SEI Tax-Free Conservative Income F(SIMT) TFCAX

Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. dollar-denominated municipal securities that the fund's sub-adviser (the Sub-Adviser) believes present minimal credit risks to the fund and that pay interest that (i) is exempt from federal income taxes and (ii) is not taxable under the federal alternative minimum tax applicable to individuals.