specific, shareholder-specific or other limited power of attorney in order to vote a proxy, the Service will coordinate with SIMC in order to execute such power of attorney. In these instances, it may not be convenient or practicable to execute a power of attorney in sufficient time to vote proxies in that meeting, and SIMC may abstain from voting.

For each proxy, SIMC maintains all related records as required by applicable law. The Trust is required to file how all proxies were voted with respect to portfolio securities held by the Funds. A Client may obtain, without charge, a copy of SIMC's Procedures and Proxy Guidelines, or information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, by calling SIMC at 1-800-DIAL-SEI, by writing to SIMC at One Freedom Valley Drive, Oaks, Pennsylvania 19456 or on the SEC's website at http://www.sec.gov.

PURCHASE AND REDEMPTION OF SHARES

Purchases and redemptions of shares of Funds may be made on any day the New York Stock Exchange ("NYSE") is open for business.

It is currently the Trust's policy to pay for all redemptions in cash. The Trust retains the right, however, to alter this policy to provide for redemptions in whole or in part by a distribution in kind of readily marketable securities held by a Fund in lieu of cash. Shareholders may incur brokerage charges in connection with the sale of any such securities. However, a shareholder will at all times be entitled to aggregate cash redemptions from

------

a Fund of the Trust during any 90-day period of up to the lesser of $250,000 or 1% of the Trust's net assets in cash. A gain or loss for federal income tax purposes would be realized by a shareholder subject to taxation upon an in-kind redemption depending upon the shareholder's basis in the shares of the Fund redeemed.

Shares of a Fund may be purchased in exchange for securities included in the Fund subject to the Administrator's determination that the securities are acceptable. Securities accepted in an exchange will be valued at market value. All accrued interest and subscription of other rights that are reflected in the market price of accepted securities at the time of valuation become the property of the Trust and must be delivered by the shareholder to the Trust upon receipt from the issuer. A shareholder may recognize a gain or a loss for federal income tax purposes in making the exchange.

The Administrator will not accept securities for a Fund unless: (i) such securities are appropriate in the Fund at the time of the exchange; (ii) such securities are acquired for investment and not for resale; (iii) the shareholder represents and agrees that all securities offered to the Trust for the Fund are not subject to any restrictions upon their sale by the Fund under the 1933 Act, or otherwise; (iv) such securities are traded on the American Stock Exchange, the NYSE or on NASDAQ in an unrelated transaction with a quoted sales price on the same day the exchange valuation is made or, if not listed on such exchanges or on NASDAQ, have prices available from an independent pricing service approved by the Board; and (v) the securities may be acquired under the investment restrictions applicable to the Fund.

The Trust reserves the right to suspend the right of redemption and/or to postpone the date of payment upon redemption for any period during which trading on the NYSE is restricted, or during the existence of an emergency (as determined by the SEC by rule or regulation) as a result of which disposal or evaluation of the portfolio securities is not reasonably practicable or for such other periods as the SEC may by order permit. The Trust also reserves the right to suspend sales of shares of the Funds for any period during which the NYSE, the Administrator, SIMC or the Funds' Sub-Advisers, the Distributor and/or the custodian are not open for business. Currently, the following holidays are observed by the Trust: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. Additionally, the NYSE closes early on the following days: the day before Independence Day, the day after Thanksgiving and Christmas Eve.

Fund securities may be traded on foreign markets on days other than a Business Day or the NAV of a Fund may be computed on days when such foreign markets are closed. In addition, foreign markets may close at times other than 4:00 p.m. Eastern Time. As a consequence, the NAV of a share of a Fund may not reflect all events that may affect the value of the Fund's foreign securities unless the SIMC or a Sub-Adviser determines that such events materially affect NAV, in which case NAV will be determined by consideration of other factors.

Certain shareholders in one or more of the Funds may obtain asset allocation services from SIMC and other financial intermediaries with respect to their investments in such Funds. If a sufficient amount of a Fund's assets are subject to such asset allocation services, the Fund may incur higher transaction costs and a higher portfolio turnover rate than would otherwise be anticipated as a result of redemptions and purchases of Fund shares pursuant to such services. Further, to the extent that SIMC is providing asset allocation services and providing investment advice to the Funds, it may face conflicts of interest in fulfilling its responsibilities because of the possible differences between the interests of its asset allocation clients and the interest of the Funds.

TAXES

Federal Income Tax

The following is only a summary of certain additional federal income tax considerations generally affecting the Funds and their shareholders that are not described in the Prospectuses. No attempt is made to present a detailed explanation of the federal, state, local or foreign tax treatment of the Funds or their shareholders, and the discussion here and in the Prospectuses is not intended to be a substitute for careful tax planning. Shareholders are urged to consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

------

The following discussion of federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

*Qualification as a Regulated Investment Company and Taxation of the Funds.* Each Fund within the Trust is treated as a separate corporation for federal income tax purposes, and thus the provisions of the Code generally will be applied to each Fund separately, rather than to the Trust as a whole. Net long-term and short-term capital gains, net investment income, operating expenses, and qualification as a RIC therefore will be determined separately for each Fund.

Each Fund has elected and intends to qualify as a RIC so that it will be relieved of federal income tax on that part of its income that is timely distributed to shareholders. In order to qualify for treatment as a RIC under the Code, a Fund must distribute annually to its shareholders at least the sum of 90% of its net interest income excludable from gross income plus 90% of its investment company taxable income (generally, net investment income, including net short-term capital gain) ("Distribution Requirement") and must meet several additional requirements. Among these requirements are the following: (i) at least 90% of a Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans and gains from the sale or other disposition of stock or securities or foreign currencies or other income (including gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net income derived from an interest in a qualified publicly traded partnership ("Qualifying Income Requirement"); and (ii) at the close of each quarter of a Fund's taxable year, (A) at least 50% of the value of its total assets must be represented by cash and cash items, United States Government securities, securities of other RICs and other securities, with such other securities limited, in respect of any one issuer, to an amount that does not exceed 5% of the value of a Fund's total assets and that does not represent more than 10% of the outstanding voting securities of the issuer; and (B) not more than 25% of the value of its total assets may be invested, including through corporations in which a Fund owns a 20% or more voting stock interest, in (a) securities (other than U.S. Government securities or the securities of other RICs) of any one issuer, or the securities (other than the securities of other RICs) of two or more issuers engaged in the same, similar, or related trades or businesses if a Fund owns at least 20% of the voting power of such issuers, or (b) the securities of one or more qualified publicly traded partnerships ("Asset Diversification Requirement").

If a Fund fails to satisfy the Qualifying Income or Asset Diversification Requirements in any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period. If a Fund fails to qualify as a RIC for any year, and the relief provisions are not available, all of its income will be subject to federal income tax at the regular corporate rate (currently 21%) without any deduction for distributions to shareholders (subject to certain limitations). In such case, its shareholders would be taxed as if they received ordinary dividends to the extent of a Fund's current and accumulated earnings and profits, although corporate shareholders could be eligible for the dividends received deduction and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a RIC. The Board reserves the right not to maintain the qualification of a Fund as a RIC if it determines such course of action to be beneficial to shareholders.

A Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

------

The treatment of capital loss carryovers for RICs is similar to that which applies to individuals and provides that such losses are carried over by a Fund indefinitely. Thus, if a Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. In addition, the carryover of capital losses may be limited under the general loss limitation rules if a Fund experiences an ownership change as defined in the Code. For more information about the amount of capital loss carry-forwards for the most recent fiscal year, please refer to the Annual Report of the Funds.

*Federal Excise Tax.* Notwithstanding the Distribution Requirement described above, which generally requires a Fund to distribute at least 90% of its annual investment company taxable income and the excess of its exempt interest income, but does not require any minimum distribution of net capital gain, a Fund will be subject to a nondeductible 4% federal excise tax to the extent it fails to distribute by the end of any calendar year at least 98% of its ordinary income for that year and 98.2% of its capital gain net income for the one-year period ending on October 31 of that year, plus certain other amounts. Each Fund intends to make sufficient distributions to avoid liability for the federal excise tax applicable to RICs but can make no assurances that such tax will be completely eliminated. For example, a Fund may receive delayed or corrected tax reporting statements from its investments that cause such Fund to accrue additional income and gains after such Fund has already made its excise tax distributions for the year. In such a situation, a Fund may incur an excise tax liability resulting from such delayed receipt of such tax information statements. In addition, a Fund may, in certain circumstances, be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the investment advisor might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of a Fund to satisfy the requirements for qualification as a RIC.

*Fund Distributions.* The Funds intend to make distributions the majority of which consist of exempt-interest dividends that are exempt from federal income tax. As described in more detail below under the heading "State Taxes", the California, Massachusetts, New Jersey, New York and Pennsylvania Municipal Bond Funds also intend to distribute income that is exempt from state (and in some cases, local) income taxes for residents of each such respective state. A portion of the income distributed by the Intermediate-Term Municipal, the Short Duration Municipal and the Tax-Advantaged Income Funds may be exempt from your state and local income taxes depending on the investments of the Funds. Because of these tax exemptions, a Fund may not be a suitable investment for retirement plans and other tax-exempt investors, or for residents of states other than the state in which a state-specific Fund primarily invests.

Each Fund may invest a portion of its assets in securities that generate income that is subject to federal, state or local income taxes. Distributions of net investment income by a Fund may be taxable as ordinary income, whether you take them in cash or additional shares. A Fund may derive capital gains and losses in connection with sales or other dispositions of its portfolio securities. Distributions of net short-term capital gains will be taxable to shareholders as ordinary income. Distributions of long-term capital gains, if any, will be taxable to shareholders at capital gains rates, regardless of how long the shareholder has held the Fund shares. Long-term capital gains are taxed at a maximum rate of 20%.

Each Fund will decide whether to distribute or retain all or part of any net capital gains (the excess of net long-term capital gains over net short-term capital losses) in any year for reinvestment. If any such gains are retained, the Fund will pay federal income tax thereon, and, if the Fund makes an election, the shareholders will include such undistributed gains in their income and shareholders subject to tax will be able to claim their share of the tax paid by the Fund as a credit against their federal income tax liability.

Only the Tax-Advantaged Income Fund expects to receive a material amount of income in the form of dividends. A portion of the dividends paid by the Tax-Advantaged Income Fund may be treated as qualified dividend income eligible for the reduced maximum rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that the Fund receives qualified dividend income and certain holding period requirements are satisfied. Qualified dividend income is, in general, subject to certain holding period

------

requirements, dividend income from taxable domestic corporations and certain foreign corporations (*e.g.*, foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). A dividend will not be treated as qualified dividend income to the extent that (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" (which is the day on which declared distributions (dividends or capital gains) are deducted from the Fund's assets before it calculates the net asset value) with respect to such dividend (and the Fund also satisfies those holding-period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder), (ii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iii) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Code. Therefore, if you lend your shares in the Tax-Advantaged Income Fund, such as pursuant to securities lending arrangement, you may lose the ability to treat dividends (paid while the shares are held by the borrower) as qualified dividend income.

In the case of corporate shareholders in the Tax-Advantaged Income Fund, Fund distributions (other than capital gain distributions) generally qualify for the dividends received deduction to the extent such distributions are so reported and do not exceed the gross amount of qualifying dividends received by such Fund for the year. Generally, and subject to certain limitations (including certain holding period limitations), a dividend will be treated as a qualifying dividend if it has been received from a domestic corporation.

Each Fund other than the Tax-Advantaged Income Fund anticipates receiving only interest income and accordingly no dividends of any such Fund are expected to qualify for the dividends received deduction or as qualified dividend income.

If, at the close of each quarter of its taxable year, at least 50% of the value of a Fund's assets consist of obligations the interest on which is exempt from U.S. federal income tax, the Fund may qualify to pass through to its shareholders the tax-exempt character of its income from such debt obligations by paying tax-exempt interest dividends. "Tax exempt-interest dividends" are dividends (other than capital gain dividends) paid by a RIC that are properly reported as such in a written statement furnished to shareholders. An underlying fund taxable as a RIC will generally be eligible to distribute exempt-interest dividends if at least 50% of its total assets at the close of each quarter of its taxable year consist of tax-exempt obligations. Each Fund other than the Tax-Advantaged Income Fund intends, under normal circumstances, to invest at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax in order to meet the requirements necessary for the Funds to pay out exempt-interest dividends to their shareholders. The Tax-Advantaged Income Fund intends, under normal circumstances, to invest at least 50% of its net assets in municipal securities that pay interest that is exempt from federal income tax in order to meet the requirements necessary for the Fund to pay out exempt-interest dividends to its shareholders. If the Fund, however, fails to meet this requirement, the income from all of its investments, including its municipal securities, may be subject to federal income tax.

Exempt-interest dividends are excludable from a shareholder's gross income for regular federal income tax purposes. The percentage of income that constitutes "exempt-interest dividends" will be determined for each year for the Funds and will be applied uniformly to all dividends declared with respect to the Funds during that year. This percentage may differ from the actual percentage for any particular day. The Funds (or their administrative agent) will inform you of the amount of your distributions at the time they are paid, and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year. The reported portion generally cannot exceed the excess of the amount of interest excludable from gross income under the Code received by the Funds during the taxable year over any amounts disallowed with respect to deductions for interest expense incurred to purchase or carry tax-exempt obligations.

An investment in a Fund may result in federal alternative minimum tax ("Federal AMT") liability for certain shareholders. In the case of non-corporate taxpayers, certain deductions and exemptions have been designated an "item of tax preference" which must be added back to taxable income for purposes of calculating the Federal AMT for such shareholders. Tax preference items generally include tax-exempt interest on certain "private activity bonds." To the extent a Fund invests in certain private activity bonds, its non-corporate shareholders

------

subject to the Federal AMT will be required to report that portion of the Fund 's distributions attributable to income from the bonds as a tax preference item in determining their Federal AMT, if any. The Funds intend, when possible, to avoid investing in private activity bonds. In addition, exempt-interest dividends may be subject to the federal corporate alternative minimum tax for certain corporations. Shareholders will be notified of the tax status of distributions made by a Fund. Interest paid on a municipal bond issued after December 31, 2017, to advance or refund another municipal bond is subject to federal income tax.

Entities or persons who are "substantial users" (or persons related to "substantial users") of facilities financed by industrial development bonds or private activity bonds should consult their tax advisors before purchasing shares of the Funds. "Substantial user" is defined generally as including a "non-exempt person" who regularly uses in a trade or business a part of a facility financed from the proceeds of industrial development bonds or private activity bonds. Furthermore, non-corporate shareholders subject to the Federal AMT will not be permitted to deduct any of their share of a Fund 's expenses in computing their Federal AMT.

The percentage of income that constitutes "exempt-interest dividends" will be determined for each year for the Funds and will be applied uniformly to all dividends declared with respect to the Funds during that year. This percentage may differ from the actual percentage for any particular day. The Funds (or their administrative agent) will inform you of the amount of your distributions at the time they are paid, and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year.

Shareholders with questions or concerns about the Federal AMT should consult own their own tax advisors.

Distributions of a Fund's income other than tax-exempt interest dividends generally will be taxable to shareholders. Gains realized by a Fund on the sale or exchange of investments that generate tax-exempt income will also be taxable to shareholders.

Although tax-exempt interest dividends are generally exempt from U.S. federal income tax (except for certain shareholders subject to the Federal AMT), there may not be a similar exemption under the laws of a particular state or local taxing jurisdiction. Thus, tax-exempt interest dividends may be subject to state and local taxes. You should consult your own tax advisor to discuss the tax consequences of your investment in a Fund.

Interest on indebtedness incurred by shareholders to purchase or carry shares of the Funds will not be deductible for federal income tax purposes to the extent that the Funds distribute exempt-interest dividends during the taxable year. The deduction otherwise allowable to property and casualty insurance companies for "losses incurred" will be reduced by an amount equal to a portion of exempt-interest dividends received or accrued during any taxable year. Certain foreign corporations engaged in a trade or business in the United States will be subject to a "branch profits tax" on their "dividend equivalent amount" for the taxable year, which will include exempt-interest dividends. Certain Subchapter S corporations may also be subject to taxes on their "passive investment income," which could include exempt-interest dividends. Up to 85% of the Social Security benefits or railroad retirement benefits received by an individual during any taxable year will be included in the gross income of such individual if the individual's "modified adjusted gross income" (which includes exempt-interest dividends) plus one-half of the Social Security benefits or railroad retirement benefits received by such individual during that taxable year exceeds the base amount described in section 86 of the Code. A shareholder who receives Social Security or railroad retirement benefits should consult the shareholder's own tax advisor to determine what effect, if any, an investment in a Fund may have on the U.S. Federal taxation of such benefits. Tax-exempt interest dividends are included in income for purposes of determining the amount of benefits that are taxable.

Issuers of bonds purchased by the Funds (or the beneficiary of such bonds) may have made certain representations or covenants in connection with the issuance of such bonds to satisfy certain requirements of the Code that must be satisfied subsequent to the issuance of such bonds. Investors should be aware that exempt-interest dividends derived from such bonds may become subject to federal income taxation retroactively to the date of issuance of the bonds to which such dividends are attributable if such representations are determined to have been inaccurate or if the issuer of such bonds (or the beneficiary of such bonds) fails to comply with such covenants.

------

The IRS is paying increased attention to whether debt obligations intended to produce interest exempt from U.S. federal income tax in fact meets the requirements for such exemption. Ordinarily, a Fund relies on opinions from the issuer's bond counsel that interest on the issuer's debt obligation will be exempt from U.S. federal income tax. However, no assurance can be given that the IRS will not successfully challenge such exemption, which could cause interest on the debt obligation to be taxable and could jeopardize a Fund 's ability to pay any tax-exempt interest dividends. Similar challenges may occur as to state specific exemptions.

The IRS has announced that holders of tax-exempt bonds have risks that their tax-exempt income may be reclassified as taxable if the bonds that they own were issued in an abusive transaction or become taxable by reason of refinancing irregularities or the misuse of proceeds from the bond offering. While the Funds endeavor to purchase only bona fide tax-exempt securities, there is a risk that a bond issued as tax-exempt may be reclassified by the IRS as taxable, creating taxable rather than tax-exempt income for a Fund. In this case, such Fund might be required to send to you and file with the IRS information returns for the current or prior calendar years classifying (or reclassifying) some of its exempt-interest dividends as taxable dividends. On prior year dividends, you might need to file amended income tax returns and pay additional tax and interest to avoid additional penalties and to limit interest charges on these taxable dividends.

Insurance proceeds received by the Funds under any insurance policies in respect of scheduled interest payments on defaulted municipal securities will generally be excludable from federal gross income. In the case of non-appropriation by a political subdivision, however, there can be no assurance that payments made by the insurer representing interest on non-appropriation lease obligations will be excludable from gross income for federal income tax purposes.

Distributions by the Funds of net interest received from certain taxable temporary investments (such as certificates of deposit, commercial paper and obligations of the U.S. Government, its agencies and instrumentalities) and net short-term capital gains realized by the Funds, if any, will be taxable to shareholders as ordinary income whether received in cash or additional shares. If a Fund purchases a municipal security at a market discount, any gain realized by such Fund upon sale or redemption of the municipal security will be treated as taxable interest income to the extent such gain does not exceed the market discount, and any gain realized in excess of the market discount will be treated as capital gains.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) will be subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares of a Fund). "Net investment income" does not include exempt-interest dividends.

Each Fund is required by federal law to withhold at the applicable rate a tax on reportable payments (which may include dividends, capital gains distributions and redemptions) paid to individual or non-corporate shareholders who have not certified on the Account Registration Form, or on a separate form supplied by the Fund, that: (i) the Social Security or Taxpayer Identification Number provided is correct; (ii) the shareholder is

------

exempt from backup withholding or is not currently subject to backup withholding; and (iii) the shareholder is a U.S. citizen or resident alien.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), a Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by a fund or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to a Fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

A non-U.S. entity that invests in a Fund will need to provide the fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in the Funds should consult their tax advisors in this regard.

*Sale or Exchange of Shares.* A gain or loss realized by a shareholder on the sale or exchange of shares of a Fund held as a capital asset will be capital gain or loss, and such gain or loss will be long-term or short-term, depending upon how long you have held your shares. Any loss realized on a sale or exchange will be disallowed to the extent the shares disposed of are replaced within the 61-day period beginning 30 days before and ending 30 days after the shares are disposed of. Any loss realized by a shareholder on the disposition of shares held 6 months or less is treated as a long-term capital loss to the extent of any distributions of net long-term capital gains received by the shareholder with respect to such shares or any inclusion of undistributed capital gain with respect to such shares. Any loss realized by a shareholder on the disposition of shares held 6 months or less is disallowed to the extent of the amount of exempt-interest dividends received by the shareholder with respect to such shares. However, the loss disallowance rule for exempt-interest dividends will not apply to any loss incurred on a redemption or exchange of shares of a Fund that declares dividends daily in an amount equal to at least 90 percent of its net tax-exempt interest and distributes the dividends at least monthly. The ability to deduct capital losses may be limited.

Unless a shareholder falls within certain exceptions, the custodian, broker or other administrative agent holding shares in a Fund on a shareholder's behalf must report to the IRS and furnish to the shareholder the cost basis information for shares of a Fund purchased. In addition to reporting the gross proceeds from the sale of shares of a Fund, an affected shareholder will receive cost basis information for such shares which will indicate whether these shares had a short-term or long-term holding period. For each sale of shares of a Fund, a shareholder is to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, the custodian, broker or other administrative agent holding shares in a Fund will use a default cost basis method they have chosen which should have been communicated to such shareholders. The cost basis method elected by a shareholder (or the cost basis method applied by default) for each sale of shares of a Fund may not be changed after the settlement date of each such sale. Shareholders should consult with your tax advisors to determine the best IRS-accepted cost basis method for your tax situation and to obtain more information about how cost basis reporting applies. Shareholders should also carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

*Tax Shelter Reporting Regulations.* Under U.S. Treasury regulations, generally, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio

------

securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as the Funds are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

State Taxes

The following is a general abbreviated summary of certain state tax laws presently in effect as they might govern the state income taxation of shareholders. These laws are subject to change by legislative or administrative action, and any such change may be retroactive with respect to Fund transactions. Except where otherwise noted, the summary pertains to individual state income taxation only. Corporations, trusts, estates and other entities may be subject to other taxes and should consult with their own tax advisors. Shareholders are advised to consult with their own tax advisors for more detailed information concerning state tax matters.

It is expected that the Funds will not be liable for any corporate excise, income or franchise tax in Massachusetts if they qualify as a RIC for federal income tax purposes.

Rules of state and local taxation of dividend and capital gains distributions from RICs often differ from the rules for federal income taxation described above. Depending upon applicable state and local law, shareholders of a Fund may be exempt from state and local taxes on distributions of tax-exempt interest income derived from obligations of the state and/or municipalities in which they reside, but shareholders may be subject to tax on income derived from obligations of other jurisdictions and/or capital gains distributions, if any. Each Fund will make periodic reports to shareholders of the source of distributions on a state-by-state basis.

Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. Government, subject in some states to minimum investment requirements that must be met by a Fund. Investment in GNMA or Fannie Mae securities, bankers' acceptances, commercial paper and repurchase agreements collateralized by U.S. Government securities do not generally qualify for such tax-free treatment. The rules on exclusion of this income are generally different for corporate shareholders.

*California Income Taxes.* The following is a general, abbreviated summary of certain of the provisions of the California Revenue and Taxation Code presently in effect as they directly govern the taxation of Shareholders subject to California personal income tax. These provisions are subject to change by legislative or administrative action, and any such change may be retroactive with respect to Fund transactions.

Shareholders are advised to consult with their own tax advisors for more detailed information concerning California tax matters. The California Municipal Bond Fund intends to qualify to pay dividends to shareholders that are exempt from California personal income tax ("California exempt-interest dividends"). The Fund will qualify to pay California exempt-interest dividends if: (1) at the close of each quarter of the Fund's taxable year, at least 50% of the value of the Fund's total assets consists of obligations the interest on which would be exempt from California personal income tax if the obligations were held by an individual ("California Tax Exempt Obligations"); and (2) the Fund continues to qualify as a RIC under the Code.

Corporations subject to California franchise tax that invest in a Fund are not entitled to exclude California exempt-interest dividends from income.

Dividend distributions that do not qualify for treatment as California exempt-interest dividends (including those dividend distributions to shareholders taxable as long-term capital gains for federal income tax purposes) will be taxable to shareholders at ordinary income tax rates for California personal income tax purposes to the extent of the Fund's earnings and profits.

Interest on indebtedness incurred or continued by a shareholder in connection with the purchase of shares of a Fund will not be deductible for California personal income tax purposes if the Fund distributes California exempt-interest dividends.

------

If a Fund qualifies to pay California exempt-interest dividends, dividends distributed to shareholders will be considered California exempt-interest dividends: (1) if they are designated as exempt-interest dividends by the Fund in a written notice to shareholders and (2) to the extent the interest received by the Fund during the year on California Tax Exempt Obligations exceeds expenses of the Fund that would be disallowed under California personal income tax law as allocable to tax exempt interest if the Fund were an individual. If the aggregate dividends so designated exceed the amount that may be treated as California exempt-interest dividends, only that percentage of each dividend distribution equal to the ratio of aggregate California exempt-interest dividends to aggregate dividends so designated will be treated as a California exempt-interest dividend. Because of these tax exemptions, the Fund may not be a suitable investment for retirement plans and other tax-exempt investors, or for residents of states other than California. The Fund will notify its shareholders of the amount of exempt-interest dividends each year.

*Massachusetts Income Taxes.* The following is a general, abbreviated summary of certain of the provisions of the Massachusetts tax code presently in effect as they directly govern the taxation of shareholders subject to Massachusetts personal income tax. These provisions are subject to change by legislative or administrative action, and any such change may be retroactive. Shareholders are advised to consult with their own tax advisors for more detailed information concerning Massachusetts tax matters.

As of January 1, 2022, Massachusetts adopted the Code in effect on January 1, 2022. Under current law, as long as the Massachusetts Municipal Bond Fund qualifies as a RIC under the Code, distributions from the Fund that qualify as exempt-interest dividends for federal income tax purposes are exempt from Massachusetts personal income taxation, to the extent that the distributions are derived from interest on certain Massachusetts obligations and are properly designated as such in a written notice mailed to the Fund's shareholders not later than 60 days after the close of the Fund's tax year. In addition, as long as the Fund qualifies as a RIC under the Code, distributions which qualify as capital gain dividends for federal income tax purposes also are exempt from Massachusetts personal income taxation, to the extent that the distributions are attributable to gains from the sale or exchange of certain Massachusetts obligations, and are properly designated as such in a written notice mailed to the Fund's shareholders not later than 60 days after the close of the Fund's tax year. Because of these tax exemptions, the Fund may not be a suitable investment for retirement plans and other tax-exempt investors, or for residents of states other than Massachusetts.

*New Jersey Income Taxes.* The following is a general, abbreviated summary of certain of the provisions of the New Jersey tax code presently in effect as they directly govern the taxation of shareholders subject to New Jersey tax. These provisions are subject to change by legislative or administrative action, and any such change may be retroactive. Shareholders are advised to consult with their own tax advisors for more detailed information concerning New Jersey tax matters.

For purposes of this discussion of New Jersey taxation, it is assumed that the New Jersey Municipal Bond Fund will continue to qualify as a RIC under the Code. Distributions paid by the Fund will not be subject to the New Jersey Gross Income Tax to the extent they are derived from interest income on, and net gain, if any, from the disposition of, obligations issued by New Jersey, its local governmental entities, instrumentalities, or agencies ("New Jersey securities") or direct obligations of the United States, its territories and certain of its agencies and instrumentalities ("Federal Securities") held by the Fund, either when received by the Fund or when credited or distributed to the investors, provided that the Fund meets the New Jersey requirements for a qualified investment fund, which requirements include but are not limited to the following: (1) maintaining its registration as a registered investment company; (2) as of the close of each quarter of the tax year, investing at least 80% of the aggregate principal amount of the Fund's investments, excluding cash and certain specified items, in New Jersey securities or Federal Securities; and (3) investing 100% of its assets in interest bearing obligations, obligations issued at a discount and cash and cash items, including receivables.

For New Jersey Gross Income Tax purposes, net income or gains and distributions derived from investments in securities other than New Jersey securities and Federal Securities, and distributions from net realized capital gains in respect of such investments, would be taxable. Thus, while the Fund intends to invest primarily in obligations that produce interest exempt from federal and New Jersey taxes, if the Fund invests in obligations that pay interest that is not exempt for New Jersey or federal purposes, a portion of the Fund's distributions

------

would be subject to New Jersey tax. Because of these tax exemptions, the Fund may not be a suitable investment for retirement plans and other tax-exempt investors, or for residents of states other than New Jersey.

*New York State and Local Taxes.* The following is a general, abbreviated summary of certain of the provisions of the New York tax code presently in effect as they directly govern the taxation of shareholders subject to New York personal income tax. These provisions are subject to change by legislative or administrative action, and any such change may be retroactive. Shareholders are advised to consult with their own tax advisors for more detailed information concerning New York tax matters.

For purposes of this discussion of New York taxation, it is assumed that the New York Municipal Bond Fund will continue to qualify as a RIC under the Code. Dividends paid by the New York Municipal Bond Fund that are derived from interest on municipal securities issued by New York State and political subdivisions or any agency or instrumentality thereof which interest would be exempt from New York State tax if held by an individual, will be exempt from New York State and New York City personal income taxes, but not corporate franchise taxes. In addition, dividends that are derived from interest on securities issued by the United States and its possessions are exempt from New York State and New York City personal income taxes, but not corporate franchise tax, to the extent that the Fund meets certain requirements, which requirements include but are not limited to the following: (1) at least 50% of the Fund's assets at the end of each quarter of its fiscal year are obligations of the United States and its possessions; and (2) a written notice of the amount of the exempt-interest dividends must be mailed to shareholders within 60 days after the close of the Fund's taxable year. Other dividends and distributions from other Municipal Securities, taxable income and capital gains will not be exempt from New York State and New York City taxes. In addition, interest or indebtedness incurred by a shareholder to purchase or carry shares of a Fund is not deductible for New York personal income tax purposes to the extent that it relates to New York exempt-interest dividends distributed to a shareholder during the taxable year. Because of these tax exemptions, the Fund may not be a suitable investment for retirement plans and other tax-exempt investors, or for residents of states other than New York.

*Pennsylvania Taxes.* The following is a general, abbreviated summary of certain of the provisions of the Pennsylvania tax code presently in effect as they directly govern the taxation of shareholders subject to Pennsylvania personal income tax. These provisions are subject to change by legislative or administration action, and any such change may be retroactive. Shareholders are advised to consult with their own tax advisors for more detailed information concerning Pennsylvania tax matters.

The Fund intends to invest primarily in obligations that produce interest exempt from federal and Pennsylvania taxes. If the Fund invests in obligations that pay interest that is not exempt for Pennsylvania purposes but is exempt for federal purposes, a portion of the Fund's distributions will be subject to Pennsylvania personal income tax. Because of these tax exemptions, the Fund may not be a suitable investment for retirement plans and other tax-exempt investors, or for residents of states other than Pennsylvania.

Shareholders should consult their own tax advisors regarding the specific tax consequences of an investment in the Funds.

------

PORTFOLIO TRANSACTIONS

Brokerage Transactions. Generally, equity securities are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Funds will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark-up or reflect a dealer's mark-down. When a Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

Brokerage Selection. The Trust has no obligation to deal with any dealer or group of brokers or dealers in the execution of transactions in portfolio securities. Subject to policies established by the Trustees, SIMC and the Funds' Sub-Advisers are responsible for placing orders to execute Fund transactions. In placing brokerage orders, it is the Trust's policy to seek to obtain the best net results taking into account such factors as price (including the applicable dealer spread), size, type and difficulty of the transaction involved, the firm's general execution and operational facilities and the firm's risk in positioning the securities involved. While SIMC and the Funds' Sub-Advisers generally seek reasonably competitive spreads or commissions, the Trust will not necessarily be paying the lowest spread or commission available. The Trust will not purchase portfolio securities from any affiliated person acting as principal except in conformity with the regulations of the SEC. The Trust does not expect to use one particular broker or dealer, and when one or more brokers is believed capable of providing the best combination of price and execution, SIMC or the Fund's Sub-Adviser, as applicable, may cause the Trust to select a broker based upon brokerage or research services provided to SIMC or the Fund's Sub-Adviser. SIMC and the Funds' Sub-Advisers may pay a higher commission than otherwise obtainable from other brokers in return for such services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

SIMC also from time to time executes trades with the Distributor, acting as introducing broker, in connection with the transition of the securities and other assets included in a Fund's portfolio when there is a change in Sub-Advisers in the Fund or a reallocation of assets among the Funds' Sub-Advisers. An unaffiliated third-party broker selected by SIMC or the relevant Sub-Adviser provides execution and clearing services with respect to such trades and is compensated for such services out of the commission paid to the Distributor on the trades. All such transactions effected using the Distributor as introducing broker must be accomplished in a manner that is consistent with the Trust's policy to achieve best net results and must comply with the Trust's procedures regarding the execution of Fund transactions through affiliated brokers.

Section 28(e) of the 1934 Act ("Section 28(e)") permits SIMC and the Funds' Sub-Advisers, under certain circumstances, to cause a Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. Brokerage and research services include: (i) furnishing advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; (ii) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (iii) effecting securities transactions and performing functions incidental thereto (such as clearance, settlement and custody). In the case of research services, SIMC and the Funds' Sub-Advisers believe that access to independent investment research is beneficial to their investment decision-making processes and, therefore, to the Funds. In addition to agency transactions, SIMC and the Funds' Sub-Advisers may receive brokerage and research services in connection with certain riskless principal transactions, in accordance with applicable SEC guidance.

To the extent research services may be a factor in selecting brokers, such services may be in written form or through direct contact with individuals and may include information as to particular companies and securities as well as market, economic or institutional areas and information that assist in the valuation and pricing of

------

investments. Examples of research-oriented services for which SIMC or the Funds' Sub-Advisers might utilize Fund commissions include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis. SIMC or the Funds' Sub-Advisers may use research services furnished by brokers in servicing all client accounts and not all services may necessarily be used in connection with the account that paid commissions to the broker providing such services. Information so received by SIMC or the Funds' Sub-Advisers will be in addition to and not in lieu of the services required to be performed by SIMC or the Funds' Sub-Advisers under their Investment Advisory Agreements. Any advisory or other fees paid to SIMC or the Funds' Sub-Advisers are not reduced as a result of the receipt of research services.

In some cases SIMC or the Funds' Sub-Advisers may receive a service from a broker that has both a "research" and a "non-research" use. When this occurs, SIMC or a Sub-Adviser, as applicable, makes a good faith allocation, under all the circumstances, between the research and non-research uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while SIMC or the Funds' Sub-Advisers will use their own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, SIMC and the Funds' Sub-Advisers face a potential conflict of interest, but SIMC and the Funds' Sub-Advisers believe that their respective allocation procedures are reasonably designed to ensure that they appropriately allocate the anticipated use of such services to their research and non-research uses.

From time to time, the Funds may purchase new issues of securities for clients in a fixed price offering. In these situations, the seller may be a member of the selling group that will, in addition to selling securities, provide SIMC or the Funds' Sub-Advisers with research services. The Financial Industry Regulatory Authority has adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the seller will provide research "credits" in these situations at a rate that is higher than that which is available for typical secondary market transactions. These arrangements may not fall within the safe harbor of Section 28(e).

The Funds do not direct brokerage to brokers in recognition of, or as compensation for, the promotion or sale of Fund shares.

For the fiscal years ended August 31, 2023, 2024 and 2025, the Funds, with the exception of the Tax-Advantaged Income Fund, paid no brokerage commissions. For the fiscal years ended August 31, 2023, 2024 and 2025, the Tax-Advantaged Income Fund paid the following brokerage fees:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid to<br>Affiliated Brokers<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid to<br>Affiliated Brokers<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid to<br>Affiliated Brokers<br>(000) | % of Total<br>Brokerage<br>Commissions<br>Paid to the<br>Affiliated<br>Brokers | % of Total<br>Brokerage<br>Transactions<br>Effected Through<br>Affiliated Brokers |
| Fund | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 | 2025 | 2025 |
| Tax-Advantaged Income Fund | $6 | $8 | $7 | $0 | $0 | $0 | 0% | 0% |

---

The money market securities in which certain of the Funds invest are traded primarily in the over-the-counter market. Bonds and debentures are usually traded over-the-counter, but may be traded on an exchange. Where possible, SIMC or the Funds' Sub-Advisers will deal directly with the dealers who make a market in the securities involved, except in those circumstances where they reasonably believe that better prices and execution may be available elsewhere. Such dealers usually are acting as principal for their own account. On occasion, securities may be purchased directly from the issuer. Money market securities are generally traded on a net basis and do not normally involve either brokerage commissions or transfer taxes. The cost of executing portfolio securities transactions of the Funds will primarily consist of dealer spreads and underwriting commissions.

Brokerage with Fund Affiliates. It is expected that certain of the Funds may execute brokerage or other agency transactions through the Distributor, a registered broker-dealer, for a commission, in conformity with the 1940 Act, the 1934 Act and rules, or any orders of the SEC. These provisions require that commissions paid

------

to the Distributor by the Trust for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts that are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." In addition, the Funds may direct commission business to one or more designated broker-dealers, including the Distributor, in connection with payment of certain of the Funds' expenses by such broker-dealers. The Trustees, including those who are not "interested persons" of the Trust, have adopted procedures for evaluating the reasonableness of commissions paid to the Distributor and will review these procedures periodically. The Trust will not purchase portfolio securities from any affiliated person acting as principal except in conformity with the regulations or any orders of the SEC.

PORTFOLIO TURNOVER

It is expected that the portfolio turnover rate will normally not exceed 100% for any Fund. A portfolio turnover rate would exceed 100% if all of its securities, exclusive of U.S. Government securities and other securities whose maturities at the time of acquisition are one year or less, are replaced in the period of one year. Turnover rates may vary from year to year and may be affected by cash requirements for redemptions and by requirements that enable a Fund to receive favorable tax treatment.

For each of the fiscal years ending August 31, 2024 and 2025, the portfolio turnover rates for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| | Turnover Rate | Turnover Rate |
| Fund | 2024 | 2025 |
| Intermediate-Term Municipal Fund | 24% | 25% |
| Short Duration Municipal Fund | 37% | 31% |
| California Municipal Bond Fund | 26% | 28% |
| Massachusetts Municipal Bond Fund | 21% | 20% |
| New Jersey Municipal Bond Fund | 21% | 25% |
| New York Municipal Bond Fund\* | 19% | 40% |
| Pennsylvania Municipal Bond Fund | 20% | 18% |
| Tax-Advantaged Income Fund | 23% | 20% |

---

\* The New York Municipal Bond Fund experienced increased portfolio turnover due to purchase and redemption activity during the period.

DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION

The Funds' portfolio holdings can be obtained on the Internet at the following address: http://www.seic.com/holdings (the "Portfolio Holdings Website"). The Board has approved a policy that provides that portfolio holdings may not be made available to any third-party until after such information has been posted on the Portfolio Holdings Website, with limited exceptions noted below. This policy seeks to ensure that the disclosure of information regarding the Funds' portfolio securities is in the best interests of Fund shareholders, and includes procedures to address conflicts of interest.

Five calendar days after each month end, a list of all portfolio holdings in each Fund as of the end of such month shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information may be delivered directly to any person that requests it, through electronic or any other means. The portfolio holdings information placed on the Portfolio Holdings Website shall remain there until the fifth calendar day of the thirteenth month after the date to which the data relates, at which time it will be permanently removed from the site.

Portfolio holdings information may be provided to independent third-party fund reporting services (*e.g.,* Broadridge, Lipper or Morningstar) for a legitimate business purpose, but will be delivered no earlier than the date such information is posted on the Portfolio Holdings Website, unless the reporting service executes a

------

confidentiality agreement with the Trust that is satisfactory to the Trust's officers and that provides that the reporting service will keep the information confidential and will not trade on the information.

Portfolio holdings information may also be provided at any time and as frequently as daily to the Funds' Trustees, SIMC, the Sub-Advisers, the Distributor, the Administrator and certain other service providers, as well as additional contractors and vendors that may include, but are not limited to: the custodian and sub-custodian, the transfer agent, attorneys, independent auditors, securities lending agents, tax filing and reclamation vendors, class-action monitoring and filing vendors, printing and filing vendors, proxy vendors and providers of portfolio monitoring and analytical tools. Service providers will be subject to a duty of confidentiality with respect to any portfolio holdings information, whether imposed by a confidentiality agreement, the provisions of the service provider's contract with the Trust, or by the nature of its relationship with the Trust, and such service providers will be prohibited from trading on the information.

Portfolio holdings of a Fund may also be provided to a prospective service provider for that Fund, so long as the prospective service provider executes a confidentiality agreement with the Fund in such form as deemed acceptable by an officer of the Fund. Additionally, a Sub-Adviser may provide portfolio holdings information to third-party service providers in connection with its duties as a Sub-Adviser, provided that the Sub-Adviser is responsible for such third-party's confidential treatment of such data. The Sub-Adviser is also obligated, pursuant to its fiduciary duty to the relevant Fund, to ensure that any third-party service provider will keep the information confidential and has a duty not to trade on any portfolio holdings information it receives other than subject to the Sub-Adviser's instruction.

The Board exercises on-going oversight of the disclosure of Fund portfolio holdings by overseeing the implementation of the Funds' policies and procedures by the CCO.

Neither the Funds, SIMC, nor any other service provider to the Funds may receive compensation or other consideration for providing portfolio holdings information.

The Trust files a complete schedule of the Funds' investments within 60 days after the end of the Fund's first and third fiscal quarter pursuant to Form N-CSR and/or as exhibits to Form N-PORT.

DESCRIPTION OF SHARES

The Declaration of Trust authorizes the issuance of an unlimited number of shares of each Fund, each of which represents an equal proportionate interest in that Fund. Each share upon liquidation entitles a shareholder to a pro rata share in the net assets of that Fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees of the Trust may create additional portfolios of shares or classes of portfolios. Share certificates representing the shares will not be issued.

LIMITATION OF TRUSTEES' LIABILITY

The Declaration of Trust provides that a Trustee shall be liable only for his own willful defaults and, if reasonable care has been exercised in the selection of officers, agents, employees or administrators, shall not be liable for any neglect or wrongdoing of any such person. The Declaration of Trust also provides that the Trust will indemnify its Trustees and officers against liabilities and expenses incurred in connection with actual or threatened litigation in which they may be involved because of their offices with the Trust unless it is determined in the manner provided in the Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the Trust. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for his willful misfeasance, bad faith, gross negligence or reckless disregard of his duties.

CODES OF ETHICS

The Board has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, SIMC, the Funds' Sub-Advisers and the Distributor have adopted Codes of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of trustees, officers and certain employees ("access persons").

------

Rule 17j-1 and the Codes of Ethics are reasonably designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. Under each Code of Ethics, access persons at most Sub-Advisers are permitted to engage in personal securities transactions, including securities that may be purchased or held by the Funds (with the exception of Spectrum), but are required to report their personal securities transactions for monitoring purposes. In addition, certain access persons are required to obtain approval before investing in initial public offerings or private placements or are prohibited from making such investments. Access persons at certain Sub-Advisers may be prohibited from engaging in personal securities transactions entirely. Copies of these Codes of Ethics are on file with the SEC and are available to the public.

VOTING

Each share held entitles the shareholder of record to one vote. Shareholders of each Fund or class will vote separately on matters pertaining solely to that Fund or class, such as any distribution plan. As a Massachusetts business trust, the Trust is not required to hold annual meetings of shareholders, but approval will be sought for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances. In addition, a Trustee may be removed by the remaining Trustees or by shareholders at a special meeting called upon written request of shareholders owning at least 10% of the outstanding shares of the Trust. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

Where the Prospectuses for the Funds or SAI state that an investment limitation or a fundamental policy may not be changed without shareholder approval, such approval means the vote of: (i) 67% or more of a Fund's shares present at a meeting if the holders of more than 50% of the outstanding shares of the Fund are present or represented by proxy; or (ii) more than 50% of a Fund's outstanding shares, whichever is less.

SHAREHOLDER LIABILITY

The Trust is an entity of the type commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders of such a Trust could, under certain circumstances, be held personally liable as partners for the obligations of the Trust. Even if, however, the Trust were held to be a partnership, the possibility of the shareholders incurring financial loss for that reason appears remote because the Trust's Declaration of Trust contains an express disclaimer of shareholder liability for obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by or on behalf of the Trust or the Trustees and because the Declaration of Trust provides for indemnification out of the Trust property for any shareholders held personally liable for the obligations of the Trust.

CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES

As of December 16, 2025, the following persons were the only persons who were record owners (or to the knowledge of the Trust, beneficial owners) of 5% and 25% or more of the shares of the Funds. Persons who owned of record or beneficially more than 25% of a Fund's outstanding shares may be deemed to control the Fund within the meaning of the 1940 Act. Shareholders controlling the Fund could have the ability to vote a majority of the shares of the Fund on any matter requiring the approval of shareholders of the Fund. The Trust believes that most of the shares referred to below were held by the persons indicated in accounts for their fiduciary, agency or custodial customers.

---

| | | |
|:---|:---|:---|
| Name and Address of Shareholder | Number of Shares | Percent of Fund/Class |
| Intermediate-Term Municipal Fund—Class F | Intermediate-Term Municipal Fund—Class F | Intermediate-Term Municipal Fund—Class F |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 101996390.820 | 83.91% |

---

------

---

| | | |
|:---|:---|:---|
| Name and Address of Shareholder | Number of Shares | Percent of Fund/Class |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 12995795.264 | 10.69% |
| Intermediate-Term Municipal Fund—Class Y | Intermediate-Term Municipal Fund—Class Y | Intermediate-Term Municipal Fund—Class Y |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 7360455.725 | 42.92% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 4242789.107 | 24.74% |
| SEI Private Trust Company<br>c/o Private Wealth Management <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1372069.750 | 8.00% |
| Short Duration Municipal Fund—Class F | Short Duration Municipal Fund—Class F | Short Duration Municipal Fund—Class F |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 54988986.295 | 79.58% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 10899269.185 | 15.77% |
| Short Duration Municipal Fund—Class Y | Short Duration Municipal Fund—Class Y | Short Duration Municipal Fund—Class Y |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 2552490.638 | 47.02% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 812739.736 | 14.97% |
| SEI Private Trust Company<br>c/o Private Wealth Management <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 510374.985 | 9.40% |

---

------

---

| | | |
|:---|:---|:---|
| Name and Address of Shareholder | Number of Shares | Percent of Fund/Class |
| SEI Private Trust Company<br>c/o Private Wealth Management <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 365670.740 | 6.74% |
| California Municipal Bond Fund—Class F | California Municipal Bond Fund—Class F | California Municipal Bond Fund—Class F |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 15850562.876 | 79.30% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 2932352.374 | 14.67% |
| California Municipal Bond Fund—Class Y | California Municipal Bond Fund—Class Y | California Municipal Bond Fund—Class Y |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1411231.439 | 76.01% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 403223.122 | 21.72% |
| Massachusetts Municipal Bond Fund—Class F | Massachusetts Municipal Bond Fund—Class F | Massachusetts Municipal Bond Fund—Class F |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 4618866.481 | 78.34% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 716976.518 | 12.16% |
| SEI Private Trust Company<br>c/o Bluestone Bank <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 385172.542 | 6.53% |

---

------

---

| | | |
|:---|:---|:---|
| Name and Address of Shareholder | Number of Shares | Percent of Fund/Class |
| Massachusetts Municipal Bond Fund—Class Y | Massachusetts Municipal Bond Fund—Class Y | Massachusetts Municipal Bond Fund—Class Y |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 12487.511 | 82.33% |
| SEI Corp<br>ATTN: Corporate Finance <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1851.852 | 12.21% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 827.689 | 5.46% |
| New Jersey Municipal Bond Fund—Class F | New Jersey Municipal Bond Fund—Class F | New Jersey Municipal Bond Fund—Class F |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 7891011.083 | 87.78% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 882761.527 | 9.82% |
| New Jersey Municipal Bond Fund—Class Y | New Jersey Municipal Bond Fund—Class Y | New Jersey Municipal Bond Fund—Class Y |
| Raymond James<br>Omnibus for Mutual Funds <br>ATTN: Courtney Waller <br>880 Carillon Pkwy <br>St Petersburg, FL 33716-1102 | 12301.493 | 36.47% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 8374.194 | 24.83% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 8080.864 | 23.96% |
| UBS WM USA<br>Omnibus Account M/F <br>ATTN: Department Manager <br>1000 Harbor Boulevard <br>Weehauken, NJ 07086-6761 | 3057.130 | 9.06% |

---

------

---

| | | |
|:---|:---|:---|
| Name and Address of Shareholder | Number of Shares | Percent of Fund/Class |
| SEI Corp<br>ATTN: Corporate Finance <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1913.876 | 5.67% |
| New York Municipal Bond Fund—Class F | New York Municipal Bond Fund—Class F | New York Municipal Bond Fund—Class F |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 7995600.926 | 81.44% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1482804.407 | 15.10% |
| New York Municipal Bond Fund—Class Y | New York Municipal Bond Fund—Class Y | New York Municipal Bond Fund—Class Y |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 696569.702 | 80.78% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 129081.190 | 14.97% |
| Pennsylvania Municipal Bond Fund—Class F | Pennsylvania Municipal Bond Fund—Class F | Pennsylvania Municipal Bond Fund—Class F |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 10861709.568 | 84.66% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1261783.673 | 9.84% |
| Pennsylvania Municipal Bond Fund—Class Y | Pennsylvania Municipal Bond Fund—Class Y | Pennsylvania Municipal Bond Fund—Class Y |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 7257.988 | 63.23% |

---

------

---

| | | |
|:---|:---|:---|
| Name and Address of Shareholder | Number of Shares | Percent of Fund/Class |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 2366.606 | 20.62% |
| SEI Corp<br>ATTN: Corporate Finance <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1853.568 | 16.15% |
| Tax-Advantaged Income Fund—Class F | Tax-Advantaged Income Fund—Class F | Tax-Advantaged Income Fund—Class F |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 51382464.426 | 78.18% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 10816659.184 | 16.46% |
| Tax-Advantaged Income Fund—Class Y | Tax-Advantaged Income Fund—Class Y | Tax-Advantaged Income Fund—Class Y |
| SEI Private Trust Company<br>c/o Private Wealth Management <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 10154329.835 | 45.14% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 4796125.951 | 21.32% |
| SEI Private Trust Company<br>c/o Private Wealth Management <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 4452205.889 | 19.79% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1124655.481 | 5.00% |

---

------

CUSTODIAN

U.S. Bank National Association, ("U.S. Bank"), 425 Walnut Street, Cincinnati, Ohio 45202 (the "Custodian"), serves as custodian of the Trust's assets and acts as wire agent of the Trust. The Custodian holds cash, securities and other assets of the Trust as required by the 1940 Act.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

KPMG LLP, located at 1735 Market Street, Philadelphia, Pennsylvania 19103, serves as the Trust's independent registered public accounting firm.

LEGAL COUNSEL

Morgan, Lewis & Bockius LLP, located at 2222 Market Street, Philadelphia, Pennsylvania 19103, serves as counsel to the Trust.

------

APPENDIX A

DESCRIPTION OF RATINGS

Description of Ratings

The following descriptions of securities ratings have been published by Moody's Investors Services, Inc. ("Moody's"), S&P Global Ratings ("S&P"), and Fitch Ratings ("Fitch"), respectively.

Description of Moody's Global Ratings

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Description of Moody's Global Long-Term Ratings

Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B Obligations rated B are considered speculative and are subject to high credit risk.

Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*Note*: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Hybrid Indicator (hyb)

The hybrid indicator (hyb) is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

------

Description of Moody's Global Short-Term Ratings

P-1 Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2 Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

P-3 Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

Description of Moody's U.S. Municipal Short-Term Obligation Ratings

The Municipal Investment Grade ("MIG") scale is used to rate U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

Moody's U.S. municipal short-term obligation ratings are as follows:

MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

SG This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

Description of Moody's Demand Obligation Ratings

In the case of variable rate demand obligations ("VRDOs"), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the Variable Municipal Investment Grade ("VMIG") scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade. For VRDOs, Moody's typically assigns a VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years, but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

Moody's demand obligation ratings are as follows:

VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

------

SG This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

Description of S&P's Issue Credit Ratings

An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

• The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

• The nature and provisions of the financial obligation, and the promise S&P imputes; and

• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

NR indicates that a rating has not been assigned or is no longer assigned.

Description of S&P's Long-Term Issue Credit Ratings\*

AAA An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

AA An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

A An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

BBB An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

------

BB; B; CCC; Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative

CC; and C characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

BB An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

B An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

CCC An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

CC An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

C An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

D An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\*Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

Description of S&P's Short-Term Issue Credit Ratings

A-1 A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

A-2 A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

A-3 A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

------

B A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

C A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

D A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

Description of S&P's Municipal Short-Term Note Ratings

An S&P U.S. municipal note rating reflects S&P's opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P's analysis will review the following considerations:

• Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

• Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

S&P's municipal short-term note ratings are as follows:

SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

SP-3 Speculative capacity to pay principal and interest.

D 'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

Description of Fitch's Credit Ratings

Fitch's credit ratings relating to issuers are forward looking opinions on the relative ability of an entity or obligation to meet financial commitments. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation. Credit ratings are used as indications of the likelihood of repayment in accordance with the terms of the issuance.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for AA through CCC levels indicating relative differences of probability of default or recovery for issues. The terms "investment grade" and "speculative grade" are market conventions and do not imply any recommendation or endorsement of a specific security for

------

investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative grade categories signal either a higher level of credit risk or that a default has already occurred.

Fitch may also disclose issues relating to a rated issuer that are not and have not been rated. Such issues are also denoted as 'NR' on its webpage.

Fitch's credit ratings do not directly address any risk other than credit risk. Credit ratings do not deal with the risk of market value loss due to changes in interest rates, liquidity and/or other market considerations. However, market risk may be considered to the extent that it influences the ability of an issuer to pay or refinance a financial commitment.

Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of payments linked to performance of an index).

Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (*i.e.* rate to a higher or lower standard than that implied in the obligation's documentation).

Description of Fitch's Long-Term Corporate Finance Obligations Ratings

AAA Highest credit quality. 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA Very high credit quality. 'AA' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A High credit quality. 'A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB Good credit quality. 'BBB' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

BB Speculative. 'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

B Highly speculative. 'B' ratings indicate that material credit risk is present.

CCC Substantial credit risk. 'CCC' ratings indicate that substantial credit risk is present.

CC Very high levels of credit risk. 'CC' ratings indicate very high levels of credit risk.

C Exceptionally high levels of credit risk. 'C' ratings indicate exceptionally high levels of credit risk.

Ratings in the categories of 'CCC', 'CC' and 'C' can also relate to obligations or issuers that are in default. In this case, the rating does not opine on default risk but reflects the recovery expectation only.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'CCC' to 'C' rating categories, depending on their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

------

Description of Fitch's Short-Term Ratings

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

Fitch's short-term ratings are as follows:

F1 Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

F2 Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

F3 Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

B Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

C High short-term default risk. Default is a real possibility.

RD Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

D Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

------

**PART C: OTHER INFORMATION**

**Item 28. *Exhibits:***

(a) [Amended and Restated Agreement and Declaration of Trust, dated September 14, 2016](https://www.sec.gov/Archives/edgar/data/701817/000110465916163755/a16-21350_1ex99dba.htm)

(b) [Amended and Restated By-Laws, dated September 13, 2011](https://www.sec.gov/Archives/edgar/data/701817/000110465911069958/a11-29139_1ex99dbb.htm)

(c) Not Applicable.

(d)(1) [Investment Advisory Agreement, dated April 16, 1996, between the Trust and SEI Investments Management Corporation ("SIMC") (formerly "SEI Financial Management Corporation")](https://www.sec.gov/Archives/edgar/data/701817/0001047469-97-008231.txt)

(d)(2) [Schedule B, dated August 29, 2000, to the Investment Advisory Agreement, dated April 16, 1996, between the Trust and SIMC (formerly "SEI Financial Management Corporation") with respect to the Pennsylvania Municipal Bond Fund](https://www.sec.gov/Archives/edgar/data/701817/000104746902008648/a2093838zex-99_bd4.txt)

(d)(3) [Schedule D, dated September 17, 2003, to the Investment Advisory Agreement, dated April 16, 1996, between the Trust and SIMC (formerly "SEI Financial Management Corporation") with respect to the Short Duration Municipal Fund](https://www.sec.gov/Archives/edgar/data/701817/000110465904032709/a04-10540_1ex99dbd10.htm)

(d)(4) [Schedule F, dated October 7, 2005, to the Investment Advisory Agreement, dated April 16, 1996, between the Trust and SIMC (formerly "SEI Financial Management Corporation") with respect to the New York Municipal Bond Fund (f/k/a New York Intermediate Term Municipal Portfolio), New Jersey Municipal Bond Fund (f/k/a New Jersey Tax Free Portfolio), Massachusetts Municipal Bond Fund (f/k/a Massachusetts Tax Free Portfolio) and the California Municipal Bond Fund (f/k/a California Tax Free Portfolio)](https://www.sec.gov/Archives/edgar/data/701817/000110465905051003/a05-17005_1ex99dbd13.htm)

(d)(5) [Schedule G, dated March 14, 2007, to the Investment Advisory Agreement, dated April 16, 1996, between the Trust and SIMC (formerly "SEI Financial Management Corporation") with respect to the Tax-Advantaged Income Fund](https://www.sec.gov/Archives/edgar/data/701817/000110465907028350/a07-3062_1ex99dbd8.htm)

(d)(6) [Investment Sub-Advisory Agreement, dated November 1, 2021, between SIMC and Allspring Global Investments LLC with respect to the Short Duration Municipal and Tax-Advantaged Income Funds](https://www.sec.gov/Archives/edgar/data/701817/000110465921153168/tm2131135d1_ex99-d6.htm)

(d)(7) [Investment Sub-Advisory Agreement, dated September 1, 2021, between SIMC and Insight North America LLC with respect to the Intermediate-Term Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond and Pennsylvania Municipal Bond Funds](https://www.sec.gov/Archives/edgar/data/701817/000110465921153168/tm2131135d1_ex99-d8.htm)

(d)(8) [Investment Sub-Advisory Agreement, dated May 4, 2009, between SIMC and Neuberger Berman Investment Advisers LLC (f/k/a Neuberger Berman Fixed Income LLC) with respect to the Massachusetts Municipal Bond (f/k/a Massachusetts Tax Free Money Market) and Short Duration Municipal Funds](https://www.sec.gov/Archives/edgar/data/701817/000110465909061558/a09-27024_1ex99dbd18.htm)

(d)(9) [Amendment, dated January 1, 2016 to the Investment Sub-Advisory Agreement dated May 4, 2009, between SIMC and Neuberger Berman Investment Advisers LLC (f/k/a Neuberger Berman Fixed Income LLC) with respect to the Massachusetts Municipal Bond (f/k/a Massachusetts Tax Free Money Market) and Short Duration Municipal Funds](https://www.sec.gov/Archives/edgar/data/701817/000110465916163755/a16-21350_1ex99dbd9.htm)

(d)(10) [Investment Sub-Advisory Agreement, dated December 1, 2025, between SIMC and Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust with respect to the Intermediate-Term Municipal Fund (filed herewith)](tm2529262d1_ex99-bxdx10.htm)

(d)(11) [Investment Sub-Advisory Agreement, dated May 18, 2007, between SIMC and Pacific Investment Management Company LLC with respect to the Tax-Advantaged Income Fund](https://www.sec.gov/Archives/edgar/data/701817/000110465907091347/a07-26571_1ex99dbd19.htm)

(d)(12) [Investment Sub-Advisory Agreement, dated March 16, 2007, between SIMC and Spectrum Asset Management, Inc. with respect to the Tax-Advantaged Income Fund](https://www.sec.gov/Archives/edgar/data/701817/000110465907028350/a07-3062_1ex99dbd20.htm)

(d)(13) [Amended Schedule B, as last revised February 17, 2021, to the Investment Sub-Advisory Agreement, dated March 16, 2007, between SIMC and Spectrum Asset Management, Inc. with respect to the Tax-Advantaged Income Fund](https://www.sec.gov/Archives/edgar/data/701817/000110465921153168/tm2131135d1_ex99-d13.htm)

(d)(14) [Investment Sub-Advisory Agreement, dated July 1, 2019, between SIMC and Wellington Management Company LLP with respect to the Intermediate-Term Municipal Fund](https://www.sec.gov/Archives/edgar/data/701817/000110465919075694/a19-24947_1ex99dbd16.htm)

(d)(15) [Amended Schedule B, as last revised April 15, 2024, to the Investment Sub-Advisory Agreement, dated July 1, 2019, between SIMC and Wellington Management Company, LLP with respect to the Intermediate-Term Municipal Fund](https://www.sec.gov/Archives/edgar/data/701817/000110465924131310/tm2427211d1_ex99-bxdx16.htm)

(e)(1) [Amended and Restated Distribution Agreement, dated September 16, 2002, between the Trust and SEI Investments Distribution Co. ("SIDCo.")](https://www.sec.gov/Archives/edgar/data/701817/000104746902008648/a2093838zex-99_be.txt)

(e)(2) [Schedule B, dated March 14, 2007, to the Distribution Agreement, dated September 16, 2002, between the Trust and SIDCo](https://www.sec.gov/Archives/edgar/data/701817/000110465907028350/a07-3062_1ex99dbe2.htm)

(f) Not Applicable.

(g)(1) [Amended and Restated Multi-Trust Custody Agreement, dated June 14, 2013, between the Trust and U.S. Bank National Association](https://www.sec.gov/Archives/edgar/data/701817/000110465913092673/a13-21820_1ex99dbg1.htm)

(g)(2) [Eleventh Amendment to the Amended and Restated Multi-Trust Custody Agreement, dated August 1, 2016, between the Registrant and U.S. Bank National Association](https://www.sec.gov/Archives/edgar/data/701817/000110465919075694/a19-24947_1ex99dbg2.htm)

(g)(3) [Thirteenth Amendment to the Amended and Restated Multi-Trust Custody Agreement, dated December 11, 2017, between the Registrant and U.S. Bank National Association](https://www.sec.gov/Archives/edgar/data/701817/000110465919075694/a19-24947_1ex99dbg3.htm)

(h)(1) [Amended and Restated Administration and Transfer Agency Agreement, dated December 10, 2003, between the Trust and SEI Global Funds Services (f/k/a/ SEI Investments Fund Management) ("SIGFS")](https://www.sec.gov/Archives/edgar/data/701817/000110465904032709/a04-10540_1ex99dbh1.htm)

(h)(2) [Amended Schedule D, as last revised January 1, 2017, to the Amended and Restated Administration and Transfer Agency Agreement, dated December 10, 2003, between the Trust and SIGFS](https://www.sec.gov/Archives/edgar/data/701817/000110465916163755/a16-21350_1ex99dbh2.htm)

(h)(3) [Class A Shares Shareholder Service Plan and Agreement, dated May 1, 1996, between the Trust and SIDCo.](https://www.sec.gov/Archives/edgar/data/701817/000110465920139246/tm2037383d1_exh3.htm)

(i) [Opinion and Consent of Counsel (filed herewith)](tm2529262d1_ex99-bxi.htm)

(j) [Consent of Independent Registered Public Accounting Firm (filed herewith)](tm2529262d1_ex99-bxj.htm)

(k) Not Applicable.

(l) Not Applicable.

(m) Not Applicable.

(n) [Second Amended and Restated Rule 18f-3 Multiple Class Plan, dated June 22, 2015](https://www.sec.gov/Archives/edgar/data/701817/000110465915087062/a15-23571_1ex99dbn.htm)

(o) Not Applicable.

(p)(1) [The Code of Ethics for SIMC, dated April 18, 2024 (filed herewith)](tm2529262d1_ex99-bxpx1.htm)

(p)(2) [The Code of Ethics for SIDCo., dated February 29, 2024](https://www.sec.gov/Archives/edgar/data/701817/000110465924131310/tm2427211d1_ex99-bxpx2.htm)

(p)(3) [The Code of Ethics for SIGFS, dated September 2023](https://www.sec.gov/Archives/edgar/data/701817/000110465924131310/tm2427211d1_ex99-bxpx3.htm)

(p)(4) [The Code of Ethics for SEI Tax Exempt Trust, revised as of March 2022](https://www.sec.gov/Archives/edgar/data/701817/000110465922129943/tm2230702d1_ex99-bp4.htm)

(p)(5) [The Code of Ethics for Allspring Global Investments LLC, dated September 1, 2025 (filed herewith)](tm2529262d1_ex99-bxpx5.htm)

(p)(6) [The Code of Ethics for Insight North America LLC (f/k/a BNY Mellon Asset Management North America Corporation), dated March 2021](https://www.sec.gov/Archives/edgar/data/701817/000110465921153168/tm2131135d1_ex99-p7.htm)

(p)(7) [The Code of Ethics for Neuberger Berman Investment Advisers LLC, dated January 31, 2025 (filed herewith)](tm2529262d1_ex99-bxpx7.htm)

(p)(8) [The Code of Ethics for Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, dated December 1, 2025 (filed herewith)](tm2529262d1_ex99-bxpx8.htm)

(p)(9) [The Code of Ethics for Pacific Investment Management Company LLC, dated July 2025 (filed herewith)](tm2529262d1_ex99-bxpx9.htm)

(p)(10) [The Code of Ethics for Spectrum Asset Management, Inc., dated November 12, 2025 (filed herewith)](tm2529262d1_ex99-bxpx10.htm)

(p)(11) [The Code of Ethics for Wellington Management Company LLP, dated December 2023](https://www.sec.gov/Archives/edgar/data/701817/000110465924131310/tm2427211d1_ex99-bxpx11.htm)

(q)(1) [Power of Attorney, dated September 13, 2016, for Robert A. Nesher, James M. Williams, William M. Doran, Nina Lesavoy and Susan C. Cote](https://www.sec.gov/Archives/edgar/data/939934/000110465916158136/a16-19784_1ex99dbq.htm)

(q)(2) [Power of Attorney, dated March 28, 2018, for James B. Taylor](https://www.sec.gov/Archives/edgar/data/701817/000110465918074148/a18-41404_1ex99dbq2.htm)

(q)(3) [Power of Attorney, dated December 4, 2019, for Christine Reynolds](https://www.sec.gov/Archives/edgar/data/701817/000110465919075694/a19-24947_1ex99dbq3.htm)

(q)(4) [Power of Attorney, dated September 23, 2021, for Thomas Melendez](https://www.sec.gov/Archives/edgar/data/701817/000110465921153168/tm2131135d1_ex99-q4.htm)

(q)(5) [Power of Attorney, dated December 20, 2024, for Dennis McGonigle, Eli Powell Niepoky and Kimberly Walker](https://www.sec.gov/Archives/edgar/data/701817/000110465924131310/tm2427211d1_ex99-bxqx5.htm)

**Item 29. *Persons Controlled by or under Common Control with Registrant:***

See the Prospectuses and Statement of Additional Information regarding the Registrant's control relationships. SIMC is a subsidiary of SEI Investments Company, which also controls the Distributor of the Registrant (SIDCo.) and other corporations engaged in providing various financial and record keeping services, primarily to bank trust departments, pension plan sponsors and investment managers.

**Item 30. *Indemnification:***

Article VIII of the Agreement and Declaration of Trust filed as Exhibit 1 to the Registration Statement is incorporated by reference. Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "1933 Act") may be permitted to trustees, directors, officers and controlling persons of the Registrant by the Registrant pursuant to the Declaration of Trust or otherwise, the Registrant is aware that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the 1933 Act and therefore is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by trustees, directors, officers or controlling persons of the Registrant in connection with the successful defense of any act, suit or proceeding) is asserted by such trustees, directors, officers or controlling persons in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issues.

**Item 31. *Business and other Connections of the Investment Adviser:***

The following tables describe other business, profession, vocation or employment of a substantial nature in which each director, officer or partner of the Adviser and each Sub-Adviser is or has been, at any time during the last two fiscal years, engaged for his or her own account or in the capacity of director, officer, employee, partner or trustee. The Adviser's and each Sub-Adviser's table was provided to the Registrant by the Adviser or respective Sub-Adviser for inclusion in this Registration Statement.

**SEI Investments Management Corporation**

SIMC is the Adviser for the Registrant's Funds. The principal business address of SIMC is One Freedom Valley Drive, Oaks, Pennsylvania 19456. SIMC is a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

Unless otherwise noted, the address of all the companies listed below is One Freedom Valley Drive, Oaks, Pennsylvania 19456.

---

| | | |
|:---|:---|:---|
| **Name and Position**<br> **With Investment Adviser** | **Name of Other Company** | **Connection With Other Company** |
| Michael Peterson<br> Director, Senior Vice President & Assistant Secretary | SEI Investments Company | Executive Vice President, General Counsel, Chief Compliance Officer, Secretary |
|  | SEI Trust Company | Director, Vice President |
|  | SEI Funds, Inc. | Vice President, Secretary |
|  | SEI Investments, Inc. | Vice President, Secretary |
|  | SEI Global Investments Corp. | Director, Vice President, Secretary |
|  | SEI Advanced Capital Management, Inc. | Director, Vice President, Secretary |
|  | SEI Primus Holding Corp. | Vice President, Secretary |
|  | SEI Global Services, Inc. | Director, Senior Vice President, Secretary |
|  | SIMC Holdings, LLC | Manager |
|  | SEI Investment Strategies, LLC | Director, Senior Vice President, Secretary |
|  | LSV Asset Management | Management Committee |
|  | SEI Global Capital Investments, Inc. | Vice President, Secretary |

---

---

| | | |
|:---|:---|:---|
|  | SEI Investments (Asia), Limited | Director |
|  | SEI Global Holdings (Cayman) Inc. | Director, Vice President, Secretary |
|  | SEI Investments (South Africa) (PTY) Limited | Director |
|  | SEI Investments Canada Company | Director, Secretary |
|  | SEI Custodial Operations Company, LLC | Manager |
|  | SEI Institutional Transfer Agent, Inc. | Director, Senior Vice President |
|  | SIMC Subsidiary, LLC | Manager |
|  | SEI Ventures, Inc. | Vice President, Secretary |
|  | SEI Investments Developments, Inc. | Vice President, Secretary |
|  | SEI Investments Global Funds Services | Vice President, Assistant Secretary |
|  | SEI Novus, LLC | Senior Vice President, Secretary |
|  | SEI Acquisition Sub, LLC | Senior Vice President, Secretary |
|  | SEI Radar Holding Company LLC | Senior Vice President, Secretary |
|  | SEI Novus Switzerland | Director |
|  | SEI Novus UK Ltd. | Director |
|  | SEI Access Platform, LLC | Senior Vice President and Secretary |
|  | SEI LifeYield, LLC | Senior Vice President and Secretary |
|  | SEI Transfer Agency and Registrar Services, Inc. | Director, Senior Vice President |
| | SEI — Eclipse Holding Company, LLC | Senior Vice President and Secretary |
| James Smigiel<br> Vice President | SEI Investment Strategies, LLC | Vice President |
| James Smigiel<br> Vice President | LSV Asset Management | Management Committee |
| Mark Warner<br> Vice President & Treasurer | SEI Investments Company | Vice President, Controller & Chief Accounting Officer |
|  | SEI Funds Inc. | Director, Vice President, Treasurer |
|  | SEI Investments, Inc. | Director, Vice President, Treasurer |
|  | SEI Global Investments Corp. | Director, Vice President & Treasurer |
|  | SEI Advanced Capital Management, Inc. | Director, Vice President, Treasurer |
|  | SEI Primus Holding Corp. | Director, Vice President, Treasurer |
|  | SEI Investment Strategies, LLC | Vice President, Treasurer |
|  | SEI Global Capital Investments, Inc. | Director, Vice President, Treasurer |
|  | SEI Investments Global (Cayman), Limited | Vice President, Treasurer |
|  | SEI Global Holdings (Cayman) Inc. | Vice President, Assistant Secretary & Treasurer |
|  | SEI Investments Canada Company | Vice President |
|  | SEI Investments Developments, Inc. | Director, Vice President, Treasurer |
|  | SEI Novus, LLC | Treasurer |
|  | SEI Acquisition Sub, LLC | Vice President, Treasurer |
|  | SEI Radar Holding Company LLC | Treasurer |
|  | SEI Trust Company | Vice President, Treasurer |

---

---

| | | |
|:---|:---|:---|
|  | SEI Private Trust Company | Vice President, Treasurer |
|  | SEI Custodial Operations Company, LLC | Vice President, Treasurer |
|  | SEI Global Services Inc. | Vice President |
|  | SEI Access Platform, LLC | Treasurer |
|  | SEI LifeYield, LLC | Treasurer |
| | SEI — Eclipse Holding Company, LLC | Treasurer |
| Timothy D. Barto<br> General Counsel, Vice President & Secretary | SEI Investments Company | Vice President-Legal & Assistant Secretary |
|  | SEI Funds, Inc. | Vice President |
|  | SEI Global Services, Inc. | Vice President |
|  | SIMC Holdings, LLC | Manager |
|  | SEI Investment Strategies, LLC | General Counsel, Vice President, Secretary |
| | SIMC Subsidiary, LLC | Manager |
| David McCann<br> Vice President & Assistant Secretary | SEI Investment Strategies, LLC | Vice President, Assistant Secretary |
| Paul F. Klauder<br> Director & Senior Vice President | SEI Investments Company | Executive Vice President |
|  | SEI Investments Distribution Co. | Director, President and Chief Executive Officer |
|  | SEI Global Services, Inc. | Vice President |
|  | SEI Trust Company | Director, Vice President |
|  | SEI Investments Strategies, LLC | Director |
|  | SEI Investments (Asia), Limited | Director |
|  | SEI Global Holdings (Cayman) Inc. | Director, Vice President |
|  | SEI Investments (South Africa) (PTY) Limited | Director |
|  | SEI Investments Canada Company | Director, Vice President |
|  | SEI Novus, LLC | Chief Executive Officer |
|  | SEI Acquisition Sub, LLC | Chief Executive Officer |
|  | SEI Novus Switzerland | Director |
|  | SEI Novus UK Ltd. | Director |
| | SEI Access Platform, LLC | Senior Vice President |
| Raquell Baker<br> Vice President | SEI Global Services, Inc. | Vice President |
| | SEI Investments Canada Company | Vice President |
| Stephen G. MacRae<br> Vice President | SEI Global Services, Inc. | Vice President |

---

---

| | | |
|:---|:---|:---|
| | SEI Investment Strategies, LLC | President |
| Radoslav K. Koitchev<br> Vice President | SEI Investment Strategies, LLC | Vice President |
| Michael Farrell<br> Vice President | SEI Global Services, Inc. | Vice President |
| Kevin Matthews<br> Vice President | SEI Global Services, Inc. | Vice President |
|  | SEI Investment Strategies, LLC | Director |
|  | SEI Novus, LLC | Vice President |
|  | SEI Acquisition Sub, LLC | Vice President |
| | SEI Investments Canada Company | Vice President |
| Patrick DiLello<br> Vice President & FATCA Responsible Officer | SEI Investments Company | Vice President, FATCA Responsible Officer |
|  | SEI Trust Company | Vice President, FATCA Responsible Officer |
|  | SEI Funds, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Investments, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Global Investments Corp. | Vice President, FATCA Responsible Officer |
|  | SEI Advanced Capital Management, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Primus Holding Corp. | Vice President, FATCA Responsible Officer |
|  | SEI Global Services, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Private Trust Company | Vice President, FATCA Responsible Officer |
|  | SIMC Holdings, LLC | Manager, Vice President, FATCA Responsible Officer |
|  | SEI Investment Strategies, LLC | Vice President, FATCA Responsible Officer |
|  | LSV Asset Management | Vice President, FATCA Responsible Officer |
|  | SEI Global Capital Investments, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Investments (Europe) Ltd. | FATCA Responsible Officer |
|  | SEI Global Nominee Ltd. | FATCA Responsible Officer |
|  | SEI Trustees Limited | FATCA Responsible Officer |
|  | SEI European Services Limited | FATCA Responsible Officer |
|  | SEI Global Holdings (Cayman) Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Investments (South Africa) (PTY) Limited | Vice President, FATCA Responsible Officer |
|  | SEI Investments Global, Limited | Vice President, FATCA Responsible Officer |
|  | SEI Investments Global Fund Services, Limited | Vice President, FATCA Responsible Officer |
|  | SEI Investments Depositary and Custodial Services (Ireland) Limited | Vice President, FATCA Responsible Officer |
|  | SEI Investments Canada Company | Vice President, FATCA Responsible Officer |
|  | SEI Custodial Operations Company, LLC | Vice President, FATCA Responsible Officer |
|  | SEI Institutional Transfer Agent, Inc. | Vice President, FATCA Responsible Officer |
|  | SIMC Subsidiary, LLC | Manager, Vice President, FATCA Responsible Officer |
|  | SEI Ventures, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Investments Developments, Inc. | Vice President, FATCA Responsible Officer |

---

---

| | | |
|:---|:---|:---|
|  | SEI Investments Global Funds Services | Vice President, FATCA Responsible Officer |
|  | SEI Investments-Guernsey Limited | Vice President, FATCA Responsible Officer |
|  | SEI Novus, LLC | Vice President, FATCA Responsible Officer |
|  | SEI Acquisition Sub, LLC | Vice President, FATCA Responsible Officer |
|  | SEI Radar Holding Company LLC | Vice President, FATCA Responsible Officer |
|  | SEI Novus UK Ltd. | FATCA Responsible Officer |
|  | SEI Access Platform, LLC | Vice President, FATCA Responsible Officer |
|  | SEI LifeYield, LLC | Vice President, FATCA Responsible Officer |
|  | SEI Transfer Agency and Registrar Services, Inc. | Vice President, FATCA Responsible Officer |
| | SEI — Eclipse Holding Company, LLC | Vice President, FATCA Responsible Officer |
| Sean Simko<br> Vice President | SEI Global Services, Inc. | Vice President |
| Jennifer Campisi<br> Chief Compliance Officer | SEI Investments Distribution Co. | Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer |
| Erich Holland<br> Vice President | SEI Global Services, Inc. | Vice President |
| Karen Sullivan<br> Vice President | SEI Global Services, Inc. | Vice President |
| Katherine Mason<br> Vice President and Assistant Secretary | SEI Investment Strategies, LLC | Vice President, Assistant Secretary |
| Michael Cagnina<br> Vice President | SEI Novus, LLC | Vice President |
| Jay Cipriano<br> Director and Senior Vice President | SEI Global Services, Inc. | Vice President |
|  | SEI Investment Strategies, LLC | Director, Senior Vice President |
|  | SEI Trust Company | Vice President |
| | SEI Investments Company | Executive Vice President |

---

---

| | | |
|:---|:---|:---|
| J. Womack<br> President | SEI Investment Strategies, LLC | Vice President |
| J. Womack<br> President | SEI Global Services, Inc. | Vice President |
| J. Womack<br> President | SEI Private Trust Company | Director, Vice President |
| | SEI LifeYield, LLC | Vice President |
| Christopher Pettia<br> Vice President | SEI Investment Strategies, LLC | Vice President |
| Philip Kizun<br> Chief Privacy Officer | SEI Global Services, Inc. | Chief Privacy Officer |
| Philip Kizun<br> Chief Privacy Officer | SEI Private Trust Company | Chief Privacy Officer |
| Philip Kizun<br> Chief Privacy Officer | SEI Investments Global Funds Services | Chief Privacy Officer |
| Philip Kizun<br> Chief Privacy Officer | SEI Radar Holding Company LLC | Chief Privacy Officer |
| Tom Hunter<br> Vice President | SEI Investment Strategies, LLC | Vice President |
| Farooq Omer<br> Vice President | SEI Global Services, Inc. | Vice President |
| Patric Carlevato<br> Vice President | SEI Global Services, Inc. | Vice President |
| | SEI Novus, LLC | Vice President |

---

**Allspring Global Investments, LLC**

Allspring Global Investments, LLC ("Allspring Investments") is a Sub-Adviser for the Registrant's Short Duration Municipal and Tax-Advantaged Income Funds. The principal business address of Allspring Investments is 1415 Vantage Park Drive, 3rd Floor. Charlotte, North Carolina 28203. Allspring Investments is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position with Investment<br> Adviser** | **Name and Principal Business**<br> **Address of Other Company** | **Connection with other Company** |
| Sallie Clements Squire<br>Chief Operating Officer | Allspring Global Investments Holdings, LLC<br> 1415 Vantage Park Drive, 3rd Floor<br> Charlotte, North Carolina 28203 | Manager, Chief Operating Officer |
| Sallie Clements Squire<br>Chief Operating Officer | Allspring Funds Distributor, LLC<br> 1415 Vantage Park Drive, 3rd Floor<br> Charlotte, North Carolina 28203 | Chief Operating Officer |
| Sallie Clements Squire<br>Chief Operating Officer | Galliard Capital Management, LLC<br> 800 LaSalle Ave # 1400<br> Minneapolis, MN 55402 | Chief Operating Officer |
| Annette Lege<br>Chief Financial Officer | Allspring Global Investments Holdings, LLC<br> 1415 Vantage Park Drive, 3rd Floor<br> Charlotte, North Carolina 28203 | Chief Financial Officer |
| Annette Lege<br>Chief Financial Officer | Allspring Funds Management, LLC<br> 1415 Vantage Park Drive, 3rd Floor<br> Charlotte, North Carolina 28203 | Chief Financial Officer |
| Annette Lege<br>Chief Financial Officer | Allspring Funds Distributor, LLC<br> 1415 Vantage Park Drive, 3rd Floor<br> Charlotte, North Carolina 28203 | Chief Financial Officer |

---

**Insight North America LLC**

Insight North America LLC ("INA"), is a Sub-Adviser for the Registrant's Intermediate-Term Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond and Pennsylvania Municipal Bond Funds. The principal business address of INA is 200 Park Avenue, New York, New York 10166. INA is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of INA has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Neuberger Berman Investment Advisers LLC**

Neuberger Berman Investment Advisers LLC ("NBIA") is a Sub-Adviser for the Registrant's Short Duration Municipal Fund. The principal business address of NBIA is 1290 Avenue of the Americas, New York, New York 10104. NBIA is a registered investment adviser under the Advisers Act.

NBIA is an indirect subsidiary of Neuberger Berman Group LLC. The directors and executive officers of NBIA set forth in its Form ADV filed with the Securities and Exchange Commissions (File No. 801-61757), and amended through the date hereof, is incorporated by reference. The directors, officers and/or employees of NBIA who are deemed "control persons" are: Joseph Amato, Ashok Bhatia, Kenneth deRegt, Douglas Kramer, and Stephen Wright. These individuals have not been engaged in any other business or profession, vocation or employment of a substantial nature during the past two fiscal years other than in their capacities as a director of NBIA or certain of NBIA's affiliated entities or certain domestic or non-US investment companies.

During the last two fiscal years, no director, officer or partner of NBIA has engaged in any business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust**

Nomura Investments Fund Advisers ("NIFA"), with principal offices at 100 Independence, 610 Market Street, Philadelphia, Pennsylvania 19106, is a series of Nomura Investment Management Business Trust ("NIMBT"). NIMBT is a registered investment adviser under the Advisers Act.

Unless otherwise noted, the following persons serving as directors or officers of NIFA have held the following positions during the past two fiscal years. The principal business address of Nomura Asset Management, the Nomura Funds Complex, Nomura ETF Trust and Optimum Fund Trust is 100 Independence, 610 Market Street, Philadelphia, Pennsylvania 19106.

---

| | | |
|:---|:---|:---|
| **Name and Position with Adviser** | **Other Company** | **Position with Other Company** |
| Shawn Lytle President/Head of Public Investments /Executive<br> Director | Nomura Funds Complex | President/Chief Executive Officer |
| Shawn Lytle President/Head of Public Investments /Executive<br> Director | Nomura Asset Management | Various executive capacities |
| Shawn Lytle President/Head of Public Investments /Executive<br> Director | Nomura ETF Trust | Executive Vice President |
| Gregory A. Gizzi<br> Executive Vice President/Head of US Fixed Income and Municipal Bonds/Executive Director | Nomura Funds Complex | Senior Vice President/Head of US Fixed Income and Municipal Bonds |
| Gregory A. Gizzi<br> Executive Vice President/Head of US Fixed Income and Municipal Bonds/Executive Director | Nomura Asset Management | Various capacities |
| Gregory A. Gizzi<br> Executive Vice President/Head of US Fixed Income and Municipal Bonds/Executive Director | Nomura ETF Trust | Senior Vice President |
| Alexander Alston Senior Vice President/Co-Head of Private Placements/Division Director | Nomura Funds Complex | Senior Vice President/Co-Head of Private Placements |
| Alexander Alston Senior Vice President/Co-Head of Private Placements/Division Director | Nomura Asset Management | Various executive capacities |
| Erik R. Becker<br> Senior Vice President/Senior Portfolio Manager/Division Director | Nomura Funds Complex | Vice President |
| Erik R. Becker<br> Senior Vice President/Senior Portfolio Manager/Division Director | Nomura Asset Management | Various capacities |
| Nathan A. Brown<br> Senior Vice President/Senior Portfolio Manager/Division Director | Nomura Funds Complex | Vice President |
| Nathan A. Brown<br> Senior Vice President/Senior Portfolio Manager/Division Director | Nomura Asset Management<br>| Various capacities |

---

---

| | | |
|:---|:---|:---|
| Michael F. Capuzzi Senior Vice President/US Chief Operating Officer/Division Director | Nomura Funds Complex | Senior Vice President/US Chief Operations Officer |
| Michael F. Capuzzi Senior Vice President/US Chief Operating Officer/Division Director | Nomura Asset Management | Various capacities |
| Michael F. Capuzzi Senior Vice President/US Chief Operating Officer/Division Director | Nomura ETF Trust | Senior Vice President |
| Liu-Er Chen Senior Vice President/Chief Investment Officer, Emerging Markets and Healthcare/Division Director | Nomura Funds Complex | Senior Vice President/Chief Investment Officer - Emerging Markets and Healthcare |
| Liu-Er Chen Senior Vice President/Chief Investment Officer, Emerging Markets and Healthcare/Division Director | Nomura Asset Management | Various capacities |
| Anthony G. Ciavarelli<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Nomura Funds Complex | Senior Vice President/Associate General Counsel/Assistant Secretary/ |
| Anthony G. Ciavarelli<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Nomura Asset Management | Various capacities |
| Anthony G. Ciavarelli<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Optimum Fund Trust | Senior Vice President/General Counsel/Assistant Secretary |
| Anthony G. Ciavarelli<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Nomura ETF Trust | Senior Vice President/Assistant Secretary |
| David F. Connor Senior Vice President/General Counsel, Public Investments Americas/Secretary/Division Director | Nomura Funds Complex | Senior Vice President/General Counsel/Secretary |
| David F. Connor Senior Vice President/General Counsel, Public Investments Americas/Secretary/Division Director | Nomura Asset Management | Various capacities |
| David F. Connor Senior Vice President/General Counsel, Public Investments Americas/Secretary/Division Director | Optimum Fund Trust | Senior Vice President/Secretary |
| David F. Connor Senior Vice President/General Counsel, Public Investments Americas/Secretary/Division Director | Nomura ETF Trust | Senior Vice President/Assistant Secretary |

---

---

| | | |
|:---|:---|:---|
| Michael E. Dresnin<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Nomura Funds Complex | Senior Vice President/Assistant Secretary |
| Michael E. Dresnin<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Nomura Asset Management | Various capacities |
| Michael E. Dresnin<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Optimum Fund Trust | Senior Vice President/Associate General Counsel/Assistant Secretary |
| Michael E. Dresnin<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Nomura ETF Trust | Senior Vice President/Associate General Counsel/Assistant Secretary |
| Brad Frishberg Senior Vice President/Chief Investment Officer, Global Listed Infrastructure/Division Director | Nomura Asset Management | Various capacities |
| Brad Frishberg Senior Vice President/Chief Investment Officer, Global Listed Infrastructure/Division Director | Nomura ETF Trust | Senior Vice President |
| Daniel V. Geatens<br> Senior Vice President/Head of US Fund Administration/Division Director | Nomura Funds Complex | Senior Vice President/Treasurer |
| Daniel V. Geatens<br> Senior Vice President/Head of US Fund Administration/Division Director | Nomura Asset Management | Various capacities |
| Daniel V. Geatens<br> Senior Vice President/Head of US Fund Administration/Division Director | Optimum Fund Trust | Senior Vice President/Chief Financial Officer/Treasurer |
| Daniel V. Geatens<br> Senior Vice President/Head of US Fund Administration/Division Director | Nomura ETF Trust | Senior Vice President/Treasurer |
| Derek L. Hamilton<br> Senior Vice President/ Economist/Division Director | Nomura Asset Management<br>| Various capacities |
| James L. Hinkley Senior Vice President/Head of Special Products/Division Director | Nomura Asset Management | Various capacities |
| James L. Hinkley Senior Vice President/Head of Special Products/Division Director | Nomura ETF Trust | Senior Vice President/Head of ETF of Product Development |
| Kashif Ishaq Senior Vice President/Senior Portfolio Manager/Division Director | Nomura Funds Complex | Senior Vice President/Head of Investment Grade Corporate Bond Trading |
| Kashif Ishaq Senior Vice President/Senior Portfolio Manager/Division Director | Nomura Asset Management | Various capacities |
| Kashif Ishaq Senior Vice President/Senior Portfolio Manager/Division Director | Nomura ETF Trust | Senior Vice President |

---

---

| | | |
|:---|:---|:---|
| Bradley M. Klapmeyer<br> Senior Vice President/Senior Portfolio Manager/Division Director | Nomura Funds Complex | Vice President |
| Bradley M. Klapmeyer<br> Senior Vice President/Senior Portfolio Manager/Division Director | Nomura Asset Management | Various capacities |
| Michael Kopfler<br> Senior Vice President/Chief Operating Officer, Equities & Multi-Asset/Division Director | Nomura Funds Complex | Senior Vice President/Global Head of Equity Trading |
| Michael Kopfler<br> Senior Vice President/Chief Operating Officer, Equities & Multi-Asset/Division Director | Nomura Asset Management | Various capacities |
| Michael Kopfler<br> Senior Vice President/Chief Operating Officer, Equities & Multi-Asset/Division Director | Nomura ETF Trust | Senior Vice President |
| Alex Kozhemiakin<br> Senior Vice President/Head of Emerging Markets Debt/Division Director | Nomura Funds Complex | Senior Vice President/Head of Emerging Markets Debt |
| Alex Kozhemiakin<br> Senior Vice President/Head of Emerging Markets Debt/Division Director | Nomura Asset Management | Various capacities |
| Nik Lalvani<br> Senior Vice President/Team Lead-Large Cap Value/Division Director | Nomura Funds Complex | Senior Vice President/Chief Investment Officer – Large Cap Value |
| Nik Lalvani<br> Senior Vice President/Team Lead-Large Cap Value/Division Director | Nomura Asset Management | Various capacities |
| Michael Q. Mahoney<br> Senior Vice President/Division Director, TA & Intermediary Services/Division Director | Nomura Funds Complex | Vice President/Head of US Service Provider Management |
| Michael Q. Mahoney<br> Senior Vice President/Division Director, TA & Intermediary Services/Division Director | Nomura Asset Management | Various capacities |
| Michael Q. Mahoney<br> Senior Vice President/Division Director, TA & Intermediary Services/Division Director | Nomura ETF Trust | Vice President |
| John P. McCarthy Senior Vice President/Senior Portfolio Manager/Division Director | Nomura Funds Complex | Senior Vice President/Co-Head of High Yield |
| John P. McCarthy Senior Vice President/Senior Portfolio Manager/Division Director | Nomura Asset Management | Various capacities |

---

---

| | | |
|:---|:---|:---|
| Carleen Michalski<br> Senior Vice President/Head of Global Product Development/Division Director | Nomura Asset Management | Various capacities |
| Carleen Michalski<br> Senior Vice President/Head of Global Product Development/Division Director | Optimum Fund Trust<br>| Senior Vice President/Head of Global Product Development<br>|
| Carleen Michalski<br> Senior Vice President/Head of Global Product Development/Division Director | Nomura Funds Complex | Senior Vice President/Head of Global Product Development |
| Susan L. Natalini Senior Vice President/Chief Administrative Officer/Division Director | Nomura Funds Complex | Senior Vice President/Chief Operations Officer-Equity and Fixed Income Operations |
| Susan L. Natalini Senior Vice President/Chief Administrative Officer/Division Director | Nomura Asset Management | Various capacities |
| Susan L. Natalini Senior Vice President/Chief Administrative Officer/Division Director | Nomura ETF Trust | Senior Vice President |
| Terrance M. O'Brien Senior Vice President/US Head of Quantitative and Markets Research/Division Director | Nomura Funds Complex | Senior Vice President/US Head of Quantitative and Markets Research |
| Terrance M. O'Brien Senior Vice President/US Head of Quantitative and Markets Research/Division Director | Nomura Asset Management | Various capacities |
| Terrance M. O'Brien Senior Vice President/US Head of Quantitative and Markets Research/Division Director | Nomura ETF Trust | Senior Vice President |
| Mansur Z. Rasul Senior Vice President/Senior Portfolio Manager/Associate Director | Nomura Funds Complex | Senior Vice President/Head of Emerging Markets Credit Trading |
| Mansur Z. Rasul Senior Vice President/Senior Portfolio Manager/Associate Director | Nomura Asset Management | Various capacities |
| Richard Salus Senior Vice President/Global Head of Fund Services/Division Director | Nomura Funds Complex | Senior Vice President/Chief Financial Officer |
| Richard Salus Senior Vice President/Global Head of Fund Services/Division Director | Nomura Asset Management | Various capacities |
| Richard Salus Senior Vice President/Global Head of Fund Services/Division Director | Optimum Fund Trust | Senior Vice President/Fund Administration |
| Richard Salus Senior Vice President/Global Head of Fund Services/Division Director | Nomura ETF Trust | Senior Vice President/Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| Daniel G. Scherman<br> Senior Vice President/Head of Equity Risk Analysis Group/Division Director | Nomura Asset Management | Various capacities |
| Daniel G. Scherman<br> Senior Vice President/Head of Equity Risk Analysis Group/Division Director | Optimum Fund Trust | Senior Vice President/Head of Equity Risk Analysis Group |
| Emilia P. Wang<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Nomura Funds Complex | Senior Vice President/Associate General Counsel/Assistant Secretary |
| Emilia P. Wang<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Nomura Asset Management | Various capacities<br>|
| Emilia P. Wang<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Optimum Fund Trust | Senior Vice President/Associate General Counsel/Assistant Secretary |
| Emilia P. Wang<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Nomura ETF Trust | Senior Vice President/Assistant Secretary |
| Kathryn R. Williams<br> Senior Vice President/Deputy General Counsel/Assistant Secretary/Division Director | Nomura Funds Complex | Senior Vice President/Deputy General Counsel/Assistant Secretary |
| Kathryn R. Williams<br> Senior Vice President/Deputy General Counsel/Assistant Secretary/Division Director | Nomura Asset Management | Various capacities |
| Kathryn R. Williams<br> Senior Vice President/Deputy General Counsel/Assistant Secretary/Division Director | Optimum Fund Trust | Senior Vice President/Deputy General Counsel/Assistant Secretary |
| Kathryn R. Williams<br> Senior Vice President/Deputy General Counsel/Assistant Secretary/Division Director | Nomura ETF Trust | Senior Vice President/Assistant Secretary |
| Robert Wolfangel, Jr.<br> Senior Vice President/Division Director | Nomura Asset Management | Various capacities |
| Marty Wolin<br> Senior Vice President/Chief Compliance Officer/Division Director | Nomura Funds Complex | Senior Vice President/Chief Compliance Officer |
| Marty Wolin<br> Senior Vice President/Chief Compliance Officer/Division Director | Nomura Asset Management | Senior Vice President/Chief Compliance Officer |
| Marty Wolin<br> Senior Vice President/Chief Compliance Officer/Division Director | Nomura ETF Trust | Senior Vice President/Chief Compliance Officer |

---

---

| | | |
|:---|:---|:---|
| Aaron D. Young<br> Senior Vice President Senior Portfolio Manager/Division Director | Nomura Funds Complex | Vice President |
| Aaron D. Young<br> Senior Vice President Senior Portfolio Manager/Division Director | Nomura Asset Management | Various capacities |
| Aaron D. Young<br> Senior Vice President Senior Portfolio Manager/Division Director | Optimum Fund Trust | Senior Vice President/Portfolio Manager |
| Catherine DiValentino<br> Vice President/Associate General Counsel/Assistant Secretary/ Associate Director | Nomura Funds Complex | Assistant Vice President/Associate General Counsel/Assistant Secretary |
| Catherine DiValentino<br> Vice President/Associate General Counsel/Assistant Secretary/ Associate Director | Optimum Fund Trust | Assistant Vice President/Associate General Counsel/Assistant Secretary |
| Catherine DiValentino<br> Vice President/Associate General Counsel/Assistant Secretary/ Associate Director | Nomura Asset Management | Various capacities |
| Catherine DiValentino<br> Vice President/Associate General Counsel/Assistant Secretary/ Associate Director | Nomura ETF Trust | Vice President/General Counsel/ Secretary |
| Joseph A. Fiorilla Vice President/Head of US Trading Operations, Equities & Multi-Asset/Associate Director | Nomura Funds Complex | Vice President/Head of US Trading Operations |
| Joseph A. Fiorilla Vice President/Head of US Trading Operations, Equities & Multi-Asset/Associate Director | Nomura Asset Management | Various capacities |
| Joseph A. Fiorilla Vice President/Head of US Trading Operations, Equities & Multi-Asset/Associate Director | Nomura ETF Trust | Vice President |
| Stephen Hoban Vice President/Treasurer/Associate Director | Nomura Funds Complex | Vice President/Financial Management |
| Stephen Hoban Vice President/Treasurer/Associate Director | Nomura Asset Management | Various capacities |
| Stephen Hoban Vice President/Treasurer/Associate Director | Nomura ETF Trust | Vice President |
| Francis Magee<br> Vice President/Head of US Valuations/Associate Director | Nomura Funds Complex | Vice President/Financial Administration |
| Francis Magee<br> Vice President/Head of US Valuations/Associate Director | Nomura Asset Management | Various capacities |
| Francis Magee<br> Vice President/Head of US Valuations/Associate Director | Optimum Fund Trust | Vice President/Investment Accounting/Financial Administration |
| Francis Magee<br> Vice President/Head of US Valuations/Associate Director | Nomura ETF Trust | Vice President |

---

---

| | | |
|:---|:---|:---|
| Andrew McEvoy Vice President/Associate Director of US Transaction Management/ Associate Director | Nomura Funds Complex | Vice President/Associate Director of US Transaction Management |
| Andrew McEvoy Vice President/Associate Director of US Transaction Management/ Associate Director | Nomura Asset Management | Various capacities |
| Andrew McEvoy Vice President/Associate Director of US Transaction Management/ Associate Director | Optimum Fund Trust | Vice President/Trade Settlements |
| Andrew McEvoy Vice President/Associate Director of US Transaction Management/ Associate Director | Nomura ETF Trust | Vice President |
| Philip A. Shipp<br> Vice President/Associate General Counsel/Assistant Secretary/Associate Director | Nomura Funds Complex | Vice President/Associate General Counsel/Assistant Secretary |
| Philip A. Shipp<br> Vice President/Associate General Counsel/Assistant Secretary/Associate Director | Nomura Asset Management | Various capacities |
| Philip A. Shipp<br> Vice President/Associate General Counsel/Assistant Secretary/Associate Director | Optimum Fund Trust | Vice President/Associate General Counsel/Assistant Secretary |
| Philip A. Shipp<br> Vice President/Associate General Counsel/Assistant Secretary/Associate Director | Nomura ETF Trust | Vice President/Assistant Secretary |
| Lauren Weintraub Vice President/Senior Equity Trader/Associate Director | Nomura Asset Management | Various capacities |
| Joseph Zalewski Vice President/Senior Credit Analyst – Distressed Debt/Associate Director | Nomura Asset Management | Various capacities |

---

**Pacific Investment Management Company LLC**

Pacific Investment Management Company LLC ("PIMCO") is a Sub-Adviser for the Registrant's Tax-Advantaged Income Fund. The principal business address of PIMCO is 650 Newport Center Drive, Newport Beach, California 92660. PIMCO is a registered investment adviser under the Advisers Act.

The list required by this Item 31 of officers and partners of PIMCO, together with any information as to any business, profession, vocation, or employment of a substantial nature engaged in by such officers and partners during the past two years, is incorporated herein by reference from Form ADV filed by PIMCO pursuant to the Advisers Act (SEC File No. 801-48187).

**Spectrum Asset Management, Inc.**

Spectrum Asset Management, Inc. ("Spectrum") is a Sub-Adviser for the Registrant's Tax-Advantaged Income Fund. The principal business address of Spectrum is 2 High Ridge Park, Stamford, Connecticut 06905. Spectrum is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Spectrum has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Wellington Management Company LLP**

Wellington Management Company LLP ("Wellington Management") is a Sub-Adviser for the Registrant's Intermediate-Term Municipal Fund. The principal business address of Wellington Management is 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Wellington Management has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, Officer, employee, partner or trustee.

**Item 32. *Principal Underwriter.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Furnish the name of each investment company (other than the Registrant) for which each principal underwriter currently distributing the securities of the Registrant also acts as a principal underwriter, distributor or investment adviser.

Registrant's distributor, SIDCo., acts as distributor for:

---

| | |
|:---|:---|
| SEI Daily Income Trust | July 15, 1982 |
| SEI Institutional Managed Trust | January 22, 1987 |
| SEI Institutional International Trust | August 30, 1988 |
| The Advisors' Inner Circle Fund | November 14, 1991 |
| The Advisors' Inner Circle Fund II | January 28, 1993 |
| Bishop Street Funds | January 27, 1995 |
| SEI Asset Allocation Trust | April 1, 1996 |
| SEI Institutional Investments Trust | June 14, 1996 |
| City National Rochdale Funds (f/k/a CNI Charter Funds) | April 1, 1999 |
| Causeway Capital Management Trust | September 20, 2001 |
| SEI Offshore Opportunity Fund II, Ltd. | September 1, 2005 |
| ProShares Trust | November 14, 2005 |
| Community Capital Trust (f/k/a Community Reinvestment Act Qualified Investment Fund) | January 8, 2007 |
| SEI Offshore Advanced Strategy Series SPC | July 31, 2007 |
| SEI Structured Credit Fund, LP | July 31, 2007 |
| Global X Funds | October 24, 2008 |
| ProShares Trust II | November 17, 2008 |
| SEI Special Situations Fund, Ltd. | July 1, 2009 |
| Exchange Traded Concepts Trust (f/k/a FaithShares Trust) | August 7, 2009 |
| Schwab Strategic Trust | October 12, 2009 |
| RiverPark Funds Trust | September 8, 2010 |
| Adviser Managed Trust | December 10, 2010 |
| SEI Core Property Fund, LP | January 1, 2011 |
| New Covenant Funds | March 23, 2012 |
| KraneShares Trust | December 18, 2012 |
| The Advisors' Inner Circle Fund III | February 12, 2014 |
| SEI Catholic Values Trust | March 24, 2014 |
| SEI Hedge Fund SPC | June 26, 2015 |
| SEI Energy Debt Fund, LP | June 30, 2015 |
| Gallery Trust | January 8, 2016 |
| City National Rochdale Select Strategies Fund | March 1, 2017 |
| City National Rochdale Strategic Credit Fund | May 16, 2018 |
| Symmetry Panoramic Trust | July 23, 2018 |
| Frost Family of Funds | May 31, 2019 |
| SEI Vista Fund, Ltd. | January 20, 2021 |
| Wilshire Private Assets Fund | March 22, 2021 |
| Catholic Responsible Investments Funds | November 17, 2021 |
| SEI Exchange Traded Funds | May 18, 2022 |
| SEI Global Private Assets VI, L.P. | July 29, 2022 |
| Quaker Investment Trust | June 8, 2023 |
| SEI Alternative Income Fund | September 1, 2023 |
| Global X Venture Fund | March 12, 2025 |

---

SIDCo. provides numerous financial services to investment managers, pension plan sponsors, and bank trust departments. These services include portfolio evaluation, performance measurement and consulting services ("Funds Evaluation") and automated execution, clearing and settlement of securities transactions ("MarketLink").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish the Information required by the following table with respect to each director, officer or partner of each principal underwriter named in the answer to Item 20 of Part B. Unless otherwise noted, the business address of each director or officer is One Freedom Valley Drive, Oaks, Pennsylvania 19456.

---

| | | |
|:---|:---|:---|
| **Name** | **Position and Office**<br> **with Underwriter** | **Positions and Offices<br> with Registrant** |
| Paul F. Klauder | President, Chief Executive Officer & Director |  |
| John C. Munch | General Counsel & Secretary |  |
| William M. Doran | Director |  |
| John Alshefski | Director |  |
| Kevin Crowe | Director |  |
| Jason McGhin | Chief Operations Officer |  |
| John P. Coary | Chief Financial Officer & Treasurer |  |
| Jennifer H. Campisi | Chief Compliance Officer, Assistant Secretary & Anti-Money Laundering Officer |  |
| William M. Martin | Vice President |  |
| Christopher Rowan | Vice President |  |
| Judith A. Rager | Vice President |  |
| Gary Michael Reese | Vice President |  |
| Robert M. Silvestri | Vice President |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

**Item 33. *Location of Accounts and Records:***

Books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended ("1940 Act"), and the rules promulgated thereunder, are maintained as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to Rules 31a-1(a); 31a-1(b)(1); (2)(a) and (b); (3); (6); (8); (12); and 31a-1(d), the required books and records are maintained at the offices of Registrant's Custodian:

U.S. Bank National Association

425 Walnut Street

Cincinnati, Ohio 45202

(b)/(c) With respect to Rules 31a-1(a); 31a-1(b)(1); 31a-1(b)(4); (2)(C) and (D); (4); (5); (6); (8); (9); (10); (11); and 31a-1(f), the required books and records are maintained at the offices of Registrant's administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to Rules 31a-1(b)(5), (6), (9) and (10) and 31a-1(f), the required books and records are maintained at the principal offices of the Registrant's Adviser and Sub-Advisers:

SEI Investments Management Corporation

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Allspring Global Investments, LLC

1415 Vantage Park Drive, 3rd Floor

Charlotte, North Carolina 28203

Insight North America LLC

200 Park Avenue

New York, New York 10166

Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104

Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust

610 Market Street

Philadelphia, Pennsylvania 19106

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, California 92660

Spectrum Asset Management, Inc.

2 High Ridge Park

Stamford, Connecticut 06905

Wellington Management Company LLP

280 Congress Street

Boston, Massachusetts 02210

**Item 34. *Management Services:***

None.

**Item 35. *Undertakings:***

None

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 94 to Registration Statement No. 002-76990 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Oaks, Commonwealth of Pennsylvania on the 29th day of December, 2025.

---

| | |
|:---|:---|
| SEI TAX EXEMPT TRUST | SEI TAX EXEMPT TRUST |
| By: | /S/ ROBERT A. NESHER |
|  | Robert A. Nesher |
|  | *Trustee, President & Chief Executive Officer* |

---

---

| | | |
|:---|:---|:---|
| Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated. | Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated. | Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated. |
| \* | Trustee | December 29, 2025 |
| William M. Doran | Trustee | December 29, 2025 |
| \* | Trustee | December 29, 2025 |
| Nina Lesavoy | Trustee | December 29, 2025 |
| \* | Trustee | December 29, 2025 |
| James M. Williams | Trustee | December 29, 2025 |
| \* | Trustee | December 29, 2025 |
| Susan C. Cote | Trustee | December 29, 2025 |
| \* | Trustee | December 29, 2025 |
| James B. Taylor | Trustee | December 29, 2025 |
| \* | Trustee | December 29, 2025 |
| Christine Reynolds | Trustee | December 29, 2025 |
| \* | Trustee | December 29, 2025 |
| Dennis J. McGonigle | Trustee | December 29, 2025 |
| \* | Trustee | December 29, 2025 |
| Thomas Melendez | Trustee | December 29, 2025 |
| \* | Trustee | December 29, 2025 |
| Kimberly Walker | Trustee | December 29, 2025 |
| \* | Trustee | December 29, 2025 |
| Eli Niepoky | Trustee | December 29, 2025 |
| /S/ ROBERT A. NESHER | Trustee, President & Chief Executive Officer | December 29, 2025 |
| Robert A. Nesher | Trustee, President & Chief Executive Officer | December 29, 2025 |
| /s/ GLENN R. KURDZIEL | Controller & Chief Financial Officer | December 29, 2025 |
| Glenn R. Kurdziel | Controller & Chief Financial Officer | December 29, 2025 |

---

---

| | |
|:---|:---|
| \*By: | /S/ ROBERT A. NESHER |
|  | Robert A. Nesher |
|  | *Attorney-in-Fact* |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [EX-99.B(d)(10)](tm2529262d1_ex99-bxdx10.htm) | [Investment Sub-Advisory Agreement, dated December 1, 2025, between SIMC and Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust with respect to the Intermediate-Term Municipal Fund](tm2529262d1_ex99-bxdx10.htm) |
| [EX-99.B(i)](tm2529262d1_ex99-bxi.htm) | [Opinion and Consent of Counsel](tm2529262d1_ex99-bxi.htm) |
| [EX-99.B(j)](tm2529262d1_ex99-bxj.htm) | [Consent of Independent Registered Public Accounting Firm](tm2529262d1_ex99-bxj.htm) |
| [EX-99.B(p)(1)](tm2529262d1_ex99-bxpx1.htm) | [The Code of Ethics for SIMC, dated April 18, 2024](tm2529262d1_ex99-bxpx1.htm) |
| [EX-99.B(p)(5)](tm2529262d1_ex99-bxpx5.htm) | [The Code of Ethics for Allspring Global Investments LLC, dated September 1, 2025](tm2529262d1_ex99-bxpx5.htm) |
| [EX-99.B(p)(7)](tm2529262d1_ex99-bxpx7.htm) | [The Code of Ethics for Neuberger Berman Investment Advisers LLC, dated January 31, 2025](tm2529262d1_ex99-bxpx7.htm) |
| [EX-99.B(p)(8)](tm2529262d1_ex99-bxpx8.htm) | [The Code of Ethics for Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, dated December 1, 2025](tm2529262d1_ex99-bxpx8.htm) |
| [EX-99.B(p)(9)](tm2529262d1_ex99-bxpx9.htm) | [The Code of Ethics for Pacific Investment Management Company LLC, dated July 2025](tm2529262d1_ex99-bxpx9.htm) |
| [EX-99.B(p)(10)](tm2529262d1_ex99-bxpx10.htm) | [The Code of Ethics for Spectrum Asset Management, Inc., dated November 12, 2025](tm2529262d1_ex99-bxpx10.htm) |
| EX-101. | INS XBRL Instance Document |
| EX-101. | SCH XBRL Taxonomy Extension Schema Document |
| EX-101. | DEF XBRL Taxonomy Extension Definition Linkbase |
| EX-101. | LAB XBRL Taxonomy Extension Labels Linkbase |
| EX-101. | PRE XBRL Taxonomy Extension Presentation Linkbase |
| EX-101. | CAL XBRL Taxonomy Extension Calculation Linkbase Document |

---

## Ex-99.B(D)(10)

**Exhibit 99.B(d)(10)**

**INVESTMENT SUB-ADVISORY AGREEMENT <br> SEI TAX EXEMPT TRUST**

AGREEMENT made as of this 1<sup>st</sup> day of December, 2025 between SEI Investments Management Corporation (the "Adviser") and Nomura Investments Fund Advisers (the "Sub-Adviser"), a series of Nomura Investment Management Business Trust.

WHEREAS, SEI Tax Exempt Trust, a Massachusetts business trust (the "Trust"), is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated April 16, 1996, as amended, (the "Advisory Agreement") with the Trust, pursuant to which the Adviser acts as investment adviser to each series of the Trust set forth on Schedule A attached hereto (each a "Fund," and collectively, the "Funds"), as such Schedule may be amended by mutual agreement of the parties hereto; and

WHEREAS, the Adviser, with the approval of the Trust, desires to retain the Sub-Adviser to provide investment advisory services to the Adviser in connection with the management of a Fund, and the Sub-Adviser is willing to render such investment advisory services.

NOW, THEREFORE, the parties hereto agree as follows:

1. **Duties of the Sub-Adviser.** Subject
 to supervision by the Adviser and the Trust's Board of Trustees, the Sub-Adviser shall
 manage all of the securities and other assets of each Fund entrusted to it hereunder (the
 "Assets"), including the purchase, retention and disposition of the Assets, in
 accordance with the Fund's investment objectives, policies and restrictions as stated
 in each Fund's prospectus and statement of additional information, as currently in
 effect and as amended or supplemented from time to time (referred to collectively as the
 "Prospectus"), and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, in consultation
 with and subject to the direction of the Adviser, determine from time to time what Assets
 will be purchased, retained or sold by a Fund, and what portion of the Assets will be invested
 or held uninvested in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the performance of its duties and
 obligations under this Agreement, the Sub-Adviser shall act in conformity with the Trust's
 Declaration of Trust (as defined herein), Prospectus, Compliance Policies and Procedures
 and with the instructions and directions of the Adviser and of the Board of Trustees of the
 Trust and will conform to and comply with the requirements of the 1940 Act, the Internal
 Revenue Code of 1986 (the "Code"), and all other applicable federal and state
 laws and regulations, as each is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall determine the Assets to be purchased or sold
 by a Fund as provided in subparagraph (a) and will place orders with or through such
 persons, brokers or dealers to carry out the
policy with respect to brokerage set forth in a Fund's Prospectus or as the Board of Trustees or the Adviser may direct from time
to time, in conformity with all federal securities laws. In executing Fund transactions and selecting brokers or dealers, the Sub-Adviser
will use its best efforts to seek on behalf of each Fund the best overall terms available. In assessing the best overall terms available
for any transaction, the Sub-Adviser shall consider all factors that it deems relevant, including the breadth of the market in the security,
the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission,
if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available, and in selecting
the broker-dealer to execute a particular transaction, the Sub-Adviser may also consider the brokerage and research services provided
(as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934 (the "Exchange Act")). Consistent
with any guidelines established by the Board of Trustees of the Trust and Section 28(e) of the Exchange Act, the Sub-Adviser
is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction
for a Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction
if, but only if, the Sub-Adviser determines in good faith that such commission was reasonable in relation to the value of the brokerage
and research services provided by such broker or dealer -- viewed in terms of that particular transaction or in terms of the overall
responsibilities of the Sub-Adviser to its discretionary clients, including a Fund. In addition, the Sub-Adviser is authorized to allocate
purchase and sale orders for securities to brokers or dealers (including brokers and dealers that are affiliated with the Adviser, Sub-Adviser
or the Trust's principal underwriter) if the Sub-Adviser believes that the quality of the transaction and the commission are comparable
to what they would be with other qualified firms. In no instance, however, will a Fund's Assets be purchased from or sold to the
Adviser, Sub-Adviser, the Trust's principal underwriter, or any affiliated person of either the Trust, Adviser, the Sub-Adviser
or the principal underwriter, acting as principal in the transaction, except to the extent permitted by the Securities and Exchange Commission
("SEC") and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser shall maintain all books and records with respect
to transactions involving the Assets required by subparagraphs
(b)(5), (6), (7), (9), (10) and (11) and paragraph (f) of Rule 31a-1 under the 1940 Act. The Sub-Adviser shall keep the
books and records relating to the Assets required to be maintained by the Sub-Adviser under this Agreement and shall timely furnish to
the Adviser all information relating to the Sub-Adviser's services under this Agreement needed by the Adviser to keep the other
books and records of a Fund required by Rule 31a-1 under the 1940 Act. The Sub-Adviser agrees that all records that it maintains
on behalf of a Fund are property of the Fund and the Sub-Adviser will surrender promptly to a Fund any of such records upon the Fund's
request; provided, however, that the Sub-Adviser may retain a copy of such records. In addition, for the duration of this Agreement,
the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2 under
the 1940 Act any such records as are required to be maintained by it pursuant to this Agreement, and shall transfer said records to any
successor sub-adviser upon the termination of this Agreement (or, if there is no successor sub-adviser, to the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser shall provide a Fund's custodian on each
business day with information relating to all transactions
concerning a Fund's Assets and shall provide the Adviser with such information upon request of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent called for by the Trust's Compliance Policies
and Procedures, or as reasonably requested by a Fund, the
Sub-Adviser shall provide the Fund with information and advice regarding Assets to assist the Fund in determining the appropriate valuation
of such Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The investment management services provided by the Sub-Adviser
under this Agreement are not to be deemed exclusive
and the Sub-Adviser shall be free to render similar services to others, as long as such services do not impair the services rendered
to the Adviser or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall promptly notify the Adviser of any financial
condition that is reasonably likely to impair the
Sub-Adviser's ability to fulfill its commitment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) Except under the circumstances set forth in subsection (ii), the Sub-Adviser

shall not be responsible for reviewing proxy solicitation materials or voting and handling proxies in relation to the securities held as Assets in a Fund. If the Sub-Adviser receives a misdirected proxy, it shall promptly forward such misdirected proxy to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Sub-Adviser hereby agrees that upon
 60 days' written notice from the Adviser, the Sub-Adviser shall assume responsibility for
 reviewing proxy solicitation materials and voting proxies in relation to the securities held
 as Assets in a Fund. As of the time the Sub-Adviser shall assume such responsibilities with
 respect to proxies under this sub-section (ii), the Adviser shall instruct the custodian
 and other parties providing services to a Fund to promptly forward misdirected proxies to
 the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In performance of its duties and obligations under this Agreement,
the Sub-Adviser

shall not consult with any other sub-adviser to a Fund or a sub-adviser to a portfolio that is under common control with a Fund concerning the Assets, except as permitted by the policies and procedures of a Fund. The Sub-Adviser shall not provide investment advice to any assets of a Fund other than the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best
 interest of a Fund as well as other clients of the Sub-Adviser, the Sub-Adviser may, to the extent permitted by applicable law and
 regulations, aggregate the order for securities to be sold
or purchased. In such event, the Sub-Adviser will allocate securities so purchased or sold, as well as the expenses incurred in the transaction,
in a manner the Sub-Adviser reasonably considers to be equitable and consistent with its fiduciary obligations to a Fund and to such
other clients under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser shall provide to the
 Adviser or the Board of Trustees such periodic and special reports, balance sheets or financial
 information, and such other information with regard to its affairs as the Adviser or Board
 of Trustees may reasonably request. The Sub-Adviser shall also furnish to the Adviser any
 other information relating to the Assets that is required to be filed by the Adviser or the
 Trust with the SEC or sent to shareholders under the 1940 Act (including the rules adopted
 thereunder) or any exemptive or other relief that the Adviser or the Trust obtains from the
 SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) With respect to the Assets of a Fund, the Sub-Adviser shall file
 any required reports with the SEC pursuant to Section 13(f) and Section 13(g) of
 the Securities Exchange Act of 1934, as amended and the rules and regulations thereunder.

To the extent permitted by law, the services to be furnished by the Sub-Adviser under this Agreement may be furnished through the medium of any of the Sub-Adviser's partners, officers, employees or control affiliates; provided, however, that the use of such mediums does not relieve the Sub-Adviser from any obligation or duty under this Agreement.

2. **Duties of the Adviser.** The Adviser
 shall continue to have responsibility for all services to be provided to each Fund pursuant
 to the Advisory Agreement and shall oversee and review the Sub-Adviser's performance
 of its duties under this Agreement; provided, however, that in connection with its management
 of the Assets, nothing herein shall be construed to relieve the Sub-Adviser of responsibility
 for compliance with the Trust's Declaration of Trust (as defined herein), Prospectus,
 Compliance Policies and Procedures, the instructions and directions of the Board of Trustees
 of the Trust, the requirements of the 1940 Act, the Code, and all other applicable federal
 and state laws and regulations, as each is amended from time to time.

3. **Delivery of Documents.** The Adviser
 has furnished the Sub-Adviser with copies of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust's Agreement and Declaration of Trust, as filed with the Secretary of State of the Commonwealth of Massachusetts (such Agreement and Declaration of Trust, as in effect on the date of this Agreement and as amended from time to time, herein called the "Declaration of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By-Laws of the Trust (such By-Laws, as in effect on the date of this Agreement and as amended from time to time, are herein called the "By-Laws"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prospectus of each Fund.

4. **Compensation to the Sub-Adviser.** For
 the services to be provided by the Sub-Adviser pursuant to this Agreement, the Adviser will
 pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor,
 a sub-advisory fee at the rate specified in Schedule B which is attached hereto and made
 part of this Agreement. The fee will be calculated based on the average daily value of the
 Assets **,** excluding cash with respect to a Fund that is an equity fund, under the Sub-Adviser's
 management and will be paid to the Sub-Adviser monthly. For the avoidance of doubt, notwithstanding
 the fact that the Agreement has not been terminated, no fee will be accrued under this Agreement
 with respect to any day that the value of the Assets under the Sub-Adviser's management
 equals zero. Except as may otherwise be prohibited by law or regulation (including any then
 current SEC staff interpretation), the Sub-Adviser may, in its discretion and from time to
 time, waive a portion of its fee.

5. **Indemnification.** The Sub-Adviser
 shall indemnify and hold harmless the Adviser from and against any and all claims, losses,
 liabilities or damages (including reasonable attorney's fees and other related expenses)
 howsoever arising from or in connection with the performance of the Sub-Adviser's obligations
 under this Agreement; provided, however, that the Sub-Adviser's obligation under this
 Paragraph 5 shall be reduced to the extent that the claim against, or the loss, liability
 or damage experienced by the Adviser, is caused by or is otherwise directly related to the
 Adviser's own willful misfeasance, bad faith or negligence, or to the reckless disregard
 of its duties under this Agreement.

The Adviser shall indemnify and hold harmless the Sub-Adviser from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) howsoever arising from or in connection with the performance of the Adviser's obligations under this Agreement; provided, however, that the Adviser's obligation under this Paragraph 5 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Sub-Adviser, is caused by or is otherwise directly related to the Sub-Adviser's own willful misfeasance, bad faith or negligence, or to the reckless disregard of its duties under this Agreement.

6. **Duration and Termination.** This
 Agreement shall become effective upon approval by the Trust's Board of Trustees and
 its execution by the parties hereto. Pursuant to the exemptive relief obtained in the SEC
 Order dated April 29, 1996, Investment Company Act Release No. 21921, approval
 of the Agreement by a majority of the outstanding voting securities of a Fund is not required,
 and the Sub-Adviser acknowledges that it and any other sub-adviser so selected and approved
 shall be without the protection (if any) accorded by shareholder approval of an investment
 adviser's receipt of compensation under Section 36(b) of the 1940 Act.

This Agreement shall continue in effect for a period of more than two years from the date hereof only so long as continuance is specifically approved at least annually in conformance with the 1940 Act; provided, however, that this Agreement may be terminated with respect to a Fund (a) by the Fund at any time, without the payment of any penalty, by the vote of a majority of Trustees of the Trust or by the vote of a majority of the outstanding voting securities of the Fund, (b) by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than 30 days' written notice to the Sub-Adviser, or (c) by the Sub-Adviser at any time, without the payment of any penalty, on 90 days' written notice to the Adviser. This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Trust. As used in this Paragraph 6, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

7. **Compliance Program of the Sub-Adviser.** The Sub-Adviser
hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with Rule 206(4)-7 under the Investment Advisers
Act of 1940, as amended (the "Advisers Act"), the Sub-Adviser has adopted and implemented and will maintain written policies
and procedures reasonably designed to prevent violation by the Sub-Adviser and its supervised persons (as such term is defined in the
Advisers Act) of the Advisers Act and the rules the SEC has adopted under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent that the Sub-Adviser's activities or services
could affect a Fund, the Sub-Adviser has adopted and implemented and will maintain written policies and procedures that are reasonably
designed to prevent violation of the "federal securities laws" (as such term is defined in Rule 38a-1 under the 1940
Act) by the Funds and the Sub-Adviser (the policies and procedures referred to in this Paragraph 7(b), along with the policies and procedures
referred to in Paragraph 7(a), are referred to herein as the Sub-Adviser's "Compliance Program").

8. **Reporting of Compliance Matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall promptly provide to the Trust's
Chief Compliance Officer ("CCO") the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reasonable access to copies of all SEC examination correspondences,
including correspondences regarding books and records examinations and "sweep" examinations, issued during the term of this
Agreement, in which the SEC identified any concerns, issues or matters (such correspondences are commonly referred to as "deficiency
letters") relating to any aspect of the Sub-Adviser's investment advisory business and the Sub-Adviser's responses
thereto related to the services provided herein and/or of a material nature whether related or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a notification of any material violations of the Sub-Adviser's
Compliance Program or any "material compliance matters" (as such term is defined in Rule 38a-1 under the 1940 Act) that
have occurred with respect to the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a report of any material changes to the policies and procedures
that compose the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of the Sub-Adviser's chief compliance officer's
report (or similar document(s) which serve the same purpose) regarding his or her annual review of the Sub-Adviser's Compliance
Program, as required by Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an annual (or more frequently as the Trust's CCO may reasonably
request) representation regarding the Sub-Adviser's compliance with Paragraphs 7 and 8 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser shall also provide the Trust's CCO with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reasonable access to the testing, analyses, reports and other
documentation, or summaries thereof, that the Sub-Adviser's chief compliance officer relies upon to monitor the effectiveness of
the implementation of the Sub-Adviser's Compliance Program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reasonable access, during normal business hours, to the Sub-Adviser's
facilities for the purpose of conducting pre-arranged on-site compliance related due diligence meetings with personnel of the Sub-Adviser.

9. **Governing Law.** This Agreement shall be governed by the
internal laws of the Commonwealth of Massachusetts, without regard to conflict of law principles; provided, however, that nothing herein
shall be construed as being inconsistent with the 1940 Act.

10. **Severability.** Should any part of this Agreement be held
invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement
shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

11. **Notice.** Any notice, advice or report to be given pursuant
to this Agreement shall be deemed sufficient if delivered or mailed by registered, certified or overnight mail, postage prepaid addressed
by the party giving notice to the other party at the last address furnished by the other party:

---

| | |
|:---|:---|
| To the Adviser at: | SEI Investments Management Corporation |
|  | One Freedom Valley Drive |
|  | Oaks, PA 19456 |
|  | Attention: Legal Department |

---

---

| | |
|:---|:---|
| To the Trust's CCO at: | SEI Investments Management Corporation |
|  | One Freedom Valley Drive |
|  | Oaks, PA 19456 Attention: CCO |
| To the Sub-Adviser at: | **Nomura Investments Fund Advisers** |
|  | 100 Independence, 610 Market Street |
|  | Philadelphia, PA 19106 |
|  | Attention: Alexandra Parson |
|  | <u>Email: Alexandra.Parson@Macquarie.com</u> |
|  | Phone: 215-255-8662 |
|  | With a copy to General Counsel at the same address |

---

12. **Noncompete Provisions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser hereby agrees that, the Sub-Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) waive enforcement of any noncompete agreement
 or other agreement or arrangement to which it is currently a party that restricts, limits,
 or otherwise interferes with the ability of the Adviser to employ or engage any person or
 entity to provide investment advisory or other services and will transmit to any person or
 entity notice of such waiver as may be required to give effect to this provision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not become a party to any noncompete
 agreement or other agreement or arrangement that restricts, limits or otherwise interferes
 with the ability of the Adviser to employ or engage any person or entity to provide investment
 advisory or other services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any termination of this
 Agreement, the Sub-Adviser's obligations under this Paragraph 12 shall survive.

13. **Amendment of Agreement.** This Agreement
 may be amended only by written agreement of the Adviser and the Sub-Adviser and only in accordance
 with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

14. **Entire Agreement.** This Agreement
 embodies the entire agreement and understanding between the parties hereto, and supersedes
 all prior agreements and understandings relating to this Agreement's subject matter.
 This Agreement may be executed in any number of counterparts, each of which shall be deemed
 to be an original, but such counterparts shall, together, constitute only one instrument.

In the event the terms of this Agreement are applicable to more than one portfolio of the Trust (for purposes of this Paragraph 14, each a "Fund"), the Adviser is entering into this Agreement with the Sub-Adviser on behalf of the respective Funds severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to each Fund as if contained in separate agreements between the Adviser and Sub-Adviser for each such Fund. In the event that this Agreement is made applicable to any additional Funds by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Fund so that, for example, the execution date for purposes of Paragraph 6 of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

15. **Miscellaneous.** 

(a) A
 copy of the Declaration of Trust is on file with the Secretary of State of the Commonwealth
 of Massachusetts, and notice is hereby given that the obligations of this instrument are
 not binding upon any of the Trustees, officers or shareholders of a Fund or the Trust.

(b) Where
 the effect of a requirement of the 1940 Act or Advisers Act reflected in any provision of
 this Agreement is altered by a rule, regulation or order of the SEC, whether of special or
 general application, such provision shall be deemed to incorporate the effect of such rule,
 regulation or order.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the day and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Nomura Investment Fund Advisers, a series of Nomura Investment Management Business Trust** | **Nomura Investment Fund Advisers, a series of Nomura Investment Management Business Trust** |
| By: | /s/ James Smigiel | By: | /s/ Susan Natalini |
| Name: | James Smigiel | Name: | Susan Natalini |
| Title: | Chief Investment Officer | Title: | Managing Director |

---

**Schedule A<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Nomura Investments Fund Advisers,<br> a series of Nomura Investment Management Business Trust**

**As of December 1, 2025**

**SEI TAX EXEMPT TRUST**

Intermediate-Term Municipal Fund

**Schedule B<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Nomura Investments Fund Advisers,<br> a series of Nomura Investment Management Business Trust**

**As of December 1, 2025**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Tax Exempt Trust</u>**

[REDACTED]

Agreed and Accepted:

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Nomura Investment Fund Advisers, a series of Nomura Investment Management Business Trust** | **Nomura Investment Fund Advisers, a series of Nomura Investment Management Business Trust** |
| By: | /s/ James Smigiel | By: | /s/ Susan Natalini |
| Name: | James Smigiel | Name: | Susan Natalini |
| Title: | Chief Investment Officer | Title: | Managing Director |

---

## Ex-99.B(I)

**Exhibit 99.B(i)**

![](tm2529262d1_ex99-bxiimg001.jpg)

December 29, 2025

SEI Tax Exempt Trust

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Re: <u>Opinion of Counsel regarding Post-Effective Amendment No. 94 to the Registration Statement</u> <u>filed on Form N-1A under the Securities Act of 1933 (File No. 002-76990)</u>

Ladies and Gentlemen:

We have acted as counsel to SEI Tax Exempt Trust, a Massachusetts business trust (the "Trust"), in connection with the above-referenced registration statement (as amended, the "Registration Statement"), which relates to the Trust's units of beneficial interest, with no par value (collectively, the "Shares"). This opinion is being delivered to you in connection with the Trust's filing of Post-Effective Amendment No. 94 to the Registration Statement (the "Amendment") to be filed with the U.S. Securities and Exchange Commission pursuant to Rule 485(b) under the Securities Act of 1933, as amended (the "1933 Act"). With your permission, all assumptions and statements of reliance herein have been made without any independent investigation or verification on our part except to the extent otherwise expressly stated, and we express no opinion with respect to the subject matter or accuracy of such assumptions or items relied upon.

In connection with this opinion, we have reviewed, among other things, executed copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate of the Commonwealth of Massachusetts certifying that the Trust is validly existing under
the laws of the Commonwealth of Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agreement and Declaration of Trust for the Trust and all amendments and supplements thereto (the "Declaration
of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate executed by Katherine Mason, Vice President and Assistant Secretary of the Trust, certifying
as to, and attaching copies of, the Trust's Declaration of Trust, the Trust's Amended and Restated By-Laws and certain resolutions
adopted by the Board of Trustees of the Trust authorizing the issuance of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a printer's proof of the Amendment.

In our capacity as counsel to the Trust, we have examined the originals or certified, conformed or reproduced copies of all records, agreements, instruments and documents as we have deemed relevant or necessary as the basis for the opinion hereinafter expressed. In all such examinations, we have assumed the legal capacity of all natural persons executing documents, the genuineness of all signatures, the authenticity of all original or certified copies and the conformity to original or certified copies of all copies submitted to us as conformed or reproduced copies. As to various questions of fact relevant to such opinion, we have relied upon, and assume the accuracy of, certificates and oral or written statements of public officials and officers and representatives of the Trust. We have assumed that the Amendment, as filed with the U.S. Securities and Exchange Commission, will be in substantially the form of the printer's proof referred to in paragraph (d) above.

Based upon, and subject to, the limitations set forth herein, we are of the opinion that the Shares, when issued and sold in accordance with the terms of purchase described in the Registration Statement, will be legally issued, fully paid and non-assessable under the laws of the Commonwealth of Massachusetts, except that, as set forth in the Registration Statement, shareholders of a Fund may under certain circumstances be held personally liable for its obligations.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not concede that we are in the category of persons whose consent is required under Section 7 of the 1933 Act.

Very truly yours,

<u>/s/ Morgan, Lewis & Bockius LLP</u>

## Ex-99.B(J)

**Exhibit 99.B(j)**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated October 28, 2025, with respect to the financial statements of SEI Tax Exempt Trust, comprised of the Intermediate-Term Municipal Fund, Short Duration Municipal Fund, California Municipal Bond Fund, Massachusetts Municipal Bond Fund, New Jersey Municipal Bond Fund, New York Municipal Bond Fund, Pennsylvania Municipal Bond Fund, and Tax-Advantaged Income Fund as of August 31, 2025, incorporated herein by reference, and to the references to our firm under the heading "Financial Highlights" in the Prospectuses and under the heading "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

/s/ KPMG LLP

Philadelphia, Pennsylvania<br> December 23, 2025

## Ex-99.B(P)(1)

**Exhibit 99.B(p)(1)**

---

| | |
|:---|:---|
| **SEI Investments Management Corporation <br> Code of Ethics.** | ![](tm2529262d1_ex99-bxpx1img001.jpg) |

---

---

| | | |
|:---|:---|:---|
| **April 18, 2024** | **April 18, 2024** |  |
| **Contents** | **Contents** |  |
| SECTION 1 – Introduction | SECTION 1 – Introduction | 2.0 |
| A. | General Policy | 2.0 |
| B. | Rebuttal of Presumption of Access Person Status | 2.0 |
| SECTION 2 – Using This Code of Ethics | SECTION 2 – Using This Code of Ethics | 3.0 |
| A. | Annual Certification | 3.0 |
| B. | Restriction on Use | 3.0 |
| C. | Duty to Report Violations of the Code | 3.0 |
| SECTION 3 – Confidential Information | SECTION 3 – Confidential Information | 3.0 |
| SECTION 4 – Prohibition Against Fraud, Deceit and Manipulation | SECTION 4 – Prohibition Against Fraud, Deceit and Manipulation | 4.0 |
| SECTION 5 – Excessive Trading of Shares of the SEI Funds | SECTION 5 – Excessive Trading of Shares of the SEI Funds | 4.0 |
| SECTION 6 – Sanctions | SECTION 6 – Sanctions | 4.0 |
| SECTION 7 – Recordkeeping | SECTION 7 – Recordkeeping | 4.0 |
| SECTION 8 – Service as a Director of a Public Company (Access, Investment and Portfolio Management Persons Only) | SECTION 8 – Service as a Director of a Public Company (Access, Investment and Portfolio Management Persons Only) | 5.0 |
| SECTION 9 – Personal Securities Trading (Access, Investment and Portfolio Management Persons Only) | SECTION 9 – Personal Securities Trading (Access, Investment and Portfolio Management Persons Only) | 5.0 |
| A. | Initial, Quarterly and Annual Certifications and Questionnaires | 5.0 |
| B. | Connecting or Establishing a New PSA | 6.0 |
| C. | Pre-Clearance of Outside Business Activities, Private Securities Transactions and Initial Public Offerings | 6.0 |
| D. | Discretionary and/or Managed Accounts | 6.0 |
| SECTION 10 – Additional Pre-Clearance Obligations (Investment and Portfolio Management Persons Only) | SECTION 10 – Additional Pre-Clearance Obligations (Investment and Portfolio Management Persons Only) | 7.0 |
| Glossary |  | 9.0 |

---

© 2024 SEI 1

**SECTION 1 – Introduction**

This Code is designed to reinforce SIMC's principles of integrity and ethics. SIMC's adherence to these principles is critical in an industry that is based on trust and fiduciary duty. This Code is also designed to enforce compliance with applicable regulation and best practices in the United States. The recordkeeping provisions of SIMC's Compliance Manual are incorporated herein by reference.

All SIMC directors, officers and employees (including interns to SIMC) and all persons who provide investment advice on behalf of SIMC are considered Supervised Persons and are subject to this Code. Depending on the information to which you have access, you may also be considered an Access Person, Investment Person or Portfolio Management Person and are subject to additional obligations as set forth in the Code. You should note that certain portions of the Code may also apply to others, including certain members of your Immediate Family.

This Code is applicable to you not only as you conduct the business of SIMC, but as you conduct the business of SIMC's affiliates and subsidiaries as well. Supervised Persons located in SIMC's Global Offices are subject to this Code and may also be subject to additional codes, policies and procedures related to ethical conduct. You can obtain this Code and related documents from the compliance professionals in each office.

You are also subject to the Code of Conduct of SEI, which is incorporated herein by reference, as well as to various other compliance policies and procedures governing the activities of SIMC and its personnel including, without limitation, SIMC's insider trading policies and procedures. The requirements and limitations of this Code are in addition to any requirements or limitations contained in the Code of Conduct or in other compliance policies and procedures applicable to SIMC and its personnel.

Strict adherence to the requirements of the Code is a fundamental part of your job. You must certify that you have read and understand the Code at the time of hiring and at least annually thereafter. The Asset Management Compliance team manages the SIMC Compliance program. If you have questions about how the Code applies to you, contact Asset Management Compliance at <u>AssetManagementCompliance@seic.com</u>.

Violation of this Code or of any business-specific requirement applicable to you may lead to disciplinary action, including termination of employment (See Section 6 – Sanctions).

**A.** **General Policy** 

You have a fiduciary obligation to SEI's Clients when engaging in professional and personal activities. Specifically, you have a duty to:

· Comply
with the Code's requirements;

· Observe
applicable ethical standards in the performance of your duties;

· Adhere to the highest standards of loyalty, candor
and care in all matters relating to SIMC and its Clients. This includes putting the interests of SIMC's Clients before your own;

· Conduct all business dealings consistent with
the Code and in such a manner as to avoid any actual or perceived conflict of interest or any abuse of your position of trust and responsibility;

· Maintain
the confidentiality of the security holdings and financial circumstances of SIMC's Clients;

· Maintain
your independence in the investment decision-making process;

· Not use any material non-public information in
securities trading or divulge such information to any persons except as this Code and other SIMC policies and procedures permit;

· Comply
with applicable federal and state securities laws; and

· Report
any violations of this Code promptly to Asset Management Compliance.

The Code sets out basic principles to guide you but is not intended to cover every ethical issue that may arise. Please contact Asset Management Compliance if you have questions or concerns regarding the Code.

**B.** **Rebuttal of Presumption of Access Person Status** 

For the purposes of this Code, all SIMC directors and officers are presumed to be Access Persons and thus are subject to the reporting requirements as described in the Code unless and until the presumption is rebutted.

This presumption may be rebutted as to these persons, but only if Asset Management Compliance makes a finding that such person, in connection with his or her regular functions or duties, (a) does not have access to non-public information regarding any clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any fund the adviser or its control affiliates manage; and (b) is not involved in making securities recommendations to clients, and does not have access to such recommendations that are non-public.© 2024 SEI 2

Prior to making a determination rebutting the presumption that a person is an Access Person, Asset Management Compliance will investigate all relevant facts and prepare a memorandum for the file which sets forth the facts demonstrating the rebuttal of the presumption, as well as the determination that such person is not, in fact, an Access Person for the purpose of this Code. Asset Management Compliance shall retain a copy of this memorandum in its files. Asset Management Compliance also shall maintain a list of all persons deemed Access Persons for the purpose of this Code. Asset Management Compliance shall review the list and reaffirm that it is accurate and complete no less frequently than on an annual basis.

**SECTION 2 – Using This Code of Ethics**

**A.** **Annual Certification** 

Asset Management Compliance will distribute at least once per year, a current copy of the Code and any amendments. You are required to annually certify that you have received and read the Code and any amendments, understand its provisions and agree to abide by its requirements.

**B.** **Restriction on Use** 

The Code is intended for use in connection with your job-related duties. You must obtain authorization from Asset Management Compliance, via email, before providing an outside person or entity with a copy of the Code. All copies of the Code provided to any outside person or entity must be provided in read-only format.

**C.** **Duty to Report Violations of the Code** 

If you become aware of conduct which you feel is unethical, improper, illegal, or is otherwise a violation of any provision of this Code, you are required to report such information to Asset Management Compliance as soon as practicable after discovering the violation. Concealing or covering up any violation of the Code is itself a violation of the Code. You are not authorized or required to carry out any order or request to cover up such a violation and if you receive such an order you must report it to Asset Management Compliance. You have a duty to cooperate fully with ethics investigations and audits, and to answer questions truthfully and to the best of your ability. If you report violations of the Code in good faith, you will not be subject to reprisal or retaliation for making the report. Retaliation is a serious violation of this Code and any concern about retaliation should be reported to Asset Management Compliance immediately. Any person found to have retaliated against you for reporting violations of the Code will be subject to appropriate disciplinary action. Asset Management Compliance will maintain a log of all violations of the Code. Violations are reported on a quarterly basis to the SIMC Board of Directors and may also be reported to the applicable manager and/or SEI Chief Compliance Officer or his or her designee as necessary.

**SECTION 3 – Confidential Information**

Ethical behavior includes safeguarding the security of confidential information. You are prohibited from revealing confidential information to any third party or anyone within SIMC that does not have a legitimate business reason for knowing such information. This applies even after you have terminated your employment or association with SIMC. Patentable and secret processes, product information, pricing and any other confidential information must remain that way. You are obligated to protect SIMC's confidential information. Confidential information includes, but is not limited to, business, marketing and service plans; operational techniques; internal controls; compliance policies; methods of operation; security procedures; strategic plans; research activities and plans; portfolio and investment strategies and modeling; transactions; holdings; marketing or sales plans; pricing or pricing strategies; databases; records; salary information; any unpublished financial data and reports, including information concerning revenues, profits and profit margins; proprietary information; and any information concerning SIMC's technology, such as systems, source code, databases, hardware, software, programs, applications, engine protocols, routines, models, displays and manuals, including, without limitation, the selection, coordination, and arrangement of the contents thereof and other confidential information and materials of SIMC, its affiliates, their respective clients or suppliers or other persons or entities with whom they do business.

Supervised Persons are not restricted or prohibited from initiating communications directly with, responding to any inquiries from, providing testimony before, providing SIMC Confidential Information to, or reporting possible violations of law or regulation to any governmental agency or entity, or self-regulatory authority, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, (collectively, the Regulators), or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. You do not need the prior authorization of SIMC to engage in such communications, respond to such inquiries, provide such Confidential Information or documents, or make any such reports or disclosures. You are not required to notify SIMC that you have engaged in such communications, responded to such inquiries or made such reports or disclosures. Further, nothing in the Code prohibits or restricts you from filing a charge, responding to an inquiry, participating in an investigation, or providing testimony about SIMC or its Confidential Information by, with, or before any Regulator.© 2024 SEI 3

All designated representatives from the Asset Management Compliance department will use their best efforts to assure that all requests for pre-clearance, all personal securities reports and all reports for securities holding are treated as personal and confidential. However, such documents will be available for inspection by appropriate regulatory agencies and other parties, such as counsel, within and outside SIMC as necessary to evaluate compliance with or sanctions under this Code.

**SECTION 4 – Prohibition Against Fraud, Deceit and Manipulation**

You may not, directly or indirectly, in connection with the purchase or sale of a Covered Security held or to be acquired by a Client:

· Employ
any device, scheme or artifice to defraud the Client;

· Mislead
such Client, including by making a statement that is untrue or omits material facts;

· Engage
in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Client; or

· Engage
in any manipulative practice with respect to a Client or securities (including price manipulation of a security).

**SECTION 5 – Excessive Trading of Shares of the SEI Funds**

You may not engage in excessive short-term trading of shares of open-end funds within the SEI Funds where prohibited by the Prospectus. Each Fund's policy on excessive short-term trading (including round trip trade restrictions) can be found in its <u>Prospectus and Statement of Additional Information.</u>

**SECTION 6 – Sanctions**

Any violation of the rules and requirements set forth in the Code may result in the imposition of such sanctions as Asset Management Compliance, management and/or general counsel, as applicable, may deem appropriate under the circumstances. These sanctions may include, but are not limited to:

· Written
warning;

· Reversal
of securities transactions;

· Restriction
of trading privileges;

· Disgorgement
of trading profits;

· Fines;

· Reporting
to the SIMC Board of Directors;

· Suspension
or termination of employment; or

· Referral
to regulatory or law enforcement agency.

Factors which may be considered in determining an appropriate penalty include, but are not limited to: harm to clients; the frequency of occurrence; the degree of personal benefit to the person; the degree of conflict of interest; the extent of unjust enrichment; evidence of fraud, violation of law or reckless disregard of a regulatory requirement; and/or the level of accurate, honest and timely cooperation from the person.

**SECTION 7 – Recordkeeping**

Asset Management Compliance will:

· Periodically review the personal securities transaction
reports or duplicate statements filed by Access Persons, Investment Persons and Portfolio Management Persons and compare with the
reports or statements of Investment Vehicles' completed portfolio transactions. If Asset Management Compliance determines that a
compliance violation may have occurred, Asset Management Compliance will give the person an opportunity to supply explanatory material.

· Prepare an annual issues or certification report
to the board of any Investment Vehicle that is a registered investment company that (1) describes the issues that arose during the
year under this Code, including, but not limited to, material violations of and sanctions under the Code, and (2) certifies that
SIMC has adopted procedures reasonably necessary to prevent SIMC personnel from violating this Code.

· Prepare a written report to SIMC management outlining
any violations of the Code together with recommendations for the appropriate penalties.

· Preserve
a record of approval granted for Outside Business Activities (OBA).

· Preserve a record of approval granted for the
purchase of securities offered in connection with an Initial Public Offering (IPO) or a private securities transactions, including the
rationale supporting any decision.

· Maintain records relating to this Code of Ethics
in accordance with Rule 31a-2 under the 1940 Act and Rule 204-2 of the Advisers Act. They will be available for examination
by representatives of the Securities and Exchange Commission and other regulatory agencies.© 2024 SEI 4

· Preserve
a copy of this Code that is, or at any time within the past five years has been, in effect in an easily accessible place for a period of five years.

· Preserve
 a record of any Code violation and of any sanctions taken in an easily accessible place for a period of at least five years
 following the end of the fiscal year in which the violation occurred.

· Preserve
 a copy of each Holdings and Transactions Certification submitted under this Code, including any information provided in lieu of any
 such reports made under the Code, for a period of at least five years from the end of the fiscal year in which it is made, for the
 first two years in an easily accessible place.

· Maintain
 a record of all persons, currently or within the past five years, who are or were required to submit reports under this Code, or who
 are or were responsible for reviewing these reports, in an easily accessible place for a period of at least five years from the end
 of the calendar year in which it is made.

· Preserve
 a record of any decision, and the reasons supporting the decision, to approve an Supervised Person's acquisition of securities
 in an IPO or private securities transactions, for at least five years after the end of the fiscal year in which the approval is
 granted.

**SECTION 8 – Service as a Director of a Public Company (Access, Investment and Portfolio Management Persons Only)**

You are not permitted to serve as a director of a publicly traded company.

**SECTION 9 – Personal Securities Trading (Access, Investment and Portfolio Management Persons Only)**

**A.** **Initial, Quarterly and Annual Certifications and Questionnaires** 

You must disclose any Personal Securities Accounts<sup>1</sup> (PSAs) that may contain Covered Securities in which you have a Beneficial Ownership Interest, including any Discretionary Accounts. All certifications are completed via the <u>ACA ComplianceAlpha Employee Compliance</u> (ACA EC). The content of such Certifications will comply with the requirements set forth in Rule 204A-1 of the Investment Advisers Act of 1940. Completed Certifications will be managed and reviewed by Asset Management Compliance.

· Initial
Reporting (Completed within 10 calendar days of the hire/transfer date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Initial Holdings a Accounts Certification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AMC New Hire Questionnaire

· Quarterly
Reporting (Completed within 30 calendar days after the end of each quarter):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Quarterly Broker Holdings a Accounts
Certification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Quarterly Transactions Certification

· Annual
Reporting (Completed within 30 calendar days after the end of each year):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AMC Annual Questionnaire

All information submitted must be current within 45 calendar days prior to the date of the Certification.

The following are exceptions with respect to transactions and holdings reports:

· Transaction
reports are not required with respect to transactions made within an automatic investment plan;

· Transaction
 reports and Broker Holdings a Accounts reports are not required with respect to securities held in accounts over which the access
 person had no direct or indirect influence or control (e.g. Discretionary and/or Managed Accounts).

Notwithstanding the foregoing exceptions to holdings and transactions reporting, such accounts must be reported on your Quarterly Broker Holdings a Accounts Certification. Further, you must receive advance approval/confirmation from Compliance before availing yourself of one of the above exceptions, and if at any time they cease to qualify for these exceptions, they must be reported.

**SEI Stock, the SEI Employee Stock Purchase Plan (ESPP) and the SEI Employee Stock Option Plan (ESOP)**

You are not required to report the purchase or sale of SEI Stock within the SEI ESPP. However, you must report on a Quarterly Transaction Certification your purchase or sale of SEI stock executed **outside of** an Automatic Investment Program (AIP), as well as the exercise of employee stock options under the ESOP.

<sup>1</sup> PSAs that hold only open end mutual funds that are not Affiliated Funds do not need to be disclosed.© 2024 SEI 5

**SEI Capital Accumulation (401(k)) Plan and SEI Funds**

You are not required to report trades in SEI Funds done through the SEI Capital Accumulation (401(k)) Plan and SEI Funds trades done through an employee account established at SEI Private Trust Company. Any SEI Funds trades done in a different channel must be reported on a Quarterly Transaction Certification.

**B.** **Connecting or Establishing a New PSA** 

Initial reporting of PSA<sup>2</sup>

When you are connecting your PSA(s) to ACA EC for the first time, you must promptly notify Compliance Alpha Support at <u>ComplianceAlphaSupport@seic.com</u> of the list of Brokers that you currently have a PSA with. Compliance Alpha Support will then provide guidance on whether you should connect your brokerage account(s) using either the (a) Aggregation Feed, (b) Direct Feed or (c) Manual within ACA EC.

Establishing a new PSA

Before you establish a new PSA, please reach out to Compliance Alpha Support to check whether ACA EC will have a reliable electronic feeds for that Broker. Compliance Alpha Support will then advise whether there is an aggregation or direct feed available and you can open the PSA. Once you establish a new PSA, you must promptly connect the PSA according to the feed type that was communicated by Compliance Alpha Support. This will make sure your transactions are feeding into ACA EC. Exceptions to electronic feeds are considered on a limited basis by reaching out directly to Compliance Alpha Support.

Manual Statements (non-Electronic Data Feeds)

· The
transactions in accounts for which no electronic data feed is available must be manually entered into ACA EC.

· Manual
statement(s) must also be uploaded to ACA EC on a quarterly basis.

**C.** **Pre-Clearance of Outside Business Activities, Private Securities Transactions and Initial Public Offerings** 

An Access Person's OBA, private securities transaction or IPO raises questions as to whether the person is misappropriating an investment opportunity that should first be offered to eligible clients, or whether a portfolio manager is receiving a personal benefit for directing client business or brokerage. Approval of such investments should consider these factors. You must obtain pre-clearance approvals from Asset Management Compliance before:

· conducting
any OBA or

· acquiring
(directly or indirectly) beneficial ownership in securities issued in an private securities transactions or IPO.

The Outside Business Activity Form can be found within:

· "Create
Request Or Disclosure" in ACA EC: or

· The <u>Corporate Governance & Conduct page.<sup>3</sup></u> 

The "Private Securities Transaction Request" Form and "IPO Approval Request" Form can be found within "Create Request Or Disclosure" in ACA EC.

AIFMD regulatory requirements restrict the purchase of the UK Property Fund by all Supervised Persons.

**D.** **Discretionary and/or Managed Accounts** 

If you maintain a Discretionary and/or Managed Account, you must:

· Include
the Discretionary and/or Managed Account in your Accounts Certification;

· Facilitate
provision of statements for any such account to Asset Management Compliance;

· Certify to Asset Management Compliance that transactions
in the account are, in fact, effected on a discretionary and/or managed basis by the investment advisor.

<sup>2</sup> New Supervised Persons hired after July 1, 2021 will no longer be able to keep assets with brokers that do not provide electronic data feed. Please see the <u>AMC Corporate Governance site</u> for the full list of approved brokers.

<sup>3</sup> Please note this form should only be utilized by Supervised Persons who do not have access to ACA.© 2024 SEI 6

If you have questions about whether your account is considered a Discretionary and/or Managed Account, please contact Asset Management Compliance. Asset Management Compliance reserves the right to contact the adviser to the Discretionary Account to verify the discretionary status of the account.

**SECTION 10 – Additional Pre-Clearance Obligations (Investment and Portfolio Management Persons Only)**

**Pre-Clearance**

Investment and Portfolio Management Persons must pre-clear transactions in Covered Securities via ACA EC unless the transaction qualifies for one of the exceptions discussed below. If approved, pre-clearance will be effective for two (2) business days. Day one of the pre-clearance period is the day that pre-clearance is obtained, and expiration occurs at the close of trading on the next business day. Exceptions may be made solely at the discretion of Asset Management Compliance.

You are not required to pre-clear the following types of transactions:

· Covered
Securities Transactions in amounts that come within the Small Transaction Exception (discussed below);

· Covered Securities Transactions in accounts over
which you have no direct or indirect influence or control. This includes transactions in Discretionary Accounts;

· Covered Securities Transactions that are non-volitional.
This includes Covered Securities Transactions upon exercise of puts or calls written by you, sales from a margin account pursuant to a
bona fide margin call, stock dividends, stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or
distributions;

· Covered Securities Transactions made pursuant
to an AIP; however, any transaction that overrides the preset schedule or allocations of the AIP must be pre-cleared with Asset Management
Compliance and reported in a Quarterly Transaction Report;

· Covered Securities Transactions upon the exercise
of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired for such issuer;

· Acquisitions
of Covered Securities through gifts or bequests;

· SEI Employee Stock Purchase Plan and Employee
Stock Option Plan. Since the SEI Funds (with the exception of the SIIT Large Cap Index Fund) do not hold SEI stock, you do not have to
pre-clear your transactions in SEI stock (even if executed outside an AIP) or the exercise of SEI stock options. These transactions must,
however, be executed in compliance with SEI's Insider Trading Policy.

· SEI
Funds. You are not required to pre-clear transactions in the SEI Funds.

· Asset Management Compliance can grant exemptions
from the personal trading restrictions in this Code (including preclearance obligations) upon determining that the transaction for which
an exemption is requested would not result in a conflict of interest or violate any other policy embodied in this Code. Asset Management
Compliance must document all exemptions that it grants.

**Small Transaction Exception**

Pre-clearance is not required for a purchase or sale of the same Covered Security of less than $25,000 per issuer over a five (5) business day period. For leveraged transactions such as derivative transactions (options, futures, etc.), the determination of a pre-clearance requirement must be made based on the total value of the underlying or associated assets (i.e., the notional value).

Example: If he/she buys 10 options contracts that gives her/him the right to purchase 1,000 shares of stock ABC at the strike price of $25 at some time in the future, pre-clearance is necessary although the premium paid for that option falls below the $25,000 threshold.

This exception does not apply to the acquisition of securities as part of a private securities transactions or IPO. Additionally, you must continue to adhere to the "Minimum Holding Periods" as set forth in the Code.

**60-Day Minimum Holding Periods**

The 60-day minimum holding periods are applicable for any purchase and sale or sale and purchase of the same Covered Security in which you have a Beneficial Ownership Interest. The 60 calendar days holding period starts on the NEXT day after the trade is executed. The holding periods are calculated on a First In First Out (FIFO) basis.© 2024 SEI 7

This prohibition<sup>4</sup> does not apply to transactions resulting in a loss, or to futures or options on futures on broad-based securities indices or U.S. Government securities. This prohibition also does not apply to transactions in the SEI Funds, which are separately covered under the "Excessive Trading of Shares of the SEI Funds" section of this Code.

**Blackout Periods on Purchases and Sales**

Investment Persons may not purchase or sell, directly or indirectly, any Covered Security within 24 hours before or after the time that the same Covered Security is being purchased or sold by any Investment Vehicle. This includes any equity related security of the same issuer such as preferred stock, options, warrants and convertible bonds.

Portfolio Management Persons may not purchase or sell, directly or indirectly, any Covered Security within 7 days before or after the time that the same Covered Security is being purchased or sold by any Investment Vehicle. This includes any equity related security of the same issuer such as preferred stock, options, warrants and convertible bonds.

<sup>4</sup> In situations such as financial hardship and/or life changing events, Investment and Portfolio Management Persons might request for an exception on a case of case basis with the discretion of AMC Compliance.© 2024 SEI 8

**Glossary**

**ACA ComplianceAlpha Employee Compliance (ACA EC) –** SEI's electronic personal trading system and vendor.

**Access Persons - Supervised Persons** who (a) have access to non-public information regarding any **Client's** purchase or sale of securities, or non-public information regarding the portfolio holdings of any reportable fund; or (b) who are involved in making securities recommendations to **Clients**, or who have access to such recommendations that are non-public. SIMC directors and officers are presumed to be **Access Persons** unless the presumption is rebutted as described in Section 1(B).

For purposes of this Code, all persons in the following business units are considered to be **Access Persons**:

· Asset
Management Distribution (AMD) (US)

· Investment
Management Unit (IMU)

· Independent
Advisor Solutions by SEI (IAS)

· Legal &
Compliance: Teams directly supporting SEI Funds or SIMC

· Institutional

· Private
Wealth Management (PWM)

· Interns
to these groups\*\*

**Affiliated Fund –** Any registered investment company for which SIMC serves as an investment adviser or for which SEI Investments Distribution Co. serves as principal underwriter. For your reference, a current list of Affiliated Funds is available via the <u>AMC Corporate Governance site.</u>

**Asset Management Compliance –** SIMC's Chief Compliance Officer and supporting personnel and designees.

**Automatic Investment Program (AIP) –** A program in which regular periodic payments (or withdrawals) are made automatically in (or from) investment accounts in accordance with a pre-determined schedule and allocation, including a dividend reinvestment plan.

**Beneficial Ownership Interest/Beneficially Own –** Under relevant securities laws, you have a beneficial ownership interest in securities (or beneficially own securities) if you, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, have or share a direct or indirect pecuniary interest in the securities. A pecuniary interest in securities means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in those securities. You are presumed to have a pecuniary interest in securities held by members of your **Immediate Family**.

For example, you have a beneficial ownership interest in securities held within a **PSA** that is registered in your name or your **Immediate Family** member's name. You also have beneficial ownership in securities held within a **PSA** if you (or an **Immediate Family** member) (1) obtain benefits from the **PSA** substantially equivalent to whole or partial ownership, even if indirectly or (2) directly or indirectly control investment decisions for the **PSA**.

**Client –** Any client of SIMC who has entered into a contractual arrangement with SIMC, including, but not limited to, individuals, institutions and **Investment Vehicles**.

**Covered Securities Transaction –** The purchase or sale of (or any other transaction in) a **Covered Security,** including the writing of an option to purchase or sell a **Covered Security**.

**Covered Security –** A **Covered Security** is *<u>any</u>* <u>U.S.</u> security *<u>except</u>*:

· Direct
obligations of the U.S. government;

· Bankers' acceptances, bank certificates of deposit, commercial paper
and high quality short-term debt instruments, including repurchase agreements;

· Annuity
Plans;

· Shares
issued by money market funds;

· Shares
issued by open-end funds and exchange traded funds that are not **Affiliated Funds**; and

· Shares issued by unit investment trusts that are invested exclusively in
one or more open-end funds other than Affiliated Funds.

By way of example, a **Covered Security** may include a crowdfunded securities offering; note; stock; closed-end fund; commodity interests; bond; debenture; evidence of indebtedness; certificate of interest or participation in any profit sharing agreement; collateral trust certificate; pre-organization certificate of subscription; transferable share; investment contract; voting-trust certificate; certificate of deposit for a security; fractional undivided interest in oil, gas, or other mineral rights; any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof); or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; or, in general, any interest or instrument commonly known as a security; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing.© 2024 SEI 9

**Discretionary and/or Managed Account –** An account or blind trust in which you give a **Financial Institution** discretion as to the purchase or sale of securities or commodities, including selection, timing, and price to be paid or received. By so doing, you empower the **Financial Institution** to buy and sell without your prior knowledge or consent, although you may set broad guidelines for managing the account (e.g., limiting investments in blue chip stocks or banning investment in "sin" stocks). In order to be considered a **Discretionary Account**, you must not:

· Suggest
purchases or sales of investments to the trustee or **Financial Institution**;

· Direct
purchases or sales of investments;

· Provide final approval of purchases or sales of investments prior to a transaction
(this is different than approving an investment strategy or goal with your Financial Institution); or

· Consult with the trustee or **Financial Institution** as to the particular
allocation of investments to be made in the account

**Financial Institution –** A broker-dealer, investment advisor, bank or other financial entity.

**Immediate Family –** A member of your immediate family includes your spouse or domestic partner, minor children, dependents and other relatives who share the same residence with you. Or any other person IF: (a) the person obtains from the securities benefits substantially similar to those of ownership (for example, income from securities that are held by a spouse); or (b) the person can obtain title to the securities now or in the future.

**Initial Public Offering (IPO) –** Generally refers to the first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking the capital to expand, but can also be done by large privately owned companies looking to become publicly traded.

**Investment Person –** Any person that is an **Access Person** and who also directly oversees the performance of one or more sub-advisers for any **Investment Vehicle,** or obtains or is able to obtain prior or contemporaneous information regarding the purchase or sale of **Covered Securities** by any **Investment Vehicle** or **Client**.

For purposes of this Code, all persons on the following teams are considered to be Investment Persons:

· IMU
Strategic Planning & Stewardship

· IMU:
Investment Operations & Technology

· Institutional:
Teams Offering Advice or Service direct to clients

· Legal &
Compliance: Teams directly supporting SEI Funds or SIMC

· Private
Wealth Management

· Interns
to these groups\*\*

*\* Investment Personnel located in the UK (IMU UK Personnel) are subject to this Code of Ethics. However, those IMU UK Personnel are also separately subject to the SEI Investments Europe, Ltd. (SIEL) Personal Account Dealings Policy. Further, SIEL Compliance will report violations of its policy by these personnel to SIMC Compliance on a quarterly basis, and SIMC Compliance may take actions with respect to such violations as set forth in the SIMC Code of Ethics (which may be enforced in coordination with SIEL Compliance). IMU UK Personnel will be subject to the same training and annual certification requirements to which all Supervised Persons are subject, which is administered by SIMC Compliance.*

*\*\* Temporary employees are excluded from this group*

**Investment Vehicle –** Any registered Investment Company, unregistered product or other asset management account for which SIDCO services as underwriter for the investment vehicle.

**Private Securities Transactions -** A transaction that may occur outside normal market facilities or outside a securities brokerage account and includes, but is not limited to: limited offering, private placements, unregistered securities, private partnerships and investment partnerships.

**Personal Securities Account (PSA) –** Any personal account that may contain **Covered Securities** in which you have a **Beneficial Ownership Interest** or which permits you to transact in such securities. This includes accounts maintained with **Financial Institutions** (in your name or an **Immediate Family** members name) over which you maintain direct or indirect control or investment discretion. It also includes any trust for which you are a trustee or from which you benefit directly or indirectly and any partnership (general, limited or otherwise) of which you are a general partner or a principal of the general partner. For the avoidance of doubt, **Discretionary Accounts** are **Personal Securities Accounts** and must be reported.© 2024 SEI 10

**Portfolio Management Person –** Any person that is an **Access Person** and who also purchases or sells **Covered Securities** for one or more **Investment Vehicles** or who is otherwise entrusted with responsibility and authority to make investment decisions regarding **Covered Securities** for one or more **Investment Vehicles**.

For purposes of this Code, all persons on the following teams are considered to be Portfolio Management Persons:

· IMU:
Investment Strategy, Advice & Asset Allocation

· Interns
to these groups\*\*

*\*\* Temporary employees are excluded from this group*

**SEI –** Refers to SEI Investments Company, the parent company of SIDCO.

**SIDCO –** Refers to SEI Investments Distribution Co.

**Supervised Person –** For purposes of this Code, **Supervised Persons** are all directors, officers and employees of SIMC and all persons who provide investment advice on behalf of SIMC. All **Access Persons**, **Investment Persons** and **Portfolio Management Persons**, including relevant interns,\*\* are Supervised Persons.© 2024 SEI 11

## Ex-99.B(P)(5)

**Exhibit 99.B(p)(5)**

![](tm2529262d1_ex99-bxpx5img01.jpg)

Code of Ethics

Effective September 1, 2025

---

| | |
|:---|:---|
| ![](tm2529262d1_ex99-bxpx5img02.jpg) | CODE OF ETHICS |

---

**Table of Contents**

---

| | |
|:---|:---|
| Purpose and Scope | 3 |
| Applicability of this Code | 3 |
| Principles of this Code | 3 |
| Reportable Accounts and Holdings Reports | 4 |
| Pre-Clearance and Approval Requirements | 6 |
| Trading Restrictions and Prohibitions | 7 |
| Education, Certifications, and Reporting Requirements | 9 |
| Violations, Escalation, and Exceptions | 10 |
| Governance and Reporting | 11 |
| Related Policies | 11 |
| Records Retention | 11 |

---

Appendices

Appendix A – Key Terms and Definitions 12 <br> <br> Appendix B - Guidance 14

GENERAL<sub>2</sub>

---

| | |
|:---|:---|
| ![](tm2529262d1_ex99-bxpx5img02.jpg) | CODE OF ETHICS |

---

Purpose and Scope

Allspring Global Investments, including all global affiliates ("Allspring"), has adopted this Code of Ethics (the "Code") to establish standards of conduct and ethics and to outline requirements reasonably designed to prevent fraudulent, manipulative, or improper practices or transactions. This Code is maintained, administered, and enforced by the Allspring Chief Compliance Officer ("CCO"), and the Allspring Conduct and Ethics Team. Please contact the Allspring Conduct and Ethics Team at <u>Conduct@allspringglobal.com</u> with any questions or inquiries pertaining to this Code.

Capitalized terms are defined herein and in Appendix A - Key Terms and Definitions.

Applicability of this Code

Access Persons

This Code applies to all of Allspring's officers, directors, full-time or part-time employees, contingent workers who have been notified they are subject to the Code, and any other person designated by the Allspring Conduct and Ethics Team ("Access Persons").

Immediate Family Members and Beneficial Ownership

The requirements of this Code also apply to "Immediate Family Members," which include any person sharing the same household with an Access Person and any other person for which an Access Person has Beneficial Ownership of their accounts or securities.

In general, a person has Beneficial Ownership of an account or security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest***<sup>1</sup>*** in the account or security.

*Access Persons are presumed to have a pecuniary interest in securities held by Immediate Family Members. References to Access Persons hereinafter also includes their Immediate Family Members.*

Investment Persons

An "Investment Person" is any Access Person involved with making investment decisions, recommendations, or securities transactions, including portfolio managers, traders, and investment analysts of Allspring or any other Access Persons designated by the Allspring Conduct and Ethics Team to meet these criteria. In addition to complying with all the obligations of Access Persons, Investment Persons are also required to comply with additional provisions set forth within this Code, specifically with respect to blackout periods defined within the "Trading Restrictions and Prohibitions" section.

<sup>1</sup> "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in the security means the opportunity, directly or indirectly to profit or share in any profit derived from a transaction in a security.

GENERAL<sub>3</sub>

---

| | |
|:---|:---|
| ![](tm2529262d1_ex99-bxpx5img02.jpg) | CODE OF ETHICS |

---

Principles of this Code

Access Persons must always observe the highest standards of conduct and ethics. Access Persons must act professionally, exercise independent judgment, comply with all applicable laws and regulations, and adhere to Allspring's policies and procedures. Access Persons have a duty of care and loyalty to Allspring's clients<sup>2</sup> and must avoid actual or perceived conflicts of interest. Access Persons may never:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage in any behavior or activities that place their personal interests
above the interests of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Take investment opportunities away from clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage in any transaction, act, practice, or course of business that operates
or would operate as a fraud or deceit upon any client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Make any untrue statement of a material fact, or omit to state a material
fact, to mislead clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Use Allspring's proprietary information to benefit them personally, including
the use of proprietary investment research, technology, or other information for personal gain; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage in any personal activities, including personal securities transactions,
private placements, outside activities, gifts and entertainment, political contributions, charitable contributions, or other activities,
that do not comply with this Code or other relevant Allspring policies.

Reportable Accounts and Holdings Reports

Reportable Accounts Requirements

**Access Persons are responsible for disclosing all their Reportable Accounts in the FIS ECM system ("ECM")<sup>3</sup>** **no later than 10 calendar days after becoming an Access Person.** Reportable Accounts are those accounts in which an Access Person has direct or indirect Beneficial Ownership (including any accounts of Immediate Family Members) that can hold Reportable Securities (even if the account does not currently hold Reportable Securities).

The most common types of Reportable Securities are listed below. Please refer to Appendix A for a complete definition of Reportable Securities and Appendix B for examples and guidance.

&nbsp;&nbsp;&nbsp;&nbsp;· Stocks

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate and municipal bonds

&nbsp;&nbsp;&nbsp;&nbsp;· Closed-end funds

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange-Traded Funds ("ETFs")

&nbsp;&nbsp;&nbsp;&nbsp;· Options on Reportable Securities

&nbsp;&nbsp;&nbsp;&nbsp;· Any funds for which Allspring serves as an investment manager, sponsor, or
adviser, including third party funds for which Allspring serves as sub-adviser (except for money market funds) ("Reportable Funds")

<sup>2</sup> The term "client" also includes any fund for which Allspring serves as an investment manager, adviser, or sub-adviser.

<sup>3</sup> FIS Employee Compliance Manager ("ECM"), formerly FIS Protegent Personal Trading Assistant ("PTA").

GENERAL<sub>4</sub>

---

| | |
|:---|:---|
| ![](tm2529262d1_ex99-bxpx5img02.jpg) | CODE OF ETHICS |

---

Examples of accounts that can hold Reportable Securities include the following:

&nbsp;&nbsp;&nbsp;&nbsp;· **Brokerage accounts**, including custodial and trust accounts.

&nbsp;&nbsp;&nbsp;&nbsp;· **External retirement accounts**, such as IRA, 401(k), and global equivalents,
which are capable <sup>4</sup> of investing in Reportable Securities (including Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;· **Education Savings Accounts ("ESA")**, such as 529 Plans, Coverdell
ESAs, or global equivalents, which are capable <sup>5</sup> of investing in Reportable Securities
(including Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;· **Former Employee Benefit Accounts**, such as Health Savings Accounts
from a former employer, which are capable of investing in Reportable Securities (including Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;· **Allspring Employee Benefit Accounts**, as described below.

Please refer to Appendix B for examples and guidance.

Allspring Employee Benefit Accounts

Certain Allspring benefit accounts are Reportable Accounts because they are capable of investing in Reportable Securities. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;· Allspring 401(k) accounts, which are capable of investing
in Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;· **Allspring Health Savings Accounts ("HSA"),** which are capable of investing in Reportable Securities once the account has exceeded a minimum
balance threshold. Note that an HSA account becomes a Reportable Account when the employee opens up the corresponding investment account
through either Optum Bank or Betterment. At that time, a request to open a new account form must be completed in ECM. An Allspring
HSA account that does not have the investment account opened is not considered a Reportable Account.

Approved Brokers

Access Persons may only maintain Reportable Accounts with an approved broker included on the Allspring Approved Broker List ("Approved Brokers"). Access Persons that have a Reportable Account with a non-Approved Broker must either close the account or transfer the account to an Approved Broker. This requirement is not applicable to Managed Accounts<sup>6</sup> or Allspring employee benefit accounts. This requirement is also not applicable to certain non-U.S. employees who reside in a jurisdiction where access to Approved Brokers is limited; non-U.S. employees must confirm applicability of this requirement with the Allspring Conduct and Ethics Team. Any exemptions to this requirement must be approved in writing by the Allspring Conduct and Ethics Team.

Please refer to the Conduct and Ethics page on Springboard to view the "Allspring Approved Broker List."

<sup>4</sup> An IRA account or a 401(k) account with a brokerage window would be a Reportable Account because it is capable of investing in Reportable Securities. A 401(k) account that offers only a selection of investable funds, all of which are not Reportable Funds, is not a Reportable Account; however, if a Reportable Fund is on or added to the investable menu, then the 401(k) account is a Reportable Account.

<sup>5</sup> Coverdell ESAs are Reportable Accounts because they are capable of investing in Reportable Securities. A 529 plan that offers only a selection of investable funds, all of which are not Reportable Funds, is not a Reportable Account; however, if a Reportable Fund is on or added to the investable menu, then the 529 plan is a Reportable Account.

<sup>6</sup> A "Managed Account" (also referred to as a discretionary account) is an account that is managed by a non-affiliated third party (broker-dealer, registered investment advisor, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion. Documentation to support a Managed Account includes an official discretionary letter from the non-affiliated third party which expressly states that the Access Person does not have any investment discretion over the account. Access Persons with Managed Accounts will also be required to complete an annual attestation confirming that they did not direct any investment decisions during the year.

GENERAL<sub>5</sub>

---

| | |
|:---|:---|
| ![](tm2529262d1_ex99-bxpx5img02.jpg) | CODE OF ETHICS |

---

Initial and Annual Holdings Reports

**Access Persons must provide a complete initial report of their holdings in Reportable Accounts in ECM no later than 10 calendar days after becoming an Access Person.** The initial holdings report must include information that is current as of a date no more than 45 days prior to becoming an Access Person. At least annually thereafter, Access Persons must provide a complete report of their holdings in Reportable Accounts which is current as of a date no more than 45 days prior to submission.

Opening and Closing Reportable Accounts

Access Persons must submit a New Account Request Form in ECM and receive approval prior to opening any new Reportable Account, which includes those of Immediate Family Members. Access Persons must notify the Allspring Conduct and Ethics Team upon closing any Reportable Accounts in a timely manner so that they may be removed from ECM. After closing an account, Access Persons must deliver a copy of the most recent account statement, showing no assets, to the Allspring Conduct and Ethics Team

Pre-Clearance and Approval Requirements

Pre-Clearance of Reportable Securities

Access Persons must pre-clear all personal transactions in Reportable Securities, except for open-end Reportable Funds and ETFs (excluding single-stock ETFs), for themselves and their Immediate Family Members, and receive approval via ECM prior to executing trades with their broker. Pre-clearance is not required for transactions in Managed Accounts and Automatic Investment Plans. Please refer to Appendix B for a complete list of Reportable Securities that require pre-clearance.

How to Pre-Clear Reportable Securities

Follow the steps below to pre-clear and receive approval via ECM:

1. **Request for approval:** Request pre-clearance approval in ECM by inputting all required
information regarding the proposed transaction. Note that Access Persons may only request pre clearance for market orders or same day
limit orders.

2. **Wait for notification of approval:** Do not execute the trade until receiving an approval
email from ECM. The approval email grants authorization to execute the trade, as requested, and is only effective until the close of business
on the same trading day, provided that approvals for trading on a foreign market received after the market has closed are valid until
the close of business on the next trading day. If the approved transaction is not executed within the approved timeframe, the pre-clearance
process must be repeated.

3. **Denials:** Pre-clearance
requests that are denied must not be executed. The reasons for denying a trade may not be explained due to material non-public information
("MNPI") concerns.

Trading Restrictions and Prohibitions

Ban on Short-Term Trading Profits

Access Persons are not permitted to profit from short-term trading in their personal accounts. Short term trading is any buy and sell, or sell and buy, of the same Reportable Security within 60 calendar days. This prohibition applies even if the transactions occur in separate personal accounts and regardless of tax lots (i.e., the most recent previous transaction of the security will be considered against the subsequent transaction in that same security). This prohibition also applies to options on Reportable Securities. Additionally, any option transaction must have an expiration date that is at least 60 calendar days from the date of purchase or sale, and Access Persons may not exercise an option for profit within the 60-day period<sup>7</sup>.

<sup>7</sup> Note that multiple option contracts for the same underlying security must have expirations dates that comply with this rule when potential contract redemption(s) create short-term trading profits in the underlying security.

GENERAL<sub>6</sub>

---

| | |
|:---|:---|
| ![](tm2529262d1_ex99-bxpx5img02.jpg) | CODE OF ETHICS |

---

Exceptions to the short-term trading restriction may potentially be granted for certain rare cases (e.g., economic hardships, gifts of securities, or other specific circumstances) if it is determined that there is no misconduct. Exception requests must be approved by the Allspring Conduct and Ethics Team in advance of the trade and must include evidence of mitigating factors that strongly support the exception. The ban on short-term trading profits does not apply to transactions that involve:

&nbsp;&nbsp;&nbsp;&nbsp;· Reportable Securities that do not require pre-clearance, excluding Reportable
Funds (which includes Allspring ETFs) (refer to Appendix B);

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Automated transactions pursuant to an Automatic Investment Plan that has
been approved by the Allspring Conduct and Ethics Team; or

&nbsp;&nbsp;&nbsp;&nbsp;· Involuntary actions, such as vested deferred stock compensation, involuntary
call of an option, or corporate actions.

60-Day Holding Period for Reportable Funds

Access Persons who purchase shares of Reportable Funds (which includes Allspring ETFs) are required to hold them for at least 60 calendar days, regardless of tax lots<sup>8</sup>. This 60-day holding period does not apply to Allspring money market funds or ultra-short funds (which includes Allspring ultra-short ETFs).

Allspring Closed-End Funds

Access Persons may only purchase or sell shares of an Allspring closed-end fund during the 10 calendar days beginning on the next day after the release of dividend announcements to the public for such fund. In addition, Access Persons may be prohibited from transacting in Allspring closed-end funds (even during such trading windows) if the Allspring Conduct and Ethics Team determines that transactions must be restricted due to MNPI. Access Persons that are designated as insiders of an Allspring closed-end fund under Section 16 of the Securities Exchange Act of 1934 are required to submit SEC regulatory filings in connection with their transactions pursuant to the Allspring Funds Section 16 Procedures.

Allspring ETFs

Allspring ETFs are Reportable Funds, and therefore Reportable Securities, as defined within this Code. Allspring ETFs do not require pre-clearance but do require quarterly transaction reporting, in accordance with this Code.

If an Allspring ETF is trading at a premium or discount that is 2% or greater than the ETF's net asset value at end of day, then Access Persons are prohibited from personally transacting in that Allspring ETF. The Allspring Conduct and Ethics Team will notify Access Persons if the 2% threshold has been met, at which point personal trading in the affected ETF is prohibited. A subsequent notification will be sent once trading may resume.

Private Placements

Access Persons must obtain approval via ECM prior to any acquisition of securities in a Private Placement (i.e., a non-public offering). Access Persons must request pre-clearance approval via ECM by completing a Private Securities Transaction Request Form and inputting all required information. If approved, Access Persons must confirm that the transaction was completed, provide the final Private Placement agreement in ECM, and attest to the Private Placement on their next Quarterly Transaction Report certification (refer to the "Certifications and Reporting" section of this Code).

<sup>8</sup> If applicable, Access Persons must additionally abide by any requirements regarding frequent purchases and redemptions of shares in accordance with a fund's prospectus.

GENERAL<sub>7</sub>

---

| | |
|:---|:---|
| ![](tm2529262d1_ex99-bxpx5img02.jpg) | CODE OF ETHICS |

---

Access Persons must disclose to the Allspring Conduct and Ethics Team any investments in a Private Placement when they become aware of any potential conflicts of interest (e.g., Access Person's involvement in any subsequent consideration of an investment in the issuer by Allspring).

Initial Public Offerings

Access Persons are generally prohibited from purchasing shares in an Initial Public Offering ("IPO"). Exceptions may be granted in certain circumstances (e.g., if an Immediate Family Member is offered shares of his or her employer firm). Any investment by an Access Person in an IPO, or other limited offering, must receive written pre-approval by the Allspring Conduct and Ethics Team.

Investment Clubs

Access Persons are generally prohibited from participating in an Investment Club. Any requests to participate in an Investment Club must be submitted to the Allspring Conduct and Ethics Team for review and approval. If approved to participate in an Investment Club, the account(s) of that club would become applicable to this Code and its requirements.

Excessive Trading

Excessive trading, as determined by the Allspring Conduct and Ethics Team in its sole discretion, is not tolerated as it may interfere with job performance and the duty of loyalty and care to Allspring's clients. In general, Access Persons trading more than 60 times in a quarter should expect a notification regarding excessive trading<sup>9</sup>, including notice to their manager. Excessive trading is monitored and reported to senior management. Self-directed transactions involving Reportable Securities are included in the trade count for excessive trading. The following types of transactions are excluded from the count:

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Automated transactions pursuant to an Automatic Investment Plan that has
been approved by the Allspring Conduct and Ethics Team; or

&nbsp;&nbsp;&nbsp;&nbsp;· Involuntary actions, such as vested deferred stock compensation, involuntary
call of an option, or corporate actions.

Insider Trading

Access Persons are prohibited from misusing or inappropriately disclosing confidential information, including MNPI. Access Persons may not use MNPI for personal gain, for the benefit of Allspring, or for the benefit of our clients. While in possession of MNPI, you may not trade, or recommend trading, for any securities or funds on the basis of that information. Engaging in insider trading is a violation of global laws and regulations and is a breach of this Code. Access Persons that come into possession of MNPI must immediately notify the Allspring Conduct and Ethics Team and must additionally comply with the Allspring Information Barrier Policy.

<sup>9</sup> Access Persons should notify the Allspring Conduct and Ethics Team if they anticipate executing a one-time rebalance that will exceed 60 transactions. In general, such cases will not be considered excessive trading.

GENERAL<sub>8</sub>

---

| | |
|:---|:---|
| ![](tm2529262d1_ex99-bxpx5img02.jpg) | CODE OF ETHICS |

---

Restricted Securities List

Allspring maintains a "Restricted List" that includes individual securities and issuers for which one or more persons at Allspring may hold price sensitive information. Any pre-clearance requests to trade in a security on the Restricted List will be denied. The Restricted List is not distributed to employees; it is maintained and updated periodically in ECM by the Allspring Conduct and Ethics Team. Please refer to the Allspring Information Barrier Policy.

Blackout Periods for Investment Persons

Subject to the de minimis exception, Investment Persons (and their Immediate Family Members) are prohibited from executing personal securities transactions during certain blackout periods.

**Blackout Period** 

Investment Persons are prohibited from transacting in Reportable Securities during the 7 calendar days immediately preceding and immediately following the date of the same trade in a client account where there is a perceived or actual conflict of interest (e.g., the Investment Person services the account or has access to sensitive information related to the account).

Personal securities transactions executed during the blackout period will be investigated for conflicts of interest and any violations identified may be subject to sanctions (please refer to the Conduct Framework on Springboard's Conduct and Ethics page).

**De Minimis Exception** 

Transactions by Investment Persons that meet the de minimis exception will generally be approved unless they are restricted for another reason (e.g., Ban on Short-Term Trading Profits, Restricted List, etc.). A transaction in a security (either a single transaction or multiple transactions in the same security within 7 calendar days not exceeding 250 shares in the aggregate) qualifies for the de minimis exception if the security has a market capitalization exceeding $10 billion.

Education, Certifications, and Reporting Requirements

Education

Access Persons are required to complete training on the Code within 15 days of hire date and then annually thereafter.

Certifications and Reporting

Access Persons must complete initial, quarterly, and annual certifications and reporting in ECM.

&nbsp;&nbsp;&nbsp;&nbsp;· **Code of Ethics Certification**: Access Persons are required to certify
in writing upon hire date, and annually thereafter, that they have received and understand this Code. Additionally, all Access Persons
must provide a written acknowledgement of their receipt and understanding of any material amendment to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;· **Quarterly Transactions Reports:** Access Persons are required to report all personal securities transactions of Reportable Securities within
30 calendar days of each calendar quarter end. Access Persons must certify that they have reported all Reportable Accounts and that the
personal securities transactions reported within these accounts are complete, accurate, and in compliance with this Code. Transactions
of Managed Accounts are not subject to Quarterly Transactions Reporting. Self-directed transactions <sup>10</sup> of Reportable Funds within Allspring 401(k) accounts require reporting; however, transactions initiated by the 401(k)-plan advisor (e.g.,
when Access Persons have enrolled in the discretionary managed accounts program) do not require reporting.

&nbsp;&nbsp;&nbsp;&nbsp;· **Initial and Annual Holdings Reports:** As noted under the Reportable
Accounts and Holdings Reports section, Access Persons are required to report initial (upon becoming an Access Person) and annual holdings
reports (within 30 calendar days of calendar year end). Access Persons must certify that they have reported all holdings of Reportable
Accounts and that the holdings reported within these accounts are complete, accurate, and current as of a date no more than 45 days prior
to submission.

<sup>10</sup> Excluding payroll contributions (or company matches).

GENERAL<sub>9</sub>

---

| | |
|:---|:---|
| ![](tm2529262d1_ex99-bxpx5img02.jpg) | CODE OF ETHICS |

---

Violations, Escalation, and Exceptions

Violations

Access Persons must promptly report any violations of this Code to the Allspring Conduct and Ethics Team. The Allspring Conduct and Ethics Team is responsible for investigating any actual or suspected violation of this Code and reporting the results to the Chief Compliance Officer. Access Persons that have violated this Code will be sanctioned depending on the severity of the infraction. The Allspring Conduct and Ethics Team, in its sole discretion, may issue any sanctions deemed appropriate to address the infraction, subject to applicable law. This may include: a written notice, additional training, deduction from wages/compensation and/or disgorgement of profit, restriction or suspension of certain personal and/or business activities, heightened monitoring or supervision, termination of employment, referral to civil or criminal authorities, or any other remedies necessary to address the violation.

Please refer to the Conduct Framework on Springboard's Conduct and Ethics page.

Escalation

Access Persons are expected to report any concerns regarding unethical behavior or misconduct to the CCO upon identification. This includes any actual or suspected violations of this Code or other Allspring policies or any non-compliance with applicable laws and regulations. Access Persons may refer to the Whistleblowing Policy for information on how to report a concern anonymously. No retaliation may be taken against any person for providing information in good faith about such violations or concerns.

All questions and inquiries regarding this Code or any assistance with ECM should be communicated to <u>Conduct@allspringglobal.com</u>.

Exceptions

The Allspring Conduct and Ethics Team may grant certain exceptions to this Code. Exception requests must be submitted to <u>Conduct@allspringglobal.com</u> with rationale to justify the request. Any exceptions to this Code must be approved in writing by the Allspring Conduct and Ethics Team and are reported to the Allspring Conduct and Ethics Committee.

Governance and Reporting

The Code is reviewed and approved by the Allspring Conduct and Ethics Committee at least annually. The Allspring Conduct and Ethics Committee receives periodic reporting in relation to adherence to the requirements associated with this Code.

GENERAL<sub>10</sub>

---

| | |
|:---|:---|
| ![](tm2529262d1_ex99-bxpx5img02.jpg) | CODE OF ETHICS |

---

Related Policies

Client Complaint Handling Policy

As outlined within this Code, Access Persons must promptly report any client complaints and follow the Client Complaint Handling Policy to ensure fair, consistent, and timely resolution. This includes complaints from clients, employees, or third parties, and requires coordination with Compliance to determine appropriate responses and regulatory reporting.

Conflicts of Interest Policy

As outlined within the Principles of the Code, Access Persons must never engage in any behavior or activities that place their personal interests above the interests of clients and must always follow the Conflicts of Interest Policy.

Global Fraud Risk Management Policy

As outlined within the Principles of the Code, Access Persons must never engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client. Access Persons must always follow the Global Fraud Risk Management Policy to report actual or suspected fraud.

Information Barrier Policy

As outlined with this Code, Access Persons are prohibited from misusing or inappropriately disclosing confidential information, including MNPI. Access Persons that come into possession of MNPI must comply with the Allspring Information Barrier Policy.

Standards of Professional Conduct

This Code establishes standards of business conduct and ethics; and must be considered in connection with Allspring's Standards of Professional Conduct, which describes the responsibility of acting in a professional manner and contributing to a work environment free from harassment and violence.

Whistleblowing Policy

As outlined within this Code, Access Persons must report suspected wrongdoing and follow the Whistleblowing Policy to ensure concerns are raised safely and appropriately. Whistleblowers are protected from retaliation and may report issues such as financial crime, regulatory breaches, or threats to safety through designated channels, including anonymous options.

Records Retention

Records associated with the implementation and execution of this Code are required to be maintained in line with applicable rules and regulations as outlined in the Records Management Policy. The Retention Schedule records associated with this Policy must be maintained and accessible for 7 years.

GENERAL<sub>11</sub>

---

| | |
|:---|:---|
| ![](tm2529262d1_ex99-bxpx5img02.jpg) | CODE OF ETHICS |

---

Appendix A – Key Terms and Definitions

---

| | |
|:---|:---|
| TERM | DEFINITION |
| Access Person | All of Allspring's officers, directors, full-time or part-time employees, contingent workers that have been notified they are subject to the Code, and any other person designated by the Allspring Conduct and Ethics Team. |
| Approved Broker | A broker that is included on the Allspring Approved Broker List. These are brokers that provide automated holdings and transactions reporting into ECM through an electronic feed. Subject to the exceptions set forth in the Code, Access Persons and their Immediate Family Members may only maintain personal accounts with Approved Brokers. |
| Automatic Investment Plan | A program that allows a person to purchase or sell Reportable Securities, automatically and on a regular basis in accordance with a pre-determined schedule and allocation, without any further action by the person. |
| Beneficial Ownership | In general, a person has Beneficial Ownership of an account or security if they, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the account or security. "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in the security means the opportunity, directly or indirectly to profit or share in any profit derived from a transaction in a security. *Access Persons are presumed to have a pecuniary interest in securities held by Immediate Family Members.* |
| ECM | FIS Employee Compliance Manager ("ECM"), formerly FIS Protegent Personal Trading Assistant ("PTA"), is the technology vendor used by Allspring to monitor employees' personal activities, including personal securities transactions, private placements, outside activities, gifts and entertainment, political contributions, and other activities. |
| Immediate Family Member | Any person sharing the same household with an Access Person (including spouses or domestic partners, children (including those who may be temporarily living away for college/boarding school), grandchildren, siblings, parents, grandparents, relatives-in-law, step relative, adoptive relative, legal guardian), or any other person for which an Access Person has "Beneficial Ownership" of their accounts or securities. |
| Investment Person | Any Access Person involved with making investment decisions, recommendations, or securities transactions, including portfolio managers, traders, and investment analysts of Allspring or any other Access Persons designated by the Allspring Conduct and Ethics Team to meet these criteria. |
| Managed Account / Discretionary Account | An account that is managed by a non-affiliated third party (broker-dealer, registered investment advisor, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion. |
| Private Placement | A non-public security offering. This includes offerings exempt from registration under Section 4(2) or 4(6) of the Securities Act of 1933, as amended, or Rule 504, Rule 505, or Rule 506 thereunder. |
| Reportable Account | Any account in which an Access Person has direct or indirect Beneficial Ownership (including any accounts of Immediate Family Members) that can hold Reportable Securities (even if the account does not currently hold Reportable Securities). Refer to Appendix B for additional guidance. |

---

GENERAL<sub>12</sub>

---

| | |
|:---|:---|
| ![](tm2529262d1_ex99-bxpx5img02.jpg) | CODE OF ETHICS |

---

---

| | |
|:---|:---|
| Reportable Fund | Any funds for which Allspring serves as an investment manager, sponsor, or adviser, including third party funds for which Allspring serves as sub-adviser (except for money market funds). This has the same meaning as in rule 204A-1 of the Investment Advisors Act of 1940. |
| Reportable Security | Any security as defined in section 202(a)(18) of the Investment Advisers Act of 1940 and section 2(a)(36) of the Investment Company Act of 1940, except that it does not include:<br>i. Direct obligations of the U.S. Government; <br> ii. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;<br> iii. Shares issued by money market funds;<br> iv. Shares issued by open-end funds other than Reportable Funds; and<br> v. Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds.  |

---

GENERAL<sub>13</sub>

---

| | |
|:---|:---|
| ![](tm2529262d1_ex99-bxpx5img02.jpg) | CODE OF ETHICS |

---

Appendix B - Guidance

The below tables include non-exhaustive lists to be used for reference. Please contact the Allspring Conduct and Ethics Team (<u>Conduct@allspringglobal.com</u>) for additional guidance.

Reportable Accounts

---

| | |
|:---|:---|
| &nbsp;&nbsp;ACCOUNT | REPORTABLE ACCOUNT? |
| &nbsp;&nbsp;Brokerage accounts (including IRA, GIA, ISA, SIPP, custodial, and trust accounts) | Yes |
| &nbsp;&nbsp;Managed Accounts and Automatic Investment Plans | Yes |
| &nbsp;&nbsp;Allspring 401(k) plans | Yes |
| &nbsp;&nbsp;Education/junior savings accounts that can invest in Reportable Securities (e.g., ESA, Junior ISA) | Yes |
| &nbsp;&nbsp;Health Savings Account ("HSA") that can invest in Reportable Securities | Yes |
| &nbsp;&nbsp;Employee stock purchase or ownership plans ("ESPP" or "ESOP") | Yes |
| &nbsp;&nbsp;External (non-Allspring) 401(k) plans that can invest in Reportable Funds | Yes |
| &nbsp;&nbsp;External (non-Allspring) 401(k) plan that cannot hold Reportable Funds | No |
| &nbsp;&nbsp;Cash management accounts that cannot buy or sell Reportable Securities (e.g., Cash ISA) | No |
| &nbsp;&nbsp;Cryptocurrency accounts | No |

---

Reportable Securities and Pre-Clearance

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;SECURITY | REPORTABLE SECURITY? | PRE-CLEAR? |
| &nbsp;&nbsp;Stocks (common, preferred, rights and warrants) | Yes | Yes |
| &nbsp;&nbsp;Bonds (corporate, municipal, convertible and notes) | Yes | Yes |
| &nbsp;&nbsp;Closed-end funds (also referred to as investment trusts) | Yes | Yes |
| &nbsp;&nbsp;Options on Reportable Securities | Yes | Yes |
| &nbsp;&nbsp;Open-end Reportable Funds (except for money market funds) | Yes | No |
| &nbsp;&nbsp;Allspring ETFs | Yes | No |
| &nbsp;&nbsp;Non-Allspring ETFs (excluding single-stock ETFs) and options on ETFs | Yes | No |
| &nbsp;&nbsp;Single-stock ETFs | Yes | Yes |
| &nbsp;&nbsp;Private placements (i.e., non-public or limited offering) | Yes | Yes |
| &nbsp;&nbsp;Direct obligations of the U.S. Government (e.g., U.S. Treasuries) | No | No |
| &nbsp;&nbsp;Money market instruments - bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments (including highly rated direct obligations of sovereign governments, such as U.K. Treasuries) | No | No |
| &nbsp;&nbsp;Money market funds | No | No |
| &nbsp;&nbsp;Open-end mutual funds (that are not Reportable Funds) | No | No |
| &nbsp;&nbsp;Commodities | No | No |
| &nbsp;&nbsp;Foreign currencies, including futures | No | No |
| &nbsp;&nbsp;Cryptocurrencies | No | No |

---

GENERAL<sub>14</sub>

## Ex-99.B(P)(7)

**Exhibit 99.B(p)(7)**

**NEUBERGER BERMAN**

**<u>CODE OF ETHICS</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Last Updated:** | &nbsp;&nbsp;31 January 2025 |
| &nbsp;&nbsp;**Policy Owner:** | &nbsp;&nbsp;NB Central Compliance |
| &nbsp;&nbsp;**Previous Versions:** | &nbsp;&nbsp;16 January 2024 |
|  | &nbsp;&nbsp;1 July 2023 |
|  | &nbsp;&nbsp;13 January 2023 |
|  | &nbsp;&nbsp;30 June 2022 |
|  | &nbsp;&nbsp;31 March 2022 |
|  | &nbsp;&nbsp;18 January 2022 |
|  | &nbsp;&nbsp;26 January 2021 |
|  | &nbsp;&nbsp;January 2019 |
|  | &nbsp;&nbsp;January 2018 |
|  | &nbsp;&nbsp;January 2016 |
|  | &nbsp;&nbsp;January 2013 |
|  | &nbsp;&nbsp;May 2011 |

---

**CODE OF ETHICS**

This Code of Ethics (the "Code") is adopted by the North-American based registered investment advisers (the "NB Advisers")<sup>1</sup> of Neuberger Berman Group LLC (the "Firm") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), the Neuberger Berman Group of Funds (the "NB Funds") and any NB Adviser that serves as investment adviser or sub-adviser to the NB Funds or other non-NB Funds (collectively, the "Funds") pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "Company Act").

Any questions relating to this document should be brought to the attention of your designated Chief Compliance Officer or the firm's Head of Compliance, Brad E. Cetron.

By accepting employment with the Firm, you have agreed to be bound by this Code of Ethics. On an annual basis you will be required to certify in writing your understanding of, and adherence to, this Code and your intention to comply with its requirements (including any amendments).

<sup>1</sup> Neuberger Berman Investment Advisers LLC ("NBIA"), NB Alternatives Advisers LLC ("NBAA"), Neuberger Berman Canada ULC ("NB Canada"), Neuberger Berman Loan Advisers LLC, Neuberger Berman Loan Advisers II LLC, Neuberger Berman Loan Advisers IV LLC, and Neuberger Berman BD LLC ("NBBD"). This Code also applies to Neuberger Berman Trust Company N.A. and Neuberger Berman Trust Company of Delaware N.A.

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **Statement of General Principles** | **Statement of General Principles** | 4 |
| **A.** | General Prohibitions | 5 |

---

**B.** Definitions 5

**C.** Code
 Policies 11

1. Covered
 Accounts 11

2. Initial
 Public Offerings 11

3. Information
 Barrier 11

4. Transactions
 in Restricted List Securities 12

5. Private
 Placements 12

6. Digital
 Assets 12

7. Dissemination
 of Client Information 13

8. Gifts
 and Entertainment 13

9. Related
 Issuer 13

10. Trading
 Opposite Clients 14

11. Service
 on a Board of Directors 14

12. Limitations
 on Short and Long Positions 14

13. Transactions
 in Shares of Funds 15

14. Transactions
 in Futures, Swaps, Forwards and Commodities 15

15. Transactions
 in Options and Warrants 15

16. Sanctions 15

17. Violations 16

**D.** Reporting
 Requirements 16

1. Reports
 by Access Persons 16

2. Reports
 by Disinterested Directors/Trustees 18

3. Exceptions
 to Reporting Requirements 18

4. Notification
 of Reporting Obligations 18

**E.** Code
 Procedures 18

1. Maintenance
 of Covered Accounts 18

2. Pre-Clearance
 of Securities Transactions 19

3. Blackout
 Period 20

4. Price
 Restitution 20

5. Holding
 Period 22

6. Code
 Procedures Monitoring 23

**F.** NB
 Funds' Ethics and Compliance Committee 23

**G.** Annual
 Report to the NB Funds' Board 23

**H.** Administration 23

---

| | | |
|:---|:---|:---|
| **I.** | Recordkeeping | 24 |
| **EXHIBIT A - Applicability of Code Procedures to Temporary Access Persons** | **EXHIBIT A - Applicability of Code Procedures to Temporary Access Persons** | 26 |

---

**Statement of General Principles**

The Code is designed to ensure, among other things, that employees put Client interests first and conduct their activities in a manner consistent with applicable Federal Securities Laws. The following principles shall govern the personal investment activities of all individuals subject to this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Employees must at all times place the interests of Clients ahead of their personal interests - Client trades have priority over personal securities trades.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Personal securities transactions must be conducted in accordance with this Code and in such a manner as to avoid any actual, perceived or potential conflict of interest or abuse of an employee's position of trust and responsibility.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Employees should not take advantage of their position to benefit themselves at the expense of any Client.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **In personal securities investing, employees should follow a philosophy of investment rather than trading.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Employees must comply with applicable Federal Securities Laws.** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** General
 Prohibitions

No person associated with the NB Advisers or the Firm, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a Client, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Employ any device, scheme or artifice to defraud any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Make any untrue statement of a material fact to any Client or omit to state to such Client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Engage in any manipulative practice with respect to any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Engage in any transaction in a security while in possession of material nonpublic information regarding the security or the issuer of the security; or** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Engage in any transaction intended to raise, lower, or maintain the price of any security or to create a false appearance of active trading.** 

&nbsp;&nbsp;&nbsp;&nbsp;**B.** Definitions

The following words have the following meanings in this Code:

**Access Person**

&nbsp;&nbsp;&nbsp;&nbsp;a. Any
 employee, officer, director of any NB Adviser or NB Fund (or any company controlled by the
 NB Advisers) and their Immediate Family Members;

&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 director, officer or general partner of a principal underwriter who, in the ordinary course
 of business, makes, participates in or obtains information regarding the purchase or sale
 of Covered Securities by any NB Fund for which the principal underwriter acts, or whose functions
 or duties in the ordinary course of business relate to the making of any recommendation to
 the NB Fund regarding the purchase or sale of Covered Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;c. Any
 temporary employee, consultant, contractor, intern or other person engaged by the Firm for
 a period of ninety (90) days or more who performs advisory functions (i.e., provides investment
 advice) on behalf of any NB Adviser or NB Fund ("Temporary Access Person"). See
 Exhibit A for applicability of Code Procedures to Temporary Access Persons.

**Advisory Person**

An Access Person of the NB Advisers who, in connection with his or her regular functions or duties, makes, or participates in making, recommendations regarding the purchase or sale of Covered Securities by a Related Client. The determination as to whether an individual is an Advisory Person shall be made by the Legal and Compliance Department, taking into consideration the following roles and responsibilities: Portfolio Manager, Traders, Analysts (credit/research) and any member on any of their respective teams, including administrative staff.

**Beneficial Interest**

An employee has a Beneficial Interest in an account if they may profit or share in the profit from transactions. In general, a person is regarded as having direct or indirect Beneficial Interest in securities held in his or her name, as well as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in the name of an Immediate
 Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in
 his or her name as trustee for himself or herself or for his or her Immediate Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in a trust in which
 he or she has a Beneficial Interest or is the settlor with a power to revoke;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· by
 another person and he or she has a contract or an understanding with such person that the
 securities held in that person's name are for his or her benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in
 the form of acquisition rights of such security through the exercise of warrants, options,
 rights, or conversion rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· by a partnership of
 which he or she is a member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· by a corporation which
 he or she uses as a personal trading medium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· by a holding company
 which he or she controls; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 other relationship in which a person would have beneficial ownership under Rule 16a-1(a)(2)
 of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except that
 the determination of direct or indirect Beneficial Interest shall apply to all securities
 which an Access Person has or acquires.

Any employee who wishes to disclaim a Beneficial Interest in any securities must submit a written request to the Legal and Compliance Department explaining the reasons therefore. Any disclaimers granted by the Legal and Compliance Department must be made in writing. Without limiting the foregoing, if a disclaimer is granted to any employee with respect to an account of an Immediate Family Member, the provisions of this Code applicable to such employee shall not apply to the Immediate Family Member for which such disclaimer was granted. However, if the Immediate Family Member whose account was disclaimed is also an employee of an NB Adviser, the sections of this Code applicable to employees would still be applicable to the employee's Immediate Family Member.

**Blind Trust**

A trust in which an Access Person has Beneficial Interest or is the settlor with a power to revoke, with respect to which the Legal and Compliance Department has determined that such Access Person has no direct or indirect influence or control over the selection or disposition of securities and no knowledge of transactions therein, provided, however, that direct or indirect influence or control of such trust is held by a person or entity not associated with the Firm and not a relative of such Access Person.

**Client**

An investment advisory account, including, but not limited to, the Funds, other commingled investment vehicles and separate accounts for which any of the NB Advisers provides investment advice, management or exercises discretion.

**"Control"** means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Generally, any person who owns beneficially, either directly or through one or more controlled companies, more than 25 percent of the voting securities of a company shall be presumed to control such company (Section 2(a)(9) of the Company Act).

**Covered Account**

An account held in the name of an Access Person where the Access Person has, or is deemed to have, a Beneficial Interest, including investments held outside of an account over which an Access Person has physical control, such as a stock certificate.

**Covered Security**

a. Any
 note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness,
 certificate of interest or participation in any profit-sharing agreement, collateral-trust
 certificate, preorganization certificate or subscription, transferable share, investment
 contract, voting-trust certificate, certificate of deposit for a security, fractional undivided
 interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege
 on any security (including a certificate of deposit) or on any group or index of securities
 (including any interest therein or based on the value thereof), or any put, call, straddle,
 option, or privilege entered into on a national securities exchange relating to foreign currency,
 or, in general, any interest or instrument commonly known as a "security", or
 any certificate of interest or participation in, temporary or interim certificate for, receipt
 for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing;

b. Shares
 of any Fund; and

c. Exchange
 Traded Funds and closed-end funds registered under the Company Act.

The term Covered Security does not include:

&nbsp;&nbsp;&nbsp;&nbsp;a. Direct
 obligations of the Government of the United States, its territories or States or Related
 Securities thereof, (including short term debt securities that are government securities
 within the meaning of the law);

&nbsp;&nbsp;&nbsp;&nbsp;b. Bankers'
 acceptances, bank certificates of deposit, commercial paper and high quality short- term
 debt instruments including repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;c. Shares
 issued by registered open-end investment companies for which any NB Adviser does not act
 as investment adviser, sub-adviser or distributor provided such shares are held directly
 with the fund company in a mutual fund account and not in a third-party brokerage account
 unless the Access Person has obtained prior written approval from the Legal and Compliance
 Department to maintain such account.

***De minimis*** **Restitution**

Price restitutions that result in less than $2500 collectively (which may be updated from time to time) or where the gain to be received by each underlying Client account is less than $100.

**Digital Asset**

A "Digital Asset" is broadly defined as any digital representation of value which is recorded on a cryptographically secured distributed ledger technology (blockchain). Digital Assets include, but are not limited to, virtual currencies and cryptocurrency (including crypto tokens) and Stablecoins. A particular digital asset may or may not meet the definition of "security" under the federal securities laws. Any references herein to "Digital Assets" should be interpreted as encompassing all forms of digital assets such as Bitcoin, Ethereum, Ripple, and all other types of cryptocurrencies or crypto coins.

**Digital Asset Derivative**

A Digital Asset Derivative is one whose value is based on or derived from the value of a Digital Asset such as options, futures and swaps on a Digital Asset.

**Disinterested Director/Trustee**

A person who serves as director/trustee of an NB Fund and is not otherwise affiliated with an NB Fund.

**Domestic Partnership**

An interpersonal relationship between two individuals who live together and share a common domestic life ("Domestic Partners").<sup>2</sup>

**Equity Advisory Person**

Solely for Covered Accounts maintenance purposes, an Advisory Person who is a member of an equities portfolio management team or the Equity Research Department.

**Ethics and Compliance Committee**

The Ethics and Compliance Committee of the NB Funds (except the NB Registered Private Equity Funds).

**Exchange Traded Fund**

Unit investment trusts or open-ended investment companies registered under the Company Act that trade on a national stock exchange.

**Exempt Transactions**

Transactions that may be exempt from certain provisions of the Code such as, pre-clearance, minimum holding period, or blackout periods. Exempt Transactions are not exempt from the general provisions of the Code including reporting requirements. The following have been defined as Exempt Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;a. Transactions in Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;b. Transactions
 made automatically in accordance with a predetermined schedule and allocation, such as part
 of a dividend reinvestment plan ("DRIP").

&nbsp;&nbsp;&nbsp;&nbsp;c. An involuntary
 purchase effected upon the exercise of rights issued by an issuer pro rata to all holders
 of a class of its securities, to the extent such rights were acquired from such issuer, and
 sales of rights so acquired.

<sup>2</sup> The above definition is being used solely for purposes of this Code of Ethics and should not be construed as the applicable definition for other purposes (e.g., employee benefits).

&nbsp;&nbsp;&nbsp;&nbsp;d. The
 acquisition or disposition of securities through stock dividends, stock splits, reverse stock
 splits, mergers, margin calls, consolidations, spin-offs, or other similar corporate reorganizations
 or distributions generally applicable to all holders of the same class of securities.

&nbsp;&nbsp;&nbsp;&nbsp;e. Securities transactions effected
 in Blind Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;f. A transaction
 by an NB Fund Disinterested Director/Trustee unless at the time of such transaction, the
 Disinterested Fund Director/Trustee, knew or should have known that, during the fifteen calendar
 day period immediately preceding or, after the date of the transaction by the Disinterested
 Director/Trustee, such security was purchased or sold by the NB Fund or was being considered
 for purchase or sale for Clients of the NB Adviser, provided that the foregoing does not
 apply if the Disinterested Fund Director/Trustee gains knowledge that such security was held
 by the NB Fund due to public disclosure on the NB Fund's website of such holding.

&nbsp;&nbsp;&nbsp;&nbsp;g. Transactions
 in the following broad-based security indices: S&P 500, NASDAQ, 7-10 Year Treasury Bond
 Index, 20+ Year Treasury Bond Index, Russell 2000 and Dow Jones Industrial Average, Vanguard S&P 500 ETF (VOO), iShares Core S&P 500 ETF (IVV)<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;h. Other transactions designated in writing
 by the Legal and Compliance Department.

**Federal Securities Laws**

The Securities Act of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act"), the Company Act, the Advisers Act, the Sarbanes-Oxley Act of 2002 (as applicable), Title V of the Gramm- Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission ("SEC") under any of these statutes, the Bank Secrecy Act as it applies to registered investment companies and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

**Fund**

Any investment company, and series thereof, registered under the Company Act for which any NB Adviser is the investment manager, investment adviser, sub-adviser, administrator or distributor.

**iCompliance**

The Firm's proprietary employee compliance dashboard that facilitates the disclosure, reporting and monitoring of a number of key compliance requirements pursuant to the Firm's Code of Ethics and Code of Conduct.

**Immediate Family Member**

&nbsp;&nbsp;&nbsp;&nbsp;a. An
 Access Person's child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
 Domestic Partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
 sister-in- law (including adoptive relationships) who share the same household as the Access
 Person or to whom the employee provides material financial support; and

&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 other relative or person who shares the same household as the Access Person or to whom the
 employee provides material financial support and is deemed to be an Immediate Family Member
 by the Legal and Compliance Department.

**Legal and Compliance Department**

<sup>3</sup> Transactions involving a futures contract or swap on the broad-based security indices are prohibited.

The Neuberger Berman Legal and Compliance Department.

**Limited Access Person**

An Access Person's Immediate Family Member who would otherwise be an Access Person but who is determined by the Legal and Compliance Department to be a Limited Access Person considering factors including, but not limited to, whether the Immediate Family Member shares the same household as the Access Person <u>and</u> is financially dependent on the Access Person.

**Limited Access Person Account**

An account in the name of a Limited Access Person held at the Firm. A Limited Access Person Account may be treated as a Managed Account at the discretion of the Legal and Compliance Department.

**Managed Account**

A Covered Account where full control and investment discretion has been delegated pursuant to an investment advisory agreement that includes the payment of a management fee to: 1) an unrelated third-party investment manager, or 2) a Neuberger Berman portfolio management team of which the employee is not a member. A Limited Access Person Account may be treated as a Managed Account at the discretion of the Legal and Compliance Department.

**NB Advisers**

The Firm's North American-based investment advisers: Neuberger Berman Investment Advisers LLC, Neuberger Berman Canada ULC, Neuberger Berman BD LLC, NB Alternatives Advisers LLC, Neuberger Berman Loan Advisers LLC, Neuberger Berman Loan Advisers II LLC, Neuberger Berman Loan Advisers IV LLC, Neuberger Berman Trust Company N.A., and Neuberger Berman Trust Company of Delaware N.A.

**NB Closed-End Fund ("CEF") Insider**

An Access Person who is a director, officer or principal stockholder (holder of more than 10% of a class of reportable securities) of any company that has a class of equity securities registered pursuant to Section 12 of the Exchange Act and is subject to beneficial ownership reporting obligations under Section 16. Obligations apply to all insiders of the closed-end funds ("NB CEF") as well as to NBIA and certain of its affiliated persons.

**NB Funds**

The NB Group of Funds.

**Private Placement**

An offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rules 504, 505 or 506 under the Securities Act.

**Related Client**

A Client account, including a proprietary account consisting of seed capital during the incubation period, for which an Advisory Person or the portfolio management team of which the Advisory Person is a member, has or is deemed to have, investment decision-making authority or is responsible for maintaining and/or reviewing information pertaining to the account.

**Related Issuer**

An issuer with respect to which an Advisory Person or their Immediate Family Member: (i) has a material business relationship with such issuer or any promoter, underwriter, officer, director, or employee of such issuer; or (ii) is an Immediate Family Member of any officer, director or senior management employee of such issuer.

**Related Security**

A Related Security is one whose value is based on or derived from the value of an underlying security, including convertible securities and derivative securities such as options, futures, swaps, and warrants.

**Security Held or to be Acquired by a Client**

Any Covered Security (or Related Security) that within the most recent fifteen (15) days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is or has been held
 by a Client, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is being or has been
 considered by a NB Adviser for purchase by such Client.

**Trading Desk**

The Neuberger Berman Trading Desk.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** Code Policies

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Covered Accounts</u> 

Access Persons who are not Equity Advisory Persons are generally permitted to maintain their Covered Accounts at Neuberger Berman, or with prior approval from the Legal and Compliance Department, at Fidelity Investments ("Fidelity"). Equity Advisory Persons are required to maintain their Covered Accounts at Neuberger Berman.<sup>4</sup>

***Canadian Employees Only****.* Employees in Canada are required to maintain their Covered Accounts at RBC and to ensure that any accounts opened are added to the electronic feed between Neuberger Berman and RBC.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Initial Public Offerings</u> 

Access Persons are generally prohibited from acquiring direct or indirect beneficial ownership of any equity security in an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Information Barrier</u> 

The Firm has adopted Information Barrier Policies and Procedures (the "Policy"). All Access Persons are required to be familiar with the Policy and shall certify, on an annual basis, that they have read, understood and complied with the requirements of this Code and the Policy.

<sup>4</sup> See Section E(1) for information related to Maintenance of Covered Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Transactions in Restricted List Securities</u> 

Access Persons may obtain material non-public information ("MNPI") or establish special or "insider" relationships with one or more issuers of securities (e.g., the employee may become an officer or director of an issuer, a member of, or in discussions leading to the formation of, a creditor committee that engages in material negotiations with an issuer, and so forth). In such cases, the Access Person should keep in mind that they are subject to the Firm's Information Barrier Policies and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Private Placements</u> 

Access Persons may not acquire direct or indirect Beneficial Interest in any Private Placement (also referred to as private securities transactions) without prior written approval from the Legal and Compliance Department and such other persons as may be required. Private Placements include, but are not limited to, any interest in a hedge fund, private equity vehicle or other similar private or limited offering investment.<sup>5</sup>

Approval of a Private Placement shall take into account, among other factors, whether: i) the investment opportunity should be reserved for a Client, and ii) the opportunity is being offered to the individual by virtue of his or her position with the Firm, the NB Adviser or his or her relationship with or to the Client or the issuer of the Private Placement. Additional capital investments (other than capital calls related to the initially approved investment) in a previously approved Private Placement require a new approval.

Advisory Persons who hold a previously approved Private Placement and are subsequently involved, or play a part in the consideration of the same Private Placement as an investment for a Related Client, must inform the Legal and Compliance Department of their personal investment (or their Immediate Family Member's investment). The decision to invest in the Private Placement for a Related Client will be determined by the Legal and Compliance Department and other relevant parties as deemed necessary for the review process.

Access Persons' Private Placement redemptions are subject to review and approval by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Digital Assets</u> 

Access Persons transacting in Digital Assets are required to disclose their coin-exchange accounts ("Digital Assets Accounts")<sup>6</sup> and obtain prior approval for Digital Asset transactions by submitting a pre-clearance request in iCompliance. All Digital Assets transactions executed in Digital Assets Accounts are subject to the 60 calendar day holding period.

<sup>5</sup> Employees do not require pre-approval for private investments made through Employee Investment Solutions ("EIS"). The investments will be added to iCompliance on the employee's behalf. The employee remains responsible for ensuring that all their investments are accurately reflected in iCompliance.

<sup>6</sup> For example, Coinbase, Kraken, Robinhood, etc.

*Same-Day Blackout Period*. An Advisory Person may not buy or sell a Digital Asset on a day during which a Related Client account executes a "buy" or "sell" order in the same Digital Asset or a Digital Asset Derivative. Purchases that occur on the same day will be required to be "broken." Any losses will be incurred by the Advisory Person and any gains (including gains disgorged from a sale on the same day) may be donated to a charitable organization designated by the Firm.

*Quarterly iCompliance Certification*. Within 30 days of each calendar quarter-end, Access Persons are required to certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. all
 Digital Assets Accounts have been disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any
 Digital Assets transactions executed during the reporting quarter were pre-cleared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Digital
 Assets transactions have complied with the required 60 calendar day holding period.

In addition, Advisory Persons who transact in Digital Assets for Related Client accounts are also required to provide evidence of any Digital Assets transactions executed during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Dissemination of Client Information</u> 

Access Persons are prohibited from revealing material information relating to current or anticipated investment intentions, portfolio transactions or activities of Client/Funds except to persons whose responsibilities require knowledge of such information.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Gifts and Entertainment</u> 

The Firm has adopted the Gifts & Entertainment Policy and Procedures to which all employees are subject. Access Persons are required to obtain prior approval from their manager and the Legal and Compliance Department before giving or receiving any gift, to or from any Commercial Partner<sup>7</sup> and are also subject to the entertainment pre-approval and reporting thresholds provided in the Firm's policy.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Related Issuer</u> 

Advisory Persons are required to disclose to the Legal and Compliance Department when they play a part in any consideration of an investment by a Client in a Related Issuer. The decision to purchase securities of the Related Issuer for a Client will be determined by the Legal and Compliance Department and other relevant parties as deemed necessary for the review process.

7 As defined in the Gift & Entertainment Policy and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Trading Opposite Clients</u> 

No Advisory Person or Advisory Person of a Fund may execute transactions in a Covered Security held in a Covered Account that would be on the opposite side of any trade in a Related Client account that was executed within 5 business days prior to the trade in the Covered Account ("Opposite Side Trade"). For example, if an Advisory Person executes a purchase of shares of Company XYZ on Monday, February 1st for a Related Client account(s), that Advisory Person and their team will be prohibited from executing a sale of shares of Company XYZ for their Covered Accounts between the time when the Related Client order was submitted on Monday, February 1st through the close of trading on Monday, February 8th.

Notwithstanding the foregoing, an Advisory Person or Advisory Person of a Fund (or their team member) may execute an Opposite Side Trade for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to capture a gain or
 loss for tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Advisory Person or Advisory Person of a Fund sold the security for the Related Client account
 in order to raise cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Advisory Person or Advisory Person of a Fund bought the security for the Related Client account
 as part of the initial investment of the Related Client account or investments were made
 as a result of additional funds contributed to an existing Related Client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities transactions
 effected in Blind Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities
 transactions that are non-volitional on the part of the Advisory Person or Advisory Person
 of a Fund. Non-volitional transactions include shares obtained or redeemed through a corporate
 action (e.g., stock dividend) or the exercise of rights issued by an issuer pro rata to all
 holders of a class of securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· other such exceptions
 as may be granted by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Service on a Board of Directors</u> 

Access Persons are prohibited from serving on the board of directors of any public or private company without prior written approved from the Legal and Compliance Department, including positions undertaken as part of NB work-related responsibilities.<sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Limitations on Short and Long Positions</u> 

Advisory Persons are not permitted to: a) sell short any security (or Related Security) that they hold or intend to hold for a Related Client; or b) buy a long position in a security (or Related Security) if they have or intend to create a short position in the same security for a Related Client. Notwithstanding the foregoing, certain types of transactions may be permitted with prior approval from the Legal and Compliance Department and the CIO (or designee), such as

<sup>8</sup> Request must be made through iCompliance by completing the Outside Affiliation request form. For positions held with outside companies in connection with an employee's NB work-related responsibilities, the submitter should select the appropriate choice indicating that the position is being undertaken as part of the employee's NB work-related responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A
 purchase to cover an existing short position, except that if an Advisory Person intends to
 create a long position for a Related Client in the same security, all Related Client transactions
 must be completed before the Advisory Person can cover their short position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A
 short sale against a broad-based index. Approved broad-based indices include the S&P
 500, NASDAQ, 7-10 Year Treasury Bond Index, 20+ Year Treasury Bond Index, Russell 2000 and
 Dow Jones Industrial Average. Any other broad-based index must be approved by the Legal and
 Compliance Department before engaging in any short sales against such index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. A
 short sale to hedge an existing security position provided the hedging activity is proportionate
 to the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any
 approvals granted under this section will not relieve the Advisory Person from being subject
 to Price Restitution.

&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Transactions in Shares of Funds</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 trading in shares of a Fund is subject to the terms of the prospectus and the Statement of
 Additional Information of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No
 Access Person may engage in excessive trading, late trading or market timing in any shares
 of any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Transactions in Futures, Swaps, Forwards and Commodities</u> 

The Firm is subject to regulatory requirements mandating the monitoring of certain financial instruments positions held by client accounts, and in some cases, employee personal accounts. To minimize the regulatory risk to the Firm and ensure the focus is on required client monitoring, Access Persons are prohibited from entering into any transaction (long or short) involving a futures contract, swap, forward contract (including currency forwards), and commodities. Access Persons who join the Firm with such holdings must close out the positions at the earliest opportunity. Adding to, or rolling such positions is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Transactions in Options and Warrants</u> 

Access Persons are not permitted to enter into any transactions (long or short) involving the following:<sup>9</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Single-stock options
 (options on a single-name equity or narrow-based index)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Single-stock
 ETFs (ETFs where the underlying holding is a single-name stock) Transactions in options on
 broad-based indices continue to be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Sanctions</u> 

The Firm shall have the authority to impose sanctions for violations of this Code. Such sanctions may include a letter of censure, suspension or termination of the employment of the violator, forfeiture of profits, forfeiture of personal trading privileges, forfeiture of gifts, or any other penalty deemed to be appropriate.

<sup>9</sup> Effective July 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Violations</u> 

Access Persons must report apparent or suspected violations in addition to actual or known violations of the Code to the Legal and Compliance Department. Access Persons are encouraged to seek advice from the Legal and Compliance Department with respect to any action or transaction which may violate this Code and to refrain from any action or transaction which might lead to the appearance of a violation. The types of reporting that are required under this Code include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-compliance with
 applicable laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fraud or illegal acts
 involving any aspect of the Firm's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Material
 misstatements in regulatory filings, internal books and records, client records or reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Activity that is harmful
 to clients, including fund investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deviations from required
 controls and procedures that safeguard clients and the Firm.

**D.** Reporting Requirements10

&nbsp;&nbsp;&nbsp;&nbsp;1. Reports
 by Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial
 Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All
 Access Persons must disclose their Covered Accounts within 10 calendar days of becoming an
 Access Person. The initial holdings disclosure must include all Covered Accounts in which
 the Access Person has a direct or indirect Beneficial Interest. Access Persons may satisfy
 this requirement by providing copies of their account statements for all Covered Accounts
 to the Legal and Compliance Department (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The
 information provided must be current as of a date no more than 45 days prior to the date
 the person became an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Access
 Persons will be provided with a copy of the Code of Ethics and be required to acknowledge
 receipt of the Code.

<sup>10</sup> All Code reporting disclosures are done through iCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Quarterly
 Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Within
 30 days of the end of each calendar quarter, Access Persons must disclose securities transactions
 in any Covered Security in which such Access Person has, or by reason of such transaction
 acquires, any direct or indirect Beneficial Interest that occurred during the previous quarter.
 For each transaction executed during the quarter, the following information must be provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· type of transaction
 (buy, sell, short, cover, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· name of security, exchange
 ticker, symbol or CUSIP number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of shares,
 price and principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the broker, dealer or
 bank with, or through which, the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the interest rate and
 maturity date (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The
 above requirement may be satisfied if information is being received by Neuberger Berman as
 stated in Section D(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Annual
 Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On
 an annual basis, Access Persons must affirm that all Covered Accounts have been reported
 and are reflected in iCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Access
 Persons are required to certify that they have read, understand, and complied with the Code
 of Ethics and the Information Barrier Policies and Procedures, and have disclosed or reported
 all personal securities transactions, holdings and accounts required to be disclosed or reported
 pursuant to the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The
 information provided must be current as of a date no more than 45 days of the date the report
 is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. With
 respect to any Blind Trust in which an Access Person has a Beneficial Interest, such Access
 Person must certify that they do not exert any direct or indirect influence or control over
 the trustee by: a) suggesting or directing any particular transactions in the account, or
 b) consulting with the trustee regarding the allocation of investments in the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. With
 respect to any Managed Account managed by a third-party, Access Persons must certify that
 they do not exert any direct or indirect influence or control over the third-party manager
 by: a) suggesting or directing any particular transactions in the account, or b) consulting
 with the third-party manager regarding the allocation of investments in the account.

&nbsp;&nbsp;&nbsp;&nbsp;2. Reports by Disinterested Directors/Trustees

A director/trustee of a NB Fund who is not an "interested person" of the NB Fund within the meaning of section 2(a)(19) of the Company Act, and who would be required to make a report solely by reason of being a NB Fund director/trustee, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An
 initial holdings disclosure and annual holdings disclosure under Section D(1)(a) and (c)
 above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A
 quarterly transactions disclosure under Section D(1)(b) above, unless the director/trustee
 knew or, in the ordinary course of fulfilling their official duties as a NB Fund director/trustee,
 should have known that during the 15-day period immediately before or after the director/trustee's
 transaction in a Covered Security, the NB Fund purchased or sold the Covered Security, or
 the NB Fund or its investment adviser considered purchasing or selling the Covered Security,
 provided that the foregoing does not apply if the Disinterested Fund Director/Trustee gains
 knowledge that such security was held by the NB Fund due to public disclosure on the NB Fund's
 website of such holding.

&nbsp;&nbsp;&nbsp;&nbsp;3. Exceptions to Reporting Requirements

With regards to Section D(1)(b), Access Persons need not disclose holdings if such disclosure would duplicate information contained in trade confirmations or account statements (including electronic feeds of such information) received by Neuberger Berman. For purposes of the foregoing, the Legal and Compliance Department maintains (i) electronic records of all securities transactions effected through Neuberger Berman and Fidelity, and (ii) copies of any duplicate confirmations or electronic feeds that have been received by the Legal and Compliance Department with respect to securities transactions that, pursuant to exceptions granted by the Legal and Compliance Department, have not been effected through Neuberger Berman or Fidelity.

&nbsp;&nbsp;&nbsp;&nbsp;4. Notification of Reporting Obligations

The Legal and Compliance Department shall identify all Access Persons who are required to make reports under the Code and inform them of their reporting obligations.

**E.** Code
 Procedures

&nbsp;&nbsp;&nbsp;&nbsp;1. Maintenance
 of Covered Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. General
 Rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access
 Persons who are not Equity Advisory Persons may maintain their Covered Accounts at Neuberger
 Berman, or with <u>prior written approval from the Legal and Compliance Department</u>, at
 Fidelity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Equity
 Advisory Persons are required to maintain their Covered Accounts at Neuberger Berman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Limited
 Access Persons are not required to keep their securities accounts at Neuberger Berman or
 Fidelity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exceptions
 to Maintenance of Covered Accounts at Neuberger Berman or Fidelity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Managed
 Accounts. Any Access Person granted approval to maintain an external Managed Account is required
 to direct the third-party manager to provide duplicate copies of all trade confirmations,
 as well as copies of account statements to the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. DRIPs
 established directly with the issuer that have been approved by the Legal and Compliance
 Department and for which duplicate copies of confirmations and periodic statements are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Other
 accounts as may be permitted by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;2. Pre-Clearance
 of Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access
 Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access
 Persons are required to pre-clear transactions in Covered Accounts not maintained at Neuberger
 Berman by submitting a pre-clearance request in iCompliance that is compared with the Firm's
 Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The
 Legal and Compliance Department reviews transactions for required trade pre-clearance and
 all transactions are subject to the Price Restitution review, subject to certain exceptions
 (see section E(4)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Equity
 Research Personnel

Advisory Persons who are members of the Firm's Equity Research Department are subject to additional pre-approval requirements for their personal trading. Members of the Research Department should refer to the Equity Research Department's Procedures for specific details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. NB
 CEF Insiders

Access Persons who are NB CEF Insiders must obtain prior approval from mutual fund compliance before placing any transactions in the NB CEFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Exceptions
 from Pre-Clearance Requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Exempt
 Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Other
 securities designated in writing by the Legal and Compliance Department

&nbsp;&nbsp;&nbsp;&nbsp;3. Blackout
 Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Same
 Day – Advisory Persons of a Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. An
 Advisory Person of a Fund may not buy or sell a Covered Security (or a Related Security)
 on a day during which any Related Client executes either a "buy" or "sell"
 order in the same security ("Same Day Blackout Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Purchases
 that occur within the Same Day Blackout Period will be required to be "broken."
 Any losses will be incurred by the Covered Account and any gains (including gains disgorged
 from a sale within the Same Day Blackout Period) may be donated to a charitable organization
 designated by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Certain
 Limited Access Person Accounts may be subject to the Same Day Blackout Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Research
 Personnel

Advisory Persons who are members of the Firm's Equity Research Department may be subject to a blackout period for their personal trading. Members of the Research Department should refer to the Equity Research Department's Procedures for specific details.

&nbsp;&nbsp;&nbsp;&nbsp;4. Price
 Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Same
 Day Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access
 Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If an Access Person
 purchases or sells a Covered Security in a Covered Account and a Client purchases or sells
 the same security during the same day, the Access Person may not receive a more favorable
 price than that received by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Limited
 Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If an Advisory Person
 related to a Limited Access Person purchases or sells a Covered Security in the Limited Access
 Person Account and such Advisory Person purchases or sells the same security during the same
 day for a Related Client, the Limited Access Person Account may not receive a more favorable
 price than that received by the Related Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. For
 the avoidance of doubt, a "purchase" includes a long buy, as well as a cover
 short, and a "sell" includes a long sell, as well as a short sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Five(5)/One(1)
 Day Price Restitution – Advisory Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If
 an Advisory Person purchases or sells a Covered Security within five (5) business days prior,
 or one (1) business day subsequent to a Related Client ("5/1 Price Restitution"),
 the Advisory Person may not receive a more favorable price than that received by the Related
 Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Certain
 Limited Access Person Accounts may be subject to the 5/1 Price Restitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. For
 the avoidance of doubt, a "purchase" includes a long buy, as well as a cover
 short, and a "sell" includes a long sell, as well as a short sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Price
 Restitution Execution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Price
 restitution will generally be executed when there is a total gain of at least $2500 (which
 may be updated from time to time) from the difference in price received by the Access Person
 vs. the Related Client(s), and a gain of at least $100 (which may be updated from time to
 time) to each underlying Client Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. With
 respect to the Funds, the Legal and Compliance Department reserves the right to review the
 individual restitutions below $2500 and may require payment of these amounts if facts and
 circumstances warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Where
 restitution is required, preference shall be to provide the economic benefit to Clients where
 operationally, contractually or legally permitted. Where otherwise not feasible or permitted,
 restitution may be made by transfer, wire or check and shall be remitted to the Firm for
 donation to a charitable organization designated by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Exceptions
 to Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Exempt
 Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *De minimis* Restitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Transactions
 in non-Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Transactions
 arising through hedged options trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Transactions
 in the Firm's retirement contribution program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Certain
 transactions related to the initial investment of a Related Client account or investments
 made as a result of additional funds contributed to an existing Related Client account communicated
 to the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Other
 exceptions designated in writing by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;5. Holding
 Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Sixty
 (60) Day Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All
 securities positions, including both long and short positions, established in any Covered
 Account must be held for at least 60 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Access
 Persons are required to hold shares of any Fund for at least 60 calendar days. After the
 holding period has lapsed, Fund shares may be redeemed or exchanged; however, the redemption
 or exchange of such shares will result in a new 60-day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The
 holding period begins on the day of the transaction and is measured on a last-in, first-out
 ("LIFO") basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exceptions
 to the Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Transactions
 in Managed Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. U.S.
 Treasury obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Bona
 fide hedging transactions, identified as such to the Legal and Compliance Department prior
 to execution, on the following broad-based indices: S&P 500, NASDAQ, 7-10 Year Treasury
 Bond Index, 20+ Year Treasury Bond Index, Russell 2000 and Dow Jones Industrial Average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Positions
 where at time of order entry, there is an expected loss of at least 10%. **This exception does not apply to losses on options.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Notwithstanding
 the foregoing, on a limited basis and with the prior approval of the Legal and Compliance
 Department and CIO (or designee), shares that have been held for at least one year may be
 sold even if additional shares of the same security were purchased in the last 60 calendar
 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The
 60-day holding period for Funds shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Taxable
 and tax-exempt money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Variable
 annuity contracts for which a Fund does not serve as the underlying investment vehicle; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of an investment company that are purchased through an automatic investment program or payroll
 deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. The
 above exceptions shall not apply if, in the opinion of the Legal and Compliance Department,
 a pattern of excessive trading exists.

Any requests for exceptions to the holding period must be submitted to the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Code
 Procedures Monitoring

The Legal and Compliance Department will conduct post-trade monitoring of employee trades to ascertain that such trading conforms to the procedures above, and where required, that employees have obtained the necessary pre-trade approvals as may be applicable.

**F.** NB Funds' Ethics and Compliance Committee<sup>11</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Ethics and Compliance Committee shall be composed of at least two members who shall be Disinterested
 Director/Trustees selected by the Board of Directors/Trustees of the Company/Trust (the "Board").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Ethics and Compliance Committee shall consult regularly with the Legal and Compliance Department
 and/or the NB Funds Chief Compliance Officer and either the Committee or the Board shall
 meet no less frequently than annually with the Legal and Compliance Department and/or the
 NB Funds Chief Compliance Officer regarding the implementation of this Code. The Legal and
 Compliance Department shall provide the Ethics and Compliance Committee with such reports
 as are required herein or as are requested by the Ethics and Compliance Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On
 a quarterly basis, i) the NB Funds' Chief Compliance Officer reviews with the Ethics
 and Compliance Committee violations of the Code, if any, and ii) the Chief Compliance Officers
 of NBIA and NBBD provide certifications to the NB Funds' Board with respect to whether
 there were any material violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** Annual
 Report to the NB Funds' Board

No less frequently than annually and concurrently with reports to the Board, the NB Funds Chief Compliance Officer shall furnish to the Funds, and the Board must consider a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· describes
 any issues arising under this Code or procedures concerning personal investing since the
 last such report, including, but not limited to, information about material violations of
 the Code or procedures and sanctions imposed in response to the material violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· certifies
 that NBIA, the NB Funds or any NB Adviser, as applicable, have adopted procedures reasonably
 necessary to prevent Access Persons from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· identifies
 any recommended changes in existing restrictions or procedures based upon the fund's experience
 under the Code, evolving industry practices, or developments in applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** Administration

<sup>11</sup> The Ethics and Compliance Committee is a committee for all the NB Funds except the NB Registered Private Equity Funds. On a quarterly basis, the NB Funds' Chief Compliance Officer reviews with the Board of Directors/Trustees of the NB Registered Private Equity Funds ("PE Funds Board") violations of the Code, if any; and on a quarterly basis the Chief Compliance Officers of NBIA, NBAA and NBBD provide certifications to the PE Funds' Board with respect to whether there were any material violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All
 Access Persons must be presented with a copy of this Code of Ethics upon commencement of
 employment and any amendments thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All
 Access Persons are required to read this Code of Ethics and to acknowledge in writing that
 they have read, understood and agreed to abide by this Code of Ethics, upon commencement
 of employment and on an annual basis thereafter. In addition, Access Persons are required
 to read and understand any amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All
 Access Persons are required to provide a list of their Covered Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Access
 Persons who violate the rules of this Code of Ethics are subject to sanctions, which may
 include censure, suspension or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Nothing
 contained in this Code of Ethics shall be interpreted as relieving any Covered Account from
 acting in accordance with the provisions of any applicable law, rule or regulation or any
 other statement of policy or procedure governing the conduct of Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If
 any Access Person has any question with regard to the applicability of the provisions of
 this Code of Ethics generally or with regard to any securities transaction, he or she should
 consult with the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 Legal and Compliance Department may grant exceptions to the requirements of this Code based
 upon individual facts and circumstances. Exceptions granted will be documented and retained
 in accordance with record-keeping requirements. Exceptions will not serve as precedent for
 additional exceptions, even under similar circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;**I.** Recordkeeping

The Firm shall maintain the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A
 copy of this Code of Ethics and any Code of Ethics that has been in effect within the previous
 five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any
 record of any violation of this Code of Ethics and any action taken as a result of the violation.
 These records shall be maintained in an easily accessible place for at least five years after
 the end of the fiscal year in which the violation occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A
 copy of each report made by an Access Person as required by this Code of Ethics, including
 any information provided in lieu of the monthly reports. These records shall be maintained
 for at least five years after the end of the fiscal year in which the report is made or the
 information provided, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A
 record of all persons, currently or within the past five years, who are or were required
 to make reports under this Code of Ethics, or who are or were responsible for reviewing these
 reports. These records shall be maintained in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A
 copy of each decision to approve an acquisition by an Access Person of any Private Placement.
 These records must be maintained for at least five years after the end of the fiscal year
 in which the approval is granted.

**EXHIBIT A**

**Applicability** **of Code Procedures to Temporary Access Persons**

This section describes the requirements under the Code procedures applicable to Temporary Access Persons who will be engaged by the Firm for ninety (90) days or more and will perform advisory functions (i.e., provide investment advice) on behalf of any NB Adviser or NB Fund. **The Legal and Compliance Department reserves the right to treat persons who the Firm will engage for less than ninety (90) days as Temporary Access Persons if it deems so appropriate.** Absent specific mention in this section, Temporary Access Persons are subject to all other provisions of the Code.

**C.8. Gifts and Entertainment and Anti-Corruption**

Temporary Access Persons are required to comply with the firm's Global Anti-Corruption Policy and Gifts & Entertainment Policy and Procedures. These policies include prohibitions on certain activities that could be seen as bribery (such as cash gifts to Commercial Partners) and contain other limits and restrictions on the provision or receipt of gifts and entertainment based on applicable law and internal policies. A copy of these policies may be obtained from NB Connect or from Human Capital Management and should be reviewed before providing any gifts and entertainment to, or receiving any gifts and entertainment from, any Neuberger Berman Commercial Partner. Please reach out to Human Capital Management if you have any questions.

**C.17. Political Activities**

Temporary Access Persons who are U.S. or Canadian Citizens or Permanent Residents may be required to comply with the firm's Political Activity Policy. The policy may be obtained from NB Connect or from Human Capital Management and requires prior approval for political activities, including, but not limited to political contributions. Prior to engaging in any political activity, Temporary Access Persons should review the policy for required actions. Please reach out to Human Capital Management if you have any questions.

---

| | |
|:---|:---|
| **D.1.** | Reporting Requirements – Temporary Access Persons |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 Temporary Access Persons must disclose their Covered Accounts within 10 calendar days of
 becoming a Temporary Access Person. The initial holdings disclosure must include all Covered
 Accounts in which the Temporary Access Person has a direct or indirect Beneficial Interest.
 Temporary Access Persons may satisfy this requirement by providing copies of their account
 statements for all Covered Accounts to the Legal and Compliance Department (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 information provided must be current as of a date no more than 45 days prior to the date
 the person became an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Temporary
 Access Persons will be provided with a copy of the Code of Ethics and be required to acknowledge
 receipt of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;2. Ongoing Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Temporary
 Access Persons must provide the Legal and Compliance Department with duplicate statements
 of all Covered Accounts disclosed, on a monthly basis (or quarterly, as may be applicable)
 for their duration at the Firm.

---

| | |
|:---|:---|
| **E.1.** | Maintenance of Covered Accounts |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Temporary
 Access Persons are not required to hold their Covered Accounts at Neuberger Berman, but must
 either 1) direct their broker, adviser or trustee, as applicable, to provide duplicate copies
 of all trade confirmations, as well as copies of account statements to the Legal and Compliance
 Department for their duration at the Firm, or 2) provide copies of their trade confirmations
 and account statements to the Legal and Compliance Department.

---

| | |
|:---|:---|
| **E.2.** | Pre-Clearance of Securities Transactions |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Temporary
 Access Persons are required to pre-clear transactions in Covered Accounts by submitting a
 pre-clearance request in iCompliance.

---

| | |
|:---|:---|
| **E.3.** | Same-Day Blackout Period |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A
 Temporary Access Person of a Fund may not buy or sell a Covered Security (or Related Security)
 on a day during which any Related Client executes either a "buy" or "sell"
 order in the same security ("Same Day Blackout Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchases
 that occur within the Same Day Blackout Period will be required to be "broken."
 Any losses will be incurred by the Covered Account and any gains (including gains disgorged
 from a sale within the Same Day Blackout Period) may be donated to a charitable organization
 designated by the Firm.

---

| | |
|:---|:---|
| **E.4.** | Price Restitution |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Same
 Day Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If
 a Temporary Access Person purchases or sells a Covered Security in a Covered Account and
 a Client purchases or sells the same security during the same day, the Temporary Access Person
 may not receive a more favorable price than that received by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Five(5)/One(1)
 Day Price Restitution<sup>12</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If
 a Temporary Access Person purchases or sells a Covered Security within five (5) business
 days prior, or one (1) business day subsequent to a Related Client ("5/1 Price Restitution"),
 the Temporary Access Person may not receive a more favorable price than that received by
 the Related Client.

<sup>12</sup> Applicable only if the Temporary Access Person is part of a portfolio management team or is otherwise involved in investment-related activities.

---

| | |
|:---|:---|
| **E.5.** | Holding Period |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sixty
 (60) Day Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 securities positions, including both long and short positions, established in any Covered
 Account must be held for at least 60 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Temporary
 Access Persons are required to hold shares of any Fund for at least 60 calendar days. After
 the holding period has lapsed, Fund shares may be redeemed or exchanged; however, the redemption
 or exchange of such shares will result in a new 60-day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 holding period begins on the day of the transaction and is measured on a last-in, first-out
 ("LIFO") basis.

---

| | |
|:---|:---|
| **E.6.** | Digital Assets |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Temporary
 Access Persons transacting in Digital Assets are required to disclose their Digital Assets
 Accounts in iCompliance and pre-clear Digital

Assets transactions by submitting a pre-clearance request in iCompliance. All Digital Assets transactions executed in Digital Assets Accounts are subject to the 60 calendar day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Within
 30 days of each calendar quarter-end, Temporary Access Persons are required to certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. all
 Digital Assets Accounts have been disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any
 Digital Assets transactions executed during the reporting quarter were pre-cleared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Digital
 Assets transactions have complied with the required 60 calendar day holding period.

## Ex-99.B(P)(8)

**Exhibit 99.B(p)(8)**

**Compliance Policy & Procedures**

**Code of Ethics**

Document classification: Nomura Asset Management International Policy & Procedures

Owner(s): NIMBT Compliance

Date Approved: 12/01/2025

---

| | |
|:---|:---|
| Rationale: | This global-level policy and related procedures (the "**CPP**") sets out standards of conduct designed to address potential conflicts of interest that might arise between the fiduciary duty to the Firm's Clients and a Covered Person's personal activities. This CPP also addresses certain requirements of other related CPPs governing the Firm and its affiliates. |

---

---

| | |
|:---|:---|
| Transition Period: | Prior to the sale of Macquarie Investment Management Business Trust ("**MIMBT**") to Nomura Holdings Inc., this CPP shall apply exclusively to MIMBT. |

---

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **I.** | **INTRODUCTION** | **3** |
| &nbsp;&nbsp;&nbsp;A. | General Principles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;B. | Your Fiduciary Duty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;C. | Compliance with Applicable Federal Securities Laws | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;D. | Obligation to Report Violations of the Code | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| **II.** | **YOUR OBLIGATIONS AS A COVERED PERSON** | **4** |
| &nbsp;&nbsp;&nbsp;A. | Categories of Covered Persons | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;B. | Immediate Family Member of an Employee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;C. | Your Obligations at Time of Hire | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;D. | Your Obligations on a Daily Basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;E. | Your Obligations on a Quarterly Basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;F. | Your Obligations on an Annual Basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| **III.** | FUND PERSON RESPONSIBILITIES | **10** |
| &nbsp;&nbsp;&nbsp;A. | Fiduciary Duty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;B. | Reporting and Certification Requirements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| **IV.** | **REVIEW AND ENFORCEMENT OF THE CODE** | **10** |
| &nbsp;&nbsp;&nbsp;A. | Administration of the Code | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;B. | Review of Employee Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;C. | Sanctions for Non-Compliance with Code | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;D. | Maintenance of Records | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| **Glossary to the Code of Ethics** | **Glossary to the Code of Ethics** | **12** |

---

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

**I. INTRODUCTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. General Principles**

The Code of Ethics (the "Code") is based on the principle that Nomura Asset Management International Inc. ("Nomura Asset Management International" or the "Firm")<sup>1</sup>, its directors, officers, trustees, and employees (each, a "Covered Person" and collectively, "Covered Persons"), owe a fiduciary duty of undivided loyalty to the Nomura Funds, the Optimum Fund Trust, and the Nomura ETF Trust (collectively, the "Funds") and any other investment advisory client (each, a "Client" and collectively, our "Clients") that the Firm advises.<sup>2</sup> In addition, the Code is based on the principle that the directors, trustees and fund- only personnel associated with the Funds (collectively, "Fund Persons") owe a fiduciary duty of undivided loyalty to their respective Funds. The Trustees of the Nomura Funds (the "Nomura Funds") and the Optimum Funds Trust (the "Optimum Funds"), who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the "Independent Trustees") are subject to the Nomura Funds' and Optimum Funds' Code of Ethics for Independent Trustees. The Independent Trustees are not subject to the provisions of this Code.

This Code sets out standards of conduct designed to address potential conflicts of interest that might arise between this fiduciary duty to the Firm's Clients and a Covered Person's personal activities. Specifically, each Covered Person must avoid participating in transactions, activities, and relationships that might interfere (or appear to interfere) with making decisions in the best interests of those Clients.

As a Covered Person, you are responsible for reading the Code and understanding your obligations in order to comply with its provisions. Additionally, your duty to comply with this Code includes the requirement that your personal and business activities be conducted in compliance with all other CPPs governing the Firm and its affiliates. Examples of such CPPs include, but are not limited to, the NHA Compliance Policy Manual – Chapter 7: Gifts, Gratuities and Entertainment, Nomura Asset Management International Insider Trading CPP, and Nomura Asset Management International Political Dealings and Activities ("Pay-to-Play") CPP . If you have any questions regarding the Code and its related CPPs or your resultant obligations and duties, please contact the Compliance Department for assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Your Fiduciary Duty**

The Firm is committed to fostering a culture that promotes honesty and high ethical standards. Consequently, all Covered Persons have an obligation to conduct themselves in accordance with the following general fiduciary principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You
 have a duty to place the interests of our Clients ahead of your own interests at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You
 have a duty to attempt to avoid actual and potential conflicts of interest between your personal
 activities and the activities of our Clients, as well as to avoid any activities that may
 give the appearance of creating a conflict of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You
 must not take inappropriate advantage of your position at the Firm.

1 For the purposes of this Code, all references to "Nomura Asset Management International" or the "Firm" shall be taken to mean Nomura Asset Management International Inc. and its subsidiaries

2 Definitions of certain capitalized terms can be found in the Glossary to the Code of Ethics. These definitions are an integral part of the Code and a proper understanding of them is necessary to comply with the Code. It is important that you review and understand all of the definitions contained in the Glossary and refer back to them as necessary to understand your responsibilities under the Code.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

Covered Persons are reminded that violations of the Code and/or any associated CPPs may result in disciplinary action, including fines, disgorgement of profits, and possibly suspension and/or dismissal procedures may result in disciplinary action, including fines, disgorgement of profits, and possibly suspension and/or dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Compliance with Applicable Federal Securities Laws**

As a Covered Person under this Code, it is your duty to conduct all personal and professional activities in a manner that is consistent with any and all Applicable Federal Securities Laws (as defined in the Glossary to this Code ("Glossary").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Obligation to Report Violations of the Code**

You have a duty to report violations of the Code. If you become aware of a violation of the Firm's Code committed by another Covered Person, you have an ongoing obligation to report that violation to the Compliance Department. It is the Firm's policy to protect the confidentiality of any such report made in good faith and any Covered Person reporting such a violation will not be subject to retaliation.

**II. YOUR OBLIGATIONS AS A COVERED PERSON**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Categories of Covered Persons**

Upon becoming subject to the provisions of this Code, each Covered Person is assigned to one of the following three categories below based on their responsibilities and/or privileges at the Firm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment
 Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Affiliated
 Person

You will be advised of the category to which you are assigned during your initial training on this Code. It is important to know the category to which you are assigned, as belonging to a certain category may cause you to be subject to additional obligations and/or limitations under the Code. A complete definition for each category is included in the Glossary. You are encouraged to review the definitions for each category carefully, as well as any sections of the Code that may pertain only to Covered Persons assigned to your category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Immediate Family Member of an Employee**

In accordance with federal securities laws, certain restrictions and limitations found within the Code are also applicable to the personal investment activities of any immediate family members that reside in your household ("Immediate Family Members"). As a Covered Person, it is your responsibility to alert your Immediate Family Members of any applicable restrictions or limitations that may impact their personal investment activities to ensure that both you and your Immediate Family Members conduct all personal investment activities in a manner consistent with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Your Obligations at Time of Hire**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Initial Holdings Report**

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

All Access and Investment Persons must submit an initial holdings report within ten (10) calendar days of commencing employment with the Firm or otherwise becoming an Access or Investment Person to disclose the Required Holdings Information for both their own and their Immediate Family Members' personal securities holdings. The information included in the initial holdings report must be current as of a date no more than forty-five (45) calendar days prior to the commencement of employment with the Firm (or becoming subject to the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Use of Approved Brokers**

All Covered Persons, with limited exceptions, must maintain all personal brokerage accounts with approved brokerage firms ("Approved Brokers"). A list of the Approved Brokers from which the FIrm is currently able to receive such data feeds can be found via the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Disclosure of Outside Business Activities**

Covered Persons may not engage in full-time or part-time service as an officer, director, partner, manager, consultant or employee of any business organization or non-profit organization other than the Firm without receiving prior written approval from the Compliance Department. Any such service is considered an "Outside Business Activity," even if performed on a volunteer basis. Any existing Outside Business Activities must be disclosed at the time that you become subject to this Code and are subject to review and approval. Similarly, you have an ongoing obligation to disclose any Outside Business Activities that you undertake during your employment with the Firm and receive written approval from the Compliance Department prior to participating in such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Disclosure of Political Contributions**

In addition to the Code, all Covered Persons and their Immediate Family Members are subject to the NIMBT Political Dealings and Activities ("Pay-to-Play") CPP. Covered Persons are required to disclose all political contributions made during the two-year period prior to the date that they become subject to this Code. This disclosure must also include all political contributions made by your Immediate Family Members during the two-year period. The information provided may be shared in the aggregate in response to requests for proposals or client information requests but will otherwise remain strictly confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Written Acknowledgement of Receipt of Code**

All Covered Persons are required to certify that they have received this Code within ten (10) calendar days of their hire date. You will also be required to certify your ongoing compliance with this Code on an annual basis and whenever the Code is updated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Your Obligations on a Daily Basis**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Pre-clearance of Personal Securities Transactions**

Covered Persons and their Immediate Family Members must pre-clear each personal investment transaction and receive approval for the activity prior to executing the transaction, unless the transaction is subject to an exemption from the pre-clearance requirements of the Code as outlined below.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Duration of Approval**

Approval for a pre-clearance request is valid for the same day only and the trade must be executed on the same day that approval is granted. If a transaction is not executed (or is only partially completed) on the same day that you receive approval, you must repeat the pre- clearance process and receive approval on the day that you do execute (or complete) the transaction. Similarly, if the information in your pre-clearance request changes in any material way, you must resubmit your pre-clearance request prior to executing the transaction.

Note: Approvals for Covered Persons located in Australia and/or Asia only are valid for execution through the 24-hour period following approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Exceptions to the Pre-clearance Requirement**

You are not required to pre-clear and receive approval for the personal investment transaction types listed below prior to execution, although you are still responsible for complying with the reporting requirements of this Code for these transactions, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Involuntary transactions**

The acquisition or disposition of a security as the result of a stock dividend, stock split, reverse stock split, merger, consolidation, spin- off or other similar corporate distribution or reorganization applicable to all holders of a class of securities does not require pre-clearance under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Affiliated Funds and Pooled Vehicles**

Purchases or sales of affiliated pooled vehicle such as open-end mutual funds, SICAVS, and other managed investment schemes to which the Firm provides advisory services, also referred to as "Affiliated Funds";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Purchases or sales of exchange-traded funds ("ETFs")**

Unaffiliated ETFs, except for single stock ETFs, are exempt from the preapproval requirements, however they are subject to the reporting and holding period requirements of the Code. For Single security or issuer ETFs pre-clearance is required on the underlying security/issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Transactions in Managed Accounts**

Pre-clearance is not required for transactions made in an account over which neither you nor an Immediate Family Member (a) exercises investment discretion, (b) receives notice of transactions prior to execution, and/or (c) otherwise has direct or indirect influence or control ("Managed Account").

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

Note: Covered Persons and their Immediate Family Members must receive approval from the Compliance Department in order to maintain a Managed Account. **Additionally, you should be aware that Managed Accounts are still subject to the reporting requirements of the Code.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Donated Shares**

Pre-clearance and approval are not required for any securities that are donated to a charitable organization. However, such transactions are still subject to the reporting requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Transactions Excluded from BOTH the Pre-clearance and Approval Requirement and the Reporting Requirement** 

All personal investment transactions by Covered Persons must be reported under the Code with a few limited exceptions. The following types of personal investment transactions are exempt from <u>both</u> the pre-clearance and the reporting requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Purchases or sales of unaffiliated pooled vehicles such as open-end mutual funds, SICAVs, UCITS and other managed investment schemes.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Purchases or sales of direct obligations of the U.S. Government or any other national government and futures and options with respect to such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Purchases or sales of bank certificates of deposit, bankers' acceptances, commercial paper and other high quality short- term debt instruments (having a maturity at issuance of less than 366 calendar days and rated in one of the two highest ratings categories by a nationally recognized statistical ratings organization, including repurchase agreements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Purchases which are made by reinvesting cash dividends including reinvestments pursuant to an Automatic Investment Plan; and**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Transactions in Section 529 plans.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Compliance with Trading Restrictions**

All Covered Persons and their Immediate Family Members are subject to certain trading restrictions on their personal investment activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) All Covered Persons – Restrictions on Trading in Nomura Securities**

Covered Persons who wish to trade Nomura Holdings, Inc. ("Nomura") securities directly through the EquatePlus by Computershare system or through a similar plan, must complete all trades during designated staff trading windows. Transactions in Nomura securities must comply with all applicable Nomura policies, including the Nomura Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) All Covered Persons – Seven (7) Calendar Day Blackout Period**

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

All Covered Persons and their Immediate Family Members are prohibited from trading a security in their personal brokerage accounts for seven (7) calendar days after the Firm executes a buy or sell transaction in that same security. Depending on the facts and circumstances and at the discretion of the CCO or their designee, personal trades involving covered securities that receive preapproval and are executed within 7 calendar days prior to the Firm executing a buy or sell transaction in that same security may be required to be unwound or subject to disgorgement of profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** De Minimus Exception

Covered Persons will be permitted a de minimis exception when requesting to trade of up to $10,000 USD per day of any security included in the Russell 3000 Index. Other highly capitalized and or widely held securities may also be considered by exception, i.e. ADRs or foreign securities. Please contact Compliance for all exception requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c) Holding Periods:**

All Covered Persons are prohibited from engaging in activities that could be considered "market timing" in violation of Rule 22c-1 of the 1940 Act and, therefore, subject to required holding periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Access and Affiliated Persons – 60 Calendar Day General Holding Period

If you are categorized as an Access Person or Affiliated Person under this Standard, you are subject to sixty (60) calendar days holding period for most personal securities transactions. Accordingly, Access and Affiliated Persons must hold all opening positions, including those in stock options, for a total period of sixty (60) calendar days before they can be closed at a profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Investment Persons – 60 Calendar Day General Holding Period

Investment Persons are prohibited from engaging in short term trading in their personal investment accounts that results in a profit. Accordingly, Investment Persons must hold all opening positions, including those in stock options, for a total period of sixty (60) calendar days before they can be closed at a profit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** All Covered Persons – 60 Calendar Day Holding Period for Affiliated Mutual Funds

All Covered Persons must hold any newly opened positions in Affiliated Mutual Funds for sixty (60) calendar days before the position may be closed for a profit.

**Note: Investment Persons, Access and Affiliated Persons are permitted to close positions at any time at a loss of 20% or greater. The loss calculation will be based upon Last-In First-Out (LIFO).**

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d) Restricted Securities**

The Firm maintains a list of certain restricted securities that may not be traded by Covered Persons (the "Restricted List"). You are generally prohibited from purchasing or selling any security on the Restricted List, except that this prohibition shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Involuntary
 and/or automatic transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 made in an approved Managed Account, provided that such transactions do not reflect a prohibited
 pattern of conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 for which specific approval
 has been granted due to unusual or unforeseen circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e) Initial Public Offerings/Private Placements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Investment Persons, Access and Affiliated Persons

Investment Persons, Access and Affiliated Persons are prohibited from participating in initial public offerings and may only participate in a private placement with prior written permission. Additionally, an employee who purchased privately placed securities prior to becoming subject to this Standard is required to disclose the purchases to the Compliance Department before they can participate in the consideration of an investment in the securities of that issuer or its affiliates for a Client account. In order to avoid a potential conflict of interest, any decision to invest in the issuer in question will be subject to an independent review by additional Investment Persons that do not have a personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Registered Representatives

All Covered Persons holding valid Financial Industry Regulatory Authority (FINRA) registrations are prohibited from participating in initial public offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Pre-clearance of Political Contributions**

All Covered Persons and their Immediate Family Members must submit a pre- clearance request and receive approval prior to making a political contribution. Examples of political contributions that would require pre-clearance and approval include, but are not limited to, donations of cash, stock, service or anything of value to a candidate for public office, a sitting public official, political party or a political action committee, whether at the local, state, and/or federal level. Please review the NIMBT Pay-to-Play CPP for more information on applicable restrictions and reporting obligations for political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Obligation to Report Changes to Personal Information**

You have an ongoing obligation to report any changes in your personal information that may impact your obligations under this Code. Examples include changes to your personal brokerage accounts (e.g., opening or closing an account), disclosures of new outside business activities for review and approval, and changes to your address, Immediate Family Members, or other personal information.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Your Obligations on a Quarterly Basis**

<u>Quarterly Report/Certification of Transactions</u>

Within thirty (30) calendar days after each quarter's end, all Covered Persons must report and certify their personal investment activity during the previous quarter. Please note that all Covered Persons are required to complete the quarterly certification each quarter, even if they did not complete any personal investment transactions during the quarter. Additionally, Covered Persons will be asked to review the list of brokerage accounts that they have previously disclosed and certify to its accuracy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Your Obligations on an Annual Basis**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Annual Certification of Holdings**

All Access and Investment Persons are required to submit an annual report of all personal investment holdings in their personal brokerage accounts and the personal brokerage accounts of their Immediate Family Members. The report must contain information that is current as of a date no more than forty-five (45) calendar days prior to the date the report is submitted and must be submitted no later than forty-five (45) calendar days after year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Annual Code of Ethics Certification**

At least annually, all Covered Persons must review this Code in its entirety and certify to their understanding and ongoing compliance with the Code.

**III. FUND PERSON RESPONSIBILITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Fiduciary Duty**

All Fund Persons have an obligation to conduct themselves in accordance with the general fiduciary principles outlined above. Specifically, you have a duty to place the interests of the applicable Fund ahead of your own interests at all times; you have a duty to attempt to avoid actual and potential conflicts of interest between your personal activities and the activities of the applicable Fund, as well as to avoid any activities that may give the appearance of creating a conflict of interest; and you must not take inappropriate advantage of your position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Reporting and Certification Requirements**

Fund Persons are not subject to the holding's disclosure requirements outlined above nor are they required to pre-clear all personal investment transactions prior to executing a transaction. Similarly, Fund Persons are only required to submit and certify quarterly transaction reports for any personal investment transactions where, at the time of the transaction, they knew, or in the ordinary course of fulfilling their official duties should have known, that during the fifteen (15) calendar day period immediately before or after the date of the transaction, such Security was purchased or sold by an applicable Fund or the Firm on behalf of the applicable Fund or was being considered for purchase or sale by an applicable Fund or the Firm on behalf of the applicable Fund.

**IV. REVIEW AND ENFORCEMENT OF THE CODE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Administration of the Code**

The Code shall be administered by the Compliance Department and/or an appropriate management committee that shall include a majority of Compliance and/or Legal Department representatives. Where exceptions are granted to any provision of this Code, the rationale for such exceptions shall be documented.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Review of Employee Activity**

Trading activity may be reviewed for patterns of trading that are inconsistent with the tenets of this Code. Excessive or inappropriate trading that interferes with job performance or compromises the duty that the Firm owes to our Clients is not permitted. Patterns of excessive trading or other trading activity that is deemed to be inappropriate may lead to sanctions, including restrictions on future trading and/or other disciplinary action under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Sanctions for Non-Compliance with Code**

Appropriate sanctions for a violation will include the nature and severity of the violation, the presence of any mitigating circumstances, and any previous violations that may have been committed by the Covered Person. Examples of possible sanctions include, but are not limited to, written warnings or reprimands, monetary penalties, trading freezes, suspension, and/or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Maintenance of Records**

The Firm will maintain all necessary books and records required to remain compliant with applicable laws and regulations. More information on specific record-keeping requirements and processes may be found in the Firm's record-keeping policies and procedures.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

**Glossary to the Code of Ethics**

**Access Person**

The term "Access Person" means an officer or director, or employee of a registered investment adviser, or any other person identified as a "control person" on the Form ADV or the Form BD filed by the adviser with the US Securities and Exchange Commission, as well as any employee, (1) who, in connection with his or her regular functions or duties, generates, participates in, has access to or obtains information regarding that adviser's purchase or sale of a security by or on behalf of an advisory client;

(2) whose regular functions or duties relate to the making of any recommendations with respect to such purchases or sales or has access to such recommendations that are non-public; (3) who obtains or has access to information or exercises influence concerning investment recommendations made to an advisory client of that adviser; (4) who has line oversight or management responsibilities over employees described in (1), (2) or (3) above; or (5) who has access to non-public information regarding any advisory clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any fund for which an adviser serves as investment adviser or any fund whose investment adviser or principal underwriter controls, is controlled by, or is under common control with the Firm.

**Affiliated Fund**

The term "Affiliated Fund" refers to open-end (non-money market) mutual funds and ETFs to which the Firm provides advisory services are considered to be "Affiliated Funds." A list of the Firm's Affiliated Funds can be found on <u>nomuraassetmanagement.com.</u>

**Affiliated Person**

The term "Affiliated Person" means any officer, director, partner, or employee of a Nomura Asset Management International Fund or any subsidiary of the Firm and any other person so designated by the Compliance Department.

**Applicable Federal Securities Laws**

For the purposes of the Code, the term "Applicable Federal Securities Laws" refers to any and all federal securities laws or regulations that may be applicable, including, but not limited to, the Securities Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, as amended (the "1940 Act"), the Investment Advisers Act of 1940, as amended (the "Advisers Act"), Title V of Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission (the "SEC") under any of these statutes, and the Bank Secrecy Act as it applies to funds and investment advisers and any rules adopted thereunder by the SEC or Department of the Treasury.

**Approved Broker**

The term "Approved Broker" refers to a broker-dealer that is included on the Firm's "Approved Broker List." Effective September 1, 2013, all new brokerage accounts opened by a Covered Person, or their Immediate Family Member must be opened with a broker-dealer that can provide the Firm with trade confirmations and other information about employee personal trading activity electronically. This list will be updated from time-to-time to reflect changing business relationships.

**Client**

The term "Client" refers to the Firm's investment advisory clients, including the registered investment companies, institutional investment clients, personal trusts and estates, guardianships, employee benefit trusts, and other clients that the Firm serves.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

**Compliance Department**

The term "Compliance Department" refers to the Firm's Compliance Department.

**Covered Person**

The term "Covered Person" means a person subject to the provisions of this Code. This includes the Firm's employees and their Immediate Family Members, such as spouses and minor children, as well as other persons designated as Covered Persons by the Compliance Department or the Code of Ethics Committee. Such persons may include some or all of the directors, officers, trustees, and employees under the control of the Firm or its affiliated entities.

**Fund Person**

Any directors, trustees and fund-only personnel associated with the Nomura Funds and/or the Optimum Fund Trust. Fund-only personnel are considered to be those who are not employed by the Firm or otherwise considered a Covered Person but provide services to the Funds.

**Immediate Family Member of an Employee**

Immediate Family Member of an Employee – means: (1) any of the following persons sharing the same household with the Employee (which does not include temporary house guests): a person's child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son- in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (2) any person sharing the same household with the Employee (which does not include temporary house guests)that holds an account in which the Employee is a joint owner or listed as a beneficiary; or (3) any person sharing the same household with the Employee in which the Employee contributes to the maintenance of the household and material financial support of such person.

**Investment Person**

The term "Investment Person" means a portfolio manager who, in connection with his/her regular functions or duties, makes, or participates in the making of, investment decisions affecting an investment company, and any control person who obtains information concerning the recommendation of securities for purchase or sale by a fund or an account. Any staff working in a support role to a portfolio manager, including, but not limited to, analysts and administrative assistants, are also considered to be Investment Persons. All Investment Persons are also considered Access Persons by definition.

**Managed Account**

The term "Managed Account" refers to an account over which neither you nor an Immediate Family Member (a) exercises investment discretion, (b) receives notice of transactions prior to execution, and/or (c) otherwise has direct or indirect influence or control. All Covered Persons must request and received approval from the Compliance Department in order to maintain a Managed Account.

**Outside Business Activity**

The term "Outside Business Activity" means any full-time or part-time service as an officer, director, partner, manager, consultant or employee of any business organization or non-profit organization other than the Firm. A Covered Person who engages in such service, whether or not s/he receives compensation for doing so, will be considered to be participating in an Outside Business Activity and must disclose such service to the Compliance Department and receive approval for same.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

**Required Holdings Information**

Certain information regarding your personal securities holdings is required to be reported. Such reports must include the date and nature of the transaction, identify the security transacted, the price at which the transaction was effected, the broker through which the transaction was effected and the date in which the Access or Investment Person submitted the report.

**RedOak ID: 5001850**

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

## Ex-99.B(P)(9)

**Exhibit 99.B(p)(9)**

![](tm2529262d1_ex99-bxpx9img01.jpg)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| I. | **PIMCO Code of Ethics Overview** | 3.0 |
|  | A. What are the Objectives of the Code? | 3.0 |
|  | B. Who is Subject to the Code? | 3.0 |
|  | C. What are the Basic Requirements under the Code? | 3.0 |
|  | D. What are the Consequences for Violations of this Code? | 3.0 |
|  | E. Duty to Report Violations | 3.0 |
|  | F. Right to communicate Directly with Governmental, Regulatory or Self-Regulatory Bodies | 3.0 |
| II. | **Rules for all Employees** | 4.0 |
|  | A. What is Required? | 4.0 |
|  | B. What is Prohibited? | 6.0 |
| III. | **Additional Requirements for Applicable Portfolio Persons** | 7.0 |
|  | A. All Portfolio Persons | 7.0 |
|  | B. Real Estate Portfolio Person Obligations | 7.0 |
|  | C. Cryptocurrency Portfolio Person Obligations | 8.0 |
| IV. | **Additional Requirements for Reporting Persons Under Section 16** | 9.0 |
| V. | **Code Administration** | 9.0 |
|  | A. Authority to Grant Waivers of the Requirements of the Code | 9.0 |
|  | B. Non-Employee Personnel | 9.0 |
|  | C. Annual Report to Boards of Funds that PIMCO Advises or Sub-Advises | 9.0 |
|  | D. Maintenance of Records | 9.0 |
| **Appendix I** - Pre-clearance, Reporting, and 30 Calendar Day Rule Requirements and Exclusions by Asset Type | **Appendix I** - Pre-clearance, Reporting, and 30 Calendar Day Rule Requirements and Exclusions by Asset Type | 10.0 |
| **Appendix II** - Options Trading: Pre-Clearance and 30 Calendar Day Rule | **Appendix II** - Options Trading: Pre-Clearance and 30 Calendar Day Rule | 12.0 |
| **GLOSSARY** | **GLOSSARY** | 13.0 |

---

**CODE OF ETHICS \| July 2025 2**

**I. PIMCO CODE OF ETHICS OVERVIEW**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. What are the Objectives of the Code?**

This Code of Ethics ("Code") establishes standards of conduct to help Employees avoid potential conflicts that may arise from their Personal Securities Transactions and outside business activities.<sup>1</sup>

Pacific Investment Management Company LLC ("PIMCO") is committed to fostering a culture of honesty and high ethical standards. This Code is designed to assist Employees in adhering to the high ethical standards that PIMCO follows in conducting its business. The following general fiduciary principles must govern your activities:

· **You have a duty to place the interests of clients first.** 

· **You must disclose, avoid, or mitigate any actual or potential conflict of interest.** 

· **You must not take inappropriate advantage of your position at PIMCO.** 

· **You must comply with associated PIMCO policies and procedures and applicable Securities and Commodities Laws.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Who is Subject to the Code?**

The Code applies to PIMCO's directors, officers and employees (each, an "Employee" and collectively, "Employees").<sup>2</sup> The Code also applies to certain non-Employee personnel, as referenced in Section V.B., and certain activities of an Employee's Immediate Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. What are the Basic Requirements under the Code?**

· Acknowledging
receipt of the Code and ongoing compliance with the Code

· Reporting
Personal Securities Accounts and holdings

· Maintaining
Personal Securities Accounts at Approved Brokers<sup>3</sup>

· Pre-clearing
and obtaining approval for Personal Securities Transactions

· Disclosing
Personal Securities Transactions

· Obtaining
approval of activities outside of PIMCO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. What are the Consequences for Violations of this Code?**

Violations of the Code may be subject to remedial actions, pursuant to the Compliance Policy Violations Remedial Guide, which may include termination of employment or any other sanction or remedial action required or permitted by law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Duty to Report Violations**

Employees must promptly report any known violations of this Code, whether their own or another Employee's. Reports concerning another Employee's violations may be made anonymously and confidentially to a Compliance Officer in accordance with the **Policy for Reporting Suspicious Activities and Concerns**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Right to communicate Directly with Governmental, Regulatory or Self-Regulatory Bodies** This Code will not be interpreted or applied in any manner that would violate any Employee's legal rights as an employee under applicable law. For example, nothing in this Code or its Appendices attached hereto prohibits or in any way restricts any Employee from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the Securities and Exchange Commission or any other governmental or regulatory body or self-regulatory organization. An Employee does not need prior PIMCO authorization before taking any such action and an Employee is not required to inform PIMCO if he or she chooses to take such action.

\* \* \*

**The Code includes additional requirements that may restrict your personal securities transactions or other activities in addition to **those summarized above. Please review the entire Code. If you have any questions, please ask your local Compliance Officer.**

<sup>1</sup> All capitalized terms have the meaning set forth in the Glossary unless otherwise specified herein.

<sup>2</sup> Employees of PIMCO-named subsidiaries and affiliates are subject to this Code unless their local employer has its own code of ethics to which they are subject. A Compliance Officer, in consultation with the Global Chief Compliance Officer, may determine that certain requirements under the Code are inapplicable for Employees who are on formal leave of absence or garden leave.

<sup>3</sup> This is required of Employees of Applicable PIMCO Companies. Reference the PIMCO Approved Brokers list on PIMCO's intranet for the list of

Applicable PIMCO Companies.

**CODE OF ETHICS \| July 2025 3**

**II. RULES FOR ALL EMPLOYEES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. What is Required?**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Acknowledging Receipt of the Code and Ongoing Compliance with the Code**

PIMCO will provide Employees with a copy of this Code and any amendments. Employees are required to periodically certify their receipt of this Code and any amendments, as well as their ongoing compliance with this Code. Required certifications must be completed within the specified deadline, unless otherwise approved by a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Reporting Personal Securities Transactions and Holdings**

Employees must report each of their own and their Immediate Family Member's Personal Securities Accounts<sup>4</sup> and promptly update information regarding these accounts in the event of changes.

Within 10 calendar days of hire or otherwise becoming subject to the Code, Employees must submit via the personal trading system (accessible through the PIMCO Intranet) an initial report of Personal Securities Accounts and all reportable holdings in Financial Instruments and Private Placements, unless subject to an exclusion in Appendix I.

Employees are required to certify on a quarterly basis within 30 calendar days following quarter end that they have reported their own and their Immediate Family Members' Personal Securities Accounts to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Maintaining Personal Securities Accounts at Approved Brokers**

Employees of Applicable PIMCO Companies<sup>5</sup> and their Immediate Family Members must maintain their Personal Securities Accounts with an Approved Broker, unless an exemption is granted by a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Pre-Clearing and Obtaining Approval for Personal Securities Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>General Pre-Clearance and Approval Requirement</u>

Employees must pre-clear and receive prior approval for their own and their Immediate Family Members' Personal Securities Transactions, including Initial Public Offerings and Private Placements, unless the transaction is subject to an exclusion in Appendix I.

**<u>Pre-Clearance and Approval Process</u>**

**Step 1:** Input the details of the proposed transaction into the personal trading system (accessible through the PIMCO Intranet) and follow the instructions.

**Step 2:** You will be notified whether the proposed transaction is approved or denied.

**Time Limits:** If the proposed transaction is approved, the approval is valid for the day on which the approval was granted and the following business day, unless you are notified differently by a Compliance Officer. If a Good-until Cancel or Limit Order is not fully executed or filled by the end of the following business day (mid-night local time), you must repeat the pre-clearance process.

<u>If the transaction is not executed within the required timeframe or if you seek to transact in a larger amount than the original pre-clearance request, you MUST repeat the pre-clearance process prior to proceeding with the transaction.</u>

<sup>4</sup> For the avoidance of doubt, Non-Discretionary Accounts and accounts on automated asset allocation platforms must be disclosed and a managed account certification or robo-advised certification, respectively, must be completed in the personal trading system.

<sup>5</sup> Reference the PIMCO Approved Brokers list on PIMCO's intranet for the list of Applicable PIMCO Companies.

**CODE OF ETHICS \| July 2025 4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Exclusions from Pre-Clearance Requirement for Non-Discretionary Accounts and Certain Automated Transactions</u>

Personal Securities Transactions in Non-Discretionary Accounts and certain automated transactions where neither the Employee nor an Immediate Family Member exercises any investment discretion are excluded from the pre-clearance and approval requirement, including: (i) transactions pursuant to an Automatic Investment Plan (including the Allianz Employee Stock Purchase Plan) and (ii) transactions in Personal Securities Accounts held on automated asset allocation platforms.

For the avoidance of doubt, directed sales or any transaction overriding an Automatic Investment Plan's predetermined schedule and allocation must be pre-cleared and approved.<sup>6</sup> Additionally, voluntary corporate actions must be pre-cleared and approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Disclosing Personal Securities Transactions**

Employees must report all transactions in their own and their Immediate Family Member's Personal Securities Ac-counts (including Private Placements), unless the transaction is subject to an exclusion in Appendix I.

Compliance will receive automated reports for transactions executed in Personal Securities Accounts held at Approved Brokers.

If an Employee or Immediate Family Member maintains (i) Personal Securities Accounts with broker-dealers that are not on the list of Approved Brokers, or (ii) a Beneficial Interest in a Financial Instrument not held in a Personal Securities Account, the Employee must submit quarterly and annual reports via the personal trading system within 30 days of quarter end, unless otherwise approved by a Compliance Officer.

Real Estate Portfolio Persons and Cryptocurrency Portfolio Persons have specific reporting responsibilities de-scribed in Section III.B and III.C, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Obtaining Approval for Activities Outside of PIMCO**

Without prior written approval from PIMCO's General Counsel, the Global Chief Compliance Officer, or their delegate, Employees must not engage in certain activities outside of PIMCO, regardless of whether compensation is received, including: (i) service on a board of directors, including in an advisory capacity, (ii) full- or part-time employment or service for a business organization or non-profit organization other than PIMCO or related to your activities on behalf of PIMCO, (iii) providing financial advice to a private, educational, or charitable organization, (iv) writing a book or periodical for publication<sup>7</sup>, and (v) serving as an employee, independent contractor, sole proprietor, officer, director or partner or accepting compensation in any form other than from PIMCO or one of its affiliates.

A designated Compliance Officer may approve an outside activity if they determine that an Employee's service or activities outside of PIMCO would not be inconsistent with the interests of PIMCO and its clients. Factors that may be considered include any remuneration received or proposed to be received as part of the activity, whether the activity or expected time spent is consistent with your duties to PIMCO and its clients, and any other factors deemed relevant in the Compliance Officer's discretion. Compliance may also stipulate that approval of your participation in the outside activity is subject to specified conditions. Requests to serve on the board of a publicly traded entity will generally be denied.

If approval is granted, Employees are responsible for notifying Compliance immediately if any conflict or potential conflict arises in the course of the outside activity or if the nature of the activity materially changes.

<sup>6</sup> An employee may adjust future percentage investment allocations in the Allianz Employee Stock Purchase Plan without pre-clearance and approval.

<sup>7</sup> Finance-related books or periodicals will be subject to additional review, including by PIMCO's Content Committee.

**CODE OF ETHICS \| July 2025 5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. What is Prohibited?**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Insider Trading**

The fiduciary principles of this Code and applicable Securities and Commodities laws prohibit Employees from trading on the basis of material, non-public information ("MNPI") received from any source or communicating this information to others. This insider trading prohibition applies notwithstanding any applicable pre-clearance exclusions (e.g., in the case of MNPI received with respect to open-end mutual funds advised or sub-advised by PIMCO or its affiliates).<sup>8</sup> If you are unsure about whether information is material or non-public, please consult a Compliance Officer and the **PIMCO MNPI Policy prior to conducting any trading**.

Personal trading requests to purchase or sell any security on the Firmwide Trade Restricted Securities List, or any other applicable Restricted List to which the Employee is subject, will be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Excessive Trading and Market Timing of Mutal Fund Shares**

Any excessive or inappropriate trading that, in PIMCO's view, interfered with job performance or compromises the duty that PIMCO owes to its clients, is not permitted.

In addition, Employees investing in open-end mutual funds are subject to the terms and restrictions in the respec-tive fund's prospectus, including any restrictions on excessive trading and market timing. Trading shares of an open-end mutual fund in a manner inconsistent with the fund's prospectus is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Certain Trading for a Personal Account in the Same Financial Instrument or Related Financial Instrument as Firm Trading**

Employees and their Immediate Family Members are generally prohibited from transacting in a Financial Instrument or a Related Financial Instrument if the gross aggregate market value exposure of the Employee's and all of the Employee's Immediate Family Members' transactions in that Financial Instrument over a 30-calendar day period across all of the Employee's and their Immediate Family Members' Personal Securities Accounts exceeds $250,000 for securities in the S&P 500® Index or $25,000 for securities of all other issuers, <u>and</u> either (i) there is a pending client order in the Financial Instrument or Related Financial Instrument, or (ii) a client has purchased or sold the Financial Instrument or a Related Financial Instrument on that day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Trading in an Applicable Blackout Period**

Employees and their Immediate Family Members may not trade in shares of Allianz SE<sup>9</sup> or shares of a PIMCO-ad-vised or sub-advised closed-end fund during a designated blackout period. A list of applicable blackout periods is accessible through the PIMCO Intranet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Short-Term Trading**

If a Personal Securities Transaction is subject to pre-clearance and approval, then Employees and their Immediate Family Members may not engage in any purchase followed by a sale, or any sale followed by a purchase, of the same Financial Instrument within 30 calendar days across all of their Personal Securities Accounts ("30 Day Calendar Rule"), unless subject to an exclusion in Appendix I or otherwise approved by Legal and Compliance.

The date of the first transaction is considered day one, and Employees may not execute a transaction in the opposite direction until day 31.<sup>10</sup> This prohibition applies on a last in/first out basis, even if the purchase and sell trans-actions occur in different accounts.

If a transaction violates the 30 Calendar Day Rule, Employees may be required to reverse the transaction and absorb any losses or disgorge profits greater than or equal to $25 associated with the short-term trade.

Employees who are reporting persons under Section 16 of the Securities Exchange Act of 1934 should refer to Section IV for additional information.

<sup>8</sup> Non-public information regarding a mutual fund is considered MNPI if such information could materially impact the fund's net asset value.

<sup>9</sup> This restriction also applies to the exercise of cash-settled options or any kind of rights granted under compensation or incentive programs that completely or in part refer to Allianz SE.

<sup>10</sup> Options must have an expiration date that is at least 31 days from the initial purchase or sale date. For avoidance of doubt, employees may trade a different options contract (i.e., different expiration or strike) within 30 calendar days.

**CODE OF ETHICS \| July 2025 6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. IPOs, ICOs, SPACs**

Pre-clearance requests involving Initial Public Offerings, initial coin offerings, and SPACs generally will be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Futures**

Investments in Futures, including options on Futures are prohibited.

**III. ADDITIONAL REQUIREMENTS FOR APPLICABLE PORTFOLIO PERSONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. All Portfolio Persons<sup>11</sup>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Pre-Clearance and Approval of non-G-7 Government Securities**

Portfolio Persons are required to pre-clear and receive prior approval for purchases and sales of direct obligations of national governments, excluding the G-7<sup>12</sup>, and European Union.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. General Blackout Period Restrictions for Portfolio Persons**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Prior to a Client Transaction</u>

A Portfolio Person and their Immediate Family Members may not transact in a Financial Instrument prior to, and including, seven calendar days before: (i) the Portfolio Person transacts in the same Financial Instrument or a Related Financial Instrument for a client; or (ii) another Portfolio Person's transaction in the same Financial Instrument for a client, if the Portfolio Person knows of such other Portfolio Person's intention to do so.

The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

**Rules for Research Analysts.** A research analyst and their Immediate Family Members may not transact in the same Financial Instrument, any other Financial Instrument issued by the same issuer, or a Related Financial Instrument that the research analyst is analyzing for a client account (whether such analysis was requested by another person or was undertaken on the research analyst's own initiative). This prohibition remains in effect until the research analyst is notified in writing that the Financial Instrument has been selected or rejected for purchase or sale for a client account or until the research analyst obtains permission to transact in the same Financial Instrument, any other Financial Instrument issued by the same issuer or a Related Financial Instrument from a Managing Director supervisor and a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Following a Client Transaction</u>

A Portfolio Person and their Immediate Family Members may not transact in a Financial Instrument within three calendar days after: (i) the Portfolio Person transacts in the same Financial Instrument or a Related Financial Instrument for a client; or (ii) another Portfolio Person has transacted in such Financial Instrument or a Related Financial Instrument for a client, if the Portfolio Person knows of such other Portfolio Person's intention to do so.

The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Real Estate Portfolio Person Obligations<sup>13</sup>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Additional Requirements for Reporting and Pre-Clearance of Real Estate Investments**

Real Estate Portfolio Persons and their Immediate Family Members must report Real Estate Investments and obtain pre-clearance and prior approval of transactions in Real Estate Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Exceptions to Reporting and Pre-Clearance of Real Estate Investment Transactions**

Real Estate Portfolio Persons are not required to report, pre-clear and obtain prior approval for transactions in Real Estate Investments that are not for investment purposes, this includes transactions involving residential properties for personal use (e.g., a primary residence or a vacation home)<sup>14</sup>, as well as loans, advances or gifts to Immediate Family Members to assist in their purchase or maintenance of such properties, are not subject to the pre-clearance or reporting requirements.

<sup>11</sup> These requirements do not apply to Cryptocurrency Portfolio Persons in Operations.

<sup>12</sup> G-7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

<sup>13</sup> For purposes of this Section III.B, the term Financial Instrument as it applies to Personal Securities Transactions of Portfolio Persons shall include Real Estate Investment Transactions.

**CODE OF ETHICS \| July 2025 7**

In addition, transactions involving one- to four-unit residential properties purchased for investment purposes are not subject to pre-clearance, provided such transactions would not (i) constitute a Security (e.g., an interest in an entity of which you are not a general partner, managing member, or equivalent), or (ii) violate any of your responsibilities under the Code. Such transactions are subject to the reporting requirements, however.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Cryptocurrency Portfolio Person Obligations**

The following additional requirements apply to Cryptocurrency Portfolio Persons and their Immediate Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Additional Requirements for Reporting of Cryptocurrency Accounts**

Cryptocurrency Portfolio Persons and their Immediate Family Members must report all Cryptocurrency accounts

within the personal trading system and provide quarterly and annual statements of transactions and holdings

reports to Compliance within 30 calendar days following each quarter end.<sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Additional Pre-Clearance Requirements**

Cryptocurrency Portfolio Persons must pre-clear within the personal trade surveillance system and receive

approval for all of their own and their Immediate Family Members' transactions in Applicable Cryptocurrency

(including purchases, sales, and conversions between Applicable Cryptocurrency and another asset).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Prohibition on Short-Term Trading of Cryptocurrency**

Cryptocurrency Portfolio Persons and their Immediate Family Members are prohibited from executing opposite-way transactions within 30-calendar days in Applicable Cryptocurrency (purchase and sale, sale and purchase, or equivalent conversions). See Section II.B.5 for further details regarding the short-term trading prohibition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Firm Trading and Blackout Period Restrictions for Personal Transactions in Cryptocurrency**

Cryptocurrency Portfolio Persons and their Immediate Family Members must not transact in any Applicable Cryptocurrency:

· the same
day of a PIMCO client trade in an Applicable Cryptocurrency;

· Prior
 to, and including, seven calendar days before: (i) the Portfolio Person transacts in
 the Applicable Cryptocurrency for a PIMCO client account; or (ii) another Portfolio
 Person has transacted in the Applicable Cryptocurrency for a PIMCO client account, if the
 Portfolio Person knows of such other Portfolio Person's intention to do so; and

· Within
 three calendar days after: (i) the Portfolio Person transacts in the Applicable Cryptocurrency
 for a PIMCO client account or (ii) another Portfolio Person has transacted in the Applicable
 Cryptocurrency for a PIMCO client account, if the Portfolio Person knows of such other Portfolio
 Person's intention to do so.

The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

See Section III.A.2, for further details regarding blackout period prohibitions.

<sup>14</sup> Personal use means you will occupy the property for more than two weeks a year or for more than 10 percent of the days that it is available for rent.

<sup>15</sup> A Cryptocurrency Portfolio Persons is responsible for ensuring that all of their Cryptocurrency Accounts are held with a provider that can generate a transactions history report for submission to Compliance.

**CODE OF ETHICS \| July 2025 8**

**IV. ADDITIONAL REQUIREMENTS FOR REPORTING PERSONS UNDER SECTION 16**

Employees are responsible for determining whether they are subject to Section 16 requirements and arranging appropriate filings.

Employees who are reporting persons under Section 16 of the Securities Exchange Act of 1934 are subject to a 6-month holding period with respect to applicable PIMCO-advised or sub-advised closed-end funds and are subject to certain additional requirements (including that they may not short applicable PIMCO-advised or sub-advised closed-end funds and must pre-clear and obtain prior approval for transferring holdings in PIMCO-advised or sub-advised closed-end funds). Please consult a Compliance Officer for more information.

**V. CODE ADMINISTRATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Authority to Grant Waivers of the Requirements of the Code**

A Compliance Officer, in consultation with PIMCO's General Counsel or the Global Chief Compliance Officer, has the authority to exempt any Employee or any Personal Investment Transaction from any or all of the provisions of this Code if the Compliance Officer determines that such exemption would not be against the interests of any client and is consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act. The Compliance Officer will prepare and file a written memorandum of any exemption granted, describing the circumstances and reasons for the exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Non-Employee Personnel**

Certain contractors, advisors, long-term consultants, temporary employees, interns and other individuals associated with PIMCO ("non-employee personnel") will be subject to this Code based on the individual's role and responsibilities, among other factors, as determined by Legal and Compliance in consultation with Human Re-sources and the hiring manager, as appropriate. Non-employee personnel will be notified in the event that they will be subject to the Code. Where determined to be applicable, the obligations of Employees as set forth in this Code shall apply to non-employee personnel, except Section II.A.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Annual Report to Boards of Funds that PIMCO Advises or Sub-Advises**

PIMCO will furnish a written report annually to the directors or trustees of each fund that PIMCO advises or sub-advises. Each report will describe any issues arising under this Code, or under procedures implemented by PIMCO to prevent violations of this Code, since PIMCO's last report, including, but not limited to, information about material violations of this Code, procedures and sanctions imposed in response to such material violations, and certify that PIMCO has adopted procedures reasonably necessary to prevent its Employees from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Maintenance of Records**

Records will be maintained in accordance with PIMCO's Records Management Policy and applicable law.

\* \* \*

**CODE OF ETHICS \| July 2025 9**

**APPENDIX I - PRE-CLEARANCE, REPORTING, AND 30 CALENDAR DAY RULE REQUIREMENTS AND EXCLUSIONS BY ASSET TYPE**

All Financial Instruments are subject to pre-clearance and approval unless specifically excluded below. Please contact your local Compliance Officer with questions.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset Type** | &nbsp;&nbsp;**Do Transactions Require <br> Pre-clearance <br> and Approval?** | &nbsp;&nbsp;**Is Reporting of <br> Securities<br> Required?<sup>1</sup>** | &nbsp;&nbsp;**Are Transactions Subject<br> to the 30 <br> Calendar Day Rule?** |
| &nbsp;&nbsp;**Equities** | &nbsp;&nbsp;**Equities** | &nbsp;&nbsp;**Equities** | &nbsp;&nbsp;**Equities** |
| &nbsp;&nbsp;Shares of common or preferred stock | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Initial Public Offerings (IPOs)<sup>(2)</sup> | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;American Depository Receipts (ADRs) | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Options & Warrants on equity securities | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;**Bonds** | &nbsp;&nbsp;**Bonds** | &nbsp;&nbsp;**Bonds** | &nbsp;&nbsp;**Bonds** |
| &nbsp;&nbsp;Corporate or Municipal Bonds | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Bonds convertible into common stock | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Direct obligations of non-G-7<sup>(3)</sup> national governments for **Portfolio Persons** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Direct obligations of US Government or other G-7,<sup>(3)</sup> and European Union national governments for **Portfolio Persons** | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Direct obligations of U.S Government or other national government for **non-Portfolio Persons** | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Derivatives on any bonds | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;**Exchange Traded Funds** | &nbsp;&nbsp;**Exchange Traded Funds** | &nbsp;&nbsp;**Exchange Traded Funds** | &nbsp;&nbsp;**Exchange Traded Funds** |
| &nbsp;&nbsp;ETFs advised or sub-advised by PIMCO, and single-stock ETFs<sup>(4)</sup> | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Single-cryptocurrency ETFs for **Cryptocurrency Portfolio Persons**<sup>(5)</sup> | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Single-cryptocurrency ETFs for **non-Cryptocurrency Portfolio Persons** | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Derivatives on ETFs | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;All other ETFs | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Mutual Funds and Closed-End Funds** | &nbsp;&nbsp;**Mutual Funds and Closed-End Funds** | &nbsp;&nbsp;**Mutual Funds and Closed-End Funds** | &nbsp;&nbsp;**Mutual Funds and Closed-End Funds** |
| &nbsp;&nbsp;Open-end mutual funds advised or sub-advised by PIMCO or an Allianz affiliated entity or unit investment trusts that are exclusively invested in one or more open-end mutual funds that is advised or sub-advised by PIMCO or an Allianz affiliated entity | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Unit investment trusts that are invested exclusively in one or more open-end mutual funds that are **NOT** advised or sub-advised by PIMCO or an Allianz affiliated entity | &nbsp;&nbsp;No | &nbsp;&nbsp;**No** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Open-end mutual funds **NOT** advised or sub-advised by PIMCO or an Allianz affiliated entity | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Closed-end mutual funds advised or sub-advised by PIMCO | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Closed-end mutual funds **NOT** advised or sub-advised by PIMCO | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Interval funds advised or sub-advised by PIMCO or an Allianz affiliated entity | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Interval funds **NOT** advised or sub-advised by PIMCO or an Allianz affiliated entity | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Currencies & Commodities** | &nbsp;&nbsp;**Currencies & Commodities** | &nbsp;&nbsp;**Currencies & Commodities** | &nbsp;&nbsp;**Currencies & Commodities** |
| &nbsp;&nbsp;Currencies for investment purposes | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Currency futures<sup>(6)</sup>, forwards, swaps, or options thereon | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Forex Spot **NOT** for investment purposes (e.g., to settle an investment transaction) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Physical Currencies (e.g., traveling abroad) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |

---

**CODE OF ETHICS \| July 2025 10**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset Type** | &nbsp;&nbsp;**Do Transactions Require<br> Pre-clearance <br> and Approval?** | &nbsp;&nbsp;**Is Reporting of <br> Securities<br> Required?** 1 | &nbsp;&nbsp;**Are Transactions Subject<br> to the 30 <br> Calendar Day Rule?** |
| &nbsp;&nbsp;**Currencies & Commodities (cont.)** | &nbsp;&nbsp;**Currencies & Commodities (cont.)** | &nbsp;&nbsp;**Currencies & Commodities (cont.)** | &nbsp;&nbsp;**Currencies & Commodities (cont.)** |
| &nbsp;&nbsp;Commodities for investment purposes | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Commodity futures<sup>(6)</sup>, forwards, swaps, or options thereon | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Physical Commodities **NOT** for investment purposes (e.g., for personal use) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Cryptocurrencies (direct transactions) for **non-Cryptocurrency Portfolio Persons** | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Cryptocurrencies (direct transactions) for **Cryptocurrency Portfolio Persons** (5) | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Initial coin offerings (ICOs) (7) | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Derivatives on cryptocurrencies | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;**Other** | &nbsp;&nbsp;**Other** | &nbsp;&nbsp;**Other** | &nbsp;&nbsp;**Other** |
| &nbsp;&nbsp;Private placements, hedge funds, private equity, or any other private offering | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Cash equivalents (8) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Real Estate Physical Property (Commercial or 5 or more residential units) for investment purposes **for non-Real Estate Portfolio Persons** | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Real Estate Physical Property (Commercial or 5 or more residential units) for investment purposes **for Real Estate Portfolio Persons** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Real Estate Physical Property (1-4 residential units) for investment purposes **for Real Estate Portfolio Persons** | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Real Estate Property (personal use) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Any Financial Instrument not referenced above | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |

---

**PIMCO/Allianz Retirement and Investment Account Requirements**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Account Type** | &nbsp;&nbsp;**Do Transactions Require<br> Pre-clearance<br> and Approval?** | &nbsp;&nbsp;**Is Reporting of <br> the Account<br> and Securities<br> Required?** | &nbsp;&nbsp;**Are Transactions <br> Subject to the 30<br> Calendar Day Rule?** |
| &nbsp;&nbsp;**PIMCO/Allianz Retirement and Investment Accounts** | &nbsp;&nbsp;**PIMCO/Allianz Retirement and Investment Accounts** | &nbsp;&nbsp;**PIMCO/Allianz Retirement and Investment Accounts** | &nbsp;&nbsp;**PIMCO/Allianz Retirement and Investment Accounts** |
| &nbsp;&nbsp;Charles Schwab Personal Choice Retirement Account within the Allianz 401k | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Allianz Employee Stock Purchase Plan (ESPP) | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Allianz Executive Deferred Compensation Plan (EDCP) | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;529 Plan through PIMCO Benefits | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;PIMCO Direct Investment Accounts | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Fund Invest Accounts through Charles Schwab and Fidelity | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |
| &nbsp;&nbsp;State Street Global Investor Series | &nbsp;&nbsp;No | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;No |

---

(1) If an investment account has the ability to invest in a reportable
security within its investment options, the account is reportable to Compliance via the personal trading system.

(2) As a general matter, most pre-clearance requests involving IPOs
will be denied.

(3) G-7 countries are Canada, France, Germany, Italy, Japan,
the United Kingdom, and the United States.

(4) As a general matter, most pre-clearance requests involving single-stock
ETFs will be denied.

(5) Cryptocurrency Portfolio Persons are required to report their
and Immediate Family Members' Personal Securities Accounts that hold Applicable Cryptocurrency, pre-clear transactions in Applicable
Cryptocurrency, including single-cryptocurrency ETFs on Applicable Cryptocurrency, and abide by the 30 calendar day rule for Applicable
Cryptocurrency. Applicable Cryptocurrency is cryptocurrency that PIMCO is trading on behalf of clients. Cryptocurrency transactions include
purchases, sales, and conversions between an Applicable Cryptocurrency and another asset.

(6) Futures, including options on futures are prohibited.

**CODE OF ETHICS \| July 2025 11**

(7) Initial coin offerings (ICOs) are prohibited for all employees
and their Immediate Family Members.

(8) Cash equivalents include bank certificates of deposit ("CDs"),
bankers acceptances, commercial paper and other high quality, non-sovereign short-term debt instruments (with an original maturity less
than one year), including repurchase agreements.

**APPENDIX II - OPTIONS TRADING: PRE-CLEARANCE AND 30 CALENDAR DAY RULE**

The following chart provides specific guidance on pre-clearance and short-term trading prohibitions for options trading.

---

| | | |
|:---|:---|:---|
| **Option Trading** | **Pre-clearance Required** | **Subject to Short Term Trading Restriction<br> ("30 Calendar Day Rule")** |
| Purchasing/Selling an Option<sup>16</sup> | Yes | Yes<br> The option's expiration date must be greater<br> than 30 days from the date of the option<br> transaction.<br> An options contract cannot be bought and<br> sold, or sold and bought, within 30 calendar<br> days.<br> For avoidance of doubt, employees may<br> trade a different options contract (i.e., differ-<br> ent expiration or strike) within 30 calendar<br> days. |
| Involuntary Option Assign- ment/Exercise of Existing Option Position <br>| No <br> Purchase or sale of underlying <br> Security not directed by the <br> Employee | No <br> The acquisition/disposition of a <br> security resulting from an existing option <br> position via an involuntary assignment/exer-<br> cise is not subject to the 30 Calendar Day <br> Rule |
| Directing an Option Exercise of Existing Options Position | Yes <br> To exercise an option, the purchase <br> or sale of the underlying security <br> must be pre-cleared before directing <br> the option exercise | Yes <br> After the receipt or disposal of the <br> underlying security due to a directed option <br> exercise, employees are prohibited from <br> executing an opposite way transaction in the <br> underlying security for 30 calendar days |
| Rolling<sup>17</sup> an Option on All Other Underlying Securities | Yes <br> Pre-clearance of both legs of the <br> transaction is required to roll the op- <br> tion | Yes <br> Other options are not allowed to roll within <br> 30 calendar days (i.e., they are subject to the <br> 30 Calendar Day Rule) |

---

<sup>16</sup> Voluntary corporate actions require pre-clearance. 

<sup>17</sup> The simultaneous closing and opening of an option to extend the expiration or maturity of the initial position to the next available contract period immediately following such expiration or maturity.

**CODE OF ETHICS \| July 2025 12**

**GLOSSARY**

The following definitions apply to the capitalized terms used in the Code:

**Applicable Cryptocurrency** – means cryptocurrency that PIMCO is trading on behalf of clients.

**Approved Broker** – means a broker-dealer approved by the Compliance Officer. The list of Approved Brokers for each PIMCO location is accessible through the PIMCO Intranet or can be obtained from the Compliance Officer.

**Automatic Investment Plan** – means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**Beneficial Interest** – means when a person has or shares direct or indirect pecuniary interest in accounts or in reportable Financial Instruments. Pecuniary interest means that a person has the ability to profit, directly or indirectly, or share in any profit from a transaction. Indirect pecuniary interest extends to, unless specifically excepted by a Compliance Officer, an interest in a Financial Instrument held by: (1) a joint account to which you are a party; (2) a partnership in which you are a general partner; (3) a partnership in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; (4) a limited liability company in which you are a managing member; (5) a limited liability company in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; (6) a trust in which you or an Immediate Family Member has a vested interest or serves as a trustee with investment discretion; (7) a closely-held corporation in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; or (8) any account (including retirement, pension, deferred compensation or similar account) in which you or an Immediate Family has a substantial economic interest. A pecuniary interest (thus, Beneficial Interest) may arise with respect to any Financial Instrument including without limitation those (such as private equity and hedge fund investments) obtained through Private Placements.

**Cryptocurrency Account** – solely for the purposes of the Cryptocurrency Portfolio Person addendum, means any Personal Securities Account that holds or is expected to hold Applicable Cryptocurrency.

**Cryptocurrency Portfolio Person** – means any person who directly supports or directs trading in Applicable Cryptocurrency on behalf of PIMCO clients.

**Cryptocurrency** – means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a Security or otherwise characterized as a security under the relevant law.

**Derivative** – means (1) any Futures (as defined below); and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option (other than an option on a foreign currency, an option on a basket of currencies, an option on a Security or an option on an index of Securities, which are included in the definition of "Security"). Questions regarding whether a particular instrument or transaction is a Derivative for purposes of this policy should be directed to the Compliance Officer or his or her designee. For avoidance of doubt, a derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of the Code.

**Financial Instrument** – means a Security, Derivative, commodity or currency as investment, but does not include Cryptocurrencies. For the avoidance of doubt, futures contracts on Cryptocurrencies are "Financial Instruments" for purposes of the Code.

**Futures** – means a futures contract and an option on a futures contract traded on a U.S. or non-U.S. board of trade, such as the Chicago Board of Trade or the London International Financial Futures Exchange.

**CODE OF ETHICS \| July 2025 13**

**Immediate Family Member**– generally means: (1) an Employee's spouse; (2) any of the following persons sharing the same household with the Employee (which does not include temporary house guests): a person's child, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (3) any person sharing the same household with the Employee (which does not include temporary house guests) that holds an account in which the Employee is a joint owner or listed as a beneficiary; or (4) any person sharing the same household with the Employee in which the Employee contributes to the maintenance of the household and material financial support of such person.

**Initial Public Offering** – means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934. This also includes any non-US equity security offered publicly for the first time in any jurisdiction. Initial Public Offerings excludes fixed-income, preferred, business development companies, registered investment companies, commodity pools and convertible securities offerings.

**Non-Discretionary Account** – means any account managed by a broker dealer, futures commission merchant, or trustee as to which neither the Employee nor an Immediate Family Member: (1) exercises investment discretion; and (2) receives notice of specific transactions prior to execution.

**Personal Securities Account** – means (1) any account (including any custody account, safekeeping account, retirement account such as an IRA or 401(k) plan, and any account maintained by an entity that may act as a broker or principal) in which an Employee has any direct or indirect Beneficial Interest, including Personal Securities Accounts and trusts for the benefit of such persons; and (2) any account maintained for a financial dependent. Thus, the term "Personal Securities Accounts" also includes, among others:

(i) Trusts for which the Employee acts as trustee, executor or custodian;

(ii) Accounts of or for the benefit of a person who receives financial support from the Employee;

(iii) Accounts of or for the benefit of an Immediate Family Member; and

(iv) Accounts in which the Employee is a joint owner or has trading authority.

For the avoidance of doubt, the term "Personal Securities Account" does not include: (1) an account on the U.S. Department of the Treasury's TreasuryDirect system, so long as the securities purchased through and/or held in such account may only be, or were, purchased through a non-competitive bid process; or (2) any account limited to direct holdings of Cryptocurrencies. For avoidance of doubt, an account that holds Derivatives on Cryptocurrencies would constitute a "Personal Securities Account" for purposes of the Code, and is subject to the requirements of Section II.A.2 above.

**Personal Securities Transaction** – means transactions in Securities (whether publicly offered or a Private Placement), Derivatives, currencies for investment purposes and commodities for investment purposes, but does not include direct transactions in a Cryptocurrency, except for Cryptocurrency Portfolio Persons as noted in Appendix IV. For the avoidance of doubt, "Personal Securities Transaction" includes Derivatives on a Cryptocurrency.

**Portfolio Person** – means an Employee who: (1) provides information or advice with respect to the purchase or sale of a Financial Instrument, such as a research analyst; or (2) helps execute a portfolio manager's investment decisions. This includes Portfolio Managers, Economists, Traders, Portfolio Associates/Trade Assistants, Research Analysts, Portfolio Risk Management, members of Capital Markets team, and Asset Management team.

**Private Placement** – means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to SEC Rules 504, 505 or 506 under the Securities Act of 1933, including hedge funds or private equity funds or similar laws of non-U.S. jurisdictions

**CODE OF ETHICS \| July 2025 14**

**Real Estate Portfolio Person** – means a Portfolio Person, employees of PIMCO Prime Real Estate LLC, or any other Employee designated by a Compliance Officer, with respect to PIMCO advised private funds that executes transactions in Real Estate Investment.

**Real Estate Investments**– means investments involving real estate for an investment purposes and not for personal use (such as, without limitation, purchases, sales, financings or other forms of investments in office, multifamily, retail, commercial, industrial or hospitality properties or interest in real estate services or service providers), either directly or through investments in funds (other than registered investment companies or publicly traded Securities that are otherwise subject to the Code of Ethics), joint ventures, partnerships, limited liability companies, mortgage or mezzanine loans or other Securities (other than publicly traded Securities that are otherwise subject to the Code of Ethics).

**Related Financial Instrument** – means any Derivative directly tied to the same underlying Financial Instrument, including, but not limited to, any swap, option or warrant to purchase or sell that same underlying Financial Instrument, and any Derivative convertible into or exchangeable for that same underlying Financial Instrument. For example, the purchase and exercise of an option to acquire a Security is subject to the same restrictions that would apply to the purchase of the Security itself.

**Securities and Commodities Laws** – means the securities and/or commodities laws of any jurisdiction applicable to any Employee, including for any employee located in the U.S. or employed by PIMCO, the following laws: Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission under any of these statutes, the Bank Secrecy Act as it applies to funds, broker-dealers and investment advisers, and any rules adopted thereunder by the U.S. Securities and Exchange Commission or the U.S. Department of the Treasury, the Commodity Exchange Act, any rules adopted by the U.S. Commodity Futures Trading Commission under this statute, and applicable rules adopted by the National Futures Association.

**Security** – means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract (e.g., investment in a business), voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option, or privilege on any security, (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any interest of instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

**CODE OF ETHICS \| July 2025 15**

## Ex-99.B(P)(10)

**Exhibit 99.B(p)(10)**

**CODE OF ETHICS**

**SPECTRUM ASSET MANAGEMENT, INC.**

<u>**Table of Contents**</u>

I. Statement of Purpose
 and General Principles

II. Definitions

III. Rules for Personal Transactions

IV. Personal Securities Transaction
 Reporting

V. Campaign Contributions

VI. Sanctions for Violation of the
 Code of Ethics

VII. Monitoring of Personal Securities
 Transactions

VIII. Certification of Compliance
 with the Code

IX. Books and Records to be Maintained

X. Whom Do I Contact?

**I. Statement of Purpose and General Principles**

This Code of Ethics ("**Code**") is adopted in compliance with the requirements of Rule 204A-1 of the Investment Advisers Act of 1940 (the "**Advisers Act**") and where relevant Rule 17j-1 of the Investment Company Act of 1940 (the "**40 Act**"), to effectuate the purposes and objectives of those rules.

A main purpose of the Code is to prevent conflicts of interest which may exist, or appear to exist, if persons associated with Spectrum Asset Management, Inc. ("**Spectrum" or "Spectrum")**) were to:

- own or engage in transactions involving Securities (as defined below) that are owned or are being purchased or sold or are being considered for purchase or sale for the accounts of clients of Spectrum;

- participate in other business activities outside of Spectrum which may cause, or appear to cause, conflicts of interest.

Central to this Code is the principle that employees of Spectrum will adhere to the highest ethical standards and will act in accordance with the following fiduciary principles:

I. The duty at all times to place
the interests of clients first;

II. The requirement that all personal
securities transactions be conducted in such a manner as to be consistent with the Code of Ethics and to avoid any actual or potential
conflict of interest or any abuse of an employee's position of trust and responsibility;

III. The
 principle that investment adviser personnel should not take inappropriate advantage of<br>
 their positions;

IV. The
 fiduciary principle that information concerning the identity of security holdings and financial<br>
 circumstances of clients is confidential; and

V. The principle that independence
in the investment decision-making process is paramount.

VI. The duty to act in accordance
with all applicable laws, rules and regulations

As part of this requirement for high ethical standards, employees are expected to conduct themselves in a manner, which does not:

- defraud clients in any way;

- mislead clients, including making a statement that omits material facts;

- engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon such client;

- engage in any manipulative practice with respect to a client;

- engage in any manipulative practice with respect to securities, including price manipulation; or

- violate any applicable law, rule or regulation

Access Persons must review and comply with the Insider Trading Policy.

It is unlawful to trade in any security based on material nonpublic (or inside) information or to disclose such information to others who may profit from it. This applies to all types of securities, including equities, options, debt, and mutual funds. All employees will keep information pertaining to Clients' portfolio transactions and holdings confidential. No person with access to securities recommendations or pending securities transactions and Client portfolio holdings should disclose this information to any person unless such disclosure is made in connection with the person's regular functions or duties. Additionally, employees with knowledge about the composition of a creation basket are prohibited from disclosing such information to any other person (except as authorized in the course of their employment) until such information is made public. All possible care should be taken to avoid discussing confidential information with anyone who would not normally have access to such information.

**II. Definitions**

**Security:** Shall have the meaning set forth in Section 202(a)(18) of the Investment Advisers Act, and shall include all fixed income securities, equity securities, securities based on indices, shares, futures, options and limited or private placement securities. (See "Reportable Security")

**Access Person**: **For purposes of the Code, all employees of Spectrum are deemed Access Persons.**

**Being Considered for Purchase or Sale**: A Security is being considered for purchase or sale when a Portfolio Manager views the purchase or sale of a Security for a client account as probable. The phrase "purchase or sale of a Security" includes the writing of an option to purchase or sell a Security or the purchase of an option to purchase or sell a Security.

**Beneficial Ownership**: "Beneficial Ownership" shall be interpreted in the same manner as in determining whether a person is the beneficial owner of a Security for purposes of Section 16 of the Securities Exchange Act of 1934, and the rules and regulations thereunder. For example, the term "Beneficial Ownership" encompasses:

in addition to Securities in a person's own account(s), Securities owned by members of the person's immediate family (including any relative by blood or marriage living in the employee's household) sharing the same household;

- a domestic partner;

- any account in which he or she has a direct or indirect beneficial interest (such as a trust); o FINRA presumes beneficial interest in accounts held by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The spouse of the associated
person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A
 child of the associated person or of the associated person's spouse, provided that
 the child resides in the same household as, or is financially dependent upon, the associated
 person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any
 other related individual over whose account the associated person has control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any
 other individual over whose account the associated person has control and to who's
 financial support the associated person materially contributes.

- a partner's proportionate interest in the portfolio of Securities held by a partnership (e.g. an investment club); and

- securities a person might acquire or dispose of through the exercise or conversion of any derivative security (e.g. an option, whether presently exercisable or not).

**Reportable Fund:** Any fund for which Spectrum serves as an investment adviser or sub-adviser or any fund whose investment adviser or principal underwriter controls Spectrum, is controlled by Spectrum, or is under common control with Spectrum.

**Reportable Security:** Means any stock, bond, future, investment contract or any other instrument that is considered a "security" under the Investment Advisers Act. The term "reportable security" is very broad and includes items one might not ordinarily think of as "securities," such as:

&nbsp;&nbsp;&nbsp;&nbsp;· Options
on securities, on indexes, and on currencies;

&nbsp;&nbsp;&nbsp;&nbsp;· All
types of limited partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;· Foreign
unit trusts and foreign mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;· Private
investment funds, hedge funds, and investment clubs.

For the purposes of its Code of Ethics, Spectrum deems the term "reportable security" to include digital assets including, but not limited to, virtual currencies, cryptocurrencies, digital "coins" or "tokens".

***Exempt Securities*:** The following securities are not included in the definition of reportable security:

- Holdings in direct obligations of the Government of the United States;

- Bankers' acceptances, bank, thrift, credit union deposits, commercial paper and high quality short-term debt instruments, including repurchase agreements;<sup>1</sup>

- Shares of money market funds;

- Shares issued by open-end funds and open-end ETFs, other than reportable funds and ETFs; and

- Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are reportable funds.

***Exempt Transactions*:**

- Open-end investment company shares *other than* shares of investment companies advised by the firm or its affiliates or sub-advised by the firm;

- Purchases or sales of direct obligations of the U.S. Government or Government agencies; bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;

Purchases or sales affected in any account over which the party has no direct or indirect influence or control (e.g., assignment of management discretion in writing to another party). Employees will be assumed to have influence or control over transactions in managed accounts they Beneficially Own unless they have certified otherwise in their Initial Holdings, Quarterly Transaction and Annual Holdings Reports and/or Certifications in FIS ECM:

Purchases or sales that are non-volitional on the part of either the individual involved or a managed fund or managed account client, for example, securities obtained through inheritance or gift, assignment of options or exercise of an option at expiration;

Purchases which are part of an automatic dividend reinvestment plan or similar automatic periodic investment process or when issued pro rata to all holders of a class of securities, such as stock splits, stock dividends or the exercise of rights, warrants or tender offers. However, these transactions should be reported by Access Persons in their Quarterly Transaction and Annual Holdings Reports and/or Certifications in FIS ECM once acknowledgement of the transaction is received.

1 Holdings in direct obligations of the Government of the United States and Bankers' acceptances, bank, thrift, credit union deposits, commercial paper and high quality short-term debt instruments, including repurchase agreements are not considered exempt securities under FINRA Rule 3210. Any account holding these securities must be reported to Spectrum.

**III. Rules for Personal Transactions and Personal Accounts**

Pursuant to FINRA Rule 3210, all registered individuals of SAMI must obtain prior written consent from SAMI when establishing any account in which securities transactions can be effected and in which the associated person has a beneficial interest at a financial institution other than the firm.

If an account was opened or otherwise established 30 days prior to an associated person's association with SAMI, then that associated person must obtain the written consent of SAMI in order to maintain the account.

For accounts held at non-member financial institutions SAMI will consider the extent to which it will be able to obtain, upon written request, duplicate copies of confirmations and statements from the non-member financial institution. If SAMI does not believe it can obtain these records, it will not consent to an associated person to open such account.

Once approval has been obtained from SAMI to establish a personal transaction account, associated persons will submit a notification to each executing broker-dealer FINRA member or other financial institution in writing of their association with SAMI. The notification must be provided prior to opening or otherwise establishing accounts that are subject to the rule.

<u>Transactions in Principal mutual funds, Principal stock, and investments in the Principal 401k – Must hold for 30 Days</u>

The following rule applies to transactions in Principal mutual funds, Principal stock, and investments in the Principal 401k.

The rule is that all purchases of Principal mutual funds and investments in the Principal 401k must be held for 30 calendar days before being sold. This rule applies no matter if the transaction would result in a profit or a loss. The rule will be applied on a last in/first out basis for transactions.

Access Persons are free to undertake transactions in Principal mutual funds, Principal stock, and investments in the Principal 401k without receiving pre-clearance to do so.

**Exception:** Shares of Principal Financial Group stock (PFG) received as part of Principal's restricted stock unit plan may be sold upon vesting as they are considered a part of Spectrum employee's compensation plan and have been held for longer than a 60 day period. (However, Executive Officers of PGI must obtain pre-clearance from PGI in order to sell shares of PFG stock that is received as part of the restricted stock unit plan. Procedures for such pre-clearance are available from PGI's Chief Compliance Officer).

**Prohibition on speculative transactions in Company Securities:** Because of the unique potential for abuse of material nonpublic information, it is also Spectrum's policy that persons subject to this policy may not engage in short-term speculative transactions involving trading in Company securities (Principal mutual funds and Principal stock). Therefore, the following activities with respect to Company securities are prohibited:

1. Purchasing Company securities "on margin" (i.e. with the proceeds of a loan from a brokerage firm when the loan is secured by Company securities), except for the exercise of employee stock options.

2. Short sales (selling stock that is borrowed in anticipation of a drop in price).

3. Trading in put or call options.

**<u>Exemption from the 30-day holding period</u>.**

Exemption for the sale of Principal Fund shares, stock or investments in the Principal 401k plan, may be made under special circumstances as determined by the Chief Compliance Officer and approved in advance in writing.

Transactions in all Other Securities

<u>Pre-Clearance –</u>

*Section 16 Persons*

Those persons who, by reason of their position with respect to a closed-end exchange-traded fund are designated by the Fund as being subject to the provisions of Section 16 of the Securities Exchange Act of 1934 with respect to that Fund, must pre-clear in writing all common share trades in any closed-end exchange-traded fund for which they serve as a Section 16 officer or director.

Section 16 officers of a closed-end exchange-traded fund may not profit as a result of a purchase and sale, or sale and purchase, of common shares the fund within a period of 6 months, of the same (or equivalent) security.

*Spectrum Employees that are subject to affiliate's Code of Ethics:*

Those Spectrum employees that are subject to an affiliate's Code of Ethics must obtain pre-clearance approval for personal trading, if required, by the affiliate's Code of Ethics.

**<u>Restricted and Prohibited Transactions -</u>**

***The following prohibitions apply to all Access Persons:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Preferred Stock; Common Stock Issued by Spectrum clients</u> - Access persons are prohibited from purchasing any individual preferred securities whether or not held by a Spectrum client.

"Preferred Securities" includes U.S. and Foreign (USD and non-USD denominated):

&nbsp;&nbsp;&nbsp;&nbsp;· $25 Hybrid Preferreds traded
on NYSE

· $1000 par hybrids and junior
subordinated debt

&nbsp;&nbsp;&nbsp;&nbsp;· $25 and $1000 Hybrid or Trust
Preferreds (inclusive of qualifying "Hybrid Corporate Bonds")

&nbsp;&nbsp;&nbsp;&nbsp;· U.S. "Dividend Received
Deduction" (DRD) Preferred Stock

&nbsp;&nbsp;&nbsp;&nbsp;· Fixed rate and FRAPs (floating
rate adjustable preferred securities)

&nbsp;&nbsp;&nbsp;&nbsp;· Step-up preferreds (appropriately
labeled on the trade blotter as securities are purchased)

&nbsp;&nbsp;&nbsp;&nbsp;· Public and 144A $1000 par Capital
Securities including U.S. Agency Subordinated Debt issues

&nbsp;&nbsp;&nbsp;&nbsp;· Tier 2 fixed and floating rate
capital securities (excluding Tier 2 CoCos)

&nbsp;&nbsp;&nbsp;&nbsp;· Contingent Convertible Securities
("CoCos")

&nbsp;&nbsp;&nbsp;&nbsp;· Alternative Tier 1 Securities
and NVCC capital securities (excluding Alternative Tier 1 CoCos)

There is no prohibition against holding mutual funds, ETF's, wrap account programs (including Spectrum advised funds, ETFs and wrap account programs) or other collective entities that invest in preferred securities. Access persons are not permitted to own the common stock issued by Spectrum standalone clients, (not including SMA sponsor firms). In the event that an Access Person holds individual preferred securities, common stock that is issued by a Spectrum client or common stock of an issuer that becomes a Spectrum client, he or she must sell such securities with such sale pre-approved by the Chief Compliance Officer.

2. <u>Initial Public Offerings –</u>

Access Persons are generally prohibited from acquiring securities in an initial public offering.

Pursuant to FINRA Rule 5130: *A member or a person associated with a member may not purchase a new issue in any account in which such member or person associated with a member has a beneficial interest, except as otherwise permitted herein."*

*"New issue" means any initial public offering of an equity security as defined in Section 3(a)(11) of the Exchange Act, made pursuant to a registration statement or offering circular.*

The prohibition extends to*: "Immediate family members"* which means *"a person's parents, mother-in-law or father-in-law, spouse, brother or sister, brother-in-law or sister-in-law, son-in-law or daughter-in-law, and children, and any other individual to whom the person provides material support."*

Certain definitions, exclusions and exceptions apply to this Rule. Please consult the Chief Compliance Officer when considering such an investment.

3. <u>Private Placements -</u> No Access Person may acquire, directly or indirectly, beneficial ownership in any Security in a private placement transaction without prior approval of the Spectrum Chief Compliance Officer. Access persons who have acquired Securities in a private placement transaction must disclose that investment when they play a part in any consideration of an investment by Spectrum in the issuer of the privately placed Security for a client account. In such circumstances, a decision to purchase such Securities for a client account must be subject to an independent review by Investment Personnel or a Portfolio Manager with no personal interest in the issuer.

4. <u>Short-Term Trading -</u> Access Persons who purchase mutual fund shares advised or sub-advised by Spectrum are reminded to not engage in short-term trading. Access Persons should retain such Funds for a period of at least 30 days. Redemptions or exchanges of such funds within 30 days of purchase require pre-clearance from Spectrum's Chief Compliance Officer which will only be granted under appropriate circumstances.

5. <u>Frequent Trading -</u> Access Persons have a fiduciary duty to Spectrum clients. The interests of Spectrum clients must come before those of any Access Person. Access Persons are discouraged from frequent personal trading as it may potentially distract from servicing Spectrum clients.

6. <u>Acceptance of Gifts -</u> Spectrum employees may only accept or provide gifts or entertainment in accordance with the Firm's Gifts and Entertainment Policy.

7. <u>Service as a Director -</u> Access Persons are generally prohibited from serving on the board of directors of a publicly traded company. Exceptions will be made only when in accordance with the Firm's fiduciary duty and not in conflict with the interests of a client. Request for such exception should be made to Spectrum's Chief Compliance Officer. Access Persons serving as a director of a private company that goes public may be required to resign, either immediately or at the end of the then current term.

8. <u>Outside Business Activities -</u> It is important that Access Persons do not undertake other business or other activities outside of Spectrum which may cause, or appear to cause, conflicts of interest. All Access Persons must report to the Chief Compliance Officer, and obtain approval for, all relevant outside business activities, including directorships in businesses and other interests in businesses where they either have a controlling or influencing position, or receive monetary compensation for their involvement in that business. Approval must be obtained by submitting the "*Request for Approval of Outside Business Activities, Directorships and Investment Clubs"* form that is attached to the Code of Ethics as Appendix A. The Chief Compliance Officer may deem that the involvement in an additional business or other activity is an actual or perceived conflict of interest with the Access Person's current position. In this situation, actions will need to be taken to rectify the conflict or prohibit or limit the employee's involvement in the business/activity. In addition to the initial approval form process, all employees must disclose/confirm outside business activities during the annual reporting process and must also report any material change in or additional business interest that may occur during the year.

**IV. Personal Securities Transaction Reporting for Spectrum Asset Management, Inc.**

**Employees**

FIS ECM Process

All Access Persons must provide all personal securities broker accounts, containing any "reportable securities", to Spectrum's Compliance Department via FIS ECM, with the exception of those transactions exempt under Section II. The Compliance Department then takes the necessary steps within the FIS ECM system in order for all reportable securities transactions to be recorded and displayed in the system.

Personal securities broker accounts for those accounts holding shares of Principal open-end funds are to be provided to the Compliance Department via FIS ECM with the exception of fund shares purchased directly from Principal, shares purchased via payroll deduction, shares purchased by a systematic purchase plan in Principal Financial Group's Employees' 401(k)/Profit Sharing Plan or shares purchased pursuant to an automatic dividend reinvestment plan.

*Please note that a "broker-dealer" includes both of the following:*

A broker or dealer with whom a securities brokerage account is maintained in the employee's name or in the name of immediate family members living in the same household; AND

A broker or dealer that maintains an account for a person whose trades an employee must report as a Beneficial Owner of the securities.

**<u>Initial Holdings Reporting</u>** –

Each Access Person must provide his or her Initial Holdings to Spectrum's Compliance Department via FIS ECM listing all securities Beneficially Owned by the Access Person no later than <u>10</u> days after he or she becomes an Access Person. Each Access Person must certify that his or her Initial Holdings are complete and accurate via FIS ECM

The Initial Holdings data must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· list
 of all securities accounts (including those accounts which hold shares of Principal sponsored
 open-end investment companies) maintained with a broker, dealer or bank;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 list of all securities Beneficially Owned by the Access Person with the exception of those
 exempt securities outlined in Section II above, including

&nbsp;&nbsp;&nbsp;&nbsp;· title
and exchange ticker symbol or CUSIP number;

&nbsp;&nbsp;&nbsp;&nbsp;· type
of security;

&nbsp;&nbsp;&nbsp;&nbsp;· the
number of shares held in each security; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
principal amount (dollar value of initial investment) of each security Beneficially Owned;

&nbsp;&nbsp;&nbsp;&nbsp;· the
date the data is submitted

\**Copies of all relevant brokerage or bank statements may be provided in lieu of a report containing the above data.*

**<u>Quarterly Securities Transaction Reporting</u> –**

Each Access Person is responsible for certifying to Spectrum's Compliance Department via FIS ECM, within 30 days after quarter end, that the following data for all reportable transactions has been provided:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 date of each transaction, the title and exchange ticker symbol or CUSIP number and number
 of shares, and the principal amount of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 nature of each transaction, that is, purchase, sale or any other type of acquisition or disposition;

&nbsp;&nbsp;&nbsp;&nbsp;· the
transaction price for each transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
name of the broker, dealer or bank through whom each transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;· the
date the report was submitted.

If an Access Person opens a brokerage account during a calendar quarter containing reportable securities held for the direct or indirect benefit of the Access Person, the Access Person must provide the following account information to the Compliance Department via FIS ECM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 name of the broker, dealer or bank with which the access person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
date the account was established and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
date the report is submitted.

**<u>Annual Holdings Reporting</u> –**

In addition to the Initial Holdings Reporting and Quarterly Transaction Reporting, each Access Person is required to certify to Spectrum's Compliance Department via FIS ECM his or her Annual Holdings. This information shall be current as of a date no more than 45 days before the Annual Holdings Certification is submitted. Such Certification must be filed within 30 days after December 31<sup>st</sup>.

The Annual Holdings Certification will verify the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· list
 of all securities accounts (including those accounts which hold shares of Principal sponsored
 open-end investment companies) maintained with a broker, dealer or bank;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 list of all securities Beneficially Owned by the Access Person with the exception of those
 exempt securities outlined in Section II above, including

&nbsp;&nbsp;&nbsp;&nbsp;· title
and exchange ticker symbol or CUSIP number;

&nbsp;&nbsp;&nbsp;&nbsp;· type
of security;

&nbsp;&nbsp;&nbsp;&nbsp;· the
number of shares held in each security; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
principal amount (dollar value of initial investment) of each security Beneficially Owned;

&nbsp;&nbsp;&nbsp;&nbsp;· the
date the report is submitted.

**<u>Certifications to Affiliates Where Spectrum Employees are Subject to Their Code of Ethics –</u>**

If required, Spectrum's CCO, or designee, will certify to the designated employee of a relevant affiliate that a Spectrum employee subject to the affiliate's code of ethics is complying with the reporting requirements of Rule 204A-1 of the Investment Adviser Act of 1940. The certification will be made on a quarterly and annual basis or as otherwise required by any such affiliate. This does not relieve the Spectrum employee from obtaining pre-clearance for personal trading from the affiliate if required.

**<u>Reporting Requirements for Spectrum Board of Directors members who are not employed by Spectrum Asset Management, Inc.</u>**

Members of Spectrum's Board of Directors who are not employees of Spectrum must abide by Spectrum's Code of Ethics guidelines but are not required to comply with Spectrum's Code of Ethics provisions pertaining to the reporting of personal securities transactions to Spectrum's Compliance Department. The Board of Directors will be asked to certify to their compliance with the Code of Ethics as it pertains to them on an annual basis or, when in the opinion of the Compliance Department, material changes to the Code of Ethics have been made.

**V.** **Campaign Contributions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Covered Associates per SEC Pay-to-Play Rules**

The SEC pay-to-play contribution restrictions specifically apply to any employee of an investment adviser that is deemed to be a Covered Associate. Generally, Covered Associates are executive officers and employees who solicit<sup>2</sup> government entities for the investment adviser, along with those who directly or indirectly supervise such employees. For the purposes of this Policy the following Spectrum employees will be deemed to be Covered Associates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· President
and CEO: Mark Lieb

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Executive
Directors: Matthew Byer, L. Phillip Jacoby, and Joseph Urciuoli

2 Solicit means with respect to investment advisory services, to communicate, directly or indirectly, for the purposes of obtaining or retaining a client for, or referring a client to, an investment adviser.

Non-Covered Associates' political contributions do not fall under the SEC pay-to-play restrictions; however, they may be subject to state and local pay-to-play laws and client disclosure requirements.

It is important to note that there is a two year look-back period effective March 14, 2011 and going forward. Investment Advisers must look-back in time to determine whether a Covered Associate has made a triggering contribution within the previous two years for new Covered Associates who solicit clients, and six months for new Covered Associates who do not solicit clients. This provision applies to all current employees who are promoted or transferred to a Covered Associate position and external job applicants hired into Covered Associate positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Pre-clearance Approval and Certification Requirements**

Pre-clearance and quarterly certification is required of all Covered Associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Pre-clearance

All Covered Associates must obtain pre-clearance approval before making a personal political contribution<sup>3</sup> to a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· State
 and local candidate, including contributions made by the Covered Associate's spouse
 and minor children.

O

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Federal
 candidate currently holding a state or local office, such as a Governor running for U.S.
 Senate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O If the federal candidate is <u>not</u> a current state or local government official, there are no issues related to pay-to-play and pre-clearance is not required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Political
Action Committee (PAC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O Please note contributions to
PrinPac are exempt from pre-clearance. See Section A. for details

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· State
or Local Political Party

3 Contribution is anything of value given to influence an election, most commonly contributions include deposit of money, gift, subscription, loan, advance or any payments for debts incurred in such an election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** How to Pre-clear

Covered Associates can submit a pre-clearance request by completing the Political Campaign Contribution Pre-clearance Form (This form is attached hereto and can be found in <u>F:\Users\Compliance\Pay</u> to Play\Preclearance Form and in <u>F:\Users\</u> Compliance\Code of Ethics.

Submit the form to Joseph Hanczor, Chief Compliance Officer by email at <u>jhanczor@samipfd.com</u>

Covered Associates will be required to provide the following information:

◻ Employee Information

◻ Name of Candidate

◻ Campaign Office Title

◻ Campaign Jurisdiction (State/County/City)

◻ Contribution Description

◻ Contribution Amount

The pre-clearance request will be reviewed and responded to by email. Upon receiving approval of your pre-clearance, you may proceed with your political contribution. Upon completion of the contribution, you will need to provide to the CCO post-clearance information by email including the date and amount of contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** Review of Pre-clearance

Spectrum's CCO will review all pre-clearance requests submitted subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEC
Pay-to-Play De Minimis Contribution Exception for Covered Associates:

· State
and Local Municipality Pay-to-Play Rules

· Current
governmental client restrictions and/or reporting requirements

**A.** **Political Action Committee (PAC) Contributions** 

The SEC and some state and local pay-to-play laws view contributions to certain PACs as an indirect way to circumvent the pay-to-play laws. Therefore, all Covered Associates are required to pre-clear contributions to PACs, with the following exemption. Contributions to PrinPac do not need to be pre-cleared, as PFG Government Relations which administers PrinPac maintains records of these contributions. PGI Compliance will work closely with Government Relations to meet client reporting requests, when applicable. There is no action required of Spectrum Covered Associates.

**B.** **Third-Party Placement Agents and Solicitors** 

Investment advisers and its Covered Associates are prohibited from paying a third-party solicitor or placement agent to solicit business for the investment adviser from any government entity unless such third-party solicitor or placement agent is a SEC registered investment adviser or a registered broker-dealer subject to pay-to-play restrictions. Third-party placement agents and solicitors must be pre-approved by Compliance prior to entering into an agreement.

**<u>Spectrum Asset Management, Inc.</u>**

**<u>Political Campaign Contribution Pre-Clearance Form</u>**

All Covered Associates must obtain pre-clearance approval before making a personal political campaign contribution to state/local officials/candidates and PACs as described in Spectrum's Pay-to-Play Policy.

I. EMPLOYEE INFORMATION

Employee Name:

Employee Job Title:

Resident City:

Resident County:

Resident State:

II. RECIPIENT INFORMATION:

Recipient Name:

Campaign Office Title:

Campaign Jurisdiction (State/City/County):

III.CONTRIBUTION INFORMATION

Contribution Donor:

Contribution Description:

Contribution Amount:

Campaign Election:

Comments:

**VI. Sanctions for Violation of the Code of Ethics**

Spectrum employees may be subject to sanctions for violations of the specific provisions or the general principles provided by the Code. Violations will be reviewed, and sanctions determined by the CEO with advice, as required, from the Chief Compliance Officer. The CCO is not empowered to sanction employees and does not supervise employees other than member(s) of the Compliance Department.

<u>Sanctions which may be imposed include</u> -

&nbsp;&nbsp;&nbsp;&nbsp;· formal
warning;

&nbsp;&nbsp;&nbsp;&nbsp;· restriction
of trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;· disgorgement
of trading profits;

&nbsp;&nbsp;&nbsp;&nbsp;· fines;
AND/OR

&nbsp;&nbsp;&nbsp;&nbsp;· suspension
or termination of employment.

Violations of the Code of Ethics or federal or state laws, rules and regulations may result in reporting to appropriate regulatory or criminal authorities.

<u>Sanction Factors</u> –

The factors that may be considered when determining the appropriate sanctions include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· the
harm to a client's or Fund's interest;

&nbsp;&nbsp;&nbsp;&nbsp;· the
extent of unjust enrichment;

&nbsp;&nbsp;&nbsp;&nbsp;· the
frequency of occurrence;

&nbsp;&nbsp;&nbsp;&nbsp;· the
degree to which there is personal benefit from unique knowledge obtained through employment with Spectrum;

&nbsp;&nbsp;&nbsp;&nbsp;· the
degree of perception of a conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;· evidence
of fraud, violation of law, or reckless disregard of a regulatory requirement; and/or

&nbsp;&nbsp;&nbsp;&nbsp;· the
level of accurate, honest and timely cooperation from the person subject to the Code.

**VII. Monitoring of Personal Securities Transactions**

The Chief Compliance Officer or his designee is responsible for reviewing and monitoring Spectrum employee's personal securities transactions and trading patterns to insure compliance with the Code. The Chief Compliance Officer or his designee will conduct this review in FIS Protegent PTA. and report any violations of the Code to the CEO.

Spectrum's CEO will oversee the personal securities transactions of the Chief Compliance Officer to insure compliance with the Code. The Chief Compliance Officer's reportable personal securities transactions will be reviewed by the designee via FIS Protegent PTA and report any activity directly to Spectrum's CEO. Violations of the Code by the Chief Compliance Officer of Spectrum will be reported to the Chief Compliance Officer of Principal Global Investors.

On an annual basis, as part of the SEC Rule 206(4)-7 Report or in reports to the Board of Directors, the Chief Compliance Officer shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) confirm that Spectrum Asset Management, Inc. has adopted procedures reasonably necessary to prevent Access Persons from violating the Code;

ii) identify any material violations of the code and sanctions imposed in response to those violations during the past year;

iii) describe any material issues that arose during the previous year under the Code; and recommendations, if any, as to changes in existing restrictions or procedures based on experience with this Code, evolving industry practices or developments in applicable laws or regulations.

**VIII. Certification of Compliance with the Code**

***Initial*** *–*The Chief Compliance Officer will meet with each new employee.. The access person will certify in FIS Protegent PTA that he/she has (a) received a copy of the code; (b) read and understand all provisions of the code; and (c) agrees to comply with the terms of the code.

***Amendments*** *–* Material amendments to the Code will be reviewed by the Chief Compliance Officer with all access persons. Access persons will certify that they have (a) received a copy of the amended code; (b) read and understand all provisions of the amended code; and (c) agree to comply with the terms of the code in FIS Protegent PTA.

***Annual*** – On an annual basis all access persons must certify that they have read, understand and have complied with the code during the prior year via FIS Protegent PTA.

**IX. Books and records to be maintained**

A copy of the Spectrum's code of ethics adopted and implemented that is in effect, or that at any time within the past five years was in effect;

A record of any violation of the code of ethics, and of any action taken as a result of the violation;

A record of all written acknowledgements as required by the code of ethics for each person who is currently or within the past five years was, an access supervised person of Spectrum;

A record of each report made by an access person as required by the code of ethics, including any information provided in lieu of such reports;

A record of names of person who are currently, or within the past five years were, access persons of Spectrum; and A record of any decision, and the reasons supporting the decision, to approve the acquisition of securities by access person if required, for at least five years after the end of the fiscal year in which the approval is granted.

All records shall be maintained and preserved in an easily accessible place for a period of not less than five years from the end of the fiscal year during which the last entry was made on such record, the first two in Spectrum's office.

**X. Whom Do I Contact?**

Responsibility for maintaining this Code is vested in Joseph Hanczor, the Chief Compliance Officer of Spectrum Asset Management, Inc. However, the responsibility for implementing this code on a day to day basis falls on all Spectrum employees and especially staff that are in supervisory and management roles.

If employees have any questions in relation to how to interpret this Code or have identified any potential issues or breaches of the Code, they should contact Spectrum's Chief Compliance Officer.

Should an access person wish to contact senior PGI or PFG Compliance Officers concerning the Code, the contact list in order of escalation is:

***Spectrum Chief Compliance Officer***

Joseph Hanczor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203) 321-1134

<u>jhanczor@samipfd.com</u>

PGI Chief Compliance Officer<br> Justin Lange

(515)-247-5788

<u>lange.justin@principal.com</u>

PFG Chief Compliance Officer<br> Noreen Fierro

515-362-0282

<u>Fierro.noreen@principal.com</u>

In addition to the above contacts, staff should remember that they can also utilize the "Whistle Blower" process implemented across the broader Principal Financial Group organization. Staff can find information on this at:

<u>http://inside.principal.com/gfr/brc/busprac/whistleblower.shtm</u>

In addition, the Ethics Hotline can be used at 1-866-858-4433 which is staffed 24/7.

Any information passed through the Whistleblower process will remain confidential.

Additional whistleblower resources include:

<u>whistleblower@finra.org</u><br> 1866-96-FINRA

<u>http://www.sec.gov/whistleblower</u>

**Appendix A**

***Request for Approval of Outside Business Activities, Directorships and <br> Investment Clubs***

Name and address of organization or group:

Organization's or group's primary business purpose:

Is the organization a publicly traded company? If yes, list the stock symbol:

Describe your anticipated role with the organization or group:

Describe any compensation you will receive:

Describe any known relationships between Spectrum and the organization in question, or any conflict(s) of interest you perceive regarding the outside business activity:

List any employees of Spectrum who you know to be involved with the organization:

If approval is granted, I agree to:

&nbsp;&nbsp;&nbsp;&nbsp;· Notify
the CCO of any change in the above information;

&nbsp;&nbsp;&nbsp;&nbsp;· Seek
 approval to retain my position if a private organization offers securities to the public
 or if a not-for-profit organization ceases to maintain its not-for-profit status;

&nbsp;&nbsp;&nbsp;&nbsp;· Adhere
 to the Insider Trading policies and procedures of Spectrum and the organization or group,
 and not transfer any Non-public information between Spectrum and the organization or group;
 and

&nbsp;&nbsp;&nbsp;&nbsp;· Avoid
 involvement in any arrangement between Spectrum and the entity and recuse myself of voting
 on such matters.

---

| | |
|:---|:---|
| Signature | Date: |
| Print Name: |  |
| Approval Granted by / Denied by: |  |
| Signature | Date |
| Print Name: |  |

---