SEI Federal ReserveFed Fed

							 Weekly Market Update: December 11, 2009
      Weekly Market Update: November 5, 2010
The Economy                                                                   In the U.K., Materials performed particularly well for the week,
   Economic data from around the globe was fairly positive, but most          followed by Energy and Financials. Information Technology
   numbers took a backseat to talk of interest rates and quantitative         lagged the broader Index.
   easing. These developments reflect SEI’s expectation of a tedious          In Europe, Materials, Industrials and Energy performed well,
   journey toward economic recovery.                                          while Information Technology, Telecommunications and Utilities
   In an effort to drive down interest rates and encourage more               struggled.
   borrowing and growth, the U.S. Federal Reserve (Fed) announced          Bonds
   it will buy $600 billion of U.S. government bonds over the next eight     Global bond markets were flat for the week.
   months. The benchmark interest rate remained at zero to 0.25%.
                                                                             Globally, emerging market debt performed well, and
   The Institute for Supply Management’s (ISM) factory index rose to         investment-grade corporate bonds beat government bonds.
   56.9% in October, as U.S. manufacturing expanded at its fastest
                                                                             U.S. Treasury prices rose near the end of the week, as the
   pace in five months.
                                                                             Fed's launch of a $600 billion bond-buying program increased
   The ISM non-manufacturing index increased to 54.3% in October,            the appeal of government debt in the bond market.
   indicating slightly faster growth in the non-manufacturing sector.
   According to the U.S. Department of Commerce, factory orders                 The Numbers as of
                                                                                                                  1                     1        Friday's
   increased a seasonally adjusted 2.1% in September, assuaging                      Friday                                 YTD
                                                                                                                 Week                  Year       Close*
   fears that industrial activity has slackened.                                November 5, 2010
   Figures from the U.S. Department of Commerce showed that                 Global Equity Indices*
   construction spending increased by 0.5% in September. Despite            MSCI World ($)                         3.5%       8.2%     12.1%         1264.7
   the increase, spending has declined 10.4% from September 2009.           MSCI EAFE ($)                          3.6%       8.6%     12.8%          373.8
   The Mortgage Bankers Association reported that mortgage                  MSCI Emerging Mkts ($)                 4.5%      16.8%     24.3%         1155.9
   applications dipped 5%. Refinancings were down 6.4%.                     US & Canadian Equities
   Initial jobless claims rose by 20,000, according to the U.S.             Dow Jones Industrials ($)              2.9%       9.7%     14.4%        11444.1
   Department of Labor. The economy added 151,000 jobs in October,          S&P 500 ($)                            3.6%       9.9%     14.9%         1225.9
   and the unemployment rate remained unchanged at 9.6%.                    NASDAQ ($)                             2.9%      13.7%     22.5%         2579.0
   The U.S. Department of Commerce reported that personal                   S&P/ TSX Composite (C$)                2.0%      10.0%     15.6%        12925.1
   incomes fell 0.1% in September, while consumer spending                  UK & European Equities
   increased by only 0.2%. Economists believe consumers may be              FTSE All-Share (£)                     3.3%       9.8%     15.5%         3032.6
   directing their efforts toward building savings and eliminating debt.    MSCI Europe ex UK (€)                  1.1%       2.2%      6.9%          940.0
   The Bank of England left U.K. interest rates at 0.5%, as expected.       Asian Equities
   The Monetary Policy Committee announced it would not inject              Topix (yen)                            3.0%      -8.0%     -4.6%          835.0
   additional funds into the economy through quantitative easing.           Hong Kong Hang Seng ($)                7.7%      13.7%     15.8%        24876.8
   The Chartered Institute of Purchasing and Supply recorded the first      MSCI Asia Pac. Ex-Japan ($)            5.6%      16.3%     24.5%          484.5
   monthly gain in U.K. manufacturing output in October in more than        Latin American Equities
   six months.                                                              MSCI EMF Latin America ($)             3.8%      13.8%     18.4%         4686.9
   Growth in the U.K. retail sector has slowed, according to the CBI.       Mexican Bolsa (peso)                   2.1%      13.1%     22.1%        36317.5
                                                                            Brazilian Bovespa (real)               2.7%       5.9%     12.0%        72606.6
   The Irish government announced its intention to implement
   austerity measures, designed to cut the nation’s budget deficit by       Commodities ($)*
   €15 billion over the next four years.                                    West Texas Intermediary Spot           6.7%       9.4%      9.1%           86.9
                                                                            Gold Spot Price                        2.8%      27.1%     28.2%         1396.3
Economic Calendar                                                           Global Bond Indices ($)*
  The ABC News consumer confidence survey, NFIB Small                       Barclays Capital Global Agg.           0.3%       8.7%      8.7%          188.9
  Business Optimism Index and wholesale inventories will be                 JPMorgan Emerging Mkt Bond             1.1%      17.4%     19.4%          547.6
  released on November 9.                                                   10-Year Yield Change (basis points**)
  Initial jobless claims, MBA Mortgage Applications Survey, trade           US Treasury                            -6.9      -130.7      -99.4       2.53%
  balance and the import price index will be released on November 10.       UK Gilt                                -9.9      -103.8      -87.7       2.98%
  Fixed-income markets will be closed on November 11.                       German Bund                           -10.1       -97.0      -93.0       2.42%
  The Reuters/University of Michigan consumer sentiment index will          Japan Govt Bond                        -0.3       -35.9      -51.4       0.94%
  be released on November 12.                                               Canada Govt Bond                        4.2       -76.1      -68.3       2.85%

Stocks                                                                      Currency Returns*
                                                                            US$ per euro***                           1.1%     -1.8%      -5.3%       1.4069
   Global equity markets were positive for the week.
                                                                            Yen per US$                               1.1%     -2.2%     -10.2%        81.36
   In the U.S., value stocks edged growth stocks, and small-company
                                                                            US$ per £***                              1.2%     -9.0%      -2.2%       1.6210
   stocks outperformed large-company stocks. Materials, Industrials,
                                                                            C$ per US$                               -1.7%     -9.7%      -6.0%       0.9997
   and Financials led, while Healthcare and Consumer Staples                Source: Bloomberg, total return. Equity returns are index price only. *New
   lagged.                                                                  York close for Commodities, currency returns, and global equity and bond
                                                                            indices; all else local market close. **100 basis points = 1 percentage point.
                                                                            ***A gain in US$ per euro and £ = a decline in the dollar, and vice-versa.
                                                                                                                                                          1
Index returns are for illustrative purposes only and do not represent actual fund performance.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged
and one cannot invest directly in an index. Past performance does not guarantee future results.

Diversification may not protect against market risk. There are risks involved with investing, including loss of principal.

This material represents an assessment of the market environment at a specific point in time and is not intended to be a
forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as
research or investment advice. This information is for educational purposes only.

SEI Investments Management Corporation (SIMC) is the adviser to the SEI Funds, which are distributed by SEI
Investments Distribution Co (SIDCO). SIMC and SIDCO are wholly owned subsidiaries of SEI Investments Company.

To determine if the Fund(s) are an appropriate investment for you, carefully consider the Fund’s investment objectives, risk
factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus,
which can be obtained by calling 1-800-DIAL-SEI. Please read it carefully before investing.




                                                                                                                             2