Annual Report by Investment Company (Form N-CSR)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23861

SEI Alternative Income Fund

(Exact name of registrant as specified in charter)

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

(610) 676-1000

c/o Timothy D. Barto, Esq.

SEI Investments Management Corporation

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant's telephone number, including area code: (610) 676-3649

Date of fiscal year end: August 31, 2025

Date of reporting period: August 31, 2025

Item 1.

Reports to Stockholders.

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

August 31, 2025

Annual Report

SEI Alternative Income Fund

seic.com

TABLE OF CONTENTS

Letter to Shareholders	1
Management Discussion and Analysis of Fund Performance	5
Schedule of Investments	7
Statement of Assets and Liabilities	10
Statement of Operations	11
Statements of Changes in Net Assets	12
Statement of Cash Flows	13
Financial Highlights	14
Notes to Financial Statements	15
Report of Independent Registered Public Accounting Firm	23
Trustees and Officers of the Trust	24
Disclosure of Fund Expenses	28
Notice to Shareholders	29
Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements	31

LETTER TO SHAREHOLDERS

August 31, 2025 (Unaudited)

To Our Shareholders

Financial markets globally experienced numerous bouts of volatility during the 12-month period ending August 31, 2025. Stock and bond prices saw wide swings over the period in response to numerous changes in U.S. trade policy, economic data, corporate earnings, and the beginning of interest-rate-cutting cycles for most major central banks.

Regarding monetary policy, the Federal Reserve (Fed) reduced the federal-funds rate by 50 basis points (0.50%) following its meeting in September 2024. The Fed subsequently implemented two more 0.25% rate cuts in November and December, and then held its benchmark rate steady in the first eight months of 2025. In a statement announcing its rate decision in late July 2025, the Fed noted that "growth of economic activity moderated in the first half of the year" and that inflation "remains somewhat elevated." In June 2025, the European Central Bank (ECB) reduced its benchmark interest rate by 0.25% to 2.00%-its lowest level since November 2022, and the eighth rate cut over its past nine meetings-citing slowing inflation in the eurozone and the possible impact of U.S. trade policy on the euro area economy. In a tight 5-4 vote at its meeting in early August 2025, the Bank of England (BOE) reduced the Bank Rate by 0.25% to 4.00%-its lowest level since March 2023. Four BOE Monetary Policy Committee (MPC) members favored maintaining the policy rate at 4.25%. The MPC needed to take a second vote after one member favored a 0.50% rate cut, resulting in a 4-4-1 stalemate. In its announcement of the rate decision, the MPC commented, "The timing and pace of future reductions in the restrictiveness of policy will depend on the extent to which underlying disinflationary pressures continue to ease." The Bank of Japan (BOJ) maintained its benchmark interest rate at 0.50% at its meeting on July 30-31. The central bank has not raised the rate since implementing a 0.25% hike in late January of this year. In a statement announcing the rate decision, the BOJ noted that, while underlying inflation has been sluggish due to a deceleration in economic growth, the central bank believes that price pressures will rise gradually as labor shortages intensify and inflation expectations increase.

U.S. trade policy was a focal point for global financial markets in the first eight months of the reporting period. In early April 2025, the Trump administration announced a blanket minimum tariff of 10% for all imports, and imposed so-called reciprocal tariffs on multiple countries (with the exception of goods from Canada and Mexico covered under the U.S.-Mexico-Canada Agreement). However, shortly thereafter, Trump announced a 90-day suspension of these reciprocal tariffs, with exception of China. The action followed a brief period of significant volatility in the U.S. Treasury market. The yield on the 10-year U.S. Treasury note rose sharply on fears that the tariffs could have a negative impact on the economy and reignite inflation (bond prices and yields move inversely). The yield subsequently retreated after the announcement of the tariff suspension. In August, a U.S. federal appeals court upheld a lower-court decision striking down the tariffs that President Donald Trump has implemented this year. The court ruled by a 7-4 margin that Trump had exceeded his authority under the International Emergency Economic Powers Act (IEEPA). The court found that IEEPA does not explicitly authorize the president to impose tariffs, which fall under the purview of the U.S. Congress. However, the appeals court let the tariffs remain in place until mid-October to allow time for a potential U.S. Supreme Court appeal.

Geopolitical events

The geopolitical news during the reporting period was dominated by the ongoing Russia-Ukraine war and military conflict in the Middle East. Russia's invasion of Ukraine marked its third anniversary in February 2025, while the war between Israel and Hamas, a militant Palestinian nationalist group based in the West Bank and Gaza Strip which seeks to establish an independent Islamic state in Palestine, entered its second year in October 2024. Long-simmering tensions in the Middle East had escalated to war following a surprise attack on Israel by Hamas in early

October 2023.

U.S. President Donald Trump met with Russian President Vladimir Putin in Alaska on August 15, 2025 to discuss the ongoing military conflict between Russia and Ukraine. At a news conference following the meeting, Trump described the negotiations as "extremely productive," but the two world leaders could not reach an agreement on a ceasefire. While Putin mentioned "agreements," he provided no details, calling them a "starting point." During a meeting with Ukraine's President Volodymyr Zelensky and several European leaders on August 19, Trump proposed a summit involving himself, Zelensky, and Putin. Zelensky agreed to the meeting, though Putin did not commit to direct talks with Zelensky. However, U.S. Secretary of State Marco Rubio said that the U.S. was working to arrange the meeting. Toward the end of August, Trump expressed doubt about arranging direct talks between Putin and Zelensky, though he said that he still believed that there would be summit involving all three countries. In late July 2025, the U.S. and Israel recalled their negotiating teams from the Gaza ceasefire talks, citing frustration with Hamas' response to a proposal for a 60-day truce in the Israel-Hamas military conflict. U.S. special envoy Steve Witkoff accused Hamas of not acting in good faith and showing a "lack of desire" to reach a ceasefire. He stated that the U.S. would now consider "alternative options" to secure the release of hostages and stabilize Gaza. Israel also withdrew its delegation, saying Hamas' latest response to the ceasefire proposal did not allow for progress without significant concessions. However, Israel indicated it remains open to further discussions.

SEI Alternative Income Fund

1

LETTER TO SHAREHOLDERS (Continued)

August 31, 2025 (Unaudited)

Economic performance

According to the second estimate from the Department of Commerce, U.S. GDP expanded at an annual rate of 3.3% in the second quarter of 2025-a notable increase from the 0.5% decline in the first quarter and a significant improvement from the initial estimate of 3.0% growth. The upturn in the economy for the second quarter was attributable primarily to a substantial decline in imports (which are subtracted from the calculation of GDP) following a surge in imports in the first quarter as businesses rushed to stockpile goods before the Trump administration's tariffs took effect, as well as an increase in consumer spending. Conversely, there were declines in residential fixed investment (purchases of private residential structures and residential equipment that property owners use for rentals). The upward adjustment in second-quarter GDP from the government's initial estimate resulted from increases in nonresidential fixed investment (purchases of equipment and software, and nonresidential structures), partially offset by a downward revision to private inventory investment (a measure of the changes in values of inventories from one time period to the next).

Inflation in the U.S. remained sticky over the reporting period. The Department of Labor reported that the consumer-price index (CPI) rose 0.2% in July, down marginally from the 0.3% rise in June and in line with expectations. Housing costs ticked up 0.2% and comprised the bulk of the increase in the index for the month. Conversely, prices for gasoline and utility gas service fell 2.2% and 0.9%, respectively, in July. The CPI advanced 2.7% year-over-year in July-unchanged from June and slightly below expectations. Costs for utility gas service surged 13.8% over the previous 12-month period, while electricity prices were up 5.5%. In contrast, gasoline and fuel oil prices saw year-over-year declines of 9.5% and 2.9%, respectively. Core inflation, as measured by the CPI for all items less food and energy, rose at 3.1% year-over-year in July, up from the 2.9% annual upturn in June.

Economic growth in the U.K. remained sluggish over the reporting period. The Office for National Statistics (ONS) announced that GDP increased 0.3% in the second quarter of 2025, down from the 0.7% growth rate in the first quarter of this year. Output in the construction and services sectors rose 1.2% and 0.4%, respectively, over the quarter, while the production sector saw a 0.3% decline. According to Eurostat, eurozone GDP rose 0.1% the second quarter of 2025-down from the 0.6% growth rate for the first quarter of this year-and increased 1.4% over the previous 12-month period. The economies of Spain, Portugal, and Estonia were the strongest performers for the second quarter, expanding 0.7%, 0.6%, and 0.5%, respectively. In contrast, Ireland's economy contracted 1.0%, while GDP for Germany and Italy each dipped 0.1% during the quarter.

The ONS reported that inflation in the U.K., as measured by the CPI, increased 0.1% in July, down from the 0.3% rise in June. The CPI advanced at an annual rate of 3.8% in July, slightly higher than the 3.6% year-over-year increase for the previous month. Restaurants and hotels, transportation, and alcohol and tobacco posted the largest gains in June, while clothing and footwear costs declined. Education, housing and household services, and communication costs climbed 7.5%, 7.4%, and 6.1%, respectively, over the previous 12-month period. Furniture and household goods prices were up just 0.3% year-over-year. Core inflation, as represented by the CPI excluding energy, food, alcohol, and tobacco, rose at an annual rate of 3.8% in July 2025. According to Eurostat's preliminary estimate, inflation for the eurozone rose 2.1% for the 12-month period ending in August, ticking up from the 2.0% increase in July. Prices for food, alcohol and tobacco increased 3.2% year-over-year in August versus the 3.3% annual rise for the previous month. In contrast, energy prices fell 1.9% year-over-year. Costs in the services sector rose at an annual rate of 3.1% in August, inching down from the 3.2% increase in July. Core inflation, which excludes volatile energy, food, and alcohol and tobacco prices, increased at an annual rate of 2.3% in August, unchanged from the year-over-year increase in July.

2	SEI Alternative Income Fund

Market developments

Global fixed-income assets, as represented by the Bloomberg Global Aggregate Bond Index, returned 3.5% in U.S. dollar terms for the 12-month reporting period. Global high-yield bonds significantly outperformed their investment-grade corporate and government counterparts. In the U.S., high-yield bonds ended the period with substantial gains, outperforming investment-grade corporate bonds, mortgage-backed securities (MBS), and comparable-duration U.S. Treasurys. The U.S. Treasury yield curve normalized (10-year yields exceeded 3-month yields) as yields declined for all maturities up to five years and moved higher for longer-dated securities. The yields on 2-, 3-, and 5-year Treasury notes fell by corresponding margins of 0.32%, 0.21%, and 0.03%, ending the reporting period at 3.59%, 3.58%, and 3.68%, respectively, while the 10-year Treasury yield rose 0.32% to 4.23%. The yield spread between the 10-year note and the 3-month bill widened from flat (0.00%) to +1.30% during the period.

Our view

Regarding monetary policy, more interest-rate cuts are likely ahead, but the pace of easing in Canada and the eurozone should slow since policy rates are approaching the same level as the current inflation rate. The U.S. and the U.K., on the other hand, probably have more room to cut their respective policy rates, but SEI expects both central banks to be cautious in doing so. During his speech at the Kansas City Federal Reserve's (Fed) annual Jackson Hole Economic Symposium in Wyoming in late August, Fed Chair Jerome Powell maintained a cautious tone, but appeared to be open to a rate cut in the near future. He commented that an accelerated downturn in the U.S. labor market could alleviate the central bank's concerns that the Trump administration's tariffs on imports will lead to higher inflation. At a time when the outlook is so uncertain, all the major central banks seem more data-dependent than ever. Among the potentially inflationary developments all central banks need to consider: the generally expansive fiscal policies pursued by their governments and the potential for retaliatory tariff hikes that increase prices on targeted goods.

We still judge the U.S. economy to be near full employment because labor-force growth is slowing in line with employment growth. The Trump administration's crackdown on immigration may lead to an outright decline in the labor force over the next year.

SEI believes that further improvements in inflation among the major economies will be limited, although the U.K. and the U.S. are likely to continue to have more elevated inflation than the other countries owing to stronger wage gains and a larger services sector, where inflation tends to be sticky. Although it hasn't shown up yet in the data, the U.S. is likely to sustain a bump in its inflation rate as the cost of the tariffs finally are passed through to consumers. U.S. importers loaded up on goods during the first quarter to avoid paying the tariffs (at least for a while). China, which will likely face a higher tariff than most, might go back to its old playbook of shipping its goods to a third country that faces lower tariffs, which then ships the goods to the U.S. This could provide modest price relief. Nevertheless, a quintupling of the tariff rate on imports into the U.S. is no small thing.

Sincerely,

James Smigiel

Chief Investment Officer

SEI Alternative Income Fund

3

LETTER TO SHAREHOLDERS (Concluded)

August 31, 2025 (Unaudited)

Index Definitions

Bloomberg Global Aggregate Index: is a market capitalization-weighted index that tracks the performance of investment-grade (rated BBB- or higher by S&P Global Ratings/Fitch Ratings or Baa3 or higher by Moody's Investors Service) fixed-income securities denominated in 13 currencies. The index reflects reinvestment of all distributions and changes in market prices.

JP Morgan Collateralized Loan Obligation Index (CLOIE) (USD): is the first rule-based benchmark designed to track the USD-denominated, broadly-syndicated, arbitrage U.S. collateralized loan obligation market. The index is comprised solely of cash, and arbitrage floating-rate collateralized loan obligations backed by broadly-syndicated leveraged loans.

4	SEI Alternative Income Fund

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

August 31, 2025 (Unaudited)

SEI Alternative Income Fund

SEI Alternative Income Fund

5

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

August 31, 2025 (Unaudited)

SEI Alternative Income Fund (Concluded)

6	SEI Alternative Income Fund

SCHEDULE OF INVESTMENTS

August 31, 2025

SEI Alternative Income Fund

SEI Alternative Income Fund

7

SCHEDULE OF INVESTMENTS

August 31, 2025

SEI Alternative Income Fund (Concluded)

8	SEI Alternative Income Fund

SEI Alternative Income Fund

9

STATEMENT OF ASSETS AND LIABILITIES ($ Thousands)

August 31, 2025

		SEI Alternative
		Income Fund
Assets:
Investments, at value		$	49,562
Cash			7,142
Interest receivable			367
Receivable from administrator			20
Prepaid expenses			10
Total Assets			57,101
Liabilities:
Payable for investment securities purchased			5,192
Income distribution payable			53
Shareholder servicing fees payable, Class F			7
Trustees' fees payable			1
Accrued expense payable			506
Total Liabilities			5,759
Net Assets		$	51,342
Cost of Investments		$	49,074
Net Assets:
Paid-in Capital - (Unlimited Authorization - No Par Value)		$	50,444
Total Distributable Earnings			898
Net Assets		$	51,342
Net Asset Value, Offering and Redemption Price Per Share - Class F		$	10.34
			($31,808,719 ÷ 3,077,316 shares)
Net Asset Value, Offering and Redemption Price Per Share - Class Y		$	10.34
			($19,533,002 ÷ 1,889,592 shares)

The accompanying notes are an integral part of the financial statements.

10	SEI Alternative Income Fund

STATEMENT OF OPERATIONS ($ Thousands)

For the year ended August 31, 2025

		SEI Alternative Income Fund
Investment Income:
Interest income		$	3,261
Total Investment Income			3,261
Expenses:
Investment advisory fees			508
Shareholder servicing fees, Class F			61
Administration fees			39
Trustees' fees			1
Professional fees			305
Registration fees			57
Custodian/Wire agent fees			46
Printing fees			35
Other expenses			71
Total Expenses			1,123
Less:
Waiver of investment advisory fees			(508	)
Waiver of administration fees			(39	)
Reimbursement from administrator			(221	)
Net Expenses			355
Net Investment Income			2,906
Net Realized Gain (Loss) on:
Investments			389
Net Realized Gain (Loss)			389
Net Change in Unrealized Appreciation (Depreciation) on:
Investments			(193	)
Net Change in Unrealized Appreciation (Depreciation)			(193	)
Net Realized and Unrealized Gain (Loss)			196
Net Increase in Net Assets Resulting from Operations		$	3,102

The accompanying notes are an integral part of the financial statements.

SEI Alternative Income Fund

11

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the year ended August 31, 2025 and the period ended August 31, 2024

		SEI Alternative Income Fund
		09/01/24 to				10/31/23 to
			08/31/25				08/31/24*
Operations:
Net investment income		$	2,906			$	1,730
Net realized gain (loss)			389				146
Net change in unrealized appreciation (depreciation)			(193	)			681
Net Increase in Net Assets Resulting from Operations			3,102				2,557
Distributions:
Class F			(1,886	)			(868	)
Class Y			(1,192	)			(815	)
Total Distributions			(3,078	)			(1,683	)
Capital Share Transactions:
Class F:
Proceeds from shares issued			14,004				16,443
Reinvestment of distributions			1,249				787
Cost of shares exchanged			(561	)			-
Cost of shares redeemed			(571	)			-
Net Increase in Net Assets from Class F Transactions			14,121				17,230
Class Y:
Proceeds from shares issued			4,038				12,500
Proceeds from shares exchanged			561				-
Reinvestment of distributions			1,179				815
Net Increase in Net Assets from Class Y Transactions			5,778				13,315
Net Increase in Net Assets Derived from Capital Share Transactions			19,899				30,545
Net Increase in Net Assets			19,923				31,419
Net Assets:
Beginning of Year/Period			31,419				-
End of Year/Period		$	51,342			$	31,419
Capital Share Transactions:
Class F:
Shares issued			1,355				1,634
Shares exchanged			(54	)			-
Reinvestment of distributions			120				77
Shares redeemed			(55	)			-
Net Increase from Class F transactions			1,366				1,711
Class Y:
Shares issued			392				1,250
Shares exchanged			54				-
Reinvestment of distributions			114				80
Net Increase from Class Y transactions			560				1,330

*	Commenced operations October 31, 2023.
	Amounts designated as "-" are zero or have been rounded to zero.
	The accompanying notes are an integral part of the financial statements.

12	SEI Alternative Income Fund

STATEMENT OF CASH FLOWS ($ Thousands)

August 31, 2025

		SEI Alternative Income Fund
Cash Flows Used in Operating Activities:
Net Increase in Net Assets Resulting from Operations		$	3,102
Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash Used in Operating Activities:
Purchase of investment securities			(47,127	)
Proceeds from disposition of investment securities			28,425
Amortization (accretion of market discount)			(30	)
Net Realized (Gain) Loss on:
Investments			(389	)
Net Change in Unrealized (Appreciation) Depreciation on:
Investments			193
Changes in Assets:
(Increase) Decrease in interest receivable			(38	)
(Increase) Decrease in receivable from administrator			6
(Increase) Decrease in prepaid expenses			9
Changes in Liabilities:
Increase (Decrease) in payable for investment securities purchased			5,192
Increase (Decrease) in shareholder servicing fees payable			3
Increase (Decrease) in trustees' fees payable			1
Increase (Decrease) in accrued expense payable			169
Net Cash Used in Operating Activities			(10,484	)
Cash Flows Provided by Financing Activities:
Dividends and distributions			(3,078	)
Reinvestment of dividends and distributions			2,458
Proceeds from shares issued			18,115
Cost of shares redeemed			(571	)
Net Cash Provided by Financing Activities			16,924
Net Change in Cash			6,440
Cash at Beginning of Year		$	702
Cash at End of Year		$	7,142
Supplemental Disclosure of Non-Cash Items:
Proceeds from shares exchanged		$	561
Cost of shares exchanged		$	(561	)

The accompanying notes are an integral part of the financial statements.

SEI Alternative Income Trust

13

FINANCIAL HIGHLIGHTS

For the year ended August 31, 2025 and the period ended August 31, 2024

For a share outstanding throughout each period

		Net Asset Value, Beginning of Year/ Period			Net Investment Income(1)			Net Realized and Unrealized Gains			Total from Operations			Dividends from Net Investment Income				Distributions from Net Realized Gains				Total Dividends and Distributions				Net Asset Value, End of Year/ Period			Total Return†				Net Assets End of Year/Period ($ Thousands)			Ratio of Net Expenses to Average Net Assets				Ratio of Expenses to Average Net Assets (Excluding Waivers)				Ratio of Net Investment Income to Average Net Assets				Portfolio Turnover Rate†
SEI Alternative Income Fund
Class F
2025		$	10.33		$	0.76		$	0.06		$	0.82		$	(0.71	)		$	(0.10	)		$	(0.81	)		$	10.34			8.26	%		$	31,809			1.00	%			2.97	%			7.32	%			74	%
2024(2)			10.00			0.64			0.30			0.94			(0.61	)			-				(0.61	)			10.33			9.68				17,676			1.00				3.70				7.50				55
Class Y
2025		$	10.33		$	0.79		$	0.06		$	0.85		$	(0.74	)		$	(0.10	)		$	(0.84	)		$	10.34			8.52	%		$	19,533			0.75	%			2.71	%			7.63	%			74	%
2024(2)			10.00			0.66			0.30			0.96			(0.63	)			-				(0.63	)			10.33			9.90				13,743			0.75				3.46				7.76				55

†

Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

(1)

Per share calculated using average shares.

(2)

Commenced operations on October 31, 2023. All ratios for the period have been annualized.

Amounts designated as "-" are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

14	SEI Alternative Income Fund

NOTES TO FINANCIAL STATEMENTS

August 31, 2025

SEI Alternative Income Fund

15

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2025

16	SEI Alternative Income Fund

SEI Alternative Income Fund

17

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2025

18	SEI Alternative Income Fund

The tax character of dividends and distributions paid during the year ended August 31, 2025 and the period ended August 31, 2024 was as follows:

						Ordinary Income ($ Thousands)				Long-term Capital Gain ($ Thousands)				Total ($ Thousands)
SEI Alternative Income Fund			2025			$	3,078			$	-			$	3,078
			2024				1,683				-				1,683

As of August 31, 2025, the components of Distributable Earnings (Accumulated Losses) were as follows:

		Undistributed Ordinary Income ($ Thousands)			Undistributed Long-Term Capital Gain ($ Thousands)			Capital Loss Carryforwards ($ Thousands)			Post-October Losses ($ Thousands)			Late Year Ordinary Losses ($ Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)				Other Temporary Differences ($ Thousands)				Total Distributable Earnings (Accumulated Losses) ($ Thousands)
SEI Alternative Income Fund		$	1,019		$	266		$	-		$	-		$	-		$	(153	)		$	(234	)		$	898

SEI Alternative Income Fund

19

NOTES TO FINANCIAL STATEMENTS (Continued)

August 31, 2025

20	SEI Alternative Income Fund

SEI Alternative Income Fund

21

NOTES TO FINANCIAL STATEMENTS (Concluded)

August 31, 2025

22	SEI Alternative Income Fund

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Fund and Board of Trustees

SEI Alternative Income Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the SEI Alternative Income Fund (the Fund), including the schedule of investments, as of August 31, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for the year ended August 31, 2025 and for the period from October 31, 2023 (commencement of operations) to August 31, 2024, and the related notes (collectively, the financial statements) and the financial highlights for the year ended August 31, 2025 and for the period from October 31, 2023 to August 31, 2024. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for the year ended August 31, 2025 and for the period from October 31, 2023 to August 31, 2024, and the financial highlights for the year ended August 31, 2025 and for the period from October 31, 2023 to August 31, 2024, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more SEI Funds investment companies since 2005.

Philadelphia, Pennsylvania

October 28, 2025

SEI Alternative Income Fund

23

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited)

The following chart lists Trustees and Officers as of August 31, 2025.

Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of positions in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-800-342-5734.

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served 1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee 2	Other Directorships Held by Trustee
INTERESTED TRUSTEES
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 79 yrs. old	Chairman of the Board of Trustees*	since 2023	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	102	President and Director of SEI Structured Credit Fund, LP. Director of SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments-Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Multi-Strategy Funds PLC, SEI Global Nominee Ltd and SEI Investments-Unit Trust Management (UK) Limited. President, Director and Chief Executive Officer of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. President, Chief Executive Officer and Trustee of SEI Liquid Asset Trust from 1989 to 2016. President, Chief Executive Officer and Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of The KP Funds from 2013 to 2020. Vice Chairman of O'Connor EQUUS (closed-end investment company) from 2014 to 2016. Vice Chairman of Winton Series Trust from 2014 to 2017. Vice Chairman of The Advisors' Inner Circle Fund III and Winton Diversified Opportunities Fund (closed-end investment company) from 2014 to 2018. Vice Chairman of Gallery Trust from 2015 to 2018. Vice Chairman of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2018. Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. President, Chief Executive Officer and Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.

*

Mr. Nesher is a Trustees who may be deemed as "interested" persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with SIMC and the Trust's Distributor.

1

Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust's Declaration of Trust.

2

The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, SEI Catholic Values Trust, New Covenant Funds, SEI Exchange Traded Funds, SEI Structured Credit Fund, LP and SEI Alternative Income Fund.

24	SEI Alternative Income Fund

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served 1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee 2	Other Directorships Held by Trustee
TRUSTEES
Nina Lesavoy One Freedom Valley Drive Oaks, PA 19456 68 yrs. old	Trustee	since 2023	Founder and Managing Director, Avec Capital (strategic fundraising firm) since 2008. Managing Director, Cue Capital (strategic fundraising firm) from March 2002-March 2008.	102	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2003 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee/Director of SEI Structured Credit Fund, L.P., SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.
James M. Williams One Freedom Valley Drive Oaks, PA 19456 77 yrs. old	Trustee	since 2023	Retired since June 2024. Vice President and Chief Investment Officer, J. Paul Getty Trust, Non-Profit Foundation for Visual Arts, from December 2002-June 2024. President, Harbor Capital Advisors and Harbor Mutual Funds, 2000-2002. Manager, Pension Asset Management, Ford Motor Company, 1997-1999.	102	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2004 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee/Director of Ariel Mutual Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.
Susan C. Cote One Freedom Valley Drive Oaks, PA 19456 70 yrs. old	Trustee	since 2023	Retired since July 2015. Treasurer and Chair of Finance, Investment and Audit Committee of the New York Women's Foundation from 2012 to 2017. Member of the Ernst & Young LLP Retirement Investment Committee, 2009-2015. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006-2015. Partner, Ernst & Young LLP from 1997-2015. Americas Director of Asset Management, Ernst & Young LLP from 2006-2013. Prudential, 1983-1997.	102	Trustee of SEI Insurance Products Trust from 2015 to 2020. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.

1

Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust's Declaration of Trust.

2

The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, SEI Catholic Values Trust, New Covenant Funds, SEI Exchange Traded Funds, SEI Structured Credit Fund, LP and SEI Alternative Income Fund.

SEI Alternative Income Fund

25

TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) (Concluded)

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served 1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee 2	Other Directorships Held by Trustee
OFFICERS
Robert A. Nesher One Freedom Valley Drive, Oaks, PA 19456 79 yrs. old	President and CEO	since 2023	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	N/A	N/A
Glenn R. Kurdziel One Freedom Valley Drive Oaks, PA 19456 51 yrs. old	Treasurer and Chief Financial Officer	since 2023	Controller and Chief Financial Officer of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds since August 2023. Assistant Controller of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds and SEI Catholic Values Trust from 2017 to 2023. Assistant Controller of SEI Exchange Traded Funds from 2022 to 2023. Senior Manager, Funds Accounting, SEI Investments Global Funds Services from 2005-2023.	N/A	N/A
Stephen Panner One Freedom Valley Drive Oaks, PA 19456 55 yrs. old	Chief Compliance Officer	since 2023	Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund, L.P., The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund and Catholic Responsible Investments Funds since September 2022. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011.	N/A	N/A
David F. McCann One Freedom Valley Drive, Oaks, PA 19456 49 yrs. old	Vice President and Secretary	since 2023	General Counsel and Secretary of SEI Institutional Transfer Agent, Inc. since 2020-2023. Vice President and Assistant Secretary of SEI Institutional Transfer Agent, Inc. from 2009- 2020. Vice President and Assistant Secretary of SIMC since 2008. Attorney, Drinker Biddle & Reath, LLP from May 2005 - October 2008.	N/A	N/A
Timothy D Barto One Freedom Valley Drive Oaks, PA 19456 57 yrs. old	Vice President and Assistant Secretary	since 2023	General Counsel and Secretary of SIMC since 2004. Vice President of SIMC since 1999. Vice President and Assistant Secretary of SEI since 2001. Vice President and Secretary of SEI Institutional Transfer Agent, Inc. from 2009 to 2024. Vice President of the Administrator from 1999 to 2024.	N/A	N/A
Katherine Mason One Freedom Valley Drive Oaks, PA 19456 45 yrs. old	Vice President and Assistant Secretary	since 2023	Vice President and Assistant Secretary of SIMC since 2022. Consulting Attorney, Hirtle, Callaghan & Co. from October 2021 - June 2022. Attorney, Stradley Ronon Stevens & Young from September 2007 - July 2012.	N/A	N/A

26

SEI Alternative Income Fund

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served 1	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee 2	Other Directorships Held by Trustee
OFFICERS
Stephen G. MacRae One Freedom Valley Drive, Oaks, PA 19456 57 yrs. old	Vice President	since 2023	Director of Global Investment Product Management since January 2004.	N/A	N/A
Bridget Sudall One Freedom Valley Drive Oaks, PA 19456 44 yrs. old	Anti-Money Laundering Compliance Officer and Privacy Officer	since 2024	Chief Compliance Officer of SEI Operations since 2018. Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners from April 2011-March 2015; Investor Services Team Lead, Morgan Stanley Alternative Investment Partners from July 2007-April 2011.	N/A	N/A

1

Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust's Declaration of Trust.

2

The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, SEI Catholic Values Trust, New Covenant Funds, SEI Exchange Traded Funds, SEI Structured Credit Fund, LP and SEI Alternative Income Fund.

SEI Alternative Income Fund

27

DISCLOSURE OF FUND EXPENSES (Unaudited)

August 31, 2025

All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the fund's gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund's average net assets; this percentage is known as the fund's expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (March 1, 2025 through August 31, 2025).

The table on this page illustrates your fund's costs in two ways:

Actual fund return: This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The "Expenses Paid During Period" column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the "Ending Account Value" number is derived from deducting that expense cost from the Fund's gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under "Expenses Paid During Period."

Hypothetical 5% return: This section helps you compare your Fund's costs with those of other mutual funds. It assumes that the fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund's comparative cost by comparing the hypothetical result for your Fund in the "Expense Paid During Period" column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes - NOT your Fund's actual return - the account values shown may not apply to your specific investment.

	Beginning Account Value 3/1/25	Ending Account Value 8/31/25	Annualized Expense Ratios	Expenses Paid During Period *
SEI Alternative Income Fund
Actual Fund Return
Class F	$1,000.00	$1,033.67	1.00%	$5.13
Class Y	1,000.00	1,034.94	0.75	3.85
Hypothetical 5% Return
Class F	$1,000.00	$1,020.16	1.00%	$5.09
Class Y	1,000.00	1,021.42	0.75	3.82

*

Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

28	SEI Alternative Income Fund

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders who do not have a August 31, 2025, taxable year end, this notice is for informational purposes only. For shareholders with a August 31, 2025, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended August 31, 2025, the Fund is designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

	(A) Return of Capital (Tax Basis)	(B) Long Term Capital Gains Distributions (Tax Basis)	(C) Ordinary Income Distributions (Tax Basis)	Total Distributions (Tax Basis)	(D) Dividends Qualifying for Corporate Dividends Rec. Deduction (1)	(E) Qualifying Dividend Income (15% Tax Rate for QDI) (2)	(F) U.S. Government Interest (3)	Interest Related Dividends (4)	Short-Term Capital Gain Dividends (5)	Qualifying Business Income Deduction (6)
SEI Alternative Income Fund	0.00%	0.00%	100.00%	100.00%	0.00%	0.00%	0.00%	0.94%	100.00%	0.00%

(1)

"Dividends Received Deduction" represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).

(2)

"Qualifying Dividend Income" represent qualifying dividends as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. It is the intention of the Fund to designate the max amount permitted by law.

(3)

The percentage of this column represents that amount of ordinary dividend income that qualified for 20% Business Income Deduction.

(4)

"U.S. Government Interest" represent the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax.

(5)

The percentage in this column represents the amount of "Interest Related Dividend" and is reflected as a percentage of ordinary income distribution. Interest related dividends are exempted from U.S. withholding tax when paid to foreign investors.

(6)

The percentage of this column represents the amount of "Short Term Capital Gain Dividend" and is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.

Items (A), (B), (C) and (D) are based on the percentage of each fund's total distribution.

Items (E) and (F) are based on the percentage of "Ordinary Income Distributions".

Item (G) is based on the percentage of gross income of each Fund.

Item (H) is based on the percentage of net investment income distributions.

Item (I) is based on the percentage of short-term capital gains distributions.

Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.

SEI Alternative Income Fund

29

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BOARD OF TRUSTEES' CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited)

SEI Alternative Income Fund (the "Fund") and SEI Investments Management Corporation ("SIMC") have entered into an investment advisory agreement (the "Advisory Agreement"), pursuant to which SIMC provides investment advisory services to the Fund. The management and affairs of the Fund are supervised by the Board of Directors (each member, a "Director" and, collectively, the "Directors" or the "Board").

The Investment Company Act of 1940, as amended (the "1940 Act"), requires that the initial approval of the Fund's Advisory Agreement be specifically approved by the vote of a majority of the outstanding shareholders of the Fund and the vote of a majority of the Directors who are not parties to the Advisory Agreement or "interested persons" of any party (the "Independent Directors") cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of the Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Directors. In connection with their consideration of the initial approval and such renewals, the Directors must request and evaluate, and SIMC is required to furnish, such information as may be reasonably necessary to evaluate the terms of the Advisory Agreement. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund's fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve the Advisory Agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve the existing Advisory Agreement between the Fund and SIMC. In preparation for these meetings, the Board requested and reviewed a wide variety of materials provided by SIMC, including information relating to its affiliates, personnel and operations and the services proposed to be provided pursuant to the Advisory Agreement. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Fund that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Directors also receive a memorandum from counsel regarding the responsibilities of Directors in connection with their consideration of whether to approve the Fund's Advisory Agreement. Finally, the Independent Directors receive advice from counsel, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC.

Specifically, the Board requested and received written materials from SIMC regarding: (i) the quality of SIMC's investment management and other services; (ii) SIMC's investment management personnel; (iii) SIMC's operations and financial condition; (iv) SIMC's brokerage practices and investment strategies; (v) the level of advisory fees that SIMC charges the Fund compared with fees charged to comparable accounts; (vi) the advisory fees charged by SIMC and the Fund's overall fees and operating expenses compared with peer groups of interval funds prepared by Broadridge, an independent provider of investment company data that was engaged to prepare an assessment of the Fund in connection with the renewal of the Advisory Agreement (the "Broadridge Report"); (vii) the level of SIMC's profitability from its fund-related operations; (viii) SIMC's compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC's potential economies of scale; and (x) SIMC's expertise and resources in domestic and/or international financial markets.

At the December 4, 2024 meeting the Board, including a majority of the Independent Directors, approved a brief extension of the Advisory Agreement to accommodate a revised Spring meeting schedule. Typically, the Board renews the Advisory Agreement at the first quarterly in-person meeting of the calendar year in March. The Advisory Agreement regularly renewed at the March meeting expires on April 1 of the following year. Because the first quarterly in-person meeting of the Board in calendar year 2025 was held on April 3, the Advisory Agreement would have expired prior to the meeting, without the extension. Accordingly, the Board voted in-person at the December 4, 2024 meeting to extend the Advisory Agreement until the April 3, 2025 meeting. In evaluating whether to approve the extension of the Advisory Agreement, the Board considered the information made available to it throughout the course of the year by representatives of the SEI investment and compliance teams. At the April 3, 2025 meeting, the Board evaluated the Advisory Agreement in accordance with the renewal process that it typically applies during the annual contract renewal each Spring. The Board's approval was based on its consideration and evaluation of the factors described above, as discussed at the meeting, and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Advisory Agreement.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the resources of SIMC and its affiliates dedicated to the Fun. In this regard, the Directors evaluated, among other things, SIMC's personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC to the Fund and the resources of SIMC and its affiliates dedicated to the Fund were sufficient to support the renewal of the Advisory Agreement. In addition to advisory services, the Board considered the nature and quality of certain administrative and other non-investment advisory services provided to the Fund by SIMC and/or its affiliates.

SEI Alternative Income Fund

31

BOARD OF TRUSTEES' CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Concluded)

Performance. In determining whether to renew the Advisory Agreement, the Directors considered the Fund's performance relative to its peer group and appropriate index/benchmark. The Directors reviewed performance information for the Fund, noting that they receive performance reports that permit them to monitor the Fund's performance at board meetings throughout the year. As part of this review, the Directors considered the composition of the peer group and selection criteria. In assessing Fund performance, the Directors considered the Broadridge Report. The Broadridge Report included metrics on net total return for the Fund and a universe of comparable funds. Based on the materials considered and discussed at the meeting, the Directors found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Directors were satisfied with the reasons provided to explain such performance. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support the renewal of the Advisory Agreement.

Fees. With respect to the Fund's expenses under the Advisory Agreement, the Board considered the rate of compensation called for by the Advisory Agreement and the Fund's net operating expense ratios in comparison to those of the Fund's peer group. In assessing Fund expenses, the Board considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various asset levels, actual management fees (including transfer agent expenses), and actual total expenses for the Fund and a universe of comparable funds. The Directors also considered the effects of SIMC's and its affiliates' contractual and voluntary waivers of management and other fees to prevent total Fund operating expenses from exceeding any applicable cap, and concluded that SIMC, through waivers, would maintain the Fund's net operating expenses at competitive levels for its distribution channels. Based on the materials considered and discussion at the Meeting, the Directors determined that the fees were below the average for the respective comparison peer group. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Fund are reasonable and supported renewal of the Advisory Agreement.

Profitability. With regard to profitability, the Directors considered the compensation flowing to SIMC, directly or indirectly. The Directors considered whether the levels of compensation and profitability were reasonable. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of SIMC is reasonable and supported renewal of the Advisory Agreement.

Economies of Scale. With respect to the Advisory Agreement, the Directors considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Fund's shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Directors recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

Based on the Directors' deliberation and their evaluation of the information described above, the Board, including all of the Independent Directors, unanimously approved the renewal of the Advisory Agreement and concluded that the compensation under the Advisory Agreement is fair and reasonable in light of such services and expenses and such other matters as the Directors considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Director may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

32	SEI Alternative Income Fund

SEI Alternative Income Fund/Annual Report/August 31, 2025

1 Freedom Valley Drive P.O. Box 1100 Oaks, Pennsylvania 19456

SEI-ALT (8/25)

(b) Not applicable.

Item 2.

Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

Item 3.

Audit Committee Financial Expert.

(a)(1) The Registrant's Board of Trustees has determined that the Registrant has one audit committee financial expert serving on the audit committee.

(a) (2) The audit committee financial expert is Susan C. Cote. Ms. Cote is independent as defined in Form N-CSR Item 3 (a) (2).

Item 4.

Principal Accountant Fees and Services.

Fees billed by KPMG LLP ("KPMG") related to the Registrant.

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal year 2025 and 2024 as follows:

		2025			2024
		All fees and services to the Registrant that were pre- approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre- approval	All fees and services to the Registrant that were pre- approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre- approval
(a)	Audit Fees (1)	$73,500	N/A	N/A	$73,500	N/A	N/A
(b)	Audit-Related Fees	$0	N/A	N/A	$0	N/A	N/A
(c)	Tax Fees	$0	N/A	N/A	$0	N/A	N/A
(d)	All Other Fees (2)	NA	$291,683	N/A	NA	$311,174	N/A

Notes:

(1)

Audit fees include amounts related to the audit of the Registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(2)

See Item 4(g) for a description of the services comprising the fees disclosed in this category.

(e)(1) The Registrant's Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC's rules on auditor independence and whether the provision of such services would compromise the auditor's independence.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant's Chief Financial Officer ("CFO") and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services: (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor's annual engagement letter for the applicable year or otherwise.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.

The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees (or the manner of their determination) to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	Fiscal 2025	Fiscal 2024
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not Applicable.

(g) The aggregate non-audit fees and services billed by KPMG for the fiscal years ended August 31, 2025 and 2024 were $291,683 and $311,174, respectively. Non-audit fees consist of SSAE No. 16 review of fund accounting and administration operations and an attestation report in accordance with Rule 17Ad-13.

(h) During the past fiscal year, Registrant's principal accountant provided certain non-audit services to Registrant's investment adviser or to entities controlling, controlled by, or under common control with Registrant's investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of Registrant's Board of Trustees reviewed and considered these non-audit services provided by Registrant's principal accountant to Registrant's affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i) Not Applicable.

(j) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

The Schedule of Investments is included as part of the Financial Statements and Financial Highlights filed under Item 1 of this form.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Report to Shareholders filed under Item 1 of this form, if applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Proxy Voting (Rule 206(4)-6)

POLICY STATEMENT

A public company's shareholders typically have the right to vote on various corporate issues. Clients may delegate to SIMC the authority to vote proxies for shares they own. Under the Advisers Act, SIMC has a duty of care and loyalty with respect to all services undertaken for clients, including proxy voting.

Rule 206(4)-6 under the Advisers Act (including 2019 supplementary guidance and a 2020 policy statement from the Securities and Exchange Commission ("SEC")¹ requires that SIMC must vote proxies in a manner consistent with clients' best interest and must not place its interests above those of its clients when doing so. It requires SIMC to: (i) adopt and implement written policies and procedures that are reasonably designed to ensure that SIMC votes proxies in the best interest of its clients, and (ii) to disclose to the clients how they may obtain information on how SIMC voted proxies. In addition, Rule 204- 2 requires SIMC to keep records of proxy voting and client requests for information.

As a registered investment adviser, SIMC has an obligation to vote proxies with respect to securities held in its client portfolios in the best economic interests of the clients for which it has proxy voting authority.

PROCEDURES

SIMC has adopted the following procedures to implement the firm's policy and to monitor compliance with the firm's policy:

1. Third Party Proxy Voting Service - SIMC has elected to retain a third-party proxy voting service (the "Service") to vote proxies with respect to those clients. The Service shall vote proxies in accordance with guidelines approved by SIMC's Proxy Voting Committee ("Guidelines"), with certain limited exceptions as outlined in detail below. The Guidelines set forth the manner in which SIMC shall vote, or the manner in which SIMC shall determine how to vote, with respect to various matters that may come up for shareholder vote. So long as the Service votes proxies in accordance with the Guidelines, SIMC believes that there is an appropriate presumption that the manner in which SIMC voted was not influenced by, and did not result from, a conflict of interest. SIMC Compliance shall conduct periodic reviews of the Service to ensure compliance with SIMC's proxy voting guidelines and the appropriateness of the Service.

2. Establishment of Proxy Voting Committee - SIMC maintains a Proxy Voting Committee (the "Committee"), comprised of representatives of SIMC's Investment Management Unit and Legal and/or Compliance personnel. The membership of the Committee may be changed at any time upon approval of the existing members of the Committee or by the President of SIMC. The Committee shall meet (virtually or in-person) as necessary to perform any of the activities set forth below. Any action requiring approval of the Committee shall be deemed approved upon an affirmative vote by a majority of the Committee present or represented. The submission of votes electronically (i.e., via email) by the Committee members shall be considered acceptable. The Committee shall consult with counsel or other experts as it deems appropriate to carry out its responsibilities.

3. Approval/Amendments of Proxy Voting Guidelines - The Committee shall approve Guidelines that set forth the manner in which SIMC shall vote, or the manner in which SIMC shall determine how to vote, with respect to various matters that may come up for shareholder vote with respect to securities held in client accounts and for which SIMC has proxy voting responsibility. In the event that any employee of SIMC recommends any change(s) or amendment(s) to SIMC's Guidelines, the Committee shall meet to consider the proposed change(s)/amendments(s) and consider all relevant factors. If approved by the Committee, the change(s)/amendment(s) shall be accepted, and the Guidelines revised accordingly.

1

The SEC issued guidance in 2019 (SEC Guidance Regarding Proxy Voting Responsibilities of Investment Advisers, Release No. IA-5325 (Aug. 21, 2019) regarding how the fiduciary duty and Rule 206(4)-6 relate to an investment adviser's exercise of voting authority on behalf of clients and a 2020 SEC policy statement to further supplement such guidance (Release No. IA-5547 (July 22, 2020)).

4. Circumstances Where Certain Proxy Votes May Not Be Cast - In some cases, SIMC may determine that it is in the best interests of SIMC's clients to abstain from voting certain proxies.

a)

Abstention or No Vote. SIMC may abstain or choose not to vote in the event any of the following conditions are met with regard to a proxy proposal:

●

Neither the Proxy Voting Guidelines nor specific client instructions cover an issue;

●

The Service does not make a recommendation on the issue;

●

In circumstances where, in SIMC's judgment, the costs of voting the proxy are deemed to exceed the expected benefits to clients;

●

The securities are on loan (see below);

●

Share blocking (see below); or

●

The Committee is unable to convene on the proxy proposal at issue to make a determination as to what would be in the client's best interest. This could happen, for example, if the Committee found that there was a material conflict or if despite all best efforts the Committee is unable to meet the requirements necessary to make a determination.

b)

Securities on Loan. In addition, it is SIMC's policy not to vote proxies for securities that are on loan. SIMC believes that the additional income derived by clients from such activities generally outweighs the potential economic benefit of recalling securities for the purpose of voting. Therefore, SIMC generally will not recall securities on loan for the sole purpose of voting proxies.

c)

Share Blocking. Further, in accordance with local law or business practices, many foreign companies prevent the sales of shares that have been voted for a certain period beginning prior to the shareholder meeting and ending on the day following the meeting ("share blocking"). Depending on the country in which a company is domiciled, the blocking period may begin a stated number of days prior to the meeting (e.g., one, three or five days) or on a date established by the company. While practices vary, in many countries the block period can be continued for a longer period if the shareholder meeting is adjourned and postponed to a later date. Similarly, practices vary widely as to the ability of a shareholder to have the "block" restriction lifted early (e.g., in some countries shares generally can be "unblocked" up to two days prior to the meeting whereas in other countries the removal of the block appears to be discretionary with the issuer's transfer agent). SIMC believes that the disadvantage of being unable to sell the stock regardless of changing conditions generally outweighs the advantages of voting at the shareholder meeting for routine items. Accordingly, SIMC generally will not vote those proxies subject to "share blocking."

5. Proxies of Investment Companies - With respect to proxies of an affiliated investment company or series thereof, such as the SEI U.S. Mutual Funds, the Committee will vote such proxies in the same proportion as the vote of all other shareholders of the investment company or series thereof (i.e., "echo vote" or "mirror vote"). When required by law or otherwise, the Committee will also "echo vote" proxies of an unaffiliated investment company. If applicable, when not required to "echo vote," the Committee will delegate to the Service responsibility for voting proxies of an unaffiliated investment company in accordance with Guidelines approved by the Committee; provided that, if such proxy presents a material conflict of interest for SIMC, such proxy shall be voted in accordance with Section 7 below.

6. Override of Service Recommendations - The Service makes available to SIMC, prior to voting on a proxy, its recommendation on how to vote with respect to such proxy in light of the Guidelines. From time to time the Service will provide SIMC with supplemental materials/information and/or updated recommendations after the initial pre-population of votes (in accordance with the Guidelines) but prior to the submission/voting deadline. In the absence of an override, the Service will vote the proxies in accordance with the recommendation provided. SIMC retains the authority to override the Service's recommendation in certain scenarios (as detailed below, and instruct the Service to vote in a manner at variance with the Service's recommendation.

a)

Client Directed Proxy Votes. SIMC clients who have delegated voting responsibility to SIMC with respect to their account may from time to time contact their SEI/SIMC client representative if they would like to request SIMC vote a certain way in a particular solicitation. In such circumstances, SIMC will use its commercially reasonable efforts to vote according to the client's request but cannot provide assurances that such voting requests will be implemented. For the avoidance of doubt, the client may not direct votes for securities within an SEI Fund or Pooled Investment Vehicle.

b)

Requests by Third Party Sub-Advisers to Direct Proxy Votes. Third Party Sub-Advisers retained by SIMC to manage assets within the SEI Funds may contact SIMC with requests that SIMC cast a proxy vote in a particular solicitation which would result in an override of the Service's recommendation, In such circumstances, the Committee shall convene and consider/follow the Conflicts of Interest provisions contained in Section 7 below. For any proposal where the Committee determines that SIMC does not have a material conflict of interest, the Committee may follow the recommendations of the Sub-Adviser and override the Service's recommendation if the Committee reasonably determines that doing so is in the best interests of SIMC's clients. If the Committee decides to override the Service's recommendation, the Committee shall maintain a written record setting forth the basis of the Committee's decision.

c)

Recommendations by Engagement Vendor. In addition to retaining the Service, SIMC has also engaged a third-party vendor to assist with Shareholder Engagement (the "Engagement Service"). The Engagement Service strives to help investors manage reputational risk and increase corporate accountability through proactive, professional and constructive engagement. It does so by way of collaborating with investors, facilitating many avenues of active ownership (including direct constructive dialogue with companies) and assisting with shareholder resolutions and proxy-voting decisions. As a result of this process, the Engagement Service will at times provide to SIMC proxy Voting recommendations that may conflict with the Guidelines. Recommendations from the Engagement Service to potentially override the Service's recommendations are expected to be limited to companies with which the Engagement Service is engaged on SIMC's behalf, and limited to proxy matters that bear on the subject of the engagement with that issuer. In such circumstances, the Committee shall convene and consider/follow the Conflicts of Interest provisions contained in Section 7 below. For any proposal where the Committee determines that SIMC does not have a material conflict of interest, the Committee may follow the recommendation of the Engagement Service and override the Service's recommendation if the Committee reasonably determines that doing so is in the best interests of SIMC's clients. If the Committee decides to override the Service's recommendation, the Committee shall maintain a written record setting for the basis of the Committee's decision.

7. Conflict of Interest - A decision to override the Service's recommendation could implicate a conflict of interest. As a result, SIMC may not override the Service's recommendation with respect to a proxy unless the following steps are taken:

a.

The Committee shall meet to consider the proposal to overrule the Service's recommendation.

b.

The Committee must determine whether SIMC has a conflict of interest with respect to the issuer that is the subject of the proxy. The Committee will use the following standards to identify issuers with which it may have a conflict of interest.

1.

Significant Business Relationships - The Committee will determine whether SIMC or its affiliates may have a significant business relationship with the issuer, such as, for example, where SIMC (or an affiliate) manages a pension plan, administers employee benefit plans, or provide brokerage, underwriting, insurance, or banking services to the issuer. For this purpose, a "significant business relationship" is one that: (1) represents 1% or $1,000,000 of SIMC's or an affiliate's revenues for the most recent fiscal year, whichever is less, or is reasonably expected to represent this amount for the current fiscal year; or (2) may not directly involve revenue to SIMC or its affiliates but is otherwise determined by the Committee to be significant to SIMC or its affiliates, such as, for example, the following:

●

SIMC or its affiliates lease significant office space from the company or have some other real estate-related relationship with the issuer;

●

SIMC or an affiliate otherwise has a significant relationship with the company such that it might create an incentive for SIMC to vote in favor of management.

2.

Significant Personal/Family Relationships - The Committee will determine whether any employees who are involved in the proxy voting process may have a significant personal/family relationship with the issuer. For this purpose, a "significant personal/family relationship" is one that would be reasonably likely to influence how SIMC votes proxies. To identify any such relationships, the Committee shall obtain information about any significant personal/family relationship between any employee of SIMC who is involved in the proxy voting process (e.g., IMU analysts, members of the Committee, senior management, as applicable) and senior employees of issuers for which SIMC may vote proxies.

3.

Duties of the Proxy Committee - The Committee has a duty to make reasonable investigation of information relating to conflicts of interest. For purposes of identifying conflicts, the Committee shall rely on publicly available information about SIMC and its affiliates, information about SIMC and its affiliates that is generally known by employees of SIMC,2 and other information actually known by a member of the Committee. Absent actual knowledge, the Committee is not required to investigate possible conflicts involving SIMC where the information is (i) non-public, (ii) subject to information blocking procedures, or (iii) otherwise not readily available to the Committee. In connection with the consideration of any proxy voting matters under this policy, each member of the Committee has a duty to disclose to the Committee any material conflicts of interest of which the member has actual knowledge but which have not been identified by the Committee pursuant to these Procedures, and, if appropriate, recuse himself/herself from the matter at issue.

c.

If SIMC determines that it has a conflict of interest, the Committee shall determine whether the conflict is "material" to any specific proposal included within the proxy. If not, then SIMC can vote the proxy as determined by the Committee. The Committee shall determine whether a proposal is material as follows:

1.

Routine Proxy Proposals - Proxy proposals that are "routine" shall be presumed not to involve a material conflict of interest for SIMC, unless the Committee has actual knowledge that a routine proposal should be treated as material. For this purpose, "routine" proposals would typically include matters such as the selection of an accountant, uncontested election of directors, meeting formalities, and approval of an annual report/financial statements. 3

2.

Non-Routine Proxy Proposals - Proxy proposals that are "non-routine" shall be presumed to involve a material conflict of interest for SIMC, unless the Committee determines that SIMC's conflict is unrelated to the proposal in question (see 3. below). For this purpose, "non-routine" proposals would typically include any contested matter, including a contested election of directors, a merger or sale of substantial assets, a change in the articles of incorporation that materially affects the rights of shareholders, and compensation matters for management (e.g., stock option plans, retirement plans, profit sharing or other special remuneration plans).

3.

Determining that a Non-Routine Proposal is Not Material - As discussed above, although non-routine proposals are presumed to involve a material conflict of interest, the Committee may determine on a case-by-case basis that particular non-routine proposals do not involve a material conflict of interest. To make this determination, the Committee must conclude that a proposal is not directly related to SIMC's conflict with the issuer or that it otherwise would not be considered important by a reasonable investor. The Committee shall record in writing the basis for any such determination.

2

The procedures provide that the Committee should be aware of information about SIMC or its affiliates that is generally known by employees of SIMC, but it does not extend this knowledge to information about SIMC's affiliates that is generally known by employees of SIMC's affiliates (unless such information also is generally known by SIMC's employees).

3

For guidance on defining "routine" and "non-routine" matters, SIMC shall use the standards set forth in NYSE Rule 452 and Special Instruction 12b.viii of Form 13F.

d.

For any proposal where the Committee determines that SIMC has a material conflict of interest, SIMC may vote a proxy regarding that proposal in any of the following manners:

1.

Obtain Client Consent or Direction - If the Committee approves the proposal to override the recommendation of the Service, SIMC shall fully disclose to each client holding the security at issue the nature of the conflict, and obtain the client's consent to how SIMC will vote on the proposal (or otherwise obtain instructions from the client as to how the proxy on the proposal should be voted).

2.

Use Recommendation of the Service - Vote in accordance with the Service's recommendation.

e.

For any proposal where the Committee determines that SIMC does not have a material conflict of interest, the Committee may override the Service's recommendation if the Committee reasonably determines that doing so is in the best interests of SIMC's clients. If the Committee decides to override the Service's recommendation, the Committee shall maintain a written record setting forth the basis of the Committee's decision.

f.

This Section 7 does not apply to voting proxies of an investment company except as specifically stated in Section 5 above.

8. Proxies in Foreign Jurisdictions - With respect to proxies in foreign jurisdictions, certain countries or issuers may require SIMC to have a duly executed power of attorney in place with such country or issuer in order to vote on a proxy. The Service may execute, on behalf of SIMC, powers of attorney in applicable countries for this purpose and maintains a matrix of country-specific power of attorney requirements in order to track these requirements.

Under circumstances where the issuer, not the jurisdiction, requires an issuer-specific, shareholder meeting-specific or other limited power of attorney in order to vote on a proxy, the Service will coordinate with SIMC in order to execute such power of attorney. In these instances, it may not be convenient or practicable to execute a power of attorney in sufficient time to vote proxies in that meeting and SIMC may abstain from voting, in accordance with Section 4 of this Proxy Voting Policy.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

David S. Aniloff (the "Portfolio Manager") serves as senior portfolio manager of the Fund. Mr. Aniloff joined SEI in 2000 and serves as a Portfolio Manager and the Head of Specialty Credit for the Investment Management Unit. Mr. Aniloff manages and oversees portfolios of collateralized loan obligations, a strategy that he co-developed in mid-2005. In Mr. Aniloff's preceding role, he was a Performance Analyst on SEI's Portfolio Implementations Team.

Compensation. The Adviser compensates each portfolio manager for his management of the Fund. Each portfolio manager's compensation consists of a fixed annual salary, plus a discretionary annual bonus calculated on the following factors:

1

Fund performance relative to a return objective and/or benchmark index;

2.

SEI corporate performance typically based upon earnings per share for a fiscal year; and

3.

Individual performance relative to annual goals and objectives.

Ownership of Fund Shares. As of the date of this Registration Statement, the portfolio manager did not beneficially own any shares of the Fund.

Other Accounts. As of September 30, 2025, in addition to the Fund, the portfolio manager was responsible for the day-to-day management of certain other accounts, as listed below. The accounts below do not pay performance-based advisory fees.

Registered Investment Companies

Other Pooled Investment Vehicles

Other Accounts

Portfolio Manager

Number of Accounts

Total Assets

Number of Accounts

Total Assets

Number of Accounts

Total Assets

David S. Aniloff

2

$

2,869.32 million

3

$

1,288.61 million

0

$

0

Conflicts of Interests. Each portfolio manager's management of "other accounts" may give rise to potential conflicts of interest in connection with his management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts include another closed-end registered investment company, portions of two U.S. registered high yield mutual funds and an Irish registered high yield fund (collectively, the "Other Accounts"). The Other Accounts might have a similar investment objective as the Fund or hold, purchase, or sell securities that are eligible to be held, purchased, or sold by the Fund. While the portfolio managers' management of the Other Accounts may give rise to the following potential conflicts of interest, the Adviser does not believe that the conflicts, if any, are material or, to the extent any such conflicts are material, the Adviser believes that it has designed policies and procedures that are reasonably designed to manage those conflicts in an appropriate way.

Knowledge of the Timing and Size of Fund Trades. A potential conflict of interest may arise as a result of the portfolio managers' day-to-day management of the Fund. Because of their position with the Fund, the portfolio managers know the size, timing, and possible market impact of Fund trades. It is theoretically possible that the portfolio managers could use this information to the advantage of the Other Accounts and to the possible detriment of the Fund. However, the Adviser has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

Investment Opportunities. A potential conflict of interest may arise as a result of the portfolio managers' management of the Fund and the Other Accounts which, in theory, may allow them to allocate investment opportunities in a way that favors the Other Accounts over the Fund. This conflict of interest may be exacerbated to the extent that the Adviser or the portfolio managers receive, or expect to receive, greater compensation from their management of the Other Accounts than the Fund. Notwithstanding this theoretical conflict of interest, it is the Adviser's policy to manage each account based on its investment objectives and related restrictions and, as discussed above, the Adviser has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while the portfolio managers may buy for an Other Account securities that differ in identity or quantity from securities bought for the Fund, such an approach might not be suitable for the Fund given its investment objectives and related restrictions.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

Item 16. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "1940 Act")) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a)

Not applicable.

(b)

Not applicable.

Items 19. Exhibits.

(a)(1) Code of Ethics attached hereto.

(a)(2) Not applicable.

(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, are filed herewith.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as Exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

SEI Alternative Income Fund

By (Signature and Title)	/s/ Robert A. Nesher
	Robert A. Nesher
	President & CEO
	(Principal Executive Officer)

Date: November 5, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Robert A. Nesher
	Robert A. Nesher
	President & CEO
	(Principal Executive Officer)

Date: November 5, 2025

By (Signature and Title)	/s/ Glenn R. Kurdziel
	Glenn R. Kurdziel
	Treasurer & CFO
	(Principal Financial Officer)

Date: November 5, 2025