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9 Each SEI Fund pays an advisory fee to SIMC that is based on a percentage of the portfolio's average daily net assets, as described in the mutual fund's prospectus. From such amount, SIMC pays the sub-advisor(s) to the SEI Fund. SIMC's fund advisory fee varies, but it typically ranges from 0.01% - 1.50% of the portfolio's average daily net assets for its advisory services. Additionally, affiliates of SIMC provide administrative, distribution and transfer agency services to all of the SEI Funds, as described in the SEI Funds' registration statements. These fees and expenses are paid by the SEI Funds but ultimately are borne by each shareholder of the SEI Funds. SIMC and/or its affiliates may voluntarily waive a portion of the fees to be paid, respectively, by the SEI Funds to SIMC or its affiliates. Clients may have the option to purchase certain SIMC investment products, including the SEI Funds, that SIMC recommends through other brokers or agents not affiliated with SIMC. 2. Fees for Separately Managed Accounts Separate accounts that implement via individual securities will be charged an investment management fee that is a percentage of the average of the market value of all assets in the separate account on the last trading day of each month in the calendar quarter and of the month immediately preceding the commencement of the calendar quarter. The fee is paid quarterly in arrears and/or pro-rated, based on the number of days in which the account was open during the quarter. This fee will either include or be in addition to a separate charge for retained separate account sub-advisors' fees as set forth in each Client's investment agreement with SIMC. Except in limited cased when investing through Model Strategies where SIMC has arranged for SIDCO to waive its commission charges (see Item 4 and 12 for more information), SIMC's fee is separate from and does not include brokerage commissions, dealer spreads and other costs associated with the purchase or sale of securities, Custodian fees, interest, taxes and other separate account expenses. These expenses are the responsibility of the Client. As discussed in Item 4 and 12, for certain Separately Managed Account Model Strategies SIMC has arranged for SIDCO to waive commissions that SIDCO would otherwise charge to execute such trades. 3. Fees for SEI Alternative Funds To the extent SEI Alternative Funds pays SIMC a fee, such fees are disclosed in the private placement memorandum. Otherwise, SIMC will negotiate account level fees on a Client-by-Client basis. 4. SEI Fixed Income Portfolio Management The Client's investment advisory fees for SEI Fixed Income Portfolio Management ("SFIPM") services may be up to .65% of the assets managed by SFIPM, and will be calculated and charged as set forth in each Client's respective investment management agreement. The Client's assets in SFIPM are directly managed by SIMC. SIMC may charge a lesser management fee based upon certain criteria (e.g. anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to be managed, related accounts, type of services required, account composition, negotiations with the Client, etc). SIMC may invest Client assets in affiliated money market funds (where SIMC serves as investment advisor) and this investment may cause the Client to indirectly pay an additional fee to SIMC and/or its affiliates which would be offset/credited 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 affiliated money market fund attributable to that Client's investment in such product. . The fee structure is determined on a Client-by-Client basis and may be negotiable. 5. Oversight Services SIMC may charge Clients a fee for Oversight Services, as described in Item 4 of this Brochure. The Client will be charged a fee which will vary from Client to Client, based on the size and complexity of the Client's portfolio. The Client may be invoiced for this fee or have the fee deducted from their custody account if such custody account is maintained with SEI Private Trust Company. Item 6 – Performance Based Fees and Side-By-Side Management