US Small Company Equity Fund

U.S. Small Company Equity Fund

Annual Management Report of Fund Performance for the period ended December 31, 2020 All figures are reported in Canadian dollars unless otherwise noted. This annual Management Report of Fund Performance contains financial highlights and may be accompanied by the annual Financial Statements of the Fund. These reports are available on our website seic.com/en-ca, or on the SEDAR website at sedar.com. You can also get a copy of the annual financial statements or semi-annual financial statements (unaudited) at your request, and at no cost, by calling 1-800-567-1565 or by writing us at: SEI Investments Canada Company 130 King Street West, Suite 2810, P.O. Box 433 Toronto, ON M5X 1E3. Unitholders may also contact us using one of the methods above to request a copy of the proxy voting policies and procedures, proxy voting record or quarterly portfolio disclosure of the SEI Funds. The proxy voting record of the SEI Funds for the period ending June 30, 2021 will be available on our website any time after August 31, 2021.

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

. Investment Objective and Strategies December 31, 2020 (the “period”). Fund returns are calculated after the deduction of fees and expenses, unlike the returns of The objective of the U.S. Small Company Equity Fund (the the Index. “Fund”) is to provide capital appreciation primarily through investment in a diversified portfolio of equity securities of The Fund's net asset value increased by 8% during the period, small U.S. companies listed on recognized stock exchanges. from $163,595 as at December 31, 2019 to $175,995 as at December 31, 2020. Net redemptions of $738 were offset by The Fund invests approximately 80% or more of its net assets positive investment performance, resulting in an overall in equity securities of small U.S. companies. The Fund invests increase in net asset value. using a Manager of Managers investment strategy that involves appointing multiple specialist sub-advisors. Each The year 2020 was primarily characterized by the global sub-advisor manages a portion of the Fund in accordance with spread of COVID-19. Although the virus had been identified a specific mandate that is based on its expertise. Sub-advisors and spread from its point of origin—the city of Wuhan in the are selected using in-depth research and, once appointed, are Hubei province of China—since the end of the 2019 calendar subject to a rigorous monitoring process. year, U.S. markets did not begin to react until the end of . February when domestic infections began to skyrocket. From SEI Investments Canada Company (the “Manager”) may this point, the market decline was the most rapid in history, change the sub-advisors and/or the allocation of assets to a and the Russell 2500 Index shed nearly 30% in the first particular sub-advisor from time to time at its sole discretion. quarter. Consumer Discretionary stocks were among the As of December 31, 2020, the sub-advisors of the Fund were: hardest hit as shelter-in-place orders were enacted across

. . most of the country. Hotels, restaurants, airlines and cruise Cardinal Capital Management, LLC lines in particular sold off dramatically as social distancing put Great Lakes Advisors, LLC these industries in peril. SEI Investments Management Corporation ("SIMC") . The Energy sector more than doubled the losses of the Index Results of Operations during the first quarter, as oil prices cratered amidst a price This performance commentary is based on Class O units of war initiated by Saudi Arabia and Russia. Oil had its worst the Fund. Returns for other classes of units may vary, largely single day of trading since the Gulf War in 1991 and—for a brief due to differences in fees and expenses. All dollar figures are period—futures contracts for the commodity turned negative expressed in thousands, unless otherwise indicated. Please as concerns around storage capacity reached a fever pitch. A refer to the Past Performance section for class-level steep decline in global travel and commerce compounded the performance details. situation.

. The 2020 calendar year was unprecedented in a number of The U.S. Federal Reserve (the “Fed”) fired its figurative ways: a once-in-a-century global pandemic; unparalleled bazookas in response to the turmoil, slashing the federal funds monetary and fiscal policy responses; one of the most rapid rate to near 0% in an emergency session and instituting a selloffs in market history during the first quarter and one of the trillion-dollar repurchase program to shore up liquidity. The strongest series of returns for small-cap stocks during the Fed also revealed a commercial paper funding facility to fourth quarter. This period will likely be dissected for quite purchase corporate bonds—a measure not seen since the some time to come. 2007-2008 global financial crisis. Additionally, U.S. Congress passed the largest-ever stimulus package, which provided The Fund returned 7.0%, underperforming the Russell 2500 US$2 trillion in funding to corporations, state and local Index (the “Index”) return of 17.6% for the period ended governments, direct payments to American citizens and health U.S. Small Company Equity Fund

Annual Management Report of Fund Performance care providers. The first series of new jobless claims following market lagged. Momentum remained a bright spot from a the mandatory closures of most businesses across the country factor performance perspective. Cyclical value saw modest topped three million, dwarfing all previous records; outperformance thanks to the short-lived unwinding of the subsequent reports were not materially better. technology trade late in the quarter. Profitability and low During the second quarter of 2020, there was a near-complete volatility underperformed. reversal of the first quarter’s disastrous performance, as The fourth quarter was quite a different story. Despite some of lockdown restrictions eased across several U.S. states. the worst new-case numbers and daily death tolls since the Investor exuberance led to a risk-on atmosphere—buoyed by start of the pandemic, major indexes made impressive an unexpected drop in the unemployment rate in double-digit gains. Small caps in particular witnessed historic May—pushing many major indexes up by at least 20%. Areas returns, with the Russell 2500 appreciating by an astonishing of the market that had been especially impacted by the events 27.4% (US$). of the first quarter rebounded into a position of market Initially, markets progressed tenuously as eyes turned to leadership, with Consumer Discretionary and Energy Washington awaiting the results of the U.S. presidential outperforming and defensive sectors and Banks lagging. election. Markets advanced once it became clearer that former During the first half of 2020, investors’ preferences shifted Vice President Joe Biden would become the next president in from being unilaterally risk-averse in the first quarter as what would likely be a split government. Expectations of lockdown measures took effect to being more risk-driven in further (but less expansive) fiscal stimulus from the U.S. concert with either fiscal or monetary stimulus from the U.S. Congress and a less-likely reversal of the corporate tax cuts Congress and the Fed. Large-cap technology stocks seemed under the Trump administration fueled this appreciation. to be the new defensive haven as growth remained in vogue Investor exuberance kicked off in earnest again a few days both into and through the market decline. It is unusual to see later in November by a series of positive COVID-19 vaccine no change in market leadership coming out of a recession, but clinical-trial results, and was sustained by their subsequent value remained out of favour, as did the most profitable emergency use authorizations by the U.S. Food and Drug companies. Investors seemed to be factoring into their Administration. These events created a shift in preferences decision-making the extraordinary measures the Fed was from “stay-at-home” stocks to “going-out” names. The rotation willing to take to provide a backstop for markets amid the that followed was devastating for both the momentum and low crisis. Factors like valuation and profitability failed to materially volatility factors, while benefiting cyclical value, which were outperform the broader market. closely correlated with the out-of-favour names which The second half of the 2020 calendar year continued to be investors now sought. Companies in the most precarious largely driven by the ongoing effects of the COVID-19 financial situations advanced off the news. These pandemic. In September, the virus claimed its millionth global lower-quality, higher-volatility names rallied the hardest victim. Although cases seemed to abate during the late following “Pfizer Monday,” presenting a steep headwind for summer, they once again began to rise in the autumn and the stability factor, and particularly profitability. were met with another round of lockdowns in Europe and, In the final days of the year—and after months of stalemate more sporadically, in the U.S. Fears of yet another wave of within the U.S. Senate—President Trump signed a US$900 outbreaks combined with little progress on further stimulus billion COVID-19 relief bill that passed through both chambers from the U.S. Congress to keep markets in a more cautious of the U.S. Congress. The bill provided another round of direct stance than they took during the second quarter’s rebound. US$600 payments to citizens under certain income Characteristics of the risk-on rally following the selloff earlier thresholds. Unemployment benefits to jobless Americans were in the year persisted, but in a much less extraordinary fashion. revived, though in lesser amounts than in the original CARES The Fed indicated it did not expect the U.S. unemployment Act in the spring. US$285 billion was set aside for additional rate to get back to 4% until 2023, and that it would keep loans under the Paycheck Protection Program, and an interest rates near zero until inflation was on track with the additional US$70 billion was allocated for a number of public target. Fed Chair Jerome Powell made a series of comments health provisions. encouraging further fiscal support from Washington. For the For the year, the Fund underperformed its benchmark due to a most part, the FAANG cohort of large technology companies challenging market environment in which lower-quality, (Facebook, Alphabet, Apple, Netflix and Google) continued to non-earning, higher-beta stocks persistently outperformed. At drive market performance, but they experienced a sharp, brief the fund level, selection in Health Care, Consumer selloff in September which momentarily favoured more Discretionary and Financials were the largest detractors. An cheaply-valued names. The value style underperformed once underweight to Technology and overweight to Energy again in the third quarter, however, and large caps continued detracted as well. to outperform small caps. Cardinal Capital Management, the Fund’s stable value Generally speaking, more economically-sensitive areas of the sub-advisor, faced style headwinds as value continued to market like Consumer Discretionary, Materials and Industrials underperform during most of the year. While cyclical value outperformed during this period, while defensive areas of the saw glimmers of outperformance in the third quarter (and U.S. Small Company Equity Fund

Annual Management Report of Fund Performance ultimately edged out growth in the fourth quarter), stable value and receive the fees described below in connection with their had difficulty for the duration. Cardinal typically maintains a roles and responsibilities. beta lower than that of the market, which challenged MANAGER performance in an environment in which volatility and beta SEI Investments Canada Company (“SEI”), a wholly-owned were typically the driving currents. Weak stock selection in subsidiary of SEI Investments Company, is the Manager of the Technology was a significant detractor; selection in Health Fund. SEI receives management fees with respect to the Care also hurt. An underweight to Health Care and overweight day-to-day business and operations of the Fund, calculated to Real Estate further detracted. based on the net asset value of each respective class of units Great Lakes Advisors also struggled, but the manager’s alpha of the Fund as described in the section entitled Management source positioning partially offset the underperformance. As a Fees. The Manager also compensates its wholesalers in trend-following multi-factor quantitative manager, Great Lakes connection with their marketing activities regarding the Fund. maintained a more neutral stance to value that contributed to From time to time, SEI may provide seed capital to the Fund. performance for the year. The sub-advisor’s moderate SUB-ADVISORS overweight to momentum for the first three quarters of the The Manager is the portfolio manager of the Fund. SIMC, also year also helped. Unfortunately, the rapid market moves and a wholly-owned subsidiary of SEI Investments Company, has extreme volatility during the fourth quarter were challenging, entered into a sub-advisory agreement with the Manager to and Great Lakes’ stock selection suffered, particularly within provide advisory services to the Fund and the Manager pays a Consumer Discretionary, Financials and Health Care (although fee to SIMC for these services. a favourable overweight to the latter helped). An underweight to Technology and a small overweight to Energy further FUND TRANSACTIONS detracted. Certain of the Fund's portfolio transactions may have been

. . placed with a broker-dealer affiliate of the Manager, including . . Recent Developments U.S.-registered SEI Investments Distribution Company (“SIDCO”). SEI may enter into commission recapture CHANGES TO STRATEGIC POSITION OF FUND arrangements with certain dealers on behalf of the Fund. Any From a sector perspective, the Fund was underweight recaptured commission received will be paid to the Fund. For Information Technology, Industrials and Financials. It was the period ended December 31, 2020, the Fund paid no overweight Materials, Consumer Discretionary and Consumer commissions to broker-dealer affiliates of the Manager. Staples. Spreads associated with fixed income and other securities are CHANGES TO RISK RATING not ascertainable and, for that reason, cannot be included Risk ratings have been determined separately for each class of when determining these amounts. units of the Fund and are disclosed in the Fund Facts and the Such services and amounts were in accordance with the Fund’s Simplified Prospectus. The investment risk level of the Manager's policy for such services being provided. The Fund's Fund is reviewed at least annually and whenever there is a Independent Review Committee (“IRC”) has reviewed the material change to the Fund. More methodology information Manager's policy, and reviews any changes to the Manager's can be found in the Fund’s Simplified Prospectus. policy, and the services provided and amounts paid at least As a result of employing the revised methodology and annually and has issued standing instructions. If the Manager conducting the regular annual review during the period, has not complied with the conditions of the standing changes were made to Class F(H) units of the Fund for which instructions issued, the IRC must advise the Canadian the risk rating was increased from Medium to Medium-High. securities regulatory authorities.

...... There have been no changes to the investment objectives or ...... strategies of the Fund. .

. Risk Class E, Class F, Class I and Class O Units of the Fund are suitable for investors who have a medium tolerance for risk. Class F(H) Units of the Fund are suitable for investors who have a medium to high tolerance for risk. Class E(H) Units of the Fund are suitable for investors who have a high tolerance for risk. For the period ended December 31, 2020, the Fund's overall level of risk remains as discussed in the simplified prospectus.

. Related Party Transactions SEI Investments Canada Company and its affiliates have the following roles and responsibilities with respect to the Fund, U.S. Small Company Equity Fund

Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial performance for the period ended December 31. Class E THE FUND'S NET ASSETS PER UNIT (a) 2020 2019 2018 2017 2016 NET ASSETS, BEGINNING OF PERIOD $8.02 $6.97 $8.28 $8.17 $7.94 INCREASE (DECREASE) FROM OPERATIONS: Total revenue 0.13 0.15 0.19 (0.07) 0.19 Total expenses (0.16) (0.18) (0.19) (0.17) (0.19) Realized gains (losses) for the period (0.03) 0.06 1.07 0.45 1.13 Unrealized gains (losses) for the period 0.72 1.04 (1.33) 0.32 (0.41) Total increase (decrease) from operations (b) 0.66 1.07 (0.26) 0.53 0.72 DISTRIBUTIONS: From net investment income (excluding dividends) - - - (0.09) (0.04) From dividends - - - - - From capital gains - - (1.03) (0.47) (0.36) Return of capital - - - - - Total annual distributions (c) - - (1.03) (0.56) (0.40) NET ASSETS, END OF PERIOD $8.43 $8.02 $6.97 $8.28 $8.17 RATIOS AND SUPPLEMENTAL DATA Net asset value (000s) $2,035 $1,927 $2,015 $2,243 $243 Number of units outstanding 241,425 240,414 289,104 270,922 29,754 Management expense ratio (d) 1.90% 1.91% 1.89% 1.89% 1.91% Management expense ratio before waivers 1.90% 1.91% 1.89% 1.89% 1.91% Portfolio turnover rate (e) 101.00% 88.00% 226.00% 91.00% 286.00% Trading expense ratio (f) 0.12% 0.10% 0.14% 0.12% 0.21% Net asset value per unit $8.43 $8.02 $6.97 $8.28 $8.17 Class E(H)-Hedged THE FUND'S NET ASSETS PER UNIT (a) 2020 2019 2018 2017 2016 NET ASSETS, BEGINNING OF PERIOD $9.52 $7.94 $10.42 $9.73 $9.58 INCREASE (DECREASE) FROM OPERATIONS: Total revenue 0.33 0.18 (0.33) (0.56) 0.40 Total expenses (0.20) (0.21) (0.20) (0.18) (0.26) Realized gains (losses) for the period (0.04) 0.07 1.23 0.66 1.30 Unrealized gains (losses) for the period 0.30 1.52 (1.57) 1.89 (0.46) Total increase (decrease) from operations (b) 0.39 1.56 (0.87) 1.81 0.98 DISTRIBUTIONS: From net investment income (excluding dividends) (0.14) - - (0.07) (0.14) From dividends - - - - - From capital gains - - (1.20) (0.69) (0.71) Return of capital - - - - - Total annual distributions (c) (0.14) - (1.20) (0.76) (0.85) NET ASSETS, END OF PERIOD $9.79 $9.52 $7.94 $10.42 $9.73 RATIOS AND SUPPLEMENTAL DATA Net asset value (000s) $64 $65 $58 $83 $7 Number of units outstanding 6,573 6,832 7,268 7,963 704 Management expense ratio (d) 1.95% 1.96% 1.97% 1.97% 2.00% Management expense ratio before waivers 1.95% 1.96% 1.97% 1.97% 2.00% Portfolio turnover rate (e) 101.00% 88.00% 226.00% 91.00% 286.00% Trading expense ratio (f) 0.12% 0.10% 0.14% 0.12% 0.21% Net asset value per unit $9.79 $9.52 $7.94 $10.42 $9.73

Note: This table is not intended to act as a continuity of opening and closing Net assets per unit. (a) This information is derived from the Fund's audited annual financial statements. (b) Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units outstanding over the period. (c) Distributions were paid in cash/reinvested in additional units of the Fund, or both. (d) Management expense ratio is the ratio of all fees and expenses, including Harmonized Sales Tax (HST) and interest expense, but excluding brokerage commission on securities transactions charged to the Fund to daily average net asset value on an annualized basis. The Manager may reduce or waive the management fee that it is entitled to charge and may do so indefinitely or may discontinue this practice at any time at its sole discretion and without notice. (e) The Fund's portfolio turnover rate indicates how actively the Fund's sub-advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the period. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between a high turnover rate and the performance of a Fund. (f) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period. U.S. Small Company Equity Fund

Financial Highlights Class F THE FUND'S NET ASSETS PER UNIT (a) 2020 2019 2018 2017 2016 NET ASSETS, BEGINNING OF PERIOD $9.65 $8.37 $9.94 $9.37 $9.02 INCREASE (DECREASE) FROM OPERATIONS: Total revenue 0.16 0.17 0.23 0.15 0.20 Total expenses (0.12) (0.12) (0.14) (0.12) (0.13) Realized gains (losses) for the period (0.16) 0.08 1.27 0.62 1.29 Unrealized gains (losses) for the period 0.28 1.30 (1.51) 0.22 (0.59) Total increase (decrease) from operations (b) 0.16 1.43 (0.15) 0.87 0.77 DISTRIBUTIONS: From net investment income (excluding dividends) (0.04) (0.06) (0.08) (0.05) (0.09) From dividends - - - - - From capital gains - - (1.24) (0.23) (0.36) Return of capital - - - - - Total annual distributions (c) (0.04) (0.06) (1.32) (0.28) (0.45) NET ASSETS, END OF PERIOD $10.20 $9.65 $8.37 $9.94 $9.37 RATIOS AND SUPPLEMENTAL DATA Net asset value (000s) $974 $1,272 $1,187 $1,290 $1,154 Number of units outstanding 95,441 131,840 141,799 129,764 123,120 Management expense ratio (d) 1.00% 1.00% 1.00% 1.00% 1.00% Management expense ratio before waivers 1.11% 1.11% 1.12% 1.13% 1.15% Portfolio turnover rate (e) 101.00% 88.00% 226.00% 91.00% 286.00% Trading expense ratio (f) 0.12% 0.10% 0.14% 0.12% 0.21% Net asset value per unit $10.20 $9.65 $8.37 $9.94 $9.37 Class F(H)-Hedged THE FUND'S NET ASSETS PER UNIT (a) 2020 2019 2018 2017 2016 NET ASSETS, BEGINNING OF PERIOD $6.45 $5.45 $7.10 $6.65 $6.34 INCREASE (DECREASE) FROM OPERATIONS: Total revenue 0.48 0.21 (0.24) 0.24 0.20 Total expenses (0.10) (0.09) (0.07) (0.10) (0.10) Realized gains (losses) for the period 0.30 (0.02) 0.85 0.42 0.80 Unrealized gains (losses) for the period 0.83 1.57 (1.22) 0.48 (0.17) Total increase (decrease) from operations (b) 1.51 1.67 (0.68) 1.04 0.73 DISTRIBUTIONS: From net investment income (excluding dividends) (0.33) (0.12) - (0.12) (0.10) From dividends - - - - - From capital gains - - (0.85) (0.47) (0.31) Return of capital - - - - - Total annual distributions (c) (0.33) (0.12) (0.85) (0.59) (0.41) NET ASSETS, END OF PERIOD $6.49 $6.45 $5.45 $7.10 $6.65 RATIOS AND SUPPLEMENTAL DATA Net asset value (000s) $192 $74 $306 $421 $271 Number of units outstanding 29,538 11,380 56,106 59,261 40,705 Management expense ratio (d) 1.00% 1.00% 1.00% 1.00% 1.00% Management expense ratio before waivers 1.10% 1.11% 1.13% 1.13% 1.15% Portfolio turnover rate (e) 101.00% 88.00% 226.00% 91.00% 286.00% Trading expense ratio (f) 0.12% 0.10% 0.14% 0.00% 0.21% Net asset value per unit $6.49 $6.45 $5.45 $7.10 $6.65

Financial Highlights Class I THE FUND'S NET ASSETS PER UNIT (a) 2020 2019 2018 2017 2016 NET ASSETS, BEGINNING OF PERIOD $8.94 $7.75 $9.18 $9.01 $8.95 INCREASE (DECREASE) FROM OPERATIONS: Total revenue 0.14 0.15 0.18 0.15 0.20 Total expenses (0.12) (0.13) (0.15) (0.13) (0.14) Realized gains (losses) for the period (0.05) 0.07 1.12 0.59 1.24 Unrealized gains (losses) for the period 0.56 1.13 (0.70) 0.19 (0.52) Total increase (decrease) from operations (b) 0.53 1.22 0.45 0.80 0.78 DISTRIBUTIONS: From net investment income (excluding dividends) (0.04) (0.04) (0.02) (0.03) (0.08) From dividends - - - - - From capital gains - - (1.15) (0.62) (0.64) Return of capital - - - - - Total annual distributions (c) (0.04) (0.04) (1.17) (0.65) (0.72) NET ASSETS, END OF PERIOD $9.43 $8.94 $7.75 $9.18 $9.01 RATIOS AND SUPPLEMENTAL DATA Net asset value (000s) $2 $2 $2 $8 $7 Number of units outstanding 232 231 230 861 795 Management expense ratio (d) 1.19% 1.22% 1.28% 1.13% 1.15% Management expense ratio before waivers 1.19% 1.22% 1.28% 1.13% 1.15% Portfolio turnover rate (e) 101.00% 88.00% 226.00% 91.00% 286.00% Trading expense ratio (f) 0.12% 0.10% 0.14% 0.12% 0.21% Net asset value per unit $9.43 $8.94 $7.75 $9.18 $9.01 Class O THE FUND'S NET ASSETS PER UNIT (a) 2020 2019 2018 2017 2016 NET ASSETS, BEGINNING OF PERIOD $9.49 $8.23 $9.82 $9.42 $9.24 INCREASE (DECREASE) FROM OPERATIONS: Total revenue 0.15 0.17 0.23 0.15 0.21 Total expenses (0.03) (0.04) (0.05) (0.04) (0.06) Realized gains (losses) for the period (0.08) 0.07 1.26 0.62 1.27 Unrealized gains (losses) for the period 0.83 1.22 (1.68) 0.21 (0.50) Total increase (decrease) from operations (b) 0.87 1.42 (0.24) 0.94 0.92 DISTRIBUTIONS: From net investment income (excluding dividends) (0.13) (0.14) (0.18) (0.12) (0.17) From dividends - - - - - From capital gains - - (1.24) (0.43) (0.55) Return of capital - - - - - Total annual distributions (c) (0.13) (0.14) (1.42) (0.55) (0.72) NET ASSETS, END OF PERIOD $10.03 $9.49 $8.23 $9.82 $9.42 RATIOS AND SUPPLEMENTAL DATA Net asset value (000s) $172,728 $160,229 $145,268 $134,210 $118,694 Number of units outstanding 17,224,254 16,882,462 17,656,665 13,669,298 12,601,136 Management expense ratio (d) 0.11% 0.11% 0.12% 0.13% 0.15% Management expense ratio before waivers 0.11% 0.11% 0.12% 0.13% 0.15% Portfolio turnover rate (e) 101.00% 88.00% 226.00% 91.00% 286.00% Trading expense ratio (f) 0.12% 0.10% 0.14% 0.12% 0.21% Net asset value per unit $10.03 $9.49 $8.23 $9.82 $9.42

Management Fees The following table shows the annual management fees for each unit class where such fees are paid by the Fund. The management fees are calculated based on the daily Net Asset Value of each applicable unit class of the Fund and paid monthly. The Fund does not pay management fees in respect of Class O Units, as all compensation to the Manager is negotiated with and paid by, or as directed by, unitholders or dealers on behalf of unitholders pursuant to separate management agreements. Class E and Class E(H) Units of the Fund are usually only available to investment clients of qualified dealers who have entered into distribution arrangements with the Manager. Class F and Class F(H) Units of the Fund are usually only available to investors who have fee-based accounts with dealers who have signed distribution arrangements with the Manager. The Manager does not pay fees or commissions to dealers who sell Class F or Class F(H) Units of the Fund, which means that the Manager can charge lower management fees in respect of Class F and Class F(H) Units of the Fund.

Class E Class E(H) Class F Class F(H) Class I Management Fees 1.63% 1.63% 1.00%1 1.00%1 0.90% 1 Inclusive of applicable taxes x The following table shows the major services paid for as a percentage of the management fees above for each unit class of the Fund.

Class E Class E(H) Class F Class F(H) Class I Investment management and other general 38.65% 38.65% 100.00% 100.00% 100.00% administration* Commissions** 61.35% 61.35% 0.00% 0.00% 0.00% * Investment management and other general administration includes all costs related to management, investment advisory services, marketing, fund promotion, general administration and profit. ** Where negotiated with a particular dealer on a case-by-case basis and by class, SEI may pay trailing commissions up to the maximum of 1.75% per annum, calculated based upon the average net asset value of the units of the Fund held in the accounts of clients of the participating dealers during a particular calendar month or quarter. U.S. Small Company Equity Fund

Past Performance The performance information shown below assumes that all distributions made by the Fund in the years shown were reinvested in additional units of the Fund. This performance information does not take into account sales, redemptions, distribution or other optional charges that would have reduced returns or performance. Past performance of the Fund does not necessarily indicate how it will perform in the future. YEAR-BY-YEAR RETURNS The following charts show the Fund's annual performance for each of the periods shown, and illustrate how the Fund’s performance has changed from year to year. These bar charts show, in percentage terms, how much an investment made on January 1 would have grown or decreased by December 31.

Class E Units Class F(H) Units

80% 60% 43.4% 36.5% 20.6% 13.7% 16.7% 15.0% 13.4% 11.3% 15.7% 9.2% 7.8% 8.1% 5.2% 6.1% 5.7% 0% 0%

Return -4.8% -2.8% Return -2.0% -6.9% -10.9%

-80% -60% 11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20 Year Year

x x

Class E(H) Units Class I Units

200% 80% 133.5% 45.6%

10.7% 14.6% 17.6% 15.8% 11.8% 5.1% 10.3% 14.8% 19.9% 4.4% 8.6% 8.9% 5.9% 0% 0% -3.1% -2.2% Return -8.5% -11.8% Return -3.4%

-200% -80% 11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20 Year Year

x x

Class F Units Class O Units

80% 80% 45.7% 47.0% 14.8% 17.7% 16.1% 15.8% 18.7% 17.1% 10.7% 8.8% 9.0% 6.1% 11.7% 9.7% 10.0% 7.0% 0% 0% -1.9% -1.1% Return -3.5% Return -2.7%

-80% -80% 11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20 Year Year

x x U.S. Small Company Equity Fund

Annual Compound Returns The following table shows the Fund’s historical compound returns for each active unit class, for the period ended December 31, 2020. These returns are also compared to the returns of the Russell 2500 Index on the same compound basis. The Russell 2500 Index is a capitalization weighted index that measures the performance of 2500 of the smallest companies in the Russell 3000 Index.

One Year Three Years Five Years Ten Years Since Inception Inception Date Class E Units 5.16% 5.53% 6.48% 10.47% 11.02% November 1, 2010 Russell 2500 Index ($C) 17.62% 11.68% 11.42% 14.51% 15.12% Class E(H) Units 4.39% 3.33% 6.91% 12.99% 13.65% November 1, 2010 Russell 2500 Index Hedge ($C) 16.19% 9.11% 12.01% 11.17% 12.09% Class F Units 6.09% 6.49% 7.44% 11.65% 5.47% April 17, 2006 Russell 2500 Index ($C) 17.62% 11.68% 11.42% 14.51% 9.40% Class F(H) Units 5.71% 4.34% 7.89% 8.15% 8.85% March 6, 2010 Russell 2500 Index Hedge ($C) 16.19% 9.11% 12.01% 11.17% 12.55% Class I Units 5.88% 6.23% 7.23% 11.50% 4.12% February 1, 2002 Russell 2500 Index ($C) 17.62% 11.68% 11.42% 14.51% 8.16% Class O Units 7.04% 7.43% 8.38% 12.62% 6.15% November 24, 1999 Russell 2500 Index ($C) 17.62% 11.68% 11.42% 14.51% 8.13%

x U.S. Small Company Equity Fund

Summary of Investment Portfolio AS AT DECEMBER 31, 2020 The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. A quarterly update is available by visiting seic.com/en-ca. The Top Holdings table shows a fund's 25 largest positions. For funds with fewer than 25 positions in total, all positions are shown.

PORTFOLIO BREAKDOWN TOP HOLDINGS Sector % of Total Net Assets Holding % of Total Net Assets Financials 19.0% Other Assets & Liabilities, Net 3.2% Health Care 16.6% FMC Corp. 1.6% Consumer Discretionary 14.5% Medical Properties Trust Inc. 1.5% Information Technology 11.1% j2 Global Inc. 1.5% Industrials 10.6% Zillow Group Inc. 1.4% Materials 8.4% Silgan Holdings Inc. 1.3% Consumer Staples 6.3% Varonis Systems Inc. 1.3% Communication Services 4.8% Cardlytics Inc. 1.3% Other Assets & Liabilities, Net 3.2% Trupanion Inc. 1.2% Foreign Equities 3.0% Nexstar Media Group Inc. 1.2% Energy 2.1% ACI Worldwide Inc. 1.2% Utilities 0.4% Amedisys Inc. 1.2% Total 100.0% PacWest Bancorp 1.1% Gaming and Leisure Properties Inc. 1.1% Editas Medicine Inc. 1.1% Athene Holding Ltd. 1.1% Colfax Corp. 1.1% Verint Systems Inc. 1.1% Avery Dennison Corp. 1.1% Silicon Motion Technology Corp. 1.1% Floor & Decor Holdings Inc. 1.1% Change Healthcare Inc. 1.1% Starwood Property Trust Inc. 1.1% iRhythm Technologies Inc. 1.0% Lithia Motors Inc. 1.0% Total 32.0% U.S. Small Company Equity Fund

A caution regarding forward-looking statements: This document may contain forward-looking statements about the Fund, including its strategy, performance and condition. Forward looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or negative versions thereof, or future or conditional verbs such as “will”, “may”, “could”, “should” and “would”, and similar expressions. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future fund action, is also a forward-looking statement. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. Forward-looking statements are not guarantees of future performance. There is significant risk that forward-looking statements will not prove to be accurate. We caution readers of this document to not place undue reliance on our forward-looking statements, as a number of factors could cause actual future results, conditions and actions or events to differ materially from those expressed or implied in any forward-looking statements. Factors may include, but are not limited to, general economic, political, market and business conditions; fluctuations in interest rates and foreign exchange rates; regulatory developments; and actions by governmental authorities. We caution that the foregoing list of factors is not exhaustive. Before making an investment decision, we encourage investors to consider these and other factors carefully. Future events and their effects on the Fund may not be those anticipated by us. Actual results may differ materially from the results anticipated in these forward-looking statements. We do not undertake, and specifically disclaim, any obligations to update or revise any forward-looking information, whether as a result of new information, future developments, or otherwise.