SEI LIQUID ASSET TRUST
SEI TAX EXEMPT TRUST
SEI DAILY INCOME TRUST
SEI INDEX FUNDS
SEI INSTITUTIONAL MANAGED TRUST
SEI INSTITUTIONAL INTERNATIONAL TRUST
SEI ASSET ALLOCATION TRUST
SEI INSTITUTIONAL INVESTMENTS TRUST
SEI INSURANCE PRODUCTS TRUST
FINANCIAL OFFICER CODE OF ETHICS
I. INTRODUCTION
The reputation and integrity of SEI Liquid Asset Trust, SEI Tax Exempt
Trust, SEI Daily Income Trust, SEI Index Funds, SEI Institutional Managed Trust,
SEI Institutional International Trust, SEI Asset Allocation Trust, SEI
Institutional Investments Trust and SEI Insurance Products Trust (each a "Trust"
and, collectively, the "Trusts") are valuable assets that are vital to the each
Trust's success. The Trusts' senior financial officers ("SFOs") are responsible
for conducting the Trusts' business in a manner that demonstrates a commitment
to the highest standards of integrity. The Trusts' SFOs include the principal
executive officer, the principal financial officer, comptroller or principal
accounting officer, and any person who performs a similar function.
The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate
disclosure and financial reporting reform on public companies, including mutual
funds, to address corporate malfeasance and assure investors that the companies
in which they invest are accurately and completely disclosing financial
information. Under the Act, all public companies (including the Trusts) must
either have a code of ethics for their SFOs, or disclose why they do not. The
Act was intended to foster corporate environments which encourage employees to
question and report unethical and potentially illegal business practices. Each
Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to
encourage its SFOs to act in a manner consistent with the highest principles of
ethical conduct.
II. PURPOSES OF THE CODE
The purposes of this Code are:
o To promote honest and ethical conduct by each Trust's SFOs,
including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships;
o To assist each Trust's SFOs in recognizing and avoiding conflicts
of interest, including disclosing to an appropriate person any
material transaction or relationship that reasonably could be
expected to give rise to such a conflict;
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o To promote full, fair, accurate, timely, and understandable
disclosure in reports and documents that the Trusts file with, or
submit to, the SEC and in other public communications made by the
Trusts;
o To promote compliance with applicable laws, rules and regulations;
o To encourage the prompt internal reporting to an appropriate person
of violations of this Code; and
o To establish accountability for adherence to this Code.
III. QUESTIONS ABOUT THIS CODE
Each Trust's compliance officer designated to oversee compliance with
the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as
Compliance Officer for the implementation and administration of this Code. You
should direct your questions about this Code to the Compliance Officer.
IV. CONDUCT GUIDELINES
Each Trust has adopted the following guidelines under which the Trust's
SFOs must perform their official duties and conduct the business affairs of the
Trust.
1. ETHICAL AND HONEST CONDUCT IS OF PARAMOUNT IMPORTANCE. Each Trust's
SFOs must act with honesty and integrity and avoid violations of
this Code, including the avoidance of actual or apparent conflicts
of interest with the Trust in personal and professional
relationships.
2. SFOS MUST DISCLOSE MATERIAL TRANSACTIONS OR RELATIONSHIPS. Each
Trust's SFOs must disclose to the Compliance Officer any actual or
apparent conflicts of interest the SFO may have with the Trust that
reasonably could be expected to give rise to any violations of this
Code. Such conflicts of interest may arise as a result of material
transactions or business or personal relationships to which the SFO
may be a party. If it is not possible to disclose the matter to the
Compliance Officer, it should be disclosed to the Trust's Chief
Financial Officer, Chief Executive Officer or another appropriate
person. In addition to disclosing any actual or apparent conflicts
of interest in which an SFO is personally involved, the Trusts'
SFOs have an obligation to report any other actual or apparent
conflicts which they discover or of which they otherwise become
aware. If you are unsure whether a particular fact pattern gives
rise to a conflict of interest, or whether a particular transaction
or relationship is "material," you should bring the matter to the
attention of the Compliance Officer.
3. STANDARDS FOR QUALITY OF INFORMATION SHARED WITH SERVICE PROVIDERS
OF THE TRUSTS. Each Trust's SFOs must at all times seek to provide
information to the Trust's service providers (adviser,
administrator, outside auditor, outside counsel,
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custodian, ETC.) that is accurate, complete, objective, relevant,
timely, and understandable.
4. STANDARDS FOR QUALITY OF INFORMATION INCLUDED IN PERIODIC REPORTS.
Each Trust's SFOs must at all times endeavor to ensure full, fair,
timely, accurate, and understandable disclosure in the Trust's
periodic reports.
5. COMPLIANCE WITH LAWS. Each Trust's SFOs must comply with the
federal securities laws and other laws and rules applicable to the
Trusts, such as the Internal Revenue Code.
6. STANDARD OF CARE. Each Trust's SFOs must at all times act in good
faith and with due care, competence and diligence, without
misrepresenting material facts or allowing your independent
judgment to be subordinated. Each Trust's SFOs must conduct the
affairs of the Trust in a responsible manner, consistent with this
Code.
7. CONFIDENTIALITY OF INFORMATION. Each Trust's SFOs must respect and
protect the confidentiality of information acquired in the course
of their professional duties, except when authorized by the Trust
to disclose it or where disclosure is otherwise legally mandated.
You may not use confidential information acquired in the course of
your work for personal advantage.
8. SHARING OF INFORMATION AND EDUCATIONAL STANDARDS. Each Trust's SFOs
should share information with relevant parties to keep them
informed of the business affairs of the Trust, as appropriate, and
maintain skills important and relevant to the Trust's needs.
9. PROMOTE ETHICAL CONDUCT. Each Trust's SFOs should at all times
proactively promote ethical behavior among peers in your work
environment.
10. STANDARDS FOR RECORDKEEPING. Each Trust's SFOs must at all times
endeavor to ensure that the Trust's financial books and records are
thoroughly and accurately maintained to the best of their knowledge
in a manner consistent with applicable laws and this Code.
V. WAIVERS OF THIS CODE
You may request a waiver of a provision of this Code by submitting your
request in writing to the Compliance Officer for appropriate review. For
example, if a family member works for a service provider that prepares a Trust's
financial statements, you may have a potential conflict of interest in reviewing
those statements and should seek a waiver of this Code to review the work. An
executive officer of each Trust, or another appropriate person (such as a
designated Board or Audit Committee member), will decide whether to grant a
waiver. All waivers of this code must be disclosed to the applicable Trust's
shareholders to the extent required by SEC rules.
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VI. AFFIRMATION OF THE CODE
Upon adoption of the Code, each Trust's SFOs must affirm in writing
that they have received, read and understand the Code, and annually thereafter
must affirm that they have complied with the requirements of the Code. To the
extent necessary, each Trust's Compliance Officer will provide guidance on the
conduct required by this Code and the manner in which violations or suspected
violations must be reported and waivers must be requested.
VII. REPORTING VIOLATIONS
In the event that an SFO discovers or, in good faith, suspects a
violation of this Code, the SFO MUST immediately report the violation or
suspected violation to the Compliance Officer. The Compliance Officer may, in
his or her discretion, consult with another member of the Trust's senior
management or the Board in determining how to address the suspected violation.
For example, a Code violation may occur when a periodic report or financial
statement of a Trust omits a material fact, or is technically accurate but, in
the view of the SFO, is written in a way that obscures its meaning.
SFOs who report violations or suspected violations in good faith will
not be subject to retaliation of any kind. Reported violations will be
investigated and addressed promptly and will be treated as confidential to the
extent possible.
VIII. VIOLATIONS OF THE CODE
Dishonest or unethical conduct or conduct that is illegal will
constitute a violation of this Code, regardless of whether this Code
specifically refers to such particular conduct. A violation of this Code may
result in disciplinary action, up to and including removal as an SFO of the
Trust. A variety of laws apply to the Trusts and their operations, including the
Securities Act of 1933, the Investment Company Act of 1940, state laws relating
to duties owed by Trust officers, and criminal laws. The Trusts will report any
suspected criminal violations to the appropriate authorities, and will
investigate, address and report, as appropriate, non-criminal violations.
ADOPTED: JUNE 30, 2003
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