Effective July 15, 2022, we removed Lazard Asset Management LLC’s International Equity Value strategy from the SEI Canada International Equity Fund.

Rationale

Organizational changes at Lazard—specifically, a departure at the senior portfolio management level—led us to remove the strategy from the Fund.

The assets in Lazard’s strategy were transferred to the newly-added Pzena Investment Management, LLC’s International Value strategy.

We believe the removal of Lazard and addition of Pzena will improve the Fund’s manager line-up and enhance its exposure to the value alpha source. Value stocks are those that are considered to be cheap and trading for less than they are worth.