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© 2022 SEI 1 Michael Schafer Portfolio Manager, Investment Management Unit- Traditional Strategies Group (610) 676-2794 SEI Investments Management Corporation 1 Freedom Valley Drive, Oaks, Pennsylvania 19456, 1-800-DIAL-SEI www.seic.com This Brochure Supplement provides information about Michael Schafer that supplements the SEI Investments Management Corporation ("SIMC") brochure. You should have received a copy of that Brochure. Please contact 1-800-DIAL-SEI if you did not receive SIMC's Brochure or if you have any questions about the contents of this supplement. Education Background and Business Experience: Year of Birth: 1976 Professional designations held: NA Formal education after high school: Michael Schafer earned a Bachelor of Arts in Business Administration and Health Administration from Arcadia University and a Master of Business Administration with a concentration in Finance from St. Joseph's University. Business Background: Mr. Schafer works in the Oaks office. Michael Schafer serves as a Portfolio Manager for the SEI High Yield fixed income strategies within the Investment Management Unit. He is responsible for the selection of fund sub-advisors and the allocations among these managers to optimize diversification of style and alpha source within the fixed income funds. In this capacity, he primarily oversees daily cash flows, portfolio exposures, portfolio risks, and performance attribution for the high yield funds. In his preceding role, Michael was an Analyst on the Global Fixed Income Team responsible for in-depth due diligence on existing and prospective investment managers for SEI's High Yield fixed income portfolios. He sourced and recommended managers for various mandates, and conducted peer group analysis to understand drivers of risk and return, and a manager's competitive advantage. Prior to joining the Global Fixed Income Team, he was a member of the Portfolio Implementations Team and Liquidity Management Unit with primary responsibilities for the money market strategies and fixed income implementations. Previously, he was a Supervisor in SEI's fund accounting department. Disciplinary Information: SIMC is required to disclose any material facts regarding any legal or disciplinary events that would materially impact a client's evaluation of Michael Schafer. No events have occurred that are applicable to this item. Other Business Activities: SIMC is required to disclose any outside business activity or occupation for compensation that could potentially create a conflict of interest with clients. Michael Schafer is not actively engaged in any such activities. Additional Compensation: Additional compensation is not received beyond salary and regular incentive compensation (which may include stock options) for providing advisory services. An additional factor contributing to the incentive compensation calculation may include growth of assets managed by the team. Supervision: The IMU's Structured Credit Team works in a team environment. David Aniloff of the Structured Credit Team, supervises the team's advisory activities on behalf of SIMC by participating in recurring meetings with team June 30, 2022 Institutional Group.