SEI GLOBAL ASSETS FUND PLC. Annual Report and Audited Financial Statements for the financial year ended 30 June 2017

Transcription

1 SEI GLOBAL ASSETS FUND PLC Annual Report and Audited Financial Statements for the financial year ended 30 June 2017

2 CONTENTS PAGE Directory 3 General Information 4 Directors Report 6 Report of the Depositary to the Shareholders 10 Report of Independent Auditors 11 Investment Adviser s Reports The SEI Defensive Fund 13 The SEI Conservative Fund 14 The SEI Moderate Fund 15 The SEI Core Fund 16 The SEI Balanced Fund 17 The SEI Growth Fund 18 The SEI Aggressive Fund 19 The SEI Global Conservative Fund 20 The SEI Global Core Fund 21 The SEI Global Balanced Fund 22 The SEI Global Growth Fund 23 The SEI Global Aggressive Fund 24 Financial Statements Portfolio of Investments The SEI Defensive Fund 26 The SEI Conservative Fund 32 The SEI Moderate Fund 38 The SEI Core Fund 44 The SEI Balanced Fund 46 The SEI Growth Fund 48 The SEI Aggressive Fund 50 The SEI Global Conservative Fund 52 The SEI Global Core Fund 57 The SEI Global Balanced Fund 59 The SEI Global Growth Fund 61 The SEI Global Aggressive Fund 63 Income Statement 64 Statement of Financial Position 69 Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 77 Notes to the Financial Statements 86 Appendix I Global Exposure and Leverage (Unaudited) 106 Appendix II Remuneration Disclosures (Unaudited) 109 Appendix III - Statement of Changes in Composition of Portfolio (Unaudited) 110 2

3 DIRECTORY Board of Directors at 30 June 2017 Michael Jackson (Chairman) (Irish) Kevin Barr (American) Robert A. Nesher (American) Desmond Murray* (Irish) Jeffrey Klauder** (American) Manager Investment Adviser Depositary Administrator Distributor Independent Auditors Legal Advisers as to Irish Law Company Secretary Registered Office CRO Number *Director, independent of the Investment Adviser **Jeffrey Klauder was appointed as a Director in September 2016 SEI Investments Global, Limited 2 nd Floor Styne House Upper Hatch Street Dublin 2 Ireland SEI Investments Management Corporation 1 Freedom Valley Drive Oaks Pennsylvania U.S.A. Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street Dublin 2 Ireland SEI Investments Global Fund Services Limited 2 nd Floor Styne House Upper Hatch Street Dublin 2 Ireland SEI Investments (Europe) Limited 1 st Floor Alphabeta Finsbury Square London EC2A 1BR England PricewaterhouseCoopers One Spencer Dock North Wall Quay Dublin 1 Ireland Matheson 70 Sir John Rogerson s Quay Dublin 2 Ireland Matsack Trust Limited 70 Sir John Rogerson s Quay Dublin 2 Ireland 2 nd Floor Styne House Upper Hatch Street Dublin 2 Ireland 3

4 GENERAL INFORMATION Structure The following information is derived from and should be read in conjunction with the full text and definitions section of the Prospectus. SEI Global Assets Fund plc (the Company ) was incorporated on 30 May 2001 and is an umbrella fund established as an open-ended investment company with variable capital under the laws of Ireland as a public limited company pursuant to the Companies Act It operates pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the UCITS Regulations ). Its share capital is divided into a number of classes, each representing interests in a fund, except for the Subscriber Shares that will not entitle the holders to participate in the assets of any fund. At 30 June 2017, the Company comprised twelve separate portfolios of investments ( Funds ), each of which is represented by a separate series of Redeemable Participating Shares. These Funds are: The SEI Defensive Fund, The SEI Conservative Fund, The SEI Moderate Fund, The SEI Core Fund, The SEI Balanced Fund, The SEI Growth Fund, The SEI Aggressive Fund, The SEI Global Conservative Fund, The SEI Global Core Fund, The SEI Global Balanced Fund, The SEI Global Growth Fund and The SEI Global Aggressive Fund. As the Company is availing of the provisions of the Companies Act 2014, each Fund has segregated liability from the other Funds and the Company is not liable as a whole to third parties for the liabilities of each Fund. A new Prospectus was approved by the Central Bank on 8 August A copy of the Prospectus and Key Investor Information Document ( KIID ) can be obtained by contacting the Administrator at its registered office. Distribution Policy The Articles of Association empower the Company in General Meetings to declare dividends in respect of any Shares provided that no dividend shall exceed the amount recommended by the Directors. The Articles of Association also empower the Directors to declare interim dividends. The Directors have determined to reinvest all net income and net realised capital gains of the Company attributable to the Accumulating Class Shares. Accordingly, no dividends will be paid in respect of such Shares and all net income and net realised capital gains of the Company attributable to such Shares will be reflected in the Net Asset Value per Share of those Shares. The Directors expect that all or substantially all of the net investment income of the relevant Funds attributable to the Distributing Classes will be calculated as of the first Dealing Day of each calendar quarter (the Record Date ) and declared as a dividend to eligible Shareholders on the relevant Fund s register of Shareholders on the Record Date. Any such dividend will be distributed to the relevant Shareholders normally within ten Dealing Days from the Record Date. The Articles of Association empower the Directors to declare dividends in respect of any Shares out of net income (including interest income) and the excess of realised and unrealised capital gains over realised and unrealised losses in respect of investments of the Company. Net realised and unrealised capital gains of the relevant Funds attributable to the Distributing Classes are expected to be retained by the relevant Fund which will result in an increase in the Net Asset Value per Share. The Directors, nevertheless, reserve the right to declare dividends in respect of such realised and unrealised capital gains less realised and unrealised capital losses at their sole discretion. The Directors may from time to time, and in their sole discretion, determine that the Company shall, on behalf of one or more Funds, apply an equalisation formula in respect to any Distributing Class Shares for any distribution period in which it is expected that significant subscriptions or redemptions of Shares in the relevant Fund during that distribution period might have a significant impact on the net investment income of the relevant Fund which would otherwise be available for distribution on the relevant Record Date. Prices There is currently a single price for buying and selling Shares in the Company and/or switching Shares between Funds. This is represented by the Net Asset Value per Share. The Company reserves the right to impose, or to authorise the Manager to impose a redemption charge on the redemption of Shares to a maximum of 3% of the Net Asset Value of the Shares to be redeemed in circumstances where the value of the Shares being redeemed equals 5% or more of the Net Asset Value of the relevant Fund, or where the value of the Shares being redeemed on a Dealing Day, when aggregated with the value of any Shares redeemed by the Shareholder from the same Fund within the prior two month period from the relevant Dealing Day equals 5% or more of the Net Asset Value of the relevant Fund of the Company. The Company reserves the right to impose, or to authorise the Manager to impose a sales charge and a switching charge in such an amount as may be specified in the Prospectus. During the financial year ended 30 June 2017 (referred to herein as the year end or year ended ), and year ended 30 June 2016, no charges have been imposed on subscription monies, the redemption of Shares or Shares acquired as a result of switching between Funds. Minimum Subscription The minimum initial subscription to the Company in respect of any Fund or Share Class will be specified in the Prospectus and may be varied or waived by the Directors at their absolute discretion. 4

5 GENERAL INFORMATION (continued) Dealing A Dealing Day is: (i) (ii) every Business Day, except for 24 December; and/or such other days as the Directors may from time to time determine in relation to any particular Fund and notify in advance to the relevant Shareholders; provided always that there shall be at least one Dealing Day for each Fund per fortnight. A Business Day is defined as any day on which banks in Dublin or London are open for normal banking business, excluding Saturdays and Sundays and such other day or days as may be determined by the Directors. If the aggregate redemption requests on any Dealing Day equal or exceed 10% or more of the outstanding Shares of any Series in issue or deemed to be in issue, the Directors may elect to restrict the total number of Shares to be redeemed to 10% of the outstanding Shares in issue in that Series on that Dealing Day, in which case all redemption requests will be reduced pro rata to the size of the request. The balance of the Shares in respect of which redemption requests have been received shall be redeemed on the next succeeding Dealing Day, subject to the same 10% restriction, and in priority to redemption requests received in respect of next Dealing Day. 5

6 DIRECTORS REPORT The Directors submit their annual report together with the audited financial statements for the year ended 30 June 2017 and comparatives for the year ended 30 June Statement of Directors Responsibilities The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable Irish Law and Generally Accepted Accounting Practice in Ireland including the accounting standards issued by the Financial Reporting Council and published by the Institute of Chartered Accountants in Ireland. Under Irish law, the Directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of the Company s assets, liabilities and financial position as at the end of the financial year and the profit or loss of the Company for the financial year. In preparing these financial statements, the Directors are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether the financial statements have been prepared in accordance with applicable accounting standards and identify the standards in question, subject to any material departures from those standards being disclosed and explained in the Notes to the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to: correctly record and explain the transactions of the company; enable, at any time, the assets, liabilities, financial position and profit or loss of the company to be determined with reasonable accuracy; and enable the Directors to ensure that the financial statements comply with the Companies Act 2014 and enable those financial statements to be audited. The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors submit their annual report together with the audited financial statements for the year ended 30 June 2017 and comparatives for the year ended 30 June Directors Compliance Statement It is the policy of the Company to comply with its relevant obligations (as defined in the Companies Act 2014). As required by Section 225(2) of the Companies Act 2014, the Directors acknowledge that they are responsible for securing the Company s compliance with the relevant obligations. The Directors have drawn up a compliance policy statement as defined in Section 225(3)(a) of the Companies Act 2014 which refers to the arrangements and structures that are in place and which are, in the Directors opinion, designed to secure material compliance with the Company s relevant obligations. In discharging their responsibilities under Section 225, the Directors relied upon, among other things, the services provided, advice and/or representations from third parties whom the Directors believe have the requisite knowledge and experience in order to secure material compliance with the Company s relevant obligations. In accordance with Section 225(3) (c) the Directors can confirm a review occurred during the financial year of the structures and arrangements that are in place to comply with the relevant obligations. Statement of Relevant Audit Information The Directors in office at the date of this report have each confirmed that: As far as they are aware, there is no relevant audit information of which the Company s auditor is unaware; and They have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company s auditor is aware of that information. Audit Committee The Board of Directors decided it was not necessary to constitute an audit committee given the frequency of the meetings of the Board of Directors throughout the year and given the size of the Board of Directors. Accounting Records The measures taken by the Directors to secure compliance with the Company s obligation to keep adequate accounting records are the use of appropriate systems and procedures and employment of competent persons. The accounting records are kept at 2 nd Floor, Styne House, Upper Hatch Street, Dublin 2, Ireland. 6

7 DIRECTORS REPORT (continued) Directors The names of persons who served as Directors at any time during the year ended 30 June 2017 are set out below: Kevin Barr Michael Jackson Desmond Murray* Robert A. Nesher Jeffrey Klauder** (American) (Irish) (Irish) (American) (American) *Director, independent of the Investment Adviser. **Jeffrey Klauder was appointed as a Director in September 2016 Directors and Company Secretary s Interests in Shares and Contracts None of the Directors or the Company Secretary, at the date of this report, holds or held, on the date of his appointment or at any time during the year ended 30 June 2017, any beneficial interest in the Shares of the Company. Michael Jackson is a partner in the firm of Matheson, who act as legal advisers to the Company. During the year ended 30 June 2017, Matheson were paid fees of US$84,739 (30 June 2016: US$56,897) for services to the Company. Transactions Involving Directors Apart from the matter above, the Board of Directors is not aware of any contracts or arrangements of any significance in relation to the business of the Company in which the Directors had any interest as defined in Section 309 of the Companies Act 2014 at any time during the year ended 30 June Results, Activities and Future Developments The results of operations are set out in the Income Statement. A detailed review of activities and further developments is contained in the Investment Adviser s Reports. Risk Management Objectives and Policies The main risks arising from the Company s financial instruments are market risk (including price risk, currency risk and interest rate risk), credit risk and liquidity risk as set out in Note 12 in the Notes to the Financial Statements. Dividends The dividends for the year are set out in Note 4 in the Notes to the Financial Statements. Efficient Portfolio Management The Company may employ techniques and instruments relating to transferable securities and/or other financial instruments under the conditions and within the limits laid down by the Central Bank, provided that such instruments are used for efficient portfolio management. Techniques and instruments including futures contracts, forward foreign currency contracts, options and swaps utilised for the purposes of efficient portfolio management may only be used in accordance with the investment objectives and policies of the relevant Fund. Any technique or instrument must be one which is reasonably believed by the managers to be economically appropriate to the efficient portfolio management of the relevant Fund. Forward foreign currency contracts open at 30 June 2017 are disclosed as part of the Portfolio of Investments. The Directors of the Company have elected to co-manage assets of certain Funds within the Company. In such cases, assets of different Funds are managed in common. The assets which are co-managed shall be referred to as a pool notwithstanding that such pools are used solely for internal management purposes. The pools do not constitute separate legal entities and are not directly accessible to investors. Each of the comanaged Funds shall be allocated an appropriate portion of a pool s specific assets. The entitlements of each participating Fund to the co-managed assets apply to each and every line of the investments of each pool. As at 30 June 2017, SEI Global Assets Fund plc co-managed the assets of all the Funds (with the exception of The SEI Core Fund, The SEI Balanced Fund, The SEI Growth Fund, The SEI Aggressive Fund. The SEI Global Core Fund, The SEI Global Balanced Fund, The SEI Global Growth Fund and The SEI Global Aggressive Fund) utilising the following pools overleaf: 7

8 DIRECTORS REPORT (continued) Efficient Portfolio Management (continued) Fund Name The SEI Defensive Fund The SEI Conservative Fund The SEI Moderate Fund The SEI Global Conservative Fund Pool The SEI Sterling Liquidity Pool The SEI Managed Volatility Pool The SEI Managed Volatility Pool The SEI Managed Volatility Pool The SEI Managed Volatility Pool Investments can be held in the pool and also directly in the sub funds. See portfolio of investments for further details. Portfolio Managers No changes in Portfolio Managers occurred during the year ended 30 June Corporate Governance Statement The Board of Directors (the Board ) of the Company is responsible for the effective, prudent and ethical oversight of the Company and is ultimately responsible for ensuring that risk and compliance is properly managed in the Company. The Board of the Company shall strive to ensure that the Company is run in compliance with the Companies Act 2014, and the UCITS Regulations issued by the Central Bank and other rules which are of relevance to their position as Directors. The Board has adopted the voluntary Irish Funds (IF) Corporate Governance Code for Irish domiciled Collective Investment Schemes and Management Companies, issued 14 December 2011 (the Code ) with effect from 29 November The Board has reviewed and assessed the measures included in the Code and considers its corporate governance practices and procedures since the adoption of the Code as consistent with it. With respect to the period under review, 1 July 2016 to 30 June 2017, two directors; Robert Nesher and Kevin Barr did not attend the board meetings on 23 February 2017 and 27 April, respectively, however, they did participate in all other meetings either by teleconference call or in person at Styne House. The Board has assessed the measures included in the Code as being consistent with its corporate governance practices and procedures for the financial year. Each of the services providers engaged by the Company is subject to their own corporate governance requirements. Connected Persons In compliance with the UCITS Regulations, the Directors confirm that for the year ended 30 June 2017, all transactions carried out with connected persons were on an arms length basis and in the best interests of Shareholders. Significant Events Affecting the Company During the Year Jeffrey Klauder was appointed as a Director in September There were no other significant events affecting the Company since the year end. Post Balance Sheet Events A new Prospectus was approved by the Central Bank on 8 August The SEI Euro Conservative Fund, The SEI Euro Moderate Fund, The SEI Euro Core Fund, The SEI Euro Balanced Fund, The SEI Euro Growth Fund and The SEI Euro Aggressive Fund launched on 29 September There were no other significant events affecting the Company since the year end. 8

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11 REPORT OF INDEPENDENT AUDITORS TO THE MEMBERS OF SEI GLOBAL ASSETS FUND PLC Report on the audit of the financial statements Opinion In our opinion, SEI Global Assets Fund plc s financial statements: give a true and fair view of the Company s and its Funds assets, liabilities and financial position as at 30 June 2017 and of their results for the year then ended; have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland (accounting standards issued by the Financial Reporting Council of the UK, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and promulgated by the Institute of Chartered Accountants in Ireland and Irish law); and have been properly prepared in accordance with the requirements of the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended). We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which comprise: the Statement of Financial Position as at 30 June 2017; the Income Statement for the year then ended; the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders for the year then ended; the Portfolio of Investments for each of the Funds as at 30 June 2017; and the notes to the audited financial statements which include a description of the significant accounting policies. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) ( ISAs (Ireland) ) and applicable law. Our responsibilities under ISAs (Ireland) are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where: the directors use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company s and the Funds ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company s or Funds ability to continue as going concerns. Reporting on other information The other information comprises all of the information in the Annual Report and Audited Financial Statements other than the financial statements and our auditors report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. With respect to the Directors Report, we also considered whether the disclosures required by the Companies Act 2014 have been included. Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the Companies Act 2014 requires us to also report certain opinions and matters as described below. In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors Report for the year ended 30 June 2017 is consistent with the financial statements and has been prepared in accordance with the applicable legal requirements. Based on our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors Report. 11

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13 THE SEI DEFENSIVE FUND INVESTMENT ADVISER S REPORT The SEI Defensive Fund is comprised of six classes of Shares. The Fund was launched on 19 February The functional currency of The SEI Defensive Fund is British Pound Sterling (GBP). Market Commentary The twelve month period ending 30 June 2017 was full of surprises. Most equity markets rallied after Brexit was solidified via final approval from Parliament. In the United States, a surprise election result saw the Republican nominee, Donald Trump, voted into office. Equity markets reacted in a knee jerk manner as an initial sell off turned into a noteworthy rally that carried through until the end of the fiscal year. However, US stock market sectors that did well (financials and some defensives) immediately following the election of Trump corrected in 2017, while post-election laggards (technology and health care) bounced back sharply. US equities overall lagged both developed and emerging market equities in the first half of Emerging equity and bond markets sold off immediately after the Trump victory in response to the administration s aggressive trade stance, but climbed back in the following months. The US Federal Open Market Committee raised interest rates by 0.25% just before the end of the fiscal period, the third rate hike within a sixmonth period, and laid out plans to reduce its balance sheet, which could start as early as September Other global central banks have started to indicate their willingness to slow or reverse their respective loose monetary policies. In currency markets, the US dollar reversed its strength in mid-to-late 2016 against global currencies, especially the pound, euro and yen. In a similar trend, commodity prices, including oil, were volatile over the period, even after a decision by the Organisation of the Petroleum Exporting Countries members and non-members to cut production. Sovereign yields increased initially after the US election and the December 2016 interest rate hike, while emerging-market debt struggled as the US dollar strengthened. However, inflationary pressures that were building after Trump s election and the Brexit vote have slowed, and sovereign yields have retraced, emerging market debt has performed well. High-yield fixed-income has performed well over the entire period, partially due to the continued tightening of credit spreads. Fund Attribution Fund performance was positive in the twelve-month period, driven by the Global Managed Volatility Fund. The High Yield Fixed Income Fund, Global Multi-Asset Income Fund, U.K. Index-Linked Fixed Interest Fund and U.K. Core Fixed Interest Fund also contributed during the period. An allocation to commodities, the Global Short Term Bond Fund and the Global Fixed Income Fund were the three noteworthy detractors during the period as various commodities sold off and global treasury rates tended to rise. From an active allocation perspective, the Fund had a positive contribution from a tactical overweight to the High Yield Fixed Income Fund, funded by an underweight to the Global Short Duration Bond Fund. This active position was closed in December Additionally, a short euro vs US dollar position, which was closed in May of 2017, made a small positive contribution to the Fund. July 2017 Performance Sterling Sterling Sterling Wealth A Sterling Sterling Investor Institutional Sterling Distributing Institutional Institutional Distributing Distributing Wealth A Class C Class Class Class Class Class GBP GBP GBP GBP GBP GBP Opening Net Asset Value per share Distribution rate per share Closing Net Asset Value per share Closing Net Asset Value plus distribution rate per share Class return for the year/period 1.26% 1.19% 1.81% 1.15% 1.76% 1.19% 13

14 THE SEI CONSERVATIVE FUND INVESTMENT ADVISER S REPORT The SEI Conservative Fund is comprised of six classes of Shares. The Fund was launched on 19 February The functional currency of The SEI Conservative Fund is British Pound Sterling (GBP). Market Commentary The twelve month period ending 30 June 2017 was full of surprises. Most equity markets rallied after Brexit was solidified via final approval from Parliament. In the United States, a surprise election result saw the Republican nominee, Donald Trump, voted into office. Equity markets reacted in a knee jerk manner as an initial sell off turned into a noteworthy rally that carried through until the end of the fiscal year. However, US stock market sectors that did well (financials and some defensives) immediately following the election of Trump corrected in 2017, while post-election laggards (technology and health care) bounced back sharply. US equities overall lagged both developed and emerging market equities in the first half of Emerging equity and bond markets sold off immediately after the Trump victory in response to the administration s aggressive trade stance, but climbed back in the following months. The US Federal Open Market Committee raised interest rates by 0.25% just before the end of the fiscal period, the third rate hike within a sixmonth period, and laid out plans to reduce its balance sheet, which could start as early as September Other global central banks have started to indicate their willingness to slow or reverse their respective loose monetary policies. In currency markets, the US dollar reversed its strength in mid-to-late 2016 against global currencies, especially the pound, euro and yen. In a similar trend, commodity prices, including oil, were volatile over the period, even after a decision by the Organisation of the Petroleum Exporting Countries members and non-members to cut production. Sovereign yields increased initially after the US election and the December 2016 interest rate hike, while emerging-market debt struggled as the US dollar strengthened. However, inflationary pressures that were building after Trump s election and the Brexit vote have slowed, and sovereign yields have retraced, emerging market debt has performed well. High-yield fixed-income has performed well over the entire period, partially due to the continued tightening of credit spreads. Fund Attribution Fund performance was positive in the twelve-month period, driven by allocations to the Global Managed Volatility Fund and U.K. Equity Fund. The High Yield Fixed Income Fund, Global Multi-Asset Income Fund, Liquid Alternatives Fund, U.K. Index-Linked Fixed Interest Fund and U.K. Core Fixed Interest Fund also contributed during the period. An allocation to commodities, Global Short Term Bond Fund and the Global Fixed Income Fund were the three noteworthy detractors during the period as various commodities sold off and global treasury rates tended to rise. From an active allocation perspective, the Fund had a positive contribution from a tactical overweight to the High Yield Fixed Income Fund, funded by an underweight to the Global Short Duration Bond Fund. This active position was closed in December Additionally, a short euro vs US dollar position, which was closed in May of 2017, made a small positive contribution to the Fund. July 2017 Performance Sterling Sterling Sterling Wealth A Sterling Investor Sterling Institutional Sterling Distributing Institutional Distributing Institutional Distributing Wealth A Class C Class Class Class Class Class GBP GBP GBP GBP GBP GBP Opening Net Asset Value per share Distribution rate per share Closing Net Asset Value per share Closing Net Asset Value plus distribution rate per share Class return for the year/period 3.41% 3.48% 3.42% 4.02% 4.07% 3.52% 14

15 THE SEI MODERATE FUND INVESTMENT ADVISER S REPORT The SEI Moderate Fund is comprised of six classes of Shares. The Fund was launched on 19 February The functional currency of The SEI Moderate Fund is British Pound Sterling (GBP). Market Commentary The twelve month period ending 30 June 2017 was full of surprises. Most equity markets rallied after Brexit was solidified via final approval from Parliament. In the United States, a surprise election result saw the Republican nominee, Donald Trump, voted into office. Equity markets reacted in a knee jerk manner as an initial sell off turned into a noteworthy rally that carried through until the end of the fiscal year. However, US stock market sectors that did well (financials and some defensives) immediately following the election of Trump corrected in 2017, while post-election laggards (technology and health care) bounced back sharply. US equities overall lagged both developed and emerging market equities in the first half of Emerging equity and bond markets sold off immediately after the Trump victory in response to the administration s aggressive trade stance, but climbed back in the following months. The US Federal Open Market Committee raised interest rates by 0.25% just before the end of the fiscal period, the third rate hike within a sixmonth period, and laid out plans to reduce its balance sheet, which could start as early as September Other global central banks have started to indicate their willingness to slow or reverse their respective loose monetary policies. In currency markets, the US dollar reversed its strength in mid-to-late 2016 against global currencies, especially the pound, euro and yen. In a similar trend, commodity prices, including oil, were volatile over the period, even after a decision by the Organisation of the Petroleum Exporting Countries members and non-members to cut production. Sovereign yields increased initially after the US election and the December 2016 interest rate hike, while emerging-market debt struggled as the US dollar strengthened. However, inflationary pressures that were building after Trump s election and the Brexit vote have slowed, and sovereign yields have retraced, emerging market debt has performed well. High-yield fixed-income has performed well over the entire period, partially due to the continued tightening of credit spreads. Fund Attribution Fund performance was positive in the twelve-month period, driven by allocations to the Global Managed Volatility Fund and U.K. Equity Fund. The High Yield Fixed Income Fund, Global Multi-Asset Income Fund, Liquid Alternatives Fund, Emerging Market Debt Fund and U.K. Core Fixed Interest Fund also contributed during the period. An allocation to commodities, the Global Short Term Bond Fund and Global Fixed Income Fund were the three noteworthy detractors during the period as various commodities sold off and global treasury rates tended to rise. From an active allocation perspective, the Fund had a positive contribution from a tactical overweight to the High Yield Fixed Income Fund, funded by an underweight to the Global Short Duration Bond Fund. This active position was closed in December Additionally, a short euro vs US dollar position, which was closed in May of 2017, made a small positive contribution to the Fund. July 2017 Performance Sterling Sterling Sterling Wealth A Sterling Sterling Investor Institutional Sterling Distributing Institutional Institutional Distributing Distributing Wealth A Class C Class Class Class Class Class GBP GBP GBP GBP GBP GBP Opening Net Asset Value per share Distribution rate per share Closing Net Asset Value per share Closing Net Asset Value plus distribution rate per share Class return for the year/period 6.00% 6.10% 6.74% 5.96% 6.72% 6.00% 15

16 THE SEI CORE FUND INVESTMENT ADVISER S REPORT The SEI Core Fund is comprised of six classes of Shares. The Fund was launched on 19 February The functional currency of The SEI Core Fund is British Pound Sterling (GBP). Market Commentary The twelve month period ending 30 June 2017 was full of surprises. Most equity markets rallied after Brexit was solidified via final approval from Parliament. In the United States, a surprise election result saw the Republican nominee, Donald Trump, voted into office. Equity markets reacted in a knee jerk manner as an initial sell off turned into a noteworthy rally that carried through until the end of the fiscal year. However, US stock market sectors that did well (financials and some defensives) immediately following the election of Trump corrected in 2017, while post-election laggards (technology and health care) bounced back sharply. US equities overall lagged both developed and emerging market equities in the first half of Emerging equity and bond markets sold off immediately after the Trump victory in response to the administration s aggressive trade stance, but climbed back in the following months. The US Federal Open Market Committee raised interest rates by 0.25% just before the end of the fiscal period, the third rate hike within a sixmonth period, and laid out plans to reduce its balance sheet, which could start as early as September Other global central banks have started to indicate their willingness to slow or reverse their respective loose monetary policies. In currency markets, the US dollar reversed its strength in mid-to-late 2016 against global currencies, especially the pound, euro and yen. In a similar trend, commodity prices, including oil, were volatile over the period, even after a decision by the Organisation of the Petroleum Exporting Countries members and non-members to cut production. Sovereign yields increased initially after the US election and the December 2016 interest rate hike, while emerging-market debt struggled as the US dollar strengthened. However, inflationary pressures that were building after Trump s election and the Brexit vote have slowed, and sovereign yields have retraced, emerging market debt has performed well. High-yield fixed-income has performed well over the entire period, partially due to the continued tightening of credit spreads. Fund Attribution Fund performance was positive in the twelve-month period, driven by allocations to the U.K. Equity Fund and Global Equity Fund. The Factor Allocation U.S. Equity Fund, US Large Companies Fund, European ex-u.k. Equity Fund, High Yield Fixed Income Fund and Emerging Market Equity Fund also contributed during the period. Commodities and the Global Fixed Income Fund were the two noteworthy detractors during the period as various commodities sold off and global treasury rates tended to rise. From an active allocation perspective, the Fund had a positive contribution from a tactical overweight to the High Yield Fixed Income Fund, funded by an underweight to the Global Short Duration Bond Fund. This active position was closed in December of Additionally, a tactical overweight to the Japan Equity Fund, funded by an underweight of the U.S. Large Companies Fund, was initiated in October 2016 and contributed positively to the portfolio. An overweight to the European ex-u.k. Equity Fund, funded by an underweight of the U.S. Large Companies Fund, also contributed positively to the portfolio. Both the Japanese and European ex-u.k. tactical positions are still active in the portfolio. Lastly, a short euro vs US dollar position, which was closed in May of 2017, made a small positive contribution to the Fund. July 2017 Performance Sterling Sterling Sterling Wealth A Sterling Sterling Investor Institutional Sterling Distributing Institutional Institutional Distributing Distributing Wealth A Class C Class Class Class Class Class GBP GBP GBP GBP GBP GBP Opening Net Asset Value per share Distribution rate per share Closing Net Asset Value per share Closing Net Asset Value plus distribution rate per share Class return for the year/period 11.39% 11.61% 12.25% 11.44% 12.10% 11.46% 16

17 THE SEI BALANCED FUND INVESTMENT ADVISER S REPORT The SEI Balanced Fund is comprised of four classes of Shares. The Fund was launched on 19 February The functional currency of The SEI Balanced Fund is British Pound Sterling (GBP). Market Commentary The twelve month period ending 30 June 2017 was full of surprises. Most equity markets rallied after Brexit was solidified via final approval from Parliament. In the United States, a surprise election result saw the Republican nominee, Donald Trump, voted into office. Equity markets reacted in a knee jerk manner as an initial sell off turned into a noteworthy rally that carried through until the end of the fiscal year. However, US stock market sectors that did well (financials and some defensives) immediately following the election of Trump corrected in 2017, while post-election laggards (technology and health care) bounced back sharply. US equities overall lagged both developed and emerging market equities in the first half of Emerging equity and bond markets sold off immediately after the Trump victory in response to the administration s aggressive trade stance, but climbed back in the following months. The US Federal Open Market Committee raised interest rates by 0.25% just before the end of the fiscal period, the third rate hike within a sixmonth period, and laid out plans to reduce its balance sheet, which could start as early as September Other global central banks have started to indicate their willingness to slow or reverse their respective loose monetary policies. In currency markets, the US dollar reversed its strength in mid-to-late 2016 against global currencies, especially the pound, euro and yen. In a similar trend, commodity prices, including oil, were volatile over the period, even after a decision by the Organisation of the Petroleum Exporting Countries members and non-members to cut production. Sovereign yields increased initially after the US election and the December 2016 interest rate hike, while emerging-market debt struggled as the US dollar strengthened. However, inflationary pressures that were building after Trump s election and the Brexit vote have slowed, and sovereign yields have retraced, emerging market debt has performed well. High-yield fixed-income has performed well over the entire period, partially due to the continued tightening of credit spreads. Fund Attribution Fund performance was positive in the twelve-month period, driven by allocations to the U.K. Equity Fund and Global Equity Fund. The Emerging Market Equity Fund, Factor Allocation U.S. Equity Fund, European ex-u.k. Equity Fund, U.S. Large Companies Fund and Japanese Equity Fund also contributed during the period. An allocation to commodities and the Global Fixed Income Fund were the two noteworthy detractors during the period as various commodities sold off and global treasury rates tended to rise. From an active allocation perspective, the Fund had a positive contribution from a tactical overweight to the High Yield Fixed Income Fund, funded by an underweight to the Global Short Duration Bond Fund. This active position was closed in December of Additionally, a tactical overweight to the Japan Equity Fund, funded by an underweight of the U.S. Large Companies Fund, was initiated in October 2016 and contributed positively to the portfolio. An overweight to the European ex-u.k.equity Fund, funded by an underweight of the U.S. Large Companies Fund, also contributed positively to the portfolio. Both the Japanese and European ex-u.k. tactical positions are still active in the portfolio. Lastly, a short euro vs US dollar position, which was closed in May of 2017, made a small positive contribution to the Fund. July 2017 Performance Sterling Sterling Sterling Wealth A Sterling Investor Sterling Institutional Sterling Distributing Institutional Distributing Institutional Distributing Wealth A Class C Class Class Class Class Class GBP GBP GBP GBP GBP GBP Opening Net Asset Value per share Distribution rate per share Closing Net Asset Value per share Closing Net Asset Value plus distribution rate per share Class return for the year/period 14.80% 15.09% 14.80% 15.82% 15.68% 14.88% 17

18 THE SEI GROWTH FUND INVESTMENT ADVISER S REPORT The SEI Growth Fund is comprised of six classes of Shares. The Fund was launched on 19 February The functional currency of The SEI Growth Fund is British Pound Sterling (GBP). Market Commentary The twelve month period ending 30 June 2017 was full of surprises. Most equity markets rallied after Brexit was solidified via final approval from Parliament. In the United States, a surprise election result saw the Republican nominee, Donald Trump, voted into office. Equity markets reacted in a knee jerk manner as an initial sell off turned into a noteworthy rally that carried through until the end of the fiscal year. However, US stock market sectors that did well (financials and some defensives) immediately following the election of Trump corrected in 2017, while post-election laggards (technology and health care) bounced back sharply. US equities overall lagged both developed and emerging market equities in the first half of Emerging equity and bond markets sold off immediately after the Trump victory in response to the administration s aggressive trade stance, but climbed back in the following months. The US Federal Open Market Committee raised interest rates by 0.25% just before the end of the fiscal period, the third rate hike within a sixmonth period, and laid out plans to reduce its balance sheet, which could start as early as September Other global central banks have started to indicate their willingness to slow or reverse their respective loose monetary policies. In currency markets, the US dollar reversed its strength in mid-to-late 2016 against global currencies, especially the pound, euro and yen. In a similar trend, commodity prices, including oil, were volatile over the period, even after a decision by the Organisation of the Petroleum Exporting Countries members and non-members to cut production. Sovereign yields increased initially after the US election and the December 2016 interest rate hike, while emerging-market debt struggled as the US dollar strengthened. However, inflationary pressures that were building after Trump s election and the Brexit vote have slowed, and sovereign yields have retraced, emerging market debt has performed well. High-yield fixed-income has performed well over the entire period, partially due to the continued tightening of credit spreads. Fund Attribution Fund performance was positive in the twelve-month period, driven by allocations to the U.K. Equity Fund and Global Equity Fund. Emerging Market Equity Fund, Factor Allocation U.S. Equity Fund, European ex-u.k. Equity Fund, U.S. Large Companies Fund and Pan European Small Cap Equity Fund also contributed during the period. An allocation to commodities and the Global Fixed Income Fund were the two noteworthy detractors during the period as various commodities sold off and global treasury rates tended to rise. From an active allocation perspective, a tactical overweight to the Japan Equity Fund, funded by an underweight of the U.S. Large Companies Fund, was initiated in October 2016 and contributed positively to the portfolio. Additionally, an overweight to the European ex-u.k. Equity Fund, funded by an underweight of the U.S. Large Companies Fund, contributed positively to the portfolio. Both the Japanese and European ex-u.k. tactical positions are still active in the portfolio. Lastly, a short euro vs US dollar position, which was closed in May of 2017, made a small positive contribution to the Fund. July 2017 Performance Sterling Sterling Sterling Wealth A Sterling Sterling Investor Institutional Sterling Distributing Institutional Institutional Distributing Distributing Wealth A Class C Class Class Class Class Class GBP GBP GBP GBP GBP GBP Opening Net Asset Value per share Distribution rate per share Closing Net Asset Value per share Closing Net Asset Value plus distribution rate per share Class return for the year/period 18.70% 19.09% 19.94% 18.80% 19.69% 18.96% 18

19 THE SEI AGGRESSIVE FUND INVESTMENT ADVISER S REPORT The SEI Aggressive Fund is comprised of six classes of Shares. The Fund was launched on 19 February The functional currency of The SEI Aggressive Fund is British Pound Sterling (GBP). Market Commentary The twelve month period ending 30 June 2017 was full of surprises. Most equity markets rallied after Brexit was solidified via final approval from Parliament. In the United States, a surprise election result saw the Republican nominee, Donald Trump, voted into office. Equity markets reacted in a knee jerk manner as an initial sell off turned into a noteworthy rally that carried through until the end of the fiscal year. However, US stock market sectors that did well (financials and some defensives) immediately following the election of Trump corrected in 2017, while post-election laggards (technology and health care) bounced back sharply. US equities overall lagged both developed and emerging market equities in the first half of Emerging equity and bond markets sold off immediately after the Trump victory in response to the administration s aggressive trade stance, but climbed back in the following months. The US Federal Open Market Committee raised interest rates by 0.25% just before the end of the fiscal period, the third rate hike within a sixmonth period, and laid out plans to reduce its balance sheet, which could start as early as September Other global central banks have started to indicate their willingness to slow or reverse their respective loose monetary policies. In currency markets, the US dollar reversed its strength in mid-to-late 2016 against global currencies, especially the pound, euro and yen. In a similar trend, commodity prices, including oil, were volatile over the period, even after a decision by the Organisation of the Petroleum Exporting Countries members and non-members to cut production. Sovereign yields increased initially after the US election and the December 2016 interest rate hike, while emerging-market debt struggled as the US dollar strengthened. However, inflationary pressures that were building after Trump s election and the Brexit vote have slowed, and sovereign yields have retraced, emerging market debt has performed well. High-yield fixed-income has performed well over the entire period, partially due to the continued tightening of credit spreads. Fund Attribution Fund performance was positive in the twelve-month period, driven by allocations to the U.K. Equity Fund and Global Equity Fund. The Emerging Market Equity Fund, Factor Allocation U.S. Equity Fund, European ex-u.k. Equity Fund, U.S. Large Companies Fund and Japanese Equity Fund also contributed during the period. There were no detractors in the portfolio over the past twelve months. From an active allocation perspective, a tactical overweight to the Japan Equity Fund, funded by an underweight of the U.S. Large Companies Fund, was initiated in October 2016 and contributed positively to the portfolio. Additionally, an overweight to the European ex-u.k. Equity Fund, funded by an underweight of the U.S. Large Companies Fund, contributed positively to the portfolio. Both the Japanese and European ex-u.k. tactical positions are still active in the portfolio. Lastly, a short euro vs US dollar position, which was closed in May of 2017, made a small positive contribution to the Fund. July 2017 Performance Sterling Sterling Sterling Wealth A Sterling Sterling Investor Institutional Sterling Distributing Institutional Institutional Distributing Distributing Wealth A Class C Class Class Class Class Class GBP GBP GBP GBP GBP GBP Opening Net Asset Value per share Distribution rate per share Closing Net Asset Value per share Closing Net Asset Value plus distribution rate per share Class return for the year/period 22.32% 22.64% 23.54% 22.37% 23.30% 22.57% 19

20 THE SEI GLOBAL CONSERVATIVE FUND INVESTMENT ADVISER S REPORT The SEI Global Conservative Fund is comprised of four classes of Shares. The Fund was launched on 28 February The functional currency of The SEI Global Conservative Fund is US Dollar (US$). Market Commentary The twelve month period ending 30 June 2017 was full of surprises. Most equity markets rallied after Brexit was solidified via final approval from Parliament. In the United States, a surprise election result saw the Republican nominee, Donald Trump, voted into office. Equity markets reacted in a knee jerk manner as an initial sell off turned into a noteworthy rally that carried through until the end of the fiscal year. However, US stock market sectors that did well (financials and some defensives) immediately following the election of Trump corrected in 2017, while post-election laggards (technology and health care) bounced back sharply. US equities overall lagged both developed and emerging market equities in the first half of Emerging equity and bond markets sold off immediately after the Trump victory in response to the administration s aggressive trade stance, but climbed back in the following months. The US Federal Open Market Committee raised interest rates by 0.25% just before the end of the fiscal period, the third rate hike within a sixmonth period, and laid out plans to reduce its balance sheet, which could start as early as September Other global central banks have started to indicate their willingness to slow or reverse their respective loose monetary policies. In currency markets, the US dollar reversed its strength in mid-to-late 2016 against global currencies, especially the pound, euro and yen. In a similar trend, commodity prices, including oil, were volatile over the period, even after a decision by the Organisation of the Petroleum Exporting Countries members and non-members to cut production. Sovereign yields increased initially after the US election and the December 2016 interest rate hike, while emerging-market debt struggled as the US dollar strengthened. However, inflationary pressures that were building after Trump s election and the Brexit vote have slowed, and sovereign yields have retraced, emerging market debt has performed well. High-yield fixed-income has performed well over the entire period, partially due to the continued tightening of credit spreads. Fund Attribution Fund performance was positive in the twelve-month period, driven by allocations to the Global Managed Volatility Fund and Global Equity Fund. The High Yield Fixed Income Fund, Global Multi-Asset Income Fund, Liquid Alternatives Fund and Global Opportunistic Fixed Income Fund also contributed during the period. An allocation to commodities and the Global Fixed Income Fund were the two noteworthy detractors during the period as various commodities sold off and global treasury rates tended to rise. From an active allocation perspective, the Fund had a positive contribution from a tactical overweight to the High Yield Fixed Income Fund, funded by an underweight to the Global Short Duration Bond Fund. This active position was closed in December Additionally, a short euro vs US dollar position, which was closed in May of 2017, made a small positive contribution to the Fund. July 2017 Performance U.S.$ U.S.$ U.S.$ U.S.$ Wealth B Institutional Wealth B Institutional Distributing Distributing Class Class Class Class USD USD USD USD Opening Net Asset Value per share Distribution rate per share Closing Net Asset Value per share Closing Net Asset Value plus distribution rate per share Class return for the year/period 2.66% 3.85% 2.73% 3.66% 20

21 THE SEI GLOBAL CORE FUND INVESTMENT ADVISER S REPORT The SEI Global Core Fund is comprised of four classes of Shares. The Fund was launched on 28 February The functional currency of The SEI Global Core Fund is US Dollar (US$). Market Commentary The twelve month period ending 30 June 2017 was full of surprises. Most equity markets rallied after Brexit was solidified via final approval from Parliament. In the United States, a surprise election result saw the Republican nominee, Donald Trump, voted into office. Equity markets reacted in a knee jerk manner as an initial sell off turned into a noteworthy rally that carried through until the end of the fiscal year. However, US stock market sectors that did well (financials and some defensives) immediately following the election of Trump corrected in 2017, while post-election laggards (technology and health care) bounced back sharply. US equities overall lagged both developed and emerging market equities in the first half of Emerging equity and bond markets sold off immediately after the Trump victory in response to the administration s aggressive trade stance, but climbed back in the following months. The US Federal Open Market Committee raised interest rates by 0.25% just before the end of the fiscal period, the third rate hike within a sixmonth period, and laid out plans to reduce its balance sheet, which could start as early as September Other global central banks have started to indicate their willingness to slow or reverse their respective loose monetary policies. In currency markets, the US dollar reversed its strength in mid-to-late 2016 against global currencies, especially the pound, euro and yen. In a similar trend, commodity prices, including oil, were volatile over the period, even after a decision by the Organisation of the Petroleum Exporting Countries members and non-members to cut production. Sovereign yields increased initially after the US election and the December 2016 interest rate hike, while emerging-market debt struggled as the US dollar strengthened. However, inflationary pressures that were building after Trump s election and the Brexit vote have slowed, and sovereign yields have retraced, emerging market debt has performed well. High-yield fixed-income has performed well over the entire period, partially due to the continued tightening of credit spreads. Fund Attribution From an active allocation perspective, the Fund had a positive contribution from a tactical overweight to the High Yield Fixed Income Fund, funded by an underweight to the Global Short Duration Bond Fund. This active position was closed in December of Additionally, a tactical overweight to the Japan Equity Fund, funded by an underweight of the U.S. Large Companies Fund, was initiated in October 2016 and contributed positively to the portfolio. An overweight to the European ex-u.k.equity Fund, funded by an underweight of the U.S. Large Companies Fund, also contributed positively to the portfolio. Both the Japanese and European ex-u.k. tactical positions are still active in the portfolio. Lastly, a short euro vs US dollar position, which was closed in May of 2017, made a small positive contribution to the Fund. July 2017 Performance U.S.$ U.S.$ U.S.$ U.S.$ Wealth B Institutional Wealth B Institutional Distributing Distributing Class Class Class Class USD USD USD USD Opening Net Asset Value per share Distribution rate per share Closing Net Asset Value per share Closing Net Asset Value plus distribution rate per share Class return for the year/period 9.21% 10.88% 9.29% 10.78% 21

22 THE SEI GLOBAL BALANCED FUND INVESTMENT ADVISER S REPORT The SEI Global Balanced Fund is comprised of four classes of Shares. The Fund was launched on 28 February The functional currency of The SEI Global Balanced Fund is US Dollar (US$). Market Commentary The twelve month period ending 30 June 2017 was full of surprises. Most equity markets rallied after Brexit was solidified via final approval from Parliament. In the United States, a surprise election result saw the Republican nominee, Donald Trump, voted into office. Equity markets reacted in a knee jerk manner as an initial sell off turned into a noteworthy rally that carried through until the end of the fiscal year. However, US stock market sectors that did well (financials and some defensives) immediately following the election of Trump corrected in 2017, while post-election laggards (technology and health care) bounced back sharply. US equities overall lagged both developed and emerging market equities in the first half of Emerging equity and bond markets sold off immediately after the Trump victory in response to the administration s aggressive trade stance, but climbed back in the following months. The US Federal Open Market Committee raised interest rates by 0.25% just before the end of the fiscal period, the third rate hike within a sixmonth period, and laid out plans to reduce its balance sheet, which could start as early as September Other global central banks have started to indicate their willingness to slow or reverse their respective loose monetary policies. In currency markets, the US dollar reversed its strength in mid-to-late 2016 against global currencies, especially the pound, euro and yen. In a similar trend, commodity prices, including oil, were volatile over the period, even after a decision by the Organisation of the Petroleum Exporting Countries members and non-members to cut production. Sovereign yields increased initially after the US election and the December 2016 interest rate hike, while emerging-market debt struggled as the US dollar strengthened. However, inflationary pressures that were building after Trump s election and the Brexit vote have slowed, and sovereign yields have retraced, emerging market debt has performed well. High-yield fixed-income has performed well over the entire period, partially due to the continued tightening of credit spreads. Fund Attribution Fund performance was positive in the twelve-month period, driven by allocations to the Global Equity Fund and Emerging Market Equity Fund. Factor Allocation U.S. Equity Fund, European ex-u.k. Fund, U.S. Large Companies Fund and Japan Equity Fund also contributed during the period. An allocation to commodities and the Global Fixed Income Fund were the two noteworthy detractors during the period as various commodities sold off and global treasury rates tended to rise. From an active allocation perspective, the Fund had a positive contribution from a tactical overweight to the High Yield Fixed Income Fund, funded by an underweight to the Global Short Duration Bond Fund. This active position was closed in December of Additionally, a tactical overweight to the Japan Equity Fund, funded by an underweight of the U.S. Large Companies Fund, was initiated in October 2016 and contributed positively to the portfolio. An overweight to the European ex-u.k. Equity Fund, funded by an underweight of the U.S. Large Companies Fund, also contributed positively to the portfolio. Both the Japanese and European ex-u.k. tactical positions are still active in the portfolio. Lastly, a short euro vs US dollar position, which was closed in May of 2017, made a small positive contribution to the Fund. July 2017 Performance U.S.$ U.S.$ U.S.$ U.S.$ Wealth B Institutional Wealth B Institutional Distributing Distributing Class Class Class Class USD USD USD USD Opening Net Asset Value per share Distribution rate per share Closing Net Asset Value per share Closing Net Asset Value plus distribution rate per share Class return for the year/period 12.60% 14.37% 12.60% 14.18% 22

23 THE SEI GLOBAL GROWTH FUND INVESTMENT ADVISER S REPORT The SEI Global Growth Fund is comprised of four classes of Shares. The Fund was launched on 28 February The functional currency of The SEI Global Growth Fund is US Dollar (US$). Market Commentary The twelve month period ending 30 June 2017 was full of surprises. Most equity markets rallied after Brexit was solidified via final approval from Parliament. In the United States, a surprise election result saw the Republican nominee, Donald Trump, voted into office. Equity markets reacted in a knee jerk manner as an initial sell off turned into a noteworthy rally that carried through until the end of the fiscal year. However, US stock market sectors that did well (financials and some defensives) immediately following the election of Trump corrected in 2017, while post-election laggards (technology and health care) bounced back sharply. US equities overall lagged both developed and emerging market equities in the first half of Emerging equity and bond markets sold off immediately after the Trump victory in response to the administration s aggressive trade stance, but climbed back in the following months. The US Federal Open Market Committee raised interest rates by 0.25% just before the end of the fiscal period, the third rate hike within a sixmonth period, and laid out plans to reduce its balance sheet, which could start as early as September Other global central banks have started to indicate their willingness to slow or reverse their respective loose monetary policies. In currency markets, the US dollar reversed its strength in mid-to-late 2016 against global currencies, especially the pound, euro and yen. In a similar trend, commodity prices, including oil, were volatile over the period, even after a decision by the Organisation of the Petroleum Exporting Countries members and non-members to cut production. Sovereign yields increased initially after the US election and the December 2016 interest rate hike, while emerging-market debt struggled as the US dollar strengthened. However, inflationary pressures that were building after Trump s election and the Brexit vote have slowed, and sovereign yields have retraced, emerging market debt has performed well. High-yield fixed-income has performed well over the entire period, partially due to the continued tightening of credit spreads. Fund Attribution Fund performance was positive in the twelve-month period, driven by allocations to the Global Equity Fund and Emerging Market Equity Fund. The Factor Allocation U.S. Equity Fund, European ex-u.k. Equity Fund, U.S. Large Companies Fund and U.S. Small Companies Fund also contributed during the period. An allocation to commodities and the Global Fixed Income Fund were the two noteworthy detractors during the period as various commodities sold off and global treasury rates tended to rise. From an active allocation perspective, a tactical overweight to the Japan Equity Fund, funded by an underweight of the U.S. Large Companies Fund, was initiated in October 2016 and contributed positively to the portfolio. Additionally, an overweight to the European ex-u.k. Equity Fund, funded by an underweight of the U.S. Large Companies Fund, contributed positively to the portfolio. Both the Japanese and European ex-u.k. tactical positions are still active in the portfolio. Lastly, a short euro vs US dollar position, which was closed in May of 2017, made a small positive contribution to the Fund. July 2017 Performance U.S.$ U.S.$ U.S.$ U.S.$ Wealth B Institutional Wealth B Institutional Distributing Distributing Class Class Class Class USD USD USD USD Opening Net Asset Value per share Distribution rate per share Closing Net Asset Value per share Closing Net Asset Value plus distribution rate per share Class return for the year/period 16.15% 18.08% 15.68% 17.96% 23

24 THE SEI GLOBAL AGGRESSIVE FUND INVESTMENT ADVISER S REPORT The SEI Global Aggressive Fund is comprised of four classes of Shares. The Fund was launched on 28 February The functional currency of The SEI Global Aggressive Fund is US Dollar (US$). Market Commentary The twelve month period ending 30 June 2017 was full of surprises. Most equity markets rallied after Brexit was solidified via final approval from Parliament. In the United States, a surprise election result saw the Republican nominee, Donald Trump, voted into office. Equity markets reacted in a knee jerk manner as an initial sell off turned into a noteworthy rally that carried through until the end of the fiscal year. However, US stock market sectors that did well (financials and some defensives) immediately following the election of Trump corrected in 2017, while post-election laggards (technology and health care) bounced back sharply. US equities overall lagged both developed and emerging market equities in the first half of Emerging equity and bond markets sold off immediately after the Trump victory in response to the administration s aggressive trade stance, but climbed back in the following months. The US Federal Open Market Committee raised interest rates by 0.25% just before the end of the fiscal period, the third rate hike within a sixmonth period, and laid out plans to reduce its balance sheet, which could start as early as September Other global central banks have started to indicate their willingness to slow or reverse their respective loose monetary policies. In currency markets, the US dollar reversed its strength in mid-to-late 2016 against global currencies, especially the pound, euro and yen. In a similar trend, commodity prices, including oil, were volatile over the period, even after a decision by the Organisation of the Petroleum Exporting Countries members and non-members to cut production. Sovereign yields increased initially after the US election and the December 2016 interest rate hike, while emerging-market debt struggled as the US dollar strengthened. However, inflationary pressures that were building after Trump s election and the Brexit vote have slowed, and sovereign yields have retraced, emerging market debt has performed well. High-yield fixed-income has performed well over the entire period, partially due to the continued tightening of credit spreads. Fund Attribution Fund performance was positive in the twelve-month period, driven by allocations to the Emerging Market Equity Fund and Global Equity Fund. The Factor Allocation U.S. Equity Fund, European ex-u.k. Equity Fund, U.S. Large Companies Fund and U.S. Small Companies Fund also contributed during the period. There were no detractors in the portfolio over the past twelve months. From an active allocation perspective, a tactical overweight to the Japan Equity Fund, funded by an underweight of the U.S. Large Companies Fund, was initiated in October 2016 and contributed positively to the portfolio. Additionally, an overweight to the European ex-u.k. Equity Fund, funded by an underweight of the U.S. Large Companies Fund, contributed positively to the portfolio. Both the Japanese and European ex-u.k. tactical positions are still active in the portfolio. Lastly, a short euro vs US dollar position, which was closed in May of 2017, made a small positive contribution to the Fund. July 2017 Performance U.S.$ U.S.$ U.S.$ U.S.$ Wealth B Institutional Wealth B Institutional Distributing Distributing Class Class Class Class USD USD USD USD Opening Net Asset Value per share Distribution rate per share Closing Net Asset Value per share Closing Net Asset Value plus distribution rate per share Class return for the year/period 19.41% 21.50% 19.35% 21.21% 24

25 INVESTMENT ADVISER S REPORT (continued) Important Information: The opinions and views contained in this document are solely those of SEI and are subject to change; descriptions relating to organisational structure, teams and investment processes herein may differ significantly from those prescribed by underlying managers regarding their own investment houses and investments. Past performance is not a guarantee of future performance. Investment in the range of SEI s Funds is intended as a long-term investment. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. Additionally, this investment may not be suitable for everyone. If you should have any doubt whether it is suitable for you, you should obtain expert advice. No offer of any security is made hereby. Recipients of this information who intend to apply for Shares in any SEI Fund are reminded that any such application may be made solely on the basis of the information contained in the Prospectus. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the Funds or any stock in particular, nor should it be construed as a recommendation to purchase or sell a security, including futures contracts. If the investment is withdrawn in the early years it may not return the full amount invested. In addition to the normal risks associated with equity investing, international investments may involve risk of capital loss from unfavourable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Narrowly focused investments and smaller companies typically exhibit higher volatility. Products of companies in which technology funds invest may be subject to severe competition and rapid obsolescence. SEI Funds may use derivative instruments such as futures, forward currency contracts, options, swaps, contracts for difference, credit derivatives, caps and floors. These instruments may be used for hedging purposes and/or investment purposes. While considerable care has been taken to ensure the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information and no liability is accepted for any errors or omissions in such information or any action taken on the basis of this information. This information is issued by SEI Investments (Europe) Limited, 1st Floor, Alphabeta, Finsbury Square, London EC2A 1BR which is authorised and regulated by the Financial Conduct Authority. Please refer to our latest Full Prospectus (which includes information in relation to the use of derivatives and the risks associated with the use of derivative instruments), Key Investor Information Document ( KIID ) and latest Annual or Interim Reports for more information on our Funds. This information can be obtained by contacting your Financial Adviser or using the contact details shown above. 25

26 THE SEI DEFENSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 Nominal Security Currency Code Value GBP Fund % INVESTMENT FUNDS Financial % (30 June 2016: 0.09%) 299 AGNC INVESTMENT CORP USD 4, % 227 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 3, % 136 COMINAR REAL ESTATE INVESTMENT TRUST CLASS U CAD 1, % 987 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 1, % 3,425 MAPLETREE INDUSTRIAL TRUST SGD 3, % 520 MFA FINANCIAL INC CLASS REIT USD 3, % 317 NEWRIVER REIT PLC GBP 1, % 1,271 REGAL REAL ESTATE INVESTMENT TRUST HKD % 1,558 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD % Funds % (30 June 2016: 76.97%) 53,740 GBP 613, % GLOBAL FIXED INCOME FUND HEDGED 37,814 GBP 582, % GLOBAL MANAGED VOLATILITY FUND 112,831 GBP 1,044, % GLOBAL MULTI-ASSET INCOME FUND HEDGED 54,700 GBP 614, % GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED 92,779 GBP 1,033, % HIGH YIELD FIXED INCOME FUND HEDGED 18,586 GBP 202, % LIQUID ALTERNATIVE FUND HEDGED 391,967 GBP 3,911, % GLOBAL SHORT TERM BOND FUND HEDGED 382,734 GBP 3,914, % GLOBAL SHORT DURATION BOND FUND HEDGED 391,458 GBP 3,915, % STERLING LIQUIDITY FUND 94,909 GBP 1,233, % U.K. CORE FIXED INTEREST FUND 18,052 GBP 403, % U.K. INDEX-LINKED FIXED INTEREST FUND 31,252 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 418, % Total Investment Funds ± 17,908, % Financial Investment Fund Assets at Fair Value Through Profit or Loss 17,908, % Financial Investment Fund Liabilities at Fair Value Through Profit or Loss EQUITIES Agriculture % (30 June 2016: 0.08%) 156 ALTRIA GROUP INC USD 8, % 59 SWEDISH MATCH AB SEK 1, % 62 UNIVERSAL CORP/VA USD 3, % 132 VECTOR GROUP LTD USD 2, % Airlines % (30 June 2016: 0.03%) 1,695 AIR NEW ZEALAND LTD NZD 3, % 1,687 ANA HOLDINGS INC JPY 4, % 590 DEUTSCHE LUFTHANSA AG EUR 10, % 739 EL AL ISRAEL AIRLINES ILS % 26

27 THE SEI DEFENSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value GBP Fund % Airlines % (30 June 2016: 0.03%) (continued) 1,472 SINGAPORE AIRLINES LTD SGD 8, % 43 WESTJET AIRLINES LTD CAD % Apparel % (30 June 2016: 0.05%) 2,155 YUE YUEN INDUSTRIAL HOLDINGS LTD HKD 6, % Auto Manufacturers % (30 June 2016: 0.00%) 1,719 NISSAN MOTOR CO LTD JPY 13, % Auto Parts & Equipment % (30 June 2016: 0.00%) 357 MAGNA INTERNATIONAL INC CAD 12, % 273 NHK SPRING CO LTD JPY 2, % 118 PRESS KOGYO CO LTD JPY % 35 TACHI-S CO LTD JPY % 100 UNIPRES CORP JPY 1, % Basic Materials % (30 June 2016: 0.03%) 488 KURARAY CO LTD JPY 6, % 2,407 MITSUBISHI CHEMICAL HOLDINGS CORP JPY 15, % 62 PAPELES Y CARTONES DE EUROPA SA EUR % 40 TOPY INDUSTRIES LTD JPY % 2,145 UBE INDUSTRIES LTD JPY 4, % Beverages % (30 June 2016: 0.10%) 34 CORBY SPIRIT AND WINE LTD CLASS A CAD % 22 DYDO GROUP HOLDINGS INC JPY % 48 KEY COFFEE INC JPY % 18 PEPSICO INC USD 1, % Commercial Services % (30 June 2016: 0.09%) 280 DE LA RUE PLC GBP 1, % 51 DUSKIN CO LTD JPY 1, % 67 HAMBURGER HAFEN UND LOGISTIK AG EUR 1, % 47 TOPPAN FORMS CO LTD JPY % Communications % (30 June 2016: 0.20%) 31 AT&T INC USD % 141 BCE INC CAD 4, % 63 COGECO COMMUNICATIONS INC CAD 2, % 15 COGECO INC CAD % 2,418 HKT TRUST & HKT LTD CLASS MISCELLA HKD 2, % 4,089 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LTD HKD 1, % 83 ORANGE BELGIUM SA EUR 1, % 27 PROTO CORP JPY % 38 PROXIMUS SADP EUR 1, % 1,052 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 1, % 395 TELEVISION BROADCASTS LTD HKD 1, % Distribution/Wholesale % (30 June 2016: 0.01%) 32 CHORI CO LTD JPY % 69 D'IETEREN SA/NV EUR 2, % 15 ITOCHU-SHOKUHIN CO LTD JPY % 248 JAPAN PULP & PAPER CO LTD JPY % 19 KAMEI CORP JPY % 31 KANEMATSU ELECTRONICS LTD JPY % 251 MARUBENI CORP JPY 1, % 40 MATSUDA SANGYO CO LTD JPY % 574 SUMITOMO CORP JPY 5, % Energy % (30 June 2016: 0.00%) 20 K&O ENERGY GROUP INC JPY % Entertainment % (30 June 2016: 0.03%) 22 CIE DES ALPES EUR % 149 HEIWA CORP JPY 2, % 27

28 THE SEI DEFENSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value GBP Fund % Financial % (30 June 2016: 0.50%) 90 ABC ARBITRAGE EUR % 20 ALLREAL HOLDING AG CHF 2, % 188 AMERICAN FINANCIAL GROUP INC/OH USD 14, % 203 ARCH CAPITAL GROUP LTD USD 14, % 98 ASR NEDERLAND NV EUR 2, % 147 AXIS CAPITAL HOLDINGS LTD USD 7, % 151 BANK LEUMI LE-ISRAEL BM ILS % 472 BENEFICIAL BANCORP INC USD 5, % 587 CAPITOL FEDERAL FINANCIAL INC USD 6, % 88 DIME COMMUNITY BANCSHARES INC USD 1, % 27 ENSTAR GROUP LTD USD 4, % 42 ESSENT GROUP LTD USD 1, % 73 EVEREST RE GROUP LTD USD 14, % 710 GREAT-WEST LIFECO INC CAD 14, % 232 HANG SENG BANK LTD HKD 3, % 231 HOPEWELL HOLDINGS LTD HKD % 13 INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES INC CAD % 1 INTERSHOP HOLDING AG CHF % 863 KERRY PROPERTIES LTD HKD 2, % 709 KOWLOON DEVELOPMENT CO LTD HKD % 2,285 LANGHAM HOSPITALITY INVESTMENTS AND LANGHAM HOSPITALITY INVESTMENTS LTD HKD % 91 LAURENTIAN BANK OF CANADA CAD 2, % 387 LOEWS CORP USD 13, % 499 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS % 29 NEWRIVER REIT PLC RIGHTS GBP % 270 NORTHWEST BANCSHARES INC USD 3, % 38 OCEANFIRST FINANCIAL CORP USD % 99 ORITANI FINANCIAL CORP USD 1, % 196 POWER CORP OF CANADA CAD 3, % 347 POWER FINANCIAL CORP CAD 6, % 99 PROASSURANCE CORP USD 4, % 143 REINSURANCE GROUP OF AMERICA INC CLASS A USD 14, % 116 RENAISSANCERE HOLDINGS LTD USD 12, % 3 ST GALLER KANTONALBANK AG CHF 1, % 131 SUN LIFE FINANCIAL INC CAD 3, % 186 TFS FINANCIAL CORP USD 2, % 134 TOPDANMARK A/S DKK 3, % 244 TORCHMARK CORP USD 14, % 338 UNIQA INSURANCE GROUP AG EUR 2, % 66 UNITED FINANCIAL BANCORP INC USD % 368 UNUM GROUP USD 13, % 210 US BANCORP USD 8, % 6 VALIANT HOLDING AG CHF % 245 WASHINGTON FEDERAL INC USD 6, % 67 WUESTENROT & WUERTTEMBERGISCHE AG EUR 1, % Food % (30 June 2016: 0.39%) 88 ARCS CO LTD JPY 1, % 195 COLRUYT SA EUR 7, % 165 FRESH DEL MONTE PRODUCE INC USD 6, % 143 GEORGE WESTON LTD CAD 9, % 195 GREGGS PLC GBP 2, % 98 HEIWADO CO LTD JPY 1, % 64 KATO SANGYO CO LTD JPY 1, % 557 KROGER CO USD 9, % 255 MARUDAI FOOD CO LTD JPY % 344 METRO INC CLASS A CAD 8, % 41 MITSUBISHI SHOKUHIN CO LTD JPY % 21 MITSUI SUGAR CO LTD JPY % 27 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY % 73 NIPPON FLOUR MILLS CO LTD JPY % 333 NISSHIN OILLIO GROUP LTD JPY 1, % 140 NORTH WEST CO INC CAD 2, % 14 ORIOR AG CHF % 459 QAF LTD SGD % 234 ROGERS SUGAR INC CAD % 28

29 THE SEI DEFENSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value GBP Fund % Food % (30 June 2016: 0.39%) (continued) 61 SANDERSON FARMS INC USD 5, % 286 SHOWA SANGYO CO LTD JPY 1, % 192 SHUFERSAL LTD ILS % 8 STARZEN CO LTD JPY % 334 SYSCO CORP USD 12, % 53 TOOTSIE ROLL INDUSTRIES INC USD 1, % 10 VILLAGE SUPER MARKET INC CLASS A USD % 13 WARABEYA NICHIYO HOLDINGS CO LTD JPY % 33 WEIS MARKETS INC USD 1, % Healthcare-Products % (30 June 2016: 0.33%) 403 BAXTER INTERNATIONAL INC USD 18, % 8 DRAEGERWERK AG & CO KGAA EUR % 20 FUKUDA DENSHI CO LTD JPY 1, % Healthcare-Services % (30 June 2016: 0.16%) 66 CHEMED CORP USD 10, % 38 LABORATORY CORP OF AMERICA HOLDINGS USD 4, % 13 NATIONAL HEALTHCARE CORP USD % Home Furnishings % (30 June 2016: 0.00%) 26 CANON ELECTRONICS INC JPY % Household Products/Wares % (30 June 2016: 0.08%) 154 CLOROX CO USD 15, % Housewares % (30 June 2016: 0.00%) 29 NORITAKE CO LTD/NAGOYA JAPAN JPY % Industrial % (30 June 2016: 0.29%) 611 AGFA-GEVAERT NV EUR 2, % 133 BEMIS CO INC USD 4, % 319 BPOST SA EUR 5, % 258 BWX TECHNOLOGIES INC USD 9, % 522 CK INFRASTRUCTURE HOLDINGS LTD HKD 3, % 115 DAIICHI JITSUGYO CO LTD JPY % 311 EXPEDITORS INTERNATIONAL OF WASHINGTON INC USD 13, % 3,221 FIRSTGROUP PLC GBP 4, % 99 GO-AHEAD GROUP PLC GBP 1, % 2,287 HITACHI LTD JPY 10, % 71 INABA DENKI SANGYO CO LTD JPY 2, % 190 JABIL INC USD 4, % 49 KAGA ELECTRONICS CO LTD JPY % 48 ORGANO CORP JPY % 817 STAGECOACH GROUP PLC GBP 1, % 7 STO SE & CO KGAA PFD EUR % 73 STOLT-NIELSEN LTD NOK % 47 TECH DATA CORP USD 3, % 683 VENTURE CORP LTD SGD 4, % Pharmaceuticals % (30 June 2016: 0.50%) 223 AMERISOURCEBERGEN CORP CLASS A USD 16, % 225 CARDINAL HEALTH INC USD 13, % 251 EXPRESS SCRIPTS HOLDING CO USD 12, % 609 INDIVIOR PLC GBP 1, % 147 JOHNSON & JOHNSON USD 15, % 69 ORION OYJ CLASS B EUR 3, % 465 PFIZER INC USD 12, % Retail % (30 June 2016: 0.38%) 432 BED BATH & BEYOND INC USD 10, % 144 BIG LOTS INC USD 5, % 10 BIJOU BRIGITTE AG EUR % 447 CAFE DE CORAL HOLDINGS LTD HKD 1, % 57 CHILDREN'S PLACE INC USD 4, % 427 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD % 3,271 DEBENHAMS PLC GBP 1, % 29

30 THE SEI DEFENSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value GBP Fund % Retail % (30 June 2016: 0.38%) (continued) 99 DELEK AUTOMOTIVE SYSTEMS LTD ILS % 84 GEO HOLDINGS CORP JPY % 3,408 GIORDANO INTERNATIONAL LTD HKD 1, % 22 HORNBACH BAUMARKT AG EUR % 323 KOHL'S CORP USD 9, % 70 KOHNAN SHOJI CO LTD JPY 1, % 40 KOMERI CO LTD JPY % 118 K'S HOLDINGS CORP JPY 1, % 24 MATSUYA FOODS CO LTD JPY % 64 MOBILEZONE HOLDING AG CHF % 158 TARGET CORP USD 6, % 329 WAL-MART STORES INC USD 19, % Technology % (30 June 2016: 0.14%) 2,273 FUJITSU LTD JPY 12, % 90 INTERNATIONAL BUSINESS MACHINES CORP USD 10, % 7 KAPSCH TRAFFICCOM AG EUR % 47 MATRIX IT LTD ILS % 140 QUALITY SYSTEMS INC USD 1, % 98 SYKES ENTERPRISES INC USD 2, % Textiles % (30 June 2016: 0.00%) 252 KURABO INDUSTRIES LTD JPY % 1,897 TEXWINCA HOLDINGS LTD HKD % Utilities % (30 June 2016: 0.53%) 36 BKW AG CHF 1, % 2,541 CLP HOLDINGS LTD HKD 20, % 75 CONSOLIDATED EDISON INC USD 4, % 45 EDISON INTERNATIONAL USD 2, % 94 ELIA SYSTEM OPERATOR SA/NV EUR 4, % 33 ENTERGY CORP USD 1, % 99 EVN AG EUR 1, % 624 EXELON CORP USD 17, % 306 GREAT PLAINS ENERGY INC USD 6, % 8,063 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD 144A HKD 5, % 146 JUST ENERGY GROUP INC CAD % 4,231 OSAKA GAS CO LTD JPY 13, % 149 PUBLIC SERVICE ENTERPRISE GROUP INC USD 4, % 136 SHIZUOKA GAS CO LTD JPY % 344 SOUTHERN CO USD 12, % Total Equities * 852, % Financial Equity Assets at Fair Value Through Profit or Loss 852, % Financial Equity Liabilities at Fair Value Through Profit or Loss Nominal Security Coupon Maturity Currency Code Value GBP Fund % BONDS Corporate Bonds % (30 June 2016: 0.00%) 35,829 BMW FINANCE NV 1.75% 20/11/2017 GBP 35, % Government Bonds % (30 June 2016: 0.00%) 71,658 UNITED KINGDOM GILT 1.00% 07/09/2017 GBP 71, % Total Bonds * 107, % Financial Bond Assets at Fair Value Through Profit or Loss 107, % Financial Bond Liabilities at Fair Value Through Profit or Loss 30

31 THE SEI DEFENSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Coupon Maturity Currency Code Value GBP Fund % TREASURY BILLS United Kingdom % (30 June 2016: 18.04%) 310,516 UNITED KINGDOM TREASURY BILL 0.00% 03/07/2017 GBP 310, % 107,486 UNITED KINGDOM TREASURY BILL 0.00% 17/07/2017 GBP 107, % 95,543 UNITED KINGDOM TREASURY BILL 0.00% 24/07/2017 GBP 95, % 143,315 UNITED KINGDOM TREASURY BILL 0.00% 11/12/2017 GBP 143, % Total Treasury Bills 656, % Financial Treasury Bill Assets at Fair Value Through Profit or Loss 656, % Financial Treasury Bill Liabilities at Fair Value Through Profit or Loss COMMERCIAL PAPERS Commercial Papers % (30 June 2016: 0.00%) 71,658 L-BANK BADEN DISCOUNT NOTE 0.00% 18/09/2017 GBP 71, % 71,658 NATIXIS SA DISCOUNT NOTE 0.00% 07/09/2017 GBP 71, % 71,658 SWEDBANK AB DISCOUNT NOTE 0.00% 11/09/2017 GBP 71, % 71,658 TORONTO-DOMINION BANK DISCOUNT NOTE 0.00% 14/09/2017 GBP 71, % 23,886 TOYOTA MOTOR CREDIT CORP DISCOUNT NOTE 0.00% 09/08/2017 GBP 23, % Total Commercial Papers 310, % Financial Commercial Paper Assets at Fair Value Through Profit or Loss 310, % Financial Commercial Paper Liabilities at Fair Value Through Profit or Loss CERTIFICATES OF DEPOSIT Certificates of Deposit % (30 June 2016: 0.00%) 71,658 CREDIT AGRICOLE SA CERTIFICATE OF DEPOSIT 0.00% 01/09/2017 GBP 71, % 71,658 MITSUBISHI UFJ TRUST AND BANKING CERTIFICATE OF DEPOSIT 0.00% 06/09/2017 GBP 71, % 71,658 SUMITOMO TRUST AND BANKING CERTIFICATE OF DEPOSIT 0.00% 11/07/2017 GBP 71, % Total Certificates of Deposit 214, % Financial Certificate of Deposit Assets at Fair Value Through Profit or Loss 214, % Financial Certificate of Deposit Liabilities at Fair Value Through Profit or Loss Investments 20,050, % Total Financial Assets at Fair Value Through Profit or Loss 20,050, % Total Financial Liabilities at Fair Value Through Profit or Loss Portfolio Analysis (Unaudited) Total Assets % * Transferable securities admitted to an official stock exchange listing 960, % Transferable securities excluding those admitted to an official stock exchange listing or traded on a regulated market 525, % ± UCITS and non-ucits investment schemes 17,908, % Other transferable securities including those which are unlisted 656, % Total Investments 20,050, % The above holdings represent a portion of the investments held at the pool level allocated to the Fund at year end date. The accompanying notes form an integral part of these financial statements. 31

32 THE SEI CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 Nominal Security Currency Code Value GBP Fund % INVESTMENT FUNDS Financial % (30 June 2016: 0.19%) 3,104 AGNC INVESTMENT CORP USD 50, % 2,354 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 33, % 1,412 COMINAR REAL ESTATE INVESTMENT TRUST CLASS U CAD 10, % 10,257 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 12, % 35,583 MAPLETREE INDUSTRIAL TRUST SGD 37, % 5,403 MFA FINANCIAL INC CLASS REIT USD 34, % 3,297 NEWRIVER REIT PLC GBP 11, % 13,206 REGAL REAL ESTATE INVESTMENT TRUST HKD 2, % 16,188 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 8, % Funds % (30 June 2016: 81.88%) 232,991 GBP 2,658, % GLOBAL FIXED INCOME FUND HEDGED 335,080 GBP 5,163, % GLOBAL MANAGED VOLATILITY FUND 664,229 GBP 6,150, % GLOBAL MULTI-ASSET INCOME FUND HEDGED 237,125 GBP 2,662, % GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED 477,372 GBP 5,317, % HIGH YIELD FIXED INCOME FUND HEDGED 232,391 GBP 2,528, % LIQUID ALTERNATIVE FUND HEDGED 1,322,034 GBP 13,193, % GLOBAL SHORT TERM BOND FUND HEDGED 1,291,019 GBP 13,203, % GLOBAL SHORT DURATION BOND FUND HEDGED 1,033,480 GBP 10,337, % STERLING LIQUIDITY FUND 532,589 GBP 6,923, % U.K. CORE FIXED INTEREST FUND 189,312 GBP 3,545, % U.K. EQUITY FUND 78,107 GBP 1,745, % U.K. INDEX-LINKED FIXED INTEREST FUND 187,656 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 2,514, % Total Investment Funds ± 76,148, % Financial Investment Fund Assets at Fair Value Through Profit or Loss 76,148, % Financial Investment Fund Liabilities at Fair Value Through Profit or Loss EQUITIES Agriculture % (30 June 2016: 0.20%) 1,626 ALTRIA GROUP INC USD 93, % 610 SWEDISH MATCH AB SEK 16, % 641 UNIVERSAL CORP/VA USD 31, % 1,372 VECTOR GROUP LTD USD 22, % 32

33 THE SEI CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value GBP Fund % Airlines % (30 June 2016: 0.08%) 17,604 AIR NEW ZEALAND LTD NZD 32, % 17,530 ANA HOLDINGS INC JPY 46, % 6,133 DEUTSCHE LUFTHANSA AG EUR 107, % 7,678 EL AL ISRAEL AIRLINES ILS 5, % 15,292 SINGAPORE AIRLINES LTD SGD 86, % 450 WESTJET AIRLINES LTD CAD 6, % Apparel % (30 June 2016: 0.13%) 22,391 YUE YUEN INDUSTRIAL HOLDINGS LTD HKD 71, % Auto Manufacturers % (30 June 2016: 0.00%) 17,855 NISSAN MOTOR CO LTD JPY 136, % Auto Parts & Equipment % (30 June 2016: 0.00%) 3,711 MAGNA INTERNATIONAL INC CAD 132, % 2,840 NHK SPRING CO LTD JPY 22, % 1,230 PRESS KOGYO CO LTD JPY 4, % 363 TACHI-S CO LTD JPY 5, % 1,042 UNIPRES CORP JPY 17, % Basic Materials % (30 June 2016: 0.06%) 5,065 KURARAY CO LTD JPY 70, % 25,006 MITSUBISHI CHEMICAL HOLDINGS CORP JPY 159, % 639 PAPELES Y CARTONES DE EUROPA SA EUR 4, % 418 TOPY INDUSTRIES LTD JPY 9, % 22,288 UBE INDUSTRIES LTD JPY 44, % Beverages % (30 June 2016: 0.27%) 349 CORBY SPIRIT AND WINE LTD CLASS A CAD 4, % 224 DYDO GROUP HOLDINGS INC JPY 8, % 495 KEY COFFEE INC JPY 7, % 187 PEPSICO INC USD 16, % Commercial Services % (30 June 2016: 0.21%) 2,910 DE LA RUE PLC GBP 19, % 527 DUSKIN CO LTD JPY 10, % 698 HAMBURGER HAFEN UND LOGISTIK AG EUR 11, % 491 TOPPAN FORMS CO LTD JPY 3, % Communications % (30 June 2016: 0.48%) 326 AT&T INC USD 9, % 1,467 BCE INC CAD 50, % 654 COGECO COMMUNICATIONS INC CAD 30, % 159 COGECO INC CAD 6, % 25,114 HKT TRUST & HKT LTD CLASS MISCELLA HKD 25, % 42,482 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LTD HKD 11, % 861 ORANGE BELGIUM SA EUR 15, % 284 PROTO CORP JPY 3, % 398 PROXIMUS SADP EUR 10, % 10,928 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 11, % 4,099 TELEVISION BROADCASTS LTD HKD 11, % Distribution/Wholesale % (30 June 2016: 0.03%) 329 CHORI CO LTD JPY 4, % 716 D'IETEREN SA/NV EUR 25, % 151 ITOCHU-SHOKUHIN CO LTD JPY 4, % 2,574 JAPAN PULP & PAPER CO LTD JPY 7, % 198 KAMEI CORP JPY 2, % 321 KANEMATSU ELECTRONICS LTD JPY 7, % 2,611 MARUBENI CORP JPY 12, % 415 MATSUDA SANGYO CO LTD JPY 4, % 5,967 SUMITOMO CORP JPY 59, % Energy % (30 June 2016: 0.00%) 208 K&O ENERGY GROUP INC JPY 2, % 33

34 THE SEI CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value GBP Fund % Entertainment % (30 June 2016: 0.07%) 233 CIE DES ALPES EUR 5, % 1,544 HEIWA CORP JPY 26, % Financial % (30 June 2016: 1.21%) 939 ABC ARBITRAGE EUR 5, % 204 ALLREAL HOLDING AG CHF 28, % 1,952 AMERICAN FINANCIAL GROUP INC/OH USD 149, % 2,114 ARCH CAPITAL GROUP LTD USD 151, % 1,015 ASR NEDERLAND NV EUR 26, % 1,525 AXIS CAPITAL HOLDINGS LTD USD 75, % 1,568 BANK LEUMI LE-ISRAEL BM ILS 5, % 4,906 BENEFICIAL BANCORP INC USD 56, % 6,093 CAPITOL FEDERAL FINANCIAL INC USD 66, % 910 DIME COMMUNITY BANCSHARES INC USD 13, % 280 ENSTAR GROUP LTD USD 42, % 438 ESSENT GROUP LTD USD 12, % 760 EVEREST RE GROUP LTD USD 148, % 7,377 GREAT-WEST LIFECO INC CAD 153, % 2,415 HANG SENG BANK LTD HKD 38, % 2,396 HOPEWELL HOLDINGS LTD HKD 7, % 140 INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES INC CAD 4, % 7 INTERSHOP HOLDING AG CHF 2, % 8,969 KERRY PROPERTIES LTD HKD 23, % 7,369 KOWLOON DEVELOPMENT CO LTD HKD 6, % 23,733 LANGHAM HOSPITALITY INVESTMENTS AND LANGHAM HOSPITALITY HKD 7, % INVESTMENTS LTD 941 LAURENTIAN BANK OF CANADA CAD 30, % 4,015 LOEWS CORP USD 144, % 5,182 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS 4, % 300 NEWRIVER REIT PLC RIGHTS GBP % 2,804 NORTHWEST BANCSHARES INC USD 33, % 397 OCEANFIRST FINANCIAL CORP USD 8, % 1,027 ORITANI FINANCIAL CORP USD 13, % 2,037 POWER CORP OF CANADA CAD 35, % 3,601 POWER FINANCIAL CORP CAD 71, % 1,029 PROASSURANCE CORP USD 48, % 1,486 REINSURANCE GROUP OF AMERICA INC CLASS A USD 146, % 1,202 RENAISSANCERE HOLDINGS LTD USD 128, % 35 ST GALLER KANTONALBANK AG CHF 11, % 1,362 SUN LIFE FINANCIAL INC CAD 37, % 1,933 TFS FINANCIAL CORP USD 23, % 1,395 TOPDANMARK A/S DKK 34, % 2,535 TORCHMARK CORP USD 149, % 3,515 UNIQA INSURANCE GROUP AG EUR 25, % 685 UNITED FINANCIAL BANCORP INC USD 8, % 3,819 UNUM GROUP USD 137, % 2,178 US BANCORP USD 87, % 62 VALIANT HOLDING AG CHF 5, % 2,548 WASHINGTON FEDERAL INC USD 65, % 691 WUESTENROT & WUERTTEMBERGISCHE AG EUR 11, % Food % (30 June 2016: 1.00%) 912 ARCS CO LTD JPY 15, % 2,027 COLRUYT SA EUR 82, % 1,717 FRESH DEL MONTE PRODUCE INC USD 67, % 1,485 GEORGE WESTON LTD CAD 103, % 2,030 GREGGS PLC GBP 21, % 1,014 HEIWADO CO LTD JPY 16, % 661 KATO SANGYO CO LTD JPY 13, % 5,782 KROGER CO USD 103, % 2,644 MARUDAI FOOD CO LTD JPY 9, % 3,575 METRO INC CLASS A CAD 90, % 424 MITSUBISHI SHOKUHIN CO LTD JPY 9, % 213 MITSUI SUGAR CO LTD JPY 4, % 283 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 4, % 762 NIPPON FLOUR MILLS CO LTD JPY 9, % 3,459 NISSHIN OILLIO GROUP LTD JPY 15, % 34

35 THE SEI CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value GBP Fund % Food % (30 June 2016: 1.00%) (continued) 1,451 NORTH WEST CO INC CAD 26, % 149 ORIOR AG CHF 9, % 4,764 QAF LTD SGD 3, % 2,430 ROGERS SUGAR INC CAD 9, % 631 SANDERSON FARMS INC USD 56, % 2,972 SHOWA SANGYO CO LTD JPY 12, % 1,997 SHUFERSAL LTD ILS 8, % 80 STARZEN CO LTD JPY 2, % 3,465 SYSCO CORP USD 134, % 550 TOOTSIE ROLL INDUSTRIES INC USD 14, % 106 VILLAGE SUPER MARKET INC CLASS A USD 2, % 140 WARABEYA NICHIYO HOLDINGS CO LTD JPY 2, % 341 WEIS MARKETS INC USD 12, % Healthcare-Products % (30 June 2016: 0.79%) 4,186 BAXTER INTERNATIONAL INC USD 195, % 88 DRAEGERWERK AG & CO KGAA EUR 5, % 211 FUKUDA DENSHI CO LTD JPY 11, % Healthcare-Services % (30 June 2016: 0.37%) 689 CHEMED CORP USD 108, % 391 LABORATORY CORP OF AMERICA HOLDINGS USD 46, % 137 NATIONAL HEALTHCARE CORP USD 7, % Home Furnishings % (30 June 2016: 0.00%) 269 CANON ELECTRONICS INC JPY 4, % Household Products/Wares % (30 June 2016: 0.20%) 1,601 CLOROX CO USD 164, % Housewares % (30 June 2016: 0.00%) 304 NORITAKE CO LTD/NAGOYA JAPAN JPY 8, % Industrial % (30 June 2016: 0.65%) 6,344 AGFA-GEVAERT NV EUR 23, % 1,386 BEMIS CO INC USD 49, % 3,311 BPOST SA EUR 61, % 2,682 BWX TECHNOLOGIES INC USD 100, % 5,420 CK INFRASTRUCTURE HOLDINGS LTD HKD 35, % 1,198 DAIICHI JITSUGYO CO LTD JPY 5, % 3,228 EXPEDITORS INTERNATIONAL OF WASHINGTON INC USD 140, % 33,466 FIRSTGROUP PLC GBP 42, % 1,024 GO-AHEAD GROUP PLC GBP 18, % 23,761 HITACHI LTD JPY 112, % 733 INABA DENKI SANGYO CO LTD JPY 21, % 1,975 JABIL INC USD 44, % 508 KAGA ELECTRONICS CO LTD JPY 8, % 494 ORGANO CORP JPY 1, % 8,488 STAGECOACH GROUP PLC GBP 15, % 74 STO SE & CO KGAA PFD EUR 7, % 754 STOLT-NIELSEN LTD NOK 8, % 493 TECH DATA CORP USD 38, % 7,100 VENTURE CORP LTD SGD 47, % Pharmaceuticals % (30 June 2016: 1.15%) 2,322 AMERISOURCEBERGEN CORP CLASS A USD 168, % 2,338 CARDINAL HEALTH INC USD 140, % 2,613 EXPRESS SCRIPTS HOLDING CO USD 128, % 6,326 INDIVIOR PLC GBP 19, % 1,532 JOHNSON & JOHNSON USD 155, % 719 ORION OYJ CLASS B EUR 35, % 4,831 PFIZER INC USD 124, % Retail % (30 June 2016: 0.92%) 4,484 BED BATH & BEYOND INC USD 104, % 1,493 BIG LOTS INC USD 55, % 103 BIJOU BRIGITTE AG EUR 5, % 35

36 THE SEI CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value GBP Fund % Retail % (30 June 2016: 0.92%) (continued) 4,647 CAFE DE CORAL HOLDINGS LTD HKD 11, % 593 CHILDREN'S PLACE INC USD 46, % 4,436 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 7, % 33,979 DEBENHAMS PLC GBP 14, % 1,025 DELEK AUTOMOTIVE SYSTEMS LTD ILS 6, % 873 GEO HOLDINGS CORP JPY 6, % 35,406 GIORDANO INTERNATIONAL LTD HKD 15, % 231 HORNBACH BAUMARKT AG EUR 6, % 3,351 KOHL'S CORP USD 99, % 731 KOHNAN SHOJI CO LTD JPY 10, % 421 KOMERI CO LTD JPY 8, % 1,223 K'S HOLDINGS CORP JPY 18, % 249 MATSUYA FOODS CO LTD JPY 7, % 670 MOBILEZONE HOLDING AG CHF 7, % 1,638 TARGET CORP USD 65, % 3,421 WAL-MART STORES INC USD 199, % Technology % (30 June 2016: 0.33%) 23,616 FUJITSU LTD JPY 133, % 935 INTERNATIONAL BUSINESS MACHINES CORP USD 110, % 78 KAPSCH TRAFFICCOM AG EUR 3, % 483 MATRIX IT LTD ILS 3, % 1,458 QUALITY SYSTEMS INC USD 19, % 1,015 SYKES ENTERPRISES INC USD 26, % Textiles % (30 June 2016: 0.00%) 2,615 KURABO INDUSTRIES LTD JPY 4, % 19,710 TEXWINCA HOLDINGS LTD HKD 9, % Utilities % (30 June 2016: 1.28%) 378 BKW AG CHF 17, % 26,396 CLP HOLDINGS LTD HKD 215, % 777 CONSOLIDATED EDISON INC USD 48, % 466 EDISON INTERNATIONAL USD 28, % 972 ELIA SYSTEM OPERATOR SA/NV EUR 42, % 345 ENTERGY CORP USD 20, % 1,031 EVN AG EUR 11, % 6,487 EXELON CORP USD 180, % 3,179 GREAT PLAINS ENERGY INC USD 71, % 83,759 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD 144A HKD 59, % 1,512 JUST ENERGY GROUP INC CAD 6, % 43,952 OSAKA GAS CO LTD JPY 138, % 1,549 PUBLIC SERVICE ENTERPRISE GROUP INC USD 51, % 1,414 SHIZUOKA GAS CO LTD JPY 7, % 3,569 SOUTHERN CO USD 131, % Total Equities * 8,858, % Financial Equity Assets at Fair Value Through Profit or Loss 8,858, % Financial Equity Liabilities at Fair Value Through Profit or Loss Investments 85,007, % Total Financial Assets at Fair Value Through Profit or Loss 85,007, % Total Financial Liabilities at Fair Value Through Profit or Loss 36

37 THE SEI CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Portfolio Analysis (Unaudited) Total Assets % * Transferable securities admitted to an official stock exchange listing 8,858, % ± UCITS and non-ucits investment schemes 76,148, % Total Investments 85,007, % The above holdings represent a portion of the investments held at the pool level allocated to the Fund at year end date. The accompanying notes form an integral part of these financial statements. 37

38 THE SEI MODERATE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 Nominal Security Currency Code Value GBP Fund % INVESTMENT FUNDS Financial % (30 June 2016: 0.29%) 12,941 AGNC INVESTMENT CORP USD 212, % 9,813 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 140, % 5,887 COMINAR REAL ESTATE INVESTMENT TRUST CLASS U CAD 44, % 42,760 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 51, % 148,346 MAPLETREE INDUSTRIAL TRUST SGD 154, % 22,526 MFA FINANCIAL INC CLASS REIT USD 145, % 13,744 NEWRIVER REIT PLC GBP 48, % 55,054 REGAL REAL ESTATE INVESTMENT TRUST HKD 12, % 67,489 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD 34, % Funds % (30 June 2016: 85.30%) 495,428 GBP 6,534, % EMERGING MARKETS DEBT FUND 1,160,683 GBP 13,243, % GLOBAL FIXED INCOME FUND HEDGED 2,250,923 GBP 34,686, % GLOBAL MANAGED VOLATILITY FUND 1,805,757 GBP 16,721, % GLOBAL MULTI-ASSET INCOME FUND HEDGED 1,182,195 GBP 13,276, % GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED 2,141,494 GBP 23,856, % HIGH YIELD FIXED INCOME FUND HEDGED 1,237,961 GBP 13,469, % LIQUID ALTERNATIVE FUND HEDGED 1,831,790 GBP 18,281, % GLOBAL SHORT TERM BOND FUND HEDGED 4,857,613 GBP 49,678, % GLOBAL SHORT DURATION BOND FUND HEDGED 236,190 GBP 2,362, % STERLING LIQUIDITY FUND 2,547,876 GBP 33,122, % U.K. CORE FIXED INTEREST FUND 1,794,516 GBP 33,611, % U.K. EQUITY FUND 290,730 GBP 6,497, % U.K. INDEX-LINKED FIXED INTEREST FUND 726,500 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 9,735, % Total Investment Funds ± 275,918, % Financial Investment Fund Assets at Fair Value Through Profit or Loss 275,918, % Financial Investment Fund Liabilities at Fair Value Through Profit or Loss EQUITIES Agriculture % (30 June 2016: 0.29%) 6,777 ALTRIA GROUP INC USD 388, % 2,543 SWEDISH MATCH AB SEK 68, % 2,672 UNIVERSAL CORP/VA USD 133, % 5,722 VECTOR GROUP LTD USD 93, % 38

39 THE SEI MODERATE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value GBP Fund % Airlines % (30 June 2016: 0.11%) 73,391 AIR NEW ZEALAND LTD NZD 134, % 73,081 ANA HOLDINGS INC JPY 195, % 25,569 DEUTSCHE LUFTHANSA AG EUR 447, % 32,009 EL AL ISRAEL AIRLINES ILS 22, % 63,752 SINGAPORE AIRLINES LTD SGD 360, % 1,877 WESTJET AIRLINES LTD CAD 25, % Apparel % (30 June 2016: 0.18%) 93,349 YUE YUEN INDUSTRIAL HOLDINGS LTD HKD 298, % Auto Manufacturers % (30 June 2016: 0.00%) 74,438 NISSAN MOTOR CO LTD JPY 570, % Auto Parts & Equipment % (30 June 2016: 0.00%) 15,470 MAGNA INTERNATIONAL INC CAD 550, % 11,839 NHK SPRING CO LTD JPY 95, % 5,129 PRESS KOGYO CO LTD JPY 18, % 1,512 TACHI-S CO LTD JPY 21, % 4,345 UNIPRES CORP JPY 74, % Basic Materials % (30 June 2016: 0.09%) 21,116 KURARAY CO LTD JPY 294, % 104,252 MITSUBISHI CHEMICAL HOLDINGS CORP JPY 664, % 2,664 PAPELES Y CARTONES DE EUROPA SA EUR 17, % 1,745 TOPY INDUSTRIES LTD JPY 39, % 92,917 UBE INDUSTRIES LTD JPY 183, % Beverages % (30 June 2016: 0.39%) 1,453 CORBY SPIRIT AND WINE LTD CLASS A CAD 18, % 933 DYDO GROUP HOLDINGS INC JPY 36, % 2,066 KEY COFFEE INC JPY 31, % 779 PEPSICO INC USD 69, % Commercial Services % (30 June 2016: 0.32%) 12,132 DE LA RUE PLC GBP 81, % 2,195 DUSKIN CO LTD JPY 43, % 2,910 HAMBURGER HAFEN UND LOGISTIK AG EUR 48, % 2,047 TOPPAN FORMS CO LTD JPY 16, % Communications % (30 June 2016: 0.68%) 1,358 AT&T INC USD 39, % 6,114 BCE INC CAD 211, % 2,727 COGECO COMMUNICATIONS INC CAD 128, % 665 COGECO INC CAD 26, % 104,701 HKT TRUST & HKT LTD CLASS MISCELLA HKD 105, % 177,108 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LTD HKD 48, % 3,590 ORANGE BELGIUM SA EUR 64, % 1,182 PROTO CORP JPY 14, % 1,660 PROXIMUS SADP EUR 44, % 45,557 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 45, % 17,087 TELEVISION BROADCASTS LTD HKD 49, % Distribution/Wholesale % (30 June 2016: 0.04%) 1,372 CHORI CO LTD JPY 19, % 2,987 D'IETEREN SA/NV EUR 107, % 631 ITOCHU-SHOKUHIN CO LTD JPY 20, % 10,732 JAPAN PULP & PAPER CO LTD JPY 31, % 828 KAMEI CORP JPY 8, % 1,338 KANEMATSU ELECTRONICS LTD JPY 31, % 10,886 MARUBENI CORP JPY 54, % 1,730 MATSUDA SANGYO CO LTD JPY 17, % 24,878 SUMITOMO CORP JPY 249, % Energy % (30 June 2016: 0.00%) 867 K&O ENERGY GROUP INC JPY 10, % 39

40 THE SEI MODERATE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value GBP Fund % Entertainment % (30 June 2016: 0.10%) 971 CIE DES ALPES EUR 24, % 6,435 HEIWA CORP JPY 110, % Financial % (30 June 2016: 1.76%) 3,914 ABC ARBITRAGE EUR 22, % 851 ALLREAL HOLDING AG CHF 118, % 8,136 AMERICAN FINANCIAL GROUP INC/OH USD 622, % 8,813 ARCH CAPITAL GROUP LTD USD 632, % 4,232 ASR NEDERLAND NV EUR 109, % 6,356 AXIS CAPITAL HOLDINGS LTD USD 316, % 6,538 BANK LEUMI LE-ISRAEL BM ILS 24, % 20,454 BENEFICIAL BANCORP INC USD 236, % 25,402 CAPITOL FEDERAL FINANCIAL INC USD 277, % 3,793 DIME COMMUNITY BANCSHARES INC USD 57, % 1,167 ENSTAR GROUP LTD USD 178, % 1,826 ESSENT GROUP LTD USD 52, % 3,169 EVEREST RE GROUP LTD USD 621, % 30,756 GREAT-WEST LIFECO INC CAD 640, % 10,068 HANG SENG BANK LTD HKD 162, % 9,987 HOPEWELL HOLDINGS LTD HKD 29, % 583 INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES INC CAD 19, % 28 INTERSHOP HOLDING AG CHF 10, % 37,390 KERRY PROPERTIES LTD HKD 97, % 30,720 KOWLOON DEVELOPMENT CO LTD HKD 25, % 98,944 LANGHAM HOSPITALITY INVESTMENTS AND LANGHAM HOSPITALITY HKD 32, % INVESTMENTS LTD 3,921 LAURENTIAN BANK OF CANADA CAD 125, % 16,740 LOEWS CORP USD 603, % 21,604 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS 17, % 1,249 NEWRIVER REIT PLC RIGHTS GBP % 11,690 NORTHWEST BANCSHARES INC USD 140, % 1,657 OCEANFIRST FINANCIAL CORP USD 34, % 4,280 ORITANI FINANCIAL CORP USD 56, % 8,494 POWER CORP OF CANADA CAD 148, % 15,012 POWER FINANCIAL CORP CAD 296, % 4,289 PROASSURANCE CORP USD 200, % 6,194 REINSURANCE GROUP OF AMERICA INC CLASS A USD 612, % 5,011 RENAISSANCERE HOLDINGS LTD USD 536, % 146 ST GALLER KANTONALBANK AG CHF 49, % 5,678 SUN LIFE FINANCIAL INC CAD 156, % 8,057 TFS FINANCIAL CORP USD 95, % 5,815 TOPDANMARK A/S DKK 142, % 10,570 TORCHMARK CORP USD 622, % 14,654 UNIQA INSURANCE GROUP AG EUR 104, % 2,857 UNITED FINANCIAL BANCORP INC USD 36, % 15,921 UNUM GROUP USD 571, % 9,079 US BANCORP USD 362, % 259 VALIANT HOLDING AG CHF 22, % 10,621 WASHINGTON FEDERAL INC USD 271, % 2,881 WUESTENROT & WUERTTEMBERGISCHE AG EUR 48, % Food % (30 June 2016: 1.45%) 3,800 ARCS CO LTD JPY 63, % 8,451 COLRUYT SA EUR 342, % 7,158 FRESH DEL MONTE PRODUCE INC USD 280, % 6,192 GEORGE WESTON LTD CAD 430, % 8,463 GREGGS PLC GBP 91, % 4,227 HEIWADO CO LTD JPY 69, % 2,754 KATO SANGYO CO LTD JPY 56, % 24,105 KROGER CO USD 432, % 11,023 MARUDAI FOOD CO LTD JPY 39, % 14,902 METRO INC CLASS A CAD 377, % 1,767 MITSUBISHI SHOKUHIN CO LTD JPY 39, % 888 MITSUI SUGAR CO LTD JPY 19, % 1,179 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY 17, % 40

41 THE SEI MODERATE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value GBP Fund % Food % (30 June 2016: 1.45%) (continued) 3,178 NIPPON FLOUR MILLS CO LTD JPY 39, % 14,419 NISSHIN OILLIO GROUP LTD JPY 65, % 6,051 NORTH WEST CO INC CAD 112, % 619 ORIOR AG CHF 37, % 19,860 QAF LTD SGD 14, % 10,129 ROGERS SUGAR INC CAD 38, % 2,630 SANDERSON FARMS INC USD 234, % 12,391 SHOWA SANGYO CO LTD JPY 52, % 8,324 SHUFERSAL LTD ILS 33, % 334 STARZEN CO LTD JPY 11, % 14,447 SYSCO CORP USD 559, % 2,292 TOOTSIE ROLL INDUSTRIES INC USD 61, % 440 VILLAGE SUPER MARKET INC CLASS A USD 8, % 584 WARABEYA NICHIYO HOLDINGS CO LTD JPY 12, % 1,422 WEIS MARKETS INC USD 53, % Healthcare-Products % (30 June 2016: 1.14%) 17,449 BAXTER INTERNATIONAL INC USD 813, % 368 DRAEGERWERK AG & CO KGAA EUR 22, % 880 FUKUDA DENSHI CO LTD JPY 48, % Healthcare-Services % (30 June 2016: 0.54%) 2,871 CHEMED CORP USD 452, % 1,629 LABORATORY CORP OF AMERICA HOLDINGS USD 193, % 573 NATIONAL HEALTHCARE CORP USD 30, % Home Furnishings % (30 June 2016: 0.00%) 1,122 CANON ELECTRONICS INC JPY 17, % Household Products/Wares % (30 June 2016: 0.28%) 6,675 CLOROX CO USD 684, % Housewares % (30 June 2016: 0.00%) 1,269 NORITAKE CO LTD/NAGOYA JAPAN JPY 33, % Industrial % (30 June 2016: 0.94%) 26,448 AGFA-GEVAERT NV EUR 98, % 5,777 BEMIS CO INC USD 205, % 13,804 BPOST SA EUR 256, % 11,182 BWX TECHNOLOGIES INC USD 419, % 22,597 CK INFRASTRUCTURE HOLDINGS LTD HKD 146, % 4,995 DAIICHI JITSUGYO CO LTD JPY 21, % 13,456 EXPEDITORS INTERNATIONAL OF WASHINGTON INC USD 585, % 139,518 FIRSTGROUP PLC GBP 175, % 4,270 GO-AHEAD GROUP PLC GBP 75, % 99,060 HITACHI LTD JPY 467, % 3,054 INABA DENKI SANGYO CO LTD JPY 89, % 8,233 JABIL INC USD 185, % 2,118 KAGA ELECTRONICS CO LTD JPY 33, % 2,060 ORGANO CORP JPY 7, % 35,388 STAGECOACH GROUP PLC GBP 65, % 307 STO SE & CO KGAA PFD EUR 30, % 3,144 STOLT-NIELSEN LTD NOK 33, % 2,057 TECH DATA CORP USD 159, % 29,601 VENTURE CORP LTD SGD 199, % Pharmaceuticals % (30 June 2016: 1.64%) 9,679 AMERISOURCEBERGEN CORP CLASS A USD 704, % 9,748 CARDINAL HEALTH INC USD 584, % 10,892 EXPRESS SCRIPTS HOLDING CO USD 535, % 26,372 INDIVIOR PLC GBP 82, % 6,386 JOHNSON & JOHNSON USD 650, % 2,997 ORION OYJ CLASS B EUR 147, % 20,138 PFIZER INC USD 520, % Retail % (30 June 2016: 1.29%) 18,692 BED BATH & BEYOND INC USD 437, % 41

42 THE SEI MODERATE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value GBP Fund % Retail % (30 June 2016: 1.29%) (continued) 6,224 BIG LOTS INC USD 231, % 430 BIJOU BRIGITTE AG EUR 22, % 19,374 CAFE DE CORAL HOLDINGS LTD HKD 48, % 2,474 CHILDREN'S PLACE INC USD 194, % 18,494 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD 33, % 141,659 DEBENHAMS PLC GBP 61, % 4,272 DELEK AUTOMOTIVE SYSTEMS LTD ILS 26, % 3,639 GEO HOLDINGS CORP JPY 29, % 147,606 GIORDANO INTERNATIONAL LTD HKD 64, % 962 HORNBACH BAUMARKT AG EUR 26, % 13,971 KOHL'S CORP USD 415, % 3,049 KOHNAN SHOJI CO LTD JPY 43, % 1,754 KOMERI CO LTD JPY 34, % 5,098 K'S HOLDINGS CORP JPY 76, % 1,038 MATSUYA FOODS CO LTD JPY 29, % 2,793 MOBILEZONE HOLDING AG CHF 31, % 6,830 TARGET CORP USD 274, % 14,262 WAL-MART STORES INC USD 830, % Technology % (30 June 2016: 0.47%) 98,455 FUJITSU LTD JPY 558, % 3,897 INTERNATIONAL BUSINESS MACHINES CORP USD 461, % 323 KAPSCH TRAFFICCOM AG EUR 13, % 2,014 MATRIX IT LTD ILS 15, % 6,079 QUALITY SYSTEMS INC USD 80, % 4,231 SYKES ENTERPRISES INC USD 109, % Textiles % (30 June 2016: 0.00%) 10,903 KURABO INDUSTRIES LTD JPY 19, % 82,169 TEXWINCA HOLDINGS LTD HKD 38, % Utilities % (30 June 2016: 1.82%) 1,576 BKW AG CHF 71, % 110,046 CLP HOLDINGS LTD HKD 896, % 3,240 CONSOLIDATED EDISON INC USD 201, % 1,943 EDISON INTERNATIONAL USD 116, % 4,051 ELIA SYSTEM OPERATOR SA/NV EUR 176, % 1,437 ENTERGY CORP USD 84, % 4,300 EVN AG EUR 49, % 27,046 EXELON CORP USD 751, % 13,255 GREAT PLAINS ENERGY INC USD 298, % 349,189 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD 144A HKD 247, % 6,305 JUST ENERGY GROUP INC CAD 25, % 183,235 OSAKA GAS CO LTD JPY 576, % 6,456 PUBLIC SERVICE ENTERPRISE GROUP INC USD 213, % 5,893 SHIZUOKA GAS CO LTD JPY 30, % 14,879 SOUTHERN CO USD 548, % Total Equities * 36,930, % Financial Equity Assets at Fair Value Through Profit or Loss 36,930, % Financial Equity Liabilities at Fair Value Through Profit or Loss Investments 312,848, % Total Financial Assets at Fair Value Through Profit or Loss 312,848, % Total Financial Liabilities at Fair Value Through Profit or Loss 42

43 THE SEI MODERATE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Portfolio Analysis (Unaudited) Total Assets % * Transferable securities admitted to an official stock exchange listing 36,930, % ± UCITS and non-ucits investment schemes 275,918, % Total Investments 312,848, % The above holdings represent a portion of the investments held at the pool level allocated to the Fund at year end date. The accompanying notes form an integral part of these financial statements. 43

44 THE SEI CORE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 Nominal Security Currency Code Value GBP Fund % INVESTMENT FUNDS Funds % (30 June 2016: 95.61%) 3,267,182 GBP 43,976, % FACTOR ALLOCATION U.S. EQUITY FUND 1,715,108 GBP 22,622, % EMERGING MARKETS DEBT FUND 1,112,284 GBP 14,426, % EMERGING MARKETS EQUITY FUND 1,024,586 GBP 21,926, % EUROPEAN (EX-U.K.) EQUITY FUND 474,838 GBP 13,570, % EUROPEAN (EX-U.K.) EQUITY FUND HEDGED STERLING INSTITUTIONAL CLASS 2,597,264 GBP 51,036, % GLOBAL EQUITY FUND 3,255,454 GBP 37,144, % GLOBAL FIXED INCOME FUND HEDGED 2,293,958 GBP 21,242, % GLOBAL MULTI-ASSET INCOME FUND HEDGED 3,310,416 GBP 37,175, % GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED 4,767,046 GBP 53,104, % HIGH YIELD FIXED INCOME FUND HEDGED 509,696 GBP 10,673, % JAPAN EQUITY FUND HEDGED STERLING INSTITUTIONAL CLASS 809,109 GBP 14,604, % JAPAN EQUITY FUND 1,241,570 GBP 13,508, % LIQUID ALTERNATIVE FUND HEDGED 498,330 GBP 6,941, % PACIFIC BASIN (EX-JAPAN) EQUITY FUND 266,385 GBP 6,763, % PAN EUROPEAN SMALL CAP FUND 1,862,119 GBP 18,583, % GLOBAL SHORT TERM BOND FUND HEDGED 1,819,540 GBP 18,608, % GLOBAL SHORT DURATION BOND FUND HEDGED 517,100 GBP 5,172, % STERLING LIQUIDITY FUND 5,985,894 GBP 77,816, % U.K. CORE FIXED INTEREST FUND 6,429,762 GBP 120,429, % U.K. EQUITY FUND 44

45 THE SEI CORE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value GBP Fund % Funds % (30 June 2016: 95.61%) (continued) 651,738 GBP 14,566, % U.K. INDEX-LINKED FIXED INTEREST FUND 634,029 GBP 16,649, % U.S. LARGE COMPANIES FUND 110,665 GBP 2,797, % U.S. SMALL COMPANIES FUND 288,652 GBP 5,109, % U.K. CREDIT FIXED INTEREST FUND STERLING INSTITUTIONAL CLASS 454,140 GBP 5,054, % U.K. GILTS FIXED INTEREST FUND 1,992,160 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 26,694, % Total Investment Funds ± 680,199, % Financial Investment Fund Assets at Fair Value Through Profit or Loss 680,199, % Financial Investment Fund Liabilities at Fair Value Through Profit or Loss Investments 680,199, % FORWARD FOREIGN CURRENCY CONTRACTS (0.01%) (30 June 2016: (0.01%)) Maturity Date Amount Bought Amount Sold Counterparty Unrealised Gain/(Loss) GBP Fund % Portfolio Hedges 31/07/ ,242,625 USD (24,124,648) GBP Brown Bothers Harriman (94,022) (0.01%) (94,022) (0.01%) Total Forward Foreign Currency Contracts (94,022) (0.01%) Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss (94,022) (0.01%) Value GBP Fund % Total Financial Assets at Fair Value Through Profit or Loss 680,199, % Total Financial Liabilities at Fair Value Through Profit or Loss (94,022) (0.01%) Portfolio Analysis (Unaudited) Total Assets % ± UCITS and non-ucits investment schemes 680,199, % OTC financial derivative instruments (94,022) (0.01%) Total Investments 680,105, % The accompanying notes form an integral part of these financial statements. 45

46 THE SEI BALANCED FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 Nominal Security Currency Code Value GBP Fund % INVESTMENT FUNDS Funds % (30 June 2016: 93.30%) 3,301,695 GBP 44,440, % FACTOR ALLOCATION U.S. EQUITY FUND 2,299,784 GBP 30,334, % EMERGING MARKETS DEBT FUND 2,298,622 GBP 29,813, % EMERGING MARKETS EQUITY FUND 817,381 GBP 17,491, % EUROPEAN (EX-U.K.) EQUITY FUND 404,068 GBP 11,548, % EUROPEAN (EX-U.K.) EQUITY FUND HEDGED STERLING INSTITUTIONAL CLASS 789,141 GBP 18,244, % FUNDAMENTAL U.K. EQUITY FUND 2,419,304 GBP 47,539, % GLOBAL EQUITY FUND 2,154,708 GBP 24,585, % GLOBAL FIXED INCOME FUND HEDGED 1,322,352 GBP 12,244, % GLOBAL MULTI-ASSET INCOME FUND HEDGED 1,617,167 GBP 18,160, % GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED 3,360,069 GBP 37,431, % HIGH YIELD FIXED INCOME FUND HEDGED 433,729 GBP 9,082, % JAPAN EQUITY FUND HEDGED STERLING INSTITUTIONAL CLASS 983,593 GBP 17,753, % JAPAN EQUITY FUND 1,059,798 GBP 11,530, % LIQUID ALTERNATIVE FUND HEDGED 848,110 GBP 11,814, % PACIFIC BASIN (EX-JAPAN) EQUITY FUND 453,367 GBP 11,510, % PAN EUROPEAN SMALL CAP FUND 906,439 GBP 18,319, % QUANTITATIVE U.K. EQUITY FUND 616,227 GBP 6,149, % GLOBAL SHORT TERM BOND FUND HEDGED 602,135 GBP 6,158, % GLOBAL SHORT DURATION BOND FUND HEDGED 440,030 GBP 4,401, % STERLING LIQUIDITY FUND 2,763,332 GBP 35,923, % U.K. CORE FIXED INTEREST FUND 46

47 THE SEI BALANCED FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value GBP Fund % Funds % (30 June 2016: 93.30%) (continued) 5,631,050 GBP 105,469, % U.K. EQUITY FUND 529,383 GBP 11,831, % U.K. INDEX-LINKED FIXED INTEREST FUND 404,580 GBP 10,624, % U.S. LARGE COMPANIES FUND 541,496 GBP 13,689, % U.S. SMALL COMPANIES FUND 1,344,650 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 18,018, % Total Investment Funds ± 584,111, % Financial Investment Fund Assets at Fair Value Through Profit or Loss 584,111, % Financial Investment Fund Liabilities at Fair Value Through Profit or Loss Investments 584,111, % FORWARD FOREIGN CURRENCY CONTRACTS (0.01%) (30 June 2016: (0.01%)) Maturity Date Amount Bought Amount Sold Counterparty Unrealised Gain/(Loss) GBP Fund % Portfolio Hedges 31/07/ ,691,865 USD (20,610,683) GBP Brown Brothers Harriman (80,327) (0.01%) (80,327) (0.01%) Total Forward Foreign Currency Contracts (80,327) (0.01%) Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss (80,327) (0.01%) Value GBP Fund % Total Financial Assets at Fair Value Through Profit or Loss 584,111, % Total Financial Liabilities at Fair Value Through Profit or Loss (80,327) (0.01%) Portfolio Analysis (Unaudited) Total Assets % ± UCITS and non-ucits investment schemes 584,111, % OTC financial derivative instruments (80,327) (0.01%) Total Investments 584,031, % The accompanying notes form an integral part of these financial statements. 47

48 THE SEI GROWTH FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 Nominal Security Currency Code Value GBP Fund % INVESTMENT FUNDS Funds % (30 June 2016: 94.81%) 2,156,663 GBP 29,028, % FACTOR ALLOCATION U.S. EQUITY FUND 1,386,665 GBP 18,290, % EMERGING MARKETS DEBT FUND 1,884,166 GBP 24,437, % EMERGING MARKETS EQUITY FUND 569,514 GBP 12,187, % EUROPEAN (EX-U.K.) EQUITY FUND 316,726 GBP 9,052, % EUROPEAN (EX-U.K.) EQUITY FUND HEDGED STERLING INSTITUTIONAL CLASS 839,700 GBP 19,413, % FUNDAMENTAL U.K. EQUITY FUND 1,560,779 GBP 30,669, % GLOBAL EQUITY FUND 536,160 GBP 6,117, % GLOBAL FIXED INCOME FUND HEDGED 545,209 GBP 6,122, % GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED 1,651,796 GBP 18,401, % HIGH YIELD FIXED INCOME FUND HEDGED 339,976 GBP 7,119, % JAPAN EQUITY FUND HEDGED STERLING INSTITUTIONAL CLASS 513,964 GBP 9,277, % JAPAN EQUITY FUND 443,143 GBP 6,172, % PACIFIC BASIN (EX-JAPAN) EQUITY FUND 355,367 GBP 9,022, % PAN EUROPEAN SMALL CAP FUND 964,859 GBP 19,499, % QUANTITATIVE U.K. EQUITY FUND 2,875,171 GBP 53,851, % U.K. EQUITY FUND 263,458 GBP 5,888, % U.K. INDEX-LINKED FIXED INTEREST FUND 134,918 GBP 3,542, % U.S. LARGE COMPANIES FUND 381,386 GBP 9,641, % U.S. SMALL COMPANIES FUND 442,898 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO GBP 5,934, % Total Investment Funds ± 303,671, % Financial Investment Fund Assets at Fair Value Through Profit or Loss 303,671, % Financial Investment Fund Liabilities at Fair Value Through Profit or Loss Investments 303,671, % 48

49 THE SEI GROWTH FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) FORWARD FOREIGN CURRENCY CONTRACTS (0.02%) (30 June 2016: (0.01%)) Maturity Date Amount Bought Amount Sold Counterparty Unrealised Gain/(Loss) GBP Fund % Portfolio Hedges 31/07/ ,893,667 USD (16,133,483) GBP Brown Brothers Harriman (62,878) (0.02%) (62,878) (0.02%) Total Forward Foreign Currency Contracts (62,878) (0.02%) Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss (62,878) (0.02%) Value GBP Fund % Total Financial Assets at Fair Value Through Profit or Loss 303,671, % Total Financial Liabilities at Fair Value Through Profit or Loss (62,878) (0.02%) Portfolio Analysis (Unaudited) Total Assets % ± UCITS and non-ucits investment schemes 303,671, % OTC financial derivative instruments (62,878) (0.02%) Total Investments 303,608, % The accompanying notes form an integral part of these financial statements. 49

50 THE SEI AGGRESSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 Nominal Security Currency Code Value GBP Fund % INVESTMENT FUNDS Funds % (30 June 2016: 94.23%) 2,143,066 GBP 28,845, % FACTOR ALLOCATION U.S. EQUITY FUND 1,933,629 GBP 25,079, % EMERGING MARKETS EQUITY FUND 582,481 GBP 12,465, % EUROPEAN (EX-U.K.) EQUITY FUND 259,996 GBP 7,430, % EUROPEAN (EX-U.K.) EQUITY FUND HEDGED STERLING INSTITUTIONAL CLASS 1,112,616 GBP 25,723, % FUNDAMENTAL U.K. EQUITY FUND 1,665,579 GBP 32,728, % GLOBAL EQUITY FUND 278,872 GBP 5,839, % JAPAN EQUITY FUND HEDGED STERLING INSTITUTIONAL CLASS 1 USD % JAPAN EQUITY FUND HEDGED U.S.$ INSTITUTIONAL CLASS 562,032 GBP 10,144, % JAPAN EQUITY FUND 545,708 GBP 7,601, % PACIFIC BASIN (EX-JAPAN) EQUITY FUND 291,460 GBP 7,400, % PAN EUROPEAN SMALL CAP FUND 1,279,467 GBP 25,858, % QUANTITATIVE U.K. EQUITY FUND 2,357,816 GBP 44,161, % U.K. EQUITY FUND 226,547 GBP 5,949, % U.S. LARGE COMPANIES FUND 393,866 GBP 9,956, % U.S. SMALL COMPANIES FUND Total Investment Funds ± 249,185, % Financial Investment Fund Assets at Fair Value Through Profit or Loss 249,185, % Financial Investment Fund Liabilities at Fair Value Through Profit or Loss Investments 249,185, % 50

51 THE SEI AGGRESSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) FORWARD FOREIGN CURRENCY CONTRACTS (0.02%) (30 June 2016: (0.01%)) Maturity Date Amount Bought Amount Sold Counterparty Unrealised Gain/(Loss) GBP Fund % Portfolio Hedges 31/07/ ,118,258 USD (13,218,222) GBP Brown Brothers Harriman (51,516) (0.02%) (51,516) (0.02%) Total Forward Foreign Currency Contracts (51,516) (0.02%) Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss (51,516) (0.02%) Value GBP Fund % Total Financial Assets at Fair Value Through Profit or Loss 249,185, % Total Financial Liabilities at Fair Value Through Profit or Loss (51,516) (0.02%) Portfolio Analysis (Unaudited) Total Assets % ± UCITS and non-ucits investment schemes 249,185, % OTC financial derivative instruments (51,516) (0.02%) Total Investments 249,133, % The accompanying notes form an integral part of these financial statements. 51

52 THE SEI GLOBAL CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 Nominal Security Currency Code Value US$ Fund % INVESTMENT FUNDS Financial % (30 June 2016: 0.19%) 264 AGNC INVESTMENT CORP USD 5, % 200 APOLLO COMMERCIAL REAL ESTATE FINANCE INC USD 3, % 120 COMINAR REAL ESTATE INVESTMENT TRUST CLASS U CAD 1, % 873 IRISH RESIDENTIAL PROPERTIES REIT PLC EUR 1, % 3,028 MAPLETREE INDUSTRIAL TRUST SGD 4, % 460 MFA FINANCIAL INC CLASS REIT USD 3, % 281 NEWRIVER REIT PLC GBP 1, % 1,124 REGAL REAL ESTATE INVESTMENT TRUST HKD % 1,377 SUNLIGHT REAL ESTATE INVESTMENT TRUST HKD % Funds % (30 June 2016: 90.39%) 2 MERRILL LYNCH INVESTMENT SOLUTIONS USD % MARSHALL WACE TOPS UCITS FUND 4,107 SCHRODER INTERNATIONAL SELECTION FUND USD 126, % GLOBAL INFLATION LINKED BOND CLASS D 19,525 USD 268, % GLOBAL EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 42,485 USD 455, % GLOBAL FIXED INCOME FUND HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 2,593 USD 51, % GLOBAL MANAGED VOLATILITY FUND U.S.$ INSTITUTIONAL CLASS 48,562 USD 456, % GLOBAL MULTI-ASSET INCOME FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 40,383 USD 456, % GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 44,497 USD 396, % HIGH YIELD FIXED INCOME FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 97,042 USD 980, % GLOBAL SHORT TERM BOND FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 95,327 USD 981, % GLOBAL SHORT DURATION BOND FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 610,527 USD 720, % U.S. LIQUID ASSETS FUND U.S.$ ACCUMULATING A CLASS 17,254 USD 189, % LIQUID ALTERNATIVE FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 14,075 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO USD 194, % Total Investment Funds ± 5,299, % Financial Investment Fund Assets at Fair Value Through Profit or Loss 5,299, % Financial Investment Fund Liabilities at Fair Value Through Profit or Loss EQUITIES Agriculture % (30 June 2016: 0.19%) 138 ALTRIA GROUP INC USD 10, % 52 SWEDISH MATCH AB SEK 1, % 55 UNIVERSAL CORP/VA USD 3, % 117 VECTOR GROUP LTD USD 2, % Airlines % (30 June 2016: 0.08%) 1,498 AIR NEW ZEALAND LTD NZD 3, % 1,492 ANA HOLDINGS INC JPY 5, % 522 DEUTSCHE LUFTHANSA AG EUR 11, % 52

53 THE SEI GLOBAL CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value US$ Fund % Airlines % (30 June 2016: 0.08%) (continued) 653 EL AL ISRAEL AIRLINES ILS % 1,301 SINGAPORE AIRLINES LTD SGD 9, % 38 WESTJET AIRLINES LTD CAD % Apparel % (30 June 2016: 0.11%) 1,905 YUE YUEN INDUSTRIAL HOLDINGS LTD HKD 7, % Auto Manufacturers % (30 June 2016: 0.00%) 1,519 NISSAN MOTOR CO LTD JPY 15, % Auto Parts & Equipment % (30 June 2016: 0.00%) 316 MAGNA INTERNATIONAL INC CAD 14, % 242 NHK SPRING CO LTD JPY 2, % 105 PRESS KOGYO CO LTD JPY % 31 TACHI-S CO LTD JPY % 89 UNIPRES CORP JPY 1, % Basic Materials % (30 June 2016: 0.06%) 431 KURARAY CO LTD JPY 7, % 2,128 MITSUBISHI CHEMICAL HOLDINGS CORP JPY 17, % 54 PAPELES Y CARTONES DE EUROPA SA EUR % 36 TOPY INDUSTRIES LTD JPY 1, % 1,896 UBE INDUSTRIES LTD JPY 4, % Beverages % (30 June 2016: 0.25%) 30 CORBY SPIRIT AND WINE LTD CLASS A CAD % 19 DYDO GROUP HOLDINGS INC JPY % 42 KEY COFFEE INC JPY % 16 PEPSICO INC USD 1, % Commercial Services % (30 June 2016: 0.21%) 248 DE LA RUE PLC GBP 2, % 45 DUSKIN CO LTD JPY 1, % 59 HAMBURGER HAFEN UND LOGISTIK AG EUR 1, % 42 TOPPAN FORMS CO LTD JPY % Communications % (30 June 2016: 0.46%) 28 AT&T INC USD 1, % 125 BCE INC CAD 5, % 56 COGECO COMMUNICATIONS INC CAD 3, % 14 COGECO INC CAD % 2,137 HKT TRUST & HKT LTD CLASS MISCELLA HKD 2, % 3,615 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LTD HKD 1, % 73 ORANGE BELGIUM SA EUR 1, % 24 PROTO CORP JPY % 34 PROXIMUS SADP EUR 1, % 930 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD HKD 1, % 349 TELEVISION BROADCASTS LTD HKD 1, % Distribution/Wholesale % (30 June 2016: 0.03%) 28 CHORI CO LTD JPY % 61 D'IETEREN SA/NV EUR 2, % 13 ITOCHU-SHOKUHIN CO LTD JPY % 219 JAPAN PULP & PAPER CO LTD JPY % 17 KAMEI CORP JPY % 27 KANEMATSU ELECTRONICS LTD JPY % 222 MARUBENI CORP JPY 1, % 35 MATSUDA SANGYO CO LTD JPY % 508 SUMITOMO CORP JPY 6, % Energy % (30 June 2016: 0.00%) 18 K&O ENERGY GROUP INC JPY % Entertainment % (30 June 2016: 0.06%) 20 CIE DES ALPES EUR % 131 HEIWA CORP JPY 2, % 53

54 THE SEI GLOBAL CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value US$ Fund % Financial % (30 June 2016: 1.14%) 80 ABC ARBITRAGE EUR % 17 ALLREAL HOLDING AG CHF 3, % 166 AMERICAN FINANCIAL GROUP INC/OH USD 16, % 180 ARCH CAPITAL GROUP LTD USD 16, % 86 ASR NEDERLAND NV EUR 2, % 130 AXIS CAPITAL HOLDINGS LTD USD 8, % 133 BANK LEUMI LE-ISRAEL BM ILS % 417 BENEFICIAL BANCORP INC USD 6, % 518 CAPITOL FEDERAL FINANCIAL INC USD 7, % 77 DIME COMMUNITY BANCSHARES INC USD 1, % 24 ENSTAR GROUP LTD USD 4, % 37 ESSENT GROUP LTD USD 1, % 65 EVEREST RE GROUP LTD USD 16, % 628 GREAT-WEST LIFECO INC CAD 16, % 205 HANG SENG BANK LTD HKD 4, % 204 HOPEWELL HOLDINGS LTD HKD % 12 INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES INC CAD % 1 INTERSHOP HOLDING AG CHF % 763 KERRY PROPERTIES LTD HKD 2, % 627 KOWLOON DEVELOPMENT CO LTD HKD % 2,019 LANGHAM HOSPITALITY INVESTMENTS AND LANGHAM HOSPITALITY INVESTMENTS LTD HKD % 80 LAURENTIAN BANK OF CANADA CAD 3, % 342 LOEWS CORP USD 15, % 441 MIGDAL INSURANCE & FINANCIAL HOLDING LTD ILS % 25 NEWRIVER REIT PLC RIGHTS GBP % 239 NORTHWEST BANCSHARES INC USD 3, % 34 OCEANFIRST FINANCIAL CORP USD % 87 ORITANI FINANCIAL CORP USD 1, % 173 POWER CORP OF CANADA CAD 3, % 306 POWER FINANCIAL CORP CAD 7, % 88 PROASSURANCE CORP USD 5, % 126 REINSURANCE GROUP OF AMERICA INC CLASS A USD 16, % 102 RENAISSANCERE HOLDINGS LTD USD 14, % 3 ST GALLER KANTONALBANK AG CHF 1, % 116 SUN LIFE FINANCIAL INC CAD 4, % 164 TFS FINANCIAL CORP USD 2, % 119 TOPDANMARK A/S DKK 3, % 216 TORCHMARK CORP USD 16, % 299 UNIQA INSURANCE GROUP AG EUR 2, % 58 UNITED FINANCIAL BANCORP INC USD % 325 UNUM GROUP USD 15, % 185 US BANCORP USD 9, % 5 VALIANT HOLDING AG CHF % 217 WASHINGTON FEDERAL INC USD 7, % 59 WUESTENROT & WUERTTEMBERGISCHE AG EUR 1, % Food % (30 June 2016: 0.97%) 78 ARCS CO LTD JPY 1, % 172 COLRUYT SA EUR 9, % 146 FRESH DEL MONTE PRODUCE INC USD 7, % 126 GEORGE WESTON LTD CAD 11, % 173 GREGGS PLC GBP 2, % 86 HEIWADO CO LTD JPY 1, % 56 KATO SANGYO CO LTD JPY 1, % 492 KROGER CO USD 11, % 225 MARUDAI FOOD CO LTD JPY 1, % 304 METRO INC CLASS A CAD 9, % 36 MITSUBISHI SHOKUHIN CO LTD JPY 1, % 18 MITSUI SUGAR CO LTD JPY % 24 NIPPON BEET SUGAR MANUFACTURING CO LTD JPY % 65 NIPPON FLOUR MILLS CO LTD JPY 1, % 294 NISSHIN OILLIO GROUP LTD JPY 1, % 124 NORTH WEST CO INC CAD 2, % 13 ORIOR AG CHF 1, % 405 QAF LTD SGD % 207 ROGERS SUGAR INC CAD 1, % 54

55 THE SEI GLOBAL CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value US$ Fund % Food % (30 June 2016: 0.97%) (continued) 54 SANDERSON FARMS INC USD 6, % 253 SHOWA SANGYO CO LTD JPY 1, % 170 SHUFERSAL LTD ILS % 7 STARZEN CO LTD JPY % 295 SYSCO CORP USD 14, % 47 TOOTSIE ROLL INDUSTRIES INC USD 1, % 9 VILLAGE SUPER MARKET INC CLASS A USD % 12 WARABEYA NICHIYO HOLDINGS CO LTD JPY % 29 WEIS MARKETS INC USD 1, % Healthcare-Products % (30 June 2016: 0.74%) 356 BAXTER INTERNATIONAL INC USD 21, % 8 DRAEGERWERK AG & CO KGAA EUR % 18 FUKUDA DENSHI CO LTD JPY 1, % Healthcare-Services % (30 June 2016: 0.36%) 59 CHEMED CORP USD 11, % 33 LABORATORY CORP OF AMERICA HOLDINGS USD 5, % 12 NATIONAL HEALTHCARE CORP USD % Home Furnishings % (30 June 2016: 0.00%) 23 CANON ELECTRONICS INC JPY % Household Products/Wares % (30 June 2016: 0.19%) 136 CLOROX CO USD 18, % Housewares % (30 June 2016: 0.00%) 26 NORITAKE CO LTD/NAGOYA JAPAN JPY % Industrial % (30 June 2016: 0.63%) 540 AGFA-GEVAERT NV EUR 2, % 118 BEMIS CO INC USD 5, % 282 BPOST SA EUR 6, % 228 BWX TECHNOLOGIES INC USD 11, % 461 CK INFRASTRUCTURE HOLDINGS LTD HKD 3, % 102 DAIICHI JITSUGYO CO LTD JPY % 275 EXPEDITORS INTERNATIONAL OF WASHINGTON INC USD 15, % 2,848 FIRSTGROUP PLC GBP 4, % 87 GO-AHEAD GROUP PLC GBP 1, % 2,022 HITACHI LTD JPY 12, % 62 INABA DENKI SANGYO CO LTD JPY 2, % 168 JABIL INC USD 4, % 43 KAGA ELECTRONICS CO LTD JPY % 42 ORGANO CORP JPY % 722 STAGECOACH GROUP PLC GBP 1, % 6 STO SE & CO KGAA PFD EUR % 64 STOLT-NIELSEN LTD NOK % 42 TECH DATA CORP USD 4, % 604 VENTURE CORP LTD SGD 5, % Pharmaceuticals % (30 June 2016: 1.10%) 198 AMERISOURCEBERGEN CORP CLASS A USD 18, % 199 CARDINAL HEALTH INC USD 15, % 222 EXPRESS SCRIPTS HOLDING CO USD 14, % 538 INDIVIOR PLC GBP 2, % 130 JOHNSON & JOHNSON USD 17, % 61 ORION OYJ CLASS B EUR 3, % 411 PFIZER INC USD 13, % Retail % (30 June 2016: 0.89%) 382 BED BATH & BEYOND INC USD 11, % 127 BIG LOTS INC USD 6, % 9 BIJOU BRIGITTE AG EUR % 395 CAFE DE CORAL HOLDINGS LTD HKD 1, % 50 CHILDREN'S PLACE INC USD 5, % 377 CHOW SANG SANG HOLDINGS INTERNATIONAL LTD HKD % 2,891 DEBENHAMS PLC GBP 1, % 55

56 THE SEI GLOBAL CONSERVATIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value US$ Fund % Retail % (30 June 2016: 0.89%) (continued) 87 DELEK AUTOMOTIVE SYSTEMS LTD ILS % 74 GEO HOLDINGS CORP JPY % 3,013 GIORDANO INTERNATIONAL LTD HKD 1, % 20 HORNBACH BAUMARKT AG EUR % 285 KOHL'S CORP USD 11, % 62 KOHNAN SHOJI CO LTD JPY 1, % 36 KOMERI CO LTD JPY % 104 K'S HOLDINGS CORP JPY 2, % 21 MATSUYA FOODS CO LTD JPY % 57 MOBILEZONE HOLDING AG CHF % 139 TARGET CORP USD 7, % 291 WAL-MART STORES INC USD 22, % Technology % (30 June 2016: 0.30%) 2,009 FUJITSU LTD JPY 14, % 80 INTERNATIONAL BUSINESS MACHINES CORP USD 12, % 7 KAPSCH TRAFFICCOM AG EUR % 41 MATRIX IT LTD ILS % 124 QUALITY SYSTEMS INC USD 2, % 86 SYKES ENTERPRISES INC USD 2, % Textiles % (30 June 2016: 0.00%) 223 KURABO INDUSTRIES LTD JPY % 1,677 TEXWINCA HOLDINGS LTD HKD 1, % Utilities % (30 June 2016: 1.20%) 32 BKW AG CHF 1, % 2,246 CLP HOLDINGS LTD HKD 23, % 66 CONSOLIDATED EDISON INC USD 5, % 40 EDISON INTERNATIONAL USD 3, % 83 ELIA SYSTEM OPERATOR SA/NV EUR 4, % 29 ENTERGY CORP USD 2, % 88 EVN AG EUR 1, % 552 EXELON CORP USD 19, % 271 GREAT PLAINS ENERGY INC USD 7, % 7,127 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD 144A HKD 6, % 129 JUST ENERGY GROUP INC CAD % 3,740 OSAKA GAS CO LTD JPY 15, % 132 PUBLIC SERVICE ENTERPRISE GROUP INC USD 5, % 120 SHIZUOKA GAS CO LTD JPY % 304 SOUTHERN CO USD 14, % Total Equities * 979, % Financial Equity Assets at Fair Value Through Profit or Loss 979, % Financial Equity Liabilities at Fair Value Through Profit or Loss Investments 6,278, % Total Financial Assets at Fair Value Through Profit or Loss 6,278, % Total Financial Liabilities at Fair Value Through Profit or Loss Portfolio Analysis (Unaudited) Total Assets % * Transferable securities admitted to an official stock exchange listing 979, % ± UCITS and non-ucits investment schemes 5,299, % Total Investments 6,278, % The above holdings represent a portion of the investments held at the pool level allocated to the Fund at year end date. The accompanying notes form an integral part of these financial statements. 56

57 THE SEI GLOBAL CORE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 Nominal Security Currency Code Value US$ Fund % INVESTMENT FUNDS Funds % (30 June 2016: 99.07%) 10,384 SCHRODER INTERNATIONAL SELECTION FUND USD 319, % GLOBAL INFLATION LINKED BOND 82,713 USD 952, % FACTOR ALLOCATION U.S. EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 22,056 USD 413, % EUROPEAN (EX-U.K.) EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 31,791 USD 323, % EMERGING MARKETS DEBT FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 22,718 USD 415, % EMERGING MARKETS EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 8,470 USD 198, % EUROPEAN (EX-U.K.) EQUITY FUND HEDGED U.S.$ INSTITUTIONAL CLASS 68,727 USD 943, % GLOBAL EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 108,846 USD 1,167, % GLOBAL FIXED INCOME FUND HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 33,261 USD 312, % GLOBAL MULTI-ASSET INCOME FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 103,669 USD 1,171, % GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 84,666 USD 753, % HIGH YIELD FIXED INCOME FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 23,333 USD 311, % JAPAN EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 7,193 USD 153, % JAPAN EQUITY FUND HEDGED U.S.$ INSTITUTIONAL CLASS 13,503 USD 215, % PACIFIC BASIN (EX-JAPAN) EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 4,530 USD 101, % PAN EUROPEAN SMALL CAP FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 26,631 USD 268, % GLOBAL SHORT TERM BOND FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 26,137 USD 269, % GLOBAL SHORT DURATION BOND FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 25,638 USD 316, % U.K. EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 23,885 USD 486, % U.S. LARGE COMPANIES FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 4,340 USD 101, % U.S. SMALL COMPANIES FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 36,477 USD 400, % LIQUID ALTERNATIVE FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 57

58 THE SEI GLOBAL CORE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value US$ Fund % Funds % (30 June 2016: 99.07%) (continued) 29,964 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO USD 415, % Total Investment Funds ± 10,012, % Financial Investment Fund Assets at Fair Value Through Profit or Loss 10,012, % Financial Investment Fund Liabilities at Fair Value Through Profit or Loss Investments 10,012, % Total Financial Assets at Fair Value Through Profit or Loss 10,012, % Total Financial Liabilities at Fair Value Through Profit or Loss Portfolio Analysis (Unaudited) Total Assets % ± UCITS and non-ucits investment schemes 10,012, % Total Investments 10,012, % The accompanying notes form an integral part of these financial statements. 58

59 THE SEI GLOBAL BALANCED FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 Nominal Security Currency Code Value US$ Fund % INVESTMENT FUNDS Funds % (30 June 2016: 99.99%) 12,733 SCHRODER INTERNATIONAL SELECTION FUND USD 391, % GLOBAL INFLATION LINKED BOND 129,242 USD 1,487, % FACTOR ALLOCATION U.S. EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 34,558 USD 648, % EUROPEAN (EX-U.K.) EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 64,736 USD 659, % EMERGING MARKETS DEBT FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 56,772 USD 1,037, % EMERGING MARKETS EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 10,679 USD 250, % EUROPEAN (EX-U.K.) EQUITY FUND HEDGED U.S.$ INSTITUTIONAL CLASS 122,526 USD 1,682, % GLOBAL EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 86,336 USD 926, % GLOBAL FIXED INCOME FUND HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 28,302 USD 266, % GLOBAL MULTI-ASSET INCOME FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 69,765 USD 788, % GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 88,765 USD 790, % HIGH YIELD FIXED INCOME FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 38,903 USD 519, % JAPAN EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 9,144 USD 194, % JAPAN EQUITY FUND HEDGED U.S.$ INSTITUTIONAL CLASS 16,031 USD 256, % PACIFIC BASIN (EX-JAPAN) EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 11,251 USD 251, % PAN EUROPEAN SMALL CAP FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 13,254 USD 133, % GLOBAL SHORT TERM BOND FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 12,994 USD 133, % GLOBAL SHORT DURATION BOND FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 41,333 USD 510, % U.K. EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 26,849 USD 546, % U.S. LARGE COMPANIES FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 20,568 USD 483, % U.S. SMALL COMPANIES FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 22,790 USD 250, % LIQUID ALTERNATIVE FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 59

60 THE SEI GLOBAL BALANCED FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Nominal Security Currency Code Value US$ Fund % Funds % (30 June 2016: 99.99%) (continued) 28,020 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO USD 388, % Total Investment Funds ± 12,596, % Financial Investment Fund Assets at Fair Value Through Profit or Loss 12,596, % Financial Investment Fund Liabilities at Fair Value Through Profit or Loss Investments 12,596, % Total Financial Assets at Fair Value Through Profit or Loss 12,596, % Total Financial Liabilities at Fair Value Through Profit or Loss Portfolio Analysis (Unaudited) Total Assets % ± UCITS and non-ucits investment schemes 12,596, % Total Investments 12,596, % The accompanying notes form an integral part of these financial statements. 60

61 THE SEI GLOBAL GROWTH FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 Nominal Security Currency Code Value US$ Fund % INVESTMENT FUNDS Funds % (30 June 2016: 99.99%) 3,132 SCHRODER INTERNATIONAL SELECTION FUND USD 96, % GLOBAL INFLATION LINKED BOND 60,496 USD 696, % FACTOR ALLOCATION U.S. EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 14,640 USD 274, % EUROPEAN (EX-U.K.) EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 27,290 USD 277, % EMERGING MARKETS DEBT FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 30,497 USD 557, % EMERGING MARKETS EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 5,833 USD 136, % EUROPEAN (EX-U.K.) EQUITY FUND HEDGED U.S.$ INSTITUTIONAL CLASS 54,019 USD 741, % GLOBAL EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 7,738 USD 83, % GLOBAL FIXED INCOME FUND HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 8,171 USD 92, % GLOBAL OPPORTUNISTIC FIXED INCOME FUND HEDGED U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 31,326 USD 278, % HIGH YIELD FIXED INCOME FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 17,290 USD 231, % JAPAN EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 4,902 USD 104, % JAPAN EQUITY FUND HEDGED U.S.$ INSTITUTIONAL CLASS 8,776 USD 140, % PACIFIC BASIN (EX-JAPAN) EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 6,183 USD 138, % PAN EUROPEAN SMALL CAP FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 18,672 USD 230, % U.K. EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 9,612 USD 195, % U.S. LARGE COMPANIES FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 10,825 USD 254, % U.S. SMALL COMPANIES FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 6,786 THREADNEEDLE LUX - ENHANCED COMMODITIES PORTFOLIO USD 93, % Total Investment Funds ± 4,623, % Financial Investment Fund Assets at Fair Value Through Profit or Loss 4,623, % Financial Investment Fund Liabilities at Fair Value Through Profit or Loss Investments 4,623, % Total Financial Assets at Fair Value Through Profit or Loss 4,623, % Total Financial Liabilities at Fair Value Through Profit or Loss 61

62 THE SEI GLOBAL GROWTH FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 (continued) Portfolio Analysis (Unaudited) Total Assets % ± UCITS and non-ucits investment schemes 4,623, % Total Investments 4,623, % The accompanying notes form an integral part of these financial statements. 62

63 THE SEI GLOBAL AGGRESSIVE FUND PORTFOLIO OF INVESTMENTS AS AT 30 JUNE 2017 Nominal Security Currency Code Value US$ Fund % INVESTMENT FUNDS Funds % (30 June 2016: 99.20%) 118,512 USD 1,364, % FACTOR ALLOCATION U.S. EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 27,111 USD 508, % EUROPEAN (EX-U.K.) EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 63,915 USD 1,167, % EMERGING MARKETS EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 9,210 USD 215, % EUROPEAN (EX-U.K.) EQUITY FUND HEDGED U.S.$ INSTITUTIONAL CLASS 100,361 USD 1,377, % GLOBAL EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 32,568 USD 435, % JAPAN EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 7,678 USD 163, % JAPAN EQUITY FUND HEDGED U.S.$ INSTITUTIONAL CLASS 18,499 USD 295, % PACIFIC BASIN (EX-JAPAN) EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 13,090 USD 292, % PAN EUROPEAN SMALL CAP FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 41,627 USD 514, % U.K. EQUITY FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 22,140 USD 450, % U.S. LARGE COMPANIES FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS 22,604 USD 531, % U.S. SMALL COMPANIES FUND U.S.$ INSTITUTIONAL DISTRIBUTING CLASS Total Investment Funds ± 7,317, % Financial Investment Fund Assets at Fair Value Through Profit or Loss 7,317, % Financial Investment Fund Liabilities at Fair Value Through Profit or Loss Investments 7,317, % Total Financial Assets at Fair Value Through Profit or Loss 7,317, % Total Financial Liabilities at Fair Value Through Profit or Loss Portfolio Analysis (Unaudited) Total Assets % ± UCITS and non-ucits investment schemes 7,317, % Total Investments 7,317, % The accompanying notes form an integral part of these financial statements. 63

64 INCOME STATEMENT Defensive GBP Year Ended Defensive GBP Year Ended Conservative GBP Year Ended Conservative GBP Year Ended Moderate GBP Year Ended Moderate GBP Year Ended Note 30 June June June June June June 2016 Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(d) 244, ,813 1,544,895 1,589,548 6,426,177 5,592,712 Bank Interest Income 1(d) , ,310 Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) 111, ,106 2,059,390 3,562,316 11,023,614 14,847, , ,336 3,604,457 5,153,015 17,450,364 20,442,731 Expenses - Continuing Activities Management Fee 3 126, , , ,808 1,955,929 1,745,983 Transaction Fees 3 1,051 1,280 1,861 3,675 6,216 9,225 Operational Expenses 23,402 19,596 26,131 22,170 39,017 26,571 Total Operating Expenses 150, , , ,653 2,001,162 1,781,779 Expense Reimbursement 3 (41,335) (33,066) (4,763) Net Expenses 109, , , ,653 2,001,162 1,781,779 Net Income/(Loss) before Finance Costs 246, ,896 2,981,454 4,500,362 15,449,202 18,660,952 Finance Costs 4 (93,026) (108,155) (849,914) (859,270) (3,286,994) (3,281,029) Profit/(Loss) for the Year 153, ,741 2,131,540 3,641,092 12,162,208 15,379,923 Withholding Tax 2 (4,472) (3,416) (52,787) (35,201) (220,176) (139,350) Increase/(Decrease) in Assets for the Year Attributable to Redeemable Participating Shareholders 148, ,325 2,078,753 3,605,891 11,942,032 15,240,573 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the income statement. The accompanying notes form an integral part of the financial statements. 64

65 INCOME STATEMENT (continued) Core GBP Year Ended Core GBP Year Ended Balanced GBP Year Ended Balanced GBP Year Ended Growth GBP Year Ended Growth GBP Year Ended Note 30 June June June June June June 2016 Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(d) 15,364,769 12,062,813 14,392,058 13,376,665 7,817,825 6,387,438 Bank Interest Income 1(d) 1,621 4,716 1,246 4, ,093 Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) 54,431,068 25,900,931 65,058,309 24,062,882 42,548,797 14,125,558 69,797,458 37,968,460 79,451,613 37,444,041 50,366,989 20,514,089 Expenses - Continuing Activities Management Fee 3 4,986,091 4,622,732 5,118,657 5,196,690 2,533,222 2,367,181 Transaction Fees 3 1,042 1, ,390 1,099 1,112 Operational Expenses 59,000 31,971 53,679 33,350 35,597 23,225 Total Operating Expenses 5,046,133 4,655,929 5,173,279 5,231,430 2,569,918 2,391,518 Expense Reimbursement 3 Net Expenses 5,046,133 4,655,929 5,173,279 5,231,430 2,569,918 2,391,518 Net Income/(Loss) before Finance Costs 64,751,325 33,312,531 74,278,334 32,212,611 47,797,071 18,122,571 Finance Costs 4 (7,769,834) (6,925,677) (9,238,687) (6,920,818) (4,292,573) (2,830,594) Profit/(Loss) for the Year 56,981,491 26,386,854 65,039,647 25,291,793 43,504,498 15,291,977 Withholding Tax 2 (47,098) (84,506) (54,743) (105,796) (24,665) (42,444) Increase/(Decrease) in Assets for the Year Attributable to Redeemable Participating Shareholders 56,934,393 26,302,348 64,984,904 25,185,997 43,479,833 15,249,533 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the income statement. The accompanying notes form an integral part of the financial statements. 65

66 INCOME STATEMENT (continued) Global Conservative US$ Year Ended Global Conservative US$ Year Ended Aggressive GBP Year Ended Aggressive GBP Year Ended Global Core US$ Year Ended Global Core US$ Year Ended Note 30 June June June June June June 2016 Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(d) 5,508,525 4,338, , , , ,752 Bank Interest Income 1(d) Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) 41,350,981 11,247, ,058 75,375 1,098,870 (840,392) 46,860,202 15,586, , ,009 1,401,065 (338,484) Expenses - Continuing Activities Management Fee 3 1,454,549 1,214,470 66, , , ,474 Transaction Fees , Operational Expenses 36,992 23,354 21,306 21,696 17,562 16,042 Total Operating Expenses 1,492,517 1,238,989 88, , , ,059 Expense Reimbursement 3 (35,997) (32,137) (26,271) (12,278) Net Expenses 1,492,517 1,238,989 52, , , ,781 Net Income/(Loss) before Finance Costs 45,367,685 14,347, , ,733 1,208,976 (720,265) Finance Costs 4 (1,576,287) (946,209) (1,374) (187) (24,423) (13,877) Profit/(Loss) for the Year 43,791,398 13,401, , ,546 1,184,553 (734,142) Withholding Tax 2 (21,398) (38,106) (5,711) (3,050) 13 (5) Increase/(Decrease) in Assets for the Year Attributable to Redeemable Participating Shareholders 43,770,000 13,363, , ,496 1,184,566 (734,147) Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the income statement. The accompanying notes form an integral part of the financial statements. 66

67 INCOME STATEMENT (continued) Global Balanced US$ Year Ended Global Balanced US$ Year Ended Global Growth US$ Year Ended Global Growth US$ Year Ended Global Aggressive US$ Year Ended Global Aggressive US$ Year Ended Note 30 June June June June June June 2016 Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(d) 416, , , , , ,378 Bank Interest Income 1(d) Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) 1,917,482 (1,779,307) 699,380 (716,990) 1,421,018 (790,744) 2,334,324 (1,022,535) 824,713 (515,986) 1,564,992 (622,314) Expenses - Continuing Activities Management Fee 3 227, , , ,508 44,983 67,783 Transaction Fees Operational Expenses 17,029 17,827 16,071 16,944 16,191 17,816 Total Operating Expenses 244, , , ,943 61,555 86,075 Expense Reimbursement 3 (21,759) (3,093) (33,156) (29,912) (29,839) (29,654) Net Expenses 222, ,876 84, ,031 31,716 56,421 Net Income/(Loss) before Finance Costs 2,111,518 (1,540,411) 739,841 (671,017) 1,533,276 (678,735) Finance Costs 4 (7,628) (4,545) (4,889) (2,119) (116) (267) Profit/(Loss) for the Year 2,103,890 (1,544,956) 734,952 (673,136) 1,533,160 (679,002) Withholding Tax 2 16 (92) 6 (176) 10 (910) Increase/(Decrease) in Assets for the Year Attributable to Redeemable Participating Shareholders 2,103,906 (1,545,048) 734,958 (673,312) 1,533,170 (679,912) Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the income statement. The accompanying notes form an integral part of the financial statements. 67

68 INCOME STATEMENT (continued) Total US$ Year Ended Total US$ Year Ended Note 30 June June 2016 Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(d) 66,193,438 66,484,445 Bank Interest Income 1(d) 6,834 22,883 Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) 280,085, ,690, ,285, ,198,060 Expenses - Continuing Activities Management Fee 3 21,922,603 24,831,900 Transaction Fees 3 18,815 31,086 Operational Expenses 435, ,724 Total Operating Expenses 22,376,970 25,220,710 Expense Reimbursement 3 (205,507) (156,130) Net Expenses 22,171,463 25,064,580 Net Income/(Loss) before Finance Costs 324,113, ,133,480 Finance Costs 4 (34,429,481) (32,469,926) Profit/(Loss) for the Year 289,684, ,663,554 Withholding Tax 2 (545,293) (670,101) Increase/(Decrease) in Assets for the Year Attributable to Redeemable Participating Shareholders 289,139, ,993,453 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the income statement. The accompanying notes form an integral part of the financial statements. 68

69 STATEMENT OF FINANCIAL POSITION Defensive Defensive Conservative Conservative Moderate Moderate GBP GBP GBP GBP GBP GBP As at As at As at As at As at As at Note 30 June June June June June June 2016 Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 20,050,564 19,495,236 85,007,148 84,494, ,848, ,048,834 Cash at Bank 6 526, , , ,735 4,180,344 2,046,423 Receivable for Investments Sold 47,772 1, , ,437 Receivable for Shares Created , ,123 29,676 2,473, ,323 Accrued Income Receivable 2,267 1,232 17,221 12,800 71,795 53,365 Other Assets 3,501 3, Total Assets 20,630,886 19,904,887 85,606,958 85,345, ,575, ,513,995 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) 681 2,904 11,134 Bank Overdraft 7 2,324 24, ,664 Payable for Investments Purchased 72, ,643,013 Payable for Shares Redeemed 132, ,257 96, , , ,223 Accrued Expenses Payable and Other Payables 30,223 25,009 69,551 67, , ,344 Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 234, , , ,080 3,443, ,365 Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 20,396,191 19,684,616 85,439,737 85,044, ,131, ,079,630 The accompanying notes form an integral part of the financial statements. 69

70 STATEMENT OF FINANCIAL POSITION (continued) Core Core Balanced Balanced Growth Growth GBP GBP GBP GBP GBP GBP As at As at As at As at As at As at Note 30 June June June June June June 2016 Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 680,199, ,374, ,111, ,075, ,671, ,525,496 Cash at Bank 6 6,216,890 3,458,543 1,615,951 2,279,919 1,560, ,159 Receivable for Investments Sold 215,106 5,267, ,945 Receivable for Shares Created 1,151, ,097 2,383, ,915 1,216, ,411 Accrued Income Receivable 21,966 28,164 12,416 Other Assets Total Assets 687,569, ,656, ,111, ,208, ,449, ,569,174 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) 94,022 62,568 80,327 56,558 62,878 33,622 Bank Overdraft 7 Payable for Investments Purchased 218,633 26, ,927 33, ,668 14,747 Payable for Shares Redeemed 1,196,640 1,800,334 1,235,340 2,569, , ,072 Accrued Expenses Payable and Other Payables 485, , , , , ,829 Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 1,994,996 2,282,012 1,984,796 3,068,428 1,342, ,270 Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 685,574, ,374, ,126, ,139, ,107, ,986,904 The accompanying notes form an integral part of the financial statements. 70

71 STATEMENT OF FINANCIAL POSITION (continued) Aggressive Aggressive Global Conservative Global Conservative Global Core Global Core GBP GBP US$ US$ US$ US$ As at As at As at As at As at As at Note 30 June June June June June June 2016 Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 249,185, ,683,183 6,278,288 10,125,929 10,012,202 19,399,304 Cash at Bank 6 504, , ,089 55, , ,639 Receivable for Investments Sold 101, ,972 Receivable for Shares Created 235, ,117 9, ,000 Accrued Income Receivable 10,626 1,904 1,456 Other Assets ,952 2,631 2,300 1,467 Total Assets 249,925, ,478,437 6,390,233 10,195,902 10,246,392 19,772,382 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) 51,516 25, ,391 Bank Overdraft 7 2,746 Payable for Investments Purchased 119,890 12,621 1,567 97,435 Payable for Shares Redeemed 422, , ,364 Accrued Expenses Payable and Other Payables 157, ,298 20,448 25,537 25,947 39,634 Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 751, ,930 22,015 28, , ,389 Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 249,174, ,195,507 6,368,218 10,167,244 10,123,010 19,580,993 The accompanying notes form an integral part of the financial statements. 71

72 STATEMENT OF FINANCIAL POSITION (continued) Global Balanced Global Balanced Global Growth Global Growth Global Aggressive Global Aggressive US$ US$ US$ US$ US$ US$ As at As at As at As at As at As at Note 30 June June June June June June 2016 Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 12,596,090 26,120,407 4,623,504 6,866,072 7,317,372 7,996,557 Cash at Bank 6 146, ,263 13,330 21,865 55,838 18,942 Receivable for Investments Sold 29, ,349 2, ,227 2,885 Receivable for Shares Created 31,409 59,021 Accrued Income Receivable Other Assets 2, ,786 2,705 2,526 2,596 Total Assets 12,745,149 26,495,762 4,921,969 6,893,040 7,542,963 8,080,001 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) 3, ,135 Bank Overdraft 7 Payable for Investments Purchased 81,638 Payable for Shares Redeemed 239, , ,945 Accrued Expenses Payable and Other Payables 25,615 47,886 20,261 24,957 15,212 18,015 Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 25, , ,557 25, ,157 19,150 Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 12,719,534 26,123,169 4,617,412 6,867,101 7,315,806 8,060,851 The accompanying notes form an integral part of the financial statements. 72

73