Issue link: https://read.uberflip.com/i/1494883
8 brokerage and/or other services and such affiliates receive compensation for providing such services. Please refer to Item 10 for additional information. Item 5 – Fees and Compensation Asset Allocation Implementation through SEI Funds, Separately Managed Accounts and /or LDI (a type of Separately Managed Account) (for which SIMC may serve as the investment advisor): Maximum Fee of 125 bps SIMC charges Clients an investment management fee based on the Client's assets under management, which may be tiered. These fees will be a percentage of the average of the market value of all assets under management on the last trading day of each month in the calendar quarter and of the month immediately preceding the commencement of the calendar quarter. Clients will pay these fees quarterly in arrears. SIMC will either invoice Clients for fees or, with Client's approval, deduct such fees directly from their custody account if such custody account is maintained with SEI Private Trust Company. The above fees are negotiable. SIMC's affiliates or third parties may charge Clients additional trust, custody and benefit payment fees. SIMC will offset or credit against the account level investment management fee charged to a Client an amount equal to any advisory fees received by SIMC or its affiliates from an SEI Fund attributable to that Client's investment in such product. In certain cases, the amount of the offset or credit could be reduced by the amount of the sub-advisory fees paid by SIMC to the underlying sub-advisors in the product if the Client is separately invoiced for sub-advisory fees. SIMC may also charge Clients performance-based fees. Please see Item 6 for additional information. Asset Allocation Implementation fees will be negotiated on a Client-by-Client basis. Asset Allocation Implementation through SEI's Alternative Funds and/or SEI Collective Trust Funds: Maximum Fee of 150 bps The maximum investment management fee set forth above may be charged as a product fee or as an investment management fee; therefore, the frequency upon which SIMC will charge a Client these fees will vary. The investment management fees SIMC charges may be calculated differently based on the type of Alternative Fund product (i.e., hedge fund vs. private equity) including, but not limited to, (i) a percentage of the net asset value of the Client's investment in the applicable product (generally the case for hedge fund products); and (ii) a percentage of the commitment made by a Client to the applicable product which may change to a net asset based fee after a certain period of time (generally the case for private equity products). SIMC will either invoice Clients for fees or, with Client's approval, deduct such fees directly from their custody account if such custody account is maintained with SEI Private Trust Company. These Alternative Fund fees are negotiable. For certain products, fees may be charged at the fund level (rather than invoiced) and may not be negotiable. For Clients engaging in derivative transactions, SIMC may charge a basis point fee for derivative implementation based upon a notional value of the transaction involved. Asset Allocation Implementation Fees will be negotiated on a Client-by-Client basis. The fees charged by SIMC for these services may be higher or lower than those charged by other investment advisors for similar services. Product Level Fees 1. Fees for SEI Funds