# EDGAR Filing Document

**Accession Number:** 0001888997
**File Stem:** 0001104659-26-048702
**Filing Date:** 2026-4
**Character Count:** 1328086
**Document Hash:** f043afaef7f7b0858713d7e2e37f7f43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-048702.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001104659-26-048702

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 58

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260426

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEI Exchange Traded Funds
- **CENTRAL INDEX KEY:** 0001888997

**ORGANIZATION NAME:**
- **EIN:** 876679400
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23754
- **FILM NUMBER:** 26895651

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** 610-676-1000

**MAIL ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEI Exchange Traded Funds
- **CENTRAL INDEX KEY:** 0001888997

**ORGANIZATION NAME:**
- **EIN:** 876679400
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-260611
- **FILM NUMBER:** 26895650

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** 610-676-1000

**MAIL ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### SEI High Yield Bond & Alternative Credit ETF (Series ID: S000103400)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000273939 | SEI High Yield Bond & Alternative Credit ETF |  |

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

---

| |
|:---|
| **As filed with the U.S. Securities and Exchange Commission on April 24, 2026** |
| &nbsp;&nbsp; **File No. 333-260611**<br> **File No. 811-23754** |

---

**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. 16** ☒

**and**

**REGISTRATION STATEMENT UNDER THE**

**INVESTMENT COMPANY ACT OF 1940** ☒

**AMENDMENT NO. 18**

**SEI EXCHANGE TRADED FUNDS**

(Exact Name of Registrant as Specified in Charter)

**SEI Investments Company**

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(Address of Principal Executive Offices, Zip Code)

1-610-676-1000

(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 this filing become effective (check appropriate box)

---

| | |
|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;immediately upon filing pursuant to paragraph (b) |
| &nbsp;&nbsp;☒ | &nbsp;&nbsp;on April 26, 2026 pursuant to paragraph (b) |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;60 days after filing pursuant to paragraph (a)(1) |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;on [date] pursuant to paragraph (a)(1) |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;75 days after filing pursuant to paragraph (a)(2) |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;on [date] pursuant to paragraph (a)(2) of Rule 485. |
| &nbsp;&nbsp;If appropriate, check the following box: | &nbsp;&nbsp;If appropriate, check the following box: |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;This post-effective Amendment designates a new effective date for a previously filed Post-Effective Amendment. |

---

![](j2687562_aa001.jpg)

April 26, 2026

**PROSPECTUS**

SEI Exchange Traded Funds

• SEI High Yield Bond & Alternative Credit ETF (LEND)

*The Fund is listed on the National Association of Securities Dealers Automated Quotation System (NASDAQ or Exchange). Neither the Securities and Exchange Commission, the Commodity Futures Trading Commission, nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.*

**seic.com**

------

SEI / PROSPECTUS

SEI EXCHANGE TRADED FUNDS

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Fund Overview** | **Fund Overview** |
| SEI High Yield Bond & Alternative Credit ETF | 1 |
| **More Information About the Fund** | 10 |
| **More Information About Investments and <br>Principal Risks** | 11 |
| **More Information About Benchmark Indexes** | 27 |
| **Portfolio Holdings Information** | 27 |
| **Management** | 28 |
| **Dividends and Distributions** | 32 |
| **Taxes** | 33 |
| **Shareholder Information** | 35 |
| **Shareholder Communication** | 42 |
| **Financial Highlights** | 44 |

---

------

SEI / PROSPECTUS

SEI High Yield Bond & Alternative Credit ETF (the "Fund")

Ticker: LEND

Stock Exchange: NASDAQ

**Investment Objective**

Total return.

**Fees and Expenses**

The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the fee table or example below.**

**Annual Fund Operating Expenses** (ongoing expenses that you pay each year as a percentage of the value of your investments)

---

| | |
|:---|:---|
| Management Fees<sup>1</sup> | 0.65% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses<sup>1,2</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.65% |

---

<sup>1</sup> The investment advisory agreement between SEI Exchange Traded Funds (the Trust) and SEI Investments Management Corporation (SIMC), the Fund's adviser (the Investment Advisory Agreement) provides that SIMC will pay all operating expenses of the Fund, except the management fees, interest expenses, dividend and other expenses on securities sold short, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions (including brokerage commissions), acquired fund fees and expenses, fees and expenses of the Board of Trustees, litigation expenses and any extraordinary expenses.

<sup>2</sup> Other expenses have been rounded to 0.00%.

***Example.*** This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell 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 | $66 |
| 3 Years | $208 |
| 5 Years | $362 |
| 10 Years | $810 |

---

**Portfolio Turnover.** The Fund may pay 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 the Annual Fund Operating Expenses or in the Example, affect the Fund's performance.

------

SEI / PROSPECTUS

During its most recent fiscal year, ended September 30, 2025, the portfolio turnover rate of the High Yield Bond Fund (the "Predecessor Fund"), a series of the SEI Institutional Managed Trust, was 66% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the SEI High Yield Bond & Alternative Credit ETF will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income and, to a lesser extent, alternative credit securities, as those terms are defined below. High yield fixed income securities are debt instruments, rated below investment grade (junk bonds), that pay interest or similar income, and may include corporate bonds and debentures, bank loans (or leveraged loans), convertible and preferred securities, and zero coupon obligations. Alternative credit securities are securities issued in connection with structured finance or other non-traditional credit lending arrangements, rather than traditional corporate or governmental borrowing. They are often issued by trusts or special purpose vehicles (SPVs) that acquire and manage pools of loans or other credit assets and issue multiple classes of securities (tranches) with varying risk and yield profiles. In particular, alternative credit securities include below investment grade tranches of collateralized loan obligations (CLOs), collateralized debt obligations (CDOs), and similar structured credit obligations.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. In managing the Fund's assets, the Sub-Advisers and SIMC seek to select securities that offer a high current yield as well as total return potential. The Fund seeks to have a portfolio of securities that is diversified as to issuers and industries. The Fund's average weighted maturity may vary, but will generally not exceed ten years. There is no limit on the maturity or credit quality of any individual security in which the Fund may invest.

As noted above, the Fund will invest primarily in securities rated BB, B, CCC, CC, C and D. However, it may also invest in non-rated securities or securities rated investment grade (AAA, AA, A and BBB). The Fund may also invest in exchange-traded funds (ETFs) to gain market exposure. The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade (junk bond) floating rate instruments. The Fund may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties. The Fund may invest in debt and equity tranches of CDOs and CLOs. CLOs issue debt and equity interests and use the proceeds from the issuance to acquire a portfolio of bank loans or debt securities. The underlying loans are generally below investment grade, first lien, senior secured, bank loans, with smaller allocations to other types of investments such as second lien loans, unsecured loans and/or high yield bonds. The loans generate cash flow that is allocated among one or more classes of the CLO's tranches that vary in risk and yield.

The Fund may also invest in futures contracts, options and/or swaps. Derivatives may be used for efficient portfolio and cash management, hedging, or speculative purposes. Futures, options and swaps are used to synthetically obtain exposure to high yield bond indices, securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or

------

SEI / PROSPECTUS

basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.

Principal Risks

As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (NAV), trading price, yield, total return and ability to meet its investment objective.

An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, SIMC or any of its affiliates.

***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.

***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. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return.

***Investment Style Risk.*** The risk that high yield fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.

***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.

***Corporate Fixed Income Securities Risk.*** Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

------

SEI / PROSPECTUS

***Convertible and Preferred Securities Risk.*** Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

***Collateralized Debt Obligations and Collateralized Loan Obligations Risk.*** CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. CDOs and CLOs also carry risks including, but not limited to, interest rate risk, which is described above, and credit risk, which is described below. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs or CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's or CLO's expenses.

***Exchange-Traded Funds Risk.*** The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

***Bank Loans Risk.*** With respect to bank loans, the Fund will assume the credit risk of both the borrower of the loan and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

***Derivatives Risk.*** The Fund's use of futures contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

***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. In stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in the market for the Fund's underlying holdings. This adverse effect on

------

SEI / PROSPECTUS

the liquidity of the Fund's shares may, in turn, lead to wider bid-ask spreads and differences between the market value of the Fund's shares and the Fund's net asset value.

***Leverage Risk.*** The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

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

***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.

***Credit Risk.*** The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

***Duration Risk.*** The longer-term securities in which the Fund may invest tend to be 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.

***Authorized Participant Concentration Risk.*** Only broker-dealers (referred to as Authorized Participants or APs) that have executed authorized participation agreements with respect to the Trust may engage in creation or redemption transactions directly with the Fund, and no AP is obligated to engage in creation and/or redemption transactions. To the extent that APs exit the business or are unable to proceed with orders, Fund shares may be more likely to trade at a premium or discount to NAV, have wider spreads between bid and ask prices, have wider spreads between bid and ask prices or face trading halts or delisting.

***Market Trading Risk.*** The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Active trading markets for the Fund's shares may not be developed or maintained by market makers or Authorized Participants (as defined above). Authorized Participants are not obligated to make a market in the Fund's shares or to submit purchase or redemption orders for Creation Units (as defined below). In times of market stress, market makers or Authorized Participants may step away from their respective roles, which could lead to variances between the market price of the Fund's shares and its underlying NAV. Trading in shares on an exchange may be halted in certain circumstances. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Fund. Any of these factors could lead the Fund's shares to trade at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market, particularly during times of market stress. SIMC or a Sub-Adviser cannot predict whether shares will trade above (premium), below (discount) or at NAV or whether the spread between bid and ask prices will widen. In addition, there can be no assurance that the requirements of the listing exchange necessary to maintain the listing of the Fund will continue to be met.

------

SEI / PROSPECTUS

***Cash Transactions Risk.*** The Fund intends to effectuate all or a portion of the issuance and redemption of Creation Units for cash, rather than in-kind securities. As a result, an investment in the Fund is expected to be less tax-efficient than an investment in an ETF that effectuates its transactions in Creation Units primarily on an in-kind basis. A fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required as compared to an ETF that distributes portfolio securities in-kind in redemption of Creation Units. The Fund intends to distribute gains that arise by virtue of the issuance and redemption of Creation Units being effectuated in cash to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with applicable tax requirements. This may cause shareholders to be subject to tax on gains to which they would not otherwise be subject, or at an earlier date than if they had made an investment in another ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. Brokerage fees, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and ask prices of Fund shares than for fees. In addition, these factors may result in wider spreads between the bid and ask prices of Fund shares than for ETFs that receive and distribute portfolio securities in-kind. The Fund's use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund's ability to achieve its investment objective ability to achieve its investment objective.

***Cash Management Risk.*** The value of the investments held by the Fund for cash management purposes may be affected by market risks, changing interest rates and by changes in credit ratings of the investments. To the extent that the Fund has any uninvested cash, the Fund would be subject to credit risk with respect to the depository institution holding the cash. If the Fund holds uninvested cash, the Fund will not earn income on the cash. During such periods, it may be more difficult for the Fund to achieve its investment objective.

***Management Risk.*** SIMC or a Sub-Adviser may not successfully implement the Fund's investment strategies and, as a result, the Fund may not meet its investment objective and/or underperform other investment vehicles with similar investment objectives and strategies. Errors or delays in coordinating creation and redemption basket processes among Sub-Advisers can also reduce the Fund's performance.

***Operational Risk.*** The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures.

***Cybersecurity Risk.*** Failures or breaches of the electronic systems of the Fund, SIMC, a Sub-Adviser, the Fund's distributor, and other service providers, market makers, APs or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund's business operations and/or potentially result in financial losses to the Fund and its shareholders.

Performance

It is currently contemplated that before the Fund commences operations, the Fund will acquire the assets and liabilities of the Predecessor Fund (the "Reorganization"). The Reorganization is expected to occur on May 18, 2026. As a result of the Reorganization, the Fund will assume the Predecessor Fund's performance and accounting history prior to the date of the Reorganization. Accordingly, the performance shown for

------

SEI / PROSPECTUS

periods prior to the Reorganization represents the performance of the Predecessor Fund. The Predecessor Fund's investment objective was identical to the Fund's and the Predecessor Fund was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Predecessor Fund was also advised by the Adviser and Sub-Advisers.

The Predecessor Fund's returns in the bar chart and table have not been restated to reflect the Fund's expenses. If the Predecessor Fund's performance information had been adjusted to reflect the Fund's expenses, the performance may have differed for a given period depending on the expenses incurred by the Predecessor Fund for that period.

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing the Predecessor Fund's Class F Shares' performance for the past ten calendar years and by showing how the Predecessor Fund's average annual returns for 1, 5, and 10 years and since the Predecessor Fund's inception, compare with those of a broad measure of market performance. The Predecessor 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.

---

| | |
|:---|:---|
| ![](j2687562_ba002.jpg)  | Best Quarter: 8.92% (06/30/2020)<br>Worst Quarter: -15.60% (03/31/2020) |

---

**Average Annual Total Returns (for the periods ended December 31, 2025)**

This table compares the Predecessor Fund's average annual total returns for the period ended December 31, 2025 to those of a broad-based securities market index and an additional index with characteristics relevant to the Predecessor 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.

------

SEI / PROSPECTUS

---

| | | | | |
|:---|:---|:---|:---|:---|
| Predecessor Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(1/11/1995) |
| Class F — Return Before Taxes | 7.54% | 5.09% | 6.51% | 6.72% |
| Class F — Return After Taxes on Distributions | 3.85% | 1.22% | 3.00% | 3.29% |
| Class F — Return After Taxes on Distributions and Sale of Fund Shares | 4.40% | 2.14% | 3.42% | 3.61% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, <br>expenses or taxes) | 7.30% | -0.36% | 2.01% | 4.63% |
| ICE BofA U.S. High Yield Constrained Index Return (reflects no deduction for <br>fees, expenses or taxes) | 8.50% | 4.50% | 6.44% | N/A%<sup>†</sup> |

---

<sup>†</sup> The ICE BofA U.S. High Yield Constrained Index Return for the "Since Inception" period is not provided because returns for the index are not available prior to 1996.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation.

The following portfolio managers are primarily responsible for the day-to-day management of the Fund:

---

| | | |
|:---|:---|:---|
| **Name** | **Experience with <br>the Predecessor Fund** | **Primary Title with the <br>Investment Adviser** |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advisory Fixed <br>Income & Multi-Asset |
| Michael Schafer | Since 2015 | Portfolio Manager |
| Timothy J. Sauermelch, CFA\* | Since 2026 | Portfolio Manager |
| David S. Aniloff | Since 2005 | Senior Portfolio Manager |

---

\* Mr. Sauermelch was not a Portfolio Manager with the Predecessor Fund.

Sub-Adviser and Portfolio Managers

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with <br>the Predecessor <br>Fund | Primary Title with Sub-Adviser |
| Ares Capital Management II LLC | Seth Brufsky <br>Chris Mathewson<br>Kapil Singh | Since 2007 <br>Since 2018<br>Since 2018 | Portfolio Manager — U.S. Credit <br>Portfolio Manager — U.S. Credit<br>Portfolio Manager — U.S. Credit |
| Benefit Street Partners L.L.C. | Thomas Gahan <br>Paul Karpers | Since 2014 <br>Since 2016 | Chief Investment Officer and Chairman<br>Managing Director |
| Blackstone Credit Systematic Strategies LLC | Adam Dwinells | Since 2025 | Global Head of Corporate Bond Strategies, Technology, and Operations for Liquid Credit Strategies |

---

------

SEI / PROSPECTUS

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with <br>the Predecessor <br>Fund | Primary Title with Sub-Adviser |
| Brigade Capital Management, LP | Donald E. Morgan III<br>Douglas C. Pardon | Since 2009<br>Since 2017 | Chief Investment Officer/Managing Partner and <br>Portfolio Manager<br>Co-Chief Investment Officer/Head of High Yield <br>Bond Research/Portfolio Manager of High Yield <br>and Opportunistic Credit |
| J.P. Morgan Investment Management Inc. | Robert Cook <br>Thomas Hauser<br>Jeffrey Lovell | Since 2005 <br>Since 2005<br>Since 2024 | Managing Director, Lead Portfolio Manager <br>Managing Director, Co-Lead Portfolio Manager<br>Managing Director, Co-Lead Portfolio Manager |

---

Purchase and Sale of Fund Shares

The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the bid-ask spread). Information of the Fund's NAV, market price, premiums and discounts and bid-ask spreads, as well as the median bid-ask spread for the most recent fiscal year will be available at www.seic.com/financial-advisors/flexible-investment-solutions/etfs.

Tax Information

The Fund intends to make distributions that may be taxable to you as ordinary income, qualified dividend income, or capital gains, unless you are investing through a tax-deferred arrangement such as a 401(k) plan or an individual retirement account (IRA), in which case, your distributions generally will be taxed when withdrawn.

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), the 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.

------

SEI / PROSPECTUS

More Information About the Fund

This Prospectus contains important information about investing in the Fund. Please read this Prospectus carefully before you make any investment decisions.

SIMC is the investment adviser to the Fund. Shares of the Fund are listed for trading on NASDAQ. The market price for a share of the Fund may be different from the Fund's most recent NAV.

ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought and redeemed from the issuing fund by all shareholders at a price based on NAV, shares of the Fund may be purchased or redeemed directly from the Fund at NAV solely by Authorized Participants and only in aggregations of a specified number of shares (Creation Units). Also, unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

The performance of the Fund may vary for a number of reasons, including transaction costs, non-U.S. currency valuations, asset valuations, corporate actions (such as mergers and spin-offs), and timing variances. The Fund seeks total return. The Fund's investment objective is not fundamental and may be changed without shareholder approval.

Under normal circumstances, the SEI High Yield Bond & Alternative Credit ETF will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income and, to a lesser extent, alternative credit securities, as those terms are defined below. High yield fixed income securities are debt instruments, rated below investment grade (junk bonds), that pay interest or similar income, and may include corporate bonds and debentures, bank loans (or leveraged loans), convertible and preferred securities, and zero coupon obligations. Alternative credit securities are securities issued in connection with structured finance or other non-traditional credit lending arrangements, rather than traditional corporate or governmental borrowing. They are often issued by trusts or special purpose vehicles that acquire and manage pools of loans or other credit assets and issue multiple classes of securities (tranches) with varying risk and yield profiles. In particular, alternative credit securities include below investment grade tranches of CLOs, CDOs, and similar structured credit obligations.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more Sub-Advisers with differing investment philosophies to manage Fund assets under the general supervision of SIMC. In managing the Fund's assets, the Sub-Advisers and SIMC seek to select securities that offer a high current yield as well as total return potential. The Fund seeks to have a portfolio of securities that is diversified as to issuers and industries. The Fund's average weighted maturity may vary, but will generally not exceed ten years. There is no limit on the maturity or credit quality of any individual security in which the Fund may invest.

As noted above, the Fund will invest primarily in securities rated BB, B, CCC, CC, C and D. However, it may also invest in non-rated securities or securities rated investment grade (AAA, AA, A and BBB). The Fund may also invest in ETFs to gain market exposure. The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade (junk bond) floating rate instruments. The Fund may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties. The Fund may invest in debt and equity tranches of CDOs and CLOs. CLOs issue debt and equity interests and use the proceeds from the issuance to acquire a portfolio of bank loans or debt securities. The underlying loans are generally below investment grade, first lien, senior secured, bank loans, with smaller allocations to other types of investments such as second lien loans, unsecured loans and/or high yield bonds.

------

SEI / PROSPECTUS

The loans generate cash flow that is allocated among one or more classes of the CLO's tranches that vary in risk and yield. The payment waterfall refers to the sequential order in which interest cashflows derived from the pool of secured loans are generally allocated to the underlying tranches (payment waterfall). For more information, see *"Understanding Collateralized Loan Obligations"* below.

The Fund may also invest in futures contracts, options and/or swaps. Derivatives may be used for efficient portfolio and cash management, hedging, or speculative purposes. Futures, options and swaps are used to synthetically obtain exposure to high yield bond indices, securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.

Selling Decisions

Portfolio securities may be sold at any time. Sales typically occur when the Fund's portfolio managers determine to take advantage of what the portfolio managers consider to be a better investment opportunity, when the portfolio managers believe a portfolio security no longer represents a relatively attractive investment opportunity, or when the individual security has reached the portfolio managers' sell target.

More Information About Investments and Principal Risks

Investments

***Understanding Collateralized Loan Obligations.*** A CLO is a type of structured credit financial instrument characterized by a pool of loans serving as collateral and typically held in a trust or other special purpose vehicle. The CLO issues debt and equity interests and uses the proceeds from this issuance to acquire a portfolio of bank loans or debt securities, which generate cash flow that is allocated among the CLO's securities.

CLOs divide interests in the cash flows into two or more separate debt and equity tranches with different credit ratings and risk/return profiles. The senior tranche has the highest credit quality and the lowest yield and is protected by the mezzanine and equity tranches from defaults in the underlying loans. Mezzanine tranches are riskier than the senior tranche but offer higher potential returns and are protected by the equity tranche. The equity tranche is the riskiest, bears the brunt of any defaults, and offers the highest potential yield. In a typical CLO, approximately 75% to 90% of the capital structure is debt represented by senior and mezzanine tranches, with the remainder comprising the equity tranche. Debt tranches typically have stated coupons and are rated from "AAA" at the most senior levels down to below investment grade at the most junior levels, while equity tranches generally are not rated.

The payment waterfall refers to the sequential order in which interest cashflows derived from the pool of secured loans are allocated to the CLO tranches. Payments are typically made first to administrative expenses, then to the senior collateral management fee, followed by interest on senior debt tranches, interest on mezzanine debt tranches, junior collateral management fees, and finally any remaining amounts to the equity tranche. Economically, the equity tranche benefits from the difference between the interest

------

SEI / PROSPECTUS

received from the secured loans and the interest paid to the debt tranches, but it is also the first loss position, with losses borne first by equity, then mezzanine tranches, and finally senior tranches.

Principal Risks

The Fund is subject to various risks, including the principal risks noted below, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objective. You could lose all or part of your investment in the Fund, and the Fund could underperform other investments.

The section below provides additional information about the risks of investing in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor.

***Asset-Backed Securities.*** Asset-backed securities are securities that are backed primarily by the cash flows of a discrete pool of fixed or revolving receivables or other financial assets that by their terms convert into cash within a finite time period. Asset-backed securities include mortgage-backed securities, but the term is more commonly used to refer to securities supported by non-mortgage assets such as auto loans, motor vehicle leases, student loans, credit card receivables, floorplan receivables, equipment leases and peer-to-peer loans. The assets are removed from any potential bankruptcy estate of an operating company through the true sale of the assets to an issuer that is a special purpose entity, and the issuer obtains a perfected security interest in the assets. Payments of principal of and interest on asset-backed securities rely entirely on the performance of the underlying assets. Asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity and therefore, if the assets or sources of funds available to the issuer are insufficient to pay those securities, the Fund will incur losses. In addition, asset-backed securities entail prepayment risk that may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Additional risks related to CDOs, CLOs and mortgage-backed securities are described below.

Losses may be greater for asset-backed securities that are issued as "pass-through certificates" rather than as debt securities because those types of certificates only represent a beneficial ownership interest in the related assets and their payment is based primarily on collections actually received. For asset-backed securities as a whole, if a securitization issuer defaults on its payment obligations due to losses or shortfalls on the assets held by the issuer, a sale or liquidation of the assets may not be sufficient to support payments on the securities and the Fund, as a securityholder, may suffer a loss. There is a limited secondary market for asset-backed securities. Consequently, it may be difficult for the Fund to sell or realize profits on those securities at favorable times or for favorable prices.

***Authorized Participant Concentration.*** Only broker-dealers (referred to as Authorized Participants or APs) that have executed authorized participation agreements with respect to the Trust may engage in creation or redemption transactions directly with the Fund, and no AP is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.*, on behalf of other market participants). To the extent that APs exit the business or are unable to proceed with creation or redemption orders with respect to the Fund, Fund shares may be more likely to trade at a premium or discount to NAV, have wider spreads between bid and ask prices or face trading halts or delisting.

***Bank Loans.*** Bank loans are arranged through private negotiations between a company and one or more financial institutions (lenders). Many of the risks associated with bank loans are similar to the risks of investing in below investment grade debt securities. Bank loans may be adversely affected by changes in market or economic conditions and may default or enter bankruptcy. Bank loans made in connection with

------

SEI / PROSPECTUS

highly leveraged transactions, including operating loans, leveraged buyout loans, leveraged capitalization loans and other types of acquisition financing, are subject to greater credit risks than other types of bank loans. In addition, it may be difficult to obtain reliable information about and value any bank loan.

The Fund may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchase assignments from lenders, the Fund will acquire direct rights against the borrower on the loan. The Fund may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Fund's ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available during that time to make additional investments or to meet the Fund's redemption obligations.

Bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

***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 a 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, particularly those issued by foreign governments, 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.

***Cash Management.*** The value of the investments held by the Fund for cash management can fluctuate. These investments are subject to risk, including market, interest rate and credit risk. To the extent that the Fund has any uninvested cash, the Fund would be subject to credit risk with respect to the depository institution holding the cash. If the Fund holds uninvested cash, the Fund will not earn income on the cash. During such periods, it may be more difficult for the Fund to achieve its investment objective.

***Cash Transactions Risk.*** The Fund intends to effectuate all or a portion of the issuance and redemption of Creation Units for cash, rather than in-kind securities. As a result, an investment in the Fund is expected to be less tax-efficient than an investment in an ETF that effectuates its transactions in Creation Units primarily on an in-kind basis. A fund that effects redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required as compared to an ETF that distributes portfolio securities in-kind in redemption of Creation Units. The Fund intends to distribute gains that arise by

------

SEI / PROSPECTUS

virtue of the issuance and redemption of Creation Units being effectuated in cash to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with applicable tax requirements. This may cause shareholders to be subject to tax on gains to which they would not otherwise be subject, or at an earlier date than if they had made an investment in another ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. Brokerage fees, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and ask prices of Fund shares than for fees. In addition, these factors may result in wider spreads between the bid and ask prices of Fund shares than for ETFs that receive and distribute portfolio securities in-kind. The Fund's use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund's ability to achieve its investment objective ability to achieve its investment objective.

***Collateralized Debt Obligations and Collateralized Loan Obligations.*** CDO and CLO securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

***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 Securities and Preferred Stocks.*** Convertible securities are bonds, debentures, notes, preferred stock or other securities that may be converted into or exercised for a prescribed amount of common stock at a specified time and price. Convertible securities provide an opportunity for equity participation, with the potential for a higher dividend or interest yield and lower price volatility compared to common stock.

Convertible securities typically pay a lower interest rate than nonconvertible bonds of the same quality and maturity because of the conversion feature. The value of a convertible security is influenced by changes in interest rates, with investment value typically declining as interest rates increase and increasing as interest rates decline, and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. Convertible securities may also be rated below investment grade (junk bonds) or not rated and are subject to credit risk and prepayment risk, which are discussed below.

Preferred stocks are nonvoting equity securities that pay a stated fixed or variable rate dividend. Due to their fixed income features, preferred stocks provide higher income potential than issuers' common stocks, but are typically more sensitive to interest rate changes than an underlying common stock. Preferred stocks are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of the Fund's investment. The rights of preferred stocks on the distribution of a corporation's assets in the event of a liquidation are generally subordinate to the rights associated with a corporation's debt securities. Preferred stock may also be subject to prepayment risk, which is discussed below.

------

SEI / PROSPECTUS

***Corporate Fixed Income Securities.*** Corporate fixed income securities are fixed income securities issued by public and private businesses. Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Corporate fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to repay principal upon maturity. Interruptions or delays of these payments could adversely affect the market value of the security. In addition, due to lack of uniformly available information about issuers or differences in the issuers' sensitivity to changing economic conditions, it may be difficult to measure the credit risk of securities issued by private businesses.

***Credit.*** Credit risk is the risk that a decline in the credit quality of an investment could indirectly cause the Fund to lose money. The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a derivative contract fails to make timely payment or otherwise honor its obligations. Fixed income securities rated below investment grade (junk bonds) (described above) involve greater risks 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.

***Credit-Linked Notes.*** Credit-linked securities and similarly structured products typically are issued by a limited purpose trust or other vehicle that, in turn, enters into a credit protection agreement or invests in a derivative instrument or basket of derivative instruments, such as credit default swaps or interest rate swaps, to obtain exposure to certain fixed-income markets or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, an investment in credit-linked notes represents the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the issuer's receipt of payments from, and the issuer's potential obligations to, the counterparties to certain credit protection agreements or derivative instruments entered into by the issuer of the credit-linked note. For example, the issuer may sell one or more credit default swaps entitling the issuer to receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. An investor holding a credit-linked note generally receives a fixed or floating coupon and the note's par value upon maturity, unless the referenced creditor defaults or declares bankruptcy, in which case the investor receives the amount recovered. In effect, investors holding credit-linked notes receive a higher yield in exchange for assuming the risk of a specified credit event. The Fund's investments in credit-linked notes are indirectly subject to the risks associated with derivative instruments, which are described below, and may be illiquid.

***Currency.*** The Fund takes active and/or passive positions in currencies, which involve different techniques and risk analyses than the Fund's purchases of securities or other investments. Currency exchange rates may fluctuate in response to factors extrinsic to that country's economy, which makes the forecasting of currency market movements extremely difficult. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. These can result in losses to the Fund if it is unable to deliver or receive currency or funds in settlement of obligations and could also cause hedges they have entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs.

------

SEI / PROSPECTUS

***Current Market Conditions Risk.*** A particular investment, or shares of the Fund in general, may fall in value due to current market conditions. 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 may adversely impact the U.S. regulatory landscape, markets and investor behavior, which could negatively impact the Fund's investments and operations. In particular, the imposition of tariffs on foreign countries has led to retaliatory tariffs by certain foreign countries and could lead to retaliatory tariffs 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 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 Fund's assets may decline. Additional examples of events that have led to fluctuations in markets include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments and businesses, elevated inflation levels and problems in the banking sector. Additionally, the rapid development and increasingly widespread use of certain artificial intelligence (AI) technologies may adversely impact markets, disrupt existing industries and sectors, and dislocate opportunities in the labor force, which could negatively affect the overall performance of the Fund's investments, or alter the services provided to the Fund by its service providers.

***Cybersecurity Risk.*** Failures or breaches of the electronic systems of the Fund, SIMC, the Fund's distributor, and other service providers, market makers, APs or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund's business operations and/or potentially result in financial losses to the Fund and its shareholders.

***Derivatives.*** Derivatives are instruments that derive their value from an underlying security, financial asset or an index. Examples of derivative instruments include futures contracts, forward contracts, options and swaps. Changes in the market value of a security that is a reference asset for a derivative instrument may not be proportionate to changes in the market value of the derivative instrument itself. There may not be a liquid market for the Fund to sell a derivative instrument, which could result in difficulty in closing the position prior to expiration. Moreover, certain derivative instruments can magnify the extent of losses incurred due to changes in the market value of the securities to which they relate. Some derivative instruments are subject to counterparty risk. A default by the counterparty on its payments to the Fund will cause the value of your investment in the Fund to decrease. The Fund's use of derivatives is also subject to credit risk, leverage risk, lack of availability risk, valuation risk, correlation risk, counterparty risk and tax risk. Credit risk is described above and leverage risk is described below. The Fund's counterparties to its derivative contracts present the same types of credit risk as issuers of fixed income securities. Lack of availability risk is the risk that suitable derivative transactions, such as roll-forward contracts, may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Counterparty risk is the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivative contract, or a borrower of the Fund's securities is unable or unwilling to make timely settlement payments, return the Fund's margin or otherwise honor its

------

SEI / PROSPECTUS

obligations. These risks could cause the Fund to lose more than the principal amount invested. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. Tax risk is the risk that the use of derivatives may cause the Fund to realize higher amounts of short-term capital gains or otherwise affect the Fund's ability to pay out dividends subject to preferential rates or the dividends received deduction, thereby increasing the amount of taxes payable by some shareholders.

Derivatives are also subject to a number of other risks described elsewhere in this prospectus. Derivatives transactions conducted outside of the U.S. may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures.

Derivatives transactions conducted outside the U.S. also are subject to the risks affecting foreign securities, currencies and other instruments, in addition to other risks.

Regulation relating to the Fund's use of derivatives and related instruments, including Rule 18f-4 under the 1940 Act, could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

***Distressed Securities.*** The Fund may invest in distressed securities. Distressed securities are debt securities or other securities or assets of companies or other assets experiencing financial distress, including bankruptcy. Distressed securities frequently do not produce income while they are outstanding and may require the Fund to bear certain extraordinary expenses in order to protect and recover their investments. Distressed securities are at high risk for default. If a distressed issuer defaults, the Fund may experience legal difficulties and negotiations with creditors and other claimants. The Fund may recover none or only a small percentage of their investments or have a time lag between when an investment is made and when the value of the investment is realized. Distressed securities may be illiquid.

***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.

***Exchange-Traded Products (ETPs).*** The risks of owning interests of an exchange-traded product (ETP), such as an ETF, exchange-traded note (ETN) or exchange-traded commodity pool, generally reflect the same risks as owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (*i.e.*, the market value may differ from the net asset value (NAV) of an ETP's shares). For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be emphasized in less liquid markets. The value of an ETN may also differ from the valuation of its reference market or instrument due to changes in the issuer's credit rating. By investing in an ETP, the Fund indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Fund and its shareholders directly bear in connection with the Fund's operations. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities.

------

SEI / PROSPECTUS

ETFs are investment companies whose shares are bought and sold on a securities exchange. Most ETFs are passively-managed, meaning they invest in a portfolio of securities designed to track a particular market segment or index. ETFs, like mutual funds, have expenses associated with their operation, including advisory fees. Such ETF expenses may make owning shares of the ETF more costly than owning the underlying securities directly. The risks of owning shares of a passively-managed ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities.

Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described below. Inverse ETFs seek to provide investment results that match a negative of the performance of an underlying index. Leveraged inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in leveraged inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged, inverse and leveraged inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to complete loss of its investment.

Generally, ETNs are structured as senior, unsecured notes in which an issuer, such as a bank, agrees to pay a return based on a target index or other reference instrument less any fees. ETNs allow individual investors to have access to derivatives linked to commodities and other assets such as oil, currencies and foreign stock indexes. ETNs combine certain aspects of bonds and ETFs. Similar to ETFs, ETNs are traded on a major exchange (*e.g.*, the NYSE) during normal trading hours. However, investors can also hold an ETN until maturity. At maturity, the issuer pays to the investor a cash amount equal to principal amount, subject to the day's index factor. ETN returns are based upon the performance of a market index minus applicable fees. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political or geographic events that affect the referenced commodity. The value of an ETN may drop due to a downgrade in the issuer's credit rating, even if the underlying index remains unchanged. Investments in ETNs are subject to the risks facing income securities in general, including the risk that a counterparty will fail to make payments when due or default.

***Extension.*** 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, the Fund may exhibit additional volatility.

***Fixed Income Market.*** 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. 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 Fund. 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 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.

***Foreign Investment.*** The Fund may invest in foreign issuers, including issuers located in emerging market countries. Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These currency movements may happen separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets.

Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in the Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. In addition, the large-scale invasion of Ukraine by Russia in February 2022 and the resulting responses, including economic sanctions by the U.S. and other countries against certain Russian individuals and companies, could negatively impact the Fund's performance and cause losses on your investment in the Fund.

***Foreign Sovereign Debt Securities.*** The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

***Forward Contracts.*** A forward contract, also called a "forward", involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for the Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they involve a high degree of

------

SEI / PROSPECTUS

leverage. Forwards are also subject to credit risk, liquidity risk and leverage risk, each of which is further described elsewhere in this section.

***Futures Contracts.*** Futures contracts, or "futures", provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price (with or without delivery required). The risks of futures include: (i) leverage risk; (ii) correlation or tracking risk and (iii) liquidity risk. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, the Fund may experience losses that exceed losses experienced by funds that do not use futures contracts and which may be unlimited, depending on the structure of the contract. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge.

Lack of correlation (or tracking) may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are traded. Consequently, the effectiveness of futures as a security substitute or as a hedging vehicle will depend, in part, on the degree of correlation between price movements in the futures and price movements in underlying securities or assets. While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. Futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading.

Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, the Fund may be unable to close out its futures contracts at a time that is advantageous. If movements in the markets for security futures contracts or the underlying security decrease the value of the Fund's positions in security futures contracts, the Fund may be required to have or make additional funds available to its brokerage firm as margin. If the Fund's account is under the minimum margin requirements set by the exchange or the brokerage firm, its position may be liquidated at a loss, and the Fund will be liable for the deficit, if any, in its account. The 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. The successful use of futures depends upon a variety of factors, particularly the ability of SIMC or the Sub-Adviser to predict movements of the underlying securities markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular futures strategy adopted will succeed.

***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 the 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 Style.*** Investment style risk is the risk that the Fund's investment in certain securities in a particular market segment pursuant to its particular investment strategy may underperform other market segments or the market as a whole.

------

SEI / PROSPECTUS

***Leverage.*** Certain Fund transactions, such as derivatives or reverse repurchase agreements, may give rise to a form of leverage. The use of leverage can amplify the effects of market volatility on the Fund's share price and make the Fund's returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities. Rule 18f-4 under the 1940 Act requires, among other things, that the Fund either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on one of two value-at-risk tests. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet the applicable requirements of the 1940 Act and the rules thereunder.

***Liquidity.*** 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. The 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. In stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in the market for the Fund's underlying holdings. This adverse effect on the liquidity of the Fund's shares may, in turn, lead to wider bid-ask spreads and differences between the market value of the Fund's shares and the Fund's net asset value.

***Market.*** 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 market as a whole.

***Market Trading Risk.*** Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained. There are no obligations of market makers to make a market in the Fund's shares or of an Authorized Participant to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund's portfolio securities and the Fund's market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid/ask spreads.

Shares of the Fund may trade in the secondary market at times when the Fund does not accept orders to purchase or redeem shares. At such times, shares may trade in the secondary market with more significant premiums or discounts than might be experienced at times when the Fund accepts purchase and redemption orders. Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or other reasons, and may be subject to trading halts caused by extraordinary market volatility pursuant to "circuit breaker" rules on the stock exchange or market. There can be no assurance that the requirements necessary to maintain the listing or trading of Fund shares will continue to be met or will remain unchanged. In addition, during a "flash crash," the market prices of the Fund's shares may decline suddenly and significantly. Such a decline may not reflect the performance of the portfolio securities held by the Fund. Flash crashes may cause authorized participants and other market makers to limit or cease trading in the Fund's shares for temporary or longer periods. Shareholders could suffer significant losses to the extent that they sell fund shares at these temporarily low market prices.

Shares of the Fund may trade at prices other than NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. While the creation/redemption feature is designed to make it likely that the Fund's shares normally will trade on stock exchanges at prices close to the Fund's next calculated

------

SEI / PROSPECTUS

NAV, market prices are not expected to correlate exactly with the Fund's NAV due to timing reasons as well as market supply and demand factors. In addition, disruptions to creations and redemptions or extreme market volatility may result in trading prices for shares of the Fund that differ significantly from its NAV. The portfolio managers cannot predict whether shares will trade above (premium), below (discount) or at NAV or whether the spread between bid and ask prices will widen.

When buying or selling shares of the Fund through a broker, you will likely incur a brokerage commission or other charges determined by your broker. In addition, you may incur the cost of the "spread," that is, any difference between the bid price and the ask price. The spread varies over time for shares of the Fund based on the Fund's trading volume and market liquidity, and is generally lower if the Fund has a lot of trading volume and market liquidity, and higher if the Fund has little trading volume and market liquidity. During times of market stress, spreads may widen causing investors to pay more.

***Money Market Funds.*** An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (*i.e.*, impose a redemption gate) and thereby prevent the Fund from selling its investments in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (*i.e.*, impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Sub-Adviser would otherwise redeem shares. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which they invest, including affiliated money market funds. By investing in a money market fund, the Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover their obligations resulting from the Fund's investments in such instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

***Mortgage-Backed Securities.*** Mortgage-backed securities are a class of asset-backed securities representing an interest in a pool or pools of whole mortgage loans (which may be residential mortgage loans or commercial mortgage loans). Mortgage-backed securities held or acquired by the Fund could include (i) obligations guaranteed by federal agencies of the U.S. Government, such as Government National Mortgage Association (Ginnie Mae), which are backed by the "full faith and credit" of the United States, (ii) securities issued by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac), which are not backed by the "full faith and credit" of the United States but are guaranteed by the U.S. Government as to timely payment of principal and interest, (iii) securities (commonly referred to as "private-label RMBS") issued by private issuers that represent an interest in or are collateralized by whole residential mortgage loans without a government guarantee and (iv) commercial mortgage-backed securities (CMBS), which are multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Because private-label RMBS and CMBS are not issued or guaranteed by the U.S. Government,

------

SEI / PROSPECTUS

those securities generally are structured with one or more types of credit enhancement. There can be no assurance, however, that credit enhancements will support full payment to the Fund of the principal and interest on such obligations. In addition, changes in the credit quality of the entity that provides credit enhancement could cause losses to the Fund and affect its share price.

The Fund may invest in mortgage-backed securities in the form of debt or in the form of "pass-through" certificates. Pass-through certificates, which represent beneficial ownership interests in the related mortgage loans, differ from debt securities, which generally provide for periodic fixed payments of interest on and principal of the related notes. Mortgage pass-through securities provide for monthly payments that are a "pass-through" of the monthly interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees and expenses owed to the servicers of the mortgage loans and other transaction parties that receive payment from collections on the mortgage loans.

The performance of mortgage loans and, in turn, the mortgage-backed securities acquired by the Fund, is influenced by a wide variety of economic, geographic, social and other factors, including general economic conditions, the level of prevailing interest rates, the unemployment rate, the availability of alternative financing and homeowner behavior.

The rate and aggregate amount of distributions on mortgage-backed securities, and therefore the average lives of those securities and the yields realized by the Fund, will be sensitive to the rate of prepayments (including liquidations) and modifications of the related mortgage loans, any losses and shortfalls on the related mortgage loans allocable to the tranches held by the Fund and the manner in which principal payments on the related mortgage loans are allocated among the various tranches in the particular securitization transaction. Furthermore, mortgage-backed securities are sensitive to changes in interest rates, but may respond to those changes differently from other fixed income securities due to the possibility of prepayment of the mortgage loans. Among other factors, a significant amount of defaults, rapid prepayments or prepayment interest shortfalls may erode amounts available for distributions to the Fund. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity, even if the average rate of principal payments is consistent with the Fund's expectations. If prepayments of mortgage loans occur at a rate faster than that anticipated by the Fund, payments of interest on the mortgage-backed securities could be significantly less than anticipated. Similarly, if the number of mortgage loans that are modified is larger than that anticipated by the Fund, payments of principal and interest on the mortgage-backed securities could be significantly less than anticipated.

***Mortgage Dollar Rolls.*** Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on such securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase (often referred to as the "drop") as well as by the interest earned on the cash proceeds of the initial sale. At the end of the roll commitment period, the Fund may or may not take delivery of the securities it has contracted to purchase. Mortgage dollar rolls may be renewed prior to cash settlement and may initially involve only a firm commitment agreement by the Fund to buy a security. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

------

SEI / PROSPECTUS

***Operational Risk.*** The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund and SIMC seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.

***Opportunity.*** The Fund may miss out on an investment opportunity because the assets necessary to take advantage of that opportunity are tied up in other investments.

***Options.*** An option is a contract between two parties for the purchase and sale of a financial instrument for a specified price at a specified date. Unlike a futures contract, an option grants the purchaser, in exchange for a premium payment, a right (not an obligation) to buy or sell a financial instrument. 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. The seller of an uncovered call (buy) option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of the securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. The buyer of a call option assumes the risk of paying an entire premium in the call option without ever getting the opportunity to execute the option. The seller (writer) of a covered put (sell) option (*e.g*., the writer has a short position in the underlying security) will suffer a loss if the increase in the market price of the underlying security is greater than the premium received from the buyer of the option.

The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of paying an entire premium in the put option without ever getting the opportunity to exercise the option. An option's time value (*i.e.*, the component of the option's value that exceeds the in-the-money amount) tends to diminish over time. Even though an option may be in-the-money to the buyer at various times prior to its expiration date, the buyer's ability to realize the value of an option depends on when and how the option may be exercised. For example, the terms of a transaction may provide for the option to be exercised automatically if it is in-the-money on the expiration date. Conversely, the terms may require timely delivery of a notice of exercise, and exercise may be subject to other conditions (such as the occurrence or non-occurrence of certain events, such as knock-in, knock-out or other barrier events) and timing requirements, including the "style" of the option.

***Prepayment.*** Fund 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 the 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 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.

***Repurchase Agreement.*** Although repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting

------

SEI / PROSPECTUS

counterparty could delay or prevent the Fund's recovery of collateral. Rule 18f-4 under the 1940 Act permits the Fund to enter into reverse repurchase agreements and similar financing transactions notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund either complies with the asset coverage requirements of Section 18 or treats such transactions as Derivative Transactions, as defined in Rule 18f-4 under the 1940 Act, subject to the VaR Test under Rule 18f-4.

***Securities Lending.*** The Fund may lend its securities to certain financial institutions in an attempt to earn additional income. The Fund may lend their portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. When the Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights, including voting rights, in the loaned securities during the term of the loan or delay in recovering loaned securities if the borrower fails to return them or becomes insolvent. The Fund that lends its securities may pay lending fees to a party arranging the loan.

***Supranational Entities.*** The Fund may be exposed to supranational entities risk through the Fund's investments in derivatives. The Fund may invest in obligations issued or guaranteed by the World Bank. The government members, or "stockholders," usually make initial capital contributions to the World Bank and in many cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings. There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such investments.

***Swap Agreements.*** Swaps are agreements whereby two parties agree to exchange payment streams calculated by reference to an underlying asset, such as a rate, index, instrument or securities. Swaps typically involve credit risk, market risk, liquidity risk, funding risk, operational risk, legal and documentation risk, counterparty risk, regulatory risk and/or tax risk. Interest rate swaps involve one party, in return for a premium, agreeing to make payments to another party to the extent that interest rates exceed or fall below a specified rate (a "cap" or "floor," respectively). Swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to the other party to the agreement.

Total return swaps are contracts that obligate a party to pay interest in exchange for payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. Total return swaps give the Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset in a total return swap declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty. Fully funded total return swaps have economic and risk characteristics similar to credit-linked notes, which are described above. Fully funded equity swaps have economic and risk characteristics similar to participation notes (P-Notes).

A credit default swap enables the Fund to buy or sell protection against a defined credit event of an issuer or a basket of securities. The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. If the Fund is a seller of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will generally either: (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index

------

SEI / PROSPECTUS

or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If the Fund is a buyer of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are calculated by market makers considering either industry standard recovery rates or entity specific factors and other considerations until a credit event occurs. If a credit event has occurred, the recovery value is generally determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swaps involve special risks in addition to those mentioned above because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). Like a long or short position in a physical security, credit default swaps are subject to the same factors that cause changes in the market value of the underlying asset.

The Dodd-Frank Act, which was signed into law on July 21, 2010, established a comprehensive regulatory framework for swaps and security-based swaps. Prior to the Dodd-Frank Act, the swaps and security-based swaps transactions generally occurred on a bilateral basis in the OTC market (so-called "bilateral OTC transactions"). Pursuant to the Dodd-Frank Act, some, but not all, swaps and security-based swaps transactions are required to be centrally cleared and traded on exchanges or electronic trading platforms. Bilateral OTC transactions differ from exchange-traded or cleared swaps and security-based swaps in several respects. Bilateral OTC transactions are transacted directly between counterparties and not through an exchange (although they may be submitted for clearing with a clearing corporation). As bilateral OTC transactions are entered into directly with a counterparty, there is a risk of nonperformance by the counterparty as a result of its insolvency or otherwise. Under certain risk mitigation regulations adopted pursuant to the Dodd-Frank Act (commonly referred to as "Margin Rules"), the Fund is required to post collateral (known as variation margin) to cover the mark-to-market exposure in respect of its uncleared transactions in swaps and security-based swaps. The Margin Rules also mandate that collateral in the form of initial margin be posted to cover potential future exposure attributable to uncleared transactions in swaps and security-based swaps for certain entities, which may include the Fund. In addition, clearing agencies may impose separate margin requirements for certain cleared transactions in swaps and security-based swaps.

***U.S. Government Securities.*** U.S. Government securities are obligations of, or guaranteed by, the U.S. Government, its agencies or government-sponsored entities. U.S. Government securities include issues by non-governmental entities (such as financial institutions) that carry direct guarantees from U.S. Government agencies as part of government initiatives in response to a market crisis or otherwise. Although the U.S. Government guarantees principal and interest payments on securities issued by the U.S. Government and some of its agencies, such as securities issued by the Government National Mortgage Association, this guarantee does not apply to losses resulting from declines in the market value of these securities. U.S. Government securities include zero coupon securities that make payments of interest and principal only upon maturity, which tend to be subject to greater volatility than interest bearing securities with comparable

------

SEI / PROSPECTUS

maturities. Some of the U.S. Government securities that the Fund may hold are not guaranteed or backed by the full faith and credit of the U.S. Government, such as those issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, including any legal right to support from the U.S. Government. Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates.

***Warrants.*** Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. 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. A warrant ceases to have value if it is not exercised prior to its expiration date.

***Zero Coupon Bonds.*** The market value of a zero-coupon bond is generally more volatile than the market value of other fixed income securities with similar maturities that pay interest periodically. In addition, federal income tax law requires that the holder of a zero-coupon bond with a fixed maturity date of more than one year from the date of issuance accrue a portion of the discount at which the bond was purchased as taxable income each year, even if the holder may not receive any interest payments on the bond during the year. The Fund must distribute substantially all of its net income (including non-cash income attributable to zero-coupon bonds) to its shareholders each year to maintain its status as a registered investment company and to eliminate tax at the Fund level. Accordingly, such accrued discount must be taken into account in determining the amount of taxable distributions to shareholders. The Fund may be required to liquidate other investments in its portfolio to generate cash, including when it is not advantageous to do so, to satisfy such distribution requirements. These actions may reduce the assets to which the Fund could otherwise be allocated and may reduce the Fund's rate of return.

More Information About Benchmark Indexes

The following information describes the various indexes referred to in the Performance Information section of this prospectus.

The Bloomberg U.S. Aggregate Bond Index is a widely-recognized, market-weighted (higher market value bonds have more influence than lower market value bonds) index of U.S. Government obligations, corporate debt securities and AAA rated mortgage-backed securities. All securities in the index are rated investment grade (BBB-) or higher, with maturities of at least 1 year.

The ICE BofA U.S. High Yield Constrained Index is an unmanaged, trader-priced portfolio constructed to mirror the public high yield debt market. The ICE BofA U.S. High Yield Constrained Index is priced daily and revisions are effected monthly. The ICE BofA U.S. High Yield Constrained Index reflects the reinvestment of dividends.

Portfolio Holdings Information

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund's Statement of Additional Information (SAI).

------

SEI / PROSPECTUS

Management

**Investment Adviser.** SEI Investments Management Corporation (SIMC), a Securities and Exchange Commission (SEC) registered investment adviser located at One Freedom Valley Drive, Oaks, Pennsylvania 19456, serves as the investment adviser to the Fund. As of December 31, 2025, SIMC had approximately $216.43 billion in assets under management.

*Manager of Managers.* The Fund is managed by SIMC and one or more Sub-Advisers. SIMC acts as a "manager of managers" of the Fund and, subject to the oversight of the Board, is responsible for:

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

— allocating, on a continuous basis, a portion of the assets of the Fund among Sub-Advisers (to the extent the Fund has more than one Sub-Adviser) and/or managing a portion of the Fund's assets;

— monitoring and evaluating the Sub-Advisers' performance;

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

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

SIMC acts as manager of managers for the Fund pursuant to an exemptive order obtained from the SEC. The exemptive order permits SIMC, with the approval of the Board, to retain sub-advisers for the Fund without submitting the sub-advisory agreements to a vote of the Fund's shareholders. Among other things, the exemptive order permits the non-disclosure of amounts payable by SIMC under such sub-advisory agreements but instead requires SIMC to disclose the aggregate amount of sub-advisory fees paid by SIMC with respect to the Fund. As a manager of managers, SIMC is ultimately responsible for the investment performance of the Fund. The Board supervises SIMC and the Sub-Adviser 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 (including any allocation internally managed by SIMC) is based on SIMC's analysis of the manager's particular array of alpha sources,

------

SEI / PROSPECTUS

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 internal portfolio management teams and 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.

The following portfolio managers are primarily responsible for the management and oversight of the Fund, as described above.

Anthony Karaminas, CFA, serves as Portfolio Manager for the Fund. 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.

Michael Schafer serves as Portfolio Manager to the Fund. Mr. Schafer serves as a Portfolio Manager for the SEI High Yield fixed income strategies within the Investment Management Unit. Mr. Schafer is responsible for the selection of fund sub-advisers and the allocations among these managers to optimize diversification of style and alpha source within the fixed income funds. In this capacity, Mr. Schafer primarily oversees daily cash flows, portfolio exposures, portfolio risks, and performance attribution for the high yield funds. In his prior role, Mr. Schafer was an Analyst on the Global Fixed Income Team responsible for in-depth due diligence on existing and prospective investment managers for SEI's High Yield fixed income portfolios. Mr. Schafer sourced and recommended managers for various mandates, and conducted peer group analysis to understand drivers of risk and return, and a manager's competitive advantage. Prior to joining the Global Fixed Income Team, Mr. Schafer was a member of the Portfolio Implementations Team and Liquidity Management Unit with primary responsibilities for the money market strategies and fixed income implementations. Previously, he was a Supervisor in SEI's fund accounting department. Mr. Schafer received a Master of Business Administration with a concentration in Finance from St. Joseph's University and a Bachelor of Arts in Business Administration and Health Administration from Arcadia University.

SEI HIGH YIELD BOND & ALTERNATIVE CREDIT ETF:

David S. Aniloff and Timothy J. Sauermelch, CFA, directly manage a portion of the assets of the Fund. Mr. Aniloff joined SIMC in 2000 and currently serves as a senior portfolio manager on the Global High Yield team. Mr. Aniloff was also a key developer of SIMC's structured credit solutions and currently serves as co-portfolio manager with responsibility for security selection and portfolio construction. In addition, Mr. Aniloff has been integral in the development and implementation of SIMC's proprietary structured credit monitoring technology. Mr. Aniloff also provides expertise and support for SIMC's suite of Global High Yield Funds inclusive of manager evaluation and selection as well as risk management. Mr. Aniloff has held his current position with SIMC for more than 5 years. Mr. Sauermelch, CFA, is a Senior Portfolio Manager and Head of Global Macro within SEI's Global Multi- Asset Portfolio Management Team. Primary responsibilities include the development and implementation of tactical asset allocation strategies, systematic portfolio strategies, and derivative overlay strategies across the global macro landscape. Mr. Sauermelch is a CFA charterholder and a member of the CFA Institute and the CFA Society of Philadelphia. He earned a Masters of Business Administration with a concentration in Finance from Villanova University and graduated summa

------

SEI / PROSPECTUS

cum laude from Kutztown University of Pennsylvania with a Bachelor of Science in Finance and a minor in Economics. Mr. Sauermelch also holds the FINRA Series 65 license.

Sub-Adviser.

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 the 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-Advisors may not consult with each other concerning transactions for the Fund. SIMC pays the Sub-Advisers out of the investment advisory fee it receives (as described below).

SIMC has entered into an Investment Advisory Agreement with the Fund. Pursuant to the Investment Advisory Agreement, SIMC has agreed to pay all operating expenses of the Fund, except for the management fees, interest expenses, dividend and other expenses on securities sold short, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions (including brokerage commissions), acquired fund fees and expenses, fees and expenses of the Board of Trustees, litigation expenses and any extraordinary expenses. The Adviser, in turn, compensates the Sub-Adviser from the management fee it receives.

The following table reflects the Fund's contractual Management Fee rate (expressed as an annual rate). The rate shown is a fixed rate based on the Fund's daily net assets.

---

| | |
|:---|:---|
| | **Contractual <br>Management Fee (%)<br>(annual rate)** |
| SEI High Yield Bond & Alternative Credit ETF | 0.65% |

---

A discussion regarding the basis of the Board's approval of the Fund's investment advisory and sub-advisory agreements will be available in the Fund's Form N-CSR, which will be available on the Fund's website, www.seic.com/fundprospectuses, or online at sec.gov. The Fund's first annual shareholder report will cover the period from the date of the Fund's launch through September 30, 2026.

SIMC has registered with the National Futures Association as a "commodity pool operator" (CPO) under the Commodity Exchange Act (CEA) with respect to certain products not included in this prospectus. SIMC has claimed, with respect to the Fund, in accordance with Commodity Futures Trading Commission (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 Fund.

Sub-Adviser and Portfolio Managers.

**Ares Capital Management II LLC:** Ares Capital Management II LLC (ACM II), a wholly-owned subsidiary of Ares Management LLC (Ares), located at 1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067, serves as a Sub-Adviser to the Fund. A team of investment professionals manages the portion of the Fund's assets allocated to ACM II. The team consists of Seth Brufsky, Chris Mathewson and Kapil Singh. Mr. Brufsky joined Ares in March 1998 as a Lead Portfolio Manager. Mr. Mathewson joined Ares in 2006 as an Analyst and has served in a portfolio management capacity since 2016. Prior to joining Ares in 2018, Mr. Singh was a Portfolio Manager in the Global Developed Credit Group at DoubleLine Capital, where he led the high yield effort across numerous strategies and portfolios in a variety of investment vehicles. Mr. Singh

------

SEI / PROSPECTUS

worked at DoubleLine from 2013 to 2018. Mr. Brufsky, Mr. Mathewson, and Mr. Singh have 36 years, 22 years and 33 years, respectively, of experience with the leveraged finance asset class.

**Benefit Street Partners L.L.C.:** Benefit Street Partners L.L.C. (Benefit Street), located at 1 Madison Avenue, Suite 1600, New York, New York 10010, serves as Sub-Adviser to the Fund. The Benefit Street platform was established in 2008 in partnership with Providence Equity Partners L.L.C. On February 1, 2019, Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton Investments (Franklin Templeton), acquired Benefit Street. Thomas Gahan and Paul Karpers manage the portion of the assets of the Fund allocated to Benefit Street. Mr. Gahan is the founder, Chief Investment Officer and Chairman of Benefit Street. Mr. Karpers has been a Managing Director of Benefit Street since 2016. Previously, Mr. Karpers was a vice president with T. Rowe Price, where he served as a high yield portfolio manager. Prior to T. Rowe Price, Mr. Karpers was an associate with the Vanguard Group.

**Blackstone Credit Systematic Strategies LLC:** Blackstone Credit Systematic Strategies LLC, also known as Blackstone Corporate Bond Strategies (BCBS), located at 345 Park Avenue, 31st Floor, New York, New York 10154, serves as a Sub-Adviser to the Fund. A team of investment professionals manages the portion of the Fund's assets allocated to BCBS. Adam Dwinells, Senior Managing Director, Global Head of Corporate Bond Strategies, Technology, and Operations for Liquid Credit Strategies is the lead portfolio manager and has been with the team since 2005.

**Brigade Capital Management, LP:** Brigade Capital Management, LP (Brigade), located at 399 Park Avenue, 16th Floor, New York, New York 10022, serves as a Sub-Adviser to the Fund. Donald E. Morgan III and Douglas C. Pardon manage the portion of the Fund's assets allocated to Brigade. Mr. Morgan and Mr. Pardon are responsible for the day-to-day management and investment decisions made with respect to the Fund but may delegate certain of its duties to its controlled affiliate, Brigade Capital UK LLP, located at Southwest House, 11A Regent Street, Third Floor, London, UK SW1Y 4LR. Mr. Morgan, Chief Investment Officer/Managing Partner, formed Brigade in 2006 and has served as the Managing Partner of Brigade since that date. Prior to forming Brigade, Mr. Morgan was the Head of the High Yield Division of MacKay Shields LLC from 2000-2006. Mr. Pardon, Co-Chief Investment Officer and Head of High Yield Bond Research/Portfolio Manager of High Yield and Opportunistic Credit joined Brigade in 2007. Prior to joining Brigade, Mr. Pardon was a Vice President/Senior Analyst in the High Yield Group at Lehman Asset Management. Mr. Pardon also served as an Analyst in the Mergers and Acquisitions Group at Merrill Lynch & Co.

**J.P. Morgan Investment Management Inc.:** J.P. Morgan Investment Management Inc. (JPMIM), a wholly-owned subsidiary of JPMorgan Chase & Co., located at 270 Park Avenue, New York, NY 10017, serves as a Sub-Adviser to the Fund. Robert Cook, a Managing Director and Lead Portfolio Manager, Thomas Hauser, a Managing Director and Co-Lead Portfolio Manager, and Jeffrey Lovell, a Managing Director and Co-Lead Portfolio Manager, manage the portion of the Fund's assets allocated to JPMIM. Mr. Cook is the head of the High Yield Fixed Income team and is responsible for co-managing high yield total return assets. Mr. Hauser is responsible for co-managing high yield total return assets as well as overseeing the high yield trading effort. Messrs. Cook, Hauser and Lovell joined JPMIM in 2004.

The SAI provides additional information about portfolio manager compensation, other accounts that they manage, and their ownership of Fund shares.

**Administrator, Custodian and Transfer Agent.** SEI Investments Global Funds Services is the administrator, U.S. Bank National Association is the custodian and U.S. Bank Global Fund Services is the transfer agent for the Fund.

------

SEI / PROSPECTUS

**Conflicts of Interest.** SIMC manages many funds and numerous other accounts, which may include separate accounts and other pooled investment vehicles. Side-by-side management of multiple accounts may give rise to conflicts of interest among those accounts, and may create potential risks, such as the risk that investment activity in one account may adversely affect another account. For example, short sale activity in an account could adversely affect the market value of long positions in one or more other accounts (and vice versa). Side-by-side management may raise additional potential conflicts of interest relating to the allocation of investment opportunities and the aggregation and allocation of trades.

In addition, from time to time, SIMC or its affiliates may, subject to compliance with applicable law, purchase and hold shares of the Fund for their own accounts, or may purchase shares of the Fund for the benefit of their clients, including other SEI Funds. Increasing the Fund's assets may enhance the Fund's profile with financial intermediaries and platforms, investment flexibility and trading volume. SIMC and its affiliates reserve the right, subject to compliance with applicable law, to dispose of at any time some or all of the shares of the Fund acquired for their own accounts or for the benefit of their clients. A large sale of Fund shares by SIMC or its affiliates could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund's investment flexibility or trading volume.

A further discussion of potential conflicts of interest and policies and procedures intended to mitigate them is contained in the Fund's SAI.

Dividends and Distributions

To avoid taxation of the Fund, the Internal Revenue Code of 1986, as amended (the Internal Revenue Code), requires the Fund to distribute all or substantially all of its net investment income and any net capital gains realized on its investments at least annually.

**Distribution Schedule.** Dividends from net investment income are declared and distributed to shareholders monthly. Distributions of net capital gains are declared and distributed at least annually. Dividends may be declared and paid more frequently to comply with the distribution requirements of the Internal Revenue Code. The date you receive your distribution may vary depending on how your intermediary processes trades. Dividend payments are made through Depository Trust Company (DTC) participants and indirect participants to beneficial owners then of record with proceeds received from the Fund. Please consult your financial intermediary for details.

**How Distributions Affect the Fund's NAV.** Distributions are paid to shareholders as of the record date of a distribution of the Fund, regardless of how long the shares have been held. Undistributed income and net capital gains are included in the Fund's NAV. The Fund's NAV drops by the amount of the distribution, net of any subsequent market fluctuations. For example, assume that on December 31, the Fund declared a dividend in the amount of $0.25 per share. If the Fund's NAV was $10.00 on December 30, the Fund's NAV on December 31 would be $9.75, barring market fluctuations. You should be aware that distributions from a taxable fund do not increase the value of your investment and may create income tax obligations.

No dividend reinvestment service is provided by the Trust. Financial intermediaries may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of Fund shares for reinvestment of their dividend distributions. Beneficial owners should contact their financial intermediary to determine the availability and costs of the service and the details of participation therein. Financial intermediaries may require beneficial owners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and net capital gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary market.

------

SEI / PROSPECTUS

Taxes

As with any investment, you should consider the tax consequences of investing in the Fund. The following is a general discussion of certain important federal income tax consequences of investing in the Fund and is not intended or written to be used as tax advice. The discussion does not apply to qualified tax-advantaged accounts or other non-taxable entities, nor is it a complete analysis of the federal income tax implications of investing in the Fund. You should consult your tax adviser regarding the effect that an investment in the Fund may have on your particular tax situation, including the federal, state, local, and foreign tax consequences of your investment.

**Tax Status of the Fund.** The Fund intends to elect and to qualify each year for the special tax treatment afforded to regulated investment companies (RICs) under the Internal Revenue Code. If the Fund maintains its qualification as a RIC and meets certain minimum distribution requirements, then the Fund is generally not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, if the Fund fails to qualify as a RIC or to meet minimum distribution requirements it would result (if certain relief provisions were not available) in fund-level taxation and consequently a reduction in income available for distribution to shareholders.

Unless you are a tax-exempt entity or your investment in Fund shares is made through a tax-deferred retirement account, such as an IRA, you need to be aware of the possible tax consequences when the Fund makes distributions, you sell Fund shares, and you purchase or redeem Creation Units (Authorized Participants only).

**Taxes on Distributions.** Distributions by the Fund are subject to federal income tax, regardless of whether the distribution is made in cash or reinvested in additional shares of the Fund. Distributions from net investment income (which includes dividends, interest, and realized net short-term capital gains), other than qualified dividend income, are taxable to shareholders as ordinary income. Distributions of qualified dividend income are taxed to individuals and other noncorporate shareholders at long-term capital gain rates, provided certain holding period and other requirements are satisfied.

Qualified dividend income generally is income derived from dividends paid to the Fund by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund receives in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market. For such dividends to be taxed as qualified dividend income to a non-corporate shareholder, the Fund must satisfy certain holding period requirements with respect to the underlying stock and the non-corporate shareholder must satisfy holding period requirements with respect to his or her ownership of the Fund's shares. Holding periods may be suspended for these purposes for stock that is hedged. Distributions that the Fund receives from an underlying fund taxable as a RIC will be treated as qualified dividend income only to the extent so reported by such underlying fund. The Fund's investment strategies may significantly limit its ability to make distributions eligible to be treated as qualified dividend income.

Dividends received from REITs, certain foreign corporations, and income received "in lieu of" dividends in a securities lending transaction generally will not constitute qualified dividend income.

Sales of assets held by the Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by the Fund for one year or less generally result in short-term capital gains and losses. Distributions of net capital gain (*i.e.*, the excess of net long-term capital gain over net short-term capital loss)

------

SEI / PROSPECTUS

are taxable as long-term capital gain, regardless of how long a shareholder has held Fund shares. For non-corporate shareholders, long-term capital gains are generally taxable at a maximum tax rate currently set at 20% (lower rates apply to individuals in lower tax brackets). Distributions from the Fund's short-term capital gains are generally taxable as ordinary income.

Corporate shareholders may be entitled to a dividends received deduction for the portion of dividends they receive from the Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations. The Fund's investment strategies may significantly limit its ability to make distributions eligible for a dividends received deduction.

Net investment income includes dividends paid by the Fund and capital gains from any sale or exchange of Fund shares. The Fund's net investment income and capital gains are distributed to (and may be taxable to) those persons who are shareholders of the Fund at the record date of such payments. Although the Fund's total net income and net realized gain are the results of its operations, the per share amount distributed or taxable to shareholders is affected by the number of Fund shares outstanding at the record date.

Distributions declared to shareholders of record in October, November, or December and paid on or before January 31 of the succeeding year will be treated for federal income tax purposes as if received by shareholders on December 31 of the year in which the distribution was declared.

You should note that if you purchase shares just before a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors.

**Taxes on Share Transactions.** Each sale of Fund shares or redemption of Creation Units will generally be a taxable event. Assuming you hold your shares as a capital asset, any gain or loss realized upon a sale of Fund shares is generally treated as a long-term capital gain or loss if the shares have been held for more than twelve months. Any capital gain or loss realized upon a sale of Fund shares held for twelve months or less is generally treated as short-term gain or loss. Any capital loss on the sale of shares held for six months or less is treated as long-term capital loss to the extent distributions of long-term capital gain were paid (or treated as paid) with respect to such shares. Any loss realized on a sale will be disallowed to the extent shares of the Fund are acquired, including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the disposition of shares. The ability to deduct capital losses may be limited.

An Authorized Participant who exchanges securities for Creation Units generally will recognize gain or loss from the exchange. The gain or loss will be equal to the difference between (i) the market value of the Creation Units at the time of the exchange plus any cash received in the exchange and (ii) the exchanger's aggregate basis in the securities surrendered plus any cash paid for the Creation Units. An Authorized Participant who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between (i) the Authorized Participant's basis in the Creation Units and (ii) the aggregate market value of the securities and the amount of cash received. The Internal Revenue Service (IRS), however, may assert that a loss that is realized upon an exchange of securities for Creation Units may not be currently deducted under the rules governing "wash sales" (for a person who does not mark-to-market their holdings), or on the basis that there has been no significant change in economic position. Authorized Participants should consult their own tax advisor with respect to whether wash sales rules apply and when a loss might be deductible.

The Fund may pay the redemption price for Creation Units at least partially with cash, rather than the delivery of a basket of securities. The Fund may be required to sell portfolio securities in order to obtain the

------

SEI / PROSPECTUS

cash needed to distribute redemption proceeds. This may cause the Fund to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used.

**Non-U.S. Investors.** If you are a nonresident alien individual or a foreign corporation, partnership, trust or estate, (i) the Fund's ordinary income dividends distributed to you will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies but (ii) gains from the sale or other disposition of your shares of the Fund generally are not subject to U.S. taxation, unless you are a nonresident alien individual who is physically present in the U.S. for 183 days or more per year. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph.

Different tax consequences may result if you are a foreign shareholder engaged in a trade or business within the United States or if you are a foreign shareholder entitled to claim the benefits of a tax treaty.

**Backup Withholding.** U.S. federal income tax withholding may be required on all distributions payable to shareholders who fail to provide their correct taxpayer identification number, fail to make certain required certifications, or who have been notified by the IRS that they are subject to backup withholding. The current backup withholding rate is 24%.

**Cost Basis Information.** For shares purchased and sold from a taxable account, your intermediary will report cost basis information to you and to the IRS. Your financial intermediary will permit shareholders to elect their preferred cost basis method. In the absence of an election, your cost basis method will be your financial intermediary's default method, which is often the average cost method. Please consult your tax adviser to determine the appropriate cost basis method for your particular tax situation and to learn more about how the cost basis reporting laws apply to you and your investments.

**Foreign Taxes.** To the extent the Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest the Fund received from sources in foreign countries.

**Net Investment Income Tax.** U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on all or a portion of their "net investment income," which includes interest, dividends, and certain capital gains (including certain capital gain distributions and capital gains realized on the sale of shares of the Fund). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

The foregoing discussion summarizes some of the consequences under current U.S. federal income tax law of an investment in the Fund. It is not a substitute for personal tax advice. Consult your personal tax advisor about the potential tax consequences of an investment in the Fund under all applicable tax laws.

**More information about taxes is in the SAI.**

Shareholder Information

The Fund issues or redeems its shares at NAV per share only in Creation Units. Shares of the Fund are listed for trading on a national securities exchange and trade on the secondary market during the trading day.

------

SEI / PROSPECTUS

Shares can be bought and sold throughout the trading day like shares of other publicly traded companies. There is no minimum investment. When buying or selling Fund shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and offered price in the secondary market on each purchase and sale transaction. Fund shares are traded on the NASDAQ under the trading symbol LEND. Share prices are reported in dollars and cents per share.

APs may acquire Fund shares directly from the Fund, and APs may tender their Fund shares for redemption directly to the Fund, at NAV per share, only in Creation Units and in accordance with the procedures described in the Fund's SAI.

**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 Fund's administrator at current market value in accordance with the Fund's Pricing and Valuation Procedures. The Trust's Board of Trustees has designated SIMC as the Valuation Designee for the Fund 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 Fund's 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. 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

------

SEI / PROSPECTUS

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 the 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 CLOs or 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 Fund, 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 the 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 Fund's portfolio securities, will continuously monitor the reliability of readily available market quotations obtained from any Pricing Service and shall promptly notify the Fund's administrator if the Committee reasonably believes that Pricing Service is no longer a reliable source of readily available market quotations. The Fund's 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 the 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

------

SEI / PROSPECTUS

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 the 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 Fund, 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.

With respect to any investments in foreign securities, the Fund uses a third-party fair valuation vendor, which provides a fair value for such foreign securities based on certain factors and methodologies (generally involving tracking valuation correlations between the U.S. market and each foreign security). Values from the vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a "confidence interval," which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair-valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Fund shall value the foreign securities in their portfolios that exceed the applicable "confidence interval" based upon the adjusted prices provided by the vendor. Additionally, if a local market in which the Fund own securities is closed for one or more days (scheduled or unscheduled) while the Fund is open, and if such securities in the Fund's portfolio exceed the predetermined confidence interval discussed above, then the Fund shall value such securities based on the fair value prices provided by the vendor.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which the Fund calculates its NAV. The readily available market quotations of such securities may no longer reflect their market value at the time the Fund calculates NAV if an event that could materially affect the value of those securities (a Significant Event) has occurred between the time of the security's last close and the time that the Fund calculates NAV thereby rendering the readily available market quotations as unreliable. The Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of the Fund's shares may change on days when shareholders will not be able to purchase or redeem Fund shares.

A Significant Event may relate to a single issuer or to an entire market sector. The Committee is primarily responsible for the obligation to monitor for Significant Events as part of the Committee's ongoing responsibility to determine whether the Fund investment is required to be fair valued (*i.e.*, the investment does not have a reliable readily available market quotation). The Committee may consider input from the Fund's service providers, including the Fund's administrator, if applicable and as appropriate. If the Committee becomes aware of a Significant Event that has occurred with respect to a security or group of securities after

------

SEI / PROSPECTUS

the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, the Committee shall notify the Fund's administrator.

**Purchasing and Selling Shares.** Shares of the Fund are listed for trading on a national securities exchange during the trading day. Shares can be bought and sold throughout the trading day like shares of other publicly traded companies. However, there can be no guarantee that an active trading market will develop or be maintained, or that the Fund's share listing will continue or remain unchanged. The Fund does not impose any minimum investment for shares of the Fund purchased on an exchange. Buying or selling the Fund's shares involves certain costs that apply to all securities transactions. When buying or selling shares of the Fund through a financial intermediary, you may incur a brokerage commission or other charges determined by your financial intermediary. Due to these brokerage costs, if any, frequent trading may detract significantly from investment returns. In addition, you may also incur the cost of the spread (the difference between the bid price and the ask price). The commission is frequently a fixed amount and may be a significant cost for investors seeking to buy or sell small amounts of shares.

Shares of the Fund may be acquired through the Distributor or redeemed directly with the Fund only in Creation Units or multiples thereof, as discussed in the Fund's SAI. Once created, shares of the Fund generally trade in the secondary market in amounts less than a Creation Unit.

The Fund's primary listing exchange is NASDAQ. NASDAQ is open for trading Monday through Friday and is closed on the following holidays: 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 Exchange closes early on the following days: the day before Independence Day, the day after Thanksgiving and Christmas Eve.

A Business Day with respect to the Fund is each day the NASDAQ is open. Orders from APs to create or redeem Creation Units will only be accepted on a Business Day. On days when the NASDAQ closes earlier than normal, the Fund may require orders to create or redeem Creation Units to be placed earlier in the day. In addition, to minimize brokerage and other related trading costs associated with securities that cannot be readily transferred in-kind, the Fund may establish early trade cut-off times for APs to submit orders for Creation Units, in accordance with the 1940 Act. See the Fund's SAI for more information.

In compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), your financial intermediary is required to verify certain information on your account application as part of its Anti-Money Laundering Program. You will be required to provide your full name, date of birth, social security number, and permanent street address to assist in verifying your identity. You may also be asked to provide additional documents that may help to establish your identity. Until verification of your identity is made, your financial intermediary may temporarily limit additional share purchases. In addition, your financial intermediary may close an account if it is unable to verify your identity. Please contact your financial intermediary if you need additional assistance when completing your application or additional information about your financial intermediary's Anti-Money Laundering Program.

In an effort to ensure compliance with this law, the Fund's Anti-Money Laundering Program (the Program) provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program, and an independent audit function to determine the effectiveness of the Program.

------

SEI / PROSPECTUS

**Continuous Offering.** The method by which Creation Units of shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of shares are issued and sold by the Fund on an ongoing basis, a "distribution," as such term is used in the Securities Act, may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirements and liability provisions of the Securities Act. For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent shares and sells the shares directly to customers or if it chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in shares, whether or not participating in the distribution of shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3)(C) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions) and thus dealing with the shares that are part of an unsold allotment within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

**Book Entry.** Shares of the Fund are held in book-entry form, which means that no stock certificates are issued. The DTC or its nominee is the record owner of all outstanding shares of the Fund and is recognized as the owner of all shares for all purposes. Investors owning shares of the Fund are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for shares of the Fund. DTC participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock certificates or to have shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other exchange-traded securities that you hold in book-entry or "street name" form.

**Share Prices.** The trading prices of the Fund's shares in the secondary market generally differ from the Fund's daily NAV per share and are affected by market forces such as supply and demand, economic conditions, and other factors. Information regarding the intra-day net asset value of the Fund is disseminated every 15 seconds throughout the trading day by the national securities exchange on which the Fund's shares are primarily listed or by market data vendors or other information providers. The intra-day net asset value calculations are estimates of the value of the Fund's NAV per Fund share based on the current market value of the securities and/or cash included in the Fund's intra-day net asset value basket. The intra-day net asset value does not necessarily reflect the precise composition of the current portfolio of securities and

------

SEI / PROSPECTUS

instruments held by the Fund at a particular point in time. Additionally, when current pricing is not available for certain portfolio securities the intra-day indicative value may not accurately reflect the current market value of the Fund's shares or the best possible valuation of the current portfolio. For example, the intra-day net asset value is based on quotes and closing prices from the securities' local market and may not reflect events that occur subsequent to the local market's close. Therefore, the intra-day net asset value should not be viewed as a "real-time" update of the NAV, which is computed only once a day. The intra-day net asset value is generally determined by using both current market quotations and/or price quotations obtained from broker-dealers that may trade in the portfolio securities and instruments included in the Fund's intra-day net asset value basket. The Fund is not involved in, or responsible for, the calculation or dissemination of the intra-day net asset value and makes no representation or warranty as to its accuracy. An inaccuracy in the intra-day net asset value could result from various factors, including the difficulty of pricing portfolio instruments on an intra-day basis.

**Premiums and Discounts.** There may be differences between the daily market prices on secondary markets for shares of the Fund and the Fund's NAV. NAV is the price per share at which the Fund issues and redeems shares. See "Pricing of Fund Shares" above. The price used to calculate market returns (Market Price) of the Fund generally is determined using the midpoint between the highest bid and the lowest offer on the national securities exchange on which shares of the Fund are primarily listed for trading, as of the time that the Fund's NAV is calculated. The Fund's Market Price may be at, above, or below its NAV. The NAV of the Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of the Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and the Market Price of the Fund on a given day, generally at the time the NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV. A discount or premium could be significant. Information regarding the Fund's premium/discount to NAV for the most recently completed calendar year and the most recently completed calendar quarters since that calendar year end (or the life of the Fund, if shorter) is available at www.seic.com/financial-advisors/flexible-investment-solutions/etfs by selecting the Fund for additional details.

**Bid/Ask Spread.** Investors purchasing or selling shares of the Fund in the secondary market may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (the bid) and the lowest price a seller is willing to accept for shares of the Fund (the ask). The spread varies over time for shares of the Fund based on its trading volume and market liquidity, and is generally less if the Fund has more trading volume and market liquidity and more if the Fund has less trading volume and market liquidity. Historical information regarding the Fund's spread over various periods of time, when available, can be accessed at www.seic.com/financial-advisors/flexible-investment-solutions/etfs by selecting the Fund for additional details. However, because the Fund is new, it does not currently have sufficient trading history to report certain bid/ask spread information and related costs.

**Investments by Other Investment Companies.** The Trust and the Fund are part of the SEI family of funds and are related for purposes of investor and investment services, as defined in Section 12(d)(1)(G) of the 1940 Act. For purposes of the 1940 Act, Fund shares are issued by a registered investment company and purchases of Fund shares by registered investment companies and companies relying on Section 3(c)(1) or 3(c)(7) of the 1940 Act are subject to the restrictions set forth in Section 12(d)(1) of the 1940 Act, except as permitted by the SEC.

------

SEI / PROSPECTUS

**Excessive Trading.** Unlike traditional mutual funds, the frequent trading of Fund shares generally does not disrupt portfolio management, increase the Fund's trading costs, lead to realization of capital gains by the Fund, or otherwise harm Fund shareholders. The vast majority of trading in Fund shares occurs on the secondary market. Because these trades do not involve the Fund, they do not harm the Fund or its shareholders. A few institutional investors, referred to as Authorized Participants, are authorized to purchase and redeem Fund shares directly with the Fund. Although most ETFs typically redeem their shares on an in-kind basis, the Fund will issue Creation Units in exchange for cash. As a result, the Fund requires Authorized Participants to pay transaction fees to cover brokerage and certain related costs when purchasing or redeeming Creation Units. Those fees are designed to protect the Fund and its shareholders from the dilutive costs associated with frequent creation and redemption activity. For these reasons, the Trustees of the Fund have determined that it is not necessary to adopt policies and procedures to detect and deter frequent trading and market timing of Fund shares. However, the Fund's policies and procedures regarding frequent purchases and redemptions may be modified by the Trustees at any time.

**Fund's Website and Portfolio Holdings Information.** Each Business Day, the Fund's portfolio holdings information is provided by its custodian or other agent for dissemination through the facilities of the NSCC and/or other fee-based subscription services to NSCC members and/or subscribers to entities that publish and/or analyze such information in connection with the process of purchasing or redeeming Creation Units or trading shares of the Fund in the secondary market. In addition, on each Business Day before commencement of trading in shares on the Exchange, the Fund will disclose on www.seic.com/financial-advisors/flexible-investment-solutions/etfs the identities and quantities of each portfolio position held by the Fund that will form the basis for the Fund's next calculation of the NAV. The Fund is also required to disclose its complete portfolio holdings 60 days after the end of each fiscal quarter pursuant to Form N-PORT or as part of Form N-CSR.

For additional information on these disclosures and the availability of portfolio holdings information, please refer to the Fund's SAI.

**Derivative Actions.** The Trust's Agreement and Declaration of Trust provides a process for the bringing of derivative actions by shareholders. Except for claims under federal securities laws, no shareholder may maintain a derivative action on behalf of the Fund unless holders of at least 10% of the outstanding shares of the Trust or 10% of the outstanding Shares of the Fund for which the action relates joins in bringing such action. Prior to bringing a derivative action, a demand by the complaining shareholder must first be made on the Trustees. Following receipt of the demand, the Trustees must be afforded a reasonable amount of time to consider and investigate the demand. The Trustees will be entitled to retain counsel or other advisors in considering the merits of the request. Other, than with respect to claims arising under federal securities laws, the Trustees may require an undertaking by the shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action.

Shareholder Communications

**Statements and Reports.** Your financial intermediary or plan sponsor is responsible for providing the Fund's annual and semi-annual reports. Please contact your financial intermediary or plan sponsor to obtain these reports. The Fund's fiscal year ends September 30.

**Lost (Unclaimed/Abandoned) Accounts.** It is important to maintain a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned as undeliverable. Based upon statutory requirements for returned mail, your financial intermediary or plan

------

SEI / PROSPECTUS

sponsor is required to attempt to locate the shareholder or rightful owner of the account. If the financial intermediary or plan sponsor is unable to locate the shareholder, then the financial intermediary or plan sponsor is legally obligated to deem the property "unclaimed" or "abandoned," and subsequently escheat (or transfer) unclaimed property (including shares of a fund) to the appropriate state's unclaimed property administrator in accordance with statutory requirements. Further, your account may be deemed "unclaimed" or "abandoned," and subsequently transferred to your state of residence if no activity (as defined by that state) occurs within your account during the time frame specified in your state's unclaimed property laws. The shareholder's last known address of record determines which state has jurisdiction. Interest or income is not earned on redemption or distribution check(s) sent to you during the time the check(s) remained uncashed.

------

SEI / PROSPECTUS

Financial Highlights

The tables that follow present performance information about the Predecessor Fund. This information is intended to help you understand the Predecessor Fund's financial performance for the period of the Predecessor Fund's operations. Some of this information reflects financial information for a single Predecessor Fund share. The total returns in the table represent the rate that you would have earned (or lost) on an investment in the Predecessor Fund, assuming you reinvested all of your dividends and distributions.

The information below for periods ended on or before September 30, 2025 has been audited by KPMG LLP, the Predecessor Fund's independent registered public accounting firm. Its report, along with the Predecessor Fund's financial statements, appears in the Predecessor Fund's Form N-CSR filing for the fiscal year ending September 30, 2025 and are available upon request, at no charge by calling 1-800-DIAL-SEI.

FOR THE YEARS ENDED SEPTEMBER 30,

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(1)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Distributions<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>Period | Total<br>Return† | Net Assets<br>End of<br>Period<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<br>(Loss) to<br>Average<br>Net<br>Assets~ | Portfolio<br>Turnover<br>Rate† |
| Predecessor Fund—Class F |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $5.44 | $0.49 | $(0.11) | $0.38 | $(0.42) | $— | $(0.42) | $5.40 | 7.34% | $973246 | 0.90%<sup>(2)</sup> | 1.00% | 9.08% | 66% |
| 2024 | 5.37 | 0.46 | 0.26 | 0.72 | (0.51)<sup>(3)</sup> | (0.14) | (0.65) | 5.44 | 14.23 | 996029 | 0.89 | 0.99 | 8.55 | 63 |
| 2023 | 5.75 | 0.40 | 0.10 | 0.50 | (0.50)<sup>(4)</sup> | (0.38) | (0.88) | 5.37 | 9.27 | 1072999 | 0.89 | 0.99 | 7.30 | 48 |
| 2022 | 7.08 | 0.32 | (1.20) | (0.88) | (0.40) | (0.05) | (0.45) | 5.75 | (12.98) | 1115354 | 0.89 | 0.98 | 4.93 | 49 |
| 2021 | 6.46 | 0.40 | 0.72 | 1.12 | (0.37) | (0.13) | (0.50) | 7.08 | 17.84 | 1430709 | 0.89 | 0.98 | 5.78 | 67 |

---

† Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

# A Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio, if applicable.

~ Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests, if applicable.

(1) Per share calculated using average shares.

(2) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.89%.

(3) Includes return of capital of $0.09 per share.

(4) Includes return of capital of $0.08 per share.

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

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset <br>Value, <br>Beginning <br>of Period | Net <br>Investment <br>Income <br>(Loss)<sup>(1)</sup> | Net <br>Realized <br>and <br>Unrealized <br>Gains <br>(Losses) | Total <br>from <br>Operations | Distributions <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>Period | Total <br>Return† | Net Assets <br>End of <br>Period <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 <br>(Loss) to <br>Average <br>Net <br>Assets~ | Portfolio <br>Turnover <br>Rate† |
| Predecessor Fund—Class I |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $5.21 | $0.45 | $(0.10) | $0.35 | $(0.39) | $— | $(0.39) | $5.17 | 7.01% | $3 | 1.18%<sup>(2)</sup> | 1.31% | 8.81% | 66% |
| 2024 | 5.15 | 0.43 | 0.25 | 0.68 | (0.48)<sup>(3)</sup> | (0.14) | (0.62) | 5.21 | 13.95 | 3 | 1.12 | 1.24 | 8.38 | 63 |
| 2023 | 5.53 | 0.38 | 0.10 | 0.48 | (0.48)<sup>(4)</sup> | (0.38) | (0.86) | 5.15 | 9.10 | 4 | 1.06 | 1.16 | 7.17 | 48 |
| 2022 | 6.82 | 0.27 | (1.13) | (0.86) | (0.38) | (0.05) | (0.43) | 5.53 | (13.14) | 3 | 1.11 | 1.23 | 4.09 | 49 |
| 2021 | 6.22 | 0.37 | 0.70 | 1.07 | (0.34) | (0.13) | (0.47) | 6.82 | 17.72 | 581 | 1.11 | 1.23 | 5.55 | 67 |

---

† Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

# A Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio, if applicable.

~ Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests, if applicable.

(1) Per share calculated using average shares.

(2) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.12%.

(3) Includes return of capital of $0.08 per share.

(4) Includes return of capital of $0.07 per share.

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset <br>Value, <br>Beginning <br>of Period | Net <br>Investment <br>Income <br>(Loss)<sup>(1)</sup> | Net <br>Realized <br>and <br>Unrealized <br>Gains <br>(Losses) | Total <br>from <br>Operations | Distributions <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>Period | Total <br>Return† | Net Assets <br>End of <br>Period <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 <br>(Loss) to <br>Average <br>Net <br>Assets~ | Portfolio <br>Turnover <br>Rate† |
| Predecessor Fund—Class Y |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $5.44 | $0.50 | $(0.11) | $0.39 | $(0.43) | $— | $(0.43) | $5.40 | 7.60% | $176921 | 0.66%<sup>(2)</sup> | 0.75% | 9.32% | 66% |
| 2024 | 5.37 | 0.47 | 0.26 | 0.73 | (0.52)<sup>(3)</sup> | (0.14) | (0.66) | 5.44 | 14.51 | 173639 | 0.65 | 0.74 | 8.77 | 63 |
| 2023 | 5.75 | 0.42 | 0.10 | 0.52 | (0.52)<sup>(4)</sup> | (0.38) | (0.90) | 5.37 | 9.54 | 156000 | 0.64 | 0.74 | 7.57 | 48 |
| 2022 | 7.08 | 0.34 | (1.20) | (0.86) | (0.42) | (0.05) | (0.47) | 5.75 | (12.77) | 159547 | 0.64 | 0.73 | 5.20 | 49 |
| 2021 | 6.46 | 0.42 | 0.72 | 1.14 | (0.39) | (0.13) | (0.52) | 7.08 | 18.13 | 195613 | 0.64 | 0.73 | 6.03 | 67 |

---

† Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

# A Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio, if applicable.

------

SEI / PROSPECTUS

~ Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests, if applicable.

(1) Per share calculated using average shares.

(2) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.64%.

(3) Includes return of capital of $0.09 per share.

(4) Includes return of capital of $0.08 per share.

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

------

![](j2687562_za003.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 Fund is available, without charge, through the following:

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at www.seic.com/financial-advisors/flexible-investment-solutions/etfs.

Copies of the Prospectus, SAI and other information can be found on our website at www.seic.com/fundprospectuses. For more information about the Fund, you may request a copy of the SAI.

Statement of Additional Information (SAI)

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

To obtain the SAI, Annual or Semi-Annual Report, Fund Financial Statements or more information:

By Telephone: call 1-800-DIAL-SEI (toll free)

By Mail: write to the Fund at:

SEI Investments Distribution Co.

One Freedom Valley Drive,

Oaks, Pennsylvania 19456

By Internet: www.seic.com/fundprospectuses

Reports and other information about the Fund are available on the EDGAR database on the SEC's website at www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

*No person is authorized to give any information or to make any representations about the Fund and its shares not contained in this Prospectus and you should not rely on any other information. Read and keep this Prospectus for future reference.*

Investment Company Act File No.: 811-23754

**seic.com**

------

0.1723 0.0763 0.0257 0.1329 0.0531 0.0988 0.1178 0.1257 0.0922 0.0754

Best Quarter: 8.92% (06/30/2020)

Worst Quarter: -15.60% (03/31/2020) 485BPOS 0001888997 false 0001888997 2026-04-24 2026-04-24 0001888997 ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:S000103400Member ck0001888997:C000273939Member 2026-04-24 2026-04-24 0001888997 oef:RiskLoseMoneyMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 oef:RiskNotInsuredMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:MarketRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:BelowInvestmentGradeSecuritiesJunkBondsRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:InvestmentStyleRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 us-gaap:InterestRateRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:CorporateFixedIncomeSecuritiesRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:ConvertibleAndPreferredSecuritiesRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:CollateralizedDebtObligationsAndCollateralizedLoanObligationsRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:ExchangeTradedFundsRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:BankLoansRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:DerivativesRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:LiquidityRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:LeverageRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:ExtensionRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 us-gaap:PrepaymentRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 us-gaap:CreditRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:DurationRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:AuthorizedParticipantConcentrationRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:MarketTradingRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:CashTransactionsRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:CashManagementRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:ManagementRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:OperationalRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:CybersecurityRiskMember ck0001888997:S000103400Member 2026-04-24 2026-04-24 0001888997 ck0001888997:C000273939Member 2016-01-01 2016-12-31 0001888997 ck0001888997:C000273939Member 2017-01-01 2017-12-31 0001888997 ck0001888997:C000273939Member 2018-01-01 2018-12-31 0001888997 ck0001888997:C000273939Member 2019-01-01 2019-12-31 0001888997 ck0001888997:C000273939Member 2020-01-01 2020-12-31 0001888997 ck0001888997:C000273939Member 2021-01-01 2021-12-31 0001888997 ck0001888997:C000273939Member 2022-01-01 2022-12-31 0001888997 ck0001888997:C000273939Member 2023-01-01 2023-12-31 0001888997 ck0001888997:C000273939Member 2024-01-01 2024-12-31 0001888997 ck0001888997:C000273939Member 2025-01-01 2025-12-31 0001888997 ck0001888997:C000273939Member 2021-01-01 2025-12-31 0001888997 ck0001888997:C000273939Member 2016-01-01 2025-12-31 0001888997 ck0001888997:C000273939Member 1995-01-11 2025-12-31 0001888997 ck0001888997:C000273939Member 2026-04-24 2026-04-24 0001888997 ck0001888997:C000273939Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001888997 ck0001888997:C000273939Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001888997 ck0001888997:C000273939Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001888997 ck0001888997:C000273939Member oef:AfterTaxesOnDistributionsMember 1995-01-11 2025-12-31 0001888997 ck0001888997:C000273939Member oef:AfterTaxesOnDistributionsMember 2026-04-24 2026-04-24 0001888997 ck0001888997:C000273939Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001888997 ck0001888997:C000273939Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001888997 ck0001888997:C000273939Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001888997 ck0001888997:C000273939Member oef:AfterTaxesOnDistributionsAndSalesMember 1995-01-11 2025-12-31 0001888997 ck0001888997:C000273939Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-04-24 2026-04-24 0001888997 ck0001888997:index_Bloomberg_US_Aggregate_Bond_Index_Return_reflects_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0001888997 ck0001888997:index_Bloomberg_US_Aggregate_Bond_Index_Return_reflects_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0001888997 ck0001888997:index_Bloomberg_US_Aggregate_Bond_Index_Return_reflects_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0001888997 ck0001888997:index_Bloomberg_US_Aggregate_Bond_Index_Return_reflects_no_deduction_for_fees_expenses_or_taxesMember 1995-01-11 2025-12-31 0001888997 ck0001888997:index_Bloomberg_US_Aggregate_Bond_Index_Return_reflects_no_deduction_for_fees_expenses_or_taxesMember 2026-04-24 2026-04-24 0001888997 ck0001888997:index_ICE_BofA_US_High_Yield_Constrained_Index_Return_reflects_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0001888997 ck0001888997:index_ICE_BofA_US_High_Yield_Constrained_Index_Return_reflects_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0001888997 ck0001888997:index_ICE_BofA_US_High_Yield_Constrained_Index_Return_reflects_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0001888997 ck0001888997:index_ICE_BofA_US_High_Yield_Constrained_Index_Return_reflects_no_deduction_for_fees_expenses_or_taxesMember 1995-01-11 2025-12-31 0001888997 ck0001888997:index_ICE_BofA_US_High_Yield_Constrained_Index_Return_reflects_no_deduction_for_fees_expenses_or_taxesMember 2026-04-24 2026-04-24 xbrli:pure iso4217:USD

**SEI EXCHANGE TRADED FUNDS**

**STATEMENT OF ADDITIONAL INFORMATION**

DATED APRIL 26, 2026

THIS STATEMENT OF ADDITIONAL INFORMATION ("SAI") IS NOT A PROSPECTUS. IT SHOULD BE READ IN CONJUNCTION WITH THE CURRENT PROSPECTUS (THE "PROSPECTUS") FOR THE FOLLOWING SERIES OF SEI EXCHANGE TRADED FUNDS (THE "TRUST"):

---

| | | |
|:---|:---|:---|
| **Fund** | **Ticker** | **Listing Exchange** |
| SEI High Yield Bond & Alternative Credit ETF | LEND | NASDAQ |

---

This SAI expands upon and supplements the information contained in the current Prospectus for the Fund listed above, a series of the Trust, a Delaware statutory trust. The series of the Trust represents shares of beneficial interest in a separate portfolio of securities and other assets with its own objective and policies. The Prospectus for the Fund is dated April 26, 2026, as amended and supplemented from time to time. The Predecessor Fund's audited financial statements dated September 30, 2025, including notes thereto and the report of the Predecessor Fund's independent registered public accounting firm thereon, are included in the most recent Form N-CSR for the Predecessor Fund, and are incorporated by reference into this SAI. Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus for the Fund may be obtained without charge by writing to the Trust's distributor, SEI Investments Distribution Co. (the "Distributor" or "SIDCo."), One Freedom Valley Drive, Oaks, Pennsylvania 19456, calling 1-800-DIAL-SEI or visiting www.seic.com/financial-advisors/flexible-investment-solutions/etfs. The Fund's Prospectus is incorporated by reference into this SAI.

References to the Investment Company Act of 1940, as amended (the "Investment Company Act" or the "1940 Act"), or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the Securities and Exchange Commission (the "SEC"), SEC staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no action or other relief or permission from the SEC, SEC staff or other authority.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| General Description of the Trust and the Fund | S-1 |
| Exchange Listing and Trading | S-1 |
| Investment Strategies and Risks | S-2 |
| General Considerations and Risks | S-4 |
| Proxy Voting Policy | S-46 |
| Control Persons and Principal Holders of Securities | S-48 |
| Code of Ethics | S-49 |
| Anti-Money Laundering Requirements | S-49 |
| Portfolio Holdings Information | S-49 |
| Investment Policies | S-50 |
| Continuous Offering | S-53 |
| Trustees and Officers of the Trust | S-53 |
| Investment Advisory Services | S-62 |
| Investment Adviser | S-62 |
| The Sub-Adviser | S-63 |
| Portfolio Management | S-64 |
| Administrator | S-75 |
| Custodian | S-75 |
| Transfer Agent | S-75 |
| Distributor | S-75 |
| Determination of Net Asset Value | S-75 |
| Brokerage Transactions | S-76 |
| Additional Information Concerning the Trust | S-79 |
| Creation and Redemption of Creation Units | S-79 |
| Taxes | S-87 |
| Independent Registered Public Accounting Firm | S-97 |
| Legal Counsel | S-97 |
| Appendix A—Description of Ratings | A-1 |

---

------

**General Description of the Trust and the Fund**

The Trust was organized as a Delaware statutory trust on October 7, 2021 and is authorized to have multiple series or portfolios. The Trust is an open-end management investment company registered with the SEC under the 1940 Act. The offering of the Trust's shares is registered under the Securities Act of 1933, as amended (the "1933 Act"). The Fund is a diversified series of the Trust as defined in the 1940 Act.

The Fund offers and issue shares at their net asset value per share ("NAV") only in aggregations of a specified number of shares (each, a "Creation Unit"). The Fund generally offers and issues Shares in exchange for a cash payment ("Deposit Cash") equal in value to a basket of securities designated by the Fund ("Deposit Securities" or "Creation Basket") together with the deposit of a specified cash payment ("Cash Component"). However, the Fund reserves the right to offer and issue Shares in exchange for Deposit Securities together with the Cash Component. Further discussion on the consideration accepted by the Fund is set forth in the Creation and Redemption of Creation Units section of this SAI. Shares of the Fund are listed for trading on the National Association of Securities Dealers Automated Quotation System ("NASDAQ"), a national securities exchange. Shares of the Fund are traded in the secondary market and elsewhere at market prices that may be at, above or below the Fund's NAV. Unlike mutual funds, the Fund's shares are not individually redeemable securities. Instead, shares are redeemable only in Creation Units by Authorized Participants (as defined in the Creation and Redemption of Creation Units-Role of the Authorized Participant section of this SAI). The Fund generally redeems Shares in exchange for cash equal to the NAV of the Shares that constitute a Creation Unit. However, the Fund reserves the right to redeem Shares, in whole or in part, in exchange for portfolio securities and a Cash Amount (as defined in the Redemption of Creation Units section of this SAI). Creation Units typically are a specified number of shares, generally 50,000 or multiples thereof. The Fund may charge creation/redemption transaction fees for each creation and redemption. In all cases, transaction fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities.

Shares may be issued in advance of receipt of Deposit Securities, subject to various conditions, including a requirement that the Authorized Participant maintain with the Trust collateral as set forth in the handbook for Authorized Participants. The Trust may use such collateral at any time to purchase Deposit Securities. See the Creation and Redemption of Creation Units section of this SAI. Transaction fees and other costs associated with creations or redemptions that include a cash portion may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with respect to creations and redemptions of shares and fees will be limited in accordance with the requirements of SEC rules and regulations applicable to management investment companies offering redeemable securities.

Once created, the Fund's shares generally trade in the secondary market, at market prices that change throughout the day, in amounts less than a Creation Unit. Investors purchasing the Fund's shares in the secondary market through a brokerage account or with the assistance of a broker may be subject to brokerage commissions and charges. Unlike index-based ETFs, the Fund is "actively managed" and does not seek to replicate the performance of a specified index.

**History of the Fund.** The Fund will be the successor to the SIMT High Yield Bond Fund (the "Predecessor Fund"), a series of SEI Institutional Managed Trust. The reorganization of the Predecessor Fund into the Fund is expected to occur on May 18, 2026 (the "Reorganization"). The Fund will have the same investment objective, and substantially similar investment policies, strategies, restrictions and risks as the Predecessor Fund. It is expected that the Reorganization will be conducted in reliance on Rule 17a-8 under the 1940 Act and therefore will be able to go into effect without soliciting shareholder votes, provided that certain disclosures are made to shareholders and other conditions are met.

**Exchange Listing and Trading**

A discussion of exchange listing and trading matters associated with an investment in the Fund is contained in the Shareholder Information section of the Fund's Prospectus. The discussion below supplements, and should be read in conjunction with, that section of the Prospectus.

------

Shares of the Fund are listed for trading, and trade throughout the day, on the Listing Exchange and in other secondary markets. Shares of the Fund may also be listed on certain non-U.S. exchanges. There can be no assurance that the requirements of the Listing Exchange necessary to maintain the listing of shares of the Fund will continue to be met. The Listing Exchange may, but is not required to, remove the shares of the Fund from listing if, among other things: (i) following the initial 12-month period beginning upon the commencement of trading of Fund shares, there are fewer than 50 record and/or beneficial owners of shares of the Fund; (ii) the Fund is no longer eligible to operate in reliance on Rule 6c-11 under the Investment Company Act; (iii) any of the other listing requirements are not continuously maintained; or (iv) any event shall occur or condition shall exist that, in the opinion of the Listing Exchange, makes further dealings on the Listing Exchange inadvisable. The Listing Exchange will also remove shares of the Fund from listing and trading upon termination of the Fund.

As in the case of other publicly-traded securities, when you buy or sell shares of the Fund through a broker, you may incur a brokerage commission determined by that broker, as well as other charges.

In order to provide additional information regarding the intra-day value of shares of the Fund, the Listing Exchange or a market data vendor disseminates every 15 seconds through the facilities of the Consolidated Tape Association or other widely disseminated means an updated iNAV for the Fund as calculated by an information provider or market data vendor. The Trust is not involved in or responsible for any aspect of the calculation or dissemination of the iNAV and makes no representation or warranty as to the accuracy of the iNAV. Shares of the Fund trade on the Listing Exchange or in the secondary market at prices that may differ from their NAV because such prices may be affected by market forces (such as supply and demand for the Fund's shares). The Trust reserves the right to adjust the share prices of the Fund in the future to maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund or an investor's equity interest in the Fund.

The base and trading currency of the Fund is the U.S. dollar. The base currency is the currency in which the Fund's NAV per share is calculated and the trading currency is the currency in which shares of the Fund are listed and traded on the Listing Exchange.

The Fund is not sponsored, endorsed, sold, or promoted by the Listing Exchange. The Listing Exchange makes no representation or warranty, express or implied, to the owners of shares of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Fund to achieve its objectives. The Listing Exchange has no obligation or liability in connection with the administration, marketing, or trading of the Fund.

**Investment Strategies and Risks**

The Fund is managed by SEI Investments Management Corporation ("SIMC" or the "Adviser") and sub-advised by one or more sub-advisers in accordance with the strategies described below.

**SEI HIGH YIELD BOND & ALTERNATIVE CREDIT ETF**—The Fund seeks total return. There can be no assurance that the Fund will achieve its investment objective. The Fund's investment objective is not fundamental and may be changed without shareholder approval.

Under normal circumstances, the SEI High Yield Bond & Alternative Credit ETF will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income and, to a lesser extent, alternative credit securities, as those terms are defined below. High yield fixed income securities are debt instruments, rated below investment grade (junk bonds), that pay interest or similar income, and may include corporate bonds and debentures, bank loans (or leveraged loans), convertible and preferred securities, and zero coupon obligations. Alternative credit securities are securities issued in connection with structured finance or other non-traditional credit lending arrangements, rather than traditional corporate or governmental borrowing. They are often issued by trusts or special purpose vehicles ("SPVs") that acquire and manage pools of loans or other credit assets and issue multiple classes of securities ("tranches") with varying risk and yield profiles. In particular, alternative credit securities include below investment grade tranches of collateralized loan obligations ("CLOs"), collateralized debt obligations ("CDOs"), and similar structured credit obligations.

------

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") with differing investment philosophies to manage Fund assets under the general supervision of SIMC. In managing the Fund's assets, the Sub-Advisers and SIMC seek to select securities that offer a high current yield as well as total return potential. The Fund seeks to have a portfolio of securities that is diversified as to issuers and industries. The Fund's average weighted maturity may vary, but will generally not exceed ten years. There is no limit on the maturity or credit quality of any individual security in which the Fund may invest.

As noted above, the Fund will invest primarily in securities rated BB, B, CCC, CC, C and D. However, it may also invest in non-rated securities or securities rated investment grade (AAA, AA, A and BBB). The Fund may also invest in exchange-traded funds ("ETFs") to gain market exposure. The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade (junk bond) floating rate instruments. The Fund may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties. The Fund may invest in debt and equity tranches of CDOs and CLOs. CLOs issue debt and equity interests and use the proceeds from the issuance to acquire a portfolio of bank loans or debt securities. The underlying loans are generally below investment grade, first lien, senior secured, bank loans, with smaller allocations to other types of investments such as second lien loans, unsecured loans and/or high yield bonds. The loans generate cash flow that is allocated among one or more classes of the CLO's securities ("tranches") that vary in risk and yield.

The Fund may also invest in futures contracts, options and/or swaps. Derivatives may be used for efficient portfolio and cash management, hedging, or speculative purposes. Futures, options and swaps are used to synthetically obtain exposure to high yield bond indices, securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.

The "Appendix" to this SAI sets forth a description of the bond rating categories of several NRSROs. The ratings established by each NRSRO represent its opinion of the safety of principal and interest payments (and 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. Accordingly, although the Sub-Advisers will consider ratings, they will perform their own analyses and will not rely principally on ratings. The Sub-Advisers will consider, among other things, the price of the security and the financial history and condition, the prospects and the management of an issuer in selecting securities for the Fund.

The achievement of the Fund's investment objective may be more dependent on a Sub-Adviser's own credit analysis than would be the case if the Fund invested in higher rated securities. There is no bottom limit on the ratings of high yield securities that may be purchased or held by the Fund.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

**<u>Securities Lending</u>**

Although not expected to be a component of the Fund's principal investment strategies, the Fund may lend securities representing up to one-third of the value of its total assets (including the value of any collateral

------

received). The Fund may lend its securities to certain financial institutions in an attempt to earn additional income. The Fund may lend their portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. When the Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights, including voting rights, in the loaned securities during the term of the loan or delay in recovering loaned securities if the borrower fails to return them or becomes insolvent. The Fund that lends its securities may pay lending fees to a party arranging the loan.

During its most recent fiscal year ended September 30, 2025, Predecessor Fund did not engage in securities lending.

**General Considerations and Risks**

A discussion of some of the principal risks associated with an investment in the Fund is contained in the Fund's Prospectus. An investment in the Fund should be made with an understanding that the value of the Fund's portfolio securities may fluctuate in accordance with changes in the financial condition of the issuers of the portfolio securities, and other factors that affect the market. The order of the below risk factors does not indicate the significance of any particular risk factor.

**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 the Fund's investments, or the services provided to the Fund. To the extent the 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 Fund's performance.

**ASSET-BACKED SECURITIES**—Asset-backed securities are securities that are backed primarily by the cash flows of a discrete pool of fixed or revolving receivables or other financial assets that by their terms convert into cash within a finite time period. Asset-backed securities include mortgage-backed securities, but the term is more commonly used to refer to securities supported by non-mortgage assets such as auto loans, motor vehicle leases, student loans, credit card receivables, floorplan receivables, equipment leases and peer-to-peer loans. The assets are removed from any potential bankruptcy estate of an operating company through the true sale of the assets to an issuer that is a special purpose entity, and the issuer obtains a perfected security interest in the assets. Payments of principal of and interest on asset-backed securities rely entirely on the performance of the underlying assets. Asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity and therefore, if the assets or sources of funds available to the issuer are insufficient to pay those securities, the Fund will incur losses. In addition, asset-backed securities entail prepayment risk that may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Additional risks related to collateralized risk obligations, CLOs and mortgage-backed securities are described below.

------

Losses may be greater for asset-backed securities that are issued as "pass-through certificates" rather than as debt securities, because those types of certificates only represent a beneficial ownership interest in the related assets and their payment is based primarily on collections actually received. For asset-backed securities as a whole, if a securitization issuer defaults on its payment obligations due to losses or shortfalls on the assets held by the issuer, a sale or liquidation of the assets may not be sufficient to support payments on the securities and the Fund, as securityholders, may suffer a loss.

There is a limited secondary market for asset-backed securities. Consequently, it may be difficult for the Fund to sell or realize profits on those securities at favorable times or for favorable prices.

CDO and CLO securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

**CASH TRANSACTIONS RISK**—The Fund generally effects creations and redemptions for cash, rather than through in-kind distributions of securities. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects creations and redemptions primarily or wholly in-kind. ETFs generally are able to make in-kind redemptions and thereby avoid being taxed on gains on the distributed portfolio securities at the Fund level. When the Fund effects redemptions partly or wholly for cash, rather than in-kind, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds, which involves transaction costs. If the Fund realizes a gain on these sales, the Fund generally will be required to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally distributes these gains to shareholders to avoid capital gains taxes at the Fund level and the need to otherwise comply with the special tax rules that apply to such gains. This strategy may cause shareholders to be subject to tax on gains to which they would not otherwise be subject, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities markets are relatively illiquid at the time the Fund must sell securities and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees. As a result of these factors, the spreads between the bid and the offered prices of the Fund's shares may be wider than those of shares of ETFs that primarily or wholly transact in-kind.

**COLLATERALIZED DEBT OBLIGATIONS**—CDOs are securitized interests in pools of non-mortgage assets. Such assets usually comprise loans or debt instruments. A CDO may be called a CLO if it holds only loans. Multiple levels of securities are issued by the CDO, offering various maturity and credit risk characteristics that are characterized according to their degree of credit risk. Purchasers in CDOs are credited with their portion of the scheduled payments of interest and principal on the underlying assets plus all unscheduled prepayments of principal based on a predetermined priority schedule. Accordingly, the CDOs in the longer maturity series are less likely than other asset pass-throughs to be prepaid prior to their stated maturity. The Fund may also invest in interests in warehousing facilities. Prior to the closing of a CDO, an investment bank or other entity that is financing the CDO's structuring may provide a warehousing facility to finance the acquisition of a portfolio of initial assets. Capital raised during the closing of the CDO is then used to purchase the portfolio of initial assets from the warehousing facility. A warehousing facility may have several classes of loans with differing seniority levels with a subordinated or "equity" class typically purchased by the manager of the CDO or other investors. One of the most significant risks to the holder of the subordinated class of a warehouse facility is the market value fluctuation of the loans acquired. Subordinated equity holders generally acquire the first loss positions which bear the impact of market losses before more senior positions upon settling the warehouse facility. Further, warehouse facility transactions often include event of default provisions and other collateral threshold requirements that grant senior holders or the administrator certain rights (including the right to liquidate warehouse positions) upon the occurrence of various triggering events including a decrease in the value of

------

warehouse collateral. In addition, a subordinate noteholder may be asked to maintain a certain level of loan-to-value ratio to mitigate this market value risk. As a result, if the market value of collateral loans decreases, the subordinated noteholder may need to provide additional funding to maintain the warehouse lender's loan-to-value ratio.

**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.

**CREDIT-LINKED NOTES**—Credit-linked notes and similarly structured products typically are issued by a limited purpose trust or other vehicle that, in turn, enters into a credit protection agreement or invests in a derivative instrument or basket of derivative instruments, such as credit default swaps or interest rate swaps, to obtain exposure to certain fixed-income markets or to remain fully invested when more traditional income producing securities are not available. Additional information about derivatives and the risks associated with them is provided under "Swaps, Caps, Floors, Collars and Swaptions." Like an investment in a bond, an investment in credit-linked notes represents the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the issuer's receipt of payments from, and the issuer's potential obligations to, the counterparties to certain credit protection agreements or derivative instruments entered into by the issuer of the credit-linked note. For example, the issuer may sell one or more credit default swaps entitling the issuer to receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. An investor holding a credit-linked note generally receives a fixed or floating coupon and the note's par value upon maturity, unless the referenced creditor defaults or declares bankruptcy, in which case the investor receives the amount recovered. In effect, investors holding credit-linked notes receive a higher yield in exchange for assuming the risk of a specified credit event.

**CURRENT MARKET CONDITIONS RISK—**A particular investment, or shares of the Fund in general, may fall in value due to current market conditions. 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, may adversely impact the U.S. regulatory landscape, markets and investor behavior, which could negatively impact the Fund's investments and operations. In particular, the imposition of tariffs on foreign countries 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. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund's assets may decline.

Additional examples of events that have led to fluctuations in markets include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments and businesses, elevated inflation levels, and problems in the banking sector. Additionally, advancements in technologies such as AI may adversely impact markets, disrupt existing industries and sectors, and dislocate opportunities in the labor force, which could negatively affect the overall performance of the Fund.

**DEMAND INSTRUMENTS**—Certain instruments may entail a demand feature that permits the holder to demand payment of the principal amount of the instrument. Demand instruments may include variable amount

------

master demand notes. Demand instruments with demand notice periods exceeding seven days are considered to be illiquid securities. Additional information about illiquid securities is provided under "Illiquid Securities" below.

**DERIVATIVES**—In an attempt to reduce systemic and counterparty risks associated with over-the-counter ("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 Commodity Futures Trading Commission (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 Fund to invest or remain invested in derivatives and may make it more difficult and costly for investment funds, including the Fund, to enter into highly tailored or customized transactions. They may also render certain strategies in which the Fund might otherwise engage impossible or so costly that they will no longer be economical to implement.

OTC trades submitted for clearing will be subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as may be adjusted to a higher amount by the Fund's Futures Commission Merchant, as well as SEC- or CFTC-mandated margin requirements. With respect to uncleared swaps, swap dealers are required to collect variation margin from the Fund and may be required to collect initial margin from the Fund pursuant to the CFTC's or the Prudential Regulators' uncleared swap margin rules. Both initial and variation margin must be in the form of eligible collateral, and may be composed of cash and/or securities, subject to applicable regulatory haircuts. These rules also mandate that collateral in the form of initial margin be posted to cover potential future exposure attributable to uncleared swap transactions for certain entities, which may include the Fund. In the event the Fund is required to post collateral in the form of initial margin in respect of its uncleared swap transactions, all such collateral will be posted with a third-party custodian pursuant to a triparty custody agreement between the Fund, its dealer counterparty and an unaffiliated custodian.

Swap dealers and major swap participants that are registered with the CFTC and with whom the Fund may trade are subject to minimum capital and margin requirements. These requirements may apply irrespective of whether the OTC derivatives in question are traded bilaterally or cleared. OTC derivatives dealers are subject to business conduct standards, disclosure requirements, reporting and recordkeeping requirements, transparency requirements, position limits, limitations on conflicts of interest, and other regulatory burdens. These requirements may increase the overall costs for OTC derivative dealers, which are likely to be passed along, at least partially, to market participants in the form of higher fees or less advantageous dealer marks.

------

Rule 18f-4 under the 1940 Act governs the Fund's use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by the Fund. Rule 18f-4 permits the 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 the 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 the 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 the 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 the 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 Fund's Board, and comply with an outer limit on Fund leverage risk based on value at risk. The 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 Fund's derivatives risk. The Fund will be subject to reporting and recordkeeping requirements regarding its use of Derivative Transactions.

The requirements of Rule 18f-4 may limit the Fund's ability to engage in Derivative Transactions as part of its investment strategies. These requirements may also increase the cost of the 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 the 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 the 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.

More information about particular types of derivatives instruments is included below in the sections titled "Forward Foreign Currency Contracts," "Futures Contracts and Options on Futures Contracts," "Options" and "Swaps, Caps, Floors, Collars and Swaptions."

**DISTRESSED SECURITIES**—Distressed securities are securities of issuers that are in transition, out of favor, financially leveraged or troubled or potentially troubled, and may be, or have recently been, involved in major strategic actions, restructurings, bankruptcy, reorganization or liquidation. Distressed securities are considered risky investments, although they may also offer the potential for correspondingly high returns.

Such issuers' securities may be considered speculative, and the ability of such issuers to pay their debts on schedule could be affected by adverse interest rate movements, changes in the general economic climate, economic factors affecting a particular industry or specific developments within such issuers.

**DOLLAR ROLLS**—Dollar rolls are transactions in which securities (usually mortgage-backed securities) are sold for delivery in the current month and the seller simultaneously contracts to repurchase substantially similar securities on a specified future date. The difference between the sale price and the purchase price (plus any interest earned on the cash proceeds of the sale) is netted against the interest income foregone on the securities sold to arrive at an implied borrowing rate. Alternatively, the sale and purchase transactions can be

------

executed at the same price, with the Fund being paid a fee as consideration for entering into the commitment to purchase. Dollar rolls may be renewed prior to cash settlement and may initially involve only a firm commitment agreement by the Fund to buy a security. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into dollar rolls include the risk that the value of the security may change adversely over the term of the dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

The Fund must comply with Rule 18f-4 under the 1940 Act with respect to its dollar roll transactions, which are considered Derivative Transactions under the Rule. See "Derivatives" above.

**EQUITY-LINKED WARRANTS**—Equity-linked warrants provide a way for investors to access markets where entry is difficult and time consuming due to regulation. Typically, a broker issues warrants to an investor and then purchases shares in the local market and issues a call warrant hedged on the underlying holding. If the investor exercises his call and closes his position, the shares are sold and the warrant is redeemed with the proceeds.

Each warrant represents one share of the underlying stock. Therefore, the price, performance and liquidity of the warrant are all directly linked to the underlying stock. The warrant can be redeemed for 100% of the value of the underlying stock (less transaction costs). As American-style warrants, they can be exercised at any time. The warrants are U.S. dollar-denominated and priced daily on several international stock exchanges.

There are risks associated with equity-linked warrants. The investor will bear the full counterparty risk to the issuing broker; however, SIMC or a Sub-Adviser may select to mitigate this risk by only purchasing from issuers with high credit ratings. Equity-linked warrants also have a longer settlement period because they go through the same registration process as the underlying shares (about three weeks) and during this time the shares cannot be sold. There is currently no active trading market for equity-linked warrants. Certain issuers of such warrants may be deemed to be "investment companies" as defined in the 1940 Act. As a result, the Fund's investment in such warrants may be limited by certain investment restrictions contained in the 1940 Act.

**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 the Fund invests will cause the NAV of the Fund to fluctuate. The Fund purchases and sells 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. The 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 the 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 Fund that invests 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.

*Initial Public Offerings ("IPOs").* The Fund may purchase securities of companies that are offered pursuant to an IPO. An IPO is a company's first offering of stock to the public in the primary market, typically to raise additional capital. Like all equity securities, IPO securities are subject to market risk and liquidity risk, but those risks may be heightened for IPO securities. The market value of IPO securities may fluctuate considerably due to factors such as the absence of a prior public market for the security, unseasoned trading of the security, the small number of shares available for trading, limited information about the issuer, and aberrational trading activity and market interest surrounding the IPO. There is also the possibility of losses resulting from the difference between the issue price and potential diminished value of the security once it is traded in the secondary market. In addition, the purchase of IPO securities may involve high transaction costs. The Fund's investment in IPO securities may have a significant positive or negative impact on the Fund's performance and may result in significant capital gains.

**EUROBONDS**—A Eurobond is a fixed income security denominated in U.S. dollars or another currency and sold to investors outside of the country whose currency is used. Eurobonds may be issued by government or corporate issuers and are typically underwritten by banks and brokerage firms from numerous countries. Although Eurobonds typically pay principal and interest in Eurodollars or U.S. dollars held in banks outside of the United States, they may pay principal and interest in other currencies.

------

**EXCHANGE-TRADED PRODUCTS**—The Fund may directly purchase shares of or interests in ETPs (including ETFs, ETNs and exchange-traded commodity pools). The Fund will only invest in ETPs to the extent consistent with its investment objectives, policies, strategies and limitations.

The risks of owning interests of ETPs generally reflect the risks of owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (*i.e.*, the market value may differ from the NAV of an ETP's shares). For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be emphasized in less liquid markets. The value of an ETN may also differ from the valuation of its reference market or instrument due to changes in the issuer's credit rating. By investing in an ETP, the Fund indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Fund and its shareholders directly bear in connection with the Fund's operations. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked instruments, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities.

*ETFs.* ETFs are investment companies that are registered under the 1940 Act as open-end funds or unit investment trusts. ETFs are actively traded on national securities exchanges and are generally based on specific domestic and foreign market indexes. An "index-based ETF" seeks to track the performance of an index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. Because ETFs are based on an underlying basket of stocks or an index, they are subject to the same market fluctuations as these types of securities in volatile market swings.

*ETNs.* ETNs are generally senior, unsecured, unsubordinated debt securities issued by a sponsor. ETNs are designed to provide investors with a different way to gain exposure to the returns of market benchmarks, particularly those in the natural resource and commodity markets. An ETN's returns are based on the performance of a market index minus fees and expenses. ETNs are not equity investments or investment companies, but they do share some characteristics with those investment vehicles. As with equities, ETNs can be shorted, and as with ETFs and index funds, ETNs are designed to track the total return performance of a benchmark index. Like ETFs, ETNs are traded on an exchange and can be bought and sold on the listed exchange. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the market index to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do not make periodic interest payments, and principal is not protected. The market value of an ETN is determined by supply and demand, the current performance of the market index to which the ETN is linked and the credit rating of the ETN issuer.

The market value of ETN shares may differ from their NAV. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the securities/commodities/instruments underlying the index that the ETN seeks to track. The value of an ETN may also change due to a change in the issuer's credit rating. As a result, there may be times when an ETN share trades at a premium or discount to its NAV.

Certain ETNs may not produce qualifying income for purposes of the Qualifying Income Test (as defined below in the section titled "Taxes"), which must be met in order for the Fund to maintain its status as a RIC under the Code. The Fund intends to monitor such investments to ensure that any non-qualifying income does not exceed permissible limits, but the Fund may not be able to accurately predict the non-qualifying income from these investments (see more information in the "Taxes" section of this SAI).

*Exchange-Traded Commodity Pools.* Exchange-traded commodity pools are similar to ETFs in some ways, but are not structured as registered investment companies. Shares of exchange-traded commodity pools trade on an exchange and are registered under the 1933 Act. Unlike mutual funds, exchange-traded commodity pools generally will not distribute dividends to shareholders. There is a risk that the changes in the price of an exchange-traded commodity pool's shares on the exchange will not closely track the changes in the price of the underlying commodity or index that the pool is designed to track. This could happen if the price of shares does not correlate

------

closely with the pool's NAV, the changes in the pool's NAV do not correlate closely with the changes in the price of the pool's benchmark, or the changes in the benchmark do not correlate closely with the changes in the cash or spot price of the commodity that the benchmark is designed to track. Exchange-traded commodity pools are often used as a means of investing indirectly in a particular commodity or group of commodities, and there are risks involved in such investments. Commodity prices are inherently volatile, and the market value of a commodity may be influenced by many unpredictable factors which interrelate in complex ways, such that the effect of one factor may offset or enhance the effect of another. Supply and demand for certain commodities tends to be particularly concentrated. Commodity markets are subject to temporary distortions or other disruptions due to various factors, including periodic illiquidity in the markets for certain positions, the participation of speculators, and government regulation and intervention. In addition, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in some futures contract prices that may occur during a single business day. These and other risks and hazards that are inherent in a commodity or group of commodities may cause the price of that commodity or group of commodities to fluctuate widely, which will, in turn, affect the price of the exchange-traded commodity pool that invests in that commodity or group of commodities. The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United States. There is a possibility of future regulatory changes within the United States altering, perhaps to a material extent, the nature of an investment in exchange-traded commodity pools or the ability of an exchange-traded commodity pool to continue to implement its investment strategy. In addition, various national governments outside of the United States have expressed concern regarding the disruptive effects of speculative trading in the commodities markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change on exchange-traded commodity pools is impossible to predict, but could be substantial and adverse.

Exchange-traded commodity pools generally do not produce qualifying income for purposes of the Qualifying Income Test (as defined below in the section titled "Taxes"), which must be met in order for the Fund to maintain its status as a RIC under the Code. The Fund intends to monitor such investments to ensure that any non-qualifying income does not exceed permissible limits, but the Fund may not be able to accurately predict the non-qualifying income from these investments (see more information in the "Taxes" section of this SAI).

**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 the 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 the Fund's NAV.

Securities held by the 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 the 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 the Fund to sell these securities, or the Fund may only be able to sell the securities at prices lower than if such securities were highly liquid. Furthermore, the 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, the Fund may have to replace the security with a lower-yielding security, resulting in a decreased return for investors. If the 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.

------

The 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, the 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 the 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, the 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 the Fund's assets. If the 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 the 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.* The 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 the 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 the 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.

**FOREIGN SECURITIES AND EMERGING AND FRONTIER MARKETS**—Foreign securities are securities issued by non-U.S. issuers. Investments in foreign securities may subject the Fund to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic developments, possible imposition of withholding taxes on income, possible seizure, nationalization or expropriation of foreign deposits, possible establishment of exchange controls or taxation at the source or greater fluctuations in value due to changes in exchange rates. Foreign issuers of securities often engage in business practices that differ from those of domestic issuers of similar securities, and there may be less information publicly available about foreign issuers. In addition, foreign issuers are, generally, subject to less government supervision and regulation and different accounting treatment than those in the United States. Foreign branches of U.S. banks and foreign banks may be subject to less stringent reserve requirements than those applicable to domestic branches of U.S. banks.

The value of the Fund's investments denominated in foreign currencies will depend on the relative strengths of those currencies and the U.S. dollar, and the Fund may be affected favorably or unfavorably by changes in the exchange rates or exchange or currency control regulations between foreign currencies and the U.S. dollar. Changes in foreign currency exchange rates may also affect the value of dividends and interest earned, gains and losses realized on the sale of securities and net investment income and gains, if any, to be distributed to shareholders by the Fund. Such investments may also entail higher custodial fees and sales commissions than domestic investments.

The Fund's investments in emerging and frontier markets can be considered speculative and therefore may offer higher potential for gains and losses than investments in developed markets. With respect to an emerging market country, there may be a greater potential for nationalization, expropriation or confiscatory taxation, political changes, government regulation, social instability or diplomatic developments (including war), which could adversely affect the economies of such countries or investments in such countries. "Frontier

------

market countries" are a subset of emerging market countries with even smaller national economies, so these risks may be magnified further. The economies of emerging and frontier countries are generally heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange or currency controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.

The economies of frontier market countries tend to be less correlated to global economic cycles than the economies of more developed countries and their markets have lower trading volumes and may exhibit greater price volatility and illiquidity. A small number of large investments in these markets may affect these markets to a greater degree than more developed markets. Frontier market countries may also be affected by government activities to a greater degree than more developed countries. For example, the governments of frontier market countries may exercise substantial influence within the private sector or subject investments to government approval, and governments of other countries may impose or negotiate trade barriers, exchange controls, adjustments to relative currency values and other measures that adversely affect a frontier market country. Governments of other countries may also impose sanctions or embargoes on frontier market countries. Although all of these risks are generally heightened with respect to frontier market countries, they also apply to emerging market countries.

In addition to the risks of investing in debt securities of emerging and frontier markets, the Fund's investment in government or government-related securities of emerging and frontier market countries and restructured debt instruments in emerging and frontier markets are subject to special risks, including the inability or unwillingness to repay principal and interest, requests to reschedule or restructure outstanding debt and requests to extend additional loan amounts. The Fund may have limited recourse in the event of default on such debt instruments.

Growing tensions, including trade disputes, between the United States and other nations, or among foreign powers, and possible diplomatic, trade or other sanctions could adversely impact the global economy, financial markets and the Fund. The strengthening or weakening of the U.S. dollar relative to other currencies may, among other things, adversely affect the Fund's investments denominated in non-U.S. dollar currencies. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have, and the duration of those effects.

<u>Investments in the United Kingdom</u>—On January 31, 2020, the UK officially withdrew from the EU (commonly known as "Brexit"). Following a transition period, the United Kingdom's post-Brexit trade agreement with the European union passed into law in December 2020, became effective on a provisional basis on January 1, 2021, and formally entered into force on May 1, 2021.

The impact of Brexit on the UK, the EU and global markets remains unclear and will depend largely upon the UK's ability to negotiate favorable terms with the EU with respect to trade and market access. Brexit may also impact each of these markets should it lead to the creation of divergent national laws and regulations that produce new legal regimes and unpredictable tax consequences. As a result of the uncertain consequences of Brexit, the economies of the UK and EU as well as the broader global economy could be significantly impacted, which may result in increased volatility and illiquidity, and potentially lower economic growth on markets in the UK, EU and globally that could potentially have an adverse effect on the value of the Fund's investments.

<u>Investments in China</u>—China is an emerging market, and as a result, investments in securities of companies organized and listed in China may be subject to liquidity constraints and significantly higher volatility, from time to time, than investments in securities of more developed markets. China may be subject to considerable government intervention and varying degrees of economic, political and social instability. These factors may result in, among other things, a greater risk of stock market, interest rate, and currency fluctuations, as well as inflation. While progress has been made in aligning audit oversight between China and the United States, including the PCAOB's recent inspections of certain Chinese companies, significant differences remain in accounting, auditing, and financial reporting standards. Therefore, foreign investors may face challenges in accessing reliable and transparent financial information, and disclosure of certain material information may not be made, may be less available, or may be less reliable. It may also be difficult or impossible for the Fund to

------

obtain or enforce a judgment in a Chinese court. In addition, periodically there may be restrictions on investments in Chinese companies. For example, Executive Orders have been issued prohibiting U.S. persons from purchasing or investing in publicly-traded securities of certain companies identified by the U.S. Government because of their ties to the Chinese military or China's surveillance technology sector. These restrictions have also applied to instruments that are derivative of, or are designed to provide investment exposure to, those companies. The list of affected securities is subject to change and has expanded over time. As a result, these restrictions may reduce the liquidity of designated securities, impact their market prices, and potentially create broader market effects for other Chinese-based issuers. As a result of an increase in the number of investors looking to sell such securities, or because of an inability to participate in an investment that the Adviser or a Sub-Adviser otherwise believes is attractive, the Fund may incur losses. Certain investments that are or become designated as prohibited investments may have less liquidity as a result of such designation and the market price of such prohibited investments may decline, potentially causing losses to the Fund. In addition, the market for securities and other investments of other Chinese-based issuers may also be negatively impacted, resulting in reduced liquidity and price declines.

Investments in the China A-Shares. The Fund may invest in equity securities of certain Chinese companies or ETFs in the People's Republic of China ("PRC") (such securities, collectively referred to as "PRC A-shares") through the Shanghai-Hong Kong Stock Connect program or Shenzhen-Hong Kong Stock Connect program (collectively, the "Stock Connect") subject to any applicable laws, rules and regulations. PRC A-shares traded through the Stock Connect are referred to as "Stock Connect Securities," which include those listed on the SSE market ("SSE Securities") and the SZSE market ("SZSE Securities"). The Stock Connect is a securities trading and clearing linked program developed by Hong Kong Exchanges and Clearing Limited ("HKEx"), the Hong Kong Securities Clearing Company Limited ("HKSCC"), Shanghai Stock Exchange ("SSE"), Shenzhen Stock Exchange ("SZSE") and China Securities Depository and Clearing Corporation Limited ("ChinaClear") with the aim of achieving mutual stock market access between PRC and Hong Kong. This program allows foreign investors to trade eligible SSE-listed or SZSE-listed PRC A-Shares through their Hong Kong based brokers. All Hong Kong and overseas investors in the Stock Connect will trade and settle SSE or SZSE Securities in the offshore Renminbi ("CNH") only. The Fund will be exposed to any fluctuation in the exchange rate between the U.S. Dollar and CNH in respect of such investments.

By seeking to invest in the domestic securities markets of the PRC via the Stock Connect the Fund is subject to the following additional risks:

*General Risks.* The relevant regulations governing the Stock Connect program have become more established through years of implementation. However, they remain subject to change and may have potential retrospective effect. Regulatory or policy adjustments could adversely affect the Fund's investment in PRC A-Shares. The program requires the use of new information technology systems which may be subject to operational risk due to the program's cross-border nature. Additionally, increasing cybersecurity risks, including potential cyberattacks on cross-border trading systems, could adversely impact the program's operations and the Fund's ability to trade PRC A-Shares.

Stock Connect will only operate on days when both the PRC and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when it is a normal trading day for the PRC market but the Stock Connect is not trading. As a result, the Fund may be subject to the risk of price fluctuations in PRC A-Shares when the Fund cannot carry out any PRC A-Shares trading.

Each of the Hong Kong Stock Exchange ("SEHK"), SSE and SZSE reserves the right to suspend trading if necessary for ensuring an orderly and fair market and that risks are managed prudently. In case of a suspension, the Fund's ability to access the PRC market will be adversely affected.

PRC regulations impose restrictions on selling and buying certain Stock Connect Securities from time to time. In the event that a Stock Connect security is recalled from the scope of eligible securities for trading via Stock Connect, the ability of the Fund to invest in Stock Connect Securities will be adversely affected.

------

*Clearing and Settlement Risk.* HKSCC and ChinaClear have established the clearing links and each will become a participant of each other to facilitate clearing and settlement of cross-boundary trades. For cross-boundary trades initiated in a market, the clearing house of that market will on one hand clear and settle with its own clearing participants and on the other hand undertake to fulfill the clearing and settlement obligations of its clearing participants with the counterparty clearing house.

In the event ChinaClear defaults, HKSCC's liabilities under its market contracts with clearing participants may be limited to assisting clearing participants with claims. It is anticipated that HKSCC will act in good faith to seek recovery of the outstanding stocks and monies from ChinaClear through available legal channels or the liquidation of ChinaClear. However, there is no guarantee that full recovery will be achieved, and investors may suffer losses as a result. As ChinaClear does not contribute to the HKSCC guarantee fund, HKSCC will not use the HKSCC guarantee fund to cover any residual loss as a result of closing out any of ChinaClear's positions. HKSCC will in turn distribute the Stock Connect Securities and/or monies recovered to clearing participants on a pro-rata basis. The relevant broker through whom the Fund trades shall in turn distribute Stock Connect Securities and/or monies to the extent recovered directly or indirectly from HKSCC. As such, the Fund may not fully recover their losses or their Stock Connect Securities and/or the process of recovery could be delayed.

*Legal/Beneficial Ownership.* The Stock Connect Securities purchased by the Fund will be held by the relevant sub-custodian in accounts in the Hong Kong Central Clearing and Settlement System ("CCASS") maintained by the HKSCC, as central securities depositary in Hong Kong. The HKSCC will be the "nominee holder" of the Fund's Stock Connect Securities traded through Stock Connect. The Stock Connect regulations as promulgated by the China Securities Regulatory Commission ("CSRC") expressly provide that HKSCC acts as nominee holder and that the Hong Kong and overseas investors (such as the Fund) enjoy the rights and interests with respect to the Stock Connect Securities acquired through Stock Connect in accordance with applicable laws. The precise nature and rights of the Fund as the beneficial owner of the SSE Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights and interests of the Fund under the PRC laws is also uncertain. Therefore, although the Fund's ownership may be ultimately recognised, it may suffer difficulties or delays in enforcing its rights over its Stock Connect Securities.

To the extent that HKSCC is deemed to be performing safekeeping functions with respect to assets held through it, it should be noted that the Fund and its custodian will have no legal relationship with HKSCC and no direct legal recourse against HKSCC in the event that the Fund suffers losses resulting from the performance or insolvency of HKSCC. In the event that the Fund suffers losses due to the negligence, or willful default, or insolvency of HKSCC, the Fund may not be able to institute legal proceedings, file any proof of claim in any insolvency proceeding or take any similar action. In the unlikely event that HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE Securities may not be regarded as held for the beneficial ownership of the Fund or as part of the general assets of HKSCC available for general distribution to its creditors. Consequently, the value of the Fund's investment in PRC A-Shares and the amount of its income and gains could be adversely affected.

Participation in corporate actions and shareholder meetings. Hong Kong and overseas investors (including the Fund) are holding Stock Connect Securities traded via the Stock Connect through their brokers or custodians, and they need to comply with the arrangement and deadline specified by their respective brokers or custodians (*i.e.* CCASS participants). The time for them to take actions for some types of corporate actions of Stock Connect Securities may be as short as one business day only. Therefore, the Fund may not be able to participate in some corporate actions in a timely manner. According to existing mainland practice, multiple proxies are not available. Therefore, the Fund may not be able to appoint proxies to attend or participate in shareholders' meetings in respect of the Stock Connect Securities.

*Operational Risk.* The HKSCC provides clearing, settlement, nominee functions and other related services in respect of trades executed by Hong Kong market participants. PRC regulations impose certain restrictions on the buying and selling of A-Shares, including pre-trade checking requirements. For investors not using SPSA

------

(Special Segregated Account) or Master SPSA accounts (Master Special Segregated Account), pre-delivery of shares to the broker may be required, which could increase counterparty risk. Consequently, the Fund may face delays or operational challenges in purchasing or disposing of PRC A-Shares in a timely manner.

*Quota Limitations.* The Stock Connect program is subject to daily quota limitations which require that buy orders for A-shares be rejected once the daily quota is exceeded. These limitations may restrict the Fund from investing in A-shares on a timely basis, which could affect the Fund's ability to effectively pursue its investment strategy. Investment quotas are also subject to change.

*Investor Compensation.* The Fund will not benefit from the China Securities Investor Protection Fund in mainland China. The China Securities Investor Protection Fund is established to pay compensation to investors in the event that a securities company in mainland China is subject to compulsory regulatory measures (such as dissolution, closure, bankruptcy, and administrative takeover by the China Securities Regulatory Commission). Because the Fund is carrying out trading of PRC A-Shares through securities brokers in Hong Kong, but not mainland China brokers, it is not protected by the China Securities Investor Protection Fund.

That said, if the Fund suffers losses due to default matters of its securities brokers in Hong Kong in relation to the investment of PRC A-Shares through the Stock Connect program, it would be compensated by Hong Kong's Investor Compensation Fund.

<u>Investments in the China Interbank Bond Market</u>—The Fund may invest in the China Interbank Bond Market (the "CIBM") through the Bond Connect program (the "Bond Connect") subject to any applicable regulatory limits. Bond Connect is a bond trading and settlement linked program developed by the People's Bank of China ("PBOC"), the Hong Kong Monetary Authority ("HKMA"), China Foreign Exchange Trade System & National Interbank Funding Centre ("CFETS"), China Central Depository & Clearing Co., Ltd. ("CCDC"), Shanghai Clearing House ("SHCH"), HKEx and Central Moneymarkets Unit ("CMU"), with the aim of achieving mutual bond market access between the PRC and Hong Kong. Currently, this program allows eligible Hong Kong and overseas investors to invest in the bonds traded in the CIBM through the northbound trading link of Bond Connect (known as "Northbound Trade Link") without any investment quota. Additionally, since September 24, 2021, a southbound trading link (known as "Southbound Trade Link") has been available, allowing mainland Chinese investors to invest in bonds traded in the Hong Kong bond market.

Starting July 3, 2017, eligible Hong Kong and overseas investors may use their own sources of Renminbi in the PRC offshore market CNH or convert foreign currencies into the Renminbi to invest in CIBM bonds under Bond Connect. The Fund will be exposed to any fluctuation in the exchange rate between the U.S. Dollar and Renminbi in respect of such investments.

By seeking to invest in the CIBM via Bond Connect, the Fund is subject to the following additional risks:

*General Risk.* Although there is no quota limitation regarding investment via the Bond Connect, the Fund is required to update its filings with the PBOC if there is any material change to the previously filed information, such as a significant adjustment to the anticipated investment size. Filing updates are part of regulatory compliance and are typically procedural in nature; however, there is no guarantee that the PBOC will accept such updates. If the filings for material changes are not accepted, the Fund's ability to invest in the CIBM may be temporarily affected, which could negatively impact the Fund's performance. The PBOC exercises ongoing supervision of the onshore settlement agent and the Fund's trading activities under the CIBM rules. In the event of non-compliance with the CIBM rules or Bond Connect regulations, the PBOC may take administrative actions, such as the suspension of trading or mandatory exit, against the Fund.

*Market Risk.* The Fund investing in the CIBM is subject to liquidity and volatility risks. Market volatility and potential lack of liquidity due to possible low trading volume of certain bonds in the CIBM may result in prices of certain bonds traded in the CIBM fluctuating significantly. The bid and offer spreads of the prices of such bonds may be large, and the Fund may therefore incur significant trading and realization costs and may even suffer losses when selling such investments.

To the extent that the Fund transacts in the CIBM, the Fund may also be exposed to risks associated with settlement procedures and default of counterparties. The counterparty which has entered into a transaction

------

with the Fund may default in its obligation to settle the transaction by failing to deliver relevant securities or to make payment.

*Third Party Agent Risk.* Under the Northbound Trading Link, CFETS or other institutions recognized by PBOC (as the registration agents) shall apply for registration with PBOC for the eligible Hong Kong and overseas investors. In addition, CMU (as the offshore custody agent recognized by the HKMA) shall open a nominee account with CCDC/SHCH (as the onshore custody agent) as nominee holder of the CIBM bonds purchased by Hong Kong and overseas investors through Bond Connect.

As the relevant filings, registration with PBOC, and account opening have to be carried out by an onshore settlement agent, offshore custody agent, registration agent or other third parties (as the case may be), the Fund is subject to the risks of default or errors on the part of such third parties.

*Operational Risk.* Bond Connect provides a relatively new channel for investors from Hong Kong and overseas to access the CIBM directly. It is premised on the functioning of the operational systems of the relevant market participants. Market participants are able to participate in this program subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant authorities.

The "connectivity" in Bond Connect requires routing of orders across the border. This requires the development of new information technology systems. There is no assurance that the systems of market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in the CIBM through Bond Connect could be disrupted. The Fund's ability to access the CIBM (and hence to pursue its investment strategy) will be adversely affected.

*Regulatory Risk.* The PBOC Bond Connect rules are departmental regulations having legal effect in the PRC. However, the application of such rules is untested, and there is no assurance that PRC courts will recognize such rules.

Bond Connect is novel in nature and is subject to regulations promulgated by regulatory authorities and implementation rules made by the relevant authorities in the PRC and Hong Kong. Further, new regulations may be promulgated from time to time by the regulators in connection with operations and cross-border legal enforcement in connection with cross-border trades under Bond Connect.

The regulations are untested so far and there is no certainty as to how they will be applied. Moreover, the current regulations are subject to change which may have potential retrospective effect. In the event that the relevant PRC authorities suspend account opening or trading under the Bond Connect, the ability of the Fund to invest in the CIBM and the ability of the Fund to achieve its investment objective will be adversely affected. In addition, there can be no assurance that Bond Connect will not be abolished. The Fund which may invest in the CIBM through Bond Connect may be adversely affected as a result of such changes.

*Legal/Beneficial Ownership Risk.* CIBM bonds will be held by CMU as a nominee holder of the bonds purchased by foreign investors through Bond Connect. The PBOC has made it clear that the ultimate investors are the beneficial owners of the relevant bonds and shall exercise their rights against the bond issuer through CMU as the nominee holder. The PBOC also made various references to Stock Connect and indicated the position is essentially the same. Please refer to the Investments in the China A-Shares section for more information. The precise nature and rights of the Fund as the beneficial owner of the bonds traded in the China Interbank Bond Market through CMU as nominee is not well-defined under PRC law. There is a lack of a clear definition of, and distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights and interests of the Fund under PRC law are also uncertain.

<u>Tax within the PRC.</u> Uncertainties in the PRC tax rules governing taxation of income and gains from investments in PRC securities could result in unexpected tax liabilities for the Fund. The Fund's investments in securities, including A-Shares and CIBM bonds, issued by PRC companies may cause the Fund to become subject to withholding and other taxes imposed by the PRC.

------

If the Fund were considered to be a tax resident enterprise of the PRC, it would be subject to PRC corporate income tax at the rate of 25% on its worldwide taxable income. If the Fund were considered to be a non-tax resident enterprise with a "permanent establishment" in the PRC, it would be subject to PRC corporate income tax on the profits attributable to the permanent establishment. SIMC and the Fund's Sub-Adviser intend to operate the Fund in a manner that will prevent them from being treated as tax resident enterprises of the PRC and from having a permanent establishment in the PRC. It is possible, however, that the PRC could disagree with that conclusion, or that changes in PRC tax law could affect the PRC corporate income tax status of the Fund.

Unless reduced or exempted by the applicable tax treaties, the PRC generally imposes withholding income tax at the rate of 10% on dividends, premiums, interest and capital gains originating in the PRC and paid to a company that is not a resident of the PRC for tax purposes and that has no permanent establishment in China.

SIMC, the Fund's Sub-Adviser or the Fund may also potentially be subject to PRC value added tax at the rate of 6% on capital gains derived from trading of A-Shares, CIBM bonds and interest income (if any). Existing guidance provides a temporary value added tax exemption for Hong Kong and overseas investors in respect of their gains derived from the trading of Chinese securities through Stock Connect. In addition, urban maintenance and construction tax (currently at rates ranging from 1% to 7%), educational surcharge (currently at the rate of 3%) and local educational surcharge (currently at the rate of 2%) (collectively, the "surtaxes") are imposed based on value added tax liabilities, so if SIMC, the Fund's Sub-Adviser or the Fund were liable for value added tax it would also be required to pay the applicable surtaxes.

*Taxation of A-Shares.* The Ministry of Finance of the PRC, the State Administration of Taxation of the PRC and the CSRC (collectively, the "PRC Authorities") issued the "Notice on the Pilot Program of Shanghai-Hong Kong Stock Connect" Caishui [2014] No.81 ("Notice 81") on October 31, 2014, which states that the capital gain from disposal of A-Shares by foreign investors enterprises via the Shanghai-Hong Kong Stock Connect program will be temporarily exempt from withholding income tax. Notice 81 also states that the dividends derived from A-Shares by foreign investors enterprises are subject to 10% withholding income tax, unless a lower rate is applicable under a relevant tax treaty.

The PRC Authorities issued the "Notice on the Pilot Program of Shenzhen-Hong Kong Stock Connect" Caishui [2016] No.127 ("Notice 127") on November 5, 2016, which states that the capital gain from disposal of A-Shares by foreign investors enterprises via the Shenzhen-Hong Kong Stock Connect program will be temporarily exempt from withholding income tax. Notice 127 also states that the dividends derived from A-Shares by foreign investors enterprises are subject to 10% withholding income tax, unless a lower rate is applicable under a relevant tax treaty.

Because there is no indication of how long the temporary exemption will remain in effect, the Fund may be subject to such withholding tax in the future. If in the future China begins applying tax rules regarding the taxation of income from A-Shares investment through the Stock Connect, and/or begins collecting capital gains taxes on such investments, the Fund could be subject to withholding tax liability if the Fund determines that such liability cannot be reduced or eliminated by applicable tax treaties. The negative impact of any such tax liability on the Fund's return could be substantial.

SIMC or the Fund's Sub-Adviser or the Fund may also potentially be subject to PRC value added tax at the rate of 6% on capital gains derived from trading of A-Shares and interest income (if any). Existing guidance provides a temporary value added tax exemption for Hong Kong and overseas investors in respect of their gains derived from the trading of Chinese securities through Stock Connect. Because there is no indication how long the temporary exemption will remain in effect, the Fund may be subject to such value added tax in the future. In addition, surtaxes are imposed based on value added tax liabilities, so if SIMC or the Fund's Sub-Adviser or the Fund were liable for value added tax it would also be required to pay the applicable surtaxes.

Stamp duty under the PRC laws generally applies to the execution and receipt of taxable documents, which includes contracts for the sale of China A-Shares traded on stock exchanges in China. In the case of such contracts, the stamp duty is currently imposed on the seller but not on the purchaser, at the rate of 0.05%. The sale or other transfer by the adviser of China A-Shares will accordingly be subject to PRC stamp duty, but the

------

Fund will not be subject to PRC stamp duty when it acquires China A-Shares. The Fund will not be required to pay stamp duty arising from the transactions of SSE-listed and SZSE-listed ETFs for Northbound Trading Link under the Stock Connect. The PRC rules for taxation of Stock Connect are evolving, and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance to clarify the subject matter may apply retrospectively, even if such rules are adverse to the Fund and its shareholders.

*Taxation of CIBM Bonds.* The Ministry of Finance of the PRC and the State Administration of Taxation of the PRC issued Caishui No. 108 on November 7, 2018 ("Notice 108"), which states that foreign institutional investors will be temporarily exempt from the withholding income tax and value added tax on their bond interest income derived from CIBM bond interest. The temporary exemption of withholding tax and value added tax remained in effect until November 6, 2021. According to the Announcement on Continuation of Corporate Income Tax and Value-added Tax Policies for Overseas Institutions Investing in the Domestic Bond Market (Announcement [2021] No. 34), which was jointly made by the Ministry of Finance of the PRC and the State Taxation Administration of the PRC on November 22, 2021, the temporary exemption under Notice 108 will continue during the period from November 7, 2021 to December 31, 2025. However, this temporary measure has now expired, as no new regulation has been issued to further extend the exemption as of the date of this SAI.

In addition, surtaxes are imposed based on value added tax liabilities, so if SIMC or the Fund's Sub-Adviser or the Fund were liable for value added tax it would also be required to pay the applicable surtaxes.

The above information is only a general summary of the potential Chinese tax consequences that may be imposed on the Fund and their shareholders either directly or indirectly and should not be taken as a definitive, authoritative or comprehensive statement of the relevant matter. Shareholders should seek their own tax advice on their tax position with regard to their investment in the Fund.

The Chinese government has implemented a number of tax reform policies in recent years. The current tax laws and regulations may be revised or amended in the future. Any revision or amendment in tax laws and regulations may affect the after-taxation profit of Chinese companies and foreign investors in such companies, such as the Fund.

*Political Tension Risk.* Recently there have been heightened tensions in international economic relations and rising political tensions. Notably, political tensions between the United States and China have escalated due to a series of trade, international treaty, tax, and sanctions actions taken by United States against China, among other things, imposition of tariffs on a substantial quantity of Chinese imports; the imposition of sanctions on an expanded number of Chinese companies for their support of China's military industrial complex or alleged human rights violations; enhanced reviews by Committee on Foreign Investment in the United States of foreign direct investments in the United States by Chinese companies; the detention by US Customs and Border Protection of products made in Xinjiang involving alleged human rights violations; and the enhancement of extensive export controls on the semiconductor industry, as well as countersanctions or countermeasures from the PRC government that have been triggered or expected to be triggered. Rising political tensions could reduce levels of trade, investments and other economic activities between the two major economies, and any escalation thereof may have a negative impact on the general, economic, political, and social conditions in China and, in turn, adversely impact the Fund's portfolio securities.

<u>Investments in Variable Interest Entities ("VIEs")</u>—In seeking exposure to Chinese companies, the Fund may invest in VIE structures. Investments in companies that utilize VIE structures involve significant legal, regulatory, and operational risks that are distinct from, and may be greater than, the risks associated with direct equity ownership in the operating company.

*Mechanism of VIEs.* VIE structures can vary, but generally consist of a U.S.-listed company with contractual arrangements, through one or more wholly-owned special purpose vehicles, with a Chinese company that ultimately provides the U.S.-listed company with contractual rights to exercise control over and obtain economic benefits from the Chinese company. Although the U.S.-listed company in a VIE structure has no equity ownership in the underlying Chinese company, the VIE contractual arrangements permit the VIE structure to consolidate its financial statements with those of the underlying Chinese company. Investors in the listed entity's securities do not hold equity interests in the China-based operating company; they hold interests in an offshore entity whose value is derived from contractual rights.

------

The VIE structure enables foreign investors, such as the Fund, to obtain investment exposure similar to that of an equity owner in a Chinese company in situations in which the Chinese government has restricted the non-Chinese ownership of such company. As a result, an investment in a VIE structure subjects the Fund to the risks associated with the underlying Chinese company. In its efforts to monitor, regulate and/or control foreign investment and participation in the ownership and operation of Chinese companies, including in particular those within the technology, telecommunications and education industries, the Chinese government may intervene or seek to control the operations, structure, or ownership of Chinese companies, including VIEs, to the disadvantage of foreign investors, such as the Fund.

The emergence and proliferation of these U.S.-listed companies in recent years implicate a range of investor protection issues, including concerns over the extent of intervention or control by the PRC government over the Chinese operating, the enforceability of contractual arrangements, limitations on shareholder rights, the reliability of VIEs' financial reporting, and the quality of their disclosures. VIE is one of several objectives for the SEC's Office of the Investor Advocate (OIAD) in fiscal 2026.

*Risks Associated with Investments in VIEs.* The contractual arrangements in the VIE structure may not be as effective as direct ownership and are subject to substantial uncertainty and risk of unenforceability.

<u>PRC Government Intervention.</u> PRC regulators could determine that the VIE structure, the underlying contracts, or related control arrangements violate applicable law or public policy, or could otherwise prohibit, modify, or require unwinding of such structures. Intervention by the Chinese government with respect to VIE structures may adversely affect both the operations of the underlying Chinese company and the enforceability of the contractual arrangements. If these risks materialize simultaneously, the Fund could face severe losses with no legal recourse.

<u>Change of Chinese Law.</u> Authorities in the PRC have broad discretion to interpret and enforce laws and regulations, which may change without notice. In particular, changes in PRC foreign investment, cybersecurity, data, national security, industry access, or listing rules, or actions by securities regulators, exchanges, or other governmental bodies in any relevant jurisdiction, could materially impair the viability of VIE structures.

<u>Enforceability of Contractual Arrangements.</u> The Fund's investment in a VIE structure is also subject to risks related to the enforceability of contractual arrangements. For example, the underlying Chinese company (or its officers, directors, or Chinese equity owners) may breach these arrangements, or changes in Chinese law may render them unenforceable. Courts in the PRC may decline to enforce some or all of the relevant contracts, or counterparties may fail or refuse to perform. If such risks materialize, the Fund may suffer significant losses on its VIE investments with little or no recourse available.

If any of the foregoing occurs, investors of VIEs could experience severe adverse outcomes, including but not limited to: loss of economic exposure to the underlying operating company; significant declines in the market value or liquidity of the listed securities; inability to repatriate cash flows; subordination to onshore creditors; or forced restructuring on unfavorable terms. If these risks materialize simultaneously, the Fund could face severe losses with no legal recourse. In an extreme scenario, if the VIE structure is disallowed, invalidated, or otherwise rendered inoperative, the securities issued by the offshore listed entity could become worthless, and investors could lose their entire investment.

VIE-related risks may also interact with other risks, such as those outlined below, and may be difficult to anticipate, quantify, or mitigate.

<u>Limitations on Shareholder Rights:</u> Shareholder rights in a VIE structure are significantly limited because foreign investors do not directly own the operating company. Instead, they hold shares in an offshore shell company, relying on complex contracts that provide economic benefits but often lack real voting control. This makes rights subject to PRC law risks, potential conflicts of interest, and a lack of direct corporate governance, meaning investors lack typical equity protections and have few avenues to enforce decisions against onshore operating team.

<u>Reliability of Financial Reporting:</u> Financial reporting for VIEs is inherently complex due to opaque structures, relying heavily on subjective judgments, such as primary beneficiary evaluation, limited transparency, and potential conflicts between China's control and investor rights. Investors must scrutinize VIE disclosures, auditor reports, and legal risks, as standard GAAP/IFRS cannot fully capture off-balance sheet realities, demanding deep diligence beyond typical financial analysis.

------

<u>Quality of Disclosure:</u> The risk to disclosure quality under a VIE structure arises from inherent opacity and conflicts between the offshore listed entity and the onshore operating company. This can lead to potential misrepresentation of true financial health, control, and legal standing, especially concerning Chinese regulations, increasing information asymmetry and making it difficult for investors to gauge real value.

The Fund may have exposure to securities of companies that utilize VIE structures. The Fund's exposure may be concentrated in particular sectors where VIE structures are prevalent, which may amplify these risks.

To address the risks associated with investments in securities of companies employing VIE structures, the Fund and the Adviser may maintain policies and procedures reasonably designed to identify and assess which investments are subject to VIE-related risks, determine overall exposure to such risks and ensure that external materials reflect those risks. However, investors should carefully consider these risks before investing. The Fund and the Adviser may not be able to eliminate or fully mitigate VIE-related risks. There can be no assurance that the Fund's policies and procedures will be effective in preventing losses arising from VIE structures, and adverse developments could result in substantial or total loss of the value of the Fund's affected holdings.

<u>Investments in Russia</u>—Russia launched a large-scale invasion of Ukraine on February 24, 2022, significantly amplifying already existing geopolitical tensions. Russia's actions and the resulting responses by the United States and other countries could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia's invasion of Ukraine and may impose sanctions on other countries that provide military or economic support to Russia. The extent and duration of Russia's military actions or future escalation of such hostilities, and the extent and impact of the resulting sanctions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions, including cyber-attacks) are impossible to predict, but could result in significant market disruptions, including in certain industries or sectors, such as the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could have a significant impact on the Fund's performance and the value of the Fund's investments, even though the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.

<u>Investments in the Middle East</u>—Armed conflict between Israel and Hamas and other militant groups in the Middle East and related events could cause significant market disruptions and volatility. This conflict could disrupt regional trade and supply chains, potentially affecting U.S. businesses with exposure to the region. Additionally, the Middle East plays a pivotal role in the global energy sector, and prolonged instability could impact oil prices, leading to increased costs for businesses and consumers. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to affected issuers.

**FORWARD FOREIGN CURRENCY CONTRACTS**—A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date or range of future dates (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are generally traded in the interbank market conducted directly between currency traders (usually large, commercial banks) and their customers. A forward foreign currency contract generally has no deposit requirement, and no commissions are charged at any stage for trades.

Forward contracts generally may not be liquidated prior to the stated maturity date, although the parties to a contract may agree to enter into a second offsetting transaction with the same maturity, thereby fixing each party's profit or loss on the two transactions. Nevertheless, each position must still be maintained to maturity unless the parties separately agree on an earlier settlement date. As a result, a party to a forward contract must be prepared to perform its obligations under each such contract in full. Parties to a forward contract may also separately agree to extend the contract by "rolling" it over prior to the originally scheduled settlement date. The Fund may use forward contracts for cash equitization purposes, which allows the Fund to invest consistent with its investment strategy while managing daily cash flows, including significant client inflows and outflows.

The Fund may use currency instruments as part of a hedging strategy, as described below.

------

*Transaction Hedging.* Transaction hedging is entering into a currency transaction with respect to specific assets or liabilities of the Fund, which will generally arise in connection with the purchase or sale of its portfolio securities or the receipt of income therefrom. The Fund may enter into transaction hedging out of a desire to preserve the U.S. dollar price of a security when it enters into a contract for the purchase or sale of a security denominated in a foreign currency. The Fund may be able to protect itself against possible losses resulting from changes in the relationship between the U.S. dollar and foreign currencies during the period between the date the security is purchased or sold and the date on which payment is made or received by entering into a forward contract for the purchase or sale, for a fixed amount of U.S. dollars, of the amount of the foreign currency involved in the underlying security transactions.

*Position Hedging*. The Fund may sell a non-U.S. currency and purchase U.S. currency to reduce exposure to the non-U.S. currency (called "position hedging"). The Fund may use position hedging when SIMC or a Sub-Adviser reasonably believes that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar. The Fund may enter into a forward foreign currency contract to sell, for a fixed amount of U.S. dollars, the amount of foreign currency approximating the value of some or all of its portfolio securities denominated in such foreign currency. The forward foreign currency contract amount and the value of the portfolio securities involved may not have a perfect correlation because the future value of the securities hedged will change as a consequence of the market between the date the forward contract is entered into and the date it matures.

*Cross Hedges*. The Fund may also cross-hedge currencies by entering into transactions to purchase or sell one or more currencies that are expected to decline in value relative to other currencies to which the Fund has, or in which the Fund expects to have, portfolio exposure.

*Proxy Hedges*. Proxy hedging is often used when the currency to which the Fund's portfolio is exposed is difficult to hedge or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies in which some or all of the Fund's portfolio securities are, or are expected to be denominated, and to buy U.S. dollars. The amount of the contract would not exceed the value of the Fund's securities denominated in linked currencies.

In addition to the hedging transactions described above, the Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase their exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another.

Unless consistent with and permitted by its stated investment policies, the Fund will not enter into a transaction to hedge currency exposure to an extent greater, after netting all transactions intended wholly or partially to offset other transactions, than the aggregate market value (at the time of entering into the transaction) of the securities held in its portfolio that are denominated or generally quoted in or currently convertible into such currency, other than with respect to proxy hedging, described above. If consistent with and permitted by its stated investment policies, the Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may engage in currency transactions for hedging purposes as well as to enhance the Fund's returns.

A non-deliverable forward transaction is a transaction that represents an agreement between the Fund and a counterparty (usually a commercial bank) to buy or sell a specified (notional) amount of a particular currency at an agreed-upon foreign exchange rate on an agreed upon future date. The non-deliverable forward transaction position is closed using a fixing rate, as defined by the central bank in the country of the currency being traded, that is generally publicly stated within one or two days prior to the settlement date. Unlike other currency transactions, there is no physical delivery of the currency on the settlement of a non-deliverable forward transaction. Rather, the Fund and the counterparty agree to net the settlement by making a payment in U.S. dollars or another fully convertible currency that represents any differential between the foreign exchange rate agreed upon at the inception of the non-deliverable forward agreement and the actual exchange rate on the agreed-upon future date. Thus, the actual gain or loss of a given non-deliverable forward transaction is calculated by multiplying the transaction's notional amount by the difference between the agreed-upon forward exchange rate and the actual exchange rate when the transaction is completed. Although forward foreign currency transactions are exempt from the definition of "swap" under the Commodity Exchange Act, non-deliverable forward transactions are not, and, thus, are subject to the CFTC's regulatory framework applicable to swaps.

------

The ability to establish and close out positions on currency futures contracts is subject to the maintenance of a liquid market, which may not always be available. An option on a currency provides the purchaser, or "holder," with the right, but not the obligation, to purchase, in the case of a "call" option, or sell, in the case of a "put" option, a stated quantity of the underlying currency at a fixed exchange rate up to a stated expiration date (or, in the case of certain options, on such date). The holder generally pays a nonrefundable fee for the option, referred to as the "premium," but cannot lose more than this amount, plus related transaction costs. Thus, where the Fund is a holder of options contracts, such losses will be limited in absolute amount. In contrast to a forward contract, an option imposes a binding obligation only on the seller, or "writer." If the holder exercises the option, the writer is obligated to complete the transaction in the underlying currency. An option generally becomes worthless to the holder when it expires. In addition, in the context of an exchange-traded option, the writer is often required to deposit initial margin and may be required to increase the margin on deposit if the market moves against the writer's position. Options on currencies may be purchased in the OTC market between commercial entities dealing directly with each other as principals. In purchasing an OTC currency option, the holder is subject to the risk of default by the writer and, for this reason, purchasers of options on currencies may require writers to post collateral or other forms of performance assurance.

Buyers and sellers of currency futures contracts are subject to the same risks that apply to the use of futures contracts generally, which are described elsewhere in this SAI. Further, settlement of a currency futures contract for the purchase of most currencies must occur at a bank based in the issuing nation, which may subject the Fund to additional risk.

*Risks*. Currency transactions are subject to risks that are different from those of other portfolio transactions. Currency exchange rates may fluctuate based on factors extrinsic to that country's economy. Although forward foreign currency contracts and currency futures tend to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time they may limit any potential gain which might result should the value of such currency increase. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchase and sales of currency and related instruments can be negatively affected by government exchange controls, blockages, and manipulations or exchange restrictions imposed by governments. These can result in losses to the Fund if it is unable to deliver or receive currency or funds in the settlement of obligations and could also cause hedges it has entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs. Buyers and sellers of currency futures are subject to the same risks that apply to the use of futures generally. Further, settlement of a currency futures contract for the purchase of most currencies must occur at a bank based in the issuing nation. The ability to establish and close out positions on currency futures contracts is subject to the maintenance of a liquid market, which may not always be available.

The Fund may take active positions in currencies, which involve different techniques and risk analyses than the Fund's purchase of securities. Active investment in currencies may subject the Fund to additional risks, and the value of the Fund's investments may fluctuate in response to broader macroeconomic risks than if the Fund invested only in fixed income securities. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. If the Fund enters into currency transactions when it does not own assets denominated in that currency, the Fund's volatility may increase and losses on such transactions will not be offset by increases in the value of the Fund's assets.

The Fund will not enter into a transaction to hedge currency exposure to an extent greater, after netting all transactions intended wholly or partially to offset other transactions, than the aggregate market value (at the time of entering into the transaction) of the securities held in its portfolio that are denominated or generally quoted in or currently convertible into such currency, other than with respect to proxy hedging as described above.

Currency hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree in a direction that is not anticipated. Furthermore, there is a risk that the perceived linkage between various currencies may not be present or may not be present during the particular time that the Fund

------

is engaging in proxy hedging. Suitable hedging transactions may not be available in all circumstances. Hedging transactions may also eliminate any chance for the Fund to benefit from favorable fluctuations in relevant foreign currencies.

Risks associated with entering into forward foreign currency contracts include the possibility that the market for forward foreign currency contracts may be limited with respect to certain currencies and, upon a contract's maturity, the inability of the Fund to negotiate with the dealer to enter into an offsetting transaction. As mentioned above, forward foreign currency contracts may be closed out only by the parties entering into an offsetting contract. This creates settlement risk in forward foreign currency contracts, which is the risk of loss when one party to the forward foreign currency contract delivers the currency it sold but does not receive the corresponding amount of the currency it bought. Settlement risk arises in deliverable forward foreign currency contracts where the parties have not arranged to use a mechanism for payment-versus-payment settlement, such as an escrow arrangement. In addition, the correlation between movements in the prices of those contracts and movements in the price of the currency hedged or used for cover will not be perfect. There is no assurance an active forward foreign currency contract market will always exist. These factors will restrict the Fund's ability to hedge against the risk of devaluation of currencies in which the Fund holds a substantial quantity of securities and are unrelated to the qualitative rating that may be assigned to any particular security. In addition, if a currency devaluation is generally anticipated, the Fund may not be able to contract to sell currency at a price above the devaluation level it anticipates. The successful use of forward foreign currency contracts as a hedging technique draws upon special skills and experience with respect to these instruments and usually depends on the ability of SIMC or a Sub-Adviser to forecast interest rate and currency exchange rate movements correctly. Should interest or exchange rates move in an unexpected manner, the Fund may not achieve the anticipated benefits of forward foreign currency contracts or may realize losses and thus be in a worse position than if those strategies had not been used. Many forward foreign currency contracts are subject to no daily price fluctuation limits so adverse market movements could continue with respect to those contracts to an unlimited extent over a period of time.

**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.

The 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.

The 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, the Fund 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 the 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. The Fund may use futures contracts for cash equitization purposes, which allows the 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 the 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 the 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 the Fund's exposure to price fluctuations, while others tend to increase its market exposure.

**HIGH YIELD FOREIGN SOVEREIGN DEBT SECURITIES**—Investing in fixed and floating rate high yield foreign sovereign debt securities will expose the Fund to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities. The ability of a foreign sovereign obligor to make timely payments on its external debt obligations will also be strongly influenced by the obligor's balance of payments, including export performance, its access to international credits and investments, fluctuations in interest rates and the extent of its foreign reserves. Countries such as those in which the Fund may invest have historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate or trade difficulties and extreme poverty and unemployment. Many of these countries are also characterized by political uncertainty or instability. Additional factors that may influence the ability or willingness to service debt include, but are not limited to, a country's cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole and its government's policy towards the International Monetary Fund, the World Bank and other international agencies. A country whose exports are concentrated in a few commodities or whose economy depends on certain strategic imports could be vulnerable to fluctuations in international prices of these commodities or imports. To the extent that a country receives payment for its exports in currencies other than U.S. dollars, its ability to make debt payments denominated in U.S. dollars could be adversely affected. If a foreign sovereign obligor cannot generate sufficient earnings from foreign trade to service its external debt, it may need to depend on continuing loans and aid from foreign governments, commercial banks and multilateral organizations and inflows of foreign investment. The commitment on the part of these foreign governments, multilateral organizations and others to make such disbursements may be conditioned on the government's implementation of economic reforms and/or economic performance and the timely service of its obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds, which may further impair the obligor's ability or willingness to timely service its debts.

**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 the 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, the 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 the Fund. Under the supervision of the Board, SIMC or the Sub-Adviser, as applicable, determines the liquidity of the Fund's investments. In determining the liquidity of the 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 Fund 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. The 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 the 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. The 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, the 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). The Fund may invest in investment companies managed by SIMC or the Fund's Sub-Adviser to the extent permitted by any rule or regulation of the SEC or any order or interpretation thereunder. The Fund may invest in such Rule 2a-7 compliant investment companies for cash management purposes, including as discussed in the "Securities Lending" section below, and to serve as collateral for derivatives positions.

------

In addition, Rule 12d1-4 under the 1940 Act permits an investment company to invest in other investment companies beyond the statutory limits of Section 12(d)(1)(A), subject to certain conditions. Notwithstanding the foregoing, an investment company that is an acquired fund of a registered investment company in reliance on Section 12(d)(1)(G) of the 1940 Act, generally will not be permitted to invest in shares of other investment companies beyond the limits set forth in Section 12(d)(1)(A), other than in the limited circumstances set forth in Rule 12d1-4.

The Fund may invest in Rule 2a-7 compliant investment companies for cash management purposes and to serve as collateral for derivatives positions.

The Fund may invest in unaffiliated underlying funds in reliance on Section 12(d)(1)(G) and Section 12(d)(1)(F) of the 1940 Act. Section 12(d)(1)(F) provides in pertinent part that issuers of any security purchased by the Fund are not obligated to redeem such security in an amount exceeding 1% of such issuer's total outstanding securities during any period of less than thirty days. As a result, shares of an unaffiliated underlying fund held by the Fund in excess of 1% of the unaffiliated underlying fund's outstanding shares could in certain circumstances be considered illiquid if it is determined that the shares may not be sold in the ordinary course of business within seven days. The liquidity of such excess shares will be considered on a case-by-case basis by SIMC based on the following factors: (i) the Adviser's knowledge of an unaffiliated underlying fund's section 12(d)(1)(F) redemption practice upon discussion with the unaffiliated underlying fund's investment adviser; (ii) the Fund's past specific redemption experiences with the unaffiliated underlying fund; (iii) the Adviser's evaluation of general market conditions that may affect securities held by the unaffiliated underlying fund; (iv) the Fund's ability to accept a redemption in-kind of portfolio securities from the unaffiliated underlying fund; (v) significant developments involving the unaffiliated underlying fund; and (vi) any other information the Adviser deems relevant.

*Exchange-Traded Funds*. ETFs are investment companies that are registered under the 1940 Act as open-end funds or unit investment trusts. ETFs are actively traded on national securities exchanges and are generally based on specific domestic and foreign market indexes. An index-based ETF seeks to track the performance of an index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. Because ETFs are based on an underlying basket of stocks or an index, they are subject to the same market fluctuations as these types of securities in volatile market swings.

Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk and other risks associated with derivatives and will be subject to the requirements of Rule 18f-4 under the 1940 Act. The more these ETFs invest in derivative instruments that give rise to leverage, the more this leverage will magnify any losses on those investments. Because leverage tends to exaggerate the effect of any increase or decrease in the value of an ETF's portfolio securities or other investments, leverage will cause the value of an ETF's shares to be more volatile than if the ETF did not use leverage. A leveraged ETF will engage in transactions and purchase instruments that give rise to forms of leverage, including, among others, the use of reverse repurchase agreements and other borrowings, the investment of collateral from loans of portfolio securities, the use of when issued, delayed-delivery or forward commitment transactions or short sales. Certain types of leveraging transactions, such as short sales that are not "against the box," could theoretically be subject to unlimited losses in cases where a leveraged ETF, for any reason, is unable to close out the transaction. In addition, to the extent a leveraged ETF borrows money, interest costs on such borrowed money may not be recovered by any appreciation of the securities purchased with the borrowed funds and could exceed the ETF's investment income, resulting in greater losses. Such ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time, which may be enhanced during the periods of increased market volatility. Consequently, leveraged ETFs may not be suitable as long-term investments.

Leveraged inverse ETFs contain all of the risks that regular ETFs present. Additionally, to the extent the Fund invests in ETFs that seek to provide investment results that match a negative multiple of the performance

------

of an underlying index, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises-a result that is the opposite from traditional mutual funds. Leveraged inverse ETFs contain all of the risks that regular ETFs present, but also pose all of the risks associated with other leveraged ETFs as well as other inverse ETFs. These investment vehicles may be extremely volatile and can potentially expose an investing Fund to theoretically unlimited losses.

An investment company may invest in ETFs in excess of the limitations prescribed by Section 12(d)(1)(A), provided that such investment company otherwise complies with certain conditions imposed through Rule 12d1-4. Notwithstanding the foregoing, an investment company that is an acquired fund of a registered investment company in reliance on Section 12(d)(1)(G) of the 1940 Act, generally will not be permitted to invest in shares of an ETF beyond the limits set forth in Section 12(d)(1)(A), other than in the limited circumstances set forth in Rule 12d1-4. Neither the ETFs nor their investment advisers make any representations regarding the advisability of investing in the ETFs.

Certain ETFs that in general do not register as investment companies under the 1940 Act may not produce qualifying income for purposes of the "Qualifying Income Test" or the shares of such ETFs may not be considered "securities" for purposes of the "Asset Test" (as defined below under the heading "Taxes"), which must be met in order for the Fund to maintain its status as a RIC under the Code. If one or more ETFs generate more non-qualifying income for purposes of the Qualifying Income Test or if the Fund is not considered to be holding sufficient amounts of "securities" than SIMC or the Fund's Sub-Adviser expect, it could cause the Fund to inadvertently fail the Qualifying Income Test or Asset Test, thereby causing the Fund to inadvertently fail to qualify as a RIC under the Code, unless certain relief provisions (described in more detail under the heading "Taxes") are available to the Fund.

**LOAN PARTICIPATIONS AND ASSIGNMENTS**—Loan participations are interests in loans to corporations or governments that are administered by the lending bank or agent for a syndicate of lending banks and sold by the lending bank, financial institution or syndicate member (so-called "intermediary bank"). In a loan participation, the borrower will be deemed to be the issuer of the participation interest, except to the extent that the Fund derives its rights from the intermediary bank. Because the intermediary bank does not guarantee a loan participation in any way, a loan participation is subject to the credit risks generally associated with the underlying borrower. In the event of the bankruptcy or insolvency of the borrower, a loan participation may be subject to certain defenses that can be asserted by such borrower as a result of improper conduct by the intermediary bank. In addition, in the event the underlying borrower fails to pay principal and interest when due, the Fund may be subject to delays, expenses and risks that are greater than those that would have been involved if the Fund had purchased a direct obligation of such borrower. Under the terms of a loan participation, the Fund may be regarded as a creditor of the intermediary bank (rather than of the underlying borrower), so that the Fund may also be subject to the risk that the intermediary bank may become insolvent.

Loan assignments are investments in assignments of all or a portion of certain loans from third parties. When the Fund purchases assignments from lenders, it will acquire direct rights against the borrower on the loan. Because assignments are arranged through private negotiations between potential assignees and assignors, however, the rights and obligations acquired by the Fund may differ from, and be more limited than, those held by the assigning lender. Loan participations and assignments may be considered liquid, as determined by SIMC or the Fund's Sub-Adviser based on criteria approved by the Board.

**MONEY MARKET SECURITIES**—Money market securities include: (i) short-term U.S. Government securities; (ii) custodial receipts evidencing separately traded interest and principal components of securities issued by the U.S. Treasury; (iii) commercial paper determined by SIMC or a Sub-Adviser to be of the highest short-term credit quality at the time of purchase; (iv) short-term bank obligations (certificates of deposit, time deposits and bankers' acceptances) of U.S. commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and (v) repurchase agreements involving such securities. For a description of ratings, see Appendix A to this SAI.

**MORTGAGE-BACKED SECURITIES**—Mortgage-backed securities are a class of asset-backed securities representing an interest in a pool or pools of whole mortgage loans (which may be residential mortgage loans

------

or commercial mortgage loans). Mortgage-backed securities held or acquired by the Fund could include (i) obligations guaranteed by federal agencies of the U.S. Government, such as GNMA, which are backed by the "full faith and credit" of the United States, (ii) securities issued by Fannie Mae and Freddie Mac, which are not backed by the "full faith and credit" of the United States but are guaranteed by the U.S. Government as to timely payment of principal and interest, (iii) securities (commonly referred to as "private-label RMBS") issued by private issuers that represent an interest in or are collateralized by whole residential mortgage loans without a government guarantee and (iv) CMBS, which are multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Because private-label RMBS and CMBS are not issued or guaranteed by the U.S. Government, those securities generally are structured with one or more types of credit enhancement. There can be no assurance, however, that credit enhancements will support full payment to the Fund of the principal and interest on such obligations. In addition, changes in the credit quality of the entity that provides credit enhancement could cause losses to the Fund and affect their share prices.

The Fund may invest in mortgage-backed securities in the form of debt or in the form of "pass-through" certificates. Pass-through certificates, which represent the beneficial ownership interests in the related mortgage loans, differ from debt securities, which generally provide for periodic fixed payments of interest on and principal of the related notes. Mortgage pass-through securities provide for monthly payments that are a "pass-through" of the monthly interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees and expenses owed to the servicers of the mortgage loans and other transaction parties that receive payment from collections on the mortgage loans.

The performance of mortgage loans and, in turn, the mortgage-backed securities acquired by the Fund, is influenced by a wide variety of economic, geographic, social and other factors, including general economic conditions, the level of prevailing interest rates, the unemployment rate, the availability of alternative financing and homeowner behavior. Beginning in late 2006, delinquencies, defaults and foreclosures on residential and commercial mortgage loans increased significantly, and they may again increase in the future. In addition, beginning in late 2006, numerous originators and servicers of residential mortgage loans experienced serious financial difficulties and, in many cases, went out of business or were liquidated in bankruptcy proceedings. Those difficulties resulted, in part, from declining markets for their mortgage loans as well as from claims for repurchases of mortgage loans previously sold under provisions that require repurchase in the event of early payment defaults or for breaches of representations and warranties regarding loan characteristics.

Since mid-2007, the residential mortgage market has been subject to extensive litigation and legislative and regulatory scrutiny. The result has been extensive reform legislation and regulations including with respect to loan underwriting, mortgage loan servicing, foreclosure practices and timing, loan modifications, enhanced disclosure and reporting obligations and risk retention. Numerous laws, regulations and rules related to residential mortgage loans generally, and foreclosure actions particularly, have been proposed or enacted by federal, state and local governmental authorities, which may result in delays in the foreclosure process, reduced payments by borrowers, modification of the original terms of mortgage loans, permanent forgiveness of debt, increased prepayments due to the availability of government-sponsored refinancing initiatives and/or increased reimbursable servicing expenses. Any of these factors could result in delays and reductions in distributions to residential mortgage-backed securities and may reduce the amount of investment proceeds to which the Fund would be entitled.

The conservatorship of Fannie Mae and Freddie Mac and the current uncertainty regarding the future status of these organizations may also adversely affect the mortgage market and the value of mortgage-related assets. It remains unclear to what extent the ability of Fannie Mae and Freddie Mac to act as the primary sources of liquidity in the residential mortgage markets, both by purchasing mortgage loans for their own portfolios and by guaranteeing mortgage-backed securities, may be curtailed. Legislators have repeatedly unveiled various plans to reduce and reform the role of Fannie Mae and Freddie Mac in the mortgage market and, possibly, wind down both institutions. Although it is unclear whether, and if so how, those plans may be implemented or how long any such wind-down or reform of Fannie Mae and Freddie Mac, if implemented, would take, a reduction in

------

the ability of mortgage loan originators to access Fannie Mae and Freddie Mac to sell their mortgage loans may adversely affect the financial condition of mortgage loan originators. In addition, any decline in the value of agency securities may affect the value of residential mortgage-backed securities as a whole.

The rate and aggregate amount of distributions on mortgage-backed securities, and therefore the average lives of those securities and the yields realized by the Fund, will be sensitive to the rate of prepayments (including liquidations) and modifications of the related mortgage loans, any losses and shortfalls on the related mortgage loans allocable to the tranches held by the Fund and the manner in which principal payments on the related mortgage loans are allocated among the various tranches in the particular securitization transaction. Furthermore, mortgage-backed securities are sensitive to changes in interest rates, but may respond to those changes differently from other fixed income securities due to the possibility of prepayment of the mortgage loans. Among other factors, a significant amount of defaults, rapid prepayments or prepayment interest shortfalls may erode amounts available for distributions to the Fund. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity, even if the average rate of principal payments is consistent with the Fund's expectations. If prepayments of mortgage loans occur at a rate faster than that anticipated by the Fund, payments of interest on the mortgage-backed securities could be significantly less than anticipated. Similarly, if the number of mortgage loans that are modified is larger than that anticipated by the Fund, payments of principal and interest on the mortgage-backed securities could be significantly less than anticipated.

*Collateralized Mortgage Obligations*. CMOs are securities collateralized by mortgages, mortgage pass-throughs, mortgage pay-through bonds (bonds representing an interest in a pool of mortgages where the cash flow generated from the mortgage collateral pool is dedicated to bond repayment) and mortgage-backed bonds (general obligations of the issuers payable out of the issuers' general funds and additionally secured by a first lien on a pool of single family detached properties). To the extent the Fund invests in CMOs, the Fund typically will seek to invest in CMOs rated in one of the two highest categories by S&P or Moody's. Many CMOs are issued with a number of classes or series that have different expected maturities. Investors purchasing such CMOs are credited with their portion of the scheduled payments of interest and principal on the underlying mortgages plus all unscheduled prepayments of principal based on a predetermined priority schedule. Accordingly, the CMOs in the longer maturity series are less likely than other mortgage pass-through securities to be prepaid prior to their stated maturity. Although some of the mortgages underlying CMOs may be supported by various types of insurance and some CMOs may be backed by GNMA certificates or other mortgage pass-through securities issued or guaranteed by U.S. Government agencies or instrumentalities, the CMOs themselves are not generally guaranteed.

*Real Estate Mortgage Investment Conduits*. REMICs are private entities formed for the purpose of holding a fixed pool of mortgages secured by interests in real property. REMIC Certificates issued by Fannie Mae or Freddie Mac represent beneficial ownership interests in a REMIC trust consisting principally of mortgage loans or Fannie Mae, Freddie Mac or GNMA-guaranteed mortgage pass-through certificates. For Freddie Mac REMIC Certificates, Freddie Mac guarantees the timely payment of interest. GNMA REMIC Certificates are backed by the full faith and credit of the U.S. Government.

*Parallel Pay Securities; Planned Amortization Class CMOs.* Parallel pay CMOs and REMICs are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which must be retired by its stated maturity date or final distribution date but may be retired earlier. PAC Bonds generally require payments of a specified amount of principal on each payment date. PAC Bonds are always parallel pay CMOs, with the required principal payment on such securities having the highest priority after interest has been paid to all classes.

*Adjustable Rate Mortgage Securities*. ARMS are a form of pass-through security representing interests in pools of mortgage loans whose interest rates are adjusted from time to time. The adjustments are usually determined in accordance with a predetermined interest rate index and may be subject to certain limits. Although the value of ARMS, like other debt securities, generally varies inversely with changes in market interest rates (increasing in value during periods of declining interest rates and decreasing in value during periods of increasing

------

interest rates), the value of ARMS should generally be more resistant to price swings than other debt securities because the interest rates of ARMS move with market interest rates. The adjustable rate feature of ARMS will not, however, eliminate fluctuations in the prices of ARMS, particularly during periods of extreme fluctuations in interest rates. Also, because many adjustable rate mortgages only reset on an annual basis, it can be expected that the prices of ARMS will fluctuate to the extent that changes in prevailing interest rates are not immediately reflected in the interest rates payable on the underlying adjustable rate mortgages.

*Stripped Mortgage-Backed Securities*. Stripped mortgage-backed securities are securities that are created when a U.S. Government agency or a financial institution separates the interest and principal components of a mortgage-backed security and sells them as individual securities. The holder of the PO receives the principal payments made by the underlying mortgage-backed security, while the holder of the IO receives interest payments from the same underlying security. The prices of stripped mortgage-backed securities may be particularly affected by changes in interest rates. As interest rates fall, prepayment rates tend to increase, which tends to reduce prices of IOs and increase prices of POs. Rising interest rates can have the opposite effect.

*Estimated Average Life*. Due to the possibility of prepayments of the underlying mortgage instruments, mortgage-backed securities generally do not have a known maturity. In the absence of a known maturity, market participants generally refer to an "average life estimate." An average life estimate is a function of an assumption regarding anticipated prepayment patterns and is based upon current interest rates, current conditions in the relevant housing markets and other factors. The assumption is necessarily subjective, and thus different market participants can produce different average life estimates with regard to the same security. There can be no assurance that the estimated average life will be a security's actual average life.

**MORTGAGE DOLLAR ROLLS**—Mortgage dollar rolls, or "covered rolls," are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase, typically in 30 or 60 days, substantially similar, but not identical, securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on such securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase (often referred to as the "drop"), as well as by the interest earned on the cash proceeds of the initial sale. At the end of the roll commitment period, the Fund may or may not take delivery of the securities it has contracted to purchase. Mortgage dollar rolls may be renewed prior to cash settlement and initially may involve only a firm commitment agreement by the Fund to buy a security. A "covered roll" is a specific type of mortgage dollar roll for which there is an offsetting cash position or cash equivalent securities position that matures on or before the forward settlement date of the mortgage dollar roll transaction. As used herein, the term "mortgage dollar roll" refers to mortgage dollar rolls that are not "covered rolls." If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

**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. The 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 a 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 the Fund. SIMC, the Sub-Adviser and the Fund do not guarantee this opinion is correct, and there is no assurance that the IRS will agree with such counsel's opinion.

**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 the 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.

**OBLIGATIONS OF SUPRANATIONAL ENTITIES**—Supranational entities are entities established through the joint participation of several governments, including the Asian Development Bank, the Inter-American Development Bank, the World Bank, the African Development Bank, the European Economic Community, the European Investment Bank and the Nordic Investment Bank. The governmental members, or "stockholders," usually make initial capital contributions to the supranational entity and, in many cases, are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such investments.

**OPTIONS**—The Fund may purchase and write put and call options on indexes and enter into related closing transactions. A put option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period, or for certain types of options, at the conclusion of the option period or only at certain times during the option period. A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period, or for certain types of options, at the conclusion of the option period or only at certain times during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the option contract.

The Fund may purchase and write put and call options on foreign currencies (traded on U.S. and foreign exchanges or OTC markets) to manage its exposure to exchange rates.

Put and call options on indexes are similar to options on securities except that options on an index give the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the underlying index is greater than (or less than, in the case of puts) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option, expressed in dollars multiplied by a specified number. Thus, unlike options on individual securities, all settlements are in cash, and gain or loss depends on price movements in the particular market represented by the index generally rather than the price movements in individual securities. Options on indexes may, depending on circumstances, involve greater risk than options on securities. Because stock index options are settled in cash, when the Fund writes a call on an index it may not be able to provide in advance for its potential settlement obligations by acquiring and holding the underlying securities.

The Fund may trade put and call options on securities, securities indexes and currencies, as SIMC or a Sub-Adviser determines is appropriate in seeking to achieve the Fund's investment objective, unless otherwise restricted by the Fund's investment limitations.

The initial purchase (sale) of an option contract is an "opening transaction." In order to close out an option position, the Fund may enter into a "closing transaction," which is simply the sale (purchase) of an option contract on the same security with the same exercise price and expiration date as the option contract originally opened. If the Fund is unable to effect a closing purchase transaction with respect to an option it has written, it will not be able to sell the underlying security until the option expires or the Fund delivers the security upon exercise.

The Fund may purchase put and call options on securities for any lawful purpose, including to protect against a decline in the market value of the securities in its portfolio or to anticipate an increase in the market

------

value of securities that the Fund may seek to purchase in the future. The Fund purchasing put and call options pays a premium for such options. If price movements in the underlying securities are such that exercise of the options would not be profitable for the Fund, loss of the premium paid may be offset by an increase in the value of the Fund's securities or by a decrease in the cost of the acquisition of securities by the Fund.

The Fund may write (*i.e.*, sell) "covered" call options on securities for any lawful purpose, including as a means of increasing the yield on its assets and as a means of providing limited protection against decreases in its market value. The Fund may engage in a covered call option writing (selling) program in an attempt to generate additional income or provide a partial hedge to another position of the Fund. A call option is "covered" if the Fund either owns the underlying instrument or has an absolute and immediate right (such as a call with the same or a later expiration date) to acquire that instrument. The underlying instruments of such covered call options may consist of individual equity securities, pools of equity securities, ETFs or indexes.

The writing of covered call options is a more conservative investment technique than writing of naked or uncovered options, but capable of enhancing the Fund's total return. When the Fund writes a covered call option, it profits from the premium paid by the buyer but gives up the opportunity to profit from an increase in the value of the underlying security above the exercise price. At the same time, the Fund retains the risk of loss from a decline in the value of the underlying security during the option period. Although the Fund may terminate its obligation by executing a closing purchase transaction, the cost of effecting such a transaction may be greater than the premium received upon its sale, resulting in a loss to the Fund. If such an option expires unexercised, the Fund realizes a gain equal to the premium received. Such a gain may be offset or exceeded by a decline in the market value of the underlying security during the option period. If an option is exercised, the exercise price, the premium received and the market value of the underlying security determine the gain or loss realized by the Fund.

When the Fund writes an option, if the underlying securities do not increase or decrease, as applicable, to a price level that would make the exercise of the option profitable to the holder thereof, the option will generally expire without being exercised and the Fund will realize as profit the premium received for such option. When a call option of which the Fund is the writer is exercised, the Fund will be required to sell the underlying securities to the option holder at the strike price and will not participate in any increase in the price of such securities above the strike price. When a put option of which the Fund is the writer is exercised, the Fund will be required to purchase the underlying securities at a price in excess of the market value of such securities.

The Fund may purchase and write options on an exchange or OTC. OTC options differ from exchange-traded options in several respects. They are transacted directly with dealers and not with a clearing corporation or futures commission merchant, and therefore entail the risk of non-performance by the dealer. OTC options are available for a greater variety of securities and for a wider range of expiration dates and exercise prices than are available for exchange-traded options. Because OTC options are not traded on an exchange, pricing is normally done by reference to information from a market maker. It is the SEC's position that OTC options are generally illiquid. The market value of an option generally reflects the market price of an underlying security.

Other principal factors affecting market value include supply and demand, interest rates, the pricing volatility of the underlying security and the time remaining until the expiration date.

*Risks*. Risks associated with options transactions include: (i) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect correlation between the movement in prices of options and the securities underlying them; (iii) there may not be a liquid secondary market for options; and (iv) though the Fund will receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security.

**PAY-IN-KIND BONDS**—Pay-in-kind bonds are securities that, at the issuer's option, pay interest in either cash or additional securities for a specified period. Pay-in-kind bonds, like zero coupon bonds, are designed to give an issuer flexibility in managing cash flow. Pay-in-kind bonds are expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment.

------

Pay-in-kind bonds are usually less volatile than zero coupon bonds, but more volatile than cash pay securities.

**PUT TRANSACTIONS**—The Fund 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 the 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 the Fund to meet redemptions and remain as fully invested as possible in municipal securities. The right to put the securities depends on the writer's ability to pay for the securities at the time the put is exercised. The Fund would limit its put transactions to institutions that SIMC or a Sub-Adviser believes present minimum credit risks, and SIMC or a Sub-Adviser 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, the 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 the 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. The 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, the 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 the Fund including such securities, the Fund will consider "maturity" to be the first date on which it has the right to demand payment from the writer of the put (although the final maturity of the security is later than such date).

**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. The Fund may enter into repurchase agreements with financial

------

institutions. The Fund follows 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 the 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-Adviser monitor compliance with this requirement as well as the ongoing financial condition and creditworthiness of the counterparty.

Under all repurchase agreements entered into by the 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, the Fund will seek to liquidate such collateral. However, the exercising of the 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. The 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 the 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 the 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.

*Private Investments in Public Equity*—The Fund may purchase PIPEs, which are equity securities in a private placement that are issued by issuers that have outstanding publicly-traded equity securities of the same class. Shares in PIPEs generally are not publicly registered until after a certain time period from the date the private sale is completed, which can last many months. Until the public registration process is completed, PIPEs are restricted as to resale and cannot be freely traded. Generally, such restrictions cause PIPEs to be illiquid during this restricted period. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered or that the registration will remain in effect.

**REVERSE REPURCHASE AGREEMENTS AND SALE-BUYBACKS**—Reverse repurchase agreements are transactions in which the Fund sells portfolio securities to financial institutions, such as banks and broker-dealers, and agrees to repurchase them at a mutually agreed-upon date and price that is higher than the original sale price. Reverse repurchase agreements are similar to a fully collateralized borrowing by the Fund. Rule 18f-4 under the 1940 Act permits the Fund to enter into reverse repurchase agreements and similar financing transactions, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act. The Rule permits the Fund to elect whether to treat a reverse repurchase agreement as a borrowing, subject to the asset coverage requirements of Section 18 of the Act, or as a Derivative Transactions under Rule 18f-4. The Fund has elected to treat all reverse repurchase agreements as Derivative Transactions. See "Derivatives" above.

Reverse repurchase agreements involve risks. Reverse repurchase agreements are a form of leverage, and the use of reverse repurchase agreements by the Fund may increase the Fund's volatility. Reverse repurchase agreements are also subject to the risk that the other party to the reverse repurchase agreement will be unable or unwilling to complete the transaction as scheduled, which may result in losses to the Fund. Reverse repurchase agreements also involve the risk that the market value of the securities sold by the Fund may decline below the

------

price at which it is obligated to repurchase the securities. In addition, when the Fund invests the proceeds it receives in a reverse repurchase transaction, there is a risk that those investments may decline in value. In this circumstance, the Fund could be required to sell other investments in order to meet its obligations to repurchase the securities.

In a sale-buyback transaction, the Fund sells an underlying security for settlement at a later date. A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback the counterparty who purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Fund's repurchase of the underlying security.

**RISKS OF CYBER-ATTACKS**—As with any entity that conducts business through electronic means in the modern marketplace, the Fund, 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 Fund and their service providers use to service the Fund's operations, ransomware, operational disruption or failures in the physical infrastructure or operating systems that support the Fund and their service providers, or various other forms of cyber security breaches. Cyber-attacks affecting the Fund, SIMC or any of the Sub-Advisers, the Fund's distributor, custodian, transfer agent, or any other of the 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 Fund 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 the 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 Fund, the Fund's service providers, or the issuers of the securities in which the Fund invests will not suffer losses relating to cyber-attacks or other information security breaches in the future. The 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.

**SECURITIES LENDING**—The Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 33<sup>1</sup>/<sub>3</sub>% of the total asset value of the Fund (including the loan collateral). No Fund will lend portfolio securities to SIMC nor its Sub-Adviser or their affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. Government securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral of 102% and 105% of the market value of borrowed securities for domestic and foreign issuers, respectively. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Fund.

The Fund may pay a part of the interest earned from the investment of collateral or other fee to an unaffiliated third party for acting as the Fund's securities lending agent.

By lending its securities, the Fund may increase its income by receiving payments from the borrower that reflect the amount of any interest or any dividends payable on the loaned securities, as well as by either investing cash collateral received from the borrower in short-term instruments or obtaining a fee from the borrower when U.S. Government securities or letters of credit are used as collateral. The Fund will adhere to the following conditions whenever its portfolio securities are loaned: (i) the Fund must receive at least 100% cash collateral or equivalent securities of the type discussed in the preceding paragraph from the borrower; (ii) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral;

------

(iii) the Fund must be able to terminate the loan on demand; (iv) the Fund must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities and any increase in market value; (v) the Fund may pay only reasonable fees in connection with the loan (which may include fees payable to the lending agent, the borrower, the administrator and the custodian); and (vi) voting rights on the loaned securities may pass to the borrower, provided, however, that if a material event adversely affecting the investment occurs, the Fund must terminate the loan and regain the right to vote the securities. The Board has adopted procedures reasonably designed to ensure that the foregoing criteria will be met. Loan agreements involve certain risks in the event of default or insolvency of the borrower, including possible delays or restrictions upon the Fund's ability to recover the loaned securities or dispose of the collateral for the loan, which could give rise to loss because of adverse market action, expenses and/or delays in connection with the disposition of the underlying securities.

The Fund may invest the cash received as collateral through loan transactions in other eligible securities, which may include shares of an affiliated or unaffiliated registered money market fund or of an affiliated or unaffiliated unregistered money market fund that complies with the requirements of Rule 2a-7 under the 1940 Act to the extent required by the 1940 Act (see the "Investment Companies" section above). Money market funds may or may not seek to maintain a stable NAV of $1.00 per share. Investing the cash collateral subjects the Fund to market risk. The Fund remains obligated to return all collateral to the borrower under the terms of its securities lending arrangements even if the value of the investments made with the collateral has declined. Accordingly, if the value of a security in which the cash collateral has been invested declines, the loss would be borne by the Fund, and the Fund may be required to liquidate other investments in order to return collateral to the borrower at the end of a loan.

**SENIOR LOANS AND BANK LOANS**—Senior loans and bank loans typically are arranged through private negotiations between a borrower and several financial institutions or a group of lenders which are represented by one or more lenders acting as agent. The agent is often a commercial bank that originates the loan and invites other parties to join the lending syndicate. The agent will be primarily responsible for negotiating the loan agreement and will have responsibility for the documentation and ongoing administration of the loan on behalf of the lenders after completion of the loan transaction. The Fund can invest in a senior loan or bank loan either as a direct lender or through an assignment or participation.

When the Fund acts as a direct lender, it will have a direct contractual relationship with the borrower and may participate in structuring the loan, may enforce compliance by the borrower with the terms of the loan agreement and may have voting, consent and set-off rights under the loan agreement.

Loan assignments are investments in all or a portion of certain senior loans or bank loans purchased from the lenders or from other third parties. The purchaser of an assignment typically will acquire direct rights against the borrower under the loan. Although the purchaser of an assignment typically succeeds to all the rights and obligations of the assigning lender under the loan agreement, because assignments are arranged through private negotiations between potential assignees and assignors, or other third parties whose interests are being assigned, the rights and obligations acquired by the Fund may differ from and be more limited than those held by the assigning lender.

A holder of a loan participation typically has only a contractual right with the seller of the participation and not with the borrower or any other entities interpositioned between the seller of the participation and the borrower. As such, the purchaser of a loan participation assumes the credit risk of the seller of the participation, and any intermediary entities between the seller and the borrower, in addition to the credit risk of the borrower. When the Fund holds a loan participation, it will have the right to receive payments of principal, interest and fees to which it may be entitled only from the seller of the participation and only upon receipt of the seller of such payments from the borrower or from any intermediary parties between the seller and the borrower. Additionally, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, will have no voting, consent or set-off rights under the loan agreement and may not directly benefit from the collateral supporting the loan although lenders that sell participations generally are required to distribute liquidation proceeds received by them pro rata among the holders of such participations. In the event of the bankruptcy or insolvency of the borrower, a loan participation may be subject to certain defenses

------

that can be asserted by the borrower as a result of improper conduct by the seller or intermediary. If the borrower fails to pay principal and interest when due, the Fund may be subject to greater delays, expenses and risks than those that would have been involved if the Fund had purchased a direct obligation of such borrower.

Direct loans, assignments and loan participations may be considered liquid, as determined by the Adviser based on criteria approved by the Board.

SIMC or a Sub-Adviser may from time to time have the opportunity to receive Confidential Information about the borrower, including financial information and related documentation regarding the borrower that is not publicly available. Pursuant to applicable policies and procedures, SIMC or a Sub-Adviser may (but is not required to) seek to avoid receipt of Confidential Information from the borrower so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of the Fund and other clients to which such Confidential Information relates (*e.g.*, publicly traded securities issued by the borrower). In such circumstances, the Fund (and other clients of SIMC or a Sub-Adviser) may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells a bank loan. Further, SIMC or a Sub-Adviser's abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain bank loans may be compromised if it is not privy to available Confidential Information. SIMC or a Sub-Adviser may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If SIMC or a Sub-Adviser intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell publicly traded securities to which such Confidential Information relates.

**SOVEREIGN DEBT**—The cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates that are adjusted based upon international interest rates. The ability to service external debt will also depend on the level of the relevant government's international currency reserves and its access to a foreign exchange. Currency devaluations may affect the ability of a sovereign obligor to obtain sufficient foreign exchange to service its external debt.

As a result of the foregoing or other factors, a governmental obligor may default on its obligations. If such an event occurs, the Fund may have limited legal recourse against the issuer and/or guarantor. Remedies must, in some cases, be pursued in the courts of the defaulting party itself, and the ability of the holder of foreign sovereign debt securities to obtain recourse may be subject to the political climate in the relevant country. In addition, no assurance can be given that the holders of commercial bank debt will not contest payments to the holders of other foreign sovereign debt obligations in the event of default under their commercial bank loan agreements.

**STRUCTURED SECURITIES**—The Fund may invest a portion of their assets in entities organized and operated solely for the purpose of restructuring the investment characteristics of sovereign debt obligations of emerging market issuers. This type of restructuring involves the deposit with, or purchase by, an entity, such as a corporation or trust, of specified instruments (such as commercial bank loans or Brady Bonds) and the issuance by that entity of one or more classes of securities ("Structured Securities") backed by, or representing interests in, the underlying instruments. The cash flow on the underlying instruments may be apportioned among the newly issued Structured Securities to create securities with different investment characteristics, such as varying maturities, payment priorities and interest rate provisions, and the extent of the payments made with respect to Structured Securities is dependent on the extent of the cash flow on the underlying instruments. Because Structured Securities of the type in which the Fund anticipates they will invest typically involve no credit enhancement, their credit risk will generally be equivalent to that of the underlying instruments. The Fund is permitted to invest in a class of Structured Securities that is either subordinated or unsubordinated to the right of payment of another class. Subordinated Structured Securities typically have higher yields and present greater risks than unsubordinated Structured Securities. Structured Securities are typically sold in private placement transactions, and there currently is no active trading market for Structured Securities. Certain issuers of such Structured Securities may be deemed to be "investment companies" as defined in the 1940 Act. As a result, the Fund's investment in such securities may be limited by certain investment restrictions contained in the 1940 Act.

------

**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.

The Fund may engage in simple or more complex swap transactions involving a wide variety of underlying assets for various reasons. For example, the 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.

The Fund 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 the 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, the 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 the 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.

The Fund may enter into total return swap agreements. Total return swap agreements are contracts in which one party agrees to make periodic payments based on the change in market value of underlying assets, which may include a specified security, basket of securities, defined portfolios of bonds, loans and mortgages, or securities indexes during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or market.

Total return swap agreements may effectively add leverage to the Fund's portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

------

Total return swaps are a mechanism for the user to accept the economic benefits of asset ownership without utilizing the balance sheet. The other leg of the swap is spread to reflect the non-balance sheet nature of the product. Total return swaps can be designed with any underlying asset agreed between two parties. Typically, no notional amounts are exchanged with total return swaps. Total return swap agreements entail the risk that a party will default on its payment obligations to the Fund thereunder. Swap agreements also entail the risk that the Fund will not be able to meet its obligation to the counterparty. Generally, the Fund will enter into total return swaps on a net basis (*i.e.*, the two payment streams are netted out with the Fund receiving or paying, as the case may be, only the net amount of the two payments). Fully funded total return swaps have economic and risk characteristics similar to credit-linked notes, which are described above.

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. The 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, the Fund would calculate the obligations of the swap agreements' counterparties on a "net basis." Consequently, the 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"). The 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 the Fund. This is true whether these derivative products are used to create additional risk exposure for the Fund or to hedge, or manage, existing risk exposure. If under a swap, cap, floor, collar or swaption agreement the Fund is obligated to make a payment to the counterparty, the Fund must be prepared to make the payment when due. The 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 the 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, the 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, the Fund may have contractual remedies under the swap agreement.

------

The 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 the 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 downturns, 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 the 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 the 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 the 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 the 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.

**YANKEE OBLIGATIONS**—Yankees are U.S. dollar-denominated instruments of foreign issuers who either register with the SEC or issue securities under Rule 144A of the 1933 Act. These obligations consist of debt securities (including preferred or preference stock of non-governmental issuers), certificates of deposit, fixed

------

time deposits and bankers' acceptances issued by foreign banks, and debt obligations of foreign governments or their subdivisions, agencies and instrumentalities, international agencies and supranational entities. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government.

The Yankees selected for the Fund will adhere to the same quality standards as those utilized for the selection of domestic debt obligations.

**ZERO COUPON SECURITIES**—Zero coupon securities are securities that are sold at a discount to par value and securities on which interest payments are not made during the life of the security. Upon maturity, the holder is entitled to receive the par value of the security. Although interest payments are not made on such securities, holders of such securities are deemed to have received "phantom income" annually. Because the Fund will distribute its "phantom income" to shareholders, to the extent that shareholders elect to receive dividends in cash rather than reinvesting such dividends in additional shares, the Fund will have fewer assets with which to purchase income producing securities. Pay-in-kind securities pay interest in either cash or additional securities, at the issuer's option, for a specified period. Pay-in-kind bonds, like zero coupon bonds, are designed to give an issuer flexibility in managing cash flow. Pay-in-kind bonds are expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment. Pay-in-kind bonds are usually less volatile than zero coupon bonds, but more volatile than cash pay securities. Pay-in-kind securities are securities that have interest payable by delivery of additional securities. Upon maturity, the holder is entitled to receive the aggregate par value of the securities. Deferred payment securities are securities that remain zero coupon securities until a predetermined date, at which time the stated coupon rate becomes effective and interest becomes payable at regular intervals.

Zero coupon, pay-in-kind and deferred payment securities may be subject to greater fluctuation in value and lesser liquidity in the event of adverse market conditions than comparably rated securities paying cash interest at regular interest payment periods. STRIPS and receipts (TRs, TIGRs, LYONs and CATS) 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 maturities 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.

Corporate zero coupon securities are: (i) notes or debentures that do not pay current interest and are issued at substantial discounts from par value; or (ii) notes or debentures that pay no current interest until a stated date one or more years into the future, after which date the issuer is obligated to pay interest until maturity, usually at a higher rate than if interest were payable from the date of issuance, and may also make interest payments in kind (*e.g.*, with identical zero coupon securities). Such corporate zero coupon securities, in addition to the risks identified above, are subject to the risk of the issuer's failure to pay interest and repay principal in accordance with the terms of the obligation. The Fund must accrete the discount or interest on high-yield bonds structured as zero coupon securities as income even though it does not receive a corresponding cash interest payment until the security's maturity or payment date. For tax purposes, original issue discount that accretes in a taxable year is treated as earned by the Fund and therefore is subject to the distribution requirements applicable to the RICs under Subchapter M of the Code. The Fund may have to dispose of its securities under disadvantageous circumstances to generate cash or may have to leverage itself by borrowing cash to satisfy distribution requirements. The Fund accrues income with respect to the securities prior to the receipt of cash payments.

**Proxy Voting Policy**

The Fund has 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 Fund (the "Client") and must not place its own interests above those of its Client. 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 Client. 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:

• Requests by Sub-Advisers to Direct Proxy Votes. Sub-Advisers retained by SIMC to manage the Fund may contact SIMC with requests that SIMC direct a proxy vote in a particular solicitation which would differ from the Service's recommendation.

• Recommendations by Engagement Vendor. 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 Client. 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 the Client holding the security at issue the nature of the conflict and obtained the 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 Client 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 the Client;

• 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 Fund. The Client may obtain, without charge, a copy of SIMC's Procedures and Proxy Guidelines, or information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended March 31, 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.

**Control Persons and Principal Holders of Securities**

As of April 2, 2026, 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 Predecessor Fund. Persons who owned of record or beneficially more than 25% of the Predecessor Fund's outstanding shares may be deemed to control the Predecessor Fund within the meaning of the 1940 Act. Shareholders controlling the Predecessor Fund could have the ability to vote a majority of the shares of the Predecessor Fund on any matter requiring the approval of shareholders of the Predecessor Fund. The Trust believes that most of the shares referred to below were held by the below persons in accounts for their fiduciary, agency, or custodial customers.

---

| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Predecessor Fund—Class F Shares | Predecessor Fund—Class F Shares | Predecessor Fund—Class F Shares |
| SEI PRIVATE TRUST COMPANY<br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 146995734.90 | 84.46% |
| SEI PRIVATE TRUST COMPANY<br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 15568131.36 | 8.95% |
| Predecessor Fund—Class Y Shares | Predecessor Fund—Class Y Shares | Predecessor Fund—Class Y Shares |
| SEI PRIVATE TRUST COMPANY<br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 22537546.64 | 67.02% |
| SEI ASSET ALLOCATION TRUST<br>Tax-Managed Aggressive Strategy Fund <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1984181.81 | 5.90% |

---

------

**Codes of Ethics**

The Trust, SIMC, the Fund's Sub-Advisers and the Distributor have adopted codes of ethics pursuant to Rule 17j-1 under the 1940 Act. The codes of ethics permit personnel subject to the codes of ethics to invest in securities, subject to certain limitations, including securities that may be purchased or held by the Fund. Each code of ethics is available by contacting SIMC at the telephone number on the back cover of the Fund's Prospectus or by accessing the EDGAR Database on the SEC's Internet site at http://www.sec.gov, and copies may be obtained, after paying a duplicating fee, by e-mail at publicinfo@sec.gov.

**Anti-Money Laundering Requirements**

The Fund is subject to the USA PATRIOT Act (the "Patriot Act"). The Patriot Act is intended to prevent the use of the U.S. financial system in furtherance of money laundering, terrorism or other illicit activities. Pursuant to requirements under the Patriot Act, the Fund may request information from Authorized Participants to enable it to form a reasonable belief that it knows the true identity of its Authorized Participants. This information will be used to verify the identity of Authorized Participants or, in some cases, the status of financial professionals; it will be used only for compliance with the requirements of the Patriot Act.

The Fund reserves the right to reject purchase orders from persons who have not submitted information sufficient to allow the Fund to verify their identity. The Fund also reserves the right to redeem any amounts in the Fund from persons whose identity it is unable to verify on a timely basis. It is the Fund's policy to cooperate fully with appropriate regulators in any investigations conducted with respect to potential money laundering, terrorism or other illicit activities.

**Portfolio Holdings Information**

Each business day, prior to the opening of regular trading on the primary exchange, the Fund is required to prominently disclose, on its website www.seic.com/financial-advisors/flexible-investment-solutions/etfs, publicly available and free of charge, all holdings in the Fund's portfolio that will form the basis for next calculation of NAV per share. The Fund has delegated the responsibility to post such holdings to SIMC.

***Disclosure of Portfolio Holdings in Accordance with Regulatory Requirements.*** At the end of each business day, the Fund's portfolio holdings information is provided to the Fund's custodian or other agent for dissemination through the facilities of the NSCC and/or other fee-based subscription services to NSCC members and/or subscribers to entities that publish and/or analyze such information in connection with the process of purchasing or redeeming Creation Units or trading shares of the Fund in the secondary market. This information typically reflects the Fund's anticipated holdings on the following business day. In addition, on each business day before commencement of trading in shares on the NASDAQ, the Fund will disclose on www.seic.com/financial-advisors/flexible-investment-solutions/etfs the identities and quantities of each portfolio position held by the Fund that will form the basis for the Fund's next calculation of the NAV.

***Disclosure of Portfolio Holdings to Certain Parties.*** Portfolio holdings information made available in connection with the creation/redemption process may be provided to other entities that provide services to the Fund in the ordinary course of business after it has been disseminated to the NSCC. From time to time, information concerning portfolio holdings other than portfolio holdings information made available in connection with the creation/redemption process, as discussed above, may be provided to other entities that provide services to the Fund. Specifically, certain employees of the Adviser, Distributor and Custodian are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals.

Portfolio holdings information may be provided to independent third-party fund reporting services (*e.g.*, Lipper, Broadridge or Morningstar) for a legitimate business purpose, but will be delivered no earlier than the date such information is posted on the 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 not trade on the information.

------

Portfolio holdings information may also be provided for a legitimate business purpose at any time and as frequently as daily to the Fund's 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 the Fund may also be provided to a prospective service provider for the 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.

The Board exercises on-going oversight of the disclosure of Fund portfolio holdings by overseeing the implementation of the Fund's policies and procedures by the CCO.

Neither the Fund, SIMC, the Sub-Adviser, nor any other service provider to the Fund may receive compensation or other consideration for providing portfolio holdings information.

***Disclosure of Portfolio Holdings as Required by Applicable Law.*** The Trust files a complete schedule of the Fund's investments within 60 days after the end of each fiscal quarter pursuant to Form N-PORT or as part of Form N-CSR. These reports (i) are available on the SEC's website at http://www.sec.gov and at www.seic.com/financial-advisors/flexible-investment-solutions/etfs; and (ii) are available without charge, upon request, by calling a SIDCo. representative at 1-800-DIAL-SEI (toll free).

**Investment Policies**

The following investment limitations are fundamental policies of the Fund which cannot be changed with respect to the Fund without the consent of the holders of a majority of the Fund's outstanding shares. The term "majority of outstanding shares" means the vote of: (i) 67% or more of the Fund's shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy; or (ii) more than 50% of the Fund's outstanding shares, whichever is less.

The 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 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;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 of the Fund**

The following limitations are non-fundamental policies of the Fund and, other than with respect to item 4 below, may be changed by the Board without a vote of 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 the posting of collateral in segregated accounts in compliance with applicable law or as otherwise contractually required.

&nbsp;&nbsp;&nbsp;&nbsp;2. 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 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;3. Purchase 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 net assets would be invested in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;4. With respect to 75% of its assets: (i) purchase the securities of any issuer (except securities issued or guaranteed by the U.S. Government, its agencies 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 outstanding voting securities of any one issuer.

&nbsp;&nbsp;&nbsp;&nbsp;5. 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 or group of industries, 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;6. 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 which 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. This borrowing provision is included solely to facilitate the orderly sale of portfolio securities to accommodate substantial redemption requests if they should occur, and is not for investment purposes. All borrowings will be repaid before the Fund makes additional investments and any interest paid on such borrowings will reduce the income of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;7. Issue senior securities (as defined in the 1940 Act) except as permitted by rule, regulation or order of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;8. 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; (iii) lend its securities; and (iv) participate in the SEI Funds inter-fund lending program.

&nbsp;&nbsp;&nbsp;&nbsp;9. 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 REITs), 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;10. Under normal circumstances, invest less than 80% of its net assets in fixed income securities that are rated below investment grade. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

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 the 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 the 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 Sub-Adviser makes such a determination, the 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 the 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 total 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. The 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. The Fund has adopted a fundamental policy that would permit direct investment in real estate. However, the 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 the Fund's Board.

**Continuous Offering**

The method by which Creation Units are created and traded may raise certain issues under applicable securities laws. Because new Creation Units are issued and sold by the Fund on an ongoing basis, at any point a "distribution," as such term is used in the 1933 Act, may occur. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the 1933 Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent shares and sells such shares directly to customers or if it chooses to couple the creation of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the 1933 Act must take into account all of the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case and the examples mentioned above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in shares, whether or not participating in the distribution of shares, generally are required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the 1933 Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. Firms that incur a prospectus delivery obligation with respect to shares of the Fund are reminded that, pursuant to Rule 153 under the 1933 Act, a prospectus delivery obligation under Section 5(b)(2) of the 1933 Act owed to an exchange member in connection with a sale on the Listing Exchange generally is satisfied by the fact that the prospectus is available at the Listing Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is available only with respect to transactions on an exchange.

**Trustees and Officers of the Trust**

**Board Responsibilities.** The management and affairs of the Trust and its series, including the Fund 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.

The day-to-day business of the Trust, including the management of risk, is performed by third party service providers, such as SIMC, a Sub-Adviser, the Distributor and the Administrator. The Trustees are responsible for overseeing the Trust's service providers and therefore 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 adverse material effects on the business, operations, shareholder services, investment performance or reputation of the Fund. The Fund and its 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 Fund and, along with the Board, is responsible for the oversight of the Fund's Sub-Adviser, which, in turn, is responsible for the day-to-day management of a portion of the Fund's portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Fund's service providers the importance of maintaining vigorous risk management.

The Trustees' role in risk oversight begins before the inception of the Fund, at which time SIMC presents to the Board 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, as well as personnel of SIMC and other service providers, such as the Fund's 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 Fund may be exposed.

The Board is responsible for overseeing the nature, extent and quality of the services provided to the Fund by the Adviser and Sub-Adviser 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 Fund, and SIMC and the various Sub-Advisory Agreements between SIMC and the Sub-Adviser with respect to the Fund, the Board annually meets with SIMC and, at least every other year, meets with the Sub-Adviser to review such services. Among other things, the Board regularly considers the Sub-Adviser's adherence to the Fund's investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations.

The Trust's Chief Compliance Officer 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 Chief Compliance Officer 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-Adviser. 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 Valuation Designee and the Fund's 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. The independent registered public accounting firm reviews with the Audit Committee its audit of the Fund's financial statements annually, focusing on major areas of financial statement risk encountered by the Fund and noting any significant deficiencies or material weaknesses that were identified in the Fund's 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 respective reviews of these reports and discussions with SIMC, the Sub-Adviser, the Chief Compliance Officer, the independent registered public accounting firm and other service providers, the Board and the Audit Committee learn about the material risks of the Fund, 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 Fund 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 Fund's 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 Fund's investment management and business affairs are carried out by or through SIMC, the Sub-Adviser and the Fund's 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.

------

**Trustees and Officers**

The management and affairs of the Trust and its series, including the Fund 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.

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 independent Trustees constitute a super-majority (75%) of the Board, 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, Governance Committee and the Compliance and Operations Committee. The Audit Committee, Governance Committee and 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 Board of Trustees\* (since 2022)—President and Chief Executive Officer of the Trust since 2022. 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 Tax Exempt 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, and SEI Alternative Income Fund. President, Chief Executive Officer and Trustee

\* Messrs. Nesher and McGonigle are Trustees deemed to be "interested persons" (as that term is defined in the 1940 Act) of the Fund by virtue of their relationships with SEI.

------

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 Tax Exempt Trust, 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 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.

There are currently 11 Funds in the Trust and 105 funds in the Fund Complex.

**Independent Trustees**

**NINA LESAVOY** (Born: 1957)—Trustee (since 2022)—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, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, 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 2022)—Retired since June 2024. Vice President and Chief Investment Officer of 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, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, 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.

**SUSAN C. COTE** (Born: 1954)—Trustee (since 2022)—Retired since July 2015. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, 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, 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 2022)—Retired since December 2017. Trustee/Director of SEI Structured Credit Fund, LP, SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser

\* Messrs. Nesher and McGonigle are Trustees deemed to be "interested persons" (as that term is defined in the 1940 Act) of the Fund by virtue of their relationships with SEI.

------

Managed Trust, New Covenant Funds, SEI Catholic Values Trust 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 2022)—Retired since December 2016. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, 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 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 2022)—Retired since April 2019. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Catholic Values Trust, New Covenant Funds and SEI Alternative Income Fund. Member of the Independent Directors Council Governing Board since 2026. 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, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust 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 Structured Credit Fund, LP, 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 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 Fund 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 Fund, and to exercise their business judgment in a manner that serves the best interests of the Fund's 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 Investments Company, 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 SEI Funds Complex since 1989.

------

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 SEI Funds Complex 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 SEI Funds Complex 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 Fund. Moreover, references to the qualifications, attributes and skills of Trustees are pursuant to requirements of the SEC, do not constitute holding out of, or reflect any 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.

**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 that term is 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 applicable Trust's offices. 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 meets periodically, as necessary.

**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 met one (1) time 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 the Predecessor Fund and shares of funds in the Fund Complex 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) under the Securities and Exchange

------

Act of 1934, as amended (the "1934 Act"). The Trustees and officers of the Trust own less than 1% of the outstanding shares of the Trust.

---

| | | |
|:---|:---|:---|
| **Name** | **Dollar Range of <br>Predecessor Fund <br>Shares\*** | **Aggregate Dollar Range of <br>Shares (Fund Complex)\*** |
| **Interested** | **Interested** | **Interested** |
| Mr. Nesher |  | Over $100,000 |
| Mr. McGonigle<sup>^</sup> |  | Over $100,000 |
| **Independent** | **Independent** | **Independent** |
| Ms. Lesavoy |  | Over $100,000 |
| Mr. Williams |  | Over $100,000 |
| Ms. Cote |  | Over $100,000 |
| Mr. Taylor |  | Over $100,000 |
| Ms. Reynolds | Over $100,000 | Over $100,000 |
| Mr. Melendez | $50001-$100000 | Over $100,000 |
| Ms. Niepoky<sup>^</sup> |  | $10001-$50000 |
| Ms. Walker<sup>^</sup> |  |  |

---

\* Valuation date is December 31, 2025. The Fund Complex currently consists of 105 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, SEI Exchange Traded Funds, SEI Structured Credit Fund, LP and SEI Alternative Income Fund.

<sup>^</sup> Mr. McGonigle and Mses. Niepoky and Walker became trustees for the Trust effective October 16, 2024.

**Board Compensation.** The Trust and the Fund Complex paid the following fees to the Trustees during its fiscal year ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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<sup>^</sup> | $0 | $0 | $0 | $0 |
| Mr. McGonigle\*\* | $0 | $0 | $0 | $0 |
| Independent | Independent | Independent | Independent | Independent |
| Ms. Lesavoy | $4167 | $0 | $0 | $355000 |
| Mr. Williams | $4284 | $0 | $0 | $365000 |
| Ms. Cote | $4167 | $0 | $0 | $355000 |
| Mr. Taylor | $3874 | $0 | $0 | $330000 |
| Ms. Reynolds | $3874 | $0 | $0 | $330000 |
| Mr. Melendez | $3874 | $0 | $0 | $330000 |
| Ms. Niepoky\*\* | $1227 | $0 | $0 | $82500 |
| Ms. Walker\*\* | $1227 | $0 | $0 | $82500 |

---

<sup>^</sup> 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.

\* The Fund Complex currently consists of 105 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, SEI Exchange Traded Funds, SEI Structured Credit Fund, LP and SEI Alternative Income Fund.

\*\* Mr. McGonigle and Mses. Niepoky and Walker became trustees for the Trust effective October 16, 2024.

------

**Trust Officers.** Set forth below are the names, years of birth, position with the Trust and the principal occupations for the last five years of each of the persons currently serving as officers of the Trust. There is no stated term of office for 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 Chief Compliance Officer ("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 for 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 2022)—See biographical information above under the heading "Interested Trustees."

**TIMOTHY D. BARTO** (Born: 1968)—Vice President and Secretary (since 2022)—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 Tax Exempt 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, and SEI Alternative Income Fund since August 2023. Assistant Controller of SEI Daily Income Trust, SEI Tax Exempt 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 F. PANNER** (Born: 1970)—Chief Compliance Officer (since 2022)—Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, 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 Assets Fund, Wilshire Private Assets Master 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.

**STEPHEN G. MACRAE** (Born: 1967)—Vice President (since 2022)—Director of Global Investment Product Management, January 2004 to present. Vice President of SEI Insurance Products Trust from 2013 to 2020.

**DAVID F. MCCANN** (Born: 1976)—Vice President and Assistant Secretary (since 2022)—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.

**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.

**MARCI M. 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.

**Investment Advisory Services**

**Investment Adviser.** 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. As of December 31, 2025, SIMC had approximately $216.43 billion in assets under management.

*Manager of Managers Structure*. SIMC is the investment adviser to the Fund 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 for the Fund without submitting the sub-advisory agreements to a vote of the Fund's 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 Fund 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 Fund's assets to the Sub-Adviser, monitors and evaluates the Sub-Adviser's performance and oversees Sub-Adviser compliance with the Fund's investment objectives, policies and restrictions. SIMC has the ultimate responsibility for the investment performance of the Fund due to its responsibility to oversee Sub-Adviser 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 Fund, may directly manage a portion of the Fund's assets and may manage cash on behalf of the Fund. 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-Adviser are generally responsible for the day-to-day investment management of all or a discrete portion of the assets of the Fund. The Sub-Adviser also is responsible for managing their employees who provide services to the Fund.

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 Fund, and also includes liability and indemnification provisions. In addition, certain of the Sub-Advisory Agreements provide that the Sub-Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith or negligence on its part in the performance of its duties, or from reckless disregard of its obligations or duties thereunder.

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 the 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(s), as applicable, or by SIMC or the Fund's Sub-Adviser(s), 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.* SIMC has entered into an Investment Advisory Agreement with the Fund. Pursuant to the Investment Advisory Agreement, SIMC has agreed to pay all Fund expenses, except for the fees paid to SIMC for advisory services, interest expenses, dividend and other expenses on securities sold short, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions (including brokerage commissions), acquired fund fees and expenses, fees and expenses of the Board of Trustees, litigation expenses and any extraordinary expenses. The Adviser, in turn, compensates the Sub-Adviser from the management fee it receives.

The Fund's Management Fee is calculated daily and paid monthly at the following annual rate based on the average daily net assets of the Fund:

---

| | |
|:---|:---|
| | **Contractual<br>Management <br>Fee (%)<br>(annual rate)** |
| SEI High Yield Bond & Alternative Credit ETF | 0.65% |

---

The aggregate sub-advisory fees paid by SIMC for the Predecessor Fund's fiscal year ended September 30, 2025 for the Predecessor Fund are set forth below as a percentage of the average daily net assets of the Fund.

---

| | | |
|:---|:---|:---|
| | **Contractual<br>Management Fee (%)<br>(annual rate)** | **Aggregate <br>Sub-Advisory <br>Fees Paid (%)** |
| Predecessor Fund | 0.4875% | 0.26% |

---

SIMC pays the 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 Sub-Adviser. For the Predecessor Fund's fiscal years ended September 30, 2023, 2024 and 2025, the following tables show: (i) the contractual advisory fees that SIMC was entitled to receive from the Predecessor Fund; (ii) the dollar amount of SIMC's contractual and voluntary fee waivers; (iii) the dollar amount of fees paid to the Sub-Adviser by SIMC; and (iv) the dollar amount of the fees retained by SIMC.

For the Predecessor Fund's fiscal year ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Contractual<br>Advisory Fees<br>(000)** | **<br>Advisory Fees<br>Waived <br>(000)** | **Sub-Advisory Fees<br>Paid <br>(000)** | **Advisory Fees <br>Retained by SIMC<br>(000)** |
| Predecessor Fund | $5456 | $854 | $2927 | $1675 |

---

For the Predecessor Fund's fiscal year ended September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Contractual<br>Advisory Fees<br>(000)** | **Advisory Fees<br>Waived <br>(000)** | **Sub-Advisory Fees<br>Paid <br>(000)** | **Advisory Fees <br>Retained by SIMC<br>(000)** |
| Predecessor Fund | $5868 | $918 | $3208 | $1742 |

---

For the Predecessor Fund's fiscal year ended September 30, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Contractual<br>Advisory Fees<br>(000)** | **Advisory Fees<br>Waived <br>(000)** | **Sub-Advisory Fees<br>Paid <br>(000)** | **Advisory Fees <br>Retained by SIMC<br>(000)** |
| Predecessor Fund | $6228 | $975 | $3392 | $1861 |

---

**The Sub-Advisers.**

**ARES CAPITAL MANAGEMENT II LLC—**Ares Capital Management II LLC ("ACM II") serves as a Sub-Adviser to a portion of the assets of the Fund. ACM II is a wholly-owned subsidiary of Ares Management LLC ("Ares") and is registered with the SEC. Founded in 1997, Ares is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit real estate, private equity, and infrastructure asset classes. Ares' scale and tenure in credit markets define their platform. Ares was

------

built upon the fundamental principle that each group benefits from being part of the broader platform. ACM II is a Delaware limited liability company, and its ultimate parent company is Ares Management Corporation, ("Ares Corp"), which is a publicly traded, global alternative investment manager. Its common units are traded on the New York Stock Exchange under the ticker symbol ARES.

**BENEFIT STREET PARTNERS L.L.C.—**Benefit Street Partners L.L.C. ("Benefit Street") serves as a Sub-Adviser to a portion of the assets to the Fund. Benefit Street is a subsidiary of Franklin Templeton. Importantly, Benefit Street operates all of its Investment Committees independently of Franklin Templeton.

**BLACKSTONE CREDIT SYSTEMATIC STRATEGIES LLC—**Blackstone Credit Systematic Strategies LLC ("BCBS") serves as a Sub-Adviser to a portion of the assets of the Fund. BCBS is an investment adviser that is part of the Blackstone Credit & Insurance ("BXCI") business unit, one of the world's leading credit investors. Blackstone Inc. is the ultimate parent company of BCBS (together with its affiliates, including BCBS, "Blackstone" or the "Firm") manages global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. As of September 30, 2025, Blackstone has total assets under management of more than $1.2 trillion including $321 billion of investor capital in real estate funds, $396 billion in private equity funds, $432 billion in credit & insurance businesses, and $93 billion in multi-asset investing.

**BRIGADE CAPITAL MANAGEMENT, LP—**Brigade Capital Management, LP ("Brigade") serves as a Sub-Adviser to a portion of the assets of the Fund. Brigade is a Delaware limited partnership and an SEC-registered investment adviser, and Donald E. Morgan III is the managing partner of Brigade. Brigade may delegate certain of its duties to its controlled affiliate, Brigade Capital UK LLP, located at Southwest House, 11A Regent Street, Third Floor, London, UK SW1Y 4LR.

**J.P. MORGAN INVESTMENT MANAGEMENT INC.—**J.P. Morgan Investment Management Inc. ("JPMIM") serves as a Sub-Adviser to a portion of the assets of the Fund. JPMIM is a registered investment adviser and an indirect, wholly owned subsidiary of JPMorgan Chase & Co ("JPMorgan").

**Portfolio Management.**

SIMC

*Compensation.* SIMC compensates the portfolio managers for their management of the Fund. The portfolio managers' compensation consists of a fixed annual salary, plus a discretionary annual bonus determined generally as follows.

With respect to the bonus, twenty percent of the portfolio managers' 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 is set at the discretion of SEI and not SIMC.

The remaining percentage is based upon the Fund's performance (pre-tax) versus its respective benchmark over a one- and three-year period.

*Ownership of Fund Shares.* As of December 31, 2025, the portfolio managers did not beneficially own shares of the Fund.

*Other Accounts.* As of December 31, 2025, in addition to the Predecessor Fund, the 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 Managers** | **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)** |
| Michael Schafer | 1 | $2078.08 | 3 | $1360.76 | 0 | $0 |
| Anthony Karaminas | 38 | $47788.85 | 1 | $6.93 | 0 | $0 |
| Timothy Sauermelch\* | 6 | $4966.89 | 1 | $933.67 | 0 | $0 |
| David Aniloff | 3 | $3866.58 | 3 | $1360.76 | 0 | $0 |

---

\* Mr. Sauermelch was not a portfolio manager with the Predecessor Fund.

------

No account listed above is subject to a performance-based advisory fee.

*Conflicts of Interest.* The portfolio managers' management of other accounts may give rise to actual or potential conflicts of interest in connection with their day-to-day management of the Fund's investments. The other accounts might have similar investment objectives as the Fund or hold, purchase or sell securities that are eligible to be held, purchased or sold by the Fund.

While the portfolio managers' 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 managers' 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 Fund trades. It is theoretically possible that the portfolio managers could use this information to the advantage of the other accounts and to the possible detriment of the Fund. 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 managers' management of the Fund and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors the other accounts over the Fund. This conflict of interest may be exacerbated to the extent that SIMC or the portfolio manager receives, or expect to receive, greater compensation from their management of the other accounts than the Fund. 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.

ACM II

*Compensation.* SIMC pays ACM II a fee based on the assets under management of the Fund as set forth in an investment sub-advisory agreement between ACM II and SIMC. ACM II pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Fund. The following information relates to the period ended September 30, 2025.

Similar to certain other stockholders of Ares Corp, Mr. Brufsky receives dividends that are distributed to stockholders quarterly. Mr. Mathewson's and Mr. Singh's performance is reviewed by Mr. Brufsky and other members of management, and their compensation, as well as that of other investment professionals, is determined pursuant to an annual review and is based on business and fund performance in addition to individual contributions.

Generally, compensation is determined by Ares' executive leadership, with recommendations made by the head of each applicable business unit. Investment professionals receive a base salary and are eligible for a discretionary year-end bonus based on performance. Subject to a minimum compensation threshold, a portion of year-end bonus may be paid in the form of shares of Class A Common Stock of our publicly traded parent, Ares Corp which vests over time and is intended as a retention mechanism for portfolio managers, investment professionals and other senior professionals of the firm.

Additionally, and where applicable, portfolio managers and senior investment professionals as well as other senior professionals are awarded direct carried interest and/or profit participations with respect to funds in which they are involved and may also receive similar incentive awards relating to the funds in the firm's other investment groups. This both aligns the compensation of key employees with investment performance and rewards the collaboration of senior professionals across business platforms.

Professionals receive year-end annual reviews. For the research team, this will focus primarily on security analysis and communication, including the quality and number of investment recommendations made, the

------

efficacy and accuracy of investment monitoring, and the contributions made to the strategy and relative value assessments prepared internally. In addition to the annual review, we also conduct mid-year performance reviews that are less formal and serve to evaluate progress against goals and specific action steps identified in the annual assessment.

For more detail on the firm's compensation philosophy and its elements of compensation, please refer to the "Compensation Discussion and Analysis" section of the firm's annual proxy as filed with the SEC, which also includes specific details on compensation for the firm's Named Executive Officers.

https://www.ares-ir.com/sec-filings/

*Ownership of Fund Shares.* As of September 30, 2025, ACM II's portfolio managers did not beneficially own any shares of the Predecessor Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Predecessor Fund, ACM II's portfolio managers were responsible for 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 Managers<sup>†</sup>** | **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)** |
| ACM II Management Team <br>(Seth Brufsky, <br>Chris Mathewson and <br>Kapil Singh) | 4 | $2884 | 2 | $2508 | 19 | $7310 |
|  | 0 | $0 | 0 | $0 | 2<br> \* | $992 |

---

<sup>†</sup> ACM II 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.

\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* The management of other accounts by ACM II's portfolio managers may give rise to potential conflicts of interest in connection with their management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. Other accounts might have similar investment objectives as the Fund or hold, purchase or sell securities that are eligible to be held, purchased or sold by the Fund. ACM II does not believe that these conflicts, if any, are material or, to the extent any such conflicts are material, ACM II 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 ACM II's portfolio managers' 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 possible that ACM II's portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Fund. However, ACM II 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 ACM II's portfolio managers' management of the Fund and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors other accounts over the Fund. This conflict of interest may be exacerbated to the extent that ACM II or its portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts (many of which receive a base and incentive fee) than from the Fund. Notwithstanding this potential conflict of interest, it is ACM II's policy to manage each account based on its investment objectives and related restrictions and, as discussed above, ACM II 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 ACM II's portfolio managers may buy for

------

other accounts securities that differ in identity or quantity from securities bought for the Fund, such securities might not be suitable for the Fund given their investment objectives and related restrictions.

By reason of the various activities of the Sub-Adviser and its affiliates, the Sub-Adviser and such affiliates may acquire confidential or material non-public information or otherwise be restricted from purchasing certain potential Fund investments that otherwise might have been purchased or be restricted from selling certain investments that might otherwise have been sold at the time.

It is likely that the other advised funds may make investments in the same or similar securities at different times and on different terms than the Fund. The Fund and the other advised funds may make investments at different levels of a borrower's capital structure or otherwise in different classes of a borrower's securities, to the extent permitted by applicable law. Such investments may inherently give rise to conflicts of interest or perceived conflicts of interest between or among the various classes of securities that may be held by such entities. Conflicts may also arise because portfolio decisions regarding the Fund may benefit the other advised funds. For example, the sale of a long position or establishment of a short position by the Fund may impair the price of the same security sold short by (and therefore benefit) one or more advised funds, and the purchase of a security or covering of a short position in a security by the Fund may increase the price of the same security held by (and therefore benefit) one or more advised funds.

Applicable law, including the 1940 Act, may at times prevent the Fund from being able to participate in investments that they otherwise would participate in, and may require the Fund to dispose of investments at a time when they otherwise would not dispose of such investment, in each case, in order to comply with applicable law.

Ares has adopted a Code of Ethics that sets forth standards of business and fiduciary conduct. The Code of Ethics is reasonably designed to minimize actual or potential conflicts of interest between Ares and its clients and prevent violation of federal securities laws.

Benefit Street

*Compensation.* SIMC pays Benefit Street a fee based on the assets under management of the Fund as set forth in an investment sub-advisory agreement between Benefit Street and SIMC. Benefit Street pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Fund. The following information relates to the period ended September 30, 2025.

Benefit Street maintains competitive compensation policies that are in line with industry standards for similarly-sized credit funds. The portfolio managers of the Fund are compensated with a base salary and performance related bonus based on both the individual's performance and the Fund's performance. While certain indexes may be considered when considering a portfolio manager's compensation, specific benchmarks or periods of time are not necessarily used to calculate a portfolio manager's compensation.

Other factors considered when determining a portfolio manager's compensation include, without limitation, contribution to business results and overall business strategy, success of marketing/business development efforts and client servicing, seniority/length of service with the firm, and management and supervisory responsibilities. In addition, the portfolio managers may, directly or indirectly, have capital invested in and/or interests in carried interest or similar performance-based fees collected by the general partners, managing members, special limited partners (or equivalent of any of the foregoing) or the investment adviser of BSP-sponsored credit funds.

*Ownership of Fund Shares.* As of September 30, 2025, Benefit Street's portfolio managers did not beneficially own any shares of the Predecessor Fund.

------

*Other Accounts.* As of September 30, 2025, in addition to the Predecessor Fund, Benefit Street's portfolio managers were responsible for day-to-day management of certain other accounts (which do not include the Predecessor Fund), 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 Managers<sup>†</sup>** | **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)** |
| Thomas Gahan | 1 | $423.88 | 80 | $44991.52 | 19 | $2857.09 |
|  | 0 | $0 | 79<br> \* | $44955.43 | 17<br> \* | $2776.12 |
| Paul Karpers | 1 | $423.88 | 5 | $1421.09 | 0 | $0 |
|  | 0 | $0 | 4<br> \* | $1384.99 | 0 | $0 |

---

<sup>†</sup> Benefit Street 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.

\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* Benefit Street's individual portfolio managers may manage multiple client accounts. These other accounts may include separate accounts, pooled investment vehicles, other registered investment companies or offshore funds. Each client account may pursue investment opportunities similar to those pursued by another client account or by client accounts of Benefit Street's affiliates. The allocation of investment opportunities will be determined by Benefit Street and its affiliates in their good faith judgment and in accordance with, among other things, Benefit Street's policies and procedures regarding allocating investment opportunities, individual account investment guidelines, and the organizational documents or advisory agreements of the relevant client accounts. Allocation decisions can raise conflicts, for example, if the client accounts have different fee structures. Furthermore, Benefit Street, its affiliates, certain of its principals and employees, and their relatives may invest in and alongside client accounts, either through a general partner of a client account, as direct investors in a client account or otherwise, and may therefore participate indirectly in investments made by the client accounts in which they invest. Such interests will vary account by account and may create an incentive to allocate particularly attractive investment opportunities to the client accounts in which such personnel hold a greater interest.

Subject to applicable investment objectives, guidelines and governing documents of the client accounts, Benefit Street and its affiliates generally allocate investment opportunities on a pro-rata basis among eligible client accounts based upon the current available capital of each such investment vehicle. In addition, certain investment opportunities are allocated on a non-pro rata basis using certain factors such as risk factors and/or diversification, client account investment restrictions, currency or other exposures, current portfolio composition (including current cash available), whether the client account has an existing investment in the portfolio company, as well as the client account's phase in its life cycle (for example, certain opportunities may be over-allocated or under-allocated to a client account during the beginning or the end of its investment cycle).

From time to time, Benefit Street may also determine to refer the allocation of certain investment opportunities to Benefit Street's Allocation Committee (the "Allocation Committee"). The Allocation Committee makes recommendations as to the allocation of investment and disposition opportunities among client accounts, with the intention of fostering fair and equitable allocation over time. The Allocation Committee consists of senior officers of appropriate departments of Benefit Street.

Benefit Street, its affiliates, and officers, principals or employees of Benefit Street and its affiliates may buy or sell securities or other instruments that Benefit Street has recommended to client accounts, including the Fund. In addition, such officers, principals or employees may buy securities in transactions offered to but rejected by clients. Such transactions are subject to the policies and procedures set forth in Benefit Street's Code of Ethics. Benefit Street, its affiliates, and their employees are prohibited from "front running" (*i.e.*, purchasing a security for a personal account while knowing that a client account is about to purchase the same security, and then selling the security at a profit upon the rise in the market price following the purchase by the client account). They are similarly prohibited from engaging in short selling when they have access to

------

confidential information that a client account is about to sell a particular security. In addition, they are prohibited from "intermarket front running" (*e.g.*, trading in an option for a personal account when a client account is trading in the underlying security and vice versa). Nevertheless, if Benefit Street, its affiliates, and their employees have made large capital investments in or alongside client accounts, such persons may have conflicting interests from such client accounts with respect to these investments (for example, with respect to the availability and timing of liquidity).

Certain client accounts of Benefit Street and its affiliates may invest in bank debt and securities of companies in which other client accounts hold securities, including equity securities, including a controlling position. In the event that such investments are made by a client account, the interests of such client account may be in conflict with the interests of other client accounts of Benefit Street or its affiliates, particularly in circumstances where the underlying company is facing financial distress. The involvement of client accounts at both the equity and debt levels could inhibit strategic information exchanges among fellow creditors. In certain circumstances, client accounts of Benefit Street or its affiliates may be prohibited from exercising voting or other rights, and may be subject to claims by other creditors with respect to the subordination of their interest. If additional capital is necessary as a result of financial or other difficulties, or to finance growth or other opportunities, the client accounts may or may not provide such additional capital, and if provided each client account will supply such additional capital in such amounts, if any, as determined by Benefit Street or its affiliates. Benefit Street and its affiliates may seek to address these conflicts by adopting policies and procedures designed to ensure that the team managing the investments make independent decisions through the enforcement of information barriers and similar procedures.

A portfolio manager may also face other potential conflicts of interest in managing the Fund, and the description above is not a complete description of every conflict of interest that could arise in managing both the Fund and other accounts listed above.

BCBS

*Compensation.* SIMC pays BCBS a fee based on the assets under management of the Fund as set forth in an investment sub-advisory agreement between BCBS and SIMC. BCBS pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Fund. The following information relates to the period ended September 30, 2025.

Blackstone believes that its compensation approach, which includes discretionary cash and equity bonuses, greatly aligns the goals of its investment professionals with those of its investors and is designed to attract and retain top talent. Blackstone professionals' compensation may include a base salary, a discretionary bonus, and participation in carried interest pools from other parts of Blackstone. Compensation is determined based on individual performance, overall Firm performance, the performance of the relevant Blackstone business unit and current market conditions.

*Ownership of Fund Shares.* As of September 30, 2025, BCBS's portfolio manager did not beneficially own any shares of the Predecessor Fund.

*Other Accounts*. As of September 30, 2025, in addition to the Predecessor Fund, BCBS's portfolio managers 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 billions)** | **Number<br>of Accounts** | **Total Assets <br>(in billions)** | **Number <br>of Accounts** | **Total Assets <br>(in billions)** |
| Adam Dwinells | 0 | $0 | 5 | $4.2 | 24 | $29.4 |

---

None of these accounts are subject to a performance-based advisory fee.

*Conflicts of Interest.* Blackstone has implemented policies and processes to mitigate the effects of any potential conflicts of interest and has established a governance committee to oversee investment allocations and conflicts. Information walls (administered by Blackstone's legal and compliance personnel) exist to prevent the inappropriate flow of information between business groups within Blackstone. From time to time, BXCI

------

co-invests alongside other Blackstone groups or in different levels of the capital structure than other Blackstone clients. Blackstone has processes in place to manage these conflicts, which may include review by firmwide or BXCI internal vetting groups or conflicts committees. Blackstone may mitigate conflicts by relying on third parties to validate price and terms for affiliated or portfolio company deals and future voting decisions. Where appropriate under the facts and circumstances of a particular investment, Blackstone may also seek client consent before committing to a transaction.

With respect to investment opportunities and BCBS's allocation policies, it is BCBS's policy and practice to allocate fairly and equitably among clients so as not to advantage one account over another. Conflicts of interest are discussed in greater detail in the BCBS Form ADV.

Brigade

*Compensation.* SIMC pays Brigade a fee based on the assets under management of the Fund as set forth in an investment sub-advisory agreement between Brigade and SIMC. Brigade pays its investment professionals out of its total revenues, including the sub-advisory fees earned with respect to the Fund. Brigade's compensation structure is designed to attract and retain high caliber investment professionals necessary to deliver high quality investment management services to its clients. The following information relates to the period ended September 30, 2025.

Brigade's compensation of Donald E. Morgan, III, Chief Investment Officer/Managing Partner, includes a fixed monthly payment and incentive components. It is expected that Mr. Morgan will receive an incentive payment based from other client accounts. It is expected that the incentive compensation component with respect to all portfolios managed by Mr. Morgan can, and typically will, represent a significant portion of Mr. Morgan's overall compensation and can vary significantly from year to year.

Brigade's compensation of Douglas C. Pardon, the Co-Chief Investment Officer/ Head of High Yield Bond Research/Portfolio Manager of High Yield and Opportunistic Credit, includes a fixed monthly payment and incentive components. It is expected that Mr. Pardon will receive an incentive payment based from other client accounts. It is expected that the incentive compensation component with respect to all portfolios managed by Mr. Pardon can, and typically will, represent a significant portion of Mr. Pardon's overall compensation and can vary significantly from year to year.

*Ownership of Fund Shares.* As of September 30, 2025, Brigade's portfolio managers did not beneficially own any shares of the Predecessor Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Predecessor Fund, Brigade'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 Managers** | **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)** |
| Donald E. Morgan III | 4 | $1063.6 | 64 | $21423.4 | 47 | $9652.3 |
|  | 0 | $0 | 12<br> \* | $2786.8 | 14<br> \* | $4218.3 |
| Douglas C. Pardon | 4 | $1063.6 | 14 | $5673.7 | 25 | $6594.8 |
|  | 0 | $0 | 2<br> \* | $150.5 | 7<br> \* | $2657.5 |

---

\* These accounts, which are a subset of the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio managers being responsible for multiple accounts, including the Fund, which may have different investment guidelines and objectives. In addition to the Fund, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts.

In particular, this conflict of interest may arise as a result of Brigade's management of the Fund and other accounts, which, in theory, may allow Brigade to allocate investment opportunities in a way that favors other accounts over the Fund. This conflict of interest may be exacerbated to the extent that Brigade or the portfolio

------

managers receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the Fund.

Brigade (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Fund. To the extent a particular investment is suitable for both the Fund and the other accounts, such investments will be allocated between the Fund and the other accounts in a manner that Brigade determines is fair and equitable under the circumstances to all clients, including the Fund.

To address and manage these potential conflicts of interest, Brigade has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

JPMIM

*Compensation.* SIMC pays JPMIM a fee based on the assets under management of the Fund as set forth in an investment sub-advisory agreement between JPMIM and SIMC. JPMIM pays its portfolio managers out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Fund. The following information relates to the period ended September 30, 2025.

JPMIM's compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards.

The compensation framework for JPMIM Portfolio Managers participating in public market investing activities is based on several factors that drive alignment with client objectives, the primary of which is investment performance, alongside of the firm-wide performance dimensions. The framework focuses on Total Compensation—base salary and variable compensation. Variable compensation is in the form of cash incentives, and/or long-term incentives in the form of fund-tracking incentives (referred to as the "Mandatory Investment Plan" or "MIP") and/or equity-based JPMorgan Chase Restricted Stock Units ("RSUs") with defined vesting schedules and corresponding terms and conditions. Long-term incentive awards may comprise up to 60% of overall incentive compensation, depending on an employee's pay level.

The performance dimensions for Portfolio Managers are evaluated annually based on several factors that drive investment outcomes and value—aligned with client objectives—including, but not limited to:

• Investment performance, generally weighted more to the long-term, with specific consideration for Portfolio Managers of investment performance relative to competitive indexes or peers over one-, three-, five- and ten-year periods, or, in the case of funds designed to track the performance of a particular index, the Portfolio Managers success in tracking such index;

• The scale and complexity of their investment responsibilities;

• Individual contribution relative to the client's risk and return objectives;

• Business results, as informed by investment performance; risk, controls and conduct objectives; client/customer/stakeholder objectives, teamwork and leadership objectives; and

• Adherence with JPMorgan's compliance, risk, regulatory and client fiduciary responsibilities, including, as applicable, adherence to the JPMorgan Asset Management Sustainability Risk Integration Policy, which contains relevant financially material Environmental, Social and Corporate Governance ("ESG") factors that are intended to be assessed in investment decision- making.

In addition to the above performance dimensions, the firm-wide pay-for-per performance framework is integrated into the final assessment of incentive compensation for an individual Portfolio Manager. Feedback from JPMorgan's risk and control professionals is considered in assessing performance and compensation.

------

Portfolio Managers are subject to a mandatory deferral of long-term incentive compensation under JPMorgan's "MIP". In general, the MIP provides for a rate of return equal to that of the particular fund(s), thereby aligning the Portfolio Manager's pay with that of the client's experience/return.

For Portfolio Managers participating in public market investing activities, 50% of their long-term incentives are subject to a mandatory deferral in the MIP, and the remaining 50% can be granted in the form of RSUs or additional participation in MIP at the election of the Portfolio Manager.

For the portion of long-term incentives subject to mandatory deferral in the MIP (50%), the incentives are allocated to the fund(s) the Portfolio Manager manages, as determined by the employee's respective manager and reviewed by senior management.

In addition, named Portfolio Managers on a sustainable fund(s) are required to allocate at least 25% of their mandatory deferral in at least one dedicated sustainable fund(s).

To hold individuals responsible for taking risks inconsistent with JPMorgan's risk appetite and to discourage future imprudent behavior, we have policies and procedures that enable us to take prompt and proportionate actions with respect to accountable individuals, including:

• Reducing or altogether eliminating annual incentive compensation;

• Canceling unvested awards (in full or in part);

• Clawback/recovery of previously paid compensation (cash and / or equity);

• Demotion, negative performance rating or other appropriate employment actions; and

• Termination of employment.

The precise actions we take with respect to accountable individuals are based on circumstances, including the nature of their involvement, the magnitude of the event and the impact on JPMorgan.

In evaluating each portfolio manager's performance with respect to the accounts he or she manages, JPMorgan uses the following indexes as benchmarks to evaluate the performance of the portfolio manager with respect to the accounts:

---

| | |
|:---|:---|
| **Name of Fund** | **Benchmark** |
| SEI High Yield Bond & Alternative Credit ETF | ICE BofA US High Yield Constrained Index Total Return in USD |

---

*Ownership of Fund Shares.* As of September 30, 2025, JPMIM's portfolio managers did not beneficially own any shares of the Predecessor Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Predecessor Fund, JPMIM's portfolio managers were responsible for 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 Managers** | **Number <br>of Accounts** | **Total Assets <br>(in thousands)** | **Number<br>of Accounts** | **Total Assets <br>(in thousands)** | **Number <br>of Accounts** | **Total Assets <br>(in thousands)** |
| Robert Cook | 11 | $23589174 | 12 | $20009389 | 43 | $20116791 |
|  | 0 | $0 | 1<br> \* | $907191 | 0 | $0 |
| Thomas Hauser | 22 | $71011882 | 20 | $41258721 | 57 | $23820296 |
|  | 0 | $0 | 2<br> \* | $15226 | 0 | $0 |
| Jeffrey Lovell | 11 | $13318588 | 13 | $19117422 | 44 | $23319431 |
|  | 0 | $0 | 2<br> \* | $15226 | 0 | $0 |

---

\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* The potential for conflicts of interest exists when portfolio managers manage other accounts with similar investment objectives and strategies as the fund ("Similar Accounts"). Potential conflicts

------

may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities.

Responsibility for managing J.P. Morgan Investment Management Inc. (JP Morgan)'s and its affiliates clients' portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar strategies are managed by portfolio managers in the same portfolio management group using the same objectives, approach and philosophy. Underlying sectors or strategy allocations within a larger portfolio are likewise managed by portfolio managers who use the same approach and philosophy as similarly managed portfolios. Therefore, portfolio holdings, relative position sizes and industry and sector exposures tend to be similar across similar portfolios and strategies, which minimize the potential for conflicts of interest.

JPMorgan and/or its affiliates ("JPMorgan Chase") perform investment services, including rendering investment advice, to varied clients. JPMorgan, JPMorgan Chase and its or their directors, officers, agents, and/or employees may render similar or differing investment advisory services to clients and may give advice or exercise investment responsibility and take such other action with respect to any of its other clients that differs from the advice given or the timing or nature of action taken with respect to another client or group of clients. It is JPMorgan's policy, to the extent practicable, to allocate, within its reasonable discretion, investment opportunities among clients over a period of time on a fair and equitable basis. One or more of JPMorgan's other client accounts may at any time hold, acquire, increase, decrease, dispose, or otherwise deal with positions in investments in which another client account may have an interest from time-to-time.

Acting for Multiple Clients. In general, JPMIM faces conflicts of interest when it renders investment advisory services to several clients and, from time to time, provides dissimilar investment advice to different clients. For example, when funds or accounts managed by JPMIM ("Other Accounts") engage in short sales of the same securities held by the Fund, JPMIM could be seen as harming the performance of the Fund for the benefit of the Other Accounts engaging in short sales, if the short sales cause the market value of the securities to fall. In addition, a conflict could arise when one or more Other Accounts invest in different instruments or classes of securities of the same issuer than those in which the Fund invests. In certain circumstances, Other Accounts have different investment objectives or could pursue or enforce rights with respect to a particular issuer in which the Fund has also invested and these activities could have an adverse effect on the Fund. For example, if the Fund holds debt instruments of an issuer and an Other Account holds equity securities of the same issuer, then if the issuer experiences financial or operational challenges, the Fund (which holds the debt instrument) may seek a liquidation of the issuer, whereas the Other Account (which holds the equity securities) may prefer a reorganization of the issuer. In addition, an issuer in which the Fund invests may use the proceeds of the Fund's investment to refinance or reorganize its capital structure which could result in repayment of debt held by JPMorgan or an Other Account. If the issuer performs poorly following such refinancing or reorganization, the Fund's results will suffer whereas the Other Account's performance will not be affected because the Other Account no longer has an investment in the issuer. Conflicts are magnified with respect to issuers that become insolvent. It is possible that in connection with an insolvency, bankruptcy, reorganization, or similar proceeding, the Fund will be limited (by applicable law, courts or otherwise) in the positions or actions it will be permitted to take due to other interests held or actions or positions taken by JPMorgan or Other Accounts.

JPMorgan, JPMorgan Chase, and any of its or their directors, partners, officers, agents or employees, may also buy, sell, or trade securities for their own accounts or the proprietary accounts of JPMorgan and/or JPMorgan Chase. JPMorgan and/or JPMorgan Chase, within their discretion, may make different investment decisions and other actions with respect to their own proprietary accounts than those made for client accounts, including the timing or nature of such investment decisions or actions. Further, JPMorgan is not required to purchase or sell for any client account securities that it, JPMorgan Chase, and any of its or their employees, principals, or agents may purchase or sell for their own accounts or the proprietary accounts of JPMorgan, or JPMorgan Chase or its clients. JP Morgan and/or its affiliates may receive more compensation with respect to certain Similar Accounts than that received with respect to the fund or may receive compensation based in part on the performance of certain Similar Accounts. This may create a potential conflict of interest for JP Morgan and its affiliates or its portfolio managers by providing an incentive to favor these Similar Accounts when, for example, placing securities transactions. In addition, JP Morgan or its affiliates could be viewed as having a conflict of interest to

------

the extent that JP Morgan or an affiliate has a proprietary investment in Similar Accounts, the portfolio managers have personal investments in Similar Accounts or the Similar Accounts are investment options in JP Morgan's or its affiliate's employee benefit plans. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions imposed upon JP Morgan and its affiliates by law, regulation, contract or internal policies. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest, as JP Morgan or its affiliates may have an incentive to allocate securities that are expected to increase in value to favored accounts. Initial public offerings, in particular, are frequently of very limited availability. JP Morgan and its affiliates may be perceived as causing accounts they manage to participate in an offering to increase JP Morgan's or its affiliates' overall allocation of securities in that offering.

A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. If JP Morgan or its affiliates manage accounts that engage in short sales of securities of the type in which the fund invests, JP Morgan or its affiliates could be seen as harming the performance of the fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall.

As an internal policy matter, JP Morgan may from time to time maintain certain overall investment limitations on the securities positions or positions in other financial instruments JP Morgan or its affiliates will take on behalf of its various clients due to, among other things, liquidity concerns and regulatory restrictions. Such policies may preclude a fund from purchasing particular securities or financial instruments, even if such securities or financial instruments would otherwise meet the fund's objectives.

The goal of JP Morgan and its affiliates is to meet their fiduciary obligation with respect to all clients. JP Morgan and its affiliates have policies and procedures that seek to manage conflicts. JP Morgan and its affiliates monitor a variety of areas, including compliance with fund guidelines, review of allocation decisions and compliance with JP Morgan's Codes of Ethics and JPMC's Code of Conduct. With respect to the allocation of investment opportunities, JP Morgan and its affiliates also have certain policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. For example:

Orders received in the same security and within a reasonable time period from a market event (*e.g.*, a change in a security rating) are continuously aggregated on the appropriate trading desk so that new orders are aggregated with current outstanding orders, consistent with JPMorgan's duty of best execution for its clients. However, there are circumstances when it may be appropriate to execute the second order differently due to other constraints or investment objectives. Such exceptions often depend on the asset class. Examples of these exceptions, particularly in the fixed-income area, are sales to meet redemption deadlines or orders related to less liquid assets.

If aggregated trades are fully executed, accounts participating in the trade will typically be allocated their pro rata share on an average price basis. Partially filled orders generally will be allocated among the participating accounts on a pro-rata average price basis, subject to certain limited exceptions. Use of average price for execution of aggregated trade orders is particularly true in the equity area. However, certain investment strategies, such as the use of derivatives, or asset classes, such as fixed-income that use individual trade executions due to the nature of the strategy or supply of the security, may not be subject to average execution price policy and would receive the actual execution price of the transaction. Additionally, some accounts may be excluded from pro rata allocations. Accounts that would receive a de minimis allocation relative to their size may be excluded from the order. Another exception may occur when thin markets or price volatility require that an aggregated order be completed in multiple executions over several days. Deviations from pro rata allocations are documented by the business. JPMorgan attempts to mitigate any potential unfairness by basing non-pro-rata allocations traded through a single trading desk or system upon an objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JPMorgan so that fair and equitable allocation will occur over time.

------

Purchases of money market instruments and fixed income securities cannot always be allocated pro-rata across the accounts with the same investment strategy and objective. However, the Adviser and its affiliates attempt to mitigate any potential unfairness by basing non-pro rata allocations traded through a single trading desk or system upon objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of the Adviser or its affiliates so that fair and equitable allocation will occur over time.

**Other Service Providers**

**Administrator.** SEI Investments Global Funds Services (the "Administrator"), a Delaware statutory trust, has its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456. SIMC, a wholly-owned subsidiary of SEI Investments Company ("SEI"), is the owner of all beneficial interest in the Administrator. 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 Fees.** For its administrative services to the Predecessor Fund, the Administrator received a fee, which is calculated based upon the average daily net assets of the Fund and paid monthly by the Trust. The following table shows: (i) the dollar amount of fees paid to the Administrator by the Fund; and (ii) the dollar amount of the Administrator's voluntary fee waivers and or/reimbursements for the Predecessor Fund's fiscal years ended September 30, 2023, 2024 and 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administration Fees Paid<br>(000)** | **Administration Fees Paid<br>(000)** | **Administration Fees Paid<br>(000)** | **Administration Fees Waived<br>(000)** | **Administration Fees Waived<br>(000)** | **Administration Fees Waived<br>(000)** |
| | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
| Predecessor Fund | $2555 | $2408 | $2238 | $211 | $218 | $223 |

---

**Custodian.** U.S. Bank National Association ("U.S. Bank") located 425 Walnut Street, Cincinnati, Ohio 45202, serves as custodian (the "Custodian") for the Fund. The Custodian maintains in separate accounts cash, securities and other assets of the Fund, keeps all necessary accounts and records, and provides other services. The Custodian is required, upon the order of the Trust, to deliver securities held by it, in its capacity as custodian, and to make payments for securities purchased by the Trust for the Fund.

**Transfer Agent.** U.S. Bank Global Fund Services, located at 777 E. Wisconsin Ave., Milwaukee, WI 53202 serves as the Fund's transfer agent (the "Transfer Agent"). The Transfer Agent authorizes and issues shares of beneficial interest and as dividend disbursing agent of the Fund.

**Distributor.** SEI Investments Distribution Co. (the "Distributor") serves as the 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.* The Distributor serves as the Fund's Distributor pursuant to a distribution agreement (the "Distribution Agreement") with the Trust. The Distribution Agreement shall be reviewed and ratified at least annually by: (i) either the vote of a majority of the Trustees of the Trust, or the vote of a majority of the outstanding voting securities of the Trust; and (ii) the vote of a majority of those Trustees of the Trust who are not parties to the Distribution Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on the approval. The terms "vote of a majority of the outstanding voting securities" and "interested persons" shall have the respective meanings specified in the 1940 Act. The Distribution Agreement will terminate in the event of any assignment, as defined in the 1940 Act, and is terminable with respect to the Fund on not less than 60 days' notice by the Trust's Trustees, by vote of a majority of the outstanding shares of the Fund or by the Distributor.

**Determination of Net Asset Value**

The per share NAV of the Fund is computed by dividing the total value of the Fund's portfolio, less any liabilities, by the total number of outstanding shares of the Fund. The Fund's NAV is calculated as of the close

------

of the regular trading session of the New York Stock Exchange ("NYSE") (normally 4:00 p.m. New York time) each day that the NYSE is open. Additional information on how NAV is determined is set forth in the Prospectus.

**Brokerage Transactions**

Although much of the Fund's investment exposure will be effected through the creation and redemption process, SIMC will also effect portfolio trades for the ETFs from time to time. It is expected that the Fund will execute a substantial portion of their brokerage or other agency transactions (*i.e.*, portfolio transactions, not creation and redemption transactions) through the Distributor, a registered broker-dealer acting as introducing broker, for a commission, in conformity with the 1940 Act, the 1934 Act and rules of the SEC. An unaffiliated third-party broker selected by SIMC 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. Under these provisions, the Distributor is permitted to receive and retain compensation for effecting fund transactions for the Fund on an exchange. These provisions further 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 which 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 Fund may direct commission business to one or more designated broker-dealers, including the Distributor, in connection with such broker-dealer's payment of certain of the Fund's expenses. The Trustees, including those who are not "interested persons" (as defined under the 1940 Act) of the Trust, have adopted procedures for evaluating the reasonableness of commissions paid to the Distributor and will review these procedures periodically.

Subject to policies established by the Board, SIMC is primarily responsible for the execution of the Fund's portfolio transactions and the allocation of brokerage. When effecting portfolio trades, SIMC seeks to obtain the best net results for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, operational facilities of the firm and the firm's risk and skill in positioning blocks of securities. Although SIMC generally seeks reasonable trade execution costs, the Fund does not necessarily pay the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily consistent with obtaining the best price and execution in particular transactions. SIMC does not currently have any "soft dollar" relationships in place with any broker-dealer firms and does not pay for investment research with client brokerage commissions. Brokers with which SIMC trades may provide proprietary research materials or technology to SIMC, which can represent a conflict of interest with respect to SIMC's selection of brokers to effect portfolio trades.

In selecting brokers or dealers to execute portfolio transactions, SIMC has an obligation to obtain best execution for the Fund and may take into account a variety of factors including, but not limited to: (i) the execution capabilities the transactions require; (ii) electronic routing capabilities to underlying brokers; (iii) the ability and willingness of the broker-dealer or bank to facilitate the accounts' portfolio transactions by participating for its own account; (iv) the importance to the account of speed, efficiency, and confidentiality; (v) the apparent familiarity of the broker-dealer or bank with sources from or to whom particular securities might be purchased or sold; (vi) the reputation and perceived soundness of the broker-dealer or bank; and (vii) other matters relevant to the selection of a broker-dealer or bank for portfolio transactions for any account. Brokers may also be selected because of their ability to handle special or difficult executions, such as may be involved in large block trades, thinly traded securities, or other circumstances. Section 28(e) of the 1934 Act ("Section 28(e)") permits a U.S. investment adviser, under certain circumstances, to cause an account to pay a broker or dealer a commission for effecting a transaction in securities that exceeds the amount another broker or dealer would have charged for effecting the same transaction in recognition of the value of brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless principal transactions in securities under certain conditions. Subject to SIMC's duty of best execution as set forth above, the Fund can effect portfolio transactions, including in connection with creation or redemption orders, through broker-dealers that are Authorized Participants and/or market makers of the Fund.

------

From time to time, the Fund may purchase new issues of securities in a fixed price offering. In these situations, the broker may be a member of the selling group that will, in addition to selling securities, provide SIMC with research services. FINRA has adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the broker will provide research "credits" in these situations at a rate that is higher than that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of Section 28(e).

OTC issues, including most fixed-income securities such as corporate debt and U.S. Government securities, are normally traded on a "net" basis without a stated commission, through dealers acting for their own account and not as brokers. Although the Fund is not expected to invest in fixed income securities as part of their principal investment strategies, if the Fund engages in such a transaction it would typically engage with a dealer or directly with the issuer unless a better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and domestic securities will generally include a "spread," which is the difference between the prices at which the dealer is willing to purchase and sell the specific security at the time, and includes the dealer's normal profit.

Under the 1940 Act, persons affiliated with the Fund and persons who are affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale of securities unless a permissive order allowing such transactions is obtained from the SEC. Since transactions in the OTC market usually involve transactions with the dealers acting as principal for their own accounts, the Fund will not deal with affiliated persons and affiliated persons of such affiliated persons in connection with such transactions. The Fund will not purchase securities during the existence of any underwriting or selling group relating to such securities of which SIMC, the Sub-Adviser, the Custodian or any affiliated person (as defined in the 1940 Act) thereof is a member except pursuant to procedures adopted by the Board in accordance with Rule 10f-3 under the 1940 Act.

Any purchases of money market instruments by the Fund are made from dealers, underwriters and issuers. The Fund does not currently expect to incur any brokerage commission expense on such transactions because money market instruments are generally traded on a "net" basis with dealers acting as principal for their own accounts without a stated commission. The price of the security, however, usually includes a profit to the dealer.

Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter, generally referred to as the underwriter's concession or discount. When securities are purchased or sold directly from or to an issuer, no commissions or discounts are paid.

SIMC will frequently be in the position of buying or selling the same securities for more than one client account at the same time. SIMC has adopted an allocation policy that seeks to ensure that investment opportunities are allocated fairly and equitably among SIMC's client accounts over time. In addition to considering the investment objectives and restrictions of the applicable accounts, SIMC may consider a variety of other factors in making investment allocations. These factors include, but are not limited to: (i) tax considerations of an account; (ii) risk or investment concentration parameters for an account; (iii) supply or demand for a security at a given price level; (iv) size of available investment; (v) cash availability and liquidity requirements for accounts; (vi) regulatory restrictions; (vii) minimum investment size of an account; (viii) relative size of account; and (ix) such other appropriate factors. Moreover, investments may not be allocated to one client account over another based on any of the following considerations: (i) to favor one client account at the expense of another; (ii) to generate higher fees paid by one client account over another or to produce greater performance compensation to SIMC; (iii) to develop or enhance a relationship with a client or prospective client; (iv) to compensate a client for past services or benefits rendered to SIMC or to induce future services or benefits to be rendered to SIMC; or (v) to manage or equalize investment performance among different client accounts. SIMC and their other Affiliates may deal, trade and invest for their own respective accounts in the types of securities in which the Fund may invest.

Because different accounts may have differing investment objectives and policies, SIMC may buy and sell the same securities at the same time for different clients based on the particular investment objective, guidelines and strategies of those accounts. For example, SIMC may decide that it may be entirely appropriate for a growth

------

fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf of more than one client of SIMC or their other Affiliates during the same period increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales of a security by SIMC on behalf of one or more of its clients may decrease the market price of such security, adversely impacting other SIMC clients that still hold the security.

SIMC is permitted to aggregate or "batch" orders placed at the same time for the accounts of two or more clients if it is in the best interests of its clients. By batching trade orders, SIMC seeks to obtain more favorable executions and net prices for the combined order, and ensure that no participating client is favored over any other client. Typically, SIMC will affect block orders for the purchase and sale for the same security for client accounts to facilitate best execution and to reduce transaction costs. When an aggregated order is filled in its entirety, each participating client account generally will receive the block price obtained on all such purchases or sales with respect to such order. The portfolio manager for each account must determine that the purchase or sale of the particular security involved is appropriate for the client and consistent with the client's investment objectives and with any investment guidelines or restrictions applicable to the client's account. The portfolio manager for each account must reasonably believe that the block trading will benefit, and will enable SIMC to seek best execution for each client participating in the block order. This requires a reasonable good faith judgment at the time the order is placed for execution.

The Fund does not direct brokerage to brokers in recognition of, or as compensation for, the promotion or sale of Fund shares.

For the Predecessor Fund's fiscal years ended September 30, 2023, 2024 and 2025, the Predecessor Fund paid the following brokerage fees:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **<br>Total $ Amount of<br>Brokerage<br>Commissions Paid<br>(000)** | **<br>Total $ Amount of<br>Brokerage<br>Commissions Paid<br>(000)** | **Total $ Amount of<br>Brokerage <br>Commissions Paid to<br>Affiliated Brokers <br>(000)** | **Total $ Amount of<br>Brokerage <br>Commissions Paid to<br>Affiliated Brokers <br>(000)** | **% of Total<br>Brokerage<br>Commissions<br>Paid to<br>Affiliated<br>Brokers** | **% of Total<br>Brokerage<br>Commissions<br>Paid to<br>Affiliated<br>Brokers** | **% of Total<br>Brokerage<br>Transactions<br>Effected<br>Through<br>Affiliated<br>Brokers** | **% of Total<br>Brokerage<br>Transactions<br>Effected<br>Through<br>Affiliated<br>Brokers** |
| | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2025** | **2025** |
| Predecessor Fund | $4 | $3 | $8 | $— | $— | $— | 0% | 0% |

---

**Brokerage with Fund Affiliates.** It is expected that the Fund 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 Fund may direct commission business to one or more designated broker-dealers, including the Distributor, in connection with payment of the Fund's 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.

For the fiscal year ended September 30, 2025, the Predecessor Fund did not pay any brokerage commissions on portfolio transactions effected by affiliated brokers.

The portfolio turnover rate for the Predecessor Fund's fiscal years ended September 30, 2024 and 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Turnover Rate** | **Turnover Rate** |
| | **2024** | **2025** |
| Predecessor Fund | 63% | 66% |

---

------

The Fund is required to identify any securities of its "regular broker dealers" (as such term is defined in the 1940 Act) that the Fund has acquired during its most recent fiscal year. For the Predecessor Fund's fiscal year ended September 30, 2025, the Predecessor Fund did not hold any securities of its regular brokers or dealers.

**Additional Information Concerning the Trust**

**Distribution Expenses Incurred by Adviser.** Shares of the Fund are traded in the secondary market, but are also sold 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 Advisor 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 Fund 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 Fund. 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 their past profits or other available resources, and are not charged to the Fund. 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 Fund with "shelf space" or a higher profile for the firm's associated Financial Advisors and their customers, placing the Fund 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 the 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 their representatives to recommend or offer shares of the SEI Funds to their customers rather than other funds or investment products. These payments are made by SIMC and its affiliates out of its past profits or other available resources. Although the Fund may use broker-dealers that sell Fund shares to effect transactions for the Fund's portfolios, the Fund and SIMC 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.

**Creation and Redemption of Creation Units**

**General.** The Trust issues and sells shares of the Fund only in Creation Units on a continuous basis through the Distributor or its agent, without a sales load, at a price based on the Fund's NAV next determined after receipt, on any Business Day (as defined below), of an order received by the Distributor or its agent in proper form. On days when the Listing Exchange or the bond markets close earlier than normal, the Fund may require orders to be placed earlier in the day. The following table sets forth the number of shares of the Fund

------

that constitutes a Creation Unit for the Fund and the approximate value of such Creation Unit as of the date of this SAI:

---

| | | |
|:---|:---|:---|
| | **Shares Per <br>Creation Unit** | **Approximate Value Per <br>Creation Unit (USD)** |
| SEI High Yield Bond & Alternative Credit ETF | 15000 | $375000 |

---

In its discretion, the Trust reserves the right to increase or decrease the number of the Fund's shares that constitute a Creation Unit. The Board reserves the right to declare a split or a consolidation in the number of shares outstanding of the Fund, and to make a corresponding change in the number of shares constituting a Creation Unit, in the event that the per share price in the secondary market rises (or declines) to an amount that falls outside the range deemed desirable by the Board.

A "Business Day" with respect to the Fund is any day the Fund is open for business, including any day when it satisfies redemption requests as required by Section 22(e) of the 1940 Act. The Fund is open for business any day on which the Listing Exchange on which the Fund is listed for trading is open for business. As of the date of this SAI, the Listing Exchange observes the following holidays, as observed: 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 Exchange closes early on the following days: the day before Independence Day, the day after Thanksgiving and Christmas Eve.

**Fund Deposit.** Currently, the Fund expects to only accept cash to purchase Creation Units of the Fund; however, the Fund may in the future determine to allow in-kind purchases of Creation Units.

When accepting purchases of Creation Units for cash, the Fund will incur additional costs associated with the acquisition of securities for the investment portfolio and will not get the benefit of tax treatment applicable to in-kind transfers of securities. Accordingly, ETFs that transact principally for cash, such as the Fund, may be less efficient than ETFs that effect redemptions principally in-kind.

The Deposit Cash (or, if the Fund in the future determines to accept in-kind purchases, the Deposit Securities together with the Cash Component) constitute the "Fund Deposit," which represents the minimum initial and subsequent investment amount for a Creation Unit of the Fund. Such Fund Deposit is applicable, subject to any adjustments as described below, to purchases of Creation Units of shares of a given Fund until such time as the next-announced Fund Deposit is made available.

With respect to in-kind purchases (should they be permitted in the future), the "Cash Component" is an amount equal to the difference between the NAV of the shares (per Creation Unit) and the "Deposit Amount," which is an amount equal to the market value of the Deposit Securities, and serves to compensate for any differences between the NAV per Creation Unit and the Deposit Amount.

The Fund, through NSCC, makes available on each Business Day, prior to the opening of business on the NASDAQ (currently, 9:30 AM, Eastern time), the required amount of Deposit Cash. If the Fund determines to accept in-kind purchases in the future, the Fund will also make available the list of the names and the required number of Shares of each Deposit Security to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. Such Fund Deposit is subject to any applicable adjustments as described below, to effect purchases of Creation Units of the Fund until such time as the next-announced composition of the Fund Deposit is made available.

Information regarding the Fund Deposit necessary for the purchase of a Creation Unit is made available to Authorized Participants and other market participants seeking to transact in Creation Unit aggregations. With respect to in-kind purchases, the identity and number or par value of the Deposit Securities may be changed from time to time by the Adviser or, if applicable, a Sub-Adviser with a view to the investment objective of the Fund. The composition of the Deposit Securities also may change in response to portfolio adjustments, interest payments and corporate action events.

**Procedures for Creation of Creation Units.** To be eligible to place orders with the Distributor and to create a Creation Unit of the Fund, an entity must be: (i) a "Participating Party," *i.e.*, a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing

------

Process"), a clearing agency that is registered with the SEC, or (ii) a DTC Participant, and must have executed an agreement with the Distributor, with respect to creations and redemptions of Creation Units ("Authorized Participant Agreement") (discussed below). A member or participant of a clearing agency registered with the SEC which has a written agreement with the Fund or one of its service providers that allows such member or participant to place orders for the purchase and redemption of Creation Units is referred to as an "Authorized Participant."

**Role of the Authorized Participant.** Creation Units may be purchased only by or through a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows such member or participant to place orders for the purchase and redemption of Creation Units. Such Authorized Participant will agree, pursuant to the terms of such Authorized Participant Agreement and on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that such Authorized Participant will make available in advance of each purchase of shares of the requisite cash or securities, once the NAV of a Creation Unit is next determined after receipt of the purchase order in proper form, together with the transaction fees described below. Institutional investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant. An Authorized Participant, acting on behalf of an investor, may require the investor to make certain representations or enter into an agreement with such Authorized Participant with respect to certain matters, including payment of necessary cash. Investors should be aware that their particular broker may not be a DTC Participant or may not have executed an Authorized Participant Agreement and that orders to purchase Creation Units may have to be placed by the investor's broker through an Authorized Participant. As a result, purchase orders placed through an Authorized Participant may result in additional charges to such investor. The Distributor has adopted guidelines regarding Authorized Participants' transactions in Creation Units that are made available to all Authorized Participants. These guidelines set forth the processes and standards for Authorized Participants to transact with the Distributor and its agents in connection with creation and redemption transactions. In addition, the Distributor may be appointed as the proxy of the Authorized Participant and may be granted a power of attorney under its Authorized Participant Agreement.

**Placement of Creation Orders.** Fund Deposits must be delivered through the Federal Reserve System (for cash and U.S. government securities), through DTC (for corporate and municipal securities) or through a central depository account, such as with Euroclear or DTC, maintained by the Custodian or a sub-custodian (a "Central Depository Account"). Any portion of the Fund Deposit that may not be delivered through the Federal Reserve System or DTC must be delivered through a Central Depository Account. The Fund Deposit transfers made through DTC must be ordered by the DTC Participant in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities through DTC to the account of the Fund generally before 3:00 p.m., Eastern time on the Settlement Date. Fund Deposit transfers made through the Federal Reserve System must be deposited by the participant institution in a timely fashion so as to ensure the delivery of the requisite amount of Deposit Cash or, if applicable, the requisite number or amount of Deposit Securities and Cash Component through the Federal Reserve System to the account of the Fund generally before 3:00 p.m., Eastern time on the Settlement Date. Fund Deposit transfers made through a Central Depository Account must be completed pursuant to the requirements established by the Custodian or a sub-custodian for such Central Depository Account generally before 1:00 p.m., Eastern time on the Settlement Date. The "Settlement Date" for all funds is generally the next business day after the Transmittal Date. All questions as to the number of Deposit Securities to be delivered, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities, will be determined by the Trust, whose determination shall be final and binding. The amount of cash equal to the Cash Component must be transferred directly to the Transfer Agent through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Transfer Agent generally before 3:00 p.m., Eastern time on the Settlement Date. If the Fund Deposit is not received by 3:00 p.m., Eastern time on the Settlement Date, the creation order may be canceled. Upon written notice to the Distributor, such canceled order may be resubmitted the following Business Day using the Fund Deposit as newly constituted to reflect the then current NAV of the Fund. The delivery of Creation Units generally will occur no later than the next Business Day following the day on which the purchase order is deemed received by the Distributor, provided that the relevant Fund Deposit has been received by the Fund prior to such time.

------

**Purchase Orders.** To initiate an order for a Creation Unit, an Authorized Participant must submit to the Distributor or its agent an irrevocable order to purchase shares of the Fund, in proper form, generally before 1:00 p.m., Eastern time on any Business Day to receive that day's NAV. Notwithstanding the foregoing, the Fund may, but is not required to, permit orders until 4:00 p.m., Eastern time. The Distributor or its agent will notify SIMC and the Custodian/Transfer Agent of such order. The Custodian will then provide such information to any appropriate sub-custodian. Procedures and requirements governing the delivery of the Fund Deposit are set forth in the procedures handbook for Authorized Participants and may change from time to time. Investors, other than Authorized Participants, are responsible for making arrangements for a creation request to be made through an Authorized Participant. The Distributor or its agent will provide a list of current Authorized Participants upon request. Those placing orders to purchase Creation Units through an Authorized Participant should allow sufficient time to permit proper submission of the purchase order to the Distributor or its agent by the Cutoff Time (as defined below) on such Business Day.

The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay the Deposit Cash or, if applicable, Cash Component, next determined after acceptance of the purchase order, together with the applicable purchase transaction fees. Those placing orders should ascertain the deadline for cash transfers by contacting the operations department of the broker or depositary institution effectuating the transfer of the Deposit Cash or Cash Component. This deadline is likely to be significantly earlier than the Cutoff Time of the Fund. Investors should be aware that an Authorized Participant may require orders for purchases of shares placed with it to be in the particular form required by the individual Authorized Participant.

The Authorized Participant is responsible for any and all expenses and costs incurred by the Fund, including any applicable cash amounts, in connection with any purchase order.

**Timing of Submission of Purchase Orders.** An Authorized Participant must submit an irrevocable order to purchase shares of the Fund before 1:00 p.m., Eastern time on any Business Day in order to receive that day's NAV. Notwithstanding the foregoing, the Fund may, but is not required to, permit orders until 4:00 p.m., Eastern time. Creation Orders must be transmitted by an Authorized Participant in the form required by the Fund to the Distributor or its agent pursuant to procedures set forth in the Authorized Participant Agreement. Economic or market disruptions or changes, or telephone or other communication failure, may impede the ability to reach the Distributor or its agent or an Authorized Participant. The Fund's deadline 'specified above for the submission of purchase orders is referred to as the Fund's "Cutoff Time." The Distributor or its agent, in their discretion, may permit the submission of such orders and requests by or through an Authorized Participant at any time (including on days on which the Listing Exchange is not open for business) via communication through the facilities of the Distributor's or its agent's proprietary website maintained for this purpose. Purchase orders and redemption requests, if accepted by the Trust, will be processed based on the NAV next determined after such acceptance in accordance with the Fund's Cutoff Times as provided in the Authorized Participant Agreement and disclosed in this SAI.

**Acceptance of Orders for Creation Units.** Subject to the conditions that (i) an irrevocable purchase order has been submitted by the Authorized Participant (either on its own or another investor's behalf) and (ii) arrangements satisfactory to the Fund are in place for payment of any requisite cash amounts which may be due, the Fund will accept the order, subject to the Fund's right (and the right of the Distributor and SIMC) to reject any order until acceptance, as set forth below.

Once the Fund has accepted an order, upon the next determination of the NAV of the shares, the Fund will confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. The Distributor or its agent will then transmit a confirmation of acceptance to the Authorized Participant that placed the order.

The Fund reserves the right to reject or revoke for any legally permissible reason a creation order transmitted to it by the Distributor or its agent, for example, if (i) the order is not in proper form; (ii) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (iii) the Fund Deposit delivered does not conform to what is required, as described above; (iv) acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; (v) circumstances outside

------

the control of the Fund, the Distributor or its agent and SIMC make it impracticable to process purchase orders; or (vi) if applicable, the Deposit Securities delivered do not conform to the identity and number of shares specified. The Distributor or its agent shall notify a prospective purchaser of a Creation Unit and/or the Authorized Participant acting on behalf of such purchaser of its rejection of such order. The Fund, the Custodian and the Distributor or its agent are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall any of them incur any liability for failure to give such notification.

**Issuance of a Creation Unit.** Except as provided herein, a Creation Unit will not be issued until the transfer of the requisite Deposit Cash or, if applicable, the transfer of good title to the Fund of the Deposit Securities and the payment of the Cash Component have been completed. When a sub-custodian has confirmed to the Custodian that the requisite Deposit Cash, or, if applicable, the Deposit Securities and the Cash Component have been delivered to the account of the relevant sub-custodian or sub-custodians, the Distributor or its agent and SIMC shall be notified of such delivery and the Fund will issue and cause the delivery of the Creation Unit. Creation Units are generally issued on a "T+1 basis" (*i.e.*, one Business Day after trade date). The Fund reserves the right to settle Creation Unit transactions on a basis other than T+1, including a shorter settlement period, if necessary or appropriate under the circumstances and compliant with applicable law.

In instances where the Fund accepts Deposit Securities for the purchase of a Creation Unit and to the extent contemplated by an Authorized Participant Agreement with the Distributor, the Fund will issue Creation Units to such Authorized Participant, notwithstanding the fact that the corresponding Fund Deposits have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Authorized Participant's delivery and maintenance of collateral as set forth in the handbook for Authorized Participants. The Trust may use such collateral at any time to buy Deposit Securities for the Fund. Such collateral must be delivered no later than the time specified by the Fund or its Custodian on the contractual settlement date. Information concerning the Fund's current procedures for collateralization of missing Deposit Securities is available from the Distributor or its agent. The Authorized Participant Agreement will permit the Fund to buy the missing Deposit Securities at any time and will subject the Authorized Participant to liability for any shortfall between the cost to the Fund of purchasing such securities and the collateral including, without limitation, liability for related brokerage, borrowings and other charges.

In certain cases, Authorized Participants may create and redeem Creation Units on the same trade date and in these instances, the Fund reserves the right to settle these transactions on a net basis or require a representation from the Authorized Participants that the creation and redemption transactions are for separate beneficial owners. All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Fund and the Fund's determination shall be final and binding.

**Costs Associated with Creation Transactions.** A standard creation transaction fee is imposed to offset the transfer and other transaction costs associated with the issuance of Creation Units. The standard creation transaction fee is charged to the Authorized Participant on the day such Authorized Participant creates a Creation Unit, and is the same, regardless of the number of Creation Units purchased by the Authorized Participant on the applicable Business Day. Because a purchase will generally consist solely of cash, the Authorized Participant may also be required to pay a variable transaction fee (up to the maximum amount shown below) to cover certain brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to the execution of trades resulting from such transaction (which may, in certain instances, be based on a good faith estimate of transaction costs). In instances where the Fund accepts Deposit Securities for the purchase of a Creation Unit, Authorized Participants will also bear the costs of transferring the Deposit Securities to the Fund. Certain fees/costs associated with creation transactions may be waived in certain circumstances. Investors who use the services of a broker or other financial intermediary to acquire Fund shares may be charged a fee for such services.

------

The following table sets forth the Fund's standard creation transaction fees and maximum variable transaction fees (as described above):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Standard Cash <br>Transaction Fee** | **Standard In-Kind<br>Transaction Fee** | **Maximum Variable<br>Transaction Fee\*** |
| SEI High Yield Bond & Alternative Credit ETF | $300 | N/A — Cash Only | 3% |

---

\* As a percentage of the net asset value per Creation Unit

**Redemption of Creation Units.** Shares of the Fund may be redeemed by Authorized Participants only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Distributor or its agent and only on a Business Day. The Fund will not redeem shares in amounts less than Creation Units. Currently, the Fund expects to redeem Creation Units at NAV entirely in cash; however, the Fund may in the future determine to allow all or a portion of such redemptions to be made in kind, in each case less a transaction fee as described below. Beneficial owners also may sell shares in the secondary market.

With respect to the Fund, the Custodian, through the NSCC, makes available prior to the opening of business on the Exchange (currently, 9:30 AM, Eastern time) on each Business Day, the expected cash redemption amount of a Creation Unit. If the Fund determines to pay redemption proceeds in-kind in the future, the Custodian will also make available the list of the names and Share quantities of the Fund's portfolio securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities" or "Redemption Basket"). Fund Securities received on redemption may not be identical to Deposit Securities.

With respect to in-kind redemptions of the Fund (should they permitted in the future), there can be no assurance, that there will be sufficient liquidity in the secondary market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of shares to constitute a Creation Unit that could be redeemed by an Authorized Participant. The Fund Securities and the amount of cash (the "Cash Amount," as described below) (each subject to possible amendment or correction) are applicable, in order to effect redemptions of Creation Units of the Fund until such time as the next announced composition of the Fund Securities and Cash Amount is made available. Fund Securities received on redemption may not be identical to Deposit Securities that are applicable to creations of Creation Units. Procedures and requirements governing redemption transactions are set forth in the handbook for Authorized Participants and may change from time to time.

With respect to in-kind redemptions of the Fund (should they be permitted in the future), the Trust may, in its sole discretion, substitute a "cash in lieu" amount to replace any Fund Security in certain circumstances, including: (i) when the delivery of the Fund Security to the Authorized Participant (or to an investor on whose behalf the Authorized Participant is acting) would be restricted under applicable securities or other local laws or due to a trading restriction; (ii) when the delivery of the Fund Security to the Authorized Participant would result in the disposition of the Fund Security by the Authorized Participant due to restrictions under applicable securities or other local laws; (iii) when the delivery of the Fund Security to the Authorized Participant would result in unfavorable tax treatment; (iv) when the Fund Security cannot be settled or otherwise delivered in time to facilitate an in-kind redemption; or (v) in certain other situations. The amount of cash paid out in such cases will be equivalent to the value of the substituted security listed as the Fund Security. Notwithstanding the foregoing, the Trust may, in its sole discretion, substitute a "cash in lieu" amount to replace any Fund Security of the Fund that is a TBA transaction or mortgage pass-through security. In such cases, a transaction fee may be charged on the cash amount paid in lieu of the TBA transaction or mortgage pass through security. In the event that the Fund Securities have a value greater than the NAV of the shares, a compensating cash payment equal to the difference is required to be made by or through an Authorized Participant by the redeeming shareholder. The Fund may, in its sole discretion, provide such redeeming Authorized Participant a portfolio of securities that differs from the exact composition of the Fund Securities, but does not differ in NAV. The Redemption Basket may also be modified to minimize the Cash Component by redistributing the cash to the Fund Securities portion of the Redemption Basket through systematically rounding. The rounding methodology allows position

------

sizes of securities in the Fund Securities to be "rounded up," while limiting the maximum allowed percentage change in weight and share quantity of any given security in the Redemption Basket.

Full or partial cash redemptions of Creation Units will be effected in essentially the same manner as in-kind redemptions thereof. The Authorized Participant will receive the cash equivalent of the Fund Securities it would otherwise receive through an in-kind redemption, plus the same Cash Amount to be paid to an in-kind redeemer.

**Costs Associated with Redemption Transactions.** A standard redemption transaction fee is imposed to offset transfer and other transaction costs that may be incurred by the Fund. The standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized Participant redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by an Authorized Participant on the applicable Business Day. Because redemptions will generally consist solely of cash, the Authorized Participant may also be required to pay a variable transaction fee (up to the maximum amount shown below) to cover certain brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to the execution of trades resulting from such transaction (which may, in certain instances, be based on a good faith estimate of transaction costs). In instances when redemptions are in-kind, Authorized Participants will also bear the costs of transferring the Fund Securities from the Fund to its account on their order. Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the services of a broker or other financial intermediary to dispose of Fund shares may be charged a fee for such services.

The following table sets forth the Fund's standard redemption transaction fees and maximum variable transaction fees (as described above):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Standard Cash <br>Transaction Fee** | **Standard In-Kind<br>Transaction Fee** | **Maximum Variable<br>Transaction Fee\*** |
| SEI High Yield Bond & Alternative Credit ETF | $300 | N/A — Cash Only | 2% |

---

\* As a percentage of the net asset value per Creation Unit

**Placement of Redemption Orders.** Redemption requests for Creation Units of the Fund must be submitted to the Distributor or its agent by or through an Authorized Participant. An Authorized Participant must submit an irrevocable request to redeem shares of the Fund generally before 1:00 p.m., Eastern time on any Business Day in order to receive that day's NAV. Notwithstanding the foregoing, the Fund may, but is not required to, permit orders until 4:00 p.m., Eastern time. On days when the Listing Exchange closes earlier than normal, the Fund may require orders to redeem Creation Units to be placed earlier that day. Investors, other than Authorized Participants, are responsible for making arrangements for a redemption request to be made through an Authorized Participant. The Distributor or its agent will provide a list of current Authorized Participants upon request.

The Authorized Participant must transmit the request for redemption in the form required by the Fund to the Distributor or its agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an Authorized Participant who has executed an Authorized Participant Agreement. At any time, only a limited number of broker-dealers will have an Authorized Participant Agreement in effect. Investors making a redemption request should be aware that such request must be in the form specified by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an Authorized Participant and transfer of the shares to the Fund's transfer agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not Authorized Participants.

A redemption request is considered to be in "proper form" if: (i) an Authorized Participant has transferred or caused to be transferred to the Fund's transfer agent the Creation Unit redeemed through the book-entry system of DTC so as to be effective by the Listing Exchange closing time on any Business Day on which the

------

redemption request is submitted; (ii) a request in form satisfactory to the Fund is received by the Distributor or its agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified above; and (iii) all other procedures set forth in the Authorized Participant Agreement are properly followed.

Upon receiving a redemption request, the Distributor or its agent shall notify the Fund and the Custodian/Transfer Agent of such redemption request. The tender of an investor's shares for redemption and the distribution of cash (or, if applicable, Fund Securities and the applicable Cash Amount) included in the redemption payment made in respect of Creation Units redeemed will be made through DTC and the relevant Authorized Participant to the Beneficial Owner thereof as recorded on the book-entry system of DTC or the DTC Participant through which such investor holds, as the case may be, or by such other means specified by the Authorized Participant submitting the redemption request.

A redeeming Authorized Participant, whether on its own account or acting on behalf of a Beneficial Owner, must maintain appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in which any of the portfolio securities are customarily traded, to which account such portfolio securities will be delivered.

Deliveries of redemption proceeds by the Fund are generally made within one Business Day (*i.e.*, "T+1"). The Fund reserves the right to settle redemption transactions on a basis other than T+1, if necessary or appropriate under the circumstances and compliant with applicable law. If the Fund includes a foreign investment in its basket, and if a local market holiday, or series of consecutive holidays, or the extended delivery cycles for transferring foreign investments to redeeming Authorized Participants prevents timely delivery of the foreign investment in response to a redemption request, the Fund may delay delivery of the foreign investment more than seven days if the Fund delivers the foreign investment as soon as practicable, but in no event later than 15 days. Delayed settlement may occur due to a number of different reasons, including, without limitation, settlement cycles for the underlying securities, unscheduled market closings, an effort to link distribution to dividend record dates and ex-dates and newly announced holidays. For example, the redemption settlement process may be extended beyond T+1 because of the occurrence of a holiday in a non-U.S. market or in the U.S. bond market that is not a holiday observed in the U.S. equity market.

To the extent contemplated by an Authorized Participant's agreement with the Distributor or its agent, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Creation Unit to be redeemed to the Fund, at or prior to the time specified by the Fund or its Custodian on the Business Day after the date of submission of such redemption request, the Distributor or its agent will accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral as set forth in the handbook for Authorized Participants. Such collateral must be delivered no later than the time specified by the Fund or its Custodian on the Business Day after the date of submission of such redemption request and shall be held by the Custodian and marked-to-market daily. The fees of the Custodian and any sub-custodians in respect of the delivery, maintenance and redelivery of the collateral shall be payable by the Authorized Participant. The Authorized Participant Agreement permits the Fund to acquire shares of the Fund at any time and subjects the Authorized Participant to liability for any shortfall between the aggregate of the cost to the Fund of purchasing such shares, plus the value of the Cash Amount, if applicable, and the value of the collateral together with liability for related brokerage and other charges.

Because the portfolio securities of the Fund may trade on exchange(s) on days that the Listing Exchange is closed or are otherwise not Business Days for the Fund, shareholders may not be able to redeem their shares of the Fund, or purchase or sell shares of the Fund on the Listing Exchange on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.

The right of redemption may be suspended or the date of payment postponed with respect to the Fund: (i) for any period during which the Listing Exchange is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the Listing Exchange is suspended or restricted; (iii) for any

------

period during which an emergency exists as a result of which disposal of the shares of the Fund's portfolio securities or determination of its NAV is not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC.

**Custom Baskets.** To the extent the Fund determines to accept in-kind purchases or redemptions in the future, Creation and Redemption baskets may differ and the Fund may accept "custom baskets." A custom basket may include any of the following: (i) a basket that is composed of a non-representative selection of the Fund's portfolio holdings; (ii) a representative basket that is different from the initial basket used in transactions on the same business day; or (iii) a basket that contains bespoke cash substitutions for a single Authorized Participant. The Fund has adopted policies and procedures that govern the construction and acceptance of baskets, consistent with Rule 6c-11 under the 1940 Act. Such policies and procedures provide the parameters for the construction and acceptance of custom baskets that are in the best interests of the Fund and its shareholders, establish processes for revisions to, or deviations from, such parameters, and specify the titles and roles of the employees of SIMC who are required to review each custom basket for compliance with those parameters. In addition, when constructing custom baskets for redemptions, the tax efficiency of the Fund may be taken into account. The policies and procedures distinguish among different types of custom baskets that may be used for the Fund and impose different requirements for different types of custom baskets in order to seek to mitigate against potential risks of conflicts and/or overreaching by an Authorized Participant. SIMC has established a governance process to oversee basket compliance for the Fund, as set forth in the Fund's policies and procedures.

In connection with the construction and acceptance of custom baskets, SIMC may consider various factors, including, but not limited to: (1) whether the securities, assets and other positions comprising a custom basket are consistent with the Fund's investment objective, policies and disclosure; (2) whether the securities, assets and other positions can legally and readily be acquired, transferred and held by the Fund and/or Authorized Participant(s), as applicable; (3) whether the custom basket increases the liquidity of the Fund's portfolio, noting that a custom basket may not be accepted which adversely affects the liquidity position of the Fund's portfolio when other custom basket options exist; (4) whether and to what extent to include cash in the custom basket; (5) whether the use of custom baskets may reduce costs, increase (tax) efficiency and improve trading in Fund shares; and (6) with respect to index-based strategies, whether the securities, assets and other positions aid the Fund to track its underlying index. The policies and procedures apply different criteria to different types of custom baskets in order to mitigate against potential overreaching by an Authorized Participant, although there is no guarantee that such policies and procedures will be effective.

**Taxes**

The following is a summary of certain material U.S. federal income tax considerations regarding the purchase, ownership and disposition of shares of the Fund. This summary does not address all of the potential U.S. federal income tax consequences that may be applicable to the Fund or to all categories of investors, some of which may be subject to special tax rules. Current and prospective shareholders are urged to consult their own tax advisors with respect to the specific federal, state, local and non-U.S. tax consequences of investing in the Fund. The summary is based on the laws and judicial and administrative interpretations thereof in effect on the date of this SAI, all of which are subject to change, possibly with retroactive effect.

**Regulated Investment Company Qualifications.** The Fund intends to qualify for and to elect treatment as a separate regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). By following such a policy, the Fund expects to eliminate or reduce to a nominal amount the federal taxes to which it may be subject. If the Fund qualifies as a RIC, it will generally not be subject to federal income taxes on the net investment income and net realized capital gains that it timely distributes to its shareholders. The Board reserves the right not to maintain the qualification of the Fund as a RIC if it determines such course of action to be beneficial to shareholders.

To qualify for treatment as a RIC, the Fund must annually distribute at least 90% of its investment company taxable income (which includes dividends, interest and net short-term capital gains), computed without regard to the dividends paid deduction, and at least 90% of its net tax-exempt interest income for such year, if any,

------

and meet several other requirements. Among such other requirements are the following: (i) at least 90% of the Fund's annual gross income must be derived from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock or securities or non-U.S. currencies, other income (including, but not limited to, 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 interests in qualified publicly-traded partnerships (*i.e.*, partnerships that are traded on an established securities market or tradable on a secondary market, other than a partnership that derives at least 90% of its income from interest, dividends, capital gains and other traditionally permitted RIC income) (the "Qualifying Income Test"); and (ii) at the close of each quarter of the Fund's taxable year, (a) at least 50% of the market value of the Fund's total assets must be represented by cash and cash items, U.S. government securities, securities of other RICs and other securities, with such other securities limited for purposes of this calculation in respect of any one issuer to an amount not greater than 5% of the value of the Fund's assets and not greater than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Fund's total assets may be invested in the securities of any one issuer, of two or more issuers of which 20% or more of the voting stock is held by the Fund and that are engaged in the same or similar trades or businesses or related trades or businesses (other than the securities of other RICs) or the securities of one or more qualified publicly-traded partnerships (the "Asset Test").

If the Fund fails to satisfy the Qualifying Income Test or the Asset Test, 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 Asset Test where the Fund corrects the failure within a specified period of time. In order to be eligible for the relief provisions with respect to a failure to meet the Asset Test, the Fund may be required to dispose of certain assets. If these relief provisions are not available to the Fund and it fails to qualify for treatment as a RIC for a taxable year, all of its taxable income would be subject to tax at the regular corporate income tax rate (currently 21%) without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally would be taxable as ordinary income dividends to its shareholders to the extent of the Fund's current and accumulated earnings and profits, subject to the dividends received deduction for corporate shareholders and the lower tax rates on qualified dividend income received by noncorporate shareholders. 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. If the Fund determines that it will not qualify for treatment as a RIC, the Fund will establish procedures to reflect the anticipated tax liability in the Fund's NAV.

Although the Fund intends to distribute substantially all of its net investment income and its capital gains for each taxable year, the Fund will be subject to U.S. federal income taxation to the extent any such income or gains are not distributed. Moreover, if the Fund fails to qualify as a RIC in any year, they must pay out their earnings and profits accumulated in that year in order to qualify again as a RIC. If the Fund fails to qualify as a RIC for a period greater than two taxable years, the Fund may be required to recognize any net built-in gains with respect to certain of its assets (*i.e.*, the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the Fund had been liquidated) if it qualifies as a RIC in a subsequent year.

The 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.

**Taxation of RICs.** As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its taxable investment income and capital gains that it distributes to its shareholders, provided that it satisfies a minimum distribution requirement. To satisfy the minimum distribution requirement, the Fund must distribute to its shareholders at least the sum of (i) 90% of its "investment company taxable income" (*i.e.*, income other

------

than its net realized long-term capital gain over its net realized short-term capital loss), plus or minus certain adjustments, and (ii) 90% of its net tax-exempt income for the taxable year. The Fund will be subject to income tax at regular corporate rates on any taxable income or gains that it does not distribute to its shareholders. If the Fund fails to qualify for any taxable year as a RIC or fails to meet the distribution requirement, all of its taxable income will be subject to tax at regular corporate income tax rates without any deduction for distributions to shareholders, and such distributions generally will be taxable to shareholders as ordinary dividends to the extent of the Fund's current and accumulated earnings and profits. In such event, distributions to individuals should be eligible to be treated as qualified dividend income and distributions to corporate shareholders generally should be eligible for the dividends-received deduction. Although the Fund intends to distribute substantially all of its net investment income and its capital gains for each taxable year, the Fund may decide to retain a portion of its income or gains if the Fund determines that doing so is in the interest of its shareholders. The Fund will be subject to U.S. federal income taxation to the extent any such income or gains are not distributed. Moreover, if the Fund fails to qualify as a RIC in any year, they must pay out their earnings and profits accumulated in that year in order to qualify again as a RIC. If the Fund fails to qualify as a RIC for a period greater than two taxable years, the Fund may be required to recognize any net built-in gains with respect to certain of its assets (*i.e.*, the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the Fund had been liquidated) if it qualifies as a RIC in a subsequent year.

**Net Capital Loss Carryforwards.** Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, a RIC may carry net capital losses from any taxable year forward to offset capital gains in future years. The Fund is permitted to carry net capital losses forward indefinitely. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the Fund and may not be distributed as capital gains to shareholders. Generally, the Fund may not carry forward any losses other than net capital losses.

In the event that the Fund was to experience an ownership change as defined under the Code, the loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to limitation.

**Excise Tax.** The Fund will be subject to a 4% excise tax on certain undistributed income if it does not distribute to its shareholders in each calendar year at least 98% of its ordinary income for the calendar year plus at least 98.2% of its capital gain net income for the 12 months ended October 31 of such year. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate income tax will be considered to have been distributed by year-end. In addition, the minimum amounts that must be distributed in any year to avoid the excise tax will be increased or decreased to reflect any under-distribution or over-distribution, as the case may be, from the previous year. The Fund intends to declare and distribute dividends and distributions in the amounts and at the times necessary to avoid the application of this 4% excise tax but can make no assurances that such tax will be completely eliminated. For example, the Fund may receive delayed or corrected tax reporting statements from its investments that cause the Fund to accrue additional income and gains after the Fund has already made its excise tax distributions for the year. In such a situation, the Fund may incur an excise tax liability resulting from such delayed receipt of such tax information statements. The 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 adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Fund to satisfy the requirement for qualification as a RIC.

**Taxation of U.S. Shareholders.** The Fund receives income generally in the form of dividends and interest on investments. This income, plus net short-term capital gains, if any, less expenses incurred in the operation of the Fund, constitutes the Fund's net investment income from which dividends may be paid to you. Any distributions by the Fund from such income will be taxable to you as ordinary income or at the lower capital gains rates that apply to individuals receiving qualified dividend income, whether you take them in cash or in additional shares.

------

Dividends and other distributions by the Fund are generally treated under the Code as received by the shareholders at the time the dividend or distribution is made. However, any dividend or capital gain distribution declared by the Fund in October, November or December of any calendar year and payable to shareholders of record on a specified date in such a month shall be deemed to have been received by each shareholder on December 31 of such calendar year and to have been paid by the Fund not later than such December 31, provided such dividend is actually paid by the Funs during January of the following calendar year.

The Fund intends to distribute annually to its shareholders substantially all of its net tax-exempt income, investment company taxable income and any net realized long-term capital gains in excess of net realized short-term capital losses (including any capital loss carryovers). However, if the Fund retains for investment an amount equal to all or a portion of its net long-term capital gains in excess of its net short-term capital losses (including any capital loss carryovers), it will be subject to a corporate tax (at a flat rate of 21%) on the amount retained. In that event, the Fund will report such retained amounts as undistributed capital gains in a notice to its shareholders who (a) will be required to include in income for U.S. federal income tax purposes, as long-term capital gains, their proportionate shares of the undistributed amount, (b) will be entitled to credit their proportionate shares of the tax paid by the Fund on the undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent their credits exceed their liabilities, if any, and (c) will be entitled to increase their tax basis, for U.S. federal income tax purposes, in their shares by an amount equal to the excess of the amount in clause (a) over the amount in clause (b). Organizations or persons not subject to U.S. federal income tax on such capital gains will be entitled to a refund of their pro rata share of such taxes paid by the Fund upon filing appropriate returns or claims for refund with the Internal Revenue Service (the "IRS").

Distributions by the Fund of its net short-term capital gains will be taxable as ordinary income. Distributions of net realized long-term capital gains, if any, that the Fund reports as capital gain dividends are taxable as long-term capital gains, whether paid in cash or in shares and regardless of how long a shareholder has held shares of the Fund. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Long-term capital gains are eligible for taxation at a maximum rate of 20% for non-corporate shareholders.

Subject to certain limitations and requirements, dividends reported by the Fund as qualified dividend income will be taxable to non-corporate shareholders at rates of up to 20%. In general, dividends may be reported by the Fund as qualified dividend income if they are paid from dividends received by the Fund on common and preferred stock of U.S. companies or on stock of certain eligible foreign corporations, provided that certain holding period and other requirements are met by the Fund with respect to the dividend-paying stocks in its portfolio. Subject to certain limitations, eligible foreign corporations include those incorporated in possessions of the United States or in certain countries with comprehensive tax treaties with the United States, and other foreign corporations if the stock with respect to which the dividends are paid 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, (ii) the Fund has not satisfied similar holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder), (iii) 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 (iv) 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 Fund, such as pursuant to a securities lending arrangement, you may lose the ability to treat dividends (paid while the shares are held by the borrower) as qualified dividend income. Distributions that the Fund receives from an underlying fund taxable as a RIC or from a REIT will be treated as qualified dividend income only to the extent so reported by such underlying fund or REIT. The Fund's investment strategies may significantly limit its ability to make distributions eligible to be treated as qualified dividend income.

------

The Fund's participation in loans of securities may affect the amount, timing, and character of distributions to Fund shareholders. If the Fund participates in a securities lending transaction and receives a payment in lieu of dividends (a "substitute payment") with respect to securities on loan in a securities lending transaction, such income generally will not constitute qualified dividend income and thus dividends attributable to such income will not be eligible for taxation at the rates applicable to qualified dividend income for individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

Distributions in excess of the Fund's current and accumulated earnings and profits will, as to each shareholder, be treated as a tax-free return of capital to the extent of a shareholder's basis in shares of the Fund, and as a capital gain thereafter (if the shareholder holds shares of the Fund as capital assets). Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to shareholders and will not constitute nontaxable returns of capital. Shareholders receiving dividends or distributions in the form of additional shares should be treated for U.S. federal income tax purposes as receiving a distribution in an amount equal to the amount of money that the shareholders receiving cash dividends or distributions will receive and should have a cost basis in the shares received equal to such amount.

Corporate shareholders may be entitled to a dividends received deduction for the portion of dividends they receive from the Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations. The Fund's investment strategies may significantly limit its ability to make distributions eligible for the dividends received deduction.

Investors considering buying shares just prior to a dividend or capital gain distribution should be aware that, although the price of shares purchased at that time may reflect the amount of the forthcoming distribution, such dividend or distribution may nevertheless be taxable to them. If the Fund is the holder of record of any security on the record date for any dividends payable with respect to such security, such dividends will be included in the Fund's gross income not as of the date received but as of the later of (i) the date such security became ex-dividend with respect to such dividends (*i.e.*, the date on which a buyer of the security would not be entitled to receive the declared, but unpaid, dividends); or (ii) the date the Fund acquired such security. Accordingly, in order to satisfy its income distribution requirements, the Fund may be required to pay dividends based on anticipated earnings, and shareholders may receive dividends in an earlier year than would otherwise be the case.

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) of the Code. This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j) of the Code. In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in the 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 the Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

**Sales, Exchanges or Redemptions of Shares.** Upon the sale of shares of the Fund, a shareholder will realize a taxable gain or loss equal to the difference between the amount realized and the shareholder's basis in shares of the Fund. Such gain or loss will be treated as capital gain or loss if the shares are capital assets in the shareholder's hands and will be long-term capital gain or loss if the shares are held for more than one year and short-term capital gain or loss if the shares are held for one year or less. Any loss realized on a sale will be disallowed to the extent the shares disposed of are replaced, including replacement through the reinvesting of dividends or capital gains distributions, or by an option, or contract to acquire substantially identical shares, within a 61-day period beginning 30 days before and ending 30 days after the disposition of the shares. In such a case, the basis of the shares acquired will be increased to reflect the disallowed loss. Any loss realized by a

------

shareholder on the sale of Fund shares held by the shareholder for six months or less will be treated for U.S. federal income tax purposes as a long-term capital loss to the extent of any distributions or deemed distributions of long-term capital gains received by the shareholder with respect to such share.

An Authorized Participant who exchanges securities for Creation Units generally will recognize gain or loss from the exchange. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the exchanger's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. The ability of Authorized Participants to receive a full or partial cash redemption of Creation Units of the Fund may limit the tax efficiency of the Fund. An Authorized Participant who redeems Creation Units will generally recognize a gain or loss equal to the difference between the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units and the exchanger's basis in the Creation Units. IRS, however, may assert that an Authorized Participant may not be permitted to currently deduct losses realized upon an exchange of securities for Creation Units under the rules governing "wash sales" (for an Authorized Participant which does not mark-to-market its holdings) or on the basis that there has been no significant change in economic position.

Any gain or loss realized upon a creation or redemption of Creation Units will be treated as capital or ordinary gain or loss, depending on the circumstances. Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held for more than one year and were held as capital assets in the hands of the exchanging Authorized Participant. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the shares comprising the Creation Units have been held for more than one year. Otherwise, such capital gains or losses will be treated as short-term capital gains or losses. Any capital loss realized upon a redemption of Creation Units held for six months or less should be treated as a long-term capital loss to the extent of any amounts treated as distributions to the applicable Authorized Participant of long-term capital gains with respect to the Creation Units (including any amounts credited to the Authorized Participant as undistributed capital gains).

The Trust, on behalf of the Fund, has the right to reject an order for a purchase of shares of the Fund if the purchaser (or group of purchasers) would, upon obtaining the shares so ordered, own 80% or more of the outstanding shares of the Fund and if, pursuant to Sections 351 and 362 of the Code, the Fund would have a basis in the securities different from the market value of such securities on the date of deposit. If the Fund's basis in such securities on the date of deposit was less than market value on such date, the Fund, upon disposition of the securities, would recognize more taxable gain or less taxable loss than if its basis in the securities had been equal to market value. It is not anticipated that the Trust will exercise the right of rejection except in a case where the Trust determines that accepting the order could result in material adverse tax consequences to the Fund or its shareholders. The Trust also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination.

Authorized Participants purchasing or redeeming Creation Units should consult their own tax advisors with respect to the tax treatment of any creation or redemption transaction and whether the wash sales rules apply and when a loss might be deductible.

**Backup Withholding.** In certain cases, the Fund will be required to withhold at a 24% rate and remit to the U.S. Treasury such amounts withheld from any distributions paid to a shareholder who: (i) has failed to provide a correct taxpayer identification number; (ii) is subject to backup withholding by the IRS; (iii) has failed to certify to the Fund that such shareholder is not subject to backup withholding; or (iv) has not certified that such shareholder is a U.S. person (including a U.S. resident alien). Backup withholding is not an additional tax and any amount withheld may be credited against a shareholder's U.S. federal income tax liability.

**Cost Basis Reporting.** The cost basis of shares acquired by purchase will generally be based on the amount paid for the shares and then may be subsequently adjusted for other applicable transactions as required by the Code. The difference between the selling price and the cost basis of shares generally determines the amount of the capital gain or loss realized on the sale or exchange of shares. Contact the broker through whom

------

you purchased your shares to obtain information with respect to the available cost basis reporting methods and elections for your account.

**Net Investment Income Tax.** U.S. individuals with adjusted gross income (subject to certain adjustments) exceeding certain threshold amounts ($250,000 if married and filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases) are subject to a 3.8% tax on all or a portion of their "net investment income." This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts. For these purposes, interest, dividends and certain capital gains (including capital gain distributions and capital gains realized on the sale of shares of the Fund or the redemption of Creation Units), among other categories of income, are generally taken into account in computing a shareholder's net investment income.

**Taxation of Complex Securities.** The Fund's transactions in complex securities, including zero coupon securities, non-U.S. currencies, forward contracts, options and futures contracts (including options and futures contracts on non-U.S. currencies), to the extent permitted, may be subject to special provisions of the Code (including provisions relating to "hedging transactions" and "straddles") that, among other consequences, may affect the character of gains and losses realized by the Fund (*i.e.*, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer Fund losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also (a) may require the Fund to mark-to-market certain types of the positions in its portfolio (*i.e.*, treat them as if they were closed out at the end of each year) and (b) may cause the Fund to recognize income without receiving cash with which to pay dividends or make distributions in amounts necessary to satisfy the distribution requirements for avoiding income and excise taxes. The Fund will monitor its transactions, intends to make the appropriate tax elections and intends to make the appropriate entries in its books and records when it acquires any zero coupon security, non-U.S. currency, forward contract, option, futures contract or hedged investment in order to mitigate the effect of these rules and prevent disqualification of the Fund as a RIC.

The Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts subject to section 1256 of the Code ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from futures and options contracts on broad-based indexes required to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. The Fund may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by the Fund. These provisions may also require the Fund to mark-to-market certain types of positions in their portfolios (*i.e.*, treat them as if they were closed out), which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax discussed above. Accordingly, in order to avoid certain income and excise taxes, the Fund may be required to liquidate its investments at a time when the Adviser might not otherwise have chosen to do so and which may result in a taxable gain or loss.

The Fund may invest in U.S. REITs. Investments in REIT equity securities may require the Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. The Fund's investments in REIT equity securities may at other times result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to the Fund's shareholders for federal income tax purposes. Dividends paid by a REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the REIT's current and accumulated earnings and profits. Capital gain dividends paid by a REIT to the Fund will be treated as long-term capital gains by the Fund and, in turn, may be distributed by the Fund to its shareholders as a capital gain distribution. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income or qualify for the dividends received deduction. If a REIT is operated in a manner such that it fails to qualify as a REIT, an investment in the REIT would become subject to double taxation, meaning the taxable income of the REIT would be subject to federal income tax at the regular corporate rate without any

------

deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the REIT's current and accumulated earnings and profits.

U.S. REITs in which the Fund invests often do not provide complete and final tax information to the Fund until after the time that the Fund issues a tax reporting statement. As a result, the Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, the Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

"Qualified REIT dividends" (*i.e.*, ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by the Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "Section 199A Dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A Dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as Section 199A Dividends as are eligible but is not required to do so.

In addition, certain of the Fund's commodity-related investments, when made directly, may not produce qualifying income to the Fund. To the extent the Fund invests in such investments directly, the Fund intends to seek to restrict its income from such instruments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income).

If the Fund owns shares in certain foreign investment entities, referred to as "passive foreign investment companies" or "PFICs," the Fund will generally be subject to one of the following special tax regimes: (i) the Fund may be liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such foreign entity or any gain from the disposition of such shares, even if the entire distribution or gain is paid out by the Fund as a dividend to its shareholders; (ii) if the Fund were able and elected to treat a PFIC as a "qualified electing fund" or "QEF," the Fund would be required each year to include in income, and distribute to shareholders in accordance with the distribution requirements set forth above, the Fund's pro rata share of the ordinary earnings and net capital gains of the PFIC, whether or not such earnings or gains are distributed to the Fund; or (iii) the Fund may be entitled to mark-to-market annually shares of the PFIC, whether or not any distributions are made to the Fund, and in such event would be required to distribute to shareholders any such mark-to-market gains in accordance with the distribution requirements set forth above. Such Fund intends to make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the effect of these rules. Amounts included in income each year by the Fund arising from a QEF election, will be "qualifying income" under the Qualifying Income Test (as described above) even if not distributed to the Fund, if the Fund derives such income from its business of investing in stock, securities, or currencies.

A U.S. person, such as the Fund, that owns (directly, indirectly or constructively) 10% or more of the total combined voting power of all classes of stock or 10% or more of the total value of shares of all classes of stock of a foreign corporation is a "U.S. Shareholder" for purposes of Subpart F of the Code. A foreign corporation is a "controlled foreign corporation" within the meaning of Section 957 of the Code (a "CFC") if, on any day of its taxable year, more than 50% of the voting power or value of its stock is owned (directly, indirectly or constructively) by "U.S. Shareholders." If the Fund is a "U.S. Shareholder" of a CFC, the Fund will be required to include in its gross income for United States federal income tax purposes the CFCs "subpart F income" (described below), whether or not such income is distributed by the CFC. "Subpart F income" generally includes interest, original issue discount, dividends, net gains from the disposition of stocks or securities, receipts with respect

------

to securities loans and net payments received with respect to equity swaps and similar derivatives. "Subpart F income" also includes the excess of gains over losses from transactions (including futures, forward and similar transactions) in any commodities. The Fund's recognition of "subpart F income" will increase the Fund's tax basis in the CFC. Distributions by a CFC to the Fund will be tax-free, to the extent of its previously undistributed "subpart F income" and will correspondingly reduce the Fund's tax basis in the CFC. "Subpart F income" is generally treated as ordinary income, regardless of the character of the CFC's underlying income.

**Certain Foreign Currency Tax Issues.** The Fund's transactions in foreign currencies and forward foreign currency contracts will generally be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Fund (*i.e.*, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require the Fund to mark-to-market certain types of positions in its portfolio (*i.e.*, treat them as if they were closed out) which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirements and for avoiding the excise tax described above. The Fund intend to monitor their transactions, intend to make the appropriate tax elections, and intend to make the appropriate entries in their books and records when they acquire any foreign currency or forward foreign currency contract in order to mitigate the effect of these rules so as to prevent disqualification of the Fund as a RIC and minimize the imposition of income and excise taxes. Accordingly, the Fund may be required to liquidate its investments at a time when the Adviser might not otherwise have chosen to do so.

**Tax Shelter Reporting Regulations.** If a shareholder recognizes a loss with respect to the Fund's shares 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 IRS Form 8886. Direct shareholders of portfolio securities are in many cases exempted from this reporting requirement, but under current guidance, shareholders of a RIC are not exempted. 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.

**Foreign Taxes.** Dividends and interest received by the Fund may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions that would reduce the yield on the Fund's stock or securities. Tax conventions between certain countries and the United States may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors.

**Taxation of Non-U.S. Shareholders.** Dividends paid by the Fund to non-U.S. shareholders are generally subject to withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty to the extent derived from investment income and short-term capital gains. Dividends paid by the Fund from net tax-exempt income or long-term capital gains are generally not subject to such withholding tax. In order to obtain a reduced rate of withholding, a non-U.S. shareholder will be required to provide an IRS Form W-8BEN or IRS Form W-8BEN-E certifying its entitlement to benefits under a treaty. The withholding tax does not apply to regular dividends paid to a non-U.S. shareholder who provides an IRS Form W-8ECI, certifying that the dividends are effectively connected with the non-U.S. shareholder's conduct of a trade or business within the U.S. Instead, the effectively connected dividends will be subject to regular U.S. income tax as if the non-U.S. shareholder were a U.S. shareholder. A non-U.S. corporation receiving effectively connected dividends may also be subject to additional "branch profits tax" imposed at a rate of 30% (or lower treaty rate). A non-U.S. shareholder who fails to provide an IRS Form W-8BEN, IRS Form W-8BEN-E or other applicable form may be subject to backup withholding at the appropriate rate.

Properly reported dividends are generally exempt from U.S. federal withholding tax where they (i) are paid in respect of the Fund's "qualified net interest income" (generally, the Fund's U.S. source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the Fund is at least a 10% shareholder or partner, reduced by expenses that are allocable to such income); or (ii) are paid in respect of the Fund's "qualified short-term capital gains" (generally, the excess of the Fund's net short-term capital gain over the Fund's long-term capital loss for such taxable year). However, depending on its

------

circumstances, the Fund may report all, some or none of its potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding, a non-U.S. shareholder will need to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the payment as qualified net interest income or qualified short-term capital gain. Non-U.S. shareholders should contact their intermediaries with respect to the application of these rules to their accounts.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), a U.S. withholding tax at a 30% rate is imposed on dividends for shareholders who own their shares through foreign accounts or foreign intermediaries if certain disclosure requirements related to U.S. accounts or ownership are not satisfied. 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 the 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 the 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. The Fund will not pay any additional amounts in respect to any amounts withheld.

Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors concerning the particular tax consequences to them of an investment in the Fund.

The Fund's shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from the Fund until a shareholder begins receiving payments from their retirement account.

**State Taxes.** Depending upon state and local law, distributions by the Fund to its shareholders and the ownership of such shares may be subject to state and local taxes. 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. It is expected that the Fund will not be liable for any corporate excise, income or franchise tax in Delaware if they qualify as RICs for federal income tax purposes.

------

The foregoing discussion is a summary of certain material U.S. federal income tax considerations only and is not intended as a substitute for careful tax planning. Purchasers of shares should consult their own tax advisors as to the tax consequences of investing in such shares, including consequences under state, local and non-U.S. income and other tax laws. Finally, the foregoing discussion is based on applicable provisions of the Code, regulations, judicial authority and administrative interpretations in effect on the date of this SAI. Changes in applicable authority could materially affect the conclusions discussed above, and such changes often occur.

The foregoing discussion is a summary of certain material U.S. federal income tax considerations only and is not intended as a substitute for careful tax planning. Purchasers of shares should consult their own tax advisors as to the tax consequences of investing in such shares, including consequences under state, local and non-U.S. income and other tax laws. Finally, the foregoing discussion is based on applicable provisions of the Code, regulations, judicial authority and administrative interpretations in effect on the date of this SAI. Changes in applicable authority could materially affect the conclusions discussed above, and such changes often occur.

**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** Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

**P-2** Ratings of Prime-2 reflect a strong ability to repay short-term debt obligations.

**P-3** Ratings of Prime-3 reflect 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**

For 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 default 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 default 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 default 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 default 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 default 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 default risk is present.

**CCC** Substantial credit risk. 'CCC' ratings indicate that substantial default risk is present.

**CC** Very high levels of credit risk. 'CC' ratings indicate very high levels of default 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 a timeframe of 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)(1) [Certificate of Trust, dated October 7, 2021, of SEI Exchange Traded Funds](https://www.sec.gov/Archives/edgar/data/1888997/000110465921131875/tm2131041d2_ex99-ba1.htm) (the "Registrant")

(a)(2) [Registrant's Amended and Restated Agreement and Declaration of Trust, dated May 11, 2022](https://www.sec.gov/Archives/edgar/data/1888997/000110465922060226/tm2214655d1_ex99-ba2.htm)

(b) [Registrant's By-Laws, dated January 13, 2022](https://www.sec.gov/Archives/edgar/data/1888997/000110465922055905/tm229726d1_ex99-bb.htm)

(c) [See Article III and Article V of the Agreement and Declaration of Trust, which has been incorporated by reference in Exhibit (a)(2) of this Registration Statement](https://www.sec.gov/Archives/edgar/data/1888997/000110465922060226/tm2214655d1_ex99-ba2.htm)

(d)(1) [Investment Advisory Agreement between the Registrant and SEI Investments Management Corporation ("SIMC"), dated March 30, 2022](https://www.sec.gov/Archives/edgar/data/1888997/000110465922055905/tm229726d1_ex99-bd1.htm)

(d)(2) [Amended Schedules A and B, as last revised April 20, 2026, to the Investment Advisory Agreement between the Registrant and SIMC, dated March 30, 2022 (filed herewith)](tm268756d1_ex99-bxdx2.htm)

(d)(3) [Investment Sub-Advisory Agreement, dated August 1, 2024, between SIMC and Aikya Investment Management Limited with respect to the SEI Select Emerging Markets Equity ETF](https://www.sec.gov/Archives/edgar/data/1888997/000110465924083601/tm2413607d1_ex99-bxdx3.htm)

(d)(4) [Investment Sub-Advisory Agreement, dated April 20, 2026, between SIMC and Ares Capital Management II LLC with respect to the SEI High Yield Bond & Alternative Credit ETF (filed herewith)](tm268756d1_ex99-bxdx4.htm)

(d)(5) [Investment Sub-Advisory Agreement, dated April 20, 2026, between SIMC and Benefit Street Partners LLC with respect to the SEI High Yield Bond & Alternative Credit ETF (filed herewith)](tm268756d1_ex99-bxdx5.htm)

(d)(6) [Investment Sub-Advisory Agreement, dated April 20, 2026, between SIMC and Blackstone Credit Systematic Strategies LLC with respect to the SEI High Yield Bond & Alternative Credit ETF (filed herewith)](tm268756d1_ex99-bxdx6.htm)

(d)(7) [Investment Sub-Advisory Agreement, dated April 20, 2026, between SIMC and Brigade Capital Management, LP with respect to the SEI High Yield Bond & Alternative Credit ETF (filed herewith)](tm268756d1_ex99-bxdx7.htm)

(d)(8) [Investment Sub-Advisory Agreement, dated October 1, 2024, between SIMC and Brown Advisory LLC with respect to the SEI Select International Equity ETF](https://www.sec.gov/Archives/edgar/data/1888997/000110465925035178/tm2510361d1_ex99-bxdx4.htm)

(d)(9) [Investment Sub-Advisory Agreement, dated June 1, 2025, between SIMC and Dynamic Beta Investments LLC with respect to the](https://www.sec.gov/Archives/edgar/data/1888997/000110465925070891/tm2517256d1_ex99-bxdx5.htm)[SEI](https://www.sec.gov/Archives/edgar/data/1888997/000110465925070891/tm2517256d1_ex99-bxdx5.htm)[D](https://www.sec.gov/Archives/edgar/data/1888997/000110465925070891/tm2517256d1_ex99-bxdx5.htm)Bi Multi-Strategy Alternative ETF

(d)(10) [Investment Sub-Advisory Agreement, dated August 1, 2024, between SIMC and Easterly Investment Partners LLC with respect to the SEI Select Small Cap ETF](https://www.sec.gov/Archives/edgar/data/1888997/000110465924083601/tm2413607d1_ex99-bxdx4.htm)

(d)(11) [Investment Sub-Advisory Agreement, dated August 1, 2024, between SIMC and Geneva Capital Management LLC with respect to the SEI Select Small Cap ETF](https://www.sec.gov/Archives/edgar/data/1888997/000110465924083601/tm2413607d1_ex99-bxdx5.htm)

(d)(12) [Investment Sub-Advisory Agreement, dated August 1, 2024, between SIMC and JOHCM (USA) Inc. with respect to the SEI Select Emerging Markets Equity ETF](https://www.sec.gov/Archives/edgar/data/1888997/000110465924083601/tm2413607d1_ex99-bxdx7.htm)

(d)(13) [Investment Sub-Advisory Agreement, dated April 20, 2026, between SIMC and J.P. Morgan Investment Management, Inc. with respect to the SEI High Yield Bond & Alternative Credit ETF (filed herewith)](tm268756d1_ex99-bxdx13.htm)

(d)(14) [Investment Sub-Advisory Agreement, dated October 1, 2024, between SIMC and Pzena Investment Management, LLC with respect to the SEI Select International Equity ETF](https://www.sec.gov/Archives/edgar/data/1888997/000110465925035178/tm2510361d1_ex99-bxdx9.htm)

(d)(15) [Investment Sub-Advisory Agreement, dated August 1, 2024, between SIMC and Robeco Institutional Asset Management US Inc. with respect to the SEI Select Emerging Markets Equity ETF](https://www.sec.gov/Archives/edgar/data/1888997/000110465925035178/tm2510361d1_ex99-bxdx10.htm)

(e)(1) [Distribution Agreement between the Registrant and SEI Investments Distribution Co. ("SIDCo."), dated March 30, 2022](https://www.sec.gov/Archives/edgar/data/1888997/000110465922055905/tm229726d1_ex99-be1.htm)

(e)(2) [Amended Schedule A, as last revised April 20, 2026, to the Distribution Agreement between the Registrant and SIDCo., dated March 30, 2022 (filed herewith)](tm268756d1_ex99-bxex2.htm)

(f) Not Applicable

(g)(1) [Custodian and Transfer Agent Agreement between Registrant and Brown Brothers Harriman & Co., dated March 30, 2022](https://www.sec.gov/Archives/edgar/data/1888997/000110465922055905/tm229726d1_ex99-bg1.htm)

(g)(2) Amendment, dated [XX], to the Custodian and Transfer Agent Agreement between Registrant and Brown Brothers Harriman & Co., dated March 30, 2022 (to be filed by amendment)

(g)(3) [Amended and Restated Multi-Trust Custody Agreement, dated June 14, 2013, between the Registrant and U.S. Bank National Association with respect to the SEI High Yield Bond & Alternative Credit ETF (filed herewith)](tm268756d1_ex99-bxgx3.htm)

(g)(4) [Fourteenth Amendment to the Amended and Restated Multi-Trust Custody Agreement, dated April 23, 2026, between the Registrant and U.S. Bank National Association with respect to the SEI High Yield Bond & Alternative Credit ETF (filed herewith)](tm268756d1_ex99-bxgx4.htm)

(g)(5) [Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services LLC (d/b/a U.S. Bank Global Fund Services), dated April 23, 2026 with respect to the SEI High Yield Bond & Alternative Credit ETF (filed herewith)](tm268756d1_ex99-bxgx5.htm)

(h)(1) [Amended and Restated Administration Agreement between the Registrant and SEI Global Funds Services ("SIGFS"), dated May 13, 2022](https://www.sec.gov/Archives/edgar/data/1888997/000110465922060226/tm2214655d1_ex99-bh1.htm)

(h)(2) [Amended Schedule I, dated April 20, 2026, to the Amended and Restated Administration Agreement between the Registrant and SEI Global Funds Services ("SIGFS"), dated May 13, 2022 (filed herewith)](tm268756d1_ex99-bxhx2.htm)

(h)(3) [Form of Authorized Participant Agreement among the Registrant, SIDCo., Brown Brothers Harriman & Co. and authorized participants](https://www.sec.gov/Archives/edgar/data/1888997/000110465923085408/tm2314723d1_ex99-bh2.htm)

(i) [Opinion and Consent of Counsel (filed herewith)](tm268756d1_ex99-bxi.htm)

(j) [Consent of Independent Registered Public Accounting Firm (filed herewith)](tm268756d1_ex99-bxj.htm)

(k) Not applicable

(l) [Initial Capital Agreement between the Registrant and SIMC, dated March 28, 2022](https://www.sec.gov/Archives/edgar/data/1888997/000110465922055905/tm229726d1_ex99-bl.htm)

(m)(1) [Plan of Distribution pursuant to Rule 12b-1, dated January 19, 2022](https://www.sec.gov/Archives/edgar/data/1888997/000110465922055905/tm229726d1_ex99-bm.htm)

(m)(2) Amended Schedule A, dated [XX], to the Plan of Distribution pursuant to Rule 12b-1, dated January 19, 2022 (to be filed by amendment)

(n) [Not applicable](https://www.sec.gov/Archives/edgar/data/1627853/000110465917042142/a17-12605_1ex99dbn.htm)

(o) Not applicable

(p)(1) [Code of Ethics for the Registrant, dated March 2022](https://www.sec.gov/Archives/edgar/data/1888997/000110465922055905/tm229726d1_ex99-bp1.htm)

(p)(2) [Code of Ethics for SIMC, dated June 2025 (filed herewith)](tm268756d1_ex99-bxpx2.htm)

(p)(3) [Code of Ethics for SIDCo., dated February 29, 2024](https://www.sec.gov/Archives/edgar/data/1888997/000110465924062040/tm2414195d1_ex99-xbxpx3.htm)

(p)(4) [Code of Ethics for SIGFS, dated September 2023](https://www.sec.gov/Archives/edgar/data/1888997/000110465924062040/tm2414195d1_ex99-xbxpx4.htm)

(p)(5) [Code of Ethics for Aikya Investment Management Limited, dated June 2023](https://www.sec.gov/Archives/edgar/data/1888997/000110465924083601/tm2413607d1_ex99-bxpx5.htm)

(p)(6) [Code of Ethics for Ares Capital Management II LLC, dated December 2025 (filed herewith)](tm268756d1_ex99-bxpx6.htm)

(p)(7) [Code of Ethics for Benefit Street Partners LLC, dated October 2025 (filed herewith)](tm268756d1_ex99-bxpx7.htm)

(p)(8) [Code of Ethics for Blackstone Credit Systematic Strategies LLC, dated January 2025 (filed herewith)](tm268756d1_ex99-bxpx8.htm)

(p)(9) [Code of Ethics for Brigade Capital Management, LP, dated November 2024 (filed herewith)](tm268756d1_ex99-bxpx9.htm)

(p)(10) [Code of Ethics for Brown Advisory LLC, dated April 26, 2025](https://www.sec.gov/Archives/edgar/data/1888997/000110465925070891/tm2517256d1_ex99-bxpx6.htm)

(p)(11) [Code of Ethics for Dynamic Beta Investments LLC, dated August 2024](https://www.sec.gov/Archives/edgar/data/1888997/000110465925070891/tm2517256d1_ex99-bxpx7.htm)

(p)(12) [Code of Ethics for Easterly Investment Partners LLC, as last revised March 15, 2024](https://www.sec.gov/Archives/edgar/data/1888997/000110465925070891/tm2517256d1_ex99-bxpx8.htm)

(p)(13) [Code of Ethics for Geneva Capital Management LLC, dated August 25, 2021](https://www.sec.gov/Archives/edgar/data/1888997/000110465924083601/tm2413607d1_ex99-bxpx7.htm)

(p)(14) [Code of Ethics for JOHCM (USA) Inc., dated April 2025](https://www.sec.gov/Archives/edgar/data/1888997/000110465925070891/tm2517256d1_ex99-bxpx10.htm)

(p)(15) [Code of Ethics for J.P. Morgan Investment Management, Inc., dated August 2025 (filed herewith)](tm268756d1_ex99-bxpx15.htm)

(p)(16) [Code of Ethics for Pzena Investment Management, LLC, dated May 2024](https://www.sec.gov/Archives/edgar/data/1888997/000110465925070891/tm2517256d1_ex99-bxpx11.htm)

(p)(17) [Code of Ethics for Robeco Institutional Asset Management US Inc., dated September 2024](https://www.sec.gov/Archives/edgar/data/1888997/000110465925070891/tm2517256d1_ex99-bxpx12.htm)

(q)(1) [Power of Attorney, dated February 4, 2022](https://www.sec.gov/Archives/edgar/data/1888997/000110465922012116/tm225303d1_ex99q1.htm), for Nina Lesavoy, James M. Williams, Susan C. Cote, James B. Taylor, Christine Reynolds and Thomas Melendez

(q)(2) [Power of Attorney, dated October 28, 2024, for Dennis McGonigle, Eli Powell Niepoky, and Kimberly Walker](https://www.sec.gov/Archives/edgar/data/1888997/000110465925035178/tm2510361d1_ex99-bxqx2.htm)

**Item 29. *Persons Controlled by or Under Common Control with Registrant:***

No person is controlled by or under common control with the Registrant.

**Item 30. *Indemnification:***

See Article VII of the Registrant's Amended and Restated Agreement and Declaration of Trust, dated May 11, 2022, which is herein incorporated by reference to Exhibit (a)(2), and Section 8 of the Registrant's Amended and Restated By-Laws, dated January 13, 2022, which are herein incorporated by reference to Exhibit (b).

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, 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 Securities Act of 1933, as amended, 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, suite 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 Securities Act of 1933, as amended, 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 or principal officer of the Adviser is or has been, at any time during the last two fiscal years, engaged for his own account or in the capacity of director, officer, employee, partner or trustee. The Adviser's table was provided to the Registrant by the Adviser for inclusion in this Registration Statement.

**SEI Investments Management Corporation**

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**<br>| &nbsp;&nbsp;**Name of Other Company** | &nbsp;&nbsp;**Connection With Other Company** |
|  Michael Peterson<br> Director, Senior Vice President & Assistant Secretary<br>| &nbsp;&nbsp;SEI Investments Company | &nbsp;&nbsp;Executive Vice President, General Counsel, Chief Compliance Officer, Secretary |
|  | &nbsp;&nbsp;SEI Trust Company | &nbsp;&nbsp;Director, Vice President |
|  | &nbsp;&nbsp;SEI Funds, Inc. | &nbsp;&nbsp;Vice President, Secretary |
|  | &nbsp;&nbsp;SEI Investments, Inc. | &nbsp;&nbsp;Vice President, Secretary |
|  | &nbsp;&nbsp;SEI Global Investments Corp. | &nbsp;&nbsp;Director, Vice President, Secretary |
|  | &nbsp;&nbsp;SEI Advanced Capital Management, Inc. | &nbsp;&nbsp;Director, Vice President, Secretary |
|  | &nbsp;&nbsp;SEI Primus Holding Corp. | &nbsp;&nbsp;Vice President, Secretary |
|  | &nbsp;&nbsp;SEI Global Services, Inc. | &nbsp;&nbsp;Director, Senior Vice President, Secretary |
|  | &nbsp;&nbsp;SIMC Holdings, LLC | &nbsp;&nbsp;Manager |
|  | &nbsp;&nbsp;SEI Investment Strategies, LLC | &nbsp;&nbsp;Director, Senior Vice President, Secretary |
|  | &nbsp;&nbsp;LSV Asset Management | &nbsp;&nbsp;Management Committee |
|  | &nbsp;&nbsp;SEI Global Capital Investments, Inc. | &nbsp;&nbsp;Vice President, Secretary |
|  | &nbsp;&nbsp;SEI Investments (Asia), Limited | &nbsp;&nbsp;Director |
|  | &nbsp;&nbsp;SEI Global Holdings (Cayman) Inc. | &nbsp;&nbsp;Director, Vice President, Secretary |
|  | &nbsp;&nbsp;SEI Investments (South Africa) (PTY) Limited | &nbsp;&nbsp;Director |
|  | &nbsp;&nbsp;SEI Investments Canada Company | &nbsp;&nbsp;Director, Secretary |
|  | &nbsp;&nbsp;SEI Custodial Operations Company, LLC | &nbsp;&nbsp;Manager |
|  | &nbsp;&nbsp;SEI Institutional Transfer Agent, Inc. | &nbsp;&nbsp;Director, Senior Vice President |
|  | &nbsp;&nbsp;SIMC Subsidiary, LLC | &nbsp;&nbsp;Manager |
|  | &nbsp;&nbsp;SEI Ventures, Inc. | &nbsp;&nbsp;Vice President, Secretary |
|  | &nbsp;&nbsp;SEI Investments Developments, Inc. | &nbsp;&nbsp;Vice President, Secretary |
|  | &nbsp;&nbsp;SEI Investments Global Funds Services | &nbsp;&nbsp;Vice President, Assistant Secretary |
|  | &nbsp;&nbsp;SEI Novus, LLC | &nbsp;&nbsp;Senior Vice President, Secretary |
|  | &nbsp;&nbsp;SEI Acquisition Sub, LLC | &nbsp;&nbsp;Senior Vice President, Secretary |
|  | &nbsp;&nbsp;SEI Radar Holding Company LLC | &nbsp;&nbsp;Senior Vice President, Secretary |
|  | &nbsp;&nbsp;SEI Novus Switzerland | &nbsp;&nbsp;Director |
|  | &nbsp;&nbsp;SEI Novus UK Ltd. | &nbsp;&nbsp;Director |
|  | &nbsp;&nbsp;SEI Access Platform, LLC | &nbsp;&nbsp;Senior Vice President and Secretary |
|  | &nbsp;&nbsp;SEI LifeYield, LLC | &nbsp;&nbsp;Vice President and Secretary |
|  | &nbsp;&nbsp;SEI Transfer Agency and Registrar Services, Inc. | &nbsp;&nbsp;Director, Senior Vice President |
| | &nbsp;&nbsp;SEI — Eclipse Holding Company, LLC | &nbsp;&nbsp;Senior Vice President and Secretary |

---

---

| | | |
|:---|:---|:---|
|  James Smigiel<br> Vice President | &nbsp;&nbsp;SEI Investment Strategies, LLC | &nbsp;&nbsp;Vice President |
|  James Smigiel<br> Vice President | &nbsp;&nbsp;LSV Asset Management | &nbsp;&nbsp;Management Committee |
|  Mark Warner<br> Vice President & Treasurer<br>| &nbsp;&nbsp;SEI Investments Company | &nbsp;&nbsp;Vice President, Controller & Chief Accounting Officer |
|  | &nbsp;&nbsp;SEI Funds Inc. | &nbsp;&nbsp;Director, Vice President, Treasurer |
|  | &nbsp;&nbsp;SEI Investments, Inc. | &nbsp;&nbsp;Director, Vice President, Treasurer |
|  | &nbsp;&nbsp;SEI Global Investments Corp. | &nbsp;&nbsp;Director, Vice President & Treasurer |
|  | &nbsp;&nbsp;SEI Advanced Capital Management, Inc. | &nbsp;&nbsp;Director, Vice President, Treasurer |
|  | &nbsp;&nbsp;SEI Primus Holding Corp. | &nbsp;&nbsp;Director, Vice President, Treasurer |
|  | &nbsp;&nbsp;SEI Investment Strategies, LLC | &nbsp;&nbsp;Vice President, Treasurer |
|  | &nbsp;&nbsp;SEI Global Capital Investments, Inc. | &nbsp;&nbsp;Director, Vice President, Treasurer |
|  | &nbsp;&nbsp;SEI Investments Global (Cayman), Limited | &nbsp;&nbsp;Vice President, Treasurer |
|  | &nbsp;&nbsp;SEI Global Holdings (Cayman) Inc. | &nbsp;&nbsp;Vice President, Assistant Secretary & Treasurer |
|  | &nbsp;&nbsp;SEI Investments Canada Company | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;SEI Investments Developments, Inc. | &nbsp;&nbsp;Director, Vice President, Treasurer |
|  | &nbsp;&nbsp;SEI Novus, LLC | &nbsp;&nbsp;Treasurer |
|  | &nbsp;&nbsp;SEI Acquisition Sub, LLC | &nbsp;&nbsp;Vice President, Treasurer |
|  | &nbsp;&nbsp;SEI Radar Holding Company LLC | &nbsp;&nbsp;Treasurer |
|  | &nbsp;&nbsp;SEI Trust Company | &nbsp;&nbsp;Vice President, Treasurer |
|  | &nbsp;&nbsp;SEI Private Trust Company | &nbsp;&nbsp;Vice President, Treasurer |
|  | &nbsp;&nbsp;SEI Custodial Operations Company, LLC | &nbsp;&nbsp;Vice President, Treasurer |
|  | &nbsp;&nbsp;SEI Global Services Inc. | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;SEI Access Platform, LLC | &nbsp;&nbsp;Treasurer |
|  | &nbsp;&nbsp;SEI LifeYield, LLC | &nbsp;&nbsp;Treasurer |
| | &nbsp;&nbsp;SEI — Eclipse Holding Company, LLC | &nbsp;&nbsp;Treasurer |

---

---

| | | |
|:---|:---|:---|
|  Timothy D. Barto<br> General Counsel, Vice President & Secretary<br>| &nbsp;&nbsp;SEI Investments Company | &nbsp;&nbsp;Vice President-Legal & Assistant Secretary |
|  | &nbsp;&nbsp;SEI Funds, Inc. | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;SEI Global Services, Inc. | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;SIMC Holdings, LLC | &nbsp;&nbsp;Manager |
|  | &nbsp;&nbsp;SEI Investment Strategies, LLC | &nbsp;&nbsp;General Counsel, Vice President, Secretary |
| | &nbsp;&nbsp;SIMC Subsidiary, LLC | &nbsp;&nbsp;Manager |
|  David McCann<br> Vice President & Assistant Secretary<br>| &nbsp;&nbsp;SEI Investment Strategies, LLC | &nbsp;&nbsp;Vice President, Assistant Secretary |
|  Raquell Baker<br> Vice President<br>| &nbsp;&nbsp;SEI Global Services, Inc. | &nbsp;&nbsp;Vice President |
| | &nbsp;&nbsp;SEI Investments Canada Company | &nbsp;&nbsp;Vice President |
|  Stephen G. MacRae<br> Vice President<br>| &nbsp;&nbsp;SEI Global Services, Inc. | &nbsp;&nbsp;Vice President |
| | &nbsp;&nbsp;SEI Investment Strategies, LLC | &nbsp;&nbsp;President |
|  Radoslav K. Koitchev<br> Vice President<br>| &nbsp;&nbsp;SEI Investment Strategies, LLC | &nbsp;&nbsp;Vice President |
|  Kevin Matthews<br> Vice President<br>| &nbsp;&nbsp;SEI Global Services, Inc. | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;SEI Investment Strategies, LLC | &nbsp;&nbsp;Director |
|  | &nbsp;&nbsp;SEI Novus, LLC | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;SEI Acquisition Sub, LLC | &nbsp;&nbsp;Vice President |
| | &nbsp;&nbsp;SEI Investments Canada Company | &nbsp;&nbsp;Vice President |
|  Patrick DiLello<br> Vice President & FATCA Responsible Officer<br>| &nbsp;&nbsp;SEI Investments Company | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Trust Company | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Funds, Inc. | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Investments, Inc. | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Global Investments Corp. | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Advanced Capital Management, Inc. | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Primus Holding Corp. | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Global Services, Inc. | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Private Trust Company | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SIMC Holdings, LLC | &nbsp;&nbsp;Manager, Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Investment Strategies, LLC | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;LSV Asset Management | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Global Capital Investments, Inc. | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Investments (Europe) Ltd. | &nbsp;&nbsp;FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Global Nominee Ltd. | &nbsp;&nbsp;FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Trustees Limited | &nbsp;&nbsp;FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI European Services Limited | &nbsp;&nbsp;FATCA Responsible Officer |
| | &nbsp;&nbsp;SEI Global Holdings (Cayman) Inc. | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;SEI Investments (South Africa) (PTY) Limited | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Investments Global, Limited | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Investments Global Fund Services, Limited | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Investments Depositary and Custodial Services (Ireland) Limited | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Investments Canada Company | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Custodial Operations Company, LLC | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Institutional Transfer Agent, Inc. | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SIMC Subsidiary, LLC | &nbsp;&nbsp;Manager, Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Investments Developments, Inc. | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Investments Global Funds Services | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Investments-Guernsey Limited | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Novus, LLC | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Acquisition Sub, LLC | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Radar Holding Company LLC | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Novus UK Ltd. | &nbsp;&nbsp;FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Access Platform, LLC | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI LifeYield, LLC | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  | &nbsp;&nbsp;SEI Transfer Agency and Registrar Services, Inc. | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
| | &nbsp;&nbsp;SEI — Eclipse Holding Company, LLC | &nbsp;&nbsp;Vice President, FATCA Responsible Officer |
|  Sean Simko<br> Director and Vice President<br>| &nbsp;&nbsp;SEI Global Services, Inc. | &nbsp;&nbsp;Vice President |
|  Jennifer Campisi<br> Chief Compliance Officer<br>| &nbsp;&nbsp;SEI Investments Distribution Co. | &nbsp;&nbsp;Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer |
|  Erich Holland<br> Vice President<br>| &nbsp;&nbsp;SEI Global Services, Inc. | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;SEI Investment Strategies, LLC | &nbsp;&nbsp;Director |
|  Karen Sullivan<br> Vice President<br>| &nbsp;&nbsp;SEI Global Services, Inc. | &nbsp;&nbsp;Vice President |
|  Katherine Mason<br> Vice President and Assistant Secretary<br>| &nbsp;&nbsp;SEI Investment Strategies, LLC | &nbsp;&nbsp;Vice President, Assistant Secretary |
|  Christopher Pettia<br> Vice President<br>| &nbsp;&nbsp;SEI Investment Strategies, LLC | &nbsp;&nbsp;Vice President |
|  Tom Hunter<br> Vice President<br>| &nbsp;&nbsp;SEI Investment Strategies, LLC | &nbsp;&nbsp;Vice President |
| Bradley Landis<br> Director | &nbsp;&nbsp;SEI Investments Company | &nbsp;&nbsp;Treasurer |
|  | &nbsp;&nbsp;SEI Investments Global (Cayman), Limited | &nbsp;&nbsp;Director |
| Anthony Karaminas<br> Vice President | &nbsp;&nbsp;SEI Investment Strategies, LLC | &nbsp;&nbsp;Vice President |

---

**Aikya Investment Management Limited**

Aikya Investment Management Limited ("Aikya") is a Sub-Adviser for the Registrant's SEI Select Emerging Markets Equity ETF. The principal business address of Aikya is Octagon Point 5 Cheapside, London, United Kingdom EC2V 6AA. Aikya is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Aikya has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Ares Capital Management II LLC**

Ares Capital Management II LLC ("ACM II") is a Sub-Adviser for the Registrant's SEI High Yield Bond & Alternative Credit ETF. The principal business address of ACM II is 1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067. ACM II is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of ACM II has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee that could be considered material to the management of the SEI High Yield Bond & Alternative Credit ETF.

**Benefit Street Partners LLC**

Benefit Street Partners LLC ("Benefit Street") is a Sub-Adviser for the Registrant's SEI High Yield Bond & Alternative Credit ETF. The principal business address of Benefit Street is 1 Madison Avenue, Suite 1600, New York, New York 10010. Benefit Street is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position With <br> Investment Adviser** | **Name and Principal Business Address<br> of Other Company** | **Connection With Other <br> Company** |
| Rich Byrne, President | Wynn Resorts, Limited<br> 3131 S Las Vegas Blvd<br> Las Vegas, NV 89109 | Member of Board of Directors |

---

**Blackstone Credit Systematic Strategies LLC**

Blackstone Credit Systematic Strategies LLC ("BCBS") is a Sub-Adviser for the Registrant's SEI High Yield Bond & Alternative Credit ETF. The principal business address of BSCS is 345 Park Avenue, 31st Floor, New York, New York 10154. BCBS is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of BCBS has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee that could be considered material to the management of the Funds.

**Brigade Capital Management, LP**

Brigade Capital Management, LP ("Brigade") is a Sub-Adviser for the Registrant's SEI High Yield Bond & Alternative Credit ETF. The principal business address of Brigade is 399 Park Avenue, 16th Floor, New York, New York 10022. Brigade is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position With<br> Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection With Other Company** |
| Steven Bleier<br> Co-Chief Investment Officer, Head of Structured Credit, Partner | Mercury Financial Holdings<br> 11401 Century Oaks Terr<br> Ste 470<br> Austin, TX 78758-0007 | Director |
| Steven Bleier<br> Co-Chief Investment Officer, Head of Structured Credit, Partner | Now Corp.<br> 2300 Peachtree Rd. NW Suite C-102<br> Atlanta, GA 30309 | Director |
| Matthew Perkal<br> Head of SPACs and Special Situations, Partner | Guitar Center<br> 5795 Lindero Canyon Rd.<br> Westlake Village, CA 91362 | Director |
| Matthew Perkal<br> Head of SPACs and Special Situations, Partner | M3-Brigade Acquisition III Corp<br> 1700 Broadway, 19<sup>th</sup> Floor<br> New York, NY 10019 | CEO |
| Matthew Perkal<br> Head of SPACs and Special Situations, Partner | M3-Brigade Acquisition II Corp<br> 1700 Broadway, 19<sup>th</sup> Floor<br> New York, NY 10019 | Executive Vice President – Mergers & Acquisitions |
| Sandro Carissimo<br> Partner, Research | North Sea Natural Resources Ltd.<br> Bell House<br> 57 West St.<br> Dorking RH4 1BS United Kingdom | Director |
| Christopher Chaice<br> Partner, Head of Distressed Research | Mesquite Energy, Inc.<br> Pennzoil Place 700 Milam Street, Suite 600<br> Houston, TX 7700 | Director |
| Don Morgan<br> Managing Partner, Portfolio Manager & CIO | Avaya Holdings Corp.<br> 350 Mt. Kemble Avenue<br> Morristown, NJ 07960 | Director |
| Tom O'Shea<br> Partner, Head of European Investments | Slide Insurance<br> 4221 W. Boy Scout Blvd # 200,<br> Tampa, FL 33607 | Director |

---

**Brown Advisory LLC**

Brown Advisory LLC, a limited liability company organized under the laws of the State of Maryland, is an investment adviser registered as such with the U.S. Securities and Exchange Commission having its principal place of business at 901 South Bond Street, Suite 400, Baltimore, Maryland 21231, and serves as investment adviser to the Registrant. Brown Advisory LLC is primarily engaged in providing investment management services.

Additional information regarding Brown Advisory LLC, and information as to the officers and directors of the firm, including information as to any business, profession, vocation or employment of a substantial nature engaged in by those officers and directors during the past two years, is included in its Uniform Application for Investment Adviser Registration on Form ADV, as filed with the U.S. Securities and Exchange Commission (File No. 801-38826), which is incorporated herein by reference.

**Dynamic Beta Investments LLC**

Dynamic Beta Investments LLC ("DBi") is a Sub-Adviser for the Registrant's SEI DBi Multi-Strategy Alternative ETF. The principal business address of DBi is 30 East Elm St, Greenwich, Connecticut 06830. DBi is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
|  ***Name and Position With***<br> ***Investment Adviser***<br>| ***Name and Principal Business <br> Address of Other Company***<br>| ***Connection With Other***<br> ***Company***<br>|
|  Jean Maunoury<br> Board Member  | iM Global Partner<br>20, rue Treilhard – 75008 Paris<br> France | &nbsp;&nbsp;Deputy CEO |

---

**Easterly Investment Partners LLC**

Easterly Investment Partners LLC ("EIP") is a Sub-Adviser for the Registrant's SEI Select Small Cap ETF. The principal business address of 138 Conant Street, Beverly, Massachusetts, 01915. EIP is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***Name and Position with Investment<br> Adviser*** | &nbsp;&nbsp;***Name and Principal Business <br> Address of Other Company*** | &nbsp;&nbsp;***Connection with Other Company*** |
| &nbsp;&nbsp; Darrell Crate<br> CEO, Director | &nbsp;&nbsp;Easterly Government Properties | &nbsp;&nbsp;Chief Executive Officer, Director |
| &nbsp;&nbsp; Darrell Crate<br> CEO, Director | &nbsp;&nbsp;Easterly Asset Management LP | &nbsp;&nbsp;Managing Principal |
| &nbsp;&nbsp; Darrell Crate<br> CEO, Director | &nbsp;&nbsp;Easterly Investment Partners LLC | &nbsp;&nbsp;Chief Executive Officer |
| &nbsp;&nbsp; Darrell Crate<br> CEO, Director | &nbsp;&nbsp;Easterly Funds LLC | &nbsp;&nbsp;Chief Executive Officer |
| &nbsp;&nbsp; Darrell Crate<br> CEO, Director | &nbsp;&nbsp;Easterly Capital LLC | &nbsp;&nbsp;Managing Principal |
| &nbsp;&nbsp; Darrell Crate<br> CEO, Director | &nbsp;&nbsp;Tassat | &nbsp;&nbsp;Board member |
| &nbsp;&nbsp; Michael Montague<br> Chief Financial Officer | &nbsp;&nbsp;JAMES ALPHA MANAGEMENT, LLC | &nbsp;&nbsp;President, Chief Operating Officer |
| &nbsp;&nbsp; Michael Montague<br> Chief Financial Officer | &nbsp;&nbsp;FDX CAPITAL LLC ("FDX") | &nbsp;&nbsp;Chief Financial Officer |
| &nbsp;&nbsp; Amaris Miller,<br> Chief Operating Officer<br>| &nbsp;&nbsp; Easterly Government Properties<br>AMMAX, Inc.<br>| &nbsp;&nbsp; Consultant<br>Consultant<br>|
| &nbsp;&nbsp; Ken Juster<br> General Counsel, Chief Compliance Officer<br>| &nbsp;&nbsp; Maritime Logistics Equity Partners LP<br>Easterly Securities LLC<br>| &nbsp;&nbsp; General Counsel<br>General Counsel, affiliated broker/dealer<br>|

---

**Geneva Capital Management LLC**

Geneva Capital Management LLC ("Geneva")is a Sub-Adviser for the Registrant's SEI Select Small Cap ETF. The principal business address of Geneva is 411 E. Wisconsin Ave. Suite 2320, Milwaukee, WI 53202. Geneva is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Geneva has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**JOHCM (USA) Inc.**

JOHCM (USA) Inc. ("JOHCM")is a Sub-Adviser for the Registrant's SEI Select Emerging Markets Equity ETF. The principal business address of JOHCM is One Congress Street, Suite 3101, Boston, MA 02114. JOHCM is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| ***Name and Position with<br> Investment Adviser*** | ***Name and Principal Business Address<br> of Other Company*** | ***Connection with Other Company*** |
|  Jonathan Weitz<br> Director of JOHCM (USA) Inc. | Pendal USA Inc<br> One Congress Street, Suite 3101<br> Boston, MA 02114<br>| Director |
|  Jonathan Weitz<br> Director of JOHCM (USA) Inc. | Perpetual Americas Funds Trust<br> One Congress Street, Suite 3101<br> Boston, MA 02114<br>| CEO & President |
|  Allan Lo Proto<br> Director and Chair of JOHCM (USA) Inc. <br>| Perpetual Group\*<br> Level 18, 123 Pitt Street, Sydney NSW 2000 Australia<br>| Chief Risk Officer |

---

As of March 31, 2025. \*As a senior manager within the Perpetual Group, Mr. Lo Proto serves as officer or director of multiple subsidiaries of Perpetual Limited, including JOHCM (USA) Inc.'s advisory affiliates, Barrow, Hanley, Mewhinney & Strauss, LLC, Thompson, Siegel & Walmsley LLC, and Trillium Asset Management, LLC.

**J.P. Morgan Investment Management Inc.**

J.P. Morgan Investment Management Inc. ("JPMIM") is a Sub-Adviser for the Registrant's SEI High Yield Bond & Alternative Credit ETF. The principal business address of JPMIM is 270 Park Avenue, New York, New York 10017\*. JPMIM is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of JPMIM has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

\* Mailing address is 390 Madison Avenue, New York, NY 10017-2513.

**Pzena Investment Management, LLC**

Pzena Investment Management, LLC ("Pzena") is a Sub-Adviser for the Registrant's SEI Select International Equity ETF. The principal business address of Pzena is 320 Park Avenue, 8th Floor, New York, NY 10022. Pzena is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Pzena has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Robeco Institutional Asset Management US Inc.**

Robeco Institutional Asset Management US Inc. ("Robeco") is a Sub-Adviser for the Registrant's SEI Select Emerging Markets Equity ETF. The principal business address of Robeco is 230 Park Avenue, Suite 3330, New York, NY 10169. Robeco is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***Name and Position with Investment <br> Adviser*** | &nbsp;&nbsp;***Name and Principal Business<br> Address of Other Company*** | &nbsp;&nbsp;***Connection with Other Company*** |
| &nbsp;&nbsp; Andrew Cunningham<br> Chief Compliance Officer<br>| &nbsp;&nbsp;None | &nbsp;&nbsp;None |
| &nbsp;&nbsp; Marcel Prins<br> President<br>| &nbsp;&nbsp;Robeco Institutional Asset Management B.V.\* | &nbsp;&nbsp;Chief Operating Officer\* |
| &nbsp;&nbsp; Malick Badje<br> Treasurer<br>| &nbsp;&nbsp;Robeco Institutional Asset Management B.V.\* | &nbsp;&nbsp;Global Head Distribution & Marketing\* |
| &nbsp;&nbsp; Juan Carlos Briones<br> Board Member<br>| &nbsp;&nbsp;Robeco Institutional Asset Management US, Inc. | &nbsp;&nbsp;Head of Institutional Sales – North America |
| &nbsp;&nbsp; Ignacio Alcantara<br> Board Member<br>| &nbsp;&nbsp;Robeco Institutional Asset Management US, Inc. | &nbsp;&nbsp;Head of Business Management |

---

*\* The information provided in the table above is for Robeco Institutional Asset Management US Inc. Note that Robeco Institutional Asset Management B.V., the parent company, is a separate legal entity registered in the Netherlands.* 

**Item 32. *Principal Underwriter.***

(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 Tax Exempt Trust | December 3, 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<br> Qualified Investment Fund)<br>| 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 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 |

---

The Distributor 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").

(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 25 of Part B. Unless otherwise noted, the business address of each director or officer is One Freedom Valley Drive, Oaks, PA 19456.

---

| | | |
|:---|:---|:---|
| **Name** | **Position and Office** <br> **with Underwriter** | **Positions and Offices with Registrant** |
| Robert Hum | President, Chief Executive Officer & Director |  |
| Heather Corkery | Director |  |
| Gabriel Garcia | Director |  |
| John C. Munch | General Counsel & Secretary |  |
| 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 |  |

---

**Item 33. Location of Accounts and Records:**

All accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act and the rules promulgated thereunder are maintained at:

SEI Exchange Traded Funds

One Freedom Valley Drive

Oaks, Pennsylvania 19456

SEI Investments Management Corporation

One Freedom Valley Drive

Oaks, Pennsylvania 19456

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Brown Brother Harriman & Co.

50 Post Office Square

Boston, Massachusetts 02110-1548

U.S. Bank National Association

425 Walnut Street

Cincinnati, Ohio 45202

SEI Investments Global Fund Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Aikya Investment Management Limited

Octagon Point 5 Cheapside

London, United Kingdom EC2V 6AA

Ares Capital Management II LLC

1800 Avenue of the Stars

Suite 1400

Los Angeles, California 90067

Benefit Street Partners L.L.C.

1 Madison Avenue

Suite 1600

New York, New York 10010

Blackstone Credit Systematic Strategies LLC

345 Park Avenue, 31st Floor

New York, New York 10154

Brown Advisory LLC

901 South Bond Street

Suite 400

Baltimore, Maryland 21231

Brigade Capital Management, LP

399 Park Avenue

16th Floor

New York, New York 10022

Dynamic Beta Investments LLC

30 East Elm Street

Greenwich, Connecticut 06830

Easterly Investment Partners LLC

138 Conant Street, Suite 100

Beverly, Massachusetts, 01915

Geneva Capital Management LLC

411 E. Wisconsin Ave.

Suite 2320, Milwaukee, WI 53202

JOHCM (USA) Inc.

53 State Street

Suite 1302, 13th Floor

Boston, Massachusetts 02109

J.P. Morgan Investment Management Inc.

390 Madison Avenue,

New York, New York 10017

Pzena Investment Management, LLC

320 Park Avenue

8th Floor

New York, NY 10022

Robeco Institutional Asset Management US Inc.

230 Park Avenue, Suite 3330

New York, NY 10169

**Item 34. Management Services:**

None.

**Item 35. Undertakings:**

Not applicable.

**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. 16 to Registration Statement No. 333-260611 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Oaks, Commonwealth of Pennsylvania on the 24<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
| SEI EXCHANGE TRADED FUNDS | SEI EXCHANGE TRADED FUNDS |
| 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 | April 24, 2026 |
| Dennis McGonigle | Trustee | April 24, 2026 |
| \* | Trustee | April 24, 2026 |
| Nina Lesavoy | Trustee | April 24, 2026 |
| \* | Trustee | April 24, 2026 |
| James M. Williams | Trustee | April 24, 2026 |
| \* | Trustee | April 24, 2026 |
| Susan C. Cote | Trustee | April 24, 2026 |
| \* | Trustee | April 24, 2026 |
| James B. Taylor | Trustee | April 24, 2026 |
| \* | Trustee | April 24, 2026 |
| Christine Reynolds | Trustee | April 24, 2026 |
| \* | Trustee | April 24, 2026 |
| Thomas Melendez | Trustee | April 24, 2026 |
| \* | Trustee | April 24, 2026 |
| Eli Powell Niepoky | Trustee | April 24, 2026 |
| \* | Trustee | April 24, 2026 |
| Kimberly Walker | Trustee | April 24, 2026 |
| /S/ ROBERT A. NESHER | Trustee, President & Chief Executive Officer | April 24, 2026 |
| Robert A. Nesher | Trustee, President & Chief Executive Officer | April 24, 2026 |
| /s/ GLENN R. KURDZIEL | Controller & Chief Financial Officer | April 24, 2026 |
| Glenn R. Kurdziel | Controller & Chief Financial Officer | April 24, 2026 |

---

---

| | |
|:---|:---|
| \*By: | /S/ ROBERT A. NESHER |
|  | Robert A. Nesher |
|  | *Attorney-in-Fact* |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [EX-99 B(d)(2)](tm268756d1_ex99-bxdx2.htm) | [Amended Schedules A and B, as last revised April 20, 2026, to the Investment Advisory Agreement between the Registrant and SIMC, dated March 30, 2022](tm268756d1_ex99-bxdx2.htm) |
| [EX-99 B(d)(4)](tm268756d1_ex99-bxdx4.htm) | [Investment Sub-Advisory Agreement, dated April 20, 2026, between SIMC and Ares Capital Management II LLC with respect to the SEI High Yield Bond & Alternative Credit ETF](tm268756d1_ex99-bxdx4.htm) |
| [EX-99 B(d)(5)](tm268756d1_ex99-bxdx5.htm) | [Investment Sub-Advisory Agreement, dated April 20, 2026, between SIMC and Benefit Street Partners LLC with respect to the SEI High Yield Bond & Alternative Credit ETF](tm268756d1_ex99-bxdx5.htm) |
| [EX-99 B(d)(6)](tm268756d1_ex99-bxdx6.htm) | [Investment Sub-Advisory Agreement, dated April 20, 2026, between SIMC and Blackstone Credit Systematic Strategies LLC with respect to the SEI High Yield Bond & Alternative Credit ETF](tm268756d1_ex99-bxdx6.htm) |
| [EX-99 B(d)(7)](tm268756d1_ex99-bxdx7.htm) | [Investment Sub-Advisory Agreement, dated April 20, 2026, between SIMC and Brigade Capital Management, LP with respect to the SEI High Yield Bond & Alternative Credit ETF](tm268756d1_ex99-bxdx7.htm) |
| [EX-99 B(d)(13)](tm268756d1_ex99-bxdx13.htm) | [Investment Sub-Advisory Agreement, dated April 20, 2026, between SIMC and J.P. Morgan Investment Management, Inc. with respect to the SEI High Yield Bond & Alternative Credit ETF](tm268756d1_ex99-bxdx13.htm) |
| [EX-99 B(e)(2)](tm268756d1_ex99-bxex2.htm) | [Amended Schedule A, as last revised April 20, 2026, to the Distribution Agreement between the Registrant and SIDCo., dated March 30, 2022](tm268756d1_ex99-bxex2.htm) |
| [EX-99 B(g)(3)](tm268756d1_ex99-bxgx3.htm) | [Amended and Restated Multi-Trust Custody Agreement, dated June 14, 2013, between the Registrant and U.S. Bank National Association with respect to the SEI High Yield Bond & Alternative Credit ETF](tm268756d1_ex99-bxgx3.htm) |
| [EX-99 B(g)(4)](tm268756d1_ex99-bxgx4.htm) | [Fourteenth Amendment to the Amended and Restated Multi-Trust Custody Agreement, dated April 23, 2026, between the Registrant and U.S. Bank National Association with respect to the SEI High Yield Bond & Alternative Credit ETF](tm268756d1_ex99-bxgx4.htm) |
| [EX-99 B(g)(5)](tm268756d1_ex99-bxgx5.htm) | [Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services LLC (d/b/a U.S. Bank Global Fund Services), dated April 23, 2026 with respect to the SEI High Yield Bond & Alternative Credit ETF](tm268756d1_ex99-bxgx5.htm) |
| [EX-99 B(h)(2)](tm268756d1_ex99-bxhx2.htm) | [Amended Schedule I, dated April 20, 2026, to the Amended and Restated Administration Agreement between the Registrant and SEI Global Funds Services ("SIGFS"), dated May 13, 2022](tm268756d1_ex99-bxhx2.htm) |
| [EX-99 B(i)](tm268756d1_ex99-bxi.htm) | [Opinion and Consent of Counsel](tm268756d1_ex99-bxi.htm) |
| [EX-99 B(j)](tm268756d1_ex99-bxj.htm) | [Consent of Independent Registered Public Accounting Firm](tm268756d1_ex99-bxj.htm) |
| [EX-99 B(p)(2)](tm268756d1_ex99-bxpx2.htm) | [Code of Ethics for SIMC, dated June 2025](tm268756d1_ex99-bxpx2.htm) |
| [EX-99 B(p)(6)](tm268756d1_ex99-bxpx6.htm) | [Code of Ethics for Ares Capital Management II LLC, dated December 2025](tm268756d1_ex99-bxpx6.htm) |
| [EX-99 B(p)(7)](tm268756d1_ex99-bxpx7.htm) | [Code of Ethics for Benefit Street Partners LLC, dated October 2025](tm268756d1_ex99-bxpx7.htm) |
| [EX-99 B(p)(8)](tm268756d1_ex99-bxpx8.htm) | [Code of Ethics for Blackstone Credit Systematic Strategies LLC, dated January 2025](tm268756d1_ex99-bxpx8.htm) |
| [EX-99 B(p)(9)](tm268756d1_ex99-bxpx9.htm) | [Code of Ethics for Brigade Capital Management, LP, dated November 2024](tm268756d1_ex99-bxpx9.htm) |
| [EX-99 B(p)(15)](tm268756d1_ex99-bxpx15.htm) | [Code of Ethics for J.P. Morgan Investment Management, Inc., dated August 2025](tm268756d1_ex99-bxpx15.htm) |
| EX-101. INS | XBRL Instance Document |
| EX-101. SCH | XBRLTaxonomy 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)(2)

**Exhibit 99.B(d)(2)**

SCHEDULE A

TO THE

INVESTMENT ADVISORY AGREEMENT

BETWEEN

SEI EXCHANGE TRADED FUNDS

AND

SEI INVESTMENTS MANAGEMENT CORPORATION

AS OF MARCH 30, 2022 AS AMENDED JULY 31, 2024, AUGUST 15, 2025,

MARCH 9, 2026 AND APRIL 20, 2026

SEI Enhanced U.S. Large Cap Quality Factor ETF

SEI Enhanced U.S. Large Cap Momentum Factor ETF

SEI Enhanced U.S. Large Cap Value Factor ETF

SEI Enhanced U.S. Large Cap Low Volatility Factor ETF

SEI Select Small Cap ETF

SEI Select International Equity ETF

SEI Select Emerging Markets Equity ETF

SEI DBi Multi-Strategy Alternative ETF

SEI QiM U.S. Equity Factor Allocation Active ETF

SEI High Yield Bond & Alternative Credit ETF

SCHEDULE B

TO THE

INVESTMENT ADVISORY AGREEMENT

BETWEEN

SEI EXCHANGE TRADED FUNDS

AND

SEI INVESTMENTS MANAGEMENT CORPORATION

AS OF MARCH 30, 2022 AS AMENDED JULY 31, 2024, AUGUST 15, 2025,

MARCH 9, 2026 AND APRIL 20, 2026

Pursuant to Article 4, the Trust shall pay the Adviser compensation at an annual rate as follows:

---

| | |
|:---|:---|
| SEI Enhanced U.S. Large Cap Quality Factor ETF | 0.15% |
| SEI Enhanced U.S. Large Cap Momentum Factor ETF | 0.15% |
| SEI Enhanced U.S. Large Cap Value Factor ETF | 0.15% |
| SEI Enhanced U.S. Large Cap Low Volatility Factor ETF | 0.15% |
| SEI Select Small Cap ETF | 0.55% |
| SEI Select International Equity ETF | 0.5% |
| SEI Select Emerging Markets Equity ETF | 0.6% |
| SEI DBi Multi-Strategy Alternative Fund | 0.8% |
| SEI QiM U.S. Equity Factor Allocation Active ETF | 0.3% |
| SEI High Yield Bond & Alternative Credit ETF | 0.65% |

---

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| SEI EXCHANGE TRADED FUNDS | SEI EXCHANGE TRADED FUNDS | SEI INVESTMENTS MANAGEMENT CORPORATION | SEI INVESTMENTS MANAGEMENT CORPORATION |
| By: | /s/ Stephen MacRae | By: | /s/ James Smigiel |
| Name: | Stephen MacRae | Name: | James Smigiel |

---

## Ex-99.B(D)(4)

**Exhibit 99.B(d)(4)**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**SEI EXCHANGE TRADED FUNDS**

AGREEMENT made as of this 20<sup>th</sup> day of April, 2026 between SEI Investments Management Corporation (the "Adviser") and Ares Capital Management II LLC (the "Sub-Adviser").

WHEREAS, SEI Exchange Traded Funds, a Delaware statutory 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 March 30, 2022 (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, to the extent
such amendments or supplements have been provided to the Sub-Adviser, 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, subject to paragraph 1(b), 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 Organizational Documents (as defined herein) and the Prospectus and with the written 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) To the extent the Adviser provides to the Sub-Adviser any instructions or directions (via one or more
persons authorized to do so), Sub-Adviser may safely rely and act upon same. The Adviser will provide the Sub-Adviser with an updated
list of such authorized persons of the Adviser on a quarterly basis during the term of this Agreement. Notwithstanding and for the avoidance
of doubt, Sub-Adviser remains bound by the provisions of Section 1(b), above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 in
writing 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 under the circumstances 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 under the circumstances, 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 provided to the Sub-Adviser in writing 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. It is the responsibility of the Adviser to provide to the Sub-Adviser accurate and current lists
of the Trust's principal underwriter and each affiliated person of the Adviser, Trust or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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;(f) The Sub-Adviser shall provide a Fund's custodian on each business day when there are one or more
transactions in respect of the Fund's Assets with information relating to all such transactions and shall provide the Adviser with
such information upon request of the Adviser. It is the responsibility of the Adviser to provide to the Sub-Adviser accurate and current
contact information for the Fund's custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To the extent called for by the Trust's Fund Policies and Procedures Compliance Program Manual (the
 "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, provided that: (1) the Sub-Adviser
has reasonable access to relevant information, at no additional cost to the Sub-Adviser, to permit the Sub-Adviser to provide such information
and advice; and (2) the Sub-Adviser is not subject to any confidentiality or similar obligations that would otherwise restrict or
prevent the Sub-Adviser from providing such information or advice. The Adviser hereby acknowledges that notwithstanding such assistance
by the Sub-Adviser, the Sub-Adviser is not, and will not be, responsible for the final valuation of any Assets, or any other portfolio
securities, assets or liabilities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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. The Adviser acknowledges that the Sub-Adviser performs investment advisory services for various
other clients and, to the extent it is consistent with applicable law and the Sub-Adviser's fiduciary obligations, the Sub-Adviser
may give advice and take action with respect to any of those other clients which may differ from the advice given or the timing or nature
of action taken for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser shall promptly notify the Adviser of any financial condition it incurs 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;(j) (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. Any actions with respect to such proxies shall be, subject to paragraph 1(b), at the discretion of the Sub-Adviser and in accordance
with its policies and procedures. 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;(k) 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 as have been provided to the Sub-Adviser. 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;(l) 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;(m) 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. Upon the request of the Adviser, 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.

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 Organizational Documents (as defined herein), the Prospectus,
the instructions and directions of the Board of Trustees of the Trust to the extent communicated in writing to the Sub-Adviser, 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;(a) The Trust's Certificate of Trust, as filed with the Secretary of State of the State of Delaware
(such Certificate of Trust, as in effect on the date of this Agreement and as amended from time to time,);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust's Agreement and Declaration of Trust (such Agreement and Declaration of Trust, as in effect
on the date of this Agreement and as amended from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) By-Laws of the Trust (such By-Laws, as in effect on the date
of this Agreement and as amended from time to time, together the Certificate of Trust, Agreement and Declaration of Trust and By-Laws
are herein called the "Organizational Documents"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 therefore, 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 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.

Except for expenses assumed or agreed to be paid by the Sub-Adviser pursuant hereto, the Sub-Adviser shall not be liable for any costs or expenses of the Trust including, without limitation, (a) interest and taxes, (b) brokerage commissions and other costs in connection with the purchase or sale of securities or other investment instructions with respect to the Fund, (c) custodian and administration fees; and (d) accounting and legal expenses. The Sub-Adviser will pay its own expenses incurred in furnishing the services to be provided by it pursuant to this Agreement.

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) to the extent
caused by or otherwise directly related to the Sub-Adviser's willful misfeasance, bad faith or negligence, or to the reckless disregard
of its duties 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) to the extent caused by or otherwise directly related to the Adviser's willful misfeasance, bad faith or negligence, or to the reckless disregard of its duties 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 at least 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. 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) Upon request, the Sub-Adviser shall promptly provide to the Trust's Chief Compliance Officer ("CCO")
the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reasonable access, at the Sub-Adviser's principal office or such other
place as may be mutually agreed to by the parties, to the 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; provided that the Sub-Adviser may
redact from such correspondences client specific confidential information, material subject to the attorney-client privilege, and material
non-public information, that the Sub-Adviser reasonably determines should not be disclosed to the Trust's CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a report 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 comprise 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser will keep confidential and will cause the Trust's CCO to keep confidential all information
or disclosed pursuant to this Paragraph 8 except that the Trust's CCO may disclose the "Confidential" information (a) to
legal counsel to the Trust, legal counsel to the Trust's independent Trustees and representatives of the Adviser who have a reasonable
need to know such information or who assist the Trust's CCO in fulfilling his or her obligations as the Trust's CCO (each,
a "Recipient"); (b) to the extent required to be disclosed by any regulatory authority having jurisdiction, by judicial
or administrative process or otherwise by applicable laws or regulations; or (c) with the prior written consent of the Sub-Adviser.
The Adviser will cause the Trust's CCO to inform all Recipients of the confidential nature of the information.

The Adviser agrees that it will not disclose or use (i) any records or confidential information provided to the Adviser pursuant to Section 8 hereof or (ii) any of the Sub-Adviser's proprietary and non-public investment research, decisions or recommendations, including for any account other than the Assets, except as specifically authorized by the Sub-Adviser, or if such disclosure or use is required by federal or state regulatory authorities or by a court. The Sub-Adviser hereby agrees that the Adviser may use the Sub-Adviser Information in the Prospectus and/or any marketing materials prepared in relation to the Fund without any further consent, license or approval from the Sub-Adviser. For the purposes of this clause, "Sub-Adviser Information" means all publicly available information which relates to or refers to the Sub-Adviser's name (but not including the Sub-Adviser's logo/trademark) and information on the Sub-Adviser's website from time to time regarding descriptions of the Sub-Adviser, its business, investment processes and strategies. The Sub-Adviser shall be entitled, upon request, to review the Sub-Adviser Information being used by the Adviser, and the Adviser shall make any modifications thereto as may be reasonably requested by the Sub-Adviser from time to time. For the avoidance of doubt, the foregoing does not require the Adviser to seek the Sub-Adviser's prior consent to the use of Sub-Adviser Information.

9. **Governing Law.** This Agreement shall be governed by the internal laws of the State of Delaware,
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<br> One Freedom Valley Drive<br> Oaks, PA 19456<br> Attention: Legal Department<br>|
| To the Trust's CCO at: | SEI Investments Management Corporation<br> One Freedom Valley Drive<br> Oaks, PA 19456<br> Attention: Chief Compliance Officer<br>|
| To the Sub-Adviser at: | Ares Capital Management II LLC<br> 245 Park Avenue, 44<sup>th</sup> Floor<br> New York, NY 10067<br> Attention: Matthew Jill |

---

12. **Non-Hire/Non-Solicitation.** Each party hereby agrees that so long as the Sub-Adviser provides services
to the Adviser or the Trust and for a period of one year following the date on which the Sub-Adviser ceases to provide services to the
Adviser and the Trust, neither party shall, for any reason, directly or indirectly, on its own behalf or on behalf of others, hire any
person employed by the other party who becomes known to such party in connection with this Agreement or services rendered pursuant to
this Agreement, whether or not such person is a full-time employee or whether or not any person's employment is pursuant to a written
agreement or is at-will; provided, however, that the foregoing restriction shall not apply to any person who: (a) responds to a general
solicitation of employment (including through search firms) not specifically targeted at the other party's employees, or (b) has
not been employed by the other party during the then-prior six (6) month period, or (c) hiring any such person who contacts
a party on his or her own initiative without any direct or indirect solicitation or encouragement by such party (except as permitted above).
The parties further agree that, to the extent that a party breaches the covenant described in this paragraph, the other party shall be
entitled to pursue all appropriate remedies in law or equity

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.** 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** | **Ares Capital Management II LLC** | **Ares Capital Management II LLC** |
| By: | /s/ James Smigiel  | By: | /s/ Matthew Jill  |
| Name: | James Smigiel  | Name: | Matthew Jill |
| Title: | Chief Investment Officer  | Title: | Authorized Signatory |

---

**Schedule A**

**to the**

**Sub-Advisory Agreement**

**between**

**SEI Investments Management Corporation**

**and**

**Ares Capital Management II LLC**

**As of April 20, 2026**

**SEI EXCHANGE TRADED FUNDS**

SEI High Yield Bond & Alternative Credit ETF

**Schedule B**

**to the**

**Sub-Advisory Agreement**

**between**

**SEI Investments Management Corporation**

**and**

**Ares Capital Management II LLC**

**As of April 20, 2026**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Exchange Traded Funds</u>**

SEI High Yield Bond & Alternative Credit ETF [REDACTED]

Agreed and Accepted:

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Ares Capital Management II LLC** | **Ares Capital Management II LLC** |
| By: | /s/ James Smigiel  | By: | /s/ Matthew Jill  |
| Name: | James Smigiel  | Name: | Matthew Jill |
| Title: | Chief Investment Officer  | Title: | Authorized Signatory |

---

## Ex-99.B(D)(5)

**Exhibit 99.B(d)(5)**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**SEI EXCHANGE TRADED FUNDS**

AGREEMENT made as of this 20th day of April, 2026 between SEI Investments Management Corporation (the "Adviser") and Benefit Street Partners L.L.C. (the "Sub-Adviser").

WHEREAS, SEI Exchange Traded Funds, a Delaware statutory 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 March 30, 2022 (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 Certificate of Trust (as defined herein), Prospectus, written Compliance Policies and Procedures and with the written
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 in accordance with 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 that may be
requested by the Adviser and are 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 upon its request 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 Certificate of Trust (as defined herein), Prospectus, Compliance
Policies and Procedures, the written 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 Certificate of Trust, as filed with the Secretary of State of the State of Delaware (such Certificate of Trust, as in effect on the date of this Agreement and as amended from time to time, herein called the "Certificate 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 therefore, 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.

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 no more than two years from the date hereof, and thereafter, 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 Fund 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"),
as part of its periodic reporting, or upon request, the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a report 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 State of Delaware,
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<br> One Freedom Valley Drive<br> Oaks, PA 19456<br> Attention: Legal Department<br>|
| To the Trust's CCO at: | SEI Investments Management Corporation<br> One Freedom Valley Drive<br> Oaks, PA 19456<br> Attention: Chief Compliance Officer<br>|
| To the Sub-Adviser at: | Benefit Street Partners L.L.C.<br> 9 West 57<sup>th</sup> Street, Suite 4700<br> New York, NY 10019<br> Attention: Alexander McMillian |

---

12. **Noncompete Provisions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&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 for one year after such termination.

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.** 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** | **Benefit Street Partners L.L.C.** | **Benefit Street Partners L.L.C.** |
| By: | /s/ James Smigiel | By: | /s/ Shirley Hambelton |
| Name: | James Smigiel | Name: | Shirley Hambelton |
| Title: | Chief Investment Officer | Title: | General Counsel |

---

**Schedule A**

**to the**

**Sub-Advisory Agreement**

**between**

**SEI Investments Management Corporation**

**and**

**Benefit Street Partners L.L.C.**

**As of April 20, 2026**

**SEI EXCHANGE TRADED FUNDS**

SEI High Yield Bond & Alternative Credit ETF

**Schedule B**

**to the**

**Sub-Advisory Agreement**

**between**

**SEI Investments Management Corporation**

**and**

**Benefit Street Partners L.L.C.**

**As of April 20, 2026**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Exchange Traded Funds</u>**

SEI High Yield Bond & Alternative Credit ETF [REDACTED]

Agreed and Accepted:

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Benefit Street Partners L.L.C.** | **Benefit Street Partners L.L.C.** |
| By: | /s/ James Smigiel | By: | /s/ Shirley Hambelton |
| Name: | James Smigiel | Name: | Shirley Hambelton |
| Title: | Chief Investment Officer | Title: | General Counsel |

---

## Ex-99.B(D)(6)

**Exhibit 99.B(d)(6)**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**SEI EXCHANGE TRADED FUNDS**

AGREEMENT made as of this 20<sup>th</sup> day of April, 2026 between SEI Investments Management Corporation (the "Adviser") and Blackstone Credit Systematic Strategies LLC (the "Sub-Adviser").

WHEREAS, SEI Exchange Traded Funds, a Delaware statutory 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 March 30, 2022 (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 Board 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, in consideration of the mutual covenants and agreements set forth herein, the receipt and adequacy of which are hereby acknowledged, 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 Organizational Documents (as defined herein), Prospectus, applicable Compliance Policies and Procedures and with
the written instructions and directions of the Adviser and of the Board of Trustees of the Trust and will conform to and comply with the
applicable 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
compliance policy and procedures 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 commercially reasonable
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) To the extent applicable to its services hereunder, 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. Additionally, to the extent applicable to its services hereunder, the Sub-Adviser shall keep the books
and records relating to the Assets required to be maintained by the Sub-Adviser under this Agreement (i.e., trade blotter) 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. It is acknowledged that notwithstanding any such assistance, the Sub-Adviser is not responsible for the final valuation of any
portfolio securities or other assets or liabilities of the Fund.

&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. Except to the extent necessary to perform its obligations hereunder, nothing herein shall be deemed
to require the Sub-Adviser to devote any minimum amount of time or attention to the management of the Assets. Except as otherwise expressly
provided herein, nothing herein shall be deemed to limit or restrict the right of the Sub-Adviser to engage in, or to devote time and
attention to the management of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any
other corporation, firm, individual or association. The Sub-Adviser may on occasion give advice or take action with respect to other investment
entities that it manages that differs from the advice given with respect to the Assets.

&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 and Representations of the Adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 Organizational Documents (as defined herein), Prospectus, applicable Compliance Policies and Procedures,
the instructions and directions of the Board of Trustees of the Trust, the applicable requirements of (i) the 1940 Act, (ii) the
Code, and (iii) other federal and state laws and regulations, as each is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For so long as the Funds remain in existence, the Adviser and the Funds shall have a limited license to
use the name of the Sub-Adviser, including any short-form of such name, or any combination or derivation thereof, solely for the purpose
of identifying the Sub-Adviser as a sub-adviser to the Fund. The Sub-Adviser acknowledges and agrees that the Adviser, its affiliates
and the Funds will use such names in connection with the operation, administration preparation of materials and reports, distribution,
marketing and promotion of the Funds to current and prospective investors. The Adviser and the Funds shall cease to use the name of the
Sub-Adviser in any newly printed materials (except as may, in the sole discretion of the Adviser, be reasonably necessary to comply with
applicable law) promptly upon termination of this Agreement with respect to the Fund. During the term of this Agreement, the Sub-Adviser
shall have the right to periodically review sales and other marketing materials utilizing the name of the Sub-Adviser and any combination
or derivation thereof.

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;(a) The Trust's Certificate of Trust, as filed with the Secretary of State of the State of Delaware
(such Certificate of Trust, as in effect on the date of this Agreement and as amended from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust's Agreement and Declaration of Trust (such Agreement and Declaration of Trust, as in effect
on the date of this Agreement and as amended from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) By-Laws of the Trust (such By-Laws, as in effect on the date of this Agreement and as amended from time
to time, together the Certificate of Trust, Agreement and Declaration of Trust and By-Laws are herein called the "Organizational
Documents"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 therefore, 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 in arrears. 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.

5. **Standard of Care and Limitation of Liability**. The Sub-Adviser shall discharge its obligations and
duties pursuant to this Agreement in good faith and with the due care and diligence under the circumstances then prevailing that a similarly
situated investment adviser acting in a like capacity would use in like circumstances. The Sub-Adviser shall not be liable for any error
of judgment or for any loss suffered by the Adviser in connection with the performance of the Sub-Adviser's obligations under this Agreement,
except a liability or loss resulting from the Sub-Adviser's (i) willful misfeasance, bad faith, or negligence or its reckless disregard
of its obligations and duties under this Agreement; or (ii) violation of law or any duty imposed by federal or state law. The Adviser
acknowledges that the Sub-Adviser makes no warranty, express or implied, as to the performance or profitability of the Assets or the success
of any investment strategy recommended by the Sub-Adviser.

6. **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 Sub-Adviser's willful misfeasance, bad faith or negligence in the performance of its obligations
under this Agreement or the Sub-Adviser's reckless disregard of its duties under this Agreement; provided, however, that the Sub-Adviser's
obligation under this Paragraph 6 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 Adviser's willful misfeasance, bad faith or negligence in the performance of its obligations under this Agreement or the Adviser's reckless disregard of its duties under this Agreement; provided, however, that the Adviser's obligation under this Paragraph 6 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.

7. **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 7, 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.

8. **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 8(b), along with the policies and procedures referred to in Paragraph 8(a),
are referred to herein as the Sub-Adviser's "Compliance Program").

9. **Reporting of Compliance Matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, to the extent permissible under applicable law and to the extent related to the
Adviser or the Fund, promptly provide to the Trust's Chief Compliance Officer ("CCO") upon request the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a report 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 or summary 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 8 and 9 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 Sub-Adviser's compliance team for purposes of monitoring the effectiveness
of the implementation of the Sub-Adviser's Compliance Program, with on-site 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 with at least three business days' notice, 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.

10. **Governing Law.** This Agreement shall be governed by the laws of the State of Delaware, without regard
to conflict of law principles; provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act.

11. **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.

12. **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<br> One Freedom Valley Drive<br> Oaks, PA 19456<br> Attention: Legal Department<br>|
| To the Trust's CCO at: | SEI Investments Management Corporation<br> One Freedom Valley Drive<br> Oaks, PA 19456<br> Attention: Chief Compliance Officer<br>|
| To the Sub-Adviser at: | Blackstone Credit Systematic Strategies LLC<br> Attn: Blackstone Credit Legal<br> 345 Park Avenue, 31<sup>st</sup> Floor<br> New York, NY 10154<br> Tel: +1 212-503-2100<br> Email: blackstonecreditlegal@blackstone.com |

---

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 7 of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

15. **Miscellaneous.** 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.

Notwithstanding the notice provision of Paragraph 12 and the requirement to deliver notices via registered, certified or overnight mail, each party agrees that this Agreement and any other documents to be delivered in connection herewith may be executed in written form or using electronic or digital technology, whether it is a computer-generated signature, an electronic copy of the party's true ink signature, DocuSign, facsimile, or otherwise. Delivery of an executed counterpart of the Agreement by facsimile, email transmission via portable document format (pdf), DocuSign, or other electronic means will be equally as effective and binding as delivery of a manually executed counterpart.

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** | **Blackstone Credit Systematic Strategies LLC** | **Blackstone Credit Systematic Strategies LLC** |
| By: | /s/ James Smigiel | By: | /s/ Marisa Beeney |
| Name: | James Smigiel | Name: | Marisa Beeney |
| Title: | Chief Investment Officer | Title: | Authorized Signatory |

---

**Schedule A**

**to the**

**Sub-Advisory Agreement**

**between**

**SEI Investments Management Corporation**

**and**

**Blackstone Credit Systematic Strategies LLC**

**As of April 20, 2026**

**SEI EXCHANGE TRADED FUNDS**

SEI High Yield Bond & Alternative Credit ETF

**Schedule B**

**to the**

**Sub-Advisory Agreement**

**between**

**SEI Investments Management Corporation**

**and**

**Blackstone Credit Systematic Strategies LLC**

**As of April 20, 2026**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Exchange Traded Funds</u>**

SEI High Yield Bond & Alternative Credit ETF

The fee schedule below will be applied to the average daily value of the Assets of SEI Exchange Traded Funds High Yield Bond & Alternative Credit ETF and the average daily value of the Assets of any other high yield SEI mutual fund or account (each a "High Yield Fund", collectively the "High Yield Funds") to which the Sub-Advisor may now or in the future provide investment advisory/sub-advisory services. Each High Yield Fund will be responsible for its pro rata portion of the total fee determined to this paragraph based on the relative values of the average daily Assets of the High Yield Funds managed by the Sub-Advisor (as set forth below).

[REDACTED]

As of the effective date of this Agreement the High Yield Funds are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· SEI Exchange Traded Funds High Yield Bond & Alternative Credit ETF;

&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Investments Trust High Yield Bond Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· SEI GMF The SEI High Yield Fixed Income Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;· U.S. High Yield Bond Fund (SEI Canada).

Agreed and Accepted:

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Blackstone Credit Systematic Strategies LLC** | **Blackstone Credit Systematic Strategies LLC** |
| By: | /s/ James Smigiel | By: | /s/ Marisa Beeney |
| Name: | James Smigiel | Name: | Marisa Beeney |
| Title: | Chief Investment Officer | Title: | Authorized Signatory |

---

## Ex-99.B(D)(7)

**Exhibit 99.B(d)(7)**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**SEI EXCHANGE TRADED FUNDS**

AGREEMENT made as of this 20<sup>th</sup> day of April, 2026 between SEI Investments Management Corporation (the "Adviser") and Brigade Capital Management, LP (the "Sub-Adviser").

WHEREAS, SEI Exchange Traded Fund, a Delaware statutory 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 March 30, 2022 (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 Certificate of Trust (as defined herein) and the Prospectus 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.

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 Certificate of Trust (as defined herein) the Prospectus 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 Certificate of Trust, as filed with the Secretary of State of the State of Delaware (such Certificate of Trust, as in effect on the date of this Agreement and as amended from time to time, herein called the "Certificate 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 therefore, 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 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.

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) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a report 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 State of Delaware,
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<br> One Freedom Valley Drive<br> Oaks, PA 19456<br> Attention: Legal Department<br>|
| To the Trust's CCO at: | SEI Investments Management Corporation<br> One Freedom Valley Drive<br> Oaks, PA 19456<br> Attention: Chief Compliance Officer<br>|
| To the Sub-Adviser at: | Brigade Capital Management, LP<br> 399 Park Avenue, 16<sup>th</sup> Floor<br> New York, NY 10022<br> Attn: Aaron Daniels |

---

12. **Noncompete Provisions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&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
13 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 15, 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.** 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.

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT DOCUMENT.

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** | **Brigade Capital Management, LP** | **Brigade Capital Management, LP** |
| By: | /s/ James Smigiel | By: | /s/ Aaron Daniels |
| Name: | James Smigiel | Name: | Aaron Daniels |
| Title: | Chief Investment Officer | Title: | COO/CLO |

---

**Schedule A**

**to the**

**Sub-Advisory Agreement**

**between**

**SEI Investments Management Corporation**

**and**

**Brigade Capital Management, LP**

**As of April 20, 2026**

**SEI EXCHANGE TRADED FUNDS**

SEI High Yield Bond & Alternative Credit ETF

**Schedule B**

**to the**

**Sub-Advisory Agreement**

**between**

**SEI Investments Management Corporation**

**and**

**Brigade Capital Management, LP**

**As of April 20, 2026**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Exchange Traded Funds</u>**

SEI High Yield Bond & Alternative Credit ETF [REDACTED]

Agreed and Accepted:

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Brigade Capital Management, LP** | **Brigade Capital Management, LP** |
| By: | /s/ James Smigiel | By: | /s/ Aaron Daniels |
| Name: | James Smigiel | Name: | Aaron Daniels |
| Title: | Chief Investment Officer | Title: | COO/CLO |

---

## Ex-99.B(D)(13)

**Exhibit 99.B(d)(13)**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**SEI EXCHANGE TRADED FUNDS**

AGREEMENT made as of this 20<sup>th</sup> day of April, 2026 between SEI Investments Management Corporation (the "Adviser") and J.P. Morgan Investment Management Inc. (the "Sub-Adviser").

WHEREAS, SEI Exchange Traded Funds, a Delaware statutory 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 March 30, 2022 (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 its discretion and without prior consultation with and the Adviser but subject
to the supervision of the Adviser and Paragraph 1(b), 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 Certificate of Trust (as defined herein), and the 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 and
subject to the requirements of the following sentence. 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. The Adviser hereby acknowledges that notwithstanding such assistance by the Sub-Adviser, the Sub-Adviser is not, and will not
be, responsible for the final valuation of any Assets, or any other portfolio securities, assets or liabilities of the Fund.

&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 including other investment companies and accounts following
the same investment strategy as the Fund, 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,
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.

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 Certificate 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 Certificate of Trust, as filed with the Secretary of State of the State of Delaware (such Certificate of Trust, as in effect on the date of this Agreement and as amended from time to time, herein called the "Certificate 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");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prospectus of each Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Compliance Policies and Procedures of the Trust.

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 therefore, 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.

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 Sub-Adviser's willful misfeasance, bad faith or gross negligence in the performance of the Sub-Adviser's
obligations under this Agreement or the Sub-Adviser's reckless disregard of its duties 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 gross negligence, or 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 Adviser's willful misfeasance, bad faith, or gross negligence in the performance of the Adviser's obligations under this Agreement or Adviser's reckless disregard of its duties 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 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 and Adviser and the Trust will give the documents confidential treatment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reasonable access, at the Sub-Adviser's facilities, during normal
business hours, to review (but not to copy or to take notes from) copies of all SEC post examination deficiency letters, including
deficiency letters regarding books and records examinations and "sweep" examinations, issued during the term of this Agreement
relating to any aspect of the Sub-Adviser's investment advisory business and the Sub-Adviser's responses thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a report 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 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 such 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, as the Adviser and the Sub-Adviser mutually agree upon; 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 State of Delaware,
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<br> One Freedom Valley Drive<br> Oaks, PA 19456<br> Attention: Legal Department<br>|
| To the Trust's CCO at: | SEI Investments Management Corporation<br> One Freedom Valley Drive<br> Oaks, PA 19456<br> Attention: Chief Compliance Officer<br>|
| To the Sub-Adviser at: | J.P. Morgan Investment Management Inc.<br> 390 Madison Avenue<br> New York, NY 10017<br> Attn: Danielle Azua |

---

12. **Delegation To Third Parties.** To the extent permitted by law,
Sub-Adviser may employ an affiliate or a third party to perform any accounting, administrative, reporting and ancillary services (i.e.,
non-advisory services) required to enable Sub-Adviser to perform its functions under this Agreement. Notwithstanding any other provision
of the Agreement, Sub-Adviser may provide information about the Fund to any such affiliate or other third party for the purpose of providing
the services contemplated under this clause. Sub-Adviser will act in good faith in the selection, use and monitoring of affiliates and
other third parties, and any delegation or appointment hereunder shall not relieve Sub-Adviser of any of its obligations under this Agreement.
For the avoidance of doubt, the compensation paid by Adviser to Sub-Adviser as reflected in Paragraph 4 and Schedule B of this Agreement
shall represent full and complete compensation (notwithstanding Sub-Adviser's use of any affiliates or third parties for non-advisory
services identified herein).

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.** 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** | **J.P. Morgan Investment Management Inc.** | **J.P. Morgan Investment Management Inc.** |
| By: | /s/ James Smigiel | By: | /s/ Danielle Azua |
| Name: | James Smigiel | Name: | Danielle Azua |
| Title: | Chief Investment Officer | Title: | Vice President |

---

**Schedule A**

**to the**

**Sub-Advisory Agreement**

**between**

**SEI Investments Management Corporation**

**and**

**J.P. Morgan Investment Management Inc.**

**As of April 20, 2026**

**SEI EXCHANGE TRADED FUNDS**

SEI High Yield Bond & Alternative Credit ETF

**Schedule B**

**to the**

**Sub-Advisory Agreement**

**between**

**SEI Investments Management Corporation**

**and**

**J.P. Morgan Investment Management Inc.**

**As of April 20, 2026**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Exchange Traded Funds</u>**

SEI High Yield Bond & Alternative Credit ETF [REDACTED]

Agreed and Accepted:

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **J.P. Morgan Investment Management Inc.** | **J.P. Morgan Investment Management Inc.** |
| By: | /s/ James Smigiel | By: | /s/ Danielle Azua |
| Name: | James Smigiel | Name: | Danielle Azua |
| Title: | Chief Investment Officer | Title: | Vice President |

---

## Ex-99.B(E)(2)

**Exhibit 99.B(e)(2)**

**SCHEDULE A** 

**TO THE**

**DISTRIBUTION AGREEMENT**

**BETWEEN**

**SEI EXCHANGE TRADED FUNDS, SEI INVESTMENTS DISTRIBUTION CO.** 

**AND** 

**SEI INVESTMEMTS MANAGEMENT CORPORATION**

**AS OF MARCH 30, 2022 AS AMENDED JULY 31, 2024, AUGUST 15, 2025, MARCH 9, 2026 AND APRIL 20, 2026**

*List of Funds*

SEI Enhanced U.S. Large Cap Quality Factor ETF

SEI Enhanced U.S. Large Cap Momentum Factor ETF

SEI Enhanced U.S. Large Cap Value Factor ETF

SEI Enhanced U.S. Large Cap Low Volatility Factor ETF

SEI Select Small Cap ETF

SEI Select International Equity ETF

SEI Select Emerging Markets Equity ETF

SEI DBi Multi-Strategy Alternative ETF

SEI QiM U.S. Equity Factor Allocation Active ETF

SEI High Yield Bond & Alternative Credit ETF

**IN WITNESS WHEREOF**, the Company and Distributor have each duly executed this Agreement, as of the day and year above written.

---

| | | | |
|:---|:---|:---|:---|
| SEI EXCHANGE TRADED FUNDS | SEI EXCHANGE TRADED FUNDS | SEI INVESTMENTS DISTRIBUTION CO. | SEI INVESTMENTS DISTRIBUTION CO. |
| By: | /s/ Stephen MacRae | By: | /s/ Jason McGhin |
| Name: | Stephen MacRae | Name: | Jason McGhin |
| Title: | Vice President | Title: | Chief Operating Officer |
| SEI INVESTMENTS MANAGEMENT CORPORATION, <br> solely with respect to Section 7 herein | SEI INVESTMENTS MANAGEMENT CORPORATION, <br> solely with respect to Section 7 herein |  |  |
| By: / | s/ James Smigiel |  |  |
| Name: | James Smigiel |  |  |
| Title: | Chief Investment Officer |  |  |

---

## Ex-99.B(G)(3)

**Exhibit 99.B(g)(3)**

**AMENDED AND RESTATED MULTI-TRUST**

**CUSTODY AGREEMENT**

THIS AMENDED AND RESTATED AGREEMENT MULTI-TRUST CUSTODY AGREEMENT (the "Agreement") is made and entered into as of this 14th day of June, 2013, by and between each of **SEI INSTITUTIONAL MANAGED TRUST**, a Massachusetts business trust ("SIMT"), **SEI INSTITUTIONAL INVESTMENTS TRUST**, a Massachusetts business trust ("SIIT"), **SEI DAILY INCOME TRUST**, a Massachusetts business trust ("SDIT"), **SEI ASSET ALLOCATION TRUST**, a Massachusetts business trust ("SAAT"), **SEI LIQUID ASSET TRUST**, a Massachusetts business trust ("SLAT"), **SEI TAX EXEMPT TRUST**, a Massachusetts business trust ("STET"), and **NEW COVENANT FUNDS**, a Delaware statutory trust ("NCF") (each a "Trust" and, collectively, the "Trusts"), severally and not jointly, each Trust acting for and on behalf of each series as are currently authorized and issued by the applicable Trust or may be authorized and issued by the applicable Trust subsequent to the date of this Agreement severally and not jointly, and listed on <u>Exhibit A</u> attached hereto and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America (the "Custodian").

WHEREAS, each Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is authorized to issue shares of beneficial interest in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

WHEREAS, each SIMT Fund currently receives custodian services from the Custodian, pursuant to an original custody agreement dated as of September 17, 2004, as amended and assigned on August 16, 2006, as amended on June 23, 2009, February 19, 2010, March 29, 2010 and April 10, 2012 between SIMT and the Custodian (the "Current SIMT Agreement");

WHEREAS, each SIIT Fund currently receives custodian services from the Custodian, pursuant to an original custody agreement dated as of September 17, 2004, as amended and assigned on August 16, 2006, as amended on May 2, 2012 between SIIT and the Custodian (the "Current SIIT Agreement");

WHEREAS, each SDIT Fund currently receives custodian services from the Custodian, pursuant to an original custody agreement dated as of September 17, 2004, as amended and assigned on August 16, 2006 between SDIT and the Custodian (the "Current SDIT Agreement");

WHEREAS, each SAAT Fund currently receives custodian services from the Custodian, pursuant to an original custody agreement dated as of September 17, 2004, as amended and assigned on August 16, 2006 between SAAT and the Custodian (the "Current SAAT Agreement");

WHEREAS, each SLAT Fund currently receives custodian services from the Custodian, pursuant to an original custody agreement dated as of September 17, 2004, as amended and assigned on August 16, 2006 between SLAT and the Custodian (the "Current SLAT Agreement");

WHEREAS, each STET Fund currently receives custodian services from the Custodian, pursuant to an original custody agreement dated as of September 17, 2004, as amended and assigned on August 16, 2006 between STET and the Custodian (the "Current STET Agreement");

WHEREAS, each NCF Fund currently receives custodian services from the Custodian, pursuant to a custody agreement dated as of February 22, 2012 between NCF and the Custodian (the "Current NCF Agreement");

WHEREAS, each of SIMT and the Custodian wishes to amended and restate the Current SIMT Agreement; each of SIIT and the Custodian wishes to amended and restate the Current SIIT Agreement; each of SDIT and the Custodian wishes to amended and restate the Current SDIT Agreement; each of SAAT and the Custodian wishes to amended and restate the Current SAAT Agreement; each of SLAT and the Custodian wishes to amended and restate the Current SLAT Agreement; each of STET and the Custodian wishes to amended and restate the Current STET Agreement; each of NCF and the Custodian wishes to amended and restate the Current NCF Agreement;

WHEREAS, each Trust and the Custodian desire to amend and restate the various current custody agreements enumerated above by and between each Trust and the Custodian into a single, multi-Trust custody agreement in order to achieve certain operational efficiencies;

WHEREAS, each Trust desires to retain the Custodian to act as custodian of the cash and securities of each Fund; and

WHEREAS, the Board of Trustees of each Trust, pursuant to Rule 17f-5(b) under the 1940 Act, has delegated to the Custodian the responsibilities set forth in Rule 17f-5(c) under the 1940 Act and the Custodian is willing to undertake those delegated responsibilities and serve as the Foreign Custody Manager for each Trust.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**ARTICLE I**

**CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 <u>"Adviser"</u> means SEI Investments Management Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 <u>"Authorized Person"</u> means any Officer or person who has been designated as such by written notice delivered to the Custodian by the applicable Trust(s) or if a Trust has notified the Custodian in writing that it has another agent, delivered to the Custodian by such other agent solely with respect to such Trust. Such Officer or person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the applicable Trust(s), or such other agent that any such person is no longer an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 <u>"Board of Trustees"</u> shall mean the trustees from time to time serving under each Trust's trust instrument or declaration of trust, as applicable, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 <u>"Book-Entry System"</u> shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 <u>"Business Day"</u> shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc. and any other day for which the applicable Trust computes the net asset value of Shares of its Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 <u>"Eligible Foreign Custodian"</u> has the meaning set forth in Rule 17f-5(a)(1), including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5(a)(7)), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 <u>"Eligible Securities Depository"</u> has the meaning set forth in Rule 17f-7(b)(1) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 <u>"Foreign Securities"</u> means any investments of a Fund (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect such Fund's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 <u>"Fund Custody Account"</u> shall mean any of the accounts in the name of a Trust, which is provided for in Section 3.2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 <u>"Foreign Custody Manager"</u> has the meaning set forth in Rule 17f-5(a)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 <u>"IRS"</u> shall mean the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 <u>"FINRA"</u> shall mean the Financial Industry Regulatory Authority, Inc. or any applicable successor organization thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 <u>"Officer"</u> shall mean the Chairman, President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, or any Assistant Treasurer of the applicable Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 <u>"SEC"</u> shall mean the U.S. Securities and Exchange Commission and its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 <u>"Securities"</u> shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 <u>"Securities Depository"</u> shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities and which qualifies as a "clearing corporation" under Section 8-102(a)(5) of the Uniform Commercial Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 <u>"Shares"</u> shall mean, with respect to a Fund, the units of beneficial interest issued by the applicable Trust on account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 <u>"Sub-Custodian"</u> shall mean and include (i) any branch of a "U.S. bank," as that term is defined in Rule 17f-5(a)(7) under the 1940 Act, and (ii) any "Eligible Foreign Custodian" having a contract with the Custodian which the Custodian has determined is qualified and will provide care of assets of each Fund equal to that which the Custodian would itself provide, as further described in Section 3 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that each Fund will be adequately

protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to each Fund or as being held by a third party for the benefit of the applicable Fund; (v) that the applicable Trust's independent public accountants will be given access to those records or, upon the consent of such Trust's independent public accountants, confirmation of the contents of those records in lieu of such access; and (vi) that each Fund will receive periodic reports with respect to the safekeeping of the Fund's assets, including, but not limited to, notification of any transfer to or from the Fund's account or a third party account containing assets held for the benefit of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 <u>"Written Instructions"</u> shall mean (i) written communications actually received by the Custodian and signed by an Authorized Person, (ii) communications by facsimile or Internet electronic e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person.

**ARTICLE II.**

**APPOINTMENT OF CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 <u>Appointment</u>. The terms of this Agreement shall apply separately and respectively to each Trust and also separately and respectively to each Fund of each Trust on the books of the Custodian. Each Trust hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Funds of such Trust at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement and any attachments, exhibits or schedules hereto, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement and any attachments, exhibits or schedules hereto. Each Trust hereby delegates to the Custodian, pursuant to Rule 17f-5(b), the responsibilities with respect to each Fund's Foreign Securities, and the Custodian hereby accepts such delegation as Foreign Custody Manager with respect to the Funds. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 <u>Documents to be Furnished</u>. The following documents, including any amendments thereto, have been previously provided to the Custodian or will be provided contemporaneously with the execution of the Agreement to the Custodian by each Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Trust's trust instrument, declaration of trust or other such organizational documents, as applicable, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the Trust's bylaws, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of the resolution of the Board of Trustees of the Trust appointing the Custodian, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A copy of each current prospectus of the Funds (each, a "Prospectus") and statement of additional information of the Funds (each, an "SAI");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A certification of the Chairman or the President and the Secretary of the Trust setting forth the names and signatures of the current Officers of the Trust and other Authorized Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) An executed authorization required by the Shareholder Communications Act of 1985, attached hereto as <u>Exhibit C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 <u>Notice of Appointment of Transfer Agent</u>. Each Trust agrees to notify the Custodian in writing of the appointment, termination or change in appointment of any transfer agent of any Funds of such Trust.

**ARTICLE III.**

**CUSTODY OF CASH AND SECURITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 <u>Segregation</u>. All Securities and non-cash property held by the Custodian for the account of a Fund (other than Securities maintained in a Securities Depository, Eligible Securities Depository or Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash property of the other Funds) and shall be identified as subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 <u>Fund Custody Accounts</u>. As to each Fund, the Custodian shall open and maintain in its trust department a custody account in the name of the applicable Trust coupled with the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of such Fund which are delivered to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 <u>Appointment of Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) In its discretion, the Custodian may appoint one or more qualified
Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities Depositories or (ii) Eligible Foreign Custodians
who are members of the Sub-Custodian's network to hold Securities and cash of a Fund and to carry out such other provisions of
this Agreement as it may reasonably determine; provided, however, that the appointment of any such agents and maintenance of any Securities
and cash of the Fund shall be at the Custodian's expense and shall not relieve the Custodian of any of its obligations or liabilities
under this Agreement. The Custodian shall be liable for the actions, and any consequences of or damages or expenses incurred as
a result of those actions, of any Sub-Custodians (regardless of whether assets are maintained in the custody of a Sub-Custodian, a member
of its network or an Eligible Securities Depository) appointed by it as if such actions had been done by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after the initial appointment of Sub-Custodians in connection
with this Agreement, the Custodian wishes to appoint other qualified Sub-Custodians to hold property of a Fund, it will provide advance
notice to the applicable Trust and make the necessary determinations as to any such new Sub-Custodian's eligibility under Rule 17f-5
under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In performing its delegated responsibilities as Foreign Custody
Manager to place or maintain each Fund's assets with a Sub-Custodian, the Custodian will prudently determine that the Fund's
assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Fund's assets
will be held by that Sub-Custodian, after considering all factors relevant to safekeeping of such assets, including, without limitation
the factors specified in Rule 17f-5(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;(d) The written agreement between the Custodian and each Sub-Custodian
acting hereunder shall contain the required provisions set forth in Rule 17f-5(c)(2) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(e) At the end of each calendar quarter, the Custodian shall promptly provide written reports notifying the
 Board of Trustees of each Trust of the withdrawal or placement of the Securities and cash of each Fund with a Sub-Custodian and of
 any material changes in the Funds' arrangements. Such reports shall include an analysis of the custody risks associated
 with maintaining assets with any Eligible Securities Depositories. The Custodian shall promptly take such steps as may be
 required to withdraw assets of a Fund from any Sub-Custodian that has ceased to meet the requirements of Rule 17f-5 or
 Rule 17f-7 under the 1940 Act, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to its responsibilities under this Section 3.03,
the Custodian hereby warrants to each Trust that it, at a minimum, agrees to exercise the same reasonable care, prudence and diligence
as that of a person having responsibility for the safekeeping of property of the Funds would exercise. In particular, regardless of whether
assets are maintained in the custody of an Eligible Foreign Custodian or an Eligible Securities
Depository, the Custodian shall be liable to each Trust for the acts or omissions of an Eligible Foreign Custodian or Eligible Securities
Depository where that Eligible Foreign Custodian or Eligible Securities Depository has not acted with reasonable care. The Custodian further
warrants that each Fund's assets will be subject to the same standard of reasonable care, prudence and diligence if maintained with
a Sub-Custodian. In selecting a Sub-Custodian with which to custody assets of a Fund, the Custodian will consider all factors relevant
to the safekeeping of such assets, including, without limitation: (i) the Sub-Custodian's practices, procedures, and
internal controls for certificated securities (if applicable), its method of keeping custodial records, and its security and data protection
practices; (ii) whether the Sub-Custodian has the requisite financial strength to provide reasonable care for Fund assets;
(iii) the Sub-Custodian's general reputation and standing and, in the case of a Securities Depository, the Securities Depository's
operating history and number of participants; and (iv) whether the Funds will have jurisdiction over and be able to enforce judgments
against the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian in the United States or the Sub-Custodian's
consent to service of process in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Custodian shall establish a system, or ensure that its Sub-Custodian
has established a system, to monitor on a continuing basis (i) the appropriateness of maintaining each Fund's assets with
the applicable Sub-Custodian or Eligible Foreign Custodians who are members of a Sub-Custodian's network; (ii) the performance
of the contract governing each Fund's arrangements with such Sub-Custodian or Eligible Foreign Custodian's members of a Sub-Custodian's
network; and (iii) the custody risks of maintaining assets with an Eligible Securities Depository. The Custodian must promptly
notify the applicable Fund(s) or the Adviser of any material change in these risks.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Custodian shall use prudent efforts to collect all income
and other payments with respect to Foreign Securities to which each Fund shall be entitled and shall credit such income, as collected,
to the applicable Fund. In the event that extraordinary measures are required to collect such income, the applicable Trust and
the Custodian shall consult as to the measures and as to the compensation and expenses of the Custodian relating to such measures, taking
into account the particular facts and circumstances, including the actions taken, or any failure to act, by the Custodian
prior to and during such situation that requires extraordinary measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 <u>Delivery of Assets to Custodian</u>. The applicable Trust shall deliver, or cause to be delivered, to the Custodian all of its Funds' Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by the Funds with respect to such Securities, cash or other assets owned by the Funds at any time during the period of this Agreement, and (ii) all cash received by the Funds for the issuance of Shares. The Custodian shall be responsible for such Securities, cash or other assets upon delivery to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 <u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities of the Funds in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian, on an on-going basis, shall deposit in a Securities
Depository or Book-Entry System all Securities eligible for deposit therein and shall make use of such Securities Depository or Book-Entry
System to the extent possible and practical in connection with its performance hereunder, including, without limitation, in connection
with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral consisting of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities of a Fund kept in a Book-Entry System or Securities
Depository shall be kept in an account ("Depository Account") of the Custodian in such Book-Entry System or Securities Depository
which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The records of the Custodian with respect to Securities of a
Fund maintained in a Book-Entry System or Securities Depository shall, by book-entry, identify such Securities as belonging to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(d) If Securities purchased by a Fund are to be held in a Book-Entry
System or Securities Depository, the Custodian shall pay for such Securities upon (i) receipt of advice from the Book-Entry System
or Securities Depository that such Securities have been transferred to the Depository Account, and (ii) the making of an entry on
the records of the Custodian to reflect such payment and transfer for the account of the Fund. If Securities sold by a Fund are
held in a Book-Entry System or Securities Depository, the Custodian shall transfer such Securities upon (i) receipt of advice from
the Book-Entry System or Securities Depository that payment for such Securities has been transferred to the Depository Account, and (ii) the
making of an entry on the records of the Custodian to reflect such transfer and payment for the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall provide each Trust with copies of any report
(obtained by the Custodian from a Book-Entry System or Securities Depository in which Securities of the applicable Trust's Funds
are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in such Book-Entry System or Securities
Depository.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this Agreement,
the Custodian shall be liable to the applicable Trust for any loss or damage to any Fund of such Trust resulting from (i) the use
of a Book-Entry System or Securities Depository by reason of any negligence or willful misconduct on the part of the Custodian or any
Sub-Custodian in selecting and/or overseeing such Book-Entry System or Securities Depository, or (ii) failure of the Custodian or
any Sub-Custodian to enforce such its rights against a Book-Entry System or Securities Depository. At its election, a Trust shall
be subrogated to the rights of the Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other
person from any loss or damage to any Fund of such Trust arising from the use of such Book-Entry System or Securities Depository, if
and to the extent that such Fund has not been made whole for any such loss or damage.

&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to its responsibilities under this Section 3.05
and pursuant to Rule 17f-4 under the 1940 Act, the Custodian hereby warrants to each Trust that it agrees to (i) at a minimum,
exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and
thereafter maintain such assets, (ii) provide, promptly upon request by the applicable Trust, such reports as are available concerning
the Custodian's internal accounting controls and financial strength, and (iii) require any Sub-Custodian to, at a minimum,
exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and
thereafter maintain assets corresponding to the security entitlements of its entitlement holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 <u>Disbursement of Moneys from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall disburse moneys from a Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purchase of Securities for a Fund but only in accordance
with Section 4.01 of this Agreement and only (i) in the case of Securities (other than options on Securities, futures contracts
and options on futures contracts), against the delivery to the Custodian (or the applicable Sub-Custodian) of such Securities registered
as provided in Section 3.09 below or in proper form for transfer, or if the purchase of such Securities is effected through a Book-Entry
System or Securities Depository, in accordance with the conditions set forth in Section 3.05 above; (ii) in the case of options
on Securities, against delivery to the Custodian (or the applicable Sub-Custodian) of such receipts as are required by the customs prevailing
among dealers in such options; (iii) in the case of futures contracts and options on futures contracts, against delivery to the
Custodian (or the applicable Sub-Custodian) of evidence of title thereto in favor of the Fund or any nominee referred to in Section 3.09
below; and (iv) in the case of repurchase or reverse repurchase agreements entered into between a Trust and a bank which is a member
of the Federal Reserve System or between a Trust and a primary dealer in U.S. Government securities, against delivery of the purchased
Securities either in certificate form or through an entry crediting the Custodian's account at a Book-Entry System or Securities
Depository with such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the conversion, exchange or surrender, as
set forth in Section 3.07(f) below, of Securities owned by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the payment of any dividends or capital gain distributions
declared by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(d) In payment of the redemption price of Shares as provided in
Section 5.01 below;

&nbsp;&nbsp;&nbsp;&nbsp;(e) For the payment of any expense or liability incurred by the
Fund, including, but not limited to, the following payments for the account of the Fund: interest; taxes; administration, investment
advisory, accounting, auditing, transfer agent, custodian, trustee and legal fees; and other operating expenses of the Fund; in all cases,
whether or not such expenses are to be in whole or in part capitalized or treated as deferred expenses;

&nbsp;&nbsp;&nbsp;&nbsp;(f) For transfer in accordance with the provisions of any agreement
among the applicable Trust, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance
with rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization
or organizations) regarding escrow or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(g) For transfer in accordance with the provisions of any agreement
among the applicable Trust, the Custodian and a futures commission merchant registered under the Commodity Exchange Act, relating to
compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or
organizations) regarding account deposits in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(h) For the funding of any uncertificated time deposit or other
interest-bearing account with any banking institution (including the Custodian), which deposit or account has a term of one year or less;
and

&nbsp;&nbsp;&nbsp;&nbsp;(i) For any other proper purpose, but only upon receipt of Written
Instructions, specifying the amount and purpose of such payment, declaring such purpose to be a proper corporate purpose, and naming
the person or persons to whom such payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 <u>Delivery of Securities from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall release and deliver, or cause the applicable Sub-Custodian to release and deliver, Securities from a Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the sale of Securities for the account of the Fund but
only against receipt of payment therefor in cash, by certified or cashiers check or bank credit;

&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a sale effected through a Book-Entry System or
Securities Depository, in accordance with the provisions of Section 3.05 above;

&nbsp;&nbsp;&nbsp;&nbsp;(c) To an offeror's depository agent in connection with tender
or other similar offers for Securities of the Fund; provided that, in any such case, the cash or other consideration is to be delivered
to the Custodian on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(d) To the issuer thereof or its agent (i) for transfer into
the name of the Fund, the Custodian or the applicable Sub-Custodian, or any nominee or nominees of any of the foregoing, or (ii) for
exchange for a different number of certificates or other evidence representing the same aggregate face amount or number of units; provided that,
in any such case, the new Securities are delivered to the Custodian on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(e) To the broker selling the Securities, for examination in accordance
with the "street delivery" custom;

&nbsp;&nbsp;&nbsp;&nbsp;(f) For exchange or conversion pursuant to any plan of merger, consolidation,
recapitalization, reorganization or readjustment of the issuer of such Securities, or pursuant to provisions for conversion contained
in such Securities, or pursuant to any deposit agreement, including surrender or receipt of underlying Securities in connection with
the issuance or cancellation of depository receipts; provided that, in any such case, the new Securities and cash, if any, are delivered
to the Custodian on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon receipt of payment therefor pursuant to any repurchase
or reverse repurchase agreement entered into by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(h) In the case of warrants, rights or similar Securities, upon
the exercise thereof, provided that, in any such case, the new Securities and cash, if any, are delivered to the Custodian on behalf
of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(i) For delivery in connection with any loans of Securities of the
Fund, but only against receipt of such collateral as the applicable Trust shall have specified to the Custodian in Written Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;(j) For delivery as security in connection with any borrowings by
the Fund requiring a pledge of assets by the applicable Trust, but only against receipt by the Custodian on behalf of the Fund of the
amounts borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;(k) Pursuant to any authorized plan of liquidation, reorganization,
merger, consolidation or recapitalization of the applicable Trust;

&nbsp;&nbsp;&nbsp;&nbsp;(l) For delivery in accordance with the provisions of any agreement
among the applicable Trust, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance
with the rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization
or organizations) regarding escrow or other arrangements in
connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(m) For delivery in accordance with the provisions of any agreement
among the applicable Trust, the Custodian and a futures commission merchant registered under the Commodity Exchange Act, relating to
compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or
organizations) regarding account deposits in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(n) For any other proper corporate purpose, but only upon receipt
of Written Instructions, specifying the Securities to be delivered, setting forth the purpose for which such delivery is to be made,
declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such Securities shall be
made; or

&nbsp;&nbsp;&nbsp;&nbsp;(o) To brokers, clearing banks or other clearing agents for examination
or trade execution in accordance with market custom; provided that in any such case the Custodian shall have no responsibility or liability
for any loss arising from the delivery of such Securities prior to receiving payment for such Securities except as may arise from the
Custodian's own negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 <u>Actions Not Requiring Written Instructions</u>. Unless otherwise instructed by the applicable Trust, the Custodian shall with respect to all Securities held for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 9.04 below, collect on a timely basis
all income and other payments to which the Fund is entitled either by law or pursuant to custom in the applicable market;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Present for payment and, subject to Section 9.04 below,
collect on a timely basis the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become
payable;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Endorse for collection, in the name of the Fund, checks, drafts
and other negotiable instruments;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Surrender interim receipts or Securities in temporary form in
exchange for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Execute, as custodian, any necessary declarations or certificates
of ownership under the federal income tax laws or the laws or regulations of any other taxing authority now or hereafter in effect, and
prepare and submit reports to the IRS and the applicable Trust at such time, in such manner and containing such information as is prescribed
by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Hold for the Fund, either directly or, with respect to Securities
held therein, through a Book-Entry System or Securities Depository, all rights and similar Securities issued with respect to Securities
of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;(g) In general, and except as otherwise directed in Written Instructions,
attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with
Securities and other assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 <u>Registration and Transfer of Securities</u>. All Securities held for a Fund that are issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities held for a Fund may be registered in the name of the Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to foreign securities of a Fund that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund. The applicable Trust shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of any Fund of such Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall maintain complete and accurate records with
respect to Securities, cash or other property held for each Fund, including (i) journals or other records of original entry containing
an itemized daily record in detail of all receipts and deliveries of Securities and all receipts and disbursements of cash; (ii) ledgers
(or other records) reflecting (A) Securities in transfer, (B) Securities in physical possession, (C) monies and Securities
borrowed and monies and Securities loaned (together with a record of the collateral therefor and substitutions of such collateral), (D) dividends
and interest received, and (E) dividends receivable and interest receivable; (iii) canceled checks and bank records related
thereto; and (iv) all records relating to its activities and obligations under this Agreement. The Custodian shall keep such
other books and records of each Fund as the applicable Trust shall reasonably request, or as may be required by the 1940 Act, including,
but not limited to, Section 31 of the 1940 Act and Rule 31a-2 promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All such books and records maintained by the Custodian shall
(i) be maintained in a form acceptable to the applicable Trust and in compliance with the rules and regulations of the SEC,
(ii) be the property of the applicable Trust and at all times during the regular business hours of the Custodian be made available
upon request for inspection by duly authorized officers, employees or agents of such Trust and employees or agents of the SEC, and (iii) if
required to be maintained by Rule 31a-1 under the 1940 Act, be preserved for the periods prescribed in Rules 31a-1 and 31a-2
under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Fund Reports by Custodian</u>. The Custodian shall furnish each Trust with a daily activity statement and a summary of all transfers to or from each Fund Custody Account for the Funds of such Trust on the day following such transfers. At least monthly, the Custodian shall furnish each Trust with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for each Fund of such Trust under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Other Reports by Custodian</u>. As a Trust may reasonably request from time to time, the Custodian shall provide such Trust with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Proxies and Other Materials</u>. The Custodian shall cause all proxies relating to Securities which are not registered in the name of any Fund to be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the applicable Trust such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect to foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are issued. Notwithstanding the Custodian's undertaking to exercise such reasonable commercial efforts, each Trust acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Custodian to exercise shareholder rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Information on Corporate Actions</u>. The Custodian shall promptly deliver to the applicable Trust all information received by the Custodian and pertaining to Securities being held by the Funds of such Trust with respect to optional tender or exchange offers, calls for redemption or purchase, or expiration of rights. If the applicable Trust desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Trust shall provide the Custodian at least one Business Day notice prior to the date on which the Custodian is to take such action. The applicable Trust will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least one Business Day prior to the beginning date of the tender period.

**ARTICLE IV.**

**PURCHASE AND SALE OF INVESTMENTS OF THE FUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 <u>Purchase of Securities</u>. Promptly upon each purchase of Securities for a Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian shall, upon receipt of such Securities purchased by a Fund, pay out of the moneys held for the account of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for a Fund if there is insufficient cash available in the Fund Custody Account. Notwithstanding the foregoing, the Custodian shall undertake commercially reasonable efforts to notify the applicable Fund of any such shortfall in the available cash of the Fund Custody Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 <u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In any and every case where payment for the purchase of Securities for a Fund is made by the Custodian in advance of receipt of the Securities purchased, the Custodian shall be liable to the Fund for the full amount of such payment, including any transaction costs in relation thereto, unless the Fund had specifically provided Written Instructions to the Custodian to so pay in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 <u>Sale of Securities</u>. Promptly upon each sale of Securities by a Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold, (iii) the date of sale and settlement, (iv) the sale price per unit, (v) the total amount payable upon such sale, and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to a Fund as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Unless otherwise instructed by the applicable Fund in the Written Instructions, the Custodian may accept payment in such form as shall be reasonably satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 <u>Delivery of Securities Sold</u>. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities prior to actual receipt of final payment therefor. In any such case, the Custodian shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered, and no Fund shall have any liability for any for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 <u>Payment for Securities Sold</u>. In its reasonable discretion and from time to time, the Custodian may credit a Fund Custody Account, prior to actual receipt of final payment thereof, with (i) proceeds from the sale of Securities which it has been instructed to deliver against payment, (ii) proceeds from the redemption of Securities or other assets of the Fund, and (iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditioned upon actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in its reasonable discretion and from time to time, permit a Fund to use funds so credited to its Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable promptly upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to such Fund Custody Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06 <u>Advances by Custodian for Settlement</u>. The Custodian may, in its reasonable discretion and from time to time, advance funds to the applicable Trust to facilitate the settlement of a Fund's transactions in its Fund Custody Account. Any such advance shall be repayable promptly upon demand made by Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 <u>Use of Trading Services for Third-Party Mutual Funds.</u> Upon a Fund's Written Instructions, the Custodian may execute transactions on behalf of such Fund with respect to the purchase, redemption or exchange of shares of other mutual funds ("Mutual Funds"). The Custodian may transact with such Mutual Funds directly or through a recognized agent, broker, or service company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08 <u>Equipment.</u> The Custodian shall notify each Trust of any errors, omissions or interruptions in, or delay or unavailability of the Custodian's ability to safeguard and hold Securities and cash in accordance with this Agreement as promptly as practicable, and proceed to correct the same as soon as is reasonably possible at no additional expense to the applicable Trusts. In the event of equipment failures beyond the Custodian's control, the Custodian shall, at no additional expense to the applicable Trusts, take reasonable steps to minimize service interruptions. The Custodian shall make reasonable provision for back-up emergency use of electronic data processing equipment.

**ARTICLE V.**

**REDEMPTION OF FUND SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 <u>Transfer of Funds</u>. From such funds as may be available for the purpose of redeeming Shares in the relevant Fund Custody Account, and upon receipt of Written Instructions specifying that the funds are required to redeem Shares of the applicable Fund, the Custodian shall wire each amount specified in such Written Instructions to or through such bank or broker-dealer as the Trust may designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 <u>No Duty Regarding Paying Banks</u>. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or broker-dealer, unless otherwise agreed to by the Custodian.

**ARTICLE VI.**

**SEGREGATED ACCOUNTS**

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of each Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with the provisions of any agreement between and
among a Trust, the Custodian and a broker-dealer that is both registered under the 1934 Act and a member of, and in good standing with,
FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of
the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any
registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with
transactions by a Fund of such Trust;

&nbsp;&nbsp;&nbsp;&nbsp;(b) for purposes of segregating cash or Securities in connection
with securities options purchased or written by the Fund or in connection with financial futures contracts (or options thereon) purchased
or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(c) which constitute collateral for loans of Securities made by
the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(d) for purposes of compliance by the Fund with requirements under
the 1940 Act for the maintenance of segregated accounts by registered investment companies in connection with reverse repurchase agreements
and when-issued, delayed delivery and firm commitment transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) for other proper corporate purposes, but only upon receipt of
Written Instructions, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper
corporate purposes.

Each segregated account established under this Article VI shall be established and maintained for the applicable Fund only. All Written Instructions relating to a segregated account shall specify the Fund to which they apply.

**ARTICLE VII.**

**COMPENSATION OF CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 <u>Compensation</u>. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time in accordance with Section 15.02). [SENTENCES REDACTED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 <u>Overdrafts</u>. Each Fund is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. A Fund may obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on Exhibit B hereto (as amended from time to time).

**ARTICLE VIII.**

**REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 <u>Representations and Warranties of the Trusts</u>. Each Trust hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction
of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations
hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered
by the Trust in accordance with all requisite action and constitutes a valid and legally binding obligation of the Trust, enforceable
in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) It is conducting its business in compliance in all material
respects with all applicable U.S. laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to
carry on its business under this Agreement; to the best of its knowledge, there is no U.S. statute, rule, regulation, order or judgment
binding on it and no provision of its trust instrument, declaration of trust or other organizational document (as applicable), bylaws
or any contract binding it or affecting its property which would prohibit its execution of, or performance under, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to each Trust, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction
of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations
hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;(b) It is a U.S. Bank as defined in section (a)(7) of Rule 17f-5
and is a bank meeting the requirements prescribed in Section 26(a)(1) of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement has been duly authorized, executed and delivered
by the Custodian in accordance with all requisite action and constitutes a valid and legally binding obligation of the Custodian, enforceable
in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;(d) It is conducting its business in compliance in all material
respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry
on its business under this Agreement; it possesses in full force and effect all licenses, permits and other government authorizations
necessary to enter into and perform its obligations under this Agreement; there is no statute, rule, regulation, order or judgment binding
on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution
or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(e) It has adopted and maintains reasonable facilities and procedures
to provide for continued services in the event of an emergency or disaster.

**ARTICLE IX.**

**CONCERNING THE CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 <u>Standard of Care</u>. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by a Trust in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian's (or a Sub-Custodian's) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian's) bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall be entitled to reasonably rely on and may act upon advice of qualified counsel on all matters under this Agreement. The Custodian shall promptly notify the applicable Trust of any action taken or omitted by the Custodian in connection with this Agreement pursuant to advice of counsel. Such reasonable reliance on the advice of counsel by the Custodian, however, shall not permit the Custodian to avoid liability to a Trust that it would otherwise incur under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to a Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care and the Custodian has no knowledge to the contrary, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for a Fund if such Securities are in default or payment is not made after due demand or presentation. Custodian shall promptly notify the applicable Trust of any situation in which Securities are in default or payment is not made after due demand or presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it from a Trust or any Authorized Person and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement and reasonably believed by it to be genuine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by a Trust to keep the books of account of the Funds of such Trust and/or compute the value of the assets of the Funds of such Trust. The Custodian shall take all such reasonable actions as a Trust may from time to time request to enable the Trust to obtain, from year to year, favorable opinions from the Trust's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the any amendments to the Trust's registration statement on Form N-1A and annual and semi-annual reports on Forms N-CSR and N-SAR, respectively, and any other reports or filings required by the SEC, and (ii) the fulfillment by the Trust of any other requirements of the SEC.

**ARTICLE X.**

**INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 <u>Indemnification by Each Trust</u>. Each Trust shall indemnify and hold harmless the Custodian, any Sub-Custodian and any nominee thereof (each, an "Indemnified Party" and collectively, the "Indemnified Parties") from and against any and all claims, demands, losses, expenses and liabilities (including reasonable attorneys' fees and the reasonable costs of investigation) that an Indemnified Party may sustain or incur or that may be asserted against an Indemnified Party in connection with the services provided to such Trust or the Funds of such Trust and arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by the Custodian or such Sub-Custodian in reasonable reliance upon Written Instructions, or (iii) from the performance of its obligations under this Agreement, provided that neither the Custodian nor any such Sub-Custodian or any nominee thereof shall be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of each Trust, its successors and assigns, notwithstanding the termination of this Agreement. This indemnity shall apply severally and not jointly to each Trust, its successors and assigns and no Trust shall be required to indemnity the Custody for such loss incurred by the Custodian in connection with the provision of services under this Agreement to another Trust. As used in this paragraph, the terms "Custodian" and "Sub-Custodian" shall include their respective directors, officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless each Trust and each Fund therein from and against any and all claims, demands, losses, expenses, and liabilities (including reasonable attorneys' fees and the reasonable costs of investigation) that a Fund may sustain or incur or that may be asserted against a Fund arising directly or indirectly out of any action taken or omitted to be taken by the Custodian, any Sub-Custodian and any nominee thereof as a result of the such party's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Trust" shall include the Trust's trustees, officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 <u>Security</u>. If the Custodian advances cash or Securities to a Fund for any purpose, either at the applicable Trust's request or as otherwise contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, on behalf of the Fund and in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from its or its nominee's bad faith, negligence or willful misconduct), then, in any such event, a portion of the property at any time held for the account of the Fund equal to the amount of cash or Securities so advanced to the Fund or the amount of any claim, demand, loss, expense or liability incurred by the Custodian or the nominee on behalf of the Fund and in connection with its performance under this Agreement, as the case may be, shall be security therefor, and should the Fund, upon written notice from the Custodian or its nominee (including notice to the Fund that the Custodian has so designated such portion of property held for the account of the Fund), as the case may be, fail promptly to repay or indemnify the Custodian, the Custodian shall be entitled to utilize such portion of the property held for the account of the Fund to the extent necessary to obtain reimbursement or indemnification, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither party to this Agreement shall be liable to the other
party for consequential, special or punitive damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnity provisions of this Article X shall indefinitely
survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In order that the indemnification provisions contained in this
Article X shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless,
the indemnitee shall, subject to any confidentiality requirements of applicable law, fully and promptly advise the indemnitor of all
pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to
notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification.
The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification. 
In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense
of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek indemnification
under this Article X. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor
will be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

**ARTICLE XI.**

**FORCE MAJEURE**

Neither the Custodian nor any Trust shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian (i) shall not discriminate against any Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement and agreements with such other customers, and (ii) shall use its best efforts to promptly ameliorate the effects of any such failure or delay.

**ARTICLE XII.**

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 The Custodian agrees, on behalf of itself and its directors, officers, and employees, to treat confidentially and as proprietary information of each Fund, all records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when required to disclose such information by duly constituted regulatory authorities, or (iii) when so requested by the Fund. Where the Custodian discloses information of a Fund pursuant to (ii) above, the Custodian will strictly limit the information disclosed to that which was required to be so disclosed and will promptly notify the Fund of such disclosure, if such notice is permitted by applicable law and regulation. Records and other information which have become known to the public through no wrongful act of the Custodian, any Sub-Custodian or any of their employees, agents or representatives shall not be subject to this Section 12.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.02 The Custodian will adhere to the privacy policies adopted by each Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Funds and their shareholders.

**ARTICLE XIII.**

**EFFECTIVE PERIOD; TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 <u>Effective Period</u>. This Agreement shall become effective as of the date first written above and will continue in effect for a period of two years and thereafter, for succeeding one year renewable terms, unless this Agreement is terminated as provided in Section 13.02 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.02 <u>Termination</u>. This Agreement may be terminated as between any Trust and the Custodian by either such Trust or the Custodian upon giving ninety (90) calendar days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated as between any Trust and the Custodian by such Trust or the Custodian upon the breach of the other party of any material term of this Agreement if such breach is not cured within five (5) business days of notice of such breach to the breaching party. Termination of this Agreement as between one Trust and the Custodian shall not terminate this Agreement as between the remaining Trusts and the Custodian. This Agreement shall immediately terminate as to all Trusts upon the appointment of a conservator or receiver for the Custodian by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.03 <u>Early Termination</u>. In the absence of any material breach of this Agreement, should a Trust elect to terminate this Agreement prior to the end of the three year term, such Trust agrees to pay the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All monthly fees incurred by such Trust through the life of the Agreement, including the rebate of any negotiated discounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) All reasonable fees incurred by such Trust in connection with converting custodial services for the Funds of the Trust to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) All reasonable fees associated with any record retention and/or tax reporting obligations for such Trust that may not be eliminated due to the conversion of custodial services to a successor service provider; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) All reasonable out-of-pocket costs associated with items (a), (b) and (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.04 <u>Appointment of Successor Custodian</u>. If a successor custodian shall have been appointed by the Board(s) of Trustees of the Trust(s), the Custodian shall, upon receipt of a notice of acceptance by the successor custodian, on such specified date of termination (i) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by each Fund of the applicable Trust(s) and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of each Fund of the applicable Trust(s) at the successor custodian, provided that such Trust(s) shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled under this Agreement. In addition, the Custodian shall, at the expense of the applicable Trust(s), transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to such Trust(s) (if such form differs from the form in which the Custodian has maintained the same, the Trust(s) shall pay any expenses associated with transferring the data to such form), and will use best efforts to cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 <u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Trust(s) on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a qualified bank or trust company of its own selection, which bank or trust company (i) is a "bank" as defined in the 1940 Act, and (ii) has aggregate capital, surplus and undivided profits as shown on its most recent published report of not less than $25 million, all Securities, cash and other property held by Custodian under this Agreement for the applicable Trust(s) and to transfer to an account of or for each Fund of the applicable Trust(s) at such bank or trust company all Securities of the Fund held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this Agreement. In addition, under these circumstances, all books, records and other data of each Trust shall be returned to the applicable Trust.

**ARTICLE XIV.**

**CLASS ACTIONS**

The Custodian shall use its best efforts to identify and file claims for the Fund(s) involving any class action litigation that impacts any Security the Fund(s) may have held during the class period. Each Fund agrees that the Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing certain rights to make claims or otherwise pursue class action defendants who settle their claims. Further, each Trust acknowledges that there is no guarantee these claims will result in any payment or partial payment of potential class action proceeds and that the timing of such payment, if any, is uncertain. However, a Trust may instruct the Custodian to distribute class action notices and other relevant documentation to the Fund(s) of such Trust or its designee and, if it so elects, will relieve the Custodian from any and all liability and responsibility for filing class action claims on behalf of such Fund(s). In the event the Fund(s) are closed, the Custodian shall only file the class action claims upon written instructions by an Authorized Person of the closed Fund(s). Any expenses associated with such filing will be assessed against the proceeds received of any class action settlement.

**ARTICLE XV.**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.01 <u>Compliance with Laws</u>. Each Trust has and retains primary responsibility for all compliance matters relating to the Funds of such Trust, including but not limited to compliance with the applicable provisions of the 1940 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001 and the policies and limitations of each Fund of such Trust relating to its portfolio investments as set forth in its Prospectus and SAI, as amended from time to time. The Custodian's services hereunder shall not relieve any Trust of its responsibilities for assuring such compliance or any Board of Trustees' oversight responsibility with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.02 <u>Amendment</u>. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and each applicable Trust, and authorized or approved by each applicable Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.03 <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by a Trust without the written consent of the Custodian, or by the Custodian without the written consent of each Trust, in each case accompanied by the authorization or approval of each Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.04 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the applicable provisions of the 1940 Act or any applicable rule or order of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.05 <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower any Trust or the Custodian to act as agent for another party to this Agreement, or to conduct business in the name, or for the account, of another party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.06 <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.07 <u>Invalidity.</u> Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, solely with respect to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.08 <u>Notices</u>. Any notice required or permitted to be given by any Trust or the Custodian to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three (3) business days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission or attachment to electronic mail to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S Bank, N.A.

1555 N. Rivercenter Dr., MK-WI-S302

Milwaukee, WI 53212

Attn: Tom Fuller

Phone: 414-905-6118

Fax: 866-350-5066

E-mail: Tom.Fuller@usbank.com

and notice to any Trust shall be sent to, with the name of the particular Trust(s) specified appropriately as set forth below:

[Name of Applicable Trust(s)]

One Freedom Valley Drive

Oaks, PA 19456

Attn: Timothy D. Barto, Esq.

Phone: 610-676-2533

Fax: 484-676-2533

E-mail: tbarto@seic.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.09 <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 <u>No Waiver</u>. No failure by any Trust or the Custodian to exercise, and no delay by any Trust or the Custodian in exercising, any right hereunder shall operate as a waiver thereof. The exercise by any Trust or the Custodian of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 <u>References to Custodian</u>. No Trust shall externally circulate any printed matter which contains any reference to Custodian that is inconsistent with the Prospectuses, SAIs or annual or semi-annual reports of the Trusts, each as amended from time to time, without the prior written approval of Custodian, excepting any printed matter that merely identifies Custodian as custodian for each Trust and the Funds therein.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

---

| | |
|:---|:---|
| **SEI INSTITUTIONAL MANAGED TRUST** | **U.S. BANK NATIONAL ASSOCIATION** |
| **SEI INSTITUTIONAL INVESTMENTS TRUST** |  |
| **SEI DAILY INCOME TRUST** |  |
| **SEI ASSET ALLOCATION TRUST** |  |
| **SEI LIQUID ASSET TRUST** |  |
| **SEI TAX EXEMPT TRUST** |  |
| **NEW COVENANT FUNDS** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| By: | /s/ Stephen G. MacRae | , on behalf of each of the above listed | By: | /s/ Michael R. McVoy |
| Trusts, severally and not jointly | Trusts, severally and not jointly | Trusts, severally and not jointly |  |  |
|  |  |  | Name: Michael R. McVoy | Name: Michael R. McVoy |
| Name: Stephen G. MacRae | Name: Stephen G. MacRae | Name: Stephen G. MacRae |  |  |
|  |  |  | Title: Senior Vice President | Title: Senior Vice President |
| Title: Vice President | Title: Vice President | Title: Vice President |  |  |

---

**<u>EXHIBIT A</u>**

**to the Multi-Trust Custody Agreement**

**Fund Names**

Separate *Series* of the **TRUSTS**

---

| |
|:---|
| **<u>SEI INSTITUTIONAL MANAGED TRUST</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large Cap Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large Cap Value Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large Cap Growth Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tax-Managed Large Cap Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*S&P 500 Index Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Small Cap Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Small Cap Value Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Small Cap Growth Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tax-Managed Small/Mid Cap Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mid-Cap Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*U.S. Managed Volatility Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tax-Managed Managed Volatility Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Enhanced Income Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Core Fixed Income Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*U.S. Fixed Income Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*High Yield Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Return Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Multi-Strategy Alternative Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Prime Obligation Fund (registered but not launched)* |
| <br> **<u>SEI INSTITUTIONAL INVESTMENTS TRUST</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large Cap Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large Cap Diversified Alpha Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large Cap Disciplined Equity Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large Cap Index Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Extended Market Index Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Strategic U.S. Large Cap Equity Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Small Cap Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Small Cap II Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Small/Mid Cap Equity Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*U.S. Managed Volatility Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Opportunistic Income Fund (f/k/a Enhanced LIBOR Opportunities Fund)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Core Fixed Income Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*High Yield Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Long Duration Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Long Duration Corporate Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Ultra Short Duration Bond Fund* |

---

---

| |
|:---|
| **<u>SEI DAILY INCOME TRUST</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Money Market Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Prime Obligation Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Government Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Government II Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Treasury Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Treasury II Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Ultra Short Duration Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Short-Duration Government Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Intermediate-Duration Government Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*GNMA Fund* |
| <br> **<u>SEI ASSET ALLOCATION TRUST</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Defensive Strategy Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Defensive Strategy Allocation Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Conservative Strategy Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Conservative Strategy Allocation Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Moderate Strategy Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Moderate Strategy Allocation Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aggressive Strategy Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tax-Managed Aggressive Strategy Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Core Market Strategy Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Core Market Strategy Allocation Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Market Growth Strategy Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Market Growth Strategy Allocation Fund* |
| <br> **<u>SEI LIQUID ASSET TRUST</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Prime Obligation Fund* |
| <br> **<u>SEI TAX EXEMPT TRUST</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tax Free Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Tax Free Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Intermediate-Term Municipal Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Short Duration Municipal Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*California Municipal Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Massachusetts Municipal Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*New Jersey Municipal Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*New York Municipal Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Pennsylvania Municipal Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tax-Advantaged Income Fund* |
| **<u>NEW COVENANT FUNDS</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*New Covenant Income Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*New Covenant Balanced Income Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*New Covenant Balanced Growth Fund* |

---

**<u>EXHIBIT B</u>**<br> **to the Multi-Trust Custody Agreement**<br>**DOMESTIC CUSTODY SERVICES**<br> **FEE SCHEDULE**<br>**<u>[REDACTED]</u>**<br>**Global Sub-Custodial Services Annual Fee Schedule**<br>**<u>[REDACTED]</u>**<br>

**<u>EXHIBIT C</u>**

**to the Multi-Trust Custody Agreement**

**Shareholder Communications Act Authorization**

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

Your "yes" or "no" to disclosure will apply to all securities U.S. Bank holds for you now and in the future, unless you change your mind and notify us in writing.

---

| | | | |
|:---|:---|:---|:---|
| □ YES | U.S. Bank is authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. | □ YES | U.S. Bank is authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |
| ⌧ NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. | ⌧ NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEI INSTITUTIONAL MANAGED TRUST** | **SEI INSTITUTIONAL MANAGED TRUST** | **SEI INSTITUTIONAL INVESTMENTS TRUST** | **SEI INSTITUTIONAL INVESTMENTS TRUST** |
| By: | /s/ Stephen G. MacRae | By: | /s/ Stephen G. MacRae |
|  | Stephen G. MacRae |  | Stephen G. MacRae |
| Title: Vice President | Title: Vice President | Title: Vice President | Title: Vice President |
| Date: June 14, 2013 | Date: June 14, 2013 | Date: June 14, 2013 | Date: June 14, 2013 |

---

---

| | | | |
|:---|:---|:---|:---|
| □ YES | U.S. Bank is authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. | □ YES | U.S. Bank is authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |
| ⌧ NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. | ⌧ NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEI DAILY INCOME TRUST** | **SEI DAILY INCOME TRUST** | **SEI ASSET ALLOCATION TRUST** | **SEI ASSET ALLOCATION TRUST** |
| By: | /s/ Stephen G. MacRae | By: | /s/ Stephen G. MacRae |
|  | Stephen G. MacRae |  | Stephen G. MacRae |
| Title: Vice President | Title: Vice President | Title: Vice President | Title: Vice President |
| Date: June 14, 2013 | Date: June 14, 2013 | Date: June 14, 2013 | Date: June 14, 2013 |

---

---

| | | | |
|:---|:---|:---|:---|
| □ YES | U.S. Bank is authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. | □ YES | U.S. Bank is authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |
| ⌧ NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. | ⌧ NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEI LIQUID ASSET TRUST** | **SEI LIQUID ASSET TRUST** | **SEI TAX EXEMPT TRUST** | **SEI TAX EXEMPT TRUST** |
| By: | /s/ Stephen G. MacRae | By: | /s/ Stephen G. MacRae |
|  | Stephen G. MacRae |  | Stephen G. MacRae |
| Title: Vice President | Title: Vice President | Title: Vice President | Title: Vice President |
| Date: June 14, 2013 | Date: June 14, 2013 | Date: June 14, 2013 | Date: June 14, 2013 |

---

---

| | |
|:---|:---|
| ⌧ YES | U.S. Bank is authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |
| □ NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

---

| | |
|:---|:---|
| **NEW COVENANT FUNDS** | **NEW COVENANT FUNDS** |
| By: | /s/ Stephen G. MacRae |
|  | Stephen G. MacRae |
| Title: Vice President | Title: Vice President |
| Date: June 14, 2013 | Date: June 14, 2013 |

---

## Ex-99.B(G)(4)

**Exhibit 99.B(g)(4)**

**FOURTEENTH AMENDMENT TO THE**

**AMENDED AND RESTATED MULTI-TRUST CUSTODY AGREEMENT**

**THIS FOURTEENTH AMENDMENT** dated as of the last date written below (the "Effective Date"), to the Amended and Restated Multi-Trust Custody Agreement, dated as of June 14, 2013, as amended (the "Agreement"), is entered into by and between each of **SEI Institutional Managed Trust**, a Massachusetts business trust ("SIMT"), **SEI Institutional Investments Trust**, a Massachusetts business trust ("SIIT"), **SEI daily income trust**, a Massachusetts business trust ("SDIT"), **sei asset allocation trust**, a Massachusetts business trust ("SAAT"), **sei tax exempt trust**, a Massachusetts business trust ("STET"), **SEI INSURANCE PRODUCTS TRUST**, a Delaware statutory trust ("SIPT"), **SEI EXCHANGE TRADED FUNDS TRUST**, a Delaware statutory trust ("SETFT"), **SEI CATHOLIC VALUES TRUST**, a Delaware statutory trust ("SCVT") and **new Covenant Funds**, a Delaware statutory trust ("NCF") (each a "Trust" and, collectively, the "Trusts"), severally and not jointly, and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America (the "Custodian").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to add the SEI Exchange Traded Funds Trust and to add SEI High Yield Bond & Alternative Credit ETF, a series of the SEI Exchange Traded Funds Trust; and

**WHEREAS,** the parties desire to amend the fees listed in Exhibit B of the Agreement;

**WHEREAS,** Article 15.02 of the Agreement allows for its amendment by a written instrument executed by both parties.

**NOW, THEREFORE,** in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As of the Effective Date, Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As of the Effective Date, Exhibit B of the Agreement is hereby superseded and replaced in its entirety with Exhibit B attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE**

**IN WITNESS WHEREOF**, the parties hereto have caused this Fourteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **SEI INSTITUTIONAL MANAGED TRUST**<br> **SEI INSTITUTIONAL INVESTMENTS TRUST**<br> **SEI DAILY INCOME TRUST**<br> **SEI ASSET ALLOCATION TRUST**<br> **SEI TAX EXEMPT TRUST**<br> **SEI INSURANCE PRODUCTS TRUST**<br> **SEI CATHOLIC VALUES TRUST**<br> **SEI EXCHANGE TRADED FUNDS TRUST**<br> **NEW COVENANT FUNDS** | &nbsp;&nbsp; **SEI INSTITUTIONAL MANAGED TRUST**<br> **SEI INSTITUTIONAL INVESTMENTS TRUST**<br> **SEI DAILY INCOME TRUST**<br> **SEI ASSET ALLOCATION TRUST**<br> **SEI TAX EXEMPT TRUST**<br> **SEI INSURANCE PRODUCTS TRUST**<br> **SEI CATHOLIC VALUES TRUST**<br> **SEI EXCHANGE TRADED FUNDS TRUST**<br> **NEW COVENANT FUNDS** | &nbsp;&nbsp; **U.S. BANK NATIONAL ASSOCIATION** | &nbsp;&nbsp; **U.S. BANK NATIONAL ASSOCIATION** |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Stephen MacRae, on behalf of each of the above listed Trusts, severally and not jointly | &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Gregory Farley |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Stephen MacRae | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Gregory Farley |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Senior Vice President |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;April 21, 2026 | &nbsp;&nbsp;Date: | &nbsp;&nbsp;April 23, 2026 |

---

**<u>EXHIBIT A</u>**

**to the Multi-Trust Custody Agreement**

**Fund Names**

Separate *Series* of the **Trusts**

---

| |
|:---|
| &nbsp;&nbsp;**<u>SEI Institutional Managed Trust</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large Cap Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large Cap Value Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large Cap Growth Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tax-Managed Large Cap Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*S&P 500 Index Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Small Cap Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Small Cap Value Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Small Cap Growth Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tax-Managed Small/Mid Cap Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mid-Cap Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*U.S. Managed Volatility Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tax-Managed Managed Volatility Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Enhanced Income Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Core Fixed Income Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*U.S. Fixed Income Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Return Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Multi-Strategy Alternative Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Long/Short Alternative Fund*<br> *Conservative Income Fund*<br> *Tax Free Conservative Income Fund*<br> *Large Cap Index Fund* |
| &nbsp;&nbsp; <br> **<u>SEI Institutional Investments Trust</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large Cap Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large Cap Disciplined Equity Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large Cap Index Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Extended Market Index Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Strategic U.S. Large Cap Equity Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Small Cap Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Small Cap II Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Small/Mid Cap Equity Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*U.S. Managed Volatility Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Opportunistic Income Fund (f/k/a Enhanced LIBOR Opportunities Fund)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Core Fixed Income Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*High Yield Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Long Duration Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Long Duration Credit Fund (f/k/a Long Duration Corporate Bond Fund)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Ultra Short Duration Bond Fund*<br> *S&P 500 Index Fund*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Limited Duration Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Intermediate Duration Credit Fund* |

---

---

| |
|:---|
| &nbsp;&nbsp;**<u>SEI Daily Income Trust</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Money Market Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Prime Obligation Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Government Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Government II Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Treasury Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Treasury II Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Ultra Short Duration Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Short-Duration Government Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Intermediate-Duration Government Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*GNMA Fund* |
| &nbsp;&nbsp; <br> **<u>SEI Asset Allocation Trust</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Defensive Strategy Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Defensive Strategy Allocation Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Conservative Strategy Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Conservative Strategy Allocation Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Moderate Strategy Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Moderate Strategy Allocation Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aggressive Strategy Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tax-Managed Aggressive Strategy Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Core Market Strategy Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Core Market Strategy Allocation Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Market Growth Strategy Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Market Growth Strategy Allocation Fund* |
| &nbsp;&nbsp; <br> **<u>SEI Tax Exempt Trust</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Intermediate-Term Municipal Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Short Duration Municipal Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*California Municipal Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Massachusetts Municipal Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*New Jersey Municipal Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*New York Municipal Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Pennsylvania Municipal Bond Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tax-Advantaged Income Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>SEI INSURANCE PRODUCTS TRUST</u>**<br> *VP Defensive Strategy Fund*<br> *VP Conservative Strategy Fund*<br> *VP Moderate Strategy Fund*<br> *VP Market Plus Strategy Fund*<br> *VP Balanced Strategy Fund*<br> *VP Market Growth Strategy Fund*  |

---

---

| |
|:---|
| &nbsp;&nbsp;**<u>SEI CATHOLIC VALUES TRUST</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Catholic Values Fixed Income* |
| &nbsp;&nbsp;**<u>SEI Exchange Traded Funds Trust</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*SEI High Yield Bond & Alternative Credit ETF* |
| &nbsp;&nbsp;**<u>New Covenant Funds</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*New Covenant Income Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*New Covenant Balanced Income Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*New Covenant Balanced Growth Fund* |

---

**EXHIBIT B**

**to the Multi-Trust Custody Agreement**

**DOMESTIC CUSTODY SERVICES**

**FEE SCHEDULE**

**<u>Annual Fee</u>**:

Calculated monthly on the Average Market Value of each fund\* (less tri-party repurchase agreement assets and RIC Money Markets) within each trust.

The Annual Fee is calculated on the total Average Market Value of all funds\*\* listed in the Amended and Restated Multi-Trust Custody agreement dated June 14, 2013 and the SEI Liquidity Fund LP dated March 1, 2007.

[REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· \*The Fund Administrator will provide the Average Market Value the purpose of calculating monthly fee invoices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· \*\* The SAAT and SIPT Trusts and the New Covenant Funds Trust Balanced Income and Balanced Growth Funds' money market assets are excluded from the Annual Fee calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [REDACTED]

**<u>Security Lending Transaction Fees</u>**:

[REDACTED]

**<u>Portfolio Transaction Fees</u>**:

[REDACTED]

[REDACTED]

[REDACTED]

[REDACTED]

[REDACTED]

[REDACTED]

[REDACTED]

[REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ No charge for the initial conversion free receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [REDACTED]

**For the SAAT and SIPT Trust**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [REDACTED]

**<u>Out of Pocket Expenses</u>** – per the custody agreement.

Fees are billed monthly

[Table Redacted]

*Safekeeping and transaction fees are assessed on security and currency transactions*

**<u>Annual Base Fee</u>** - A monthly minimum charge per Fund will apply based on the number of foreign securities held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ [REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Euroclear – Eurobonds only. Eurobonds are held in Euroclear at a standard rate, but other types of securities (including but not limited to equities, domestic market debt and mutual funds) will be subject to a surcharge. In addition, certain transactions that are delivered within Euroclear or from a Euroclear account to a third party depository or settlement system, will be subject to a surcharge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ For all other markets specified above, surcharges may apply if a security is held outside of the local market.

**Tax Reclamation Services**: [REDACTED]

**Out of Pocket Expenses – Per the custody agreement**

Fees are billed monthly

**<u>EXHIBIT C</u>**

**to the Multi-Trust Custody Agreement**

**Shareholder Communications Act Election**

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

Your "no" to disclosure will apply to all U.S. securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A "no" election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository Receipts (ADRs) held in your account.

---

| | | | |
|:---|:---|:---|:---|
| <u> </u> NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. | <u> </u> NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEI INSTITUTIONAL MANAGED TRUST** | **SEI INSTITUTIONAL MANAGED TRUST** | **SEI INSTITUTIONAL INVESTMENTS TRUST** | **SEI INSTITUTIONAL INVESTMENTS TRUST** |
| By: | /s/ Stephen MacRae | By: | /s/ Stephen MacRae |
| Title: | Vice President | Title: | Vice President |
| Date: | April 21, 2026 | Date: | April 21, 2026 |

---

---

| | | | |
|:---|:---|:---|:---|
| <u> </u> NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. | <u> </u> NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEI DAILY INCOME TRUST** | **SEI DAILY INCOME TRUST** | **SEI ASSET ALLOCATION TRUST** | **SEI ASSET ALLOCATION TRUST** |
| By: | /s/ Stephen MacRae | By: | /s/ Stephen MacRae |
| Title: | Vice President | Title: | Vice President |
| Date: | April 21, 2026 | Date: | April 21, 2026 |

---

---

| | | | |
|:---|:---|:---|:---|
| <u> </u> NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. | <u> </u> NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEI TAX EXEMPT TRUST** | **SEI TAX EXEMPT TRUST** | **SEI INSURANCE PRODUCTS TRUST** | **SEI INSURANCE PRODUCTS TRUST** |
| By: | /s/ Stephen MacRae | By: | /s/ Stephen MacRae |
| Title: | Vice President | Title: | Vice President |
| Date: | April 21, 2026 | Date: | April 21, 2026 |

---

---

| | | | |
|:---|:---|:---|:---|
| <u> </u> NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. | <u> </u> NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEI CATHOLIC VALUES TRUST** | **SEI CATHOLIC VALUES TRUST** | **SEI EXCHANGE TRADED FUNDS TRUST** | **SEI EXCHANGE TRADED FUNDS TRUST** |
| By: | /s/ Stephen MacRae | By: | /s/ Stephen MacRae |
| Title: | Vice President | Title: | Vice President |
| Date: | April 21, 2026 | Date: | April 21, 2026 |

---

---

| | |
|:---|:---|
| <u> </u> NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

---

| | |
|:---|:---|
| **NEW COVENANT FUNDS** | **NEW COVENANT FUNDS** |
| By: | /s/ Stephen MacRae |
| Title: | Vice President |
| Date: | April 21, 2026 |

---

## Ex-99.B(G)(5)

**Exhibit 99.B(g)(5)**

**Fund Servicing Agreement**

This Fund Servicing Agreement (this "<u>Agreement</u>") is made and entered into effective as of the last day written on the signature page by and between **SEI Exchange Traded Funds**, a Delaware statutory trust (the "<u>Trust</u>") and U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services), a Wisconsin limited liability company ("<u>USBGFS</u>").

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), as an open-end management investment company, and is authorized to issue shares of beneficial interest in separate series, with each such series representing interests in a separate portfolio of securities and other assets; and

WHEREAS, USBGFS is, among other things, in the business of providing transfer agency functions for the benefit of its customers; and

WHEREAS, the Trust desires to retain USBGFS to provide certain services, as expressly delineated and limited herein, to each series of the Trust listed on <u>Exhibit A</u> hereto (as amended from time to time) (collectively, the "<u>Funds</u>"); and

WHEREAS, each Fund issues shares of beneficial interest ("Shares") for each Fund. The Shares shall be created and redeemed in bundles called "Creation Units." The Trust, on behalf of the Funds, shall create and redeem Shares of each Fund only in Creation Units principally in kind or in cash for portfolio securities of the particular Fund ("Deposit Securities"), as more fully described in the current prospectus and statement of additional information of a Fund, included in the Trust's registration statement on Form N-1A; and as authorized under the Order of Exemption granted by the Securities and Exchange Commission. Only brokers or dealers that are "Authorized Participants" and that have entered into an Authorized Participant Agreement with the Fund's Distributor (the "Distributor"), acting on behalf of the Trust, shall be authorized to create and redeem Shares in Creation Units from the Trust. The Trust wishes to engage USBGFS to perform certain services on behalf of the Trust with respect to the creation and redemption of Shares, as the Trust's agent, namely to provide transfer agent services for Shares of each Fund; and to act as Index Receipt Agent (as such term is defined in the rules of the National Securities Clearing Corporation ("NSCC")) with respect to the settlement of trade orders with Authorized Participants. The Trust has engaged U.S. Bank, National Association (the "Custodian") to provide custody services under the terms of a Custody Agreement, as supplemented hereby, for the settlement of Creation Units against Deposit Securities and/or cash that shall be delivered by Authorized Participants in exchange for Shares and the redemption of Shares in Creation Unit size against the delivery of Redemption Securities and/or cash of each Fund. The Trust will ordinarily issue for purchase and redeem Shares only in aggregations of Shares known as Creation Units (at least 25,000 Shares) principally in kind or in cash. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC"), or its nominee Cede & Company, will be the registered owner (the "Shareholder") of all Shares.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Appointment of USBGFS as Service Provider.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust hereby appoints USBGFS as a service provider to the Trust
 on the terms and conditions set forth in this Agreement, and USBGFS hereby accepts such appointment
 and agrees to perform the services and duties set forth on <u>Exhibit B</u> (the " <u>Services</u> ")
 in accordance with the terms and conditions of this Agreement. The services and duties of
 USBGFS shall be confined to those matters expressly set forth herein, and other mutually
 agreed upon customary services of a transfer agent, and no implied duties are assumed by
 or may be asserted against USBGFS hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS shall not be bound by any Trust policies or procedures, or
 changes thereto, that purport to impose any additional duties, obligations, or care on USBGFS
 other than as expressly set forth herein, or that purport to affect in any way the Services
 or the manner in which they are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Services set forth herein may not be modified or enlarged by
 implication or course of dealing between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. USBGFS may use its affiliates or third parties to provide any of
 the Services upon receipt of the Trust's prior written consent, provided that such
 consent shall not be unreasonably withheld. Any such party shall be held to the same standard
 of care as USBGFS would be under this Agreement, and USBGFS shall be responsible for the
 provision of such Services to the same extent as if provided by USBGFS. The Trust consents
 to the use of such parties and to USBGFS providing to such parties any information regarding
 the Trust or its shareholders as may be required to provide such Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. USBGFS reserves the right to make changes from time to time, as it
 deems advisable, relating to its systems, programs, rules, operating schedules and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Trust or its agent shall furnish to USBGFS the data necessary
 to perform the Services described herein at such times and in such form as mutually agreed
 upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Trust may from time-to-time request that USBGFS modify its internal
 operating procedures with respect to the provision of the Services, which request shall be
 provided in writing by a duly authorized officer of the Trust or by any other person authorized
 by the Trust to provide such request. USBGFS is under no obligation to agree to such modifications.
 If USBGFS agrees to comply with such request, then it shall be entitled to follow such modified
 operating procedure without further inquiry or diligence, and its actions or inactions in
 connection with following such modified operated procedures shall be deemed to be within
 its standard of care under <u>Section 10</u> for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compensation.** 

USBGFS shall be compensated for providing the Services in accordance with the fee schedule set forth on <u>Exhibit C</u> hereto (as amended from time to time). USBGFS shall also be reimbursed for such miscellaneous expenses set forth in <u>Exhibit C</u> hereto as are reasonably incurred by USBGFS in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify USBGFS in writing within thirty (30) calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within ten (10) calendar days of the day on which the parties agree to the amount to be paid. Notwithstanding anything to the contrary, amounts owed by the Trust to USBGFS shall only be paid out of the assets and property of the particular Fund involved.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Reserved.** 

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Reserved.** 

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Anti-Money Laundering and Red Flag Identity Theft Prevention Programs.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust acknowledges that
 it had an opportunity to review the written procedures provided by USBGFS describing various
 processes used by USBGFS which are designed to promote the detection and reporting of potential
 money laundering activity and identity theft by monitoring certain aspects of shareholder
 activity as well as written procedures for verifying a customer's identity (collectively,
 the " <u>Procedures</u> "). Further, the Trust has determined in good faith and
 with the information available to it that the Procedures, as part of the Trust's overall
 anti-money laundering program and identity theft prevention program responsibilities, are
 reasonably designed to help: (i) prevent the Trust from being used for money laundering
 or the financing of terrorist activities; (ii) prevent identity theft; and (iii) achieve
 compliance with the applicable provisions of the Bank Secrecy Act, the USA Patriot Act of
 2001, the Fair and Accurate Credit Transactions Act of 2003, and the implementing regulations
 thereunder (together " <u>AML Rules</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust hereby instructs and
 directs USBGFS to implement the Procedures, as applicable, on the Trust's behalf, as
 such may be amended from time to time. It is contemplated that these Procedures will be amended
 from time to time by USBGFS and any such amended Procedures will be provided to the Trust.
 Should the Trust desire that USBGFS perform services not provided for in the Procedures,
 such additional services and the associated cost must be specifically detailed in writing
 in the attached fee schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust acknowledges and agrees
 that although it is directing USBGFS to implement the Procedures on its behalf, USBGFS is
 implementing the Procedures as a service provider to the Trust and the Trust is and remains
 ultimately responsible for complying with all applicable laws, rules, and regulations with
 respect to anti-money laundering, customer identification, identity theft prevention, economic
 sanctions, and terrorist financing, whether under the AML Rules, or otherwise, such as, the
 establishment and adoption by the Trust's board of Trustees (the "Board")
 of the Trust's own formal anti-money laundering program and the designation of its
 own anti-money laundering officer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust further acknowledges
 and agrees that certain portions of the Procedures are applicable to certain products, entities,
 structures, or geographies and, accordingly, certain portions of the Procedures may not be
 implemented with respect to the Trust. The Trust has had the opportunity to discuss the Procedures
 with USBGFS, and the Trust understands and agrees which portions of the Procedures may not
 be implemented on behalf of the Trust. Without limitation of the foregoing, USBGFS shall
 not be responsible for providing anti-money laundering or customer identification services
 with respect to certain intermediary or dealer-controlled customer accounts (i.e., level
 0 sub-accounts through the Fund/SERV system operated by the National Securities Clearing
 Corporation) and other fund client relationships where there is a sub-transfer agency or
 similar arrangement between the Trust and the intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Trust hereby directs, and
 USBGFS acknowledges, that USBGFS shall (i) permit federal regulators access to such
 information and records maintained by USBGFS and relating to USBGFS' implementation
 of the Procedures, on behalf of the Trust, as they may request, and (ii) permit such
 federal regulators to inspect USBGFS' implementation of the Procedures on behalf of
 the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Reserved.** 

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Reserved.** 

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Representations & Warranties.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust hereby represents
 and warrants to USBGFS, which representations and warranties shall be deemed to be continuing
 throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. It is duly organized and existing
 under the laws of the jurisdiction of its organization, with full power to carry on its business
 as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. This Agreement has been duly
 authorized, executed and delivered by the Trust in accordance with all requisite action and
 constitutes a valid and legally binding obligation of the Trust, enforceable in accordance
 with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws
 of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. It is conducting its business
 in compliance in all material respects with all applicable laws and regulations, both state
 and federal, and has obtained all regulatory approvals necessary to carry on its business
 as now conducted; there is no statute, rule, regulation, order or judgment binding on it
 and no provision of its charter, bylaws or any contract binding it or affecting its property
 which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. A registration statement under
 the 1940 Act and, if applicable, the Securities Act of 1933, as amended (the " <u>Securities Act</u> "), will be made effective prior to the effective date of this Agreement and
 will remain effective during the term of this Agreement, and appropriate state securities
 law filings will be made prior to the effective date of this Agreement and will continue
 to be made during the term of this Agreement as necessary to enable the Trust to make a continuous
 public offering of its shares; 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;v. All records of the Trust provided
 to USBGFS by the Trust or by any prior or present service provider of the Trust are accurate
 and complete and USBGFS is entitled to rely on all such records in the form provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS hereby represents and
 warrants to the Trust, which representations and warranties shall be deemed to be continuing
 throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. It is duly organized and existing
 under the laws of the jurisdiction of its organization, with full power to carry on its business
 as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. This Agreement has been duly
 authorized, executed and delivered by USBGFS in accordance with all requisite action and
 constitutes a valid and legally binding obligation of USBGFS, enforceable in accordance with
 its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of
 general application affecting the rights and remedies of creditors and secured parties; 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;iii. It is conducting its business
 in compliance in all material respects with all applicable laws and regulations, both state
 and federal (including but not limited to, the Securities Exchange Act of 1934, as amended
 (the " <u>Exchange Act</u> ") and the Securities Act), and has obtained all regulatory
 approvals necessary to carry on its business as now conducted; there is no statute, rule,
 regulation, order or judgment binding on it and no provision of its charter, bylaws or any
 contract binding it or affecting its property which would prohibit its execution or performance
 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. It is a registered transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. It complies, and will comply, with all applicable U.S. economic sanctions
 laws and regulations, including but not limited to those administered by the Office of Foreign
 Assets Control and the Bureau of Industry and Security.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Reserved.** 

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standard of Care; Indemnification; Limitation of Liability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS shall use its reasonable
 efforts and exercise reasonable care in the performance of its duties under this Agreement.
 Neither USBGFS nor any of its affiliates or suppliers shall be liable for any error of judgment;
 mistake of law; fraud or misconduct by the Trust, any Fund, the adviser or any other service
 provider to the Trust or a Fund, or any employee of the foregoing; or for any loss suffered
 by the Trust, a Fund, or any third party in connection with USBGFS' duties under this
 Agreement, including losses resulting from mechanical breakdowns or the failure of communication
 or power supplies beyond USBGFS' reasonable control, except a loss arising out of or
 relating to USBGFS' material breach of this agreement or from its bad faith, negligence,
 failure to implement, maintain, or operate in accordance with its business continuity and
 disaster recovery plans. or willful misconduct in the performance of its duties under this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding any other provision
 of this Agreement, if USBGFS has exercised its reasonable efforts and reasonable care in
 the performance of its duties under this Agreement, the Trust shall indemnify and hold harmless
 USBGFS, its affiliates, and its and their officers, directors, managers, employees, and suppliers(the
 " <u>USBGFS Indemnified Parties</u> ") from and against any and all claims, demands,
 losses, expenses, and liabilities of any and every nature (including reasonable attorneys'
 fees) (collectively " <u>Losses</u> ") that any such USBGFS Indemnified Party may
 sustain or incur or that may be asserted against a USBGFS Indemnified Party by any person
 arising out of any action taken or omitted to be taken by it in performing the services hereunder
 (i) in accordance with the foregoing standards, or (ii) in reliance upon any written
 or oral instruction provided to a USBGFS Indemnified Party by any duly authorized officer
 of the Trust or by any other person authorized by the Trust to provide such instruction,
 except for any and all claims, demands, losses, expenses, and liabilities arising out of
 or relating to USBGFS' material breach of this Agreement or from its bad faith, negligence
 or willful misconduct in the performance of its duties under this Agreement. This indemnity
 shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding
 the termination of this Agreement. The Trust shall, upon the request of USBGFS, reimburse
 USBGFS for the reasonable costs and expenses incurred by USBGFS in responding to any subpoena
 or governmental or regulatory inquiry, investigation, related to the Trust, any Fund, provided
 by USBGFS under this Agreement. For the avoidance of doubt, the Trust will not reimburse
 USBGFS for any costs, including subpoenas or discovery requests, associated with prospective
 or active litigation other than costs through which USBGFS is otherwise entitled to indemnification
 under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS shall indemnify and hold
 the Trust and its trustees, officers, and employees (collectively the " <u>Trust Indemnified Parties</u> ") harmless from and against any and all Losses that the Trust may sustain
 or incur or that may be asserted against the Trust by any person arising out of any action
 taken or omitted to be taken by USBGFS as a result of USBGFS' material breach of this
 Agreement, or from USBGFS' bad faith, negligence, or willful misconduct in the performance
 of its duties under this Agreement. This indemnity shall be a continuing obligation of USBGFS,
 its successors and assigns, notwithstanding the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In no case shall either party
 be liable to the other for (i) any special, indirect or consequential damages, loss
 of profits or goodwill (even if advised of the possibility of such); (ii) any delay
 by reason of circumstances beyond its control, including acts of civil or military authority,
 national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe,
 acts of God, insurrection, war, riots, or failure beyond its control of transportation or
 power supply, or (iii) any claim that arose more than one year prior to the institution
 of suit therefore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. In the event of a mechanical breakdown or failure of communication
 or power supplies beyond its reasonable control, USBGFS shall take all reasonable steps to
 minimize service interruptions for any period that such interruption continues. USBGFS will
 make every reasonable effort to restore any lost or damaged data and correct any errors resulting
 from such a breakdown at the expense of USBGFS. USBGFS agrees that it shall, at all times,
 have reasonable business continuity and disaster contingency plans with appropriate parties,
 making reasonable provision for emergency use of electrical data processing equipment to
 the extent appropriate equipment is available and will implement such plan in the event of
 a disaster or business interruption. Representatives of the Trust shall be entitled to inspect
 USBGFS' premises and operating capabilities at any time during regular business hours
 of USBGFS, upon reasonable notice to USBGFS. Moreover, USBGFS shall provide the Trust, at
 such times as the Trust may reasonably require, copies of reports rendered by independent
 accountants on the internal controls and procedures of USBGFS relating to the services provided
 by USBGFS under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Notwithstanding anything herein
 to the contrary, USBGFS reserves the right to reprocess and correct administrative errors
 at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. In order that the indemnification
 provisions contained in this section shall apply, it is understood that if in any case the
 indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall
 be fully and promptly advised of all pertinent facts concerning the situation in question,
 and it is further understood that the indemnitee will use all reasonable care to notify the
 indemnitor promptly concerning any situation that presents or appears likely to present the
 probability of a claim for indemnification. Unless it reserves any rights to deny indemnification,
 the indemnitor shall have the option to defend the indemnitee against any claim that may
 be the subject of this indemnification. In the event that the indemnitor so elects, it will
 so notify the indemnitee and thereupon the indemnitor shall take over complete defense of
 the claim and shall be totally responsible for any liability of the indemnitee, and the indemnitee
 shall in such situation incur no further legal or other expenses for which it shall seek
 indemnification under this section. The indemnitee shall in no case confess any claim or
 make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee
 except with the indemnitor's prior written consent. Furthermore, the indemnitor may
 not enter into (a) any non-monetary settlement, or (b) any settlement that requires
 the indemnified party to admit fault that does not contain a release of the indemnified party,
 without the prior written consent of the indemnified party, which consent shall not be unreasonably
 withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The indemnity and defense provisions
 set forth in this <u>Section 10</u> shall indefinitely survive the termination and/or
 assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If USBGFS is acting in another
 capacity for the Trust pursuant to a separate agreement, nothing herein shall be deemed to
 relieve USBGFS of any of its obligations in such other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. In conjunction with the tax
 services provided to the Fund by USBGFS hereunder, USBGFS shall not be deemed to act as an
 income tax return preparer for any purpose including as such term is defined under Section 7701(a)(36)
 of the IRC, or any successor thereof. Any information provided by USBGFS to a Fund for income
 tax reporting purposes with respect to any item of income, gain, loss, or credit will be
 performed solely in USBGFS' administrative capacity. USBGFS shall not be required to
 determine, and shall not take any position with respect to whether, the reasonable belief
 standard described in Section 6694 of the IRC has been satisfied with respect to any
 income tax item. Each Fund, and any appointees thereof, shall have the right to inspect the
 transaction summaries produced and aggregated by USBGFS, and any supporting documents thereto,
 in connection with the tax reporting services provided to each Fund by USBGFS. USBGFS shall
 not be liable for the provision or omission of any tax advice with respect to any information
 provided by USBGFS to a Fund. The tax information provided by USBGFS shall be pertinent to
 the data and information made available to USBGFS, and is neither derived from nor construed
 as tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Proprietary and Confidential Information.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS agrees on behalf of itself
 and its directors, officers, and employees to treat confidentially and as proprietary information
 of the Trust, all records and other information relative to the Trust and prior, present,
 or potential shareholders of the Trust (and clients of said shareholders), and not to use
 such records and information for any purpose other than the performance of its responsibilities
 and duties hereunder, except (i) after prior notification to and approval in writing
 by the Trust, which approval shall not be unreasonably withheld and may not be withheld where
 USBGFS may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when
 required to divulge such information by duly constituted authorities or pursuant to legal
 process, (iii) to defend a claim brought against USBGFS arising out of or related to
 any Services provided hereunder, or (iv) when so requested by the Trust. Records and
 other information which have become known to the public through no wrongful act of USBGFS
 or any of its employees, agents or representatives, and information that was already in the
 possession of USBGFS prior to receipt thereof from the Trust or its agent and was not otherwise
 subject to confidentiality protections and was received without any violation of nondisclosure,
 shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Nondisclosure and Uses. All confidential information of a party shall
 be held in confidence by the other party in the same manner that such other party it protects
 the confidentiality of its own confidential information, but in no event using less than
 a reasonable standard of care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS shall have in place and maintain physical, electronic and
 procedural safeguards reasonably designed to protect the security, confidentiality and integrity
 of, and to prevent unauthorized access to or use of, records and information relating to
 the Trust and its shareholders. USBGFS has implemented and will maintain an effective information
 security program reasonably designed to protect information relating to the shareholders
 of the Trust (such information, " <u>Personal Information</u> "), which program
 includes sufficient administrative, technical and physical safeguards and written policies
 and procedures reasonably designed to (a) ensure the security and confidentiality of
 such Personal Information; (b) protect against any anticipated threats or hazards to
 the security or integrity of such Personal Information, including identity theft; and (c) protect
 against unauthorized access to or use of such Personal Information that could result in substantial
 harm or inconvenience to the Fund or any Shareholder (the " <u>Information Security Program</u> "). The Information Security Program complies and shall comply with reasonable
 information security practices within the industry (including the encryption of data where
 necessary or appropriate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Upon written request from the
 Trust, USBGFS shall provide a written description of its Information Security Program. USBGFS
 shall provide related reports and information responding to reasonable due diligence requests
 regarding its compliance with its Information Security Program and shall notify the Trust,
 expeditiously and without unreasonable delay, in writing of any breach of security, misuse
 or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged)
 any information of a Fund in USBGFS' possession (any or all of the foregoing referred
 to individually and collectively for purposes of this provision as a " <u>Security Breach</u> ").
 USBGFS shall promptly investigate, remedy and bear the cost of the measures (including notification
 to any affected parties), if any, to address any Security Breach. In addition to, and without
 limiting the foregoing, USBGFS shall promptly cooperate with the Trust or any of its affiliates'
 regulators at USBGFS's expense to prevent, investigate, cease or mitigate any Security
 Breach, including but not limited to investigating, bringing claims or actions and giving
 information and testimony. Notwithstanding any other provision in this Agreement, the obligations
 set forth in this paragraph shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Trust agrees on behalf of
 itself and its trustees, officers, and employees to treat confidentially and as proprietary
 information of USBGFS, all non-public information relative to USBGFS (including, without
 limitation, information regarding USBGFS' pricing, products, services, customers, suppliers,
 financial statements, processes, know-how, trade secrets, market opportunities, past, present
 or future research, development or business plans, affairs, operations, systems, computer
 software in source code and object code form, documentation, techniques, procedures, designs,
 drawings, specifications, schematics, processes and/or intellectual property), and not to
 use such information for any purpose other than in connection with the services provided
 under this Agreement, except (i) after prior notification to and approval in writing
 by USBGFS, which approval shall not be unreasonably withheld and may not be withheld where
 the Trust may be exposed to civil or criminal contempt proceedings for failure to comply,
 (ii) when requested to divulge such information by duly constituted authorities, or
 (iii) when so requested by the USBGFS. Information which has become known to the public
 through no wrongful act of the Trust or any of its employees, agents or representatives,
 and information that was already in the possession of the Trust prior to receipt thereof
 from USBGFS, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Trust shall not make or
 change any written representations regarding the services provided by or the responsibilities
 of USBGFS or its affiliates under this Agreement, whether in the Trust's registration
 statement, offering documents, marketing or promotional materials, policies, or otherwise,
 that explicitly or implicitly ascribe to USBGFS or its affiliates any duties or responsibilities
 under this Agreement that are not specifically stated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Notwithstanding anything herein
 to the contrary, (i) the Trust shall be permitted to disclose the identity of USBGFS
 as a service provider, redacted copies of this Agreement, and such other information as may
 be required in the Trust's registration or offering documents, or as may otherwise
 be required by applicable law, rule, or regulation, and (ii) USBGFS shall be permitted
 to include the name of the Trust in lists of representative clients in due diligence questionnaires,
 RFP responses, presentations, and other marketing and promotional purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Nothing in this Agreement is intended to limit a party or any other
 person from affirmatively reporting to, initiating communications directly with, or providing
 information and documents (with the exception of information or documents that are subject
 to legal or other applicable privilege) to any governmental entity, regulator, or self-regulatory
 organization regarding possible violations of law or regulation without prior notice to the
 disclosing party.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Records.** 

USBGFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBGFS agrees that records relating to the services to be performed by USBGFS hereunder are the property of the Trust and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Trust or its designee on and in accordance with its request, provided, however, that the Trust shall bear the reasonable cost of transfer (including, without limitation, costs related to image conversions), and USBGFS may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction. Notwithstanding anything in this Agreement to the contrary, the Trust acknowledges and agrees that if the Trust elects to use an FTP or other electronic transmission method to communicate trade instructions to USBGFS the Trust shall be responsible for maintaining the Trust's records as they relate to the Trust's review and approval of individuals authorized to place trading instructions as described in Rule 31a-1(b)(10) promulgated under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Compliance with Laws.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust has and retains primary
 responsibility for all compliance matters relating to the Fund, including but not limited
 to compliance with the Securities Act; the Exchange Act; the 1940 Act; the Investment Advisers
 Act of 1940, as amended; the Internal Revenue Code of 1986, as amended (the " <u>Code</u> ");
 the Sarbanes-Oxley Act of 2002 (the " <u>SOX Act</u> "); the USA PATRIOT Act of
 2001; and the policies and limitations of the Trust relating to its portfolio investments
 as set forth in its Registration Statement. USBGFS' services hereunder shall not relieve
 the Trust of its responsibilities for assuring such compliance or the Board's oversight
 responsibility with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust shall promptly notify
 USBGFS if the investment strategy of any Fund materially changes or deviates from the investment
 strategy disclosed in the current Prospectus, or if it (or any Fund) becomes subject to any
 new law, rule, regulation, or order of a governmental or judicial authority of competent
 jurisdiction that, in the Trust's good faith determination, materially impacts the
 operations of the Trust or any Fund or the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If, and only to the extent that,
 the General Data Protection Regulation (EU) 2016/679, as amended (" <u>GDPR</u> ")
 or the Cayman Islands Data Protection Law, 2017, as amended (" <u>DPL</u> "), are
 applicable to USBGFS and the Trust the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The parties agree USBGFS is a
 " <u>Data Processor</u> " under GDPR and DPL, as applicable, in the performance
 of its services under this the Agreement. Notwithstanding the foregoing, the parties agree
 USBGFS is a " <u>Data Controller</u> " under GDPR and DPL, as applicable, solely
 for the purpose of fulfilling its own pre-contractual AML/KYC new fund client onboarding
 obligations. In either case, the Trust shall ensure that all necessary and appropriate consents,
 disclosures and notices, including data subject consents, are in place to enable the processing
 of "Personal Data" (as defined by GDPR and DPL) by USBGFS, the transfer of Personal
 Data to USBGFS, and the transfer of Personal Data by USBGFS to third countries or regulatory
 organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The parties further agree the
 Trust is a " <u>Data Controller</u> " under GDPR and DPL, as applicable. The Trust,
 either alone or jointly with others, determines or controls the content, use, purpose and
 means of processing the Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. USBGFS shall process the Personal
 Data: (i) in accordance with instructions of the Trust pursuant to this Agreement and
 any authorized persons list executed pursuant thereto, for the purpose of discharging USBGFS'
 obligations under the Agreement; and (ii) when required by law or regulation, or required
 or requested by any court or regulator (each a " <u>Processing Order</u> ") to
 which USBGFS is subject. In the event USBGFS receives a request to process Personal Data
 pursuant to any Processing Order, it shall, to the extent legally permissible and reasonably
 practicable under the circumstances, notify the Trust prior to processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The Trust is solely responsible
 for developing and implementing its internal policies and procedures with respect to GDPR
 and DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. USBGFS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&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. ensure that persons handling
 Personal Data on its behalf are subject to confidentiality obligations similar to those contained
 in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&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. implement appropriate technical
 and organizational measures to protect Personal Data including against unauthorized or unlawful
 processing and against accidental loss, damage or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&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. only appoint sub-processors
 with the prior written consent of the Trust (standing instructions or general written authorization
 are sufficient), and only if the sub-processors provide sufficient guarantees in writing
 to USBGFS that they have implemented appropriate technical and organizational measures in
 such a manner that processing will comply with GDPR and DPL, as applicable <sup>1</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;4. beyond the initial appointment,
 inform the Trust of any intended material changes concerning the addition or replacement
 of sub-processors, thereby giving the Trust the opportunity to object;

&nbsp;&nbsp;&nbsp;&nbsp;&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. taking into account the nature
 of the processing, reasonably assist the Trust by appropriate technical and organizational
 measures, insofar as possible, to enable the Trust to comply with its obligation to respond
 to requests for exercising a data subject's rights under GDPR or DPL;

&nbsp;&nbsp;&nbsp;&nbsp;&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. provide reasonable assistance
 to the Trust in ensuring their compliance with obligations regarding Personal Data breaches,
 data protection impact assessments and prior consultation subject to the nature of the processing
 and the information reasonably available to USBGFS, and inform the Trust of Personal Data
 breaches without undue delay;

&nbsp;&nbsp;&nbsp;&nbsp;&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. at the written direction of
 the Trust, delete or return all Personal Data to the Trust after the end of the provision
 of services under the Agreement relating to processing, and delete existing copies of Personal
 Data unless applicable law or internal data retention or backup procedures require the storage
 of such Personal Data; 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;8. make available to the Trust
 all information reasonably necessary to demonstrate compliance with GDPR or DPL, as applicable,
 and allow for and reasonably cooperate with audits, including inspections, conducted by the
 Trust or its auditor; and immediately inform the Trust if, in its opinion, the Trust's
 instructions regarding this subsection infringes on GDPR or DPL.

<sup>1</sup> For the avoidance of doubt, USBGFS' affiliates and third party software providers will be used as sub-processors under this Agreement, and the Trust hereby authorizes such use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Each party shall comply with
 any other applicable law or regulation which implements GDPR and DPL in relation to the Personal
 Data. Nothing in the Agreement shall be construed as preventing either party from taking
 such other steps as are necessary to comply with GDPR, DPL or any other applicable data protection
 laws.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Term of Agreement; Amendment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall become
 effective as of the last date written on the signature page and will continue in effect
 for a period of three (3) years. Following the initial term, this Agreement shall automatically
 renew for successive one (1) year terms unless either party provides written notice
 at least ninety (90) days prior to the end of the then current term that it will not be renewing
 the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to <u>Section 15</u>,
 this Agreement may be terminated by either party (in whole or with respect to one or more
 Funds) upon giving one hundred eighty (180) days' prior written notice to the other
 party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Either Party may terminate this
 Agreement immediately (in whole or with respect to one or more Funds) if the continued service
 of such Funds or the Trust would cause the other Party or any of its affiliates to be in
 violation of any applicable law, rule, regulation, or order of any governmental, regulatory
 or judicial authority of competent jurisdiction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Agreement shall automatically
 terminate with respect to any Funds with respect to which the Trust fails to maintain an
 effective registration statement under the 1940 Act and, if applicable, the Securities Act,
 or appropriate state securities law filings as necessary to enable the Trust to make a continuous
 public offering of its shares with respect to such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Agreement may be terminated
 by the non-breaching party upon the breach of the other party of any material term of this
 Agreement if such breach is not cured within thirty (30) days of notice of such breach to
 the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This Agreement may not be amended
 or modified in any manner except by written agreement executed by USBGFS and the Trust and
 authorized or approved by the Trust's Board.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Early Termination.** 

In the absence of a breach of a material term of this Agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Trust agrees to pay the following fees with respect to each Fund subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all fees associated with converting
 services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all fees associated with any
 record retention and/or tax reporting obligations that may not be eliminated due to the conversion
 to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all miscellaneous costs associated
 with a.-b. above.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Duties in the Event of Termination.** 

In the event that, in connection with termination, a successor to any of USBGFS' duties or responsibilities hereunder is designated by the Trust by written notice to USBGFS, USBGFS will promptly, upon such termination and at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBGFS under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which USBGFS has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from USBGFS' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust. The Trust shall also pay any fees associated with record retention and/or tax reporting obligations that USBGFS is obligated under applicable law, regulation, or rule to continue following the termination. USBGFS is authorized to destroy such books, records, and other data following termination in accordance with its record retention policy and applicable regulatory requirements if the Trust or its designee do not take possession of such records.

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Assignment.** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of USBGFS, or by USBGFS without the written consent of the Trust accompanied by the authorization or approval of the Trust's Board.

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Governing Law.** 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **No Agency Relationship.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Nothing herein contained shall be deemed to authorize or empower
 either party to act as agent for the other party to this Agreement, or to conduct business
 in the name, or for the account, of the other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust acknowledges that the Board and officers of the Trust are
 responsible for management of the Trust and Fund and that USBGFS has no duties or obligations
 to manage or control the Trust or any Fund. Any duties and obligations of USBGFS are strictly
 limited to those set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust acknowledges and agrees that if any employee of USBGFS
 or any of its affiliates serves as a trustee of the trust such person is serving in their
 own individual capacity at the pleasure of the shareholders of the Trust and not as a representative
 or under the direction of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust acknowledges and agrees that if any employee of USBGFS
 or any of its affiliates serves as an officer of the trust, or in any other similar capacity,
 such person is engaged in such position at the direction of, and subject to the supervision
 and oversight of, and removal by, the Board of the Trust, and when such person is acting
 in such capacity they are doing so on behalf of the Trust and not as a representative or
 under the direction of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Services Not Exclusive.** 

Nothing in this Agreement shall limit or restrict USBGFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Invalidity.** 

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Regulatory Services.** 

Nothing in this Agreement shall be deemed to appoint USBGFS or any of its officers, directors or employees as the Trust attorneys, form attorney-client relationships or require the provision of legal advice. No work performed by employees of USBGFS or its affiliates (whether relating to assisting in the preparation or filing of regulatory materials, compliance with applicable laws, rules, or regulations, or otherwise) shall constitute legal advice. The Trust acknowledges that employees of USBGFS and its affiliates who are attorneys do not represent the Trust and rely on outside counsel retained by the Trust to review all services provided by USBGFS and to provide independent judgment on the Trust's behalf. The Trust acknowledges that because no attorney-client relationship exists between the Trust and USBGFS (or any employee of USBGFS or its affiliates), any information provided may not be privileged and may be subject to compulsory disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Notices.** 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, to the other party's address set forth below:

Notice to USBGFS shall be sent to:

U.S. Bank Global Fund Services

777 E. Wisconsin Ave.

Milwaukee, WI 53202

Attn: GFS Contracts

and notice to the Trust shall be sent to:

c/o SEI Exchange Traded Funds

1 Freedom Valley Drive

Oaks, PA 19456

&nbsp;&nbsp;&nbsp;&nbsp;**24.** **No Third-Party Rights.** 

Nothing expressed or referred to in this Agreement will be construed to give any third party (including, without limitation, shareholders of any Fund) any legal or equitable right, remedy or claim under or with respect to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Multiple Originals; Electronic Signatures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement may be executed
 in any number of counterparts, each of which when so executed shall be deemed to be an original,
 but such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement may be executed
 by means of electronic signatures, and a signed copy of this Agreement transmitted by facsimile,
 email, or other means of electronic transmission shall be deemed to have the same legal effect
 as delivery of an original executed copy of this Agreement for all purposes.

**SIGNATURE PAGES FOLLOW**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer effective as of the last date written below.

---

| | | | |
|:---|:---|:---|:---|
| **SEI EXCHANGED TRADED FUNDS** | **SEI EXCHANGED TRADED FUNDS** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ Stephen MacRae | By: | /s/ Gregory Farley |
| Name: | Stephen MacRae | Name: | Gregory Farley |
| Title: | Vice President | Title: | Senior Vice President |
| Date: | April 21, 2026 | Date: | April 23, 2026 |

---

**EXHIBIT A**

**<u>Funds</u>**

**SEI High Yield Bond & Alternative Credit ETF**

**EXHIBIT B**

**<u>Services</u>**

**<u>CORE SERVICE LINES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **[RESERVED]** 

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **[RESERVED]** 

&nbsp;&nbsp;&nbsp;&nbsp;III. Transfer Agent, Shareholder &
 Account Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBGFS shall provide the following
 transfer agent and dividend disbursing agent services to the Trust with respect to each Fund.

&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. Facilitate purchases and redemption
 of Creation Units;

&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. Prepare and transmit by means
 of DTC's book-entry system payments for dividends and distributions on or with respect
 to the Shares declared by the Trust on behalf of the applicable Fund;

&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. Maintain the record of the name
 and address of the Shareholder and the number of Shares issued by the Trust and held by the
 Shareholder;

&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. Record the issuance of Shares
 of the Trust and maintain a record of the total number of Shares of the Trust which are outstanding,
 and, based upon data provided to it by the Trust, the total number of authorized Shares.
 USBGFS shall have no obligation, when recording the issuance of Shares, to monitor the issuance
 of such Shares;

&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. Prepare and transmit to the Trust
 and the Trust's administrator and/or sub-administrator and to any applicable securities
 exchange (as specified to USBGFS by the Trust) information with respect to purchases and
 redemptions of Shares;

&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. On days that the Trust may accept
 orders for purchases or redemptions, calculate and transmit to USBGFS and the Trust the number
 of outstanding Shares;

&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. On days that the Trust may accept
 orders for purchases or redemptions (pursuant to the Authorized Participant Agreement), transmit
 to USBGFS, the Trust and DTC the amount of Shares purchased on such 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;8. Confirm to DTC the number of
 Shares issued to the Shareholder, as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Prepare and deliver other reports,
 information and documents to DTC as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Extend the voting rights to
 the Shareholder for extension by DTC to DTC participants and the beneficial owners of Shares
 in accordance with policies and procedures of DTC for book-entry only securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Maintain those books and records
 of the Trust specified by the Trust and agreed upon by USBGFS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Prepare a monthly report of
 all purchases and redemptions of Shares during such month on a gross transaction basis, and
 identify on a daily basis the net number of Shares either redeemed or purchased on such business day
 and with respect to each Authorized Participant purchasing or redeeming Shares, the amount
 of Shares purchased or redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Receive from the Distributor
 or from its agent purchase orders from Authorized Participants (as defined in the Authorized
 Participant Agreement) for Creation Unit Aggregations of Shares received in good form and
 accepted by or on behalf of the Trust by the Distributor, transmit appropriate trade instructions
 to the NSCC, if applicable, and pursuant to such orders issue the appropriate number of Shares
 of the Trust and hold such Shares in the account of the Shareholder for each of the respective
 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;14. Receive from the Authorized
 Participants redemption requests, deliver the appropriate documentation thereof to the Trust's
 custodian, generate and transmit or cause to be generated and transmitted confirmation of
 receipt of such redemption requests to the Authorized Participants submitting the same; transmit
 appropriate trade instructions to the NSCC, if applicable, and redeem the appropriate number
 of Creation Unit Aggregations of Shares held in the account of the Shareholder for each of
 the respective Funds; 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;15. Confirm the name, U.S. taxpayer
 identification number and principle place of business of each Authorized Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBGFS MAKES NO WARRANTIES OR
 REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE ACCURACY OF FUND DATA RECEIVED, INCLUDING
 WITHOUT LIMITATION, ANY REPRESENTATIONS OR WARRANTIES AS TO THE ACCURACY OF SUCH INFORMATION
 OR ITS FITNESS FOR A PARTICULAR PURPOSE.

**<u>ADDITIONAL AND SUPPLEMENTAL SERVICES</u>**

Any additional or supplemental services not listed above may be provided from time to time upon mutual agreement of the parties, subject in all cases to the terms and conditions of this Agreement. Any such additional or supplemental services shall be provided at the fees specified on <u>Exhibit C</u> or at USBGFS' then current standard rates for such services if not specified.

**EXHIBIT C**

**<u>Fees</u>**

Transfer Agent Services Fee Schedule

[REDACTED]

## Ex-99.B(H)(2)

**Exhibit 99.B(h)(2)**

SCHEDULE I

TO THE

AMENDED AND RESTATED ADMINISTATION AGREEMENT

BETWEEN

SEI EXCHANGE TRADED FUNDS,

SEI INVESTMENTS GLOBAL FUNDS SERVICES

AND

SEI INVESTMENTS MANAGEMENT CORPORATION

AS OF MAY 13, 2022 AS AMENDED JULY 31, 2024, AUGUST 15, 2025, MARCH 9, 2026

AND APRIL 20, 2026

*<u>Funds</u>*

· SEI Enhanced U.S. Large Cap Quality Factor ETF

· SEI Enhanced U.S. Large Cap Momentum Factor ETF

· SEI Enhanced U.S. Large Cap Value Factor ETF

· SEI Enhanced U.S. Large Cap Low Volatility Factor ETF

· SEI Select Small Cap ETF

· SEI Select International Equity ETF

· SEI Select Emerging Markets Equity ETF

· SEI DBi Multi-Strategy Alternative ETF

· SEI QiM U.S. Equity Factor Allocation Active ETF

· SEI High Yield Bond & Alternative Credit ETF

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| SEI INVESTMENTS GLOBAL FUNDS SERVICES | SEI INVESTMENTS GLOBAL FUNDS SERVICES | SEI EXCHANGE TRADED FUNDS | SEI EXCHANGE TRADED FUNDS |
| By: | /s/ Sean Lawlor | By: | /s/ Stephen MacRae |
| Name: | Sean Lawlor | Name: | Steven MacRae |
| Title: | Head of Traditional Business | Title: | Vice President |

---

---

| | |
|:---|:---|
| SEI INVESTMENTS MANAGEMENT CORPORATION <br> (with respect to Sections 7.02 an 8.01 only) | SEI INVESTMENTS MANAGEMENT CORPORATION <br> (with respect to Sections 7.02 an 8.01 only) |
| By: | /s/ James Smigiel |
| Name: | James Smigiel |
| Title: | Chief Investment Officer |

---

## Ex-99.B(I)

**Exhibit 99.B(i)**

![](tm268756d1_ex99biimg01.jpg)

April 24, 2026

SEI Exchange Traded Funds

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Re: <u>Opinion of Counsel regarding Post-Effective Amendment No. 16 to the Registration Statement filed on Form N-1A under the Securities Act of 1933 (File No. 333-260611)</u>

Ladies and Gentlemen:

We have acted as counsel to the SEI Exchange Traded Funds, a Delaware statutory 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 per share (collectively, the "Shares"). This opinion is being delivered to you in connection with the Trust's filing of Post-Effective Amendment No. 16 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 State of Delaware certifying that the Trust is validly existing under the laws of
the State of Delaware;

&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, certifying as to, and
attaching copies of, the Declaration of Trust, the Trust's By-Laws (the "By-Laws") and certain resolutions adopted by
the Board of Trustees of the Trust authorizing the issuance of the Shares of the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a printer's proof of the Amendment.

---

| | |
|:---|:---|
| **Morgan, Lewis & Bockius LLP** | **Morgan, Lewis & Bockius LLP** |
| 2222 Market Street |  |
| Philadelphia, PA 19103-3007 | ![](tm268756d1_ex99biimg02.jpg) +1.215.963.5000 |
| United States | ![](tm268756d1_ex99biimg03.jpg) +1.215.963.5001 |

---

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 State of Delaware.

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, |
| /s/ Morgan, Lewis & Bockius LLP |

---

## Ex-99.B(J)

**Exhibit 99.B(j)**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated November 26, 2025, with respect to the financial statements of the High Yield Bond Fund, a series of the SEI Institutional Managed Trust, as of September 30, 2025, incorporated herein by reference, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

/s/ KPMG LLP

Philadelphia, Pennsylvania<br> April 24, 2026

## Ex-99.B(P)(2)

**Exhibit 99.B(p)(2)**

---

| | |
|:---|:---|
| **SEI Investments Management Corporation**<br> **Code of Ethics.** | ![](tm268756d1_ex99-bxpx2img001.jpg) |

---

**June 30, 2025**

**Contents**

---

| | |
|:---|:---|
| 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 | 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 | 3.0 |
| SECTION 4 – Prohibition Against Fraud, Deceit and Manipulation | 4.0 |
| SECTION 5 – Excessive Trading of Shares of the SEI Funds | 4.0 |
| SECTION 6 – Sanctions | 4.0 |
| SECTION 7 – Recordkeeping | 4.0 |
| 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) | 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) | 7.0 |
| Glossary | 9.0 |

---

© 2025 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.© 2025 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.© 2025 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.© 2025 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):

o Initial Holdings a Accounts Certification

o AMC New Hire Questionnaire

· Quarterly Reporting (Completed within 30 calendar days after the end of each quarter):

o Quarterly Broker Holdings a Accounts Certification

o Quarterly Transactions Certification

· Annual Reporting (Completed within 30 calendar days after the end of each year):

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.© 2025 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>Policy Hub Outside Business Activities page.</u> <sup>3</sup>

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 for the full list of approved brokers <u>here.</u>

<sup>3</sup> Please note this form should only be utilized by Supervised Persons who do not have access to ACA.© 2025 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 pre-clearance 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.© 2025 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.© 2025 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 Policy Hub 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.© 2025 SEI 9

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.

**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.© 2025 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.

*\*\* Temporary employees are excluded from this group*© 2025 SEI 11

## Ex-99.B(P)(6)

**Exhibit 99.B(p)(6)**

Code of Ethics

This Code of Ethics has been adopted by Ares Management LLC and its related investment advisers ("**Ares**" or the "**Firm**") not only to fulfill technical compliance with applicable regulatory Code of Ethics Rules, including Section 204A and Rule 204A-1 under the Investment Advisers Act of 1940 (the "**Advisers Act**"), and Rule 17j-1 under the Investment Company Act of 1940 (the "**1940 Act**"), but also to prevent or mitigate actual or apparent conflicts of interest between the activities of Covered Persons and their Covered Family Members and the interests of Ares and its Clients and Investors. Please contact <u>Compliance</u> with any inquiries.

**Client** refers to Ares' advisory clients, which are comprised of various pooled investment vehicles, including public and private investment funds, single investor funds, co-investment vehicles, joint ventures, CLOs, CDOs and other structured investment vehicles, special purpose vehicles, alternative investment vehicles, feeder vehicles (collectively, "**Funds**"), and other separately managed accounts and institutional clients.

**Covered Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 director, officer, or employee of Ares, including "access persons" as defined
 under Rule 204(a)-1 of the Advisers Act and Rule 17(j)-1 under the 1940 Act. Ares
 employees are generally designated Covered Persons effective their first date of employment.

&nbsp;&nbsp;&nbsp;&nbsp;· any
 other person who has been designated a Covered Person by the Chief Compliance Officer ()"**CCO** ")
 or designee. Designation as Covered Persons for non-employee consultants and other temporary
 workers are evaluated on a case-by-case basis and at the discretion of the CCO or designee.
 Temporary employees and consultants will generally be considered Covered Persons after three
 consecutive months of service to Ares if they have access to Ares' internal network.

Directors of Ares Management Corporation and funds managed by Ares who do not have any material relationship with Ares that would interfere with the exercise of independent judgment in carrying out director responsibilities are not subject to the requirements of this Code of Ethics and are, therefore, excluded from the definition of Covered Persons for purposes of complying with it.

**Covered Family Member** is i) your spouse or domestic partner; ii) minor children of you and your spouse or domestic partner; iii) immediate family member living in the same household; iv) any person whose financial affairs you control; v) any person for whom you provide discretionary investment advice/decisions; vi) any person who is financially dependent upon the employee; or vii) any partnership, corporation, or other entity in which you a) exercise control or b) serve as a general partner, trustee, custodian, or in a similar capacity. If you have any questions whether an individual is considered a Covered Family Member, please contact Compliance.

**Investor** refers to any current, prospective or former investor in a Client and any representatives of the same.

**Policies**

The Code of Ethics is comprised of the below policies:

&nbsp;&nbsp;&nbsp;&nbsp;· Personal
 Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Political
 Contributions Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Outside
 Business Activity Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Gifts
 and Entertainment Policy

**General Standards**

Covered Persons must certify in writing that they have read, understand, and will comply with this Code of Ethics upon becoming a Covered Person and must, at least annually thereafter, acknowledge being subject to the Code of Ethics and attest to continued compliance.

Covered Persons and their Covered Family Members are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;· engaging,
 directly or indirectly, in any business investment in a manner detrimental to any Client

&nbsp;&nbsp;&nbsp;&nbsp;· taking
 any actions or making any decisions that are inconsistent with fiduciary duties, honesty,
 and good faith toward Ares and its Clients, or that violate federal securities laws or any
 other applicable law, rule, or regulation

&nbsp;&nbsp;&nbsp;&nbsp;· using
 confidential information gained through their connection to Ares in a manner detrimental
 to any Client

Before recommending or authorizing the purchase, sale, or any other action, of a Security by or for a Client, Covered Persons must disclose to the CCO or designee on behalf of themselves and any Covered Family Members:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 beneficial interest in the Security held by the Covered Person or a Covered Family Member

&nbsp;&nbsp;&nbsp;&nbsp;· any
 interest a Covered Person or Covered Family Member has, or intends to acquire, in any third-party
 account in which the Security is held

&nbsp;&nbsp;&nbsp;&nbsp;· any
 Beneficial Interest in any other Security that may benefit the Covered Person or Covered
 Family Member from the proposed transaction

&nbsp;&nbsp;&nbsp;&nbsp;· any
 interest in, or business relationship with, the issuer of the Security by a Covered Person
 or Covered Family Member

**Confidentiality**

All information submitted as required by this Code of Ethics will be treated as confidential and intended solely for internal use unless Ares is required to disclose it to a regulatory or governmental agency.

Ares Global Ethics and Compliance Manual – December 2025 – Page 1

**Review of Certifications/Reports and Information; Sanctions**

The CCO or designee will oversee the review of all reports/certifications for any potential breaches of the Code of Ethics. If an actual or potential breach is detected, the Covered Person will first be offered an opportunity to supply additional explanatory information or material. If Compliance determines that a breach has occurred, the Company may impose appropriate sanction(s), such as the issuance of a warning or memorandum, reporting to senior management of the Firm, training, a ban on personal trading, disgorgement of profits, a suspension (with or without pay), or termination of employment or affiliation with the firm.

Ares Global Ethics and Compliance Manual – December 2025 – Page 2

Personal Trading Policy

Covered Persons must place the interest of Ares Clients above their own personal interests. This Personal Trading Policy establishes standards of business conduct related to personal securities transactions, holdings, and related accounts. Please contact <u>Compliance</u> with any inquiries.

**Client** refers to Ares' advisory clients, which are comprised of various pooled investment vehicles, including public and private investment funds, single investor funds, co-investment vehicles, joint ventures, CLOs, CDOs and other structured investment vehicles, special purpose vehicles, alternative investment vehicles, feeder vehicles (collectively, "**Funds**"), and other separately managed accounts and institutional clients.

**Covered Person** means:

· any
 director, officer, or employee of Ares, including "access persons" as defined
 under Rule 204(a)-1 of the Advisers Act and Rule 17(j)-1 under the 1940 Act. Ares
 employees are generally designated Covered Persons effective their first date of employment.

· any
 other person who has been designated a Covered Person by the Chief Compliance Officer ()"**CCO** ")
 or designee. Designation as Covered Persons for non-employee consultants and other temporary
 workers are evaluated on a case-by-case basis and at the discretion of the CCO or designee.
 Temporary employees and consultants will generally be considered Covered Persons after three
 consecutive months of service to Ares if they have access to Ares' internal network.

Directors of Ares Management Corporation and funds managed by Ares who do not have any material relationship with Ares that would interfere with the exercise of independent judgment in carrying out director responsibilities are not subject to the requirements of this Code of Ethics and are, therefore, excluded from the definition of Covered Persons for purposes of complying with it.

**Covered Family Member** is i) your spouse, domestic partner or other spousal-equivalent; ii) minor children of you and your spouse, domestic partner or other spousal-equivalent;; iii) immediate family member living in the same household; iv) any person whose financial affairs you control; v) any person for whom you provide discretionary investment advice/decisions; vi) financially dependent upon the employee; or vii) any partnership, corporation, or other entity in which you a) exercise control or b) serve as a general partner, trustee, custodian, or in a similar capacity. If you have any questions whether an individual is considered a Covered Family Member, please contact Compliance.

**Security** means any note, share, treasury share, 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, and includes, without limitation: (i) equity securities; (ii) shares of or interests in mutual funds, certain exchange-traded funds (ETFs) and unit investment trusts; (iii) derivative instruments or other structured products; (iv) securities issued in private placements; (v) debt/fixed income securities; and (vi) limited partnership and limited liability company interests.

**Covered Security** means any Security other than a Non-Reportable Security.

A **Single-Name Security** is any Covered Security that provides equity or debt exposure to an individual publicly traded company. Single-Name Securities includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of individual companies (common, preferred, ADRs, GDRs, IDRs, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange
 traded funds ("ETFs") and similar instruments that track Single-Name Securities

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate
 bonds

&nbsp;&nbsp;&nbsp;&nbsp;· Convertible
 bonds

&nbsp;&nbsp;&nbsp;&nbsp;· Rights

&nbsp;&nbsp;&nbsp;&nbsp;· Warrants

&nbsp;&nbsp;&nbsp;&nbsp;· Bank
 debt

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Development Company ("BDC")

&nbsp;&nbsp;&nbsp;&nbsp;· Real
 Estate Investment Trust ("REIT")

&nbsp;&nbsp;&nbsp;&nbsp;· Special
 Purpose Acquisition Company ("SPAC")

&nbsp;&nbsp;&nbsp;&nbsp;· Structured
 Products (e.g., CLOs, MBS, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;· Initial
 Public Offerings

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 derivative in which the underlying/referenced security is a Single-Name Security

**Non-Reportable Securities** are:

&nbsp;&nbsp;&nbsp;&nbsp;· direct
 obligations of the U.S. Government

&nbsp;&nbsp;&nbsp;&nbsp;· bank
 certificates of deposit, bankers' acceptances, commercial paper, and high-quality short-term
 debt instruments, such as repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;· shares
 issued by open-end investment companies registered under the Investment Company Act of 1940,
 unit investment trusts or under a comparable regulatory regime, other than those that are
 advised by, sub-advised by, or otherwise affiliated with Ares

&nbsp;&nbsp;&nbsp;&nbsp;· shares
 issued by money market funds

&nbsp;&nbsp;&nbsp;&nbsp;· currencies,
 digital currencies or commodities

&nbsp;&nbsp;&nbsp;&nbsp;· investments
 in 529 college savings plans

Ares Global Ethics and Compliance Manual – December 2025 – Page 3

&nbsp;&nbsp;&nbsp;&nbsp;· interests
 in Ares-sponsored private investment vehicles; these would be reportable except that Ares
 maintains the investor lists and transaction records for these investments (note: this does
 not include <u>Ares-Related Securities</u>)

**Private** **Placement** means a capital raising event that involves the sale of Securities directly to a private investor, rather than as part of a public offering, and includes any offering that is exempt from registration under the Securities Act of 1933, as amended, including, without limitation, pursuant to Section 4(a)(2) (or Rules 504, 505, 506 promulgated thereunder). Includes but is not limited to hedge funds, private equity funds, investment partnerships, fund of funds, Initial Coin Offerings, legal entities raising capital, and private REITs.

**Beneficial Interest** in a Security refers to a direct or indirect pecuniary interest. A Covered Person can have a Beneficial Interest in a Security in cases where sole or shared voting or investment power exists by reason of any contract, arrangement, understanding or relationship, even if the Security is held by another person.

**Covered Account** means any account(s) maintained with any broker, dealer, bank or other financial institution that holds or may hold any Covered Securities in which a Covered Person and/or Covered Family Members have a Beneficial Interest.

**Managed Account** means an account managed by an unaffiliated and strictly autonomous investment manager or third-party and over which a Covered Person or Covered Family Member has no direct or indirect influence or control.

**Ares-Related Security** means any Security issued by Ares Management Corporation or any Fund (including closed-end funds) advised by, sub-advised by, or otherwise affiliated with Ares. A list of <u>Ares-Related Securities</u> is maintained on the Ares intranet.

**Restrictions on Securities Trades**

**Single-Name Security Ban**

Covered Persons and Covered Family Members are prohibited from establishing new positions (long and short) in Single-Name Securities. This restriction is subject to the following exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;· Transaction
 in Ares-Related Securities. See Ares-Related Securities section below for more information.

&nbsp;&nbsp;&nbsp;&nbsp;· Covered
 Family Member participation in an employee stock purchase plan, or receipt of equity incentive
 awards as part of compensation package and the vesting of such award (e.g. RSUs).

**Ares-Related Securities**

All transactions, including trading plans for future transactions (i.e., 10b5-1s and dividend re-investment plans (DRIPs)), in Ares-Related Securities must be pre-cleared through the designated Compliance portal and are subject to the applicable Insider Trading Policy (or similar Policy) of each entity. Requests to establish or terminate DRIPs on Ares-Related securities will only be processed with pre-approval and within open trading windows. Executive Officers are not permitted to enter into DRIPs on ARES. Voluntary transactions in Ares-Related Securities are subject to a minimum 30-day holding period (e.g., cannot buy and then sell or sell and then buy).

Charitable donations and gifts, including donations to donor advised funds, of any Ares-Related Securities must be pre-approved through the Compliance portal and will only be approved during an open trading window, if applicable.

Ares-Related Securities received traded the quarterly exchange process is approved by Legal and not subject to the pre-approval and reporting requirements outlined in the Personal Trading Policy.

**Blackout Period**

Covered Persons and their Covered Family Members are generally prohibited from trading any Covered Security of an issuer if there is a pending order in a Covered Security of that issuer or within five (5) trading days of the last trade in such issuer's securities on behalf of any Client. Thus, if the Firm executes a Client trade on Monday, the blackout period (T+4) begins, and Covered Persons and their Covered Family Members would not be approved to trade until the fifth trading day after such Client trade date. This restriction is subject to the following exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;· there
 is no blackout period applied to Securities for which pre-approval is not required.

&nbsp;&nbsp;&nbsp;&nbsp;· the
 blackout period may be shortened to two (2) trading days (T+1 following a Client trade
 in the issuer) for issuers that meet a certain market capitalization threshold, as determined
 from time to time by the CCO or designee.

**Pre-Clearing Securities Transactions**

Except as expressly permitted by this Code of Ethics, Covered Persons must have written pre-approval for any transactions in a Covered Security, unless covered under the Pre-Approval Exceptions section below, before completing the transaction, including, without limitation, voluntary transactions in a Private Placement (initial investments, add-on-investments and redemptions).

The CCO or designee has full discretion over the approval process, and in certain circumstances (often related to protecting Ares and preserving confidential information, such as the nature or its trading or restricted issues), the reason for denial of a pre-clearance request or revocation of approval may not be disclosed. Generally, the CCO or designee will deny a pre-clearance request or revoke an approval for a requested personal securities transaction if it has the potential to:

&nbsp;&nbsp;&nbsp;&nbsp;· appear
 as improper conduct

&nbsp;&nbsp;&nbsp;&nbsp;· conflict
 with a transaction for a Client

&nbsp;&nbsp;&nbsp;&nbsp;· violate
 a confidentiality agreement

&nbsp;&nbsp;&nbsp;&nbsp;· involve
 an issuer on our Restricted List

&nbsp;&nbsp;&nbsp;&nbsp;· compromise
 Ares' high ethical standards

**Pre-Clearance** **Procedures**

Before undertaking any transactions in a Covered Security on behalf of a Covered Person or Covered Family Member, a pre-clearance requests must be submitted through the Compliance portal.

Ares Global Ethics and Compliance Manual – December 2025 – Page 4

**Approval Window**

Pre-clearance for any transaction is valid for two (2) business days following the date on which approval is granted and will expire at the close of trading after the second business day. For example, if approval is granted on a Monday, it will remain valid through the close of trading on Wednesday. The only exceptions are Private Placements (for which approvals are valid until the closing of the offering) and any other exceptions specified by the CCO or designee.

If pre-approval expires prior to the execution of a transaction, a new pre-clearance request must be submitted through the Compliance portal prior to the next execution. "Limit," "stop-loss," "good-until-cancelled," or "standing" orders must be fully executed before the pre-approval expires or a new pre-clearance request must be submitted and approved for continued execution of such orders.

**Pre-Clearance Exceptions**

Pre-approval is **not required** for any of the following but transactions are still reportable:

&nbsp;&nbsp;&nbsp;&nbsp;· exchange-traded
 funds ()"**ETFs**") or exchange traded notes ()"**ETNs** "), excluding
 Single-Name Securities, for which the underlying performance is based on a particular market
 index or a portfolio of assets, and in publicly traded closed-end funds ()"**CEFs** "),
 except for any <u>Ares-Related Security</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· municipal
 Securities or auction rate preferred Securities ()"**ARPS** ")

&nbsp;&nbsp;&nbsp;&nbsp;· sovereign
 debt Securities

&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 over which a Covered Person or Covered Family Member has no direct or indirect influence
 or control (such as transactions in a Managed Account)

&nbsp;&nbsp;&nbsp;&nbsp;· automatic
 investment plan, automatic rebalancing plan, dividend reinvestment plan, or other program
 with a predetermined schedule and allocation, provided either that the program is generally
 available to shareholders or investors in the issuer or that the initial investment in a
 Security through the plan is approved in advance by Compliance

&nbsp;&nbsp;&nbsp;&nbsp;· acquisitions
 of Securities through stock dividends, dividend reinvestments, stock splits, reverse stock
 splits, mergers, consolidations, spin-offs, and other similar corporate reorganizations or
 distributions generally applicable to all holders of the same class of Securities

&nbsp;&nbsp;&nbsp;&nbsp;· other
 non-volitional events (e.g., exercise or assignment of an option contract at expiration (as
 opposed to the exercise or closing of an option contract prior to expiration, which requires
 pre-approval) or sales of involuntary factional shares related to an account transfer/ACAT)

&nbsp;&nbsp;&nbsp;&nbsp;· automatic
 acquisition or disposition of an employer's Securities through the employer's
 401(k) plan, employee stock purchase plan, personal pension plan, ISA or other
 similar program

&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 resulting from an exercise of rights issued pro rata to all holders of a class of Securities,
 to the extent these rights were acquired from the issuer, and the sales of such rights

&nbsp;&nbsp;&nbsp;&nbsp;· the
 exercise of a conversion or redemption right, or similar transactions with the issuer of
 a Security under the terms of the Security

&nbsp;&nbsp;&nbsp;&nbsp;· sales
 conducted in an investment account specifically designated for charitable giving (i.e., where
 proceeds from sales of securities transferred to the account are donated to various charitable
 organizations) of which the Covered Person has no discretionary authority

**Gifting Securities**

Gifts of Covered Securities must properly be pre-cleared, as applicable, and reported in the Compliance Portal.

<u>Giving</u>: The gifting (including donations to donor advised funds/charitable giving accounts and donations to non-profits) of a Covered Security by you or your Covered Family Member is considered a sale transaction. As such, the pre-clearance and disclosure requirements outlined in this policy apply. Once pre-approval is received, the gift must be initiated within the approval window.

<u>Receiving</u>: Pre-clearance is not required for the receipt of Covered Securities as long as the donor is not an Ares business partner and the Security was selected at the full discretion of the donor.

**Certifications and Reporting**

Covered Persons must submit various certifications and reports through the Compliance portal or as otherwise directed by Compliance. These certifications and reports must also include Covered Family Members' information.

**Initial Certifications**

Covered Persons must complete and submit an Initial Disclosure Certification within ten (10) calendar days of being deemed a Covered Person. The certification requires, among other things, disclosure of certain Covered Account and Covered Securities holdings. The Covered Accounts and Covered Securities information reported in this certification must be dated within 45 days prior to the Covered Person being deemed a Covered Person. Failure to submit these certifications by the stated deadline will result in a prohibition from engaging in any personal securities transactions that require pre-approval until the certifications are submitted. Other sanctions may be applied as well.

**Quarterly Certifications**

Within 30 days of the end of each calendar quarter, unless on a leave of absence or other exception granted by the CCO or designee, Covered Persons must complete and submit a Quarterly Transaction Certification and a Quarterly Covered Account Certification. The Quarterly Transaction Certification requires disclosure of all Covered Securities transactions made by Covered Persons or their Covered Family Members during the quarter. Compliance may require additional certifications.

**Annual Holdings Report**

Within 30 days of each calendar year end, Covered Persons must complete an Annual Certification to report all Covered Securities held by them or their Covered Family Members as of the end of such calendar year. Covered Securities held in Managed Accounts are exempt from this reporting requirement.

Ares Global Ethics and Compliance Manual – December 2025 – Page 5

**Account Reporting**

All new Covered Accounts opened by Covered Persons and/or their Covered Family Members must be reported promptly through the Compliance portal and reported in the relevant certifications discussed above. Upon request by Compliance, Covered Persons must provide any required authorization to the broker to provide transactions and holdings information to Ares. Covered Persons and their Covered Family Members are prohibited from making any transactions that require pre-approval in a Covered Account unless such account has been reported through the Compliance portal.

U.S.-based Covered Persons must maintain Covered Accounts, for themselves and their Covered Family Members, with an Approved Broker. The <u>List of Approved Brokers</u> is maintained on the Ares intranet.

New U.S.-based Covered Persons must close Covered Accounts with a non-Approved Broker within 90 days from the date on which they become a Covered Person.

**Duplicate Account Information and Electronic Monitoring**

Covered Persons must ensure that transaction confirmations and account statements for Covered Accounts are promptly reported to Compliance. Such information may be forwarded directly to Compliance by the financial institutions where the accounts are maintained. If the financial institution does not or cannot directly provide transaction activity and holdings information on a regular basis, the Covered Person is responsible for promptly providing such trade confirmations and statements to Compliance.

**Exceptions from Reporting Requirements**

Securities holdings or transactions made in Managed Accounts are exempt from the reporting requirements. To qualify for these reporting exceptions, Covered Persons must provide Compliance with a copy of the investment management or advisory agreement evidencing the discretionary nature of the Managed Account. If such agreement is not available, the investment manager must otherwise attest or provide confirmation directly to Compliance that the Covered Person and/or their Covered Family Members cannot directly or indirectly influence the trading or timing of Securities transactions in the account(s).

At the discretion of Compliance, Covered Persons may be required to complete periodic certifications to represent that they do not have the ability to influence or control trading in a Managed Account and that they will not attempt to do so. Covered Persons may also be required to inform their investment manager of Securities that are restricted. Any changes to the discretionary nature of a Managed Account must be promptly reported to Compliance.

**Disclaimer of Beneficial Interest**

For any personal Securities holdings information required to be reported in relation to any Covered Family Members' securities holdings, Covered Persons may at any time deliver to the CCO or designee a statement that the submission of any such personal securities information does not constitute an acknowledgment that the Covered Person has any direct or indirect Beneficial Interest in any Securities about which information has been provided.

Ares Global Ethics and Compliance Manual – December 2025 – Page 6

Political Contributions Policy

Ares has adopted this Political Contributions Policy in accordance with the U.S. Securities and Exchange Commission's Pay-to-Play rule and seeks to avoid the perception that the Firm or its employees (directly or indirectly through family members living in your household) seek to influence the award of business to the Firm through Political Contributions.

Investment advisers that seek to influence the award of advisory contracts by public pension plans by making political contributions to, or soliciting them for, those officials who are in a position to influence the awards, compromise their fiduciary obligations to the public pension plans they advise and defraud prospective clients.

As Ares maintain relations in both the private and public sectors and does business with state and local governments and government entities, certain Political Contributions can result in Ares being disqualified from doing business with certain government entities and consequently unable to receive compensation for managing certain funds for a minimum period of two years. Please contact <u>Compliance</u> with any inquiries.

**Covered Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 director, officer, or employee of Ares, including "access persons" as defined
 under Rule 204(a)-1 of the Advisers Act and Rule 17(j)-1 under the 1940 Act. Ares
 employees are generally designated Covered Persons effective their first date of employment.

&nbsp;&nbsp;&nbsp;&nbsp;· any
 other person who has been designated a Covered Person by the Chief Compliance Officer ()"**CCO** ")
 or designee. Designation as Covered Persons for non-employee consultants and other temporary
 workers are evaluated on a case-by-case basis and at the discretion of the CCO or designee.
 Temporary employees and consultants will generally be considered Covered Persons after three
 consecutive months of service to Ares if they have access to Ares' internal network.

Directors of Ares Management Corporation and funds managed by Ares who do not have any material relationship with Ares that would interfere with the exercise of independent judgment in carrying out director responsibilities, are not subject to the requirements of this Code of Ethics and are, therefore, excluded from the definition of Covered Persons for purposes of complying with it.

**Political Contributions** are any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Contribution
 of anything of value, including money, to a candidate of an applicable local, state or federal
 election, politically active non-profit organization (e.g., 501(c)(4) or 527 entity),
 political action committee ("PAC"), independent-expenditure committee (e.g. a
 "Super PAC"), joint fundraising committee ("JFC"), political party,
 or any other political committee or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Hosting
 fundraising or other events for a political incumbent, candidate, or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Making
 a charitable contribution or soliciting or coordinating a contribution on behalf, or at the
 direction or request of, a political incumbent, candidate or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Non-monetary
 or in-kind contributions such as providing a venue, equipment or personnel in furtherance
 of political activity, volunteering or attending a fundraiser;

&nbsp;&nbsp;&nbsp;&nbsp;· Issuing
 endorsements that will be used in solicitation or other volunteer or fundraising activities;

&nbsp;&nbsp;&nbsp;&nbsp;· Payment
 of debt incurred in connection with an election for federal, state or local office; or

&nbsp;&nbsp;&nbsp;&nbsp;· Anything
 of value including a subscription, loan, advance, or deposit of money made for:

- the purpose of influencing an election or other decision-making function

- payment of debt incurred in connection with an election

- transition or inaugural expenses of a successful candidate of an election

**Prohibited Political Contributions**

All Covered Persons, and family members living in their household, are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;· Directly
 or indirectly making, soliciting, or coordinating any monetary or in-kind Political Contributions
 to any U.S. state or local candidate or incumbent (including one who is a candidate for federal
 office)

&nbsp;&nbsp;&nbsp;&nbsp;· making
 any Political Contributions on Ares' behalf, unless approved by the General Counsel
 or Chief Compliance Officer

**Pre-Clearance Requirements**

All Political Contributions made by Covered Persons, or family members living in their household, require pre-clearance from Compliance before such contribution is made.

All requests should be submitted for review and pre-clearance through the Compliance portal. Please note that submitting a pre-clearance request does not equate to affirmative approval and, in certain circumstances, requests may be denied.

In addition to being subject to pre-clearance requirements as noted above, all Political Contributions must be reported promptly through the Compliance portal once made.

Ares Global Ethics and Compliance Manual – December 2025 – Page 7

Outside Business Activity Policy

The proper management of conflicts of interest is critical to the business and reputation of Ares Management LLC and its related investment advisers ("**Ares**" or the "**Firm**"). Ares has adopted this Outside Business Activity Policy that sets out the standards to perform certain activities outside the scope of employment relationships with Ares, and the management of potential conflicts arising from these activities. This policy is designed to detect, minimize and manage actual or potential conflicts of interests: between any outside business interests and the duties of a Covered Person through his or her employment with Ares; arising from work relationships of Covered Family Members; and arising from the previous employment relationships of Covered Persons.

Please contact <u>Compliance</u> with any inquiries.

**Client** refers to Ares' advisory clients, which are comprised of various pooled investment vehicles, including public and private investment funds, single investor funds, co-investment vehicles, joint ventures, CLOs, CDOs and other structured investment vehicles, special purpose vehicles, alternative investment vehicles, feeder vehicles (collectively, "**Funds**"), and other separately managed accounts and institutional clients.

**Covered Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 director, officer, or employee of Ares, including "access persons" as defined
 under Rule 204(a)-1 of the Advisers Act and Rule 17(j)-1 under the 1940 Act. Ares
 employees are generally designated Covered Persons effective their first date of employment.

&nbsp;&nbsp;&nbsp;&nbsp;· any
 other person who has been designated a Covered Person by the Chief Compliance Officer ()"**CCO** ")
 or designee. Designation as Covered Persons for non-employee consultants and other temporary
 workers are evaluated on a case-by-case basis and at the discretion of the CCO or designee.
 Temporary employees and consultants will generally be considered Covered Persons after three
 consecutive months of service to Ares if they have access to Ares' internal network.

Directors of Ares Management Corporation and funds managed by Ares who do not have any material relationship with Ares that would interfere with the exercise of independent judgment in carrying out director responsibilities, are not subject to the requirements of this Code of Ethics and are, therefore, excluded from the definition of Covered Persons for purposes of complying with it.

**Covered Family Member** is i) your spouse, domestic partner or other spousal-equivalent; ii) minor children of you and your spouse, domestic partner or other spousal-equivalent; iii) immediate family member living in the same household; iv) any person whose financial affairs you control; v) any person for whom you provide discretionary investment advice/decisions; vi) any person financially dependent upon the employee; or vii) any partnership, corporation, or other entity in which you a) exercise control or b) serve as a general partner, trustee, custodian, or in a similar capacity. If you have any questions whether an individual is considered a Covered Family Member, please contact Compliance.

**Outside Business Activities**

Outside business activities are certain interests or activities undertaken by Covered Persons outside their role at or with Ares that may create an actual or perceived conflict of interest.

Covered Persons are prohibited from engaging in any employment, business, or investment activities outside of Ares that might create an actual or perceived conflict of interest, unless such conflict can be appropriately mitigated.

Covered Persons are prohibited from engaging in outside business activities with third-party research providers (e.g., expert networks).

Covered Persons who engage in approved outside business activities (personal or Ares-related) are responsible for promptly reporting any changes to an approved activity to Compliance and to their direct supervisor.

**Pre-Clearance Requirements**

Covered Persons must obtain prior written approval from both their direct supervisor and the CCO or designee for outside business activities. Such approval, if granted, may be subject to restrictions, qualification and/or reporting to the Head of the Covered Person's business unit and is revocable at any time. Examples of activities requiring pre-clearance include:

· full-
 or part-time service as an officer, director, partner, manager, consultant, trustee, advisory
 board member, or employee of another business organization (including acting as a director
 of a publicly traded company)

· service
 on a creditors committee for a business

· any
 agreement to be employed, or to accept directly or indirectly compensation in any form (such
 as a commission, salary, fee, bonus, contingent compensation, etc.)

No approval is required to serve as a director of an organization that is exclusively charitable, civic, religious, or fraternal and is recognized as tax exempt, except in cases where such positions:

· concern
 investment decision-making or recommendations; or

· are
 expected to be compensated.

All pre-approval requests must be submitted through the Compliance portal.

Ares Global Ethics and Compliance Manual – December 2025 – Page 8

Covered Persons who engage in approved outside business activities are responsible for promptly reporting any changes to an approved activity to Compliance and to their direct supervisor. It is incumbent upon each Covered Person to promptly update their outside business activity and contact <u>Compliance</u> if the nature of their role or responsibilities at Ares changes in a way that gives rise to a conflict of interest.

Your request may be denied, and employees may be required to relinquish existing positions if Compliance determines that doing so is in the best interest of Ares or its clients at any time during employment or affiliation with the firm.

**Ares-Related Positions**

Serving as an officer, director, board observer, investment committee member, or other representative of an Ares portfolio company or other Ares-related position requires approval from the Head of the Covered Person's business unit and notice to Legal and Compliance. However, Compliance pre-clearance is not required for Ares-Related positions.

**Conflicts Involving Covered Family Members**

If a Covered Person becomes aware of any situation in which an actual or potential conflict of interest exists regarding a Covered Family Member (for instance, if a Covered Family Member is a potential business partner), such relationship must be promptly reported to Compliance.

If a Covered Family Member serves or is appointed to serve as a director of a publicly traded company, such directorship must also be promptly reported to Compliance.

**Involvement with Competitors**

Except with the approval of the CCO and General Counsel, Covered Persons are not permitted to serve as an officer, director, partner, manager, consultant, trustee, advisory board member, employee, or other representative of a competitor of Ares. This extends to having any substantial interest in or business relationship with such a competitor.

**Interest in Transactions or Portfolio Positions**

Covered Persons must disclose to Compliance any personal or family interest in any transaction by Ares on behalf of a Client. For example, if a Covered Person becomes aware that a transaction being considered or undertaken by Ares may benefit, directly or indirectly, the Covered Person or a Covered Family Member, such possibility must be promptly disclosed to Compliance.

**Loans**

Covered Persons are prohibited from knowingly borrowing from, or becoming indebted to, any person, business, or company that has business dealings or a relationship with Ares, except with respect to customary personal loans (e.g., home mortgage loans, automobile loans, lines of credit) on the same terms as are available generally, unless the arrangement is approved by the CCO, General Counsel or designee. Covered Persons may not use Ares' name, position in a particular market, or goodwill to receive any benefit in loan transactions without the prior express written consent of the CCO, General Counsel or designee.

**Diversion of Business or Investment Opportunities**

Covered Persons are prohibited from acquiring, or deriving personal gain or profit from, any business or investment opportunity that comes to their attention as a result of their association with Ares and in which the Covered Person knows Ares or a Client might reasonably be expected to participate or have an interest, without first disclosing in writing all relevant facts to Ares, offering the opportunity to Ares, and receiving specific authorization from the CCO or designee.

Ares Global Ethics and Compliance Manual – December 2025 – Page 9

Gifts and Entertainment Policy

Ares Management LLC and its related investment advisers (together, "**Ares**" or the "**Firm**") recognize that business gifts and entertainment often promote goodwill and strengthen strategic relationship. However, despite good intentions, these exchanges can create an actual or perceived conflicts of interest while increasing the risk of bribery and corruption. Unethical handling of such activities may cause financial losses, reputational harm, and civil or criminal liability for Ares or the individuals involved.

To identify and mitigate potential conflicts, Ares has adopted this Gifts and Entertainment Policy that guides Covered Persons when providing or accepting anything of value while conducting Ares business. Please contact <u>Compliance</u> with any inquiries.

**Business Entertainment** is any event, including any sporting or social activity, attended by a Business Partner and any Ares Covered Person, in company with each other, that takes place within a business context or that has or could be seen as having a business dimension. This includes travel or lodging related to such event.

**Business Gift** is a gift directly or indirectly given to or received from a Business Partner and any Ares Covered Person that takes place within a business context or that has or could be seen as having a business dimension. For gifts involving any individual with whom there is both a personal and business relationship, please contact a member of Compliance in advance for a determination of whether the gift qualifies as a Business Gift or a personal gift.

**Business Meal** is any event attended by a Business Partner and any Ares Covered Person that takes place within a business context or that has a business dimension, that includes any meal, snacks and/or beverages only.

**Business Partner** is any current or potential Client, Investor, vendor, counterparty, FINRA member or Ares portfolio company – essentially, anyone with whom the Covered Person is conducting or is considering conducting Ares' business.

**Client** refers to Ares' advisory clients, which are comprised of various pooled investment vehicles, including public and private investment funds, single investor funds, co-investment vehicles, joint ventures, CLOs, CDOs and other structured investment vehicles, special purpose vehicles, alternative investment vehicles, feeder vehicles (collectively, "**Funds**"), and other separately managed accounts and institutional clients.

**Covered Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 director or officer including "access persons" as defined under Rule 204(a)-1
 of the Advisers Act and Rule 17(j)-1 under the 1940 Act. Ares employees are generally
 designated Covered Persons effective their first date of employment unless otherwise determined
 by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;· any
 other person who has been designated a Covered Person by the Chief Compliance Officer ()"**CCO** ")
 or designee. Designation as Covered Persons for non-employee consultants and other temporary
 workers are evaluated on a case-by-case basis and at the discretion of the CCO or designee.

**Investor** refers to any current, prospective, or former investor in a Client and any representatives of the same.

**Political Contributions** are any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Contribution
 of anything of value, including money, to a candidate of an applicable local, state or federal
 election, politically active non-profit organization (e.g., 501(c)(4) or 527 entity),
 political action committee ("PAC"), independent-expenditure committee (e.g. a
 "Super PAC"), joint fundraising committee ("JFC"), political party,
 or any other political committee or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Hosting
 fundraising or other events for a political incumbent, candidate, or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Making
 a charitable contribution or soliciting or coordinating a contribution on behalf, or at the
 direction or request of, a political incumbent, candidate or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Non-monetary
 or in-kind contributions such as providing a venue, equipment or personnel in furtherance
 of political activity, volunteering or attending a fundraiser;

&nbsp;&nbsp;&nbsp;&nbsp;· Issuing
 endorsements that will be used in solicitation or other volunteer or fundraising activities;

&nbsp;&nbsp;&nbsp;&nbsp;· Payment
 of debt incurred in connection with an election for federal, state or local office; or

&nbsp;&nbsp;&nbsp;&nbsp;· Anything
 of value including a subscription, loan, advance, or deposit of money made for:

- the purpose of influencing an election or other decision-making function

- payment of debt incurred in connection with an election

- transition or inaugural expenses of a successful candidate of an election

**Public Official** is any of the following or any employee, agent or an intermediary acting on their behalf:

&nbsp;&nbsp;&nbsp;&nbsp;· a
 U.S. public pension fund, or any elected or appointed trustee, fiduciary, or other official
 whose official duties involve responsibility for such fund.

&nbsp;&nbsp;&nbsp;&nbsp;· an
 officer, employee, or agent of a government, quasi-government entity, or public international
 organization.

&nbsp;&nbsp;&nbsp;&nbsp;· an
 officer, employee, or agent of an entity owned or controlled by a government, such as a sovereign
 wealth fund, government-owned bank, state utility, or other state-owned enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;· an
 entity owned by a government, or "other state-owned enterprise" means an entity
 that is both controlled by, and functions as, a government, whether the entity has monopoly
 over the function it carries out, serves the public at large, is viewed as having a governmental
 function and whether the government subsidizes the services provided by the entity.

Ares Global Ethics and Compliance Manual – December 2025 – Page 10

&nbsp;&nbsp;&nbsp;&nbsp;· a
 political party, or any official of the same.

&nbsp;&nbsp;&nbsp;&nbsp;· a
 candidate for political office.

&nbsp;&nbsp;&nbsp;&nbsp;· a
 third party acting on behalf of a government official.

&nbsp;&nbsp;&nbsp;&nbsp;· an
 officer, employee, or agent of an organization that has been designated as a "public
 international organization" under the International Organizations Immunities Act or
 by Executive Order of the President of the United States (e.g., the International Monetary
 Fund). A list of designated "public international organizations" can be found <u>here</u>.

**Security** means any note, share, treasury share, 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, and includes, without limitation: (i) equity securities; (ii) shares of or interests in mutual funds, certain exchange-traded funds (ETFs) and unit investment trusts; (iii) derivative instruments or other structured products; (iv) securities issued in private placements; (v) debt/fixed income securities; and (vi) limited partnership and limited liability company interests.

**Business Gifts, Entertainment and Meals**

Business courtesies including gifts, standard business meals, or occasional social events are permitted if they do not improperly influence the recipient or impair the ability to make ethical business decisions that prioritize Ares Clients. In some jurisdictions, the giving and receiving of such Business Gifts, Entertainment or Meal must also be designed to enhance the quality of Ares' services to Clients.

Solicitation of Business Gifts, Business Entertainment, Business Meals or favors of any kind that might create an actual or perceived conflict of interest or impropriety is strictly prohibited. Ares also prohibits all forms of bribery and corruption. Employees should fully comply with this policy and the <u>Anti-Corruption Policy</u>.

All Business Gifts, Business Entertainment and Business Meals given, regardless of dollar value, should be procured using Ares Corporate Amex where possible, and all expenses should be submitted through Concur in accordance with Ares' <u>Travel & Expense Policy</u>.

**Business Gifts**

A Business Gift may be in various forms including gratuity, reward, service, benefit, favor, discount, or anything else of value directly or indirectly given to or received from a Business Partner. To avoid the appearance of making business decisions based on Business Gift exchange, Ares has adopted the following approval and reporting requirements.

For gifts involving any individual with whom there is both a personal and business relationship, please contact Compliance in advance for a determination of whether this Policy applies.

Covered Persons are prohibited from the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Giving
 or receiving Business Gifts of cash, cash equivalents (e.g., gift cards, gift certificates)
 or Securities

&nbsp;&nbsp;&nbsp;&nbsp;· Giving
 any gifts to anyone employed by a local, state, or federal regulator or self-regulatory organization

**Pre-Clearance of Business Gifts**

The following Business Gifts require pre-clearance clearance from Compliance <u>before</u> such Business Gift can be given:

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Gifts to be  ***given*** of over  ***US$100/UK£100 or local market equivalent in aggregate per calendar year per Business Partner*** .

&nbsp;&nbsp;&nbsp;&nbsp;· Gifts,
 paid sponsorships, contributions (including charitable contributions), or anything of value
 to be  ***given or made*** at the request of, or for the benefit of,  ***any Public Official <u>regardless of value</u>.*** 

The following Business Gifts require approval from Compliance <u>upon receipt</u>:

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Gifts  ***received*** of over  ***US$100/UK£100 or local market equivalent in aggregate per calendar year per Business Partner*** .

All requests should be submitted to the Compliance portal for review and preclearance. Approval is not guaranteed; if denied, a gift may need to be forfeited, returned, or donated to charity. Covered Persons should not open, consume, or use any Business Gift until approval is granted.

**Reporting of Business Gifts**

***All Business Gifts received, regardless of value, should be promptly reported.*** The following Business Gifts are ***exempt from the pre-clearance and reporting requirements*:**

&nbsp;&nbsp;&nbsp;&nbsp;· Ares
 promotional items of nominal value, such as items that display the Ares logo and are worth
 no more than US$100/UK£100 or local market equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;· Items
 commemorating a business transaction, such as paperweights or plaques and are worth no more
 than US$100/UK£100 or local market equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Gifts given to a group when value is no more than US$100/UK£100 or local market equivalent
 per group member.

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Gifts of minimal value, such as pens, notepads, or modest desk ornaments.

**Charitable Contributions**

Covered Person may not make charitable contributions, whether personally or in the name of the Firm, to obtain or retain business or to gain an improper business advantage. Before making any contributions, you should be informed about the organization to avoid actual or perceived conflicts of interest or impropriety.

All charitable contributions must meet the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;· Be
 reasonable in both nature and amount.

&nbsp;&nbsp;&nbsp;&nbsp;· Be
 permissible under all applicable laws and regulations.

Ares Global Ethics and Compliance Manual – December 2025 – Page 11

&nbsp;&nbsp;&nbsp;&nbsp;· Be
 transparent, with no appearance of impropriety or expectation of reciprocal benefit.

**Pre-Clearance of Charitable Contributions**

Charitable contributions, sponsorships, and participation in any fundraiser or charitable event requested by a Business Partner or involving a Public Official requires Compliance pre-clearance before making any contributions or commitments.

While Covered Persons are generally prohibited from leveraging Business Partner relationships for personal purposes, soliciting charitable contributions from Business Partners requires pre-clearance from the Head of the Covered Person's business unit and should not take place during active fundraising. If the solicitation involves a Public Official, Compliance pre-clearance is required.

As a reminder, **Political Contributions made by Covered Persons and family members living in the same household require preclearance.** Please refer to the <u>Political Contributions Policy</u> for additional guidance.

**Discounts**

From time to time, business units may arrange discounts related to a Client's investment or control of a company (e.g., access to portfolio company products or services). Any such discounts must be approved by the Head of the business unit managing the investment or their designee.

Discounts should be limited to Covered Persons; business units may impose additional restrictions (e.g., limiting discounts to a subset of Covered Persons).

The following practices are prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;· Receiving
 or providing discounts that exceed those available to the employees of the company.

&nbsp;&nbsp;&nbsp;&nbsp;· Extending
 portfolio company discounts to Business Partners.

**Business Entertainment and Meals**

Business Entertainment and Business Meals must be reasonable and appropriate to the business context and not so frequent, extravagant, or questionable as to create an appearance of impropriety.

If you are attending an event, a Business Partner must be present at the event for the event to be deemed Business Entertainment. If a Business Partner is not present at the event, the invitation would be deemed a Business Gift and thus subject to the Business Gift monetary limitations, restrictions, and approval or reporting requirements covered in this policy.

Likewise, if Ares is offering event tickets to a Business Partner, an Ares Covered Person must attend the event for the event to be deemed to be Business Entertainment and not a Business Gift. If you are invited to receive Business Entertainment and your invitation extends to personal guest(s) (including, but not limited to, a spouse, domestic partner, or child), this would be considered a Business Gift and subject to the policy requirements.

**Pre-clearance of Business Entertainment and Meals**

The following Business Entertainment and Business Meals require pre-clearance from Compliance, and in some cases, the direct manager, or Head of the Covered Person's business unit <u>before</u> such entertainment or meal can be accepted or given.

&nbsp;&nbsp;&nbsp;&nbsp;· Expenses
 or payments to be incurred on behalf of any  ***Public Official regardless of value.*** 

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Entertainment and Business Meals to be  ***given or received*** and valued over  ***US$500/UK£500 or local market equivalent per person per event.*** 

All requests should be submitted for review and preclearance through the Compliance portal.

If a Covered Person cannot obtain pre-clearance, particularly for the receiving of Business Entertainment or Business Meals, the Covered Person must still report promptly upon receipt of any such Business Entertainment or Business Meal.

**Reporting of Business Entertainment and Meals**

Business Entertainment and Business Meals ***received*** valued over ***US$100/UK£100 or local market equivalent per person per event*** should be promptly reported through the Compliance portal.

Ares Global Ethics and Compliance Manual – December 2025 – Page 12

## Ex-99.B(P)(7)

**Exhibit 99.B(p)(7)**

![](tm262170d1_ex99-bp12img01.jpg)

Benefit Street Partners LLC

October 2025

**Code of Ethics**

Prepared for Professional Investor use only. Not for distribution to Retail Investors.

![](tm262170d1_ex99-bp12img02.jpg)

**Code of Ethics**

October 2025

**Document Content**

1. Definitions 2

1.1. "Automatic
 Investment Plan" 2

1.2. "Cryptocurrency" 2

1.3. "Client" 2

1.4. "Direct or Indirect
 Influence or Control" includes 2

1.5. "Discretionary Account" 3

1.6. "Family/Household"
 includes 3

1.7. "Federal Securities
 Laws" 3

1.8. "Funds" 3

1.9. "Initial Coin Offering" 3

1.10. "Initial Public Offering" 4

1.11. "Personal Account" 4

1.12. "Private Placement
 or Limited Offering" 4

2. Personal Securities
 Transaction Reporting Obligations 4

2.1. Scope and Purpose 4

2.2. Statement of Principles 5

2.3. Accounts and Transactions
 Covered by the Policy 7

2.4. The Pre-Clearance Requirement 7

2.5. Exceptions to the Pre-Clearance
 Requirement 9

2.6. Reporting Requirements 10

2.7. Insider Trading Policies 11

2.8. Administration of the Policy, Waivers and Reporting
 Obligations 11

---

| | |
|:---|:---|
| **Prepared for Professional Investor use only. Not for distribution to Retail Investors.** | ii |

---

**Code of Ethics**

October 2025

The Firm has adopted the policies and procedures (as they may be amended from time to time, the "Policies") set forth in this policies and procedures manual (the "Manual") and implemented a compliance program intended to ensure that all Supervised Persons of the Firm obey the law and conduct themselves ethically.

The Firm, as registered investment advisers with the SEC and as investment managers or sub-advisers to BDCs and/or the Registered Funds, has adopted this code of ethics ("Code of Ethics") as required by Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, respectively, to set forth standards of business conduct that the Firm expects of persons employed by, and working with the Firm and others designated by the Chief Compliance Officer. The Firm, as an investment adviser, has a fiduciary duty to act in the best interest of its Clients. The Firm's reputation for integrity, honesty and openness is essential to its continued business success.

All Firm personnel are required to comply with applicable Federal Securities Laws and report violations of the rules set out in the Code of Ethics promptly to the Compliance Team. The Compliance Team shall provide Supervised Persons with a copy of this Code of Ethics which is contained in the Firm's Manual and any amendments. Supervised Persons are expected to read and understand all requirements and procedures of the Code of Ethics. In fact, upon initial receipt of the Code of Ethics, Supervised Persons will be required to provide a certification acknowledging their receipt of the Code of Ethics and certifying that they have read and understand the Code and agree to abide by its provisions. Upon receipt of any amendments and on an annual basis, all Supervised Persons must acknowledge receipt of the updated Code of Ethics and certify that they continue to abide by the Code's provisions. Such certifications may be provided to Supervised Persons through StarCompliance.

We expect our Supervised Persons to put the interest of Clients first and foremost in their business dealings and day-to-day activities. Each Supervised Person is expected to conduct himself or herself in accordance with such standards at all times, and to deal honestly and fairly with all persons with whom he or she has contact. It is generally improper for the Firm or persons covered by the Code of Ethics to **(i)** use for their own benefit (or the benefit of anyone other than a Client) information about the Firm's trading or investment recommendations for a Client or **(ii)** take advantage of investment opportunities that would otherwise be available for a Client.

If Supervised Persons have any doubt or uncertainty about how to react to a particular circumstance or concern, they should contact the Compliance Team. Please **<u>do not</u>** guess at the answer.

Additionally, Supervised Persons should be aware that the Firm expects all persons covered by the Code of Ethics to comply with the spirit of the Code of Ethics, as well as the specific rules contained in the Code of Ethics. Technical compliance with the requirements set forth in this Code of Ethics and the Manual will not insulate Supervised Persons from scrutiny for any actions that create the appearance of a violation. Supervised Persons should also be aware that violations of either the letter or the spirit of the Policies in this Code of Ethics and the Manual will be treated with the utmost seriousness and may result in penalties being imposed at the discretion of the Firm, including but not limited to cancellation of an offending trade (with any resulting loss charged to the Supervised Person and any profits forfeited to the Firm, a charity or our Clients), imposition of penalties or fines, reduction of a Supervised Person's compensation, a letter of censure or reprimand, referrals to regulatory and self-regulatory bodies, suspension, substantial changes in duties and responsibilities, suspension and dismissal, or any combination of the foregoing. Violations may also result in civil or criminal proceedings and penalties. In addition, the Firm may, in its sole and absolute discretion, suspend or revoke a Supervised Person's personal trading privileges. Supervised Persons may also be placed on paid or unpaid leave pending any investigation into whether these policies and procedures have been violated.

Improper trading activity can constitute a violation of the Code of Ethics. Supervised Persons can also violate the Code of Ethics by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts. Supervised Persons' conduct can violate the Code of Ethics even if neither any Client nor the Firm is harmed by their conduct.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>1</sub>

**Code of Ethics**

October 2025

**1.** **Definitions** 

All capitalized terms used in this Code of Ethics have the meanings set forth in this Code of Ethics and below. Supervised Persons should note that some of these terms (such as "beneficial interest") are sometimes used in other contexts, not related to codes of ethics, where they have different meanings.

**1.1.** **"Automatic Investment Plan"** 

The term "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.

**1.2.** **"Cryptocurrency"** 

The term "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 asset and to verify the transfer of the asset, whether or not such asset is characterized as a security under Federal Securities Laws. Such term includes "crypto assets," "digital assets," "digital currencies," "tokens," "virtual currency," and other decentralized finance assets (i.e., Bitcoin and Ethereum). Indirect interests in Cryptocurrency through cryptocurrency-related entities (e.g., entities deriving a substantial amount of revenue therefrom) or funds investing primarily in cryptocurrency (e.g., private funds or ETFs) are not included in this definition.

**1.3.** **"Client"** 

The term "Client" means any person or entity that the Firm provides investment advisory services to, including the Funds, any BDCs, the REIT, the Registered Funds, and any separately managed accounts.

**1.4.** **"Direct or Indirect Influence or Control" includes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Suggesting
 to anyone that a particular purchase or sale be made for the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Directing
 anyone to make any particular purchase or sale of investments for the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consulting
 with anyone to make any particular allocation of investments to be made in the account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Discussing
 account holdings.

**NOTE:** Discussions about broad asset allocations that would not reasonably be expected to result in the purchase or sale of a particular security and discussions in which a trustee or third-party discretionary manager simply summarizes, describes or explains account activity to an access person would not indicate "direct or indirect influence or control."

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>2</sub>

**Code of Ethics**

October 2025

**1.5.** **"Discretionary Account"** 

The term "Discretionary Account" means any trust or account over which a Supervised Person (or members of their Family/Household) does not exercise any Direct or Indirect Influence or Control, as explained in more detail below.

**1.6.** **"Family/Household" includes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 Supervised Person's spouse or domestic partner (unless they do not live in the same
 household as the Supervised Person and he or she does not contribute in any way to their
 support);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 Supervised Person's children under the age of 18;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 Supervised Person's children who are 18 or older (unless they do not live in the same
 household as the Supervised Person and the Supervised Person do not contribute in any way
 to their support); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 of these people who live in a Supervised Person's household: a Supervised Person's
 step-children, grandchildren, parents, stepparents, grandparents, brothers, sisters, parents-in-law,
 sons-in-law, daughters-in-law, brothers-in-law and sisters-in-law, including adoptive relationships.

**1.7.** **"Federal Securities Laws"** 

The term "Federal Securities Laws" means the Securities Act of 1933, as amended (the "Securities Act"), the Exchange Act, the Sarbanes-Oxley Act of 2002, the Investment Company Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, as amended, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

**1.8.** **"Funds"** 

The term "Fund" means private investment partnerships, investment companies or the foreign investment vehicles advised by the Firm.

**1.9.** **"Initial Coin Offering"** 

The term "Initial Coin Offering" means an offering of a digital asset conducted for the purpose of raising funds for a new venture or project wherein investors obtain interests (in the form of virtual coins or digital tokens) in exchange for legal tender or another established cryptocurrency. The term includes all such offerings, whether or not the venture or project considers the digital asset to be a security.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>3</sub>

**Code of Ethics**

October 2025

**1.10.** **"Initial Public Offering"** 

The term "Initial Public Offering" (or "IPO") 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 Section 13 or 15(d) of the Exchange Act.

**1.11.** **"Personal Account"** 

The term "Personal Account" refers to any account (including any custody account, safekeeping account and any account maintained by an entity that may act as a broker or principal) in which a Supervised Person has any direct or indirect beneficial interest, including personal accounts and trusts for the benefit of such persons. Thus, the term "Personal Accounts" also includes among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Trusts
 for which the Supervised Person acts as trustee, executor or custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Accounts
 of or for the benefit of the Supervised Person's Family/Household; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Accounts
 of or for the benefit of a person who receives material financial support from the Supervised
 Person.

**1.12.** **"Private Placement or Limited Offering"** 

The term "Private Placement or Limited Offering" means an offering of securities that is exempt from registration under the Securities Act pursuant to Sections 4(a)(2) or 4(a)(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

**2.** **Personal Securities Transaction Reporting Obligations** 

**2.1.** **Scope and Purpose** 

These policies and procedures apply to the personal investment activities of all Supervised Persons.

The purpose of this policy is to summarize the values, principles, and business practices that guide the Firm's business conduct and to establish a set of principles and specific requirements to guide Supervised Persons regarding the conduct required of them when managing their personal investments.

These policies, procedures and requirements apply to all Personal Accounts and Discretionary Accounts of each Supervised Person. The Firm requires that the Compliance Team, under the ultimate direction and control of the Chief Compliance Officer, regularly monitor all trading activity in each Supervised Person's Personal Accounts and Discretionary Accounts. The Compliance Team will undertake to conduct the review and monitoring on a strictly confidential and carefully controlled basis (except to the extent disclosure is required under the Advisers Act or other applicable laws or regulations or any court order or other legal process).

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>4</sub>

**Code of Ethics**

October 2025

It is a condition of all Supervised Persons' employment or association with the Firm that they disclose all of their Personal Accounts and Discretionary Accounts to the Firm. This includes Personal Accounts and Discretionary Accounts of a Supervised Person and his/her Family/Household members.

Each Supervised Person must comply with the requirements described herein, including the disclosure and reporting requirements, even if he/she has no holdings, transactions or accounts to list in any reports required under this policy.

Compliance with the Firm's reporting requirements does not relieve any Supervised Person of any of their other obligations under this Code of Ethics, including but not limited to the requirement that they seek pre-clearance of and obtain the approval for all securities transactions in any Personal Accounts of the Supervised Person and his/her Family/Household members, except as set forth in Subsection 5 (Exceptions to the Preclearance Requirement).

**2.2.** **Statement of Principles** 

All Supervised Persons are required to conduct themselves in a lawful, honest, and ethical manner at all times in their business practices and to maintain an environment that fosters fairness, respect, and integrity.

The interests of the Firm's Clients at all times are and must be treated as paramount, and must always have priority over the personal interests of any Supervised Person.

Information concerning the securities<sup>1</sup>, holdings, operations, financial circumstances, and business activities of the Firm's Clients, as well as the identity of certain Clients, is confidential and Supervised Persons are required to safeguard this information.

The personal investment activities of Supervised Persons must be conducted in a manner **(i)** to avoid actual or potential conflicts of interest with the Firm and the Firm's Clients, **(ii)** to at all times be in full compliance will all applicable laws, rules and regulations, and **(iii)** to at all times avoid exposing such Supervised Persons, the Firm, or the Firm's Clients to any reputational risk, appearance of impropriety, unwanted attention, or any other adverse consequences.

The Firm recognizes the importance to Supervised Persons of managing their own financial resources. However, because of the potential conflicts of interest inherent in its business, the Firm has implemented this policy with regard to personal investments of Supervised Persons. This policy is designed to minimize these conflicts and help ensure that the Firm at all times focuses on and fully performs its duties as a fiduciary to its Clients.

<sup>1</sup> For purposes of this Policy, the term "securities" is broadly interpreted and construed by the Firm, and includes but is not limited to debt instruments such as loans, derivative securities and instruments such as futures, options and swaps, and all other assets in which the Firm invests on behalf of its Clients.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>5</sub>

**Code of Ethics**

October 2025

To the extent a Supervised Person learns of an investment opportunity, directly or indirectly, because of his or her position with the Firm, the Supervised Person must always give complete priority and preference to the interests of the Clients, and generally must refrain from pursuing such investment opportunity in any Personal Accounts.

Transactions in a security may not be executed in any Personal Accounts regardless of quantity, if the Supervised Person has access to information regarding, or knowledge or even a presumed knowledge of, Client activity in such security, including proposed activity and recommendations.

Supervised Persons should be aware that their ability to invest in certain securities and to liquidate all or any portion of those positions may be severely restricted under this policy, including but not limited to during times of market volatility. Therefore, as a general matter, the Firm encourages Supervised Persons to exercise caution when investing in securities, particularly in situations where a Supervised Person wishes to invest in securities likely to be held by the Clients in the future or with respect to which the Firm or any Client may have a business or other relationship. Supervised Persons are generally prohibited from purchasing any security held by a Client and, in the event a Client purchases a security held by a Supervised Person, the Supervised Person shall be prohibited from purchasing more of such security; however, such Supervised Person may sell his or her position in such security during such time that any Client holds the security; provided, that such Supervised Person has received approval of his/her pre-clearance request to sell such security and such security is sold in its entirety at such time.

The Firm does not mandate any specific holding period for securities in Supervised Person's Personal Accounts and Discretionary Accounts. Notwithstanding the foregoing, the Firm does not permit Supervised Persons to engage in a pattern of securities transactions that is so excessively frequent that it would potentially impact the Supervised Person's ability to carry out their assigned duties and responsibilities for the Firm and its Clients, that it would increase the possibility of potential conflicts, that would create an appearance of impropriety, or otherwise would violate any Firm policy, including, but not limited to, this policy.

The Firm does not permit Supervised Persons to engage in transactions prohibited by Franklin Templeton's policies and procedures, including but not limited to engaging in transactions in securities subject to blackout periods thereunder.

Supervised Persons generally are prohibited from engaging or participating in any activity that has the potential to cause harm to a Client. Examples of prohibited activities include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Making
 investment decisions, changes in research or ratings, and trading decisions other than exclusively
 for the benefit of, and in the best interest of, the Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Taking,
 delaying, or omitting to take any action with respect to any research recommendation, report
 or rating, or any investment or trading decision for a Client in order to avoid economic
 injury to themselves or anyone other than the Client;

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>6</sub>

**Code of Ethics**

October 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchasing
 or selling a security on the basis of knowledge of a possible transaction by or for a Client
 with the intent of personally profiting from, or avoiding a loss with respect to, personal
 holdings in the same or related securities, including but not limited to, front-running a
 Client, trading ahead of a Client, trading parallel to a Client, or trading opposite of or
 against the interests of a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Revealing
 to any other person (except in the normal course of the Supervised Person's duties
 on behalf of the Firm) any information regarding securities transactions by the Firm or any
 Client or the consideration by the Firm or any Client of any such securities transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engaging
 in any act, practice, or course of business that operates or would operate as a fraud or
 deceit on the Firm, any Client, or any third-party or engaging in any manipulative practice
 with respect to the Firm, any Client, or any third-party.

Engaging in any act, practice, or course of business that operates or would operate as a fraud or deceit on the Firm, any Client, or any third-party or engaging in any manipulative practice with respect to the Firm, any Client, or any third-party.

**2.3.** **Accounts and Transactions Covered by the Policy** 

This policy covers both Personal Accounts and Discretionary Accounts and, therefore, includes accounts and transactions in which Supervised Persons have or share investment control and/or in which Supervised Persons have direct or indirect pecuniary interests or economic ownership or interests. Generally, a pecuniary interest means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction. Supervised Persons are presumed to have a pecuniary interest in securities held by members of their Family/Household. This includes Personal Accounts that do not trade in the securities covered by these policies and procedures.

**2.4.** **The Pre-Clearance Requirement** 

Supervised Persons must obtain pre-clearance from the Compliance Team through StarCompliance before buying or selling any security in his/her Personal Account or the Personal Accounts of his/her Family/Household members, except as set forth in Subsection 5 (Exceptions to the Preclearance Requirement) below.

Prior to requesting pre-clearance for a securities transaction, Supervised Persons must attest to the following in the Star Compliance system:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· They
 have read and they understand this policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· They
 are not in possession of non-public information (whether or not material) regarding the security
 or instrument for which they are submitting the pre-clearance request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 their best knowledge, neither the Firm nor any of its affiliates are in possession of non-public
 information (whether or not material) regarding the security or instrument for which they
 are submitting the pre-clearance request;

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>7</sub>

**Code of Ethics**

October 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· They
 are not aware of any current or pending transaction by any Client in the security or instrument
 for which they are submitting the pre-clearance request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· They
 are not considering the purchase, sale, or recommendation of the security or instrument for
 which they are submitting the pre-clearance request for any Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If
 their pre-clearance request is denied, they will not execute any transaction in the security
 or instrument (unless approved in writing pursuant to a subsequent preclearance request).

Approved pre-clearance requests through StarCompliance are valid for only for the remainder of the trading day on the day which they are granted and only for the specific security for which they are granted. The end of the trading day is considered to be the end of the first trading day after approval is granted in the relevant market or on the relevant trading exchange in the local time zone where the Supervised Person is located.

For example, if a Supervised Person wishes to effect another transaction in the same security on the next business day after the Compliance Team's grant of approval of the preclearance request, or a different security of the same issuer on the same business day of the Compliance Team's grant of approval of the pre-clearance request, the Supervised Person must again seek and receive approval from the Compliance Team via a new pre-clearance request through StarCompliance prior to engaging in the subsequent transaction.

It should never be assumed that the Compliance Team will approve a transaction. Further, it should not be expected that the Compliance Team will explain a denial of a pre-clearance request.

For the avoidance of doubt, this pre-clearance requirement applies to <u>all securities</u> (other than Exempt Securities), including but not limited to securities issued by Franklin Templeton and its affiliates, including the Firm, as well as securities issued by entities managed by Franklin Templeton (or its affiliates) and/or issued by entities managed by the Firm (and/or its affiliates), respectively – such as, by way of illustration, all private funds, investment companies, REITS, BDCs and other pooled investment vehicles.

While pre-clearance of Supervised Persons' transactions is a cornerstone of the Firm's compliance efforts, pre-clearance cannot detect all inappropriate or potentially improper transactions, including those transactions where the intent conflicts with the principles of this policy. Thus, the fact that a Supervised Person may receive pre-clearance for proposed transaction received will not constitute a defense against a charge of violating this policy or any applicable securities laws, rules, or regulations.

In order to protect the interests of the Firm and its Clients, all Supervised Persons are reminded to at all times use sound judgment and care to avoid not only a violation of the terms of this policy, but also to at all times avoid any conduct that would create even the appearance of impropriety or even the appearance of a violation of the terms of this policy.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>8</sub>

**Code of Ethics**

October 2025

**2.5.** **Exceptions to the Pre-Clearance Requirement** 

**Transactions in Exempt Securities**

Transactions in the following securities are exempt from the pre-clearance requirement set forth above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cryptocurrencies,
 provided that Supervised Persons may not enter into transactions for Cryptocurrencies offered
 through an Initial Coin Offering without pre-clearance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct
 obligations of the government of the United States or any political subdivision thereof (i.e.,
 treasury bills, treasury bonds, municipal bonds, and other similar instruments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bankers'
 acceptances, bank certificates of deposit, commercial paper, and high-quality short-term
 debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares
 issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares
 issued by United States registered open-end funds (i.e., open-end mutual funds and exchange
 traded funds (ETFs)) that are broad-based index or similar funds; provided that such funds
 are not Clients of the Firm or an affiliate of the Firm and such fund's investment
 adviser and/or principal underwriter is not controlled or under common with the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares
 issued by unit investment trusts that are invested exclusively in one or more open-end funds
 that are broad-based index or similar funds); provided that such funds are not Clients of
 the Firm or an affiliate of the Firm and such fund's investment adviser and/or principal
 underwriter is not controlled or under common with the Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interests
 in certain qualified tuition programs established pursuant to Section 529 of the of
 the Internal Revenue Code of 1986, as amended.

**Certain Transactions Directed by Independent, Professional Third-Parties in Discretionary Accounts**

Transactions in Discretionary Accounts are exempt from the pre-clearance requirement set forth above, provided they are approved by the Firm, reported to the Firm, and managed by an independent, professional third-party in accordance with this policy.

To be exempt from the pre-clearance requirement, the Discretionary Account must be managed in accordance with the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Neither
 the Supervised Person nor any members of such Supervised Person's Family/Household
 may have any direct or indirect influence or control of the Discretionary Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Such
 Discretionary Account must be managed by an independent (i.e., no familial or personal relationship
 to the Supervised Person and no affiliation with the Firm) professional third-party investment
 manager or investment adviser without the advance knowledge, input, or consent of the account
 holder.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>9</sub>

**Code of Ethics**

October 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Such
 Discretionary Account must be restricted from purchasing Initial Public Offerings, Initial
 Coin Offerings, and Limited Offerings, either in the agreement governing the Discretionary
 Account or a separate certification of the investment manager or investment adviser.

Notwithstanding the foregoing, a Supervised Person (or any members of such Supervised Person's Family/Household) may discuss general policy matters with his or her Discretionary Account manager such as, for example, such person's tolerance for investment risk, overall defensive or aggressive postures, asset allocation by broad categories, tax matters such as tolerance for gains and losses, and cash disbursement requirements for taxes or otherwise. A Discretionary Account manager may not consult with a Supervised Person (or any members of such Supervised Person's Family/Household), and such person may not provide instructions to his or her Discretionary Account manager, with respect to any specific buy, sell, or hold decisions at any time. Such impermissible instructions include suggesting purchases or sales of investments to the Discretionary Account manager, directing purchases or sales of investments by the Discretionary Account manager, or consulting with the Discretionary Account manager as to the particular allocation of investments to be made in the account.

If a Supervised Person (or any members of such Supervised Person's Family/Household) has a Discretionary Account, such Supervised Person must complete the Discretionary Account Certification, available through StarCompliance, no later than thirty (30) calendar days after such Supervised Person joins the Firm and annually thereafter. If a Supervised Person (or any members of such Supervised Person's Family/Household) opens a Discretionary Account after such Supervised Person joins the Firm, such Supervised Person must complete the Discretionary Account Certification no later than thirty (30) calendar days after such Discretionary Account is opened. In addition, such Supervised Person must provide the Compliance Team with a copy of the agreement governing the Discretionary Account and obtain or facilitate the Firm's obtaining of a certification from such Discretionary Account's third-party manager.

Unless otherwise waived by the Chief Compliance Officer, until the requirements set forth in this section are complied with by a Supervised Person with regards to any of his or her accounts, such accounts will not be treated as Discretionary Accounts and will instead be treated as Personal Accounts.

**2.6.** **Reporting Requirements** 

All Supervised Persons must complete the required initial certification through StarCompliance no later than ten (10) calendar days after the date the person is notified by the Compliance Team of the requirement to do so. In addition, no later than thirty (30) calendar days after the end of each calendar quarter and each calendar year-end, all Supervised Persons must report all transactions in securities covered by this policy in StarCompliance.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>10</sub>

**Code of Ethics**

October 2025

**2.7.** **Insider Trading Policies** 

Insider trading, or trading while in possession of material non-public information, is against the law and penalties are severe, both for individuals involved in such unlawful conduct and their employers. The penalties include, but are not limited to, civil and/or criminal liability, and can result in not only irrevocable damage to a Supervised Person's career, but also, in extreme cases, substantial fines and/or imprisonment. No Supervised Person may affect any transactions, either personally or on behalf of a Client, while in possession of material non-public information with respect to that transaction, or in any way communicate material non-public information to any person outside of the Firm unless expressly authorized to do so by the Compliance Team. For additional information, refer to Section XIV (Policy on Confidential and Other Non-Public Information and Personal Securities Transactions). In addition to this policy, Supervised Persons are required at all times to abide by the applicable policies and procedures prescribed in the

Code of Ethics, the policies contained in the Firm's employee handbooks (as applicable), and various other policies adopted by the Firm from time to time with respect to the use and treatment of material non-public information.

**2.8.** **Administration of the Policy, Waivers and Reporting Obligations** 

Questions regarding this policy and its requirements should be directed to the Compliance Team. Administration of this policy is the responsibility of the Compliance Team, under the ultimate direction and control of the Chief Compliance Officer. As noted herein, the Firm uses StarCompliance, a third-party compliance service provider, to manage the oversight of personal investments.

A Supervised Person that violates this policy will be sanctioned in a manner that the Firm, in its sole discretion, determines to be appropriate. Such sanctions can range from warnings to disgorgement of trading profits to personal trading suspensions, and even the termination of employment of Supervised Persons and the reporting by the Firm of improper conduct to law enforcement and regulatory authorities.

The Chief Compliance Officer may, in his or her discretion, waive compliance by any Supervised Person with the provisions of this policy, if he or she finds that such a waiver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is
 necessary to alleviate undue hardship or in view of unforeseen circumstances or is otherwise
 appropriate under all the relevant facts and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· will
 not be inconsistent with the purposes and objectives of this policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· will
 not adversely affect the interests of the Clients or the interests of Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· will
 not result in a transaction or conduct that would violate provisions of applicable laws or
 regulations.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>11</sub>

**Code of Ethics**

October 2025

Any such waiver can only be provided in writing by the Chief Compliance Officer (or his or her designee for such purpose).

Supervised Persons are required to report violations of this policy, whether by themselves or by others, to the Compliance Team. The Firm is dedicated to providing Supervised Persons with the means and opportunity to report violations of this policy, or any other instances of wrongdoing, or any other concerns Supervised Persons may have regarding this policy or any other Firm matter. The Firm does not allow retaliation against any Supervised Person who has reported a possible or actual violation of this policy in good faith.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>12</sub>

![](tm262170d1_ex99-bp12img01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**London** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Boston** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**West Palm Beach** |
| One Madison Avenue | Cannon Place | 100 Federal Street | 360 South Rosemary Avenue |
| Suite 1600 | 78 Cannon Street | 22<sup>nd</sup> Floor | Suite 1510 |
| New York | London | Boston | West Palm Beach |
| NY 10010 | EC4N 6HL | MA 02110 | FL 33401 |
| USA | UK | USA | USA |

---

---

| | |
|:---|:---|
| www.benefitstreetpartners.com<br> www.alcentra.com | ![](tm262170d1_ex99-bp12img02.jpg) |

---

## Ex-99.B(P)(8)

**Exhibit 99.B(p)(8)**

![](tm262170d1_ex99-bp14img01.jpg)

**Blackstone Inc.**

Code of Business

Conduct and Ethics

**JANUARY 2025**

**Table of Contents**

---

| | |
|:---|:---|
| **A Message from Stephen A. Schwarzman** | **1** |
| **Employee and Reporting Hotline** | **4** |
| **Waivers of the Code** | **5** |
| **Respect at Blackstone** | **5** |
| **Confidential Information** | **5** |
| **Conflicts of Interest** | **7** |
| **Family Members and Close Personal Relationships** | **7** |
| **Outside Employment / Directorships** | **8** |
| **Consultants and Agents** | **8** |
| **Other Situations** | **8** |
| **Corporate Opportunities** | **8** |
| **Protection and Proper Use of Firm Assets** | **8** |
| **Fair Dealing** | **9** |
| **Relationships with Suppliers** | **9** |
| **Compliance with Laws** | **9** |
| **Governmental Filings and Responding to Governmental and Regulatory Requests** | **9** |
| **Insider Trading** | **10** |
| **Document Retention** | **10** |
| **Taxes** | **11** |
| **Maliciously False, Defamatory, or Other Unlawful Remarks** | **11** |
| **Doing Business Internationally** | **11** |
| **Foreign Corrupt Practices Act / UK Bribery Act** | **12** |
| **Disclaimer** | **12** |

---

Blackstone Inc. Blackstone \| i

**CODE OF BUSINESS CONDUCT AND ETHICS**

**A Message from Stephen A. Schwarzman**

All of us have every reason to be proud of Blackstone's high standards. The Firm is committed to preserving its reputation for excellence and integrity in everything we do. Our reputation today is a tribute to all of you and the manner in which you conduct the Firm's business, and for that we want to thank you wholeheartedly.

It has taken the Firm since 1985 to build that reputation, but we should be fully aware that reputations can be destroyed in a fraction of that time by one brief shortcoming.

None of you can be unaware of the trials and tribulations that have beset Wall Street. More than a few of these problems have arisen because of poor ethical judgments or simply a lack of appropriate standards.

To ensure that everyone fully understands the Firm's approach and the standards by which we measure ourselves, the enclosed comprehensive Code of Business Conduct and Ethics has been prepared to help guide you in your decision-making.

It is imperative that you read and abide by these standards so that we can continue to be a successful and admired organization in the years ahead.

Thank you again for your diligence and cooperation in helping Blackstone maintain its stellar reputation.

![](tm262170d1_ex99-bp14img02.jpg)

**Stephen A. Schwarzman**

Chairman and Chief Executive Officer

Blackstone Inc. Blackstone \| 1

**CODE OF BUSINESS CONDUCT AND ETHICS**

Integrity, honesty and sound judgment are fundamental to the reputation and success of Blackstone Inc. and its respective subsidiaries and affiliates (collectively, "Blackstone" or the "Firm"). The policies outlined in this Code of Business Conduct and Ethics (the "Code") apply to Blackstone employees and senior managing directors, all of whom the Legal and Compliance Department ("LCD") deems to be "supervised persons" within the meaning of Section 202(a)(25) of the Advisers Act, as well as certain individuals whom the LCD also deems to be "supervised persons" within the meaning of Section 202(a)(25) of the Advisers Act, (collectively for the purposes of this Code, "Employees"), as well as Blackstone directors and officers. Some provisions of this Code, where noted, will apply to (i) the Employee's spouse / domestic partner; (ii) a child of the Employee or of the Employee's spouse / domestic partner, provided that the child resides in the same household as or is financially dependent upon the Employee; and (iii) relatives over whose account the Employee has control (the Employee's "Family").

This Code is designed to ensure that all Blackstone directors, officers and Employees not only conduct themselves lawfully at all times, but also maintain the highest ethical standards in every aspect of their dealings with other Employees, the business community, clients, suppliers and government authorities.

The Firm is committed to providing equal employment opportunities to all Employees and applicants for employment without regard to race, color, religion, creed, gender, sex, pregnancy, sexual orientation, self-identified or perceived sex, gender identity or expression, the status of being transgender, national origin or ancestry, ethnicity, alienage or citizenship status, age, disability, marital, familial, or partnership status, military or veteran status, predisposing genetic characteristics, status as a victim of domestic violence, sex offense, stalking, arrest or conviction record, caregiver status, credit history, unemployment status, uniformed service, or any other class or status protected by law in accordance with applicable federal, state and local laws. This policy applies to all terms and conditions of employment, including but not limited to hiring, placement, promotion, termination, transfer, leave of absence, compensation and training. In addition, Blackstone prohibits any discriminatory conduct of its agents and non-Employees who have contact with Employees during working hours or at work-related events.

No Employee should be misguided by any sense of false loyalty to the Firm or a desire for profitability that might cause him or her to disobey any applicable law or Firm policy or act in any way contrary to the Firm's fiduciary duty to its clients. Violation of Firm policy will constitute grounds for disciplinary action, including, when appropriate, termination of service.

The Firm believes our people are our most important resource. We seek to hire the brightest and most talented and empower them to be better.

Management seeks to (1) foster a stimulating culture where there is a commitment to excellence; (2) promote and reward our personnel for their contributions and achievements; and (3) promote an ethical environment and a sense of mutual trust and shared responsibility.

The material contained in this Code, the Firm's Global Compliance Policies Manual (together with the related supplements, the "Manual") and the Firm's Code of Ethics, as well as other materials, serve as a guide for Employees when faced with legal or ethical questions. This Code, the Manual and the Code of Ethics are not all-inclusive, and the Firm expects Employees to use their own judgment at all times to follow the high ethical standards to which the Firm is committed.

Blackstone Inc. Blackstone \| 2

**CODE OF BUSINESS CONDUCT AND ETHICS**

The Firm takes this Code very seriously. All Employees must follow the ethical standards set forth in this Code and are obligated to report, in a timely fashion, any possible violations of this Code, law or of our ethical standards that they may witness or have a reasonable basis to believe exist.

Reporting in good faith possible ethical violations by others will not subject you to reprisal. An Employee retaliating or punishing another Employee for reporting suspected unethical or illegal conduct or any questionable situation may be subject to disciplinary action, up to and including termination, and may be acting in violation of the law. As discussed below, all reports and inquiries will be handled confidentially to the greatest extent possible under the circumstances. It is the responsibility of Employees to read carefully and understand this Code, but we do not expect this Code to answer every possible question an Employee may have in the course of conducting business. To this end, Employees should keep in mind the following steps as they consider a particular problem or concern:

▪ **Always ask first, act later.** If you are unsure of what to do in any situation, seek guidance
 before you act.

▪ **Make sure you have all the facts.** In order to reach the right solutions, we must be as fully
 informed as possible.

▪ **Ask yourself: What specifically am I being asked to do?** Does it seem unethical or improper?
 This will enable you to focus on the specific question you are faced with, and the alternatives
 you have. Use your judgment and common sense; if something seems unethical or improper, it
 probably is.

▪ **Clarify your responsibility and role.** In most situations, there is shared responsibility. Are
 your colleagues informed? It may help to get others involved and discuss the problem.

▪ **Discuss the problem with your supervisor.** This is the basic guidance for all situations. In many
 cases, your supervisor will be more knowledgeable about the question, and will appreciate
 being brought into the decision-making process. Remember that it is your supervisor's
 responsibility to help solve problems.

▪ **Seek help from individuals other than your supervisor.** In situations where it may not be appropriate
 to discuss an issue with your supervisor, or where you do not feel comfortable approaching
 your supervisor with your question, consider discussing the issue with someone from the Human
 Resources department. If the issue relates to a specific Securities and Exchange Commission
 ("SEC"), Financial Industry Regulatory Authority ("FINRA") or Investment
 Advisers Act of 1940 (as amended) matter, consider discussing the issue with the LCD. In
 the case of accounting, internal accounting controls or auditing matters, consider discussing
 the issue with the Chief Financial Officer or the audit committee of the board of directors.
 Interested parties may also communicate directly with the Firm's non-management directors
 through contact information located in the Firm's Annual Report on Form 10-K.

Blackstone Inc. Blackstone \| 3

**CODE OF BUSINESS CONDUCT AND ETHICS**

If Employees are concerned about an ethical situation or are not sure whether specific conduct meets the Firm's standards of conduct, Employees are responsible for asking their supervisors or managers, the Chief Legal Officer ("CLO") or any other representative of the LCD, or the Human Resources Department any questions that they may feel are necessary to understand the Firm's expectations of them.

If you believe you or another Employee may have violated this Code, the law or our ethical standards, it is your responsibility to immediately report the violation to your supervisor or manager, a representative of the LCD or the Human Resources Department, or, to the extent permitted by applicable law, the Employee and Reporting Hotline or website described below. Similarly, if you are a supervisor or manager and you have received information from an Employee concerning activity that they believe may violate this Code or that you believe may violate this Code, you should report the matter to a representative of the LCD or the Human Resources Department, the Audit Committee or the Employee and Reporting Hotline or website described below.

Employees who fail to comply (either in letter or spirit) with these policies, including supervisors or managers who fail to detect or report wrongdoing, may be subject to disciplinary action, up to and including termination of employment. The following are examples of conduct that may result in discipline:

▪ Actions
 that violate a Firm policy;

▪ Requesting
 others to violate a Firm policy;

▪ Failure
 to promptly disclose a known or suspected violation of a Firm policy;

▪ Failure
 to cooperate in Firm investigations of possible violations of a Firm policy;

▪ Retaliation
 against another Employee for reporting a good faith integrity concern; and

▪ Failure
 to demonstrate the leadership and diligence needed to ensure compliance with Firm policies
 and applicable law.

It is important to understand that a violation of certain of these policies may subject the Firm and the individual Employee to civil liability and damages, regulatory sanction and/or criminal prosecution.

**Employee and Reporting Hotline**

Employees interested in communicating a concern anonymously may call the Employee and Reporting Hotline toll-free, 24 hours a day from any country in which Blackstone has an office. The hotline is hosted by a third-party provider, EthicsPoint (also known as NAVEX Global). In the US, the hotline can be reached by dialing 1-855-657-8027. Callers from outside the US can find country-specific dialing instructions at <u>www.blackstone.ethicspoint.com</u> by choosing the relevant location from the drop-down menu. Employees may also submit a report online at <u>www.blackstone.ethicspoint.com</u>.

Blackstone Inc. Blackstone \| 4

**CODE OF BUSINESS CONDUCT AND ETHICS**

At no time will the Employee Hotline utilize "Caller ID" technologies to identify an Employee who wishes to remain anonymous. In order to facilitate positive action in response to Employees' concerns, callers may give their names and work locations. Callers from the European Economic Area are encouraged to give their names and work locations.

All reports and inquiries will be handled confidentially to the maximum extent practicable under the circumstances. As mentioned above, no Employee will be subject to retaliation or punishment for good faith reporting of suspected violations of law or of our ethical standards by another Employee or for coming forward to alert the Firm of any questionable situation. Furthermore, any person who participates in retaliation against such Employee will be subject to disciplinary action, up to and including termination of employment.

**Waivers of the Code**

Any waiver of any provision of this Code for executive officers or directors of Blackstone Inc. must be approved by the board of directors or a committee of the board of directors of Blackstone Inc. and will be promptly disclosed as required by applicable securities law and/or stock exchange rules.

**Respect at Blackstone**

When Steve Schwarzman and Pete Peterson formed the Firm in 1985, their aim was to build a group of related businesses, to attract the very best people and to provide an environment in which we could grow to become among the leaders in our respective business areas. That has meant fostering an environment in which there was and is freedom of expression, constant interaction, attentive listening and consideration to personal and business issues at all levels.

All personnel should treat everyone, including fellow Employees, clients, vendors and guests, with respect and dignity. We are all individually responsible for creating and maintaining a work environment that is built on these values.

**Confidential Information**

The Firm regularly comes into possession of Confidential Information (as that term is defined below) in the course of the Firm's business. The Firm is strongly committed to protecting Confidential Information, whether entrusted to the Firm by an actual or prospective client, investor or portfolio company, generated within the Firm or obtained from some other source. The Firm is also strongly committed to avoiding the misuse, or the appearance of misuse, of such information, whether in connection with the trading of securities or otherwise.

During the course of employment by or association with Blackstone, Employees may learn of or have access to information concerning the (i) business, (ii) affairs, (iii) operations, (iv) strategies, (v) policies, (vi) procedures, (vii) organizational and personnel matters related to any present or former Employee of Blackstone, including compensation and investment arrangements, (viii) terms of agreements, (ix) financial structure, (x) financial position, financial results or other financial affairs, (xi) actual or proposed transactions or investments, (xii) investment results, (xiii) existing or prospective clients or investors, (xiv) computer programs or (xv) other confidential information related to the business of Blackstone or to its affiliates, actual or prospective portfolio companies or other third parties. Such information may have been or may be provided in written or electronic form or orally or otherwise accessed via a data room portal such as Intralinks. All of such information, from whatever source learned or obtained and regardless of Blackstone's connection to the information, is "Confidential Information."

Blackstone Inc. Blackstone \| 5

**CODE OF BUSINESS CONDUCT AND ETHICS**

Without limiting the foregoing, Confidential Information includes any information, whether public or not, which (i) represents, or is aggregated in such a way as to represent, or purport to represent, all or any portion of the financial or investment results of, or any other information about the investment "track record" of, (a) Blackstone (b) a business group of Blackstone, (c) one or more funds managed by affiliates of Blackstone, affiliates managing such funds or portfolio companies of such funds, or (d) any individual or group of individuals during their time at Blackstone, or (ii) describes an individual's role in achieving or contributing to any such investment results.

Confidential Information does not include information that has been made generally available to the public, but information that when viewed in isolation may be publicly known or can be accessed by a member of the public will still constitute Confidential Information for these purposes if such information has become proprietary to Blackstone through Blackstone's aggregation or interpretation of such information.

The need to exercise care in the handling and use of Confidential Information must be of constant concern to all Employees. If an Employee has any question as to the meaning of, or whether a particular action would violate, any of the policies or procedures set forth in this Code, they should promptly contact the LCD and, in any event, always do so before undertaking any such action.

Because all of its Confidential Information constitutes a valuable asset of Blackstone and/or Blackstone's clients, without the prior written consent of Blackstone (which may be given or withheld in Blackstone's sole discretion) or Blackstone's clients, as applicable, no Employee of Blackstone or any of its affiliates may, while they are employed by or associated with Blackstone or at any time thereafter, (a) disclose any Confidential Information to any person except at the direction of Blackstone or its clients, as applicable, (b) make any other use of any Confidential Information except in the business of Blackstone and in a manner which at all times is intended to serve the interests of Blackstone or its clients, or (c) disclose any information (whether or not Confidential Information) concerning Blackstone or its affiliates or its present or former Employees, clients or investors to any reporter, author or similar person or entity or take any other action likely to result in such information being made available to the public in any form, including books, articles or writings of any other kind, film, videotape, electronic means of communication or any other medium, except in compliance with Blackstone policy.

Any Firm personnel who fail to comply, either in letter or spirit, with these important policies may be subject to disciplinary action, up to and including termination of employment. The Firm may pursue appropriate legal action against present or former Employees or members to enforce these policies.

In addition to complying with the important policies set forth above, Employees and members are required to execute a confidentiality agreement prior to the commencement of employment and familiarize themselves with and acknowledge that agreement by their signature, as well as adhere to the policies and procedures set forth in the Manual and the Firm's Investment Adviser Compliance Policies and Procedures. The latter documents contain important additional policies and procedures concerning Confidential Information and related matters.

Blackstone Inc. Blackstone \| 6

**CODE OF BUSINESS CONDUCT AND ETHICS**

Notwithstanding any confidentiality or non-disclosure agreement (whether in writing or otherwise, including without limitation as part of an employment agreement, separation agreement or similar employment or compensation arrangement) applicable to current or former Employees, the Firm does not restrict any current or former Employee from reporting, communicating, cooperating, or filing a complaint on possible violations of federal, state or local law or regulation to or with any governmental agency or regulatory authority (collectively, a "Governmental Entity"), including, but not limited to, the SEC, FINRA, Equal Employment Opportunity Commission or National Labor Relations Board, or from making other disclosures to any Governmental Entity that are protected under the whistleblower provisions of federal, state or local law or regulation, provided that in each case such communications and disclosures are consistent with applicable law. Moreover, Employees do not need to give prior notice to (or get prior authorization from) Blackstone regarding any such communication or disclosure. In addition, the Firm does not restrict Employees from discussing, disclosing or inquiring about wages to the extent consistent with applicable pay equity laws, or from engaging in activity protected by the National Labor Relations Act; for example, non-managerial and non-supervisory Employee discussions regarding their terms and conditions of employment.

**Conflicts of Interest**

A conflict of interest occurs when an individual's private interest interferes, or even appears to interfere, with the interests of the Firm as a whole. A conflict of interest may arise when an Employee takes actions or has interests that may make it difficult to perform their work objectively and effectively. Conflicts of interest also arise when an Employee, officer or director, or a member of their family, receives improper personal benefits as a result of their position in the Firm. Loans to, or guarantees of obligations of, such persons are of special concern.

Employees may not have outside interests that conflict or appear to conflict with their ability to make business decisions in their work at Blackstone that are consistent with their fiduciary duties to the Firm's clients. Employees must not be influenced by a personal interest that may result from other individual or business concerns. Conflicts of interest are to be scrupulously avoided and, if unavoidable, must be disclosed to the LCD at the earliest opportunity. If you have any uncertainty about whether your actions or relationships present a conflict of interest, contact the LCD for guidance.

**Family Members and Close Personal Relationships**

Conflicts of interest may arise when doing business with organizations in which Employees' family members have an ownership or employment interest. Family members include spouses, parents, children, siblings and in-laws.

Employees may not conduct business on behalf of the Firm and may not use their influence to get the Firm to do business with family members or an organization with which an Employee or an Employee's family member is associated unless specific written approval has been granted in advance by the Chairman and Chief Executive Officer or the CLO.

Blackstone Inc. Blackstone \| 7

**CODE OF BUSINESS CONDUCT AND ETHICS**

**Outside Employment / Directorships**

All Employees are expected to devote their best efforts to their job at all times. Employees may not maintain outside employment activities that compromise job performance or that may present a conflict of interest. All outside business activities are subject to the prior approval of the Firm's LCD.

**Consultants and Agents**

Whenever it becomes necessary to engage the services of an individual or firm to consult for or represent the Firm, special care must be taken to ensure that no conflicts of interest exist between the Firm and the person or firm to be retained. Employees must also ensure that outside consultants and agents of the Firm are reputable and qualified. Agreements with consultants or agents should be in writing and should be approved by the CLO.

**Other Situations**

Because other conflicts of interest may arise, it would be impractical to attempt to list all possible situations. Any Employee, officer or director who becomes aware of a conflict of interest or a potential conflict of interest should bring it to the attention of a supervisor, manager or other appropriate personnel, the LCD or the CLO.

**Corporate Opportunities**

It is the Firm's policy that Employees, officers and directors may not take opportunities for themselves that are discovered through the use of Firm property, information or position, or use Firm property, information or position for personal gain. Furthermore, Employees may not compete with the Firm directly or indirectly. Employees, officers and directors have a duty to the Firm to advance its legitimate interests when the opportunity to do so arises.

**Protection and Proper Use of Firm Assets**

Theft, carelessness and waste have a direct impact on the Firm's profitability. Employees, officers and directors have a duty to safeguard Firm assets and ensure their efficient use. Firm assets should be used only for legitimate business purposes and Employees and directors should take measures to ensure against their theft, damage, or misuse.

Firm assets include intellectual property such as trademarks, business and marketing plans, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information is a violation of Firm policy.

Blackstone Inc. Blackstone \| 8

**CODE OF BUSINESS CONDUCT AND ETHICS**

**Fair Dealing**

Each Employee, officer and director shall endeavor to deal fairly with the Firm's clients, equity holders, competitors, suppliers and Employees. No Employee or director shall take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair practice.

No bribes, kickbacks or other similar payments in any form shall be made directly or indirectly to or for anyone for the purpose of obtaining or retaining business or obtaining any other favorable action. The Firm and the Employee, officer or director involved may be subject to disciplinary action as well as potential civil or criminal liability for violation of this policy.

**Relationships with Suppliers**

The Firm encourages good supplier relations. However, Employees may not benefit personally, whether directly or indirectly, from any purchase of goods or services for the Firm. Employees whose responsibilities include purchasing (be it merchandise, fixtures, services or other), or who have contact with suppliers, must not exploit their position at the Firm for personal gain. Generally, Employees may not receive cash or other items of value from any supplier, whether directly or indirectly, unless it is not pursuant to a quid pro quo and is not related to hiring or other business decisions (e.g., random chance raffle). Ordinary and customary periodic holiday gifts of a de-minimis amount are also permitted, subject to compliance with any requirements of Blackstone as well as the business group in question.

**Compliance with Laws**

The Firm operates strictly within the bounds of the laws, rules and regulations that affect the conduct of our business. All Employees are expected to know and to follow the law (e.g., all applicable federal securities laws and regulations). Supervisors, managers or other appropriate personnel must ensure that Employees understand and are informed of the requirements relating to their jobs. They must also be available to answer Employee questions or concerns and, when necessary, to guide them to other subject-matter experts, including the Firm's outside counsel. There are serious consequences for failing to follow any applicable laws, rules and regulations, up to and including termination of employment and potential criminal and civil penalties.

**Governmental Filings and Responding to Governmental and Regulatory Requests**

It is Firm policy to cooperate with all reasonable requests concerning Firm business from US federal, state, municipal and foreign government agencies, such as the Federal Trade Commission, the SEC and the Department of Justice, and from regulatory organizations such as FINRA and the New York Stock Exchange. All contacts, inquiries, or requests – written or oral – for information or documents by governmental or self-regulatory authorities, including representatives of the SEC, FINRA, the states and non-US regulators, should be reported immediately to the CLO. In the case of telephone requests, the Employee receiving the request should make sure to obtain the name, agency, address, and telephone number of the representative making such request and refer the inquiry to the LCD. With respect to filings made with US federal, state, municipal and foreign governmental agencies, particularly those filings (e.g., Hart-Scott-Rodino filings) that are made in connection with an investment by the Firm, it is Firm policy that counsel retained by the Firm must generally be consulted prior to the submission of the filing with such agencies. In the event a decision not to contact outside counsel is made, written notification must be made to the CLO.

Blackstone Inc. Blackstone \| 9

**CODE OF BUSINESS CONDUCT AND ETHICS**

**Insider Trading**

The Firm's policy against insider trading is designed to promote compliance with securities laws and to protect the Firm as well as Firm representatives from the very serious liability and penalties that can result from violations of these laws. The Firm is committed to maintaining its reputation for integrity and ethical conduct and this policy is an important part of that effort. It is Blackstone's policy that directors, executive officers and other Employees of Blackstone may not trade securities, of the Firm or otherwise, about which they learn material, non-public information. They are also prohibited from passing on such information to others who might make an investment decision based on it. Any questions as to whether information is material or has been adequately disclosed should be directed to the LCD.

In addition, directors, executive officers and Employees are prohibited from engaging in transactions in Blackstone's securities that are inconsistent with a long-term investment in Blackstone, signal a lack of confidence in Blackstone or may lead to the appearance of insider trading. Such transactions include any trading activity designed to profit from fluctuations in the price of these securities, such as "day trading" and arbitrage trading, short sales, buying securities on margin, and the use of forward contracts, equity swaps, collars, exchange funds, puts, calls, options and other derivative securities or any instruments designed to increase in value as a result of, or hedge or offset any decrease in, the market value of Blackstone's securities.

Any violation of the Firm's policies and procedures regarding personal securities trading by an Employee or an Employee's family member may result in dismissal, suspension, with or without pay, or other disciplinary sanctions against the Employee, whether or not the violation of the Firm's policy also constitutes a violation of law.

**Document Retention**

Destruction or falsification of any information that the Firm is required to retain pursuant to legal or regulatory requirements, or that is potentially relevant to any violation of law, government investigation or civil legal matter, may lead to prosecution for obstruction of justice, regulatory action, legal sanctions or other adverse consequences for the Firm. The Firm's Information Management and Legal Holds Policies govern the Firm's retention, preservation or destruction of information. Employees are required to manage, retain and dispose of Firm information in accordance with those policies. Questions with regard to retention or destruction of information should be directed to the CLO. Please refer to the Firm's Information Management Policy, Legal Holds Policy, and various compliance manuals for other provisions relating to information retention and disposal.

Blackstone Inc. Blackstone \| 10

**CODE OF BUSINESS CONDUCT AND ETHICS**

**Taxes**

The Firm and its Employees, whether acting on behalf of the Firm or individually, are not permitted to attempt to evade taxes or the payment of taxes. Neither should Employees solicit clients on the basis of nor actively participate in assisting clients in attempting to evade the tax laws. The Firm and its Employees, whether acting on behalf of the Firm or individually, are not permitted to (i) make false statements to tax authorities regarding any matter, (ii) file fraudulent returns, statements, lists or other documents, (iii) conceal property or withhold records from tax authorities, (iv) willfully fail to file tax returns, keep required records or supply information to tax authorities or (v) willfully fail to collect, account for or pay a tax.

None of this prevents you from arranging your personal affairs in a manner serving to lawfully minimize the tax you are required to pay, and in so doing, you can consider all allowable deductions and credits that you may be entitled to claim.

In addition to complying with the tax laws, Employees must cooperate fully with any regulatory entity or governmental authority and may not interfere with the administration of the tax laws. Payments and gifts to tax agents and other government officials are strictly prohibited. To this end, Employees are required to refer business inquiries to the CLO and respond immediately to personal inquiries from a tax authority, including summons to testify or produce books, accounts, records, memoranda or other papers.

**Maliciously False, Defamatory, or Other Unlawful Remarks**

Maliciously false, defamatory, or other unlawful remarks or statements about the Firm or any of its personnel are strictly prohibited. No Employee of the Firm, directly or indirectly, may make, while in the employ of the Firm or at any time thereafter, any such remarks or statements (whether of a professional or personal nature) to any individual or other third party (including without limitation any present or former member, partner or Employee of the Firm) or entity regarding the Firm or any of their respective affiliates, members, partners or Employees, or regarding such Employee's relationship with the Firm or the termination of such relationship.

Employees who violate this policy may be subject to disciplinary action, up to and including termination of employment. The Firm may also pursue appropriate legal action against present or former Employees or members to enforce this policy.

This policy does not prohibit Employees from making truthful disclosures to governmental agencies.

**Doing Business Internationally**

While the Firm must adapt to business customs and market practices in global markets, all Employees worldwide should adhere to applicable US laws and regulations and Firm standards. Every Employee involved in non-US operations should also respect the laws, cultures and customs of all countries in which the Firm operates and should conduct the Firm's overseas activities in a way that contributes to development in all such locales.

Blackstone Inc. Blackstone \| 11

**CODE OF BUSINESS CONDUCT AND ETHICS**

**Foreign Corrupt Practices Act / UK Bribery Act**

Blackstone and its Employees, agents and representatives must conduct their activities in full compliance with all applicable anti-corruption laws, including without limitation, the US Foreign Corrupt Practices Act ("FCPA"), the UK Bribery Act, and any other anti-corruption laws that are in effect in the country in which the Blackstone Employee, agent or representative operates.

The FCPA reaches conduct occurring outside of the territorial boundaries of the United States and applies to domestic and foreign subsidiaries of Blackstone and to both US citizens and non-US citizens. Under the FCPA:

▪ Blackstone
 and its Senior Managing Directors, agents, officers and Employees are prohibited from making
 or authorizing the payment of either money or anything of value, directly or indirectly,
 to government officials, political parties or candidates for political office outside the
 United States to win or retain business or influence any act or decision of such officials;

▪ All
 books, records and accounts, domestic and overseas, must accurately and fairly reflect business
 transactions and dispositions of Blackstone's assets; and

▪ A
 system of internal accounting controls must be maintained to provide adequate corporate supervision
 over the accounting and reporting activities at all levels.

**Disclaimer**

This Code is designed to acquaint directors, executive officers and Employees with the Firm's policies with respect to business conduct and ethics.

The information contained in this Code is not intended to represent all of the Firm's policies. In addition, directors, executive officers and Employees should be aware that the Firm may revise, supplement or rescind any policies or portions of this Code at any time as it deems appropriate, in its sole and absolute discretion. This Code is the property of the Firm.

Blackstone Inc. Blackstone \| 12

## Ex-99.B(P)(9)

**Exhibit 99.B(p)(9)**

**<u>CODE OF ETHICS (PERSONAL TRADING) & <br> INSIDER TRADING</u>**

**<u>CODE OF ETHICS - PERSONAL TRADING BY BRIGADE CAPITAL AND ITS PERSONNEL</u>**

**(1)**  **<u>Introduction</u>** 

High ethical standards are essential for the success of Brigade Capital to maintain the confidence of its Advisory Clients. Brigade Capital's long-term business interests are best served by adherence to the principle that its Advisory Clients' interests come first. Brigade Capital has a fiduciary duty to its Advisory Clients, which requires individuals associated with Brigade Capital to act solely for the benefit of the Advisory Clients. Potential conflicts of interest may arise in connection with the personal trading activities of individuals associated with investment advisory firms. In recognition of Brigade Capital's fiduciary obligations to the Advisory Clients and Brigade Capital's desire to maintain its high ethical standards, Brigade Capital has adopted this Code of Ethics which it reasonably believes complies with the requirements of Rule 204A-1 under the Advisers Act and the Access Person reporting and preclearance requirements of Rule 17j-1 under the Investment Company Act, containing provisions designed to: (i) prevent improper personal trading by Access Persons; (ii) prevent improper use of confidential and material, non-public information about securities recommendations made by Brigade Capital or securities holdings of the Advisory Clients; (iii) identify conflicts of interest; and (iv) provide a means to resolve any actual or potential conflict in favor of the Advisory Client.

Brigade Capital's goal is to allow its Access Persons to engage in *certain, limited* personal securities transactions while protecting Brigade Capital, its Advisory Clients and its Access Persons from the conflicts that could result from a violation of the securities laws or from real or apparent conflicts of interest. While it is impossible to define all situations that might pose such a risk, this Code of Ethics is designed to address those circumstances where such risks are likely to arise. It is the personal responsibility of every employee to avoid any conduct that could create a conflict, or even the appearance of a conflict, with the Advisory Clients, or do anything which could damage or erode the trust the Advisory Clients place on Brigade Capital and its Access Persons.

**Adherence to the Code of Ethics and the related restrictions on personal investing is considered a basic condition of employment for employees and Access Persons of Brigade Capital. If there is any doubt as to the propriety of any activity, employees should consult with the Chief Compliance Officer or his designee.** The Chief Compliance Officer is charged with the administration and distribution of this Code of Ethics, has general compliance responsibility for Brigade Capital, and may offer guidance on securities laws and acceptable practices, as the same may change from time to time. The Chief Compliance Officer may rely upon the advice of outside legal counsel or outside compliance consultants.

Interns will be considered "Access Persons" for purposes of the Code of Ethics.

**Access Persons must acknowledge receipt and understanding of this Code of Ethics on an annual basis.** Such acknowledgement will generally be completed via ComplianceAlpha.

**(2)**  **<u>Applicability of Code of Ethics</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Personal Accounts of Access Persons.</u>** This Code of
Ethics applies to all Personal Accounts of all Access Persons where "Reportable
Securities" (as defined in **Section 3(d)** of this Code of Ethics below) are held and includes any account in which
an Access Person has any direct or indirect beneficial ownership. A Personal Account also includes an account maintained by or for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An Access Person's spouse (other than a legally separated
or divorced spouse of the Access Person), domestic partner and minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any individuals who live in the Access Person's household
and over whose purchases, sales, or other trading activities the Access Person exercises control or investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any persons to whom the Access Person provides primary financial
support, and either (i) whose financial affairs the Access Person controls, or (ii) for whom the Access Person provides discretionary
advisory services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any trust or other arrangement which names the Access Person
as a beneficiary or remainderman; 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;· Any partnership, corporation, or other entity of which the
Access Person is a director, officer or general partner or in which the Access Person has a 25% or greater beneficial interest, or in
which the Access Person owns a controlling interest or exercises effective control; provided, however, that the accounts of the Advisory
Clients managed by Brigade Capital are not deemed to be Personal Accounts of an Access Person.

**Upon becoming an Access Person, the Access Person must disclose all Personal Accounts to Brigade Capital's Chief Compliance Officer through ComplianceAlpha.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Access Person as Trustee. A Personal Account does not include any account for which an Access Person serves as trustee of a trust for the benefit of (i) a person to whom the Access Person does not provide primary financial support, or (ii) an independent third party.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Personal Accounts of Other Access Persons. A Personal Account of an Access Person that is managed by another Access Person is considered to be a Personal Account only of the Access Person who has a Beneficial Ownership in the Personal Account. The account is considered to be a client account with respect to the Access Person managing the Personal Account.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>Solicitors/Consultants. Non-employee Solicitors or consultants are not subject to this Code of Ethics unless the relevant Solicitor or consultant, as part of his/her duties on behalf of Brigade Capital, (i) makes or participates in the making of investment recommendations for the Advisory Clients, or (ii) obtains information on recommended investments for the Advisory Clients.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  **<u>Client Accounts. A client account includes any account managed by Brigade Capital which is not a Personal Account.</u>** 

**(3)**  **<u>Restrictions on Personal Investing Activities</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>: It is the responsibility of each Access Person
to ensure that a particular securities transaction being considered for his/her Personal
Account is not subject to a restriction contained in this Code of Ethics or otherwise prohibited by any applicable laws. Personal securities
transactions for Access Persons may be affected only in accordance with the provisions of this Code of Ethics. It should be noted that
the Chief Compliance Officer may grant exceptions to certain of the trading restrictions described in this Code of Ethics. Such exceptions
will be documented and only be permitted if there is no material conflict of interest with the Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restriction on Excessive Trading</u>. Access Persons shall
not engage in "day trading" or any type of "excessive" trading that would be contrary to the best interests of
Brigade Capital's Advisory Clients and Investors. For these purposes, Access Persons shall not engage in more than thirty (30)
reportable transactions<sup>1</sup> (e.g., buys and sells) across all of his/her Personal Accounts during a particular calendar quarter.
Such trading restriction is subject to limited exceptions for extenuating circumstances (e.g., financial hardship), as determined in
the sole discretion of the Chief Compliance Officer, the Chief Operating Officer & General Counsel and the Managing Member.
All trading is subject to the review of the Chief Compliance Officer or his designee on at least a quarterly basis.

1 This does not limit the number of lots in which a reportable transaction can be executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Prohibition of Trading with or against Advisory Clients</u>:
It should be noted that the Chief Compliance Officer does not generally intend to permit Access Persons to execute transactions in the
types of securities that the Advisory Clients typically invest in. The Advisory Clients typically hold securities of domestic and international
leveraged companies, debt or debt-like obligations rated below investment grade by one or more of the major rating agencies, or securities
trading at yields comparable to the high yield market and high yield issuers. It should be noted, however, that Access Persons may be
permitted to invest in exchange-traded or open-ended funds that invest in the debt markets, subject to the pre-clearance requirements
described in **Paragraph (f)** below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>General Permissible Securities Transactions ("Permissible Securities")</u>: Access Persons will generally be permitted to engage in *certain, limited* personal securities transactions
(certain of which require pre-clearance) in the following Permissible Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Permissible Securities that **Do Not Require Pre-Clearance**</u> :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Government debt obligations of the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Bankers' acceptances, bank certificates of deposit, commercial
paper and high quality short term debt instruments, 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;(iv) Shares issued by money market 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;(v) Shares issued by <u>open-end</u> funds (excluding exchange traded funds) that are registered under the
Investment Company Act of 1940 (or equivalent European registered open-ended funds), as amended, *provided* that such funds are NOT
registered funds managed by Brigade Capital or registered funds whose adviser or principal underwriter controls, is controlled by, or
is under common control with, Brigade Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Shares issued by unit investment trusts that are invested exclusively in one or more registered open-end
funds; *provided* that such funds are NOT advised by Brigade Capital or an affiliate and such fund's adviser or principal underwriter
is not controlled by or under common control with Brigade Capital; 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;(vii) Cryptocurrencies\* (as defined below).

<u>\*Cryptocurrencies</u>: This includes any virtual or digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank (e.g., Bitcoin, Litecoin, Ethereum, 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;II. <u>Permissible Securities that **Require Pre-Clearance**</u> ("Reportable Securities"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Shares issued by <u>closed-end</u> funds that are registered under the Investment Company Act of 1940,
as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Shares issued by <u>open-end</u> funds that are registered under the Investment Company Act of 1940, as
amended, <u>IF</u> they are managed by Brigade Capital, or their adviser or principal underwriter controls, is controlled by, or
is under common control with, Brigade Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shares issued by unit investment trusts that are invested exclusively in one or more registered open-end
funds, <u>IF</u> such funds are advised by Brigade Capital or an affiliate, or such fund's
adviser or principal underwriter is controlled by or under common control with Brigade Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shares issued by exchange traded funds or "ETFs" including
open-end ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Securities of business development companies or "BDCs";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Securities of Real Estate Investment Trusts or "REITs";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Non-distressed municipal bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Securities in limited offerings (which include investments in
hedge funds, private equity funds, SPAC sponsors and the Advisory Clients);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Options, Contract for Differences (CFDs) and Spread Bets on Permissible
Securities except for Legacy Positions (as defined below), or on commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Legacy Positions\* (as defined below);

<u>\*Legacy Positions</u>: In the event that an Access Person already owns a security (a "Legacy Position") that does not fall under the other categories of the Permissible Securities (as detailed above), the Access Person may not add to such Legacy Position, but may only close out or cover such securities, subject to the pre-clearance and reporting requirements and other restrictions that are applicable to Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Options and ETFs related to cryptocurrencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Initial Coin Offerings ("ICOs"); 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;(xiii) Securities of special purpose acquisition companies or "SPACs".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Holdings List, Restricted List and Watch List</u>: Each Access Person is strictly prohibited from trading
in the securities of issuers that are included on the Holdings List, Restricted List and Watch List. Issuers on the Holdings List include
the issuers of securities that the Advisory Clients have held in the past seven (7) calendar days and the issuers of securities that
the Advisory Clients currently hold. Issuers on the Restricted List include the issuers of securities about which Brigade Capital has
come into contact with material non-public or certain confidential information. Issuers on the Watch List generally include open orders
on Brigade Capitals allocation blotter that are not already on the Holdings List. It should be noted that the Chief Compliance Officer
has the discretion to add any other issuers to the Holdings List, Restricted List and Watch List as he deems appropriate. The current
Holdings List, Restricted List and Watch List are available on Brigade Capital's intranet and ComplianceAlpha. In the event that
an Access Person owns a security prior to the issuer of such security being added to the Holdings List, or the Watch List, Access Persons
are not allowed to add to the position; however, they may close out or cover such securities as long as the Advisory Clients have not
traded in such securities or plan to trade in such securities within seven (7) calendar days and all other personal trading requirements
have been met. To the extent that an Access Person owns a security of an issuer prior to that issuer being added to the Restricted List,
the Access Person may not conduct transactions in such security until the issuer is no longer on the Restricted List.

Notwithstanding the foregoing, such trading prohibitions shall *<u>not</u>* apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Permissible Securities that do not require pre-clearance (as listed
above in **Section 3(d)(I)**) of the same or affiliated issuer that the Advisory Clients held in the past seven (7) calendar
days, currently hold or intend on holding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) securities issued by a subsidiary of an issuer that the Advisory
Clients held in the past seven (7) calendar days, currently hold or intend on holding, although the Chief Compliance Officer still
retains the authority to deny any such pre-clearance requests if believed to be in the best interests of Advisory Clients.

*For Example:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· JPMorgan
Chase & Co. (ticker: JPM) is put on the Holdings List; however, an Access Person may be permitted to trade an open-ended
mutual fund (i.e., a Permissible Security that does not require pre-clearance) managed or sponsored by JPM and/or its affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Blackstone
Group L.P. (ticker: BX) is put on the Watch List; however, an Access Person may be permitted to trade Permissible Securities issued
by investment funds managed or sponsored by BX and/or its affiliate; and

As detailed below, all security transactions in Reportable Securities (as defined above in **Section 3(d)(II)**) are subject to pre-clearance requirements and other restrictions described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Pre-clearance of Transactions in Personal Account</u>: Prior to trading a Reportable Security (as defined
above in **Section 3(d)(II)**), an Access Person must obtain the prior written approval of (i) the Chief Compliance Officer,
(ii) the Compliance Officer – UK/Europe, (iii) the Chief Operating Officer & General Counsel, or (iv) the
Associate General Counsel or the (v) the Associate, Compliance (each an "Authorized Approver"). It should be noted that
this includes, but is not limited to, investments in limited offerings (which include private or restricted offerings). An Authorized
Approver submitting his/her own pre-clearance request must obtain such pre-approval from an alternate Authorized Approver. For the avoidance
of doubt, an Authorized Approver may not pre-clear his/her own personal transactions.

Requests for pre-clearance generally must be submitted via ComplianceAlpha. If the trade requests meet certain criteria (e.g. the Reportable Security is not on the Restricted List, the Holding List and does not violate rules with respect to excessive personal trading), it will be automatically approved by ComplianceAlpha. Other requests will be reviewed by the relevant Compliance personnel and approved or rejected as necessary. Any approval given under this paragraph will remain in effect for 24 <u>business day hours</u>, except for pre-approvals given for transactions in limited offerings, which may be in effect for a longer period as noted in the respective pre-approval. In the case of transactions in the Funds, pre-approvals are made via the subscription agreement, additional contribution forms or withdrawal/redemption request forms for the respective Fund. In consideration of the fact that the Funds require significant advance notice for processing purposes, pre-clearance approvals provided via the Funds' subscription agreements, additional contribution forms or withdrawal/redemption request forms are in effect from the date they are acknowledged as received by Brigade Capital and/or the Administrator through the date the subscription, contribution or withdrawal/redemption is effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Holding Period</u>: To the extent that an Access Person was granted approval to purchase a
 particular Reportable Security, such Access Person must generally hold the Reportable Security for sixty (60) days before selling
 such Reportable Security, subject to the approval of two of the Authorized Approvers. Further, Access Persons that hold Reportable
 Securities upon employment with Brigade Capital will be subject to the sixty (60) day holding period which commences on their
 employment start date with Brigade Capital; provided, however, this requirement will not apply to the extent such Access Person
 demonstrates to the Chief Compliance Officer that the Reportable Security was held sixty (60) days prior to such date. However, it
 should be noted that, from time to time, certain exceptions to the sixty (60) day holding
period may be granted for Access Persons by the Chief Compliance Officer, the Chief Operating Officer & General Counsel and the
Managing Member. Prior to granting an exception, the Chief Compliance Officer will review the trade to determine whether it presents a
conflict of interest for any Advisory Client and will deny the application if a conflict of interest is present. The conflict of interest
review and exceptions will be documented by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Short Sales</u>: An Access Person shall not engage in any short sale of a security if, at the time
of the transaction, any Advisory Client account managed by Brigade Capital has a long position in such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Shadow Trading</u>: An Access Person shall not engage in "shadow trading", i.e., using
confidential information about one issuer to trade the securities of another issuer on the basis that the market prices of the two securities
are reasonably likely to be positively or negatively correlated when the information becomes public.

**(4)**  **<u>Reporting Requirements</u>** 

All Access Persons are required to submit to the Chief Compliance Officer (subject to the applicable provisions of **Section 5 below**) the following reports via ComplianceAlpha:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Holdings Report</u> – Access Persons are required to provide the Chief Compliance Officer
with an Initial Holdings Report via ComplianceAlpha within ten (10) days of becoming an Access Person, which includes the following
information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All of the Access Person's current securities holdings with
the following content for each Reportable Security (as defined above in **Section 3(d)(II)**) that the Access Person has any
direct or indirect Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** title
 and type of Reportable Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** ticker
 symbol or CUSIP number (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;**·** number
 of shares; 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;**·** principal
amount of each Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The name of any broker, dealer or bank with which the Access Person
maintains an account in which any Reportable Securities are held.

Information contained in Initial Holding Reports must be current as of a date no more than forty-five (45) days prior to the date the person becomes an Access Person of Brigade Capital. The report must be dated the day the Access Person submits it. Access Persons generally must submit their Initial Holdings Reports via ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Holdings Report</u> – Subject to the applicable provisions of **Section 5** below,
Access Persons must also provide at least one Annual Holdings Report of all current Reportable Securities holdings during each twelve
(12) month period (the "Annual Holdings Certification Date"). For purposes of this Code of Ethics, the Annual Holdings Certification
Date is October 31. From a content perspective, each such Annual Holdings Report must comply with the requirements of **Section 4(a)(i)-(ii) above**.
Access Persons generally must submit their Annual Holdings Reports via ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Quarterly Transaction Reports</u> – Subject to the applicable
provisions of **Section 5** below, Access Persons must also provide quarterly securities transaction reports for each transaction
in a Reportable Security (as defined above in **Section 3(d)(II)**) that the Access Person has any direct or indirect Beneficial Ownership of (each a "Quarterly
Transaction Report"). Such Quarterly Transaction Reports must meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Content Requirements – Quarterly Transaction Reports must
include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· date
 of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· title
 of Reportable Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ticker
 symbol or CUSIP number of Reportable Security (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;· interest
 rate or maturity rate (if 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;· number
 of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· principal
 amount of Reportable Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· nature
 of transaction (i.e., purchase or sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· price
 of Reportable Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 broker, dealer or bank through which the transaction was effected; and

· date
 upon which the Access Person submitted the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Timing Requirements – Subject to **Section 5(c)**, Access Persons must submit a Quarterly Transaction Report no later
than the next month end after the end of each quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Quarterly Transaction Reports requirement generally will be
fulfilled by employees attesting to the accuracy of the past quarter's transactions set forth in their ComplianceAlpha accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>"Non-Discretionary" Personal Accounts/Personal Accounts Managed by a Third Party</u> – As explained below in **Section 5**, the reporting and pre-clearance requirements
do not apply to any transaction executed, or holding maintained in Personal Accounts over which an Access Person has no direct or any
influence or control (e.g., the Access Person has delegated investment discretion over such account to a third party) (a "Non-Discretionary/Managed
Account"). However, Access Persons with Non-Discretionary/Managed Accounts will be required to provide the Chief Compliance Officer
with the following information via Compliance Alpha:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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
 notification via ComplianceAlpha within ten (10) days of opening a Non-Discretionary/Managed
 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 initial attestation from the broker for the Non-Discretionary/Managed Account within thirty
 (30) days of the date the account is opened. In addition, Access Persons must obtain this
 attestation for all Non-Discretionary/Managed Accounts in existence as of the date of this
 Manual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 annual confirmation from the broker via negative consent that the Access Person has no direct
 influence or control over the relevant accounts. The Chief Compliance Officer or his designee
 will send the initial version of the certification to the broker and if there are no changes,
 no response will be required; 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;· An
 annual attestation to be completed via ComplianceAlpha for any Non-Discretionary/Managed
 Account.

**(5)**  **<u>Exceptions from Reporting Requirements/Alternative to Quarterly Transaction Reports</u>** 

This **Section 5** sets forth exceptions from the reporting requirements of this Code of Ethics. All other requirements will continue to apply to any holding or transaction exempted from reporting pursuant to this **Section 5**. Accordingly, the following transactions will be exempt only from the reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Initial, Annual or Quarterly Transaction Report is required to be filed by an Access Person with respect
to securities held in any Personal Account over which the Access Person has (or had) no direct or indirect influence or control. However,
Access Persons must provide certain details and complete the applicable forms related to such Non-Discretionary/Managed Account(s), as
explained in **Section 4(d)** above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Quarterly Transaction Reports are not required to be submitted with respect to any transactions effected
pursuant to an automatic investment plan (although holdings need to be included on Initial and Annual Holdings Reports);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Quarterly Transaction Reports are not required if the report would duplicate information contained in
broker trade confirm or account statements that an Access Person has already provided to the Chief Compliance Officer (including, for
the avoidance of doubt, information in the Access Person's ComplianceAlpha account); provided, that such broker trade confirm or
account statements are provided to the Chief Compliance Officer no later than the next month end after the end of the applicable calendar
quarter. This paragraph has no effect on an Access Person's responsibility related to the submission of Initial and Annual Holdings
Reports.

Access Persons that would like to avail themselves of this exception in **Section 5(c)** should ensure that the content of such broker confirms or account statements meet the content required for Quarterly Transaction Review Reports set forth above in **Section 4(c)** under the heading "Quarterly Transaction Reports."

**(6)**  **<u>Protection of Confidential Information About Securities / Investment Recommendations</u>** 

In addition to other provisions of this Code of Ethics and Brigade Capital's Manual (including the Insider Trading Procedures which are detailed in this Manual), Access Persons should note that Brigade Capital has a duty to safeguard confidential information (including material, non-public information) about securities/investment recommendations provided to (or made on behalf of) Advisory Clients. As such, Access Persons should not share such information outside of Brigade Capital. Notwithstanding the foregoing, Access Persons and Brigade Capital may provide such information to persons or entities providing services to Brigade Capital or its Advisory Clients, where such information is required to effectively provide the services in question. Examples of such service providers are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· brokers;

· accountants
or accounting support service firms;

· custodians;

· transfer
agents;

· bankers;

· compliance
consultants; and

· lawyers.

If there are any questions about the sharing of confidential information related to securities/investment recommendations made by Brigade Capital, please see the Chief Compliance Officer.

**(7)**  **<u>Oversight of Code of Ethics</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reporting.</u> Any situation that may involve a conflict of interest or other possible violation of
this Code of Ethics must be promptly reported to the Chief Compliance Officer who must report it to the executive management of Brigade
Capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Review of Transactions.</u> Each Access Person's transactions in his/her Personal Accounts will be
reviewed on a regular basis and compared to transactions entered into by Brigade Capital for its Advisory Clients. Any transactions that
are believed to be a violation of this Code of Ethics will be reported promptly to the Chief Compliance Officer who must report them to
the executive management of Brigade Capital. Any noted violations shall be properly documented for Brigade Capital's compliance
files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sanctions.</u> The executive management of Brigade Capital, with advice of outside legal counsel, at
its discretion, shall consider reports made to management and upon determining that a violation of this Code of Ethics has occurred, may
impose such sanctions or remedial action management deems appropriate or to the extent required by law (as may be advised by outside legal
counsel or other advisors). These sanctions may include, among other things, disgorgement of profits, fines, suspension or termination
of employment with Brigade Capital, or criminal or civil penalties.

**(8)**  **<u>Compliance with Federal Securities Law</u>** 

All employees are required to comply with applicable Federal Securities Laws. Failure to adhere to Federal Securities Laws could expose an employee to sanctions imposed by Brigade Capital, the SEC or law enforcement officials. These sanctions may include, among others, disgorgement of profits, suspension or termination of employment by Brigade Capital, or criminal or civil penalties. If there is any doubt as to whether a Federal Securities Law applies, employees should consult the Chief Compliance Officer.

**(9)**  **<u>Confidentiality</u>** 

All reports of securities transactions and any other information filed pursuant to this Code of Ethics shall be treated as confidential to the extent permitted by law.

## Ex-99.B(P)(15)

**Exhibit 99.B(p)(15)**

**Code of Ethics for JPMAM**

Last Revision Date: April 26, 2023

Last Review Date: August 29, 2025

Effective Date: August 29, 2025

![](tm262170d1_ex99bp29img001.jpg)

**Table of Contents**

1. Summary 1

2. Amendments to Previous Version Distributed June 5, 2024 2

3. Scope 2

4. Reporting Requirements 2

4.1 Holdings Reports 2

4.2 Transaction Reports 3

4.3 Exceptions from Transaction Reporting Requirements 4

5. Personal Trading Requirements 4

5.1 Approved Broker Requirement 4

5.2 Blackout Provisions 4

5.3 Minimum Investment Holding Period and Market Timing Prohibition 5

5.4 Trade Reversals and Disciplinary Action 5

6. Buis dnd Records to be maintained by Investment Advisers 5

7. Privacy 6

8. Anti-Corruption 6

9. Conflicts of Interest 6

9.1 Trading in Securities of Clients 6

9.2 Trading, in Securities of Suppliers 7

9.3 Gifts & Business Hospitality 7

9.4 Political Contributions and Activities 8

9.5 Charitable Contribution 9

9.6 Outside Interests 9

10. Training 10

11. Escalation Guideline, 10

11.1 Personal Account Dealing and Access Persons Violations 10

11.2 Material Violationr 10

12. Defined Terms 11

**1. Summary**

This Code of Ethics for JPMorgan Asset Management ("JPMAM") (the "Code") has been adopted by the registered investment advisers of JPMAM in accordance with Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"). Rule 204A-1 requires an investment adviser registered under Section 203 of the Advisers Act to establish, maintain and enforce a written Code of Ethics.

This Code establishes our standards for ethical conduct which are premised on fundamental principles of openness, integrity, honesty and trust. In addition to the Code, J.P. Morgan Chase & Co. ("JPMC") has a firmwide Code of Conduct that applies to all employees globally, including all JPMAM employees. In the event that a difference exists between any of the standards identified in the JPMC Code of Conduct and the Code, the more restrictive provision shall apply.

JPMAM hereby adopts the message from Jamie Dimon that was included in the JPMC Code of Conduct as it embodies JPMAM's ethical standards:

*JPMorgan Chase is deeply committed to being straightforward, accountable and honest in all of our business dealings at all times.*

*The Code of Conduct represents our shared obligation to operate with the highest level of integrity and ethical conduct. We do the right thing — even when it's not easy. We have zero tolerance for unethical behavior, and we abide by the letter and spirit of the laws and regulations everywhere we do business. Personal accountability and ownership are priorities at our firm.*

*Our Code of Conduct and firm policies are designed to encourage honest business relationships, enabling us to continually build on our proud heritage. That is why it's important to speak up when you see something that doesn't seem right.*

*We all must do our part to preserve the values that have made JPMorgan Chase the respected company it is today. If you see or suspect illegal or unethical conduct, <u>report</u> it immediately.*

*Remember, your actions matter.*

Additionally, it is the duty of all Supervised Persons to act in the best interests of their clients, place the interests of JPMAM Clients before their own personal interests at all times and to avoid any actual or potential conflicts of interest. Supervised Persons are the officers, directors (or other persons occupying a similar status or performing similar functions or employees of JPMAM) or any other person who provides investment advice on JPMAM's behalf and is subject to JPMAM's supervision or control.

Supervised Persons must comply with applicable Federal Securities Laws<sup>1</sup> and promptly report any known or suspected violations of the Code promptly to the Compliance Department or Code of Conduct Reporting Hotline, which shall report any such violation promptly to the Chief Compliance Officer ("CCO") of the applicable legal entity, or through the various reporting channels as provided in the "How to Report a Violation" page of the Code of Conduct Intranet site. Your reporting obligations do not prevent you from reporting to the government or regulators conduct that you believe to be in violation of law and it does not require you to notify JPMAM prior to reporting to the government or regulators. JPMAM strictly prohibits intimidation or retaliation against anyone who makes a good faith report about a known or suspected violation of the Code or any law or regulation.

<sup>1</sup>And/or any other applicable non-US securities laws governing their jurisdiction.

![](tm262170d1_ex99bp29img001.jpg)

Compliance with the Code, and other applicable policies and procedures, is a condition of employment. The rules, procedures, reporting and recordkeeping requirements set forth in the Code are hereby adopted and certified as reasonably necessary to prevent Supervised Persons from violating the provisions of the Code and applicable Federal Securities Laws.

The Compliance Department provides a link to this Code and any amendments to all Supervised Persons in their Access Persons Report and requires their attestation of compliance with this Code at least annually. These records are maintained by the Compliance Department as part of its Books and Records as required by the Advisers Act.

Annually, the CCO of each registered investment adviser must review that the Code adequately reflects the adviser's fiduciary obligations and those of its Supervised Persons.

**2. Amendments to Previous Version Distributed June 5, 2024**

No material updates made.

**3. Scope**

This Code applies to all Supervised Persons of JPMAM.

**4. Reporting Requirements**

**4.1** **Holdings Reports** 

Access Persons must submit holdings reports to the Compliance Department documenting current securities holdings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Content of Holdings Reports

Each holdings report must contain, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Account Details

The name of any broker, dealer or bank with which the Access Person maintains a Covered Account in which any Reportable Securities are held for the Access Person's direct or indirect benefit as well as all pertinent Covered Account details (e.g., account title, account number.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Account Statements

The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership.

![](tm262170d1_ex99bp29img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Submission Date

The date the Access Person submits the report to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Submission of Holdings Reports

Access Persons must submit both an Initial and Annual holdings report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Initial Report

Must be submitted no later than 10 days after the person becomes an Access Person and the information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Annual Report

Must be submitted at least once each 12-month period. Thereafter on or before January 30, and the information must be current as of a date no more than 45 days prior to the date the report was submitted, unless notified by Compliance that this is no longer required due to electronic position reporting received from Approved Brokers.

**4.2** **Transaction Reports** 

Access Persons must submit to the Compliance Department securities transactions reports on a quarterly basis, in the form designated by the Compliance Department. Securities transaction reports must meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Content of Transaction Reports

Each transaction report must contain, at a minimum, the following information about each transaction involving a Reportable Security in which the Access Person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The date of the transaction, the title, and as applicable the exchange
 ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal
 amount of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The nature of the transaction (i.e., purchase, sale or any other type
 of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The name of 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;(5) The date the Access Person submits the report to the Compliance Department.

![](tm262170d1_ex99bp29img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Timing of Transaction Reports

Each Access Person must submit a transaction report no later than 30 days after the end of each calendar quarter, which must cover, at a minimum, all transactions during the quarter.

**4.3** **Exceptions from Transaction Reporting Requirements** 

An Access Person need not submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Any report with respect to securities held in accounts over which the
 Access Person had no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A transaction report with respect to transactions effected pursuant
 to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Transaction Reports are not required for accounts maintained at Approved
 or Preferred Brokers or for accounts which are approved for statement tracking

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Any report with respect to transactions in Reportable Funds.

**5. Personal Trading Requirements**

Supervised Persons must obtain approval from the Compliance Department before directly or indirectly acquiring *Beneficial Ownership* in any Reportable Security, including initial public offerings and limited offerings. Given the potential access to Proprietary and Client information that Supervised Persons may have, JPMAM and its Supervised Persons must avoid even the appearance of impropriety with respect to personal trading, which must be oriented toward investment rather than short-term or speculative trading. JPMAM's policies are designed to help prevent and detect violations of securities laws and industry conduct standards and to minimize actual or perceived conflicts of interest that could arise due to personal investing activities.

JPMC Transactions: Preclearance is no longer required for JPMC Securities (common stock, bonds, restricted stock units and employee stock options), except for Window List personnel, who are employees that are in possession, or have the potential to come into possession through the nature of their job duties, with material non-public information (MNPI) on JPMC.

**5.1** **Approved Broker Requirement** 

All self-directed Associated Accounts must be maintained with a JPMC Approved Broker.

**5.2** **Blackout Provisions** 

The personal trading and investment activities of Supervised Persons are subject to particular scrutiny due to the fiduciary nature of the business. Specifically, JPMAM must avoid even the appearance that its Supervised Persons conduct personal transactions in a manner that conflicts with the firm's investment activities on behalf of Clients. Accordingly, certain Supervised Persons are restricted from conducting personal investment transactions during certain periods (called "Blackout Periods"), and may be instructed to reverse previously completed personal investment transactions. Additionally, the Compliance Department may restrict the personal trading activity of any Supervised Person if it is determined that such activity has the appearance of a conflict of interest.

![](tm262170d1_ex99bp29img001.jpg)

These Blackout Periods apply varying levels of restrictions appropriate for different categories of Supervised Persons based upon their level of access to non-public Client or Proprietary information.

**5.3** **Minimum Investment Holding Period and Market Timing Prohibition** 

Supervised Persons are subject to a minimum holding period, generally 60 days, for all transactions in Reportable Securities. For Reportable Funds, only named Portfolio Managers of such funds are subject to a minimum holding period.

Supervised Persons are not permitted to conduct transactions for the purpose of market timing in any Reportable Security or Reportable Fund. Market timing is defined as an investment strategy using frequent purchases, redemptions, and/or exchanges in an attempt to profit from short-term market movements.

**5.4** **Trade Reversals and Disciplinary Action** 

Transactions by Supervised Persons are subject to reversal due to a conflict (or appearance of a conflict) with the firm's fiduciary responsibility or a violation of the firm policy. Such a reversal may be required even for a pre-cleared transaction that results in an inadvertent conflict or a breach of blackout period requirements.

Disciplinary actions resulting from a violation of the Code will be administered in accordance with related JPMAM guidelines governing disciplinary action and escalation. All violations and disciplinary actions will be reported promptly by the Compliance Department to the employee's group head and senior management. Violations will be reported quarterly to the affected Fund's Board of Directors.

Violations by Supervised Persons of the Code, the JPMC Code of Conduct or any laws or regulations that relate to JPMAM's operation of its business or any failure to cooperate with an internal investigation may result in disciplinary action, up to and including immediate dismissal, including termination of regulatory licensing where applicable.

**6. Books and Records to be maintained by Investment Advisers**

The Compliance Department is responsible for maintaining books and records, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) A copy of this Code and any other code of ethics adopted by JPMAM pursuant
 to Rule 204A-1 that is in effect or has been in effect at any time within the past five
 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A record of any violation of the Code, and any Compliance action taken
 as a result of that violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) A record of all written acknowledgments of the violation for each person
 who is currently, or was within the past five years a Supervised Person of JPMAM;

![](tm262170d1_ex99bp29img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) A record of each report made by Access Persons required under the Reporting
 Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) A record of the names of persons who are currently, or were within
 the past five years Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) A record of any decision, and the reasons supporting the decision,
 to approve the acquisition or sale of securities by Supervised Persons under section 5. Pre-approval
 records of certain investments will be maintained for at least five years after the end of
 the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Any other such record as may be required under the Code.

**7. Privacy**

Supervised Persons have a responsibility to protect the confidentiality of information related to Clients. This responsibility may be imposed by law, may arise out of agreements with Clients, or may be based on policies or practices adopted by the firm. Certain jurisdictions have regulations relating specifically to the privacy of individuals and/or business and institutional customers. Various business units and geographic areas within JPMC have internal policies regarding customer privacy.

The restriction on disclosing confidential information is not intended to prevent Supervised Persons from reporting to the government or a regulator any conduct Supervised Persons believe to be in violation of the law, or from responding truthfully to questions or requests from the government, a regulator or in a court of law.

**8. Anti-Corruption**

It is the policy of JPMC to comply with the anti-corruption laws that apply to the firm's operations (and investments where the firm is deemed to have control), which laws include the United States Foreign Corrupt Practices Act ("FCPA"), the United Kingdom Bribery Act of 2010 ("UKBA"), as well as anti-corruption laws and regulations of other countries in which the firm conducts business. We must never compromise our reputation by engaging in, or appearing to engage in, bribery or any form of corruption. Bribery and corruption are crimes with potentially severe penalties to JPMC and its employees and directors. The firm has zero tolerance for such activity.

**9. Conflicts of Interest**

The following is a summary of commonly identified employee conflicts of interest:

**9.1** **Trading in Securities of Clients** 

Supervised Persons shall not transact in any securities of a Client with which the Supervised Person has or recently had significant dealings or responsibility on behalf of JPMAM if such investment could be perceived as effected based on confidential information, including MNPI.

![](tm262170d1_ex99bp29img001.jpg)

**9.2** **Trading, in Securities of Suppliers** 

Supervised Persons in possession of information regarding, or directly involved in negotiating, a contract material to a supplier of JPMAM may not invest in the securities of such supplier. If you own the securities of a company with which we are dealing and you are asked to represent JPMorgan Chase in such dealings you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Disclose this fact to your department head and the Compliance Department;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Obtain prior approval from the Compliance Department before selling
 such securities.

**9.3** **Gifts & Business Hospitality** 

Supervised Persons must avoid circumstances that may cause, or create the appearance of, a conflict of interest between JPMAM and its clients or other business/commercial contacts. Supervised Persons may not give or receive anything of value, directly or indirectly, to influence improper action or obtain an improper advantage. Furthermore, the giving and receiving of gifts, including business hospitality, to or from persons who do or seek to do business with JPMAM have the potential to create actual conflicts or the appearance of conflicts, and may negatively impact JPMAM.

Gifts and business hospitality can take many forms, including but not limited to: goods or services for which employees are not required to pay the retail or usual and customary cost; meals or refreshments; tickets to entertainment or sporting events; the use of a residence, vacation home or other accommodation; travel expenses; or charitable contributions or organization sponsorships. In addition to gifts and business hospitality, JPMAM Supervised Persons may not make, direct or solicit any other person to make, any political contribution or provide anything else of value to anyone for the purpose of influencing or inducing the awarding or retention of investment advisory services business.

Anything of Value "AOV" provided to U.S. (federal, state and local) and non-U.S.) government officials must be pre-cleared by Global Anti-Corruption Compliance to ensure that they comply with jurisdictional restrictions.

**<u>Gifts</u>**

Supervised Persons are only permitted to give gifts valued up to 100 USD, in the individual and the aggregate, to a client or business counterparty on occasions when gifts are customary, such as life events and major holidays. AM employees must pre-clear giving any gifts to a client or business counterparty that exceeds 100 USD. In addition, All gifts provided to U.S. federal, state and local government officials must be pre-cleared by Global Anti-Corruption Compliance to ensure that they comply with jurisdictional restrictions.

When giving gifts to clients or business counterparties, AM employees are strongly encouraged to give items with a JPMorgan Chase logo or books from the JPMorgan Chase Reading list whenever appropriate. Gifting books from the JPMorgan Chase Reading List are limited to one book per campaign. Repetitive gifting to a client or business counterparty of Firm logo items in a calendar year is prohibited.

![](tm262170d1_ex99bp29img001.jpg)

**<u>Business Hospitality</u>**

Business hospitality includes business-related activities at which a host and guest are both present (e.g., meals, refreshments, golf games, sporting events, or other leisure and entertainment). Business hospitality is considered a prohibited gift unless both the employee and business contact are present and the employee's participation is related to his or her position and duties within JPMAM. Spouses, family members and personal acquaintances should not participate in business hospitality activities unless such participation is customary under the circumstances.

Supervised Persons may act as a host for business hospitality to clients and prospects if such hospitality is: (1) business related; (2) is not prohibited by law; and (3) in an amount that is reasonable and customary. Frequent and/or lavish business hospitality is prohibited.

Supervised Persons are limited to accepting 250 USD in meals and business hospitality from a client or counterparty per calendar year, with limited exceptions. Once the 250 USD limit is reached, employees are required to pay for their own expenses. In addition, Supervised Persons are prohibited from accepting invitations to ticketed events; limited exceptions may be granted with pre-approval from senior management and LOB Compliance.

Supervised Persons must receive written pre-clearance from Compliance before providing any other type of Business Hospitality to an ERISA Fiduciary or Union Official. aside from meals that conform to the AWM Expense Procedure (e.g., golf, sporting events, cultural or social events, concerts, leisure activities, etc.)

Supervised Persons are required to log all business hospitality subject to reporting into Reliance's Gift and Entertainment Module for approval or iComply in the case of Government Officials. Violations are subject to the Global Anti-Corruption Compliance Violation Framework or Market Conduct Violation Framework, as required.

Supervised Persons' travel and lodging expenses must be paid by JPMAM. Exceptions may be provided in very limited circumstances and require written pre-clearance from both an AMOC / AMCOC member and LOB Compliance.

**Sponsorships and Events**

Both the sponsorship of distributor events and JPMAM hosting educational events for financial advisors who sell our funds are subject to internal policy. Sponsorships and events may require review by LOB Compliance and regional governance committees or designees.

Sponsorships and events at (i) the request of or (ii) for the benefit of a federal, state and local government officials require pre-clearance from Global Anti-Corruption Compliance.

**9.4** **Political Contributions and Activities** 

In accordance with Advisers Act Rule 206(4)-5, AM-Affiliated Persons are prohibited from making political contributions for the purpose of obtaining or retaining advisory contracts with government entities.

![](tm262170d1_ex99bp29img001.jpg)

To ensure compliance with this federal pay-to-play rule and various state and local laws, AM-Affiliated Persons must receive pre-clearance before they or any members of their household make or solicit political contributions or engage in political activities in connection with any election in the United States or the Republic of Colombia. Contributions to JPMC Political Action Committees are excluded from pre-clearance and reporting requirements. New hires and internal transfers must also disclose their history of making and soliciting political contributions.

An employee cannot be reimbursed or otherwise compensated by JPMC for any political contribution. JPMC policies prohibit contributions of corporate funds to candidates, political party committees and political action committees. Supervised Persons are strictly prohibited from using JPMC resources to conduct personal political activities.

Violations of these requirements are subject to the Global Anti-Corruption Violation Framework.

**9.5** **Charitable Contribution** 

Charitable contributions made on behalf of JPMC must adhere to the requirements of the Charitable Donations Standard — Firmwide and the AWM Expense Procedures and be precleared with Compliance.

**9.6** **Outside Interests** 

A Supervised Person's outside interests must not reflect adversely on the firm or give rise to a real or apparent conflict of interest with the Supervised Person's duties to the firm or its Clients. Supervised Persons must be aware of potential conflicts of interest and be aware that they may be asked to discontinue any outside interest if a potential conflict arises. Supervised Persons may not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Accept a business opportunity from someone doing business or seeking
 to do business with JPMAM that is made available to the Supervised Person because of the
 individual's position with the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Take for oneself a business opportunity belonging to the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Engage in a business opportunity that competes with any of the firm's
 businesses.

More specific guidelines are set forth under the JPMC Code of Conduct, Outside Interest Policy — Firmwide, and Procedures for preclearance of Outside Interests are available on the Firmwide Policy & Standard Portal. Employees are reminded of their responsibility to obtain preclearance of their Outside Interests. If any material change in relevant circumstances occurs, Supervised Persons must seek clearance for a previously approved activity. A material change may arise from a change in your job or association with JPMAM or in your role with respect to that activity or organization. JPMAM employees are required to be continually alert to any real or apparent conflicts of interest with respect to investment management activities and promptly disclose any such conflicts to their manager and Compliance. Employees must also notify Compliance when any approved outside interest terminates.

![](tm262170d1_ex99bp29img001.jpg)

Regardless of whether an activity is specifically addressed under JPMAM policies or the JPMC Code of Conduct, Supervised Persons should disclose any personal interest or personal relationship that might present a conflict of interest or harm the reputation of the firm. Personal conflicts of interest can be disclosed through the access persons reporting process.

**10. Training**

Compliance provides in-person and/or online training to Supervised Persons on an ongoing basis. Compliance determines the training topics that will be covered during training sessions based on the work responsibilities of Supervised Persons, applicable regulatory requirements and risk assessments. Compliance may, from time to time, distribute Compliance Bulletins reinforcing or clarifying prior guidance, communicating new regulatory developments or the adoption or amendment of policies, procedures or controls.

**11. Escalation Guideline,**

JPMC's Compliance Violation Framework is an internal Compliance document and is used to notify Group Heads, Managers and/or Human Resources (HR) of employee violations of Compliance Policies along with the assigned severity of the applicable violations.

**11.1** **Personal Account Dealing and Access Persons Violations** 

**Violation Prior to Material Violation**

While the Group Head is notified of all violations, he/she is required to have a meeting with the employee when the Supervised Persons' next violation would be considered material, in order to stress the importance of the requirement and inform the employee about the ramifications for not following the policy. The employee is also required to acknowledge, in writing (form to be provided by Compliance) that he/she is aware of the ramifications for noncompliance and that he/she will be compliant going forward. The written acknowledgement is signed by both the employee and Group Head, and returned to Compliance for record keeping.

**11.2** **Material Violation** 

All material violations require the Group Head (MD level) and Compliance to have a meeting with the employee and document in writing that the employee acknowledges the material nature of the violation and that he/she will be compliant going forward. The written acknowledgement, signed by the employee and Group Head, will be stored in Compliance's Violations records. Additionally, HR is notified of all material violations and follows their established guidelines for disciplining the employee and recording such events in the employee's personnel file.

There will be a mandated suspension of personal trading privileges for six months for all material violations of the personal trading or Access Persons requirements. Compliance and the Group Head may allow transactions for hardship reasons, but require documentation for pre-clearance.

An employee's receipt of a material violation is considered when determining the employee's annual compensation and eligibility for promotion.

![](tm262170d1_ex99bp29img001.jpg)

**12. Defined Terms**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Access Person | &nbsp;&nbsp;Access Persons of JPMAM include:<br> 1) Employees of any of the Registered Investment Advisers within JPMAM.<br> 2) Certain persons of other affiliated entities that have access to Proprietary information of AM and persons that have been identified by Compliance as having access to AM Proprietary information;<br> 3) All persons of entities affiliated with JPMAM that have been authorized by the Office of the Corporate Secretary to act in an official capacity on behalf of the JPMAM Registered Investment Advisers, sometimes referred to as "dual-hatted" employees; or<br> 4) Certain consultants, agents, and temporary workers who are involved in the investment management process or have access to Proprietary information regarding Client recommendations or transactions on a pre-trade or same-day basis. |
| &nbsp;&nbsp;AM-Affiliated Persons | &nbsp;&nbsp;1) All employees of AM and members of the AM Operating Committee;<br> 2) All employees aligned with or that support the AM business (i.e., AM Audit, AM<br> 3) Legal, AM Compliance, AM Risk, AM Finance and AM Technology Operations);<br> 4) All directors and officers of the U.S. registered investment advisors of JPMAM; and<br> 5) The spouse, domestic partner or dependent child of AM-Affiliated Persons. |
| &nbsp;&nbsp;Connected Person | &nbsp;&nbsp;Individuals who, based on their relationship with a Supervised Person, are subject to provisions of this Policy including, but not limited to:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Supervised Persons' spouse, domestic partner or minor children (even if financially independent)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whom the Supervised Person provides significant financial support or for which the Supervised Person, or anyone listed above, has or shares the power, directly or indirectly, to make investment decisions |
| &nbsp;&nbsp;Covered Amount | &nbsp;&nbsp;Is an account in the name of or for the direct or indirect benefit of a Supervised Person or a Supervised Person's spouse, domestic partner, minor children and any other person for whom the Supervised Person provides significant financial support, as well as to any other account over which the Supervised Person or any of these other persons exercise investment discretion, regardless of beneficial interest. Excluded from Associated Accounts are any 401(k) and deferred compensation plan accounts for which the Supervised Person has no investment discretion. |
| &nbsp;&nbsp;Automatic Investment Plan | &nbsp;&nbsp;Is 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. |
| &nbsp;&nbsp;Beneficial ownership | &nbsp;&nbsp;Is interpreted to mean any interest held directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, or any pecuniary interest in equity securities held or shared directly or indirectly, subject to the terms and conditions set forth under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934. A Supervised Person who has questions regarding the definition of this term should consult the Compliance Department. Please note: Any report required under section 5. Reporting Requirements may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security to which the report relates. |

---

![](tm262170d1_ex99bp29img001.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Client | &nbsp;&nbsp;Is any entity (e.g. person, corporation or Fund) for which JPMAM provides a service or has a fiduciary responsibility. |
| &nbsp;&nbsp;Federal Securities Law | &nbsp;&nbsp;Are the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940 ("1940 Act"), the Advisers Act, Title V of the Gramm-Leach-Bliley Act (1999), any rules adopted by the Securities and Exchange Commission ("SEC") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted there under by the SEC or the Department of the Treasury. |
| &nbsp;&nbsp;Fund | &nbsp;&nbsp;Is an investment company registered under the Investment Company Act of 1940. |
| &nbsp;&nbsp;Initial Public Offering | &nbsp;&nbsp;Is 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. |
| &nbsp;&nbsp;JPMAM | &nbsp;&nbsp;Is the abbreviation for JPMorgan Asset Management, a marketing name for the Asset Management subsidiaries of JPMorgan Chase & Co. Within the context of this document, JPMAM refers to the following U.S. registered investment advisers of JPMorgan Asset Management:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• J.P. Morgan Alternative Asset Management, Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Asset Management (UK) Ltd.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• J.P. Morgan Investment Management Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security Capital Research & Management Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bear Stearns Asset Management Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Funds Limited<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Asset Management (Asia Pacific) Ltd.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Highbridge Capital Management, LLC<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 551, LLC (55ip)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Alternatives Adviser, Inc.<br> JPMAM also includes the following foreign registered, but not SEC registered, adviser:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Asset Management (Canada) Inc. |
| &nbsp;&nbsp;Limited Offering | &nbsp;&nbsp;Is an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to Rules 504, 505 or 506 there under. |
| &nbsp;&nbsp;LOP Compliance | &nbsp;&nbsp;Line of Business Compliance |
| &nbsp;&nbsp;Proprietary | &nbsp;&nbsp;Within the context of this Code of Ethics is:<br> 1) any research conducted by AM or its affiliates<br> 2) any non-public information pertaining to AM or its affiliates<br> 3) all JPM managed and sub-advised mutual funds |

---

![](tm262170d1_ex99bp29img001.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Reportable Fund | &nbsp;&nbsp;Is any JPMorgan Proprietary Fund, including sub-advised funds |
| &nbsp;&nbsp;Reportable Security | &nbsp;&nbsp;Is a security as defined under section 202(a)(18) of the Advisers Act held for the direct or indirect benefit of an Access Person, including 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, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. Excluded from this definition are:<br> 1) Direct obligations of the Government of the United States;<br> 2) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;<br> 3) Shares issued by money market funds; and<br> 4) Shares issued by open-end funds other than Reportable Funds |
| &nbsp;&nbsp;Supervised Persons | &nbsp;&nbsp;1) Any partner, officer, director or employees of JPMAM (or other person occupying a similar status or performing similar functions).<br> 2) All employees of entities affiliated with JPMAM that have been authorized by the Office of the Corporate Secretary to act in an official capacity on behalf of a legal entity within JPMAM, sometimes referred to as "dual hatted" employees;<br> 3) Certain consultants, as well as any other persons who provide advice on behalf of JPMAM and are subject to JPMAM's supervision and control;<br> 4) All Access Persons |

---

![](tm262170d1_ex99bp29img001.jpg)