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For use by advisers of regulated intermediaries in accordance with all applicable laws and regulations. Target allocation weights are set at the discretion of SEI and are subject to change. SEI does not show individual holdings information for third-party funds. The investment objectives of the SEI Defensive Fund aim to protect against the risk of a significant loss of capital while providing an opportunity for income and capital growth. * The absolute return asset class aims to exploit active management opportunities that are not always accessible in conventional asset classes, such as equity, fixed interest, or cash. This could involve, for example, investing in long (betting on price appreciation) and short positions (betting on price depreciation), to help generate profits or protect capital in both rising and falling markets. The asset allocation, funds and weightings towards these funds, managers within these funds, and holdings are as at 31 May 2025. 5 Asset Classes Equity 8.05% Fixed Income 56.95% Absolute Return* 2.00% Inflation Sensitive 3.00% Cash and Cash Equivalents 30.00% 15 Sub-Asset Classes Global Managed Volatility 5.50% Select Momentum 1.00% Select Value 1.00% Select Quality 0.55% Global Short Duration 18.80% UK 4.50% High Yield 2.25% Global Short Term 19.00% Global Credit 5.85% Global Government 4.30% Emerging Markets Debt 2.25% Liquid Alternatives 2.00% Inflation Linked Bonds 1.50% Commodities 1.50% Sterling Liquidity 30.00% 36 Investment Mandates SEI SEI SEI SEI RBC BlueBay Asset Management M&G Investments Management Brigade Capital Management SEI Schroder Investment Management Insight Investment Management (Global) Grantham Mayo van Otterloo Dynamic Beta Investments SEI Columbia Threadneedle BlackRock LSV Asset Management Alphinity Investment Management Tocqueville Asset Management PineStone Asset Management Colchester Global Investors Royal London Asset Management Ares Capital Management RBC BlueBay Asset Management Wellington Management International Marathon Asset Management Acadian Asset Management Brickwood Asset Management Lazard Asset Management Benefit Street Partners Wellington Management International Brandywine Global Investment Management Artisan Partners T. Rowe Price International Invesco Advisers J.P. Morgan Investment Management Colchester Global Investors Over 11,000 Holdings 645 253 361 214 501 305 1493 51 3373 2433 1663 63 31 69 SEI Defensive Fund 7

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