Fund Announcement
December 2014
SIMT Long/Short Alternative Fund Introduced to SIMT Multi-Strategy
Alternative Fund
Effective December 19, 2014, the SIMT Multi-Strategy Alternative Fund (the Multi-Strategy Fund) will incorporate the
SIMT Long/Short Alternatives Fund (the Long/Short Fund) in order to further diversify the Multi-Strategy Fund’s
investment strategies. Beachhead Capital (Beachhead) is acting as the sub-adviser of the Long/Short Fund.
Rationale
The Multi-Strategy Alternative Fund is designed to allocate its assets among a variety of investment strategies to seek to
generate an absolute return with reduced correlation to the stock and bond markets. Currently, the Multi-Strategy Fund
allocates its assets among a variety of investment strategies through the use of affiliated and unaffiliated funds, including
open-end funds, closed-end funds and exchange-traded funds (the Underlying Funds); and/or one or more investment
managers. In addition, SEI may directly manage a portion of the Multi-Strategy Alternative Fund’s portfolio.
The Underlying Funds or investment managers may apply any of a variety of investment strategies, which may include:
directional or tactical strategies (such as long/short equity, long/short credit and global tactical asset allocation); eventdriven strategies (such as distressed securities, special situations and merger arbitrage); and arbitrage strategies (such as
fixed-income or interest-rate arbitrage, convertible arbitrage, pairs trading and equity-market neutral).
The addition of the Long/Short Fund is intended to support the Multi-Strategy Fund in generating a positive absolute
return in various market cycles with reduced correlation to the stock and bond markets.
About the SIMT Long/Short Alternative Fund
The Fund takes long and short positions in an attempt to emulate the return of a model portfolio or composite of hedge
funds (the Composite) constructed by the Investment Management Unit Alternatives Team (Alternatives Team). The
Composite primarily consists of hedge funds that implement a long/short equity investment strategy, but may occasionally
include hedge funds that implement other equity-focused investment strategies.
The Fund aims to generate capital appreciation over time by taking long and short positions in investments that provide
broad exposure to U.S. and non-U.S. equity markets and, to a lesser extent, U.S. fixed-income markets. It seeks
exposure to the equity and fixed-income markets through investments in index futures, exchange-traded funds and index
swaps. The Fund will invest based on the theory that the returns of the individual hedge funds comprising the Composite
are driven to a significant extent by dynamic exposure to the broader equity markets, as well as, to a lesser degree,
exposure to credit, interest-rate and currency markets.
Investment manager Beachhead specializes in hedge fund portfolio replication. We generally expect that investment
decisions will be based on Beachhead’s analysis of the Composite, but either the Alternatives Team or Beachhead may
make investment decisions independent of such analysis.
For more information, please refer to the updated Fund prospectus or contact your financial advisor.
© 2014 SEI
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This material represents an assessment of the market environment at a specific point in time and is not intended to be a
forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as
research or investment advice regarding the funds or any stock in particular, nor should it be construed as a
recommendation to purchase or sell a security, including futures contracts. There is no assurance as of the date of this
material that the securities mentioned remain in or out of SEI Funds.
For those SEI Funds which employ the ‘manager of managers’ structure, SEI Investments Management Corporation
(SIMC) has ultimate responsibility for the investment performance of the Funds due to its responsibility to oversee the
sub-advisers and recommend their hiring, termination and replacement. SIMC is the adviser to the SEI Funds, which are
distributed by SEI Investments Distribution Co. (SIDCO). SIMC and SIDCO are wholly owned subsidiaries of SEI
Investments Company.
To determine if the Funds are an appropriate investment for you, carefully consider the investment objectives,
risk factors and charges and expenses before investing. This and other information can be found in the Funds’
full and summary prospectuses, which can be obtained by calling 1-800-DIAL-SEI. Read them carefully before
investing.
There are risks involved with investing, including loss of principal. Current and future portfolio holdings are subject to risks
as well. Diversification may not protect against market risk. There is no assurance the objectives discussed will be met.
Alternative investments are subject to a complete loss of capital and are only appropriate for parties who can bear that
risk and the illiquid nature of such investments.
Alternative investments:
 often engage in leveraging and other speculative investment practices that may increase the risk of investment
loss
 can be highly illiquid
 are not required to provide periodic pricing or valuation information to investors.
 involve complex tax structures and delays in distributing important tax information
 are not subject to the same regulatory requirements as mutual funds; and often charge high fees.
© 2014 SEI
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