Executive Summary

››The spectre of trade wars loomed heavily on the horizon for most of Q2, ultimately causing
the quarter to finish on a weaker note. Investor sentiment was further rattled by arguments
over immigration policy, uncertainty over the impact of rising interest rates as well as a
lack of clarity on Brexit.

››For the Growth-Focused Strategic Portfolios, strategic allocations to emerging markets
equities detracted, while small companies allocations in the US and Europe allocations
were additive to returns. The global developed equities building block, following a difficult
month, gave back the positive relative return it had built up earlier in the year due to a bias
towards valuation-focus managers. A stronger US dollar over the period also provided a
headwind to unhedged, non-US positions, relevant because the SEI strategic portfolios
structurally are global in nature.

››The Growth-Focused Global Strategic Portfolios (the Core, Balanced, Growth and
Aggressive Funds, collectively “the Funds”, US $ Wealth A share class, in USD, net of all
fees) returns ranged between -1.15% and -0.83% in Q1 2018, compared to the 1.73% return
delivered by MSCI World (net) Index and the 3.57% return of the Russell 1000 index over
the same time period. Despite a difficult quarter, over the 1-year period the SEI Global
Aggressive Strategic Portfolio remains in line or ahead of these two indices, net of all fees.

››Performance from the Growth-Focused Global Strategic Portfolios continued to be highly
competitive over the medium term (5 years to 31 March 2017), maintaining these Funds’
positions near the top of their respective peer groups.