Vote Summary Report Date Range Covered: 01/01/2018 to 03/31/2018

Reo@ Voting Report

The SEI Global Managed Volatility Fund

VOTING RECORDS FROM:01/01/2018 TO: 31/03/2018

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

ABB Ltd.

Meeting Date: 03/29/2018 Country: Switzerland Meeting Type: Annual Ticker: ABBN

Primary ISIN: CH0012221716 Primary SEDOL: 7108899

Vote Proposal Text Proponent Mgmt Rec Instruction

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Remuneration Report (Non-Binding) Mgmt For Against

Voter Rationale: A vote AGAINST the remuneration report is warranted because:- Two executives again received large increases in employer pension contributions during FY17. The company has not offered a compelling rationale for these increases.- The maximum pay opportunity under the LTIP was progressively raised by 23 percent between FY16 and FY18 and the company has failed to provide a compelling rationale.Some shareholders may nevertheless consider supporting this item because increases in pension contributions in FY17 are part of the same adjustment of the pension system that led to increases in FY15 and FY16, no further adjustments are foreseen, and ABB's compensation policies and practices are in general aligned to market practice.

Approve Discharge of Board and Senior Mgmt For For Management

Approve Allocation of Income and Dividends of Mgmt For For CHF 0.78 per Share

Amend Corporate Purpose Mgmt For For

Amend Articles Re: Cancellation of Transitional Mgmt For For Provisions

Approve Maximum Remuneration of Board of Mgmt For For Directors in the Amount of CHF 4.7 Million

Approve Maximum Remuneration of Executive Mgmt For For Committee in the Amount of CHF 52 Million

Reelect Matti Alahuhta as Director Mgmt For For

Elect Gunnar Brock as Director Mgmt For For

Reelect David Constable as Director Mgmt For For

Reelect Frederico Curado as Director Mgmt For For

Reelect Lars Foerberg as Director Mgmt For For

Elect Jennifer Xin-Zhe Li as Director Mgmt For For

Elect Geraldine Matchett as Director Mgmt For For

Reelect David Meline as Director Mgmt For For

Reelect Satish Pai as Director Mgmt For For

Reelect Jacob Wallenberg as Director Mgmt For For

Reelect Peter Voser as Director and Board Mgmt For For Chairman

Page 1 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

ABB Ltd.

Vote Proposal Text Proponent Mgmt Rec Instruction

Appoint David Constable as Member of the Mgmt For For Compensation Committee

Appoint Frederico Curado as Member of the Mgmt For For Compensation Committee

Appoint Jennifer Xin-Zhe Li as Member of the Mgmt For For Compensation Committee

Designate Hans Zehnder as Independent Proxy Mgmt For For

Ratify KPMG AG as Auditors Mgmt For For

Transact Other Business (Voting) Mgmt For Against

Voter Rationale: A vote AGAINST is warranted because- This item concerns additional instructions from the shareholder to the proxy in case new voting items or counterproposals are introduced at the meeting by shareholders or the board of directors; and- The content of these any new items or counterproposals is not known at this time. Therefore, it is in shareholders' best interest to vote against this item on a precautionary basis.

Aetna Inc.

Meeting Date: 03/13/2018 Country: USA Meeting Type: Special Ticker: AET

Primary ISIN: US00817Y1082 Primary SEDOL: 2695921

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Merger Agreement Mgmt For For

Adjourn Meeting Mgmt For For

Advisory Vote on Golden Parachutes Mgmt For For

Voter Rationale: On early termination, all share-based awards should be time pro-rated and tested for performance, including in the event of a change of control.

Agilent Technologies, Inc.

Meeting Date: 03/21/2018 Country: USA Meeting Type: Annual Ticker: A

Primary ISIN: US00846U1016 Primary SEDOL: 2520153

Page 2 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Agilent Technologies, Inc.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Koh Boon Hwee Mgmt For For

Voter Rationale: Directors are elected in classes rather than annually, but shareholders should have the opportunity to communicate with directors regularly on their performance. The board should take immediate steps to declassify itself, thereby enhancing accountability. Furthermore, the board should appoint a Lead Independent Director to establish appropriate checks and balances on the Board, support the Chairman, ensure orderly succession process for the Chairman, and act as a point of contact for shareholders, non-executive directors and senior executives where normal channels of communication through the board Chairman are considered inappropriate.

Elect Director Michael R. McMullen Mgmt For For

Elect Director Daniel K. Podolsky Mgmt For For

Amend Omnibus Stock Plan Mgmt For Against

Voter Rationale: Incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over a sufficiently long period of time. In addition, share options should not be granted to non-executive directors as this may compromise their independence and ability to hold management accountable.

Advisory Vote to Ratify Named Executive Mgmt For Against Officers' Compensation Voter Rationale: The remuneration committee should not allow vesting of incentive awards for below median performance. Furthermore, severance payments should not exceed two year’s pay. Larger severance packages should be subject to a separate shareholder approval.

Ratify PricewaterhouseCoopers LLP as Auditors Mgmt For For

ALSO Holding AG

Meeting Date: 03/27/2018 Country: Switzerland Meeting Type: Annual Ticker: ALSN

Primary ISIN: CH0024590272 Primary SEDOL: B11TD81

Vote Proposal Text Proponent Mgmt Rec Instruction

Accept Financial Statements and Statutory Mgmt For For Reports

Page 3 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

ALSO Holding AG

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Remuneration Report (Non-Binding) Mgmt For Against

Voter Rationale: A vote AGAINST the remuneration report is warranted because:- Caps on short-term incentive remuneration are not disclosed.- Discretionary payments are a component of the remuneration system.- Based on the company's disclosures, it appears that non-executive directors receive retirement benefits.

Approve Allocation of Income and Dividends of Mgmt For For CHF 2.75 per Share from Capital Contribution Reserves

Approve Discharge of Board and Senior Mgmt For For Management

Approve Maximum Remuneration of Directors in Mgmt For For the Amount of CHF 700,000

Approve Maximum Fixed Remuneration of Mgmt For Against Executive Committee in the Amount of CHF 1.5 Million Voter Rationale: Votes AGAINST these items are warranted because they represent large potential increases in per-person fixed and variable compensation, and the company has failed to provide a compelling rationale.

Approve Maximum Variable Remuneration of Mgmt For Against Executive Committee in the Amount of CHF 3.8 Million Voter Rationale: Votes AGAINST these items are warranted because they represent large potential increases in per-person fixed and variable compensation, and the company has failed to provide a compelling rationale.

Reelect Peter Athanas as Director Mgmt For For

Reelect Walter Droege as Director Mgmt For Against

Voter Rationale: Votes AGAINST the non-independent nominees (excluding the CEO), Walter P. J. Droege, Ernest Droege, Karl Hofstetter, Rudolf Marty and Frank Tanski, are warranted because of the failure to establish a sufficiently independent board and audit committee.

Reelect Karl Hofstetter as Director Mgmt For Against

Reelect Rudolf Marty as Director Mgmt For Against

Reelect Frank Tanski as Director Mgmt For Against

Reelect Ernest-W. Droege as Director Mgmt For Against

Reelect Gustavo Moeller-Hergt as Director Mgmt For For

Reelect Gustavo Moeller-Hergt as Board Mgmt For Against Chairman

Page 4 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

ALSO Holding AG

Vote Proposal Text Proponent Mgmt Rec Instruction

Reappoint Peter Athanas as Member of the Mgmt For For Compensation Committee

Reappoint Walter Droege as Member of the Mgmt For Against Compensation Committee Voter Rationale: Votes AGAINST non-independent nominees Walter Droege and Frank Tanski are warranted because of the failure to establish a majority-independent committee.

Reappoint Frank Tanski as Member of the Mgmt For Against Compensation Committee Voter Rationale: Votes AGAINST non-independent nominees Walter Droege and Frank Tanski are warranted because of the failure to establish a majority-independent committee.

Ratify PricewaterhouseCoopers AG as Auditors Mgmt For For

Designate Adrian von Segesser as Independent Mgmt For For Proxy

Transact Other Business (Voting) Mgmt For Against

Voter Rationale: A vote AGAINST is warranted because:- This item concerns additional instructions from the shareholder to the proxy in case new voting items or counterproposals are introduced at the meeting by shareholders or the board of directors; and- The content of these any new items or counterproposals is not known at this time. Therefore, it is in shareholders' best interest to vote against this item on a precautionary basis.

Amdocs Limited

Meeting Date: 01/26/2018 Country: Guernsey Meeting Type: Annual Ticker: DOX

Primary ISIN: GB0022569080 Primary SEDOL: 2256908

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Robert A. Minicucci Mgmt For For

Voter Rationale: Boards where more than 33% of directors have served for more than 12 years lack balance. However, there has been refreshment to the Board this year. We encourage the company to continue this process to ensure further refreshment, particularly of the board's key committees that continue to contain members that have been on the board for more than 12 years.

Elect Director Adrian Gardner Mgmt For For

Elect Director John T. McLennan Mgmt For For

Elect Director Zohar Zisapel Mgmt For For

Elect Director Julian A. Brodsky Mgmt For For

Elect Director Eli Gelman Mgmt For For

Elect Director James S. Kahan Mgmt For For

Elect Director Richard T.C. LeFave Mgmt For For

Page 5 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Amdocs Limited

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Giora Yaron Mgmt For For

Elect Director Ariane de Rothschild Mgmt For For

Elect Director Rafael de la Vega Mgmt For For

Approve Dividends Mgmt For For

Accept Consolidated Financial Statements and Mgmt For For Statutory Reports

Approve Ernst & Young LLP as Auditors and Mgmt For For Authorize Board to Fix Their Remuneration

AmerisourceBergen Corporation

Meeting Date: 03/01/2018 Country: USA Meeting Type: Annual Ticker: ABC

Primary ISIN: US03073E1055 Primary SEDOL: 2795393

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Ornella Barra Mgmt For Against

Voter Rationale:

Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.

Elect Director Steven H. Collis Mgmt For For

Voter Rationale:

The board should appoint a Lead Independent Director to establish appropriate checks and balances on the Board, support the Chairman, ensure orderly succession process for the Chairman, and act as a point of contact for shareholders, non-executive directors and senior executives where normal channels of communication through the board Chairman are considered inappropriate. Also, the roles of Chairman and CEO are substantially different and generally should be separated. Separation of roles is important for securing a proper balance between executives and outside shareholders and preserving accountability.

Elect Director Douglas R. Conant Mgmt For For

Voter Rationale:

The board imposed a forum selection clause without prior shareholder approval. The corporate governance committee should oppose measures that restrict investors' access to courts, and reverse the measure or, at the very least, put the matter to an investor vote. In addition, the lead director is not considered sufficiently independent to serve in such role. The nominating/governance committee should appoint a fully independent lead director.

Elect Director D. Mark Durcan Mgmt For For

Elect Director Richard W. Gochnauer Mgmt For For

Voter Rationale:

Elect Director Lon R. Greenberg Mgmt For For

Page 6 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

AmerisourceBergen Corporation

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Jane E. Henney Mgmt For Against

Voter Rationale:

This director is not sufficiently independent to serve as the independent lead director. Also, directors with long board tenures should not serve on committees that require absolute independence. In addition, the board imposed a forum selection clause without prior shareholder approval. The corporate governance committee should oppose measures that restrict investors' access to courts, and reverse the measure or, at the very least, put the matter to an investor vote. Furthermore, the lead director is not considered sufficiently independent to serve in such role. The nominating/governance committee should appoint a fully independent lead director.

Elect Director Kathleen W. Hyle Mgmt For For

Elect Director Michael J. Long Mgmt For For

Elect Director Henry W. McGee Mgmt For Against

Voter Rationale:

The board imposed a forum selection clause without prior shareholder approval. The corporate governance committee should oppose measures that restrict investors' access to courts, and reverse the measure or, at the very least, put the matter to an investor vote. In addition, directors with long board tenures should not serve on committees that require absolute independence. Also, the lead director is not considered sufficiently independent to serve in such role. The nominating/governance committee should appoint a fully independent lead director.

Ratify Ernst & Young LLP as Auditors Mgmt For For

Voter Rationale:

The audit firm has served the company more than 20 years. While specific term limits for auditors is not a consensus best practice, there is value in gaining new perspectives on finances and controls. The board should consider a plan for bringing in a new auditing firm.

Advisory Vote to Ratify Named Executive Mgmt For Against Officers' Compensation Voter Rationale:

Amend Qualified Employee Stock Purchase Plan Mgmt For For

Require Independent Board Chairman SH Against For

Voter Rationale:

Appointing a fully independent chairman creates a balance of power that is more conducive to long-term performance. A board headed by management cannot reasonably provide the best oversight and evaluation of management's performance.

Reduce Ownership Threshold for Shareholders SH Against For to Call Special Meeting Voter Rationale:

Holders of significant share capital should be entitled to call a special meeting. A total holding requirement of 5% is a suitable threshold to prevent abuse.

Clawback of Incentive Payments SH Against For

Voter Rationale:

Substantial restatements should trigger a reassessment and reclamation of performance-based compensation where this has been calculated on inaccurate figures. Also, the board should have the ability to "claw back" from executives that benefited from improper accounting, even if they were not directly responsible due to fraudulent activity or willful misconduct. The board should introduce options to recoup following major regulatory and other significant failings by senior management.

Report on Governance Measures Implemented SH Against For Related to Opioids Voter Rationale: Because shareholders would benefit from more specific information about governance measures implemented related to opioids, support for a report is warranted.

Page 7 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Amino Technologies plc

Meeting Date: 01/18/2018 Country: United Kingdom Meeting Type: Special Ticker: AMO

Primary ISIN: GB00B013SN63 Primary SEDOL: B013SN6

Vote Proposal Text Proponent Mgmt Rec Instruction

This is a Second Call Meeting Originally Held on Mgmt 15 December 2017

Authorise Market Purchase of Ordinary Shares Mgmt For Against

Amino Technologies plc

Meeting Date: 03/27/2018 Country: United Kingdom Meeting Type: Annual Ticker: AMO

Primary ISIN: GB00B013SN63 Primary SEDOL: B013SN6

Vote Proposal Text Proponent Mgmt Rec Instruction

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Remuneration Report Mgmt For For

Approve Final Dividend Mgmt For For

Re-elect Keith Todd as Director Mgmt For Against

Voter Rationale: The audit committee should be fully independent and this director's membership could hamper the committee's impartiality and effectiveness. Furthermore, the remuneration committee should be independent and this director's membership could hamper the committee's impartiality and effectiveness. Finally, the board should appoint a Lead Independent Director to establish appropriate checks and balances on the Board, support the Chairman, ensure orderly succession process for the Chairman, and act as a point of contact for shareholders, non-executive directors and senior executives where normal channels of communication through the board Chairman are considered inappropriate.

Elect Steve McKay as Director Mgmt For For

Elect Michael Clegg as Director Mgmt For For

Reappoint Grant Thornton UK LLP as Auditors Mgmt For For and Authorise Their Remuneration

Authorise Issue of Equity with Pre-emptive Mgmt For For Rights

Authorise Issue of Equity without Pre-emptive Mgmt For For Rights

Authorise Market Purchase of Ordinary Shares Mgmt For For

Page 8 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Apple Inc.

Meeting Date: 02/13/2018 Country: USA Meeting Type: Annual Ticker: AAPL

Primary ISIN: US0378331005 Primary SEDOL: 2046251

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director James Bell Mgmt For For

Elect Director Tim Cook Mgmt For For

Elect Director Al Gore Mgmt For Against

Voter Rationale: Directors with long board tenures should not serve on committees that require absolute independence.

Elect Director Bob Iger Mgmt For For

Elect Director Andrea Jung Mgmt For For

Elect Director Art Levinson Mgmt For Against

Voter Rationale: Directors with long board tenures should not serve on committees that require absolute independence. Also, he board should appoint a Lead Independent Director to establish appropriate checks and balances on the Board, support the Chairman, ensure orderly succession process for the Chairman, and act as a point of contact for shareholders, non-executive directors and senior executives where normal channels of communication through the board Chairman are considered inappropriate.

Elect Director Ron Sugar Mgmt For For

Elect Director Sue Wagner Mgmt For For

Ratify Ernst & Young LLP as Auditors Mgmt For For

Advisory Vote to Ratify Named Executive Mgmt For Against Officers' Compensation Voter Rationale: We welcome the remuneration committee's decision to increase the proportion of equity awards that are subject to performance targets; however, we continue to consider that they should not allow vesting of incentive awards for below median performance. Also, the company should put in place a procedure which would enable it, should it identify any facts of manipulation of reported indicators or other bad faith actions on the part of any of its executive directors and other key managers which were detrimental to the long-term interests of its shareholders, to ensure that any funds wrongfully obtained in such manner are repaid to it.

Amend Non-Employee Director Omnibus Stock Mgmt For For Plan

Proxy Access Amendments SH Against For

Voter Rationale: Shareholders should have the right to reasonable access to the proxy, including the nomination of directors to the board. Such a practice encourages greater accountability of directors to the shareholders whose interests they represent. Similar proxy access in other developed markets has not lead to problematic elections, as some companies fear.

Establish Human Rights Committee SH Against Abstain

Voter Rationale: Although we considered human rights to be an important risk for the company given its exposure to both censorship in China and its reliance upon labour in that region within its supply chain, we consider the terms of the proposal to be overly prescriptive in nature and that current policies in place are adequate.

Page 9 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Argan

Meeting Date: 03/22/2018 Country: France Meeting Type: Annual/Special Ticker: ARG

Primary ISIN: FR0010481960 Primary SEDOL: B1YKDN6

Vote Proposal Text Proponent Mgmt Rec Instruction

Ordinary Business Mgmt

Approve Financial Statements and Discharge Mgmt For For Directors Voter Rationale: Shareholders should have the right to elect directors annually in order to hold them to account. Furthermore, the company should move towards a three-committee structure (audit, remuneration and nomination) in line with regional best practice, with independent board committees that report annually on their activities.

Approve Consolidated Financial Statements and Mgmt For For Statutory Reports

Approve Allocation of Income Mgmt For For

Approve Dividends of EUR 1.02 per Share Mgmt For For

Approve Stock Dividend Program (Cash or New Mgmt For For Shares)

Approve Auditors' Special Report on Mgmt For For Related-Party Transactions

Approve Remuneration Policy for Management Mgmt For Against Board Members Voter Rationale: Significant salary increases should be linked to material changes in the business or in the role and responsibilities of executive directors.

Approve Remuneration Policy for Supervisory Mgmt For For Board Members

Approve Compensation of Ronan Le Lan, Mgmt For For Management Board Chairman

Approve Compensation of Francis Albertinelli, Mgmt For For Management Board Member

Approve Compensation of Frederic Larroumets, Mgmt For For Management Board Member

Approve Compensation of Jean-Claude Le Lan Mgmt For For Junior, Management Board Member

Approve Compensation of Jean-Claude Le Lan, Mgmt For For Supervisory Board Chairman

Approve Remuneration of Supervisory Board Mgmt For For Members in the Aggregate Amount of EUR 60,000

Ratify Change Location of Registered Office to Mgmt For For 21, rue Beffroy, Neuilly-sur-Seine (92200)

Page 10 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Argan

Vote Proposal Text Proponent Mgmt Rec Instruction

Authorize Repurchase of Up to 10 Percent of Mgmt For Against Issued Share Capital Voter Rationale: Shares should not be repurchased at a premium/discount to the market price of more than 10%. Furthermore, this authority can be used as an antitakeover mechanism. Where poison pills are adopted, they should be approved by shareholders prior to deployment, include independent oversight, and be of a limited duration.

Extraordinary Business Mgmt

Authorize Decrease in Share Capital via Mgmt For For Cancellation of Repurchased Shares

Authorize Filing of Required Documents/Other Mgmt For For Formalities

Aurubis AG

Meeting Date: 03/01/2018 Country: Germany Meeting Type: Annual Ticker: NDA

Primary ISIN: DE0006766504 Primary SEDOL: 5485527

Vote Proposal Text Proponent Mgmt Rec Instruction

Receive Financial Statements and Statutory Mgmt Reports for Fiscal 2016/17 (Non-Voting)

Approve Allocation of Income and Dividends of Mgmt For For EUR 1.45 per Share

Approve Discharge of Management Board for Mgmt For For Fiscal 2016/17

Approve Discharge of Supervisory Board for Mgmt For For Fiscal 2016/17 Voter Rationale:

The company should reduce director terms and implement either staggered election cycles or, ideally, annual re-elections, in order to facilitate a more dynamic board refreshment process.

Ratify PricewaterhouseCoopers GmbH as Mgmt For For Auditors for Fiscal 2017/18

Elect Heinz Fuhrmann to the Supervisory Board Mgmt For Against

Voter Rationale:

For widely held companies, the supervisory board should include at least 50% independent non-executive directors, to ensure appropriate balance of independence and objectivity. We do not consider employee-elected directors under the co-determination system to be fully independent. Moreover, this director is not an independent director, yet sits on a remuneration committee that is majority non-independent. The remuneration committee requires independence, and non-independent directors could be conflicted, thereby hampering the committee's impartiality and effectiveness.

Elect Karl Jakob to the Supervisory Board Mgmt For For

Elect Stephan Kruemmer to the Supervisory Mgmt For For Board

Elect Sandra Reich to the Supervisory Board Mgmt For For

Page 11 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Aurubis AG

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Edna Schoene to the Supervisory Board Mgmt For For

Elect Fritz Vahrenholt to the Supervisory Board Mgmt For For

Voter Rationale:

This director is not an independent director, yet sits on a remuneration committee that is majority non-independent. The remuneration committee requires independence, and non-independent directors could be conflicted, thereby hampering the committee's impartiality and effectiveness.

Approve Remuneration System for Management Mgmt For Against Board Members Voter Rationale:

Incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over a sufficiently long period of time. Moreover, all exceptional awards should be clearly linked to performance and demonstrate shareholder value creation in addition to and above that expected of directors as a normal part of their jobs.

Authorize Share Repurchase Program and Mgmt For For Cancellation of Repurchased Shares without Preemptive and Tender Rights

Axfood AB

Meeting Date: 03/14/2018 Country: Sweden Meeting Type: Annual Ticker: AXFO

Primary ISIN: SE0006993770 Primary SEDOL: BVGH0K1

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Chairman of Meeting Mgmt For For

Prepare and Approve List of Shareholders Mgmt For For

Approve Agenda of Meeting Mgmt For For

Designate Inspector(s) of Minutes of Meeting Mgmt For For

Acknowledge Proper Convening of Meeting Mgmt For For

Receive Financial Statements and Statutory Mgmt Reports

Receive President's Report Mgmt

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Discharge of Board and President Mgmt For For

Approve Allocation of Income and Dividends of Mgmt For For SEK 7 Per Share

Determine Number of Members (8) and Deputy Mgmt For For Members (0) of Board; Determine Number of Auditors (1)

Page 12 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Axfood AB

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Remuneration of Directors in the Mgmt For For Amount of EUR 675,000 for Chairman, EUR 520,000 for Vice Chairman, and EUR 425,000 for Other Directors; Approve Remuneration of Auditors

Reelect Antonia Ax:son Johnson, Fabian Mgmt For For Bengtsson, Caroline Berg, Mia Brunell Livfors, Lars Olofsson and Christer Aberg as Directors; Elect Stina Andersson and Jesper Lien as New Directors

Voter Rationale:

The board should submit directors for re-election individually, rather than as a single slate and ensure that there is sufficient level of independence on the board. Furthermore, the remuneration committee should be fully independent from the company and majority independent from its major shareholder(s). Finally, the audit committee should be fully independent from the company and majority independent from its major shareholder(s).

Ratify Deloitte as Auditors Mgmt For For

Approve Principles for the Designation of Mgmt For For Nominating Committee

Approve Remuneration Policy And Other Terms Mgmt For For of Employment For Executive Management

Voter Rationale:

The company should put in place a procedure which would enable it, should it identify any facts of manipulation of reported indicators or other bad faith actions on the part of any of its executive directors and other key managers which were detrimental to the long-term interests of its shareholders, to ensure that any funds wrongfully obtained in such manner are repaid to it.

Approve Long-Term Incentive Plan (LTIP 2018) Mgmt For For

Approve Equity Plan Financing for LTIP 2018 Mgmt For For

Approve Employee Share Purchases in Mgmt For For Subsidiaries

Shareholder Proposals Submitted by Carl Axel Mgmt Bruno

Amend Articles of Association: Insert Gender SH None Against Quota for Board of Directors Voter Rationale:

A vote AGAINST this resolution is warranted as the proposal seeks to micromanage the company and the proponent has not provided evidence of any of the potentially accruing benefits to the company.

Close Meeting Mgmt

Bank Hapoalim Ltd.

Meeting Date: 02/05/2018 Country: Israel Meeting Type: Special Ticker: POLI

Primary ISIN: IL0006625771 Primary SEDOL: 6075808

Page 13 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Bank Hapoalim Ltd.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Ronit Abramson-Rokach as External Mgmt For For Director

Vote FOR if you are a controlling shareholder or Mgmt None Against have a personal interest in one or several resolutions, as indicated in the proxy card; otherwise, vote AGAINST. You may not abstain. If you vote FOR, please provide an explanation to your account manager

Please Select Any Category Which Applies to Mgmt You as a Shareholder or as a Holder of Power of Attorney

If you are an Interest Holder as defined in Mgmt None Against Section 1 of the Securities Law, 1968, vote FOR. Otherwise, vote against.

If you are a Senior Officer as defined in Section Mgmt None Against 37(D) of the Securities Law, 1968, vote FOR. Otherwise, vote against.

If you are an Institutional Investor as defined in Mgmt None For Regulation 1 of the Supervision Financial Services Regulations 2009 or a Manager of a Joint Investment Trust Fund as defined in the Joint Investment Trust Law, 1994, vote FOR. Otherwise, vote against.

Britvic Plc

Meeting Date: 01/31/2018 Country: United Kingdom Meeting Type: Annual Ticker: BVIC

Primary ISIN: GB00B0N8QD54 Primary SEDOL: B0N8QD5

Vote Proposal Text Proponent Mgmt Rec Instruction

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Final Dividend Mgmt For For

Approve Remuneration Policy Mgmt For For

Voter Rationale:

Companies should consider introducing deferral element and clawback provisions to the short- and long-term incentive schemes in line with market best practice.

Approve Remuneration Report Mgmt For For

Voter Rationale:

Companies should consider introducing deferral element and clawback provisions to the short- and long-term incentive schemes in line with market best practice.

Page 14 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Britvic Plc

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Suniti Chauhan as Director Mgmt For For

Elect William Eccleshare as Director Mgmt For Against

Voter Rationale:

Executive directors are expected to hold no more than one external directorships to ensure they have sufficient time and energy to discharge their roles properly, particularly during unexpected company

Re-elect Sue Clark as Director Mgmt For For

Re-elect John Daly as Director Mgmt For For

Re-elect Mathew Dunn as Director Mgmt For For

Re-elect Simon Litherland as Director Mgmt For For

Re-elect Ian McHoul as Director Mgmt For For

Re-elect Euan Sutherland as Director Mgmt For For

Reappoint Ernst & Young LLP as Auditors Mgmt For For

Voter Rationale:

Companies that have had the same auditor for a period of over 10 years should consider a plan or tender process for bringing in a new auditing firm.

Authorise the Audit Committee to Fix Mgmt For For Remuneration of Auditors Voter Rationale:

Companies that have had the same auditor for a period of over 10 years should consider a plan or tender process for bringing in a new auditing firm.

Authorise EU Political Donations and Mgmt For For Expenditure

Authorise Issue of Equity with Pre-emptive Mgmt For For Rights

Authorise Issue of Equity without Pre-emptive Mgmt For For Rights

Authorise Issue of Equity without Pre-emptive Mgmt For For Rights in Connection with an Acquisition or Other Capital Investment

Authorise Market Purchase of Ordinary Shares Mgmt For For

Authorise the Company to Call General Meeting Mgmt For For with Two Weeks' Notice

Can Do Co., Ltd.

Meeting Date: 02/23/2018 Country: Japan Meeting Type: Annual Ticker: 2698

Primary ISIN: JP3244550004 Primary SEDOL: 6354314

Page 15 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Can Do Co., Ltd.

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 8.5

Elect Director Kido, Kazuya Mgmt For For

Elect Director Shingu, Takahito Mgmt For Against

Voter Rationale:

The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Mochizuki, Sonoe Mgmt For Against

Voter Rationale:

The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Morita, Toru Mgmt For Against

Voter Rationale:

The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director and Audit Committee Member Mgmt For For Tamura, Toshiro

Elect Director and Audit Committee Member Mgmt For For Iida, Naoki

Elect Alternate Director and Audit Committee Mgmt For For Member Shinta, Motoki

Canare Electric Co.

Meeting Date: 03/23/2018 Country: Japan Meeting Type: Annual Ticker: 5819

Primary ISIN: JP3215300009 Primary SEDOL: 6169712

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 25

Elect Director Ono, Junichiro Mgmt For For

Elect Director Goto, Akio Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Yoshimori, Naoki Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 16 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Canare Electric Co.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Nakajima, Masahiro Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Obuchi, Atsushi Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Sobue, Hideyuki Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Noda, Chikashi Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Toyonaka, Toshiei Mgmt For For

Elect Director Toda, Yuzo Mgmt For For

Appoint Alternate Statutory Auditor Kitayama, Mgmt For For Hideki

Approve Director Retirement Bonus Mgmt For For

Approve Annual Bonus Mgmt For For

Canon Inc.

Meeting Date: 03/29/2018 Country: Japan Meeting Type: Annual Ticker: 7751

Primary ISIN: JP3242800005 Primary SEDOL: 6172323

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 85

Elect Director Mitarai, Fujio Mgmt For For

Elect Director Maeda, Masaya Mgmt For For

Elect Director Tanaka, Toshizo Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Homma, Toshio Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 17 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Canon Inc.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Matsumoto, Shigeyuki Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Saida, Kunitaro Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Kato, Haruhiko Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Appoint Statutory Auditor Nakamura, Masaaki Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Appoint Statutory Auditor Kashimoto, Koichi Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Approve Annual Bonus Mgmt For For

Approve Deep Discount Stock Option Plan Mgmt For Against

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Capitol Federal Financial, Inc.

Meeting Date: 01/23/2018 Country: USA Meeting Type: Annual Ticker: CFFN

Primary ISIN: US14057J1016 Primary SEDOL: B3KWJV0

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Morris J. Huey, II Mgmt For Against

Voter Rationale:

Former employees or company founders are not sufficiently independent to serve on key board committees. Listing standard assumptions that independence can be restored after a five-year "cooling off" period are incorrect. In addition, companies should establish and disclose a policy on hedging of company stock by executives. Hedging activity by executives should be prohibited as it potentially severs management alignment with shareholder interest. Also, directors are elected in classes rather than annually, but shareholders should have the opportunity to communicate with directors regularly on their performance. The board should take immediate steps to declassify itself, thereby enhancing accountability.

Page 18 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Capitol Federal Financial, Inc.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Reginald L. Robinson Mgmt For For

Voter Rationale:

Companies should establish and disclose a policy on hedging of company stock by executives. Hedging activity by executives should be prohibited as it potentially severs management alignment with shareholder interest. Also, directors are elected in classes rather than annually, but shareholders should have the opportunity to communicate with directors regularly on their performance. The board should take immediate steps to declassify itself, thereby enhancing accountability.

Advisory Vote to Ratify Named Executive Mgmt For For Officers' Compensation Voter Rationale:

Severance payments should not exceed two year’s pay. Larger severance packages should be subject to a separate shareholder approval.

Ratify Deloitte & Touche LLP as Auditors Mgmt For For

Voter Rationale:

CareTech Holdings PLC

Meeting Date: 03/06/2018 Country: United Kingdom Meeting Type: Annual Ticker: CTH

Primary ISIN: GB00B0KWHQ09 Primary SEDOL: B0KWHQ0

Vote Proposal Text Proponent Mgmt Rec Instruction

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Remuneration Report Mgmt For Against

Voter Rationale:

Significant salary increases are not linked to material changes in the business or in the role and responsibilities of executive directors.

Approve Final Dividend Mgmt For For

Re-elect Michael Hill as Director Mgmt For For

Re-elect Karl Monaghan as Director Mgmt For For

Reappoint Grant Thornton UK LLP as Auditors Mgmt For For

Authorise Board to Fix Remuneration of Auditors Mgmt For For

Authorise Issue of Equity with Pre-emptive Mgmt For For Rights

Authorise Issue of Equity without Pre-emptive Mgmt For Against Rights Voter Rationale:

Any increase in capital of greater than 10% without pre-emption rights should be undertaken in exceptional circumstances only and fully justified by the company.

Page 19 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

CareTech Holdings PLC

Vote Proposal Text Proponent Mgmt Rec Instruction

Authorise Market Purchase of Ordinary Shares Mgmt For For

Carlsberg

Meeting Date: 03/14/2018 Country: Denmark Meeting Type: Annual Ticker: CARL B

Primary ISIN: DK0010181759 Primary SEDOL: 4169219

Vote Proposal Text Proponent Mgmt Rec Instruction

Receive Report of Board Mgmt

Accept Financial Statements and Statutory Mgmt For For Reports; Approve Discharge of Management and Board Voter Rationale:

Companies should develop and disclose a policy aimed at encouraging greater diversity, including gender, at the board and executive management levels, and throughout the organisation.

Approve Allocation of Income and Dividends of Mgmt For For DKK 16 Per Share

Approve Remuneration of Directors in the Mgmt For Against Amount of DKK 1.85 Million for Chairman, DKK 618,000 for Vice Chair, and DKK 412,000 for Other Directors; Approve Remuneration for Committee Work

Voter Rationale: We voted against because the proposed chairman fees can be considered excessive in relation to comparable domestic peers and in the absence of a clear rationale.

Authorize Share Repurchase Program Mgmt For For

Reelect Flemming Besenbacher as Director Mgmt For For

Reelect Lars Rebien Sorensen as Director Mgmt For For

Reelect Carl Bache as Director Mgmt For For

Reelect Richard Burrows as Director Mgmt For Abstain

Voter Rationale: A vote against is not available as a vote option because the director serves on the board of another listed company and as non-executive chairman at two other listed companies. Directors are expected to hold only a small number of directorships and ensure they have sufficient time and energy to discharge their role properly, particularly during unexpected company situations requiring substantial amounts of time.

Reelect Donna Cordner as Director Mgmt For For

Reelect Nancy Cruickshank as Director Mgmt For For

Reelect Soren-Peter Fuchs Olesen as Director Mgmt For For

Reelect Nina Smith as Director Mgmt For For

Reelect Lars Stemmerik as Director Mgmt For For

Page 20 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Carlsberg

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Magdi Batato as New Director Mgmt For For

Ratify PricewaterhouseCoopers as Auditors Mgmt For For

Ceconomy AG

Meeting Date: 02/14/2018 Country: Germany Meeting Type: Annual Ticker: CEC

Primary ISIN: DE0007257503 Primary SEDOL: 5041413

Vote Proposal Text Proponent Mgmt Rec Instruction

Receive Financial Statements and Statutory Mgmt Reports for Fiscal 2016/17 (Non-Voting)

Approve Allocation of Income and Dividends of Mgmt For For EUR 0.26 per Ordinary Share and EUR 0.32 per Preference Share

Approve Discharge of Management Board for Mgmt For For Fiscal 2016/17

Approve Discharge of Supervisory Board for Mgmt For For Fiscal 2016/17 Voter Rationale:

The company should reduce director terms and, ideally, introduce annual re-elections, in order to facilitate a more dynamic board refreshment process.

Ratify KPMG AG as Auditors for Fiscal 2017/18 Mgmt For For

Voter Rationale:

Companies that have had the same auditor for a period of over 10 years should consider a plan or tender process for bringing in a new auditing firm.

Elect Juergen Fitschen to the Supervisory Board Mgmt For For

Elect Claudia Plath to the Supervisory Board Mgmt For Against

Voter Rationale:

Charter Financial Corporation

Meeting Date: 02/14/2018 Country: USA Meeting Type: Annual Ticker: CHFN

Primary ISIN: US16122W1080 Primary SEDOL: B8T1SQ1

Page 21 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Charter Financial Corporation

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Jane W. Darden Mgmt For Withhold

Voter Rationale:

Boards where more than 33% of directors have served for more than 12 years lack balance. The nominating committee should take action to ensure an appropriately fresh board and reduce the proportion of long standing directors to reduce the risk of entrenchment. In addition, directors with long board tenures should not serve on committees that require absolute independence. Moreover, the lead director is not considered sufficiently independent to serve in such role. The nominating/governance committee should appoint a fully independent lead director. Furthermore, directors are elected in classes rather than annually, but shareholders should have the opportunity to communicate with directors regularly on their performance. The board should take immediate steps to declassify itself, thereby enhancing accountability.

Elect Director Thomas M. Lane Mgmt For Withhold

Voter Rationale:

Advisory Vote to Ratify Named Executive Mgmt For For Officers' Compensation Voter Rationale:

Severance payments should not exceed two year’s pay. Larger severance packages should be subject to a separate shareholder approval.

Ratify Dixon Hughes Goodman LLP as Auditors Mgmt For For

Cogeco Communications Inc.

Meeting Date: 01/11/2018 Country: Canada Meeting Type: Annual Ticker: CCA

Primary ISIN: CA19239C1068 Primary SEDOL: BZCDFX9

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Louis Audet Mgmt For For

Voter Rationale:

We oppose dual class structures with impaired or enhanced voting rights. The company should amend its structure to allow for equal voting rights among shareholders

Elect Director Patricia Curadeau-Grou Mgmt For For

Elect Director Joanne Ferstman Mgmt For For

Elect Director Lib Gibson Mgmt For For

Page 22 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Cogeco Communications Inc.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director David McAusland Mgmt For Withhold

Voter Rationale:

Directors with significant business ties to the company are not sufficiently independent to serve on key committtes. In addition, boards where more than 33% of directors have served for more than 12 years lack balance. The nominating committee should take action to ensure an appropriately fresh board and reduce the proportion of long standing directors to reduce the risk of entrenchment. Furthermore, directors with long board tenures should not serve on committees that require absolute independence. Moreover, the compensation committee should be independent and this director's membership could hamper the committee's impartiality and effectiveness.

Elect Director Jan Peeters Mgmt For Withhold

Voter Rationale:

We oppose dual class structures with impaired or enhanced voting rights. The company should amend its structure to allow for equal voting rights among shareholders. Furthermore, boards where more than 33% of directors have served for more than 12 years lack balance. The nominating committee should take action to ensure an appropriately fresh board and reduce the proportion of long standing directors to reduce the risk of entrenchment. Moreover, the board should appoint a Lead Independent Director to establish appropriate checks and balances on the Board, support the Chairman, ensure orderly succession process for the Chairman, and act as a point of contact for shareholders, non-executive directors and senior executives where normal channels of communication through the board Chairman are considered inappropriate.

Elect Director Carole J. Salomon Mgmt For For

Approve Deloitte LLP as Auditors and Authorize Mgmt For For Board to Fix Their Remuneration

Advisory Vote on Executive Compensation Mgmt For For Approach Voter Rationale:

COGECO Inc.

Meeting Date: 01/11/2018 Country: Canada Meeting Type: Annual Ticker: CGO

Primary ISIN: CA19238T1003 Primary SEDOL: 2186890

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Louis Audet Mgmt For For

Voter Rationale: We oppose dual class structures with impaired or enhanced voting rights. The company should amend its structure to allow for equal voting rights among shareholders.

Elect Director Mary-Ann Bell Mgmt For For

Elect Director James C. Cherry Mgmt For For

Elect Director Normand Legault Mgmt For For

Page 23 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

COGECO Inc.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director David McAusland Mgmt For Withhold

Voter Rationale: Boards where more than 33% of directors have served for more than 12 years lack balance. The nominating committee should take action to ensure an appropriately fresh board and reduce the proportion of long standing directors to reduce the risk of entrenchment. Also, directors with long board tenures should not serve on committees that require absolute independence. In addition, directors with significant business ties to the company are not sufficiently independent to serve on key committees. Furthermore, the compensation committee should be majority independent and this director's membership could hamper the committee's impartiality and effectiveness. Moreover, the nomination committee should be majority independent and this director's membership could hamper the committee's impartiality and effectiveness.

Elect Director Jan Peeters Mgmt For Withhold

Approve Deloitte LLP as Auditors and Authorize Mgmt For For Board to Fix Their Remuneration Voter Rationale: The audit firm has served the company more than 20 years. While specific term limits for auditors is not a consensus best practice, there is value in gaining new perspectives on finances and controls. The board should consider a plan for bringing in a new auditing firm.

Advisory Vote on Executive Compensation Mgmt For For Approach

SP 1: Reference Groups for Executive SH Against Against Compensation

Compagnie des Alpes

Meeting Date: 03/08/2018 Country: France Meeting Type: Annual/Special Ticker: CDA

Primary ISIN: FR0000053324 Primary SEDOL: B1YBWR6

Vote Proposal Text Proponent Mgmt Rec Instruction

Ordinary Business Mgmt

Approve Financial Statements and Statutory Mgmt For For Reports

Approve Consolidated Financial Statements and Mgmt For For Statutory Reports

Approve Allocation of Income and Dividends of Mgmt For For EUR 0.50 per Share

Approve Auditors' Special Report on Mgmt For For Related-Party Transactions Regarding New Transactions

Page 24 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Compagnie des Alpes

Vote Proposal Text Proponent Mgmt Rec Instruction

Renew Appointment of PricewaterhouseCoopers Mgmt For For Audit as Auditor Voter Rationale:

Companies that have had the same auditor for a period of over 10 years should consider a plan or tender process for bringing in a new auditing firm.

Reelect Caisse des Depots et Consignations as Mgmt For Against Director Voter Rationale:

For controlled companies, the board should include at least 33% independent non-executive directors to ensure appropriate balance of independence and objectivity. Moreover, the remuneration committee should be independent and this director's membership could hamper the committee's impartiality and effectiveness. In addition, the nomination committee should be majority independent and this director's membership could hamper the committee's impartiality and effectiveness.

Reelect Banque Populaire des Alpes as Director Mgmt For Against

Voter Rationale:

For controlled companies, the board should include at least 33% independent non-executive directors to ensure appropriate balance of independence and objectivity.

Reelect Credit Agricole des Savoie as Director Mgmt For Against

Voter Rationale:

For controlled companies, the board should include at least 33% independent non-executive directors to ensure appropriate balance of independence and objectivity. Moreover, directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.

Advisory Vote on Compensation of Dominique Mgmt For Against Marcel, Chairman/CEO Voter Rationale:

Incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over a sufficiently long period of time. Moreover, companies should consider introducing deferral element and clawback provisions to the short- and long-term incentive schemes in line with market best practice.

Advisory Vote on Compensation of Agnes Mgmt For Against Pannier-Runacher, Vice CEO Voter Rationale:

Incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over a sufficiently long period of time. Moreover, companies should consider introducing deferral element and clawback provisions to the short- and long-term incentive schemes in line with market best practice.

Approve Remuneration Policy of Dominique Mgmt For Against Marcel, Chairman/CEO Voter Rationale:

The remuneration policy should provide details of the rules governing the award of the annual and long-term variable incentives, any exceptional components and termination arrangements. Moreover, companies should consider introducing deferral element and clawback provisions to the short- and long-term incentive schemes in line with market best practice.

Approve Remuneration Policy of Agnes Mgmt For Against Pannier-Runacher, Vice CEO Voter Rationale:

Authorize Repurchase of Up to 10 Percent of Mgmt For For Issued Share Capital

Acknowledge Amendments in Corporate Mgmt For Against Governance Charter Voter Rationale:

Changes in company's articles or by-laws should not erode shareholder rights.

Page 25 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Compagnie des Alpes

Vote Proposal Text Proponent Mgmt Rec Instruction

Authorize Filing of Required Documents/Other Mgmt For For Formalities

Extraordinary Business Mgmt

Amend Article 9 of Bylaws Re: Employee Mgmt For For Representatives

Authorize up to 1 Percent of Issued Capital for Mgmt For Against Use in Restricted Stock Plans Voter Rationale:

Incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over a sufficiently long period of time. Furthermore, long-term incentive awards should be used to incentivise long-term performance and should not be allowed to vest within 3 years since the date of grant.

Authorize Issuance of Equity or Equity-Linked Mgmt For For Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 92 Million

Authorize Issuance of Equity or Equity-Linked Mgmt For Against Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR 35 Million Voter Rationale:

Any increase in capital of greater than 10% without pre-emption rights should be undertaken in exceptional circumstances only and fully justified by the company.

Approve Issuance of Equity or Equity-Linked Mgmt For Against Securities for up to 20 Percent of Issued Capital Per Year for Private Placements Voter Rationale:

Any increase in capital of greater than 10% without pre-emption rights should be undertaken in exceptional circumstances only and fully justified by the company.

Authorize Capital Increase of up to 10 Percent Mgmt For Against of Issued Capital for Contributions in Kind Voter Rationale:

Any increase in capital of greater than 10% without pre-emption rights should be undertaken in exceptional circumstances only and fully justified by the company.

Authorize Capitalization of Reserves of Up to Mgmt For For EUR 35 Million for Bonus Issue or Increase in Par Value

Authorize Capital Issuances for Use in Employee Mgmt For For Stock Purchase Plans

Set Total Limit for Capital Increase to Result Mgmt For For from All Issuance Requests (Items 17-23) at EUR 92 Million

Approve Cancellation of Previous Resolutions Mgmt For For with the Same Object as Items 17-23

Authorize Filing of Required Documents/Other Mgmt For For Formalities

Costco Wholesale Corporation

Meeting Date: 01/30/2018 Country: USA Meeting Type: Annual Ticker: COST

Primary ISIN: US22160K1051 Primary SEDOL: 2701271

Page 26 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Costco Wholesale Corporation

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Kenneth D. Denman Mgmt For For

Elect Director W. Craig Jelinek Mgmt For For

Elect Director Jeffrey S. Raikes Mgmt For For

Ratify KPMG LLP as Auditors Mgmt For For

Advisory Vote to Ratify Named Executive Mgmt For For Officers' Compensation

Adopt Simple Majority Vote SH Against For

Adopt Policy Regarding Prison Labor SH Against Against

Cromwell Property Group

Meeting Date: 03/28/2018 Country: Australia Meeting Type: Special Ticker: CMW

Primary ISIN: AU000000CMW8 Primary SEDOL: 6225476

Vote Proposal Text Proponent Mgmt Rec Instruction

Ratify the Past Issuance of Stapled Securities to Mgmt For Against Haiyi Holdings Pte. Ltd. and SingHaiyi Group Ltd. Voter Rationale: If approved, this proposal would allow the board to issue an additional 15% of equities without further shareholder approval, bringing further dilution to shareholders.

CVS Health Corporation

Meeting Date: 03/13/2018 Country: USA Meeting Type: Special Ticker: CVS

Primary ISIN: US1266501006 Primary SEDOL: 2577609

Vote Proposal Text Proponent Mgmt Rec Instruction

Issue Shares in Connection with Merger Mgmt For For

Adjourn Meeting Mgmt For For

Page 27 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Danske Bank A/S

Meeting Date: 03/15/2018 Country: Denmark Meeting Type: Annual Ticker: DANSKE

Primary ISIN: DK0010274414 Primary SEDOL: 4588825

Vote Proposal Text Proponent Mgmt Rec Instruction

Receive Report of Board Mgmt

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Allocation of Income and Dividends of Mgmt For For DKK 10.00 Per Share

Reelect Ole Andersen as Director Mgmt For Abstain

Voter Rationale:

Directors are expected to hold only a small number of directorships and ensure they have sufficient time and energy to discharge their role properly, particularly during unexpected company situations requiring substantial amounts of time.

Reelect Jorn Jensen as Director Mgmt For For

Reelect Carol Sergeant as Director Mgmt For For

Reelect Lars-Erik Brenoe as Director Mgmt For For

Reelect Rolv Ryssdal as Director Mgmt For For

Reelect Hilde Tonne as Director Mgmt For For

Reelect Jens Due Olsen as Director Mgmt For For

Elect Ingrid Bonde as New Director Mgmt For For

Ratify Deloitte as Auditor Mgmt For For

Approve DKK 408.7 Million Reduction in Share Mgmt For For Capital via Share Cancellation

Approve Creation of DKK 1.79 Billion Pool of Mgmt For For Capital with Preemptive Rights

Approve Creation of DKK 895 Million Pool of Mgmt For For Capital without Preemptive Rights

Amend Articles Re: Remove Age Limit For Mgmt For For Directors

Amend Articles Re: Number of Members of Mgmt For For Executive Board

Authorize Share Repurchase Program Mgmt For For

Approve Remuneration in the Amount of DKK Mgmt For For 1.88 Million for Chairman, DKK 806,250 for Vice Chairman and DKK 537,500 for Other Board Members; Approve Remuneration for Committee Work

Page 28 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Danske Bank A/S

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Guidelines for Incentive-Based Mgmt For For Compensation for Executive Management and Board

Other Business Mgmt

Deere & Company

Meeting Date: 02/28/2018 Country: USA Meeting Type: Annual Ticker: DE

Primary ISIN: US2441991054 Primary SEDOL: 2261203

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Samuel R. Allen Mgmt For For

Voter Rationale:

The roles of Chairman and CEO are substantially different and generally should be separated. Separation of roles is important for securing a proper balance between executives and outside shareholders and preserving accountability.

Elect Director Vance D. Coffman Mgmt For Against

Voter Rationale:

Directors with long board tenures should not serve on committees that require absolute independence. Furthermore, this director is not sufficiently independent to serve as the independent lead director. Moreover, the lead director is not considered sufficiently independent to serve in such role. The nominating/governance committee should appoint a fully independent lead director.

Elect Director Alan C. Heuberger Mgmt For For

Elect Director Charles O. Holliday, Jr. Mgmt For For

Voter Rationale:

The lead director is not considered sufficiently independent to serve in such role. The nominating/governance committee should appoint a fully independent lead director.

Elect Director Dipak C. Jain Mgmt For Against

Voter Rationale:

Directors with long board tenures should not serve on committees that require absolute independence.

Elect Director Michael O. Johanns Mgmt For For

Voter Rationale:

The lead director is not considered sufficiently independent to serve in such role. The nominating/governance committee should appoint a fully independent lead director.

Elect Director Clayton M. Jones Mgmt For For

Voter Rationale:

The lead director is not considered sufficiently independent to serve in such role. The nominating/governance committee should appoint a fully independent lead director.

Elect Director Brian M. Krzanich Mgmt For For

Voter Rationale:

The lead director is not considered sufficiently independent to serve in such role. The nominating/governance committee should appoint a fully independent lead director.

Elect Director Gregory R. Page Mgmt For For

Page 29 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Deere & Company

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Sherry M. Smith Mgmt For For

Elect Director Dmitri L. Stockton Mgmt For For

Elect Director Sheila G. Talton Mgmt For For

Advisory Vote to Ratify Named Executive Mgmt For Against Officers' Compensation Voter Rationale:

Severance payments should not exceed two year’s pay. Larger severance packages should be subject to a separate shareholder approval. Moreover, the remuneration committee should not allow vesting of incentive awards for below median performance. In addition, a larger percentage of the equity awards should be tied to performance conditions. At least 50% is a minimum good practice.

Amend Executive Incentive Bonus Plan Mgmt For For

Ratify Deloitte & Touche LLP as Auditors Mgmt For For

Voter Rationale:

Amend Bylaws-- Call Special Meetings SH Against For

Voter Rationale:

Holders of significant share capital should be entitled to call a special meeting. A total holding requirement of 5% is a suitable threshold to prevent abuse.

DNA Oyj

Meeting Date: 03/22/2018 Country: Finland Meeting Type: Annual Ticker: DNA

Primary ISIN: FI4000062385 Primary SEDOL: BD8N722

Vote Proposal Text Proponent Mgmt Rec Instruction

Open Meeting Mgmt

Call the Meeting to Order Mgmt

Designate Inspector or Shareholder Mgmt For For Representative(s) of Minutes of Meeting

Acknowledge Proper Convening of Meeting Mgmt For For

Prepare and Approve List of Shareholders Mgmt For For

Receive Financial Statements and Statutory Mgmt Reports

Accept Financial Statements and Statutory Mgmt For For Reports Voter Rationale: The company should move towards a three-committee structure (audit, remuneration and nomination) in line with regional best practice, with independent board committees that report annually on their activities.

Page 30 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

DNA Oyj

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income and Dividends of Mgmt For For EUR 1.10 Per Share

Approve Discharge of Board and CEO Mgmt For For

Approve Remuneration of Directors in the Mgmt For For Amount of EUR 144,000 for Chairman, and EUR 48,000 for Other Directors; Approve Meeting Fees

Fix Number of Directors at Seven Mgmt For For

Reelect Pertti Korhonen (Chairman), Anu Mgmt For For Nissinen, Tero Ojanpera, Jukka Ottela, Margus Schults, Kirsi Sormunen and Heikki Makijarvi as Directors Voter Rationale: The board should submit directors for re-election individually, rather than as a single slate to enable shareholders to hold directors individually accountable for their performance. Furthermore, the audit committee should be fully independent from the company and majority independent from its major shareholder(s).

Approve Remuneration of Auditors Mgmt For For

Ratify PricewaterhouseCoopers as Auditors Mgmt For For

Authorize Share Repurchase Program Mgmt For For

Approve Issuance of up to 10 Million Shares Mgmt For For without Preemptive Rights

Resolution on the Changing of Classification of Mgmt For For Unrestricted Equity

Close Meeting Mgmt

Dor Alon Energy In Israel (1988) Ltd.

Meeting Date: 01/17/2018 Country: Israel Meeting Type: Special Ticker: DRAL

Primary ISIN: IL0010932023 Primary SEDOL: B0JNCF8

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Sarah Gani as External Director Mgmt For For

Elect Oded Shamir as External Director Mgmt For For

Page 31 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Dor Alon Energy In Israel (1988) Ltd.

Vote Proposal Text Proponent Mgmt Rec Instruction

Please Select Any Category Which Applies to Mgmt You as a Shareholder or as a Holder of Power of Attorney

If you are an Interest Holder as defined in Mgmt None Against Section 1 of the Securities Law, 1968, vote FOR. Otherwise, vote against.

If you are a Senior Officer as defined in Section Mgmt None Against 37(D) of the Securities Law, 1968, vote FOR. Otherwise, vote against.

ESSA Bancorp, Inc.

Meeting Date: 03/01/2018 Country: USA Meeting Type: Annual Ticker: ESSA

Primary ISIN: US29667D1046 Primary SEDOL: B1VXG40

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Timothy S. Fallon Mgmt For For

Voter Rationale:

Directors are elected in classes rather than annually, but shareholders should have the opportunity to communicate with directors regularly on their performance. The board should take immediate steps to declassify itself, thereby enhancing accountability.

Elect Director Robert C. Selig, Jr. Mgmt For For

Voter Rationale:

Elect Director Brian T. Regan Mgmt For For

Voter Rationale:

Ratify S.R. Snodgrass, P.C. as Auditors Mgmt For For

Advisory Vote to Ratify Named Executive Mgmt For Against Officers' Compensation Voter Rationale:

Severance payments should not exceed two year's pay. Larger severance packages should be subject to a separate shareholder approval. Also, incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over a sufficiently long period of time. Lastly, the remuneration committee should not allow vesting of incentive awards for below median performance.

Page 32 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

EVN AG

Meeting Date: 01/18/2018 Country: Austria Meeting Type: Annual Ticker: EVN

Primary ISIN: AT0000741053 Primary SEDOL: 4295374

Vote Proposal Text Proponent Mgmt Rec Instruction

Receive Financial Statements and Statutory Mgmt Reports for Fiscal 2016/17 (Non-Voting)

Approve Allocation of Income and Dividends of Mgmt For For EUR 0.47 per Share

Approve Discharge of Management and Mgmt For For Supervisory Board for Fiscal 2016/17 Voter Rationale:

The company should reduce director terms and implement either staggered election cycles or, ideally, annual re-elections, in order to facilitate a more dynamic board refreshment process.

Ratify KPMG Austria GmbH as Auditors for Fiscal Mgmt For Against 2017/18 Voter Rationale:

Auditors should undertake non-audit work in exceptional circumstances only. Any non-audit fees paid to the auditor should be clearly disclosed, justified and not exceed audit fees. Large non-audit fees could compromise objectivity of the audit.

F5 Networks, Inc.

Meeting Date: 03/15/2018 Country: USA Meeting Type: Annual Ticker: FFIV

Primary ISIN: US3156161024 Primary SEDOL: 2427599

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director A. Gary Ames Mgmt For Against

Elect Director Sandra E. Bergeron Mgmt For For

Elect Director Deborah L. Bevier Mgmt For For

Elect Director Jonathan C. Chadwick Mgmt For For

Elect Director Michael L. Dreyer Mgmt For For

Page 33 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

F5 Networks, Inc.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Alan J. Higginson Mgmt For Against

Voter Rationale: Boards where more than 33% of directors have served for more than 12 years lack balance. The nominating committee should take action to ensure an appropriately fresh board and reduce the proportion of long standing directors to reduce the risk of entrenchment. Furthermore, directors with long board tenures should not serve on committees that require absolute independence. Moreover, the board should appoint a Lead Independent Director to establish appropriate checks and balances on the Board, support the Chairman, ensure orderly succession process for the Chairman, and act as a point of contact for shareholders, non-executive directors and senior executives where normal channels of communication through the board Chairman are considered inappropriate.

Elect Director Peter S. Klein Mgmt For For

Elect Director Francois Locoh-Donou Mgmt For For

Elect Director John McAdam Mgmt For Against

Elect Director Stephen M. Smith *Withdrawn Mgmt Resolution*

Ratify PricewaterhouseCoopers LLP as Auditors Mgmt For For

Voter Rationale: The audit firm has served the company more than 20 years. While specific term limits for auditors is not a consensus best practice, there is value in gaining new perspectives on finances and controls. The board should consider a plan for bringing in a new auditing firm.

Advisory Vote to Ratify Named Executive Mgmt For For Officers' Compensation Voter Rationale: We note that one-off retention awards were made to several directors during the year, which we do not generally support as it points towards the inadequacy of the normal compensation policy to fulfil the objectives of recruitment and retention. However, we consider the company's situation to be relatively exceptional as they replaced their long-standing CEO during the yeah and we appreciate that such a substantial transition does require some extra hand holding, particularly when an outside is chosen over any of the incumbents. We also note that we do not have any major concerns over the normal compensation policy that operates outside of these ah-hoc arrangements. Accordingly we intend to support at this time.

Fortum Oyj

Meeting Date: 03/28/2018 Country: Finland Meeting Type: Annual Ticker: FORTUM

Primary ISIN: FI0009007132 Primary SEDOL: 5579550

Vote Proposal Text Proponent Mgmt Rec Instruction

Open Meeting Mgmt

Call the Meeting to Order Mgmt

Designate Inspector or Shareholder Mgmt For For Representative(s) of Minutes of Meeting

Acknowledge Proper Convening of Meeting Mgmt For For

Prepare and Approve List of Shareholders Mgmt For For

Page 34 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Fortum Oyj

Vote Proposal Text Proponent Mgmt Rec Instruction

Receive Financial Statements and Statutory Mgmt Reports

Approve Allocation of Income and Dividends of Mgmt For For EUR 1.10 Per Share

Approve Discharge of Board and President Mgmt For For

Receive Chairman's Review on the Mgmt Remuneration Policy of the Company

Approve Remuneration of Directors in the Mgmt For For Amount of EUR 75,000 for Chairman, EUR57,000 for Vice Chairman, and EUR 40,000 for Other Directors; Approve Attendance Feesfor Board and Committee Work

Fix Number of Directors at Eight Mgmt For For

Reelect Heinz-Werner Binzel, Eva Hamilton, Kim Mgmt For For Ignatius, Matti Lievonen (Chairman), Anja McAlister and Veli-Matti Reinikkala as Directors; Elect Essimari Kairisto and Klaus-Dieter Maubach (Deputy Chairman) as New Directors

Voter Rationale: The board should submit directors for re-election individually, rather than as a single slate to enable shareholders to hold directors individually accountable for their performance.

Approve Remuneration of Auditors Mgmt For For

Voter Rationale: Companies that have had the same auditor for a period of over 10 years should consider a plan or tender process for bringing in a new auditing firm.

Ratify Deloitte as Auditors Mgmt For For

Voter Rationale: Companies that have had the same auditor for a period of over 10 years should consider a plan or tender process for bringing in a new auditing firm.

Authorize Share Repurchase Program Mgmt For For

Authorize Reissuance of Repurchased Shares Mgmt For For

Amend Articles Re: Board Size; Auditors; Notice Mgmt For For of General Meeting

Approve Share Cancellation in Connection with Mgmt For For Merger with Lansivoima Oyj

Close Meeting Mgmt

Page 35 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Frasers Commercial Trust

Meeting Date: 01/22/2018 Country: Singapore Meeting Type: Annual Ticker: ND8U

Primary ISIN: SG2C81967185 Primary SEDOL: B11HJT8

Vote Proposal Text Proponent Mgmt Rec Instruction

Adopt Report of the Trustee, Statement by the Mgmt For For Manager, and Audited Financial Statements

Approve KPMG LLP as Auditors and Authorize Mgmt For For Manager to Fix Their Remuneration Voter Rationale:

Approve Issuance of Equity or Equity-Linked Mgmt For Against Securities with or without Preemptive Rights Voter Rationale:

Any increase in capital of greater than 10% without pre-emption rights should be undertaken in exceptional circumstances only and fully justified by the company.

Approve Electronic Communications Trust Deed Mgmt For For Supplement

Fujiya Co. Ltd.

Meeting Date: 03/23/2018 Country: Japan Meeting Type: Annual Ticker: 2211

Primary ISIN: JP3821200007 Primary SEDOL: 6356967

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 15

GN Store Nord A/S

Meeting Date: 03/13/2018 Country: Denmark Meeting Type: Annual Ticker: GN

Primary ISIN: DK0010272632 Primary SEDOL: 4501093

Page 36 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

GN Store Nord A/S

Vote Proposal Text Proponent Mgmt Rec Instruction

Receive Report of Board Mgmt

Accept Financial Statements and Statutory Mgmt For For Reports; Approve Discharge of Management and Board

Approve Allocation of Income and Dividends of Mgmt For For DKK 1.25 Per Share

Approve Remuneration of Directors in the Mgmt For For Amount of DKK 825,000 for Chairman, DKK 550,000 for Vice Chairman, and DKK 275,000 for Other Members; Approve Remuneration for Committee Work; Approve Meeting Fees

Reelect Per Wold-Olsen as Director Mgmt For For

Reelect William E. Hoover as Director Mgmt For For

Reelect Wolfgang Reim as Director Mgmt For For

Reelect Helene Barnekow as Director Mgmt For For

Reelect Ronica Wang as Director Mgmt For For

Elect Gitte Pugholm Aabo as New Director Mgmt For For

Ratify Ernst&Young as Auditors Mgmt For For

Voter Rationale:

We do not currently advocate a specific term limit for auditors, but we are increasingly aware that there is value in gaining new perspectives on finances and controls. Companies who have had the same auditor for a period of over 10 years should consider a plan or tender process for bringing in a new auditing firm.

Authorize Share Repurchase Program Mgmt For For

Approve Creation of DKK 116 Million Pool of Mgmt For Against Capital without Preemptive Rights Voter Rationale:

Any increase in capital of greater than 10% without pre-emption rights should be undertaken in exceptional circumstances only and fully justified by the company. Moreover, any increase in capital greater than 50% of the issued share capital with pre-emptive rights should be undertaken in exceptional circumstances only and fully justified by the company.

Approve Guidelines for Incentive-Based Mgmt For Against Compensation for Executive Management and Board Voter Rationale:

All exceptional awards should be clearly linked to performance and demonstrate shareholder value creation in addition to and above that expected of directors as a normal part of their jobs. In addition, on early termination, all share-based awards should be time pro-rated and tested for performance, including in the event of a change of control.

Amend Articles Re: Language of Publications Mgmt For For

Proposals From Shareholders (None Submitted) Mgmt

Other Business Mgmt

Page 37 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

H. Lundbeck A/S

Meeting Date: 03/20/2018 Country: Denmark Meeting Type: Annual Ticker: LUN

Primary ISIN: DK0010287234 Primary SEDOL: 7085259

Vote Proposal Text Proponent Mgmt Rec Instruction

Receive Report of Board Mgmt

Approve Allocation of Income and Dividends of Mgmt For For DKK 8.00 Per Share

Reelect Lars Rasmussen as Director Mgmt For Abstain

Reelect Lene Skole-Sorensen as Director Mgmt For For

Reelect Lars Holmqvist as Director Mgmt For For

Reelect Jeremy Levin as Director Mgmt For Abstain

Elect Jeffrey Berkowitz as New Director Mgmt For For

Elect Henrik Andersen as New Director Mgmt For For

Approve Remuneration of Directors in the Mgmt For For Amount of DKK 1.05 million for Chairman, DKK 700,000 for Vice Chairman and DKK 350,000 for Other Directors; Approve Fees for Committee Work

Ratify Deloitte as Auditors Mgmt For For

Voter Rationale: Companies that have had the same auditor for a period of over 10 years should consider a plan or tender process for bringing in a new auditing firm.

Authorize Share Repurchase Program Mgmt For For

Authorize Editorial Changes to Adopted Mgmt For For Resolutions in Connection with Registration with Danish Authorities

Other Business Mgmt

Page 38 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Hokkaido Coca-Cola Bottling Co. Ltd.

Meeting Date: 03/29/2018 Country: Japan Meeting Type: Annual Ticker: 2573

Primary ISIN: JP3847800004 Primary SEDOL: 6431314

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 6

Approve Reverse Stock Split to Comply with Mgmt For For Exchange Mandate and Decrease Authorized Capital in Connection with Reverse Stock Split

Amend Articles to Update Authorized Capital in Mgmt For For Connection with Reverse Stock Split - Reduce Share Trading Unit - Amend Provisions on Number of Directors

Elect Director Sasaki, Yasuyuki Mgmt For Against

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Elect Director Yamada, Yusuke Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Uchida, Hiroki Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Ayabe, Tetsuro Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Kawamura, Masahiko Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Komatsu, Goichi Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Sunohara, Makoto Mgmt For For

Elect Director Tomioka, Shunsuke Mgmt For For

Elect Director Hashimoto, Hirofumi Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Appoint Statutory Auditor Adachi, Keiji Mgmt For For

Appoint Statutory Auditor Goto, Takenori Mgmt For For

Page 39 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Hua Hong Semiconductor Ltd

Meeting Date: 02/14/2018 Country: Hong Kong Meeting Type: Special Ticker: 1347

Primary ISIN: HK0000218211 Primary SEDOL: BRB3857

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Subscription Agreement and Related Mgmt For For Transactions

Authorize Board for the Allotment and Issuance Mgmt For For of Subscription Shares in Relation to the Subscription Agreement

Approve JV Agreement and Related Transactions Mgmt For For

Approve Capital Increase Agreement and Mgmt For For Related Transactions

Authorize Any One Director to Deal With All Mgmt For For Matters in Relation to Subscription Agreement, JV Agreement, Capital Increase Agreement and Related Transactions

Imperial Brands PLC

Meeting Date: 02/07/2018 Country: United Kingdom Meeting Type: Annual Ticker: IMB

Primary ISIN: GB0004544929 Primary SEDOL: 0454492

Vote Proposal Text Proponent Mgmt Rec Instruction

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Remuneration Report Mgmt For For

Approve Remuneration Policy Mgmt For For

Approve Final Dividend Mgmt For For

Re-elect Alison Cooper as Director Mgmt For For

Re-elect Therese Esperdy as Director Mgmt For For

Re-elect David Haines as Director Mgmt For For

Elect Simon Langelier as Director Mgmt For For

Re-elect Matthew Phillips as Director Mgmt For For

Page 40 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Imperial Brands PLC

Vote Proposal Text Proponent Mgmt Rec Instruction

Re-elect Steven Stanbrook as Director Mgmt For For

Re-elect Oliver Tant as Director Mgmt For For

Re-elect Mark Williamson as Director Mgmt For For

Re-elect Karen Witts as Director Mgmt For For

Re-elect Malcolm Wyman as Director Mgmt For For

Reappoint PricewaterhouseCoopers LLP as Mgmt For For Auditors

Authorise the Audit Commitee to Fix Mgmt For For Remuneration of Auditors

Authorise EU Political Donations and Mgmt For For Expenditure

Authorise Issue of Equity with Pre-emptive Mgmt For For Rights

Authorise Issue of Equity without Pre-emptive Mgmt For For Rights

Authorise Market Purchase of Ordinary Shares Mgmt For For

Authorise the Company to Call General Meeting Mgmt For For with Two Weeks' Notice

Intershop Holding AG

Meeting Date: 03/28/2018 Country: Switzerland Meeting Type: Annual Ticker: ISN

Primary ISIN: CH0273774791 Primary SEDOL: BW4NR74

Vote Proposal Text Proponent Mgmt Rec Instruction

Receive Financial Statements and Statutory Mgmt Reports (Non-Voting)

Accept Consolidated Financial Statements and Mgmt For For Statutory Reports

Accept Annual Financial Statements Mgmt For For

Approve Allocation of Income and Dividends of Mgmt For For CHF 22 per Share

Approve Discharge of Board and Senior Mgmt For For Management

Approve Remuneration of Directors in the Mgmt For For Amount of CHF 400,00

Page 41 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Intershop Holding AG

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Remuneration of Executive Committee Mgmt For Against in the Amount of CHF 3.7 Million Voter Rationale: A vote AGAINST this proposal is warranted because- A substantial portion of variable compensation is determined by a discretionary ex-post assessment of the board of directors and is not based on the achievement of defined performance targets or objectives.- The grant of equity compensation to executive management is based on return on equity achieved during the year. The targets do not appear to be challenging in light of the company's past performance. Moreover, share awards are not subject to any further performance conditions after grant.

Reelect Dieter Marmet as Director Mgmt For For

Reelect Charles Stettler as Director Mgmt For For

Elect Ernst Schaufelberger as Director Mgmt For For

Reelect Dieter Marmet as Board Chairman Mgmt For For

Reappoint Dieter Marmet as Member of the Mgmt For For Compensation Committee

Reappoint Charles Stettler as Member of the Mgmt For For Compensation Committee

Appoint Ernst Schaufelberger as Member of the Mgmt For For Compensation Committee

Designate Grendelmeier Jenny & Partner as Mgmt For For Independent Proxy

Ratify PricewaterhouseCoopers AG as Auditors Mgmt For For

Transact Other Business (Voting) Mgmt For Against

Invesco Office J-Reit Inc.

Meeting Date: 01/10/2018 Country: Japan Meeting Type: Special Ticker: 3298

Primary ISIN: JP3047760008 Primary SEDOL: BMBL9L9

Vote Proposal Text Proponent Mgmt Rec Instruction

Amend Articles to Reflect Changes in Law Mgmt For For

Elect Executive Director Minemura, Yugo Mgmt For For

Elect Alternate Executive Director Tsuji, Mgmt For For Yasuyuki

Elect Supervisory Director Kawasaki, Eiji Mgmt For For

Page 42 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Invesco Office J-Reit Inc.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Supervisory Director Toda, Yusuke Mgmt For For

Elect Supervisory Director Yoshida, Kohei Mgmt For For

J & J SNACK FOODS CORP.

Meeting Date: 02/09/2018 Country: USA Meeting Type: Annual Ticker: JJSF

Primary ISIN: US4660321096 Primary SEDOL: 2469171

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Sidney R. Brown Mgmt For Withhold

Voter Rationale:

Boards where more than 33% of directors have served for more than 12 years lack balance. The nominating committee should take action to ensure an appropriately fresh board and reduce the proportion of long standing directors to reduce the risk of entrenchment. In addition, directors with long board tenures should not serve on committees that require absolute independence. Moreover, we voted against this director as a member of the audit committee because shareholders should be given the opportunity to approve the auditors annually. Furthermore, directors are elected in classes rather than annually, but shareholders should have the opportunity to communicate with directors regularly on their performance. The board should take immediate steps to declassify itself, thereby enhancing accountability.

Advisory Vote to Ratify Named Executive Mgmt For Against Officers' Compensation Voter Rationale:

A larger percentage of the equity awards should be tied to performance conditions. At least 50% is a minimum good practice. In addition, incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over a sufficiently long period of time. Also, the company should put in place a procedure which would enable it, should it identify any facts of manipulation of reported indicators or other bad faith actions on the part of any of its executive directors and other key managers which were detrimental to the long-term interests of its shareholders, to ensure that any funds wrongfully obtained in such manner are repaid to it. Furthermore, all exceptional awards should be clearly linked to performance and demonstrate shareholder value creation in addition to and above that expected of directors as a normal part of their jobs.

Approve Stock Option Plan Mgmt For Against

Voter Rationale:

Incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over a sufficiently long period of time. In addition, share options should not be granted to non-executive directors as this may compromise their independence and ability to hold management accountable. Also, the company should put in place a procedure which would enable it, should it identify any facts of manipulation of reported indicators or other bad faith actions on the part of any of its executive directors and other key managers which were detrimental to the long-term interests of its shareholders, to ensure that any funds wrongfully obtained in such manner are repaid to it.

Japan Tobacco Inc

Meeting Date: 03/27/2018 Country: Japan Meeting Type: Annual Ticker: 2914

Primary ISIN: JP3726800000 Primary SEDOL: 6474535

Page 43 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Japan Tobacco Inc

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 70

Amend Articles to Remove All Provisions on Mgmt For For Advisory Positions

Elect Director Tango, Yasutake Mgmt For For

Elect Director Terabatake, Masamichi Mgmt For For

Elect Director Iwai, Mutsuo Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Minami, Naohiro Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Hirowatari, Kiyohide Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Koda, Main Mgmt For For

Elect Director Watanabe, Koichiro Mgmt For For

Appoint Statutory Auditor Nagata, Ryoko Mgmt For For

Appoint Alternate Statutory Auditor Masaki, Mgmt For For Michio

Kearny Financial Corp.

Meeting Date: 03/01/2018 Country: USA Meeting Type: Special Ticker: KRNY

Primary ISIN: US48716P1084 Primary SEDOL: BY3H7G0

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Merger Agreement Mgmt For For

Adjourn Meeting Mgmt For For

Page 44 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Kuraray Co. Ltd.

Meeting Date: 03/23/2018 Country: Japan Meeting Type: Annual Ticker: 3405

Primary ISIN: JP3269600007 Primary SEDOL: 6497662

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 22

Elect Director Ito, Masaaki Mgmt For For

Elect Director Matsuyama, Sadaaki Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Kugawa, Kazuhiko Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Hayase, Hiroaya Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Nakayama, Kazuhiro Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Abe, Kenichi Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Sano, Yoshimasa Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Hamaguchi, Tomokazu Mgmt For For

Elect Director Hamano, Jun Mgmt For For

Appoint Statutory Auditor Yamane, Yukinori Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Appoint Statutory Auditor Nagahama, Mitsuhiro Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 45 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Maabarot Products Ltd.

Meeting Date: 01/30/2018 Country: Israel Meeting Type: Special Ticker: MABR

Primary ISIN: IL0005280180 Primary SEDOL: 6567532

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Director/Officer Liability & Mgmt For For Indemnification Insurance

Please Select Any Category Which Applies to Mgmt You as a Shareholder or as a Holder of Power of Attorney

If you are an Interest Holder as defined in Mgmt None Against Section 1 of the Securities Law, 1968, vote FOR. Otherwise, vote against.

If you are a Senior Officer as defined in Section Mgmt None Against 37(D) of the Securities Law, 1968, vote FOR. Otherwise, vote against.

Maabarot Products Ltd.

Meeting Date: 02/15/2018 Country: Israel Meeting Type: Special Ticker: MABR

Primary ISIN: IL0005280180 Primary SEDOL: 6567532

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Service Agreement with Kibbutz Mgmt For For Maabarot

Approve Board Chairman Services Agreement Mgmt For For with Kibbutz Maabarot

Approve General Services Agreement with Mgmt For For Kibbutz Maabarot

Page 46 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Maabarot Products Ltd.

Vote Proposal Text Proponent Mgmt Rec Instruction

Amend Compensation Policy for the Directors Mgmt For Against and Officers of the Company Voter Rationale:

Please Select Any Category Which Applies to Mgmt You as a Shareholder or as a Holder of Power of Attorney

If you are an Interest Holder as defined in Mgmt None Against Section 1 of the Securities Law, 1968, vote FOR. Otherwise, vote against.

If you are a Senior Officer as defined in Section Mgmt None Against 37(D) of the Securities Law, 1968, vote FOR. Otherwise, vote against.

If you do not fall under any of the categories Mgmt None Against mentioned under items B1 through B3, vote FOR. Otherwise, vote against.

Manutan International

Meeting Date: 03/08/2018 Country: France Meeting Type: Annual/Special Ticker: MAN

Primary ISIN: FR0000032302 Primary SEDOL: 4564869

Vote Proposal Text Proponent Mgmt Rec Instruction

Ordinary Business Mgmt

Approve Financial Statements and Statutory Mgmt For For Reports

Approve Consolidated Financial Statements and Mgmt For For Statutory Reports

Approve Allocation of Income and Dividends of Mgmt For For EUR 1.65 per Share

Page 47 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Manutan International

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Auditors' Special Report on Mgmt For Against Related-Party Transactions Regarding New Transactions Voter Rationale:

If granted, payments to former executives should be no greater than two times base salary and should be linked to meaningful performance conditions. Moreover, if granted, payments to former executives should be subject to appropriate performance targets and triggering events that are in line with market best practice.

Reelect Violette Watine as Director Mgmt For For

Approve Remuneration Policy of Executive Mgmt For Against Corporate Officers (Chairman, CEO, Vice CEOs)

Voter Rationale:

The remuneration policy should provide details of the rules governing the award of the annual and long-term variable incentives, any exceptional components and termination arrangements. Furthermore, companies should consider introducing deferral element and clawback provisions to the short- and long-term incentive schemes in line with market best practice.

Authorize Repurchase of Up to 5 Percent of Mgmt For Against Issued Share Capital Voter Rationale:

This authority can be used as an antitakeover mechanism. Where poison pills are adopted, they should be approved by shareholders prior to deployment, include independent oversight, and be of a limited duration.

Extraordinary Business Mgmt

Authorize Decrease in Share Capital via Mgmt For For Cancellation of Repurchased Shares

Amend Article 4 of Bylaws Re: Headquarters Mgmt For For

Amend Article 14 of Bylaws Re: Employee Mgmt For For Representative

Amend Article 14.5 of Bylaws Re: Age Limit of Mgmt For Against Chairman Voter Rationale:

Any limitation of directors' tenure should be expressed as a number of terms rather than age of individual board members.

Authorize Filing of Required Documents/Other Mgmt For For Formalities

McDonald's Holdings Company (Japan) Ltd.

Meeting Date: 03/28/2018 Country: Japan Meeting Type: Annual Ticker: 2702

Primary ISIN: JP3750500005 Primary SEDOL: 6371863

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 30

Elect Director Sarah L. Casanova Mgmt For For

Page 48 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

McDonald's Holdings Company (Japan) Ltd.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Arosha Yijemuni Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Ueda, Masataka Mgmt For For

Approve Compensation Ceiling for Directors Mgmt For For

Metro AG

Meeting Date: 02/16/2018 Country: Germany Meeting Type: Annual Ticker: B4B

Primary ISIN: DE000BFB0019 Primary SEDOL: BD6QT83

Vote Proposal Text Proponent Mgmt Rec Instruction

Receive Financial Statements and Statutory Mgmt Reports for Fiscal 2016/17 (Non-Voting)

Approve Allocation of Income and Dividends of Mgmt For For EUR 0.70 per Ordinary Share and EUR 0.70 per Preference Share

Approve Discharge of Management Board for Mgmt For For Fiscal 2016/17

Approve Discharge of Supervisory Board for Mgmt For For Fiscal 2016/17 Voter Rationale:

The company should reduce director terms and implement either staggered election cycles or, ideally, annual re-elections, in order to facilitate a more dynamic board refreshment process.

Ratify KPMG AG as Auditors for Fiscal 2017/18 Mgmt For For

Voter Rationale:

Companies that have had the same auditor for a period of over 10 years should consider a plan or tender process for bringing in a new auditing firm.

Elect Herbert Bolliger to the Supervisory Board Mgmt For For

Approve Remuneration System for Management Mgmt For Against Board Members Voter Rationale:

Companies should not extend vesting periods or allow re-testing of performance targets because this weakens the effectiveness of incentive schemes. Furthermore, incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over a sufficiently long period of time. Moreover, all exceptional awards should be clearly linked to performance and demonstrate shareholder value creation in addition to and above that expected of directors as a normal part of their jobs.

Amend Authorized Capital to Allow Issuance of Mgmt For Against Script Dividends Voter Rationale:

Any increase in capital of greater than 10% without pre-emption rights should be undertaken in exceptional circumstances only and fully justified by the company.

Page 49 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Metro AG

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Issuance of Warrants/Bonds with Mgmt For Against Warrants Attached/Convertible Bonds without Preemptive Rights up to Aggregate Nominal Amount of EUR 1.5 Billion; Approve Creation of EUR 50 Million Pool of Capital to Guarantee Conversion Rights

Voter Rationale:

Any increase in capital of greater than 10% without pre-emption rights should be undertaken in exceptional circumstances only and fully justified by the company.

Metro Inc.

Meeting Date: 01/30/2018 Country: Canada Meeting Type: Annual Ticker: MRU

Primary ISIN: CA59162N1096 Primary SEDOL: 2583952

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Maryse Bertrand Mgmt For For

Elect Director Stephanie Coyles Mgmt For For

Elect Director Marc DeSerres Mgmt For Withhold

Voter Rationale:

Directors with long board tenures should not serve on committees that require absolute independence.

Elect Director Claude Dussault Mgmt For Withhold

Voter Rationale:

Directors with long board tenures should not serve on committees that require absolute independence.

Elect Director Russell Goodman Mgmt For For

Elect Director Marc Guay Mgmt For For

Elect Director Christian W.E. Haub Mgmt For For

Elect Director Eric R. La Fleche Mgmt For For

Elect Director Christine Magee Mgmt For For

Elect Director Marie-Jose Nadeau Mgmt For Withhold

Voter Rationale:

Directors with long board tenures should not serve on committees that require absolute independence.

Elect Director Real Raymond Mgmt For For

Elect Director Line Rivard Mgmt For For

Ratify Ernst & Young LLP as Auditors Mgmt For For

Page 50 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Metro Inc.

Vote Proposal Text Proponent Mgmt Rec Instruction

Advisory Vote on Executive Compensation Mgmt For Against Approach Voter Rationale:

A larger percentage of the equity awards should be tied to performance conditions. At least 50% is a minimum good practice for large companies. Also, incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over a sufficiently long period of time.

Mobilezone Holding AG

Meeting Date: 03/09/2018 Country: Switzerland Meeting Type: Special Ticker: MOZN

Primary ISIN: CH0276837694 Primary SEDOL: BWWYWC9

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Creation of CHF 91,987 Pool of Capital Mgmt For Against with Preemptive Rights Voter Rationale: A vote AGAINST this proposal is warranted because the company fails to provide sufficient information to assess whether the process of determining the terms of the transaction with TPHCom, which would be funded by proceeds of this capital increase, was carried out in the interest of shareholders.

Transact Other Business (Voting) Mgmt For Against

New Century Resources Limited

Meeting Date: 02/23/2018 Country: Australia Meeting Type: Special Ticker: NCZ

Primary ISIN: AU000000NCZ9 Primary SEDOL: BF18NK8

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Issuance of Consideration Securities to Mgmt For For Patrick Walta

Approve Issuance of Consideration Securities to Mgmt For For Evan Cranston

Page 51 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

New Century Resources Limited

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Acquisition of Substantial Asset in Mgmt For For Century Bull Pty Ltd from the Majority Vendors

Approve Issuance of Consideration Securities to Mgmt For For the Majority Vendors

Approve Issuance of Consideration Securities to Mgmt For For the Minority Vendors

Ratify Past Issuance of Shares to Sophisticated Mgmt For Against and Professional Investors Voter Rationale:

If approved, this proposal would allow the board to issue an additional 15% of equities without further shareholder approval, bringing further dilution to shareholders.

Elect Peter Watson as Director Mgmt For For

Novartis AG

Meeting Date: 03/02/2018 Country: Switzerland Meeting Type: Annual Ticker: NOVN

Primary ISIN: CH0012005267 Primary SEDOL: 7103065

Vote Proposal Text Proponent Mgmt Rec Instruction

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Discharge of Board and Senior Mgmt For For Management

Approve Allocation of Income and Dividends of Mgmt For For CHF 2.80 per Share

Approve CHF 33.1 Million Reduction in Share Mgmt For For Capital via Cancellation of Repurchased Shares

Approve Maximum Total Remuneration of Mgmt For For Directors in the Amount of CHF 8.2 Million

Approve Maximum Total Remuneration of Mgmt For For Executive Committee in the Amount of CHF 92 Million

Approve Remuneration Report (Non-Binding) Mgmt For For

Reelect Joerg Reinhardt as Director and Board Mgmt For For Chairman

Reelect Nancy Andrews as Director Mgmt For For

Reelect Dimitri Azar as Director Mgmt For For

Reelect Ton Buechner as Director Mgmt For For

Page 52 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Novartis AG

Vote Proposal Text Proponent Mgmt Rec Instruction

Reelect Srikant Datar as Director Mgmt For Against

Voter Rationale: The audit committee should be fully independent and this director's membership could hamper the committee's impartiality and effectiveness.

Reelect Elizabeth Doherty as Director Mgmt For For

Reelect Ann Fudge as Director Mgmt For For

Reelect Frans van Houten as Director Mgmt For For

Reelect Andreas von Planta as Director Mgmt For For

Reelect Charles Sawyers as Director Mgmt For For

Reelect Enrico Vanni as Director Mgmt For For

Reelect William Winters as Director Mgmt For For

Reappoint Srikant Datar as Member of the Mgmt For For Compensation Committee

Reappoint Ann Fudge as Member of the Mgmt For For Compensation Committee

Reappoint Enrico Vanni as Member of the Mgmt For For Compensation Committee

Reappoint William Winters as Member of the Mgmt For For Compensation Committee

Ratify PricewaterhouseCoopers AG as Auditors Mgmt For For

Voter Rationale: Companies that have had the same auditor for a period of over 10 years should consider a plan or tender process for bringing in a new auditing firm.

Designate Peter Andreas as Independent Proxy Mgmt For For

Transact Other Business (Voting) Mgmt For Against

Voter Rationale: This item concerns additional instructions from the shareholder to the proxy in case new voting items or counterproposals are introduced at the meeting by shareholders or the board of directors; and- The content of these any new items or counterproposals is not known at this time. Therefore, it is in shareholders' best interest to vote against this item on a precautionary basis.

Vote Proposal Text Proponent Mgmt Rec Instruction

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Discharge of Board and Senior Mgmt For For Management

Approve Allocation of Income and Dividends of Mgmt For For CHF 2.80 per Share

Page 53 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Novartis AG

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve CHF 33.1 Million Reduction in Share Mgmt For For Capital via Cancellation of Repurchased Shares

Approve Maximum Total Remuneration of Mgmt For For Directors in the Amount of CHF 8.2 Million

Approve Maximum Total Remuneration of Mgmt For For Executive Committee in the Amount of CHF 92 Million

Approve Remuneration Report (Non-Binding) Mgmt For For

Reelect Joerg Reinhardt as Director and Board Mgmt For For Chairman

Reelect Nancy Andrews as Director Mgmt For For

Reelect Dimitri Azar as Director Mgmt For For

Reelect Ton Buechner as Director Mgmt For For

Reelect Srikant Datar as Director Mgmt For For

Reelect Elizabeth Doherty as Director Mgmt For For

Reelect Ann Fudge as Director Mgmt For For

Reelect Frans van Houten as Director Mgmt For For

Reelect Andreas von Planta as Director Mgmt For For

Reelect Charles Sawyers as Director Mgmt For For

Reelect Enrico Vanni as Director Mgmt For For

Reelect William Winters as Director Mgmt For For

Reappoint Srikant Datar as Member of the Mgmt For For Compensation Committee

Reappoint Ann Fudge as Member of the Mgmt For For Compensation Committee

Reappoint Enrico Vanni as Member of the Mgmt For For Compensation Committee

Reappoint William Winters as Member of the Mgmt For For Compensation Committee

Ratify PricewaterhouseCoopers AG as Auditors Mgmt For For

Voter Rationale: Companies that have had the same auditor for a period of over 10 years should consider a plan or tender process for bringing in a new auditing firm.

Designate Peter Andreas as Independent Proxy Mgmt For For

Transact Other Business (Voting) Mgmt For Against

Page 54 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

NV BEKAERT SA

Meeting Date: 03/28/2018 Country: Belgium Meeting Type: Special Ticker: BEKB

Primary ISIN: BE0974258874 Primary SEDOL: 5827431

Vote Proposal Text Proponent Mgmt Rec Instruction

Special Meeting Agenda Mgmt

Receive Special Board Report Mgmt

Authorize Board to Repurchase Shares in the Mgmt For Against Event of a Serious and Imminent Harm Voter Rationale: Any share repurchase request in excess of 10% should be undertaken in exceptional circumstances only and be fully justified by the company.Moreover, this authority can be used as an antitakeover mechanism. Where poison pills are adopted, they should be approved by shareholders prior to deployment, include independent oversight, and be of a limited duration.

Authorize Board to Issue Shares in the Event of Mgmt For Against a Public Tender Offer or Share Exchange Offer and Renew Authorization to Increase Share Capital within the Framework of Authorized Capital

Voter Rationale: This authority can be used as an antitakeover mechanism. Where poison pills are adopted, they should be approved by shareholders prior to deployment, include independent oversight, and be of a limited duration.

Amend Articles to Reflect Changes in Capital Mgmt For For and Include Transition Clauses

Oenon Holdings Inc.

Meeting Date: 03/23/2018 Country: Japan Meeting Type: Annual Ticker: 2533

Primary ISIN: JP3307400006 Primary SEDOL: 6374301

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 7

Elect Director Saito, Tadao Mgmt For For

Appoint Alternate Statutory Auditor Ono, Mgmt For Against Takayoshi Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 55 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Orion Oyj

Meeting Date: 03/20/2018 Country: Finland Meeting Type: Annual Ticker: ORNBV

Primary ISIN: FI0009014377 Primary SEDOL: B17NY40

Vote Proposal Text Proponent Mgmt Rec Instruction

Open Meeting Mgmt

Call the Meeting to Order Mgmt

Designate Inspector or Shareholder Mgmt For For Representative(s) of Minutes of Meeting

Acknowledge Proper Convening of Meeting Mgmt For For

Prepare and Approve List of Shareholders Mgmt For For

Receive Financial Statements and Statutory Mgmt Reports

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Allocation of Income and Dividends of Mgmt For For EUR 1.45 Per Share

Approve Discharge of Board and President Mgmt For For

Approve Remuneration of Directors in the Mgmt For For Amount of EUR 84,000 for Chairman, EUR 55,000 for Vice Chairman, and EUR 42,000 for Other Directors; Approve Meeting Fees

Fix Number of Directors at Seven Mgmt For For

Reelect Sirpa Jalkanen, Ari Lehtoranta, Timo Mgmt For For Maasilta, Hilpi Rautelin, Eija Ronkainen, Mikael Silvennoinen and Heikki Westerlund (Chairman) as Directors Voter Rationale: The board should submit directors for re-election individually, rather than as a single slate to enable shareholders to hold directors individually accountable for their performance.

Approve Remuneration of Auditors Mgmt For For

Ratify KPMG as Auditors Mgmt For For

Close Meeting Mgmt

Otsuka Corporation

Meeting Date: 03/28/2018 Country: Japan Meeting Type: Annual Ticker: 4768

Primary ISIN: JP3188200004 Primary SEDOL: 6267058

Page 56 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Otsuka Corporation

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 140

Elect Director Fujino, Takuo Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Paz Oil Company Ltd.

Meeting Date: 02/15/2018 Country: Israel Meeting Type: Special Ticker: PZOL

Primary ISIN: IL0011000077 Primary SEDOL: B1L3K60

Vote Proposal Text Proponent Mgmt Rec Instruction

Select one external director candidate out of a Mgmt pool of two candidates

Reelect Meira Git as External Director Mgmt For For

Elect Naomi Sandhaus as External Director Mgmt For Against

Voter Rationale: The board should supply rationale for the replacement of the incumbent external director. Failing that, we are unable to support this proposal.

Please Select Any Category Which Applies to Mgmt You as a Shareholder or as a Holder of Power of Attorney

If you are an Interest Holder as defined in Mgmt None Against Section 1 of the Securities Law, 1968, vote FOR. Otherwise, vote against.

If you are a Senior Officer as defined in Section Mgmt None Against 37(D) of the Securities Law, 1968, vote FOR. Otherwise, vote against.

Page 57 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Plus500 Ltd.

Meeting Date: 01/16/2018 Country: Israel Meeting Type: Special Ticker: PLUS

Primary ISIN: IL0011284465 Primary SEDOL: BBT3PS9

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Remuneration Terms of CEO Mgmt For Against

Voter Rationale:

Approve Remuneration Terms of CFO Mgmt For Against

Voter Rationale:

Amend Compensation Policy for the Directors Mgmt For For and Officers of the Company

Raisio Group

Meeting Date: 03/21/2018 Country: Finland Meeting Type: Annual Ticker: RAIVV

Primary ISIN: FI0009002943 Primary SEDOL: 5446632

Vote Proposal Text Proponent Mgmt Rec Instruction

Open Meeting Mgmt

Call the Meeting to Order Mgmt

Designate Inspector or Shareholder Mgmt For For Representative(s) of Minutes of Meeting

Acknowledge Proper Convening of Meeting Mgmt For For

Prepare and Approve List of Shareholders Mgmt For For

Receive Financial Statements and Statutory Mgmt Reports

Page 58 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Raisio Group

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income and Dividends of Mgmt For For EUR 0.17 Per Share

Approve Discharge of Board and President Mgmt For For

Approve Remuneration of Supervisory Board Mgmt For For Members

Fix Number of Supervisory Board Members at Mgmt For For 25

Reelect Holger Falck, Marten Forss, Mikael Mgmt For For Holmberg, Markku Kiljala, Tuomas Levomaki, Heikki Pohjala and Tapio Ylitalo as Members of Supervisory Board; Elect Kimmo Inovaara as New Member of Supervisory Board

Approve Remuneration of Directors Mgmt For For

Fix Number of Directors Mgmt For For

Elect Directors Mgmt For For

Voter Rationale: The board should submit directors for re-election individually, rather than as a single slate to enable shareholders to hold directors individually accountable for their performance.

Approve Remuneration of Auditors Mgmt For For

Fix Number of Auditors (2) and Deputy Auditors Mgmt For For (2)

Appoint Esa Kailiala and Kimmo Antonen as Mgmt For For Auditors and Appoint Niklas Oikia and KPMG as Deputy Auditors

Authorize Share Repurchase Program Mgmt For For

Approve Issuance of up to 20 Million Shares Mgmt For Against without Preemptive Rights; Approve Conveyance of 14 Million Free Shares and 1.5 Million Restricted Shares Voter Rationale: Any increase in capital of greater than 10% without pre-emption rights should be undertaken in exceptional circumstances only and fully justified by the company.

Close Meeting Mgmt

Rogers Sugar Inc.

Meeting Date: 02/01/2018 Country: Canada Meeting Type: Annual Ticker: RSI

Primary ISIN: CA77519R1029 Primary SEDOL: B3Q12H8

Page 59 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Rogers Sugar Inc.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Dean Bergmame Mgmt For For

Voter Rationale: The company should move towards a three-committee structure (audit, remuneration and nomination) in line with regional best practice, with independent board committees that report annually on their activities.

Elect Director William Maslechko Mgmt For For

Elect Director M. Dallas H. Ross Mgmt For Withhold

Voter Rationale: Executive directors are expected to hold no more than one external directorships to ensure they have sufficient time and energy to discharge their roles properly, particularly during unexpected company situations requiring substantial amounts of time. Also, the board should appoint a Lead Independent Director to establish appropriate checks and balances on the Board, support the Chairman, ensure orderly succession process for the Chairman, and act as a point of contact for shareholders, non-executive directors and senior executives where normal channels of communication through the board Chairman are considered inappropriate. In addition, the company should move towards a three-committee structure (audit, remuneration and nomination) in line with regional best practice, with independent board committees that report annually on their activities.

Elect Director Daniel Lafrance Mgmt For For

Voter Rationale: In the context of increasingly complex international accounting standards, the audit committee benefits from members who have a good and recent understanding of the accounting rules and of the audit process. In addition, the company should move towards a three-committee structure (audit, remuneration and nomination) in line with regional best practice, with independent board committees that report annually on their activities.

Elect Director Gary M. Collins Mgmt For For

Approve KPMG LLP as Auditors and Authorize Mgmt For For Board to Fix Their Remuneration Voter Rationale: Auditors should undertake non-audit work in exceptional circumstances only. Any non-audit fees paid to the auditor should be clearly disclosed, justified and not exceed audit fees. Large non-audit fees could compromise objectivity of the audit.

Election of Directors of Lantic Inc. Mgmt

Elect Director M. Dallas H. Ross Mgmt For Withhold

Elect Director Daniel Lafrance Mgmt For For

Voter Rationale: .

Sally Beauty Holdings, Inc.

Meeting Date: 02/01/2018 Country: USA Meeting Type: Annual Ticker: SBH

Primary ISIN: US79546E1047 Primary SEDOL: B1GZ005

Page 60 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Sally Beauty Holdings, Inc.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Katherine Button Bell Mgmt For For

Elect Director Christian A. Brickman Mgmt For For

Elect Director Marshall E. Eisenberg Mgmt For For

Elect Director David W. Gibbs Mgmt For For

Elect Director Linda Heasley Mgmt For For

Elect Director Joseph C. Magnacca Mgmt For For

Elect Director Robert R. McMaster Mgmt For For

Elect Director John A. Miller Mgmt For For

Elect Director Susan R. Mulder Mgmt For For

Elect Director Edward W. Rabin Mgmt For For

Advisory Vote to Ratify Named Executive Mgmt For Against Officers' Compensation Voter Rationale:

Ratify KPMG LLP as Auditors Mgmt For For

Voter Rationale:

Sanderson Farms, Inc.

Meeting Date: 02/15/2018 Country: USA Meeting Type: Annual Ticker: SAFM

Primary ISIN: US8000131040 Primary SEDOL: 2774336

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director John H. Baker, III Mgmt For Withhold

Voter Rationale: Directors are elected in classes rather than annually, but shareholders should have the opportunity to communicate with directors regularly on their performance. The board should take immediate steps to declassify itself, thereby enhancing accountability. Furthermore, boards where more than 33% of directors have served for more than 12 years lack balance. The nominating committee should take action to ensure an appropriately fresh board and reduce the proportion of long standing directors to reduce the risk of entrenchment. Moreover, directors with long board tenures should not serve on committees that require absolute independence.

Page 61 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Sanderson Farms, Inc.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director John Bierbusse Mgmt For For

Elect Director Mike Cockrell Mgmt For For

Elect Director Suzanne T. Mestayer Mgmt For For

Advisory Vote to Ratify Named Executive Mgmt For For Officers' Compensation Voter Rationale: We support the proposal with caution. Incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over a sufficiently long period of time. In addition, severance payments should not exceed two year's pay. Larger severance packages should be subject to a separate shareholder approval. Lastly, on early termination, all share-based awards should be time pro-rated and tested for performance, including in the event of a change of control.

Ratify Ernst & Young LLP as Auditors Mgmt For For

Adopt a Policy to Phase Out Use of Medically SH Against For Important Antibiotics For Growth Promotion and Disease Prevention Voter Rationale: We support this proposal on the basis that the company's current disclosures in this area merit improving. Stronger policies on antibiotics use would address risks related to changing consumer preferences, reputational damage, and potential future regulation.

Require Independent Board Chairman SH Against For

Voter Rationale: Appointing a fully independent chairman creates a balance of power that is more conducive to long-term performance. A board headed by management cannot reasonably provide the best oversight and evaluation of management's performance.

Secure Income REIT Plc

Meeting Date: 03/27/2018 Country: United Kingdom Meeting Type: Special Ticker: SIR

Primary ISIN: GB00BLMQ9L68 Primary SEDOL: BLMQ9L6

Vote Proposal Text Proponent Mgmt Rec Instruction

Authorise Issue of Shares in Connection with Mgmt For For the Placing

Authorise Issue of Shares without Pre-emptive Mgmt For For Rights in Connection with the Placing

Shoe Zone Plc

Meeting Date: 03/01/2018 Country: United Kingdom Meeting Type: Annual Ticker: SHOE

Primary ISIN: GB00BLTVCF91 Primary SEDOL: BLTVCF9

Page 62 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Shoe Zone Plc

Vote Proposal Text Proponent Mgmt Rec Instruction

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Final Dividend Mgmt For For

Re-elect Charles Smith as Director Mgmt For For

Re-elect Anthony Smith as Director Mgmt For For

Re-elect Nick Davis as Director Mgmt For For

Elect Jonathan Fearn as Director Mgmt For For

Re-elect Charlie Caminada as Director Mgmt For For

Re-elect Jeremy Sharman as Director Mgmt For For

Re-elect Malcolm Collins as Director Mgmt For For

Reappoint BDO LLP as Auditors Mgmt For For

Voter Rationale:

Authorise Board to Fix Remuneration of Auditors Mgmt For For

Voter Rationale:

Authorise Political Donations and Expenditure Mgmt For For

Authorise Issue of Equity with Pre-emptive Mgmt For For Rights

Authorise Issue of Equity without Pre-emptive Mgmt For For Rights

Authorise Issue of Equity without Pre-emptive Mgmt For For Rights in Connection with an Acquisition or Other Capital Investment

Authorise Market Purchase of Ordinary Shares Mgmt For For

Showa Shell Sekiyu K.K.

Meeting Date: 03/28/2018 Country: Japan Meeting Type: Annual Ticker: 5002

Primary ISIN: JP3366800005 Primary SEDOL: 6805544

Page 63 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Showa Shell Sekiyu K.K.

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 21

Amend Articles to Clarify Director Authority on Mgmt For For Shareholder Meetings - Amend Provisions on Director Titles - Clarify Director Authority on Board Meetings - Change Fiscal Year End

Elect Director Kameoka, Tsuyoshi Mgmt For For

Elect Director Okada, Tomonori Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Otsuka, Norio Mgmt For For

Elect Director Yasuda, Yuko Mgmt For For

Elect Director Anwar Hejazi Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Omar Al Amudi Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Seki, Daisuke Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Saito, Katsumi Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Appoint Statutory Auditor Miyazaki, Midori Mgmt For For

Appoint Alternate Statutory Auditor Mura, Kazuo Mgmt For For

Approve Annual Bonus Mgmt For For

Shufersal Ltd.

Meeting Date: 02/20/2018 Country: Israel Meeting Type: Special Ticker: SAE

Primary ISIN: IL0007770378 Primary SEDOL: 6860543

Page 64 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Shufersal Ltd.

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Employment Terms of Board Chairman Mgmt For For

Please Select Any Category Which Applies to Mgmt You as a Shareholder or as a Holder of Power of Attorney

If you are an Interest Holder as defined in Mgmt None Against Section 1 of the Securities Law, 1968, vote FOR. Otherwise, vote against.

If you are a Senior Officer as defined in Section Mgmt None Against 37(D) of the Securities Law, 1968, vote FOR. Otherwise, vote against.

Skandinaviska Enskilda Banken

Meeting Date: 03/26/2018 Country: Sweden Meeting Type: Annual Ticker: SEB A

Primary ISIN: SE0000148884 Primary SEDOL: 4813345

Vote Proposal Text Proponent Mgmt Rec Instruction

Open Meeting Mgmt

Elect Chairman of Meeting Mgmt For For

Prepare and Approve List of Shareholders Mgmt For For

Approve Agenda of Meeting Mgmt For For

Designate Inspector(s) of Minutes of Meeting Mgmt For For

Acknowledge Proper Convening of Meeting Mgmt For For

Page 65 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Skandinaviska Enskilda Banken

Vote Proposal Text Proponent Mgmt Rec Instruction

Receive Financial Statements and Statutory Mgmt Reports

Receive President's Report Mgmt

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Allocation of Income and Dividends of Mgmt For For SEK 5.75 Per Share

Approve Discharge of Board and President Mgmt For For

Determine Number of Members (11) and Mgmt For For Deputy Members (0) of Board; Determine Number of Auditors (1) and Deputy Auditors (0)

Approve Remuneration of Directors in the Mgmt For For Amount of SEK 2.94 Million for Chairman, SEK930,000 for the Vice Chairmen, and SEK 700,000 for Other Directors: Approve Remuneration for Committee Work, Approve Remuneration of Auditors

Reelect Johan Andresen as Director Mgmt For For

Reelect Signhild Arnegard Hansen as Director Mgmt For For

Reelect Samir Brikho as Director Mgmt For For

Reelect Winnie Fok as Director Mgmt For For

Reelect Tomas Nicolin as Director Mgmt For For

Reelect Sven Nyman as Director Mgmt For For

Reelect Jesper Ovesen as Director Mgmt For Against

Reelect Helena Saxon as Director Mgmt For Against

Reelect Johan Torgeby as Director Mgmt For For

Page 66 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Skandinaviska Enskilda Banken

Vote Proposal Text Proponent Mgmt Rec Instruction

Reelect Marcus Wallenberg as Director Mgmt For Against

Voter Rationale: For widely held companies, the board should include at least 50% independent non-executive directors to ensure appropriate balance of independence and objectivity. Furthermore, we voted against because we do not consider this director independent and yet sits on the audit committee. The audit committee should be fully independent from the company and majority independent from its major shareholder(s) and this director's membership could hamper the committee's impartiality and effectiveness. In addition, the board should appoint a Lead Independent Director to establish appropriate checks and balances on the Board, support the Chairman, ensure orderly succession process for the Chairman, and act as a point of contact for shareholders, non-executive directors and senior executives where normal channels of communication through the board Chairman are considered inappropriate. Finally, directors are expected to hold only a small number of directorships and ensure they have sufficient time and energy to discharge their role properly, particularly during unexpected company situations requiring substantial amounts of time.

Reelect Sara Ohrvall as Director Mgmt For Against

Voter Rationale: For widely held companies, the board should include at least 50% independent non-executive directors to ensure appropriate balance of independence and objectivity.

Reelect Marcus Wallenberg as Chairman of the Mgmt For Against Board Voter Rationale: The board should appoint a Lead Independent Director to establish appropriate checks and balances on the Board, support the Chairman, ensure orderly succession process for the Chairman, and act as a point of contact for shareholders, non-executive directors and senior executives where normal channels of communication through the board Chairman are considered inappropriate. Finally, directors are expected to hold only a small number of directorships and ensure they have sufficient time and energy to discharge their role properly, particularly during unexpected company situations requiring substantial amounts of time.

Ratify PricewaterhouseCoopers as Auditors Mgmt For For

Voter Rationale: Companies that have had the same auditor for a period of over 10 years should consider a plan or tender process for bringing in a new auditing firm.

Approve Remuneration Policy And Other Terms Mgmt For For of Employment For Executive Management

Approve SEB All Employee Program 2018 Mgmt For For

Approve Share Programme 2018 for Senior Mgmt For Against Managers and Key Employees Voter Rationale: Share-based incentive plans for executives and employees should be submitted to shareholder approval as separate voting items. Incentive awards to executives should have clearly disclosed and stretching performance targets to reward strong performance and long-term value creation.

Approve Conditional Share Programme 2018 for Mgmt For Against Senior Managers and Key Employees Voter Rationale: Share-based incentive plans for executives and employees should be submitted to shareholder approval as separate voting items. Incentive awards to executives should have clearly disclosed and stretching performance targets to reward strong performance and long-term value creation.

Authorize Share Repurchase Program Mgmt For For

Authorize Repurchase of Class A and/or Class C Mgmt For For Shares of up to Ten Percent of Issued Shares and Reissuance of Repurchased Shares Inter Alia in for Capital Purposes and Long-Term Incentive Plans

Approve Transfer of Class A Shares to Mgmt For For Participants in 2018 Long-Term Equity Programs

Page 67 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Skandinaviska Enskilda Banken

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Issuance of Covertible Capital Mgmt For For Instruments Corresponding to a Maximum of10 Percent of the Total Number of Shares

Approve Proposal Concerning the Appointment Mgmt For For of Auditors in Foundations Without Own Management

Close Meeting Mgmt

Sligro FOOD GROUP NV

Meeting Date: 03/21/2018 Country: Netherlands Meeting Type: Annual Ticker: SLIGR

Primary ISIN: NL0000817179 Primary SEDOL: B1VV9V2

Vote Proposal Text Proponent Mgmt Rec Instruction

Annual Meeting Agenda Mgmt

Open Meeting Mgmt

Discuss Minutes of Previous Meeting Mgmt

Receive Report of Management Board Mgmt (Non-Voting)

Discussion on Company's Corporate Governance Mgmt Structure

Discuss Remuneration Report Mgmt

Receive Announcements on Control of the Mgmt Annual Accounts

Adopt Financial Statements and Statutory Mgmt For For Reports Voter Rationale:

Shareholders should have the right to elect directors annually in order to hold them to account. Moreover, companies should develop and disclose a policy aimed at encouraging greater diversity, including gender, at the board and executive management levels, and throughout the organisation.

Receive Explanation on Company's Reserves Mgmt and Dividend Policy

Approve Dividends of EUR 1.10 Per Share Mgmt For For

Approve Discharge of Management Board Mgmt For For

Approve Discharge of Supervisory Board Mgmt For For

Authorize Repurchase of Up to 10 Percent of Mgmt For For Issued Share Capital

Page 68 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Sligro FOOD GROUP NV

Vote Proposal Text Proponent Mgmt Rec Instruction

Grant Board Authority to Issue Shares Up To 10 Mgmt For Against Percent of Issued Capital Plus Additional 10 Percent in Case of Merger or Acquisition Voter Rationale:

Any increase in capital of greater than 10% without pre-emption rights should be undertaken in exceptional circumstances only and fully justified by the company.

Authorize Board to Limit or Exclude Preemptive Mgmt For Against Rights from Share Issuances Voter Rationale:

Any increase in capital of greater than 10% without pre-emption rights should be undertaken in exceptional circumstances only and fully justified by the company.

Approve Remuneration of Supervisory Board Mgmt For For

Amend Article 28 Re: Delete Retirement Age of Mgmt For For Supervisory Board Members

Authorize Board to Implement Amendments to Mgmt For For the Articles Re: Item 8a

Close Meeting Mgmt

Swiss Prime Site AG

Meeting Date: 03/27/2018 Country: Switzerland Meeting Type: Annual Ticker: SPSN

Primary ISIN: CH0008038389 Primary SEDOL: B083BH4

Vote Proposal Text Proponent Mgmt Rec Instruction

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Remuneration Report (Non-Binding) Mgmt For For

Approve Discharge of Board and Senior Mgmt For For Management

Approve Allocation of Income Mgmt For For

Approve Dividends of CHF 3.80 per Share from Mgmt For For Capital Contribution Reserves

Approve Remuneration of Directors in the Mgmt For For Amount of CHF 1.7 Million

Approve Maximum Fixed and Variable Mgmt For For Remuneration of Executive Committee in the Amount of CHF 8.3 Million

Approve Creation of CHF 107 Million Pool of Mgmt For For Authorized Capital without Preemptive Rights

Approve Creation of CHF 107 Million Pool of Mgmt For For Conditional Capital without Preemptive Rights

Page 69 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Swiss Prime Site AG

Vote Proposal Text Proponent Mgmt Rec Instruction

Reelect Elisabeth Bourqui as Director Mgmt For For

Reelect Christopher Chambers as Director Mgmt For For

Reelect Rudolf Huber as Director Mgmt For For

Reelect Mario Seris as Director Mgmt For For

Reelect Klaus Wecken as Director Mgmt For For

Reelect Hans Peter Wehrli as Director Mgmt For For

Elect Barbara Frei-Spreiter as Director Mgmt For For

Elect Thomas Studhalter as Director Mgmt For For

Reelect Hans Peter Wehrli as Board Chairman Mgmt For For

Reappoint Elisabeth Bourqui as Member of the Mgmt For For Nomination and Compensation Committee

Reappoint Christopher Chambers as Member of Mgmt For For the Nomination and Compensation Committee

Reppoint Mario Seris as Member of the Mgmt For For Nomination and Compensation Committee

Appoint Barbara Frei-Spreiter as Member of the Mgmt For For Nomination and Compensation Committee

Designate Paul Wiesli as Independent Proxy Mgmt For For

Ratify KPMG AG as Auditors Mgmt For For

Transact Other Business (Voting) Mgmt For Against

Tachikawa Corp. (7989)

Meeting Date: 03/29/2018 Country: Japan Meeting Type: Annual Ticker: 7989

Primary ISIN: JP3466200007 Primary SEDOL: 6869517

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 10

Page 70 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Tachikawa Corp. (7989)

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Kurihara, Hitoshi Mgmt For Against

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Elect Director Yamakishi, Kazuto Mgmt For Against

Approve Director Retirement Bonus Mgmt For Against

Voter Rationale: There should be disclosure of the total award of retirement bonuses.

THE COOPER COMPANIES, INC.

Meeting Date: 03/19/2018 Country: USA Meeting Type: Annual Ticker: COO

Primary ISIN: US2166484020 Primary SEDOL: 2222631

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director A. Thomas Bender Mgmt For Against

Voter Rationale: Boards where more than 33% of directors have served for more than 12 years lack balance. In addition, retiring CEOs should not assume the role of the Chairman as it may impact a proper balance of authority and responsibility between executive management and the board. The nominating committee should take action to ensure an appropriately fresh board and reduce the proportion of long standing directors to reduce the risk of entrenchment. Also, the board should appoint a Lead Independent Director to establish appropriate checks and balances on the Board, support the Chairman, ensure orderly succession process for the Chairman, and act as a point of contact for shareholders, non-executive directors and senior executives where normal channels of communication through the board Chairman are considered inappropriate.

Elect Director Colleen E. Jay Mgmt For For

Voter Rationale: The lead director is not considered sufficiently independent to serve in such role. The nominating/governance committee should appoint a fully independent lead director.

Elect Director Michael H. Kalkstein Mgmt For Against

Voter Rationale: Boards where more than 33% of directors have served for more than 12 years lack balance. The nominating committee should take action to ensure an appropriately fresh board and reduce the proportion of long standing directors to reduce the risk o f entrenchment. In addition, the audit committee should be fully independent and this director's membership could hamper the committee's impartiality and effectiveness. Furthermore, the compensation committee should be majority independent and this director's membership could hamper the committee's impartiality and effectiveness. In addition, the nomination committee should be majority independent and this director's membership could hamper the committee's impartiality and effectiveness. Also, the lead director is not considered sufficiently independent to serve in such role. The nominating/governance committee should appoint a fully independent lead director.

Elect Director William A. Kozy Mgmt For For

Elect Director Jody S. Lindell Mgmt For For

Page 71 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

THE COOPER COMPANIES, INC.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Gary S. Petersmeyer Mgmt For For

Elect Director Allan E. Rubenstein Mgmt For Against

Voter Rationale: This director is not sufficiently independent to serve as the independent lead director. In addition, boards where more than 33% of directors have served for more than 12 years lack balance. The nominating committee should take action to ensure an appropriately fresh board and reduce the proportion of long standing directors to reduce the risk of entrenchment. Moreover, directors with long board tenures should not serve on committees that require absolute independence. Also, the nomination committee should be majority independent and this director's membership could hamper the committee's impartiality and effectiveness.

Elect Director Robert S. Weiss Mgmt For For

Elect Director Stanley Zinberg Mgmt For Against

Ratify KPMG LLP as Auditors Mgmt For For

Voter Rationale: The audit firm has served the company more than 20 years. While specific term limits for auditors is not a consensus best practice, there is value in gaining new perspectives on finances and controls. The board should consider a plan for bringing in a new auditing firm.

Report on the Feasibility of Achieving Net Zero SH Against For GHG Emissions Voter Rationale: Climate change presents ongoing and serious long-term operational and regulatory risks that can impact shareholder value. The company should assess and set goals to address its greenhouse gas emissions.

The Sage Group plc

Meeting Date: 02/28/2018 Country: United Kingdom Meeting Type: Annual Ticker: SGE

Primary ISIN: GB00B8C3BL03 Primary SEDOL: B8C3BL0

Vote Proposal Text Proponent Mgmt Rec Instruction

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Final Dividend Mgmt For For

Re-elect Donald Brydon as Director Mgmt For For

Re-elect Neil Berkett as Director Mgmt For For

Page 72 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

The Sage Group plc

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Blair Crump as Director Mgmt For For

Re-elect Drummond Hall as Director Mgmt For For

Re-elect Steve Hare as Director Mgmt For For

Re-elect Jonathan Howell as Director Mgmt For For

Elect Soni Jiandani as Director Mgmt For For

Elect Cath Keers as Director Mgmt For For

Re-elect Stephen Kelly as Director Mgmt For For

Reappoint Ernst & Young LLP as Auditors Mgmt For For

Authorise the Audit and Risk Committee to Fix Mgmt For For Remuneration of Auditors

Approve Remuneration Report Mgmt For For

Authorise Issue of Equity with Pre-emptive Mgmt For For Rights

Authorise Issue of Equity without Pre-emptive Mgmt For For Rights

Authorise Market Purchase of Ordinary Shares Mgmt For For

Authorise the Company to Call General Meeting Mgmt For For with Two Weeks' Notice

Amend Share Option Plan Mgmt For For

Approve Californian Plan Mgmt For For

The Toronto-Dominion Bank

Meeting Date: 03/29/2018 Country: Canada Meeting Type: Annual Ticker: TD

Primary ISIN: CA8911605092 Primary SEDOL: 2897222

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director William E. Bennett Mgmt For Withhold

Voter Rationale: Directors with long board tenures should not serve on committees that require absolute independence. Although we would not have an issue with Mr Bennett serving as a board member, we consider that the audit committee should be fully independent and this director's membership could hamper the committee's impartiality and effectiveness.

Elect Director Amy W. Brinkley Mgmt For For

Elect Director Brian C. Ferguson Mgmt For For

Elect Director Colleen A. Goggins Mgmt For For

Page 73 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

The Toronto-Dominion Bank

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Mary Jo Haddad Mgmt For For

Elect Director Jean-Rene Halde Mgmt For For

Elect Director David E. Kepler Mgmt For For

Elect Director Brian M. Levitt Mgmt For For

Elect Director Alan N. MacGibbon Mgmt For For

Elect Director Karen E. Maidment Mgmt For For

Elect Director Bharat B. Masrani Mgmt For For

Elect Director Irene R. Miller Mgmt For For

Elect Director Nadir H. Mohamed Mgmt For For

Elect Director Claude Mongeau Mgmt For For

Ratify Ernst & Young LLP as Auditors Mgmt For For

Advisory Vote on Executive Compensation Mgmt For For Approach

Shareholder Proposals Mgmt

SP A: Board Misconduct SH Against Against

Voter Rationale: We do not consider this proposal to be worthy of support given that it is overly prescriptive in nature and that the company has taken sufficient actions to look to implement proxy access via engagement of regulators.

SP B: Reimbursement of Shareholder Expenses SH Against Against

The Walt Disney Company

Meeting Date: 03/08/2018 Country: USA Meeting Type: Annual Ticker: DIS

Primary ISIN: US2546871060 Primary SEDOL: 2270726

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Susan E. Arnold Mgmt For For

Voter Rationale: The board imposed a forum selection clause without prior shareholder approval. The corporate governance committee should oppose measures that restrict investors' access to courts, and reverse the measure or, at the very least, put the matter to an investor vote.

Elect Director Mary T. Barra Mgmt For For

Elect Director Safra A. Catz Mgmt For For

Page 74 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

The Walt Disney Company

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director John S. Chen Mgmt For Against

Elect Director Francis A. deSouza Mgmt For For

Elect Director Robert A. Iger Mgmt For For

Voter Rationale: The roles of Chairman and CEO are substantially different and generally should be separated. Separation of roles is important for securing a proper balance between executives and outside shareholders and preserving accountability. Furthermore, the board should appoint a Lead Independent Director to establish appropriate checks and balances on the Board, support the Chairman, ensure orderly succession process for the Chairman, and act as a point of contact for shareholders, non-executive directors and senior executives where normal channels of communication through the board Chairman are considered inappropriate.

Elect Director Maria Elena Lagomasino Mgmt For For

Elect Director Fred H. Langhammer Mgmt For For

Voter Rationale: Boards where more than 33% of directors have served for more than 12 years lack balance. Furthermore, directors with long board tenures should not serve on committees that require absolute independence. However, in this instance we note that there has been significant board refreshment during the year and expect further developments going forward. Accordingly we are supportive of this director's election at this time.

Elect Director Aylwin B. Lewis Mgmt For For

Elect Director Mark G. Parker Mgmt For For

Ratify PricewaterhouseCoopers LLP as Auditors Mgmt For For

Amend Executive Incentive Bonus Plan Mgmt For For

Advisory Vote to Ratify Named Executive Mgmt For Against Officers' Compensation Voter Rationale: We have significant concerns over the one-off equity grant, worth more than $100 million, and enlarged compensation packaged offered to the CEO in order to ensure his retention up to 2021. In particular we do not consider that the rationale provided justifies such a substantial increase in pay, neither are we comfortable with the weak relative TSR targets that have been put in place.

Report on Lobbying Payments and Policy SH Against For

Voter Rationale: Comprehensive, aggregate disclosure on political spending is best practice. Disclosure should include all state and local donations including support for 527 organizations and ballot initiatives. In addition, the company should identify key relationships with trade associations that engage in lobbying on the corporation's behalf, as well as describe its policies and processes for giving. We ask that the board provide ultimate oversight for political donations.

Proxy Access Bylaw Amendment SH Against For

Page 75 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Torigoe Co. Ltd.

Meeting Date: 03/29/2018 Country: Japan Meeting Type: Annual Ticker: 2009

Primary ISIN: JP3636200002 Primary SEDOL: 6897165

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 15

Elect Director Torigoe, Tetsu Mgmt For Against

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance. Furthermore, the board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Elect Director Takamine, Kazuhiro Mgmt For Against

Elect Director Udo, Masakata Mgmt For Against

Elect Director Nakagawa, Tatsufumi Mgmt For Against

Elect Director Tanaka, Yuji Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Appoint Alternate Statutory Auditor Okazaki, Mgmt For For Shinsuke

Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale: Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.

Toukei Computer

Meeting Date: 03/23/2018 Country: Japan Meeting Type: Annual Ticker: 4746

Primary ISIN: JP3590850008 Primary SEDOL: 6211903

Page 76 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Toukei Computer

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 80

Amend Articles to Amend Business Lines Mgmt For For

Elect Director Koda, Hiroyasu Mgmt For For

Elect Director Koda, Hideki Mgmt For For

Elect Director Koga, Yuji Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Yamaguchi, Kenji Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Ono, Mitsumasa Mgmt For Against

Voter Rationale: Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties. Furthermore, the board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Kawamura, Yuichi Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director and Audit Committee Member Mgmt For Against Nemoto, Kazuhiro Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity. Furthermore, the audit committee should be majority independent – and companies should strive to make them fully independent.

Elect Alternate Director and Audit Committee Mgmt For Against Member Isozaki, Naoko Voter Rationale: The audit committee should be majority independent – and companies should strive to make them fully independent.

Approve Stock Option Plan Mgmt For Against

Voter Rationale: Share options should not be granted to non-executive directors as this may compromise their independence and ability to hold management accountable. Furthermore, this plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Toyo Ink SC Holdings Co., Ltd.

Meeting Date: 03/27/2018 Country: Japan Meeting Type: Annual Ticker: 4634

Primary ISIN: JP3606600009 Primary SEDOL: 6900104

Page 77 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Toyo Ink SC Holdings Co., Ltd.

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 8

Approve Reverse Stock Split to Comply with Mgmt For For Exchange Mandate and Decrease Authorized Capital in Connection with Reverse Stock Split

Elect Director Sakuma, Kunio Mgmt For For

Elect Director Kitagawa, Katsumi Mgmt For For

Elect Director Yamazaki, Katsumi Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Aoyama, Hiroya Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Miyazaki, Shuji Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Takashima, Satoru Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Adachi, Naoki Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Amari, Kimito Mgmt For For

Elect Director Kimura, Keiko Mgmt For For

Elect Director Hirakawa, Toshiaki Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Ide, Kazuhiko Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Hamada, Hiroyuki Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Nakano, Kazuhito Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Elect Director Sakai, Kunizo Mgmt For For

Page 78 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Toyo Ink SC Holdings Co., Ltd.

Vote Proposal Text Proponent Mgmt Rec Instruction

Appoint Statutory Auditor Kakiya, Hidetaka Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Trend Micro Inc.

Meeting Date: 03/27/2018 Country: Japan Meeting Type: Annual Ticker: 4704

Primary ISIN: JP3637300009 Primary SEDOL: 6125286

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 149

Approve Stock Option Plan Mgmt For Against

Approve Cash Compensation for Directors in Mgmt For For Case of Change of Control

Approve Cash Incentive Compensation for Mgmt For For Directors

Tyson Foods, Inc.

Meeting Date: 02/08/2018 Country: USA Meeting Type: Annual Ticker: TSN

Primary ISIN: US9024941034 Primary SEDOL: 2909730

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director John Tyson Mgmt For For

Elect Director Gaurdie E. Banister, Jr. Mgmt For For

Elect Director Dean Banks Mgmt For For

Elect Director Mike Beebe Mgmt For For

Elect Director Mikel A. Durham Mgmt For For

Elect Director Tom Hayes Mgmt For For

Page 79 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Tyson Foods, Inc.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Kevin M. McNamara Mgmt For For

Elect Director Cheryl S. Miller Mgmt For For

Elect Director Jeffrey K. Schomburger Mgmt For For

Elect Director Robert Thurber Mgmt For For

Elect Director Barbara A. Tyson Mgmt For For

Ratify PricewaterhouseCoopers LLP as Auditors Mgmt For For

Amend Omnibus Stock Plan Mgmt For Against

Report on Lobbying Payments and Policy SH Against For

Implement a Water Quality Stewardship Policy SH Against For

Walgreens Boots Alliance, Inc.

Meeting Date: 01/17/2018 Country: USA Meeting Type: Annual Ticker: WBA

Primary ISIN: US9314271084 Primary SEDOL: BTN1Y44

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Jose E. Almeida Mgmt For For

Voter Rationale: The lead director is not considered sufficiently independent to serve in such role. The nominating/governance committee should appoint a fully independent lead director.

Elect Director Janice M. Babiak Mgmt For For

Elect Director David J. Brailer Mgmt For For

Elect Director William C. Foote Mgmt For Against

Voter Rationale: Directors with long board tenures should not serve on committees that require absolute independence. Also, this director is not sufficiently independent to serve as the independent lead director.

Elect Director Ginger L. Graham Mgmt For For

Voter Rationale: The lead director is not considered sufficiently independent to serve in such role. The nominating/governance committee should appoint a fully independent lead director.

Elect Director John A. Lederer Mgmt For For

Elect Director Dominic P. Murphy Mgmt For For

Elect Director Stefano Pessina Mgmt For For

Page 80 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Walgreens Boots Alliance, Inc.

Vote Proposal Text Proponent Mgmt Rec Instruction

Elect Director Leonard D. Schaeffer Mgmt For For

Voter Rationale: The lead director is not considered sufficiently independent to serve in such role. The nominating/governance committee should appoint a fully independent lead director.

Elect Director Nancy M. Schlichting Mgmt For For

Elect Director James A. Skinner Mgmt For For

Voter Rationale: The board should appoint a Lead Independent Director to establish appropriate checks and balances on the Board, support the Chairman, ensure orderly succession process for the Chairman, and act as a point of contact for shareholders, non-executive directors and senior executives where normal channels of communication through the board Chairman are considered inappropriate.

Ratify Deloitte & Touche LLP as Auditors Mgmt For For

Advisory Vote to Ratify Named Executive Mgmt For Against Officers' Compensation Voter Rationale: A larger percentage of the equity awards should be tied to performance conditions. At least 50% is a minimum good practice. In addition, severance payments should not exceed two year’s pay. Larger severance packages should be subject to a separate shareholder approval. Moreover, incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over a sufficiently long period of time.

Advisory Vote on Say on Pay Frequency Mgmt One Year One Year

Amend Omnibus Stock Plan Mgmt For Against

Voter Rationale: On early termination, all share-based awards should be time pro-rated and tested for performance, including in the event of a change of control. In addition, share options should not be granted to non-executive directors as this may compromise their independence and ability to hold management accountable. Also, incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over a sufficiently long period of time.

Reduce Ownership Threshold for Shareholders SH Against For to Call Special Meeting Voter Rationale: Holders of significant share capital should be entitled to call a special meeting. A total holding requirement of 5% is a suitable threshold to prevent abuse.

Amend Proxy Access Right SH Against For

William Demant Holding A/S

Meeting Date: 03/22/2018 Country: Denmark Meeting Type: Annual Ticker: WDH

Primary ISIN: DK0060738599 Primary SEDOL: BZ01RF1

Vote Proposal Text Proponent Mgmt Rec Instruction

Receive Report of Board Mgmt

Page 81 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

William Demant Holding A/S

Vote Proposal Text Proponent Mgmt Rec Instruction

Accept Financial Statements and Statutory Mgmt For For Reports

Approve Remuneration of Directors in the Mgmt For For Amount of DKK 1.05 Million for Chairman, DKK 700,000 for Vice Chairman, and DKK 350,000 for Other Directors

Approve Allocation of Income and Omission of Mgmt For For Dividends

Reelect Niels B. Christiansen as Director Mgmt For For

Reelect Niels Jacobsen as Director Mgmt For Abstain

Voter Rationale: Directors are expected to hold only a small number of directorships and ensure they have sufficient time and energy to discharge their role properly, particularly during unexpected company situations requiring substantial amounts of time. Furthermore, we voted against because we do not consider this director independent and yet sits on the audit committee. The audit committee should be fully independent from the company and majority independent from its major shareholder(s) and this director's membership could hamper the committee's impartiality and effectiveness.

Reelect Peter Foss as Director Mgmt For Abstain

Voter Rationale: We voted against because we do not consider this director independent and yet sits on the audit committee. The audit committee should be fully independent from the company and majority independent from its major shareholder(s) and this director's membership could hamper the committee's impartiality and effectiveness.

Reelect Benedikte Leroy as Director Mgmt For For

Reelect Lars Rasmussen as Director Mgmt For Abstain

Ratify Deloitte as Auditors Mgmt For For

Voter Rationale: Companies who have had the same auditor for a period of over 10 years should consider a plan or tender process for bringing in a new auditing firm.

Approve DKK 1.3 Million Reduction in Share Mgmt For For Capital

Authorize Share Repurchase Program Mgmt For For

Authorize Editorial Changes to Adopted Mgmt For For Resolutions in Connection with Registration with Danish Authorities

Other Business Mgmt

Yue Yuen Industrial (Holdings) Ltd.

Meeting Date: 03/16/2018 Country: Bermuda Meeting Type: Special Ticker: 551

Primary ISIN: BMG988031446 Primary SEDOL: 6586537

Page 82 of 83

The SEI Global Managed Volatility Fund All Votes Report

Vote Summary Report Date range covered: 01/01/2018 to 03/31/2018

Yue Yuen Industrial (Holdings) Ltd.

Vote Proposal Text Proponent Mgmt Rec Instruction

Approve Effective Disposal of Entire Mgmt For For Shareholding in Pou Sheng International (Holdings) Limited and Related Transactions

Page 83 of 83

Time & Life Building 1 Bruton Street 4th Floor London W1J 6TL United Kingdom +44 (0)20 7518 8950

The information, opinions estimates or forecasts contained in this document were obtained from sources reasonably believed to be reliable and are subject to change at any time. The report reﬂects voting instructions given, not votes cast and the information has been provided by an external supplier. BMO Global Asset Management may from time to time deal in investments that may be mentioned herein on behalf of their clients. © 2015 BMO Global Asset Management. All rights reserved. BMO Global Asset Management is a trading name of F&C Management Limited, which is authorised and regulated by the Financial Conduct Authority.