Reo@ Voting Report

The SEI Japan Equity Fund

VOTING RECORDS

FROM:01/04/2019 TO: 30/06/2019

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

A&D Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 7745

Primary ISIN: JP3160130005 Primary SEDOL: 6601388

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Approve Allocation of Income, with a Final Dividend of JPY 10

1

Mgmt For For Elect Director Morishima, Yasunobu 2.1

Mgmt Against For Elect Director Eto, Masatake 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Murata, Yutaka 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ito, Sadao 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takada, Shingo 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Furukawa, Satoshi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Steven Plunkett 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawada, Hiroshi 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Daisho, Yasuhiro 2.9

Mgmt Against For Appoint Statutory Auditor Aya, Katsumi 3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Advantest Corp.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 6857

Primary ISIN: JP3122400009 Primary SEDOL: 6870490

Page 1 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Advantest Corp.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Yoshida, Yoshiaki Mgmt For For

Mgmt For For Elect Director Karatsu, Osamu 1.2

Mgmt For For Elect Director Urabe, Toshimitsu 1.3

Mgmt For For Elect Director Nicholas Benes 1.4

Mgmt For For Elect Director Hans-Juergen Wagner 1.5

Mgmt For For Elect Director Tsukakoshi, Soichi 1.6

Mgmt For For Elect Director Fujita, Atushi 1.7

Mgmt For For Elect Director and Audit Committee Member

Kurita, Yuichi 2.1

Mgmt For For Elect Director and Audit Committee Member

Namba, Koichi 2.2

Mgmt For For Elect Alternate Director and Audit Committee

Member Karatsu, Osamu 3

AEON Co., Ltd.

Meeting Date: 05/29/2019 Country: Japan

Meeting Type: Annual Ticker: 8267

Primary ISIN: JP3388200002 Primary SEDOL: 6480048

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1.1 Elect Director Yoko, Hiroshi Mgmt For For

Mgmt Against For Elect Director Okada, Motoya 1.2

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt For For Elect Director Yamashita, Akinori 1.3

Mgmt For For Elect Director Uchinaga, Yukako 1.4

Mgmt For For Elect Director Nagashima, Toru 1.5

Mgmt For For Elect Director Tsukamoto, Takashi 1.6

Mgmt For For Elect Director Ono, Kotaro 1.7

Mgmt For For Elect Director Peter Child 1.8

Page 2 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

AEON DELIGHT CO., LTD.

Meeting Date: 05/30/2019 Country: Japan

Meeting Type: Annual Ticker: 9787

Primary ISIN: JP3389700000 Primary SEDOL: 6476218

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Amend Articles to Restore Shareholder Authority to Vote on Income Allocation

Mgmt For For

Mgmt Against For Approve Allocation of Income, With a Final Dividend of JPY 32

2

Voter Rationale: Making dividend payments does not appear appropriate when the investigation of accounting irregularities is still underway, and the financial statements are not yet finalized.

Mgmt Against For Approve Deep Discount Stock Option Plan 3

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time. In addition, share options should not be granted to non-executive directors as this may compromise their independence and ability to hold management accountable.

Mgmt For For Elect Director Nakayama, Ippei 4.1

Mgmt For For Elect Director Hamada, Kazumasa 4.2

Mgmt Against For Elect Director Yamazato, Nobuo 4.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Furukawa, Yukio 4.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shikata, Motoyuki 4.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Mito, Hideyuki 4.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yashi, Tajiro 4.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sadaoka, Hiroki 4.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Sato, Hiroyuki 4.9

Mgmt For For Elect Director Fujita, Masaaki 4.10

Mgmt For For Elect Director Hompo, Yoshiaki 4.11

Page 3 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Alfresa Holdings Corp.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 2784

Primary ISIN: JP3126340003 Primary SEDOL: 6687214

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1.1 Elect Director Kanome, Hiroyuki Mgmt For For

Mgmt For For Elect Director Kubo, Taizo 1.2

Mgmt Against For Elect Director Masunaga, Koichi 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Izumi, Yasuki 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Arakawa, Ryuji 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kishida, Seiichi 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Katsuki, Hisashi 1.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shimada, Koichi 1.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Terai, Kimiko 1.9

Mgmt Against For Elect Director Yatsurugi, Yoichiro 1.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Konno, Shiho 1.11

Mgmt For For Approve Trust-Type Equity Compensation Plan 2

Anritsu Corp.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 6754

Primary ISIN: JP3128800004 Primary SEDOL: 6044109

Page 4 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Anritsu Corp.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 13.5 Mgmt For For

Mgmt For For Elect Director Hamada, Hirokazu 2.1

Mgmt For For Elect Director Kubota, Akifumi 2.2

Mgmt For For Elect Director Niimi, Masumi 2.3

Mgmt For For Elect Director Shima, Takeshi 2.4

Mgmt For For Elect Director Seki, Takaya 2.5

Mgmt For For Elect Director Aoki, Kazuyoshi 2.6

Mgmt For For Elect Director and Audit Committee Member

Igarashi, Norio 3.1

Mgmt For For Elect Director and Audit Committee Member

Shimizu, Keiko 3.2

Mgmt For For Elect Director and Audit Committee Member

Taniai, Toshisumi 3.3

Mgmt For For Elect Alternate Director and Audit Committee

Member Sano, Takashi 4

Mgmt For For Approve Annual Bonus 5

Arcs Co., Ltd.

Meeting Date: 05/23/2019 Country: Japan

Meeting Type: Annual Ticker: 9948

Primary ISIN: JP3968600001 Primary SEDOL: 6721930

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 26

Mgmt For For

Mgmt For For Elect Director Miura, Koichi 2.1

Mgmt For For Elect Director Yokoyama, Kiyoshi 2.2

Mgmt Against For Elect Director Furukawa, Koichi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 5 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Arcs Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Muguruma, Akira 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kogarimai, Hideki 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fukuhara, Ikuharu 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Inoue, Koichi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sawada, Tsukasa 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nekomiya, Kazuhisa 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Saeki, Hiroshi 2.10

Mgmt For For Elect Director Sasaki, Ryoko 2.11

Mgmt For For Appoint Statutory Auditor Sagawa, Hiroyuki 3.1

Mgmt For For Appoint Statutory Auditor Takashima, Satoru 3.2

Mgmt For For Appoint Statutory Auditor Ito, Kazunori 3.3

Mgmt For For Appoint Statutory Auditor Tamori, Takayuki 3.4

Mgmt For For Approve Annual Bonus 4

Mgmt Against For Approve Director and Statutory Auditor

Retirement Bonus 5

Voter Rationale: There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Argo Graphics, Inc.

Meeting Date: 06/20/2019 Country: Japan

Meeting Type: Annual Ticker: 7595

Primary ISIN: JP3126110000 Primary SEDOL: 6133687

Page 6 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Argo Graphics, Inc.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 50 Mgmt For For

Mgmt For For Elect Director Fujisawa, Yoshimaro 2.1

Mgmt For For Elect Director Ozaki, Muneshi 2.2

Mgmt Against For Elect Director Nakai, Takanori 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ishikawa, Kiyoshi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujimori, Takeshi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hasebe, Kunio 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Ido, Rieko 2.7

Mgmt For For Elect Director Ito, Norikazu 2.8

Asahi Broadcasting Group Holdings Corp.

Meeting Date: 06/20/2019 Country: Japan

Meeting Type: Annual Ticker: 9405

Primary ISIN: JP3116800008 Primary SEDOL: 6054454

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 18 Mgmt For For

Mgmt For For Amend Articles to Amend Provisions on Director

Titles 2

Mgmt For For Elect Director Okinaka, Susumu 3.1

Mgmt Against For Elect Director Yamamoto, Shinya 3.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 7 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Asahi Broadcasting Group Holdings Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Ogata, Ken 3.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Chihara, Kuniyoshi 3.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yasuda, Takao 3.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kadota, Masato 3.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ozaki, Hiroshi 3.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujii, Tatsuya 3.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kameyama, Keiji 3.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

ASKA Pharmaceutical Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 4514

Primary ISIN: JP3541200006 Primary SEDOL: 6880820

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 7 Mgmt For For

Mgmt Against For Elect Director Yamaguchi, Takashi 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt For For Elect Director Maruo, Atsushi 2.2

Mgmt For For Elect Director Kato, Kazuhiko 2.3

Mgmt For For Elect Director Yamaguchi, Sota 2.4

Mgmt For For Elect Director Fukui, Yuichiro 2.5

Page 8 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

ASKA Pharmaceutical Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Kumano, Ikuo 2.6

Mgmt For For Elect Director Yoshimura, Yasunori 2.7

Mgmt For For Elect Director Yamanaka, Michizo 2.8

Mgmt For For Elect Director Harino, Tsutomu 2.9

Astellas Pharma, Inc.

Meeting Date: 06/18/2019 Country: Japan

Meeting Type: Annual Ticker: 4503

Primary ISIN: JP3942400007 Primary SEDOL: 6985383

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, With a Final Dividend of JPY 19

Mgmt For For

Mgmt Against For Amend Articles to Authorize Board to Determine Income Allocation

2

Voter Rationale: Excess cash should be returned to shareholders when it is not otherwise invested. Shareholders should retain the right to approve the company's dividend policy.

Mgmt For For Elect Director Hatanaka, Yoshihiko 3.1

Mgmt For For Elect Director Yasukawa, Kenji 3.2

Mgmt For For Elect Director Okamura, Naoki 3.3

Mgmt For For Elect Director Sekiyama, Mamoru 3.4

Mgmt For For Elect Director Yamagami, Keiko 3.5

Mgmt For For Elect Director Kawabe, Hiroshi 3.6

Mgmt For For Elect Director Ishizuka, Tatsuro 3.7

Mgmt For For Elect Director and Audit Committee Member

Shibumura, Haruko 4

Mgmt For For Elect Alternate Director and Audit Committee

Member Takahashi, Raita 5

Mgmt For For Approve Fixed Cash Compensation Ceiling and Annual Bonus Ceiling for Directors Who Are Not Audit Committee Members

6

Mgmt For For Approve Trust-Type Equity Compensation Plan 7

Mgmt For For Approve Annual Bonus 8

Page 9 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Bando Chemical Industries Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 5195

Primary ISIN: JP3779000003 Primary SEDOL: 6075068

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 16

Mgmt For For

Mgmt For For Elect Director Yoshii, Mitsutaka 2.1

Mgmt Against For Elect Director Kashiwada, Shinji 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Someda, Atsushi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hata, Katsuhiko 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Capcom Co., Ltd.

Meeting Date: 06/17/2019 Country: Japan

Meeting Type: Annual Ticker: 9697

Primary ISIN: JP3218900003 Primary SEDOL: 6173694

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 20

Mgmt For For

Mgmt For For Amend Articles to Amend Business Lines 2

Mgmt For For Elect Director Tsujimoto, Kenzo 3.1

Mgmt For For Elect Director Tsujimoto, Haruhiro 3.2

Mgmt For For Elect Director Egawa, Yoichi 3.3

Mgmt For For Elect Director Nomura, Kenkichi 3.4

Mgmt For For Elect Director Neo, Kunio 3.5

Mgmt For For Elect Director Sato, Masao 3.6

Mgmt For For Elect Director Muranaka, Toru 3.7

Page 10 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Capcom Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Mizukoshi, Yutaka 3.8

C'BON COSMETICS Co., Ltd.

Meeting Date: 06/24/2019 Country: Japan

Meeting Type: Annual Ticker: 4926

Primary ISIN: JP3347130001 Primary SEDOL: B3YP9R1

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Amend Articles to Indemnify Directors - Indemnify Statutory Auditors

Mgmt For For

Mgmt Against For Elect Director Inuzuka, Masahiro 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Mikami, Naoko 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sakiyama, Kazuhiro 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Katayama, Toshio 2.4

Mgmt Against For Elect Director Kobayashi, Akihiko 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kadowaki, Hideharu 2.6

Mgmt Against For Elect Director Sai, Masumi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Nakazawa, Hiromi 3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Central Japan Railway Co.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 9022

Primary ISIN: JP3566800003 Primary SEDOL: 6183552

Page 11 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Central Japan Railway Co.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 75 Mgmt For For

Mgmt Against For Elect Director Niwa, Shunsuke 2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Appoint Statutory Auditor Fujii, Hidenori 3.1

Mgmt For For Appoint Statutory Auditor Ishizu, Hajime 3.2

Mgmt For For Appoint Statutory Auditor Yamashita, Fumio 3.3

Mgmt For For Appoint Statutory Auditor Kifuji, Shigeo 3.4

Mgmt For For Appoint Statutory Auditor Nasu, Kunihiro 3.5

Central Security Patrols Co., Ltd.

Meeting Date: 05/30/2019 Country: Japan

Meeting Type: Annual Ticker: 9740

Primary ISIN: JP3425400003 Primary SEDOL: 6184782

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 20

Mgmt For For

Mgmt For For Elect Director Kamada, Shinichiro 2.1

Mgmt For For Elect Director Sawamoto, Takashi 2.2

Mgmt Against For Elect Director Kokubo, Masaaki 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Omata, Rikio 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yokotsuka, Atsushi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Horiba, Hirofumi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 12 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Central Security Patrols Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Kanno, Shuichi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Suzuki, Gaku 2.8

Mgmt Against For Elect Director Hiyama, Takeo 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Ito, Atsuko 3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Approve Trust-Type Equity Compensation Plan 4

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Mgmt For For Approve Compensation Ceiling for Directors 5

Cleanup Corp.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 7955

Primary ISIN: JP3270200003 Primary SEDOL: 6203513

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 10

Mgmt For For

Mgmt For For Appoint Statutory Auditor Yamane, Yasumasa 2.1

Mgmt For For Appoint Statutory Auditor Araya, Kenichi 2.2

Mgmt For For Appoint Statutory Auditor Takashina, Akira 2.3

Mgmt For For Appoint Alternate Statutory Auditor Aruga, Fuminobu

3

Corona Corp.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 5909

Primary ISIN: JP3305950002 Primary SEDOL: 6183303

Page 13 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Corona Corp.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 14 Mgmt For For

Mgmt Against For Elect Director Uchida, Tsutomu 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Kobayashi, Kazuyoshi 2.2

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Osabe, Hideo 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sekiya, Shinichi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shibuki, Hideharu 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Uchida, Mamoru 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Koike, Hitoshi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Wakamoto, Shojiro 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kido, Eiichi 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nishiyama, Akihiko 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Omomo, Mitsuru 2.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director and Audit Committee Member Matsudaira, Fumitaka

3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent â?? and companies should strive to make them fully independent.

Page 14 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Corona Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Alternate Director and Audit Committee

Member Sugimoto, Masayoshi 4

Voter Rationale: The audit committee should be majority independent â?? and companies should strive to make them fully independent.

Mgmt Against For Approve Director Retirement Bonus 5

Voter Rationale: There should be disclosure of the total award of retirement bonuses.

Mgmt Against For Approve Director Retirement Bonus 6

Voter Rationale: There should be disclosure of the total award of retirement bonuses.

Dai Nippon Printing Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 7912

Primary ISIN: JP3493800001 Primary SEDOL: 6250906

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 32 Mgmt For For

Mgmt Against For Elect Director Kitajima, Yoshitoshi 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Kitajima, Yoshinari 2.2

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Morino, Tetsuji 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Wada, Masahiko 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Inoue, Satoru 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Miya, Kenji 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tsukada, Tadao 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 15 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Dai Nippon Printing Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Miyajima, Tsukasa 2.8

Mgmt For For Elect Director Tomizawa, Ryuichi 2.9

Mgmt Against For Appoint Statutory Auditor Hoshino, Naoki 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Matsura, Makoto 3.2

Mgmt Against For Appoint Statutory Auditor Sano, Toshio 3.3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Morigayama, Kazuhisa 3.4

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Daiho Corp.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 1822

Primary ISIN: JP3498600000 Primary SEDOL: 6250360

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 75 Mgmt For For

Mgmt For For Elect Director Tada, Fumio 2.1

Mgmt For For Elect Director Nakasugi, Masanobu 2.2

Mgmt For For Elect Director Morishita, Kakue 2.3

Mgmt For For Elect Director Nagata, Shuichi 2.4

Mgmt For For Elect Director Kawaguchi, Tetsuro 2.5

Mgmt For For Elect Director Kakitsuba, Kimiyoshi 2.6

Mgmt For For Elect Director Machino, Shizu 2.7

Mgmt For For Approve Compensation Ceiling for Directors 3

Mgmt Against For Approve Trust-Type Equity Compensation Plan 4

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Page 16 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Dai-ichi Life Holdings, Inc.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 8750

Primary ISIN: JP3476480003 Primary SEDOL: B601QS4

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, With a Final Dividend of JPY 58

Mgmt For For

Mgmt For For Elect Director Watanabe, Koichiro 2.1

Mgmt For For Elect Director Inagaki, Seiji 2.2

Mgmt For For Elect Director Tsuyuki, Shigeo 2.3

Mgmt For For Elect Director Tsutsumi, Satoru 2.4

Mgmt For For Elect Director Ishii, Kazuma 2.5

Mgmt For For Elect Director Taketomi, Masao 2.6

Mgmt For For Elect Director Teramoto, Hideo 2.7

Mgmt For For Elect Director George Olcott 2.8

Mgmt For For Elect Director Maeda, Koichi 2.9

Mgmt For For Elect Director Inoue, Yuriko 2.10

Mgmt For For Elect Director Shingai, Yasushi 2.11

Daito Trust Construction Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 1878

Primary ISIN: JP3486800000 Primary SEDOL: 6250508

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 309 Mgmt For For

Mgmt For For Elect Director Kobayashi, Katsuma 2.1

Mgmt Against For Elect Director Kawai, Shuji 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 17 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Daito Trust Construction Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Takeuchi, Kei 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Uchida, Kanitsu 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Saito, Kazuhiko 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakagawa, Takeshi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sato, Koji 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakagami, Fumiaki 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Yamaguchi, Toshiaki 2.9

Mgmt For For Elect Director Sasaki, Mami 2.10

Mgmt For For Elect Director Shoda, Takashi 2.11

Mgmt For For Approve Trust-Type Equity Compensation Plan 3

Daiwa House Industry Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 1925

Primary ISIN: JP3505000004 Primary SEDOL: 6251363

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 64

Mgmt For For

Mgmt For For Elect Director Higuchi, Takeo 2.1

Mgmt For For Elect Director Yoshii, Keiichi 2.2

Page 18 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Daiwa House Industry Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Ishibashi, Tamio 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kosokabe, Takeshi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tsuchida, Kazuto 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujitani, Osamu 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamamoto, Makoto 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tanabe, Yoshiaki 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Otomo, Hirotsugu 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Urakawa, Tatsuya 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Dekura, Kazuhito 2.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ariyoshi, Yoshinori 2.12

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shimonishi, Keisuke 2.13

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kimura, Kazuyoshi 2.14

Mgmt For For Elect Director Shigemori, Yutaka 2.15

Mgmt For For Elect Director Yabu, Yukiko 2.16

Mgmt Against For Appoint Statutory Auditor Oda, Shonosuke 3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 19 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Daiwa House Industry Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Approve Compensation Ceiling for Statutory

Auditors 4

Mgmt For For Approve Annual Bonus 5

Mgmt Against For Approve Trust-Type Equity Compensation Plan 6

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Mgmt For For Approve Restricted Stock Plan 7

Daiwabo Holdings Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 3107

Primary ISIN: JP3505400006 Primary SEDOL: 6251426

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 200 Mgmt For For

Mgmt For For Elect Director Sakaguchi, Masaaki 2.1

Mgmt For For Elect Director Nogami, Yoshihiro 2.2

Mgmt Against For Elect Director Sawaki, Yuji 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nishimura, Yukihiro 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Saito, Kiyokazu 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Arichi, Kunihiko 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Matsumoto, Hiroyuki 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Dohi, Kenichi 2.8

Mgmt For For Elect Director Nakamura, Kazuyuki 2.9

Page 20 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Daiwabo Holdings Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Appoint Statutory Auditor Ueda, Masuji 3

DTS Corp.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 9682

Primary ISIN: JP3548500002 Primary SEDOL: 6255699

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 60

Mgmt For For

Mgmt For For Elect Director Nishida, Koichi 2.1

Mgmt For For Elect Director Sakamoto, Takao 2.2

Mgmt For For Elect Director Takeuchi, Minoru 2.3

Mgmt For For Elect Director Kobayashi, Hirotoshi 2.4

Mgmt For For Elect Director Asami, Isao 2.5

Mgmt For For Elect Director Hagiwara, Tadayuki 2.6

Mgmt For For Elect Director Suzuki, Shigehiko 2.7

Mgmt For For Elect Director Hirata, Masayuki 2.8

Mgmt For For Elect Director Shishido, Shinya 2.9

Mgmt For For Appoint Statutory Auditor Takei, Yutaka 3

Duskin Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 4665

Primary ISIN: JP3505900005 Primary SEDOL: B1GVJ73

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 20 Mgmt For For

Page 21 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Duskin Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Yamamura, Teruji 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt For For Elect Director Miyajima, Kenichi 2.2

Mgmt For For Elect Director Okai, Kazuo 2.3

Mgmt For For Elect Director Narahara, Junichi 2.4

Mgmt For For Elect Director Sumimoto, Kazushi 2.5

Mgmt For For Elect Director Suzuki, Taku 2.6

Mgmt For For Elect Director Yamamoto, Tadashi 2.7

Mgmt For For Elect Director Yoshizumi, Tomoya 2.8

Mgmt For For Elect Director Sekiguchi, Nobuko 2.9

Eisai Co., Ltd.

Meeting Date: 06/20/2019 Country: Japan

Meeting Type: Annual Ticker: 4523

Primary ISIN: JP3160400002 Primary SEDOL: 6307200

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1.1 Elect Director Naito, Haruo Mgmt For Against

Voter Rationale: Poison Pill Deployment without Shareholder Approval.

Mgmt For For Elect Director Kato, Yasuhiko 1.2

Mgmt For For Elect Director Kanai, Hirokazu 1.3

Mgmt For For Elect Director Kakizaki, Tamaki 1.4

Mgmt For For Elect Director Tsunoda, Daiken 1.5

Mgmt For For Elect Director Bruce Aronson 1.6

Mgmt For For Elect Director Tsuchiya, Yutaka 1.7

Mgmt For For Elect Director Kaihori, Shuzo 1.8

Mgmt For For Elect Director Murata, Ryuichi 1.9

Mgmt For For Elect Director Uchiyama, Hideyo 1.10

Mgmt For For Elect Director Hayashi, Hideki 1.11

Page 22 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Electric Power Development Co., Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 9513

Primary ISIN: JP3551200003 Primary SEDOL: B02Q328

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 40

Mgmt For For

Mgmt For For Elect Director Kitamura, Masayoshi 2.1

Mgmt For For Elect Director Watanabe, Toshifumi 2.2

Mgmt Against For Elect Director Murayama, Hitoshi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Uchiyama, Masato 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Urashima, Akihito 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Onoi, Yoshiki 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Minaminosono, Hiromi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sugiyama, Hiroyasu 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tsukuda, Hideki 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Honda, Makoto 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kanno, Hitoshi 2.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kajitani, Go 2.12

Page 23 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Electric Power Development Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Ito, Tomonori 2.13

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director John Buchanan 2.14

Mgmt For For Appoint Statutory Auditor Otsuka, Mutsutake 3.1

Mgmt For For Appoint Statutory Auditor Nakanishi, Kiyoshi 3.2

FALCO HOLDINGS Co., Ltd.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 4671

Primary ISIN: JP3802650006 Primary SEDOL: 6354853

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 23 Mgmt For For

Mgmt For For Elect Director Yasuda, Tadashi 2.1

Mgmt Against For Elect Director Matsubara, Nobumasa 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Onishi, Norikazu 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawata, Yoichi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Goda, Tetsuo 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Naito, Kinya 2.6

Mgmt For For Elect Director Katsuyama, Takehiko 2.7

Page 24 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

FANCL Corp.

Meeting Date: 06/22/2019 Country: Japan

Meeting Type: Annual Ticker: 4921

Primary ISIN: JP3802670004 Primary SEDOL: 6131261

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1.1 Elect Director Ikemori, Kenji Mgmt For For

Mgmt For For Elect Director Miyajima, Kazuyoshi 1.2

Mgmt For For Elect Director Shimada, Kazuyuki 1.3

Mgmt For For Elect Director Yamaguchi, Tomochika 1.4

Mgmt For For Elect Director Tsurusaki, Toru 1.5

Mgmt For For Elect Director Ishigami, Yukihiro 1.6

Mgmt For For Elect Director Ikeda, Norito 1.7

Mgmt For For Elect Director Koseki, Katsunori 1.8

Mgmt For For Elect Director Nakakubo, Mitsuaki 1.9

Feed One Co., Ltd.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 2060

Primary ISIN: JP3802960009 Primary SEDOL: BQQ1JQ7

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 4.5 Mgmt For For

Mgmt For For Elect Director Yamauchi, Takashi 2.1

Mgmt For For Elect Director Noguchi, Takashi 2.2

Mgmt For For Elect Director Hatanaka, Naoki 2.3

Mgmt For For Elect Director Suzuki, Tsuneo 2.4

Mgmt For For Elect Director Arakida, Yukihiro 2.5

Mgmt For For Elect Director Okada, Yasuhiko 2.6

Mgmt For For Elect Director Ishizuka, Akio 2.7

Mgmt For For Elect Director Nagoya, Yutaka 2.8

Page 25 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Feed One Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Kubota, Kikue 2.9

FIDEA Holdings Co. Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 8713

Primary ISIN: JP3802940001 Primary SEDOL: B3X0911

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Tao, Yuichi Mgmt For For

Mgmt For For Elect Director Ueno, Masashi 1.2

Mgmt For For Elect Director Ito, Arata 1.3

Mgmt For For Elect Director Shiota, Keiji 1.4

Mgmt For For Elect Director Nishibori, Satoru 1.5

Mgmt For For Elect Director Ogawa, Shoichi 1.6

Mgmt For For Elect Director Fukuda, Kyoichi 1.7

Mgmt For For Elect Director Hori, Yutaka 1.8

Mgmt For For Elect Director Sato, Hiroyuki 1.9

Mgmt For For Elect Director Miyauchi, Shinobu 1.10

SH Against Against Amend Articles to Hand over Petition Calling for Abolition of Negative Interest Rate Policy to Governor of the Bank of Japan

2

Voter Rationale: The proposed content falls within the realm of matters best left to the discretion of management under board oversight.

SH Against Against Amend Articles to Repay All Public Funds in

2019-20 Fiscal Year 3

Voter Rationale: The proposed content falls within the realm of matters best left to the discretion of management under board oversight.

Fujikura Kasei Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 4620

Primary ISIN: JP3811200009 Primary SEDOL: 6356729

Page 26 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Fujikura Kasei Co., Ltd.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 8 Mgmt For For

Mgmt For For Amend Articles to Adopt Board Structure with Audit Committee - Amend Provisions on Number of Directors - Clarify Director Authority on Board Meetings - Authorize Directors to Execute Day to Day Operations without Full Board Approval

2

Mgmt For For Elect Director Kato, Daisuke 3.1

Mgmt Against For Elect Director Ueda, Hikoji 3.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shimoda, Yoshizo 3.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kajiwara, Hisashi 3.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Watanabe, Hiroaki 3.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takano, Masahiro 3.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Watanabe, Satoshi 3.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Tanaka, Osamu 3.8

Mgmt Against For Elect Director Nagahama, Yoichi 3.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director and Audit Committee Member

Saisu, Yuzo 4.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director and Audit Committee Member Naka, Mitsuyoshi

4.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director and Audit Committee Member Watanabe, Takashi

4.3

Page 27 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Fujikura Kasei Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Alternate Director and Audit Committee

Member Miyagawa, Hiroshi 5

Mgmt For For Approve Compensation Ceiling for Directors

Who Are Not Audit Committee Members 6

Mgmt For For Approve Compensation Ceiling for Directors

Who Are Audit Committee Members 7

Fujimi, Inc.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 5384

Primary ISIN: JP3820900003 Primary SEDOL: 6355276

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 47

Mgmt For For

Mgmt For For Elect Director Seki, Keishi 2.1

Mgmt Against For Elect Director Ito, Hirokazu 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Suzuki, Akira 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Owaki, Toshiki 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Suzuki, Katsuhiro 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kawashita, Masami 2.6

Mgmt For For Elect Director Asai, Yoshitsugu 2.7

Mgmt For For Appoint Statutory Auditor Takahashi, Masahiko 3

Mgmt For For Appoint Alternate Statutory Auditor Hayashi, Nobufumi

4

Page 28 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Fujitsu Frontech Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 6945

Primary ISIN: JP3818200002 Primary SEDOL: 6357261

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1.1 Elect Director Yoshida, Naoki Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kimura, Atsunori 1.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kawakami, Hiromu 1.3

Mgmt Against For Elect Director Watabe, Hiroshi 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kushida, Ryuji 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sawada, Yoichi 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director and Audit Committee Member Kubota, Ryuichi

2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent – and companies should strive to make them fully independent.

Mgmt For For Approve Annual Bonus 3

Fujitsu Ltd.

Meeting Date: 06/24/2019 Country: Japan

Meeting Type: Annual Ticker: 6702

Primary ISIN: JP3818000006 Primary SEDOL: 6356945

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Tanaka, Tatsuya Mgmt For For

Page 29 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Fujitsu Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Yamamoto, Masami 1.2

Mgmt For For Elect Director Kojima, Kazuto 1.3

Mgmt For For Elect Director Yokota, Jun 1.4

Mgmt For For Elect Director Mukai, Chiaki 1.5

Mgmt For For Elect Director Abe, Atsushi 1.6

Mgmt For For Elect Director Kojo, Yoshiko 1.7

Mgmt For For Elect Director Tokita, Takahito 1.8

Mgmt For For Elect Director Furuta, Hidenori 1.9

Mgmt For For Elect Director Yasui, Mitsuya 1.10

Mgmt For For Appoint Statutory Auditor Hatsukawa, Koji 2

Fukuyama Transporting Co., Ltd.

Meeting Date: 06/19/2019 Country: Japan

Meeting Type: Annual Ticker: 9075

Primary ISIN: JP3806800003 Primary SEDOL: 6357120

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 30

Mgmt For For

Mgmt Against For Amend Articles to Authorize Board to Determine Income Allocation

2

Voter Rationale: Excess cash should be returned to shareholders when it is not otherwise invested. Shareholders should retain the right to approve the company's dividend policy.

Mgmt For For Elect Director Komaru, Shigehiro 3.1

Mgmt For For Elect Director Kumano, Hiroyuki 3.2

Mgmt For For Elect Director Nagahara, Eiju 3.3

Mgmt For For Elect Director Mukai, Shuya 3.4

Mgmt For For Elect Director Wadabayashi, Michiyoshi 3.5

Mgmt For For Elect Director Kusaka, Shingo 3.6

Mgmt Against For Elect Director Arita, Tomoyoshi 3.7

Voter Rationale: Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.

Mgmt For For Elect Director Maeda, Miho 3.8

Page 30 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Fukuyama Transporting Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Nonaka, Tomoko 3.9

Mgmt For For Appoint Statutory Auditor Sasaki, Nobuhiko 4

Mgmt Against For Approve Director Retirement Bonus 5

Voter Rationale: There should be disclosure of the total award of retirement bonuses.

Fuso Pharmaceutical Industries Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 4538

Primary ISIN: JP3823600006 Primary SEDOL: 6357829

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 40

Mgmt For For

Mgmt Against For Elect Director Toda, Mikio 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Toda, Takao 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Miyanagi, Junichi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Chigita, Takahiko 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nishimura, Shokichi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Matsui, Yukinobu 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takahashi, Sadao 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Oka, Junichi 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 31 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Fuso Pharmaceutical Industries Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Ito, Masanori 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Naka, Toshihito 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Koga, Akira 2.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Otani, Hideki 2.12

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Sudo, Minoru 2.13

Mgmt For For Elect Director Kawaguchi, Hiroyasu 2.14

G-7 Holdings, Inc.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 7508

Primary ISIN: JP3172450003 Primary SEDOL: 6034188

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Amend Articles to Amend Provisions on Director Titles

Mgmt For For

Mgmt Against For Elect Director Kinoshita, Mamoru 2.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kaneda, Tatsumi 2.2

Mgmt For For Elect Director Kinoshita, Norio 2.3

Mgmt Against For Elect Director Kishimoto, Yasumasa 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Matsuda, Yukitoshi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 32 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

G-7 Holdings, Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Seki, Daisaku 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tamaki, Isao 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Sakamoto, Mitsuru 2.8

Mgmt For For Elect Director Shida, Yukihiro 2.9

Mgmt Against For Appoint Statutory Auditor Nishii, Hiroki 3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Alternate Statutory Auditor Kato, Yasuhiko

4.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Alternate Statutory Auditor Yoneda, Koji 4.2

HABA Laboratories, Inc.

Meeting Date: 06/16/2019 Country: Japan

Meeting Type: Annual Ticker: 4925

Primary ISIN: JP3765130004 Primary SEDOL: 6614494

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1.1 Elect Director Koyanagi, Noriko Mgmt For For

Mgmt For For Elect Director Fujii, Akio 1.2

Mgmt For For Elect Director Miyazaki, Kazunari 1.3

Mgmt For For Elect Director Komata, Noriyasu 1.4

Mgmt For For Elect Director Nanri, Midori 1.5

Mgmt For For Elect Director and Audit Committee Member Umeda, Tsunekazu

2.1

Mgmt For For Elect Director and Audit Committee Member Arikawa, Yoshiko

2.2

Mgmt For For Elect Director and Audit Committee Member Yamato, Kayoko

2.3

Mgmt For For Approve Director Retirement Bonus 3

Page 33 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Hakuhodo DY Holdings, Inc.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 2433

Primary ISIN: JP3766550002 Primary SEDOL: B05LZ02

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 14

Mgmt For For

Mgmt Against For Elect Director Narita, Junji 2.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Toda, Hirokazu 2.2

Mgmt Against For Elect Director Matsuzaki, Mitsumasa 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Imaizumi, Tomoyuki 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakatani, Yoshitaka 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nishioka, Masanori 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Mizushima, Masayuki 2.7

Mgmt Against For Elect Director Ochiai, Hiroshi 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujinuma, Daisuke 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yajima, Hirotake 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Matsuda, Noboru 2.11

Mgmt Against For Elect Director Hattori, Nobumichi 2.12

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Yamashita, Toru 2.13

Page 34 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Hakuhodo DY Holdings, Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Appoint Statutory Auditor Nishimura, Osamu 3.1

Mgmt For For Appoint Statutory Auditor Yamaguchi, Katsuyuki 3.2

Hamakyorex Co., Ltd.

Meeting Date: 06/18/2019 Country: Japan

Meeting Type: Annual Ticker: 9037

Primary ISIN: JP3771150004 Primary SEDOL: 6051444

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Amend Articles to Allow Sales of Supplementary Shares to Odd-Lot Holders

Mgmt For For

Mgmt For For Elect Director Osuka, Masataka 2.1

Mgmt For For Elect Director Osuka, Hidenori 2.2

Mgmt Against For Elect Director Yamazaki, Hiroyasu 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Okutsu, Yasuo 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ariga, Akio 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamaoka, Tsuyoshi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nasuda, Kiichi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Miyagawa, Isamu 2.8

Mgmt Against For Elect Director Otsu, Yoshitaka 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Yokohara, Sachio 3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 35 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Haruyama Holdings, Inc.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 7416

Primary ISIN: JP3773600006 Primary SEDOL: 6419815

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Amend Articles to Amend Business Lines Mgmt For For

Mgmt Against For Elect Director Haruyama, Masashi 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt For For Elect Director Ito, Taku 2.2

Mgmt For For Elect Director Matsuda, Yoshinari 2.3

Mgmt For For Elect Director Sugaya, Takako 2.4

Mgmt Against For Appoint Statutory Auditor Nakagawa, Masafumi 3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Approve Takeover Defense Plan (Poison Pill) 4

Voter Rationale: Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.

HASEKO Corp.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 1808

Primary ISIN: JP3768600003 Primary SEDOL: 6414401

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 70 Mgmt For For

Mgmt For For Amend Articles to Reduce Directors' Term 2

Mgmt For For Elect Director Oguri, Ikuo 3.1

Mgmt For For Elect Director Tsuji, Noriaki 3.2

Mgmt For For Elect Director Muratsuka, Shosuke 3.3

Mgmt For For Elect Director Ikegami, Kazuo 3.4

Page 36 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

HASEKO Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Tani, Junichi 3.5

Mgmt For For Elect Director Tani, Nobuhiro 3.6

Mgmt For For Elect Director Murakawa, Toshiyuki 3.7

Mgmt For For Elect Director Naraoka, Shoji 3.8

Mgmt For For Elect Director Amano, Kohei 3.9

Mgmt For For Elect Director Takahashi, Osamu 3.10

Mgmt For For Elect Director Ichimura, Kazuhiko 3.11

Mgmt For For Elect Director Kogami, Tadashi 3.12

Mgmt For For Elect Director Nagasaki, Mami 3.13

Mgmt For For Appoint Statutory Auditor Chikayama, Takahisa 4

HEIWADO CO., LTD.

Meeting Date: 05/16/2019 Country: Japan

Meeting Type: Annual Ticker: 8276

Primary ISIN: JP3834400008 Primary SEDOL: 6419611

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 18

Mgmt For For

Mgmt For For Elect Director Natsuhara, Hirakazu 2.1

Mgmt For For Elect Director Hiramatsu, Masashi 2.2

Mgmt Against For Elect Director Natsuhara, Kohei 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Natsuhara, Yohei 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tabuchi, Hisashi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fukushima, Shigeru 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 37 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

HEIWADO CO., LTD. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Tanaka, Hitoshi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kosugi, Shigeki 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Hitachi Ltd.

Meeting Date: 06/19/2019 Country: Japan

Meeting Type: Annual Ticker: 6501

Primary ISIN: JP3788600009 Primary SEDOL: 6429104

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Ihara, Katsumi Mgmt For For

Mgmt For For Elect Director Cynthia Carroll 1.2

Mgmt For For Elect Director Joe Harlan 1.3

Mgmt For For Elect Director George Buckley 1.4

Mgmt For For Elect Director Louise Pentland 1.5

Mgmt For For Elect Director Mochizuki, Harufumi 1.6

Mgmt For For Elect Director Yamamoto, Takatoshi 1.7

Mgmt For For Elect Director Yoshihara, Hiroaki 1.8

Mgmt For For Elect Director Nakanishi, Hiroaki 1.9

Mgmt For For Elect Director Nakamura, Toyoaki 1.10

Mgmt For For Elect Director Higashihara, Toshiaki 1.11

SH Against Against Remove Existing Director Nakamura, Toyoaki 2

Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- The proponent makes no persuasive case that there was a lack of oversight by Toyoaki Nakamura, the board as a whole, or Hitachi's management with regard to a possible subsidiary issue.- This proposal, which is valid only until the close of this meeting, is practically meaningless.

Page 38 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Hochiki Corp.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 6745

Primary ISIN: JP3837400005 Primary SEDOL: 6430065

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 25

Mgmt For For

Mgmt For For Amend Articles to Clarify Director Authority on Shareholder Meetings - Amend Provisions on Director Titles - Clarify Director Authority on Board Meetings

2

Mgmt For For Elect Director Kanamori, Kenji 3.1

Mgmt For For Elect Director Yamagata, Akio 3.2

Mgmt Against For Elect Director Hosoi, Hajime 3.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Imai, Makoto 3.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Uemura, Hiroyuki 3.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Noguchi, Tomoatsu 3.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kobayashi, Yasuharu 3.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Itani, Kazuhito 3.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Mori, Satoshi 3.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yonezawa, Michihiro 3.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ikeda, Tomoki 3.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 39 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Hochiki Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Amano, Kiyoshi 3.12

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yagi, Kimihiko 3.13

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Nakamura, Masahide 4.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Adachi, Minako 4.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Honda Motor Co., Ltd.

Meeting Date: 06/19/2019 Country: Japan

Meeting Type: Annual Ticker: 7267

Primary ISIN: JP3854600008 Primary SEDOL: 6435145

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1.1 Elect Director Mikoshiba, Toshiaki Mgmt For For

Mgmt For For Elect Director Hachigo, Takahiro 1.2

Mgmt For For Elect Director Kuraishi, Seiji 1.3

Mgmt For For Elect Director Yamane, Yoshi 1.4

Mgmt For For Elect Director Takeuchi, Kohei 1.5

Mgmt For For Elect Director Ozaki, Motoki 1.6

Mgmt For For Elect Director Koide, Hiroko 1.7

Mgmt For For Elect Director Ito, Takanobu 1.8

Mgmt For For Elect Director and Audit Committee Member Yoshida, Masahiro

2.1

Mgmt For For Elect Director and Audit Committee Member Suzuki, Masafumi

2.2

Mgmt For For Elect Director and Audit Committee Member Takaura, Hideo

2.3

Mgmt For For Elect Director and Audit Committee Member Tamura, Mayumi

2.4

Page 40 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Honda Motor Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director and Audit Committee Member

Sakai, Kunihiko 2.5

Hosiden Corp.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 6804

Primary ISIN: JP3845800006 Primary SEDOL: 6439813

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 15

Mgmt For For

Mgmt For For Elect Director Furuhashi, Kenji 2.1

Mgmt For For Elect Director Kitatani, Haremi 2.2

Mgmt For For Elect Director Shigeno, Yasuhiro 2.3

Mgmt For For Elect Director Hombo, Shinji 2.4

Mgmt For For Elect Director Takahashi, Kenichi 2.5

Mgmt For For Elect Director Horie, Hiroshi 2.6

Mgmt For For Appoint Statutory Auditor Maruno, Susumu 3

Mgmt Against For Appoint Alternate Statutory Auditor Nishimura, Kazunori

4.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Alternate Statutory Auditor Mori,

Masashi 4.2

Mgmt For For Approve Annual Bonus 5

HOYA Corp.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 7741

Primary ISIN: JP3837800006 Primary SEDOL: 6441506

Page 41 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

HOYA Corp.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Uchinaga, Yukako Mgmt For For

Mgmt For For Elect Director Urano, Mitsudo 1.2

Mgmt For For Elect Director Takasu, Takeo 1.3

Mgmt For For Elect Director Kaihori, Shuzo 1.4

Mgmt For For Elect Director Yoshihara, Hiroaki 1.5

Mgmt For For Elect Director Suzuki, Hiroshi 1.6

Human Holdings Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 2415

Primary ISIN: JP3794520001 Primary SEDOL: B02QLV3

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 22.5

Mgmt For For

Mgmt Against For Elect Director Sato, Koichi 2.1

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Sato, Tomonari 2.2

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Kurosaki, Kosuke 2.3

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Moromikawa, Kazuomi 2.4

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Page 42 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Human Holdings Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Sato, Yasuhiro 2.5

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Ozawa, Kentaro 2.6

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Otaya, Mitsugu 2.7

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Kawakami, Teruyuki 2.8

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Setoguchi, Shinya 2.9

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Odajima, Hidekazu 2.10

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Appoint Statutory Auditor Niimi, Masaru 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Ishibashi, Yasuo 3.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Hayashi, Kosaku 3.3

Mgmt For For Appoint Alternate Statutory Auditor Nishioka, Kaihei

4

Page 43 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

ITOCHU Corp.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 8001

Primary ISIN: JP3143600009 Primary SEDOL: 6467803

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 46

Mgmt For For

Mgmt For For Elect Director Okafuji, Masahiro 2.1

Mgmt For For Elect Director Suzuki, Yoshihisa 2.2

Mgmt For For Elect Director Yoshida, Tomofumi 2.3

Mgmt For For Elect Director Fukuda, Yuji 2.4

Mgmt For For Elect Director Kobayashi, Fumihiko 2.5

Mgmt For For Elect Director Hachimura, Tsuyoshi 2.6

Mgmt For For Elect Director Muraki, Atsuko 2.7

Mgmt For For Elect Director Mochizuki, Harufumi 2.8

Mgmt For For Elect Director Kawana, Masatoshi 2.9

Mgmt For For Elect Director Nakamori, Makiko 2.10

Mgmt For For Appoint Statutory Auditor Uryu, Kentaro 3

Mgmt For For Approve Fixed Cash Compensation Ceiling and Performance-Based Cash Compensation Ceiling

for Directors

4

Itochu-Shokuhin Co., Ltd.

Meeting Date: 06/20/2019 Country: Japan

Meeting Type: Annual Ticker: 2692

Primary ISIN: JP3143700007 Primary SEDOL: 6327855

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 37.5 Mgmt For For

Mgmt Against For Elect Director Okamoto, Hitoshi 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Page 44 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Itochu-Shokuhin Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Ogama, Kenichi 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawaguchi, Koichi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawahara, Mitsuo 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Osaki, Tsuyoshi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakajima, Satoshi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hosomi, Kensuke 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Hashimoto, Ken 2.8

Mgmt Against For Elect Director Miyasaka, Yasuyuki 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Okuda, Takako 2.10

Japan Airlines Co., Ltd.

Meeting Date: 06/18/2019 Country: Japan

Meeting Type: Annual Ticker: 9201

Primary ISIN: JP3705200008 Primary SEDOL: B8BRV46

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 55 Mgmt For For

Mgmt For For Elect Director Ueki, Yoshiharu 2.1

Mgmt For For Elect Director Akasaka, Yuji 2.2

Page 45 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Japan Airlines Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Fujita, Tadashi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kikuyama, Hideki 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shimizu, Shinichiro 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Toyoshima, Ryuzo 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Gondo, Nobuyoshi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kobayashi, Eizo 2.8

Mgmt For For Elect Director Ito, Masatoshi 2.9

Mgmt Against For Elect Director Hatchoji, Sonoko 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Appoint Statutory Auditor Saito, Norikazu 3

Japan Aviation Electronics Industry, Ltd.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 6807

Primary ISIN: JP3705600009 Primary SEDOL: 6470351

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Onohara, Tsutomu Mgmt For For

Mgmt Against For Elect Director Ogino, Yasutoshi 1.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Urano, Minoru 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 46 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Japan Aviation Electronics Industry, Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Murano, Seiji 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakamura, Tetsuya 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Hirohata, Shiro 1.6

Mgmt For For Elect Director Sakaba, Mitsuo 1.7

Mgmt Against For Elect Director Morita, Takayuki 1.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Approve Annual Bonus 2

Japan Post Holdings Co. Ltd.

Meeting Date: 06/19/2019 Country: Japan

Meeting Type: Annual Ticker: 6178

Primary ISIN: JP3752900005 Primary SEDOL: BYT8143

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1.1 Elect Director Nagato, Masatsugu Mgmt For For

Mgmt For For Elect Director Suzuki, Yasuo 1.2

Mgmt For For Elect Director Ikeda, Norito 1.3

Mgmt For For Elect Director Yokoyama, Kunio 1.4

Mgmt For For Elect Director Uehira, Mitsuhiko 1.5

Mgmt For For Elect Director Mukai, Riki 1.6

Mgmt For For Elect Director Mimura, Akio 1.7

Mgmt For For Elect Director Yagi, Tadashi 1.8

Mgmt For For Elect Director Ishihara, Kunio 1.9

Mgmt For For Elect Director Charles D. Lake II 1.10

Mgmt For For Elect Director Hirono, Michiko 1.11

Mgmt For For Elect Director Okamoto, Tsuyoshi 1.12

Mgmt For For Elect Director Koezuka, Miharu 1.13

Page 47 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Japan Post Holdings Co. Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Aonuma, Takayuki 1.14

Mgmt For For Elect Director Akiyama, Sakie 1.15

Japan Pulp & Paper Co., Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 8032

Primary ISIN: JP3694000005 Primary SEDOL: 6470306

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 55

Mgmt For For

Mgmt For For Elect Director Watanabe, Akihiko 2.1

Mgmt Against For Elect Director Miyazaki, Tomoyuki 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Katsuta, Chihiro 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sakurai, Kazuhiko 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Masuda, Itaru 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Takeuchi, Sumiko 2.6

Mgmt Against For Appoint Statutory Auditor Kitamura, Katsunori 3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

JEOL Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 6951

Primary ISIN: JP3735000006 Primary SEDOL: 6470544

Page 48 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

JEOL Ltd.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 12 Mgmt For For

Mgmt For For Amend Articles to Clarify Director Authority on Shareholder Meetings - Remove Provisions on Takeover Defense - Amend Provisions on Director Titles - Clarify Director Authority on Board Meetings

2

Mgmt Against For Elect Director Fukuyama, Koichi 3.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nimura, Hideyuki 3.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakamura, Atsumi 3.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Oi, Izumi 3.4

Mgmt Against For Appoint Statutory Auditor Wakasa, Takashi 4

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Alternate Statutory Auditor Nakanishi, Kazuyuki

5

Mgmt For For Approve Compensation Ceilings for Directors and Statutory Auditors

6

JMS Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 7702

Primary ISIN: JP3386050003 Primary SEDOL: 6640013

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 8 Mgmt For For

Mgmt Against For Elect Director Okukubo, Hiroaki 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Page 49 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

JMS Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Awane, Yasuhiro 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sato, Masafumi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Katsura, Ryuji 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yanagida, Shogo 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Ikemura, Kazuo 2.6

Mgmt Against For Elect Director Ishizaka, Shozo 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Appoint Alternate Statutory Auditor Tohi, Akihiro 3

Mgmt Against For Approve Takeover Defense Plan (Poison Pill) 4

Voter Rationale: Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.

JVC Kenwood Corp.

Meeting Date: 06/20/2019 Country: Japan

Meeting Type: Annual Ticker: 6632

Primary ISIN: JP3386410009 Primary SEDOL: B3CY5L6

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Amend Articles to Change Company Name - Amend Business Lines - Clarify Director Authority on Shareholder Meetings - Amend

Provisions on Director Titles

Mgmt For For

Mgmt For For Elect Director Tsuji, Takao 2.1

Mgmt For For Elect Director Abe, Yasuyuki 2.2

Mgmt For For Elect Director Eguchi, Shoichiro 2.3

Mgmt For For Elect Director Imai, Masaki 2.4

Page 50 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

JVC Kenwood Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Miyamoto, Masatoshi 2.5

Mgmt For For Elect Director Nomura, Masao 2.6

Mgmt For For Elect Director Sonoda, Yoshio 2.7

Mgmt For For Elect Director Iwata, Shinjiro 2.8

Mgmt For For Elect Director Hamasaki, Yuji 2.9

Mgmt For For Appoint Alternate Statutory Auditor Kuribayashi,

Tsutomu 3

Mgmt For For Approve Compensation Ceiling for Directors 4

Kaga Electronics Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 8154

Primary ISIN: JP3206200002 Primary SEDOL: 6480758

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 45

Mgmt For For

Mgmt For For Amend Articles to Amend Business Lines 2

Mgmt For For Elect Director Tsukamoto, Isao 3.1

Mgmt For For Elect Director Kado, Ryoichi 3.2

Mgmt Against For Elect Director Takahashi, Shinsuke 3.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kakei, Shintaro 3.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawamura, Eiji 3.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Toshinari, Motonori 3.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nohara, Mitsuhiro 3.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 51 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Kaga Electronics Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Miyoshi, Susumu 3.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tamura, Akira 3.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Hashimoto, Noritomo 3.10

Mgmt Against For Appoint Statutory Auditor Kameda, Kazunori 4.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Ishii, Takahiro 4.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Kakiyasu Honten Co., Ltd.

Meeting Date: 05/24/2019 Country: Japan

Meeting Type: Annual Ticker: 2294

Primary ISIN: JP3206500005 Primary SEDOL: 6008280

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 65

Mgmt For For

Mgmt For For Appoint Statutory Auditor Hio, Kiyoaki 2

Kamei Corp.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 8037

Primary ISIN: JP3219400003 Primary SEDOL: 6482550

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 15 Mgmt For For

Page 52 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Kamei Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Kamei, Fumiyuki 2.1

Mgmt Against For Elect Director Kamei, Junichi 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takahashi, Hiroyuki 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Abe, Jinichi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takahashi, Kiyomitsu 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sato, Atsushi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Endo, Ryoichi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kamei, Akio 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Washiashi, Naoki 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kikuchi, Nobuhiro 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sato, Seietsu 2.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Omachi, Masafumi 2.12

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Mitsui, Seiichi 2.13

Mgmt For For Appoint Statutory Auditor Goto, Tadao 3

Page 53 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Kandenko Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 1942

Primary ISIN: JP3230600003 Primary SEDOL: 6483586

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 13

Mgmt For For

Mgmt For For Elect Director Ishizuka, Masataka 2.1

Mgmt Against For Elect Director Ueda, Yuji 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Uchino, Takashi 2.3

Mgmt Against For Elect Director Kashiwabara, Shoichiro 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kitayama, Shinichiro 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Goto, Kiyoshi 2.6

Mgmt Against For Elect Director Saito, Hajime 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takaoka, Shigenori 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takahashi, Kenichi 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nagaoka, Shigeru 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakama, Toshio 2.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Miyauchi, Shinichi 2.12

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Morito, Yoshimi 2.13

Page 54 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Kandenko Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Yukimura, Toru 2.14

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Muto, Shoichi 3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Approve Annual Bonus 4

Kanematsu Corp.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 8020

Primary ISIN: JP3217100001 Primary SEDOL: 6483467

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Shimojima, Masayuki Mgmt For For

Mgmt For For Elect Director Tanigawa, Kaoru 1.2

Mgmt For For Elect Director Miyabe, Yoshiya 1.3

Mgmt For For Elect Director Tsutano, Tetsuro 1.4

Mgmt For For Elect Director Katayama, Seiichi 1.5

Mgmt For For Elect Director Tahara, Yuko 1.6

Mgmt For For Appoint Statutory Auditor Murao, Tetsuro 2.1

Mgmt For For Appoint Statutory Auditor Miyachi, Tsukasa 2.2

Mgmt For For Appoint Statutory Auditor Kurahashi, Yusaku 2.3

Kawada Technologies, Inc.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 3443

Primary ISIN: JP3226300006 Primary SEDOL: B3V2W32

Page 55 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Kawada Technologies, Inc.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 100 Mgmt For For

Mgmt For For Elect Director Kawada, Tadahiro 2.1

Mgmt Against For Elect Director Watanabe, Satoru 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawada, Takuya 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ito, Shinsuke 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamazaki, Motoki 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Yamakawa, Takahisa 2.6

Mgmt For For Elect Director Takakuwa, Koichi 2.7

Kawasumi Laboratories, Inc.

Meeting Date: 06/20/2019 Country: Japan

Meeting Type: Annual Ticker: 7703

Primary ISIN: JP3225800006 Primary SEDOL: 6484857

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 7.5 Mgmt For For

Mgmt Against For Elect Director Sakaya, Yoshio 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Saino, Takeshi 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Miyajima, Hiroyuki 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 56 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Kawasumi Laboratories, Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Shirahama, Noriaki 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yuasa, Takeshi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ota, Tadatoshi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Maeda, Takaaki 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kobayashi, Takashi 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Approve Restricted Stock Plan 3

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Mgmt Against For Approve Takeover Defense Plan (Poison Pill) 4

Voter Rationale: Where poison pills are adopted, they should be approved by shareholders prior to deployment, include independent oversight, and be of a limited duration. The best defence against a take-over is strong management.

KDDI Corp.

Meeting Date: 06/19/2019 Country: Japan

Meeting Type: Annual Ticker: 9433

Primary ISIN: JP3496400007 Primary SEDOL: 6248990

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 55 Mgmt For For

Mgmt For For Elect Director Tanaka, Takashi 2.1

Mgmt Against For Elect Director Morozumi, Hirofumi 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Takahashi, Makoto 2.3

Page 57 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

KDDI Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Uchida, Yoshiaki 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shoji, Takashi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Muramoto, Shinichi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Mori, Keiichi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Morita, Kei 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Amamiya, Toshitake 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamaguchi, Goro 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamamoto, Keiji 2.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Nemoto, Yoshiaki 2.12

Mgmt For For Elect Director Oyagi, Shigeo 2.13

Mgmt For For Elect Director Kano, Riyo 2.14

Keihin Corp.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 7251

Primary ISIN: JP3277230003 Primary SEDOL: 6487328

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 23 Mgmt For For

Page 58 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Keihin Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Konno, Genichiro 2.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Abe, Tomoya 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Amano, Hirohisa 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takayama, Yusuke 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakatsubo, Hiroshi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Suzuki, Shinji 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Yamamoto, Kotaro 2.7

Mgmt For For Elect Director Aida, Keiichi 2.8

Mgmt Against For Elect Director Mitsubori, Toru 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ito, Yasutoshi 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Tsuji, Chiaki 2.11

Mgmt For For Appoint Alternate Statutory Auditor Yamamoto, Tadashi

3

Kintetsu World Express, Inc.

Meeting Date: 06/18/2019 Country: Japan

Meeting Type: Annual Ticker: 9375

Primary ISIN: JP3262900008 Primary SEDOL: 6282211

Page 59 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Kintetsu World Express, Inc.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 20 Mgmt For For

Mgmt For For Elect Director Ueda, Kazuyasu 2.1

Mgmt For For Elect Director Torii, Nobutoshi 2.2

Mgmt Against For Elect Director Tomiyama, Joji 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hirata, Keisuke 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takahashi, Katsufumi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hirosawa, Kiyoyuki 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kobayashi, Tetsuya 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Tanaka, Sanae 2.8

Mgmt For For Elect Director Yanai, Jun 2.9

Mgmt Against For Appoint Statutory Auditor Sakai, Takashi 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Watanabe, Katsumi 3.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Kawasaki, Yusuke 3.3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Approve Trust-Type Equity Compensation Plan 4

Page 60 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Kissei Pharmaceutical Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 4547

Primary ISIN: JP3240600001 Primary SEDOL: 6494061

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 25

Mgmt For For

Mgmt For For Appoint Statutory Auditor Yonekubo, Makoto 2.1

Mgmt For For Appoint Statutory Auditor Nakagawa, Kando 2.2

Mgmt For For Approve Annual Bonus 3

KNT-CT Holdings Co., Ltd.

Meeting Date: 06/19/2019 Country: Japan

Meeting Type: Annual Ticker: 9726

Primary ISIN: JP3260400001 Primary SEDOL: 6492980

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Kobayashi, Tetsuya Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Maruyama, Takashi 1.2

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Nakamura, Tetsuo 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ikehata, Koji 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nishimoto, Shinichi 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Uryu, Shuichi 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 61 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

KNT-CT Holdings Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Shinoda, Manabu 1.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Koyama, Yoshinobu 1.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tagahara, Satoshi 1.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takahashi, Hiroshi 1.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yoneda, Akimasa 1.11

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Hori, Yasunori 1.12

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takaura, Masahiko 1.13

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Imai, Katsuhiko 2.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Kawasaki, Yusuke 2.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Komeda, Munehiro 2.3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Wakamatsu, Hiroyuki 2.4

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Konami Holdings Corp.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 9766

Primary ISIN: JP3300200007 Primary SEDOL: 6496681

Page 62 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Konami Holdings Corp.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Kozuki, Kagemasa Mgmt For For

Mgmt For For Elect Director Kozuki, Takuya 1.2

Mgmt For For Elect Director Nakano, Osamu 1.3

Mgmt For For Elect Director Higashio, Kimihiko 1.4

Mgmt For For Elect Director Sakamoto, Satoshi 1.5

Mgmt For For Elect Director Matsura, Yoshihiro 1.6

Mgmt For For Elect Director Gemma, Akira 1.7

Mgmt For For Elect Director Yamaguchi, Kaori 1.8

Mgmt For For Elect Director Kubo, Kimito 1.9

Mgmt For For Appoint Statutory Auditor Yashiro, Takayoshi 2.1

Mgmt For For Appoint Statutory Auditor Kawakita, Chikara 2.2

Mgmt For For Appoint Statutory Auditor Shimada, Hideo 2.3

KOSÉ Corp.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 4922

Primary ISIN: JP3283650004 Primary SEDOL: 6194468

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 95

Mgmt For For

Mgmt Against For Elect Director Kumada, Atsuo 2.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kobayashi, Masanori 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shibusawa, Koichi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 63 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

KOSÉ Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Yanai, Michihito 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Yuasa, Norika 2.5

Mgmt Against For Appoint Statutory Auditor Suzuki, Kazuhiro 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Matsumoto, Noboru 3.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Miyama, Toru 3.3

Mgmt Against For Approve Statutory Auditor Retirement Bonus 4

Voter Rationale: There should be disclosure of the total award of retirement bonuses.

Kureha Corp.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 4023

Primary ISIN: JP3271600003 Primary SEDOL: 6497907

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Kobayashi, Yutaka Mgmt For For

Mgmt Against For Elect Director Sato, Michihiro 1.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Noda, Yoshio 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Tosaka, Osamu 1.4

Mgmt Against For Elect Director Ogoshi, Tadao 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Kiriyama, Masaru 2.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Oshimi, Yukako 2.2

Page 64 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Kureha Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Appoint Alternate Statutory Auditor Morikawa,

Shingo 3

Mgmt For For Approve Annual Bonus 4

Kyowa Leather Cloth Co., Ltd.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 3553

Primary ISIN: JP3256400007 Primary SEDOL: 6499505

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 16

Mgmt For For

Mgmt For For Elect Director Hanai, Mikio 2.1

Mgmt Against For Elect Director Yamazaki, Hiroshi 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Masuda, Takaaki 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujisaka, Kazuyoshi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakamura, Naoyoshi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Maejima, Noritaka 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Abe, Keizo 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawashima, Ryuta 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Inagaki, Tadahiko 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 65 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Kyowa Leather Cloth Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Amano, Toshiki 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Arai, Tamio 2.11

Mgmt Against For Appoint Statutory Auditor Masuda, Yoji 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Oi, Yuichi 3.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Tabata, Takahisa 3.3

Mgmt Against For Appoint Statutory Auditor Hosoe, Hideaki 3.4

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Approve Director Retirement Bonus 4

Voter Rationale: There should be disclosure of the total award of retirement bonuses.

Mgmt For For Approve Annual Bonus 5

Makino Milling Machine Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 6135

Primary ISIN: JP3862800004 Primary SEDOL: 6555708

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 60 Mgmt For For

Mgmt For For Elect Director Inoue, Shinichi 2.1

Mgmt For For Elect Director Makino, Shun 2.2

Mgmt Against For Elect Director Ueda, Yoshiki 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nagano, Toshiyuki 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 66 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Makino Milling Machine Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Aiba, Tatsuaki 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Suzuki, Hiroshi 2.6

Mgmt For For Elect Director Yoshidome, Shin 2.7

Mgmt Against For Appoint Statutory Auditor Hiruta, Kazuo 3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Alternate Statutory Auditor Hosoya, Yoshinori

4

Marubeni Corp.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 8002

Primary ISIN: JP3877600001 Primary SEDOL: 6569464

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Kokubu, Fumiya Mgmt For For

Mgmt For For Elect Director Kakinoki, Masumi 1.2

Mgmt For For Elect Director Matsumura, Yukihiko 1.3

Mgmt For For Elect Director Takahara, Ichiro 1.4

Mgmt For For Elect Director Yabe, Nobuhiro 1.5

Mgmt For For Elect Director Miyata, Hirohisa 1.6

Mgmt For For Elect Director Kitabata, Takao 1.7

Mgmt For For Elect Director Takahashi, Kyohei 1.8

Mgmt For For Elect Director Fukuda, Susumu 1.9

Mgmt For For Elect Director Okina, Yuri 1.10

Mgmt For For Appoint Statutory Auditor Minami, Hikaru 2

Page 67 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Maruzen Showa Unyu Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 9068

Primary ISIN: JP3876000005 Primary SEDOL: 6569624

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 35

Mgmt For For

Mgmt For For Elect Director Asai, Toshiyuki 2.1

Mgmt Against For Elect Director Okada, Hirotsugu 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakamura, Masahiro 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Suzuki, Hideaki 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakano, Masaya 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ishikawa, Kenichi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ryukoden, Hidetaka 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Wakao, Masamichi 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Noguchi, Toshihide 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shimada, Ryoji 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ando, Yuichi 2.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 68 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Maruzen Showa Unyu Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Fukuda, Shunji 2.12

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sakurai, Mitsuru 2.13

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fuwa, Koichi 2.14

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Murabayashi, Kiichi 2.15

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Naito, Akinobu 2.16

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Umewaka, Kazuko 2.17

Mgmt Against For Elect Director Sato, Akio 2.18

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Appoint Alternate Statutory Auditor Kawaguchi,

Etsuko 3

Matsui Construction Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 1810

Primary ISIN: JP3863600007 Primary SEDOL: 6572440

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 18

Mgmt For For

Mgmt For For Elect Director Suzuki, Yuko 2

Mgmt For For Appoint Statutory Auditor Yamaguchi, Motoko 3

Mgmt Against For Appoint Alternate Statutory Auditor Ishizaka, Fumito

4

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 69 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Matsui Construction Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Approve Takeover Defense Plan (Poison Pill) 5

Voter Rationale: Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.

Medipal Holdings Corp.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 7459

Primary ISIN: JP3268950007 Primary SEDOL: 6782090

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Watanabe, Shuichi Mgmt For For

Mgmt Against For Elect Director Chofuku, Yasuhiro 1.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yoda, Toshihide 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sakon, Yuji 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hasegawa, Takuro 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Watanabe, Shinjiro 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kasutani, Seiichi 1.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kagami, Mitsuko 1.8

Mgmt For For Elect Director Asano, Toshio 1.9

Mgmt For For Elect Director Shoji, Kuniko 1.10

Mgmt For For Appoint Statutory Auditor Hirasawa, Toshio 2.1

Mgmt For For Appoint Statutory Auditor Kanda, Shigeru 2.2

Page 70 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Medipal Holdings Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Appoint Statutory Auditor Kitagawa, Tetsuo 2.3

Mgmt For For Appoint Statutory Auditor Sanuki, Yoko 2.4

MEGMILK SNOW BRAND Co., Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 2270

Primary ISIN: JP3947800003 Primary SEDOL: B3ZC078

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Nishio, Keiji Mgmt For For

Mgmt For For Elect Director Nishibaba, Shigeru 1.2

Mgmt For For Elect Director Motoi, Hideki 1.3

Mgmt For For Elect Director Kosaka, Shinya 1.4

Mgmt For For Elect Director Tsuchioka, Hideaki 1.5

Mgmt For For Elect Director Anan, Hisa 1.6

Mgmt For For Elect Alternate Director and Audit Committee Member Omori, Setsuya

2.1

Mgmt For For Elect Alternate Director and Audit Committee Member Manabe, Tomohiko

2.2

Meitec Corp.

Meeting Date: 06/20/2019 Country: Japan

Meeting Type: Annual Ticker: 9744

Primary ISIN: JP3919200000 Primary SEDOL: 6576356

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 115.5 Mgmt For For

Mgmt For For Elect Director Kokubun, Hideyo 2.1

Mgmt For For Elect Director Uemura, Masato 2.2

Page 71 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Meitec Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Yoneda, Hiroshi 2.3

Mgmt For For Elect Director Rokugo, Hiroyuki 2.4

Mgmt For For Elect Director Ito, Keisuke 2.5

Mgmt For For Elect Director Shimizu, Minao 2.6

Mgmt For For Elect Director Kishi, Hiroyuki 2.7

Mgmt For For Elect Director Yamaguchi, Akira 2.8

Mgmt For For Elect Director Yokoe, Kumi 2.9

Mgmt For For Appoint Statutory Auditor Kunibe, Toru 3

Mgmt For For Approve Compensation Ceiling for Directors 4

METAWATER Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 9551

Primary ISIN: JP3921260000 Primary SEDOL: BSTJDT3

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Nakamura, Yasushi Mgmt For For

Mgmt For For Elect Director Kato, Akira 1.2

Mgmt For For Elect Director Okuda, Noboru 1.3

Mgmt For For Elect Director Yamaguchi, Kenji 1.4

Mgmt For For Elect Director Sakabe, Susumu 1.5

Mgmt For For Elect Director Matsumura, Motofumi 1.6

Mgmt For For Elect Director Sue, Keiichiro 1.7

Mgmt For For Elect Director Aizawa, Kaoru 1.8

Mgmt For For Elect Director Kosao, Fumiko 1.9

Mgmt Against For Appoint Statutory Auditor Hatsumata, Shigeru 2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 72 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Mitsubishi Logisnext Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 7105

Primary ISIN: JP3753800006 Primary SEDOL: 6643647

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 13

Mgmt For For

Mgmt For For Amend Articles to Clarify Director Authority on Shareholder Meetings - Clarify Director Authority

on Board Meetings

2

Mgmt For For Elect Director Ninomiya, Hideaki 3.1

Mgmt For For Elect Director Mikogami, Takashi 3.2

Mgmt Against For Elect Director Kagami, Masanori 3.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujita,Shinji 3.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kato, Takayuki 3.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Okochi, Ken 3.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Suematsu, Masayuki 3.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Maeshima, Hiroshi 4.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Kuragaki, Masahide 4.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Fukuoka, Yasuyuki 4.3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Baba, Koji 4.4

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 73 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Mitsubishi UFJ Financial Group, Inc.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 8306

Primary ISIN: JP3902900004 Primary SEDOL: 6335171

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 11

Mgmt For For

Mgmt For For Elect Director Fujii, Mariko 2.1

Mgmt For For Elect Director Kato, Kaoru 2.2

Mgmt For For Elect Director Matsuyama, Haruka 2.3

Mgmt For For Elect Director Toby S. Myerson 2.4

Mgmt For For Elect Director Nomoto, Hirofumi 2.5

Mgmt For For Elect Director Okuda, Tsutomu 2.6

Mgmt For For Elect Director Shingai, Yasushi 2.7

Mgmt For For Elect Director Tarisa Watanagase 2.8

Mgmt For For Elect Director Yamate, Akira 2.9

Mgmt For For Elect Director Kuroda, Tadashi 2.10

Mgmt For For Elect Director Okamoto, Junichi 2.11

Mgmt For For Elect Director Hirano, Nobuyuki 2.12

Mgmt For For Elect Director Ikegaya, Mikio 2.13

Mgmt For For Elect Director Araki, Saburo 2.14

Mgmt For For Elect Director Mike, Kanetsugu 2.15

Mgmt For For Elect Director Kamezawa, Hironori 2.16

Mitsuboshi Belting Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 5192

Primary ISIN: JP3904000001 Primary SEDOL: 6596989

Page 74 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Mitsuboshi Belting Ltd.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 36 Mgmt For For

Mgmt For For Elect Director Kakiuchi, Hajime 2.1

Mgmt Against For Elect Director Yamaguchi, Yoshio 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakajima, Masayoshi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Katayama, Takashi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ikeda, Hiroshi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Usami, Takashi 2.6

Mgmt For For Elect Director Miyao, Ryuzo 2.7

Mgmt Against For Appoint Statutory Auditor Okushima, Yoshio 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Okuda, Shinya 3.2

Mgmt For For Appoint Alternate Statutory Auditor Kato, Ichiro 4

mixi, Inc.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 2121

Primary ISIN: JP3882750007 Primary SEDOL: B1BSCX6

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1.1 Elect Director Kimura, Koki Mgmt For For

Page 75 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

mixi, Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Taru, Kosuke 1.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Osawa, Hiroyuki 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Okuda, Masahiko 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kasahara, Kenji 1.5

Mgmt Against For Elect Director Shima, Satoshi 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Shimura, Naoko 1.7

Mgmt Against For Elect Director Murase, Tatsuma 1.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Matsunaga, Tatsuya 1.9

Mgmt For For Appoint Statutory Auditor Nishimura, Yuichiro 2.1

Mgmt For For Appoint Statutory Auditor Ueda, Nozomi 2.2

Mgmt For For Appoint PricewaterhouseCoopers Aarata LLC as

New External Audit Firm 3

Mizuho Financial Group, Inc.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 8411

Primary ISIN: JP3885780001 Primary SEDOL: 6591014

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Sakai, Tatsufumi Mgmt For For

Mgmt For For Elect Director Ishii, Satoshi 1.2

Mgmt For For Elect Director Umemiya, Makoto 1.3

Mgmt For For Elect Director Wakabayashi, Motonori 1.4

Mgmt For For Elect Director Ehara, Hiroaki 1.5

Page 76 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Mizuho Financial Group, Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Sato, Yasuhiro 1.6

Mgmt For For Elect Director Hirama, Hisaaki 1.7

Mgmt For For Elect Director Kosugi, Masahiro 1.8

Mgmt For For Elect Director Seki, Tetsuo 1.9

Mgmt For For Elect Director Kainaka, Tatsuo 1.10

Mgmt For For Elect Director Abe, Hirotake 1.11

Mgmt For For Elect Director Yamamoto, Masami 1.12

Mgmt For For Elect Director Ota, Hiroko 1.13

Mgmt For For Elect Director Kobayashi, Izumi 1.14

SH Against Against Amend Articles to Renounce Qualification of JGB

Market Special Participant 2

Voter Rationale: The proposed content falls within the realm of matters best left to the discretion of management under board oversight.

Mochida Pharmaceutical Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 4534

Primary ISIN: JP3922800002 Primary SEDOL: 6598004

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 90 Mgmt For For

Mgmt For For Elect Director Mochida, Naoyuki 2.1

Mgmt Against For Elect Director Sakata, Chu 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sagisaka, Keiichi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kono, Yoichi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sakaki, Junichi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 77 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Mochida Pharmaceutical Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Mizuguchi, Kiyoshi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawakami, Yutaka 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hashimoto, Yoshiharu 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kugisawa, Tomo 2.9

Mgmt Against For Elect Director Sogawa, Hirokuni 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Takahashi, Ichiro 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Suzuki, Akiko 3.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Approve Takeover Defense Plan (Poison Pill) 4

Voter Rationale: Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.

Morinaga & Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 2201

Primary ISIN: JP3926400007 Primary SEDOL: 6602604

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 66 Mgmt For For

Mgmt For For Elect Director Ota, Eijiro 2.1

Mgmt Against For Elect Director Miyai, Machiko 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 78 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Morinaga & Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Hirakue, Takashi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Uchiyama, Shinichi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sakai, Toshiyuki 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Mori, Shinya 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujii, Daisuke 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Hirota, Masato 2.8

Mgmt For For Elect Director Takano, Shiho 2.9

Mgmt For For Appoint Statutory Auditor Igarashi, Akiyuki 3.1

Mgmt For For Appoint Statutory Auditor Iwamoto, Hiroshi 3.2

NAFCO Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 2790

Primary ISIN: JP3651160008 Primary SEDOL: 6712815

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 19

Mgmt For For

Mgmt Against For Elect Director Fukamachi, Tadashi 2.1

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Page 79 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

NAFCO Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Ishida, Takumi 2.2

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.In addition, the board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Ishida, Yoshiko 2.3

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Takano, Masamitsu 2.4

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Fukamachi, Keiji 2.5

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Masumoto, Koji 2.6

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Takase, Toshio 2.7

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Mabuchi, Yuji 2.8

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Fukumoto, Osamu 2.9

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Suematsu, Yasuyuki 2.10

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Page 80 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

NAFCO Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Ono, Tetsuhiko 2.11

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Yamada, Yasuhiro 2.12

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Yamada, Isao 2.13

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Imai, Tomoharu 2.14

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Hirose, Takaaki 2.15

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Approve Director Retirement Bonus 3

Voter Rationale: There should be disclosure of the total award of retirement bonuses.

Mgmt For For Approve Annual Bonus 4

Nakano Corp.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 1827

Primary ISIN: JP3643600004 Primary SEDOL: 6620844

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 14 Mgmt For For

Mgmt Against For Elect Director Oshima, Yoshikazu 2.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 81 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Nakano Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Asai, Akira 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Taketani, Toshiyuki 2.3

Mgmt Against For Elect Director Tanada, Hiroyuki 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sato, Tetsuo 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kawamura, Moriyasu 2.6

Mgmt Against For Elect Director Fukuda, Makoto 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Yamaya, Kohei 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Sekizawa, Hideaki 3.2

Net One Systems Co., Ltd.

Meeting Date: 06/13/2019 Country: Japan

Meeting Type: Annual Ticker: 7518

Primary ISIN: JP3758200004 Primary SEDOL: 6036548

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, With a Final Dividend of JPY 20

Mgmt For For

Mgmt For For Elect Director Yoshino, Takayuki 2.1

Mgmt For For Elect Director Arai, Toru 2.2

Mgmt For For Elect Director Kawaguchi, Takahisa 2.3

Mgmt For For Elect Director Hirakawa, Shinji 2.4

Mgmt For For Elect Director Takeshita, Takafumi 2.5

Mgmt For For Elect Director Tanaka, Takuya 2.6

Mgmt For For Elect Director Shinoura, Fumihiko 2.7

Page 82 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Net One Systems Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Kawakami, Kunio 2.8

Mgmt For For Elect Director Imai, Mitsuo 2.9

Mgmt For For Elect Director Nishikawa, Rieko 2.10

Mgmt For For Elect Director Hayano, Ryugo 2.11

Mgmt For For Appoint Statutory Auditor Matsuda, Toru 3

Mgmt For For Approve Annual Bonus 4

Nichiha Corp.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 7943

Primary ISIN: JP3662200009 Primary SEDOL: 6638331

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 28

Mgmt For For

Mgmt For For Elect Director Yamanaka, Tatsuo 2.1

Mgmt Against For Elect Director Kojima, Kazuyuki 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tonoi, Kazushi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawamura, Yoshinori 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kochi, Kazuhiro 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawashima, Hisayuki 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yoshida, Yasunori 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 83 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Nichiha Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Kesamaru, Kazuhiro 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Yagi, Kiyofumi 2.9

Mgmt For For Elect Director Tajiri, Naoki 2.10

Mgmt Against For Appoint Statutory Auditor Shibata, Yoshihiro 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Sasaki, Kenji 3.2

Nichireki Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 5011

Primary ISIN: JP3665600007 Primary SEDOL: 6638687

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 32 Mgmt For For

Mgmt For For Elect Director Obata, Manabu 2.1

Mgmt Against For Elect Director Takahashi, Yasumori 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawaguchi, Yuji 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hanyu, Akiyoshi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Eri, Katsumi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nemoto, Seiichi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 84 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Nichireki Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Nagasawa, Isamu 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kobayashi, Osamu 2.8

Mgmt For For Elect Director Shibumura, Haruko 2.9

Mgmt For For Appoint Statutory Auditor Nohara, Masaaki 3.1

Mgmt For For Appoint Statutory Auditor Kanitani, Tsutomu 3.2

Mgmt For For Appoint Statutory Auditor Kidokoro, Takuya 3.3

Nihon Kohden Corp.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 6849

Primary ISIN: JP3706800004 Primary SEDOL: 6639970

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 18 Mgmt For For

Mgmt For For Elect Director Ogino, Hirokazu 2.1

Mgmt For For Elect Director Tamura, Takashi 2.2

Mgmt For For Elect Director Hasegawa, Tadashi 2.3

Mgmt For For Elect Director Yanagihara, Kazuteru 2.4

Mgmt For For Elect Director Hirose, Fumio 2.5

Mgmt For For Elect Director Tanaka, Eiichi 2.6

Mgmt For For Elect Director Yoshitake, Yasuhiro 2.7

Mgmt For For Elect Director Yamauchi, Masaya 2.8

Mgmt For For Elect Director Obara, Minoru 2.9

Nihon Unisys, Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 8056

Primary ISIN: JP3754200008 Primary SEDOL: 6642688

Page 85 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Nihon Unisys, Ltd.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 30 Mgmt For For

Mgmt For For Elect Director Hiraoka, Akiyoshi 2.1

Mgmt For For Elect Director Mukai, Susumu 2.2

Mgmt For For Elect Director Mukai, Toshio 2.3

Mgmt For For Elect Director Saito, Noboru 2.4

Mgmt For For Elect Director Katsuya, Koji 2.5

Mgmt For For Elect Director Sugimoto, Toshiki 2.6

Mgmt For For Elect Director Kawada, Go 2.7

Mgmt For For Elect Director Sonoda, Ayako 2.8

Mgmt For For Elect Director Sato, Chie 2.9

Mgmt For For Approve Deep Discount Stock Option Plan 3

Nintendo Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 7974

Primary ISIN: JP3756600007 Primary SEDOL: 6639550

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 640

Mgmt For For

Mgmt For For Elect Director Furukawa, Shuntaro 2.1

Mgmt For For Elect Director Miyamoto, Shigeru 2.2

Mgmt For For Elect Director Takahashi, Shinya 2.3

Mgmt For For Elect Director Shiota, Ko 2.4

Mgmt For For Elect Director Shibata, Satoru 2.5

Page 86 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Nippon Soda Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 4041

Primary ISIN: JP3726200003 Primary SEDOL: 6640585

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 30

Mgmt For For

Mgmt For For Elect Director Ishii, Akira 2.1

Mgmt Against For Elect Director Okubo, Toshimichi 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tsujikawa, Tateshi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shimoide, Nobuyuki 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takano, Izumi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Machii, Kiyotaka 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Narukawa, Tetsuo 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Yamaguchi, Junko 2.8

Mgmt Against For Elect Director Uryu, Hiroyuki 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Appoint Alternate Statutory Auditor Waki, Yoko 3

Nippon Telegraph & Telephone Corp.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 9432

Primary ISIN: JP3735400008 Primary SEDOL: 6641373

Page 87 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Nippon Telegraph & Telephone Corp.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 95 Mgmt For For

Mgmt Against For Elect Director Oka, Atsuko 2.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Sakamura, Ken 2.2

Mgmt For For Elect Director Takegawa, Keiko 2.3

Mgmt For For Appoint Statutory Auditor Ide, Akiko 3.1

Mgmt For For Appoint Statutory Auditor Maezawa, Takao 3.2

Mgmt For For Appoint Statutory Auditor Iida, Takashi 3.3

Mgmt For For Appoint Statutory Auditor Kanda, Hideki 3.4

Mgmt For For Appoint Statutory Auditor Kashima, Kaoru 3.5

SH Against Against Remove Existing Director Shimada, Akira 4

NISSHIN FUDOSAN Co., Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 8881

Primary ISIN: JP3677900007 Primary SEDOL: 6259345

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 16

Mgmt For For

Mgmt For For Approve Adoption of Holding Company Structure and Transfer of Operations to Wholly

Owned Subsidiary

2

Mgmt For For Amend Articles to Change Company Name - Amend Business Lines - Indemnify Directors -

Indemnify Statutory Auditors

3

Mgmt For For Appoint Statutory Auditor Yoshizumi, Kiyotaka 4.1

Mgmt For For Appoint Statutory Auditor Fujioka, Juzaburo 4.2

Mgmt For For Appoint Statutory Auditor Kojima, Tetsuya 4.3

Mgmt For For Appoint Statutory Auditor Yoshino, Hirosuke 4.4

Page 88 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

NISSHIN FUDOSAN Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Appoint Alternate Statutory Auditor Kamimori,

Kyoji 5

Mgmt Against For Approve Director and Statutory Auditor

Retirement Bonus 6

Voter Rationale: There should be disclosure of the total award of retirement bonuses.

Mgmt Against For Approve Bonus Related to Retirement Bonus

System Abolition 7

Voter Rationale: There should be disclosure of the total award of retirement bonuses.

NISSO Corp.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 6569

Primary ISIN: JP3679860001 Primary SEDOL: BFM75T7

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 37 Mgmt For For

Mgmt For For Elect Director Shimizu, Ryuichi 2.1

Mgmt For For Elect Director Yabana, Takuo 2.2

Mgmt For For Elect Director Shimizu, Tadao 2.3

Mgmt For For Elect Director Matsuo, Shinichi 2.4

Mgmt For For Elect Director Horisawa, Shigeru 2.5

Mgmt For For Elect Director Monzawa, Shin 2.6

Mgmt For For Approve Fixed Cash Compensation Ceiling and Performance-Based Cash Compensation Ceiling for Directors

3

Mgmt Against For Approve Restricted Stock Plan 4

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Nojima Corp.

Meeting Date: 06/14/2019 Country: Japan

Meeting Type: Annual Ticker: 7419

Primary ISIN: JP3761600000 Primary SEDOL: 6616876

Page 89 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Nojima Corp.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Amend Articles to Amend Business Lines Mgmt For For

Mgmt For For Elect Director Nojima, Hiroshi 2.1

Mgmt For For Elect Director Nojima, Ryoji 2.2

Mgmt For For Elect Director Fukuda, Koichiro 2.3

Mgmt For For Elect Director Nukumori, Hajime 2.4

Mgmt For For Elect Director Nabeshima, Kenichi 2.5

Mgmt For For Elect Director Tanokashira, Yasuhiko 2.6

Mgmt For For Elect Director Takahashi, Hiroaki 2.7

Mgmt For For Elect Director Hoshina, Mitsuo 2.8

Mgmt For For Elect Director Tsunezawa, Kahoko 2.9

Mgmt For For Elect Director Koriya, Daisuke 2.10

Mgmt For For Elect Director Ikeda, Jun 2.11

Mgmt For For Elect Director Hiramoto, Kazuo 2.12

Mgmt For For Elect Director Takami, Kazunori 2.13

Mgmt For For Elect Director Yamada, Ryuji 2.14

Mgmt For For Elect Director Matsumoto, Akira 2.15

Mgmt Against For Approve Stock Option Plan 3

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.In addition, this plan could lead to excessive dilution.Further, share options should not be granted to non-executive directors as this may compromise their independence and ability to hold management accountable.

NOMURA Co., Ltd.

Meeting Date: 05/23/2019 Country: Japan

Meeting Type: Annual Ticker: 9716

Primary ISIN: JP3762400004 Primary SEDOL: 6646237

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 52

Mgmt For For

Page 90 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

NOMURA Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Watanabe, Masaru 2.1

Mgmt For For Elect Director Enomoto, Shuji 2.2

Mgmt Against For Elect Director Nakagawa, Masahiro 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Okumoto, Kiyotaka 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Owada, Tadashi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Makino, Shuichi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Okuno, Fukuzo 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sakai, Shinji 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Sakaba, Mitsuo 2.9

Mgmt For For Elect Director Komiya, Etsuko 2.10

Mgmt Against For Appoint Statutory Auditor Yamada, Tatsumi 3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Noritake Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 5331

Primary ISIN: JP3763000001 Primary SEDOL: 6641522

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Ogura, Tadashi Mgmt For For

Mgmt For For Elect Director Kato, Hiroshi 1.2

Page 91 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Noritake Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Ogura, Hisaya 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Higashiyama, Akira 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fuma, Yuko 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Komori, Tetsuo 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Tomozoe, Masanao 1.7

Mgmt Against For Appoint Statutory Auditor Sago, Sumihito 2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

North Pacific Bank, Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 8524

Primary ISIN: JP3843400007 Primary SEDOL: B7VKZP7

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 5

Mgmt For For

Mgmt Against For Elect Director Ishii, Junji 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Shibata, Ryu 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yasuda, Mitsuharu 2.3

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Takeuchi, Iwao 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 92 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

North Pacific Bank, Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Nagano, Minoru 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shindo, Satoshi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hiatari, Takafumi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Wakakuri, Nobuo 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Maiya, Yoshiharu 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Hayashi, Mikako 2.10

Mgmt For For Elect Director Ubagai, Rieko 2.11

Mgmt For For Elect Director Shimamoto, Kazuaki 2.12

Mgmt Against For Appoint Statutory Auditor Kubota, Hitoshi 3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

NTT DATA Corp.

Meeting Date: 06/20/2019 Country: Japan

Meeting Type: Annual Ticker: 9613

Primary ISIN: JP3165700000 Primary SEDOL: 6125639

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 8.5

Mgmt For For

Mgmt For For Amend Articles to Amend Provisions on Number of Directors

2

Mgmt For For Elect Director Homma, Yo 3.1

Mgmt Against For Elect Director Yanagi, Keiichiro 3.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 93 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

NTT DATA Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Yamaguchi, Shigeki 3.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujiwara, Toshi 3.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kitani, Tsuyoshi 3.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takeuchi, Shunichi 3.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ito, Koji 3.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Matsunaga, Hisashi 3.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Okamoto, Yukio 3.9

Mgmt For For Elect Director Hirano, Eiji 3.10

Mgmt Against For Elect Director Ebihara, Takashi 3.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director John McCain 3.12

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Fujii, Mariko 3.13

NTT DoCoMo, Inc.

Meeting Date: 06/18/2019 Country: Japan

Meeting Type: Annual Ticker: 9437

Primary ISIN: JP3165650007 Primary SEDOL: 6129277

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, With a Final

Dividend of JPY 55 Mgmt For For

Page 94 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

NTT DoCoMo, Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Tsubouchi, Koji 2.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujiwara, Michio 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tateishi, Mayumi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kuroda, Katsumi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Sagae, Hironobu 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Kajikawa, Mikio 3.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Nakata, Katsumi 3.3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Tsujiyama, Eiko 3.4

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

NuFlare Technology, Inc.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 6256

Primary ISIN: JP3756350009 Primary SEDOL: B1VPXZ6

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 150 Mgmt For For

Mgmt For For Elect Director Sugimoto, Shigeki 2.1

Mgmt Against For Elect Director Yamada, Hirokazu 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 95 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

NuFlare Technology, Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Kanehara, Takaaki 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takamatsu, Jun 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kikuiri, Nobutaka 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Saito, Hideo 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shimomichi, Takuya 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kano, Hisayoshi 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Mori, Yuji 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Inoue, Soichi 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Alternate Statutory Auditor Koyanagi, Takahiro

3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

OBIC Business Consultants Co., Ltd.

Meeting Date: 06/24/2019 Country: Japan

Meeting Type: Annual Ticker: 4733

Primary ISIN: JP3173500004 Primary SEDOL: 6174620

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 25 Mgmt For For

Page 96 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

OBIC Business Consultants Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Noda, Masahiro 2.1

Mgmt For For Elect Director Wada, Shigefumi 2.2

Mgmt Against For Elect Director Wada, Hiroko 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakayama, Shigeru 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Karakama, Katsuhiko 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ogino, Toshio 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tachibana, Shoichi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Ito, Chiaki 2.8

Mgmt For For Elect Director Okihara, Takamune 2.9

Mgmt Against For Elect Director Kawanishi, Atsushi 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Kurozu, Shigekazu 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Isaka, Shinji 3.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Takahashi, Toshiro 3.3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Approve Bonus Related to Retirement Bonus System Abolition

4

Mgmt Against For Approve Restricted Stock Plan 5

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Mgmt For For Approve Annual Bonus 6

Page 97 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Ohsho Food Service Corp.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 9936

Primary ISIN: JP3174300008 Primary SEDOL: 6660936

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 60

Mgmt For For

Mgmt For For Amend Articles to Amend Provisions on Number of Directors

2

Mgmt For For Approve Compensation Ceiling for Directors 3

Mgmt Against For Approve Restricted Stock Plan 4

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Mgmt For For Elect Director Watanabe, Naoto 5.1

Mgmt Against For Elect Director Ueda, Minoru 5.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Koreda, Hideki 5.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kiso, Yutaka 5.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kadobayashi, Hiroshi 5.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Toda, Kosuke 5.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sugita, Motoki 5.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ikeda, Naoko 5.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Watanabe, Masayuki 5.9

Mgmt Against For Elect Director Sekijima, Chikara 5.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 98 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Ohsho Food Service Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Nonaka, Yasuhiro 5.11

Mgmt For For Appoint Statutory Auditor Matsuyama, Hideki 6

Mgmt For For Appoint Alternate Statutory Auditor Shikata,

Toshikazu 7

Oji Holdings Corp.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 3861

Primary ISIN: JP3174410005 Primary SEDOL: 6657701

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Amend Articles to Amend Business Lines Mgmt For For

Mgmt For For Elect Director Yajima, Susumu 2.1

Mgmt For For Elect Director Kaku, Masatoshi 2.2

Mgmt Against For Elect Director Watari, Ryoji 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takeda, Yoshiaki 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujiwara, Shoji 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Koseki, Yoshiki 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kisaka, Ryuichi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kamada, Kazuhiko 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Isono, Hiroyuki 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 99 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Oji Holdings Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Ishida, Koichi 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shindo, Fumio 2.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Nara, Michihiro 2.12

Mgmt For For Elect Director Takata, Toshihisa 2.13

Mgmt For For Appoint Statutory Auditor Otsuka, Nobuko 3

Okamura Corp.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 7994

Primary ISIN: JP3192400004 Primary SEDOL: 6657842

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 14 Mgmt For For

Mgmt For For Amend Articles to Clarify Director Authority on Shareholder Meetings - Amend Provisions on Number of Directors - Amend Provisions on Director Titles - Clarify Director Authority on Board Meetings

2

Mgmt For For Elect Director Nakamura, Masayuki 3.1

Mgmt Against For Elect Director Kikuchi, Shigeji 3.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Toshida, Teiichi 3.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamamoto, Fumio 3.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamaki, Kenichi 3.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 100 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Okamura Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Fukuda, Sakae 3.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tsukamoto, Kotaro 3.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Asano, Hiromi 3.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ito, Hiroyoshi 3.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Appoint Statutory Auditor Iwata, Toshikazu 4.1

Mgmt For For Appoint Statutory Auditor Kishigami, Keiko 4.2

Mgmt For For Appoint Alternate Statutory Auditor Hayashi,

Mutsuo 5.1

Mgmt For For Appoint Alternate Statutory Auditor Uchida,

Harumichi 5.2

Oki Electric Industry Co., Ltd.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 6703

Primary ISIN: JP3194000000 Primary SEDOL: 6657682

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 50

Mgmt For For

Mgmt For For Elect Director Kawasaki, Hideichi 2.1

Mgmt For For Elect Director Kamagami, Shinya 2.2

Mgmt For For Elect Director Hoshi, Masayuki 2.3

Mgmt For For Elect Director Tsuboi, Masashi 2.4

Mgmt For For Elect Director Fuse, Masashi 2.5

Mgmt For For Elect Director Asaba, Shigeru 2.6

Mgmt For For Elect Director Saito, Tamotsu 2.7

Mgmt For For Elect Director Kawashima, Izumi 2.8

Page 101 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Oki Electric Industry Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Kigawa, Makoto 2.9

Mgmt Against For Appoint Statutory Auditor Hatakeyama, Toshiya 3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Olympus Corp.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 7733

Primary ISIN: JP3201200007 Primary SEDOL: 6658801

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 30 Mgmt For For

Mgmt For For Amend Articles to Adopt Board Structure with Three Committees - Clarify Director Authority on Shareholder Meetings - Amend Provisions on

Director Titles - Indemnify Directors

2

Mgmt For For Elect Director Takeuchi, Yasuo 3.1

Mgmt For For Elect Director Sasa, Hiroyuki 3.2

Mgmt For For Elect Director Stefan Kaufmann 3.3

Mgmt For For Elect Director Koga, Nobuyuki 3.4

Mgmt For For Elect Director Shimizu, Masashi 3.5

Mgmt For For Elect Director Fujita, Sumitaka 3.6

Mgmt For For Elect Director Katayama, Takayuki 3.7

Mgmt For For Elect Director Kaminaga, Susumu 3.8

Mgmt For For Elect Director Kikawa, Michijiro 3.9

Mgmt For For Elect Director Iwamura, Tetsuo 3.10

Mgmt For For Elect Director Masuda, Yasumasa 3.11

Mgmt For For Elect Director Natori, Katsuya 3.12

Mgmt For For Elect Director Iwasaki, Atsushi 3.13

Mgmt For For Elect Director D. Robert Hale 3.14

Mgmt For For Elect Director Jim C. Beasley 3.15

Page 102 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Origin Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 6513

Primary ISIN: JP3200400004 Primary SEDOL: 6661508

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 30

Mgmt For For

Mgmt For For Elect Director Seo, Kazuhiro 2.1

Mgmt Against For Elect Director Shinohara, Shinichi 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Genjima, Yasuhiro 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takagi, Katsuyuki 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Higuchi, Junichi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ishida, Takeo 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kotoyori, Masahiko 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tojo, Hiroshi 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Koike, Tatsuko 2.9

Mgmt For For Elect Alternate Director and Audit Committee Member Takahashi, Ichiro

3

Paltac Corp.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 8283

Primary ISIN: JP3782200004 Primary SEDOL: B61BG94

Page 103 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Paltac Corp.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Mikita, Kunio Mgmt For For

Mgmt For For Elect Director Kasutani, Seiichi 1.2

Mgmt Against For Elect Director Wada, Osamu 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tashiro, Masahiko 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Noma, Masahiro 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Moriya, Akiyoshi 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Isobe, Ryohei 1.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Yogo, Katsutoshi 1.8

Mgmt For For Elect Director Matsumoto, Ryu 1.9

Mgmt For For Elect Director Oishi, Kaori 1.10

Mgmt Against For Appoint Statutory Auditor Shintani, Takashi 2.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Suzuki, Hideo 2.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Kamei, Hiroshi 2.3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Hara, Mayuko 2.4

Pigeon Corp.

Meeting Date: 04/25/2019 Country: Japan

Meeting Type: Annual Ticker: 7956

Primary ISIN: JP3801600002 Primary SEDOL: 6688080

Page 104 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Pigeon Corp.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 34 Mgmt For For

Mgmt For For Amend Articles to Change Fiscal Year End 2

Mgmt For For Appoint Statutory Auditor Amari, Kazuhisa 3.1

Mgmt For For Appoint Statutory Auditor Hashimoto, Nobuyuki 3.2

Mgmt For For Appoint Statutory Auditor Otsu, Koichi 3.3

Mgmt For For Appoint Statutory Auditor Taishido, Atsuko 3.4

Mgmt For For Appoint Alternate Statutory Auditor Omuro,

Sachiko 4

Mgmt For For Approve Director Retirement Bonus 5

Mgmt For For Approve Bonus Related to Retirement Bonus

System Abolition 6

Mgmt For For Approve Compensation Ceiling for Directors 7

Mgmt For For Approve Trust-Type Equity Compensation Plan 8

Resona Holdings, Inc.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 8308

Primary ISIN: JP3500610005 Primary SEDOL: 6421553

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1.1 Elect Director Higashi, Kazuhiro Mgmt For For

Mgmt For For Elect Director Iwanaga, Shoichi 1.2

Mgmt For For Elect Director Fukuoka, Satoshi 1.3

Mgmt For For Elect Director Minami, Masahiro 1.4

Mgmt For For Elect Director Isono, Kaoru 1.5

Mgmt For For Elect Director Sanuki, Yoko 1.6

Mgmt For For Elect Director Urano, Mitsudo 1.7

Mgmt For For Elect Director Matsui, Tadamitsu 1.8

Page 105 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Resona Holdings, Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Sato, Hidehiko 1.9

Mgmt For For Elect Director Baba, Chiharu 1.10

Mgmt For For Elect Director Iwata, Kimie 1.11

SH Against Against Amend Articles to Hand over Petition Calling for Abolition of Negative Interest Rate Policy to Governor of the Bank of Japan

2

Voter Rationale: The proposed content falls within the realm of matters best left to the discretion of management under board oversight.

Rheon Automatic Machinery Co., Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 6272

Primary ISIN: JP3979400003 Primary SEDOL: 6732619

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 14 Mgmt For For

Mgmt For For Elect Director Tashiro, Yasunori 2.1

Mgmt Against For Elect Director Kobayashi, Mikio 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Onoguchi, Kazuyoshi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kaneko, Tamotsu 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Watanabe, Masahiko 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Morito, Toshimitsu 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Netsu, Masahito 2.7

Mgmt For For Elect Director Hirahara, Ko 2.8

Mgmt For For Approve Annual Bonus 3

Page 106 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Rohto Pharmaceutical Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 4527

Primary ISIN: JP3982400008 Primary SEDOL: 6747367

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Amend Articles to Add Provisions on Management Philosophy - Amend Business

Lines

Mgmt For For

Mgmt For For Elect Director Yamada, Kunio 2.1

Mgmt For For Elect Director Sugimoto, Masashi 2.2

Mgmt Against For Elect Director Lekh Raj Juneja 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Saito, Masaya 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kunisaki, Shinichi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamada, Tetsumasa 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Uemura, Hideto 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Rikiishi, Masako 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Segi, Hidetoshi 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Matsunaga, Mari 2.10

Mgmt For For Elect Director Torii, Shingo 2.11

Mgmt For For Elect Director Iriyama, Akie 2.12

Mgmt For For Appoint Ernst & Young ShinNihon LLC as New External Audit Firm

3

Page 107 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

ROUND ONE Corp.

Meeting Date: 06/22/2019 Country: Japan

Meeting Type: Annual Ticker: 4680

Primary ISIN: JP3966800009 Primary SEDOL: 6248365

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 10

Mgmt For For

Mgmt For For Elect Director Sugino, Masahiko 2.1

Mgmt Against For Elect Director Sasae, Shinji 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nishimura, Naoto 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Inagaki, Takahiro 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawaguchi, Hidetsugu 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Teramoto, Toshitaka 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Futagami, Tatsuhiro 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawabata, Kazuyuki 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Okamoto, Jun 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Tsuzuruki, Tomoko 2.10

Mgmt For For Elect Director Takaguchi, Ayako 2.11

Mgmt For For Appoint Statutory Auditor Goto, Tomoyuki 3.1

Mgmt For For Appoint Statutory Auditor Iwakawa, Hiroshi 3.2

Mgmt For For Appoint Statutory Auditor Okuda, Junji 3.3

Page 108 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

ROUND ONE Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Appoint Alternate Statutory Auditor Shimizu,

Hideki 4.1

Mgmt For For Appoint Alternate Statutory Auditor Sugo, Arata 4.2

Sakai Chemical Industry Co., Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 4078

Primary ISIN: JP3312800000 Primary SEDOL: 6769402

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Yabe, Masaaki Mgmt For Against

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Yoshioka, Akira 1.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yoshikawa, Yoshiyuki 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sado, Megumu 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakanishi, Atsuya 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Okamoto, Yasuhiro 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yoshida, Toshinori 1.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yagishita, Masayuki 1.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sano, Toshiaki 1.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 109 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Sakai Chemical Industry Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Sasai, Kazumi 1.10

Mgmt For For Elect Director Sano, Yumi 1.11

Mgmt For For Approve Annual Bonus 2

Sankyo Frontier Co., Ltd.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 9639

Primary ISIN: JP3328200005 Primary SEDOL: 6860394

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Nagatsuma, Takatsugu Mgmt For Against

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Hayama, Hideto 1.2

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Mito, Shigeo 1.3

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Fujita, Takeshi 1.4

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Kojima, Shunichi 1.5

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Mgmt Against For Elect Director Anzai, Mitsuharu 1.6

Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.

Page 110 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Sankyo Frontier Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Nokura, Manabu 1.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Appoint Statutory Auditor Murai, Yasuyuki 2.1

Mgmt Against For Appoint Statutory Auditor Ishiguro, Hiroshi 2.2

Voter Rationale: Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.

Mgmt For For Appoint Statutory Auditor Terajima, Tetsuo 2.3

Mgmt Against For Approve Statutory Auditor Retirement Bonus 3

Voter Rationale: There should be disclosure of the total award of retirement bonuses.

Mgmt For For Approve Annual Bonus 4

Sanyo Chemical Industries, Ltd.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 4471

Primary ISIN: JP3337600005 Primary SEDOL: 6776800

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Ueno, Kan Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Ando, Takao 1.2

Mgmt Against For Elect Director Higuchi, Akinori 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Maeda, Kohei 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Narutaki, Hideya 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ota, Atsushi 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 111 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Sanyo Chemical Industries, Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Shimominami, Hiroyuki 1.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamamoto, Masaya 1.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Aikyo, Shigenobu 1.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Shirai, Aya 1.10

Mgmt Against For Appoint Statutory Auditor Horiie, Takafumi 2.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Karube, Jun 2.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Sato Holdings Corp.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 6287

Primary ISIN: JP3321400008 Primary SEDOL: 6777579

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 35

Mgmt For For

Mgmt For For Elect Director Kotaki, Ryutaro 2.1

Mgmt For For Elect Director Abe, Yoichi 2.2

Mgmt For For Elect Director Narumi, Tatsuo 2.3

Mgmt For For Elect Director Tanaka, Yuko 2.4

Mgmt For For Elect Director Ito, Ryoji 2.5

Mgmt For For Elect Director Shimaguchi, Mitsuaki 2.6

Mgmt For For Elect Director Yamada, Hideo 2.7

Mgmt For For Elect Director Matsuda, Chieko 2.8

Mgmt For For Appoint Statutory Auditor Nagakura, Junichi 3

Page 112 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Sato Holdings Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Appoint Alternate Statutory Auditor Shikou Yun 4

Mgmt For For Approve Compensation Ceiling for Statutory

Auditors 5

SAXA Holdings, Inc.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 6675

Primary ISIN: JP3471200000 Primary SEDOL: 6728975

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 50

Mgmt For For

Mgmt Against For Approve Takeover Defense Plan (Poison Pill) 2

Voter Rationale: Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.

Mgmt Against For Elect Director Sogabe, Atsushi 3.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Katagiri, Yuichiro 3.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Takeuchi, Sawako 3.3

Mgmt For For Appoint Alternate Statutory Auditor Yamazaki,

Hayato 4.1

Mgmt For For Appoint Alternate Statutory Auditor Takaguchi,

Yoji 4.2

SECOM Co., Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 9735

Primary ISIN: JP3421800008 Primary SEDOL: 6791591

Page 113 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

SECOM Co., Ltd.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, With a Final

Dividend of JPY 85 Mgmt For For

Mgmt Against For Elect Director Iida, Makoto 2.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Nakayama, Yasuo 2.2

Mgmt Against For Elect Director Yoshida, Yasuyuki 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Ozeki, Ichiro 2.4

Mgmt Against For Elect Director Fuse, Tatsuro 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Izumida, Tatsuya 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kurihara, Tatsushi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Hirose, Takaharu 2.8

Mgmt For For Elect Director Kawano, Hirobumi 2.9

Mgmt For For Elect Director Watanabe, Hajime 2.10

Mgmt For For Appoint Statutory Auditor Ito, Takayuki 3.1

Mgmt For For Appoint Statutory Auditor Kato, Koji 3.2

Mgmt For For Appoint Statutory Auditor Kato, Hideki 3.3

Mgmt For For Appoint Statutory Auditor Yasuda, Makoto 3.4

Mgmt For For Appoint Statutory Auditor Tanaka, Setsuo 3.5

Shikoku Chemicals Corp.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 4099

Primary ISIN: JP3349600001 Primary SEDOL: 6804303

Page 114 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Shikoku Chemicals Corp.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Yamashita, Kunihiko Mgmt For Against

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Tanaka, Naoto 1.2

Mgmt Against For Elect Director Yoshioka, Takashi 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Matsubara, Jun 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Watanabe, Mitsunori 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hamazaki, Makoto 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Manabe, Yoshinori 1.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Enjo, Hiroshi 1.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shibuya, Hiroshi 1.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Terada, Toshifumi 1.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Tanabe, Kenji 2.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Nishihara, Koji 2.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Alternate Statutory Auditor Mizuno, Takeo

3

Page 115 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Shikoku Chemicals Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Approve Trust-Type Equity Compensation Plan 4

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Shindengen Electric Manufacturing Co. Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 6844

Primary ISIN: JP3377800002 Primary SEDOL: 6804541

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 125 Mgmt For For

Mgmt For For Elect Director Suzuki, Yoshinori 2.1

Mgmt Against For Elect Director Negishi, Yasumi 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Horiguchi, Kenji 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tanaka, Nobuyoshi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamada, Ichiro 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Hashimoto, Hideyuki 2.6

Mgmt Against For Appoint Statutory Auditor Higo, Yoshiaki 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Miyake, Yuichiro 3.2

Mgmt Against For Appoint Alternate Statutory Auditor Chiba, Shoji 4

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 116 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Shindengen Electric Manufacturing Co. Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Approve Restricted Stock Plan 5

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Mgmt Against For Approve Takeover Defense Plan (Poison Pill) 6

Voter Rationale: Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.

Shin-Etsu Chemical Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 4063

Primary ISIN: JP3371200001 Primary SEDOL: 6804585

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 100 Mgmt For For

Mgmt For For Elect Director Saito, Yasuhiko 2.1

Mgmt Against For Elect Director Ishihara, Toshinobu 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ueno, Susumu 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Matsui, Yukihiro 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Miyajima, Masaki 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Frank Peter Popoff 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Miyazaki, Tsuyoshi 2.7

Mgmt For For Elect Director Fukui, Toshihiko 2.8

Mgmt Against For Elect Director Kasahara, Toshiyuki 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 117 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Shin-Etsu Chemical Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Maruyama, Kazumasa 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Okamoto, Hiroaki 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Nagano, Kiyoshi 3.2

Mgmt Against For Appoint Statutory Auditor Onezawa, Hidenori 3.3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Approve Stock Option Plan 4

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Shinko Electric Industries Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 6967

Primary ISIN: JP3375800004 Primary SEDOL: 6804927

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 12.5

Mgmt For For

Mgmt For For Elect Director Fujita, Masami 2.1

Mgmt Against For Elect Director Hasebe, Hiroshi 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kodaira, Tadashi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ozawa, Takashi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Approve Annual Bonus 3

Page 118 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

ShinMaywa Industries, Ltd.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 7224

Primary ISIN: JP3384600007 Primary SEDOL: 6804488

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 27

Mgmt For For

Mgmt For For Elect Director Isogawa, Tatsuyuki 2.1

Mgmt For For Elect Director Ishimaru, Kanji 2.2

Mgmt For For Elect Director Tanuma, Katsuyuki 2.3

Mgmt For For Elect Director Itami, Atsushi 2.4

Mgmt For For Elect Director Nishioka, Akira 2.5

Mgmt For For Elect Director Kume, Toshiki 2.6

Mgmt For For Elect Director Kanda, Yoshifumi 2.7

Mgmt For For Elect Director Hideshima, Nobuya 2.8

Mgmt For For Elect Director Nagai, Seiko 2.9

Mgmt Against For Appoint Statutory Auditor Nishida, Koji 3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Approve Annual Bonus 4

Shionogi & Co., Ltd.

Meeting Date: 06/18/2019 Country: Japan

Meeting Type: Annual Ticker: 4507

Primary ISIN: JP3347200002 Primary SEDOL: 6804682

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 50 Mgmt For For

Mgmt For For Elect Director Shiono, Motozo 2.1

Mgmt For For Elect Director Teshirogi, Isao 2.2

Mgmt For For Elect Director Sawada, Takuko 2.3

Page 119 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Shionogi & Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Mogi, Teppei 2.4

Mgmt For For Elect Director Ando, Keiichi 2.5

Mgmt For For Elect Director Ozaki, Hiroshi 2.6

Mgmt Against For Appoint Statutory Auditor Okamoto, Akira 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Fujinuma, Tsuguoki 3.2

Mgmt For For Approve Compensation Ceiling for Statutory Auditors

4

Showa Corp.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 7274

Primary ISIN: JP3360300002 Primary SEDOL: 6805629

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 19 Mgmt For For

Mgmt For For Amend Articles to Amend Provisions on Number of Directors - Authorize Directors to Execute Day to Day Operations without Full Board

Approval

2

Mgmt For For Elect Director Sugiyama, Nobuyuki 3.1

Mgmt For For Elect Director Ichimura, Hiroshi 3.2

Mgmt For For Elect Director Wakiyama, Narutoshi 3.3

Mgmt For For Elect Director Matsumura, Tetsuya 3.4

Mgmt For For Elect Director and Audit Committee Member

Mano, Yosuke 4.1

Mgmt For For Elect Director and Audit Committee Member

Mizusawa, Tsuneo 4.2

Mgmt For For Elect Director and Audit Committee Member

Miwa, Hikoyuki 4.3

Mgmt For For Elect Director and Audit Committee Member

Takada, Shinya 4.4

Mgmt For For Approve Compensation Ceiling for Directors

Who Are Not Audit Committee Members 5

Page 120 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Showa Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Approve Annual Bonus 6

Soda Nikka Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 8158

Primary ISIN: JP3431400005 Primary SEDOL: 6818810

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Nagasu, Takahiko Mgmt For Against

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt For For Elect Director Mori, Masato 1.2

Mgmt For For Elect Director Miyamoto, Takahiro 1.3

Mgmt For For Elect Director Hosoya, Iwao 1.4

Mgmt For For Elect Director Adachi, Yoshimasa 1.5

Mgmt For For Elect Director Ikeda, Jun 1.6

Mgmt For For Elect Director Watari, Yuji 1.7

Mgmt For For Elect Director Furukawa, Yuji 1.8

Mgmt For For Appoint Statutory Auditor Tsuchiya, Hiroyasu 2

Mgmt Against For Approve Restricted Stock Plan 3

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

SoftBank Group Corp.

Meeting Date: 06/19/2019 Country: Japan

Meeting Type: Annual Ticker: 9984

Primary ISIN: JP3436100006 Primary SEDOL: 6770620

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 22 Mgmt For For

Page 121 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

SoftBank Group Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Son, Masayoshi 2.1

Mgmt Against For Elect Director Ronald Fisher 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Marcelo Claure 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sago, Katsunori 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Rajeev Misra 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Miyauchi, Ken 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Simon Segars 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yun Ma 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yasir O. Al-Rumayyan 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Yanai, Tadashi 2.10

Mgmt For For Elect Director Iijima, Masami 2.11

Mgmt Against For Elect Director Matsuo, Yutaka 2.12

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Appoint Statutory Auditor Toyama, Atsushi 3

Sojitz Corp.

Meeting Date: 06/20/2019 Country: Japan

Meeting Type: Annual Ticker: 2768

Primary ISIN: JP3663900003 Primary SEDOL: 6594143

Page 122 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Sojitz Corp.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, With a Final

Dividend of JPY 9.5 Mgmt For For

Mgmt For For Elect Director Hara, Takashi 2.1

Mgmt For For Elect Director Fujimoto, Masayoshi 2.2

Mgmt For For Elect Director Tanaka, Seiichi 2.3

Mgmt For For Elect Director Nishihara, Shigeru 2.4

Mgmt For For Elect Director Naito, Kayoko 2.5

Mgmt For For Elect Director Otsuka, Norio 2.6

Sony Corp.

Meeting Date: 06/18/2019 Country: Japan

Meeting Type: Annual Ticker: 6758

Primary ISIN: JP3435000009 Primary SEDOL: 6821506

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1.1 Elect Director Yoshida, Kenichiro Mgmt For For

Mgmt For For Elect Director Totoki, Hiroki 1.2

Mgmt For For Elect Director Sumi, Shuzo 1.3

Mgmt For For Elect Director Tim Schaaff 1.4

Mgmt For For Elect Director Matsunaga, Kazuo 1.5

Mgmt For For Elect Director Miyata, Koichi 1.6

Mgmt For For Elect Director John V. Roos 1.7

Mgmt For For Elect Director Sakurai, Eriko 1.8

Mgmt For For Elect Director Minakawa, Kunihito 1.9

Mgmt For For Elect Director Oka, Toshiko 1.10

Mgmt For For Elect Director Akiyama, Sakie 1.11

Mgmt For For Elect Director Wendy Becker 1.12

Mgmt For For Elect Director Hatanaka, Yoshihiko 1.13

Page 123 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Sony Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Approve Stock Option Plan 2

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Sony Financial Holdings, Inc.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 8729

Primary ISIN: JP3435350008 Primary SEDOL: B249SN5

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 62.5 Mgmt For For

Mgmt For For Elect Director Ishii, Shigeru 2.1

Mgmt For For Elect Director Kiyomiya, Hiroaki 2.2

Mgmt For For Elect Director Ito, Yutaka 2.3

Mgmt For For Elect Director Totoki, Hiroki 2.4

Mgmt For For Elect Director Kambe, Shiro 2.5

Mgmt For For Elect Director Matsuoka, Naomi 2.6

Mgmt For For Elect Director Kuniya, Shiro 2.7

Mgmt For For Elect Director Ito, Takatoshi 2.8

Mgmt For For Elect Director Oka, Masashi 2.9

Mgmt For For Elect Director Ikeuchi, Shogo 2.10

Mgmt Against For Appoint Statutory Auditor Hayase, Yasuyuki 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Makiyama, Yoshimichi 3.2

Mgmt For For Appoint Alternate Statutory Auditor Saegusa,

Takaharu 4

Page 124 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Sumitomo Bakelite Co., Ltd.

Meeting Date: 06/24/2019 Country: Japan

Meeting Type: Annual Ticker: 4203

Primary ISIN: JP3409400003 Primary SEDOL: 6858504

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 37.5

Mgmt For For

Mgmt For For Elect Director Hayashi, Shigeru 2.1

Mgmt For For Elect Director Fujiwara, Kazuhiko 2.2

Mgmt Against For Elect Director Inagaki, Masayuki 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Asakuma, Sumitoshi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakamura, Takashi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kuwaki, Goichiro 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kobayashi, Takashi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Abe, Hiroyuki 2.8

Mgmt For For Elect Director Matsuda, Kazuo 2.9

Mgmt Against For Elect Director Deguchi, Toshihisa 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Appoint Statutory Auditor Terasawa, Tsuneo 3.1

Mgmt For For Appoint Statutory Auditor Aoki, Katsushige 3.2

Mgmt For For Appoint Statutory Auditor Yamagishi, Kazuhiko 3.3

Mgmt For For Appoint Statutory Auditor Nagashima, Etsuko 3.4

Mgmt For For Appoint Alternate Statutory Auditor Yufu, Setsuko

3.5

Page 125 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Sumitomo Corp.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 8053

Primary ISIN: JP3404600003 Primary SEDOL: 6858946

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 38

Mgmt For For

Mgmt For For Elect Director Nakamura, Kuniharu 2.1

Mgmt For For Elect Director Hyodo, Masayuki 2.2

Mgmt Against For Elect Director Takahata, Koichi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamano, Hideki 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nambu, Toshikazu 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Seishima, Takayuki 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Ehara, Nobuyoshi 2.7

Mgmt Against For Elect Director Ishida, Koji 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Iwata, Kimie 2.9

Mgmt For For Elect Director Yamazaki, Hisashi 2.10

Mgmt For For Appoint Statutory Auditor Hosono, Michihiko 3

Mgmt For For Approve Annual Bonus 4

Sumitomo Dainippon Pharma Co., Ltd.

Meeting Date: 06/20/2019 Country: Japan

Meeting Type: Annual Ticker: 4506

Primary ISIN: JP3495000006 Primary SEDOL: 6250865

Page 126 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Sumitomo Dainippon Pharma Co., Ltd.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 19 Mgmt For For

Mgmt For For Elect Director Tada, Masayo 2.1

Mgmt For For Elect Director Nomura, Hiroshi 2.2

Mgmt Against For Elect Director Odagiri, Hitoshi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kimura, Toru 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tamura, Nobuhiko 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Atomi, Yutaka 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Arai, Saeko 2.7

Mgmt For For Elect Director Endo, Nobuhiro 2.8

Sumitomo Mitsui Financial Group, Inc.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 8316

Primary ISIN: JP3890350006 Primary SEDOL: 6563024

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 95 Mgmt For For

Mgmt For For Elect Director Kunibe, Takeshi 2.1

Mgmt For For Elect Director Ota, Jun 2.2

Mgmt For For Elect Director Takashima, Makoto 2.3

Mgmt For For Elect Director Nagata, Haruyuki 2.4

Mgmt For For Elect Director Nakashima, Toru 2.5

Page 127 of 171

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Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Sumitomo Mitsui Financial Group, Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Inoue, Atsuhiko 2.6

Mgmt For For Elect Director Mikami, Toru 2.7

Mgmt For For Elect Director Kubo, Tetsuya 2.8

Mgmt For For Elect Director Matsumoto, Masayuki 2.9

Mgmt For For Elect Director Arthur M. Mitchell 2.10

Mgmt For For Elect Director Yamazaki, Shozo 2.11

Mgmt For For Elect Director Kono, Masaharu 2.12

Mgmt For For Elect Director Tsutsui, Yoshinobu 2.13

Mgmt For For Elect Director Shimbo, Katsuyoshi 2.14

Mgmt For For Elect Director Sakurai, Eriko 2.15

Sumitomo Mitsui Trust Holdings, Inc.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 8309

Primary ISIN: JP3892100003 Primary SEDOL: 6431897

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 75

Mgmt For For

Mgmt For For Elect Director Okubo, Tetsuo 2.1

Mgmt For For Elect Director Araumi, Jiro 2.2

Mgmt For For Elect Director Nishida, Yutaka 2.3

Mgmt For For Elect Director Hashimoto, Masaru 2.4

Mgmt For For Elect Director Kitamura, Kunitaro 2.5

Mgmt For For Elect Director Tsunekage, Hitoshi 2.6

Mgmt For For Elect Director Shudo, Kuniyuki 2.7

Mgmt For For Elect Director Tanaka, Koji 2.8

Mgmt For For Elect Director Suzuki, Takeshi 2.9

Mgmt For For Elect Director Araki, Mikio 2.10

Mgmt For For Elect Director Matsushita, Isao 2.11

Mgmt For For Elect Director Saito, Shinichi 2.12

Page 128 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Sumitomo Mitsui Trust Holdings, Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Yoshida, Takashi 2.13

Mgmt For For Elect Director Kawamoto, Hiroko 2.14

Mgmt For For Elect Director Aso, Mitsuhiro 2.15

Suzuken Co., Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 9987

Primary ISIN: JP3398000004 Primary SEDOL: 6865560

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Bessho, Yoshiki Mgmt For For

Mgmt For For Elect Director Miyata, Hiromi 1.2

Mgmt Against For Elect Director Asano, Shigeru 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Saito, Masao 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Izawa, Yoshimichi 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tamura, Hisashi 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ueda, Keisuke 1.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Iwatani, Toshiaki 1.8

Mgmt For For Elect Director Usui, Yasunori 1.9

Mgmt For For Appoint Statutory Auditor Muranaka, Toru 2

Page 129 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Systena Corp.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 2317

Primary ISIN: JP3351050004 Primary SEDOL: 6537881

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1.1 Elect Director Hemmi, Yoshichika Mgmt For For

Mgmt For For Elect Director Miura, Kenji 1.2

Mgmt Against For Elect Director Kai, Takafumi 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawachi, Shinichiro 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Taguchi, Makoto 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujii, Hiroyuki 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hemmi, Shingo 1.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Suzuki, Yukio 1.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ogawa, Koichi 1.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Appoint Statutory Auditor Hishida, Toru 2.1

Mgmt For For Appoint Statutory Auditor Sato, Masao 2.2

Mgmt For For Appoint Statutory Auditor Adagawa, Hiroshi 2.3

Mgmt For For Appoint Alternate Statutory Auditor Tokuono, Nobushige

3

Mgmt Against For Approve Trust-Type Equity Compensation Plan 4

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Page 130 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Tachi-S Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 7239

Primary ISIN: JP3465400004 Primary SEDOL: 6869498

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1.1 Elect Director Nakayama, Taro Mgmt For Against

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Yamamoto, Yuichiro 1.2

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Saito, Kiyoshi 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Arishige, Kunio 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tamura, Kazumi 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Komatsu, Atsushi 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kinoshita, Toshio 1.7

Mgmt For For Elect Director Mihara, Hidetaka 1.8

Mgmt For For Appoint Statutory Auditor Ozawa, Nobuaki 2

Mgmt For For Approve Annual Bonus 3

Taikisha Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 1979

Primary ISIN: JP3441200007 Primary SEDOL: 6869959

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 66 Mgmt For For

Page 131 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Taikisha Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Uenishi, Eitaro 2.1

Mgmt For For Elect Director Kato, Koji 2.2

Mgmt Against For Elect Director Mukai, Hiroshi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hayakawa, Kazuhide 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakajima, Yasushi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakagawa, Masanori 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Inagawa, Nobutaka 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Murakawa, Junichi 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Hikosaka, Hirokazu 2.9

Mgmt For For Elect Director Fuke, Kiyotaka 2.10

Mgmt For For Appoint Statutory Auditor Hanazawa, Toshiyuki 3

Mgmt For For Appoint Alternate Statutory Auditor Kono,

Takashi 4

Mgmt Against For Approve Trust-Type Equity Compensation Plan 5

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

TAISEI Corp. (1801)

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 1801

Primary ISIN: JP3443600006 Primary SEDOL: 6870100

Page 132 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

TAISEI Corp. (1801)

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 70 Mgmt For For

Mgmt For For Amend Articles to Reduce Directors' Term 2

Mgmt For For Elect Director Yamauchi, Takashi 3.1

Mgmt For For Elect Director Murata, Yoshiyuki 3.2

Mgmt For For Elect Director Sakurai, Shigeyuki 3.3

Mgmt For For Elect Director Tanaka, Shigeyoshi 3.4

Mgmt For For Elect Director Yaguchi, Norihiko 3.5

Mgmt For For Elect Director Shirakawa, Hiroshi 3.6

Mgmt For For Elect Director Aikawa, Yoshiro 3.7

Mgmt For For Elect Director Kimura, Hiroshi 3.8

Mgmt For For Elect Director Nishimura, Atsuko 3.9

Mgmt For For Elect Director Murakami, Takao 3.10

Mgmt For For Elect Director Otsuka, Norio 3.11

Mgmt For For Elect Director Kokubu, Fumiya 3.12

Mgmt Against For Appoint Statutory Auditor Hayashi, Takashi 4.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Noma, Akihiko 4.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Maeda, Terunobu 4.3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Taisho Pharmaceutical Holdings Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 4581

Primary ISIN: JP3442850008 Primary SEDOL: B3QX5G4

Page 133 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Taisho Pharmaceutical Holdings Co., Ltd.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 70 Mgmt For For

Mgmt For For Elect Director Uehara, Akira 2.1

Mgmt Against For Elect Director Uehara, Shigeru 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ohira, Akira 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Uehara, Ken 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujita, Kenichi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Watanabe, Tetsu 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Osawa, Katsuichi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kunibe, Takeshi 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Uemura, Hiroyuki 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Kobayashi, Kyuji 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Kameo, Kazuya 3.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Aoi, Chushiro 3.3

Mgmt Against For Appoint Statutory Auditor Sato, Junya 3.4

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 134 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Takasago International Corp.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 4914

Primary ISIN: JP3454400007 Primary SEDOL: 6870360

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 30

Mgmt For For

Mgmt For For Elect Director Masumura, Satoshi 2.1

Mgmt For For Elect Director Noyori, Ryoji 2.2

Mgmt Against For Elect Director Kasamatsu, Hironori 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujiwara, Hisaya 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamagata, Tatsuya 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Somekawa, Kenichi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yanaka, Fumihiro 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Matsuda, Komei 2.8

Mgmt Against For Elect Director Mizuno, Naoki 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Isono, Hirokazu 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawabata, Shigeki 2.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 135 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Takasago Thermal Engineering Co., Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 1969

Primary ISIN: JP3455200000 Primary SEDOL: 6870520

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 27

Mgmt For For

Mgmt For For Elect Director Ouchi, Atsushi 2.1

Mgmt Against For Elect Director Takahara, Choichi 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hara, Yoshiyuki 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamawake, Hiroshi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kojima, Kazuhito 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kamiya, Tadashi 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yokote, Toshikazu 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Matsunaga, Kazuo 2.8

Mgmt Against For Elect Director Yabunaka, Mitoji 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Fujimura, Kiyoshi 2.10

Mgmt For For Elect Director Seki, Yoko 2.11

Mgmt For For Appoint Statutory Auditor Yamamoto, Yukitoshi 3

Page 136 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Terumo Corp.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 4543

Primary ISIN: JP3546800008 Primary SEDOL: 6885074

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 27

Mgmt For For

Mgmt For For Elect Director Mimura, Takayoshi 2.1

Mgmt For For Elect Director Sato, Shinjiro 2.2

Mgmt For For Elect Director Takagi, Toshiaki 2.3

Mgmt For For Elect Director Hatano, Shoji 2.4

Mgmt For For Elect Director Nishikawa, Kyo 2.5

Mgmt For For Elect Director Mori, Ikuo 2.6

Mgmt For For Elect Director Ueda, Ryuzo 2.7

Mgmt For For Elect Director Kuroda,Yukiko 2.8

Mgmt For For Elect Director and Audit Committee Member Kimura, Yoshihiro

3.1

Mgmt For For Elect Director and Audit Committee Member Nakamura, Masaichi

3.2

Mgmt For For Elect Director and Audit Committee Member Uno, Soichiro

3.3

Mgmt For For Elect Alternate Director and Audit Committee Member Sakaguchi, Koichi

4

Mgmt Against For Approve Restricted Stock Plan 5

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

T-Gaia Corp.

Meeting Date: 06/19/2019 Country: Japan

Meeting Type: Annual Ticker: 3738

Primary ISIN: JP3893700009 Primary SEDOL: 6744670

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 38.5 Mgmt For For

Page 137 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

T-Gaia Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Amend Articles to Amend Business Lines 2

Voter Rationale: Changes in company's by-laws should not result in the erosion of shareholder rights.

Mgmt For For Elect Director Kanaji, Nobutaka 3.1

Mgmt Against For Elect Director Tada, Soichiro 3.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Konda, Tsuyoshi 3.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Miyashita, Masahiro 3.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawase, Koichi 3.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Asaba, Toshiya 3.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Deguchi, Kyoko 3.7

Mgmt For For Elect Director Kamata, Junichi 3.8

Mgmt For For Appoint Statutory Auditor Hashimoto, Ryo 4

Mgmt For For Appoint Alternate Statutory Auditor Ikadai, Makoto

5

Mgmt Against For Approve Cash Compensation Ceiling and Restricted Stock Plan for Directors

6

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

The 77 Bank, Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 8341

Primary ISIN: JP3352000008 Primary SEDOL: 6804165

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 25

Mgmt For For

Page 138 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

The 77 Bank, Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Amend Articles to Amend Provisions on Number

of Directors 2

Mgmt Against For Elect Director Ujiie, Teruhiko 3.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Kobayashi, Hidefumi 3.2

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Igarashi, Makoto 3.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sugawara, Toru 3.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Suzuki, Koichi 3.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shito, Atsushi 3.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Onodera, Yoshikazu 3.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tabata, Takuji 3.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Sugita, Masahiro 3.9

Mgmt Against For Elect Director Nakamura, Ken 3.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Okuyama, Emiko 3.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director and Audit Committee Member

Nagayama, Yoshiaki 4.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director and Audit Committee Member

Chubachi, Mitsuo 4.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 139 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

The 77 Bank, Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director and Audit Committee Member

Suzuki, Toshio 4.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent – and companies should strive to make them fully independent.

Mgmt Against For Elect Director and Audit Committee Member Yamaura, Masai

4.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent - and companies should strive to make them fully independent.

Mgmt Against For Elect Director and Audit Committee Member Wako, Masahiro

4.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent - and companies should strive to make them fully independent.

Mgmt Against For Elect Director and Audit Committee Member Ushio, Yoko

4.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent - and companies should strive to make them fully independent.

The Aichi Bank Ltd.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 8527

Primary ISIN: JP3103000000 Primary SEDOL: 6196550

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 55

Mgmt For For

Mgmt Against For Elect Director Koide, Shinichi 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Ito, Yukinori 2.2

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Kobayashi, Masato 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ito, Yoshihiro 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 140 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

The Aichi Bank Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Takahashi, Tomoyuki 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Matsuno, Hiroyasu 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kuratomi, Nobuhiko 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

The Kansai Electric Power Co., Inc.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 9503

Primary ISIN: JP3228600007 Primary SEDOL: 6483489

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 25 Mgmt For For

Mgmt For For Approve Transfer of Electric Transmission and Distribution Operations to Wholly Owned Subsidiary

2

Mgmt For For Amend Articles to Amend Business Lines 3

Mgmt For For Elect Director Yagi, Makoto 4.1

Mgmt For For Elect Director Iwane, Shigeki 4.2

Mgmt Against For Elect Director Doi, Yoshihiro 4.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Morimoto, Takashi 4.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Misono, Toyokazu 4.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Inada, Koji 4.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 141 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

The Kansai Electric Power Co., Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Morinaka, Ikuo 4.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shimamoto, Yasuji 4.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Matsumura, Takao 4.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Inoue, Noriyuki 4.10

Mgmt Against For Elect Director Okihara, Takamune 4.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kobayashi, Tetsuya 4.12

Mgmt For For Elect Director Makimura, Hisako 4.13

Mgmt For For Appoint Statutory Auditor Yashima, Yasuhiro 5.1

Mgmt For For Appoint Statutory Auditor Sugimoto, Yasushi 5.2

Mgmt For For Appoint Statutory Auditor Higuchi, Yukishige 5.3

Mgmt For For Appoint Statutory Auditor Toichi, Tsutomu 5.4

Mgmt For For Appoint Statutory Auditor Otsubo, Fumio 5.5

Mgmt For For Appoint Statutory Auditor Sasaki, Shigeo 5.6

Mgmt For For Appoint Statutory Auditor Kaga, Atsuko 5.7

SH Against Against Amend Articles to Promote Renewable Energies 6

Voter Rationale: It is clearly too early to rule out nuclear power remaining a safe and economical component of the future generation mix. It would be inappropriate to incorporate a vaguely worded statement into the articles of incorporation.

SH Against Against Amend Articles to Record Shareholder Meeting

Proceedings Accurately and Disclose Them 7

Voter Rationale: The proposal appears primarily aimed at gaining publicity for the causes of activist shareholders, with no apparent benefits for shareholders as a whole.

SH Against Against Amend Articles to Add Provisions Concerning

Management Based on CSR 8

Voter Rationale: The proposal appears primarily aimed at gaining publicity for the causes of activist shareholders, with no apparent benefits for shareholders as a whole.

SH Against Against Amend Articles to Add Provisions Concerning Management Based on CSR

9

Voter Rationale: The proposal appears primarily aimed at gaining publicity for the causes of activist shareholders, with no apparent benefits for shareholders as a whole.

Page 142 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

The Kansai Electric Power Co., Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

SH Against Against Approve Alternative Allocation of Income, with a Final Dividend of JPY 5 Higher Than Management Proposal

10

Voter Rationale: For the year under review (2018-19), the utility proposes to raise annual dividend payments by JPY 15, to JPY 50 per share in Item 1, which merits support.

SH Against Against Remove Incumbent Director Iwane, Shigeki 11

Voter Rationale: The arguments presented do not provide strong evidence for any serious lapse in Iwane's leadership.

SH Against Against Amend Articles to Require Individual Performance and Compensation Disclosure for Directors

12

Voter Rationale: While individual compensation disclosure is welcome, the proposed language requiring disclosure of the "performance" of individual directors is vague, and thus is not appropriate to be incorporated into the articles of incorporation.

SH Against Against Amend Articles to Add Provisions on Processing

and Control of Spent Nuclear Fuels 13

Voter Rationale: Complex policy calls of this sort are best left to management and the board, rather than being left to a shareholder referendum on an inflexible mandate such as proposed here.

SH Against Against Amend Articles to Ban Investment to and Debt Guarantee for Japan Atomic Power Company

14

Voter Rationale: Complex policy calls of this sort are best left to management and the board, rather than being left to a shareholder referendum on an inflexible mandate such as proposed here.

SH Against Against Amend Articles to Ban Reprocessing of Spent Nuclear Fuels

15

Voter Rationale: Complex policy calls of this sort are best left to management and the board, rather than being left to a shareholder referendum on an inflexible mandate such as proposed here.

SH Against Against Amend Articles to Ban Operation of Nuclear Power Plants

16

Voter Rationale: The option of nuclear power should not be inflexibly ruled out while the possibility remains that safety and financial findings may show it to be a desirable part of the mix.

SH Against Against Amend Articles to Launch Committee on Aging

of Nuclear Power Plants 17

Voter Rationale: There are no grounds to believe that the company has failed to factor in the issue of aging of nuclear plants in its business operations.

SH Against Against Amend Articles to Promote Maximum Disclosure

to Gain Consumer Trust 18

Voter Rationale: The proposal does not offer a substantive change to current policy.

SH For Against Amend Articles to Require Individual Compensation Disclosure for Directors

19

Voter Rationale: A vote FOR this shareholder proposal is recommended because the amendment may enhance the company's overall reputation for transparency and accountability.

SH Against Against Amend Articles to Encourage Dispersed

Renewable and Natural Gas Power 20

Voter Rationale: The proposal does not offer a substantive change to current policy, and it is not clear that firm's quest for power source diversity lacks vigor.

Page 143 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

The Kansai Electric Power Co., Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

SH Against Against Amend Articles to Request the Government to Develop Necessary Legal System to Promote Separation of Power Generation and Transmission

21

Voter Rationale: The proposal does not offer a substantive change to current policy, and it is not clear that firm's quest for power source diversity lacks vigor.

SH Against Against Amend Articles to Cease Nuclear Operations and Decommission All Nuclear Facilities as Soon as

Possible

22

Voter Rationale: It is not prudent to include language that inflexibly rules out all future use of nuclear power as a component in the firm's generation mix.

SH Against Against Amend Articles to Commit to Nurture of Work Climate Conducive to Improving Quality of Nuclear Safety Mechanisms Through Debate Among Employees

23

Voter Rationale: The proponent is correct in stressing the importance of a culture of safety and of open debate, but does not clarify in what sense this is currently lacking, or highlight an example of any objectionable or concerning behavior.

SH Against Against Amend Articles to Ban Hiring or Service on the Board or at the Company by Former Government Officials

24

Voter Rationale: It would impose an inflexible restriction that could disqualify good candidates in cases where true conflicts of interest do not exist.

SH Against Against Amend Articles to Reduce Maximum Board Size from 20 to 10 and Require Majority Outsider Board

25

Voter Rationale: Reducing the board to the extent proposed on cost grounds, with no consideration of the need to adequately staff board committees or the need for vacancies for potential dissident nominees, is hard to justify on governance grounds. While requiring a majority outsider board would be ideal as a theoretical concept, mandating such change in reality would change the utility's board function completely, posing a risk of disruption, and there are no grounds to believe that the current board has such extensive problems or conflicts that it should be changed in the way requested by the proponents.

SH Against Against Amend Articles to End Reliance on Nuclear

Power 26

Voter Rationale: It is not prudent to effectively rule out significant continued use of nuclear power even if safety and cost considerations show it to be desirable in the judgment of management and the board.

The Nagano Bank Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 8521

Primary ISIN: JP3648300006 Primary SEDOL: 6636692

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 30

Mgmt For For

Page 144 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

The Nagano Bank Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Amend Articles to Remove All Provisions on

Advisory Positions 2

Mgmt Against For Elect Director Nakajo, Isao 3.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Nishizawa, Hitoshi 3.2

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Uchikawa, Hirofumi 3.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kondo, Masayasu 3.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Uchikawa, Sayuri 3.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Futatsugi, Keizo 3.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tokutake, Katsuo 3.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Miyazaki, Sachio 3.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Godo, Mika 4

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

The Nisshin OilliO Group, Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 2602

Primary ISIN: JP3677200002 Primary SEDOL: 6641049

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 45 Mgmt For For

Page 145 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

The Nisshin OilliO Group, Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Kuno, Takahisa 2.1

Mgmt Against For Elect Director Ogami, Hidetoshi 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yoshida, Nobuaki 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kobayashi, Arata 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawarasaki, Yasushi 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Okano, Yoshiharu 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Shirai, Sayuri 2.7

Mgmt For For Elect Director Yamamoto, Isao 2.8

Mgmt Against For Appoint Statutory Auditor Oba, Katsuhito 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Kusamichi, Tomotake 3.2

Mgmt For For Appoint Alternate Statutory Auditor Matsumura,

Tatsuhiko 4

The Shizuoka Bank, Ltd.

Meeting Date: 06/14/2019 Country: Japan

Meeting Type: Annual Ticker: 8355

Primary ISIN: JP3351200005 Primary SEDOL: 6805328

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 11

Mgmt For For

Mgmt Against For Elect Director Nakanishi, Katsunori 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Page 146 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

The Shizuoka Bank, Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Shibata, Hisashi 2.2

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Sugimoto, Hirotoshi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yagi, Minoru 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nagasawa, Yoshihiro 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Iio, Hidehito 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kobayashi, Mitsuru 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamamoto, Toshihiko 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Fujisawa, Kumi 2.9

Mgmt For For Elect Director Ito, Motoshige 2.10

Mgmt Against For Appoint Statutory Auditor Saito, Hiroki 3.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Kozuki, Kazuo 3.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Yamashita, Yoshihiro 3.3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Ushio, Naomi 3.4

THE TOTTORI BANK LTD.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 8383

Primary ISIN: JP3628600003 Primary SEDOL: 6892171

Page 147 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

THE TOTTORI BANK LTD.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 30 Mgmt For For

Mgmt Against For Elect Director Miyazaki, Masahiko 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Hirai, Koji 2.2

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Yamagami, Keigo 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Onozawa, Hironari 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fukuta, Tomohiro 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Yamawaki, Akiko 2.6

Mgmt Against For Elect Director Ashizaki, Takeshi 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kitamura, Mitsuharu 2.8

Mgmt For For Appoint Statutory Auditor Taguchi, Masahiro 3.1

Mgmt For For Appoint Statutory Auditor Takahashi, Keiichi 3.2

Mgmt For For Appoint Statutory Auditor Nakayama, Hiro 3.3

Mgmt For For Appoint Statutory Auditor Enomoto, Taketoshi 3.4

Mgmt For For Appoint Alternate Statutory Auditor Hosokawa,

Ryozo 4

The Yamanashi Chuo Bank, Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 8360

Primary ISIN: JP3942000005 Primary SEDOL: 6985361

Page 148 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

The Yamanashi Chuo Bank, Ltd.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, With a Final

Dividend of JPY 17.5 Mgmt For For

Mgmt Against For Elect Director Shindo, Nakaba 2.1

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Seki, Mitsuyoshi 2.2

Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.

Mgmt Against For Elect Director Kitta, Kazuhiko 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Osada, Yukio 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Asai, Kimihiro 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tanaka, Norihiko 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujita, Yutaka 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Furuya, Yoshiaki 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Furuya, Fumihiko 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamadera, Masahiko 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Masukawa, Michio 2.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kano, Riyo 2.12

Page 149 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

TIS, Inc. (Japan)

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 3626

Primary ISIN: JP3104890003 Primary SEDOL: B2Q4CR0

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 50

Mgmt For For

Mgmt For For Amend Articles to Amend Business Lines 2

Mgmt For For Elect Director Kuwano, Toru 3.1

Mgmt Against For Elect Director Adachi, Masahiko 3.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Okamoto, Yasushi 3.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yanai, Josaku 3.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kitaoka, Takayuki 3.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shinkai, Akira 3.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Sano, Koichi 3.7

Mgmt For For Elect Director Tsuchiya, Fumio 3.8

Mgmt Against For Elect Director Mizukoshi, Naoko 3.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Appoint Statutory Auditor Matsuoka, Tatsufumi 4

Toei Animation Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 4816

Primary ISIN: JP3560200002 Primary SEDOL: 6301871

Page 150 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Toei Animation Co., Ltd.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 70 Mgmt For For

Mgmt Against For Appoint Statutory Auditor Yatsuda, Yoshihiro 2.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Higuchi, Munehisa 2.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Wada, Koichi 2.3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Kayama, Keizo 2.4

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Imamura, Kenshi 2.5

Mgmt Against For Approve Bonus Related to Retirement Bonus System Abolition

3

Voter Rationale: There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Mgmt Against For Approve Trust-Type Equity Compensation Plan 4

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Toho Co., Ltd. (9602)

Meeting Date: 05/23/2019 Country: Japan

Meeting Type: Annual Ticker: 9602

Primary ISIN: JP3598600009 Primary SEDOL: 6895200

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 27.5

Mgmt For For

Mgmt For For Elect Director Shimatani, Yoshishige 2.1

Page 151 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Toho Co., Ltd. (9602) Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Tako, Nobuyuki 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Urai, Toshiyuki 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ichikawa, Minami 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Seta, Kazuhiko 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Matsuoka, Hiroyasu 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sumi, Kazuo 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamashita, Makoto 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ikeda, Atsuo 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ota, Keiji 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ikeda, Takayuki 2.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Biro, Hiroshi 2.12

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kato, Harunori 2.13

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 152 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Toho Holdings Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 8129

Primary ISIN: JP3602600003 Primary SEDOL: 6895556

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1.1 Elect Director Hamada, Norio Mgmt For For

Mgmt Against For Elect Director Kono, Hiroyuki 1.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Kato, Katsuya 1.3

Mgmt Against For Elect Director Edahiro, Hiromi 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujimoto, Shigeru 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Morikubo, Mitsuo 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Udo, Atsushi 1.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Homma, Toshio 1.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Matsutani, Takeo 1.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Naito, Atsuko 1.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Umada, Akira 1.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Nakagomi, Tsuguo 1.12

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 153 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Toho Holdings Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Kawamura, Makoto 1.13

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Watanabe, Shunsuke 1.14

Mgmt For For Elect Director Murayama, Shosaku 1.15

Mgmt Against For Elect Director Nagasawa, Toru 1.16

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

TOKAI Corp. /9729/

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 9729

Primary ISIN: JP3552250007 Primary SEDOL: 6894359

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 15 Mgmt For For

Mgmt For For Elect Director Onogi, Koji 2.1

Mgmt Against For Elect Director Usui, Tadahiko 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shiraki, Motoaki 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hirose, Akiyoshi 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Asai, Toshiaki 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Matsuno, Eiko 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director and Audit Committee Member

Horie, Norihito 3.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 154 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

TOKAI Corp. /9729/ Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director and Audit Committee Member

Uno, Hiroshi 3.2

Mgmt Against For Approve Director Retirement Bonus 4

Voter Rationale: There should be disclosure of the total award of retirement bonuses.

TOKAI RIKA CO., LTD.

Meeting Date: 06/12/2019 Country: Japan

Meeting Type: Annual Ticker: 6995

Primary ISIN: JP3566600007 Primary SEDOL: 6894025

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 32

Mgmt For For

Mgmt For For Elect Director Miura, Kenji 2.1

Mgmt Against For Elect Director Sato, Koki 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Noguchi, Kazuhiko 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tanaka, Yoshihiro 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ono, Hideki 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hayashi, Shigeru 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Akita, Toshiki 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Imaeda, Koki 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 155 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

TOKAI RIKA CO., LTD. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Nishida, Hiroshi 2.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Hotta, Masato 2.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sato, Masahiko 2.11

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamanaka, Yasushi 2.12

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Fujioka, Kei 2.13

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Appoint Statutory Auditor Yamada, Yoshinori 3.1

Mgmt Against For Appoint Statutory Auditor Yamashina, Tadashi 3.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Approve Annual Bonus 4

Tokio Marine Holdings, Inc.

Meeting Date: 06/24/2019 Country: Japan

Meeting Type: Annual Ticker: 8766

Primary ISIN: JP3910660004 Primary SEDOL: 6513126

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 90

Mgmt For For

Mgmt For For Elect Director Nagano, Tsuyoshi 2.1

Mgmt For For Elect Director Okada, Makoto 2.2

Mgmt For For Elect Director Yuasa, Takayuki 2.3

Mgmt For For Elect Director Fujita, Hirokazu 2.4

Mgmt For For Elect Director Komiya, Satoru 2.5

Mgmt For For Elect Director Mimura, Akio 2.6

Page 156 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Tokio Marine Holdings, Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Egawa, Masako 2.7

Mgmt For For Elect Director Mitachi, Takashi 2.8

Mgmt For For Elect Director Endo, Nobuhiro 2.9

Mgmt For For Elect Director Hirose, Shinichi 2.10

Mgmt For For Elect Director Harashima, Akira 2.11

Mgmt For For Elect Director Okada, Kenji 2.12

Mgmt For For Appoint Statutory Auditor Ito, Takashi 3.1

Mgmt For For Appoint Statutory Auditor Horii, Akinari 3.2

Mgmt Against For Approve Cash Compensation Ceiling and Deep

Discount Stock Option Plan for Directors 4

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Tokyo Electric Power Co. Holdings, Inc.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 9501

Primary ISIN: JP3585800000 Primary SEDOL: 6895404

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Kawamura, Takashi Mgmt For For

Mgmt For For Elect Director Kunii, Hideko 1.2

Mgmt For For Elect Director Utsuda, Shoei 1.3

Mgmt For For Elect Director Takaura, Hideo 1.4

Mgmt For For Elect Director Annen, Junji 1.5

Mgmt For For Elect Director Toyama, Kazuhiko 1.6

Mgmt For For Elect Director Kobayakawa, Tomoaki 1.7

Mgmt For For Elect Director Fubasami, Seiichi 1.8

Mgmt For For Elect Director Moriya, Seiji 1.9

Mgmt For For Elect Director Akimoto, Nobuhide 1.10

Mgmt For For Elect Director Makino, Shigenori 1.11

Mgmt For For Elect Director Yamashita, Ryuichi 1.12

Page 157 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Tokyo Electric Power Co. Holdings, Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Elect Director Morishita, Yoshihito 1.13

SH Against Against Amend Articles to Freeze Decommissioning Plan

of Fukushima Daiichi Nuclear Plant 2

Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- It is unthinkable that the utility can realistically freeze the decommissioning plan of Fukushima Daiichi Nuclear Plant.- The proposed action of this kind is best left to management under appropriate board supervision, rather than leaving it to a shareholder referendum.

SH Against Against Amend Articles to Develop Technologies for Storage of Radiation-Tainted Water and

Extraction of Radionuclide from Tainted Water

3

Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- The proposed action is of a kind best left to management under appropriate board supervision, rather than leaving it to a shareholder referendum.- The proposed language is redundant to the utility's current efforts, and thus it is questionable if the addition of the language to the articles would have a meaningful impact on the utility's behavior.

SH Against Against Amend Articles to Add Provisions on Evacuation Plan in Nuclear Accident Emergency

4

Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- The proposed action of this kind is best left to management under appropriate board supervision, rather than leaving it to a shareholder referendum.

SH Against Against Amend Articles to Ban Support for Japan Atomic Power Company

5

Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- The provision imposes an inflexible mandate on what is properly a complex policy call.- The proposed action is of a kind best left to management under the board's appropriate supervision, rather than leaving it to a shareholder referendum.

SH Against Against Amend Articles to Directly Hire On-Site Workers

at Nuclear Power Plants 6

Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- The proposed action is of a kind best left to management under the board's appropriate supervision, rather than leaving it to a shareholder referendum.

SH Against Against Amend Articles to Promote Decentralized

Electricity Transmission System 7

Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- The proposed action is of a kind best left to management under the board's appropriate supervision, rather than leaving it to a shareholder referendum.

SH Against Against Amend Articles to Allow Consumers to Opt-out

from the Use of Smart Meter 8

Voter Rationale: A vote AGAINST this shareholder proposal is warranted because:- The proposed action is of a kind best left to management under the board's appropriate supervision, rather than leaving it to a shareholder referendum.

SH Against Against Amend Articles to Promote Female Directors and Executives

9

Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- The proposed language is redundant to the utility's current efforts, and thus it is questionable if the addition of the language to the articles would have a meaningful impact on the utility's behavior.

SH Against Against Amend Articles to Add Provisions on Recording, Maintenance and Disclosure of Meeting Minutes

10

Voter Rationale: A vote AGAINST this shareholder proposal is warranted because:- The proposed action is of a kind best left to management under the board's appropriate supervision, rather than leaving it to a shareholder referendum.

Page 158 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Tokyo Steel Manufacturing Co., Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 5423

Primary ISIN: JP3579800008 Primary SEDOL: 6895879

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 7

Mgmt For For

Mgmt For For Amend Articles to Amend Provisions on Number of Directors

2

Mgmt For For Elect Director Nishimoto, Toshikazu 3.1

Mgmt For For Elect Director Imamura, Kiyoshi 3.2

Mgmt For For Elect Director Nara, Nobuaki 3.3

Mgmt For For Elect Director and Audit Committee Member Adachi, Toshio

4.1

Mgmt For For Elect Director and Audit Committee Member Matsumura, Tatsuhiko

4.2

Mgmt For For Elect Director and Audit Committee Member Nomoto, Minatsu

4.3

Mgmt For For Elect Alternate Director and Audit Committee Member Kanda, Fumihiro

5

Mgmt Against For Approve Restricted Stock Plan 6

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Tokyu Construction Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 1720

Primary ISIN: JP3567410000 Primary SEDOL: 6689351

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 20 Mgmt For For

Mgmt For For Amend Articles to Amend Provisions on Director

Titles 2

Mgmt For For Elect Director Iizuka, Tsuneo 3.1

Page 159 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Tokyu Construction Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Imamura, Toshio 3.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Terada, Mitsuhiro 3.3

Mgmt Against For Elect Director Asano, Kazushige 3.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Takagi, Motoyuki 3.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Shimizu, Masatoshi 3.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tsukui, Yushi 3.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Otsuka, Hiroshi 3.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kubota, Yutaka 3.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tomoe, Masao 3.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Yoshida, Kahori 3.11

TOLI Corp.

Meeting Date: 06/19/2019 Country: Japan

Meeting Type: Annual Ticker: 7971

Primary ISIN: JP3620600001 Primary SEDOL: 6900342

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 8 Mgmt For For

Page 160 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

TOLI Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Suzuki, Jun 2.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Amano, Hirofumi 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tokushima, Hiroyasu 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Imazaki, Yasuo 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Appoint Statutory Auditor Morikawa, Taku 3.1

Mgmt Against For Appoint Statutory Auditor Ebe, Harunobu 3.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Watanuma, Teruo 3.3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Tonami Holdings Co., Ltd.

Meeting Date: 06/24/2019 Country: Japan

Meeting Type: Annual Ticker: 9070

Primary ISIN: JP3629400007 Primary SEDOL: 6896526

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 50

Mgmt For For

Mgmt For For Elect Director Watanuki, Katsusuke 2.1

Mgmt Against For Elect Director Takata, Kazuo 2.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Izumi, Shinichi 2.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 161 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Tonami Holdings Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Terabayashi, Yasuo 2.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Terahai, Toyonobu 2.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Saegusa, Yasuhiro 2.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Sato, Masaaki 2.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Inushima, Shinichiro 2.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tanaka, Ichiro 2.9

Voter Rationale: Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.

Mgmt For For Appoint Statutory Auditor Wadachi, Mitsuharu 3.1

Mgmt For For Appoint Statutory Auditor Matsumura, Atsuki 3.2

Mgmt For For Appoint Statutory Auditor Oda, Toshiyuki 3.3

Mgmt For For Appoint Alternate Statutory Auditor Ishii,

Norifumi 4

Toppan Forms Co., Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 7862

Primary ISIN: JP3629200001 Primary SEDOL: 6105028

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 12.5

Mgmt For For

Mgmt Against For Elect Director Omura, Tomoyuki 2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Appoint Statutory Auditor Sakuma, Kunio 3.1

Page 162 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Toppan Forms Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Appoint Statutory Auditor Obata, Akiko 3.2

Mgmt For For Approve Compensation Ceiling for Directors 4

Toshiba Tec Corp.

Meeting Date: 06/28/2019 Country: Japan

Meeting Type: Annual Ticker: 6588

Primary ISIN: JP3594000006 Primary SEDOL: 6894887

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Ikeda, Takayuki Mgmt For For

Mgmt Against For Elect Director Inoue, Yukio 1.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Uchiyama, Masami 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamada, Masahiro 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kaneda, Hitoshi 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Yamaguchi, Naohiro 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kuwahara, Michio 1.7

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Nagase, Shin 1.8

Mgmt Against For Elect Director Takei, Junichi 1.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Wada, Ayumi 1.10

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Page 163 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Toshiba Tec Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Appoint Statutory Auditor Suzuki, Michio 2

Mgmt For For Appoint Alternate Statutory Auditor Sagaya,

Tsuyoshi 3

Towa Pharmaceutical Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 4553

Primary ISIN: JP3623150004 Primary SEDOL: 6899581

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 60

Mgmt For For

Mgmt For For Amend Articles to Amend Business Lines - Adopt Board Structure with Audit Committee - Amend Provisions on Number of Directors - Authorize Directors to Execute Day to Day Operations without Full Board Approval

2

Mgmt For For Elect Director Yoshida, Itsuro 3.1

Mgmt Against For Elect Director Konno, Kazuhiko 3.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Tanaka, Masao 3.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director and Audit Committee Member

Shirakawa, Toshio 4.1

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent – and companies should strive to make them fully independent.

Mgmt Against For Elect Director and Audit Committee Member

Eiki, Norikazu 4.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent - and companies should strive to make them fully independent.

Mgmt For For Elect Director and Audit Committee Member Nemoto, Hidehito

4.3

Mgmt For For Elect Alternate Director and Audit Committee Member Higuchi, Hideaki

5

Mgmt For For Approve Compensation Ceiling for Directors Who Are Not Audit Committee Members

6

Page 164 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Towa Pharmaceutical Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Approve Compensation Ceiling for Directors

Who Are Audit Committee Members 7

Mgmt For For Approve Restricted Stock Plan 8

Mgmt For For Approve Annual Bonus 9

Toyota Motor Corp.

Meeting Date: 06/13/2019 Country: Japan

Meeting Type: Annual Ticker: 7203

Primary ISIN: JP3633400001 Primary SEDOL: 6900643

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Uchiyamada, Takeshi Mgmt For For

Mgmt Against For Elect Director Hayakawa, Shigeru 1.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Toyoda, Akio 1.3

Mgmt Against For Elect Director Kobayashi, Koji 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Didier Leroy 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Terashi, Shigeki 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Sugawara, Ikuro 1.7

Mgmt Against For Elect Director Sir Philip Craven 1.8

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kudo, Teiko 1.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Kato, Haruhiko 2.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 165 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Toyota Motor Corp. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Appoint Statutory Auditor Ogura, Katsuyuki 2.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt For For Appoint Statutory Auditor Wake, Yoko 2.3

Mgmt For For Appoint Statutory Auditor Ozu, Hiroshi 2.4

Mgmt For For Appoint Alternate Statutory Auditor Sakai, Ryuji 3

Mgmt Against For Approve Cash Compensation Ceiling and Restricted Stock Plan for Directors

4

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

TS TECH CO., LTD.

Meeting Date: 06/21/2019 Country: Japan

Meeting Type: Annual Ticker: 7313

Primary ISIN: JP3539230007 Primary SEDOL: B1P1JR4

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 42 Mgmt For For

Mgmt For For Appoint Alternate Statutory Auditor Yamada,

Hideo 2

Ube Industries Ltd.

Meeting Date: 06/27/2019 Country: Japan

Meeting Type: Annual Ticker: 4208

Primary ISIN: JP3158800007 Primary SEDOL: 6910705

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 80

Mgmt For For

Page 166 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

Ube Industries Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt For For Amend Articles to Abolish Board Structure with Statutory Auditors - Adopt Board Structure with Audit Committee - Amend Provisions on Number of Directors - Authorize Directors to Execute Day to Day Operations without Full Board Approval

2

Mgmt For For Elect Director Yamamoto, Yuzuru 3.1

Mgmt For For Elect Director Izumihara, Masato 3.2

Mgmt For For Elect Director Koyama, Makoto 3.3

Mgmt For For Elect Director Fujii, Masayuki 3.4

Mgmt For For Elect Director Terui, Keiko 3.5

Mgmt For For Elect Director Higashi, Tetsuro 3.6

Mgmt For For Elect Director and Audit Committee Member

Yamamoto, Atsushi 4.1

Mgmt For For Elect Director and Audit Committee Member

Ochiai, Seiichi 4.2

Mgmt For For Elect Director and Audit Committee Member

Shoda, Takashi 4.3

Mgmt For For Elect Alternate Director and Audit Committee

Member Terui, Keiko 5

Mgmt For For Approve Compensation Ceiling for Directors

Who Are Not Audit Committee Members 6

Mgmt For For Approve Compensation Ceiling for Directors

Who Are Audit Committee Members 7

Mgmt Against For Approve Deep Discount Stock Option Plan 8

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

United Super Markets Holdings, Inc.

Meeting Date: 05/24/2019 Country: Japan

Meeting Type: Annual Ticker: 3222

Primary ISIN: JP3949450005 Primary SEDOL: BVZ6XS8

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Fujita, Motohiro Mgmt For For

Page 167 of 171

The SEI Japan Equity Fund All Votes Report

Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019

United Super Markets Holdings, Inc. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Tezuka, Daisuke 1.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Furuse, Ryota 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ishii, Toshiki 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Kawada, Taketoshi 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Okada, Motoya 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt For For Elect Director Torikai, Shigekazu 1.7

Mgmt For For Elect Director Makino, Naoko 1.8

Mgmt Against For Elect Director Terakawa, Akira 1.9

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Appoint Statutory Auditor Mizuhashi, Tatsuo 2.1

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Yoyogi, Tadayoshi 2.2

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Koyama, Shigeru 2.3

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mgmt Against For Appoint Statutory Auditor Ihara, Koichi 2.4

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

V Technology Co., Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 7717

Primary ISIN: JP3829900004 Primary SEDOL: 6301989

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V Technology Co., Ltd.

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 160 Mgmt For For

Mgmt For For Appoint Statutory Auditor Okura, Nobukazu 2.1

Mgmt For For Appoint Statutory Auditor Nakahara, Aritsune 2.2

WDB Holdings Co., Ltd.

Meeting Date: 06/20/2019 Country: Japan

Meeting Type: Annual Ticker: 2475

Primary ISIN: JP3505940001 Primary SEDOL: B0YZFQ1

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 13.5

Mgmt For For

Mgmt For For Elect Director Nakano, Toshimitsu 2.1

Mgmt For For Elect Director Otsuka, Miki 2.2

Mgmt For For Elect Director Kuroda, Kiyoyuki 2.3

Mgmt For For Elect Director Kimura, Hiroshi 2.4

Mgmt For For Elect Director Nakaoka, Kinya 2.5

Yashima Denki Co., Ltd.

Meeting Date: 06/25/2019 Country: Japan

Meeting Type: Annual Ticker: 3153

Primary ISIN: JP3931700003 Primary SEDOL: B4YRGK6

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1.1 Elect Director Ota, Akio Mgmt For For

Mgmt Against For Elect Director Shiraishi, Seijin 1.2

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

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Yashima Denki Co., Ltd. Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

Mgmt Against For Elect Director Todo, Kenji 1.3

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ishizawa, Teruyuki 1.4

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Ozeki, Hajime 1.5

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Mgmt Against For Elect Director Motoyanagi, Masao 1.6

Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.

Yossix Co., Ltd.

Meeting Date: 06/26/2019 Country: Japan

Meeting Type: Annual Ticker: 3221

Primary ISIN: JP3957600004 Primary SEDOL: BSZM2R7

Proposal

Number

Proponent

Proposal Text

Mgmt Rec

Vote

Instruction

1 Approve Allocation of Income, with a Final Dividend of JPY 12

Mgmt For For

Mgmt For For Appoint Alternate Statutory Auditor Atsumi, Toshihiko

2

Zenkoku Hosho Co., Ltd.

Meeting Date: 06/14/2019 Country: Japan

Meeting Type: Annual Ticker: 7164

Primary ISIN: JP3429250008 Primary SEDOL: B92MT10

Proposal Number

Proponent

Proposal Text

Mgmt Rec

Vote Instruction

1 Approve Allocation of Income, with a Final

Dividend of JPY 87 Mgmt For For

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Page 171 of 171

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The information, opinions estimates or forecasts contained in this document were obtained from sources

reasonably believed to be reliable and are subject to change at any time. The report reflects voting

instructions given, not votes cast and the information has been provided by an external supplier. BMO

Global Asset Management may from time to time deal in investments that may be mentioned herein on

behalf of their clients. © 2015 BMO Global Asset Management. All rights reserved. BMO Global Asset

Management is a trading name of F&C Management Limited, which is authorised and regulated by the

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