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2024 SEI ® Data as of 12/31/2023 unless otherwise indicated. 17 Glossary A basis point equals one hundredth of one percent. The federal-funds rate is the interest rate charged to lending institutions on unsecured overnight loans. It is set by the U.S. Federal Reserve's Federal Open Market Committee. The rate is increased when the Federal Reserve wants to discourage borrowing and slow the economy and decreased when the Federal Reserve wants to spur economic growth. The Federal Open Market Committee (FOMC) is a committee within the Federal Reserve System that is charged under U.S. law with overseeing the nation's open market operations. This Federal Reserve committee makes key decisions about interest rates and the growth of the United States money supply. The Global Financial Crisis (GFC) refers to the period of extreme stress in global financial markets and banking systems between mid-2007 and early 2009. Gross domestic product (GDP) is the total monetary or market value of all the goods and services produced in a country during a certain period. Animal spirits refers to the ways that human emotion can drive financial decision-making in uncertain and/or volatile market environments. Policy rates are the interest rates set by central banks. The price-to-earnings (PE) multiple is calculated by dividing the current market price of a stock by the earnings per share. Price/earnings multiples often are used to compare companies in the same industry, or to assess the historical performance of an individual company. Index definitions The Russell 1000 Index tracks the performance of 1000 of the largest U.S. equity securities based on market capitalization. The index is a subset of the Russell 3000 Index, which comprises the 3,000 largest U.S. companies, and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The MSCI World ex USA Index tracks the performance of the large- and mid-cap segments of equity markets across 22 of 23 developed- market countries--excluding the U.S. The index's 887 constituents comprise approximately 85% of the free float- adjusted (i.e., including only shares that are available for public trading) market capitalization in each country. The Russell 2000 Index tracks the performance of the small-cap segment of the U S. equity market. The index is a subset of the Russell 3000 Index, which comprises the 3,000 largest U.S. companies, and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Bloomberg Long Government/Credit Index, the long-term component of the Bloomberg U.S. Credit Index, tracks the performance of U.S. dollar-denominated investment-grade (rated BBB- or higher by S&P Global Ratings/Fitch Ratings or Baa3 or higher by Moody's Investors Service) corporate debt and sovereign, supranational, local authority, and non-U.S. agency bonds with a remaining maturity equal to or greater than 10 years. The average maturity is approximately 20 years. The Bloomberg U.S. Corporate Investment Grade Index is a broad-based benchmark that tracks the performance of the investment-grade (rated BBB- or higher by S&P Global Ratings and Fitch Ratings or Baa3 or higher by Moody's Investors Service), fixed-rate, taxable corporate bond market. The Bloomberg US Corporate High Yield Bond Index tracks the performance of fixed-rate, publicly issued, non-investment-grade (rated BB+ or lower by S&P Global Ratings and Fitch Ratings or Ba1 or lower by Moody's Investors Service) bonds. The MSCI China Index (total return) tracks the performance (including reinvested dividends) of large- and mid-cap stocks in China. The Index's 151 constituents comprise about 85% of the China equity universe. The Bloomberg Commodity Total Return Index comprises futures contracts and tracks the performance of a fully collateralized investment in the index. This combines the returns of the index with the returns on cash collateral invested in 13-week (three- month) U.S. Treasury bills. The consumer-price index (CPI) measures changes in the price level of a weighted-average market basket of consumer goods and services purchased by households.

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