Annual Report - SEI

Annual Report 

for the period ended December 31, 2009 

Canadian Equity Fund 

Canadian Small Company Equity Fund 

U.S. Large Company Equity Fund 

U.S. Small Company Equity Fund 

EAFE Equity Fund 

Emerging Markets Equity Fund 

Canadian Fixed Income Fund 

Long Duration Bond Fund 

Real Return Bond Fund 

Short Term Bond Fund 

U.S. High Yield Bond Fund 

Money Market Fund 

International Synthetic Fund 

U.S. Large Cap Synthetic Fund 

U.S. MidCap Synthetic Fund 

Enhanced Global Bond Fund 

Income 100 Fund 

Income 20/80 Fund 


Conservative Monthly Income Fund 


Balanced 50/50 Fund 


Balanced Monthly Income Fund 

Growth 70/30 Fund 


Growth 100 Fund 

Global Growth 100 Fund 

Class O Units, Class I Units, Class P Units, Class F Units, Class R Units, Class S Units 

Managed by: SEI INVESTMENTS CANADA COMPANY

Table of Contents 

Management’s Responsibility for Financial Reporting 3 

Auditors’ Report 5 

Fund Statement of Investment Portfolio, 

Statements of Operations, Statements of Net Assets, 

And Statements of Changes in Net Assets for: 

Canadian Equity Fund 7 

Canadian Small Company Equity Fund 14 

U.S. Large Company Equity Fund 20 

U.S. Small Company Equity Fund 32 

EAFE Equity Fund 43 

Emerging Markets Equity Fund 60 

Canadian Fixed Income Fund 70 

Long Duration Bond Fund 82 

Real Return Bond Fund 86 

Short Term Bond Fund 90 

U.S. High Yield Bond Fund 95 

Money Market Fund 106 

International Synthetic Fund 110 

U.S. Large Cap Synthetic Fund 115 

U.S. MidCap Synthetic Fund 120 

Enhanced Global Bond Fund 125 

Income 100 Fund 130 

Income 20/80 Fund 134 


Conservative Monthly Income Fund 143 


Balanced 50/50 Fund 152 

Balanced 60/40 Fund 156 

Balanced Monthly Income Fund 161 

Growth 70/30 Fund 165 

Growth 80/20 Fund 169 

Growth 100 Fund 174 

Global Growth 100 Fund 179 

Notes to Financial Statements 183

March 9, 2010 

Auditors’ Report 

PricewaterhouseCoopers LLP 

Chartered Accountants 

PO Box 82 

Royal Trust Tower, Suite 3000 

Toronto Dominion Centre 

Toronto, Ontario 

Canada M5K 1G8 

Telephone +1 416 863 1133 

Facsimile +1 416 365 8215 

To the Unitholders of SEI Investments Group of Funds: 



Canadian Small Company Equity Fund Income 100 Fund 

U.S. Large Company Equity Fund Income 20/80 Fund 

U.S. Small Company Equity Fund Income 30/70 Fund 



Emerging Markets Equity Fund Balanced 50/50 Fund 

Canadian Fixed Income Fund Balanced 60/40 Fund 









U.S. Large Cap Synthetic Fund Short Term Bond Fund 



Balanced Monthly Income Fund U.S. High Yield Bond Fund 

(collectively the Funds) 

We have audited the statement of investment portfolio of each of the Funds as at December 31, 2009 

and the statements of net assets, operations and changes in net assets as at and for the periods as 

indicated in Note 1. These financial statements are the responsibility of the Funds’ Manager. Our 

responsibility is to express an opinion on these financial statements based on our audits. 

We conducted our audits in accordance with Canadian generally accepted auditing standards. Those 

standards require that we plan and perform an audit to obtain reasonable assurance whether the 

financial statements are free of material misstatement. An audit includes examining, on a test basis, 

evidence supporting the amounts and disclosures in the financial statements. An audit also includes 

assessing the accounting principles used and significant estimates made by the Funds’ Manager, as 

well as evaluating the overall financial statement presentation. 

In our opinion, these financial statements present fairly, in all material respects, the financial position, 

results of operations and the changes in net assets of each of the Funds as at and for the periods 

indicated in Note 1, in accordance with Canadian generally accepted accounting principles. 

Chartered Accountants, Licensed Public Accountants 

“PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, or, as the context requires, the 

PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate legal entity.


Statement of Investment Portfolio 

AS AT DECEMBER 31, 2009 

Number Average Fair 

of Cost Value 

Shares $ $ 

CANADIAN EQUITIES – 97.6% 

Consumer Discretionary – 5.4% 

Astral Media Inc. 151,850 4,209,360 5,035,346 

BMTC Group Inc., Class ‘A’ 115,863 2,242,745 3,429,545 

Canadian Tire Corp. Ltd., Class ‘A’ 157,200 3,444,933 9,015,420 

Coastal Contacts Inc. 717,736 684,651 1,012,008 

Cogeco Cable Inc. 279,950 4,006,887 9,775,854 

COGECO Inc. 61,111 821,962 1,752,663 

Corus Entertainment Inc., Class ‘B’ 641,537 10,097,029 12,670,356 

Easyhome Ltd. 70,482 1,292,656 625,880 

Gildan Activewear Inc. 98,000 2,290,336 2,505,860 

Glacier Media Inc. 835,136 2,452,489 1,670,272 

Le Chateau Inc. 148,966 1,915,731 2,033,386 

Magna International Inc., Class ‘A’ 312,986 17,135,893 16,644,595 

Quebecor Inc., Class ‘B’ 121,700 3,073,938 3,299,287 

RONA Inc. 294,400 4,266,141 4,542,592 

Shaw Communications Inc. 679,300 9,495,006 14,672,880 

Thomson Reuters Corp. 625,000 25,109,327 21,187,500 

Tim Hortons Inc. 221,800 6,820,350 7,113,126 

Torstar Corp., Class ‘B’ 627,111 4,932,293 3,913,173 

Yellow Pages Income Fund 2,034,127 20,052,490 10,902,921 

124,344,217 131,802,664 

Consumer Staples – 3.4% 

Alimentation Couche-Tard Inc., Class ‘B’ 376,600 4,860,815 7,814,450 

Canada Bread Co. Ltd. 41,855 2,741,894 2,165,996 

Cineplex Galaxy Income Fund 237,433 3,839,974 4,326,029 

Empire Co. Ltd., Class ‘A’ 238,761 9,965,436 11,262,356 

Lassonde Industries Inc., Class ‘A’ 16,278 651,428 834,573 

Loblaw Cos. Ltd. 751,523 27,103,114 25,416,508 

Metro Inc., Class ‘A’ 182,800 5,415,990 7,165,760 

North West Co. Fund (The) 128,087 2,041,813 2,432,372 

Saputo Inc. 162,600 4,747,043 4,999,950 

Viterra Inc. 1,719,500 15,894,852 16,954,270 

77,262,359 83,372,264 

Energy – 25.6% 

AltaGas Income Trust 353,512 8,486,933 6,635,420 

Antrim Energy Inc. 352,418 733,788 444,047 

ARC Energy Trust 317,308 7,150,323 6,327,122 

Bankers Petroleum Ltd. 2,579,800 9,707,960 16,020,558 

Birchcliff Energy Ltd. 513,467 3,391,526 4,826,590 

Bonavista Energy Trust 336,407 9,252,892 7,491,784 

Cameco Corp. 702,200 17,707,553 23,741,382 

Canadian Natural Resources Ltd. 798,900 47,081,356 60,452,763 

Canadian Oil Sands Trust 298,111 8,657,072 8,877,746 

Celtic Exploration Ltd. 100,570 1,455,609 2,090,850 

Cenovus Energy Inc. 1,648,968 48,937,175 43,648,183 

Crescent Point Energy Corp. 157,200 5,914,753 6,201,540 

Crew Energy Inc. 1,875,645 22,796,903 27,365,661 

Daylight Resources Trust 317,796 2,809,590 3,231,985 

Enbridge Inc. 127,350 4,755,913 6,182,842 

EnCana Corp. 630,168 19,762,446 21,457,220 

Galleon Energy Inc., Class ‘A’ 323,181 3,123,342 1,696,700 


of Cost Value 

Shares $ $ 

Husky Energy Inc. 307,200 9,696,713 9,222,144 

Imperial Oil Ltd. 491,575 19,520,154 19,962,861 

Legacy Oil + Gas Inc., Class ‘A’ 220,033 2,103,428 2,114,517 

Mullen Group Ltd. 385,879 6,514,249 6,274,393 

Nexen Inc. 746,870 15,222,499 18,776,312 

Niko Resources Ltd. 350,400 23,495,147 34,419,792 

OPTI Canada Inc. 967,700 5,062,082 1,945,077 

Parex Resources Inc. 181,930 578,570 738,636 

Pason Systems Inc. 147,800 1,609,923 1,717,436 

Pembina Pipeline Income Fund 734,000 11,289,454 12,822,980 

Petro Rubiales Energy Corp. 1,676,626 11,569,792 25,820,040 

PetroBakken Energy Ltd. 52,127 1,804,893 1,684,223 

Petrobank Energy & Resources Ltd. 756,200 18,455,315 38,588,886 

Petrominerales Ltd. 544,100 7,019,701 10,201,875 

Peyto Energy Trust 511,053 7,016,120 7,139,410 

Phoenix Technology Income Fund 338,119 2,667,968 2,772,576 

Precision Drilling Trust 764,900 4,584,056 5,813,240 

Progress Energy Resources Corp. 386,100 5,538,176 5,444,010 

Provident Energy Trust 254,876 1,454,615 1,796,876 

Rock Energy Inc. 484,547 1,661,659 1,560,241 

ShawCor Ltd., Class ‘A’ 185,000 3,335,879 5,416,800 

Storm Exploration Inc. 687,000 10,737,018 8,937,870 

Suncor Energy Inc. 1,875,237 71,394,271 69,590,045 

Talisman Energy Inc. 1,595,600 24,111,689 31,193,980 

TransCanada Corp. 1,221,154 38,414,984 44,144,717 

TransGlobe Energy Corp. 765,688 3,046,728 2,649,280 

Trinidad Drilling Ltd. 276,054 1,873,585 1,935,139 

UEX Corp. 1,213,100 7,019,351 1,273,755 

538,523,153 620,649,504 

Financials – 32.7% 

Artis REIT 223,478 2,258,596 2,491,780 

Bank of Montreal 790,295 42,525,252 44,090,558 

Bank of Nova Scotia 3,103,087 126,893,628 152,640,850 

Brookfield Asset Management Inc., Class ‘A’ 252,250 6,491,550 5,887,515 

Canadian Imperial Bank of Commerce 219,100 12,498,067 14,887,845 

Canadian Western Bank 374,892 6,432,598 8,210,135 

First National Financial Income Fund 107,607 1,385,010 2,028,392 

GMP Capital Inc. 983,432 12,854,640 12,351,906 

Great-West Lifeco Inc. 959,217 21,384,990 25,726,200 

Home Capital Group Inc. 260,837 8,217,868 10,874,295 

Industrial Alliance Insurance and 

Financial Services Inc. 254,900 8,199,146 8187388 

IGM Financial Inc. 276,108 10,323,323 11,660,041 

Intact Financial Corp. 607,436 23,514,716 22,402,240 

Killam Properties Inc. 142,100 1,148,544 1,236,270 

Manulife Financial Corp. 3,966,579 90,534,604 76,554,975 

Morguard Corp. 60,186 1,184,847 1,956,647 

Morguard REIT 162,208 2,051,834 2,118,436 

Morneau Sobeco Income Fund 210,500 1,952,898 2,065,005 

National Bank of Canada 58,500 2,362,474 3,519,360 

Power Corp. of Canada 585,200 13,432,988 17,041,024 

Power Financial Corp. 1,099,200 24,603,153 34,064,208 

Royal Bank of Canada 2,851,398 123,281,201 160,704,791 

Sceptre Investment Counsel Ltd. 174,900 1,003,832 979,440 

SCEF 

(See accompanying notes) 

7





of Cost Value 

Shares $ $ 

Sun Life Financial Inc. 870,267 30,801,406 26,255,955 

TMX Group Inc. 211,913 7,044,785 7,016,439 

Toronto-Dominion Bank (The) 2,099,325 112,800,294 138,429,490 

Western Financial Group Inc. 303,181 997,684 764,016 

696,179,928 794,145,201 

Health Care – 0.1% 

CML Healthcare Income Fund 82,047 1,117,188 1,133,069 

IMRIS Inc. 220,400 1,202,318 1,146,080 

2,319,506 2,279,149 

Industrials – 5.8% 

Aecon Group Inc. 188,247 1,738,166 2,818,058 

AG Growth International Inc. 57,770 1,075,944 2,010,396 

Bird Construction Income Fund 70,200 2,382,824 2,410,668 

Canadian National Railway Co. 421,460 19,896,965 24,086,439 

Canadian Pacific Railway Ltd. 237,200 11,856,860 13,449,240 

CanWel Building Materials Income Fund 189,739 745,568 781,725 

CanWel Building Materials Income Fund, 

Subscription Receipts 157,710 599,298 599,298 

Cervus Equipment Corp. 160,700 1,907,105 2,008,750 

Churchill Corp. (The), Class ‘A’ 123,092 1,669,662 2,358,443 

Davis + Henderson Income Fund 173,724 2,449,961 2,932,461 

Flint Energy Services Ltd. 141,892 2,389,458 1,365,001 

Genivar Income Fund 92,724 2,246,422 2,508,184 

GLV Inc., Class ‘A’ 121,499 1,310,682 1,063,116 

Richelieu Hardware Ltd. 130,478 2,597,550 2,935,755 

Russel Metals Inc. 448,192 11,768,316 7,910,589 

SNC-Lavalin Group Inc. 712,800 27,213,111 38,434,176 

Stantec Inc. 152,549 4,173,589 4,606,980 

Superior Plus Corp. 808,000 9,634,802 11,804,880 

Toromont Industries Ltd. 42,000 1,101,337 1,165,080 

Transat A.T. Inc., Class ‘B’ 149,950 3,268,365 3,147,450 

Transcontinental Inc., Class ‘A’ 367,786 6,779,331 4,707,661 

Vicwest Income Fund 68,667 820,966 1,289,566 

Wajax Income Fund 234,611 3,547,550 5,088,713 

WFI Industries Ltd. 104,934 1,563,578 2,675,817 

122,737,410 142,158,446 

Information Technology – 4.2% 

Absolute Software Corp. 369,400 1,950,340 1,939,350 

AXIA NetMedia Corp. 647,300 972,895 996,842 

CGI Group Inc., Class ‘A’ 877,800 8,831,361 12,464,760 

COM DEV International Ltd. 440,100 1,471,084 1,505,142 

Descartes Systems Group Inc. (The) 260,338 1,522,624 1,640,129 

DragonWave Inc. 204,889 865,076 2,458,668 

MacDonald, Dettwiler and Associates Ltd. 142,126 4,154,451 6,051,725 

MKS Inc. 101,761 709,275 1,008,452 

Open Text Corp. 70,200 3,031,044 2,993,328 

Research In Motion Ltd. 830,945 56,164,986 58,963,857 

Ruggedcom Inc. 86,700 1,542,863 1,557,132 

SXC Health Solutions Corp. 165,375 3,374,945 9,376,762 

Wi-LAN Inc. 570,416 899,263 1,494,490 

85,490,207 102,450,637 


of Cost Value 

Shares $ $ 

Materials – 16.9% 

Aber Diamond Corp. 587,562 3,852,971 5,869,744 

Agnico-Eagle Mines Ltd. 149,200 8,451,097 8,473,068 

Agrium Inc. 180,600 9,690,032 11,686,626 

Alamos Gold Inc. 1,155,004 10,642,405 14,437,550 

Atrium Biotechnologies Inc. 144,633 2,074,240 2,279,416 

Barrick Gold Corp. 1,556,223 63,213,109 64,427,632 

Bear Creek Mining Corp. 383,842 1,445,819 1,462,438 

Canam Group Inc., Class ‘A’ 91,783 809,024 647,070 

Consolidated Thompson Iron Mines Ltd. 192,150 1,033,048 1,293,170 

Equinox Minerals Ltd. 4,998,824 12,978,361 20,195,249 

European Goldfields Ltd. 409,900 1,915,549 2,467,598 

Farallon Mining Ltd. 2,831,837 1,202,964 1,557,510 

FNX Mining Co. Inc. 2,371,700 30,030,182 27,298,267 

Franco-Nevada Corp. 438,000 13,405,245 12,299,040 

Gerdau Ameristeel Corp. 1,321,044 9,380,300 11,493,083 

Goldcorp Inc. 1,121,100 44,510,684 46,312,641 

Hudbay Minerals Inc. 297,000 4,772,196 4,015,440 

IAMGOLD Corp. 433,800 4,663,757 7,153,362 

Inmet Mining Corp. 90,500 5,727,196 5,752,180 

Ivanhoe Nickel & Platinum Ltd. 41,625 497,302 260,156 

Ivanhoe Nickel & Platinum Ltd., 

Special Warrants, 2008/11/21 114,174 982,062 856,892 

Jaguar Mining Inc. 231,929 1,393,434 2,720,527 

Kinross Gold Corp. 860,609 17,806,661 16,635,572 

Labrador Iron Ore Royalty Income Fund 116,465 4,136,634 5,070,886 

MAG Silver Corp. 244,400 1,562,700 1,534,832 

Major Drilling Group International Inc. 187,726 3,631,072 5,350,191 

Mercator Minerals Ltd. 1,072,860 3,241,716 2,660,693 

Methanex Corp. 198,695 3,620,715 4,059,339 

Northgate Minerals Corp. 716,500 1,958,982 2,292,800 

Osisko Mining Corp. 190,661 932,260 1,607,272 

Pan American Silver Corp. 42,700 922,499 1,067,073 

Polaris Minerals Corp. 392,400 662,639 659,232 

Potash Corp. of Saskatchewan Inc. 333,750 30,074,428 38,084,212 

Premier Gold Mines Ltd. 625,903 1,772,750 2,603,756 

Q2 Gold Resources Inc. 85,045 — — 

Quadra Mining Ltd. 203,131 2,516,538 2,945,400 

Red Back Mining Inc. 592,700 5,032,681 8,819,376 

Rubicon Minerals Corp. 872,100 4,159,552 4,308,174 

San Gold Corp. 512,600 1,659,820 1,865,864 

Semafo Inc. 568,424 1,132,362 2,489,697 

Sherritt International Corp. 1,307,853 11,289,652 8,540,280 

Silver Wheaton Corp. 603,180 8,965,729 9,524,212 

Teck Resources Ltd., Class ‘B’ 769,500 20,627,360 28,240,650 

Winpak Ltd. 128,913 863,909 1,097,050 

Yamana Gold Inc. 611,800 7,415,855 7,317,128 

366,657,491 409,732,348 

Telecommunication Services – 2.3% 

BCE Inc. 865,918 22,990,834 25,068,326 

Rogers Communications Inc., Class ‘B’ 618,900 19,926,410 20,151,384 

TELUS Corp., NV 336,923 10,673,034 11,000,536 

53,590,278 56,220,246 


SCEF 

8




Utilities – 1.2% 

ATCO Ltd., Class ‘I’ 200,234 8,711,978 9,176,724 

Canadian Utilities Ltd., Class ‘A’ 185,433 6,360,269 8,108,985 

Fortis Inc. 231,200 6,320,165 6,630,816 

Innergex Renewable Energy Inc. 119,400 1,253,390 638,790 

Northland Power Income Fund 160,967 1,976,511 1,912,288 

Plutonic Power Corp. 655,600 1,929,554 2,091,364 

26,551,867 28,558,967 

Total Canadian Equities 2,093,656,416 2,371,369,426 

FOREIGN EQUITIES – 0.1% 

Mirabela Nickel Ltd. 589,231 2,021,140 1,390,585 

2,021,140 1,390,585 

U.S. EQUITIES – 0.1% 

Allied Nevada Gold Corp. 113,984 1,333,817 1,801,987 

1,333,817 1,801,987 

Total Equities 2,097,011,373 2,374,561,998 

Par Interest Average Fair 

Value Rate Maturity Cost Value 

$ % Date $ $ 

CANADIAN BONDS – 0.4% 

Pacific Rubiales Energy Corp. 6,000,000 8.000 2013/08/29 4,050,000 8,520,600 

4,050,000 8,520,600 


of Cost Value 

Units $ $ 

MUTUAL FUND – 0.0% 

SEI Money Market Fund, Class ‘O’ 237 2,374 2,374 

2,374 2,374 

Total Short Term Notes* – 1.3% 30,527,354 30,529,210 

Less: Transaction cost included in average cost (2,819,378) — 

Total Investments – 99.5% 2,128,771,723 2,413,614,182 

Unrealized Appreciation (Depreciation) on Futures Contracts** – 0.0% 105,083 

Other Assets and Liabilities, Net – 0.5% 12,277,307 

Net Assets – 100.0% 2,425,996,572 

SCHEDULE OF LONG FUTURES CONTRACTS** 

Unrealized 

Number Average Cost Contracted Current Appreciation 

of per Contract Value Value (Depreciation) 

Contracts $ $ $ $ 

Unrealized Appreciation 

Canadian S&P/Toronto Stock Exchange 60 Index 

expiration date March 2010 70 CAD 683.29 9,566,117 9,671,200 105,083 

Unrealized Appreciation (Depreciation) on Long Futures Contracts 105,083 

*Short Term Notes earn interest at rates ranging from 0.129% to 0.275% and mature from January 07, 2010 to June 23, 2010. 

**$1,000,000 of Canada Treasury Bills are held as collateral by counterparties with respect to the future contracts. 

SCEF 


9


Summary of Investment Portfolio 


All portfolio categories are included in the following table. 

Portfolio by Category Percentage of Net Assets (%) 

Consumer Discretionary 6.9 

Consumer Staples 4.3 

Energy 27.6 

Financials 26.5 

Health Care 0.2 

Industrials 7.6 

Information Technology 2.6 

Materials 12.0 

Telecommunication Services 2.8 

Utilities 1.6 

Foreign Securities — 

U.S. Equities 0.8 

Canadian Bonds 0.2 

Mutual Fund — 

Total Short Term Notes 6.4 

Unrealized Appreciation (Depreciation) on Futures Contracts — 

Other Assets and Liabilities, Net 0.5 

100.0 


SCEF 

10


Notes to Statement of Investment Portfolio 

AS AT DECEMBER 31, 2009 AND 2008 

Currency Risk 

The table below indicates the currencies to which the Fund had exposure as at December 31, 2009 and 2008, on both its trading monetary and non-monetary assets and liabilities. 

Currency risk exposed holdings* Forward foreign exchange contracts Total Exposure As a % of Net Assets 

2009 2008 2009 2008 2009 2008 2009 2008 

U.S. Dollar 320 503,896 — — 320 503,896 0.00% 0.03% 

*Amounts include monetary and non-monetary items. 

As at December 31, 2009, had the Canadian dollar strengthened or weakened by 5% (2008 – 5%) in relation to all currencies, with all other variables held constant, net assets would have decreased or 

increased, respectively, by approximately $16 (2008 – $25,195). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. 

Interest Rate Risk 

As at December 31, 2009 and 2008, the interest rate risk is minimal given that the majority of the Fund’s financial instruments are non-interest bearing. 

Other Price Risk 

As at December 31, 2009, a 10% (2008 – 10%) increase or decrease in equity prices on the Canadian stock exchanges would have increased or decreased the Fund’s Net Assets by $238,423,320 

(2008 – $179,583,194). In practice, the actual results may differ from this sensitivity analysis and the difference could be material. 

Credit Risk 

As at December 31, 2009 and 2008, the credit risk is minimal given that the Fund had no significant investments in debt instruments or derivatives. 

Fair Value Measurements 

The following table summarizes the inputs used as of December 31, 2009 in valuing the Fund’s investments and derivatives carried at fair values: 

Quoted prices in active markets Significant other observable inputs Significant unobservable inputs 

for identical assets (Level 1) (Level 2) (Level 3) Total 

Common shares $ 2,373,444,950 $ — $ 1,117,048 $ 2,374,561,998 

Preferred shares — — — — 

Short-term notes 30,529,210 — — 30,529,210 

Bonds — 8,520,600 — 8,520,600 

Investments in funds 2,374 — — 2,374 

Total Investments $ 2,403,976,534 $ 8,520,600 $ 1,117,048 $ 2,413,614,182 

Derivative assets 105,083 — — 105,083 

Derivative liabilities — — — — 

During the year ended December 31, 2009, no equity investments were transferred between Level 1 and Level 2. 

During the year ended December 31, 2009, the reconciliation of investments measured at fair value using unobservable inputs (Level 3) is presented as follows: 

Beginning Balance $ 603,312 

Purchases — 

Sales — 

Net transfers into and/or out of Level 3 — 

Realized gains/(losses) — 

Change in unrealized appreciation/depreciation 513,735 

Ending Balance (December 31, 2009) $ 1,117,048 

Total change in unrealized appreciation during the period 

for assets held at December 31, 2009 $ 513,735 

Total 

SCEF 


11


Statements of Net Assets 

AS AT DECEMBER 31 

(in thousands of dollars except per unit data) 

2009 2008 

ASSETS 

Investments at fair value $ 2,413,614 $ 1,841,181 

Cash including foreign currency holdings, 

at fair value 15,762 27,282 

Accrued dividends receivable 5,030 4,350 

Receivable for portfolio securities sold 3,911 4,257 

Margin receivable on futures — 2,118 

Receivable for unit subscriptions 856 1,539 

Unrealized appreciation on futures contracts 105 4,152 

2,439,278 1,884,879 

LIABILITIES 

Accrued liabilities 436 1,117 

Payable for portfolio securities purchased 7,835 24,168 

Margin payable on futures 98 — 

Payable for unit redemptions 4,912 6,884 

13,281 32,169 

NET ASSETS REPRESENTING 

UNITHOLDERS’ EQUITY $ 2,425,997 $ 1,852,710 

NET ASSETS PER CLASS 

(Class O) $ 2,343,001 $ 1,762,811 

(Class I) $ 417 $ 21,028 

(Class P) $ 71,099 $ 61,615 

(Class F) $ 11,480 $ 7,256 

NET ASSETS PER UNIT (note 7) 

(Class O) $ 20.15 $ 14.92 

(Class I) $ 20.45 $ 14.96 

(Class P) $ 21.07 $ 15.64 

(Class F) $ 22.56 $ 16.73 

INVESTMENTS AT AVERAGE COST $ 2,128,772 $ 2,295,893 

Statements of Operations 

FOR THE YEARS ENDED DECEMBER 31 


2009 2008 

INVESTMENT INCOME 

Dividends $ 61,132 $ 52,253 

Interest 775 4,785 

61,907 57,038 

Foreign withholding taxes (20) (26) 

61,887 57,012 

EXPENSES 

Custodian and administration fees 1,672 2,529 

Legal fees 74 107 

Audit fees 70 96 

Management fees 1,650 1,806 

Trustee fees 17 30 

Independent Review Committee fees 1 2 

Security holder reporting costs 51 102 

3,535 4,672 

NET INVESTMENT INCOME (LOSS) 

FOR THE PERIOD $ 58,352 $ 52,340 

NET GAIN (LOSS) ON SALES OF SECURITIES $ (71,380) $ (49,351) 

NET REALIZED GAIN (LOSS) ON FUTURES 

AND FORWARDS $ (3,466) $ (17,339) 

NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (66) $ 34 

TRANSACTION COSTS $ (3,788) $ (4,369) 

UNREALIZED APPRECIATION (DEPRECIATION) 

OF INVESTMENTS $ 739,608 $ (890,055) 


ON FUTURES AND FORWARD CONTRACTS $ (4,047) $ 3,859 

NET GAIN (LOSS) ON INVESTMENTS $ 656,861 $ (957,221) 

NET INCREASE (DECREASE) IN NET ASSETS 

FROM OPERATIONS $ 715,213 $ (904,881) 

INCREASE (DECREASE) IN NET ASSETS 

FROM OPERATIONS 

(Class O) $ 688,175 $ (859,769) 

(Class I) $ 4,132 $ (11,821) 

(Class P) $ 19,820 $ (30,173) 

(Class F) $ 3,086 $ (3,118) 


FROM OPERATIONS PER UNIT* 

(Class O) $ 5.67 $ (8.46) 

(Class I) $ 5.30 $ (8.59) 

(Class P) $ 5.47 $ (9.74) 

(Class F) $ 6.22 $ (9.75) 

* Based on the weighted average number of units outstanding during the period. 


SCEF 

12


Statements of Changes in Net Assets 



Fund Total 

Class O 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 1,852,710 $ 2,563,483 $ 1,762,811 $ 2,462,622 

INCREASE (DECREASE) IN NET 

ASSETS FROM OPERATIONS 715,213 (904,881) 688,175 (859,769) 

DISTRIBUTIONS TO UNITHOLDERS 

Out of net investment income ≠ (48,848) (37,101) (48,641) (36,722) 

Out of net realized capital gains — (6,783) — (6,669) 

(48,848) (43,884) (48,641) (43,391) 

CHANGES DUE TO UNITHOLDER 

TRANSACTIONS 

Proceeds from issue of units 458,168 836,667 432,837 768,967 

Payments on redemption of units (599,774) (642,266) (540,521) (608,730) 

Reinvestment of distributions ≠ 48,528 43,591 48,340 43,112 

(93,078) 237,992 (59,344) 203,349 

CHANGES IN NET ASSETS 573,287 (710,773) 580,190 (699,811) 

NET ASSETS, END OF PERIOD $ 2,425,997 $ 1,852,710 $ 2,343,001 $ 1,762,811 

≠ 

Includes management fee distributions representing a rebate of the management fee to certain unitholders in Class I in 2009 and 2008. 

Class I 

Class P 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 21,028 $ 32,963 $ 61,615 $ 61,174 




Out of net investment income ≠ (43) (313) — — 

Out of net realized capital gains — (91) — — 

(43) (404) — — 


TRANSACTIONS 



Reinvestment of distributions ≠ 30 396 — — 

(24,700) 290 (10,336) 30,614 

CHANGES IN NET ASSETS (20,611) (11,935) 9,484 441 

NET ASSETS, END OF PERIOD $ 417 $ 21,028 $ 71,099 $ 61,615 

Class F 

2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 7,256 $ 6,724 


ASSETS FROM OPERATIONS 3,086 (3,118) 


Out of net investment income (164) (66) 

Out of net realized capital gains — (23) 

(164) (89) 


TRANSACTIONS 

Proceeds from issue of units 5,597 6,927 

Payments on redemption of units (4,453) (3,271) 

Reinvestment of distributions 158 83 

1,302 3,739 

CHANGES IN NET ASSETS 4,224 532 

NET ASSETS, END OF PERIOD $ 11,480 $ 7,256 

SCEF 


13





of Cost Value 

Shares $ $ 

CANADIAN EQUITIES – 92.5% 


BMTC Group Inc., Class ‘A’ 81,656 1,424,070 2,417,018 

Coastal Contacts Inc. 451,416 500,287 636,497 

COGECO Inc. 31,372 982,662 899,749 

Dorel Industries Inc., Class ‘B’ 21,500 646,939 692,085 

Easyhome Ltd. 44,322 671,909 375,407 

Fluid Music Canada Inc. 219,000 412,924 367,920 

Glacier Media Inc. 532,528 1,510,311 1,065,056 

Le Chateau Inc. 76,632 990,325 1,046,027 

Leon’s Furniture Ltd. 54,500 522,751 572,250 

Linamar Corp. 82,900 926,096 1,139,875 

Quebecor Inc., Class ‘B’ 56,800 1,021,051 1,539,848 

Uni-Select Inc. 59,800 1,433,045 1,824,498 

11,042,370 12,576,230 


Canada Bread Co. Ltd. 26,398 1,309,393 1,366,096 

Cineplex Galaxy Income Fund 46,942 747,786 855,283 

Lassonde Industries Inc., Class ‘A’ 10,322 395,295 529,209 

North West Co. Fund (The) 80,609 1,324,169 1,530,765 

Viterra Inc. 43,300 460,501 426,938 

4,237,144 4,708,291 


AltaGas Income Trust 47,000 929,371 882,190 

Antrim Energy Inc. 224,857 502,268 283,320 

Birchcliff Energy Ltd. 53,235 344,757 500,409 

Cathedral Energy Services Ltd. 141,000 591,832 705,000 

Celtic Exploration Ltd. 99,433 1,302,630 2,067,212 

Crew Energy Inc. 377,615 3,856,894 5,509,403 

Daylight Resources Trust 201,374 1,780,149 2,047,974 

Ensign Energy Services Inc. 65,800 754,161 987,000 

Fairborne Energy Ltd. 192,500 1,245,223 912,450 

Galleon Energy Inc., Class ‘A’ 168,850 1,759,489 886,462 

Legacy Oil + Gas Inc., Class ‘A’ 138,617 1,324,987 1,332,109 

OPTI Canada Inc. 351,100 750,378 705,711 

Paramount Resources Ltd., Class ‘A’ 51,600 636,135 753,360 

Parex Resources Inc. 116,025 368,990 471,062 

Pason Systems Inc. 63,100 758,145 733,222 

Petro Rubiales Energy Corp. 129,695 804,953 1,997,303 

PetroBakken Energy Ltd. 63,153 2,197,692 2,040,473 

Petrominerales Ltd. 50,400 777,421 945,000 

Phoenix Technology Income Fund 156,131 1,217,933 1,280,274 

Progress Energy Resources Corp. 177,629 2,243,492 2,504,569 

Provident Energy Trust 131,481 761,128 926,941 

Rock Energy Inc. 253,540 867,380 816,399 

ShawCor Ltd., Class ‘A’ 18,100 306,710 529,968 

Storm Exploration Inc. 92,600 1,326,410 1,204,726 

TransGlobe Energy Corp. 476,237 1,957,001 1,647,780 

Trinidad Drilling Ltd. 144,687 1,162,555 1,014,256 

Uranium One Inc. 201,800 504,178 605,400 

31,032,262 34,289,973 


of Cost Value 

Shares $ $ 

Financial Services – 12.3% 

Artis REIT 116,338 1,258,613 1,297,169 

Canadian Western Bank 61,449 1,021,179 1,345,733 

Equitable Group Inc. 42,400 793,707 894,640 

First National Financial Income Fund 67,185 848,559 1,266,437 

Genworth MI Canada Inc. 35,800 682,847 964,810 

GMP Capital Inc. 108,629 1,393,909 1,364,380 

Home Capital Group Inc. 58,050 1,719,156 2,420,104 

Industrial Alliance Insurance and 

Financial Services Inc. 69,700 1,705,711 2,238,764 

Intact Financial Corp. 61,500 1,980,083 2,268,120 

Killam Properties Inc. 60,800 434,437 528,960 

Morguard Corp. 31,598 911,711 1,027,251 

Morguard REIT 85,399 1,123,184 1,115,311 

Morneau Sobeco Income Fund 89,900 805,382 881,919 

Sceptre Investment Counsel Ltd. 125,100 718,398 700,560 

Western Financial Group Inc. 187,135 744,764 471,580 

16,141,640 18,785,738 


CML Healthcare Income Fund 42,906 584,223 592,532 

IMRIS Inc. 95,200 528,602 495,040 

Response Biomedical Corp. 919,000 256,337 110,280 

Response Biomedical Corp., Warrants, 2011/05/21 357,200 — 12,073 

Response Biomedical Corp., Warrants, 2011/10/28 65,200 — 1,297 

1,369,162 1,211,222 


Aecon Group Inc. 98,132 1,337,820 1,469,036 

AG Growth International Inc. 29,588 826,368 1,029,662 

Bird Construction Income Fund 30,000 968,591 1,030,200 

CanWel Building Materials Income Fund 99,080 389,446 408,210 

CanWel Building Materials Income Fund, 

Subscription Receipts 60,840 231,192 231,192 

Cervus Equipment Corp. 68,050 717,320 850,625 

Churchill Corp. (The), Class ‘A’ 64,575 1,055,986 1,237,257 

Davis + Henderson Income Fund 94,726 1,321,522 1,598,975 

FirstService Corp. 27,500 477,307 552,750 

Flint Energy Services Ltd. 74,401 1,626,539 715,738 

Genivar Income Fund 46,676 1,098,666 1,262,586 

GLV Inc., Class ‘A’ 75,498 537,484 660,608 

Richelieu Hardware Ltd. 70,732 1,424,038 1,591,470 

Stantec Inc. 31,301 675,681 945,290 

Toromont Industries Ltd. 39,700 894,495 1,101,278 

Transat A.T. Inc., Class ‘B’ 95,675 2,206,145 2,008,218 

Vicwest Income Fund 41,272 481,815 775,088 

WestJet Airlines Ltd. 77,300 879,865 953,882 

WFI Industries Ltd. 65,197 1,026,268 1,662,524 

18,176,548 20,084,589 


Absolute Software Corp. 158,600 875,332 832,650 

AXIA NetMedia Corp. 307,000 473,601 472,780 

COM DEV International Ltd. 271,300 822,789 927,846 

SCSC 


14





of Cost Value 

Shares $ $ 

Dalsa Corp. 66,300 613,293 504,543 

Descartes Systems Group Inc. (The) 132,289 773,672 833,421 

DragonWave Inc. 106,913 641,930 1,282,956 

MacDonald, Dettwiler and Associates Ltd. 34,601 947,290 1,473,311 

MKS Inc. 63,008 606,469 624,409 

Ruggedcom Inc. 36,700 751,105 659,132 

SXC Health Solutions Corp. 25,663 348,124 1,455,092 

Wi-LAN Inc. 294,155 1,025,033 770,686 

7,878,638 9,836,826 


Alamos Gold Inc. 305,777 2,931,941 3,822,212 

Atrium Biotechnologies Inc. 75,812 1,083,580 1,194,797 

Bear Creek Mining Corp. 197,946 1,107,029 754,174 

Canam Group Inc., Class ‘A’ 57,371 537,999 404,466 

CCL Industries Inc., Class ‘B’ 48,800 1,269,137 1,365,912 

Consolidated Thompson Iron Mines Ltd. 345,500 1,416,175 2,325,215 

Equinox Minerals Ltd. 483,404 1,290,864 1,952,952 

Farallon Mining Ltd. 1,481,432 631,780 814,788 

FNX Mining Co. Inc. 52,900 512,448 608,879 

GlobeStar Mining Corp. 305,000 200,324 301,950 

Hanfeng Evergreen Inc. 75,600 440,598 555,660 

Hudbay Minerals Inc. 52,700 270,488 712,504 

Jaguar Mining Inc. 145,839 911,232 1,710,691 

Keegan Resources Inc. 76,600 453,352 507,858 

Labrador Iron Ore Royalty Income Fund 55,456 2,307,263 2,414,554 

MAG Silver Corp. 104,400 656,431 655,632 

Major Drilling Group International Inc. 128,024 2,365,083 3,648,684 

Mercator Minerals Ltd. 600,277 2,083,557 1,488,687 

Minefinders Corp. Ltd. 191,750 1,570,927 2,078,570 

New Gold Inc. 312,600 1,057,387 1,181,628 

Osisko Mining Corp. 120,263 472,631 1,013,817 

Polaris Minerals Corp. 199,700 340,884 335,496 


of Cost Value 

Shares $ $ 

Premier Gold Mines Ltd. 325,527 926,344 1,354,192 

Quadra Mining Ltd. 106,880 1,274,024 1,549,760 

Red Back Mining Inc. 31,700 414,289 471,696 

San Gold Corp. 217,300 621,913 790,972 

Semafo Inc. 297,870 636,377 1,304,671 

Silver Wheaton Corp. 58,389 586,905 921,962 

Winpak Ltd. 171,512 1,184,006 1,459,567 

29,554,968 37,701,946 


Innergex Renewable Energy Inc. 76,225 814,756 407,804 

Northland Power Income Fund 83,242 1,003,066 988,915 

Plutonic Power Corp. 280,200 921,146 893,838 

2,738,968 2,290,557 

Total Canadian Equities 122,171,700 141,485,372 

FOREIGN EQUITIES – 0.5% 

Mirabela Nickel Ltd. 311,520 1,292,006 735,187 

1,292,006 735,187 

U.S. EQUITIES – 2.0% 

Allied Nevada Gold Corp. 190,016 1,453,114 3,003,985 

1,453,114 3,003,985 

Total Equities 124,916,820 145,224,544 

Total Short-Term Notes* – 3.4% 5,202,124 5,202,739 

Less: Transaction cost included in average cost (359,625) — 

Total Investments – 98.4% 129,759,319 150,427,283 

Unrealized Appreciation (Depreciation) on 

Futures Contracts** – 0.0% 22,203 


Net Assets – 100.0% 153,000,521 


Unrealized 





Canadian S&P/Toronto Stock Exchange 60 Index 

expiration date March 2010 16 CAD 683.86 2,188,358 2,210,560 22,203 


*Short Term Notes earn interest at rates ranging from 0.163% to 0.238% and mature from February 04, 2010 to April 29, 2010. 

**$150,000 of Canada Treasury Bills are held as collateral by counterparties with respect to the futures contracts. 


SCSC 

15








Energy 21.5 

Financial Services 10.8 




Materials 18.8 

Utilities 2.2 

Foreign Securities 0.2 

U.S. Equities 1.2 


Unrealized Appreciation (Depreciation) on Futures Contracts 0.3 

Other Assets and Liabilities, Net (1.1) 

100.0 

SCSC 


16




Currency Risk 


Currency risk exposed holdings* Spot foreign exchange contracts Total Exposure As a % of Net Assets 

2009 2008 2009 2008 2009 2008 2009 2008 

U.S. Dollar — 1,096,573 — 217,355 — 1,313,928 — 1.39% 


As at December 31, 2009, had the Canadian dollar strengthened or weakened by 5% (2008 – 5%) in relation to all currencies, with all other variables held constant, net assets in 2009 would not be 

effected (2008 – $65,696) since the Fund did not have any significant exposures to foreign currencies. In practice, the actual trading results may differ from this sensitivity analysis and the difference 

could be material. 




As at December 31, 2009, a 10% (2008 – 10%) increase or decrease in equity prices on the Canadian stock exchanges would have increased or decreased the Fund’s Net Assets by $14,743,510 


Credit Risk 

As at December 31, 2009 and 2008, the Fund invested in debt instruments with the following credit ratings: 

Short-term debt securities by credit rating 2009 2008 

R-1(H) 3.40% 15.30% 

R-1(M) 0.00% 0.00% 

R-1(L) 0.00% 0.00% 

Unrated 0.00% 0.00% 

Total 3.40% 15.30% 





Common shares $ 145,211,174 $ 13,370 $ — $ 145,224,544 



Bonds — — — — 

Investments in funds — — — — 

Total Investments $ 150,413,913 $ 13,370 $ — $ 150,427,283 




During the year ended December 31, 2009, the Fund did not hold any investments classified within Level 3. 


SCSC 

17





2009 2008 

ASSETS 

Investments at fair value $ 150,427 $ 95,099 


at fair value 2,458 2,584 

Accrued dividends receivable 346 169 

Accrued interest receivable 1 — 

Receivable for portfolio securities sold 139 107 

Margin receivable on futures 235 583 

Receivable for unit subscriptions 14 — 

Unrealized appreciation on futures contracts 22 314 

Unrealized appreciation on foreign 

currency contracts — 2 

153,642 98,858 

LIABILITIES 

Accrued liabilities 32 97 

Payable for portfolio securities purchased 543 4,425 

Payable for unit redemptions 66 15 

641 4,537 


UNITHOLDERS’ EQUITY $ 153,001 $ 94,321 


(Class O) $ 143,784 $ 87,445 

(Class P) $ 6,467 $ 5,453 

(Class F) $ 2,750 $ 1,423 


(Class O) $ 9.83 $ 5.98 

(Class P) $ 13.55 $ 8.27 

(Class F) $ 10.74 $ 6.55 

INVESTMENTS AT AVERAGE COST $ 129,759 $ 134,640 




2009 2008 


Dividends $ 2,065 $ 2,019 

Interest 46 336 

2,111 2,355 

EXPENSES 

Custodian and administration fees 70 119 



Management fees 149 150 




247 318 


FOR THE PERIOD $ 1,864 $ 2,037 

NET GAIN (LOSS) ON SALES OF SECURITIES $ (185) $ (5,060) 


AND FORWARDS $ 2,002 $ (3,742) 

NET GAIN (LOSS) ON FOREIGN EXCHANGE $ 2 $ (5) 

TRANSACTION COSTS $ (412) $ (354) 




ON FUTURES AND FORWARD CONTRACTS $ (293) $ 189 






(Class O) $ 59,320 $ (52,218) 

(Class P) $ 2,807 $ (3,420) 

(Class F) $ 1,071 $ (1,229) 



(Class O) $ 4.01 $ (5.12) 

(Class P) $ 5.09 $ (7.53) 

(Class F) $ 4.40 $ (6.25) 


SCSC 


18





Fund Total 

Class O 

2009 2008 2009 2008 





Out of net investment income (2,739) — (2,705) — 

(2,739) — (2,705) — 


TRANSACTIONS 



Reinvestment of distributions 2,738 — 2,704 — 

(1,779) 44,847 (276) 40,434 


NET ASSETS, END OF PERIOD $ 153,001 $ 94,321 $ 143,784 $ 87,445 

Class P 

Class F 

2009 2008 2009 2008 





Out of net investment income — — (34) — 

— — (34) — 


TRANSACTIONS 

Proceeds from issue of units 1,095 5,494 873 1,580 

Payments on redemption of units (2,888) (1,802) (617) (859) 

Reinvestment of distributions — — 34 — 

(1,793) 3,692 290 721 

CHANGES IN NET ASSETS 1,014 272 1,327 (508) 



SCSC 

19





of Cost Value 

Shares $ $ 

EQUITIES – 97.8% 

U.S. Equities – 93.1% 


Abercrombie & Fitch Co., Class ‘A’ 2,000 73,464 72,944 

Advance Auto Parts Inc. 8,600 378,094 364,960 

Aeropostale Inc. 1,300 57,169 46,405 

Amazon.com Inc. 71,760 6,549,457 10,119,885 

American Axle & Manufacturing Holdings Inc. 15,200 99,163 127,320 

American Eagle Outfitters Inc. 8,900 136,831 158,429 

American Greetings Corp., Class ‘A’ 8,300 181,728 189,601 

Apollo Group Inc., Class ‘A’ 12,900 766,595 819,267 

Autoliv Inc. 28,000 1,061,371 1,272,781 

AutoNation Inc. 900 17,441 18,031 

AutoZone Inc. 1,900 289,256 314,834 

Barnes & Noble Inc. 6,100 201,521 121,504 

Bed Bath & Beyond Inc. 3,300 118,228 133,539 

Best Buy Co. Inc. 59,955 2,412,100 2,480,212 

Big Lots Inc. 25,900 799,189 786,873 

Bob Evans Farms Inc. 2,700 71,571 81,944 

BorgWarner Inc. 5,400 181,510 188,061 

Brinker International Inc. 1,400 26,164 21,898 

Brink’s Home Security Holdings Inc. 4,400 149,750 150,560 

Cablevision Systems Corp., Class ‘A’ 8,000 167,829 216,547 

CarMax Inc. 12,200 231,245 310,154 

CBS Corp., Class ‘B’ 64,300 1,637,433 947,095 

Chico’s FAS Inc. 44,100 556,831 649,563 

Chipotle Mexican Grill Inc., Class ‘A’ 2,200 207,961 203,122 

Coach Inc. 72,900 2,170,148 2,789,502 

Comcast Corp., Class ‘A’ 238,700 4,340,851 4,219,066 

Cooper Tire & Rubber Co. 2,000 34,826 41,976 

Core-Mark Holding Co. Inc. 2,200 48,175 75,880 

Darden Restaurants Inc. 8,800 292,079 323,445 

Dick’s Sporting Goods Inc. 5,900 123,141 153,828 

DIRECTV, Class ‘A’ 209,752 5,757,754 7,331,239 

Discovery Communications Inc., Series ‘C’ 9,200 263,162 255,588 

DISH Network Corp., Class ‘A’ 54,000 922,934 1,174,676 

Dollar Thrifty Automotive Group Inc. 4,300 109,719 115,222 

Dollar Tree Stores Inc. 7,200 376,953 364,574 

Eastman Kodak Co. 346,700 3,537,054 1,533,814 

Expedia Inc. 10,400 249,557 280,312 

Family Dollar Stores Inc. 42,100 1,306,067 1,227,851 

Ford Motor Co. 98,600 868,945 1,031,606 

Gannett Co. Inc. 4,400 53,858 68,499 

Gap Inc. (The) 101,300 2,075,320 2,224,845 

Gentex Corp. 3,100 56,515 58,010 

Genuine Parts Co. 200 7,561 7,959 

Goodyear Tire & Rubber Co. (The) 8,000 120,256 118,254 

H&R Block Inc. 300 6,514 7,111 

Hanesbrands Inc. 8,400 163,812 212,316 

Harley-Davidson Inc. 700 13,490 18,493 

Harman International Industries Inc. 1,100 21,982 40,638 

Hasbro Inc. 27,800 842,453 934,361 

Helen of Troy Ltd. 5,600 126,940 143,599 

Home Depot Inc. 33,100 935,533 1,002,841 

IAC/InterActiveCorp 15,900 324,053 341,376 

International Game Technology 15,500 330,441 305,002 

International Speedway Corp., Class ‘A’ 28,400 788,654 847,046 


of Cost Value 

Shares $ $ 

Interpublic Group of Cos. Inc. 4,900 35,225 37,808 

J.C. Penney Co. Inc. 69,900 3,019,711 1,947,774 

Jarden Corp. 1,900 42,196 61,569 

Johnson Controls Inc. 66,020 1,849,295 1,884,645 

Jones Apparel Group Inc. 40,400 1,246,211 679,348 

KB Home 6,400 107,588 91,785 

Kohl’s Corp. 5,700 282,925 322,264 

Lamar Advertising Co., Class ‘A’ 1,200 34,246 39,049 

Las Vegas Sands Corp. 2,600 30,475 40,695 

Leggett & Platt Inc. 14,000 250,841 299,409 

Lennar Corp., Class ‘A’ 7,400 78,265 98,834 

Liberty Global Inc., Class ‘A’ 1,900 40,489 43,622 

Liberty Media Holding Corp. - Capital, Series ‘A’ 4,900 84,719 122,515 

Liberty Media Holding Corp. - Interactive, Series ‘A’ 5,800 70,525 65,912 

Liberty Media-Starz, Series ‘A’ 2,290 92,006 110,793 

Limited Brands Inc. 5,400 54,787 108,919 

Lithia Motors Inc., Class ‘A’ 5,500 46,376 47,396 

Lowes Cos. Inc. 249,270 5,883,952 6,109,713 

M.D.C. Holdings Inc. 600 22,353 19,524 

Macy’s Inc. 82,500 1,512,228 1,449,554 

Marriott International Inc., Class ‘A’ 28,409 671,915 811,575 

Marvel Entertainment Inc. 500 27,682 28,316 

McDonald’s Corp. 37,600 2,288,939 2,459,681 

McGraw-Hill Companies, Inc. 16,900 535,029 593,523 

MGM Mirage 12,700 109,364 121,424 

Netflix Inc. 13,000 466,297 750,661 

Newell Rubbermaid Inc. 49,800 463,467 783,640 

News Corp., Class ‘A’ 24,700 305,480 354,492 

Nike Inc., Class ‘B’ 92,300 5,748,842 6,392,144 

Nordstrom Inc. 2,200 59,849 86,673 

NVR Inc. 100 71,494 74,504 

Office Depot Inc. 15,100 75,601 101,946 

Omnicom Group Inc. 4,200 166,941 172,380 

O’Reilly Automotive Inc. 9,100 379,337 363,664 

Oxford Industries Inc. 2,500 54,032 54,200 

Penn National Gaming Inc. 4,200 141,165 119,543 

PetSmart Inc. 67,000 1,582,367 1,874,691 

Phillips-Van Heusen Corp. 10,200 439,395 434,998 

Polo Ralph Lauren Corp., Class ‘A’ 10,800 559,760 916,870 

Priceline.com Inc. 14,200 2,545,401 3,246,612 

RadioShack Corp. 1,300 14,584 26,562 

Regis Corp. 1,000 17,029 16,323 

Revlon Inc., Class ‘A’ 4,300 25,041 76,634 

Ross Stores Inc. 21,600 940,742 967,141 

Royal Caribbean Cruises Ltd. 2,900 47,931 76,735 

Sally Beauty Holdings Inc. 18,100 136,314 144,780 

Scholastic Corp. 1,800 42,534 56,290 

Scotts Miracle-Gro Co. (The), Class ‘A’ 7,200 312,581 296,717 

Scripps Networks Interactive Inc. 3,400 145,778 147,922 

Sears Holdings Corp. 38,900 3,490,302 3,403,159 

Service Corp. International 8,800 71,637 75,372 

Sherwin-Williams Co. 200 12,442 12,926 

Skechers U.S.A. Inc., Class ‘A’ 1,700 39,259 52,397 

Sonic Automotive Inc. 10,100 117,898 109,801 

Stanley Works (The) 1,300 48,932 70,133 

Staples Inc. 264,455 6,417,794 6,814,594 

Starbucks Corp. 17,600 297,230 425,479 

SULC 


20





of Cost Value 

Shares $ $ 

Starwood Hotels & Resorts Worldwide Inc. 14,000 379,660 536,587 

Steven Madden Ltd. 1,900 65,051 82,145 

Strayer Education Inc. 2,600 605,519 579,186 

Superior Industries International Inc. 2,000 34,525 32,080 

Target Corp. 104,600 5,430,004 5,301,936 

Tempur-Pedic International Inc. 9,200 192,305 227,425 

Thor Industries Inc. 4,000 118,945 131,673 

Time Warner Cable Inc. 58,495 2,092,349 2,538,169 

Time Warner Inc. 226,583 8,846,685 6,914,740 

TJX Cos. Inc. 19,000 684,659 727,827 

Toll Brothers Inc. 1,400 29,678 27,607 

TRW Automotive Holdings Corp. 19,900 420,442 497,563 

Universal Technical Institute Inc. 4,000 83,346 84,497 

Urban Outfitters Inc. 3,700 128,297 135,723 

V.F. Corp. 2,000 163,581 153,541 

Viacom Inc., Class ‘B’ 43,100 1,476,311 1,341,510 

Virgin Media Inc. 10,200 86,245 179,752 

WABCO Holdings Inc. 1,400 37,123 37,852 

Walt Disney Co. (The) 26,000 841,104 879,041 

Weight Watchers International Inc. 20,800 1,008,705 635,418 

Wendy’s/Arby’s Group Inc., Class ‘A’ 20,800 108,424 102,051 

Whirlpool Corp. 39,200 3,086,331 3,312,283 

Williams Sonoma Inc. 5,000 68,103 108,714 

WMS Industries Inc. 3,900 167,279 163,543 

Wyndham Worldwide Corp. 11,540 406,645 243,653 

Wynn Resorts Ltd. 22,310 1,666,860 1,361,923 

Yum! Brands Inc. 81,150 3,001,447 2,974,173 

117,525,069 122,450,700 


Altria Group Inc. 37,600 1,141,620 773,380 

Archer-Daniels-Midland Co. 82,600 2,637,403 2,711,249 

Avon Products Inc. 61,800 1,734,457 2,040,823 

BJ’s Wholesale Club Inc. 37,700 1,503,967 1,292,791 

Brown-Forman Corp., Class ‘B’ 400 21,740 22,464 

Bunge Ltd. 17,400 986,603 1,164,342 

Central European Distribution Corp. 1,800 57,530 53,611 

Chiquita Brands International Inc. 1,400 15,790 26,462 

Clorox Co. 4,300 272,915 274,982 

Coca-Cola Co. (The) 56,200 3,103,010 3,356,517 

Coca-Cola Enterprises Inc. 92,100 1,956,951 2,045,959 

Colgate-Palmolive Co. 8,500 649,855 731,858 

ConAgra Foods Inc. 162,500 3,605,520 3,926,726 

Corn Products International Inc. 24,800 741,979 759,953 

Costco Wholesale Corp. 43,000 2,406,726 2,664,623 

CVS Caremark Corp. 11,041 402,579 372,710 

Del Monte Foods Co. 96,400 1,084,389 1,146,031 

Dr. Pepper Snapple Group Inc. 12,300 335,411 364,533 

Energizer Holdings Inc. 500 29,686 32,121 

Estee Lauder Cos. Inc., Class ‘A’ 500 26,218 25,349 

General Mills Inc. 5,500 373,143 408,285 

Green Mountain Coffee Roasters Inc. 2,200 150,766 187,900 

H.J. Heinz Co. 3,000 141,047 134,482 

Hershey Co. (The) 11,100 496,975 416,361 

Hormel Foods Corp. 4,800 188,535 193,433 

J.M. Smucker Co. (The) 2,100 105,661 135,945 

Kellogg Co. 11,600 595,953 646,836 

Kimberly-Clark Corp. 25,200 1,637,315 1,683,118 


of Cost Value 

Shares $ $ 

Kraft Foods Inc., Class ‘A’ 50,574 1,553,662 1,440,533 

Kroger Co. 61,500 1,563,450 1,323,641 

Lancaster Colony Corp. 15,700 820,181 816,865 

Lorillard Inc. 2,000 157,779 168,218 

Mead Johnson Nutrition Co., Class ‘A’ 19,500 863,675 892,125 

Molson Coors Brewing Co., Class ‘B’ 700 31,403 33,126 

NBTY Inc. 3,900 155,570 177,853 

Pepsi Bottling Group Inc. (The) 7,100 261,280 279,123 

PepsiAmericas Inc. 2,000 51,869 61,349 

Pepsico Inc. 168,035 10,936,046 10,705,212 

Philip Morris International Inc. 90,920 4,628,230 4,587,558 

Prestige Brands Holdings Inc. 11,600 78,856 95,341 

Procter & Gamble Co. 255,180 16,007,312 16,211,588 

Reynolds American Inc. 11,100 672,605 616,395 

Safeway Inc. 120,100 3,118,545 2,680,557 

Sanderson Farms Inc. 7,000 346,993 309,242 

Sara Lee Corp. 208,200 2,346,227 2,656,303 

Smithfield Foods Inc. 6,500 102,501 103,509 

Supervalu Inc. 71,100 1,585,799 946,629 

Sysco Corp. 32,200 1,040,584 942,154 

Tyson Foods Inc., Class ‘A’ 13,900 172,702 178,799 

Walgreen Co. 104,300 4,538,064 4,010,698 

Wal-Mart Stores Inc. 89,275 5,047,615 5,000,591 

Whole Foods Market Inc. 7,600 193,870 218,707 

82,678,562 82,048,960 


Alpha Natural Resources Inc. 2,292 95,462 104,234 

Anadarko Petroleum Corp. 14,100 732,248 922,676 

Apache Corp. 10,000 870,417 1,081,583 

Arch Coal Inc. 1,200 37,929 27,991 

Asbury Automotive Group Inc. 8,900 105,489 107,485 

Atwood Oceanics Inc. 1,800 62,837 67,650 

Baker Hughes Inc. 1,400 59,379 59,353 

BJ Services Co. 6,200 115,004 120,896 

Cabot Oil & Gas Corp. 6,100 240,682 278,755 

Cal Dive International Inc. 11,700 124,560 92,606 

Cameron International Corp. 2,300 91,361 100,788 

Chesapeake Energy Corp. 79,000 2,127,618 2,141,716 

Chevron Corp. 231,700 17,790,780 18,693,792 

Cimarex Energy Co. 800 40,975 44,425 

Concho Resources Inc. 2,600 94,759 122,384 

ConocoPhillips 240,100 14,157,875 12,842,185 

CONSOL Energy Inc. 300 11,019 15,662 

Devon Energy Corp. 13,800 953,282 1,063,341 

Diamond Offshore Drilling Inc. 14,000 1,327,480 1,444,500 

Dresser-Rand Group Inc. 8,100 245,345 268,421 

El Paso Corp. 7,400 78,524 76,104 

Encore Acquisition Co. 1,600 60,079 80,429 

ENSCO International PLC, ADR 4,000 187,043 167,484 

EOG Resources Inc. 52,000 5,467,454 5,304,232 

ExxonMobil Corp. 360,300 28,261,909 25,730,321 

FMC Technologies Inc. 7,000 366,589 424,456 

Frontier Oil Corp. 3,200 53,037 40,391 

Halliburton Co. 94,900 3,178,988 2,991,617 

Helix Energy Solutions Group Inc. 27,100 310,242 333,821 

Hess Corp. 1,200 101,591 76,060 


SULC 

21





of Cost Value 

Shares $ $ 

Marathon Oil Corp. 170,300 5,639,225 5,573,832 

Massey Energy Co. 1,500 72,778 65,952 

Murphy Oil Corp. 62,200 3,831,635 3,534,239 

National-Oilwell Varco Inc. 79,204 3,219,202 3,660,948 

Newfield Exploration Co. 1,800 73,393 91,011 

Noble Energy Inc. 3,600 252,046 268,789 

Occidental Petroleum Corp. 64,560 4,829,685 5,500,474 

Oceaneering International Inc. 2,500 122,323 153,374 

Oil States International Inc. 37,100 1,357,058 1,527,748 

Patterson-UTI Energy Inc. 89,000 1,290,620 1,432,203 

Peabody Energy Corp. 2,700 95,631 127,742 

Petrohawk Energy Corp. 4,300 112,855 108,145 

Pioneer Natural Resources Co. 1,400 46,012 70,699 

Plains Exploration & Production Co. 2,300 64,197 66,694 

Pride International Inc. 1,200 25,575 40,143 

Quicksilver Resources Inc. 4,200 45,473 66,002 

Range Resources Corp. 38,695 1,876,590 2,020,588 

Rowan Cos. Inc. 1,000 27,237 23,735 

SandRidge Energy Inc. 4,500 48,239 44,487 

Schlumberger Ltd. 39,530 2,972,434 2,697,413 

Seacor Holdings Inc. 1,200 101,492 95,924 

Southwestern Energy Co. 37,600 1,859,972 1,899,946 

Spectra Energy Corp. 23,000 401,157 494,538 

St. Mary Land & Exploration Co. 800 15,677 28,716 

Stone Energy Corp. 12,000 236,188 227,073 

Sunoco Inc. 61,500 2,547,021 1,682,759 

Tesoro Corp. 1,200 18,944 17,046 

Tidewater Inc. 31,000 1,470,096 1,556,695 

Unit Corp. 1,800 77,709 80,199 

Valero Energy Corp. 41,500 2,187,330 728,734 

Western Refining Inc. 11,500 145,646 56,663 

Whiting Petroleum Corp. 300 19,895 22,471 

Williams Cos. Inc. 12,800 325,501 282,602 

XTO Energy Inc. 4,850 217,874 236,378 

112,976,667 109,309,320 


Affiliated Managers Group Inc. 1,500 96,792 105,894 

Aflac Inc. 166,000 5,750,732 8,048,707 

Allstate Corp. (The) 163,900 7,152,999 5,159,892 

American Equity Investment Life Holding Co. 9,100 69,656 70,977 

American Express Co. 191,795 6,472,633 8,141,255 

American Financial Group Inc. 77,600 1,943,364 2,029,731 

American International Group Inc. 6,100 184,266 191,720 

AmeriCredit Corp. 35,400 919,439 706,605 

Ameriprise Financial Inc. 56,100 1,705,176 2,283,099 

Annaly Mortgage Management Inc. 46,200 798,530 840,326 

Anworth Mortgage Asset Corp. 3,800 31,477 27,806 

Associated Banc-Corp. 7,100 89,395 81,951 

Assurant Inc. 23,700 1,386,577 732,457 

Avalonbay Communities Inc. 215 18,038 18,491 

BancorpSouth Inc. 1,200 29,466 29,513 

Bank of America Corp. 562,437 11,897,740 8,879,840 

Bank of America Corp., 

10.00%, Preferred, Convertible 12,200 192,946 190,697 

Bank of New York Mellon Corp. 136,756 4,686,912 4,008,574 

BB&T Corp. 6,900 188,007 183,517 


of Cost Value 

Shares $ $ 

BlackRock Inc., Class ‘A’ 2,600 545,541 632,910 

Boston Properties Inc. 400 29,574 28,121 

Brandywine Realty Trust 32,400 258,070 387,219 

Camden Property Trust 400 20,844 17,751 

Capital One Financial Corp. 114,700 3,689,332 4,610,222 

Cardinal Financial Corp. 4,000 38,925 36,525 

CB Richard Ellis Group Inc., Class ‘A’ 11,400 128,959 162,058 

CBL & Associates Properties Inc. 6,300 59,602 63,867 

Charles Schwab Corp. (The) 58,700 1,088,762 1,158,148 

Chimera Investment Corp. 102,400 420,338 416,522 

Chubb Corp. (The) 84,200 4,373,917 4,341,171 

Cincinnati Financial Corp. 13,100 450,065 360,364 

Citigroup Inc. 820,100 8,945,952 2,845,779 

City National Corp. 200 8,357 9,561 

CME Group Inc. 17,785 6,108,666 6,263,756 

Comerica Inc. 24,900 1,502,112 771,893 

Commerce Bancshares Inc. 53 2,056 2,151 

Cullen Frost Bankers Inc. 1,500 81,903 78,516 

Dime Community Bancorp Inc. 3,100 36,697 38,089 

Discover Financial Services 26,000 342,865 400,952 

Duke Realty Corp. 1,300 10,939 16,545 

Eaton Vance Corp. 6,800 205,425 216,786 

Equity Residential 400 15,757 14,165 

Erie Indemnity Co., Class ‘A’ 700 28,251 28,635 

F.N.B. Corp. 4,100 29,357 29,142 

Federal Realty Investment Trust 200 11,352 14,161 

Federated Investors Inc., Class ‘B’ 40,200 1,113,775 1,158,951 

Fidelity National Financial Inc., Class ‘A’ 2,100 33,386 29,633 

Fifth Third Bancorp 22,200 205,493 226,915 

First American Corp. 1,900 65,803 65,891 

First Community Bancshares Inc. 3,200 44,439 40,391 

First Financial Holdings Inc. 4,200 49,065 57,196 

First Horizon National Corp. 6,262 75,847 87,967 

Franklin Resources Inc. 22,000 2,101,366 2,429,761 

Genworth Financial Inc. 12,200 128,392 145,165 

Goldman Sachs Group Inc. 54,000 8,150,241 9,543,466 

Greenhill & Co. Inc. 800 66,548 67,170 

Hartford Financial Services Group Inc. (The) 10,200 190,428 248,723 

HCC Insurance Holdings Inc. 4,900 140,154 143,680 

HCP Inc. 4,300 144,602 137,671 

Hospitality Properties Trust 1,800 26,160 44,741 

Host Hotels & Resorts Inc. 11,539 122,490 141,169 

HRPT Properties Trust 13,800 65,974 93,603 

Hudson City Bancorp Inc. 129,500 2,140,056 1,864,003 

Huntington Bancshares Inc. 72,900 426,790 278,950 

IntercontinentalExchange Inc. 37,100 3,841,302 4,362,327 

International Bancshares Corp. 4,300 75,515 85,199 

Jefferies Group Inc. 7,900 142,266 196,531 

Jones Lang LaSalle Inc. 1,800 73,575 113,977 

JPMorgan Chase & Co. 429,115 18,534,117 18,745,779 

KeyCorp 43,200 960,052 251,352 

Legg Mason Inc. 1,600 43,061 50,505 

Liberty Property Trust 2,300 64,611 76,917 

Lincoln National Corp. 40,900 2,010,055 1,066,793 

Loews Corp. 10,600 442,307 403,940 

M & T Bank Corp. 1,100 75,044 77,137 

SULC 


22





of Cost Value 

Shares $ $ 

Macerich Co. (The) 814 26,139 30,584 

Mack-Cali Realty Corp. 200 6,728 7,248 

Marshall & Ilsley Corp. 29,800 184,567 170,263 

MBIA Inc. 1,400 12,037 5,841 

MetLife Inc. 29,500 1,247,330 1,093,246 

MFA Financial Inc. 39,400 324,816 303,592 

Moody’s Corp. 12,500 341,340 351,197 

Morgan Stanley 78,200 2,571,874 2,424,997 

Nasdaq Stock Market Inc. 2,300 53,882 47,790 

Nationwide Health Properties Inc. 800 26,289 29,463 

Nelnet Inc., Class ‘A’ 3,600 54,390 64,838 

Northern Trust Corp. 23,400 1,361,464 1,285,445 

NYSE Euronext 138,200 4,053,771 3,661,167 

OceanFirst Financial Corp. 2,200 22,666 26,016 

Old Republic International Corp. 1,600 20,597 16,841 

Parkway Properties Inc. 2,900 41,369 63,267 

People’s United Financial Inc. 38,100 675,182 667,034 

Phoenix Cos. Inc. (The) 12,700 38,153 36,747 

PNC Financial Services Group 42,769 4,463,374 2,366,939 

Principal Financial Group Inc. 7,200 163,797 181,457 

Progressive Corp. (The) 11,500 198,651 216,647 

Protective Life Corp. 8,200 148,801 142,186 

Provident Financial Services Inc. 7,600 84,758 84,853 

Prudential Financial Inc. 52,900 2,325,187 2,759,021 

Public Storage Inc. 2,200 183,652 187,854 

Ramco-Gershenson Properties Trust 3,900 35,964 38,923 

Raymond James Financial Inc. 2,900 60,091 72,266 

Regions Financial Corp. 91,509 1,561,872 507,488 

Reinsurance Group of America, Inc. 35,300 1,660,274 1,760,411 

Senior Heights Properties Trust 4,100 83,729 94,002 

Simon Property Group Inc. 750 60,027 62,711 

SL Green Realty Corp. 1,700 54,953 89,537 

SLM Corp. 13,000 149,748 153,594 

St. Joe Corp. 2,300 69,181 69,660 

StanCorp Financial Group Inc. 21,900 694,757 918,814 

State Street Corp. 68,300 3,253,822 3,117,564 

SunTrust Banks Inc. 3,800 81,835 80,750 

T. Rowe Price Group Inc. 43,400 2,150,538 2,422,789 

Taubman Centers Inc. 38,200 1,482,754 1,435,684 

TCF Financial Corp. 7,600 119,203 108,517 

TD Ameritrade Holding Corp. 3,200 63,167 65,014 

Torchmark Corp. 37,700 1,755,145 1,737,027 

Transatlantic Holdings Inc. 1,400 73,725 76,452 

Travelers Cos. Inc. (The) 110,900 5,697,569 5,795,661 

Trustco Bank Corp. 15,900 108,424 105,013 

U.S. Bancorp 11,000 259,214 259,236 

Unum Group 40,400 832,501 818,690 

Ventas Inc. 1,400 62,630 64,197 

W.R. Berkley Corp. 1,400 36,295 36,135 

Waddell & Reed Financial, Class ‘A’ 4,600 131,898 147,276 

Webster Financial Corp. 14,900 210,058 185,414 

Wells Fargo & Co. 486,051 12,694,266 13,727,319 

Zions Bancorp 28,900 938,754 388,715 

166,613,885 157,474,956 


of Cost Value 

Shares $ $ 


Abbott Laboratories 80,645 4,507,665 4,561,159 

Aetna Inc. 100,300 3,756,769 3,325,879 

Allergan Inc. 164,570 9,227,249 10,870,924 

Allscripts Healthcare Solutions Inc. 2,100 36,813 44,537 

American Medical Systems Holdings Inc. 8,000 107,181 161,781 

AmerisourceBergen Corp. 135,500 2,885,851 3,699,019 

Amgen Inc. 132,360 8,181,562 7,849,631 

Amylin Pharmaceuticals Inc. 3,600 41,195 53,554 

Atrion Corp. 100 14,790 16,214 

Baxter International Inc. 71,850 4,395,489 4,420,009 

Beckman Coulter Inc. 900 63,232 61,744 

Becton, Dickinson & Co. 18,450 1,422,658 1,525,315 

Biogen Idec Inc. 30,700 1,622,177 1,721,862 

Boston Scientific Corp. 45,300 458,186 426,462 

Bristol-Myers Squibb Co. 74,600 1,757,470 1,973,942 

Bruker BioSciences Corp. 8,000 96,326 100,893 

C.R. Bard Inc. 8,100 757,793 660,564 

Cantel Medical Corp. 2,200 34,289 46,543 

CareFusion Corp. 9,100 213,025 238,595 

Celgene Corp. 900 50,504 52,525 

Cephalon Inc. 100 8,184 6,543 

Cerner Corp. 2,300 155,313 198,780 

Charles River Laboratories International Inc. 4,100 143,211 144,808 

CIGNA Corp. 30,100 892,185 1,112,957 

Community Health Systems Inc. 1,600 56,892 59,714 

Cooper Cos. Inc. (The) 900 28,008 35,967 

Covance Inc. 1,300 72,344 74,316 

Coventry Health Care Inc. 62,400 1,468,344 1,585,709 

Dendreon Corp. 8,400 229,540 231,425 

Edwards Lifesciences Corp. 3,100 210,630 281,895 

Eli Lilly and Co. 97,500 4,789,785 3,645,978 

Endo Pharmaceuticals Holdings Inc. 78,600 1,831,694 1,689,206 

Enzon Pharmaceuticals Inc. 3,900 32,138 42,971 

Express Scripts Inc., Class ‘A’ 9,400 672,360 851,921 

Forest Laboratories Inc., Class ‘A’ 68,600 1,991,501 2,308,530 

Genzyme Corp. 39,200 2,112,597 2,014,082 

Gilead Sciences Inc. 122,755 6,471,107 5,568,425 

Health Management Associates Inc., Class ‘A’ 5,900 42,642 44,967 

Health Net Inc. 7,900 136,086 192,887 

Henry Schein Inc. 600 33,042 33,086 

Hologic Inc. 6,900 112,966 104,887 

Hospira Inc. 11,100 495,444 593,471 

Humana Inc. 24,300 931,633 1,116,056 

IDEXX Laboratories Inc. 800 43,689 44,819 

IMS Health Inc. 2,000 33,686 44,157 

Intuitive Surgical Inc. 2,900 742,796 922,158 

Invacare Corp. 2,200 52,374 57,521 

Inverness Medical Innovations Inc. 2,800 96,204 121,730 

Johnson & Johnson 207,080 13,834,880 13,965,549 

Kinetic Concepts Inc. 2,300 87,187 90,782 

King Pharmaceuticals Inc. 108,900 1,427,406 1,399,667 

Laboratory Corp. of America Holdings 2,500 172,651 196,146 

Life Technologies Corp. 3,000 157,589 164,109 

LifePoint Hospitals Inc. 27,200 722,490 927,027 

Lincare Holdings Inc. 10,400 276,011 404,495 

McKesson Corp. 26,300 1,356,301 1,722,950 


SULC 

23





of Cost Value 

Shares $ $ 

Medco Health Solutions Inc. 87,800 4,709,870 5,882,604 

MEDNAX Inc. 2,300 136,562 145,010 

Medtronic Inc. 90,800 3,830,279 4,183,608 

Merck & Co. Inc. 130,034 5,153,574 4,975,722 

Meridian Bioscience Inc. 5,300 136,936 119,737 

Millipore Corp. 400 28,755 30,339 

Mylan Laboratories Inc. 69,800 918,088 1,348,612 

Par Pharmaceutical Cos. Inc. 7,300 190,530 207,089 

Patterson Cos. Inc. 1,100 31,881 32,243 

PerkinElmer Inc. 1,400 29,297 30,220 

Perrigo Co. 1,700 53,318 70,931 

Pfizer Inc. 620,369 16,184,694 11,830,119 

Quest Diagnostics Inc. 17,600 1,032,497 1,113,884 

Quidel Corp. 8,800 137,037 126,758 

ResMed Inc. 1,100 51,715 60,277 

Sirona Dental Systems Inc. 800 23,183 26,611 

St. Jude Medical Inc. 98,490 4,120,282 3,794,511 

Stryker Corp. 37,800 1,720,001 1,996,044 

Tenet Healthcare Corp. 12,800 74,798 72,328 

Thermo Electron Corp. 32,820 1,541,211 1,639,142 

UnitedHealth Group Inc. 295,800 10,505,169 9,448,806 

Universal Health Services Inc., Class ‘B’ 5,400 169,498 172,663 

Valeant Pharmaceuticals International 9,100 251,082 302,895 

Vertex Pharmaceuticals Inc. 200 6,651 8,982 

Watson Pharmaceuticals Inc. 2,200 80,689 91,263 

Wellpoint Inc. 84,800 4,210,972 5,173,985 

Zimmer Holdings Inc. 1,200 72,259 74,311 

136,951,962 136,769,537 


3M Co. 45,400 3,672,974 3,930,879 

A.O. Smith Corp. 1,100 45,460 49,991 

Aecom Technology Corp. 6,800 221,838 195,756 

AGCO Corp. 1,200 39,751 40,684 

Aircastle Ltd. 4,100 37,262 42,338 

Alliant Techsystems Inc. 7,900 659,783 730,469 

American Science and Engineering Inc. 600 43,960 47,679 

Avis Budget Group Inc. 2,800 27,668 38,512 

BE Aerospace Inc. 1,900 28,252 46,649 

Boeing Co. (The) 13,600 789,718 771,191 

Brink’s Co. (The) 2,800 77,767 71,447 

Bucyrus International Inc., Class ‘A’ 400 16,809 23,638 

Burlington Northern Santa Fe Corp. 8,580 821,431 887,071 

C.H. Robinson Worldwide Inc. 15,000 888,522 923,544 

Carlisle Cos. Inc. 100 2,527 3,592 

Caterpillar Inc. 38,725 1,924,721 2,313,643 

Cintas Corp. 2,700 76,619 73,736 

Con-way Inc. 3,200 111,824 117,113 

Corrections Corp. of America 2,700 70,815 69,490 

Crane Co. 26,700 975,382 857,083 

CSX Corp. 5,100 202,445 259,256 

Cummins Inc. 43,885 1,908,666 2,109,414 

Danaher Corp. 31,135 2,216,434 2,454,556 

Deere and Co. 16,800 727,765 951,415 

Dover Corp. 9,900 394,307 431,856 


of Cost Value 

Shares $ $ 

Dun & Bradstreet Corp. (The) 900 81,890 79,595 

DynCorp International Inc., Class ‘A’ 8,800 168,554 132,386 

Eaton Corp. 1,100 70,154 73,366 

Emerson Electric Co. 41,135 1,803,664 1,837,077 

Ennis Inc. 1,200 18,949 21,122 

Expeditors International of Washington Inc. 128,700 4,598,463 4,685,864 

Fairchild Semiconductor International Inc., Class ‘A’ 10,200 87,274 106,825 

Fastenal Co. 200 8,118 8,722 

FedEx Corp. 17,500 1,602,836 1,528,783 

First Solar Inc. 400 74,124 56,779 

Flowserve Corp. 900 89,682 89,190 

Fluor Corp. 4,700 285,784 221,874 

Gardner Denver Inc. 15,400 689,541 686,952 

General Cable Corp. 1,000 32,362 30,842 

General Dynamics Corp. 42,900 2,821,169 3,062,744 

General Electric Co. 361,800 9,257,642 5,738,704 

Goodrich Corp. 49,000 2,707,365 3,300,468 

Harsco Corp. 26,800 965,174 905,527 

Hertz Global Holdings Inc. 5,900 49,273 73,728 

Honeywell International Inc. 29,600 1,141,070 1,215,801 

Hubbell Inc., Class ‘B’ 25,100 1,072,552 1,244,633 

Illinois Tool Works Inc. 8,100 367,491 407,429 

International Paper Co. 2,700 60,354 75,802 

ITT Industries Inc. 2,100 107,697 109,504 

J.B. Hunt Transport Services Inc. 1,200 41,604 40,596 

Jacobs Engineering Group Inc. 1,400 67,116 55,200 

Joy Global Inc. 33,365 1,690,364 1,802,427 

KBR Inc. 93,600 1,921,657 1,864,386 

Kirby Corp. 1,800 69,108 65,706 

L-3 Communications Holdings Inc. 31,100 2,603,790 2,834,890 

Lincoln Electric Holdings Inc. 900 50,699 50,440 

Lockheed Martin Corp. 16,500 1,377,634 1,302,349 

Manpower Inc. 7,300 391,147 417,698 

Masco Corp. 1,900 20,697 27,508 

McDermott International Inc. 20,300 422,491 510,118 

Monster Worldwide Inc. 6,300 110,989 114,722 

Navistar International Corp. 300 15,442 12,156 

Norfolk Southern Corp. 200 10,158 10,983 

Northrop Grumman Corp. 78,500 4,979,219 4,592,088 

Oshkosh Truck Corp., Class ‘B’ 35,600 1,388,002 1,382,006 

Owens Corning Inc. 24,800 537,564 666,616 

Paccar Inc. 1,400 55,326 53,248 

Parker Hannifin Corp. 29,885 1,750,319 1,686,804 

Pitney Bowes Inc. 400 11,730 9,544 

Precision Castparts Corp. 1,600 176,420 185,097 

Quanta Services Inc. 84,200 2,263,641 1,839,569 

R.R. Donnelley & Sons Co. 75,600 968,995 1,763,430 

Rayonier Inc. 1,400 59,710 61,746 

Raytheon Co. 83,200 4,555,979 4,493,715 

Robert Half International Inc. 700 16,954 19,616 

Rockwell Automation Inc. 5,600 238,261 275,808 

Rockwell Collins Inc. 4,400 216,601 255,085 

Roper Industries Inc. 700 35,513 38,431 

Ryder System Inc. 1,300 55,670 56,013 

Schawk Inc., Class ‘A’ 1,300 15,219 18,494 

SULC 


24





of Cost Value 

Shares $ $ 

Shaw Group Inc. (The) 100 3,344 3,013 

Smith & Wesson Holding Corp. 23,800 175,286 102,048 

Sonoco Products Co. 1,600 48,075 49,063 

Spirit Aerosystems Holdings Inc., Class ‘A’ 5,100 87,737 106,076 

SPX Corp. 500 31,647 28,672 

Terex Corp. 2,100 32,169 43,612 

Textron Inc. 10,800 374,870 212,631 

Thomas & Betts Corp. 2,400 66,854 90,024 

Timken Co. 18,400 515,565 457,357 

Toro Co. 6,200 261,064 271,755 

TransDigm Group Inc. 600 28,093 29,872 

Union Pacific Corp. 46,245 2,869,014 3,095,024 

United Parcel Service Inc., Class ‘B’ 128,430 8,453,659 7,717,541 

United Technologies Corp. 105,545 6,703,177 7,672,339 

URS Corp. 6,700 339,369 312,706 

Verisk Analytics Inc., Class ‘A’ 1,200 38,759 38,017 

W.W. Grainger Inc. 24,300 2,299,605 2,466,735 

Walter Energy Inc. 17,300 1,077,003 1,364,587 

Waste Management Inc. 14,300 472,091 506,859 

Watson Wyatt & Co. Holdings 3,700 177,207 184,092 

Werner Enterprises Inc. 5,700 111,478 118,257 

WESCO International Inc. 1,100 33,237 31,148 

94,461,204 94,542,636 


Acme Packet Inc. 7,800 78,174 89,785 

Activision Blizzard Inc. 2,500 30,125 29,118 

Adobe Systems Inc. 194,115 6,469,480 7,484,747 

Advanced Micro Devices Inc. 7,800 34,393 78,991 

Affiliated Computer Services Inc., Class ‘A’ 3,600 182,184 225,274 

Agilent Technologies Inc. 1,200 37,888 39,087 

Akamai Technologies Inc. 2,200 46,820 58,397 

Alliance Data Systems Corp. 1,200 51,849 81,256 

Altera Corp. 5,000 96,072 118,516 

Amphenol Corp., Class ‘A’ 1,900 86,996 91,865 

Analog Devices Inc. 58,855 1,764,048 1,946,655 

AOL Inc. 10,537 263,463 257,121 

Apple Inc. 103,460 15,103,980 22,853,005 

Applied Materials Inc. 4,700 63,850 68,637 

Arris Group Inc. 4,600 36,924 55,120 

Arrow Electronics Inc. 5,100 146,356 158,312 

Autodesk Inc. 69,100 1,624,796 1,840,001 

Automatic Data Processing Inc. 6,200 277,695 278,255 

Avnet Inc. 32,300 817,376 1,021,269 

BMC Software Inc. 19,500 757,326 819,757 

Brightpoint Inc. 6,100 39,986 47,003 

Broadcom Corp., Class ‘A’ 93,805 2,648,832 3,090,841 

Broadridge Financial Solutions Inc. 11,900 262,084 281,444 

Brocade Communications Systems Inc. 7,700 67,261 61,592 

CA Inc. 128,700 2,913,030 3,029,013 

Cadence Design Systems Inc. 17,200 113,248 108,009 

Cirrus Logic Inc. 4,500 26,217 32,174 

Cisco Systems Inc. 595,500 14,205,631 14,945,561 

Citrix Systems Inc. 51,050 2,188,330 2,226,895 

Cognizant Technology Solutions Corp., Class ‘A’ 8,100 296,166 384,671 


of Cost Value 

Shares $ $ 

CommScope Inc. 800 26,868 22,250 

Computer Sciences Corp. 33,000 1,510,280 1,990,282 

Convergys Corp. 101,500 1,097,166 1,143,881 

Corning Inc. 127,500 2,467,007 2,579,727 

Cree Inc. 1,900 61,772 112,222 

Cypress Semiconductor Corp. 7,500 67,245 83,029 

DealerTrack Holdings Inc. 6,500 131,813 128,040 

Dell Inc. 36,100 628,359 542,704 

Dolby Laboratories Inc., Class ‘A’ 1,800 74,737 89,879 

DST Systems Inc. 6,500 300,578 296,353 

eBay Inc. 248,400 5,989,394 6,124,846 

EchoStar Communications Corp., Class ‘A’ 1,100 21,507 23,225 

Electronic Arts Inc. 64,200 2,294,532 1,194,647 

EMC Corp. 476,735 7,344,089 8,721,251 

Equinix Inc. 800 59,827 89,026 

F5 Network Inc. 3,000 82,713 166,436 

FactSet Research Systems Inc. 2,600 174,585 179,161 

Fidelity National Information Services Inc. 18,465 367,709 453,746 

Fiserv Inc. 14,500 744,009 736,948 

Google Inc., Class ‘A’ 36,180 17,861,145 23,515,409 

Harris Corp. 49,000 1,820,445 2,442,603 

Harris Stratex Networks Inc., Class ‘A’ 7,651 43,699 55,264 

Hewitt Associates Inc., Class ‘A’ 1,200 43,287 53,164 

Hewlett-Packard Co. 215,430 9,693,067 11,624,296 

IBM Corp. 86,500 10,258,100 11,863,962 

infoGROUP Inc. 2,700 18,344 22,673 

Ingram Micro Inc., Class ‘A’ 102,600 1,843,859 1,876,934 

Intel Corp. 369,685 7,729,582 7,906,209 

Interactive Intelligence Inc. 1,700 19,536 32,739 

Intersil Corp., Class ‘A’ 6,000 86,585 96,427 

Intuit Inc. 147,100 4,476,762 4,735,859 

Iron Mountain Inc. 7,500 235,115 178,953 

j2 Global Communications Inc. 4,600 109,711 98,136 

Jabil Circuit Inc. 3,400 45,172 61,913 

JDS Uniphase Corp. 8,100 51,019 70,056 

Juniper Networks Inc. 6,400 172,288 178,941 

KLA Tencor Corp. 6,900 249,218 261,568 

Lam Research Corp. 1,900 56,394 78,101 

Lender Processing Services Inc. 1,500 63,774 63,939 

Lexmark International Inc. 19,100 1,012,666 520,210 

Linear Technology Corp. 6,400 173,010 204,906 

Loral Space & Communications Inc. 800 21,761 26,460 

LSI Logic Corp. 14,800 82,961 92,938 

MasterCard Inc., Class ‘A’ 19,100 4,030,932 5,113,998 

Maxim Integrated Products Inc. 3,600 68,235 76,651 

McAfee Inc. 9,200 354,619 391,290 

Mettler-Toledo International Inc. 3,300 301,853 362,700 

Microchip Technology Inc. 6,700 185,549 204,046 

Micron Technology Inc. 5,700 32,185 63,162 

Micros Systems Inc. 7,600 233,673 247,230 

Microsoft Corp. 624,435 17,267,846 19,953,014 

Molex Inc. 4,200 72,463 94,886 

Motorola Inc. 26,000 206,469 211,243 

MSCI Inc., Class ‘A’ 2,800 85,876 93,345 

National Semiconductor Corp. 1,100 14,374 17,713 

NetApp Inc. 9,500 237,995 342,103 


SULC 

25





of Cost Value 

Shares $ $ 

Novellus Systems Inc. 8,600 186,682 210,339 

Nuance Communications Inc. 2,200 32,212 35,772 

NVIDIA Corp. 28,700 437,465 561,435 

ON Semiconductor Corp. 2,900 16,536 26,784 

Oracle Corp. 241,710 5,434,990 6,218,354 

Paychex Inc. 74,700 2,353,033 2,399,472 

Pegasystems Inc. 2,100 63,062 74,852 

PMC-Sierra Inc. 19,200 175,875 174,311 

Qualcomm Inc. 220,600 9,819,241 10,698,366 

Rackspace Hosting Inc. 100,400 1,633,624 2,194,553 

Rambus Inc. 1,400 19,934 35,812 

Red Hat Inc. 58,300 1,672,119 1,888,571 

Rovi Corp. 5,300 155,850 176,967 

SAIC Inc. 600 12,506 11,901 

Salesforce.com Inc. 1,900 122,788 146,840 

Semtech Corp. 7,200 123,538 128,394 

Silicon Laboratories Inc. 3,700 147,073 187,428 

Sun Microsystems Inc. 46,100 782,778 452,359 

Sybase Inc. 5,200 197,872 236,537 

Symantec Corp. 289,400 5,608,290 5,427,692 

Synopsys Inc. 10,200 233,379 238,244 

Tech Data Corp. 4,700 211,242 229,905 

Tellabs Inc. 17,100 102,020 101,824 

Teradata Corp. 125,300 3,255,982 4,123,336 

Teradyne Inc. 5,500 51,213 61,868 

Texas Instruments Inc. 216,900 5,228,950 5,918,887 

Total System Service Inc. 13,800 233,554 249,849 

Trimble Navigation Ltd. 1,700 32,954 44,911 

Varian Semiconductor Equipment Associates Inc. 900 24,686 33,853 

VeriSign Inc. 151,100 4,487,555 3,839,754 

Visa Inc. 111,360 7,139,226 10,191,774 

Vishay Intertechnology Inc. 39,800 591,146 348,398 

VMware Inc., Class ‘A’ 1,800 52,838 79,821 

WebMD Health Corp. 2,666 83,865 107,576 

Western Digital Corp. 75,800 1,926,092 3,508,377 

Western Union Co. 91,670 1,887,520 1,810,566 

Xerox Corp. 114,600 1,509,378 1,013,989 

Xilinx Inc. 7,900 166,655 207,463 

Yahoo! Inc. 454,105 7,925,820 7,988,303 

Zebra Technologies Corp., Class ‘A’ 4,500 125,171 133,696 

217,699,053 251,232,198 


99 Cents Only Stores 6,900 88,277 94,543 

AEP Industries Inc. 1,900 61,877 76,408 

Air Products and Chemicals Inc. 4,400 366,156 373,632 

Albemarle Corp. 5,600 198,859 213,520 

Alcoa Inc. 35,400 1,246,983 598,239 

Allegheny Technologies Inc. 1,100 39,208 51,628 

Ashland Inc. 10,600 440,766 439,722 

Ball Corp. 6,900 345,105 373,978 

Bemis Co. Inc. 18,000 515,198 559,504 

Celanese Corp., Series ‘A’ 8,100 200,281 272,412 

Cliffs Natural Resources Inc. 300 13,048 14,480 

Commercial Metals Co. 2,600 46,032 42,657 


of Cost Value 

Shares $ $ 

Crown Holdings Inc. 12,700 351,681 340,573 

Cytec Industries Inc. 27,100 957,053 1,034,703 

Dow Chemical Co. (The) 1,000 29,854 28,966 

E.I. du Pont de Nemours & Co. 7,400 262,090 261,127 

Eagle Materials Inc. 2,600 76,154 70,678 

Eastman Chemical Co. 45,000 2,736,263 2,838,565 

Ecolab Inc. 10,900 466,935 509,531 

FMC Corp. 500 26,617 29,228 

Freeport-McMoRan Copper & Gold Inc., Class ‘B’ 54,600 3,708,215 4,595,792 

Greif Inc., Class ‘A’ 3,400 196,976 192,263 

Huntsman Corp. 14,500 123,626 171,316 

International Flavors and Fragrances Inc. 600 22,801 25,877 

Lubrizol Corp. (The) 54,600 2,944,064 4,168,210 

MeadWestvaco Corp. 7,900 222,391 237,113 

Monsanto Co. 16,750 1,616,786 1,435,519 

Nalco Holding Co. 115,600 2,496,120 3,090,326 

NewMarket Corp. 2,600 250,955 312,039 

Newmont Mining Corp. Holding Co. 2,600 119,285 128,953 

Nucor Corp. 33,300 1,648,705 1,628,554 

Omnova Solutions Inc. 8,600 44,103 55,087 

Owens Illinois Inc. 6,300 230,735 217,093 

Packaging Corp. of America 500 7,316 12,061 

Pactiv Corp. 26,200 662,297 662,224 

PPG Industries Inc. 1,900 90,050 116,524 

Praxair Inc. 69,930 5,300,620 5,887,616 

Regal Entertainment Group 600 8,575 9,064 

RPM International Inc. 8,500 174,734 181,160 

Sealed Air Corp. 8,300 183,567 190,037 

Sigma-Aldrich Corp. 500 28,316 26,487 

Solutia Inc. 15,900 176,880 211,527 

Southern Copper Corp. 54,500 1,339,952 1,876,887 

Spartech Corp. 6,400 72,785 68,839 

Symyx Technologies Inc. 1,800 12,387 10,379 

Temple Inland Inc. 5,800 94,651 128,358 

Valspar Corp. (The) 3,600 79,142 102,428 

Weyerhaeuser Co. 900 36,052 40,675 

30,360,523 34,006,502 


American Tower Corp., Class ‘A’ 36,760 1,368,091 1,662,886 

AT&T Inc. 546,262 18,000,058 16,052,046 

CenturyTel Inc. 44,764 1,499,731 1,699,275 

Crown Castle International Corp. 160,660 5,076,761 6,570,373 

Metropcs Communications Inc. 5,300 99,639 42,339 

NeuStar Inc., Class ‘A’ 1,600 37,868 38,646 

NII Holdings Inc., Class ‘B’ 74,200 1,616,183 2,612,107 

Qwest Communications International Inc. 26,700 114,477 117,562 

SBA Communications Corp. 3,600 111,545 128,922 

Sprint Nextel Corp. 39,700 183,559 152,327 

Telephone and Data Systems Inc. 22,300 735,989 792,521 

tw telecom Inc. 2,100 30,142 37,734 

Verizon Communications Inc. 253,100 9,787,222 8,790,628 

Windstream Corp. 2,400 33,105 27,651 

38,694,370 38,725,017 

SULC 


26





of Cost Value 

Shares $ $ 


AES Corp. 576,300 7,261,323 8,041,425 

AGL Resources Inc. 26,200 982,709 1,001,713 

Allegheny Energy Inc. 1,200 29,548 29,501 

Alliant Energy Corp. 53,300 1,920,704 1,690,840 

American Electric Power Co. Inc. 32,600 1,215,343 1,188,649 

Aqua America Inc. 7,000 119,773 128,349 

Atmos Energy Corp. 40,985 1,210,178 1,263,219 

Calpine Corp. 12,400 164,143 142,995 

CMS Energy Corp. 118,900 1,750,131 1,952,000 

Consolidated Edison Inc. 3,600 163,555 171,456 

Constellation Energy Group Inc. 84,300 2,846,219 3,102,878 

Dominion Resources Inc. 49,300 1,818,031 2,011,528 

DPL Inc. 7,300 195,653 211,222 

DTE Energy Co. 46,800 1,906,725 2,138,647 

Duke Energy Corp. 3,100 53,120 55,931 

Edison International 54,300 2,085,381 1,979,866 

Energen Corp. 42,800 1,971,746 2,099,438 

Entergy Corp. 800 89,061 68,629 

EQT Corp. 12,500 562,203 575,151 

Exelon Corp. 800 56,748 40,970 

FPL Group Inc. 24,000 1,425,746 1,328,218 

ITC Holdings Corp. 300 15,467 16,370 

Lennox International Inc. 200 7,564 8,186 

Mirant Corp. 195,100 3,360,068 3,123,220 

National Fuel Gas Co. 1,900 95,042 99,593 

Northeast Utilities 38,800 953,308 1,049,034 

NRG Energy Inc. 1,200 32,093 29,702 

NSTAR 800 30,265 30,863 

NV Energy Inc. 121,100 1,734,305 1,571,705 

OGE Energy Corp. 2,100 62,192 81,259 

Oneok Inc. 100 4,837 4,671 

PG&E Corp. 5,700 256,878 266,810 

Pinnacle West Capital Corp. 31,400 1,272,386 1,204,147 

PPL Corp. 5,400 259,488 182,910 

Progress Energy Inc. 1,400 58,597 60,190 

Public Services Enterprise Group Inc. 60,800 2,516,680 2,119,344 

Questar Corp. 2,800 126,300 121,877 

SCANA Corp. 1,300 48,350 51,352 

Sempra Energy Inc. 66,400 3,498,271 3,896,792 

Southern Co. (The) 1,600 54,519 55,839 

Southern Union Co. 128,700 2,667,099 3,058,696 

Teco Energy Inc. 2,300 35,382 39,110 

UGI Corp. 15,300 423,319 388,002 

Westar Energy Inc. 1,500 32,910 34,171 

Wisconsin Energy Corp. 1,600 77,712 83,583 

Xcel Energy Inc. 48,400 1,078,745 1,076,706 

46,529,817 47,876,757 

Total U.S. Equities 1,044,491,112 1,074,436,583 

Foreign Equities – 4.7% 

ABB Ltd., ADR 12,200 211,987 244,287 

Accenture PLC, Class ‘A’ 43,305 1,668,659 1,884,050 

Allied World Assurance Holdings Ltd. 9,600 444,835 463,455 


of Cost Value 

Shares $ $ 

Amdocs Ltd. 37,200 959,537 1,112,631 

Argo Group International Holdings Ltd. 4,000 141,263 121,944 

Aspen Insurance Holdings Ltd. 1,800 49,248 48,025 

Axis Capital Holdings Ltd. 27,200 1,039,765 810,115 

BCE Inc. 27,800 786,499 804,810 

Canadian Natural Resources Ltd. 40,950 2,465,064 3,088,809 

Carnival Corp. 1,900 58,782 63,122 

Copa Holdings SA, Class ‘A’ 16,300 797,940 930,789 

Credicorp Ltd. 21,700 1,170,041 1,751,916 

Diageo PLC, ADR 13,800 1,000,554 1,003,447 

Endurance Specialty Holdings Ltd. 37,000 1,407,600 1,444,113 

Everest Re Group Ltd. 21,500 2,192,077 1,931,187 

Flextronics International Ltd. 230,400 1,671,200 1,763,241 

Foster Wheeler AG 20,800 651,622 641,741 

Garmin Ltd. 37,400 842,348 1,202,518 

Herbalife Ltd. 43,000 1,543,931 1,828,857 

Invesco Ltd. 20,200 437,419 497,440 

Lazard Ltd., Class ‘A’ 3,400 118,216 135,126 

Marvell Technology Group Ltd. 45,400 648,483 987,598 

Nabors Industries Ltd. 2,100 47,984 48,192 

Noble Corp. 30,000 1,372,109 1,280,035 

Nokia OYJ, ADR 159,300 2,729,553 2,144,308 

Novo Nordisk AS, ADR 48,400 2,995,611 3,158,574 

PartnerRe Ltd. 6,700 524,241 524,408 

Petroleo Brasileiro SA, ADR 34,630 1,510,495 1,729,540 

Platinum Underwriters Holdings Ltd. 35,600 1,284,222 1,429,031 

Potash Corp. of Saskatchewan Inc. 19,405 1,990,909 2,214,305 

RenaissanceRe Holdings Ltd. 4,800 276,030 267,304 

Seagate Technology 184,600 2,334,974 3,520,227 

Signet Jewelers Ltd. 2,900 71,155 81,052 

Suncor Energy Inc. 16,100 681,485 597,471 

Syngenta AG, ADR 57,900 3,034,532 3,412,524 

Teva Pharmaceutical Industries Ltd., ADR 43,870 2,368,491 2,583,781 

Transocean Ltd. 34,100 3,026,363 2,957,850 

Tyco International Ltd. 118,700 3,151,529 4,439,989 

UTi Worldwide Inc. 700 12,299 10,509 

Validus Holdings Ltd. 1,300 36,023 36,702 

XL Capital Ltd., Class ‘A’ 32,100 1,306,892 616,505 

Total Foreign Equities 49,061,967 53,811,528 

Total Equities 1,093,553,079 1,128,248,111 


SEI Money Market Fund, Class ‘O’ 11,964 119,643 119,643 

119,643 119,643 

Short-Term Note* – 0.1% 1,499,130 1,499,339 



Unrealized Appreciation (Depreciation) 

on Futures Contracts** – 0.0% 6,552 


Net Assets – 100.0% 1,153,915,132 


SULC 

27





Unrealized 





United States S&P 500 Index 

expiration date March 2010 46 USD 1,110.16 13,384,075 13,390,627 6,552 


*Short Term Note earns interest at 0.210% and matures on March 18, 2010. 

**$1,500,000 of Canada Treasury Bills are held as collateral by counterparties with respect to the futures contracts. 







Energy 11.7 





Materials 2.6 


Utilities 3.3 

Foreign Equities 3.2 

Mutual Fund 0.0 


Unrealized Appreciation (Depreciation) on Futures Contracts — 


100.0 

SULC 


28




Currency Risk 



2009 2008 2009 2008 2009 2008 2009 2008 

U.S. Dollar 1,140,929,587 1,092,507,858 — — 1,140,929,587 1,092,507,858 98.87% 96.09% 



increased, respectively, by approximately $57,046,479 (2008 – $54,625,393). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. 




As at December 31, 2009, a 10% (2008 – 10%) increase or decrease in equity prices on the U.S. stock exchanges would have increased or decreased the Fund’s Net Assets by $114,163,874 


Credit Risk 






Common shares $ 1,128,248,111 $ — $ — $ 1,128,248,111 



Bonds — — — — 

Investments in funds 119,643 — — 119,643 

Total Investments $ 1,129,867,093 $ — $ — $ 1,129,867,093 






SULC 

29





2009 2008 

ASSETS 



at fair value 22,716 50,011 

Accrued dividends receivable 921 1,805 

Accrued interest receivable — 2 

Receivable for portfolio securities sold 2,562 6,833 

Margin receivable on futures 1,854 2,084 

Receivable for unit subscriptions 765 615 

Unrealized appreciation on futures contracts 7 — 

1,158,692 1,148,755 

LIABILITIES 


Payable for portfolio securities purchased 2,423 8,207 


Unrealized depreciation on futures contracts — 33 

4,777 11,787 




(Class O) $ 1,117,505 $ 1,103,063 

(Class I) $ 41 $ 4,022 

(Class P) $ 33,364 $ 27,785 

(Class F) $ 3,005 $ 2,098 


(Class O) $ 5.39 $ 5.01 

(Class I) $ 5.41 $ 4.98 

(Class P) $ 5.15 $ 4.81 

(Class F) $ 5.43 $ 5.06 





2009 2008 


Dividends $ 24,845 $ 28,155 

Interest 95 1,010 

Income from mutual funds 1 4 

24,941 29,169 

Foreign withholding taxes (3,413) (3,518) 

21,528 25,651 

EXPENSES 

Custodian and administration fees 763 1,411 







1,611 2,366 


FOR THE PERIOD $ 19,917 $ 23,285 



AND FORWARDS $ 2,177 $ (14,983) 

NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (3,430) $ 47 





ON FUTURES AND FORWARD CONTRACTS $ 40 $ 716 






(Class O) $ 104,670 $ (310,105) 

(Class I) $ (114) $ (1,373) 

(Class P) $ 2,716 $ (8,940) 

(Class F) $ 243 $ (508) 



(Class O) $ 0.47 $ (1.60) 

(Class I) $ (0.25) $ (1.67) 

(Class P) $ 0.42 $ (1.67) 

(Class F) $ 0.49 $ (1.60) 


SULC 


30





Fund Total 

Class O 

2009 2008 2009 2008 






Return of capital — (14) — — 

(20,551) (9,803) (20,508) (9,788) 


TRANSACTIONS 




(70,017) 380,832 (69,720) 371,597 

CHANGES IN NET ASSETS 16,947 50,103 14,442 51,704 


Class I 

Class P 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS (114) (1,373) 2,716 (8,940) 


Out of net investment income ≠ (8) — — — 

Return of capital — (13) — (1) 

(8) (13) — (1) 


TRANSACTIONS 

Proceeds from issue of units 542 1,812 12,604 21,950 


Reinvestment of distributions ≠ 5 12 — 1 

(3,859) 389 2,863 8,092 

CHANGES IN NET ASSETS (3,981) (997) 5,579 (849) 


Class F 

2009 2008 



ASSETS FROM OPERATIONS 243 (508) 



(35) (1) 


TRANSACTIONS 


Payments on redemption of units (973) (1,214) 


699 754 

CHANGES IN NET ASSETS 907 245 


≠ 



SULC 

31





of Cost Value 

Shares $ $ 


Canadian Equities – 0.4% 


SXC Health Solutions Corp. 9,700 488,367 549,990 

Total Canadian Equities 488,367 549,990 

U.S. Equities – 94.4% 


Aaron’s Inc. 7,846 197,898 228,007 

Abercrombie & Fitch Co., Class ‘A’ 3,892 116,747 141,949 

Advance Auto Parts Inc. 13,538 565,729 574,515 

American Eagle Outfitters Inc. 33,822 547,256 602,065 

AnnTaylor Stores Corp. 9,664 65,632 138,190 

ArvinMeritor Inc. 15,000 128,171 175,808 

AutoNation Inc. 5,842 73,429 117,038 

Bally Technologies Inc. 5,810 217,945 251,494 

Barnes & Noble Inc. 4,162 97,477 82,901 

bebe stores Inc. 4,440 31,428 29,138 

Bed Bath & Beyond Inc. 2,433 77,458 98,455 

Belo Corp., Class ‘A’ 15,451 33,292 87,793 

Big 5 Sporting Goods Corp. 7,648 127,250 137,745 

Big Lots Inc. 4,366 84,403 132,644 

Blyth Inc. 2,091 108,473 73,896 

Books-A-Million Inc. 2,419 20,115 16,966 

BorgWarner Inc. 5,683 198,961 197,917 

Bowne & Co. Inc. 5,822 39,245 40,588 

Brink’s Home Security Holdings Inc. 8,120 260,924 277,851 

Buckle Inc. 2,149 62,291 65,965 

Cablevision Systems Corp., Class ‘A’ 4,800 132,508 129,928 

Callaway Golf Co. 13,908 86,283 109,937 

Career Education Corp. 5,042 113,205 123,212 

Carter’s Inc. 19,460 444,966 535,523 

Cato Corp. (The), Class ‘A’ 10,659 209,553 223,599 

CEC Entertainment Inc. 3,104 100,622 103,707 

Cheesecake Factory Inc. (The) 15,259 286,423 345,370 

Chemed Corp. 3,862 204,682 194,056 

Chipotle Mexican Grill Inc., Class ‘A’ 542 55,593 50,042 

Christopher & Banks Corp. 14,228 101,298 113,063 

Citi Trends Inc. 6,680 186,964 192,862 

CKE Restaurants Inc. 4,194 42,471 37,153 

Cogo Group Inc. 7,799 48,346 60,094 

Coldwater Creek Inc. 11,370 82,581 52,924 

Cooper Tire & Rubber Co. 15,451 171,216 324,285 

Corinthian Colleges Inc. 3,283 59,794 47,393 

Cracker Barrel Old Country Store Inc. 8,194 266,853 326,341 

D.R. Horton Inc. 3,632 36,955 41,389 

Dana Holding Corp. 7,201 40,352 81,682 

Darden Restaurants Inc. 5,315 186,485 195,354 

Dick’s Sporting Goods Inc. 15,214 350,071 396,666 

Dillard’s Inc., Class ‘A’ 13,800 198,664 266,486 

DineEquity Inc. 7,558 207,489 192,460 

Dollar Tree Stores Inc. 583 28,447 29,520 

Domino’s Pizza Inc. 8,082 69,914 70,917 

DreamWorks Animation SKG, Inc., Class ‘A’ 8,880 312,727 371,815 

Eastman Kodak Co. 73,001 335,692 322,959 

Ethan Allen Interiors Inc. 6,612 93,549 93,023 

Foot Locker Inc. 21,395 207,143 249,864 


of Cost Value 

Shares $ $ 

Fossil Inc. 2,566 77,100 90,279 

GameStop Corp., Class ‘A’ 8,234 212,350 189,389 

Gannett Co. Inc. 19,475 157,325 303,187 

Goodyear Tire & Rubber Co. (The) 8,484 135,853 125,408 

GSI Commerce Inc. 3,864 75,210 102,688 

H&R Block Inc. 21,913 422,354 519,408 

Hanesbrands Inc. 25,850 420,398 653,377 

Harley-Davidson Inc. 6,157 118,834 162,658 

hhgregg Inc. 4,083 75,059 94,083 

Hillenbrand Inc. 2,091 47,118 41,299 

HSN Inc. 9,269 174,730 196,189 

IAC/InterActiveCorp 9,653 330,782 207,252 

Iconix Brand Group Inc. 5,765 73,084 76,453 

Interface Inc., Class ‘A’ 9,640 70,621 83,982 

Interpublic Group of Cos. Inc. 28,963 173,248 223,474 

Interval Leisure Group Inc. 6,807 94,286 88,773 

Jackson Hewitt Tax Service Inc. 1,699 9,332 7,801 

JAKKS Pacific Inc. 12,301 146,994 156,297 

Jarden Corp. 2,900 95,420 93,973 

Jo-Ann Stores Inc. 5,049 88,140 191,558 

Journal Communications Inc., Class ‘A’ 10,384 47,514 42,347 

La-Z-Boy Inc. 13,270 119,585 132,578 

Liberty Global Inc., Series ‘C’ 3,859 89,092 88,396 

Liberty Media Holding Corp. - Interactive, Series ‘A’ 5,768 37,516 65,548 

Life Time Fitness Inc. 7,910 191,801 206,731 

Lin TV Corp., Class ‘A’ 2,000 8,833 9,351 

Live Nation Inc. 22,645 150,915 202,026 

Liz Claiborne Inc. 22,150 112,867 130,734 

Lumber Liquidators Inc. 4,490 86,542 126,103 

M.D.C. Holdings Inc. 3,643 134,630 118,546 

Maidenform Brands Inc. 3,136 55,838 54,870 

Mattel Inc. 9,284 168,057 194,463 

Men’s Wearhouse Inc. (The) 2,064 44,471 45,570 

National Presto Industries Inc. 392 36,031 44,888 

New York Times Co., Class ‘A’ 1,767 17,035 22,896 

NutriSystem Inc. 17,549 451,458 573,450 

NVR Inc. 267 149,745 198,926 

O’Charley’s Inc. 8,630 106,345 59,260 

Office Depot Inc. 18,279 128,524 123,408 

OfficeMax Inc. 18,571 194,519 246,866 

Oxford Industries Inc. 7,773 138,939 168,518 

P.F. Chang’s China Bistro Inc. 2,713 96,613 107,823 

Penske Automotive Group Inc. 11,400 199,243 181,180 

Perry Ellis International Inc. 7,828 86,306 123,590 

PetSmart Inc. 25,546 667,128 714,789 

Pinnacle Entertainment Inc. 3,400 33,411 32,008 

Pool Corp. 2,000 39,232 40,005 

Pulte Homes Inc. 55,209 691,067 578,784 

RadioShack Corp. 5,865 85,000 119,836 

RC2 Corp. 22,069 350,206 341,257 

Regis Corp. 5,547 101,551 90,543 

Rent-A-Center Inc. 11,565 262,493 214,840 

Rite Aid Corp. 148,054 250,544 234,371 

Ross Stores Inc. 5,828 229,844 260,949 

Scholastic Corp. 9,718 273,590 303,904 

Scientific Games Corp., Class ‘A’ 5,912 100,636 90,179 

SUSC 


32





of Cost Value 

Shares $ $ 

Scotts Miracle-Gro Co. (The), Class ‘A’ 6,000 250,363 247,264 

Sherwin-Williams Co. 1,313 80,683 84,860 

Skechers U.S.A. Inc., Class ‘A’ 2,510 28,066 77,362 

Sonic Automotive Inc. 17,559 219,263 190,891 

Spectrum Group International Inc. 6,912 14,412 13,550 

Stage Stores Inc. 4,364 38,405 56,547 

Stamps.com Inc. 1,568 19,925 14,794 

Stein Mart Inc. 4,984 45,113 55,698 

Strayer Education Inc. 700 143,769 155,935 

Systemax Inc. 2,633 38,999 43,226 

Tempur-Pedic International Inc. 12,349 232,938 305,268 

Tenneco Automotive Inc. 13,100 209,472 243,218 

TiVo Inc. 19,500 220,758 208,108 

TRW Automotive Holdings Corp. 10,316 178,224 257,932 

Tupperware Corp. 6,720 335,084 327,870 

Universal Electronics Inc. 150 3,740 3,651 

Valassis Communications Inc. 3,389 60,960 64,840 

WABCO Holdings Inc. 4,503 83,707 121,747 

Warnaco Group Inc. (The) 11,695 459,087 517,269 

Williams Sonoma Inc. 7,765 86,407 168,833 

WMS Industries Inc. 5,280 221,154 221,412 

Wyndham Worldwide Corp. 15,260 306,345 322,196 

19,927,203 22,352,081 


Alliance One International Inc. 17,900 81,424 91,200 

American Italian Pasta Co., Class ‘A’ 5,109 175,079 186,175 

AMERIGROUP Corp. 10,145 291,132 286,095 

AMN Healthcare Services Inc. 8,852 93,766 84,077 

Andersons Inc. (The) 4,431 108,786 119,940 

Avon Products Inc. 7,011 266,857 231,524 

Bare Escentuals Inc. 5,562 70,332 71,137 

BJ’s Wholesale Club Inc. 6,816 239,300 233,731 

Brown-Forman Corp., Class ‘B’ 3,546 172,518 199,144 

Casey’s General Stores Inc. 8,251 224,499 275,933 

Central European Distribution Corp. 6,050 183,158 180,191 

Central Garden & Pet Co. 7,208 95,455 80,779 

Central Garden & Pet Co., Class ‘A’ 6,426 74,566 66,963 

Chiquita Brands International Inc. 19,025 210,340 359,606 

Constellation Brands Inc., Class ‘A’ 8,622 172,565 143,899 

Corn Products International Inc. 5,451 163,489 167,036 

Dean Foods Co. 31,150 668,366 588,790 

Del Monte Foods Co. 13,218 102,652 157,139 

Diamond Foods Inc. 5,637 189,637 209,434 

Dole Food Co. Inc. 8,033 105,022 104,088 

Estee Lauder Cos. Inc., Class ‘A’ 5,265 273,062 266,926 

Flowers Foods Inc. 3,383 96,471 84,266 

Green Mountain Coffee Roasters Inc. 4,980 320,959 425,337 

Hansen Natural Corp. 2,945 140,232 118,556 

J & J Snack Foods Corp. 2,142 86,239 89,598 

McCormick & Co. Inc. 4,897 180,704 185,483 

Mead Johnson Nutrition Co., Class ‘A’ 5,000 225,483 228,750 

Medifast Inc. 6,690 144,955 214,472 

Molson Coors Brewing Co., Class ‘B’ 4,699 224,704 222,369 

Nash Finch Co. 1,913 67,267 74,384 


of Cost Value 

Shares $ $ 

Nu Skin Enterprises Inc., Class ‘A’ 2,371 27,630 66,690 

Pantry Inc. (The) 14,482 287,390 206,023 

Prestige Brands Holdings Inc. 15,267 129,859 125,480 

Sanderson Farms Inc. 7,794 377,770 344,319 

Smithfield Foods Inc. 3,249 45,369 51,738 

Spartan Motors Inc. 7,839 54,366 46,267 

Tyson Foods Inc., Class ‘A’ 13,648 197,000 175,558 

Weis Markets Inc. 2,432 86,551 92,525 

Whole Foods Market Inc. 4,739 145,642 136,375 

6,800,596 6,991,997 


Alpha Natural Resources Inc. 6,632 199,064 301,606 

Berry Petroleum Co., Class ‘A’ 8,045 188,852 245,513 

Cameron International Corp. 5,806 225,424 254,425 

Complete Production Services Inc. 11,860 94,666 161,635 

Contango Oil & Gas Co. 1,576 86,264 77,653 

Continental Resources Inc. 1,732 39,581 77,732 

Denbury Resources Inc. 8,873 237,965 137,670 

Dresser-Rand Group Inc. 7,420 271,451 245,887 

ENSCO International PLC, ADR 4,062 136,374 170,080 

Exterran Holdings Inc. 25,258 549,624 567,979 

Frontier Oil Corp. 9,676 162,449 122,132 

Global Industrial Ltd. 12,358 78,265 92,243 

Goodrich Petroleum Corp. 5,728 151,591 146,221 

GulfMark Offshore Inc. 2,689 86,680 79,806 

Gulfport Energy Corp. 4,184 27,652 50,048 

Helix Energy Solutions Group Inc. 20,261 292,563 249,577 

James River Coal Co. 2,651 55,670 51,359 

Key Energy Services Inc. 30,630 228,664 282,255 

Massey Energy Co. 6,970 240,130 306,456 

Murphy Oil Corp. 7,018 409,019 398,767 

Newfield Exploration Co. 4,275 161,323 216,152 

Oceaneering International Inc. 2,816 178,567 172,760 

Oil States International Inc. 1,096 36,149 45,132 

Overseas Shipholding Group Inc. 5,450 208,528 251,109 

Pioneer Natural Resources Co. 3,990 111,427 201,491 

Pride International Inc. 1,305 37,039 43,656 

Range Resources Corp. 3,531 160,885 184,383 

Spectra Energy Corp. 9,237 177,003 198,611 

St. Mary Land & Exploration Co. 7,500 181,877 269,216 

Stone Energy Corp. 8,110 149,171 153,463 

Swift Energy Co. 8,331 153,937 209,262 

Tesoro Corp. 14,244 244,353 202,338 

Tidewater Inc. 5,849 286,697 293,713 

Unit Corp. 5,682 236,314 253,161 

Williams Cos. Inc. 3,778 121,786 83,412 

World Fuel Services Corp. 18,470 382,915 518,735 

6,589,919 7,315,638 


Alexander’s Inc. 146 42,906 46,590 

Alexandria Real Estate Equities Inc. 2,316 235,304 155,779 

American Capital Agency Corp. 3,314 85,619 92,171 

American Financial Group Inc. 5,058 133,386 132,299 


SUSC 

33





of Cost Value 

Shares $ $ 

AmeriCredit Corp. 4,755 83,247 94,913 

Ameriprise Financial Inc. 4,651 159,237 189,282 

Amerisafe Inc. 3,165 72,350 59,625 

Annaly Mortgage Management Inc. 10,800 205,920 196,440 

Anworth Mortgage Asset Corp. 12,464 85,041 91,205 

BancorpSouth Inc. 4,564 106,743 112,248 

Bank Mutual Corp. 4,582 52,623 33,240 

Bank of Hawaii Corp. 2,670 139,842 131,697 

BGC Partners Inc., Class ‘A’ 12,062 59,722 58,294 

BlackRock Inc., Class ‘A’ 398 69,835 96,884 

Boston Private Financial Holdings Inc. 3,074 15,927 18,595 

Boston Properties Inc. 3,003 165,067 211,118 

Brandywine Realty Trust 2,334 24,595 27,894 

Calamos Asset Management Inc., Class ‘A’ 7,810 97,158 94,076 

Capstead Mortgage Corp. 7,299 95,900 104,295 

Cardinal Financial Corp. 13,097 114,351 119,590 

CBL & Associates Properties Inc. 9,697 67,155 98,304 

Chemical Financial Corp. 3,832 109,595 94,727 

Chimera Investment Corp. 45,400 190,320 184,669 

Chubb Corp. (The) 500 25,603 25,779 

Cincinnati Financial Corp. 2,149 70,969 59,116 

CNA Surety Corp. 3,083 49,203 48,125 

Comerica Inc. 8,580 227,581 265,978 

Community Bank Systems Inc. 4,934 110,151 99,882 

Cullen Frost Bankers Inc. 2,649 148,877 138,660 

CVB Financial Corp. 9,581 106,397 86,682 

Delphi Financial Group Inc., Class ‘A’ 7,355 186,006 172,486 

DiamondRock Hospitality Co. 14,630 108,530 129,907 

Digital Realty Trust Inc. 2,314 116,491 121,852 

Dime Community Bancorp Inc. 7,069 124,790 86,854 

DuPont Fabros Technology Inc. 7,296 18,738 137,372 

E*TRADE Financial Corp. 44,200 79,204 81,090 

Eaton Vance Corp. 7,598 286,244 242,227 

Education Realty Trust Inc. 13,232 72,841 66,723 

EMC Insurance Group Inc. 2,628 72,305 58,931 

Employers Holdings Inc. 16,609 251,782 267,101 

Equity Lifestyle Properties Inc. 6,655 287,275 351,559 

Equity One Inc. 12,755 202,749 214,348 

Federated Investors Inc., Class ‘B’ 7,908 236,938 227,985 

Fifth Third Bancorp 19,601 202,122 200,350 

Financial Federal Corp. 7,898 195,388 227,696 

First Cash Financial Services Inc. 2,228 42,471 51,830 

First Commonwealth Financial Corp. 2,732 31,158 13,318 

First Community Bancshares Inc. 3,572 50,166 45,086 

First Financial Bancorp 14,427 166,561 219,911 

First Horizon National Corp. 20,443 257,002 287,183 

First Mercury Financial Corp. 3,588 51,808 51,532 

First Niagara Financial Group Inc. 4,382 70,505 63,855 

FirstMerit Corp. 4,587 89,223 96,849 

Flushing Financial Corp. 1,816 33,083 21,437 

Getty Realty Corp. 3,863 92,760 95,291 

GFI Group Inc. 28,541 216,323 135,542 

Glimcher Realty Trust 20,457 77,641 57,904 

Great Southern Bancorp Inc. 1,760 39,906 39,411 

Hancock Holding Co. 6,666 292,873 306,018 

Hatteras Financial Corp. 4,400 139,736 128,972 


of Cost Value 

Shares $ $ 

Horace Mann Educators Corp. 6,216 75,703 81,457 

HRPT Properties Trust 40,142 218,415 272,276 

Hudson City Bancorp Inc. 10,305 136,174 148,329 

IBERIABANK Corp. 1,355 64,126 76,438 

Independent Bank Corp. (Massachusetts) 4,260 95,638 93,026 

Infinity Property & Casualty Corp. 6,530 313,626 278,210 

Inland Real Estate Corp. 1,314 17,838 11,227 

International Assets Holding Corp. 2,223 94,971 33,769 

International Bancshares Corp. 10,759 180,167 213,177 

Investors Bancorp Inc. 8,422 87,423 96,415 

iShares Russell 2000 Index Fund 696 38,976 45,428 

Jones Lang LaSalle Inc. 6,439 344,320 407,720 

Kilroy Realty Corp. 3,153 154,165 101,147 

Liberty Property Trust 8,238 226,427 275,498 

LTC Properties Inc. 3,966 110,632 111,220 

M & T Bank Corp. 400 28,271 28,050 

Macerich Co. (The) 1,839 63,390 69,096 

Mack-Cali Realty Corp. 1,484 48,796 53,782 

Meadowbrook Insurance Group Inc. 16,863 132,098 130,820 

MFA Financial Inc. 38,837 274,929 299,254 

Mid-America Apartment Communities Inc. 2,733 115,565 138,329 

Midcap SPDR Trust Series ‘1’ 255 33,410 35,223 

National Health Investors Inc. 4,875 166,523 188,738 

National Penn Bancshares Inc. 11,208 67,978 68,032 

Nationwide Health Properties Inc. 17,641 602,538 649,692 

Navigators Group Inc. (The) 1,912 107,047 94,429 

New York Community Bancorp Inc. 10,265 173,599 156,147 

NewAlliance Bancshares Inc. 29,736 362,901 374,397 

NorthStar Realty Finance Corp. 14,731 126,218 52,661 

NYSE Euronext 1,733 103,900 45,910 

Old National Bancorp 3,582 69,597 46,677 

Old Republic International Corp. 4,043 44,777 42,554 

Omega Healthcare Investors Inc. 6,663 112,464 135,861 

optionsXpress Holdings Inc. 790 19,673 12,796 

PacWest Bancorp 9,506 142,375 200,807 

People’s United Financial Inc. 24,197 424,102 423,628 

Piper Jaffray Cos. Inc. 2,077 91,659 110,178 

Plum Creek Timber Co. Inc. 1,400 57,598 55,361 

ProAssurance Corp. 6,685 367,187 376,411 

Prosperity Bancshares Inc. 6,489 220,513 275,307 

Protective Life Corp. 8,228 70,950 142,671 

PS Business Parks Inc. 4,867 251,670 255,371 

Redwood Trust Inc. 15,317 266,931 232,032 

Reinsurance Group of America, Inc. 10,232 419,103 510,270 

S&T Bancorp Inc. 4,199 149,796 74,878 

Selective Insurance Group Inc. 7,432 183,905 128,168 

Senior Heights Properties Trust 6,079 114,647 139,376 

Signature Bank 11,611 380,726 388,299 

Simmons First National Corp., Class ‘A’ 1,537 49,163 44,698 

SL Green Realty Corp. 2,899 81,504 152,688 

Sovran Self Storage Inc. 3,466 131,946 129,828 

StanCorp Financial Group Inc. 5,169 244,355 216,865 

Stifel Financial Corp. 3,685 221,012 228,854 

Strategic Hotels & Resorts Inc. 36,529 71,979 71,229 

SWS Group Inc. 7,469 110,679 94,666 

Synovus Financial Corp. 90,707 341,570 193,989 

SUSC 


34





of Cost Value 

Shares $ $ 

Tanger Factory Outlet Centers Inc. 1,315 54,137 53,751 

TD Ameritrade Holding Corp. 9,873 183,225 200,590 

Tower Group Inc. 4,216 115,011 103,336 

Transatlantic Holdings Inc. 7,006 364,007 382,588 

Trustco Bank Corp. 20,312 200,468 134,153 

Unitrin Inc. 3,949 85,954 91,286 

Unum Group 17,431 315,961 353,232 

Ventas Inc. 4,834 207,190 221,662 

Waddell & Reed Financial, Class ‘A’ 8,393 236,486 268,715 

Washington Federal Inc. 8,831 181,721 178,957 

Westamerica Bancorp 1,483 87,656 86,084 

Zions Bancorp 15,169 255,321 204,028 

18,736,025 18,960,518 


Abaxis Inc. 3,281 86,885 87,745 

Acorda Therapeutics Inc. 1,151 29,370 30,383 

Affymax Inc. 6,300 126,840 163,992 

Affymetrix Inc. 8,771 80,864 53,699 

Albany Molecular Research Inc. 4,699 66,293 44,631 

Alexion Pharmaceuticals Inc. 3,165 151,560 161,853 

Alkermes Inc. 17,300 205,526 170,301 

Allergan Inc. 1,600 100,159 105,690 

Allscripts Healthcare Solutions Inc. 12,600 215,773 267,222 

Almost Family Inc. 5,500 157,420 227,927 

Amedisys Inc. 1,900 105,818 96,725 

American Medical Systems Holdings Inc. 13,413 231,980 271,247 

AmerisourceBergen Corp. 17,834 398,500 486,851 

AmSurg Corp. 7,522 182,872 173,643 

Amylin Pharmaceuticals Inc. 17,562 202,765 261,254 

Analogic Corp. 937 63,900 37,770 

AngioDynamics Inc. 8,183 124,984 137,602 

ArQule Inc. 12,895 75,459 49,883 

Auxilium Pharmaceuticals Inc. 7,600 260,261 238,625 

Beckman Coulter Inc. 1,981 126,281 135,905 

Biogen Idec Inc. 3,483 183,814 195,350 

BioScript Inc. 6,223 42,712 54,279 

Bruker BioSciences Corp. 3,365 23,960 42,438 

Cephalon Inc. 2,316 190,146 151,530 

Charles River Laboratories International Inc. 14,440 597,349 510,005 

Community Health Systems Inc. 2,753 84,744 102,745 

Conceptus Inc. 16,717 321,417 327,898 

CONMED Corp. 5,086 99,013 121,568 

Cooper Cos. Inc. (The) 9,488 304,863 379,170 

CorVel Corp. 458 13,636 16,104 

Covance Inc. 5,924 470,573 338,655 

Coventry Health Care Inc. 20,301 454,566 515,889 

Cubist Pharmaceuticals Inc. 12,509 259,078 248,769 

Cyberonics Inc. 9,700 210,305 207,854 

Dentsply International Inc. 3,483 143,030 128,420 

Dyax Corp. 17,226 72,085 60,858 

Endo Pharmaceuticals Holdings Inc. 6,791 170,770 145,947 

Enzo Biochem Inc. 1,282 16,488 7,231 

eResearch Technology Inc. 8,525 84,228 53,712 

ev3 Inc. 4,548 45,219 63,508 

Exelixis Inc. 10,911 75,977 84,302 


of Cost Value 

Shares $ $ 

Forest Laboratories Inc., Class ‘A’ 6,386 230,661 214,902 

Genomic Health Inc. 3,102 67,051 63,511 

Gen-Probe Inc. 2,733 154,458 122,886 

Genzyme Corp. 1,333 95,470 68,489 

Health Grades Inc. 5,566 29,258 24,916 

Health Management Associates Inc., Class ‘A’ 10,331 63,323 78,738 

Health Net Inc. 34,296 852,266 837,374 

HealthSouth Corp. 16,700 248,445 328,440 

Henry Schein Inc. 2,834 148,499 156,276 

Hill-Rom Holdings Inc. 15,013 380,952 377,576 

Hologic Inc. 17,354 370,009 263,799 

Human Genome Sciences Inc. 1,051 30,944 33,683 

ICU Medical Inc. 2,580 124,030 98,290 

IDEXX Laboratories Inc. 4,632 243,488 259,502 

Illumina Inc. 2,883 102,171 92,636 

Impax Laboratories Inc. 7,598 64,506 108,249 

Incyte Corp. 18,000 160,861 171,908 

Inspire Pharmaceuticals Inc. 12,150 65,570 70,183 

Intuitive Surgical Inc. 491 123,932 156,131 

inVentiv Health Inc. 8,611 125,354 145,972 

Inverness Medical Innovations Inc. 7,130 262,115 309,977 

Kendle International Inc. 6,714 267,901 128,877 

Kensey Nash Corp. 5,172 135,389 138,263 

Kindred Healthcare Inc. 3,000 72,081 57,932 

Kinetic Concepts Inc. 10,255 339,825 404,769 

King Pharmaceuticals Inc. 11,833 131,044 152,087 

Laboratory Corp. of America Holdings 3,882 275,753 304,576 

Life Technologies Corp. 941 40,717 51,475 

LifePoint Hospitals Inc. 8,021 228,193 273,371 

Lincare Holdings Inc. 8,361 283,219 325,191 

Martek Biosciences Corp. 8,101 251,927 160,851 

Masimo Corp. 4,100 122,526 130,752 

Maxygen Inc. 9,867 86,594 62,789 

Medicis Pharmaceutical Corp. 4,518 89,461 128,121 

MEDNAX Inc. 2,837 173,968 178,867 

Meridian Bioscience Inc. 6,448 185,065 145,673 

Millipore Corp. 1,243 92,157 94,279 

Myriad Genetics Inc. 1,733 74,824 47,309 

Nighthawk Radiology Holdings Inc. 8,640 51,919 40,850 

NPS Pharmaceuticals Inc. 15,458 105,350 54,936 

Omnicare Inc. 100 2,562 2,536 

Onyx Pharmaceuticals Inc. 5,300 171,267 163,021 

OSI Pharmaceuticals Inc. 11,921 489,991 387,794 

Osiris Therapeutics Inc. 5,776 89,039 43,235 

Owens & Minor Inc. 8,895 417,129 400,232 

Par Pharmaceutical Cos. Inc. 5,648 126,864 160,224 

Parexel International Corp. 22,137 365,999 326,991 

Patterson Cos. Inc. 3,150 77,050 92,332 

PDL BioPharma Inc. 66,369 559,884 476,609 

Perrigo Co. 400 16,835 16,690 

Pharmaceutical Product Development Inc. 12,092 457,219 297,141 

Providence Service Corp. 4,297 48,697 71,130 

Questcor Pharmaceuticals Inc. 20,187 119,045 100,524 

Regeneron Pharmaceuticals Inc. 10,600 202,550 268,700 

ResMed Inc. 3,596 156,887 197,051 

Rigel Pharmaceuticals Inc. 11,300 115,103 112,540 


SUSC 

35





of Cost Value 

Shares $ $ 

Salix Pharmaceuticals Ltd. 4,800 126,564 127,614 

SciClone Pharmaceuticals Inc. 13,684 63,947 33,425 

Seattle Genetics Inc. 14,120 182,215 150,395 

SonoSite Inc. 2,816 91,172 69,582 

Symmetry Medical Inc. 11,282 112,832 95,448 

Team Health Holdings Inc. 11,400 151,444 167,436 

Techne Corp. 3,899 318,848 280,240 

U.S. Physical Therapy Inc. 107 1,785 1,897 

United Therapeutics Corp. 4,600 217,022 253,900 

Valeant Pharmaceuticals International 2,049 40,718 68,201 

Vical Inc. 12,888 40,154 44,452 

ViroPharma Inc. 12,730 125,618 111,969 

Virtual Radiologic Corp. 2,532 33,436 33,870 

Volcano Corp. 18,967 311,527 345,585 

Waters Corp. 1,500 90,586 97,355 

Watson Pharmaceuticals Inc. 4,256 129,494 176,553 

Zimmer Holdings Inc. 2,296 107,834 142,182 

19,370,076 19,140,440 


A.O. Smith Corp. 2,116 83,089 96,164 

AAR Corp. 5,000 117,000 120,036 

Administaff Inc. 409 11,111 10,085 

Air Transport Services Group Inc. 8,027 26,228 22,048 

Aircastle Ltd. 10,148 115,651 104,791 

Alaska Air Group Inc. 7,098 203,654 257,167 

Alexander & Baldwin Inc. 2,566 123,110 92,081 

Allegiant Travel Co. 4,304 185,600 212,791 

Alliant Techsystems Inc. 521 54,342 48,174 

AptarGroup Inc. 7,317 284,348 274,154 

Arkansas Best Corp. 2,149 60,998 66,190 

ATC Technology Corp. 5,094 82,540 127,313 

Avery Dennison Corp. 5,156 145,520 197,239 

Avis Budget Group Inc. 17,400 184,806 239,326 

BE Aerospace Inc. 27,921 438,138 685,526 

Beacon Roofing Supply Inc. 19,300 325,292 323,730 

Belden CDT Inc. 6,219 121,411 142,912 

Briggs & Stratton Corp. 17,673 403,502 346,649 

Brink’s Co. (The) 6,993 308,215 178,439 

C.H. Robinson Worldwide Inc. 1,409 81,995 86,752 

Carlisle Cos. Inc. 8,726 237,663 313,407 

Cintas Corp. 14,466 407,582 395,059 

Clean Harbors Inc. 1,640 99,618 102,418 

Columbus Mckinnon Corp., N.Y. 3,907 106,093 55,827 

Continental Airlines Inc., Class ‘B’ 48,551 797,362 912,100 

Con-way Inc. 852 29,268 31,181 

Corrections Corp. of America 17,800 344,238 458,118 

Courier Corp. 3,104 55,980 46,371 

Cubic Corp. 2,420 100,471 94,630 

Dover Corp. 6,124 228,118 267,140 

Dycom Industries Inc. 16,329 192,472 137,462 

EMCOR Group Inc. 14,424 410,194 405,556 

Ennis Inc. 3,251 52,547 57,223 

Equifax Inc. 9,123 355,058 295,435 

Fastenal Co. 5,717 205,929 249,326 

G & K Services Inc., Class ‘A’ 7,416 186,855 195,375 


of Cost Value 

Shares $ $ 

Gardner Denver Inc. 7,382 274,856 329,291 

GATX Corp. 1,900 76,382 57,266 

Gencorp Inc. 1,873 18,594 13,706 

Geo Group Inc. (The) 5,115 129,837 117,327 

HNI Corp. 8,849 258,229 256,319 

Hubbell Inc., Class ‘B’ 6,493 297,602 321,968 

ICT Group Inc. 2,358 40,070 40,318 

Idex Corp. 3,277 88,844 107,014 

Interline Brands Inc. 5,188 75,432 93,929 

Intrepid Potash Inc. 8,090 217,381 246,971 

ITT Industries Inc. 4,907 269,114 255,875 

J.B. Hunt Transport Services Inc. 13,333 428,856 451,059 

Jacobs Engineering Group Inc. 1,812 125,165 71,444 

Joy Global Inc. 1,551 52,593 83,787 

Kadant Inc. 5,512 70,174 91,936 

Kaman Corp., Class ‘A’ 3,133 88,754 75,773 

Kansas City Southern Industries Inc. 3,377 107,272 117,820 

Kaydon Corp. 4,608 166,176 172,556 

Kirby Corp. 4,699 240,315 171,530 

Knoll Inc. 18,940 195,363 205,110 

Lincoln Electric Holdings Inc. 2,420 172,681 135,628 

Lydall Inc. 3,666 44,950 20,023 

Manpower Inc. 1,465 73,094 83,826 

Mine Safety Appliances Co. 5,032 164,693 139,954 

Mueller Industries Inc. 4,811 123,097 125,182 

Navistar International Corp. 11,585 484,287 469,409 

Oshkosh Truck Corp., Class ‘B’ 9,802 134,668 380,518 

Paccar Inc. 5,179 181,424 196,979 

Pacer International Inc. 9 44 30 

PHH Corp. 20,812 398,060 351,056 

Pitney Bowes Inc. 10,804 260,714 257,788 

R.R. Donnelley & Sons Co. 19,663 322,465 458,655 

Rayonier Inc. 6,014 275,350 265,242 

Regal-Beloit Corp. 9,500 481,675 517,287 

Rockwell Collins Inc. 3,132 144,091 181,574 

Rush Enterprises Inc., Class ‘A’ 12,640 180,742 157,556 

Saia Inc. 5,445 99,730 84,425 

School Specialty Inc. 4,340 97,392 106,421 

Shaw Group Inc. (The) 8,598 362,286 259,054 

Spherion Corp. 18,243 100,989 107,483 

Spirit Aerosystems Holdings Inc., Class ‘A’ 10,057 156,316 209,178 

Standard Pacific Corp. 21,000 79,521 82,337 

Standard Register Co. (The) 5,199 56,405 27,797 

Teledyne Technologies Inc. 3,907 144,266 157,119 

Teleflex Inc. 4,584 231,497 258,880 

TeleTech Holdings Inc. 4,797 69,608 100,730 

Terex Corp. 6,783 101,149 140,868 

Thomas & Betts Corp. 7,864 266,620 294,978 

Timken Co. 4,594 74,647 114,190 

Toro Co. 741 25,298 32,479 

Trex Co. Inc. 15,186 269,624 310,763 

Triumph Group Inc. 2,986 128,958 151,041 

Tutor Perini Corp. 3,100 53,364 58,758 

Twin Disc Inc. 3,518 40,973 38,504 

UAL Corp. 35,354 174,700 478,488 

United Rentals Inc. 25,879 265,942 266,148 

SUSC 


36





of Cost Value 

Shares $ $ 

United Stationers Inc. 2,096 116,745 124,919 

URS Corp. 1,092 56,830 50,966 

US Airways Group Inc. 33,565 113,271 169,957 

W.W. Grainger Inc. 874 83,614 88,721 

Walter Energy Inc. 3,328 106,032 262,505 

Waste Connections Inc. 1,568 50,583 54,772 

Watson Wyatt & Co. Holdings 4,952 220,760 246,385 

Watts Water Technologies Inc., Class ‘A’ 3,294 81,011 106,706 

WESCO International Inc. 12,383 388,093 350,636 

17,845,266 19,405,109 


3Com Corp. 40,217 132,113 316,211 

Amkor Technology Inc. 13,615 73,338 101,911 

Analog Devices Inc. 7,028 191,876 232,454 

ANSYS Inc. 7,348 315,782 335,092 

Arris Group Inc. 10,590 106,930 126,896 

Arrow Electronics Inc. 11,333 279,877 351,795 

Art Technology Group Inc. 21,174 92,186 99,890 

Aruba Networks Inc. 1,246 11,545 13,925 

AsiaInfo Holdings Inc. 8,000 155,460 255,043 

Atheros Communications Inc. 10,290 274,182 369,041 

Avnet Inc. 11,597 283,432 366,677 

Black Box Corp. 3,718 130,846 110,463 

Bottomline Technologies Inc. 6,933 93,208 127,702 

Brightpoint Inc. 61,098 479,367 470,783 

Broadridge Financial Solutions Inc. 9,324 202,255 220,520 

CACI International Inc., Class ‘A’ 2,579 125,715 132,075 

Cavium Networks Inc. 4,120 93,893 102,883 

Checkpoint Systems Inc. 5,469 126,357 87,435 

Cirrus Logic Inc. 2,702 18,161 19,319 

Cognex Corp. 3,966 92,209 73,551 

Coherent Inc. 7,087 163,954 220,735 

Computer Sciences Corp. 3,947 149,595 238,050 

Concur Technologies Inc. 3,800 170,334 170,304 

Cree Inc. 1,729 48,813 102,122 

CSG Systems International Inc. 9,050 180,003 181,118 

CTS Corp. 10,918 125,939 110,109 

Cymer Inc. 1,337 41,063 53,781 

Cypress Semiconductor Corp. 39,036 382,389 432,151 

Daktronics Inc. 4,049 40,849 39,052 

Diebold Inc. 14,162 458,375 422,390 

Digital River Inc. 4,889 133,104 138,334 

Dolby Laboratories Inc., Class ‘A’ 3,316 145,567 165,578 

DST Systems Inc. 2,670 171,914 121,733 

EarthLink Inc. 4,900 42,634 42,585 

EchoStar Communications Corp., Class ‘A’ 3,713 79,247 78,395 

Electronics for Imaging Inc. 4,970 88,022 67,578 

Emulex Corp. 8,288 83,692 94,707 

Equinix Inc. 5,570 463,781 619,843 

Fidelity National Information Services Inc. 4,684 92,345 115,101 

Flir Systems Inc. 6,765 195,595 232,053 

Global Payments Inc. 5,752 311,317 324,782 

Harris Stratex Networks Inc., Class ‘A’ 30,109 210,846 217,481 

Heartland Payment Systems Inc. 28,525 398,300 392,044 

Hewitt Associates Inc., Class ‘A’ 3,857 150,819 170,878 


of Cost Value 

Shares $ $ 

Hutchinson Technology Inc. 4,228 36,714 45,432 

Informatica Corp. 6,400 177,549 173,506 

Ingram Micro Inc., Class ‘A’ 16,931 276,514 309,731 

Insight Enterprises Inc. 14,325 156,028 171,351 

Integral Systems Inc. 1,015 19,117 9,215 

Intermec Inc. 2,633 58,806 35,498 

Jabil Circuit Inc. 62,706 845,146 1,141,866 

Jack Henry & Associates Inc. 9,835 246,085 238,379 

JDS Uniphase Corp. 13,882 81,658 120,064 

Lam Research Corp. 7,265 243,993 298,634 

Lawson Software Inc. 18,945 115,644 131,678 

Lexmark International Inc. 6,994 240,651 190,490 

Linear Technology Corp. 5,699 194,838 182,463 

Littelfuse Inc. 5,600 154,266 188,745 

LSI Logic Corp. 15,175 90,989 95,293 

Methode Electronics Inc. 14,696 133,705 133,729 

Micrel Inc. 3,882 34,485 33,371 

Microsemi Corp. 8,061 182,059 149,916 

Microtune Inc. 5,673 25,733 13,381 

Molex Inc. 9,565 174,447 216,092 

Monolithic Power Systems Inc. 4,636 91,501 116,449 

Move Inc. 40,436 116,231 69,945 

MSCI Inc., Class ‘A’ 2,966 72,154 98,879 

MTS Systems Corp. 1,858 72,876 55,883 

National Semiconductor Corp. 2,883 37,292 46,424 

NCR Corp. 12,028 201,817 140,218 

Netezza Corp. 11,100 115,811 112,876 

Netgear Inc. 10,072 204,325 229,024 

NetScout Systems Inc. 3,025 32,913 46,332 

Neutral Tandem Inc. 2,806 52,996 66,923 

ON Semiconductor Corp. 43,460 348,432 401,395 

Parametric Technology Corp. 10,097 134,650 172,962 

Plexus Corp. 10,230 266,357 305,437 

QLogic Corp. 16,060 312,716 317,536 

Quest Software Inc. 7,666 139,613 147,714 

Rackspace Hosting Inc. 13,920 267,673 304,265 

Red Hat Inc. 8,800 203,507 285,067 

RF Micro Devices Inc. 71,240 360,863 356,245 

Richardson Electronics Ltd. 5,077 19,531 31,669 

Riverbed Technology Inc. 14,458 346,585 348,157 

SAIC Inc. 7,745 159,069 153,620 

Sanmina-SCI Corp. 9,000 106,024 104,070 

ScanSource Inc. 7,227 181,850 202,291 

Sigma Designs Inc. 13,870 183,956 155,585 

Silicon Laboratories Inc. 3,066 102,047 155,312 

Skyworks Solutions Inc. 42,080 498,343 625,545 

Sohu.com Inc. 2,193 170,015 131,689 

SuccessFactors Inc. 941 15,358 16,356 

Sybase Inc. 12,878 388,943 585,793 

Sykes Enterprises Inc. 14,565 327,695 388,754 

Synaptics Inc. 2,500 81,856 80,120 

SYNNEX Corp. 7,349 191,771 236,215 

Synopsys Inc. 16,502 396,317 385,441 

Take-Two Interactive Software Inc. 9,778 85,581 102,918 

Taleo Corp., Class ‘A’ 3,978 55,226 97,836 

Tech Data Corp. 8,136 276,896 397,981 


SUSC 

37





of Cost Value 

Shares $ $ 

Technitrol Inc. 16,908 167,867 77,638 

Teradata Corp. 13,725 343,235 451,658 

Tibco Software Inc. 14,849 90,466 149,754 

Trimble Navigation Ltd. 4,032 130,944 106,519 

TriQuint Semiconductor Inc. 53,190 404,750 334,570 

Unisys Corp. 9,910 279,303 400,606 

United Online Inc. 23,510 199,743 177,210 

United States Cellular Corp. 2,060 86,994 91,459 

ValueClick Inc. 24,568 286,868 260,649 

Varian Semiconductor Equipment Associates Inc. 4,320 169,850 162,496 

Veeco Instruments Inc. 3,299 56,352 114,096 

VeriFone Holdings Inc. 20,749 265,332 355,866 

Vishay Intertechnology Inc. 58,051 456,143 508,162 

Vocus Inc. 11,300 239,112 213,234 

Zebra Technologies Corp., Class ‘A’ 5,581 152,499 165,813 

Zoran Corp. 16,932 173,800 195,612 

21,217,704 23,781,672 


A. Schulman Inc. 7,369 142,452 155,510 

AK Steel Holding Corp. 11,314 137,212 253,233 

Allegheny Technologies Inc. 4,185 134,158 196,421 

Ashland Inc. 4,979 208,503 206,545 

Bemis Co. Inc. 1,918 54,935 59,618 

Brady Corp., Class ‘A’ 4,874 145,469 153,341 

Cabot Corp. 7,274 203,518 200,022 

Castle (A. M.) & Co. 8,151 106,098 116,982 

Century Aluminum Co. 14,680 114,128 249,007 

CIBER Inc. 20,515 79,916 74,199 

Cliffs Natural Resources Inc. 3,486 89,839 168,255 

Commercial Metals Co. 10,711 170,199 175,732 

Crown Holdings Inc. 4,612 122,089 123,679 

Cytec Industries Inc. 8,357 250,102 319,078 

Domtar Corp. 7,333 240,386 425,967 

Eagle Materials Inc. 4,610 130,239 125,317 

FMC Corp. 1,007 55,994 58,865 

General Steel Holdings Inc. 16,523 83,879 76,390 

Great Plains Energy Inc. 26,790 458,516 544,574 

H.B. Fuller Co. 9,164 168,933 218,561 

Hawkins, Inc. 2,411 55,957 55,126 

Headwaters Inc. 17,126 77,109 116,881 

Innophos Holdings Inc. 8,143 159,977 196,003 

Innospec Inc. 3,057 56,254 32,144 

Kaiser Aluminum Corp. 3,000 106,153 130,614 

KapStone Paper and Packaging Corp. 9,266 81,396 95,294 

Koppers Holdings Inc. 6,149 176,501 195,645 

LSB Industries Inc. 4,971 78,378 73,324 

Minerals Technologies Inc. 2,287 82,204 130,596 

Nalco Holding Co. 25,811 533,375 690,004 

Neenah Paper Inc. 12,667 182,401 185,248 

NewMarket Corp. 958 56,108 114,974 

Nucor Corp. 3,752 163,471 183,494 

Olin Corp. 3,898 53,632 71,595 

OM Group Inc. 3,492 115,387 114,914 

Owens Illinois Inc. 6,411 216,054 220,918 

Packaging Corp. of America 8,056 156,901 194,331 


of Cost Value 

Shares $ $ 

Pactiv Corp. 4,197 62,022 106,082 

PolyOne Corp. 42,456 227,200 332,480 

Reliance Steel & Aluminum Co. 7,183 334,891 325,459 

RLI Corp. 366 25,815 20,432 

Rockwood Holdings Inc. 2,273 55,686 56,070 

RPM International Inc. 3,497 61,546 74,531 

RTI International Metals Inc. 3,893 90,639 102,684 

Schnitzer Steel Industries Inc., Class ‘A’ 2,566 100,230 128,316 

Sensient Technologies Corp. 4,466 125,253 123,135 

Silgan Holdings Inc. 12,257 694,379 743,736 

Spartech Corp. 8,213 112,543 88,340 

Stepan Co. 2,292 108,950 155,727 

Steris Corp. 1,040 33,970 30,495 

Stillwater Mining Co. 6,782 33,795 67,260 

Symyx Technologies Inc. 7,861 65,407 45,326 

Terra Industries Inc. 3,806 128,507 128,399 

Titanium Metals Corp. 6,032 68,244 79,172 

W.R. Grace & Co. 16,517 291,559 438,431 

Westlake Chemical Corp. 2,034 49,540 53,138 

Worthington Industries Inc. 8,015 86,857 109,821 

8,204,856 9,911,435 


Alaska Communications Systems Holdings Inc. 18,891 243,663 157,643 

Cincinnati Bell Inc. 55,225 200,241 199,738 

Consolidated Communications Holdings Inc. 7,725 130,177 141,481 

Iowa Telecommunications Services Inc. 3,120 60,122 54,819 

Metropcs Communications Inc. 11,600 101,479 92,666 

NeuStar Inc., Class ‘A’ 28,014 696,883 676,650 

PAETEC Holding Corp. 20,922 68,794 91,024 

SBA Communications Corp. 11,860 383,447 424,726 

Telephone and Data Systems Inc. 1,766 51,795 62,762 

Telephone and Data Systems Inc., Special Shares 1,724 55,195 54,130 

tw telecom Inc. 10,893 183,022 195,733 

USA Mobility Inc. 2,987 39,528 34,477 

Windstream Corp. 7,045 75,215 81,168 

2,289,561 2,267,017 


AGL Resources Inc. 14,439 528,717 552,051 

Ameren Corp. 13,600 381,778 398,499 

American Water Works Co. Inc. 7,900 168,056 185,268 

Atmos Energy Corp. 7,232 212,196 222,901 

Black Hills Corp. 2,441 91,277 68,147 

Consolidated Edison Inc. 2,910 122,815 138,593 

Edison International 4,756 164,416 173,411 

El Paso Electric Co. 8,932 181,017 189,899 

Empire District Electric Co. 7,369 161,510 144,540 

Energen Corp. 5,562 302,994 272,829 

EQT Corp. 502 27,443 23,098 

Hawaiian Electric Industries Inc. 12,714 321,809 278,570 

Health Care REIT Inc. 6,756 313,635 313,832 

IDACORP Inc. 1,682 48,145 56,338 

Laclede Group Inc. (The) 1,775 69,871 62,840 

Lennox International Inc. 6,000 226,736 245,566 

NorthWestern Corp. 15,575 437,248 424,856 

SUSC 


38





of Cost Value 

Shares $ $ 

NV Energy Inc. 11,184 142,891 145,152 

OGE Energy Corp. 4,059 135,969 157,061 

Piedmont Natural Gas Co. Inc. 4,299 136,896 120,558 

Pinnacle West Capital Corp. 5,213 178,046 199,911 

Portland General Electric Co. 32,345 713,648 691,741 

RRI Energy Inc. 67,888 570,988 407,095 

SCANA Corp. 4,420 163,834 174,598 

South Jersey Industries Inc. 2,636 100,421 105,509 

UGI Corp. 9,795 266,488 248,397 

Westar Energy Inc. 2,920 61,129 66,519 

Xcel Energy Inc. 8,946 188,991 199,013 

6,418,964 6,266,792 

Total U.S. Equities 127,400,170 136,392,699 

Foreign Equities – 4.1% 

Allied World Assurance Holdings Ltd. 4,900 225,632 236,555 

Assured Guaranty Ltd. 9,100 205,332 207,590 

Axis Capital Holdings Ltd. 1,600 48,520 47,654 

Copa Holdings SA, Class ‘A’ 4,996 230,136 285,290 

Endurance Specialty Holdings Ltd. 12,198 430,110 476,089 

First BanCorp (Puerto Rico) 27,600 85,566 66,549 

Focus Media Holding Ltd., ADR 22,480 296,373 373,300 

Greenlight Capital Re, Ltd., Class ‘A’ 3,330 82,452 82,248 

Hansen Transmissions International 99,290 177,834 182,799 

Herbalife Ltd. 7,760 279,010 330,045 

ICON PLC, ADR 16,900 437,123 384,993 

Karoon Gas Australia Ltd. 12,707 126,191 126,994 

Localiza Rent a Car SA 20,510 199,561 234,357 


of Cost Value 

Shares $ $ 

Nabors Industries Ltd. 8,753 157,441 200,867 

Navitas Ltd. 20,913 81,052 80,053 

PartnerRe Ltd. 2,564 184,175 200,684 

Platinum Underwriters Holdings Ltd. 4,597 158,250 184,530 

Rossi Residencial SA 32,730 251,171 298,207 

Seagate Technology 35,540 451,802 677,730 

Ship Finance International Ltd. 2,300 30,791 32,792 

Signet Jewelers Ltd. 3,362 85,193 93,965 

Tam SA, ADR 15,480 225,411 355,720 

Teekay Shipping Corp. 1,100 28,034 26,765 

Validus Holdings Ltd. 1,908 51,398 53,867 

VistaPrint NV 7,270 385,999 431,834 

Willis Group Holdings Ltd. 7,038 201,572 194,492 

Xyratex Ltd. 9,401 66,615 131,177 

Total Foreign Equities 5,182,744 5,997,146 



SEI Money Market Fund, Class ‘O’ 61 611 611 

611 611 

Total Short-Term Note* – 0.1% 199,890 199,893 



Unrealized Appreciation (Depreciation) 

on Futures Contracts** – 0.0% 24,196 


Net Assets – 100.0% 144,647,080 


Unrealized 





United States Russell 2000 Mini Index 

expiration date March 2010 11 USD 606.10 698,945 719,472 20,527 

United States S&P MidCap 400 Mini Index 

expiration date March 2010 4 USD 711.25 298,256 301,925 3,669 


*Short-Term Note earns interest at rate 0.186% and matures on April 15, 2010. 

**$200,000 of Canada Treasury Bills are held as collateral by counterparties with respect to the futures contracts. 


SUSC 

39








Energy 4.6 





Materials 4.5 


Utilities 6.4 

Foreign Equities 2.0 

Mutual Fund — 

Total Short Term Note 0.5 



100.0 



Currency Risk 



2009 2008 2009 2008 2009 2008 2009 2008 

U.S. Dollar 143,030,191 138,926,733 — — 143,030,191 138,926,733 98.88% 98.70% 

Brazilian Real 532,564 — — — 532,564 — 0.37% 0.00% 

Australian Dollar 207,047 — — — 207,047 — 0.14% 0.00% 

British Pound 182,799 — — — 182,799 — 0.13% 0.00% 









Credit Risk 






Common Shares $ 142,939,835 $ — $ — $ 142,939,835 


Short-term notes 199,893 — — 199,893 

Bonds — — — — 

Investments in funds 611 — 611 

Total Investments $ 143,140,339 $ — $ — $ 143,140,339 





SUSC 


40





2009 2008 

ASSETS 





Receivable for portfolio securities sold 75 — 

Margin receivable on futures 318 697 



145,231 141,052 

LIABILITIES 


Payable for portfolio securities purchased 310 — 


Unrealized depreciation on futures contracts — — 

584 301 




(Class O) $ 138,179 $ 134,500 

(Class I) $ 3 $ 446 

(Class P) $ 5,614 $ 5,272 

(Class F) $ 851 $ 533 


(Class O) $ 3.83 $ 3.52 

(Class I) $ 3.74 $ 3.43 

(Class P) $ 3.53 $ 3.29 

(Class F) $ 3.77 $ 3.47 





2009 2008 


Dividends $ 2,204 $ 2,629 


2,334 2,753 


1,924 2,356 

EXPENSES 








217 389 


FOR THE PERIOD $ 1,707 $ 1,967 



AND FORWARDS $ 557 $ (1,936) 












(Class O) $ 12,839 $ (38,480) 

(Class I) $ (25) $ (153) 

(Class P) $ 477 $ (1,636) 

(Class F) $ 106 $ (132) 



(Class O) $ 0.33 $ (1.15) 

(Class I) $ (0.36) $ (1.13) 

(Class P) $ 0.29 $ (1.12) 

(Class F) $ 0.50 $ (1.12) 



SUSC 

41





Fund Total 

Class O 

2009 2008 2009 2008 





Out of net investment income ≠ (1,610) — (1,605) — 

Return of capital — (3) — — 

(1,610) (3) (1,605) — 


TRANSACTIONS 



Reinvestment of distributions ≠ 1,607 2 1,602 — 

(7,891) 55,961 (7,555) 54,226 

CHANGES IN NET ASSETS 3,896 15,557 3,679 15,746 


Class I 

Class P 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 446 $ 650 $ 5,272 $ 5,267 


ASSETS FROM OPERATIONS (25) (153) 477 (1,636) 


Out of net investment income ≠ (1) — — — 

Return of capital — (2) — (1) 

(1) (2) — (1) 


TRANSACTIONS 

Proceeds from issue of units 7 2 1,976 4,090 

Payments on redemption of units (425) (52) (2,111) (2,449) 

Reinvestment of distributions ≠ 1 1 — 1 

(417) (49) (135) 1,642 

CHANGES IN NET ASSETS (443) (204) 342 5 

NET ASSETS, END OF PERIOD $ 3 $ 446 $ 5,614 $ 5,272 

Class F 

2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 533 $ 523 




Out of net investment income (4) — 

(4) — 


TRANSACTIONS 

Proceeds from issue of units 482 423 

Payments on redemption of units (270) (281) 

Reinvestment of distributions 4 — 

216 142 

CHANGES IN NET ASSETS 318 10 

NET ASSETS, END OF PERIOD $ 851 $ 533 

≠ 


SUSC 


42





of Cost Value 

Shares $ $ 


Australia – 6.5% 

Aditya Birla Minerals Ltd. 23,475 35,978 27,334 

AGL Energy Ltd. 9,422 124,952 124,545 

Amcor Ltd. 50,804 282,778 296,978 

AMP Ltd. 61,004 384,633 388,237 

Aristocrat Leisure Ltd. 9,543 42,069 36,080 

Arrow Energy Ltd. 22,434 74,578 87,779 

Asciano Group 96,958 139,147 165,919 

Australia and New Zealand Banking Group Ltd. 115,593 2,233,132 2,492,486 

Australian Infrastructure Fund 33,232 55,713 55,458 

Australian Stock Exchange Ltd. 2,207 65,403 72,559 

Beach Petroleum Ltd. 6,198 5,640 5,347 

Bendigo and Adelaide Bank Ltd. 8,378 71,327 77,490 

BHP Billiton Ltd. 192,829 6,442,083 7,832,188 

Billabong International Ltd. 11,457 105,917 117,850 

Biota Holdings Ltd. 6,400 15,462 14,482 

Bluescope Steel Ltd. 193,741 557,949 566,263 

Boral Ltd. 29,796 148,040 165,747 

Brambles Ltd. 10,883 69,785 69,056 

Caltex Australia Ltd. 4,731 46,052 41,438 

CFS Gandel Retail Trust 69,733 127,800 124,261 

Coca-Cola Amatil Ltd. 87,798 747,188 951,130 

Cochlear Ltd. 2,872 144,263 185,431 

Commonwealth Bank of Australia 65,173 2,464,140 3,367,312 

Computershare Ltd. 57,776 458,326 616,091 

Crown Ltd. 20,655 136,585 155,989 

CSR Ltd. 22,764 39,005 38,633 

David Jones Ltd. 1,900 6,313 9,656 

DB RREEF Trust 17,947 23,281 14,298 

Downer EDI Ltd. 11,595 71,510 101,669 

Energy Resources of Australia Ltd., Class ‘A’ 1,840 38,682 40,872 

Fairfax Media Ltd. 270,335 427,625 433,297 

Fortescue Metals Group Ltd. 25,698 96,879 107,576 

Foster’s Group Ltd. 171,871 886,228 889,631 

Goodman Fielder Ltd. 102,311 181,586 156,269 

GPT Group 117,684 73,700 66,574 

Harvey Norman Holdings Ltd. 168,791 564,152 668,396 

Insurance Australia Group Ltd. 50,538 195,111 192,025 

JB Hi-Fi Ltd. 21,891 225,946 466,454 

Kingsdate Consolidated Ltd. 3,100 23,316 26,919 

Leighton Holdings Ltd. 14,059 485,596 502,641 

Lend Lease Corp. Ltd. 62,389 603,678 602,930 

Macquarie Group Ltd. 4,943 142,525 225,378 

Macquarie Infrastructure Group 457,541 1,120,705 573,742 

Metcash Ltd. 50,638 181,787 212,935 

Mirvac Group 31,710 45,685 46,640 

National Australia Bank Ltd. 66,373 1,634,134 1,713,405 

Newcrest Mining Ltd. 38,625 1,064,574 1,282,969 

OneSteel Ltd. 17,229 62,498 53,930 

Orica Ltd. 45,764 1,030,574 1,115,372 

Origin Energy Ltd. 55,555 849,992 877,350 

OZ Minerals Ltd. 259,368 260,906 287,336 

Pacific Brands Ltd. 80,472 169,571 85,356 

Paladin Resources Ltd. 5,988 25,528 23,543 

Primary Health Care Ltd. 6,400 33,917 36,024 

Qantas Airways Ltd. 362,982 926,948 1,016,428 

QBE Insurance Group Ltd. 4,066 76,000 97,756 

Rio Tinto Ltd. 29,928 1,243,030 2,108,666 


of Cost Value 

Shares $ $ 

Santos Ltd. 125,537 1,731,020 1,666,516 

Sims Metal Management Ltd. 2,145 46,704 44,695 

Sonic Healthcare Ltd. 13,984 179,118 201,592 

Stockland 104,359 396,172 384,717 

Straits Resources Ltd. 60,219 98,313 97,656 

Suncorp-Metway Ltd. 105,741 808,436 862,372 

Super Cheap Auto Group Ltd. 3,600 17,500 17,921 

Tabcorp Holdings Ltd. 40,809 348,384 267,024 

Tattersall’s Ltd. 140,495 330,098 323,211 

Telstra Corp. Ltd. 98,770 361,961 318,483 

Toll Holdings Ltd. 25,807 190,693 210,469 

Transurban Group 15,437 79,502 80,341 

United Group Ltd. 2,900 37,703 39,017 

Wesfarmers Ltd. 64,000 1,554,120 1,882,650 

Wesfarmers Ltd., Partially Protected Shares 14,180 393,549 417,125 

Westfield Group 51,264 725,612 604,168 

Westpac Banking Corp. Ltd. 70,309 1,463,256 1,675,140 

Woodside Petroleum Ltd. 3,617 136,024 160,963 

Woolworths Ltd. 37,215 806,811 982,451 

WorleyParsons Ltd. 7,727 186,092 210,034 

37,680,990 42,558,665 

Austria – 0.2% 

Erste Group Bank AG 2,769 121,098 108,538 

IMMOEAST Immobilien Anlagen AG 13,955 81,025 80,392 

OMV AG 14,486 638,861 662,812 

Raiffeisen International Bank-Holding AG 1,020 69,083 60,601 

Strabag AG 3,544 120,730 110,130 

Vienna Insurance Group 2,713 138,216 146,904 

Voestalpine AG 1,416 53,016 54,737 

1,222,029 1,224,114 

Belgium – 1.4% 

Anheuser-Busch InBev NV 46,401 2,015,182 2,540,105 

Compagnie d’Entreprises CFE 438 23,241 23,388 

Delhaize Group 25,459 2,039,408 2,052,526 

Dexia 71,936 801,377 482,466 

Fortis 97,263 378,100 383,586 

Fortis, Rights, Coupon ‘42’ 79,832 — — 

Groupe Bruxelles Lambert SA 4,534 399,161 450,099 

KBC Groep NV 22,121 1,135,657 1,010,490 

Solvay SA 6,143 864,253 697,606 

Telenet Group Holding NV 10,736 210,929 319,735 

UCB SA 28,496 1,161,378 1,252,410 

Umicore 7,200 189,988 253,414 

9,218,674 9,465,825 

Bermuda – 0.2% 

Catlin Group Ltd. 40,441 267,138 232,777 

Hong Kong Land Holdings Ltd. 76,000 324,501 388,812 

Jardine Strategic Holdings Ltd. 6,000 93,727 110,706 

SeaDrill Ltd. 29,600 671,935 794,472 

1,357,301 1,526,767 

Brazil – 0.9% 

Banco Bradesco SA, ADR 59,050 1,208,063 1,353,864 

Banco do Brasil SA 10,800 205,511 191,604 

BRF – Brasil Foods SA 28,000 632,899 762,808 

Companhia Energetica de Minas Gerais SA, ADR 49,125 746,036 928,548 

SEEF 


43





of Cost Value 

Shares $ $ 

Cyrela Brazil Realty SA 

Empreendimentos e Participacoes 36,000 509,730 525,017 

Inepar SA Industria e Contrucoes, Preferred 19,600 51,353 74,378 

Petroleo Brasileiro SA, Preferred 66,700 1,091,945 1,470,141 

Redecard SA 23,700 364,706 411,913 

4,810,243 5,718,273 

Canada – 0.9% 

Agrium Inc. 12,300 667,729 795,933 

Barrick Gold Corp. 23,500 1,010,432 968,450 

Cenovus Energy Inc. 4,800 125,133 127,056 

EnCana Corp. 4,800 140,182 163,440 

Gildan Activewear Inc. 10,100 223,854 258,257 

Husky Energy Inc. 7,600 248,405 228,152 

IAMGOLD Corp. 20,838 215,831 343,619 

Open Text Corp. 19,600 791,455 835,744 

Petro Rubiales Energy Corp. 18,700 206,261 287,980 

Royal Bank of Canada 3,900 168,172 219,804 

Sino-Forest Corp., Class ‘A’ 55,300 937,273 1,068,396 

Teck Resources Ltd., Class ‘B’ 9,800 284,474 359,660 

Yamana Gold Inc. 37,500 519,345 448,500 

5,538,546 6,104,991 

Chile – 0.0% 

Madeco SA, ADR 5,200 33,730 33,526 

33,730 33,526 

China – 0.4% 

China Railway Group Ltd., Class ‘H’ 404,000 373,957 329,364 

Industrial and Commercial Bank of China, 

Class ‘H’ 1,577,000 1,044,642 1,370,946 

Perfect World Co. Ltd., ADR 5,900 285,355 243,947 

Trina Solar Ltd., ADR 6,440 353,235 361,199 

Yangzijiang Shipbuilding Holdings Ltd. 73,000 64,561 65,412 

2,121,750 2,370,868 

Cyprus – 0.0% 

Bank of Cyprus Public Co. Ltd. 37,155 282,137 272,722 

282,137 272,722 

Denmark – 0.6% 

A.P. Moller – Maersk AS 5 38,142 36,992 

A.P. Moller – Maersk AS, Class ‘A’ 59 722,602 419,805 

Carlsberg A/S, Series ‘B’ 15,231 1,050,125 1,182,259 

Coloplast AS, Class ‘B’ 448 43,821 42,834 

Danisco AS 3,830 199,233 269,808 

Danske Bank AS 13,365 337,337 318,789 

DSV AS 3,074 55,570 58,348 

FLSmidth & Co. AS 4,030 281,118 298,967 

H. Lundbeck AS 450 8,727 8,619 

Jyske Bank AS, Registered 2,054 81,612 83,766 

Monberg & Thorsen AS, Class ‘B’ 354 14,199 20,036 

Novo Nordisk AS, Series ‘B’ 12,688 756,242 850,858 

Sydbank AS 3,559 90,046 96,222 

William Demant Holding AS 2,875 170,781 228,103 

3,849,555 3,915,406 


of Cost Value 

Shares $ $ 

Finland – 0.8% 

Citycon OYJ 6,604 17,259 29,104 

Elisa OYJ 2,037 46,027 48,655 

KCI Konecranes OYJ 289 8,397 8,281 

Kesko OYJ, Series ‘B’ 5,265 169,077 181,508 

Kone OYJ, Class ‘B’ 43,591 1,427,206 1,963,705 

Metso OYJ 17,751 572,455 656,811 

Nokia OYJ 23,162 515,379 310,759 

Nokian Renkaat OYJ 3,085 75,081 78,698 

Outokumpu OYJ, Series ‘A’ 2,182 42,021 43,486 

Sampo OYJ, Series ‘A’ 13,747 306,157 350,684 

SanomaWSOY OYJ 7,401 162,319 174,661 

Sponda OYJ 12,925 53,723 52,879 

Stora Enso OYJ, Series ‘R’ 128,702 1,026,100 944,686 

UPM-Kymmene Corp. OYJ 29,007 394,972 362,565 

Wartsila OYJ, Series ‘B’ 1,730 56,682 73,016 

4,872,855 5,279,498 

France – 7.4% 

Accor SA 15,310 812,973 880,594 

Aeroports de Paris 358 25,918 30,332 

Air France-KLM 11,362 200,139 187,988 

Air Liquide SA 408 43,027 50,954 

Alcatel SA, Series ‘A’ 55,820 208,094 199,993 

Alstom SA 9,339 859,433 689,145 

Arkema 4,191 117,906 163,425 

Atos Origin SA 9,532 536,920 460,011 

AXA SA 32,867 1,199,432 817,670 

BIC SA 710 50,358 51,581 

bioMerieux 502 59,921 61,244 

BNP Paribas SA 66,930 5,507,111 5,617,429 

Bouygues SA 15,966 852,283 874,738 

Cap Gemini 13,026 861,504 626,378 

Carrefour SA 1,694 82,386 85,510 

Christian Dior SA 7,922 813,872 854,828 

CNP Assurances 12,037 1,312,732 1,226,801 

Compagnie de Saint-Gobain 1,015 59,580 58,106 

Compagnie Generale des Etablissements Michelin, 

Registered, Series ‘B’ 1,660 112,673 133,581 

Credit Agricole SA 72,331 1,614,578 1,344,156 

Danone 515 33,410 33,173 

Dassault Systemes SA 717 37,980 42,788 

EDF Group 13,692 756,547 854,874 

Eiffage SA 746 50,294 43,985 

Essilor International SA 2,731 149,278 171,006 

Etablissements Economiques du Casino 

Guichard Perrachon SA 3,777 279,153 355,123 

Eurazeo 1,891 132,964 138,233 

Eutelsat Communications 15,769 431,575 532,480 

Fonciere des Regions 3,154 356,023 338,579 

Fonciere des Regions, Warrants, 2010/12/31 3,154 1,473 2,714 

France Telecom SA 85,946 2,714,915 2,252,584 

GDF Suez 6,236 371,446 282,892 

Gecina 2,285 246,640 260,827 

Groupe Steria SCA 5,759 119,730 185,805 

Hermes International 87 12,616 12,208 

Iliad SA 273 32,586 34,205 

Ipsen SA 1,680 86,555 97,666 

JC Decaux SA 677 17,141 17,311 


SEEF 

44





of Cost Value 

Shares $ $ 

Klepierre 5,637 238,323 239,863 

Lafarge SA 5,711 579,025 496,590 

Lagardere SCA, Registered 2,417 111,397 103,247 

Legrand SA 9,773 269,234 286,278 

L’Oreal SA 1,234 142,391 144,756 

LVMH Moet Hennessy-Louis Vuitton SA 2,541 217,840 299,451 

M6 Metropole Television SA 14,180 321,650 383,272 

Natixis 104,631 600,132 558,061 

Neopost SA 1,242 124,440 107,641 

Nexity 5,469 195,249 208,160 

PagesJaunes Groupe SA 5,956 77,900 69,877 

Pernod-Ricard SA 573 51,469 51,634 

Pinault-Printemps Redoute SA 15,801 1,528,188 2,002,099 

PSA Peugeot Citroen SA 18,624 686,386 662,781 

Publicis Groupe 24,324 821,640 1,042,707 

Rallye SA 1,295 48,764 47,625 

Renault SA 8,416 398,456 457,991 

Rhodia SA, Registered 7,995 149,474 151,641 

SAFRAN SA 2,804 52,116 57,675 

Sanofi-Aventis SA 98,069 8,033,700 8,121,766 

Schneider Electric SA 5,650 564,311 692,440 

SCOR SA 2,683 72,122 70,622 

Societe de la Tour Eiffel 887 62,648 70,297 

Societe des Autoroutes Paris-Rhin-Rhone 3,003 231,665 241,246 

Societe Generale 19,608 1,576,577 1,442,787 

Societe Television Francaise 1 28,651 561,840 553,119 

Suez Environnement SA 2,461 59,779 59,670 

Technip SA 23,177 1,469,751 1,721,784 

TOTAL SA 75,315 5,319,037 5,098,293 

Unibail-Rodamco SE 4,163 794,648 961,790 

Valeo SA 12,059 332,472 442,662 

Vallourec SA 133 22,712 25,406 

Veolia Environnement 1,474 43,098 51,259 

Vinci SA 15,498 846,888 919,846 

Vivendi SA 28,647 1,138,690 895,811 

48,905,178 48,811,064 

Germany – 6.9% 

Adidas-Salomon AG 1,173 64,577 66,656 

Aixtron AG 20,498 440,988 718,373 

Allianz AG, Registered 23,493 3,261,231 3,086,979 

BASF SE 67,327 3,647,608 4,418,318 

Bayer AG 26,630 1,599,931 2,245,067 

Bayerische Motoren Werke (BMW) AG, Preferred 4,260 146,789 145,708 

Bayerische Motoren Werke AG 28,632 1,351,510 1,378,111 

Beiersdorf AG 928 64,420 64,320 

Bilfinger & Berger AG 159 13,650 12,821 

Commerzbank AG 3,822 45,975 33,831 

DaimlerChrysler AG, Registered 56,651 2,749,570 3,161,288 

Deutsche Bank AG, Registered 45,105 3,385,155 3,358,245 

Deutsche Boerse AG 10,791 815,742 939,773 

Deutsche Lufthansa AG 68,556 1,184,012 1,210,072 

Deutsche Post AG, Registered 153,120 2,929,094 3,109,197 

Deutsche Postbank AG 4,396 156,235 151,153 

Deutsche Telekom AG, Registered 10,123 182,805 157,134 

Draegerwerk AG & Co. KGaA, Preferred 1,129 33,200 50,843 

E.ON AG 84,880 3,829,020 3,708,805 

Fresenius Medical Care AG 629 35,560 35,015 

Hannover Rueckversicherungs AG, Registered 24,261 1,005,178 1,197,285 


of Cost Value 

Shares $ $ 

HeidelbergCement AG 34,538 2,476,864 2,471,748 

Henkel AG & Co. KGaA 5,187 233,661 241,702 

Henkel AG & Co. KGaA, Preferred 24,012 1,152,289 1,306,711 

Hochtief AG 17,146 1,264,047 1,370,720 

Infineon Technologies AG 142,018 799,872 825,611 

Jungheinrich AG, Preferred 5,730 104,503 115,058 

Linde AG 3,375 377,713 425,149 

Loewe AG 549 9,326 7,358 

MAN SE 937 66,728 76,613 

METRO AG 4,573 292,244 294,737 

Munchener Rueckversicherungs-Gesellschaft AG, 

Registered 5,580 914,848 913,745 

Porsche AG, Preferred 1,327 111,991 86,246 

ProsiebenSat.1 Media AG, Preferred 16,391 203,367 199,698 

Puma AG Rudolf Dassler Sport 348 121,080 122,227 

RWE AG, Class ‘A’ 19,063 2,155,135 1,951,774 

RWE AG, Preferred 3,237 264,283 300,651 

SAP AG 3,295 182,083 163,823 

Siemens AG, Registered 35,539 3,009,433 3,438,755 

Suedzucker AG 15,388 356,292 334,682 

TUI AG, Registered 58,728 515,904 514,104 

United Internet AG, Registered 34,929 446,455 481,768 

Volkswagen AG 520 195,778 59,896 

Volkswagen AG, Preferred 4,112 485,462 402,640 

Wacker Chemie AG 1,232 219,786 224,593 

42,901,394 45,579,003 

Greece – 0.8% 

Alpha Bank AE 61,064 1,067,726 753,150 

Bank of Piraeus 16,049 262,920 195,290 

Coca-Cola Hellenic Bottling Co. SA 12,027 262,826 289,260 

EFG Eurobank Ergasias 10,771 159,326 127,663 

National Bank of Greece SA 20,663 505,301 562,541 

OPAP SA 15,423 597,778 355,858 

Public Power Corp. 131,347 2,853,486 2,568,302 

Titan Cement Co. 4,452 157,223 135,936 

5,866,586 4,988,000 

Guernsey – 0.1% 

Resolution Ltd. 548,641 890,354 830,356 

890,354 830,356 

Hong Kong – 3.3% 

ASM Pacific Technology Ltd. 22,000 165,387 219,214 

Bank of East Asia Ltd. 35,800 124,888 149,319 

BOC Hong Kong (Holdings) Ltd. 909,000 1,885,642 2,172,821 

Bonjour Holdings Ltd. 59,000 33,140 60,943 

Cathay Pacific Airways 39,000 72,812 77,510 

Cheung Kong (Holdings) Ltd. 49,000 607,831 666,456 

China Overseas Land & Investment Ltd. 414,000 622,306 915,717 

Chinese Estates 55,000 103,286 98,007 

CLP Holdings Ltd. 162,000 1,226,692 1,149,879 

Dairy Farm International Holdings Ltd. 4,400 25,763 27,630 

Esprit Holdings Ltd. 148,171 1,083,179 1,039,701 

First Pacific Co. Ltd. 80,000 58,649 50,943 

Genting Singapore PLC 874,800 661,446 842,661 

Great Eagle Holdings Ltd. 219,000 388,921 598,099 

Guoco Group Ltd. 9,000 77,371 100,265 

Hang Lung Group Ltd. 25,000 121,083 130,468 

SEEF 


45





of Cost Value 

Shares $ $ 

Hang Lung Properties Ltd. 184,000 674,279 761,232 

Hang Seng Bank Ltd. 17,206 289,846 267,287 

Henderson Land Development Co. Ltd. 41,000 245,011 324,832 

Hengan International Group Co. Ltd. 52,000 237,936 402,491 

HKR International Ltd. 12,000 5,575 5,338 

Hong Kong & China Gas Co. 56,000 133,372 147,639 

Hong Kong Exchanges & Clearing Ltd. 28,700 484,908 540,907 

Hongkong and Shanghai Hotels Ltd. (The) 34,000 48,421 52,220 

Hopewell Holdings Ltd. 66,500 240,095 225,670 

Huabao International Holdings Ltd. 388,000 382,169 436,448 

Hutchison Whampoa Ltd. 162,620 1,283,785 1,175,166 

Hysan Development Co. Ltd. 108,000 294,518 321,966 

Jardine Matheson Holdings Ltd. 9,200 283,668 287,223 

Kerry Properties Ltd. 53,000 258,328 283,042 

Li & Fung Ltd. 80,000 344,729 350,439 

Link REIT (The) 23,000 47,824 61,384 

MTR Corp. Ltd. 46,500 164,166 168,801 

New World Development Co. Ltd. 209,000 439,997 450,980 

Noble Group Ltd. 308,000 389,443 745,162 

Orient Overseas International Ltd. 5,000 29,811 24,539 

Pacific Basin Shipping Ltd. 270,000 243,270 205,153 

Pacific Century Premium Developments Ltd. 80,000 20,978 22,822 

RCG Holdings Ltd. 19,048 20,038 25,314 

Road King Infrastructure Ltd. 5,000 4,148 4,070 

Shangri-La Asia Ltd. 12,000 24,525 23,687 

Sino Land Co. Ltd. 28,000 58,555 57,390 

Sun Hung Kai Properties Ltd. 220,000 2,837,203 3,450,312 

Swire Pacific Ltd., Class ‘A’ 43,500 502,120 554,598 

Television Broadcasts Ltd. 18,000 86,232 90,652 

Texwinca Holdings Ltd. 4,000 3,100 3,888 

Victory City International Holdings Ltd. 272,000 44,184 57,000 

Vtech Holdings Ltd. 12,000 91,600 119,409 

Wharf (Holdings) Ltd. (The) 185,000 888,718 1,119,290 

Wheelock and Co. Ltd. 73,000 229,484 234,897 

Wing Hang Bank Ltd. 4,500 45,544 44,018 

Wing On Co. International Ltd. 4,000 6,840 5,851 

Yue Yuen Industrial Holdings Ltd. 77,950 206,539 236,598 

18,849,355 21,587,348 

Hungary – 0.0% 

OTP Bank NyRt. 9,458 180,163 287,225 

180,163 287,225 

India – 0.7% 

HDFC Bank Ltd., ADR 8,895 732,284 1,213,006 

Infosys Technologies Ltd., ADR 13,340 625,824 772,671 

Larsen & Toubro Ltd., GDR, Registered ‘S’ 18,450 665,665 699,989 

Patni Computer Systems Ltd., ADR 2,900 26,901 61,899 

Reliance Industries Ltd., GDR 25,480 1,234,874 1,242,106 

Sterlite Industries (India) Ltd. 34,400 491,215 640,483 

3,776,763 4,630,154 

Indonesia – 0.2% 

PT Astra International TBK 109,000 297,293 420,227 

PT Gudang Garam TBK 48,500 64,931 116,897 

PT Telekomunikasi Indonesia 685,000 657,356 722,324 

1,019,580 1,259,448 


of Cost Value 

Shares $ $ 

Ireland – 0.1% 

CRH PLC 571 15,828 16,327 

DCC PLC 1,245 34,419 36,516 

Experian PLC 34,998 298,193 364,382 

Kerry Group PLC, Class ‘A’ 5,319 167,627 164,617 

516,067 581,842 

Israel – 0.3% 

Check Point Software Technologies Ltd. 13,640 367,736 483,609 


1,418,204 1,813,193 

Italy – 2.6% 

Acea SPA 29,317 443,224 329,399 

Assicurazioni Generali SPA 4,054 110,341 114,332 

Atlantia SPA 27,553 625,503 756,335 

Autogrill SPA 8,135 104,115 107,249 

Banca Monte dei Paschi di Siena SPA 11,627 24,315 21,423 

Banca Popolare di Milano SCRL 37,772 277,553 281,227 

Benetton Group SPA 8,377 79,835 78,246 

Compagnia Assicuratrice Unipol SPA 69,501 172,279 99,834 

Compagnie Industriali Riunite 17,746 44,519 48,313 

Credito Emiliano SPA 9,000 65,506 72,830 

Edison SPA 67,020 104,902 106,855 

Enel SPA 586,614 4,187,407 3,571,263 

ENI SPA 78,636 2,340,204 2,100,617 

EXOR SPA 942 20,459 19,185 

Fiat SPA 61,480 972,571 947,851 

Finmeccanica SPA 31,500 538,095 526,389 

Fondiaria-Sai SPA 4,500 88,742 74,860 

Intesa Sanpaolo 556,328 2,340,293 2,627,503 

Intesa Sanpaolo, RNC 115,023 409,360 402,244 

Iride SPA 7,500 14,834 14,936 

Luxottica Group SPA 4,253 109,165 115,210 

Mediaset SPA 30,161 178,049 260,173 

Mediobanca SPA 38,534 514,524 481,066 

Mediobanca SPA, Warrants, 2011/03/18 23,699 1,255 25,508 

Mediolanum SPA 19,080 111,310 124,982 

Parmalat SPA 141,097 384,360 413,206 

Pirelli & C. SPA 72,330 31,072 45,693 

Saipem SPA 1,947 55,584 70,167 

Saras Raffinerie 286,217 1,020,316 934,195 

Snam Rete Gas SPA 51,337 276,640 266,399 

Telecom Italia SPA 383,125 596,460 625,825 

Telecom Italia SPA, RNC 309,553 884,791 358,516 

Terna SPA 57,277 223,756 257,593 

UniCredit SPA 237,652 982,039 837,344 

18,333,378 17,116,768 

Japan – 18.9% 

77 Bank Ltd. (The) 57,000 346,987 315,164 

Advantest Corp. 2,800 74,707 75,674 

Aeon Co. Ltd. 31,600 428,970 267,599 

Aichi Bank Ltd. (The) 400 35,472 30,225 

Aida Engineering Ltd. 2,600 16,976 7,905 

Air Water Inc. 2,000 25,236 24,639 

Aisin Seiki Co. Ltd. 21,500 584,494 641,600 

Ajinomoto Co. Inc. 30,000 291,374 295,265 

Alfresa Holdings Corp. 1,700 76,308 70,641 


SEEF 

46





of Cost Value 

Shares $ $ 

Alpen Co. Ltd. 1,300 23,204 20,246 

Alps Electric Co. Ltd. 32,300 211,204 197,871 

Amada Co. Ltd. 4,000 26,840 26,171 

Amano Corp. 2,400 21,988 21,513 

AOKI Holdings Inc. 1,400 22,605 14,552 

Aoyama Trading Co. Ltd. 2,300 69,385 31,391 

ARC Land Sakamoto Co. Ltd. 2,100 26,799 23,719 

ARTNATURE INC. 2,400 23,729 19,594 

Asahi Breweries Ltd. 23,100 401,581 445,084 

Asahi Glass Co. Ltd. 236,000 2,153,766 2,330,728 

Asahi Kasei Corp. 23,000 131,399 120,178 

Astellas Pharma Inc. 52,900 2,198,139 2,061,160 

Bank of Kyoto Ltd. (The) 48,000 454,076 404,318 

Bank of Nagoya Ltd. 7,000 36,578 26,407 

Bank of Yokohama Ltd. (The) 89,000 460,869 422,944 

Belluna Co. Ltd. 2,000 14,249 8,378 

Benesse Holdings Inc. 400 18,751 17,612 

Best Denki Co. Ltd. 500 1,800 1,824 

BML Inc. 700 18,622 19,983 

Brother Industries Ltd. 24,500 291,135 292,450 

Canon Inc. 81,650 3,191,676 3,585,921 

Canon Marketing Japan Inc. 18,000 314,101 277,698 

Casio Computer Co. Ltd. 500 4,194 4,144 

Cawachi Ltd. 800 21,388 14,964 

Central Japan Railway Co. 129 1,019,496 903,566 

Chiba Bank Ltd. (The) 66,000 446,902 411,007 

Chiba Kogyo Bank Ltd. (The) 1,900 25,786 14,720 

Chubu Electric Power Co. Inc. 600 15,381 15,000 

CHUDENKO CORP. 2,200 33,466 29,060 

Chugai Pharmaceutical Co. Ltd. 24,100 511,080 471,951 

Circle K Sunkus Co. Ltd. 3,400 59,958 43,916 

Citizen Watch Co. Ltd. 2,900 17,370 17,472 

Corona Corp. 200 2,504 2,781 

Dai Nippon Printing Co. Ltd. 80,000 1,096,715 1,063,947 

Daicel Chemical Industries Ltd. 83,000 533,620 508,460 

DAIHATSU DIESEL MFG. CO. LTD. 5,000 30,491 18,919 

Daihatsu Motor Co. Ltd. 7,000 70,994 72,837 

DAIICHI JITSUGYO CO. LTD. 4,000 15,115 10,811 

DAIICHI SANKYO CO. LTD. 59,500 1,312,349 1,303,886 

Daiichikosho Co. Ltd. 7,100 75,229 84,031 

Daimei Telecom Engineering Corp. 1,500 16,512 11,942 

Dainippon Screen Manufacturing Co. Ltd. 65,000 225,799 296,448 

Dainippon Sumitomo Pharma Co. Ltd. 47,100 463,923 517,667 

Daishi Bank Ltd. (The) 1,000 4,814 3,480 

Daiwa House Industry Co. Ltd. 104,000 1,138,512 1,162,954 

Daiwa Securities Group Inc. 113,000 740,684 590,441 

DCM Japan Holdings Co. Ltd. 2,300 15,842 13,883 

Denki Kagaku Kogyo Kabushiki Kaisha 74,000 268,118 344,994 

DENSO Corp. 52,200 1,584,606 1,634,162 

Dentsu Inc. 18,300 386,431 438,946 

Disco Corp. 3,300 208,314 211,821 

Dowa Mining Co. Ltd. 3,000 18,912 17,365 

eAccess Ltd. 27 20,294 16,479 

East Japan Railway Co. 36,000 2,513,826 2,379,691 

Eighteenth Bank Ltd. (The) 1,000 2,847 3,097 

Eisai Co. Ltd. 1,200 47,910 46,215 

Eizo Nanao Corp. 100 2,408 2,494 

Elpida Memory Inc. 48,700 743,493 823,719 

Fast Retailing Co. Ltd. 4,700 463,908 924,107 


of Cost Value 

Shares $ $ 

Fuji Heavy Industries Ltd. 38,000 195,603 192,564 

Fuji Machine Mfg. Co. Ltd. 600 12,783 7,736 

Fuji Photo Film Co. Ltd. 72,100 2,286,557 2,261,207 

Fuji Television Network Inc. 196 326,927 283,842 

Fujikura Ltd. 9,000 50,513 48,851 

Fujitec Co. Ltd. 2,000 10,894 11,306 

Fujitsu Ltd. 253,000 1,870,608 1,695,186 

Fukuoka Financial Group Inc. 127,000 550,514 459,080 

Funai Electric Co. Ltd. 500 28,278 26,295 

FURONO ELECTRIC CO. LTD. 1,100 10,195 5,413 

Green Hospital Supply Inc. 53 34,782 30,260 

GS Yuasa Corp. 9,000 89,823 68,816 

Gunma Bank Ltd. (The) 21,000 118,416 111,856 

Hachijuni Bank Ltd. (The) 7,000 43,843 42,409 

Hakuhodo DY Holdings Inc. 770 41,811 38,933 

Hankyu Holdings Inc. 15,000 73,017 69,593 

Heiwa Corp. 800 8,740 8,558 

HEIWADO CO. LTD. 2,100 32,785 25,351 

Hikari Tsushin Inc. 2,000 40,548 37,815 

HI-LEX CORP. 1,600 20,170 15,441 

Hino Motors Ltd. 222,000 1,028,532 799,987 

Hitachi Capital Corp. 53,200 751,485 675,174 

Hitachi Chemical Co. Ltd. 8,800 193,571 186,402 

Hitachi Construction Machinery Co. Ltd. 6,000 155,197 162,835 

Hitachi Kokusai Electric Inc. 3,000 23,810 27,196 

Hitachi Ltd. 122,000 836,798 388,800 

Hitachi Metals Ltd. 2,000 21,360 20,045 

Hokukohu Financial Group Inc. 98,000 233,332 208,578 

Honda Motor Co. Ltd. 149,000 4,781,778 5,218,271 

Hosiden Corp. 2,800 41,921 31,626 

House Food Corp. 3,400 55,112 50,578 

Hoya Corp. 9,000 230,330 248,814 

Hyakugo Bank Ltd. (The) 2,000 13,984 9,234 

Ibiden Co. Ltd. 36,100 1,231,267 1,341,532 

Idemitsu Kosan Co. Ltd. 4,900 431,014 297,968 

Inabata & Co. Ltd. 18,300 62,007 68,006 

INFOCOM CORP. 130 99,363 80,224 

INPEX CORP. 45 399,387 354,724 

Isetan Mitsukoshi Holdings Ltd. 12,600 136,234 118,620 

Ishikawajima-Harima Heavy Industries Co. Ltd. 65,000 126,780 107,600 

Isuzu Motors Ltd. 8,000 18,045 15,585 

IT Holdings Corp. 200 2,564 2,383 

ITO EN LTD. 2,300 44,773 36,183 

ITOCHU Corp. 107,000 914,101 820,561 

Itochu Techno-Science Corp. 2,400 75,840 67,431 

ITOCHU-SHOKUHIN Co. Ltd. 500 19,095 17,511 

J. FRONT RETAILING Co. Ltd. 17,000 92,348 78,298 

Japan Digital Laboratory Co. Ltd. 500 6,433 5,850 

Japan Retail Fund Investment Corp. 8 40,341 37,477 

Japan Tobacco Inc. 465 1,764,170 1,633,757 

JFE Holdings Inc. 63,100 2,469,796 2,586,489 

JFE SHOJI HOLDINGS INC. 5,000 18,340 18,637 

JGC Corp. 2,000 30,744 38,400 

JS Group Corp. 7,800 123,638 140,363 

JSR Corp. 20,900 409,917 442,235 

JTEKT Corp. 1,900 23,788 25,354 

Jupiter Telecommunications Co. Ltd. 68 66,532 70,373 

K.R.S. Corp. 1,300 15,913 13,659 

Kamigumi Co. Ltd. 9,000 78,262 68,816 

SEEF 


47





of Cost Value 

Shares $ $ 

Kaneka Corp. 52,000 385,146 345,490 

Kanematsu Electronics Ltd. 1,700 15,356 15,583 

Kansai Paint Co. Ltd. 18,000 148,291 157,295 

Kao Corp. 700 17,162 17,106 

KASUMI CO. LTD. 1,200 7,169 6,162 

Kato Sangyo Co. Ltd. 600 10,627 11,425 

Kawasaki Heavy Industries Ltd. 5,000 13,578 13,119 

KDDI Corp. 51 318,170 282,563 

Keio Corp. 26,000 180,446 163,668 

Keisei Electric Railway Co. Ltd. 13,000 80,415 74,222 

Kikkoman Corp. 2,000 24,266 25,428 

Kinden Corp. 2,000 18,706 17,747 

Kirin Brewery Co. Ltd. 65,000 1,046,074 1,089,903 

Kohnan Shoji Co. Ltd. 1,000 11,814 11,216 

Koito Manufacturing Co. Ltd. 3,000 51,649 49,932 

Komatsu Ltd. 3,000 63,276 65,303 

Konica Minolta Holdings Inc. 20,500 229,498 219,540 

Kubota Corp. 22,000 187,620 210,087 

Kuraray Co. Ltd. 22,000 268,213 269,297 

Kurita Water Industries Ltd. 900 32,075 29,391 

Kyocera Corp. 10,300 868,782 947,631 

Kyodo Printing Co. Ltd. 16,000 51,932 45,224 

KYOEI STEEL LTD. 1,200 28,490 23,189 

Kyorin Co. Ltd. 11,000 181,054 168,961 

Kyowa Hakko Kirin Co. Ltd. 9,000 106,150 99,728 

Mabuchi Motor Co. Ltd. 200 10,499 10,315 

Maeda Corp. 6,000 20,976 17,027 

Maeda Road Construction Co. Ltd. 3,000 26,233 22,837 

Makita Corp. 12,200 438,153 435,511 

Marubeni Corp. 521,000 2,917,108 2,998,048 

Marudai Food Co. Ltd. 3,000 8,503 9,358 

Marui Co. Ltd. 16,300 108,720 104,627 

Maruichi Steel Tube Ltd. 9,200 181,198 192,078 

MAXVALU NISHINIHON CO. LTD. 300 4,785 4,395 

Mazda Motor Corp. 55,000 165,935 131,304 

Medipal Holdings Corp. 31,300 432,684 405,695 

Meiji Holdings Co. Ltd. 1,900 78,457 74,886 

Mie Bank Ltd. (The) 6,000 27,228 16,959 

Minebea Co. Ltd. 67,000 344,535 378,001 

Ministop Co. Ltd. 1,100 23,888 13,998 

Miraca Holdings Inc. 1,900 49,189 54,453 

Mitsubishi Chemical Holdings Corp. 47,500 225,583 210,216 

Mitsubishi Corp. 200,400 4,354,875 5,201,739 

Mitsubishi Electric Corp. 34,000 269,961 262,270 

Mitsubishi Heavy Industries Ltd. 86,000 333,400 315,716 

Mitsubishi Rayon Co. Ltd. 20,000 66,769 84,008 

Mitsubishi UFJ Financial Group Inc. 450,300 2,845,106 2,286,959 

Mitsui & Co. Ltd. 112,300 1,650,363 1,657,915 

Mitsui Chemicals Inc. 49,000 147,986 131,878 

Mitsui Engineering & Shipbuilding Co. Ltd. 241,000 649,959 602,490 

Mitsui Home Co. Ltd. 6,000 38,311 30,000 

Mitsui Mining & Smelting Co. Ltd. 16,000 38,112 43,243 

Mitsui Sumitomo Insurance Group Holdings Inc. 15,500 592,572 412,803 

Mitsumi Electric Co. Ltd. 1,800 41,317 33,081 

Mizuho Securities Co. Ltd. 81,000 276,927 255,401 

Morinaga Milk Industry Co. Ltd. 8,000 20,608 32,972 

Murata Manufacturing Co. Ltd. 16,800 849,651 866,472 

N.I.C. Corp. 3,600 21,690 16,378 

NAFCO Co. Ltd. 1,200 18,454 19,932 


of Cost Value 

Shares $ $ 

NAKANISHI Inc. 200 15,247 16,441 

Namco Bandai Holdings Inc. 10,000 115,369 99,886 

NEC Corp. 124,000 624,699 332,337 

NEC Fielding Ltd. 1,200 18,537 16,905 

NEC Networks & System Integration Corp. 2,800 34,812 35,220 

Net One Systems Co. Ltd. 17 32,267 19,833 

NGK Insulators Ltd. 19,000 412,446 431,130 

NGK Spark Plug Co. Ltd. 2,000 26,114 23,536 

NHK Spring Co. Ltd. 12,000 92,798 116,214 

NICHIBAN CO. LTD. 5,000 18,492 15,934 

Nichireki Co. Ltd. 4,000 16,296 15,315 

Nidec Corp. 12,500 977,805 1,196,489 

Nikon Corp. 57,000 1,156,000 1,173,359 

Nintendo Co. Ltd. 400 135,057 99,818 

Nippo Corp. 4,000 32,338 29,819 

Nippon Electric Glass Co. Ltd. 93,000 1,047,884 1,331,093 

Nippon Express Co. Ltd. 96,000 464,746 410,804 

Nippon Meat Packers Inc. 8,000 100,784 96,755 

Nippon Mining Holdings Inc. 40,500 241,954 181,061 

Nippon Oil Corp. 3,000 19,117 14,493 

Nippon Paper Group Inc. 8,100 220,530 216,635 

Nippon Shokubai Co. Ltd. 1,000 9,261 8,998 

Nippon Soda Co. Ltd. 35,000 174,951 131,248 

Nippon Steel Corp. 170,000 740,544 717,894 

Nippon Steel Trading Co. Ltd. 6,000 17,211 9,594 

Nippon Telegraph & Telephone Corp. 58,200 2,975,281 2,392,191 

NIPPONKOA Insurance Co. Ltd. 2,000 12,226 11,869 

Nishi-Nippon City Bank Ltd. (The) 7,000 18,834 17,815 

NISHIO RENT ALL CO. LTD. 2,000 16,376 13,603 

Nissan Chemical Industries Ltd. 18,000 224,314 267,563 

Nissan Motor Co. Ltd. 518,200 3,817,887 4,720,912 

Nissan Shatai Co. Ltd. 5,000 42,568 46,339 

Nissha Printing Co. Ltd. 600 37,074 30,810 

Nisshin Seifun Group Inc. 5,500 75,515 77,730 

Nisshinbo Holdings Inc. 2,000 24,138 19,324 

Nissin Foods Holding Co. Ltd. 11,800 462,123 401,300 

Nissin Healthcare Food Service Co. Ltd. 100 1,259 1,295 

Nitori Co. Ltd. 8,647 704,730 673,832 

Nitto Denko Corp. 6,600 215,691 246,753 

Nitto Kogyo Corp. 100 1,056 1,019 

Noevir Co. Ltd. 1,600 18,027 17,261 

Nojima Corp. 793 5,394 7,680 

Nok Corp. 3,700 46,435 53,124 

Nomura Research Institute Ltd. 4,400 103,559 90,724 

NSK Ltd. 19,000 128,867 145,493 

NTN Corp. 45,000 194,440 210,807 

NTT Data Corp. 296 938,277 963,318 

NTT DoCoMo Inc. 388 631,652 565,824 

Obic Co. Ltd. 1,500 268,158 256,753 

Odakyu Electric Railway Co. Ltd. 4,000 38,519 32,117 

Okinawa Electric Power Co. Inc. (The) 200 12,383 11,103 

OKUWA CO. LTD. 2,000 22,638 20,067 

Olympus Corp. 4,100 134,073 137,588 

Omron Corp. 11,800 311,794 220,848 

Ono Pharmaceutical Co. Ltd. 1,200 75,327 54,053 

Onward Kashiyama Co. Ltd. 6,000 47,003 38,783 

Oracle Corp. Japan 900 41,972 39,121 

Oriental Yeast Co. Ltd. 5,000 29,145 26,520 

Orix Corp. 5,880 400,702 413,845 


SEEF 

48





of Cost Value 

Shares $ $ 

Osaka Gas Co. Ltd. 95,000 476,852 334,848 

OSAKA STEEL CO. LTD. 1,400 25,095 23,648 

OTSUKA CORP. 4,000 222,428 207,654 

Panasonic Corp. 80,600 1,492,990 1,201,719 

Panasonic Electric Works Co. Ltd. 16,000 185,214 201,979 

PLENUS Co. Ltd. 500 7,152 7,123 

Rakuten Inc. 1,383 786,016 1,097,972 

Resona Holdings Inc. 17,000 261,683 178,995 

Ricoh Co. Ltd. 16,000 229,250 236,393 

Rinnai Corp. 1,600 79,753 80,539 

Riso Kagaku Corp. 900 12,273 7,551 

Rohm Co. Ltd. 4,200 295,292 287,563 

Roland Corp. 800 16,336 7,450 

SAKAI CHEMICAL INDUSTRY CO. LTD. 1,000 4,131 4,752 

SAN-AI OIL Co. Ltd. 2,000 9,211 7,950 

San-in Godo Bank Ltd. (The) 5,000 47,008 40,709 

Sanki Engineering Co. Ltd. 3,000 25,360 22,027 

Sankyo Co. Ltd., Gunma 400 23,713 20,856 

Sanshin Electronics Co. Ltd. 7,600 63,823 54,517 

Santen Pharmaceutical Co. Ltd. 10,900 383,586 359,645 

SANYO Electric Co. Ltd. 36,000 82,349 68,918 

Sapporo Hokuyo Holdings Inc. 249,500 918,064 944,039 

SATORI ELECTRIC CO. LTD. 3,800 24,147 23,236 

SAZABY Inc. 900 16,500 11,169 

SBI Holdings Inc. 577 119,102 107,341 

SECOM Co. Ltd. 1,200 59,310 59,594 

Sega Sammy Holdings Inc. 9,600 125,939 120,322 

Seiko Epson Corp. 7,400 176,960 124,331 

Seino Holdings Co. Ltd. 24,000 149,483 159,187 

Sekisui House Ltd. 10,000 98,312 94,255 

Senshu Ikeda Holdings Inc. 35,100 140,937 133,994 

Seven & I Holdings Co. Ltd. 23,400 629,558 499,613 

Sharp Corp. 41,000 523,399 538,809 

Shimamura Co. Ltd. 1,800 167,912 179,592 

Shimano Inc. 3,600 161,421 151,214 

Shin-Etsu Chemicals Co. Ltd. 900 54,331 53,006 

Shinko Electric Industries Co. Ltd. 22,800 428,320 340,454 

Shinsei Bank Ltd. 128,000 186,495 145,583 

Shionogi & Co. 56,400 1,285,184 1,276,601 

SHIROKI Corp. 34,000 63,208 69,684 

Shiseido Co. Ltd. 6,700 141,505 134,375 

Showa Denko K.K. 27,000 53,407 56,249 

Showa Shell Sekiyu K.K. 3,600 39,019 30,648 

Sintokogio Ltd. 1,500 11,138 11,115 

Softbank Corp. 5,400 118,747 131,957 

Sohgo Security Services Co. Ltd. 2,600 32,756 30,479 

Sojitz Corp. 192,700 431,516 375,412 

So-net Entertainment Corp. 5 10,601 11,802 

Sony Corp. 63,100 1,889,743 1,893,680 

SRI Sports Ltd. 12 15,624 11,865 

Stanley Electric Co. Ltd. 27,200 584,714 571,252 

SUMCO Corp. 12,000 223,351 220,267 

Sumisho Computer Systems Corp. 100 1,685 1,434 

Sumitomo Chemical Co. Ltd. 58,000 389,397 264,523 

Sumitomo Corp. 121,700 1,467,810 1,290,986 

Sumitomo Electric Industries Ltd. 87,200 1,088,720 1,127,297 

Sumitomo Heavy Industries Ltd. 58,000 295,620 305,671 

Sumitomo Metal Mining Co. Ltd. 81,000 1,353,025 1,256,939 

Sumitomo Mitsui Financial Group Inc. 39,400 1,612,900 1,173,551 


of Cost Value 

Shares $ $ 

Sumitomo Realty & Development Co. Ltd. 3,000 56,512 58,648 

Sumitomo Rubber Industries Ltd. 2,300 22,754 20,746 

Sumitomo Seiko Chemicals Co. 8,000 36,044 31,261 

Suzuken Co. Ltd. 5,600 176,346 192,339 

Suzuki Motor Corp. 26,700 648,468 684,026 

Sysmex Corp. 1,000 55,986 54,616 

T&D Holdings Inc. 3,850 225,730 82,331 

TACHI-S CO. LTD. 2,600 24,144 26,732 

Taisho Pharmaceutical Co. Ltd. 9,000 195,444 161,855 

Taiyo Nippon Sanso Corp. 24,000 224,357 265,671 

Taiyo Yuden Co. Ltd. 19,000 241,964 255,469 

Takeda Pharmaceutical Co. Ltd. 23,900 1,197,036 1,028,114 

Takeuchi Mfg. Co. Ltd. 500 14,578 4,780 

Tanabe Seiyaku Co. Ltd. 4,000 51,802 52,251 

TDK Corp. 12,100 719,712 768,501 

Teijin Ltd. 58,000 186,160 195,290 

Terumo Corp. 6,000 322,528 378,372 

TKC Corp. 1,100 26,243 21,789 

Tobu Railway Co. 8,000 49,477 43,693 

Toda Corp. 1,000 3,649 3,333 

TOEI CO. LTD. 1,000 5,436 5,540 

TOHO GAS CO. LTD. 5,000 28,934 27,815 

TOHOKUSHINSHA FILM CORP. 1,600 15,145 8,558 

Tokai Tokyo Securities Co. Ltd. 5,000 17,213 20,383 

Tokio Marine Holdings Inc. 19,700 588,003 559,045 

Tokyo Broadcasting System Holdings Inc. 4,900 76,466 71,678 

Tokyo Electron Ltd. 9,400 618,447 625,598 

Tokyo Gas Co. Ltd. 5,000 20,884 20,833 

TOKYO STEEL MANUFACTURING CO. LTD. 600 8,255 7,061 

Tokyo Style Co. Ltd. 2,000 23,653 15,540 

Tokyo Tatemono Co. Ltd. 3,000 11,483 11,892 

Tokyo Tekko Co. Ltd. 18,000 67,268 54,729 

Tokyu Land Corp. 4,000 14,157 15,405 

Tomen Devices Corp. 800 16,584 13,964 

TOMEN Electronics Corp. 1,300 14,755 13,117 

TOMOE Engineering Co. Ltd. 1,700 23,767 23,777 

Toppan Forms Co. Ltd. 3,200 42,361 34,630 

Toppan Printing Co. Ltd. 42,000 409,925 354,724 

Topre Corp. 100 979 930 

Toray Industries Inc. 3,000 15,760 16,959 

TORII PHARMACEUTICAL CO. LTD. 1,500 26,629 29,729 

Toshiba Corp. 273,000 1,550,500 1,567,880 

TOSHIBA TEC CORP. 11,000 47,960 43,479 

TOYO INK MFG. CO. LTD. 1,000 3,894 4,020 

Toyo Kohan Co. Ltd. 4,000 19,527 21,486 

Toyo Seikan Kaisha Ltd. 8,400 151,085 133,849 

Toyo Suisan Kaisha Ltd. 14,000 460,528 336,594 

Toyoda Gosei Co. Ltd. 4,400 110,923 138,241 

Toyota Boshoku Corp. 5,500 112,196 127,588 

Toyota Industries Corp. 6,600 223,648 204,389 

Toyota Motor Corp. 75,000 4,532,692 3,276,974 

Toyota Tsusho Corp. 24,300 386,202 374,072 

Trend Micro Inc. 200 7,295 7,928 

Tsumura & Co. 1,700 62,543 57,336 

TV Asahi Corp. 32 50,696 47,639 

Uni-Charm Corp. 2,300 224,003 225,593 

Uny Co. Ltd. 10,500 127,568 76,975 

USS Co. Ltd. 1,530 99,368 97,346 

Valor Co. Ltd. 1,800 16,766 14,554 

SEEF 


49





of Cost Value 

Shares $ $ 

West Japan Railway Co. 58 269,921 203,780 

Yakult Honsha Co. Ltd. 16,200 532,384 511,715 

Yamada Denki Co. Ltd. 12,340 859,014 868,511 

Yamaguchi Financial Group Inc. 14,000 155,461 135,583 

Yamaha Motor Co. Ltd. 14,300 153,378 187,604 

Yamato Kogyo Co. Ltd. 9,500 299,267 324,150 

Yamato Transport Co. Ltd. 46,100 728,051 668,128 

Yamazaki Baking Co. Ltd. 3,000 33,968 37,162 

YASKAWA Electric Corp. 17,000 131,994 147,599 

Yellow Hat Ltd. 5,000 43,815 38,625 

Yokogawa Electric Corp. 17,400 150,080 158,910 

Yurtec Corp. 3,000 20,092 16,756 

127,424,542 123,846,813 

Jersey C.I. – 0.0% 

Randgold Resources Ltd. 1,512 110,430 127,729 

110,430 127,729 

Luxembourg – 0.1% 

ArcelorMittal 5,575 392,311 269,844 

Gagfah SA 13,875 123,392 132,731 

Tenaris SA 9,815 212,533 220,263 

728,236 622,838 

Macau – 0.0% 

Sands China Ltd. 16,200 23,003 20,588 

23,003 20,588 

Malaysia – 0.0% 

Affin Holdings BHD 90,900 60,232 69,579 

CIMB Group Holdings Berhad 18,200 56,944 71,550 

Telekom Malaysia BHD 96,700 83,864 90,302 

201,040 231,431 

Mexico – 0.0% 

Coca-Cola FEMSA SAB de CV 1,313 8,134 9,056 

Telmex Internacional SAB de CV, Series ‘L’ 85,400 67,582 79,343 

75,716 88,399 

Netherlands – 3.6% 

Akzo Nobel NV 32,250 2,061,089 2,248,097 

ASML Holding NV 26,369 650,040 950,107 

Corio NV 2,078 133,716 147,808 

CSM NV 10,764 308,342 297,498 

European Aeronautic Defence and Space Co. 75,745 1,355,806 1,590,457 

Fugro NV, CVA 2,709 163,089 163,964 

Heineken Holding NV 3,427 148,995 150,670 

Heineken NV 14,057 668,807 703,336 

ING Groep NV 100,628 1,412,323 1,044,361 

James Hardie Industries NV 22,289 105,055 173,793 

Koninklijke Ahold NV 48,253 638,882 672,075 

Koninklijke Boskalis Westminster NV, CVA 1,694 66,533 68,337 

Koninklijke DSM NV 37,210 1,588,009 1,928,668 

Koninklijke KPN NV 116,472 1,907,544 2,074,225 

Koninklijke Philips Electronics NV 95,093 2,519,711 2,957,887 

Koninklijke Vopak NV 9,489 590,054 790,416 

Ordina NV 8,351 57,845 63,169 

Qiagen AG 1,833 39,730 42,955 

Randstad Holding NV 7,721 230,094 405,072 


of Cost Value 

Shares $ $ 

SBM Offshore NV 49,706 1,027,784 1,029,497 

STMicroelectronics NV 15,337 141,539 147,409 

TNT NV 42,705 1,065,872 1,376,523 

Unilever NV 130,532 3,758,118 4,464,676 

Vastned Offices/Industrial NV 4,012 67,808 70,604 

20,706,785 23,561,604 

New Zealand – 0.2% 

Air New Zealand Ltd. 38,200 28,045 34,968 

Fletcher Building Ltd. 51,224 257,917 311,039 

Telecom Corp. of New Zealand Ltd. 402,932 730,933 762,276 

1,016,895 1,108,283 

Norway – 0.9% 

Aker Solutions ASA 55,400 533,183 758,557 

DNB NOR ASA 158,955 1,536,998 1,810,118 

Marine Harvest 511,000 388,359 392,266 

Norsk Hydro ASA 3,800 21,485 33,591 

Statoil ASA 81,441 2,081,165 2,140,083 

Telenor ASA 75,600 886,617 1,111,286 

5,447,807 6,245,901 

Papua New Guinea – 0.0% 

Lihir Gold Ltd. 53,100 152,743 164,211 

152,743 164,211 

Philippines – 0.0% 

Union Bank of the Philippines 43,500 29,827 36,005 

29,827 36,005 

Portugal – 0.5% 

Banco BPI SA, Registered 20,467 75,563 65,264 

Banco Commercial Portugues SA 269,719 345,473 341,997 

Banco Espirito Santo SA, Registered 111,211 854,317 761,267 

Brisa Auto Estradas de Portugal SA 10,073 107,911 107,542 

CIMPOR-Cimentos de Portugal, SGPS, SA 11,195 81,795 108,121 

Energias de Portugal SA 113,058 532,424 528,524 

Jeronimo Martins SGPS SA 47,498 465,079 498,741 

Portugal Telecom SGPS SA, Registered 57,626 639,538 738,483 

3,102,100 3,149,939 

Russia – 0.3% 

Gazprom, ADR, Registered, Series ‘S’ 47,936 1,148,684 1,281,469 

OAO Vimpel-Communication, ADR 50,500 894,742 983,656 

2,043,426 2,265,125 

Singapore – 1.8% 

CapitaCommercial Trust 314,000 215,511.00 271,983 

Capitaland Ltd. 26,000 72,981 81,541 

CapitaMall Trust 187,000 216,540 249,948 

CapitaMalls Asia Ltd. 10,900 22,387 20,674 

City Developments Ltd. 10,000 70,169 85,872 

ComfortDelGro Corp. Ltd. 22,000 26,479 26,777 

DBS Group Holdings Ltd. 225,000 2,398,546 2,584,006 

Fraser and Neave Ltd. 98,000 286,510 307,348 

Golden Agri-Resources Ltd. 1,170,020 263,814 441,203 

Golden Agri-Resources Ltd., Warrants, 2012/07/23 62,984 0 6,584 

Haw Par Corp. Ltd. 5,000 25,402 21,692 

Hi-P International Ltd. 12,000 5,650 6,452 


SEEF 

50





of Cost Value 

Shares $ $ 

Hong Leong Asia Ltd. 12,000 18,209 25,896 

Jardine Cycle & Carriage Ltd. 26,000 388,418 522,641 

Keppel Corp. Ltd. 33,000 190,304 202,554 

Olam International Ltd. 452,219 878,944 894,848 

Oversea-Chinese Banking Corp. Ltd. 251,000 1,377,868 1,703,697 

SembCorp Industries Ltd. 88,000 230,301 241,816 

Sembcorp Marine Ltd. 13,000 14,860 35,820 

SIA Engineering Co. 39,000 68,633 96,685 

Singapore Airlines Ltd. 8,000 83,344 89,008 

Singapore Airport Terminal Services Ltd. 37,000 62,100 75,426 

Singapore Exchange Ltd. 43,000 240,138 267,145 

Singapore Press Holdings Ltd. 47,000 133,601 128,801 

Singapore Technologies Engineering Ltd. 10,000 23,999 24,194 

Singapore Telecommunications Ltd. 214,000 485,762 495,370 

StarHub Ltd. 81,000 125,122 129,435 

United Industrial Corp. Ltd. 9,000 10,090 13,979 

United Overseas Bank Ltd. 23,000 317,558 337,993 

UOB-Kay Hian Holding Ltd. 44,000 61,113 49,612 

UOL Group Ltd. 49,000 117,855 148,551 

Venture Corp. Ltd. 2,000 13,758 13,202 

Wilmar International Ltd. 484,000 1,521,562 2,323,866 

9,967,528 11,924,619 

South Africa – 0.1% 

Impala Platinum Holdings Ltd. 20,727 567,904 594,326 

567,904 594,326 

South Korea – 0.5% 

Hana Financial Group Inc. 18,890 628,541 558,655 

LG Corp. 13,204 934,251 863,015 

Namyang Dairy Products Co. Ltd. 70 31,521 34,913 

Samsung Electronics Co. Ltd. 2,080 1,294,416 1,494,316 

Woori Finance Holdings Co. Ltd. 53,000 573,162 660,848 

3,461,891 3,611,747 

Spain – 3.9% 

Abertis Infraestructuras SA 12,380 256,802 292,722 

Acerinox SA 10,532 200,827 229,542 

ACS Actividades de Construccion y Servicios SA 2,960 169,807 154,981 

Banco Bilbao Vizcaya Argentaria SA 262,714 4,876,395 5,028,327 

Banco de Sabadell SA 5,121 37,929 29,848 

Banco Pastor SA 1,662 12,256 12,224 

Banco Popular Espanol SA 31,704 301,457 244,632 

Banco Santander Central Hispano SA, Registered 487,547 7,685,723 8,466,287 

Bankinter SA 19,885 248,996 213,852 

Construcciones y Auxiliar de Ferrocarriles SA 71 39,496 39,919 

Corporacion Financiera Alba SA 2,692 128,821 147,792 

Corporacion Mapfre SA 76,850 286,511 338,337 

Criteria Caixacorp SA 14,372 73,293 71,229 

EDP Renovaveis SA 8,727 96,875 86,897 

Ferrovial SA, 13,569 157,166 167,663 

Fomento de Construcciones y Contratas SA 3,484 158,917 154,066 

Gas Natural SDG SA 32,753 1,147,089 743,154 

Gestevision Telecinco SA 3,327 43,240 50,542 

Grupo Catalana Occidente SA 5,447 123,314 128,465 

Iberdrola SA 3,558 41,115 35,696 

Industria de Diseno Textil SA 5,007 266,165 326,776 

Red Electrica Corporacion SA 14,749 776,574 861,193 

Repsol YPF SA 61,572 1,972,406 1,734,154 


of Cost Value 

Shares $ $ 

Sacyr Vallehermoso SA 8,153 131,624 97,859 

Telefonica SA 195,141 4,942,750 5,729,423 

Zardoya Otis SA 2,331 51,578 47,718 

24,227,126 25,433,298 

Sweden – 1.9% 

AB SKF, Series ‘B’ 9,406 131,299 170,697 

Acando AB 14,716 23,495 29,493 

Assa Abloy AB, Series ‘B’ 41,494 708,399 838,921 

Atlas Copco AB, Series ‘A’ 5,338 67,602 82,529 

Atlas Copco AB, Series ‘B’ 2,354 21,798 32,299 

Bilia AB, Class ‘A’ 6,188 55,153 62,236 

Boliden AB 18,000 156,884 243,408 

Electrolux AB, Series ‘B’ 98,372 1,907,678 2,419,292 

ForeningsSparbanken AB 34,496 243,213 359,101 

Getinge AB, Series ‘B’ 6,942 140,704 138,926 

Hennes & Mauritz AB, Series ‘B’ 5,605 303,232 327,043 

Husqvarna AB 2,558 17,173 19,812 

Investor AB, Series ‘B’ 1,913 32,016 37,329 

Kungsleden AB 3,762 28,484 27,121 

Lundin Petroleum AB 2,681 20,282 22,280 

Nordea Bank AB 100,313 1,053,198 1,073,709 

Skandinaviska Enskilda Banken, Series ‘A’ 2,604 18,974 16,953 

Skanska AB, Series ‘B’ 12,704 164,858 226,817 

SSAB Svenskt Stål AB, Series ‘A’ 12,367 213,919 221,708 

SSAB Svenskt Stål AB, Series ‘B’ 1,102 18,026 17,944 

Svenska Cellulosa AB, Series ‘A’ 2,141 23,540 29,864 

Svenska Cellulosa AB, Series ‘B’ 163,268 1,921,491 2,288,121 

Svenska Handelsbanken, Series ‘A’ 20,800 479,562 623,622 

Swedish Match AB 11,942 231,361 275,107 

Tele2 AB, Series ‘B’ 7,112 115,035 115,074 

Telefonaktiebolaget LM Ericsson, Series ‘B’ 172,327 1,557,415 1,667,404 

TeliaSonera AB 109,677 764,478 834,961 

Volvo AB, Series ‘A’ 2,475 22,775 22,167 

Volvo AB, Series ‘B’ 4,141 39,366 37,362 

10,481,410 12,261,300 

Switzerland – 8.2% 

ABB Ltd., Registered 97,308 1,724,636 1,956,870 

ACE Ltd. 6,800 363,479 357,294 

Actelion Ltd., Registered 5,859 342,706 323,231 

Adecco SA, Registered 11,945 601,473 678,367 

Aryzta AG, Registered 1,088 44,845 41,707 

Baloise Holding AG, Registered 8,135 754,699 709,491 

Banque Cantonale Vaudoise, Registered 491 169,538 204,153 

Charles Voegele Holding AG 1,811 76,383 66,117 

Clariant AG, Registered 18,000 222,704 216,860 

Compagnie Financiere Richemont SA 19,142 666,583 669,726 

Credit Suisse Group AG 116,302 6,331,143 6,032,865 

Elektrizitats-Gesellschaft Laufenburg AG 24 32,403 22,416 

GAM Holding Ltd. 1,800 23,269 21,905 

Geberit AG, Registered 2,217 329,473 404,696 

Helvetia Patria Holding, Registered 600 216,266 191,669 

Holcim AG, Registered 33,708 2,442,968 2,734,726 

Julius Baer Group Ltd. 44,504 1,819,280 1,615,745 

Kuehne & Nagel International AG, Registered 2,050 177,168 207,895 

Lindt & Spruengli AG 110 276,611 239,952 

Lindt & Spruengli AG, Registered 2 58,278 50,929 

Nestle SA, Registered, Series ‘B’ 202,029 9,038,940 10,244,116 

SEEF 


51





of Cost Value 

Shares $ $ 

Nobel Biocare Holding AG 5,949 192,418 209,828 

Novartis AG, Registered 171,007 9,557,616 9,763,669 

Pargesa Holding SA, Class ‘B’ 1,249 112,817 111,464 

PSP Swiss Property AG, Registered 2,700 158,985 159,496 

Roche Holding AG Genusscheine 31,080 5,329,169 5,503,209 

Schindler Holding AG 1,192 74,965 93,383 

Schindler Holding AG, Registered 1,170 80,517 90,650 

SGS SA, Registered 8 10,680 10,871 

Sonova Holding AG, Registered 4,415 449,946 561,460 

Straumann AG, Registered 444 116,312 128,327 

Sulzer AG, Registered 514 31,536 40,580 

Swatch Group AG, Registered 12,616 594,731 607,724 

Swatch Group Ltd. (The) 4,134 1,041,887 1,069,058 

Swiss Life Holding AG, Registered 4,097 450,916 542,210 

Swiss Reinsurance Co. Ltd. 11,153 472,245 559,871 

Swisscom AG 4,345 1,524,758 1,736,108 

Syngenta AG 2,037 519,243 595,148 

UBS AG, Registered 103,820 1,663,138 1,684,581 

Vontobel Holding AG, Registered 2,573 77,247 74,627 

Zurich Financial Services AG 13,752 3,514,092 3,156,031 

51,686,063 53,689,025 

Taiwan – 0.7% 

Chunghwa Telecom Co. Ltd. 484,144 1,048,763 942,586 

MediaTek Inc. 48,000 802,547 876,307 

Taishin Financial Holdings Co. Ltd. 1,051,000 464,480 434,043 

Taiwan Semiconductor Manufacturing Co. Ltd. 310,199 601,530 654,766 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR 72,000 814,181 862,750 

United Microelectronics Corp., ADR 170,700 578,203 690,760 

4,309,704 4,461,212 

Thailand – 0.1% 

Krung Thai Bank Public Co. Ltd. 562,500 165,527 174,220 

Siam City Bank Public Co. Ltd. 158,900 124,968 139,902 

Siam Commercial Bank Public Co. Ltd. 34,500 70,240 94,109 

360,735 408,231 

Turkey – 0.4% 

Haci Omer Sabanci Holding AS 85,803 348,255 342,055 

Is Yatirim Menkul Degerler AS 30,619 36,326 62,959 

Turkcell Iletisim Hizmetleri AS 101,284 781,372 743,788 

Turkiye Garanti Bankasi AS 208,450 856,231 925,752 

Turkiye Vakiflar Bankasi T.A.O., Class ‘D’ 269,588 496,419 803,210 

2,518,603 2,877,764 

United Kingdom – 19.3% 

3I Group PLC 79,809 393,090 381,823 

Admiral Group PLC 4,841 92,270 96,952 

Aegis Group PLC 68,512 108,005 138,487 

Amec PLC 62,569 769,712 837,865 

Amlin PLC 29,800 206,631 180,961 

Anglo American PLC 67,104 2,727,792 3,077,485 

Antofagasta PLC 34,764 402,685 583,821 

Arriva PLC 2,757 23,656 23,090 

Associated British Foods PLC 98,072 1,443,655 1,364,757 

AstraZeneca PLC 178,747 8,942,201 8,795,238 

Autonomy Corp. PLC 22,386 463,485 572,258 

Aviva PLC 253,040 1,876,946 1,696,379 

Babcock International Group PLC 32,462 334,282 327,537 


of Cost Value 

Shares $ $ 

Balfour Beatty PLC 63,238 391,802 276,743 

Barclays PLC 690,398 4,295,200 3,220,028 

Berkeley Group Holdings PLC 9,600 145,658 133,267 

BG Group PLC 103,585 2,046,274 1,967,561 

BHP Billiton PLC 151,827 4,695,422 5,127,792 

BP PLC 1,230,836 12,962,874 12,502,300 

British Airways PLC 11,312 41,182 35,792 

British American Tobacco PLC 157,334 5,384,033 5,369,720 

British Sky Broadcasting Group PLC 13,578 108,432 129,070 

BT Group PLC 584,011 2,276,338 1,333,741 

Bunzl PLC 4,474 49,916 50,898 

Burberry Group PLC 28,220 227,882 283,780 

Cadbury PLC 35,124 490,423 472,131 

Cape PLC 60,685 154,276 233,209 

Carnival PLC 12,142 419,656 438,861 

Centrica PLC 316,000 1,752,850 1,497,368 

Charter International PLC 23,039 305,378 281,604 

Cobham PLC 12,639 52,424 53,813 

Compass Group PLC 9,340 64,257 70,395 

Davis Service Group PLC 11,200 79,817 75,767 

Diageo PLC 56,271 1,060,743 1,031,696 

Dimension Data Holdings Ltd. 32,513 33,680 40,964 

Dimension Data Holdings PLC 52,239 56,326 65,885 

DS Smith PLC 35,785 44,853 76,454 

easyJet PLC 137,440 814,456 821,346 

Eurasian Natural Resources Corp. 34,009 508,709 526,521 

FirstGroup PLC 46,821 291,573 337,588 

Fresnillo PLC 34,610 381,290 457,605 

GlaxoSmithKline PLC 246,906 6,058,539 5,513,342 

Group 4 Securicor PLC 9,279 33,470 40,937 

Hammerson PLC 8,258 60,584 59,262 

Home Retail Group 135,320 850,966 644,880 

HSBC Holdings PLC 762,740 9,376,056 9,152,479 

ICAP PLC 76,822 611,463 556,632 

Imperial Tobacco Group PLC 77,426 2,830,954 2,561,238 

Inchcape PLC 1,022,917 399,302 516,920 

Inmarsat PLC 3,421 39,576 39,961 

InterContinental Hotels Group PLC 14,942 178,702 225,385 

International Power PLC 264,753 1,223,278 1,382,273 

Invensys PLC 90,286 382,011 455,333 

Investec PLC 40,984 259,147 293,143 

ITV PLC 214,994 206,196 190,538 

Johnson Matthey PLC 362 7,616 9,383 

Kazakhmys PLC 40,246 555,192 904,814 

Kier Group PLC 1,370 24,423 23,889 

Kingfisher PLC 463,714 1,606,791 1,797,729 

Land Securities Group PLC 3,957 46,040 45,486 

Legal & General Group PLC 660,140 947,183 896,850 

Lloyds Banking Group PLC 112,442 524,536 95,464 

Logica PLC 99,069 205,312 190,191 

London Stock Exchange Group PLC 11,679 163,230 141,368 

Man Group PLC 9,169 51,721 47,654 

Marks & Spencer Group PLC 95,695 585,506 649,963 

Meggitt PLC 18,334 65,966 80,699 

Millennium & Copthorne Hotels PLC 18,261 116,653 113,735 

Mondi PLC 5,222 21,267 29,616 

National Grid PLC 52,435 570,068 601,408 

Next PLC 27,185 750,273 957,263 

Old Mutual PLC 544,683 1,415,636 1,006,021 


SEEF 

52





of Cost Value 

Shares $ $ 

Pearson PLC 22,974 298,057 346,540 

Persimmon PLC 107,350 804,597 852,523 

Petrofac Ltd. 46,355 588,897 816,147 

Petropavlovsk PLC 2,350 54,275 40,818 

Prudential PLC 77,592 813,448 833,464 

Qinetiq PLC 29,647 84,478 81,509 

Reckitt Benckiser Group PLC 36,531 1,777,648 2,074,878 

Rexam PLC 158,855 761,708 777,477 

Rio Tinto PLC, Registered 61,506 2,840,807 3,529,845 

Rolls-Royce Group PLC 154,262 1,097,536 1,262,160 

Rolls-Royce Group PLC, Class ‘C’ 9,466,980 — 1,600 

Royal Bank of Scotland PLC 63,156 41,504 31,220 

Royal Dutch Shell PLC, Class ‘A’ 200,263 6,691,329 6,355,734 

Royal Dutch Shell PLC, Class ‘B’ 111,891 3,971,937 3,430,458 

SABMiller PLC 43,954 1,106,817 1,355,768 

Sage Group PLC (The) 174,576 550,181 650,198 

Schroders PLC 14,702 275,961 331,029 

SEGRO PLC 6,529 40,233 38,089 

Serco Group PLC 10,863 93,790 96,549 

Shire Ltd. 35,919 681,202 735,780 

Smith & Nephew PLC 4,342 45,517 46,750 

Smiths Group PLC 2,692 44,308 46,029 

Standard Chartered PLC 136,435 2,169,895 3,603,204 

Standard Life PLC 48,324 162,935 177,117 

Taylor Wimpey PLC 349,890 237,695 229,235 

Tesco PLC 196,723 1,469,224 1,422,072 

Thomas Cook Group PLC 36,000 146,168 140,235 

Tomkins PLC 89,663 284,916 293,264 

Travis Perkins PLC 29,147 402,761 420,409 

Tullett Prebon PLC 2,966 12,386 13,989 


of Cost Value 

Shares $ $ 

Tullow Oil PLC 20,620 324,174 455,552 

Unilever PLC 11,177 326,655 376,923 

Vedanta Resources PLC 6,538 151,403 288,774 

Vodafone Group PLC 1,468,557 4,242,549 3,565,156 

Whitbread PLC 8,389 196,510 199,254 

Whitbread PLC, Preferred, Class ‘B’ 27,428 86,821 — 

William Morrison Supermarkets PLC 353,901 1,703,530 1,657,790 

WPP PLC 164,138 1,555,571 1,686,694 

Xstrata PLC 238,394 3,095,737 4,524,175 

126,320,951 127,000,816 

United States – 0.4% 

Advance America Cash Advance Centers Inc. 7,300 46,191 42,397 

Air Transport Services Group Inc. 16,400 43,940 44,358 

Bell Microproducts Inc. 1,100 4,119 3,806 

Capital One Financial Corp. 15,400 612,513 614,302 

Culp Inc. 1,700 16,573 17,590 

Domtar Corp. 8,200 378,506 476,330 

Eastman Chemical Co. 2,200 141,145 138,936 

IBM Corp. 5,400 738,957 738,999 

John B. Sanfilippo & Son Inc. 1,800 26,074 29,249 

KMG Chemicals Inc. 4,300 74,103 67,393 

MCG Capital Corp. 7,800 25,517 35,080 

Oshkosh Truck Corp., Class ‘B’ 6,600 256,831 256,215 

Synthes Inc. 2,746 335,844 374,553 

TICC Capital Corp. 7,900 44,589 49,609 

2,744,902 2,888,817 


Par Interest Maturity Average Fair 

Value Rate Date Cost Value 

$ % $ $ 

BOND – 0.0% 

ABN Amro Bank NV, Convertible 65,000 0.500 2010/09/28 98,418 94,443 

98,418 94,443 

Less: Transaction cost included in average cost (763,093) – 


Unrealized Appreciation (Depreciation) on Futures Contracts* – 0.1% 396,545 

Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts – 0.0% (60,252) 


Net Assets – 100.0% 657,934,203 

SEEF 


53




SCHEDULE OF LONG FUTURES CONTRACTS* 

Unrealized 





Amsterdam Exchanges Index 

expiration date January 2010 4 EUR 327.15 393,658 403,706 10,048 

Australian SPI 200 Index 

expiration date March 2010 13 AUD 4,614.38 1,413,944 1,494,721 80,777 

Belgium 20 Index 

expiration date January 2010 5 EUR 2,494.70 187,616 189,015 1,399 

British FTSE 100 Index 

expiration date March 2010 40 GBP 5,196.45 3,518,886 3,630,653 111,767 

Denmark KFX Copenhagen Share Index 

expiration date January 2010 46 DKK 335.44 311,911 312,707 796 

French Matif CAC 40 Index 

expiration date January 2010 29 EUR 3,838.76 1,674,447 1,717,735 43,288 

FTSE MIB Index 

expiration date March 2010 3 EUR 22,725.00 512,717 525,306 12,589 

German Eurex Deutschland DAX Index 

expiration date March 2010 6 EUR 5,864.00 1,323,024 1,344,571 21,547 

Hong Kong Hang Seng Index 

expiration date March 2010 5 HKD 21,187.20 716,129 741,067 24,938 

Japanese TOPIX Index 

expiration date March 2010 34 JPY 890.69 3,410,237 3,463,119 52,882 

Spanish IBEX 35 Index 


Swedish OMX Index 

expiration date January 2010 45 SEK 946.52 625,379 629,332 3,953 

Swiss SMI Soffex Index 

expiration date March 2010 19 CHF 6,424.05 1,237,808 1,250,515 12,707 

396,545 

Unrealized Appreciation (Depreciation) on Long Futures Contracts purchased 396,545 

SCHEDULE OF SPOT CONTRACTS** 

Unrealized 

Credit 

Appreciation 

Rating of Settlement Amount Amount Forward Current (Depreciation) 

Counterparty Counterparty 1 Date Sold Bought Rate Rate $ 

Bank of New York Mellon Corp. A1+ 2010/01/04 HKD 156,169 CAD 20,950 7.454 7.396 (164) 

Bank of New York Mellon Corp. A1+ 2010/01/05 HKD 487,228 CAD 65,894 7.394 7.396 21 

Bank of New York Mellon Corp. A1+ 2010/01/05 HKD 446,404 CAD 60,641 7.361 7.396 287 

Deutsche Bank AG A1 2010/01/06 JPY 460,724 USD 4,989 92.348 93.093 42 

Deutsche Bank AG A1 2010/01/06 USD 85,696 EUR 59,838 1.432 1.435 165 

UBS AG A1 2010/01/05 USD 25,268 EUR 17,600 1.436 1.435 (18) 

UBS AG A1 2010/01/06 USD 24,497 JPY 2,261,803 0.011 0.011 (211) 

122 

SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS 

Unrealized 

Credit 

Appreciation 



Westpac Banking Corp., Sydney A1+ 2010/01/25 AUD 2,555,000 USD 2,289,702 1.116 1.114 (3,478) 

Westpac Banking Corp., Sydney A1+ 2010/01/25 USD 2,347,176 AUD 2,555,000 0.919 0.897 (56,774) 

(60,252) 

1 

Commercial paper rating per Standard and Poor’s Commercial Paper Guide. 

* There are no collateral held by counterparties with respect to the future contracts. 

**The Unrealized appreciation (depreciation) on spot contracts is included in the Other Assets and Liabilities in the Statement of Investment Portfolio. 


SEEF 

54





Portfolio by Countries Percentage of Net Assets (%) 

Australia 4.5 

Austria 0.3 

Belgium 0.9 

Bermuda 0.2 

Brazil 0.2 

Canada 0.5 

China 0.9 

Czech Republic 0.1 

Denmark 0.7 

Finland 1.3 

France 9.5 

Germany 8.7 

Greece 0.3 

Hong Kong 1.9 

India 0.1 

Ireland 0.1 

Israel 0.4 

Italy 3.5 

Japan 23.7 

Luxembourg 0.5 

Mexico 0.2 

Netherlands 3.1 

New Zealand 0.1 

Norway 0.6 

Portugal 0.6 

Russia 0.2 

Singapore 0.7 

South Africa 0.1 

South Korea 0.3 

Spain 3.7 

Sweden 1.6 

Switzerland 8.9 

Taiwan 0.2 

Thailand 0.1 

Turkey 0.1 

United Kingdom 18.9 


Bond — 


100.0 

SEEF 


55




Currency Risk 


Currency risk exposed holdings* Spot and forward foreign exchange contracts Total Exposure As a % of Net Assets 

2009 2008 2009 2008 2009 2008 2009 2008 

Euro Currency Unit 189,851,926 218,391,408 116,476 1,035,053 189,968,402 219,426,461 28.87% 33.34% 

Japanese Yen 124,107,269 156,597,114 20,282 — 124,127,551 156,597,114 18.87% 23.79% 

British Pound 125,152,257 119,782,631 — (31,194) 125,152,257 119,751,437 19.02% 18.19% 

Swiss Franc 54,142,723 58,489,127 — (428,734) 54,142,723 58,060,393 8.23% 8.82% 

Australian Dollar 43,174,103 30,003,833 — — 43,174,103 30,003,833 6.56% 4.56% 

Hong Kong Dollar 21,504,825 18,006,637 (147,341) — 21,357,484 18,006,637 3.25% 2.74% 

U.S. Dollar 22,335,404 11,483,282 (197,032) — 22,138,372 11,483,282 3.36% 1.74% 

Swedish Krona 12,349,009 11,134,682 — — 12,349,009 11,134,682 1.88% 1.69% 

Singapore Dollar 13,643,470 5,220,969 — — 13,643,470 5,220,969 2.07% 0.79% 

Danish Krone 3,914,501 4,651,021 — — 3,914,501 4,651,021 0.59% 0.71% 

Norwegian Krone 7,049,724 4,071,015 — — 7,049,724 4,071,015 1.07% 0.62% 

South Korean Won 3,611,747 2,075,745 — — 3,611,747 2,075,745 0.55% 0.32% 

Taiwan Dollar 2,916,100 1,387,994 — — 2,916,100 1,387,994 0.44% 0.21% 

Czech Koruna — 956,502 — — — 956,502 0.00% 0.15% 

South African Rand 729,125 881,207 — — 729,125 881,207 0.11% 0.13% 

Thai Baht 408,231 728,713 — — 408,231 728,713 0.06% 0.11% 

New Turkish Lira 2,879,671 379,707 — — 2,879,671 379,707 0.44% 0.06% 

New Zealand Dollar 1,147,296 107,223 — — 1,147,296 107,223 0.17% 0.02% 

Hungarian Forint 435,263 49 — — 435,263 49 0.07% 0.00% 

Malaysian Ringgit 234,392 — — — 234,392 — 0.04% 0.00% 

Mexican Peso 90,936 — — — 90,936 — 0.01% 0.00% 

Phillippine Peso 36,005 — — — 36,005 — 0.01% 0.00% 

Brazilian Real 3,448,534 — — — 3,448,534 — 0.52% 0.00% 

Indonesian Rupiah 1,261,058 — — — 1,261,058 — 0.19% 0.00% 







As at December 31, 2009, a 10% (2008 – 10%) increase or decrease in equity prices on the global stock exchanges would have increased or decreased the Fund’s Net Assets by $64,917,428 


Credit Risk 



SEEF 

56








Common shares $ 629,396,484 $ 3,178,593 $ — $ 632,575,077 


Short-term notes — — — — 

Bonds — 94,443 — 94,443 


Total Investments $ 629,396,484 $ 3,273,036 $ — $ 632,669,520 


Derivative liabilities — (60,252) — (60,252) 

During the year ended December 31, 2009, equity investments of approximately $1,744,070 were transferred between Level 1 and Level 2 as they ceased to be traded in an active market. 


Total 

Beginning Balance $ 57,608 

Purchases — 

Sales (1,914) 


Realized gains/(losses) (131,531) 

Change in unrealized appreciation/depreciation 75,837 

Ending Balance (December 31, 2009) $ — 


for assets held at December 31, 2009 $ — 

SEEF 


57





2009 2008 

ASSETS 



at fair value 22,056 14,603 

Accrued dividends receivable 2,106 2,889 

Accrued interest receivable — — 


Margin receivable on futures 1,259 10 


Unrealized appreciation on futures contracts 397 — 

659,424 662,413 

LIABILITIES 


Payable for portfolio securities purchased 208 1,634 


Unrealized depreciation on forward 

foreign currency contract 60 — 

1,490 4,173 




(Class O) $ 625,827 $ 622,421 

(Class I) $ 42 $ 8,682 

(Class P) $ 29,430 $ 25,150 

(Class F) $ 2,635 $ 1,987 


(Class O) $ 4.20 $ 4.04 

(Class I) $ 4.32 $ 4.02 

(Class P) $ 4.22 $ 4.07 

(Class F) $ 4.36 $ 4.21 





2009 2008 


Dividends $ 23,077 $ 32,951 

Interest — 446 

23,077 33,397 

Foreign withholding taxes (3,110) (3,571) 

19,967 29,826 

EXPENSES 

Custodian and administration fees 510 1,494 







1,302 2,439 


FOR THE PERIOD $ 18,665 $ 27,387 



AND FORWARDS $ 9,379 $ — 





ON FUTURES AND FORWARD CONTRACTS $ 336 $ — 






(Class O) $ 52,054 $ (329,660) 

(Class I) $ (486) $ (5,484) 

(Class P) $ 2,466 $ (11,148) 

(Class F) $ 170 $ (914) 



(Class O) $ 0.34 $ (2.11) 

(Class I) $ (0.49) $ (2.11) 

(Class P) $ 0.35 $ (2.17) 

(Class F) $ 0.32 $ (2.15) 



SEEF 

58





Fund Total 

Class O 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 658,240 $ 1,035,022 $ 622,421 $ 991,275 





(27,999) (26,691) (27,281) (26,138) 


TRANSACTIONS 




(26,512) (2,885) (21,368) (13,056) 

CHANGES IN NET ASSETS (306) (376,782) 3,406 (368,854) 


Class I 

Class P 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS (486) (5,484) 2,466 (11,148) 


Out of net investment income ≠ (14) (328) (609) (175) 

(14) (328) (609) (175) 


TRANSACTIONS 



Reinvestment of distributions ≠ 9 323 608 174 

(8,140) (2,260) 2,423 11,811 

CHANGES IN NET ASSETS (8,640) (8,072) 4,280 488 


Class F 

2009 2008 






(95) (50) 


TRANSACTIONS 


Payments on redemption of units (972) (1,285) 


573 620 

CHANGES IN NET ASSETS 648 (344) 


≠ 


SEEF 


59





of Cost Value 

Shares $ $ 


Australia – 0.1% 

Centamin Egypt Ltd. 48,700 110,390 100,378 

110,390 100,378 

Bermuda – 0.3% 

Alliance Oil Co. Ltd. 18,597 133,215 279,878 

Dufry South America Ltd. 13,300 129,106 279,629 

262,321 559,507 

Brazil – 17.0% 

Abyara Planejamento Imobiliario SA 7,400 20,233 20,338 

Agra Empreendimentos Imobiliarios SA 11,400 35,754 33,937 

Amil Participacoes SA 30,700 132,324 251,094 

Anhanguera Educacional Participacoes SA 3,100 42,641 44,744 

Banco Bradesco SA, Preferred 20,400 292,611 446,326 

Banco Daycoval SA 6,400 15,917 37,565 

Banco do Brasil SA 21,800 251,383 386,756 

Banco do Estado do Espirito Santo SA 13,000 45,236 54,023 

Banco Santander Brasil SA, ADR 37,900 527,525 553,076 

BM&F BOVESPA SA 19,100 97,253 140,711 

Bombril SA, Preferred 3,300 13,736 17,266 

BR Malls Participacoes SA 19,366 167,869 249,936 

Braskem SA, Preferred, Series ‘A’ 43,800 239,972 370,882 

Centrais Eletricas Brasileiras SA 11,289 182,420 245,563 

Centrais Eletricas Brasileiras SA, Preferred, Class ‘B’ 15,000 194,876 285,512 

CETIP SA - Balco Organizado de Ativos e Derivativos 31,600 257,796 270,808 

Cia Saneamento Basico de Sao Paulo NPV 24,250 467,895 493,224 

Companhia de Ferro Ligas da Bahia 6,300 46,616 42,548 

Companhia de Saneamento de Minas Gerais 

– Copasa MG 7,000 82,025 138,964 

Companhia de Tecidos Norte de Minas, Preferred 55,176 250,344 172,881 

Companhia Energetica de Minas Gerais SA, ADR 4,836 65,841 91,409 

Companhia Energetica de Minas Gerais, Preferred 42,253 552,787 795,355 

Companhia Paranaense de Energia-Copel, 

Preferred, Series ‘B’ 18,000 257,234 395,441 

Companhia Vale do Rio Doce 37,400 751,698 1,110,212 

Companhia Vale do Rio Doce, Preferred, Series ‘A’ 60,600 1,082,230 1,527,669 

Confab Industrial SA, Preferred 11,500 36,163 35,410 

Construtora Sultepa SA, Preferred 100 210 301 

EDP - Energias do Brasil SA 13,400 206,197 267,145 

Eletropaulo Metropolitana SA, Preferred, Class ‘B’ 26,840 511,278 552,036 

Embraer-Empresa Brasileira de Aeronautica SA 49,500 247,978 283,103 

Empresa Brasileira de Aeronautica SA (Embraer), 

ADR, Preferred 5,260 132,269 121,866 

Eternit SA 5,300 22,846 26,965 

EZ TEC Empreendimentos e Participacoes SA 10,600 45,136 53,293 

Fibria Celulose SA 8,130 131,987 190,684 

Fibria Celulose SA Sponsored ADR 3,287 56,632 78,602 

Gerdau SA 20,900 108,299 277,526 

Gerdau SA, ADR 6,800 67,482 121,403 


of Cost Value 

Shares $ $ 

Gerdau SA, Preferred 10,671 143,338 186,749 

Gol Linhas Aereas Inteligentes SA, ADR 5,400 53,365 86,671 

Grendene SA 69,600 270,468 406,013 

Hypermarcas SA 24,300 205,590 573,595 

Iguatemi Empresa de Shopping Centers SA 8,400 149,662 168,222 

Itau Unibanco Holding SA 47,691 631,628 1,108,811 

Itau Unibanco Holding SA, ADR 28,020 333,951 670,038 

Itausa-Investimentos Itau SA, Preferred, Registered 205,809 707,412 1,461,751 

Localiza Rent a Car SA 30,698 229,875 350,770 

Lojas Renner SA 4,300 38,427 101,630 

Marcopolo SA, Preferred 56,300 91,566 228,545 

Marfrig Frigorificos e Comercio de Alimentos SA 6,664 77,570 75,465 

Medial Saude SA 9,300 44,167 96,702 

Multiplan Empreendimentos Imobiliarios SA 2,500 40,096 47,390 

Net Servicos de Comunicacao SA, Preferred 20,300 253,125 289,581 

OGX Petroleo e Gas Participacoes SA 26,000 84,910 265,816 

PDG Realty SA Empreendimentos e Participacoes 32,700 231,455 340,215 

Petroleo Brasileiro SA 55,900 976,447 1,391,446 

Petroleo Brasileiro SA, ADR 6,360 240,057 317,640 

Petroleo Brasileiro SA, Preferred 94,700 1,261,027 2,087,291 

Petroleo Brasileiro SA, Sponsored ADR 75,310 2,634,213 3,339,637 

Porto Seguro SA 12,000 106,682 143,396 

Randon SA Implementos e Participacoes, Preferred 17,800 55,354 164,319 

Redecard SA 38,900 620,760 676,093 

Rodobens Negocios Imobiliarios SA 19,500 89,920 205,226 

SLC Agricola SA 18,541 183,313 181,641 

Tele Norte Leste Participacoes SA (Telemar) 9,000 183,750 239,235 

Tele Norte Leste Participacoes SA, ADR, Preferred 20,530 355,954 459,723 

Telecomunicacoes de Sao Paulo SA, Preferred 9,800 231,112 256,610 

Telemar Norte Leste SA 900 26,458 33,136 

Tim Participacoes SA, Preferred 88,900 174,571 273,735 

Tractebel Energia SA 10,230 104,638 130,674 

Ultrapar Participacoes SA, Preferred 5,100 153,071 245,706 

Universo Online SA, Preferred 5,500 29,515 30,596 

Usinas Siderurgicas de Minas Gerais SA 13,381 261,968 397,776 

Usinas Siderurgicas de Minas Gerais SA, 

Preferred, Series ‘A’ 500 13,967 14,731 

Vale SA, ADR 35,150 733,714 1,038,419 

Vale SA, ADR, Preferred 55,200 991,153 1,435,728 

Vivo Participacoes SA, Preferred 9,800 269,318 318,199 

Wilson Sons Ltd. 15,174 92,232 194,557 

21,016,492 30,218,052 

Canada – 0.1% 

First Quantum Minerals Ltd. 2,891 216,552 232,003 

216,552 232,003 

Cayman Islands – 0.3% 

Asia Cement China Holdings Corp. 432,500 288,108 271,905 

SOHO China Ltd. 524,500 329,924 297,833 

618,032 569,738 

SEME 


60





of Cost Value 

Shares $ $ 

Chile – 1.5% 

Banco Santander Chile SA, ADR 1,500 60,065 101,538 

Cencosud SA 30,718 88,415 108,688 

Compania Cervecerias Unidas SA 53,742 385,577 439,394 

Compania Cervecerias Unidas SA, ADR 5,200 211,796 212,660 

Corpbanca SA, ADR 3,300 111,268 146,685 

Empresa Nacional de Telecomunicaciones SA 14,708 202,779 222,540 

Empresas La Polar SA 15,400 83,344 91,664 

Enersis SA, ADR 40,400 600,619 967,774 

Sociedad Quimica y Minera de Chile SA, ADR 7,400 279,756 291,227 

2,023,619 2,582,170 

China – 10.6% 

Airmedia Group Inc., ADR 23,352 140,400 183,608 

Anhui Expressway Co. Ltd., Class ‘H’ 182,000 127,755 132,629 

Baidu Inc., ADR 200 83,305 86,210 

Bank of China Ltd., Class ‘H’ 1,791,000 707,798 1,014,582 

Bank of Communications Co. Ltd., Class ‘H’ 291,000 252,595 354,483 

Baoye Group Co. Ltd., Class ‘H’ 46,000 37,274 35,760 

China Bluechemical Ltd., Class ‘H’ 149,000 85,754 94,681 

China Citic Bank, Class ‘H’ 68,000 46,878 60,862 

China Coal Energy Co., Class ‘H’ 348,000 545,349 668,106 

China Communication Services Corp. Ltd. 158,000 89,650 81,601 

China Construction Bank, Class ‘H’ 2,783,000 2,113,355 2,505,908 

China Dongxiang (Group) Co. Ltd. 504,000 195,139 406,120 

China Life Insurance Co. Ltd., Series ‘H’ 189,000 734,762 979,952 

China Longyuan Power Group Corp. 40,000 44,685 54,296 

China Molybdenum Co. Ltd., Class ‘H’ 80,000 50,547 67,492 

China Pacific Insurance (Group) Co. Ltd., Class ‘H’ 58,800 229,250 245,648 

China Petroleum and Chemical Corp. (Sinopec), 

Series ‘H’ 62,000 57,217 58,006 

China Railway Construction Corp., Class ‘H’ 475,000 698,639 637,706 

China Shipping Development Co. Ltd., Class ‘H’ 58,000 82,254 91,433 

China Telecom Corp. Ltd., Series ‘H’ 734,000 320,417 320,536 

China Zhongwang Holdings Ltd. 166,400 185,429 140,383 

Chongqing Changan Automobile Co. Ltd., Class ‘B’ 175,000 98,061 186,678 

Ctrip.com International Ltd., ADR 6,600 326,630 496,723 

Denway Motors Ltd. 480,000 165,632 318,640 

Dongfeng Motor Corp., Class ‘H’ 173,000 92,880 259,625 

Epure International Ltd. 568,000 135,979 311,738 

First Tractor Co. Ltd., Class ‘H’ 12,000 5,526 8,144 

Great Wall Motor Co. Ltd., Class ‘H’ 153,500 222,367 200,269 

Great Wall Technology Co. Ltd. 88,000 27,680 34,265 

Guangzhou R&F Properties Co. Ltd., Class ‘H’ 157,200 382,796 290,748 

Harbin Power Equipment Co. Ltd., Series ‘H’ 168,000 165,907 157,406 

Huaneng Power International Inc., ADR, Series ‘N’ 3,210 105,599 75,381 

Huaneng Power International Inc., Series ‘H’ 428,500 319,372 253,169 

Industrial and Commercial Bank of China, 

Class ‘H’ 2,956,000 2,026,810 2,569,763 

Jiangling Motors Corp. Ltd., Class ‘B’ 97,700 104,762 175,284 

Mindray Medical International Ltd., ADR 8,550 224,264 303,500 

New Oriental Education & Technology Group Inc., 

ADR 1,836 110,087 145,532 


of Cost Value 

Shares $ $ 

PetroChina Co. Ltd., ADR 3,330 383,903 415,115 

PetroChina Co. Ltd., Series ‘H’ 518,000 740,882 652,014 

Qingling Motors Co. Ltd. 150,000 33,071 38,532 

Renhe Commercial Holdings Co. Ltd. 1,792,000 402,402 423,989 

Shanda Games Ltd. 9,800 128,109 104,588 

Shandong Chenming Paper Holdings Ltd., Class ‘B’ 198,700 108,630 155,544 

Shanghai Mechanical & Electrical Industry Co. Ltd., 

Series ‘B’ 122,208 138,900 154,509 

SINA Corp. 1,900 90,621 88,536 

Sinotrans Ltd., Series ‘H’ 968,700 247,610 265,866 

Tencent Holdings Ltd. 30,200 234,304 688,810 

Tingyi (Cayman Islands) Holding Corp. 140,000 204,984 362,661 

Trina Solar Ltd., ADR 9,200 387,548 515,998 

Weiqiao Textile Co. Ltd., Series ‘H’ 438,500 424,688 315,398 

Yanzhou Coal Mining Co. Ltd., Class ‘H’ 116,000 186,788 268,183 

Zhuzhou CSR Times Electric Co. Ltd., Series ‘H’ 157,000 161,852 336,651 

15,217,096 18,793,261 

Colombia – 0.0% 

Bancolombia SA, ADR, Preferred 1,017 42,867 48,511 

42,867 48,511 

Czech Republic – 0.2% 

CEZ AS 6,174 347,027 302,560 

347,027 302,560 

Egypt – 0.6% 

Commercial International Bank 30,253 240,178 315,437 

EFG-Hermes Holding SAE 49,218 160,563 230,577 

Egyptian International Pharmaceutical Industries Co. 5,770 30,957 35,744 

National Société Générale Bank 6,256 43,307 33,541 

Orascom Construction Industries, GDR 3,368 296,318 159,837 

Orascom Telecom Holding S.A.E. 37,500 195,473 175,609 

Telecom Egypt 49,000 189,645 167,554 

1,156,441 1,118,299 

Hong Kong – 6.0% 

Ajisen China Holdings Ltd. 260,000 159,877 233,410 

Beijing Enterprises Holdings Ltd. 63,000 323,992 478,690 

Bosideng International Holdings Ltd. 580,000 85,695 135,660 

Chaoda Modern Agriculture Holdings Ltd. 654,000 491,474 735,663 

China Mengniu Dairy Co. Ltd. 172,000 455,505 641,823 

China Mobile Ltd. 258,000 2,897,992 2,539,386 

China Mobile Ltd., ADR 8,030 456,154 375,454 

China Overseas Land & Investment Ltd. 53,200 94,990 117,672 

China Power International Development Ltd. 876,000 310,146 230,950 

China Unicom Ltd. 229,420 364,626 318,861 

CNOOC Ltd. 929,500 1,345,217 1,530,645 

CNOOC Ltd., ADR 770 80,294 125,322 

Cosco Pacific Ltd. 368,176 530,446 493,295 

Digital China Holdings Ltd. 63,000 30,057 88,243 

Fosun International 292,000 196,306 213,579 


SEME 

61





of Cost Value 

Shares $ $ 

Global Bio-chem Technology Group Co. Ltd. 699,000 206,030 180,505 

GOME Electrical Appliances Holding Ltd. 1,149,160 311,084 438,134 

Guangdong Investment Ltd. 218,000 88,034 133,221 

Huabao International Holdings Ltd. 407,000 357,421 457,821 

Longfor Properties 91,500 98,180 108,121 

Lumena Resources Corp. 312,000 127,313 104,191 

NWS Holdings Ltd. 161,328 335,328 311,033 

Shanghai Industrial Holdings Ltd. 42,000 138,165 224,297 

Shenzhou International Group 85,000 36,773 115,380 

TPV Technology Ltd. 392,000 210,886 250,683 

9,731,985 10,582,039 

Hungary – 0.3% 

Magyar Telekom Rt., Registered 20,000 99,435 81,487 

MOL Magyar Olaj -es Gazipari Rt. 3,855 259,645 364,773 

359,080 446,260 

India – 6.0% 

Ambuja Cements Ltd. 63,680 127,710 148,768 

Andhra Bank 49,110 95,546 115,449 

Aurobindo Pharma Ltd. 509 5,688 10,481 

Bank of Baroda 9,272 71,000 105,903 

Bank of India 45,360 326,895 393,424 

Bank of Maharashtra Ltd. 32,180 29,287 36,429 

Bharat Heavy Electricals Ltd. 8,010 279,127 434,183 

Bharat Petroleum Corp. Ltd. 22,450 227,187 320,044 

Bharti Airtel Ltd. 89,610 701,692 663,766 

Birla Corp. Ltd. 5,100 37,362 37,915 

Cairn India Ltd. 39,240 193,191 249,423 

Dena Bank Ltd. 21,810 26,882 41,051 

Dr. Reddy’s Laboratories Ltd. 8,580 97,972 221,087 

Glenmark Pharmaceuticals Ltd. 47,210 254,712 292,478 

Great Eastern Shipping Co. Ltd. (The) 10,370 48,969 65,518 

Gujarat Alkalies and Chemicals Ltd. 4,860 18,146 14,261 

Gujarat Fluorochemicals Ltd. 1,980 6,227 5,814 

Gujarat Narmada Valley Fertilizers Co. Ltd. 10,590 37,588 25,074 

Gujarat State Fertilizers & Chemicals Ltd. 5,800 33,486 24,911 

HCL Technologies Ltd. 1,950 6,224 16,300 

Hero Honda Motors Ltd. 3,637 70,176 140,928 

Hindalco Industries Ltd. 64,320 153,250 232,929 

Hindustan Petroleum Corp. Ltd. 22,350 168,677 196,518 

Hindustan Zinc Ltd. 10,960 226,986 299,501 

Housing Development Finance Corp. Ltd. 8,697 437,960 524,665 

India Cements Ltd. 166,280 522,954 461,881 

Indian Bank 84,308 322,364 332,379 

Infosys Technologies Ltd. 10,634 473,591 624,127 

Jet Airways (India) Ltd. 10,720 146,236 133,587 

Mahanagar Telephone Nigam Ltd. 60,870 164,451 101,064 

Mahanagar Telephone Nigam Ltd., ADR 37,380 153,280 119,913 

Mahindra & Mahindra Ltd. 11,600 214,613 282,442 

Mangalore Refinery and Petrochemicals Ltd. 107,679 205,038 189,092 

Maruti Udyog Ltd. 4,710 117,377 166,053 

Oil and Natural Gas Corp. Ltd. 13,780 291,681 365,557 


of Cost Value 

Shares $ $ 

Reliance Industries Ltd. 19,520 406,351 479,064 

Rolta India Ltd. 26,420 111,105 115,974 

Sesa Goa Ltd. 30,396 138,864 278,837 

State Bank of India 2,840 111,589 145,171 

State Bank of India, GDR 6,050 296,797 602,539 

Steel Authority of India Ltd. 99,900 366,165 540,136 

Sterlite Industries (India) Ltd. 22,320 341,598 433,263 

Syndicate Bank 40,683 68,713 87,527 

Tata Power Co. Ltd. 7,670 151,253 238,098 

Tata Steel Ltd. 10,000 97,642 138,931 

UCO Bank 18,278 18,803 22,833 

Ultra Tech Cement Ltd. 2,507 42,206 51,632 

Union Bank of India Ltd. 11,548 50,989 68,720 

8,495,600 10,595,640 

Indonesia – 1.6% 

PT Adaro Energy 237,000 44,791 45,487 

PT Astra International TBK 43,000 154,834 165,778 

PT Bank Central Asia TBK 818,500 336,625 433,832 

PT Bank Mandiri 598,000 179,473 311,955 

PT Bank Rakyat Indonesia TBK 696,000 510,324 586,362 

PT Indocement Tunggal Prakarsa TBK 235,290 242,025 359,694 

PT Indosat TBK 285,000 172,560 150,265 

PT Tambang Batubara Bukit Asam TBK 60,000 80,334 115,491 

PT Telekomunikasi Indonesia 689,300 611,213 726,858 

2,332,179 2,895,722 

Israel – 2.0% 

Bank Hapoalim Ltd. 45,330 157,044 208,252 

Bank Leumi Le Israel 40,000 172,831 193,175 

Discount Investment Corp. 2,592 54,391 63,887 

First International Bank of Israel Ltd. 8,000 101,798 140,592 

Formula Systems (1985) Ltd. 3,333 27,156 37,866 

Gazit Globe (1982) Ltd. 6,370 42,305 66,110 

Israel Chemicals Ltd. 8,474 105,462 117,261 

Koor Industries Ltd. 1,361 45,147 41,508 

Makhteshim-Agan Industries Ltd. 44,790 218,779 224,365 

Teva Pharmaceutical Industries Ltd. 16,215 807,313 957,203 


Union Bank of Israel Ltd. 18,000 62,838 82,396 

United Mizrahi Bank Ltd. 16,000 109,923 153,876 

2,942,515 3,590,573 

Kazakstan – 0.3% 

KazMunaiGas, GDR 22,089 415,751 576,609 

415,751 576,609 

Luxembourg – 0.4% 

Evraz Group SA, GDR 5,382 123,222 159,393 

Merrill Lynch International & Co., 

Warrants, 2010/02/14 119 374,991 350,046 

Tenaris SA, ADR 4,621 187,141 203,514 

685,354 712,953 

SEME 


62





of Cost Value 

Shares $ $ 

Malaysia – 1.8% 

CIMB Group Holdings Berhad 177,900 486,304 699,381 

Gamuda BHD 360,700 311,579 287,139 

Genting Berhad 10,000 17,393 22,351 

Genting Malaysia BHD 568,500 431,908 489,113 

Malayan Banking BHD 451,698 874,556 947,352 

PPB Group Berhad 44,000 139,043 214,471 

Proton Holdings BHD 41,000 45,973 49,083 

Public Bank BHD 24,300 74,532 82,883 

Tenaga Nasional BHD 167,600 404,135 430,022 

Titan Chemicals Corp. BHD 75,000 27,386 28,015 

2,812,809 3,249,810 

Mexico – 4.2% 

America Movil SA de CV, Series ‘L’, ADR 29,860 1,023,082 1,468,458 

America Movil SA de CV, Series ‘L’ BHD 447,896 923,535 1,104,878 

Bolsa Mexicana de Valores SA 124,092 124,105 153,654 

Coca-Cola FEMSA SAB de CV 42,700 199,415 294,501 

Consorcio ARA SA de CV 238,200 193,453 174,060 

Corporacion GEO SA de CV, Series ‘B’ 40,400 114,853 112,312 

Embotelladoras Arca SA, Series ‘B’ 154,600 423,935 531,336 

Fomento Economico Mexicano SAB de CV 59,356 195,044 297,893 

Fomento Economico Mexicano SAB de CV, 

Class ‘B’, ADR 6,419 238,061 321,865 

Grupo Aeroportuario del Pacifico SA de CV 6,438 17,905 21,061 

Grupo Carso SAB de CV, Series ‘A1’ 66,400 226,703 212,851 

Grupo Continental SAB de CV, Series ‘I’ 84,300 179,694 223,387 

Grupo Financiero Banorte SA de CV 78,853 132,011 298,739 

Grupo Mexico SAB de CV, Series ‘B’ 187,600 298,901 449,669 

Grupo Simec, SA de CV, Series ‘B’ 37,300 96,622 108,875 

Grupo Televisa SA, Series ‘CPO’ 71,383 235,687 310,735 

Industrias CH SA, Series ‘B’ 35,700 105,866 131,295 

Kimberly-Clark de Mexico SAB de CV, Series ‘A’ 65,650 279,045 307,393 

Urbi Desarrollos Urbanos SA de CV 318,946 524,971 750,414 

Wal-Mart de Mexico SA de CV, Series ‘V’ 25,700 84,394 120,108 

5,617,282 7,393,484 

Netherlands – 0.3% 

Plaza Centers NV 114,115 135,435 287,851 

Pyaterochka Holding NV, GDR 7,497 217,027 250,717 

352,462 538,568 

Netherlands Antilles – 0.0% 

Merrill Lynch International & Co. CV, 

Dana Gas, Warrants, 2010/12/06 278,900 94,400 73,652 

94,400 73,652 

Philippines – 0.1% 

Bank of the Philippine Islands 119,755 93,445 128,994 

Union Bank of the Philippines 50,900 57,929 42,130 

151,374 171,124 


of Cost Value 

Shares $ $ 

Poland – 1.0% 

Bank Pekao SA 1,750 126,917 103,665 

GANT Development SA 5,644 47,985 48,589 

Getin Holding SA 44,000 88,893 142,813 

KGHM Polska Miedz SA 5,500 228,133 213,575 

KOPEX SA 4,000 27,651 38,085 

Polish Oil & Gas 108,000 203,193 149,950 

Polski Koncern Naftowy Orlen SA 38,423 477,044 477,874 

Powszechna Kasa Oszczednosci Bank Polski SA 21,021 354,149 292,630 

Synthos SA 49,000 22,154 20,823 

Telekomunikacja Polska SA 39,880 256,707 231,854 

1,832,826 1,719,858 

Russia – 5.3% 

Gazprom OAO, ADR 73,636 2,790,641 1,933,767 

Globaltrans Investment PLC, GDR 46,903 245,171 476,956 

LUKOIL, ADR 16,151 974,688 954,959 

Magnit CLS 2,529 165,181 188,218 

Mining and Metallurgical Co. Norilsk Nickel, ADR 19,422 291,431 292,181 

Mobile TeleSystems OJSC, ADR 14,951 826,071 765,042 

Mobile TeleSystems, ADR 931 31,665 46,911 

OAO Gazprom, ADR 47,000 1,780,351 1,256,447 

OAO LUKOIL, ADR 23,249 1,565,017 1,394,141 

OJSC Rosneft Oil Co., GDR 76,991 478,763 690,101 

Pharmstandart, GDR 9,328 242,270 195,091 

Razguliay Group 93,663 165,817 153,700 

Sberbank of Russia, GDR, Registered 113 13,253 33,240 

Sberbank, GDR, Registered ‘S’ 1,387 319,711 407,333 

Surgutneftegaz, ADR 19,445 205,824 180,409 

Tatneft, GDR 12,519 338,213 380,605 

10,434,067 9,349,101 

South Africa – 8.0% 

ABSA Group Ltd. 19,973 273,142 364,279 

African Bank Investments Ltd. 85,454 283,803 362,540 

African Rainbow Minerals Ltd. 1,374 30,076 33,665 

Anglo American Platinum Corp. Ltd. 2,410 176,978 270,365 

AngloGold Ashanti Ltd. 6,756 292,899 292,876 

AngloGold Ashanti Ltd., ADR 7,308 274,867 307,833 

Aspen Pharmacare Holdings Ltd. 16,192 134,829 169,201 

Aveng Ltd. 39,707 222,398 224,704 

Barloworld Ltd. 66,811 391,745 428,119 

Bidvest Group Ltd. 10,537 119,097 192,780 

DataTec Ltd. 30,000 79,406 114,463 

FirstRand Ltd. 323,020 623,347 843,405 

Freeworld Coatings Ltd. 17,000 13,339 19,144 

Gold Fields Ltd. 47,691 631,608 664,701 

Gold Fields Ltd., ADR 16,070 247,067 220,864 

Grindrod Ltd. 104,794 174,068 264,069 

Harmony Gold Mining Co. Ltd. 37,462 507,219 400,000 

Iliad Africa Ltd. 44,000 44,873 61,388 

Impala Platinum Holdings Ltd. 30,664 617,624 879,260 

Imperial Holdings Ltd. 36,707 296,885 461,703 


SEME 

63





of Cost Value 

Shares $ $ 

Investec Ltd. 8,000 44,890 60,648 

JD Group Ltd. 9,310 68,456 64,946 

Medi-Clinic Corp. Ltd. 30,000 77,190 107,842 

Mittal Steel South Africa Ltd. 24,583 311,528 360,478 

Mondi Ltd. 53,276 229,258 318,558 

Mr. Price Group Ltd. 36,583 121,277 180,203 

MTN Group Ltd. 106,522 1,331,388 1,766,739 

Murray & Roberts Holdings Ltd. 59,080 428,540 387,747 

Nampak Ltd. 121,424 246,217 261,548 

Naspers Ltd., Series ‘N’ 13,719 274,312 585,937 

Nedbank Group Ltd. 30,010 406,544 529,993 

Omnia Holdings Ltd. 1,251 6,702 10,579 

Sanlam Ltd. 115,380 262,943 373,368 

Sappi Ltd. 62,170 402,192 314,207 

Sasol Ltd. 27,870 1,172,653 1,170,486 

Sasol Ltd., ADR 2,340 73,496 97,831 

Standard Bank Group Ltd. 59,210 754,755 858,546 

Steinhoff International Holdings Ltd. 6,896 16,109 20,224 

Vodacom Group Ltd. 22,280 164,204 173,980 

11,827,924 14,219,219 

South Korea – 13.2% 

CJ CheilJedang Corp. 283 41,965 52,230 

Daewoo Shipbuilding & Marine Engineering Co. Ltd. 20,490 346,524 322,817 

DC Chemical Co. Ltd. 652 117,605 128,255 

GS Engineering & Construction Corp. 7,630 559,756 741,864 

GS Holdings Corp. 3,590 111,404 109,080 

GS Home Shopping Inc. 450 39,846 34,598 

Hana Financial Group Inc. 2,500 78,732 73,935 

Hanwha Chemical Corp. 5,580 58,461 67,567 

Hynix Semiconductor Inc. 4,500 89,742 93,786 

Hyundai Development Co. 8,080 260,866 274,239 

Hyundai Heavy Industries Co. Ltd. 61 24,428 9,501 

Hyundai Mobis 3,330 356,344 511,146 

Hyundai Motor Co. Ltd. 14,284 1,017,079 1,556,006 

Kangwon Land Inc. 25,960 339,502 384,456 

KB Financial Group Inc. 9,452 510,307 507,161 

KISWIRE Ltd. 670 27,061 23,524 

Korea Development Financing Corp. 410 25,637 12,218 

Korea Electric Power Corp. 26,550 762,696 813,875 

Korea Zinc Co. Ltd. 870 69,007 159,390 

Korean Air Co. Ltd. 2,900 131,073 143,333 

Korean Reinsurance Co. 21,740 221,972 192,784 

KT Corp. 9,920 403,224 349,192 

KT Corp., ADR 26,030 587,198 458,175 

KT&G Corp. 6,519 417,996 377,371 

LG Chem Ltd. 3,080 360,657 632,210 

LG Corp. 5,090 264,543 332,683 

LG Electronics Inc. 7,700 796,714 838,788 

LG Philips 25,820 816,154 911,210 

Lotte Shopping Co. Ltd. 714 203,342 222,408 

MegaStudy Co. Ltd. 1,259 193,255 270,328 


of Cost Value 

Shares $ $ 

POSCO 3,734 1,575,042 2,074,128 

POSCO, ADR 840 103,286 115,360 

Samsung Electro-Mechanics Co. Ltd. 710 61,985 68,714 

Samsung Electronics Co. Ltd. 9,096 4,996,290 6,534,757 

Samsung Fire & Marine Insurance 1,342 222,148 240,426 

Shinhan Financial Group Co. Ltd. 46,364 1,613,484 1,803,187 

Shinsegae Co. Ltd. 801 329,384 386,521 

SK Corp. 1,960 189,823 156,868 

SK Telecom Co. Ltd. 1,115 196,813 170,146 

SK Telecom Co. Ltd., ADR 21,310 510,647 363,031 

S-Oil Corp. 6,271 319,710 304,300 

Tong Yang Life Insurance Co. Ltd. 18,480 237,422 232,920 

Youngone Corp. 520 28,349 16,315 

Yuhan Corp. 2,479 404,705 396,142 

20,022,178 23,466,945 

Taiwan – 11.4% 

Acer Inc. 177,901 317,112 560,936 

Asia Cement Corp. 206,000 243,246 233,279 

Asustek Computer Inc. 469,810 801,617 950,096 

AU Optronics Corp. 398,000 411,871 505,492 

AU Optronics Corp., ADR 13,290 132,205 167,052 

Catcher Technology Co. Ltd. 88,000 237,685 257,569 

Cathay Financial Holding Co. Ltd. 395,000 577,610 772,914 

Chang Hwa Commercial Bank 178,000 87,790 88,971 

Cheng Loong Corp. 79,000 30,830 32,755 

China Bills Finance Corp. 112,000 36,607 33,589 

China Steel Corp. 601,159 579,819 649,239 

Chinatrust Financial Holding Co. Ltd. 923,992 490,015 602,672 

Chunghwa Telecom Co. Ltd. 270,024 515,586 525,713 

Chunghwa Telecom Co. Ltd., ADR 1,130 20,031 21,963 

Compal Electronics Inc. 499,020 477,655 725,390 

CTCI Corp. 122,000 114,301 130,958 

Far Eastern Textile Ltd. 216,240 166,872 283,148 

Far EasTone Telecommunications Co. Ltd. 128,000 153,714 159,843 

First Financial Holding Co. Ltd. 676,719 460,423 439,171 

Gigabyte Technology Co. Ltd. 44,000 35,632 45,212 

Hon Hai Precision Industry Co. Ltd. 628,650 1,722,053 3,121,631 

HTC Corp. 61,900 714,715 742,560 

Lite-On Technology Corp. 161,970 133,115 254,821 

MediaTek Inc. 39,108 442,119 713,971 

Mega Financial Holding Co. Ltd. 119,000 78,427 72,157 

Nan Ya Printed Circuit Board Corp. 106,087 370,363 425,950 

Novatek Microelectronics Corp. Ltd. 64,270 192,054 225,399 

Pou Chen Corp. 80,000 60,056 66,601 

Quanta Computer Inc. 295,501 539,297 673,137 

Siliconware Precision Industries Co. 160,000 237,806 227,074 

SinoPac Holdings Co. 991,404 467,215 419,179 

Taiwan Cooperative Bank 318,350 216,189 209,730 

Taiwan Fertilizer Co. Ltd. 104,000 211,422 386,891 

Taiwan Semiconductor Manufacturing Co. Ltd. 1,256,749 2,318,618 2,652,737 

Tatung Co. Ltd. 1,560,000 335,290 400,867 

SEME 


64





of Cost Value 

Shares $ $ 

United Microelectronics Corp. 2,288,390 1,122,341 1,286,334 

Universal Scientific Industrial Co. Ltd. 74,000 27,107 48,994 

Wistron Corp. 138,383 221,811 281,666 

Yageo Corp. 737,000 273,179 282,627 

Yuanta Financial Holding Co. Ltd. 696,000 489,516 534,949 

16,063,314 20,213,237 

Thailand – 2.2% 

Airports of Thailand Public Co. Ltd., Receipts 26,000 35,310 31,884 

Bangkok Bank Public Co. Ltd. 64,800 193,630 237,379 

Bangkok Bank Public Co. Ltd. NVDR 156,600 473,321 568,741 

Bumrungrad Hospital Public Co. Ltd. 177,600 133,187 164,742 

Glow Energy PCL 153,226 166,030 148,653 

Kasikornbank Public Co. Ltd. 142,100 250,118 385,384 

Krung Thai Bank Public Co. Ltd. 911,000 235,823 282,159 

PTT Public Co. Ltd. 108,300 801,207 837,730 

Siam Cement Public Co. Ltd. (The) 46,000 248,096 342,302 

Siam Commercial Bank Public Co. Ltd. 213,300 459,586 581,004 

Thai Union Frozen Products Public Co. Ltd. 161,900 108,339 153,997 

Thanachart Capital Public Co. Ltd., NVDR 90,000 37,579 62,260 

Total Access Communication Public Co. Ltd. 115,600 118,045 129,950 

3,260,271 3,926,185 

Turkey – 2.4% 

Aksa Akrilik Kimya Sanayii AS 57,181 46,807 103,179 

Cimsa Cimento Sanayi ve Ticaret AS 51,251 140,608 268,833 

Ford Otomotiv Sanayi AS 36,525 230,937 229,907 

Haci Omer Sabanci Holding AS 36,944 117,656 147,278 


of Cost Value 

Shares $ $ 

Petrol Ofisi AS, Class ‘A’ 18,900 49,826 75,345 

Tekfen Holding AS 50,910 79,877 173,757 

Tupras-Turkiye Petrol Rafinerileri AS 22,236 279,086 454,885 

Turk Hava Yollari Anonim Ortakligi 126,324 214,790 499,176 

Turk Sise ve Cam Fabrikalari AS (Sisecam) 232,434 304,661 303,991 

Turkcell Iletisim Hizmetleri AS 62,046 411,360 455,640 

Turkcell Iletisim Hizmetleri AS, ADR 8,100 118,656 148,349 

Turkiye Garanti Bankasi AS 129,584 372,234 575,499 

Turkiye Is Bankasi, Series ‘C’ 65,655 172,301 286,988 

Turkiye Sinai Kalkinma Bankasi AS 259,050 118,117 327,930 

Turkiye Vakiflar Bankasi T.A.O., Class ‘D’ 90,000 103,715 268,146 

2,760,631 4,318,903 

United Arab Emirates – 0.0% 

DP World Ltd. 280,300 171,870 123,418 

171,870 123,418 

United Kingdom – 0.3% 

Anglo American PLC 7,459 279,011 339,100 

Deutsche Bank AG London, 

Call Warrants, 2018/02/28, (Sberbank) 25,600 26,601 75,304 

JKX Oil & Gas PLC 20,710 96,795 98,240 

402,407 512,644 




Other Assets and Liabilities, Net* – 2.5% 4,451,054 

Net Assets – 100.0% 177,651,477 

SCHEDULE OF SPOT CONTRACTS* 

Unrealized 

Credit 

Appreciation 



Canadian Imperial Bank of Commerce A1 2009/01/05 BRL 6,584 USD 3,763 1.750 1.743 (15) 

Canadian Imperial Bank of Commerce A1 2009/01/05 BRL 2,910 USD 1,663 1.750 1.743 (6) 

(21) 

1 


*The Unrealized appreciation (depreciation) on spot contracts is included in the Other Assets and Liabilities in the Statement of Investment Portfolio. 


SEME 

65





Portfolio by Countries Percentage of Net Assets (%) 

Argentina 0.1 

Brazil 14.4 

Chile 1.3 

China 10.1 

Colombia 0.1 

Czech Republic 1.0 

Egypt 0.5 

Hong Kong 8.9 

Hungary 0.4 

India 6.6 

Indonesia 0.7 

Israel 3.6 

Luxembourg 0.4 

Malaysia 1.8 

Mexico 4.3 

Netherlands 0.1 

Peru 0.1 

Philippines 0.3 

Poland 1.3 

Russia 4.8 

South Africa 7.5 

South Korea 10.8 

Taiwan 8.5 

Thailand 1.8 

Turkey 1.4 

United Kingdom 0.6 

United States 0.6 



100.0 

SEME 


66




Currency Risk 


Currency risk exposed holdings* Spot and Forward foreign exchange contracts Total Exposure As a % of Net Assets 

2009 2008 2009 2008 2009 2008 2009 2008 

U.S. Dollar 32,298,378 28,252,775 5,688 — 32,304,066 28,252,775 18.18% 24.44% 

Hong Kong Dollar 26,742,225 19,433,272 — — 26,742,225 19,433,272 15.05% 16.81% 

South Korean Won 22,543,080 11,622,305 — — 22,543,080 11,622,305 12.69% 10.05% 

Taiwan Dollar 20,338,176 9,889,826 — — 20,338,176 9,889,826 11.45% 8.55% 

South African Rand 14,033,482 8,658,713 — — 14,033,482 8,658,713 7.90% 7.49% 

Brazilian Real 22,371,729 8,347,026 (5,709) — 22,366,020 8,347,026 12.59% 7.22% 

Indian Rupee 10,105,153 6,975,586 — — 10,105,153 6,975,586 5.69% 6.03% 

Mexican Peso 5,623,634 2,668,506 — — 5,623,634 2,668,506 3.17% 2.31% 

Malaysian Ringgit 3,270,553 2,315,895 — — 3,270,553 2,315,895 1.84% 2.00% 

Thai Baht 3,926,186 2,072,319 — — 3,926,186 2,072,319 2.21% 1.79% 

Israeli Shekel 2,295,065 1,587,094 — — 2,295,065 1,587,094 1.29% 1.37% 

New Turkish Lira 4,174,845 1,574,054 — — 4,174,845 1,574,054 2.35% 1.36% 

Polish Zloty 1,751,429 1,567,377 — — 1,751,429 1,567,377 0.99% 1.36% 

Czech Koruna 307,078 1,167,770 — — 307,078 1,167,770 0.17% 1.01% 

Indonesian Rupiah 2,910,733 793,996 — — 2,910,733 793,996 1.64% 0.69% 

Hungarian Forint 455,423 529,476 — — 455,423 529,476 0.26% 0.46% 

Philippine Peso 181,196 381,446 — — 181,196 381,446 0.10% 0.33% 

Egyptian Pound 1,035,577 349,532 — — 1,035,577 349,532 0.58% 0.30% 

British Pound 497,960 245,227 — — 497,960 245,227 0.28% 0.21% 

Chilean Peso 863,504 200,632 — — 863,504 200,632 0.49% 0.17% 

Euro Currency Unit 454,899 90,299 — — 454,899 90,299 0.26% 0.08% 

Singapore Dollar 311,836 113 — — 311,836 113 0.18% 0.00% 

Swedish Krona 279,880 — — — 279,880 — 0.16% 0.00% 









Credit Risk 






Common shares $ 166,904,046 $ 1,608,474 $ — $ 168,512,520 

Preferred shares 4,687,903 — — 4,687,903 


Bonds — — — 


Total Investments $ 171,591,949 $ 1,608,474 $ $ 173,200,423 

Derivative assets — — — — 

Derivative liabilities (21) — — (21) 




SEME 

67





2009 2008 

ASSETS 





Accrued interest receivable — — 



178,313 115,968 

LIABILITIES 


Payable for portfolio securities purchased 413 83 


662 357 




(Class O) $ 167,423 $ 105,738 

(Class I) $ 19 $ 3,843 

(Class P) $ 7,018 $ 4,382 

(Class F) $ 3,191 $ 1,648 


(Class O) $ 5.10 $ 3.44 

(Class I) $ 5.20 $ 3.49 

(Class P) $ 5.61 $ 3.81 

(Class F) $ 5.99 $ 4.05 





2009 2008 


Dividends $ 4,468 $ 4,863 


4,484 4,895 


4,061 4,446 

EXPENSES 








526 511 


FOR THE PERIOD $ 3,535 $ 3,935 


NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (1,121) $ 687 









(Class O) $ 62,499 $ (68,042) 

(Class I) $ 814 $ (3,353) 

(Class P) $ 2,484 $ (2,547) 

(Class F) $ 1,021 $ (1,204) 



(Class O) $ 1.81 $ (2.53) 

(Class I) $ 1.50 $ (2.58) 

(Class P) $ 1.87 $ (2.88) 

(Class F) $ 2.03 $ (3.14) 


SEME 


68





Fund Total 

Class O 

2009 2008 2009 2008 






(3,516) (3,885) (3,468) (3,730) 


TRANSACTIONS 




(1,262) 24,467 2,654 22,439 



Class I 

Class P 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS 814 (3,353) 2,484 (2,547) 


Out of net investment income ≠ (7) (117) — — 

(7) (117) — — 


TRANSACTIONS 



Reinvestment of distributions ≠ 5 114 — — 

(4,631) (1,027) 152 2,435 

CHANGES IN NET ASSETS (3,824) (4,497) 2,636 (112) 


Class F 

2009 2008 



ASSETS FROM OPERATIONS 1,021 (1,204) 



(41) (38) 


TRANSACTIONS 




563 620 

CHANGES IN NET ASSETS 1,543 (622) 


≠ 



SEME 

69






$ % $ $ 


Corporate Bonds – 41.7% 

407 International Inc., Series ‘06D1’ 9,976,000 5.750 2036/02/14 10,016,180 9,463,021 

Access Health Abbotsford Ltd. 3,801,096 6.030 2038/03/07 4,249,028 3,727,243 

Access Justice Durham Ltd., Series ‘A’ 4,090,000 5.020 2039/08/31 4,203,702 3,552,037 

Algonquin Credit Card Trust, Series ‘051B’ 3,180,000 4.800 2010/10/15 3,180,000 3,153,078 



Algonquin Credit Card Trust, Series ‘071C’ 4,350,000 5.090 2012/06/15 4,350,000 4,165,316 

Alliance Pipeline L.P. 5,686,740 6.770 2025/12/31 6,441,308 6,102,585 

Alliance Pipeline L.P., Callable 1,895,000 4.928 2019/12/16 1,895,000 1,867,042 

Alliance Pipeline L.P., Series ‘A’ 1,941,956 7.220 2025/12/31 2,210,405 2,140,415 

AltaLink L.P., Callable 7,030,000 5.250 2036/09/22 6,886,227 6,580,631 

AltaLink L.P., Series ‘2008-1’, Callable 4,675,000 5.240 2018/05/29 4,691,414 4,862,170 

American Express Canada Credit Corp. 750,000 4.700 2011/05/20 773,250 774,668 

American Express Canada Credit Corp. 9,744,000 4.853 2014/10/03 9,744,000 10,011,176 

Bank of Nova Scotia 4,765,000 3.350 2014/11/18 4,763,046 4,756,102 

Bank of Nova Scotia 77,686 3.990 2013/03/04 72,947 79,372 

Bank of Nova Scotia, Callable 1,923,000 6.650 2021/01/22 2,168,986 2,181,728 

Bank of Nova Scotia, Variable Rate, Callable 19,687,000 4.940 2019/04/15 19,886,993 20,828,261 


Bell Canada, Callable 9,140,000 4.850 2014/06/30 9,150,768 9,592,502 

Borealis Infrastructure Trust 4,951,000 6.270 2011/05/03 5,186,402 5,239,143 

British Columbia Telephone Co., Series ‘51’ 2,500,000 9.650 2022/04/08 3,358,877 3,174,320 

Cameco Corp., Series ‘D’, Callable 8,930,000 5.670 2019/09/02 8,967,863 9,078,910 

Canadian Capital Auto Receivables Asset Trust, Series ‘B’ 3,150,000 4.920 2010/04/17 3,150,000 3,169,562 

Canadian Credit Card Trust 4,000,000 4.810 2010/04/26 4,000,000 4,003,801 

Canadian Credit Card Trust 4,000,000 5.260 2012/04/24 4,000,000 4,061,520 

Canadian Imperial Bank of Commerce, Variable Rate, Callable 162,000 5.150 2018/06/06 161,767 173,004 

Canadian Imperial Bank of Commerce, Variable Rate 3,630,000 3.750 2015/09/09 3,718,911 3,691,091 

Canadian Utilities Ltd. 1,275,000 9.920 2022/04/01 1,905,083 1,796,785 

Capital Desjardins Inc., Series ‘E’, Variable Rate, Callable 6,615,000 5.756 2019/04/01 6,660,956 7,155,519 

Capital Desjardins Inc., Series ‘F’, Variable Rate, Callable 4,000,000 5.541 2021/06/01 4,000,000 4,288,220 

Capital Power Income LP, Callable 1,180,000 5.950 2036/06/23 1,174,761 1,015,614 

CI Financial Corp., Callable 1,735,000 4.190 2014/12/16 1,734,306 1,731,181 

CIBC Capital Trust, Series ‘A’, Callable 670,000 9.976 2019/06/30 825,976 867,925 

CIT Canada Equipment Receivables Trust, Class ‘A2’, Series ‘2008-1’ 2,695,382 5.930 2016/08/22 2,695,382 2,744,977 

Citigroup Finance Canada Inc. 4,400,000 6.750 2014/09/22 4,484,988 4,702,194 

Consumers’ Waterheater Operating Trust (The), Callable 7,000,000 6.750 2014/04/30 6,987,890 6,949,229 

CU Inc., Callable 1,000,000 4.800 2021/11/22 913,000 975,275 

CU Inc., Callable 10,000,000 5.560 2038/05/26 10,045,409 10,049,451 

CU Inc., Callable 1,175,000 6.500 2039/03/07 1,175,000 1,329,090 

Eagle Credit Card Trust, Class ‘B’, Series ‘2006-1’ 3,000,000 4.700 2011/03/17 3,000,000 2,994,759 

Eagle Credit Card Trust, Class ‘C’, Series ‘2006-1’ 5,500,000 4.980 2011/03/17 5,499,283 5,459,365 

Electricity Distributors Finance Corp., Callable 5,585,000 6.450 2012/08/15 5,927,370 6,019,188 

Enbridge Gas Distribution Inc., Callable 1,790,000 5.160 2017/12/04 1,793,020 1,903,970 

Enbridge Gas Distribution Inc., Callable 4,175,000 5.570 2014/01/29 4,174,248 4,555,134 

Enbridge Inc., Callable 3,850,000 5.170 2016/05/19 3,847,767 4,093,118 

Enbridge Pipelines Inc. 30,000 6.350 2023/11/17 32,755 32,814 

SCFI 


70






$ % $ $ 

Enbridge Pipelines Inc., Callable 4,780,000 5.350 2039/11/10 4,775,746 4,728,821 

Enbridge Pipelines Inc., Callable 11,540,000 6.620 2018/11/19 11,535,038 13,417,272 

EnCana Corp., Callable 2,100,000 5.800 2018/01/18 2,094,498 2,236,446 

Enmax Corp., Series ‘2’, Restricted, Callable 5,050,000 5.850 2014/04/08 5,044,394 5,383,879 

ERAC Canada Finance Ltd., Series ‘06-1’, Callable 5,624,000 5.380 2016/02/26 5,620,176 5,379,841 

Finning International Inc., Callable 9,500,000 6.020 2018/06/01 9,493,920 10,004,002 

First Cap Realty Inc., Series ‘G’ 1,100,000 5.950 2015/06/01 1,101,617 1,105,132 

First Capital Realty Inc., Series ‘F’, Callable 4,175,000 5.320 2014/10/30 4,174,582 4,126,495 

Fort Chicago Energy Partners L.P., Series ‘1’, Callable 2,650,000 5.600 2014/07/28 2,649,311 2,717,506 

Fortis Inc., Callable 7,950,000 6.510 2039/07/04 7,944,753 8,367,378 

FortisAlberta Inc. 15,000 5.850 2038/04/15 12,834 15,522 

FortisAlberta Inc., Callable 1,660,000 5.370 2039/10/30 1,659,270 1,602,914 

FortisAlberta Inc., Callable 7,315,000 7.060 2039/02/14 7,314,049 8,845,189 

Gaz Metropolitain Inc., Series ‘L’, Callable 4,190,000 5.400 2013/04/15 4,187,905 4,503,737 

GE Capital Canada Funding Co. 5,730,000 5.680 2019/09/10 5,725,702 5,802,586 


GE Capital Canada Funding Co., Series ‘A’ 12,294,000 5.530 2017/08/17 11,221,632 12,702,268 

Genesis Trust, Class ‘A’, Series ‘2006-2’ 12,280,000 4.250 2011/09/15 12,264,036 12,756,491 

Genesis Trust, Class ‘B’, Series ‘2006-2’ 4,000,000 4.430 2011/09/15 4,000,000 4,047,949 

Genesis Trust, Class ‘C’, Series ‘2005-2’ 500,000 4.200 2010/03/15 496,640 502,209 

Glacier Credit Card Trust 7,650,000 4.570 2011/11/18 7,644,319 7,691,236 

Glacier Credit Card Trust 725,000 4.770 2014/05/20 721,627 714,596 

Gloucester Credit Card Trust 4,450,000 4.990 2011/03/15 4,452,012 4,410,109 

Gloucester Credit Card Trust 1,720,000 5.380 2010/06/15 1,724,320 1,723,996 

Gloucester Credit Card Trust, Class ‘A’, Series ‘2006-2’ 4,750,000 4.910 2013/11/15 4,746,014 4,529,172 

Gloucester Credit Card Trust, Series ‘04-1’ 1,400,000 6.490 2014/05/15 1,523,578 1,316,289 

Golden Credit Card Trust, Series ‘2008-2’ 1,447,000 5.420 2013/04/15 1,455,376 1,558,671 

Great-West Lifeco Inc. 5,920,000 5.998 2039/11/16 5,973,055 5,914,093 

Great-West Lifeco Inc., Variable Rate, Callable 3,375,000 5.691 2067/06/21 3,375,000 3,366,613 

Great-West Lifeco Inc., Variable Rate, Callable 7,105,000 7.127 2068/06/26 7,074,971 7,678,622 

Groupe Aeroplan Inc., Callable 3,000,000 9.000 2012/04/23 3,000,000 3,211,633 

Holcim Finance (Canada) Inc. 7,840,000 5.900 2013/06/21 7,829,102 7,993,102 

HSBC Bank of Canada, Variable Rate, Callable 1,266,000 4.940 2021/03/16 1,218,749 1,286,786 

HSBC Canada Asset Trust, Series ‘2015’, Variable Rate, Callable 2,900,000 5.149 2015/06/30 2,912,725 2,887,664 

IGM Financial Inc. 5,385,000 7.350 2019/04/08 5,394,602 6,155,819 

IGM Financial Inc., Series ‘1997’ 6,800,000 6.650 2027/12/13 6,676,353 6,812,995 

Intact Financial Corp., Series ‘1’, Callable 4,345,000 5.410 2019/09/03 4,343,001 4,355,298 

Leisureworld Senior Care L.P., Series ‘A’, Callable 8,000,000 4.810 2015/11/24 8,000,000 7,441,709 

Loblaw Cos. Ltd. 3,325,000 6.150 2035/01/29 3,469,015 3,083,411 

Loblaw Cos. Ltd. 13,300,000 6.540 2033/02/17 14,727,757 12,958,350 

Loblaw Cos. Ltd., Callable 1,835,000 5.900 2036/01/18 1,635,168 1,633,615 

Manulife Financial Capital Trust II, Series ‘1’, Variable Rate, Callable 4,065,000 7.405 2108/12/31 4,333,580 4,551,720 

Manulife Financial Corp., Callable 6,915,000 4.896 2014/06/02 7,214,046 7,322,354 

Manulife Financial Corp., Callable 2,317,000 7.768 2019/08/04 2,596,166 2,751,417 

Manulife Financial Delaware L.P., Variable Rate, Callable 700,000 4.448 2026/12/15 704,417 689,029 

Master Credit Card Trust 9,270,000 5.297 2012/08/21 9,410,712 9,927,736 

Master Credit Card Trust, Class ‘A’, Series ‘2006-2’ 7,070,000 4.440 2011/11/21 6,909,494 7,382,791 

Master Credit Card Trust, Class ‘A’, Series ‘2008-1’ 970,000 5.240 2013/05/21 970,000 1,041,550 

Merrill Lynch Canada Finance Co. 201,468 4.240 2010/01/30 203,044 201,278 


SCFI 

71






$ % $ $ 

Molson Coors Capital Finance, Callable 9,200,000 5.000 2015/09/22 8,921,573 9,490,228 

National Bank of Canada, Series ‘6’, Variable Rate, Callable 2,450,000 5.550 2018/11/15 2,449,240 2,645,316 

National Bank of Canada, Variable Rate, Perpetual, Callable 5,580,000 7.235 2018/06/30 5,615,935 6,241,965 

NAV Canada, Series ‘2009-1’ 4,165,000 5.304 2019/04/17 4,165,000 4,409,153 

NBC Asset Trust, Series ‘2’, Variable Rate, Callable 5,250,000 7.447 2020/06/30 5,227,815 5,663,126 

NOVA Gas Transmission Ltd., Series ‘21’ 2,645,000 12.200 2016/02/28 4,139,626 3,737,500 

Nova Scotia Power Inc. 5,570,000 5.750 2013/10/01 5,517,014 6,055,531 

OMERS Realty Corp., Series ‘C’, Callable 4,445,000 4.090 2013/06/04 4,572,007 4,612,494 

OMERS Realty Corp., Series ‘D’, Callable 15,000,000 4.740 2018/06/04 14,991,150 15,113,562 

Ontrea Inc., Series ‘B’ 10,320,000 5.570 2013/04/09 11,067,309 11,190,612 

Power Corp. of Canada, Callable 3,500,000 8.570 2039/04/22 3,497,340 4,356,185 

RBC Capital Trust II, Series ‘2013’, Callable 301,000 5.812 2053/12/31 272,544 324,711 

RBC Capital Trust, Preferred, Series ‘2018’, Variable Rate, Callable 1,000,000 6.821 2018/06/30 1,000,000 1,104,360 

RBC Capital Trust, Series ‘2010’, Callable 2,800,000 7.290 2010/06/30 2,932,896 2,881,041 

Reliance LP, Callable 5,000,000 7.300 2013/04/03 5,000,000 5,060,159 

Rogers Communications Inc., Callable 1,500,000 5.800 2016/05/26 1,496,505 1,602,108 

Rogers Communications Inc., Callable 8,575,000 6.680 2039/11/04 8,651,968 8,725,138 

Royal Bank of Canada 3,525,000 5.950 2014/06/18 3,827,974 3,793,156 

Royal Bank of Canada, Variable Rate, Callable 8,000,000 3.700 2015/06/24 8,136,320 8,099,441 

Scotiabank Capital Trust, Callable 1,900,000 6.630 2052/06/30 2,067,770 2,063,164 

Scotiabank Tier I Trust, Variable Rate, Callable 1,600,000 7.802 2108/06/30 1,600,000 1,884,294 

Serco Des Inc., Series ‘2003-1’, Callable 2,051,830 5.270 2013/08/27 2,053,678 2,073,849 

Shaw Communications Inc., Callable 6,800,000 5.650 2019/10/01 6,778,444 6,837,168 



Sun Life Capital Trust II, Callable 1,770,000 5.863 2108/12/31 1,770,000 1,779,000 

Sun Life Financial Inc., Variable Rate, Callable 220,000 5.400 2042/05/29 193,193 189,158 

Sun Life Financial Inc., Series ‘D’, Callable 146,000 5.700 2019/07/02 145,901 152,056 



Sun Life Financial Inc., Variable Rate, Callable 3,850,000 5.590 2023/01/30 3,847,652 3,951,785 

Suncor Energy Inc., Callable 3,600,000 5.390 2037/03/26 3,580,058 3,166,182 

TCHC Issuer Trust, Series ‘A’, Callable 114,000 4.880 2037/05/11 114,000 105,811 

TD Capital Trust III, Preferred, Variable Rate, Callable 11,253,000 7.243 2018/12/31 11,216,326 12,716,380 

TD Capital Trust IV, Variable Rate, Callable 2,443,000 6.631 2108/06/30 2,443,000 2,647,563 

TD Capital Trust IV, Variable Rate, Perpetual, Callable 307,000 9.523 2108/06/30 307,000 399,872 

TD Capital Trust IV, Variable Rate, Perpetual, Callable 5,587,000 10.000 2108/06/30 5,587,000 8,155,588 

TELUS Corp., Series ‘CF’, Callable 2,640,000 4.950 2014/05/15 2,639,894 2,773,178 

TELUS Corp., Series ‘CG’, Callable 12,545,000 5.050 2019/12/04 12,472,114 12,230,503 

Terasen Gas Inc. 7,710,000 5.900 2035/02/26 7,903,891 8,046,399 

Terasen Gas Inc., Callable 375,000 6.000 2037/10/02 374,263 395,976 

Terasen Gas Vancouver Island Inc., Callable 2,175,000 6.050 2038/02/15 2,173,499 2,244,615 

Terasen Pipelines Corridor Inc., Series ‘B’, Callable 4,225,000 5.030 2015/02/02 4,218,165 4,404,112 

Thomson Reuters Corp. 6,000,000 5.700 2015/07/15 6,003,630 6,575,414 

Toronto-Dominion Bank (The) 2,545,000 4.850 2013/02/13 2,484,734 2,717,198 

Toronto-Dominion Bank (The), Variable Rate, Callable 12,440,000 5.763 2106/12/18 12,476,355 12,955,507 

TransAlta Corp., Callable 12,960,000 6.400 2019/11/18 12,922,157 13,227,551 

TransCanada PipeLines Ltd. 3,180,000 5.050 2013/08/20 3,389,880 3,407,467 

SCFI 


72






$ % $ $ 



TransCanada PipeLines Ltd., Callable 1,515,000 4.650 2016/10/03 1,497,363 1,571,054 

TransCanada PipeLines Ltd., Callable 6,095,000 8.050 2039/02/17 7,116,667 7,980,115 

TransCanada PipeLines Ltd., Series ‘U’ 75,000 11.800 2020/11/20 110,565 113,778 

TransCanada PipeLines Ltd., Series ‘W’ 250,000 9.450 2018/03/20 313,375 328,963 

Trans-Northern Pipelines Inc. 4,133,336 4.740 2015/03/31 4,133,253 4,364,672 

Union Gas Ltd. 2,175,000 7.900 2014/02/24 2,614,529 2,541,388 

Union Gas Ltd., Series ‘1993’ 50,000 8.750 2018/08/03 62,880 64,048 

Union Gas Ltd., Series ‘6’, Callable 870,000 4.850 2022/04/25 851,503 843,581 

Union Gas Ltd., Series ‘6’, Callable 620,000 5.350 2018/04/27 615,810 656,087 

Union Gas Ltd., Series ‘7’, Callable 2,580,000 6.050 2038/09/02 2,319,016 2,721,328 

Wells Fargo Financial Canada Corp. 4,000,000 3.970 2014/11/03 4,008,800 4,024,876 

Westcoast Energy Inc. 7,650,000 5.600 2019/01/16 7,629,695 8,113,437 

Westcoast Energy Inc. 2,045,000 8.500 2015/11/23 2,555,223 2,491,328 

Westcoast Energy Inc., Series ‘O’ 2,035,000 8.500 2018/09/04 2,644,448 2,534,483 

YPG Holdings Inc., Series ‘10’, Callable 3,000,000 7.750 2020/03/02 3,000,000 2,996,468 

705,218,005 724,939,071 

Mortgage Backed Securities – 6.0% 

Canada Mortgage Acceptance Corp., Class ‘C’, Series ‘2006-C5’ 1,358,000 4.850 2011/11/15 1,357,991 1,325,207 

Canada Mortgage Acceptance Corp., Class ‘D’, Series ‘2006-C4’ 3,000,000 5.080 2011/02/15 2,918,340 2,971,230 


Canada Mortgage Acceptance Corp., Series ‘2005-C3’ 5,513,000 4.760 2010/07/15 5,395,076 5,513,644 

CHIP Mortgage Trust, Callable 672,000 5.610 2011/05/02 672,000 703,368 

ClareGold Trust, Series ‘2007-2A’, Class ‘A1’, Variable Rate 1,087,438 5.067 2044/05/15 1,073,243 1,069,605 

ClareGold Trust, Series ‘2007-2A’, Class ‘C’, Variable Rate 8,913,000 5.067 2044/05/15 8,412,556 6,959,181 

Claret Trust, Series ‘2006-1’, Class ‘A’ 1,019,907 4.710 2012/12/15 1,020,299 1,028,644 

Column Canada Issuer Corp., Class ‘A-2’, Series ‘2006-WEM’ 5,475,000 4.930 2016/09/15 5,462,162 4,676,624 

Gaz Metro inc., Series ‘L’, Callable 1,380,000 4.930 2019/06/18 1,379,779 1,409,962 

Merrill Lynch Financial Assets Inc. 1,800,000 5.980 2034/11/12 1,798,686 1,789,563 



Merrill Lynch Financial Assets Inc., Class ‘A2’, Series ‘2006-Canada 18’ 439,000 4.680 2015/08/12 430,685 436,068 

Merrill Lynch Financial Assets Inc., Class ‘A2’, Series ‘2007-CA23’, Callable 7,403,000 5.255 2017/05/12 7,328,416 7,254,014 

Merrill Lynch Financial Assets Inc., Class ‘B’ 5,775,000 4.940 2017/05/12 5,774,573 4,356,198 

Merrill Lynch Financial Assets Inc., Class ‘B’ 5,300,000 5.640 2014/03/12 5,301,746 5,386,330 

Merrill Lynch Financial Assets Inc., Class ‘B’, Series ‘2003-CA10’ 4,250,000 5.470 2013/07/12 4,249,830 4,358,561 

Merrill Lynch Financial Assets Inc., Class ‘C’ 4,760,000 5.140 2017/05/12 4,759,681 3,478,275 

Merrill Lynch Financial Assets Inc., Class ‘C’, Series ‘2006-CA19’ 4,200,000 5.250 2016/06/12 4,199,859 3,303,783 

Merrill Lynch Financial Assets Inc., Class ‘C’, Series ‘2006-CDA20’ 3,899,000 5.100 2016/10/12 3,895,725 2,924,991 

Merrill Lynch Financial Assets Inc., Class ‘C’, Series ‘2007-CDA21’ 4,486,000 5.020 2017/01/12 4,485,779 3,310,937 

Merrill Lynch Financial Assets Inc., Class ‘D1’, Series ‘2005-CA16’ 2,770,000 5.320 2015/07/12 2,747,752 2,070,132 

Merrill Lynch Financial Assets Inc., Class ‘D1’, Series ‘2005-CA15’, Variable Rate, Callable 500,000 5.693 2015/03/12 490,579 371,860 

Merrill Lynch Financial Assets Inc., Class ‘E1’, Series ‘2005-CA15’, Variable Rate 1,079,000 5.693 2037/02/12 1,043,361 764,525 

NHA MBS Equitable Trust Co. 2,254,823 4.400 2017/07/01 2,168,531 2,293,111 

Real Estate Asset Liquidity Trust, Class ‘A1’, Series ‘2007-2’, Variable Rate, Callable 629,113 5.195 2017/03/12 626,697 620,997 

Real Estate Asset Liquidity Trust, Class ‘C’, Series ‘2006-1’ 4,457,000 5.170 2016/03/12 4,456,695 3,741,303 


SCFI 

73






$ % $ $ 



Real Estate Asset Liquidity Trust, Class ‘D1’, Series ‘2006-2’, Variable Rate 2,000,000 5.304 2017/04/12 1,974,259 1,573,380 

Schooner Trust, Class ‘A1’, Series ‘2005-4’ 765,753 3.970 2015/09/12 737,145 759,021 

Schooner Trust, Class ‘B’ 4,000,000 4.850 2016/09/12 3,999,720 3,156,156 

Schooner Trust, Class ‘B’ 2,750,000 5.290 2014/08/12 2,749,808 2,547,378 

Schooner Trust, Class ‘C’ 4,700,000 5.050 2016/09/12 4,699,718 3,791,653 

Schooner Trust, Class ‘E’, ‘Series ‘2005-3’ 2,500,000 5.580 2015/04/12 2,347,400 2,107,550 

Xceed Mortgage Trust, Class ‘D’, Series ‘2007-T2’ 3,030,000 6.420 2012/03/17 3,030,000 3,071,117 

Xceed Mortgage Trust, Series ‘C’ 3,000,000 5.230 2010/08/17 3,014,100 3,023,880 

117,582,797 104,272,965 

Government of Canada and Guaranteed Bonds – 18.0% 

Blue Water Bridge Authority, Series ‘2002-1’ 4,273,831 6.410 2027/07/09 4,884,387 4,402,516 

Canada Housing Trust No. 1, Series ‘12’, Variable Rate 56,660,000 0.397 2010/09/15 56,771,627 56,660,000 

Canada Housing Trust No. 1, Series ‘17’ 33,750,000 4.800 2012/06/15 34,782,137 36,050,469 

Canada Housing Trust No. 1, Series ‘19’ 150,000 3.600 2013/06/15 156,087 155,653 



Government of Canada 26,690,000 1.250 2011/06/01 26,762,076 26,751,243 













Government of Canada, Series ‘YR94’ 600,000 3.750 2019/06/01 615,245 606,502 

PSP Capital Inc., Series ‘1’, Callable 3,400,000 4.570 2013/12/09 3,625,352 3,603,451 

Royal Office Finance L.P., Series ‘A’, Callable, Sinking Fund 7,957,576 5.210 2032/11/12 7,957,496 7,847,043 

314,685,600 313,501,842 

Provincial and Municipal Bonds – 22.6% 

55 School Board Trust, Series ‘A’ 4,700,000 5.900 2033/06/02 4,955,673 4,989,336 

City of Montreal 2,030,000 4.950 2014/12/10 2,022,794 2,167,968 

City of Toronto 4,615,000 4.500 2019/12/02 4,600,740 4,555,105 

Financement-Quebec 6,350,000 5.250 2034/06/01 6,148,260 6,540,448 

Greater Toronto Airport Authority, Callable 2,650,000 4.850 2017/06/01 2,644,700 2,738,491 

Greater Toronto Airport Authority, Series ‘02-3’ 7,000,000 6.980 2032/10/15 8,216,270 8,033,842 

Greater Toronto Airport Authority, Series ‘2009-1’ 400,000 5.960 2019/11/20 399,908 435,637 

Hydro One Inc. 4,585,000 4.640 2016/03/03 4,659,948 4,832,084 

SCFI 


74






$ % $ $ 

Hydro One Inc. 1,200,000 5.360 2036/05/20 1,070,328 1,168,128 

Hydro One Inc., Callable 10,214,000 5.490 2040/07/16 10,223,588 10,116,483 

Hydro One Inc., Callable 155,000 6.350 2034/01/31 163,621 171,216 

Hydro One Inc., Series ‘17’, Callable 1,345,000 6.030 2039/03/03 1,344,072 1,435,200 

Hydro Ottawa Holding Inc., Callable 9,300,000 4.930 2015/02/09 9,354,310 9,844,421 

Hydro-Quebec, Series ‘HL’ 2,700,000 11.000 2020/08/15 4,443,795 4,163,933 

Hydro-Quebec, Series ‘JN’ 10,000,000 5.000 2050/02/15 10,211,600 10,269,363 

Municipal Finance Authority of British Columbia 7,420,000 5.100 2018/11/20 7,800,006 7,827,097 

Newfoundland & Labrador Hydro 1,300,000 4.300 2016/10/13 1,297,075 1,344,774 

Newfoundland & Labrador Hydro, Series ‘X’ 635,000 10.250 2017/07/14 926,438 894,020 

Ontario Electricity Financial Corp. 1,911,000 8.250 2026/06/22 2,601,334 2,627,530 

Ontario School Boards Financing Corp. 1,810,000 5.700 2017/10/11 1,893,314 1,961,007 

Ontario Strategic Infrastructure Financing Authority, Series ‘2005-A1’ 105,000 4.600 2015/06/01 106,312 109,931 

Province of Alberta 1,599,000 4.000 2019/12/01 1,588,479 1,575,973 

Province of British Columbia 14,565,000 4.700 2037/06/18 14,718,038 14,454,730 





Province of Manitoba 1,550,000 4.600 2038/03/05 1,479,589 1,502,512 

Province of Manitoba 2,783,000 4.650 2040/03/05 2,672,316 2,733,405 

Province of Manitoba 630,000 5.700 2037/03/05 697,501 714,663 

Province of New Brunswick 9,265,000 4.400 2019/06/03 9,372,158 9,338,958 



Province of New Brunswick 98,000 4.650 2035/09/26 99,825 93,812 

Province of New Brunswick, Sinking Fund 1,070,000 4.800 2039/09/26 1,061,837 1,062,183 

Province of Newfoundland 2,475,000 5.250 2014/06/04 2,491,861 2,706,475 

Province of Newfoundland and Labrador 3,600,000 4.500 2037/04/17 3,601,316 3,388,564 

Province of Newfoundland and Labrador 80,000 4.650 2040/10/17 79,519 77,573 

Province of Newfoundland and Labrador 7,000,000 6.150 2028/04/17 7,718,930 8,000,632 

Province of Nova Scotia 2,200,000 4.500 2037/06/01 2,182,931 2,071,591 

Province of Ontario 15,870,000 3.250 2014/09/08 16,151,716 16,029,436 

Province of Ontario 275,000 4.400 2016/03/08 290,372 289,556 











Province of Ontario, Series ‘KJ’ 726,000 7.600 2027/06/02 948,017 956,994 

Province of Ontario, Zero Coupon 900,000 0.000 2014/12/02 734,097 765,777 

Province of Ontario, Zero Coupon 20,007,000 0.000 2019/12/02 11,886,757 12,522,446 

Province of Ontario, Zero Coupon 468,000 0.000 2025/12/02 201,667 203,226 


SCFI 

75






$ % $ $ 

Province of Ontario, Zero Coupon 1,145,000 0.000 2026/06/02 574,430 484,231 

Province of Prince Edward Island 6,000,000 4.650 2037/11/20 5,990,109 5,724,108 

Province of Quebec 9,658,000 4.500 2019/12/01 9,758,299 9,751,476 


Province of Quebec 720,000 5.000 2041/12/01 754,985 734,760 





Province of Quebec, Floating Rate 43,375,000 0.426 2013/12/10 43,533,472 43,008,692 

Province of Quebec, Series ‘B088’ 3,980,000 4.500 2017/12/01 4,144,414 4,127,647 

Province of Quebec, Series ‘OS’ 12,569,000 6.000 2029/10/01 13,823,581 14,229,183 

Province of Quebec, Zero Coupon 2,662,000 0.000 2015/12/01 2,074,648 2,139,168 

Province of Saskatchewan 196,000 4.650 2017/09/05 195,116 206,702 

Province of Saskatchewan 170,000 5.600 2035/09/05 186,745 189,775 

Province of Saskatchewan, Series ‘EC’ 2,955,000 5.000 2037/03/05 3,129,267 3,069,469 

Province of Saskatchewan, Series ‘GC’ 185,000 4.750 2040/06/01 183,242 186,371 

University of British Columbia, Series ‘B’, Callable 3,200,000 4.820 2035/07/26 3,124,928 2,924,321 

Vancouver International Airport Authority 490,000 4.420 2018/12/07 487,845 483,272 

Ville de Montreal 5,000,000 5.000 2017/12/01 5,024,550 5,196,242 

391,849,778 392,285,329 

Total Canadian Bonds 1,529,336,180 1,534,999,207 

FOREIGN BONDS – 1.7% 

Bank of America Corp. 338,000 5.450 2014/09/17 337,689 351,942 

Dexia Municipal Agency 10,460,000 4.630 2017/05/30 10,447,556 10,144,948 

Goldman Sachs Group Inc. (The), Variable Rate, Callable 1,022,000 5.200 2022/04/19 962,386 997,196 

Metropolitan Life Global Funding I 3,600,000 4.450 2013/11/08 3,592,080 3,621,780 

Morgan Stanley, Series ‘F’ 1,800,000 4.500 2012/02/23 1,797,282 1,855,044 

Morgan Stanley, Series ‘F’, Callable 1,674,000 4.900 2017/02/23 1,569,999 1,659,319 

Royal Bank of Scotland PLC (The), Variable Rate, Callable 16,305,000 5.357 2049/11/29 11,159,409 9,513,308 

TCNZ Finance Ltd., Callable 1,318,000 4.750 2013/10/11 1,316,243 1,271,051 

TD Banknorth National Association, Variable Rate 323,000 4.644 2022/09/20 315,608 312,951 

Total Foreign Bonds* 31,498,252 29,727,539 

Total Bonds 1,560,834,432 1,564,726,746 

Short-Term Notes** – 6.5% 113,159,245 113,190,040 


Unrealized Appreciation (Depreciation) on Futures Contracts*** – 0.0% (820,514) 


Net Assets – 100.0% 1,738,914,804 

SCFI 


76




SCHEDULE OF LONG FUTURES CONTRACTS PURCHASED*** 

Unrealized 




Unrealized Depreciation 

Canadian Government 10 Year Bond 

expiration date March 2010 41 CAD 120.29 4,932,029 4,828,980 (103,049) 

United States Treasury Bond 

expiration date March 2010 120 USD 121.08 15,231,871 14,514,406 (717,465) 

Unrealized Appreciation (Depreciation) on Long Futures Contracts purchased (820,514) 

*Denominated in Canadian dollars. 

**Short-Term Notes earn interest at rates ranging from 0.175% to 0.890% and mature from January 4, 2010 to November 25, 2010. 

***$100,000 of Canada Treasury Bills are held as collateral by counterparties with respect to the futures contracts. 





Corporate Bonds 41.5 

Mortgage Backed Securities 7.2 

Government of Canada and Guaranteed Bonds 16.6 

Provincial and Municipal Bonds 24.8 

Foreign Bonds 3.5 

Non Bank Asset Backed Commercial Paper (ABCP) Securities 1.3 

Short-Term Notes 2.0 

Unrealized Appreciation (Depreciation) on Futures Contracts (0.1) 


100.0 



Currency Risk 

The table below indicates the currencies to which the Fund had significant exposure as at December 31, 2009 and 2008, on both its trading monetary and non-monetary assets and liabilities as well as the 

underlying principle amount of forward currency contracts. 


2009 2008 2009 2008 2009 2008 2009 2008 

U.S. Dollar 345,627 — — — 345,627 — 0.02% 0.00% 



increased, respectively, by approximately $17,281 (2008 – $0). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. 


SCFI 

77



The table below summarizes the Fund’s exposure to interest rate risk. It includes the Fund’s assets at fair values, categorized by the maturity dates. 

Bonds 2009 2008 

Less than 1 year 79,901,236 65,726,247 

1-3 years 185,759,535 280,068,722 

3-5 years 287,731,798 300,002,480 

> 5 years 1,011,334,177 985,520,842 

Total 1,564,726,746 1,631,318,291 

As at December 31, 2009, had the prevailing interest rates raised or lowered by 1% (2008 – 1%), with all other variables held constant, net assets would have decreased or increased, respectively, by 

approximately $115,192,769 (2008 – $116,148,821). In practice, the actual results may differ from this sensitivity analysis and the difference could be material. 


As at December 31, 2009, a 5% (2008 – 5%) increase or decrease in derivatives prices would have increased or decreased the Fund’s Net Assets by $967,169 (2008 – $2,670,836). In practice, the actual 

results may differ from this sensitivity analysis and the difference could be material. The risk of losses with short positions is unlimited. As at December 31, 2008, the Fund held short positions in Canadian 

and US Government bond futures contracts valued at ($53,416,721) in Canadian dollars. As at December 31, 2009, the Fund did not hold any short positions in bond futures contracts. 

Credit Risk 


Debt securities by credit rating 2009 2008 

AAA 24.31% 26.29% 

AA 16.38% 20.31% 

A 32.76% 35.14% 

BBB 15.61% 11.76% 

Below BBB 0.80% 0.00% 

Unrated 0.13% 0.14% 

Total 89.99% 93.64% 

Credit ratings are obtained from Bloomberg general rates which are a blend of Standard & Poor’s, Moody’s and/or Dominion Bond Rating Services. 

As at December 31, 2009, the Fund invested in short-term debt securities with the following credit ratings: 

Short-term debt securities by credit rating 2009 

R-1(H) 4.87% 

R-1(M) 1.31% 

R-1(L) 0.00% 

U 0.33% 

Total 6.51% 

As at December 31, 2008, the Fund’s investment in short term debt securities was insignificant. 





Common shares $ — $ — $ — $ — 



Bonds — 1,564,726,746 — 1,564,726,746 


Total Investments $ 113,190,040 $ 1,564,726,746 $ — $ 1,677,916,786 


Derivative liabilities (820,514) — — (820,514) 


SCFI 


78



Beginning Balance $ 22,380,482 

Purchases — 

Sales (19,218,159) 


Realized gains/(losses) (26,781,893) 

Change in unrealized appreciation/depreciation 23,619,570 

Ending Balance (December 31, 2009) $ — 


for assets held at December 31, 2009 $ — 

Non-Bank Sponsored ABCP 

During the fourth quarter of 2009, a market began to develop for certain classes of Master Asset Vehicles (MAV’s) floating rate notes which were held in the Fund as a result of the restructuring 

of the Canadian third party asset backed commercial paper market in January 2009. The Fund’s MAV 2 (Class A-1, A-2 and B) and MAV 3 (Class C) notes with a face value of $46.5 million and an estimated 

fair value of $22.4 million as at December 31, 2008. These notes were sold for net proceeds of $19.2 million in mid-November 2009 resulting in a realized loss of $26.8 million which has been included 

in “Realized gain(loss) on Sales of Investments” in the Statement of Operations for the year ended December 31, 2009. As at December 31, 2009, the Fund has no remaining holdings in MAV assets. 

Total 


SCFI 

79





2009 2008 

ASSETS 



at fair value 44,713 38,933 

Accrued interest receivable 12,869 14,193 

Receivable for portfolio securities sold 4,599 473 

Margin receivable on futures 1,324 3,990 

Receivable for unit subscriptions 1,431 3,046 

1,742,853 1,749,339 

LIABILITIES 

Accrued liabilities 300 1,178 

Payable for portfolio securities purchased 987 — 


Unrealized depreciation on futures contracts 821 2,077 

3,938 7,218 




(Class O) $ 1,673,387 $ 1,681,086 

(Class I) $ 234 $ 6,078 

(Class P) $ 57,264 $ 46,256 

(Class F) $ 8,030 $ 8,701 


(Class O) $ 11.40 $ 10.96 

(Class I) $ 11.60 $ 10.93 

(Class P) $ 11.56 $ 11.16 

(Class F) $ 11.54 $ 11.10 





2009 2008 


Interest $ 79,492 $ 94,292 

EXPENSES 

Custodian and administration fees 1,038 2,357 







2,106 3,621 


FOR THE PERIOD $ 77,386 $ 90,671 

NET GAIN (LOSS) ON SALES OF SECURITIES $ (10,688) $ 9,394 


AND FORWARDS $ (134) $ 2,450 






ON FUTURES AND FORWARD CONTRACTS $ 1,257 $ (2,046) 



FROM OPERATIONS $ 140,135 $ 37,451 



(Class O) $ 135,775 $ 37,086 

(Class I) $ 295 $ 112 

(Class P) $ 3,479 $ 133 

(Class F) $ 586 $ 120 



(Class O) $ 0.94 $ 0.22 

(Class I) $ 0.93 $ 0.20 

(Class P) $ 0.77 $ 0.03 

(Class F) $ 0.86 $ 0.16 



SCFI 

80





Fund Total 

Class O 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS 140,135 37,451 135,775 37,086 



(77,773) (93,596) (75,611) (91,402) 


TRANSACTIONS 




(65,568) (222,439) (67,863) (222,264) 

CHANGES IN NET ASSETS (3,206) (278,584) (7,699) (276,580) 


Class I 

Class P 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS 295 112 3,479 133 


Out of net investment income ≠ (134) (280) (1,720) (1,551) 

(134) (280) (1,720) (1,551) 


TRANSACTIONS 



Reinvestment of distributions ≠ 130 280 1,714 1,547 

(6,005) (515) 9,249 (806) 

CHANGES IN NET ASSETS (5,844) (683) 11,008 (2,224) 


Class F 

2009 2008 



ASSETS FROM OPERATIONS 586 120 



(308) (363) 


TRANSACTIONS 




(949) 1,146 

CHANGES IN NET ASSETS (671) 903 


≠ 


SCFI 


81




BONDS – 97.4% 

Government of Canada Bonds – 97.4% 

Government of Canada, Zero Coupon 27,980,000 2022/12/01 16,814,153 16,133,893 















Total Bonds 318,585,970 300,319,547 

Short-Term Notes* – 0.2% 549,715 549,931 



Net Assets – 100.0% 308,276,643 

*Short Term Notes earn interest at rates ranging from 0.291% to 0.924% and mature from January 21, 2010 to February 18, 2010. 

Par Maturity Average Fair 

Value Date Cost Value 

$ $ $ 





Government of Canada Bonds 75.6 


100.0 

SLDB 


82




Currency Risk 

As at December 31, 2009 and 2008, the Fund invested primarily in Canadian securities. Thus, the Fund did not have any significant exposures to foreign currencies as at year end on both its trading 

monetary and non-monetary assets and liabilities. 


The table below summarizes the Fund’s exposure to interest rate risk. It includes the Fund’s assets and trading liabilities at fair values, categorized by the earlier of contractual re-pricing or maturity dates. 

Bonds 2009 2008 

Less than 1 year — — 

1-3 years — — 

3-5 years — — 

> 5 years 300,319,547 112,947,311 

Total 300,319,547 112,947,311 


approximately $45,698,088 (2008 – $17,228,129). In practice, the results may differ from this sensitivity analysis and the difference could be material. 


As at December 31, 2009 and 2008, the Fund is not exposed to significant other price risk as the Fund only holds debt securities. 

Credit Risk 

As at December 31, 2009 and 2008, the Fund invested in debt securities with the following credit ratings: 


AAA 97.42% 75.61% 

AA 0.00% 0.00% 

A 0.00% 0.00% 

BBB 0.00% 0.00% 

Below BBB 0.00% 0.00% 

Unrated 0.00% 0.00% 

Total 97.42% 75.61% 









Bonds — 300,319,547 — 300,319,547 


Total Investments $ 549,931 $ 300,319,547 $ — $ 300,869,478 



During the year ended December 31, 2009, no investments were transferred between Level 1 and Level 2. 



SLDB 

83





2009 2008 

ASSETS 





308,322 151,386 

LIABILITIES 


Payable for unit redemptions — 1,898 

45 1,997 




(Class O) $ 304,236 $ 147,635 

(Class I) $ — $ — 

(Class P) $ 3,992 $ 1,474 

(Class F) $ 49 $ 280 


(Class O) $ 9.43 $ 10.38 

(Class I) $ — $ — 

(Class P) $ 10.84 $ 11.95 

(Class F) $ 9.19 $ 10.07 





2009 2008 


Interest $ 16,985 $ 8,235 

EXPENSES 








349 261 


FOR THE PERIOD $ 16,636 $ 7,974 

NET GAIN (LOSS) ON SALES OF SECURITIES $ (1,616) $ (161) 


OF INVESTMENTS $ (25,360) $ 4,114 

NET GAIN (LOSS) ON INVESTMENTS $ (26,976) $ 3,953 


FROM OPERATIONS $ (10,340) $ 11,927 



(Class O) $ (10,198) $ 11,773 

(Class I) $ — $ 23 

(Class P) $ (132) $ 111 

(Class F) $ (10) $ 20 



(Class O) $ (0.33) $ 0.84 

(Class I) $ — $ 0.14 

(Class P) $ (0.78) $ 0.57 

(Class F) $ (0.57) $ 0.61 


SLDB 


84





Fund Total 

Class O 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS (10,340) 11,927 (10,198) 11,773 



(16,131) (8,128) (16,048) (8,074) 


TRANSACTIONS 




185,359 (5,582) 182,847 (2,544) 

CHANGES IN NET ASSETS 158,888 (1,783) 156,601 1,155 


Class I 

Class P 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ — $ 1,704 $ 1,474 $ 2,594 


ASSETS FROM OPERATIONS — 23 (132) 111 


Out of net investment income ≠ — (2) (76) (39) 

— (2) (76) (39) 


TRANSACTIONS 

Proceeds from issue of units — 98 4,767 1,065 

Payments on redemption of units — (1,825) (2,116) (2,295) 

Reinvestment of distributions ≠ — 2 75 38 

— (1,725) 2,726 (1,192) 

CHANGES IN NET ASSETS — (1,704) 2,518 (1,120) 

NET ASSETS, END OF PERIOD $ — $ — $ 3,992 $ 1,474 

Class F 

2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 280 $ 394 


ASSETS FROM OPERATIONS (10) 20 



(7) (13) 


TRANSACTIONS 

Proceeds from issue of units 26 182 



(214) (121) 

CHANGES IN NET ASSETS (231) (114) 

NET ASSETS, END OF PERIOD $ 49 $ 280 

≠ 

Includes management fee distributions representing a rebate of the management fee to certain unitholders in Class I in 2008. 


SLDB 

85




BONDS – 93.8% 


Government of Canada, Real Return 8,329,000 2.000 2041/12/01 8,254,846 9,616,753 





107,894,716 118,491,660 

Provincial Bonds – 48.9% 

Province of Manitoba, Real Return 9,000,000 1.740 2018/12/01 9,000,000 9,690,482 

Province of Manitoba, Real Return 13,000,000 2.000 2036/12/01 12,831,619 13,892,220 

Province of Ontario, Real Return 19,891,000 2.000 2036/12/01 20,152,491 21,871,862 

Province of Quebec, Real Return 23,000,000 4.250 2031/12/01 37,813,271 39,005,519 



117,924,608 128,850,276 

Total Bonds 225,819,324 247,341,936 

Short Term Note* – 0.3% 799,720 799,883 



Net Assets – 100.0% 263,708,229 

*Short-Term Note earns interest at 0.205% and matures on January 26, 2010. 



$ % $ $ 






Provincial Bonds 46.7 

Short Term Note 1.5 


100.0 

SRRB 


86




Currency Risk 




The table below summarizes the Fund’s exposure to interest rate risk. It includes the Fund’s assets and trading liabilities at fair values, categorized by the earlier of contractual re-pricing or maturity dates. 

Bonds 2009 2008 

Less than 1 year — — 

1-3 years — — 

3-5 years — — 

> 5 years 247,341,936 214,278,594 

Total 247,341,936 214,278,594 


approximately $39,910,801 (2008 – $34,296,934). In practice, the results may differ from this sensitivity analysis and the difference could be material. 


As at December 31, 2009 and 2008, the Fund is not exposed to significant other price risk as the Fund only holds in debt securities. 

Credit Risk 



AAA 44.93% 45.43% 

AA 17.24% 16.14% 

A 31.62% 30.53% 

BBB 0.00% 0.00% 

Below BBB 0.00% 0.00% 

Unrated 0.00% 0.00% 

Total 93.79% 92.10% 









Bonds — 247,341,936 — 247,341,936 


Total Investments $ 799,883 $ 247,341,936 $ — $ 248,141,819 






SRRB 

87





2009 2008 

ASSETS 



at fair value 15,063 15,090 

Accrued interest receivable 545 547 


263,921 233,432 

LIABILITIES 



213 771 




(Class O) $ 248,863 $ 219,117 

(Class P) $ 13,449 $ 12,672 

(Class F) $ 1,396 $ 872 


(Class O) $ 15.34 $ 13.44 

(Class P) $ 16.57 $ 14.52 

(Class F) $ 15.73 $ 13.81 





2009 2008 


Interest $ 6,768 $ 6,947 

EXPENSES 








413 590 


FOR THE PERIOD $ 6,355 $ 6,357 

NET GAIN (LOSS) ON SALES OF SECURITIES $ 34 $ (493) 








(Class O) $ 35,937 $ (5,246) 

(Class P) $ 1,844 $ (570) 

(Class F) $ 160 $ (38) 



(Class O) $ 2.27 $ (0.33) 

(Class P) $ 2.18 $ (0.68) 

(Class F) $ 2.31 $ (0.76) 


SRRB 


88





Fund Total 

Class O 

2009 2008 2009 2008 





Out of net investment income (5,895) (9,549) (5,768) (9,224) 

(5,895) (9,549) (5,768) (9,224) 


TRANSACTIONS 



Reinvestment of distributions 5,892 9,546 5,768 9,224 

(999) 8,006 (423) 6,795 



Class P 

Class F 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 12,672 $ 12,575 $ 872 $ 691 


ASSETS FROM OPERATIONS 1,844 (570) 160 (38) 


Out of net investment income (101) (300) (26) (25) 

(101) (300) (26) (25) 


TRANSACTIONS 

Proceeds from issue of units 5,011 8,357 691 874 


Reinvestment of distributions 100 299 24 23 

(966) 967 390 244 

CHANGES IN NET ASSETS 777 97 524 181 

NET ASSETS, END OF PERIOD $ 13,449 $ 12,672 $ 1,396 $ 872 


SRRB 

89






$ % $ $ 

BONDS – 97.7% 

Canadian Bonds – 94.5% 


Algonquin Credit Card Trust, Series ‘061C’ 3,000,000 5.460 2011/07/15 3,000,000 2,946,392 

Algonquin Credit Card Trust, Series ‘071C’ 1,000,000 5.090 2012/06/15 1,000,000 957,544 

AltaGas Income Trust, Callable 2,500,000 7.420 2014/04/29 2,499,600 2,665,253 

American Express Canada Credit Corp. 3,008,000 4.853 2014/10/03 3,008,000 3,090,478 



Bell Canada, Callable 2,150,000 4.850 2014/06/30 2,146,603 2,256,442 

British Columbia Ferry Services Inc., Series ‘08-2’, Callable 1,500,000 6.214 2013/12/19 1,500,000 1,665,544 

Broadway Credit Card Trust, Class ‘A’, Series ‘2008-1’ 1,310,000 5.230 2011/06/17 1,310,000 1,354,240 

Canadian Capital Auto Receivables Asset Trust, Series ‘B’ 1,500,000 4.920 2010/04/17 1,500,000 1,509,315 

Canadian Imperial Bank of Commerce, Variable Rate, Callable 5,000,000 4.550 2016/03/28 5,134,550 5,182,884 



Consumers’ Waterheater Operating Trust (The), Callable 1,250,000 6.750 2014/04/30 1,247,838 1,240,934 


Genesis Trust, Class ‘B’, Series ‘2006-2’ 2,000,000 4.430 2011/09/15 2,000,000 2,023,974 

Gloucester Credit Card Trust 600,000 5.380 2010/06/15 600,000 601,394 

Gloucester Credit Card Trust, Series ‘04-1’ 1,500,000 5.376 2014/05/15 1,413,240 1,559,944 

Groupe Aeroplan Inc., Callable 1,600,000 9.000 2012/04/23 1,607,500 1,712,871 

Holcim Finance (Canada) Inc. 1,500,000 5.900 2013/06/21 1,497,915 1,529,292 

Loblaw Companies Ltd., Callable 5,000,000 4.850 2014/05/08 5,157,300 5,243,764 

Manitoba Telecom Services Inc., Series ‘7’ 1,800,000 5.050 2012/05/11 1,799,856 1,877,299 

Master Credit Card Trust 3,700,000 5.297 2012/08/21 3,954,153 3,962,527 

Master Credit Card Trust, Class ‘A’, Series ‘2006-2’ 1,800,000 4.440 2011/11/21 1,874,106 1,879,636 



Royal Bank of Canada, Variable Rate, Callable 7,700,000 4.840 2018/03/11 7,863,199 8,155,354 


TD Capital Trust ll, Series ‘2012’ 3,000,000 6.790 2052/12/31 3,080,700 3,310,234 



Wells Fargo Financial Canada Corp., Callable 2,500,000 4.450 2011/09/13 2,502,600 2,591,991 

105,179,495 108,970,934 



Government of Canada, Series ‘YU24’ 2,955,000 2.000 2014/12/01 2,854,530 2,850,900 

4,938,230 4,930,578 

Mortgage-Backed Securities – 5.3% 

Canada Mortgage Acceptance Corp., Class ‘C’, Series ‘2006-C5’ 1,400,000 4.850 2011/11/15 1,399,990 1,366,192 


Xceed Mortgage Trust, Series ‘C’ 2,000,000 5.230 2012/02/17 2,000,000 2,015,920 

Xceed Mortgage Trust, Series ‘D’ 2,500,000 5.930 2012/02/17 2,500,000 2,524,500 

7,230,514 7,207,942 

Provincial and Municipal Government Bonds – 5.9% 

Greater Toronto Airport Authority 1,500,000 6.250 2012/12/13 1,663,545 1,651,884 

Greater Toronto Airport Authority, Series ‘2006-1’ 4,250,000 4.400 2011/02/28 4,288,285 4,396,597 


7,954,340 8,065,444 

Total Canadian Bonds 125,302,579 129,174,898 

SSTB 


90






$ % $ $ 

Foreign Bonds – 3.2% 

Commerzbank Aktiengesellschaft AG, Variable Rate, Callable 1,500,000 4.500 2016/12/15 1,496,460 1,304,912 

France Telecom SA, Series ‘92’ 3,000,000 4.950 2011/06/23 2,965,480 3,108,549 


Total Bonds 129,764,519 133,588,359 

Short Term Note** – 1.3% 1,754,122 1,754,166 



Net Assets – 100.0% 136,770,783 


**Short Term Note earns interest at 0.191% and matures on April 1, 2010. 





Corporate Bonds 60.0 


Mortgage-Backed Securities 11.5 

Municipal Government Bonds 3.6 

Foreign Bonds 7.1 

Short Term Notes 0.5 


100.0 


SSTB 

91




Currency Risk 

As at December 31, 2009 and 2008, the Fund invested primarily in Canadian securities. Thus, the Fund did not have any significant exposures to foreign currencies as at period end on both its trading 




Bonds 2009 2008 

Less than 1 year 2,110,709 3,034,348 

1-3 years 53,684,149 28,099,438 

3-5 years 29,452,484 26,689,337 

> 5 years 48,341,017 3,373,123 

Total 133,588,359 61,196,246 


approximately $6,639,894 (2008 – $1,727,940). In practice, the actual results may differ from this sensitivity analysis and the difference could be material. 


As at December 31, 2009 and 2008, the Fund is not exposed to significant other price risk as the Fund only holds in debt securities. 

Credit Risk 



AAA 10.01% 20.43% 

AA 31.73% 13.02% 

A 35.67% 38.74% 

BBB 20.27% 25.63% 

Below BBB 0.00% 0.00% 

Unrated 0.00% 0.00% 

Total 97.68% 97.82% 









Bonds — 133,588,359 — 133,588,359 







SSTB 


92





2009 2008 

ASSETS 



at fair value 667 427 

Accrued interest receivable 1,089 661 


137,268 62,588 

LIABILITIES 



497 26 




(Class O) $ 130,895 $ 56,512 

(Class P) $ 4,439 $ 4,901 

(Class F) $ 1,437 $ 1,149 


(Class O) $ 9.88 $ 9.53 

(Class P) $ 9.86 $ 9.53 

(Class F) $ 9.83 $ 9.50 





2009 2008 


Interest $ 6,044 $ 3,726 

EXPENSES 








253 172 

Waived expenses (42) (27) 

$ 211 $ 145 

NET INVESTMENT INCOME (LOSS) FOR 

THE PERIOD $ 5,833 $ 3,581 

NET GAIN (LOSS) ON SALES OF SECURITIES $ (1,377) $ 189 





FROM OPERATIONS $ 10,767 $ 1,930 



(Class O) $ 10,373 $ 1,960 

(Class P) $ 297 $ (44) 

(Class F) $ 97 $ 14 



(Class O) $ 0.85 $ 0.29 

(Class P) $ 0.63 $ (0.11) 

(Class F) $ 0.72 $ 0.12 



SSTB 

93





Fund Total 

Class O 

2009 2008 2009 2008 





Out of net investment income (5,835) (3,581) (5,640) (3,406) 

(5,835) (3,581) (5,640) (3,406) 


TRANSACTIONS 



Reinvestment of distributions 5,830 3,576 5,639 3,406 

69,277 (9,737) 69,650 (13,074) 



Class P 

Class F 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 4,901 $ 2,013 $ 1,149 $ 905 


ASSETS FROM OPERATIONS 297 (44) 97 14 



(141) (123) (54) (52) 


TRANSACTIONS 




(618) 3,055 245 282 

CHANGES IN NET ASSETS (462) 2,888 288 244 


SSTB 


94






$ % $ $ 



Bombardier Inc., Callable 75,000 8.000 2014/11/15 80,227 82,066 

MDC Partners Inc., Callable 365,000 11.000 2016/11/01 369,837 397,954 

NOVA Chemicals Corp., Callable 65,000 8.375 2016/11/01 67,312 69,165 

NOVA Chemicals Corp., Callable 65,000 8.625 2019/11/01 67,195 69,335 

Novelis Inc., Callable 295,000 7.250 2015/02/15 280,668 294,573 

OPTI Canada Inc., Callable 270000 7.875 2014/12/15 220,138 232,105 

OPTI Canada Inc., Callable 60,000 8.250 2014/12/15 51,419 51,815 

OPTI Canada Inc., Callable 55,000 9.000 2012/12/15 56,415 59,245 

Quebecor Media Inc., Callable 300,000 7.750 2016/03/15 310,079 313,719 

Sun Media Corp., Callable 100,000 7.625 2013/02/15 89,233 95,531 

Teck Resources Ltd., Callable 175,000 10.750 2019/05/15 218,349 219,236 

Telesat Canada/Telesat LLC, Callable 135,000 11.000 2015/11/01 156,490 153,557 

Telesat Canada/Telesat LLC, Callable 115,000 12.500 2017/11/01 134,222 132,616 

Videotron Ltee, Callable 200,000 6.875 2014/01/15 208,310 210,718 

Total Canadian Bonds 2,309,894 2,381,635 

UNITED STATES BONDS – 80.5% 


Accellent Inc., Callable 150,000 10.500 2013/12/01 156,779 151,356 

ACCO Brands Corp., Callable 170,000 7.625 2015/08/15 156,494 165,744 

Acco Brands Corp., Callable 250,000 10.625 2015/03/15 268,544 288,296 

Advanced Micro Devices Inc., Convertible 100,000 6.000 2015/05/01 85,318 94,352 

Aeroflex Inc., Callable 160,000 11.750 2015/02/15 158,272 169,413 

AES Corp. (The), Callable 280,000 8.000 2017/10/15 300,485 301,243 

AES Corp. (The), Callable 200,000 8.000 2020/06/01 209,261 213,339 

Affinion Group Inc., Callable 500,000 10.125 2013/10/15 552,356 538,590 

Affinion Group Inc., Callable 100,000 11.500 2015/10/15 108,224 109,815 

Alcatel-Lucent USA Inc. 90,000 6.450 2029/03/15 76,191 67,579 

Algoma Acquisition Corp., Callable 240,000 9.880 2015/06/15 216,715 214,178 

ALH Finance LLC / ALH Finance Corp., Callable 300,000 8.500 2013/01/15 307,988 314,505 

Alliance One International Inc., Callable 175,000 10.000 2016/07/15 193,275 192,634 

Alliant Techsystems Inc., Callable 125,000 6.750 2016/04/01 130,991 129,733 

Allied Capital Corp., Callable 145,000 6.000 2012/04/01 108,945 136,469 

Allied Capital Corp., Callable 355,000 6.625 2011/07/15 322,064 352,687 

Allison Transmission Inc., Callable 264,000 11.000 2015/11/01 275,668 290,603 

American Axle & Manufacturing Holdings Inc., Callable 125,000 7.875 2017/03/01 108,061 110,732 

American Axle & Manufacturing Holdings Inc., Callable 70,000 9.250 2017/01/15 72,697 74,485 

Ames True Temper, Floating Rate, Callable 230,000 4.284 2012/01/15 209,534 219,420 

Amkor Technology Inc., Callable 20,000 7.750 2013/05/15 20,994 21,308 

Amkor Technology Inc., Callable 200,000 9.250 2016/06/01 224,200 222,774 

Antero Resources Finance Corp., Callable 165,000 9.375 2017/12/01 173,143 176,437 

Applebee’s Enterprises LLC, Class ‘A22A’, Series ‘2007-1A’, Callable 146,001 6.427 2012/12/20 136,202 137,754 

Apria Healthcare Group Inc., Callable 400,000 12.375 2014/11/01 447,362 461,274 

Aquilex Holdings LLC / Aquilex Finance Corp., Callable 260,000 11.125 2016/12/15 266,897 271,890 

ARCH Coal Inc., Callable 300,000 8.750 2016/08/01 334,168 332,589 

ArvinMeritor Inc. 250,000 8.130 2015/09/15 230,692 250,294 

Ashland Inc., Callable 100,000 9.125 2017/06/01 116,236 115,056 

Ashtead Capital Inc., Callable 500,000 9.000 2016/08/15 509,634 524,830 

Associated Materials Inc., Step Coupon, Callable 90,000 11.250 2014/03/01 88,774 91,049 

Associated Materials LLC / Associated Materials Finance Inc., Callable 120,000 9.875 2016/11/15 130,235 132,721 

Atlas Energy Operating Co. LLC / Atlas Energy Finance Corp., Callable 250,000 10.750 2018/02/01 274,240 289,607 

Atlas Energy Operation Co. LLC / Atlas Energy Finance Corp. 400,000 12.125 2017/08/01 455,115 475,951 

Avaya Inc., Callable 55,000 9.750 2015/11/01 56,165 55,929 

Avaya Inc., Pay-In-Kind, Callable 75,000 10.125 2015/11/01 72,471 74,302 

Avis Budget Car Rental LLC / Avis Budget Finance Inc., Callable 280,000 7.625 2014/05/15 271,898 278,861 

Avis Budget Car Rental LLC / Avis Budget Finance Inc., Callable 140,000 7.750 2016/05/15 132,768 137,229 

BAC Capital Trust XIV, 5.63%, Preferred, Perpetual, Variable Rate, Callable 275,000 5.630 2049/12/31 188,167 198,924 

SUHY 


95






$ % $ $ 

Baldor Electric Co., Callable 200,000 8.625 2017/02/15 220,915 214,388 

Ball Corp., Callable 100,000 7.125 2016/09/01 106,330 107,456 

Bank of America Corp., Preferred, Callable, Series ‘K’ 210,000 8.000 2049/12/29 194,696 211,951 

Bank of America Corp., Preferred, Series ‘M’, Callable, Perpetual, Variable Rate 25,000 8.125 2049/12/29 23,556 25,232 

Bausch & Lomb Inc., Callable 380,000 9.875 2015/11/01 422,601 420,284 

Beazer Homes USA Inc., Callable 195,000 8.625 2011/05/15 190,782 199,318 

Biomet Inc., Callable 550,000 10.380 2017/10/15 639,162 625,603 

Biomet Inc., Callable 685,000 11.625 2017/10/15 801,843 793,522 

Boyd Gaming Corp., Callable 200,000 7.125 2016/02/01 183,471 182,413 

Building Materials Corp. of America, Callable 110,000 7.750 2014/08/01 111,597 114,165 

Bumble Bee Foods LLC, Callable 80,000 7.750 2015/12/15 84,397 84,078 

Burlington Coat Factory Investment Holdings Inc., Variable Rate, Step Coupon, Callable 320,000 14.500 2014/10/15 318,867 335,472 

Burlington Coat Factory Warehosuhy Corp., Callable 105,000 11.125 2014/04/15 110,810 113,654 

BWAY Corp., Callable 345,000 10.000 2014/04/15 389,273 382,477 

Cablevision Systems Corp., Callable 120,000 8.625 2017/09/15 132,808 130,991 

Capital One Capital V, 10.25%, Preferred 200,000 10.250 2039/08/15 235,400 243,741 

Case New Holland Inc., Callable 225,000 7.750 2013/09/01 234,579 241,186 

Casella Waste Systems Inc., Callable 215,000 9.750 2013/02/01 219,783 222,578 

Catalent Pharma Solutions Inc., Callable 525,625 9.500 2015/04/15 502,033 497,313 

CCH II LLC / CCH II Capital Corp. 260,000 13.500 2016/11/30 326,181 320,952 

CCO Holdings LLC, Callable 200,000 8.750 2013/11/15 230,846 215,174 

Cemex Finance LLC, Callable 210,000 9.500 2016/12/14 224,325 230,611 

Cengage Learning Acquisitions Inc., Callable 125,000 10.500 2015/01/15 130,981 125,311 

Central Garden & Pet Co., Callable 235,000 9.125 2013/02/01 252,116 249,750 

Century Aluminum Co., Callable 161,600 8.000 2014/05/15 149,245 165,178 

Cequel Communications Holdings I LLC / Cequel Capital Corp., Callable 200,000 8.625 2017/11/15 210,556 211,767 

Charter Communications Operating LLC, Callable 400,000 8.375 2014/04/30 435,719 430,872 

Charter Communications Operating LLC, Callable 185,000 10.875 2014/09/15 213,769 217,218 

Chesapeake Energy Corp., Callable 190,000 6.500 2017/08/15 185,955 195,203 

Chesapeake Energy Corp., Callable 255,000 6.875 2016/01/15 257,687 267,329 

Chiquita Brands International Inc., Callable 200,000 8.875 2015/12/01 220,539 213,863 

Chukchansi Economic Development Authority, Variable Rate, Callable 255,000 4.024 2012/11/15 187,101 187,130 

Citigroup Capital XXI, Preferred, Variable Rate, Callable 95,000 8.300 2057/12/21 87,146 95,859 

City National Capital Trust I, Callable 455,000 9.625 2040/02/01 473,728 506,626 

Clean Harbors Inc., Callable 75,000 7.625 2016/08/15 82,200 79,707 

Clear Channel Communications Inc., Callable 130,000 10.750 2016/08/01 106,926 106,984 

Clear Channel Worldwide Holdings Inc., Series ‘A’, Callable 50,000 9.250 2017/12/15 53,613 53,466 

Clear Channel Worldwide Holdings Inc., Series ‘B’, Callable 90,000 9.250 2017/12/15 96,057 97,182 

Clearwire Communications LLC / Clearwire Finance Inc., Callable 550,000 12.000 2015/12/01 570,858 585,241 

Clearwire Communications LLC / Clearwire Finance Inc., Callable 410,000 12.000 2015/12/01 433,433 436,271 

Cleveland Unlimited Inc., Floating Rate, Callable 500,000 12.500 2010/12/15 529,328 508,450 

Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp., Callable 75,000 8.250 2017/12/15 79,718 78,626 

Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp., Callable 50,000 8.500 2019/12/15 53,088 53,466 

Coleman Cable Inc., Callable 200,000 9.875 2012/10/01 207,740 210,194 

Community Health Systems Inc., Callable 450,000 8.875 2015/07/15 493,759 488,269 

Complete Production Services Inc., Callable 115,000 8.000 2016/12/15 113,619 118,903 

Constellation Brands Inc. 300,000 7.250 2016/09/01 320,943 319,223 

Cooper Cos. Inc. (The), Callable 195,000 7.125 2015/02/15 200,612 198,806 

Copano Energy LLC, Callable 130,000 7.750 2018/06/01 128,697 136,626 

Cornell Cos. Inc., Callable 60,000 10.750 2012/07/01 66,323 64,238 

Corporate Office Properties L.P., Convertible 40,000 3.500 2026/09/15 41,149 40,571 

Corrections Corp. of America, Callable 115,000 6.250 2013/03/15 122,161 121,163 

Corrections Corp. of America, Callable 100,000 7.750 2017/06/01 110,724 107,980 

Cott Beverages Inc., Callable 125,000 8.375 2017/11/15 132,200 135,303 

CPM Holdings Inc., Callable 75,000 10.625 2014/09/01 84,173 82,951 

Cricket Communications Inc., Callable 1,015,000 9.375 2014/11/01 1,106,322 1,069,396 

Crown Americas LLC / Crown Americas Capital Corp. II, Callable 125,000 7.625 2017/05/15 138,072 135,958 

Crown Castle International Corp., Callable 220,000 9.000 2015/01/15 248,487 245,628 

Dave & Busters Inc., Callable 500,000 11.250 2014/03/15 526,075 543,832 


SUHY 

96






$ % $ $ 

Del Monte Foods Co., Callable 130,000 7.500 2019/10/15 140,521 140,374 

Delta Air Lines Inc., Callable 95,000 9.500 2014/09/15 100,470 103,452 

Delta Air Lines Inc., Callable 400,000 12.250 2015/03/15 405,469 419,340 

Denbury Resources Inc., Callable 300,000 9.750 2016/03/01 335,698 335,734 

Developers Diversified Realty Corp. 200,000 9.625 2016/03/15 216,517 218,889 

DISH DBS Corp., Callable 700,000 7.875 2019/09/01 770,526 769,620 

DJO Finance LLC, Callable 415,000 10.875 2014/11/15 454,896 458,994 

Dole Food Co. Inc., Callable 195,000 8.000 2016/10/01 208,468 207,495 

Dollar Financial Corp., Convertible, Callable 205,000 10.375 2016/12/15 214,372 219,747 

Douglas Dynamics LLC, Callable 400,000 7.750 2012/01/15 412,398 394,180 

Drummond Co. Inc., Callable 200,000 9.000 2014/10/15 214,466 219,891 

Duane Reade Inc., Callable 95,000 11.750 2015/08/01 107,961 108,059 

Dynegy Holdings Inc. 35,000 7.750 2019/06/01 32,212 31,831 

Dynegy Holdings Inc. 685,000 8.380 2016/05/01 674,017 682,214 

Dynegy Holdings Inc., Callable 150,000 7.625 2026/10/15 105,414 108,504 

E*TRADE Financial Corp., Callable 170,000 12.500 2017/11/30 184,290 202,502 

Easton-Bell Sports Inc., Callable 215,000 9.750 2016/12/01 231,561 233,566 

EchoStar DBS Corp., Callable 500,000 7.750 2015/05/31 548,602 549,073 

Edison Mission Energy, Callable 500,000 7.200 2019/05/15 422,039 397,063 

Edison Mission Energy, Callable 110,000 7.500 2013/06/15 111,243 108,399 

El Paso Corp. 250,000 7.000 2017/06/15 258,872 259,936 

El Paso Corp. 250,000 8.250 2016/02/15 279,569 279,778 

El Pollo Loco Inc., Callable 500,000 11.750 2012/12/01 567,507 543,832 

Energy Future Holdings Corp., Callable 485,000 10.875 2017/11/01 406,297 415,658 

Energy Future Holdings, Series ‘P’, Callable 150,000 5.550 2014/11/15 114,994 111,523 

ESCO Corp., Callable 10,000 8.625 2013/12/15 10,551 10,431 

Esco Corp., Variable Rate, Callable 35,000 4.129 2013/12/15 31,859 33,436 

Felcor Lodging LP, Callable 195,000 10.000 2014/10/01 200,375 206,217 

First Data Corp., Callable 1,495,000 9.875 2015/09/24 1,492,967 1,461,492 

First Data Corp., Callable 400,000 9.875 2015/09/24 387,512 386,841 

Ford Motor Co. 250,000 7.450 2031/07/16 221,296 231,620 

Ford Motor Credit Co. LLC 650,000 7.800 2012/06/01 668,393 688,755 



Forest Oil Corp., Callable 150,000 7.750 2014/05/01 153,193 159,218 

Freeport-McMoRan Copper & Gold Inc., Callable 380,000 8.380 2017/04/01 435,177 436,218 

Freescale Semiconductor Inc., Callable 315,000 8.875 2014/12/15 265,294 302,986 

Frontier Communications Corp. 125,000 6.625 2015/03/15 127,754 127,440 

Frontier Communications Corp., Callable 250,000 8.125 2018/10/01 260,893 265,364 

Gaylord Entertainment Co., Callable 65,000 6.750 2014/11/15 62,520 63,373 

GCI Inc., Callable 365,000 8.625 2019/11/15 387,471 385,996 

General Cable Corp., Callable 135,000 7.125 2017/04/01 139,973 139,051 

Geo Group Inc. (The), Callable 130,000 7.750 2017/10/15 140,930 139,522 

GeoEye Inc., Callable 145,000 9.625 2009/10/09 156,769 156,381 

Georgia-Pacific LLC, Callable 410,000 7.125 2017/01/15 430,761 435,196 

Georgia-Pacific LLC, Callable 65,000 8.250 2016/05/01 71,986 72,231 

Glatfelter, Callable 140,000 7.125 2016/05/01 145,924 145,852 

GMAC Inc. 425,000 6.625 2012/05/15 422,847 436,638 

GMAC Inc. 200,000 6.875 2011/09/15 205,964 206,525 

GMAC Inc. 550,000 6.875 2012/08/28 542,010 565,061 

Goodyear Tire & Rubber Co., Callable 200,000 9.000 2015/07/01 220,780 218,057 

Graham Packaging Co. Inc., Callable 645,000 9.875 2014/10/15 713,959 689,709 

Graphic Packaging International Inc., Callable 180,000 9.500 2017/06/15 201,609 200,025 

Greif Inc., Callable 30,000 7.750 2019/08/01 32,978 32,080 

GXS Inc., Callable 580,000 9.750 2015/06/15 609,266 597,402 

Hanesbrands Inc., Series ‘B’, Floating Rate, Callable 275,000 3.831 2014/12/15 250,138 272,800 

Harrah’s Operating Co. Inc., Callable 785,000 10.000 2018/12/15 662,576 660,421 

Harrah’s Operating Co. Inc., Callable 500,000 10.750 2016/02/01 411,700 427,203 

Harrah’s Operating Escrow LLC, Callable 445,000 11.250 2017/06/01 492,510 488,092 

SUHY 


97






$ % $ $ 

HCA Inc., Callable 290,000 9.250 2016/11/15 321,932 326,443 

HCA Inc., Callable 1,200,000 9.625 2016/11/15 1,350,411 1,361,807 

Headwaters Inc., Callable 210,000 11.375 2014/11/01 221,072 229,510 

Health Management Associates Inc., Callable 307,000 6.125 2016/04/15 302,682 301,728 

Helix Energy Solutions Group Inc., Callable 305,000 9.500 2016/01/15 330,083 327,740 

Hercules Offshore Inc., Callable 210,000 10.500 2017/10/15 216,089 232,262 

Hertz Corp. (The), Callable 140,000 10.500 2016/01/01 156,916 156,676 

Hertz Corp., Callable 180,000 8.875 2014/01/01 193,804 192,949 

Hexion Sepcialty Chemicals Inc., Callable 170,000 9.750 2014/11/15 156,251 174,655 

Hilcorp Energy I L.P. / Hilcorp Finance Co., Callable 215,000 7.750 2015/11/01 219,222 220,887 

Holly Corp., Callable 175,000 9.875 2017/06/15 185,440 193,093 

Hologic Inc., Convertible 120,000 2.000 2037/12/15 105,542 107,403 

Host Hotels & Resorts Inc., Series ‘Q’, Callable 400,000 6.750 2016/06/01 402,838 417,243 

Hovnanian Enterprises Inc., Callable 100,000 10.625 2016/10/15 105,677 109,553 

Hughes Network Systems LLC / HNS Finance Corp., Callable 200,000 9.500 2014/04/15 218,892 216,484 

Huntsman International LLC 160,000 5.500 2016/06/30 150,268 148,866 

Huntsman International LLC, Callable 50,000 7.875 2014/11/15 48,474 51,238 

Inergy L.P. / Inergy Finance Corp., Callable 15,000 8.750 2015/03/01 16,333 16,158 

Inergy L.P., Callable 100,000 6.875 2014/12/15 102,452 103,525 

Inergy L.P., Callable 10,000 8.250 2016/03/01 10,529 10,641 

Ingles Markets Inc., Callable 115,000 8.875 2017/05/15 124,015 125,383 

Intelsat (Bermuda) Ltd., Callable, Step Coupon 395,000 11.250 2017/02/04 425,245 415,133 

Interface Inc., Callable 95,000 11.375 2013/11/01 110,443 111,295 

Interline Brands Inc., Callable 95,000 8.125 2014/06/15 101,833 100,091 

International Coal Group, Callable 235,000 10.250 2014/07/15 231,504 236,816 

International Lease Finance Corp., Series ‘R’ 280,000 5.625 2013/09/20 246,787 230,254 

International Lease Finance Corp., Series ‘R’ 250,000 6.625 2013/11/15 216,613 210,977 

Intertape Polymer US Inc. 130,000 8.500 2014/08/01 109,239 116,694 

Inverness Medical Innovations Inc., Callable 140,000 9.000 2016/05/15 148,301 150,438 

IPCS Inc., Variable Rate, Callable 217,437 3.531 2014/05/01 177,054 193,758 

Iron Mountain Inc., Callable 295,000 8.750 2018/07/15 331,984 320,861 

Jaden Corp., Callable 50,000 7.500 2017/05/01 51,942 52,286 

Jarden Corp., Callable 300,000 8.000 2016/05/01 334,168 324,726 

JBS USA LLC, Callable 150,000 11.625 2014/05/01 175,536 178,088 

JC Penney Corp. Inc. 125,000 7.950 2017/04/01 134,753 143,165 

JDA Software Group Inc., Callable 300,000 8.000 2014/12/15 315,941 320,795 

Jefferies Group Inc., Callable 250,000 8.500 2019/07/15 282,084 286,495 

JohnsonDiversey Holdings Inc., Callable 125,000 8.250 2019/11/15 132,698 132,682 

JohnsonDiversey Holdings Inc., Callable 430,000 10.500 2020/05/15 440,808 453,044 

K Hovnanian Enterprises Inc., Callable 150,000 7.500 2016/05/15 125,192 112,436 

Key Energy Services Inc., Callable 225,000 8.375 2014/12/01 227,468 236,468 

Koppers Inc., Callable 55,000 7.875 2019/12/01 58,339 58,236 

L-3 Communications Corp., Series ‘B’, Callable 350,000 6.375 2015/10/15 367,020 368,298 

LaBranche & Co. Inc., Callable 360,000 11.000 2012/05/15 370,755 362,782 

Landry’s Restaurants Inc., Callable 516,000 11.625 2015/12/01 539,885 573,406 

Leap Wireless International Inc., Convertible 135,000 4.500 2014/07/15 109,922 117,114 

Level 3 Communications Inc., Convertible, Callable 65,000 5.250 2011/12/15 62,217 64,650 

Level 3 Financing Inc., Callable 250,000 9.250 2014/11/01 244,111 247,673 

Levi Strauss & Co., Callable 150,000 8.875 2016/04/01 157,368 164,525 

Linn Energy LLC, Callable 30,000 11.750 2017/05/15 35,347 35,303 

Lions Gate Entertainment Inc., Callable 250,000 10.250 2016/11/01 250,381 259,794 

M/I Homes Inc., Callable 100,000 6.875 2012/04/01 101,663 98,807 

MacDermid Inc., Callable 265,000 9.500 2017/04/15 261,646 277,813 

Macy’s Retail Holdings Inc., Callable 225,000 6.375 2037/03/15 196,069 199,318 



Mariner Energy Inc., Callable 250,000 8.000 2017/05/15 250,978 251,604 

MarkWest Energy Partners L.P., Series ‘B’, Callable 335,000 8.750 2018/04/15 361,585 361,733 

McJunkin Red Man Corp., Callable 300,000 9.500 2016/12/15 309,887 307,429 


SUHY 

98






$ % $ $ 

McMoRan Exploration Co., Callable 500,000 11.875 2014/11/15 527,207 537,279 

Mediacom LLC/Mediacom Capital Corp., Callable 100,000 9.125 2019/08/15 109,627 106,932 

MetroPCS Wireless Inc., Callable 605,000 9.250 2014/11/01 660,257 642,180 

MGM MIRAGE 330,000 11.375 2018/03/01 342,594 309,630 

MGM MIRAGE 175,000 13.000 2013/11/15 217,016 210,522 

MGM Mirage Inc., Callable 500,000 8.380 2011/02/01 511,212 496,656 

MGM MIRAGE, Callable 350,000 5.875 2014/02/27 288,324 293,997 



Mirant Americas Generation LLC, Callable 335,000 8.500 2021/10/01 313,181 333,637 

Mirant North America LLC, Callable 175,000 7.380 2013/12/31 183,749 181,397 

Mohegan Tribal Gaming Authority, Callable 55,000 6.875 2015/02/15 36,316 37,479 

Mohegan Tribal Gaming Authority, Callable 140,000 7.125 2014/08/15 105,915 99,986 

Momentive Performance Materials Inc., Callable 95,000 12.500 2014/06/15 108,185 109,553 

Murray Energy Corp., Callable 165,000 10.250 2015/10/15 171,201 172,113 

National Life Insurance Co., Callable 110,000 10.500 2039/09/15 117,766 120,042 

Navistar International Corp., Callable 320,000 8.250 2021/11/01 329,699 343,859 

Neiman Marcus Group Inc., Callable 230,000 9.000 2015/10/15 209,194 235,695 

Newell Rubbermaid Inc., Callable 175,000 10.600 2019/04/15 224,813 230,783 

NewPage Corp., Callable 260,000 11.375 2014/12/31 267,587 275,297 

Nielsen Co. (The), Callable 145,000 10.000 2014/08/01 155,150 158,471 

Nielsen Finance LLC / Nielsen Finance Co., Callable 100,000 11.500 2016/05/01 111,058 117,153 

Nielsen Finance LLC / Nielsen Finance Co., Callable 85,000 12.500 2016/08/01 70,032 81,313 

NII Capital Corp., Callable 200,000 10.000 2016/08/15 225,393 219,629 

Noranda Aluminum Acquisition Corp., Floating Rate, Callable 154,622 5.274 2015/05/15 115,848 125,829 

Norcraft Co., Callable 101,000 9.750 2012/09/01 100,378 101,648 

Norcraft Cos. L.P. / Norcraft Finance Corp., Callable 150,000 10.500 2015/12/15 154,247 161,184 

NRG Energy Inc., Callable 655,000 7.380 2016/02/01 689,000 687,528 

Nuveen Investments Inc., Callable 875,000 10.500 2015/11/15 810,401 832,455 

Open Solutions Inc., Callable 250,000 9.750 2015/02/01 191,187 201,480 

Orion Power Holdings Inc., Callable 150,000 12.000 2010/05/01 168,240 161,184 

OSI Restaurant Partners Inc., Callable 120,000 10.000 2015/06/15 114,596 111,020 

Owens-Brockway Glass Container Inc., Callable 125,000 7.375 2016/05/15 135,283 135,303 

PAETEC Holding Corp., Callable 300,000 8.875 2017/06/30 311,983 318,436 

PAETEC Holding Corp., Callable 95,000 9.500 2015/07/15 92,655 95,859 

Peabody Energy Corp., Callable 100,000 7.375 2016/11/01 106,782 108,111 

Petrohawk Energy Corp., Callable 540,000 7.875 2015/06/01 568,164 571,770 

Petroleum Development Corp., Callable 120,000 12.000 2018/02/15 123,483 129,733 

PHH Corp., Callable 210,000 7.125 2013/03/01 193,402 203,642 

Pinnacle Entertainment Inc., Callable 270,000 7.500 2015/06/15 262,912 260,410 

Pinnacle Foods Finance LLC, Callable 500,000 10.625 2017/04/01 556,646 545,142 

Pinnacle Foods Finance LLP, Callable 170,000 9.250 2015/04/01 179,606 180,893 

Plastipak Holdings Inc., Callable 105,000 8.500 2015/12/15 112,404 112,966 

Plastipak Holdings Inc., Callable 105,000 10.625 2019/08/15 119,587 121,360 

PolyOne Corp., Callable 300,000 8.875 2012/05/01 320,805 323,940 

Pregis Corp., Callable 375,000 12.375 2013/10/15 363,041 380,846 

Pride International Inc. 100,000 8.500 2019/06/15 118,132 121,084 

Protective Life Corp., Callable 300,000 8.450 2039/10/15 317,131 303,402 

Psychiatric Solutions Inc., Series ‘1’, Callable 200,000 7.750 2015/07/15 209,386 202,856 

Quest Corp. 125,000 7.250 2025/09/15 116,270 121,215 

Quicksilver Resources Inc., Callable 160,000 7.125 2016/04/01 154,507 156,414 



Quiksilver Inc., Callable 225,000 6.875 2015/04/15 177,553 193,421 

Quintiles Transnational Corp., Pay-In-Kind, Callable 100,000 9.500 2014/12/30 102,939 105,359 

QVC Inc., Callable 75,000 7.500 2019/10/01 78,868 80,199 

Qwest Capital Funding Inc., Callable 115,000 7.750 2031/02/15 98,669 102,476 

Qwest Communications International Inc., Callable 100,000 7.500 2014/02/15 103,041 105,228 

Qwest Communications International Inc., Series ‘B’, Callable 405,000 7.500 2014/02/15 432,167 426,174 

SUHY 


99






$ % $ $ 

RailAmerica Inc., Callable 139,000 9.250 2017/07/01 152,436 155,010 

Range Resources Corp., Callable 90,000 7.500 2016/05/15 96,707 96,946 

RBS Global Inc. & Rexnord LLC, Callable 195,000 9.500 2014/08/01 203,720 204,939 

RBS Global Inc. / Rexnord Corp., Callable 230,000 11.750 2016/08/01 231,656 238,709 

RBS Global Inc. / Rexnord LLC, Callable 130,000 9.500 2014/08/01 135,730 136,626 

Regency Energy Partners L.P., Callable 100,000 9.375 2016/06/01 109,221 111,649 

Reichhold Industries Inc., Callable 250,000 9.000 2014/08/15 213,377 220,154 

Rental Service Corp., Callable 645,000 9.500 2014/12/01 655,985 677,031 

Reynolds Group, Callable 100,000 7.750 2016/10/15 105,648 107,194 

Rite Aid Corp. 105,000 10.250 2019/10/15 110,416 116,131 

Rite Aid Corp., Callable 150,000 7.500 2017/03/01 142,026 147,817 



River Rock Entertainment Authority, Callable 300,000 9.750 2011/11/01 297,639 296,421 

Ryerson Inc., Callable 190,000 12.000 2015/11/01 193,202 208,150 

Sally Holdings LLC, Callable 250,000 9.250 2014/11/15 269,605 271,916 

Sally Holdings LLC, Callable 715,000 10.500 2016/11/15 807,745 805,788 

SandRidge Energy Inc., Callable 295,000 8.750 2020/01/15 306,014 309,263 

SandRidge Energy Inc., Callable 200,000 9.875 2016/05/15 229,656 220,678 

Sanmina-SCI Corp., Callable 215,000 8.125 2016/03/01 225,182 224,832 

SBA Telecommunications Inc., Callable 125,000 8.000 2016/08/15 135,075 136,941 

Sealy Mattress Co., Callable 300,000 8.250 2014/06/15 291,992 314,505 

Sealy Mattress Co., Callable 100,000 10.875 2016/04/15 120,460 116,629 

Select Medical Corp., Callable 210,000 7.625 2015/02/01 212,342 213,549 

Sequa Corp., Callable 85,000 11.750 2015/12/01 84,987 82,872 

Service Corp. International, Callable 300,000 7.000 2017/06/15 315,107 305,070 

Service Corp. International, Callable 50,000 7.375 2014/10/01 52,400 52,680 

ServiceMaster Co. (The), Callable 330,000 10.750 2015/07/15 336,442 359,794 

Shingle Springs Tribal Gaming Authority, Callable 165,000 9.375 2015/06/15 126,598 131,463 

Sinclair Television Group Inc., Callable 170,000 9.250 2017/11/01 170,425 185,348 

Smithfield Foods Inc., Callable 105,000 7.750 2017/07/01 100,807 101,546 

Smithfield Foods Inc., Series ‘B’ 225,000 7.750 2013/05/15 215,662 228,802 

Solo Cup Co., Callable 465,000 8.500 2014/02/15 480,788 476,514 

Solutia Inc., Callable 95,000 8.750 2017/11/01 101,694 103,701 

Spectrum Brands Inc., Pay-In-Kind, Callable 160,000 12.000 2019/08/28 155,075 164,381 

Spirit AeroSystems Inc., Callable 80,000 7.500 2017/10/01 84,225 82,610 

Sprint Capital Corp. 75,000 6.880 2028/11/15 59,565 65,358 



Sprint Capital Corp., Callable 690,000 6.900 2019/05/01 668,999 665,493 

Standard Pacific Escrow LLC, Callable 110,000 10.750 2016/09/15 117,313 117,625 

Starwood Hotels & Resorts Worldwide Inc., Callable 340,000 6.750 2018/05/15 339,946 357,330 

Steel Dynamics Inc., Callable 160,000 7.750 2016/04/15 173,445 175,494 

Steinway Musical Instruments Inc., Callable 50,000 7.000 2014/03/01 45,867 47,569 

Stone Energy Corp., Callable 500,000 8.250 2011/12/15 507,087 522,209 

Stream Global Services Inc., Callable 500,000 11.250 2014/10/01 518,717 530,072 

Sungard Data Systems Inc., Callable 946,000 10.250 2015/08/15 1,048,124 1,056,202 

Supervalu Inc., Callable 285,000 8.000 2016/05/01 312,223 303,261 

Surgical Care Affiliates Inc., Callable 100,000 8.875 2015/07/15 88,534 95,400 

Swift Energy Co., Callable 85,000 7.125 2017/06/01 81,683 84,209 

Symetra Financial Corp., Callable 50,000 6.125 2016/04/01 47,658 46,963 

Telcordia Technologies Inc., Callable 445,000 10.000 2013/03/15 403,713 415,199 

Telcordia Technologies Inc., Variable Rate, Callable 300,000 4.034 2012/07/15 275,770 288,165 

Tenet Healthcare Corp., Callable 205,000 7.375 2013/02/01 216,477 215,449 

Tenet Healthcare Corp., Callable 300,000 8.875 2019/07/01 342,824 339,665 

Tenneco Inc., Callable 100,000 8.625 2014/11/15 103,544 105,752 

Terex Corp., Callable 275,000 10.875 2016/06/01 320,485 321,450 

Terra Capital Inc., Callable 170,000 7.750 2019/11/01 177,071 190,695 

Tesoro Corp., Callable 500,000 6.500 2017/06/01 479,695 487,483 


SUHY 

100






$ % $ $ 

Tesoro Corp., Series ‘B’, Callable 125,000 6.625 2015/11/01 121,483 124,492 

Texas Competitive Electric Holdings Co. LLC, Series ‘A’, Variable Rate, Callable 425,000 10.250 2015/11/01 331,929 360,894 

Thermadyne Holdings Corp., Variable Rate, Step Coupon, Callable 155,000 9.500 2014/02/01 146,531 153,760 

Titan International Inc., Callable 135,000 8.000 2012/01/15 138,660 138,697 

Top Markets LLC, Callable 205,000 10.125 2015/10/15 216,386 221,359 

Toys "R" Us Property Co I LLC, Callable 95,000 10.750 2017/07/15 109,782 109,055 

Travelport LLC, Callable 700,000 9.875 2014/09/01 726,450 757,695 

Trimas Corp., Callable 150,000 9.750 2017/12/15 157,921 154,304 

Triumph Group Inc., Callable 15,000 8.000 2017/11/15 15,552 15,863 

TRW Automotive Inc., Callable 425,000 7.250 2017/03/15 405,689 432,182 

Unisys Corp., Callable 115,000 12.750 2014/10/15 127,450 139,247 

United Air Lines Inc., Callable 125,000 9.750 2017/01/15 130,500 133,665 

United Air Lines Inc., Callable 165,000 10.400 2016/11/01 177,548 182,275 

United Components Inc., Callable 200,000 9.375 2013/06/15 204,788 202,332 

United Maritime Group LLC / United Maritime Group Finance Corp., Callable 250,000 11.750 2015/06/15 267,312 262,743 

United Rentals North America Inc., Callable 125,000 9.250 2019/12/15 129,372 135,303 

United Surgical Partners International Inc., Callable 160,000 8.875 2017/05/01 169,916 172,768 

United Surgical Partners International Inc., Pay-In-Kind, Callable 50,000 9.250 2017/05/01 53,358 53,466 

Universal Hospital Services Inc., Callable 105,000 8.500 2015/06/01 107,141 108,426 

Univision Communications Inc., Callable 545,000 12.000 2014/07/01 633,495 629,200 

US Oncology Holdings Inc., Pay-In-Kind, Callable 240,000 6.428 2012/03/15 224,386 235,250 

US Oncology Inc., Callable 125,000 9.125 2017/08/15 136,392 137,596 

USB Capital IX Normal Income Trust Securities, Variable Rate, Callable 165,000 6.189 2049/03/29 128,556 139,031 

USG Corp., Callable 250,000 6.300 2016/11/15 232,613 234,568 

USI Holdings Corp., Callable 400,000 9.750 2015/05/15 390,682 382,124 

Vail Resorts Inc., Callable 300,000 6.750 2014/02/15 316,324 312,146 

ViaSat Inc., Callable 105,000 8.875 2016/09/15 109,980 113,379 

Virgin Media Finance PLC, Callable 245,000 8.375 2019/10/15 255,849 264,230 

Visant Corp., Callable 250,000 7.625 2012/10/01 269,973 263,398 

Visant Holding Corp., Callable, Step Coupon 250,000 10.250 2013/12/01 279,956 270,605 

Viskase Cos. Inc., Callable 200,000 9.875 2018/01/15 211,404 211,243 

VWR Funding Inc., Series ‘B’, Pay-In-Kind, Callable 400,000 10.250 2015/07/15 386,936 436,114 

West Corp., Callable 555,000 11.000 2016/10/15 592,282 608,017 

Wind Acquisition Finance SA, Callable 485,000 11.750 2017/07/15 576,091 555,481 

Windstream Corp., Callable 275,000 8.630 2016/08/01 291,819 293,341 

WMG Acqusition Corp., Callable 125,000 9.500 2016/06/15 141,184 140,381 

Wynn Las Vegas Capital Corp., Callable 65,000 6.625 2014/12/01 65,145 65,843 

XM Escrow LLC. 185,000 13.000 2013/01/08 202,538 210,672 

XM Satellite Radio Holdings Inc., Pay-In-Kind, Callable 305,000 10.000 2011/06/01 323,534 319,747 

Yankee Acquisition Corp., Callable 215,000 9.750 2017/02/15 212,692 222,014 

Yankee Acquisition Corp., Series ‘B’, Callable 40,000 8.500 2015/02/15 40,895 41,619 

Zions Bancorporation 225,000 5.500 2015/11/16 187,671 166,763 

Zions Bancorporation 150,000 7.750 2014/09/23 139,533 138,775 

Total United States Bonds 93,554,670 94,630,359 

FOREIGN BONDS – 6.8% 

C5 Capital SPV Ltd., Perpetual, Variable Rate, Callable 100,000 6.196 2049/12/31 74,737 71,774 

C8 Capital SPV Ltd., Perpetual, Variable Rate, Callable 175,000 6.640 2049/12/31 132,951 127,287 

CEVA Group PLC, Callable 400,000 11.625 2016/10/01 416,986 430,348 

Columbus International Inc., Callable 190,000 11.500 2014/11/20 199,358 209,146 

Digicel Group Ltd., Callable 155,000 8.125 2017/09/01 160,968 158,432 



Digicel Group Ltd., Pay-In-Kind, Callable 120,000 9.125 2015/01/15 124,510 123,915 

Evraz Group SA, Callable 215,000 9.500 2018/04/24 225,182 224,268 

Flextronics International Ltd., Callable 150,000 6.250 2014/11/15 152,035 154,894 

Flextronics International Ltd., Callable 10,000 6.500 2013/05/15 10,328 10,510 

FMG Finance Pty Ltd., Callable 435,000 10.625 2016/09/01 497,363 504,486 

Galaxy Entertainment Finance Co. Ltd., Callable 325,000 9.880 2012/12/15 347,297 340,714 

SUHY 


101






$ % $ $ 

General Maritime Corp., Callable 115,000 12.000 2017/11/15 119,865 125,533 

Global Aviation Holdings Ltd., Callable 400,000 14.000 2013/08/15 426,091 416,719 

Global Crossing Ltd., Callable 200,000 12.000 2015/09/15 230,201 230,113 

Intelsat Jackson Holdings Ltd., Callable 60,000 8.500 2019/11/01 61,198 64,788 



Intelsat Ltd., Callable 200,000 6.500 2013/11/01 192,992 196,566 

Kansas City Southern de Mexico SA de CV, Callable 160,000 9.375 2012/05/01 174,330 174,026 

NCL Corp. Ltd., Callable 100,000 11.750 2016/11/15 104,927 103,525 

Nordic Telephone Co. Holdings, Callable 450,000 8.875 2016/05/01 489,286 498,884 

Novasep Holding SAS, Callable 205,000 9.750 2016/12/15 211,807 209,539 

NXP BV / NXP Funding LLC, Callable 175,000 7.875 2014/10/15 153,011 166,491 

PE Paper Escrow GMBH, Callable 210,000 12.000 2014/08/01 245,046 243,270 

Rabobank Nederland, Variable Rate, Perpetual, Callable 165,000 11.000 2019/06/30 215,441 210,904 

Royal Caribbean Cruises Ltd. 365,000 7.000 2013/06/15 375,186 381,691 

Royal Caribbean Cruises Ltd. 250,000 6.875 2013/12/01 246,619 257,501 

Sensata Technologies BV, Callable 200,000 8.000 2014/05/01 193,477 205,477 

Smurfit Kappa Funding PLC, Callable 270,000 7.750 2015/04/01 251,850 272,086 

UPC Holding BV, Callable 100,000 9.875 2018/04/15 110,420 110,601 

Vedanta Resources PLC, Callable 150,000 9.500 2018/07/18 156,207 159,611 

VIP Finance Ireland Ltd. 105,000 9.125 2018/04/30 119,547 117,507 

Wind Acquisition Finance SA, Callable 110,000 12.000 2015/12/01 128,722 123,391 


SENIOR LOANS – 0.5% 

Claire’s Stores Term Loan 200,000 10.700 2014/05/29 166,044 169,147 

PQ Corp. 2nd Lien Term Loan 240,000 6.500 2015/07/30 215,837 215,542 

Texas Competitive Electric Holdings Co. LLC, Zero Coupon 250,000 0.000 2014/10/10 200,617 212,210 

Total Senior Loans 582,498 596,899 

Total Bonds 104,383,596 105,612,020 



Net Assets – 100.0% 117,551,960 



SUHY 

102




Currency Risk 

The table below indicates the currencies to which the Fund had exposure as at December 31, 2009, on both its trading monetary and non-monetary assets and liabilities. 

Currency risk exposed holdings Forward foreign exchange contracts Total Exposure As a % of Net Assets 

(including derivatives)* 

U.S. Dollar 115,664,298 — 115,664,298 98.39% 


As at December 31, 2009, had the Canadian dollar strengthened or weakened by 5% in relation to all currencies, with all other variables held constant, net assets would have decreased or increased, 

respectively, by approximately $5,783,215. In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. 


The table below summarizes the Fund’s exposure to interest rate risks. It includes the Fund’s assets and trading liabilities at fair values, categorized by the earlier of contractual re-pricing or maturity dates. 

Bonds 2009 2008 

Less than 1 year 669,634 — 

1-3 years 8,724,819 — 

3-5 years 26,403,445 — 

> 5 years 69,814,122 — 

Total 105,612,020 — 

As at December 31, 2009, had the prevailing interest rates raised or lowered by 1%, with all other variables held constant, net assets would have decreased or increased, respectively, by approximately 

$4,911,275. In practice, the results may differ from this sensitivity analysis and the difference could be material. 


As at December 31, 2009, the Fund did not have exposure to significant other price risk as the Fund invested primarily in debt securities. 

Credit Risk 

As at December 31, 2009, the Fund invested in debt securities with the following credit ratings: 

Debt securities by credit rating 2009 

AAA 0.00% 

AA 0.30% 

A 0.12% 

BBB 1.87% 

Below BBB 87.53% 

Unrated 0.03% 

Total 89.85% 









Bonds — 105,612,020 — 105,612,020 


Total Investments $ — $ 105,612,020 $ — $ 105,612,020 





SUHY 


103





2009 

ASSETS 

Investments at fair value $ 105,612 

Cash including foreign currency holdings, at fair value 10,643 

Accrued interest receivable 2,127 

Receivable for unit subscriptions 110 

118,492 

LIABILITIES 

Accrued liabilities 28 

Payable for portfolio securities purchased 692 

Payable for unit redemptions 220 

940 


UNITHOLDERS’ EQUITY $ 117,552 


(Class O) $ 109,487 

(Class P) $ 7,847 

(Class F) $ 218 


(Class O) $ 10.17 

(Class P) $ 10.15 

(Class F) $ 10.17 

INVESTMENTS AT AVERAGE COST $ 104,384 


FOR THE PERIOD FROM SEPTEMBER 11, 2009 

(Commencement) TO DECEMBER 31 


2009 


Interest $ 2,364 

EXPENSES 

Custodian and administration fees 24 

Legal fees 12 

Audit fees 2 

Management fees 55 

Security holder reporting costs 2 

95 


FOR THE PERIOD $ 2,269 

NET GAIN (LOSS) ON SALES OF SECURITIES $ 223 

NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (770) 


OF INVESTMENTS $ 1,228 

NET GAIN (LOSS) ON INVESTMENTS $ 681 


FROM OPERATIONS $ 2,950 



(Class O) $ 2,725 

(Class P) $ 218 

(Class F) $ 7 



(Class O) $ 0.29 

(Class P) $ 0.29 

(Class F) $ 0.32 



SUHY 

104



FOR THE YEAR ENDED DECEMBER 31 


Fund Total 

Class O 

2009 2009 

NET ASSETS – BEGINNING OF PERIOD $ — $ — 


ASSETS FROM OPERATIONS 2,950 2,725 


Out of net investment income (1,872) (1,767) 

(1,872) (1,767) 


TRANSACTIONS 



Reinvestment of distributions 1,871 1,766 

116,474 108,529 

CHANGES IN NET ASSETS 117,552 109,487 


Class P 

Class F 

2009 2009 






(101) (4) 


TRANSACTIONS 

Proceeds from issue of units 8,615 233 



7,730 215 

CHANGES IN NET ASSETS 7,847 218 

NET ASSETS, END OF PERIOD $ 7,847 $ 218 

SUHY 


105






$ % $ $ 

SHORT-TERM NOTES – 77.0% 

Canadian Imperial Bank of Commerce 1,000,000 0.444 2010/03/22 997,810 999,016 

Care Trust Series ‘A’ Discount Note 5,000,000 0.352 2010/01/15 4,998,400 4,999,277 

Corporate Receivables Trust Discount Note 1,000,000 0.393 2010/02/22 999,320 999,430 

Enbridge Inc. Discount Note 3,000,000 0.227 2010/01/05 2,999,370 2,999,907 

GE Capital Canada Funding Co. Discount Note 5,000,000 0.294 2010/02/17 4,996,550 4,998,070 


Government of Canada Treasury Bill 4,000,000 0.249 2010/05/27 3,995,960 3,995,987 






Honda Canada Finance Inc. Discount Note 9,000,000 0.205 2010/01/04 8,999,730 8,999,798 




Merit Trust Senior Discount Note 10,000,000 0.206 2010/01/04 9,999,700 9,999,775 

Prime Trust Senior Discount Note 10,000,000 0.268 2010/01/07 9,999,400 9,999,486 

Ridge Trust Series ‘A’ Discount Note 8,000,000 0.326 2010/01/07 7,998,080 7,999,499 

Suncor Energy Inc. Discount Note 5,000,000 0.274 2010/01/04 4,999,800 4,999,850 





Toyota Credit Canada Discount Note 1,000,000 0.275 2010/01/06 998,980 999,955 

Toyota Credit Canada Discount Note 1,025,000 0.346 2010/01/26 1,023,657 1,024,748 

Toyota Credit Canada Discount Note 2,000,000 0.350 2010/02/08 1,997,300 1,999,251 

Zeus Receivables Trust Senior Discount Note 10,000,000 0.205 2010/01/04 9,999,700 9,999,775 

131,854,896 131,907,490 

BONDS – 30.2% 

Bank of Nova Scotia, Variable Rate 4,630,000 0.012 2010/07/02 4,630,000 4,644,198 

Government of Canada, Zero Coupon 985,000 0.000 2010/06/01 982,368 983,835 

International Bank for Reconstruction and Development (The), Variable Rate 5,000,000 0.011 2012/10/31 5,000,000 5,009,359 

Manulife Bank of Canada, Floating Rate 11,700,000 0.014 2011/06/15 11,700,000 11,707,831 

Province of Manitoba, Floating Rate 11,380,000 0.008 2012/09/04 11,380,000 11,387,763 

Province of Ontario, Variable Rate 11,395,000 0.014 2013/04/02 11,390,556 11,431,731 

Royal Bank of Canada, Variable Rate 6,500,000 0.011 2012/05/11 6,500,000 6,509,655 

51,582,924 51,674,372 


Other Assets and Liabilities, Net – (7.2%) (12,356,327) 

Net Assets – 100.0% 171,225,535 







100.0 

SMMF 


106




Currency Risk 




The table below summarizes the Fund’s exposure to interest rate risks. It includes the Fund’s assets and trading liabilities at fair values, categorized by the earlier of contractual re-pricing or maturity dates. 

Bonds 2009 2008 

Less than 1 year 5,628,033 — 

1-3 years 34,614,608 — 

3-5 years 11,431,731 — 

> 5 years — — 

Total 51,674,372 — 


increased, respectively, by approximately $194,898 (2008 – $0). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. 


As at December 31, 2009 and 2008, the Fund did not have significant exposure to other price risk as the Fund invested primarily in bonds and short term notes. 

Credit Risk 

As at December 31, 2009 and 2008, the Fund invested in short-term debt securities and bonds with the following credit ratings: 


R-1(H) 31.43% 68.35% 

R-1(M) 34.65% 15.79% 

R-1(L) 10.37% 15.92% 

U 0.58% 0.00% 

Total 77.03% 100.05% 



AAA 3.50% 0.00% 

AA 26.68% 0.00% 

A 0.00% 0.00% 

BBB 0.00% 0.00% 

Below BBB 0.00% 0.00% 

Unrated 0.00% 0.00% 

Total 30.18% 0.00% 









Bonds — 51,674,372 — 51,674,372 








SMMF 

107





2009 2008 

ASSETS 





184,108 199,140 

LIABILITIES 


Payable for unit redemptions 12,838 475 

12,882 693 




(Class O) $ 167,422 $ 190,493 

(Class I) $ 756 $ 2,339 

(Class P) $ 1,855 $ 2,478 

(Class F) $ 1,193 $ 3,137 


(Class O) $ 10.00 $ 10.00 

(Class I) $ 10.00 $ 10.00 

(Class P) $ 10.00 $ 10.00 

(Class F) $ 10.00 $ 10.00 





2009 2008 


Interest $ 2,349 $ 7,248 

EXPENSES 








224 292 


FOR THE PERIOD $ 2,125 $ 6,956 

NET INCREASE (DECREASE) IN 

NET ASSETS FROM OPERATIONS $ 2,125 $ 6,956 



(Class O) $ 2,074 $ 6,801 

(Class I) $ 16 $ 95 

(Class P) $ 16 $ 54 

(Class F) $ 19 $ 6 



(Class O) $ 0.11 $ 0.35 

(Class I) $ 0.09 $ 0.31 

(Class P) $ 0.07 $ 0.27 

(Class F) $ 0.05 $ 0.25 


SMMF 


108





Fund Total 

Class O 

2009 2008 2009 2008 






(2,125) (6,956) (2,073) (6,802) 


TRANSACTIONS 




(27,221) 3,502 (23,072) (611) 

CHANGES IN NET ASSETS (27,221) 3,502 (23,071) (612) 


Class I 

Class P 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS 16 95 16 54 



(17) (96) (15) (51) 


TRANSACTIONS 




(1,582) (887) (624) 2,038 

CHANGES IN NET ASSETS (1,583) (888) (623) 2,041 


Class F 

2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 3,137 $ 176 





(20) (7) 


TRANSACTIONS 




(1,943) 2,962 

CHANGES IN NET ASSETS (1,944) 2,961 


≠ 



SMMF 

109






$ % $ $ 


Bank of Montreal Bankers’ Acceptance 200,000 0.376 2010/03/16 199,858 199,846 

Bank of Montreal Bearer Deposit Note 200,000 0.361 2010/01/05 199,940 199,990 

Bank of Nova Scotia Bearer Deposit Note 200,000 0.361 2010/01/05 199,840 199,990 


Bay Street Funding Trust Discount Note 300,000 0.749 2010/03/12 299,700 299,564 

Borealis Finance Trust Discount Note 300,000 0.492 2010/03/01 299,787 299,758 

Care Trust Series ‘A’ Discount Note 200,000 0.722 2010/01/13 199,768 199,949 

Canadian Imperial Bank of Commerce Bankers’ Acceptance 500,000 0.376 2010/03/17 499,655 499,609 


Diversified Trust Discount Note 300,000 0.494 2010/03/05 299,721 299,741 

Firstbank Bankers’ Acceptance 300,000 0.374 2010/03/11 299,799 299,785 


GE Capital Canada Funding Co. Discount Note 200,000 0.361 2010/01/04 199,710 199,992 

Government of Canada Treasury Bill 200,000 0.150 2010/01/07 199,898 199,994 


HSBC Bankers’ Acceptance 200,000 0.408 2010/03/11 199,848 199,844 

National Bank of Canada Bankers’ Acceptance 200,000 0.376 2010/03/15 199,858 199,848 

Omers Realty Corp. Discount Note 300,000 0.471 2010/01/08 299,901 299,969 

Plaza Trust Discount Note 300,000 0.757 2010/03/25 299,700 299,479 

Province of Manitoba Treasury Bill 500,000 0.217 2010/03/31 499,730 499,733 

Province of Ontario Treasury Bill 300,000 0.197 2010/03/10 299,835 299,889 

Province of Ontario Treasury Bill 300,000 0.210 2010/03/31 299,829 299,845 

Pure Trust Discount Note 300,000 0.758 2010/03/26 299,694 299,472 

Ridge Trust Series ‘A’ Discount Note 300,000 0.771 2010/04/05 299,586 299,400 

Royal Bank of Canada Bankers’ Acceptance 500,000 0.255 2010/03/23 499,675 499,714 

Stars Trust Series ‘A’ Discount Note 200,000 0.722 2010/01/18 199,758 199,929 

Storm King Funding Discount Note 200,000 0.755 2010/03/22 199,800 199,666 

Summit Trust Discount Note 200,000 0.502 2010/03/17 199,802 199,792 

Total Short-Term Notes 12,851,791 12,851,986 



Other Assets and Liabilities, Net – 2.1% 291,168 

Net Assets – 100.0% 13,399,874 

SISF 


110



Unrealized 





Amsterdam Exchanges Index 

expiration date January 2010 4 EUR 325.53 391,703 403,706 12,003 

Australian SPI 200 Index 

expiration date March 2010 9 AUD 4,663.00 989,197 1,034,806 45,609 

British FTSE 100 Index 

expiration date March 2010 31 GBP 5,269.00 2,765,212 2,813,756 48,543 

French Matif CAC 40 Index 

expiration date January 2010 24 EUR 3,817.42 1,378,045 1,421,574 43,529 

German Eurex Deutschland DAX Index 

expiration date March 2010 5 EUR 5,803.50 1,091,145 1,122,638 31,493 

Hong Kong Hang Seng Index 

expiration date January 2010 2 HKD 21,488.00 290,518 296,427 5,909 

Japanese TOPIX Index 

expiration date March 2010 23 JPY 897.30 2,324,050 2,342,698 18,647 

Mini Italian S&P/MIB Index 

expiration date March 2010 3 EUR 22,660.00 511,250 526,028 14,778 

Singapore MSCI Index 

expiration date January 2010 3 SGD 341.50 153,002 156,541 3,539 

Spanish IBEX 35 Index 


Swiss SMI Soffex Index 

expiration date March 2010 16 CHF 6,366.31 1,032,996 1,053,066 20,070 

258,018 


Swedish OMX Index 

expiration date January 2010 25 SEK 955.04 350,560.00 349,262 (1,298) 

(1,298) 


*$760,000 of Canada Treasury Bills are held as collateral by counterparties with respect to the futures contracts. 








100.0 


SISF 

111




Currency Risk 

The table below indicates the currencies to which the Fund had significant exposure as at December 31, 2009 and 2008, on both its trading monetary and non-monetary assets and liabilities as well as the 

underlying principle amount of forward currency contracts. 


2009 2008 2009 2008 2009 2008 2009 2008 

Euro Currency Unit 233,627 1,373,957 — — 233,627 1,373,957 1.74% 2.52% 

Japanese Yen 179,485 848,593 — (175,710) 179,485 672,883 1.34% 1.23% 

British Pound 110,325 515,091 — — 110,325 515,091 0.82% 0.94% 

Swiss Franc 51,831 222,312 — — 51,831 222,312 0.39% 0.41% 

Australian Dollar 40,822 144,582 — — 40,822 144,582 0.30% 0.27% 

Singapore Dollar 9,400 — — — 9,400 0 0.07% 0.00% 

Hong Kong Dollar 8,005 23,576 — — 8,005 23,576 0.06% 0.04% 

Danish Krone 42 19,956 — — 42 19,956 0.00% 0.04% 

Swedish Krona 3,604 10,104 — (34,344) 3,604 (24,240) 0.03% -0.04% 



increased, respectively, by approximately $31,857 (2008 – $147,406). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. 


The table below summarizes the Fund’s exposure to interest rate risks as at December 31, 2009 and 2008. It includes the Fund’s assets at fair values, categorized by the maturity dates. The Fund’s exposure 

to interest rate risks is through its holdings in short term debt securities. 

Short-term debt securities 2009 2008 

Less than 1 year 12,851,986 53,733,185 

1-3 years — — 

3-5 years — — 

> 5 years — — 

Total 12,851,986 53,733,185 




Credit Risk 



R-1 (H) 81.80% 85.61% 

R-1 (M) 11.20% 10.61% 

R-1 (L) 0.00% 0.00% 

Unrated 2.99% 2.29% 

Total 95.99% 98.51% 









Bonds — — — — 







SISF 


112





2009 2008 

ASSETS 




Receivable for portfolio securities sold — 210 

Margin receivable on futures 161 — 


13,401 55,211 

LIABILITIES 

Accrued liabilities — 21 

Payable for portfolio securities purchased — 209 

Margin payable on futures — 421 

Payable for unit redemptions — 12 

Unrealized depreciation on futures contracts 1 — 

Unrealized depreciation on forward foreign 


1 664 




(Class O) $ 13,282 $ 54,173 

(Class P) $ 7 $ 18 

(Class F) $ 111 $ 356 


(Class O) $ 9.25 $ 7.69 

(Class P) $ 8.31 $ 7.01 

(Class F) $ 9.18 $ 7.68 





2009 2008 


Interest $ 152 $ 905 

EXPENSES 



Audit fees — 2 




41 47 

Waived expense (10) — 

$ 31 $ 47 


FOR THE PERIOD $ 121 $ 858 


AND FORWARDS $ 870 $ (12,891) 




OF INVESTMENTS $ (48) $ (141) 


ON FUTURES AND FORWARD CONTRACTS $ (835) $ 1,197 

NET GAIN (LOSS) ON INVESTMENTS $ (127) $ (11,802) 


FROM OPERATIONS $ (6) $ (10,944) 



(Class O) $ (49) $ (10,934) 

(Class P) $ 3 $ (12) 

(Class F) $ 40 $ 2 



(Class O) $ (0.02) $ (4.53) 

(Class P) $ 1.11 $ (4.60) 

(Class F) $ 1.15 $ 0.21 



SISF 

113





Fund Total 

Class O 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS (6) (10,944) (49) (10,934) 


TRANSACTIONS 



(41,141) 13,509 (40,842) 13,263 

CHANGES IN NET ASSETS (41,147) 2,565 (40,891) 2,329 


Class P 

Class F 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 18 $ 30 $ 356 $ 108 


ASSETS FROM OPERATIONS 3 (12) 40 2 


TRANSACTIONS 

Proceeds from issue of units — 12 — 350 

Payments on redemption of units (14) (12) (285) (104) 

(14) — (285) 246 

CHANGES IN NET ASSETS (11) (12) (245) 248 

NET ASSETS, END OF PERIOD $ 7 $ 18 $ 111 $ 356 

SISF 


114






$ % $ $ 


Bank of Montreal Bankers’ Acceptance 1,000,000 0.376 2010/03/16 999,290 999,230 

Bank of Montreal Bearer Deposit Note 1,600,000 0.373 2010/03/08 1,598,848 1,598,906 


Bank of Nova Scotia Bearer Deposit Note 1,700,000 0.376 2010/03/15 1,698,640 1,698,709 



Bay Street Funding Trust Discount Note 1,400,000 0.749 2010/03/12 1,398,600 1,397,967 



Borealis Financial Trust Discount Note 1,000,000 0.471 2010/01/14 999,300 999,820 

Canadian Imperial Bank of Commerce Bankers’ Acceptance 4,000,000 0.377 2010/03/18 3,997,040 3,996,831 


Canadian Master Trust Series ‘A’ Discount Note 2,100,000 0.722 2010/01/11 2,099,314 2,099,544 

Care Trust Series ‘A’ Discount Note 1,050,000 0.722 2010/01/13 1,048,782 1,049,731 

Care Trust Series ‘A’ Discount Note 1,000,000 0.751 2010/03/16 999,010 998,461 






Firstbank Bankers’ Acceptance 2,500,000 0.380 2010/03/29 2,498,250 2,497,716 




HSBC Bank Canada Bankers’ Acceptance 1,900,000 0.403 2010/03/04 1,898,556 1,898,681 

HSBC Bank Canada Bankers’ Acceptance 700,000 0.406 2010/03/08 699,489 699,480 

HSBC Bank Canada Bearer Deposit Note 2,000,000 0.415 2010/03/22 1,998,420 1,998,163 

National Bank of Canada Bankers’ Acceptance 2,200,000 0.375 2010/03/12 2,198,526 2,198,401 

National Bank of Canada Bankers’ Acceptance 1,800,000 0.377 2010/03/18 1,798,768 1,798,574 




Province of Manitoba Treasury Bill 3,000,000 0.217 2010/03/31 2,998,380 2,998,398 

Province of Ontario Treasury Bill 1,300,000 0.197 2010/03/10 1,299,285 1,299,517 

Province of Ontario Treasury Bill 2,700,000 0.210 2010/03/31 2,698,461 2,698,603 

Province of Quebec Treasury Bill 3,300,000 0.213 2010/03/19 3,298,218 3,298,504 

Pure Trust Discount Note 200,000 0.757 2010/03/25 199,800 199,653 

Pure Trust Discount Note 2,500,000 0.758 2010/03/26 2,497,450 2,495,602 


Ridge Trust Series ‘A’ Discount Note 2,300,000 0.757 2010/03/25 2,297,764 2,296,005 

Royal Bank of Canada Bankers’ Acceptance 600,000 0.376 2010/03/16 599,646 599,538 


Stars Trust Series ‘A’ Discount Note 1,000,000 0.746 2010/03/08 998,960 998,634 



Summit Trust Discount Note 1,600,000 0.497 2010/03/10 1,598,400 1,598,500 







Net Assets – 100.0% 108,863,815 

SLCS 


115



Unrealized 





United States S&P 500 E-Mini Index 


United States S&P 500 Index 



*$10,540,000 of Canada Treasury Bills are held as collateral by counterparties with respect to the futures contracts. 








100.0 


SLCS 

116




Currency Risk 



2009 2008 2009 2008 2009 2008 2009 2008 

U.S. Dollar 1,628,424 2,645,856 — — 1,628,424 2,645,856 1.50% 2.29% 








Less than 1 year 108,619,524 112,315,293 

1-3 years — — 

3-5 years — — 

> 5 years — — 

Total 108,619,524 112,315,293 




Credit Risk 



R-1(H) 83.34% 83.06% 

R-1(M) 14.14% 10.44% 

R-1(L) 0.00% 0.00% 

Unrated 2.29% 3.67% 

Total 99.77% 97.17% 









Bonds — — — — 







SLCS 


117





2009 2008 

ASSETS 




Margin receivable on futures 50 2,332 

Receivable for unit subscriptions 36 — 


108,877 115,679 

LIABILITIES 



13 104 




(Class O) $ 108,684 $ 115,308 

(Class P) $ — $ 9 

(Class F) $ 180 $ 258 


(Class O) $ 7.57 $ 6.08 

(Class P) $ — $ 6.85 

(Class F) $ 7.54 $ 6.08 





2009 2008 


Interest $ 543 $ 3,136 

EXPENSES 




Management fees 2 — 




77 154 


FOR THE PERIOD $ 466 $ 2,982 


AND FORWARDS $ 11,928 $ (46,023) 

NET GAIN (LOSS) ON FOREIGN EXCHANGE $ 5,972 $ (1,126) 











(Class O) $ 17,350 $ (43,615) 

(Class P) $ 2 $ (7) 

(Class F) $ 69 $ (5) 



(Class O) $ 1.31 $ (3.79) 

(Class P) $ 1.38 $ (5.25) 

(Class F) $ 1.54 $ (0.49) 



SLCS 

118





Fund Total 

Class O 

2009 2008 2009 2008 





TRANSACTIONS 



(24,132) 50,065 (23,974) 49,898 

CHANGES IN NET ASSETS (6,711) 6,438 (6,624) 6,283 


Class P 

Class F 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 9 $ 16 $ 258 $ 96 


ASSETS FROM OPERATIONS 2 (7) 69 (5) 


TRANSACTIONS 

Proceeds from issue of units — — 52 260 

Payments on redemption of units (11) — (199) (93) 

(11) — (147) 167 

CHANGES IN NET ASSETS (9) (7) (78) 162 

NET ASSETS, END OF PERIOD $ — $ 9 $ 180 $ 258 

SLCS 


119






$ % $ $ 


Bank of Montreal Bankers’ Acceptance 300,000 0.376 2010/03/16 299,787 299,769 

Bank of Montreal Bearer Deposit Note 300,000 0.374 2010/03/10 299,784 299,788 






Borealis Financial Trust Discount Note 400,000 0.471 2010/01/14 399,720 399,928 

Borealis Financial Trust Discount Note 300,000 0.492 2010/03/01 299,787 299,758 



Canadian Master Trust Series ‘A’ Discount Note 500,000 0.722 2010/01/11 499,852 499,892 






GE Capital Canada Funding Co. Discount Note 700,000 0.361 2010/01/04 698,985 699,972 



HSBC Bank Canada Bearer Deposit Note 800,000 0.415 2010/03/22 799,368 799,265 

HSBC Bankers’ Acceptance 600,000 0.421 2010/03/31 599,514 599,379 






Province of Quebec Treasury Bill 1,000,000 0.213 2010/03/19 999,460 999,547 










Other Assets and Liabilities, Net – (2.4%) (826,412) 

Net Assets – 100.0% 34,669,364 


Unrealized 





United States S&P MidCap 400 E-Mini Index 

expiration date March 2010 457 USD 706.07 33,827,445 34,494,908 667,463 


*$3,850,000 of Canada Treasury Bills are held as collateral by counterparties with respect to the futures contracts. 

SMSF 


120









100.0 


SMSF 

121




Currency Risk 

The table below indicates the currencies to which the Fund had exposure as at December 31, 2009 and 2008 on its trading monetary, non-monetary assets and liabilities, as well as the underlying principle 

amount of forward currency contracts. 


2009 2008 2009 2008 2009 2008 2009 2008 

U.S. Dollar 2,291,676 2,420,135 — — 2,291,676 2,420,135 6.52% 2.12% 








Less than 1 year 34,828,313 114,360,018 

1-3 years — — 

3-5 years — — 

> 5 years — — 

Total 34,828,313 114,360,018 




Credit Risk 



R-1(H) 90.08% 82.10% 

R-1(M) 9.23% 11.61% 

R-1(L) 0.00% 0.00% 

U 1.15% 6.37% 

Total 100.46% 100.08% 









Bonds — — — — 







SMSF 


122





2009 2008 

ASSETS 




Receivable for unit subscriptions — 201 


35,624 117,466 

LIABILITIES 


Margin payable on futures 950 3,065 


955 3,195 




(Class O) $ 34,304 $ 103,381 

(Class P) $ 243 $ 10,572 

(Class F) $ 122 $ 318 


(Class O) $ 7.79 $ 5.67 

(Class P) $ 9.28 $ 6.86 

(Class F) $ 8.14 $ 5.98 





2009 2008 


Interest $ 391 $ 3,902 

EXPENSES 





Trustee fees — 2 

Independent Review Committee fees — 2 


52 358 




AND FORWARDS $ 8,437 $ (58,611) 

NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (257) $ (2,245) 











(Class O) $ 6,884 $ (50,295) 

(Class P) $ (355) $ (5,392) 

(Class F) $ 31 $ (143) 



(Class O) $ 1.07 $ (3.68) 

(Class P) $ (0.90) $ (4.52) 

(Class F) $ 1.17 $ (3.89) 


SMSF 


123





Fund Total 

Class O 

2009 2008 2009 2008 





TRANSACTIONS 



(86,162) 49,349 (75,961) 43,822 



Class P 

Class F 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS (355) (5,392) 31 (143) 


TRANSACTIONS 

Proceeds from issue of units 977 10,693 72 378 


(9,974) 5,358 (227) 169 

CHANGES IN NET ASSETS (10,329) (34) (196) 26 

NET ASSETS, END OF PERIOD $ 243 $ 10,572 $ 122 $ 318 


SMSF 

124






$ % $ $ 






Unrealized Appreciation (Depreciation) on Futures Contracts* – (0.9%) (122,007) 

Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts – (1.1%) (151,460) 


Net Assets – 100.0% 13,320,827 


Unrealized 





German EURO-SCHATZ Bond 

expiration date March 2010 1 EUR 107.87 162,242 162,385 143 

Japanese TSE 10 Year Bond 

expiration date March 2010 3 JPY 139.70 4,719,518 4,719,518 — 

143 


British LIF LONG GILT Bond 

expiration date March 2010 3 GBP 117.15 594,980 581,216 (13,765) 

German EURO-BOBL 

expiration date March 2010 8 EUR 116.00 1,395,825 1,391,732 (4,093) 

German EURO-BUND 

expiration date March 2010 19 EUR 122.43 3,498,839 3,463,402 (35,437) 

United States 2 Year Treasury Note 





expiration date March 2010 6 USD 119.20 749,802 726,212 (23,590) 

(122,150) 

Unrealized Appreciation (Depreciation) on Long Futures Contracts (122,007) 

SEGB 


125




SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS 

Unrealized 

Credit 

Appreciation 



Bank of New York Mellon Corp. A1+ 2010/01/27 CAD 255,275 AUD 269,078 0.949 0.941 (2,169) 

Bank of New York Mellon Corp. A1+ 2010/01/27 CAD 63,313 CHF 61,902 1.023 1.014 (529) 

Bank of New York Mellon Corp. A1+ 2010/01/27 CAD 141,191 DKK 681,529 0.207 0.202 (3,468) 

Bank of New York Mellon Corp. A1+ 2010/01/27 CAD 1,369,735 EUR 887,767 1.543 1.504 (34,490 

Bank of New York Mellon Corp. A1+ 2010/01/27 CAD 2,320,692 JPY 196,493,007 0.012 0.011 (107,756) 

Bank of New York Mellon Corp. A1+ 2010/01/27 CAD 537,941 NOK 2,919,942 0.184 0.181 (8,577) 

Bank of New York Mellon Corp. A1+ 2010/01/27 CAD 377,678 PLN 1,023,960 0.369 0.366 (3,143) 

Bank of New York Mellon Corp. A1+ 2010/01/27 CAD 85,750 SEK 580,381 0.148 0.147 (527) 

Bank of New York Mellon Corp. A1+ 2010/01/27 CAD 51,983 SGD 68,628 0.757 0.747 (752) 

Bank of New York Mellon Corp. A1+ 2010/01/27 CAD 906,323 USD 855,829 1.059 1.048 (9,133) 

Bank of New York Mellon Corp. A1+ 2010/01/27 GBP 447,250 CAD 775,577 0.577 0.591 18,526 

Bank of New York Mellon Corp. A1+ 2010/01/27 USD 176,280 CAD 186,681 0.944 0.954 1,881 

JPMorgan Chase Bank, New York A1+ 2010/01/27 EUR 583,394 USD 840,000 0.695 0.697 3,142 

JPMorgan Chase Bank, New York A1+ 2010/01/27 USD 450,000 GBP 277,207 1.623 1.615 (2,525) 

JPMorgan Chase Bank, New York A1+ 2010/01/27 USD 390,000 JPY 34,973,796 0.011 0.011 (14,967) 

Morgan Stanley, New York A1 2010/01/27 JPY 37,938,600 USD 420,000 90.330 93.084 13,027 

(151,460) 

1 


*There are no collateral held by counterparties with respect to the future contracts. 







Unrealized Appreciation (Depreciation) Forward Foreign Currency Contracts 0.2 


100.0 


SEGB 

126




Currency Risk 

The table below indicates the currencies to which the Fund had exposure as at December 31, 2009 and 2008, on both its trading monetary and non-monetary assets and liabilities as well as the underlying 

principle amount of forward currency contracts. 


2009 2008 2009 2008 2009 2008 2009 2008 

U.S. Dollar 3,374,886 4,432,805 1,152,688 6,856,500 4,527,574 11,289,305 33.99% 13.34% 

Euro Currency Unit 3,998,862 4,292,272 457,792 31,231,872 4,456,654 35,524,144 33.46% 41.98% 

Japanese Yen 1,432,854 1,723,697 2,179,546 27,474,100 3,612,400 29,197,797 27.12% 34.50% 

Norwegian Krone (47) — 529,363 458,689 529,316 458,689 3.97% 0.54% 

Australian Dollar (65) — 253,105 (1,036,127) 253,040 (1,036,127) 1.90% -1.22% 

British Pound 427,054 507,313 (287,827) 3,119,104 139,227 3,626,417 1.05% 4.29% 

Polish Zloty — — 374,535 836,760 374,535 836,760 2.81% 0.99% 

Danish Krone — — 137,723 767,907 137,723 767,907 1.03% 0.91% 

Swiss Franc — — 62,785 577,199 62,785 577,199 0.47% 0.68% 

Swedish Krona — — 85,223 332,818 85,223 332,818 0.64% 0.39% 

Singapore Dollar — — 51,231 285,865 51,231 285,865 0.38% 0.34% 

New Zealand Dollar — — — (907,405) — (907,405) 0.00% -1.07% 



increased, respectively, by approximately $711,488 (2008 – $4,047,668). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. 



Bond futures and short-term debt securities 2009 2008 

Less than 1 year 12,444,076 83,038,500 

1-3 years 2,202,884 33,371,257 

3-5 years 1,438,959 49,994,972 

> 5 years 10,882,080 41,165,095 

Total 26,967,999 207,569,824 


approximately $838,319 (2008 – $5,746,835). In practice, the actual results may differ from this sensitivity analysis and the difference could be material. 


As at December 31, 2009, a 5% (2008 – 5%) increase or decrease in equity prices on the global stock exchanges would have increased or decreased the Fund’s Net Assets by $726,196 


Credit Risk 

As at December 31, 2009 and 2008, the Fund invested in short-term debt securities with the following credit ratings: 


R-1 (H) 93.42% 98.12% 

Total 93.42% 98.12% 









Bonds — — — — 




Derivative liabilities (122,007) (151,460) — (273,467) 



SEGB 


127





2009 2008 

ASSETS 



at fair value 934 1,179 

Margin receivable on futures 264 — 

Receivable for unit subscriptions — 501 

Unrealized appreciation on futures contracts — 1,316 

Unrealized appreciation on forward foreign 


13,642 86,237 

LIABILITIES 


Margin payable on futures — 1,463 


Unrealized depreciation on futures contracts 122 — 

Unrealized depreciation on forward foreign 

currency contracts 151 — 

321 1,610 




(Class O) $ 12,182 $ 74,297 

(Class P) $ 633 $ 9,301 

(Class F) $ 506 $ 1,029 


(Class O) $ 3.93 $ 4.62 

(Class P) $ 3.94 $ 4.72 

(Class F) $ 4.31 $ 5.14 





2009 2008 


Interest $ 585 $ 3,034 

EXPENSES 








197 367 




AND FORWARDS $ (6,209) $ 21,088 

NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (1,118) $ 7,592 




NET GAIN (LOSS) ON INVESTMENTS $ (9,130) $ 32,644 


FROM OPERATIONS $ (8,742) $ 35,311 



(Class O) $ (7,494) $ 31,452 

(Class P) $ (1,129) $ 3,528 

(Class F) $ (119) $ 331 



(Class O) $ (0.57) $ 1.96 

(Class P) $ (0.77) $ 1.88 

(Class F) $ (0.78) $ 2.06 



SEGB 

128





Fund Total 

Class O 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS (8,742) 35,311 (7,494) 31,452 


Out of net investment income — (24,694) — (22,180) 

— (24,694) — (22,180) 


TRANSACTIONS 



Reinvestment of distributions — 24,657 — 22,178 

(62,564) (19,044) (54,621) (18,290) 



Class P 

Class F 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS (1,129) 3,528 (119) 331 


Out of net investment income — (2,305) — (209) 

— (2,305) — (209) 


TRANSACTIONS 



Reinvestment of distributions — 2,281 — 198 

(7,539) (883) (404) 129 

CHANGES IN NET ASSETS (8,668) 340 (523) 251 

NET ASSETS, END OF PERIOD $ 633 $ 9,301 $ 506 $ 1,029 

SEGB 


129





of Cost Value 

Units $ $ 

MUTUAL FUNDS – 98.0% 

SEI Investments* 

Canadian Fixed Income Fund 1,198,402 13,496,486 13,684,910 

Money Market Fund 108,645 1,086,451 1,086,451 

Real Return Bond Fund 170,913 2,468,941 2,625,391 

Short Term Bond Fund 300,434 2,954,511 2,975,165 

U.S. High Yield Bond Fund 91,986 928,130 939,363 

Total Mutual Funds 20,934,519 21,311,280 



Net Assets – 100.0% 21,741,522 

* The Fund holds units in Class O of the funds listed. 





Mutual Funds 98.8 


100.0 

SVIF 


130




Currency Risk 

As at December 31, 2009 and 2008, the Fund’s direct exposure to currency risk is minimal given that the Underlying Funds held are valued in Canadian dollars which is the functional currency of the Fund. 

The Fund may be exposed to indirect currency risk in the event that the Underlying Funds invest in financial instruments that are denominated in a currency other than Canadian dollars. 


As at December 31, 2009 and 2008, the interest rate risk is minimal given that the majority of the financial instruments held by the Fund are non-interest bearing. To the extent the Underlying Funds invest 

in interest bearing financial instruments, the Fund will be exposed to the indirect risk that the value of those instruments will fluctuate due to changes in the prevailing levels of market interest rates. 


As at December 31, 2009, a 5% (2008 – 5%) change in prices of the Underlying Funds would have increased or decreased the Fund’s Net Assets by $1,065,564 (2008 – $29,717). 

In practice, the actual results may differ from this sensitivity analysis and the difference could be material. 

Credit Risk 

As at December 31, 2009 and 2008, the credit risk is minimal given that the Fund had no direct investments in debt instruments or derivatives. The Fund may be exposed to indirect credit risk in the event 

that the Underlying Funds invest in debt instruments and derivatives. 








Bonds — — — — 

Investments in funds 21,311,280 — — 21,311,280 







SVIF 

131





2009 2008 

ASSETS 




Accrued interest receivable 15 14 


21,777 18,860 

LIABILITIES 




35 329 




(Class O) $ 1,638 $ 1,440 

(Class I) $ — $ 61 

(Class P) $ 8,725 $ 8,143 

(Class F) $ 881 $ 1,155 

(Class R) $ 10,498 $ 7,732 


(Class O) $ 4.77 $ 4.63 

(Class I) $ — $ 4.84 

(Class P) $ 4.93 $ 4.79 

(Class F) $ 4.88 $ 4.73 

(Class R) $ 4.74 $ 4.60 





2009 2008 


Distribution from mutual funds $ 838 $ 1,114 

838 1,114 

EXPENSES 






Securityholder reporting costs 9 6 

193 125 


160 107 



NET GAIN (LOSS) ON SALE OF SECURITIES $ (344) $ (41) 


OF INVESTMENTS $ 1,000 $ (422) 

NET GAIN (LOSS) ON INVESTMENTS $ 656 $ (463) 


FROM OPERATIONS $ 1,334 $ 544 



(Class O) $ 150 $ 255 

(Class I) $ 4 $ 2 

(Class P) $ 449 $ 150 

(Class F) $ 56 $ 26 

(Class R) $ 675 $ 111 



(Class O) $ 0.36 $ 0.29 

(Class I) $ 0.31 $ 0.18 

(Class P) $ 0.26 $ 0.16 

(Class F) $ 0.27 $ 0.10 

(Class R) $ 0.33 $ 0.08 


SVIF 


132





Fund Total 

Class O 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS 1,334 544 150 255 


Out of net investment income (679) (1,006) (61) (70) 

Out of net realized capital gain — (47) — (3) 

(679) (1,053) (61) (73) 


TRANSACTIONS 



Reinvestment of distributions 672 1,050 61 73 

2,556 10,199 109 (4,579) 

CHANGES IN NET ASSETS 3,211 9,690 198 (4,397) 


Class I 

Class P 

2009 2008 2009 2008 





Out of net investment income — (3) (185) (409) 

Out of net realized capital gain — — — (21) 

— (3) (185) (430) 


TRANSACTIONS 

Proceeds from issue of units — — 6,899 9,508 

Payments on redemption of units (65) — (6,764) (4,357) 

Reinvestment of distributions — 3 183 428 

(65) 3 318 5,579 

CHANGES IN NET ASSETS (61) 2 582 5,299 

NET ASSETS, END OF PERIOD $ — $ 61 $ 8,725 $ 8,143 

Class F 

Class R 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 1,155 $ 101 $ 7,732 $ — 






(26) (61) (407) (486) 


TRANSACTIONS 


Payments on redemption of units (560) (1,834) (1,527) (1,296) 


(304) 1,089 2,498 8,107 

CHANGES IN NET ASSETS (274) 1,054 2,766 7,732 



SVIF 

133





of Cost Value 

Units $ $ 



Canadian Equity Fund 133,707 2,535,029 2,700,984 


EAFE Equity Fund 313,917 1,505,993 1,319,362 



U.S. High Yield Bond Fund 120,682 1,217,573 1,232,408 

U.S. Large Company Equity Fund 189,050 1,097,770 1,019,832 

U.S. Small Company Equity Fund 20,409 64,166 78,132 




Net Assets – 100.0% 26,589,950 








100.0 

SDIF 


134




Currency Risk 









Credit Risk 










Bonds — — — — 








SDIF 

135





2009 2008 

ASSETS 




Accrued income from funds 18 14 


26,660 20,774 

LIABILITIES 



70 17 




(Class O) $ 1,685 $ 1,550 

(Class I) $ 5,100 $ 4,674 

(Class P) $ 8,291 $ 7,043 

(Class F) $ 54 $ 162 

(Class R) $ 8,255 $ 7,328 

(Class S) $ 3,205 $ — 


(Class O) $ 3.93 $ 3.68 

(Class I) $ 4.94 $ 4.60 

(Class P) $ 4.86 $ 4.54 

(Class F) $ 4.16 $ 3.86 

(Class R) $ 3.91 $ 3.66 

(Class S) $ 4.81 $ — 





2009 2008 


Interest $ — $ 1 

Distributions from mutual funds 928 1,308 

928 1,309 

EXPENSES 







219 153 


188 137 



NET GAIN (LOSS) ON SALES OF SECURITIES $ (643) $ (32) 





FROM OPERATIONS $ 2,320 $ (746) 



(Class O) $ 172 $ 180 

(Class I) $ 494 $ (154) 

(Class P) $ 770 $ (323) 

(Class F) $ 7 $ (3) 

(Class R) $ 792 $ (446) 

(Class S) $ 85 $ — 



(Class O) $ 0.39 $ 0.15 

(Class I) $ 0.46 $ (0.17) 

(Class P) $ 0.43 $ (0.28) 

(Class F) $ 0.26 $ (0.17) 

(Class R) $ 0.38 $ (0.28) 

(Class S) $ 0.41 $ — 


SDIF 


136





Fund Total 

Class O 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS 2,320 (746) 172 180 


Out of net investment income ≠ (741) (1,163) (57) (88) 


(741) (1,219) (57) (92) 


TRANSACTIONS 


Payments on redemption of units (10,886) (13,599) (921) (10,127) 

Reinvestment of distributions ≠ 738 1,213 57 90 

4,254 4,308 20 (7,631) 



Class I 

Class P 

2009 2008 2009 2008 







(136) (279) (155) (362) 


TRANSACTIONS 




68 321 633 3,223 

CHANGES IN NET ASSETS 426 (112) 1,248 2,538 


≠ 



SDIF 

137





Class F 

Class R 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 162 $ 30 $ 7,328 $ — 






(1) (9) (291) (477) 


TRANSACTIONS 




(114) 144 426 8,251 

CHANGES IN NET ASSETS (108) 132 927 7,328 


Class S 

2009 2008 



ASSETS FROM OPERATIONS 85 — 



Out of net realized capital gain — — 

(101) — 


TRANSACTIONS 

Proceeds from issue of units 3,271 — 

Payments on redemption of units (150) — 


3,221 — 

CHANGES IN NET ASSETS 3,205 — 

NET ASSETS, END OF PERIOD $ 3,205 $ — 

SDIF 


138





of Cost Value 

Units $ $ 





Canadian Small Company Equity Fund 53,286 510,323 526,838 










Net Assets – 100.0% 43,482,457 







Other Assets and Liabilities, Net — 

100.0 

SIGF 


139




Currency Risk 







As at December 31, 2009, a 5% (2008 – 5%) change in prices of the Underlying Funds would have increased or decreased the Fund’s Net Assets by $2,164,322 (2008 – $1,108,002). 


Credit Risk 










Bonds — — — — 








SIGF 

140





2009 2008 

ASSETS 




Accrued income from mutual funds 21 19 


43,576 38,350 

LIABILITIES 



94 78 




(Class O) $ 3,567 $ 3,063 

(Class I) $ 3,056 $ 3,023 

(Class P) $ 20,460 $ 18,672 

(Class F) $ 480 $ 489 

(Class R) $ 15,919 $ 13,025 


(Class O) $ 5.02 $ 4.64 

(Class I) $ 5.04 $ 4.67 

(Class P) $ 5.04 $ 4.67 

(Class F) $ 5.02 $ 4.64 

(Class R) $ 4.99 $ 4.61 





2009 2008 



Distributions from mutual funds 1,485 2,336 

1,485 2,338 

EXPENSES 







443 416 

Waived expenses (23) — 

420 416 


FOR THE PERIOD $ 1,065 $ 1,922 









(Class O) $ 489 $ (23) 

(Class I) $ 324 $ (228) 

(Class P) $ 1,740 $ (1,645) 

(Class F) $ 65 $ (26) 

(Class R) $ 1,714 $ (1,178) 



(Class O) $ 0.60 $ (0.01) 

(Class I) $ 0.50 $ (0.37) 

(Class P) $ 0.45 $ (0.46) 

(Class F) $ 0.55 $ (0.37) 

(Class R) $ 0.57 $ (0.52) 


SIGF 


141





Fund Total 

Class O 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS 4,332 (3,100) 489 (23) 


Out of net investment income (1,066) (1,904) (115) (166) 

(1,066) (1,904) (115) (166) 


TRANSACTIONS 



Reinvestment of distributions 1,044 1,880 102 166 

1,944 7,996 130 (13,271) 



Class I 

Class P 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS 324 (228) 1,740 (1,645) 



(76) (154) (326) (772) 


TRANSACTIONS 




(215) 171 374 5,853 



Class F 

Class R 

2009 2008 2009 2008 






(12) (27) (537) (785) 


TRANSACTIONS 




(62) 255 1,717 14,988 

CHANGES IN NET ASSETS (9) 202 2,894 13,025 



SIGF 

142





of Cost Value 

Units $ $ 





Canadian Small Company Equity Fund 60,093 561,925 594,130 










Net Assets – 100.0% 28,270,731 








100.0 

SCMI 


143




Currency Risk 









Credit Risk 

As at December 31, 2009 and 2008, credit risk is minimal given that the Fund had no direct investments in debt instruments or derivatives. The Fund may be exposed to indirect credit risk in the event 









Bonds — — — — 








SCMI 

144





2009 2008 

ASSETS 




Accrued income from mutual and pooled funds 14 5 


28,432 12,039 

LIABILITIES 




161 160 




(Class O) $ 1,507 $ 616 

(Class P) $ 14,795 $ 9,746 

(Class F) $ 2,036 $ 1,517 

(Class S) $ 9,933 $ — 


(Class O) $ 8.92 $ 8.40 

(Class P) $ 8.76 $ 8.42 

(Class F) $ 9.07 $ 8.59 

(Class S) $ 8.79 $ — 





2009 2008 



Distributions from mutual funds 722 693 

722 694 

EXPENSES 






344 247 


322 229 


FOR THE PERIOD $ 400 $ 465 

NET GAIN (LOSS) ON SALES OF SECURITIES $ (383) $ (41) 








(Class O) $ 137 $ (26) 

(Class P) $ 1,191 $ (973) 

(Class F) $ 168 $ (97) 

(Class S) $ 298 $ — 



(Class O) $ 1.17 $ (0.49) 

(Class P) $ 0.85 $ (0.88) 

(Class F) $ 0.96 $ (0.97) 

(Class S) $ 0.94 $ — 


SCMI 


145





Fund Total 

Class O 

2009 2008 2009 2008 







Return of capital (589) (118) (38) — 

(988) (645) (59) (38) 


TRANSACTIONS 




15,586 4,267 813 302 

CHANGES IN NET ASSETS 16,392 2,526 891 238 

NET ASSETS, END OF PERIOD $ 28,271 $ 11,879 $ 1,507 $ 616 

Class P 

Class F 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS 1,191 (973) 168 (97) 




Return of capital (475) (118) (56) — 

(684) (517) (85) (90) 


TRANSACTIONS 


Payments on redemption of units (4,306) (3,013) (1,013) (41) 


4,542 2,767 436 1,198 

CHANGES IN NET ASSETS 5,049 1,277 519 1,011 


Class S 

2009 2008 






Return of capital (20) — 

(160) — 


TRANSACTIONS 




9,795 — 




SCMI 

146





of Cost Value 

Units $ $ 



Canadian Equity Fund 1,163,213 20,909,135 23,497,712 


Canadian Small Company Equity Fund 170,980 1,544,067 1,690,466 

EAFE Equity Fund 3,434,279 16,655,987 14,433,929 

Emerging Markets Equity Fund 598,472 2,461,439 3,063,757 


Short Term Bond Fund 1,123,050 11,114,309 11,121,448 


U.S. Large Company Equity Fund 2,822,751 17,343,002 15,227,328 

U.S. Small Company Equity Fund 744,395 2,993,734 2,849,768 




Net Assets – 100.0% 148,521,235 








100.0 

SBIF 


147




Currency Risk 









Credit Risk 










Bonds — — — — 








SBIF 

148





2009 2008 

ASSETS 




Accrued income from mutual funds 50 41 


149,070 126,072 

LIABILITIES 



549 413 




(Class O) $ 4,406 $ 3,840 

(Class I) $ 764 $ 728 

(Class P) $ 42,033 $ 32,176 

(Class F) $ 292 $ 508 

(Class R) $ 96,204 $ 88,407 

(Class S) $ 4,822 $ — 


(Class O) $ 4.72 $ 4.28 

(Class I) $ 5.48 $ 4.95 

(Class P) $ 4.79 $ 4.35 

(Class F) $ 4.85 $ 4.38 

(Class R) $ 4.62 $ 4.18 

(Class S) $ 4.75 $ — 





2009 2008 




4,648 6,913 

EXPENSES 








903 863 


828 863 


FOR THE PERIOD $ 3,820 $ 6,050 









(Class O) $ 535 $ 649 

(Class I) $ 92 $ (75) 

(Class P) $ 4,081 $ (4,164) 

(Class F) $ 49 $ (47) 

(Class R) $ 11,849 $ (10,772) 

(Class S) $ 232 $ — 



(Class O) $ 0.62 $ 0.06 

(Class I) $ 0.64 $ (0.11) 

(Class P) $ 0.52 $ (0.62) 

(Class F) $ 0.52 $ (0.55) 

(Class R) $ 0.58 $ (0.58) 

(Class S) $ 0.64 $ — 


SBIF 


149





Fund Total 

Class O 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS 16,838 (14,409) 535 649 


Out of net investment income ≠ (3,819) (5,980) (136) (129) 


(3,819) (6,044) (136) (131) 


TRANSACTIONS 



Reinvestment of distributions ≠ 3,805 6,015 136 128 

9,843 11,127 167 (93,931) 

CHANGES IN NET ASSETS 22,862 (9,326) 566 (93,413) 


Class I 

Class P 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 728 $ 5,825 $ 32,176 $ 31,615 




Out of net investment income ≠ (18) (17) (563) (1,065) 


(18) (17) (563) (1,082) 


TRANSACTIONS 



Reinvestment of distributions ≠ 18 17 549 1,057 

(38) (5,005) 6,339 5,807 

CHANGES IN NET ASSETS 36 (5,097) 9,857 561 


≠ 



SBIF 

150





Class F 

Class R 

2009 2008 2009 2008 





Out of net investment income (5) (25) (2,970) (4,744) 


(5) (25) (2,970) (4,789) 


TRANSACTIONS 



Reinvestment of distributions 5 25 2,970 4,788 

(260) 288 (1,082) 103,968 



Class S 

2009 2008 







(127) — 


TRANSACTIONS 




4,717 — 



SBIF 


151





of Cost Value 

Units $ $ 















Net Assets – 100.0% 106,501,091 








100.0 

SVBF 


152




Currency Risk 









Credit Risk 










Bonds — — — — 








SVBF 

153





2009 2008 

ASSETS 



at fair value 288 1,368 


106,741 91,542 

LIABILITIES 



Payable for portfolio securities purchased — 1,500 

240 2,258 




(Class O) $ 11,082 $ 9,590 

(Class I) $ — $ 61 

(Class P) $ 64,826 $ 51,757 

(Class F) $ 1,059 $ 787 

(Class R) $ 29,534 $ 27,089 


(Class O) $ 5.19 $ 4.61 

(Class I) $ — $ 4.82 

(Class P) $ 5.26 $ 4.69 

(Class F) $ 5.33 $ 4.74 

(Class R) $ 5.18 $ 4.60 





2009 2008 




3,186 4,465 

EXPENSES 








1,328 1,399 


1,301 1,399 


FOR THE PERIOD $ 1,885 $ 3,066 









(Class O) $ 1,506 $ (1,315) 

(Class I) $ 9 $ (12) 

(Class P) $ 7,246 $ (9,541) 

(Class F) $ 134 $ (120) 

(Class R) $ 4,059 $ (4,798) 



(Class O) $ 0.73 $ (0.26) 

(Class I) $ 0.72 $ (0.95) 

(Class P) $ 0.64 $ (0.92) 

(Class F) $ 0.72 $ (0.81) 

(Class R) $ 0.72 $ (1.01) 


SVBF 


154





Fund Total 

Class O 

2009 2008 2009 2008 





Out of net investment income (1,885) (3,003) (324) (445) 


(1,885) (3,401) (324) (490) 


TRANSACTIONS 




6,148 2,513 310 (34,523) 



Class I 

Class P 

2009 2008 2009 2008 





Out of net investment income — (2) (667) (1,201) 


— (2) (667) (1,430) 


TRANSACTIONS 

Proceeds from issue of units — — 23,083 33,216 

Payments on redemption of units (70) — (17,256) (30,993) 

Reinvestment of distributions — 3 663 1,421 

(70) 3 6,490 3,644 

CHANGES IN NET ASSETS (61) (11) 13,069 (7,327) 


Class F 

Class R 

2009 2008 2009 2008 





Out of net investment income (23) (32) (871) (1,323) 


(23) (36) (871) (1,443) 


TRANSACTIONS 



Reinvestment of distributions 19 34 871 1,443 

161 59 (743) 33,330 


NET ASSETS, END OF PERIOD $ 1,059 $ 787 $ 29,534 $ 27,089 


SVBF 

155





of Cost Value 

Units $ $ 





Canadian Small Company Equity Fund 1,315,840 12,005,632 13,009,580 


Emerging Markets Equity Fund 3,444,764 14,652,673 17,634,780 

Real Return Bond Fund 2,266,128 33,356,118 34,809,999 

U.S. High Yield Bond Fund 2,132,678 21,517,543 21,778,904 


U.S. Small Company Equity Fund 4,422,864 18,996,011 16,932,051 




Net Assets – 100.0% 577,102,776 








100.0 

SCBF 


156




Currency Risk 









Credit Risk 










Bonds — — — — 








SCBF 

157





2009 2008 

ASSETS 



at fair value 1,837 881 


578,130 493,113 

LIABILITIES 


Payable for unit redemptions 546 1,613 

1,027 2,165 




(Class O) $ 39,024 $ 41,778 

(Class I) $ 4,267 $ 6,939 

(Class P) $ 229,683 $ 202,127 

(Class F) $ 1,315 $ 2,116 

(Class R) $ 288,306 $ 237,988 

(Class S) $ 14,508 $ — 


(Class O) $ 5.75 $ 5.03 

(Class I) $ 5.94 $ 5.16 

(Class P) $ 5.83 $ 5.11 

(Class F) $ 6.00 $ 5.21 

(Class R) $ 5.72 $ 5.01 

(Class S) $ 5.78 $ — 





2009 2008 




17,035 20,304 

EXPENSES 








5,357 5,806 


5,197 5,806 


FOR THE PERIOD $ 11,838 $ 14,498 









(Class O) $ 6,837 $ (13,745) 

(Class I) $ 837 $ (1,762) 

(Class P) $ 30,461 $ (52,967) 

(Class F) $ 329 $ (367) 

(Class R) $ 42,410 $ (43,877) 

(Class S) $ 1,048 $ — 



(Class O) $ 0.95 $ (0.44) 

(Class I) $ 0.77 $ (0.80) 

(Class P) $ 0.78 $ (1.37) 

(Class F) $ 0.85 $ (1.27) 

(Class R) $ 0.88 $ (1.43) 

(Class S) $ 1.02 $ — 


SCBF 


158





Fund Total 

Class O 

2009 2008 2009 2008 






Out of net realized capital gain — (1,073) — (100) 

(11,839) (15,152) (1,116) (1,705) 


TRANSACTIONS 




16,072 52,399 (8,475) (257,926) 

CHANGES IN NET ASSETS 86,155 (75,471) (2,754) (273,376) 


Class I 

Class P 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS 837 (1,762) 30,461 (52,967) 


Out of net investment income ≠ (78) (217) (1,894) (3,200) 


(78) (233) (1,894) (3,665) 


TRANSACTIONS 



Reinvestment of distributions ≠ 77 232 1,879 3,633 

(3,431) (9,480) (1,011) 27,612 

CHANGES IN NET ASSETS (2,672) (11,475) 27,556 (29,020) 


≠ 


SCBF 


159





Class F 

Class R 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 2,116 $ 1,704 $ 237,988 $ — 






(18) (78) (8,394) (9,471) 


TRANSACTIONS 




(1,112) 857 16,302 291,336 



Class S 

2009 2008 



ASSETS FROM OPERATIONS 1,048 — 




(339) — 


TRANSACTIONS 




13,799 — 



SCBF 


160





of Cost Value 

Units $ $ 














Other Assets and Liabilities, Net – (0.1%) (84,393) 

Net Assets – 100.0% 65,584,820 








100.0 

SBMI 


161




Currency Risk 









Credit Risk 










Bonds — — — — 







SBMI 


162





2009 2008 

ASSETS 



at fair value — 528 


65,871 58,434 

LIABILITIES 

Bank overdraft 21 — 



286 169 




(Class O) $ 670 $ 1,139 

(Class P) $ 63,418 $ 55,876 

(Class F) $ 1,497 $ 1,250 


(Class O) $ 7.99 $ 7.33 

(Class P) $ 7.58 $ 7.14 

(Class F) $ 7.99 $ 7.39 





2009 2008 


Interest $ 1 $ 5 


1,969 2,527 

EXPENSES 








1,366 1,448 

Waived expenses — (4) 

1,366 1,444 











(Class O) $ 165 $ (322) 

(Class P) $ 8,447 $ (14,754) 

(Class F) $ 242 $ (320) 



(Class O) $ 1.21 $ (1.79) 

(Class P) $ 1.04 $ (2.13) 

(Class F) $ 1.32 $ (2.03) 


SBMI 


163





Fund Total 

Class O 

2009 2008 2009 2008 





Out of net investment income (603) (1,030) (36) (45) 

Return of capital (4,422) (3,400) (44) (60) 

(5,025) (4,430) (80) (105) 


TRANSACTIONS 


Payments on redemption of units (16,083) (16,140) (1,394) (886) 


3,491 25,032 (554) (74) 

CHANGES IN NET ASSETS 7,320 5,206 (469) (501) 

NET ASSETS, END OF PERIOD $ 65,585 $ 58,265 $ 670 $ 1,139 

Class P 

Class F 

2009 2008 2009 2008 






Return of capital (4,278) (3,285) (100) (55) 

(4,834) (4,230) (111) (95) 


TRANSACTIONS 




3,929 24,697 116 409 

CHANGES IN NET ASSETS 7,542 5,713 247 (6) 


SBMI 


164





of Cost Value 

Units $ $ 















Net Assets – 100.0% 178,477,729 







Other Assets and Liabilities, Net — 

100.0 

SBGF 


165




Currency Risk 









Credit Risk 










Bonds — — — — 








SBGF 

166





2009 2008 

ASSETS 



at fair value 1,000 382 


178,820 153,205 

LIABILITIES 



342 768 




(Class O) $ 12,057 $ 10,205 

(Class I) $ — $ 1 

(Class P) $ 104,886 $ 93,501 

(Class F) $ 2,413 $ 1,121 

(Class R) $ 59,122 $ 47,609 


(Class O) $ 4.32 $ 3.72 

(Class I) $ — $ 4.70 

(Class P) $ 4.98 $ 4.28 

(Class F) $ 4.42 $ 3.81 

(Class R) $ 4.30 $ 3.70 





2009 2008 




5,002 6,049 

EXPENSES 








2,394 2,792 


2,353 2,792 


FOR THE PERIOD $ 2,649 $ 3,257 









(Class O) $ 2,010 $ (2,942) 

(Class I) $ — $ (318) 

(Class P) $ 15,592 $ (28,624) 

(Class F) $ 313 $ (270) 

(Class R) $ 9,597 $ (13,184) 



(Class O) $ 0.73 $ (0.40) 

(Class I) $ 0.40 $ (0.29) 

(Class P) $ 0.71 $ (1.37) 

(Class F) $ 0.75 $ (1.05) 

(Class R) $ 0.73 $ (1.31) 


SBGF 


167





Fund Total 

Class O 

2009 2008 2009 2008 





Out of net investment income ≠ (2,594) (3,093) (327) (337) 

(2,594) (3,093) (327) (337) 


TRANSACTIONS 



Reinvestment of distributions ≠ 2,584 3,083 321 336 

1,123 16,235 169 (46,133) 



Class I 

Class P 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 1 $ 10,815 $ 93,501 $ 113,169 


ASSETS FROM OPERATIONS — (318) 15,592 (28,624) 


Out of net investment income ≠ — (16) (587) (896) 

— (16) (587) (896) 


TRANSACTIONS 



Reinvestment of distributions ≠ — 16 583 887 

(1) (10,480) (3,620) 9,852 

CHANGES IN NET ASSETS (1) (10,814) 11,385 (19,668) 


Class F 

Class R 

2009 2008 2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 1,121 $ 1,032 $ 47,609 $ — 





(49) (30) (1,631) (1,814) 


TRANSACTIONS 

Proceeds from issue of units 1,286 830 6,775 63,777 



1,028 389 3,547 62,607 

CHANGES IN NET ASSETS 1,292 89 11,513 47,609 


≠ 

Includes management fee distributions representing a rebate of the management fee to certain unitholders in Class I in 2008. 


SBGF 

168





of Cost Value 

Units $ $ 















Net Assets – 100.0% 106,063,681 








100.0 

SBGP 


169




Currency Risk 









Credit Risk 










Bonds — — — — 








SBGP 

170





2009 2008 

ASSETS 





106,266 85,570 

LIABILITIES 



202 231 




(Class O) $ 10,379 $ 8,651 

(Class I) $ 2,615 $ 1,907 

(Class P) $ 58,589 $ 52,013 

(Class F) $ 1,973 $ 1,621 

(Class R) $ 28,048 $ 21,147 

(Class S) $ 4,460 $ — 


(Class O) $ 4.88 $ 4.14 

(Class I) $ 4.93 $ 4.17 

(Class P) $ 4.67 $ 3.97 

(Class F) $ 5.08 $ 4.31 

(Class R) $ 4.86 $ 4.12 

(Class S) $ 4.63 $ — 





2009 2008 




2,790 2,534 

EXPENSES 








1,375 1,588 


1,353 1,588 


FOR THE PERIOD $ 1,437 $ 946 









(Class O) $ 1,753 $ (4,174) 

(Class I) $ 436 $ (666) 

(Class P) $ 9,351 $ (19,187) 

(Class F) $ 316 $ (569) 

(Class R) $ 4,944 $ (4,495) 

(Class S) $ 540 $ — 



(Class O) $ 0.87 $ (0.99) 

(Class I) $ 0.88 $ (1.58) 

(Class P) $ 0.73 $ (1.56) 

(Class F) $ 0.85 $ (2.03) 

(Class R) $ 1.37 $ (1.73) 

(Class S) $ 0.88 $ — 


SBGP 


171





Fund Total 

Class O 

2009 2008 2009 2008 





Out of net investment income ≠ (1,438) (858) (269) (221) 

(1,438) (858) (269) (221) 


TRANSACTIONS 



Reinvestment of distributions ≠ 1,433 853 266 219 

4,823 18,561 244 (18,474) 



Class I 

Class P 

2009 2008 2009 2008 






(51) (47) (270) (67) 


TRANSACTIONS 




323 275 (2,505) 9,325 

CHANGES IN NET ASSETS 708 (438) 6,576 (9,929) 


≠ 



SBGP 

172





Class F 

Class R 

2009 2008 2009 2008 






(34) (34) (729) (489) 


TRANSACTIONS 


Payments on redemption of units (206) (346) (3,672) (452) 


70 1,304 2,686 26,131 

CHANGES IN NET ASSETS 352 701 6,901 21,147 


Class S 

2009 2008 






(85) — 


TRANSACTIONS 




4,005 — 



SBGP 


173





of Cost Value 

Units $ $ 












Net Assets – 100.0% 89,145,860 








100.0 

SEDE 


174




Currency Risk 









Credit Risk 










Bonds — — — — 








SEDE 

175





2009 2008 

ASSETS 





89,405 67,713 

LIABILITIES 



Distributions payable to unitholders — — 

259 139 




(Class O) $ 4,896 $ 4,117 

(Class I) $ 1,720 $ 1,122 

(Class P) $ 38,674 $ 31,354 

(Class F) $ 2,195 $ 1,880 

(Class R) $ 39,452 $ 29,101 

(Class S) $ 2,209 $ — 


(Class O) $ 4.68 $ 3.88 

(Class I) $ 5.14 $ 4.24 

(Class P) $ 4.44 $ 3.68 

(Class F) $ 4.72 $ 3.90 

(Class R) $ 4.68 $ 3.87 

(Class S) $ 4.40 $ — 





2009 2008 




2,173 1,419 

EXPENSES 






Independent Review Committee fees — 2 


895 1,019 


860 1,019 


FOR THE PERIOD $ 1,313 $ 400 









(Class O) $ 928 $ (2,478) 

(Class I) $ 297 $ (907) 

(Class P) $ 6,917 $ (15,075) 

(Class F) $ 374 $ (791) 

(Class R) $ 7,449 $ (12,146) 

(Class S) $ 264 $ — 



(Class O) $ 0.96 $ (0.64) 

(Class I) $ 1.00 $ (1.16) 

(Class P) $ 0.79 $ (1.96) 

(Class F) $ 0.81 $ (2.59) 

(Class R) $ 0.95 $ (2.04) 

(Class S) $ 1.07 $ — 


SEDE 


176





Fund Total 

Class O 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS 16,229 (31,397) 928 (2,478) 


Out of net investment income ≠ (1,313) (111) (119) — 

(1,313) (111) (119) — 


TRANSACTIONS 



Reinvestment of distributions ≠ 1,313 111 119 — 

6,656 9,923 (30) (35,164) 

CHANGES IN NET ASSETS 21,572 (21,585) 779 (37,642) 


Class I 

Class P 

2009 2008 2009 2008 





Out of net investment income ≠ (30) (22) (143) — 

(30) (22) (143) — 


TRANSACTIONS 



Reinvestment of distributions ≠ 30 22 143 — 

331 (5,206) 546 7,066 

CHANGES IN NET ASSETS 598 (6,135) 7,320 (8,009) 


≠ 



SEDE 

177





Class F 

Class R 

2009 2008 2009 2008 





Out of net investment income (33) — (948) (89) 

(33) — (948) (89) 


TRANSACTIONS 


Payments on redemption of units (1,588) (415) (6,187) (2,572) 

Reinvestment of distributions 33 — 948 89 

(26) 1,891 3,850 41,336 

CHANGES IN NET ASSETS 315 1,100 10,351 29,101 


Class S 

2009 2008 






(40) — 


TRANSACTIONS 




1,985 — 



SEDE 


178





of Cost Value 

Units $ $ 












Net Assets – 100.0% 21,039,678 








100.0 

SGEF 


179




Currency Risk 









Credit Risk 










Bonds — — — — 








SGEF 

180





2009 2008 

ASSETS 





21,153 20,182 

LIABILITIES 



113 51 




(Class O) $ 3,339 $ 2,809 

(Class P) $ 15,917 $ 15,655 

(Class F) $ 593 $ 579 

(Class R) $ 1,191 $ 1,088 


(Class O) $ 3.83 $ 3.25 

(Class P) $ 3.66 $ 3.16 

(Class F) $ 3.95 $ 3.36 

(Class R) $ 3.83 $ 3.26 





2009 2008 



Distributions from mutual funds 555 378 

555 381 

EXPENSES 







412 510 


406 494 


FOR THE PERIOD $ 149 $ (113) 









(Class O) $ 524 $ (1,329) 

(Class P) $ 2,293 $ (7,319) 

(Class F) $ 109 $ (157) 

(Class R) $ 164 $ (261) 



(Class O) $ 0.57 $ (1.46) 

(Class P) $ 0.49 $ (1.56) 

(Class F) $ 0.60 $ (1.36) 

(Class R) $ 0.53 $ (1.28) 


SGEF 


181





Fund Total 

Class O 

2009 2008 2009 2008 



ASSETS FROM OPERATIONS 3,090 (9,066) 524 (1,329) 


Out of net investment income (29) — (20) — 

(29) — (20) — 


TRANSACTIONS 


Payments on redemption of units (7,373) (9,301) (589) (2,199) 

Reinvestment of distributions 29 — 20 — 

(2,152) 948 26 (446) 

CHANGES IN NET ASSETS 909 (8,118) 530 (1,775) 


Class P 

Class F 

2009 2008 2009 2008 





TRANSACTIONS 



(2,031) (124) (95) 169 

CHANGES IN NET ASSETS 262 (7,443) 14 12 

NET ASSETS, END OF PERIOD $ 15,917 $ 15,655 $ 593 $ 579 

Class R 

2009 2008 

NET ASSETS – BEGINNING OF PERIOD $ 1,088 $ — 





(9) — 


TRANSACTIONS 

Proceeds from issue of units 370 1,405 



(52) 1,349 

CHANGES IN NET ASSETS 103 1,088 



SGEF 

182

Notes to Financial Statements 

FOR THE YEAR ENDED DECEMBER 31, 2009 

1. ESTABLISHMENT OF FUNDS 

The SEI Investments Group of Funds consists of the following open-ended unit trusts and open-ended mutual fund trusts 

(collectively referred to as the Funds) constituted under the laws of Ontario by Declaration of Trust. SEI Investments Canada 

Company (the “Manager”) is the Funds’ Manager and CIBC Mellon Trust Company is the Trustee of the Funds. For all Funds, 

Class O, Class I, Class P, Class F, Class R and Class S units, as applicable, commenced as follows: 

Fund 

Date of 

Status of Declaration Date Class O Date Class I Date Class P Date Class F Date Class R Date Class S 

Fund of Trust Commenced Commenced Commenced Commenced Commenced Commenced 

Canadian Equity Fund Mutual Fund Sept 20, 1996 Oct 4, 1996 Feb 1, 2002 Mar 31, 2003 May 4, 2006 N/A N/A 

Canadian Small Company Mutual Fund Mar 24, 2000 Jun 27, 2000 N/A Mar 31, 2003 Apr 18, 2006 N/A N/A 

Equity Fund 

U.S. Large Company Mutual Fund Nov 26, 1999 Nov 24, 1999 Feb 1, 2002 Mar 31, 2003 Apr 18, 2006 N/A N/A 

Equity Fund 

U.S. Small Company Mutual Fund Nov 24, 1999 Nov 24, 1999 Feb 1, 2002 Mar 31, 2003 Apr 18, 2006 N/A N/A 

Equity Fund 

EAFE Equity Fund Mutual Fund Dec 20, 1996 Jan 15, 1997 Sept 25, 2001 Mar 31, 2003 Apr 18, 2006 N/A N/A 

Emerging Markets Mutual Fund Dec 20, 1996 Jan 15, 1997 Feb 1, 2002 Mar 31, 2003 Apr 18, 2006 N/A N/A 

Equity Fund 

Canadian Fixed Income Mutual Fund Jul 18, 1996 Oct 2, 1996 Feb 1, 2002 Apr 30, 2002 May 2, 2006 N/A N/A 

Fund 

Long Duration Bond Fund Quasi Mutual Nov 18, 1997 Dec 7, 1997 Mar 29, 2004 Dec 12, 2003 Apr 19, 2006 N/A N/A 

Fund 

Real Return Bond Fund Mutual Fund Mar 17, 1995 Dec 31, 1995 N/A Dec 12, 2003 May 11, 2006 N/A N/A 

Money Market Fund Mutual Fund Apr 4, 1996 Jan 15, 1997 Feb 1, 2002 Apr 29, 2003 Sept 8, 2006 N/A N/A 

International Synthetic Quasi Mutual Jun 21, 1996 Jul 17, 1996 N/A Apr 29, 2003 Oct 3, 2006 N/A N/A 

Fund 

Fund 

U.S. Large Cap Quasi Mutual Jun 21, 1996 Oct 8, 1996 N/A Apr 29, 2003 Oct 3, 2006 N/A N/A 

Synthetic Fund 

Fund 

U.S. Mid Cap Synthetic Fund Mutual Fund Jun 21, 1996 Nov 13, 1998 N/A Apr 29, 2003 Jun 28, 2006 N/A N/A 

Enhanced Global Bond Fund Mutual Fund Dec 20, 1996 Jan 7, 1997 N/A Mar 31, 2003 Jun 1, 2006 N/A N/A 

Short Term Bond Fund Mutual Fund Jan 18, 2006 Feb 23, 2006 N/A Feb 23, 2006 May 11, 2006 N/A N/A 

U.S. High Yield Bond Fund Mutual Fund May 29, 2009 Sept 11, 2009 N/A Sept 11, 2009 Sept 11, 2009 N/A N/A 

Conservative Monthly Mutual Fund Jun 13, 2006 Jul 4, 2006 N/A Jul 4, 2006 Dec 8, 2006 N/A Feb 23, 2009 

Income Fund 

Balanced Monthly Mutual Fund Jun 13, 2006 Jul 4, 2006 N/A Jul 4, 2006 Sept 28, 2006 N/A N/A 

Income Fund 

Income 100 Fund Mutual Fund Apr 28, 2003 Jun 11, 2003 Jun 11, 2003 Jun 11, 2003 Aug 11, 2006 Jul 2, 2008 N/A 

Income 20/80 Fund Mutual Fund Apr 28, 2003 Jun 11, 2003 Jun 11, 2003 Jun 11, 2003 Jul 17, 2006 Jul 2, 2008 Feb 23, 2009 

Income 30/70 Fund Mutual Fund Apr 28, 2003 Jun 11, 2003 Jun 11, 2003 Jun 11, 2003 Jun 7, 2006 Jul 2, 2008 N/A 

Income 40/60 Fund Mutual Fund May 24, 2001 Aug 21, 2002 Jun 2, 2003 May 24, 2001 Sept 1, 2006 Jul 2, 2008 Feb 23, 2009 

Balanced 50/50 Fund Mutual Fund Apr 28, 2003 Jun 11, 2003 Jun 11, 2003 Jun 11, 2003 Jun 15, 2006 Jul 2, 2008 N/A 

Balanced 60/40 Fund Mutual Fund Dec 20, 1996 Mar 1, 1997 Feb 1, 2002 Jun 21, 2001 Apr 20, 2006 Jul 2, 2008 Feb 23, 2009 

Growth 70/30 Fund Mutual Fund May 24, 2001 Sept 12, 2002 Jun 2, 2003 May 24, 2001 Sept 15, 2006 Jul 2, 2008 N/A 

Growth 80/20 Fund Mutual Fund May 24, 2001 Aug 21, 2002 Feb 28, 2005 May 24, 2001 Oct 27, 2006 Jul 2, 2008 Feb 23, 2009 

Growth 100 Fund Mutual Fund May 24, 2001 Aug 21, 2002 Jun 4, 2003 May 24, 2001 Apr 27, 2006 Jul 2, 2008 Feb 23, 2009 

Global Growth 100 Fund Mutual Fund May 24, 2001 Dec 30, 2005 N/A May 24, 2001 Dec 8, 2006 Aug 1, 2008 N/A 

The statements of investment portfolio of each of the Funds (except for the U.S. High Yield Bond Fund) are as at December 31, 

2009, the statements of net assets are as at December 31, 2009 and 2008, and the statements of operations and changes in 

net assets are for the years then ended. For the U.S. High Yield Bond Fund, the statements of investment portfolio and net 

assets are as at December 31, 2009, and the statements of operations and changes in net assets are for the period from 

September 11, 2009 (date of commencement of operations) to December 31, 2009. 

183



2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

These financial statements have been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”), 

which require the use of estimates and assumptions by management that affect the reported amounts of assets, liabilities, 

income and expenses during the reporting period. Actual results could differ from those estimates. 

The following is a summary of the significant accounting policies followed by the Funds: 

(a) 

(b) 

Units of each class are issued and redeemed at their net asset value per unit, which is determined at the close of each 

business day. The net asset value per unit for each class is determined by dividing the total net asset value of each class 

by the total number of units outstanding of that class. Management fees directly attributable to a class are charged to 

that class. Fund operating expenses, income, and realized and unrealized capital gains and losses are allocated 

proportionately to each class based upon the relative net asset value of each class. 

Investments held that are traded in an active market through recognized public stock exchanges, over the counter 

markets, or through recognized investment dealers, are valued at their bid prices for securities held long and at their ask 

prices for securities held short. Investments held with no available bid or ask prices are valued at their closing sale prices. 

Investments held include equities, listed warrants, short-term notes, treasury bills, bonds, asset backed securities and 

other debt instruments. Investments in mutual and pooled funds are valued on the valuation date at the price calculated 

by the manager of such underlying fund in accordance with the constating documents of the underlying fund. 

Investments held that are not traded in an active market are valued based on the results of valuation techniques using 

observable market inputs, if available, on such basis and in such manner established by the Manager. The fair value of 

certain securities may be estimated using valuation techniques based on assumptions that are not supported by 

observable market inputs. 

The Funds adopted amendments to CICA Handbook Section 3862, Financial Instruments – Disclosures in the 

December 31, 2009 annual financial statements (“Section 3862”). Section 3862 establishes a three-tier hierarchy 

as a framework for disclosing fair value based on inputs used to value the Funds’ investments. The hierarchy of 

inputs is summarized below: 

• quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); 

• inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as 

prices) or indirectly (i.e., derived from prices) (Level 2); 

• inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). 

Changes in valuation methods may result in transfers into or out of an investment’s assigned level. 

(c) 

(d) 

The fair value of foreign investments and other assets and liabilities are translated into Canadian dollars at the exchange 

rate prevailing on the valuation date. Purchases and sales of foreign securities and the related income are translated into 

Canadian dollars at the exchange rate prevailing on the respective dates of such transactions. 

The cost of investments represents the amount paid for each security and is determined on an average cost basis 

excluding commissions and other transaction costs. 

184



(e) 

(f) 

(g) 

(h) 

(i) 

(j) 

(k) 

Income and expenses are recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Distributions from 

investment trusts are recorded as income, capital gains, or a return of capital, based on the nature of these distributions. 

Actual allocations could vary from this information. Distributions that are treated as a return of capital for income tax 

purposes reduce the average cost of the underlying investment. Distributions from underlying funds are recognized on the 

distribution date. Security transactions are recorded on the trade date for financial reporting purposes. The unrealized 

appreciation (depreciation) in the value of a security represents the difference between its fair value and its average cost. 

A realized gain (loss) is recognized when a security is sold. The realized gain (loss) is the difference between the proceeds 

received and the average cost of the security. 

Commissions and other transaction costs are incremental costs that are directly attributable to the acquisition, issue, or 

disposal of an investment, which include fees and commissions paid to agents, advisors, levies by regulatory agencies and 

securities exchanges, and transfer taxes and duties. Commissions and transaction costs are included as expenses in the 

Statements of Operations. 

Increase (decrease) in Net Assets from Operations Per Unit of a class in the Statements of Operations represents the 

increase (decrease) in net assets from operations attributable to the class, divided by the weighted average number of 

units of the class outstanding during the period. 

For each mutual fund unit sold, the Fund receives an amount equal to the net asset value per unit on the date of sale, 

which is included in unitholders’ equity. Units are redeemable at the option of the unitholders at their net asset value on 

the redemption date. For each unit redeemed, the number of issued and outstanding units is reduced and the equity in 

the Fund is reduced by the related net asset value as of the date of redemption. 

Futures contracts entered into by the Funds are financial agreements to purchase or sell a financial instrument at a 

contracted price on a specific date. However, the Funds do not intend to purchase or sell the financial instruments on 

settlement date; rather, they intend to close out each futures contract before settlement date by entering into equal, but 

offsetting, futures contracts. Futures are valued at the gain or loss that would arise as a result of closing the position at 

the valuation date. Any gain or loss at the close of business on each valuation date is recorded as unrealized gain/loss on 

investments. The margins on deposit with brokers relating to futures contracts are included in margin receivable or margin 

payable on the Statements of Net Assets. 

Forward currency contracts entered into by the Funds are financial agreements to buy or sell a specific amount of an 

underlying currency for an agreed upon price at a future date. The fair value of these contracts is the gain or loss that 

would be recognized if the position was closed out on the valuation date, and is recorded as an unrealized gain (loss). The 

Funds intend to close out a forward contract position by establishing an offsetting position in the contract and will settle 

and recognize the gain or loss on the delivery date. Delivery of the underlying currency in respect of a forward contract 

can result when initial and offsetting positions in forward contracts are taken with two different brokers. 

The Funds’ financial instruments include investments and derivatives, accrued dividends and interest receivable, 

receivable for portfolio securities sold and unit subscriptions, margin receivable or payable on futures, accrued liabilities, 

payable for portfolio securities purchased and payable for unit redemptions. Investments and derivatives are classified 

as held for trading and carried at fair value. All other financial instruments are classified as loans and receivables or 

financial liabilities, as applicable, and carried at amortized cost. 

NOTES_1 

185



3. UNITHOLDERS’ EQUITY 

The capital of the Funds is represented by issued redeemable units with no par value. Unitholders are entitled to distributions, if any, 

and to payment of a proportionate share based on the Funds’ net asset value per unit upon redemption. The Funds have no 

restrictions or specific capital requirements on the subscription and redemption of units other than the minimum subscriptions for an 

initial and subsequent investment in each Class of Units of $1,000 and $500, respectively. Capital movements are shown on the 

Statements of Changes in Net Assets. In accordance with their investment strategies and risk management policies, the Funds 

endeavour to invest their subscriptions received in appropriate investments while maintaining sufficient liquidity to meet redemptions. 

The following table summarizes the changes in the number of units for the periods ended December 31, 2009 and 2008: 

Balance – beginning Units issued during Units redeemed Units reinvested Balance – end of 

of the period the period during the period during the period the period 

2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 

CANADIAN EQUITY FUND 

Class O 118,120,344 103,187,249 27,023,726 40,991,748 (31,272,630) (29,204,157) 2,434,809 3,145,504 116,306,249 118,120,344 

Class I 1,405,503 1,379,781 104,495 125,398 (1,491,448) (126,676) 1,829 27,000 20,379 1,405,503 

Class P 3,939,539 2,455,928 1,049,362 2,821,296 (1,614,834) (1,337,685) – – 3,374,067 3,939,539 

Class F 433,664 252,741 296,232 315,277 (228,051) (139,762) 7,121 5,408 508,966 433,664 

CANADIAN SMALL COMPANY EQUITY FUND 

Class O 14,628,467 9,024,761 1,949,287 6,809,868 (2,229,259) (1,206,162) 278,775 – 14,627,270 14,628,467 

Class P 659,482 332,867 109,186 484,116 (291,245) (157,501) – – 477,423 659,482 

Class F 217,310 159,043 111,553 154,764 (76,080) (96,497) 3,224 – 256,007 217,310 

U.S. LARGE COMPANY EQUITY FUND 

Class O 220,116,741 156,460,807 59,521,953 118,076,589 (76,144,357) (56,469,099) 3,770,658 2,048,444 207,264,995 220,116,741 

Class I 807,779 752,046 115,580 301,522 (916,855) (247,938) 1,100 2,149 7,604 807,779 

Class P 5,778,711 4,380,465 2,768,266 3,976,676 (2,067,234) (2,578,659) – 229 6,479,743 5,778,711 

Class F 415,053 273,588 328,709 349,254 (196,810) (208,075) 6,226 286 553,178 415,053 

U.S. SMALL COMPANY EQUITY FUND 

Class O 38,202,919 25,407,398 9,437,889 21,595,992 (11,941,682) (8,800,471) 418,282 – 36,117,408 38,202,919 

Class I 130,020 141,486 2,175 544 (131,489) (12,352) 171 342 877 130,020 

Class P 1,603,322 1,179,262 654,525 1,072,744 (669,452) (648,877) 8 193 1,588,403 1,603,322 

Class F 153,549 112,420 150,282 113,135 (79,143) (72,066) 1,168 – 225,856 153,549 

EAFE EQUITY FUND 

Class O 153,938,175 157,787,039 37,409,098 65,652,725 (48,756,908) (76,137,625) 6,574,648 6,636,036 149,165,013 153,938,175 

Class I 2,157,178 2,676,055 139,195 208,559 (2,288,983) (807,837) 2,399 80,401 9,789 2,157,178 

Class P 6,181,957 3,951,091 2,933,873 3,914,842 (2,288,341) (1,728,028) 145,720 44,052 6,973,209 6,181,957 

Class F 472,342 360,195 348,025 352,326 (237,127) (251,890) 21,103 11,711 604,343 472,342 

186





2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 

EMERGING MARKETS EQUITY FUND 

Class O 30,705,158 25,556,369 11,930,638 10,990,741 (10,519,740) (6,937,295) 701,678 1,095,343 32,817,734 30,705,158 

Class I 1,102,705 1,353,830 138,795 161,127 (1,239,187) (444,109) 1,269 31,857 3,582 1,102,705 

Class P 1,151,010 675,802 701,853 812,980 (601,131) (337,858) – 86 1,251,732 1,151,010 

Class F 406,592 318,351 254,532 263,606 (135,408) (184,699) 7,001 9,334 532,717 406,592 

CANADIAN FIXED INCOME FUND 

Class O 153,341,910 173,576,406 28,547,972 34,192,470 (41,685,451) (62,428,452) 6,573,371 8,001,486 146,777,802 153,341,910 

Class I 555,997 601,308 49,923 86,665 (597,629) (157,087) 11,847 25,111 20,138 555,997 

Class P 4,146,098 4,225,017 2,409,004 2,997,558 (1,753,673) (3,212,499) 150,361 136,022 4,951,790 4,146,098 

Class F 783,747 684,126 259,519 378,427 (373,678) (309,849) 26,026 31,043 695,614 783,747 

LONG DURATION BOND FUND 

Class O 14,228,839 14,520,095 22,469,148 5,852,987 (6,111,737) (6,928,810) 1,666,097 784,567 32,252,347 14,228,839 

Class I – 162,735 – 9,217 – (172,126) – 174 – – 

Class P 123,334 225,943 426,117 92,829 (188,014) (198,671) 6,843 3,233 368,280 123,334 

Class F 27,784 40,355 2,681 18,109 (25,758) (31,837) 672 1,157 5,379 27,784 

REAL RETURN BOND FUND 

Class O 16,298,148 15,708,047 2,578,104 3,143,901 (3,037,281) (3,242,117) 379,366 688,317 16,218,337 16,298,148 

Class P 872,471 807,752 330,023 535,793 (397,032) (491,680) 6,092 20,606 811,554 872,471 

Class F 63,155 46,941 46,126 57,677 (22,080) (43,120) 1,558 1,657 88,759 63,155 

MONEY MARKET FUND 

Class O 19,049,272 19,110,565 27,612,769 33,086,557 (30,127,047) (33,827,634) 207,107 679,784 16,742,101 19,049,272 

Class I 233,907 322,659 30,381 80,092 (190,223) (178,443) 1,569 9,599 75,634 233,907 

Class P 247,822 43,690 1,773,548 6,047,625 (1,837,407) (5,849,425) 1,521 5,932 185,484 247,822 

Class F 313,720 17,613 281,051 455,972 (477,438) (160,549) 2,001 684 119,334 313,720 

INTERNATIONAL SYNTHETIC FUND 

Class O 7,048,384 4,020,501 444,849 6,894,807 (6,057,538) (3,866,924) – – 1,435,695 7,048,384 

Class P 2,546 2,546 – 1,230 (1,723) (1,230) – – 823 2,546 

Class F 46,279 8,451 – 46,279 (34,204) (8,451) – – 12,075 46,279 

U.S. LARGE CAP SYNTHETIC FUND 

Class O 18,965,591 10,800,088 2,386,787 8,789,614 (7,003,932) (624,111) – – 14,348,446 18,965,591 

Class P 1,363 1,363 – – (1,363) – – – – 1,363 

Class F 42,493 9,557 7,734 42,493 (26,383) (9,557) – – 23,844 42,493 

187





2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 

U.S. MID CAP SYNTHETIC FUND 

Class O 18,233,847 11,559,738 569,390 10,395,100 (14,398,242) (3,720,991) – – 4,404,995 18,233,847 

Class P 1,541,009 909,696 157,019 1,242,069 (1,671,874) (610,756) – – 26,154 1,541,009 

Class F 53,179 29,003 11,174 50,397 (49,314) (26,221) – – 15,039 53,179 

ENHANCED GLOBAL BOND FUND 

Class O 16,096,518 18,285,837 5,283,856 3,068,879 (18,278,159) (10,112,302) – 4,854,104 3,102,215 16,096,518 

Class P 1,968,957 2,025,898 785,280 1,345,403 (2,593,742) (1,889,855) – 487,511 160,495 1,968,957 

Class F 200,154 173,556 67,593 81,828 (150,514) (94,072) – 38,842 117,233 200,154 

SHORT TERM BOND FUND 

Class O 5,930,709 7,233,161 12,517,402 5,176,746 (5,775,590) (6,825,081) 574,920 345,883 13,247,441 5,930,709 

Class P 514,069 205,802 229,602 483,473 (307,937) (187,669) 14,473 12,463 450,207 514,069 

Class F 120,955 92,596 83,199 112,144 (63,038) (88,732) 5,108 4,947 146,224 120,955 

U.S. HIGH YIELD BOND FUND 

Class O – – 11,235,201 – (642,681) – 174,943 – 10,767,463 – 

Class P – – 860,890 – (97,650) – 10,012 – 773,252 – 

Class F – – 23,253 – (2,184) – 346 – 21,415 – 

CONSERVATIVE MONTHLY INCOME FUND 

Class O 73,326 39,089 106,245 41,346 (16,740) (11,291) 6,184 4,182 169,015 73,326 

Class P 1,157,292 873,394 994,509 594,724 (505,004) (336,425) 42,852 25,599 1,689,649 1,157,292 

Class F 176,655 50,535 153,989 123,282 (113,365) (4,319) 7,259 7,157 224,538 176,655 

Class S – – 1,151,706 – (36,272) – 13,923 – 1,129,357 – 

BALANCED MONTHLY INCOME FUND 

Class O 155,321 169,628 109,264 87,592 (183,366) (105,737) 2,740 3,838 83,959 155,321 

Class P 7,828,697 5,211,697 2,167,364 4,186,409 (1,970,822) (1,806,782) 342,285 237,373 8,367,524 7,828,697 

Class F 169,068 128,119 58,182 70,962 (47,114) (34,351) 7,296 4,338 187,432 169,068 

INCOME 100 FUND 

Class O 311,281 1,250,119 244,108 1,065,988 (224,460) (2,020,605) 12,692 15,779 343,621 311,281 

Class I 12,705 12,019 – – (12,705) – – 686 – 12,705 

Class P 1,700,458 581,950 1,414,392 1,912,029 (1,383,714) (882,905) 37,088 89,384 1,768,224 1,700,458 

Class F 244,283 21,048 48,868 581,872 (116,867) (371,494) 4,290 12,857 180,574 244,283 

Class R 1,680,984 – 772,969 1,842,332 (324,602) (266,903) 85,923 105,555 2,215,274 1,680,984 

188





2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 

INCOME 20/80 FUND 

Class O 421,652 2,259,749 233,966 602,211 (241,600) (2,464,787) 14,471 24,479 428,489 421,652 

Class I 1,016,414 946,949 93,364 120,893 (104,722) (111,742) 27,744 60,314 1,032,800 1,016,414 

Class P 1,551,846 900,252 914,547 933,413 (791,306) (360,729) 31,527 78,910 1,706,614 1,551,846 

Class F 42,050 6,946 17,178 42,735 (46,512) (10,189) 254 2,558 12,970 42,050 

Class R 2,004,738 – 1,432,598 2,155,190 (1,400,844) (280,989) 74,309 130,537 2,110,801 2,004,738 

Class S – – 676,552 – (30,705) – 20,699 – 666,546 – 


Class O 659,910 3,152,887 444,275 1,080,210 (413,576) (3,608,890) 20,332 35,703 710,941 659,910 

Class I 647,886 611,645 4,505 11,405 (61,444) (8,071) 15,020 32,907 605,967 647,886 

Class P 4,001,913 2,879,361 2,025,463 2,679,835 (2,028,622) (1,719,799) 63,862 162,516 4,062,616 4,001,913 

Class F 105,353 54,444 26,183 85,962 (37,449) (38,756) 1,396 3,703 95,483 105,353 

Class R 2,822,275 – 965,463 2,879,350 (702,905) (227,189) 107,683 170,114 3,192,516 2,822,275 


Class O 897,500 19,749,865 308,065 2,111,363 (301,480) (20,993,643) 28,701 29,915 932,786 897,500 

Class I 147,109 1,042,381 19,265 147,205 (30,320) (1,045,644) 3,316 3,167 139,370 147,109 

Class P 7,397,607 6,191,114 3,730,716 4,511,249 (2,465,311) (3,547,674) 114,596 242,918 8,777,608 7,397,607 

Class F 116,124 56,592 58,121 74,555 (115,299) (20,722) 1,129 5,699 60,075 116,124 

Class R 21,127,058 – 2,578,613 20,946,177 (3,522,697) (963,459) 643,008 1,144,340 20,825,982 21,127,058 

Class S – – 1,012,929 – (24,400) – 26,711 – 1,015,240 – 

BALANCED 50/50 BOND 

Class O 2,079,845 8,099,092 538,617 2,080,055 (544,111) (8,205,575) 62,531 106,273 2,136,882 2,079,845 

Class I 12,645 12,099 – – – – – 546 12,645 12,645 

Class P 11,033,961 10,269,289 4,696,306 6,195,291 (3,535,464) (5,733,599) 125,930 302,980 12,320,733 11,033,961 

Class F 166,086 151,754 72,468 171,762 (43,198) (164,634) 3,573 7,204 198,929 166,086 

Class R 5,884,721 – 584,624 5,774,502 (933,652) (203,360) 168,240 313,579 5,703,933 5,884,721 

BALANCED 60/40 FUND 

Class O 8,302,718 49,129,969 1,757,390 7,400,960 (3,465,975) (48,565,535) 193,422 337,324 6,787,555 8,302,718 

Class I 1,345,111 2,813,978 206,526 313,466 (846,683) (1,826,081) 13,155 43,748 718,109 1,345,111 

Class P 39,532,976 35,474,029 10,242,280 16,897,602 (10,728,738) (13,549,216) 321,987 710,561 39,368,505 39,532,976 

Class F 406,020 255,156 144,214 375,172 (333,897) (239,331) 2,949 15,023 219,286 406,020 

Class R 47,515,475 – 7,419,713 47,182,751 (6,022,228) (1,558,336) 1,466,744 1,891,060 50,379,704 47,515,475 

Class S – – 2,511,242 – (58,935) – 58,646 – 2,510,953 – 

189





2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 

GROWTH 70/30 FUND 

Class O 2,745,964 12,065,394 615,742 3,276,940 (648,276) (12,686,685) 74,334 90,315 2,787,764 2,745,964 

Class I 297 1,774,650 545 201,352 (842) (1,978,361) – 2,656 – 297 

Class P 21,835,840 19,893,137 4,900,250 7,656,008 (5,777,432) (5,920,542) 117,295 207,237 21,075,953 21,835,840 

Class F 297,550 206,416 313,940 177,001 (73,239) (93,805) 11,204 7,938 549,455 297,550 

Class R 12,872,647 – 1,755,407 13,102,409 (1,264,991) (720,229) 379,167 490,467 13,742,230 12,872,647 


Class O 2,089,915 5,469,667 744,975 1,385,718 (763,462) (4,818,474) 54,527 53,004 2,125,955 2,089,915 

Class I 457,594 403,565 84,721 68,623 (22,042) (25,272) 10,578 10,678 530,851 457,594 

Class P 13,116,517 11,235,147 2,917,459 5,249,731 (3,548,592) (3,385,128) 57,477 16,767 12,542,861 13,116,517 

Class F 376,073 152,738 49,793 280,027 (44,195) (64,459) 6,649 7,767 388,320 376,073 

Class R 5,128,323 – 1,313,293 5,101,826 (825,708) (92,077) 149,768 118,574 5,765,676 5,128,323 

Class S – – 975,196 – (29,577) – 18,295 – 963,914 – 

GROWTH 100 FUND 

Class O 1,062,073 7,217,269 474,177 2,507,756 (515,190) (8,662,952) 25,325 – 1,046,385 1,062,073 

Class I 264,508 1,135,942 80,417 205,777 (16,156) (1,080,910) 6,046 3,699 334,815 264,508 

Class P 8,514,416 6,999,434 2,570,746 3,390,794 (2,406,447) (1,875,812) 32,110 – 8,710,825 8,514,416 

Class F 482,133 132,900 358,938 441,724 (382,559) (92,491) 6,963 – 465,475 482,133 

Class R 7,523,230 – 2,214,398 8,087,292 (1,502,670) (587,029) 202,786 22,967 8,437,744 7,523,230 

Class S – – 508,331 – (15,012) – 9,023 – 502,342 – 

GLOBAL GROWTH 100 FUND 

Class O 863,259 954,985 181,227 486,789 (177,629) (578,515) 5,110 – 871,967 863,259 

Class P 4,951,862 4,838,925 1,222,120 1,729,877 (1,820,938) (1,616,940) – – 4,353,044 4,951,862 

Class F 172,212 113,365 101,633 154,367 (123,464) (95,520) – – 150,381 172,212 

Class R 334,216 – 107,125 352,044 (132,808) (17,828) 2,470 – 311,003 334,216 

A unitholder of a fund is entitled by giving written notice to the Manager to require payment of the net asset value per unit of 

that fund for all or any of the units of such unitholder. Such notice must be received no later than 4:00 p.m., EST, on any 

valuation day upon which the units are to be redeemed. The notice must be irrevocable and the signature thereon must be 

guaranteed by a Canadian chartered bank, a trust company or an investment dealer acceptable to the Manager. 

4. INCOME TAXES 

Each fund qualifies or intends to qualify (see note 1) as a mutual fund trust under the provisions of the Income Tax Act 

(Canada) (the “Act”). The Funds are not subject to tax on their net income, including net realized capital gains for the year, 

which is paid or payable to their unitholders as at the end of the year. However, such part of the Funds’ net income and net 

realized capital gains that is not so paid or payable will be taxable to the Funds. Income tax on net realized capital gains not 

paid or payable will be generally recoverable by virtue of the refunding provisions contained in the Act and provincial income tax 

legislation, as redemptions occur. Each of the Funds is required by the Trust Agreement governing the Fund to pay all net 

taxable income and sufficient net realized capital gains so that the Fund will not be subject to income taxes. Accordingly, no 

provision for income tax has been made in these financial statements. 

190



There are capital loss carry-forwards available in the following Funds as at December 31, 2009: 

$ 

Canadian Equity Fund 67,643,452 

Canadian Small Company Equity Fund 6,300,391 

U.S. Large Company Equity Fund 327,726,861 

U.S. Small Company Equity Fund 72,582,953 

EAFE Equity Fund 302,572,518 

Emerging Markets Equity Fund 14,909,948 

Canadian Fixed Income Fund 15,855,179 

Long Duration Bond Fund 1,747,965 

Real Return Bond Fund 1,833,395 

U.S. Large Cap Synthetic Fund 385 

Enhanced Global Bond Fund 5,313,521 

Short Term Bond Fund 2,732,558 

U.S. High Yield Bond Fund 622,758 

Conservative Monthly Income Fund 222,518 

Balanced Monthly Income Fund 3,756,898 

Income 100 Fund 343,149 

Income 20/80 Fund 425,825 

Income 30/70 Fund 807,091 

Income 40/60 Fund 2,785,143 

Balanced 50/50 Fund 2,457,830 

Balanced 60/40 Fund 15,233,137 

Growth 70/30 Fund 6,351,150 

Growth 80/20 Fund 4,299,620 

Growth 100 Fund 5,317,556 

Global Growth 100 Fund 2,666,015 

These capital losses for income tax purposes may be carried forward indefinitely and applied against capital gains realized in 

future years. 

There are also non-capital loss carry-forwards as at December 31, 2009 which may be applied against future taxable income. 

These non-capital losses will expire December 31 of the year indicated unless previously applied. 

By year of expiration 

2028 2029 

$ $ 

International Synthetic Fund 12,427,437 – 

U.S. Large Cap Synthetic Fund 26,542,055 – 

U.S. Mid Cap Synthetic Fund 49,608,852 – 

Enhanced Global Bond Fund – 1,510,546 

191



5. MANAGEMENT FEES AND EXPENSES 

(a) 

(b) 

(c) 

Under the terms of the Trust Agreement governing the Funds, all expenses of the Funds other than any compensation to 

the Manager of the Funds relating to Class O and Class R units, are payable by the Funds except for Class F where 

operating expenses are paid outside the Funds. In the case of the Class R units, each Fund is responsible for five basis 

points of operating expenses that are attributable to such Units and the Manager is responsible for the balance of these 

operating expenses. 

The Manager may agree to a reduced management fee for certain Unitholders. This is achieved by the Funds making 

individual distribution payments, referred to as “Management Fee Distributions” to these Unitholders. The amount of such 

Management Fee Distribution to a Unitholder is negotiable between the Manager and the Unitholder and depends 

primarily on the amount invested. Management fee rebates are included as distributions to unitholders and a credit to the 

Management Fee expense. 

For Class O units, compensation paid to the Manager for management of the Funds is payable directly by investors outside 

the Funds. The Fund Manager’s compensation for management services is subject to separate agreements with unitholders 

and varies based upon such factors as the particular Fund and the amount invested. In the case of Class R units, all 

compensation for the Manager’s services are paid pursuant to a separate management agreement entered into with the 

corporate sponsor of the group retirement and savings plans in which holders of Class R units participate. For all other 

Classes, management fees are calculated based on the daily net asset value of the Class and the following percentages: 

Class I Class P Class F* Class S 

Canadian Equity Fund 0.85% 2.20% 0.90% NA 

Canadian Small Company Equity Fund 0.90% 2.20% 1.00% NA 

U.S. Large Company Equity Fund 0.85% 2.20% 0.90% NA 

U.S. Small Company Equity Fund 0.90% 2.20% 1.00% NA 

EAFE Equity Fund 1.00% 2.30% 1.10% NA 

Emerging Markets Equity Fund 1.25% 2.60% 1.25% NA 

Canadian Fixed Income Fund 0.65% 1.60% 0.75% NA 

Long Duration Bond Fund 0.65% 1.60% 0.80% NA 

Real Return Bond Fund 0.65% 1.60% 0.80% NA 

Money Market Fund 0.50% 0.50% 0.60% NA 

International Synthetic Fund 0.75% 1.50% 0.90% NA 

U.S. Large Cap Synthetic Fund 0.50% 1.30% 0.60% NA 

U.S. MidCap Synthetic Fund 0.60% 1.30% 0.80% NA 

Enhanced Global Bond Fund 0.85% 1.90% 1.20% NA 

Short Term Bond Fund 0.65% 1.60% 0.75% NA 

U.S. High Yield Bond Fund 0.85% 2.20% 0.90% NA 

Conservative Monthly Income Fund 0.70% 1.95% 1.00% 1.51% 

Balanced Monthly Income Fund 0.70% 2.10% 1.10% 1.50% 

Income 100 Fund 0.70% 1.45% 1.00% 1.10% 

Income 20/80 Fund 0.70% 1.45% 1.00% 1.15% 

Income 30/70 Fund 0.70% 1.70% 1.00% 1.35% 

Income 40/60 Fund 0.70% 1.95% 1.00% 1.35% 

Balanced 50/50 Fund 0.70% 2.10% 1.10% 1.50% 

Balanced 60/40 Fund 0.70% 2.10% 1.10% 1.50% 

Growth 70/30 Fund 0.70% 2.20% 1.20% 1.56% 

Growth 80/20 Fund 0.75% 2.20% 1.20% 1.56% 

Growth 100 Fund 0.85% 2.20% 1.20% 1.56% 

Global Growth 100 Fund 0.90% 2.20% 1.20% 1.56% 

* The management fee stated includes GST. 

192



6. SOFT DOLLAR COMMISSIONS 

The brokerage commissions paid on securities transactions may include “soft dollar” amounts, such as the value of research and 

other services provided by the broker. Although SEI uses best efforts to determine the soft dollar portion of commissions paid on 

portfolio transactions of the Funds, the soft dollar portion, in some instances, is not ascertainable. The soft dollar amounts for 

the years ended December 31 are listed below: 

Soft Dollar Commissions 

2009 2008 

$ $ 

Canadian Equity Fund 210,169 282,121 

Canadian Small Company Equity Fund 23,016 21,250 

U.S. Large Company Equity Fund 225,167 138,901 

U.S. Small Company Equity Fund 23,561 15,750 

EAFE Equity Fund 67,467 108,806 

Emerging Markets Equity Fund 149,340 5,482 

7. COMPARISON OF NET ASSETS PER UNIT AND NET ASSET VALUE PER UNIT 

National Instrument 81-106 (“NI 81-106”), Investment Fund Continuous Disclosure, requires investment funds to value their 

investments using fair value measures as defined in NI 81-106. The method by which the net assets are calculated for financial 

reporting purposes will be different from the method for which the net asset value for subscriptions or redemptions is calculated. 

A comparison between the net asset value per unit calculated for subscriptions and redemptions (“net asset value”)and the net 

assets per unit calculated for financial reporting (“net assets”) is required to be disclosed in the financial statements. 

December 31, 2009 December 31, 2008 

Net asset value per unit ($) Net assets per unit ($) Net asset value per unit ($) Net assets per unit ($) 

CANADIAN EQUITY FUND 

Class O 20.20 20.15 14.98 14.92 

Class I 20.50 20.45 15.02 14.96 

Class P 21.13 21.07 15.70 15.64 

Class F 22.62 22.56 16.79 16.73 

CANADIAN SMALL COMPANY EQUITY FUND 

Class O 9.89 9.83 6.05 5.98 

Class P 13.62 13.55 8.36 8.27 

Class F 10.80 10.74 6.62 6.55 

U.S. LARGE COMPANY EQUITY FUND 

Class O 5.39 5.39 5.02 5.01 

Class I 5.41 5.41 4.98 4.98 

Class P 5.15 5.15 4.81 4.81 

Class F 5.44 5.43 5.06 5.06 

U.S. SMALL COMPANY EQUITY FUND 

Class O 3.83 3.83 3.53 3.52 

Class I 3.74 3.74 3.44 3.43 

Class P 3.54 3.53 3.30 3.29 

Class F 3.77 3.77 3.48 3.47 

EAFE EQUITY FUND 

Class O 4.20 4.20 4.05 4.04 

Class I 4.33 4.32 4.03 4.02 

Class P 4.23 4.22 4.08 4.07 

Class F 4.37 4.36 4.22 4.21 

193





EMERGING MARKETS EQUITY FUND 

Class O 5.12 5.10 3.46 3.44 

Class I 5.22 5.20 3.51 3.49 

Class P 5.63 5.61 3.83 3.81 

Class F 6.01 5.99 4.08 4.05 

CANADIAN FIXED INCOME FUND 

Class O 11.42 11.40 10.98 10.96 

Class I 11.62 11.60 10.95 10.93 

Class P 11.58 11.56 11.17 11.16 

Class F 11.56 11.54 11.12 11.10 

LONG DURATION BOND FUND 

Class O 9.44 9.43 10.38 10.38 

Class I – – – – 

Class P 10.85 10.84 11.96 11.95 

Class F 9.19 9.19 10.07 10.07 

REAL RETURN BOND FUND 

Class O 15.36 15.34 13.44 13.44 

Class P 16.59 16.57 14.52 14.52 

Class F 15.75 15.73 13.81 13.81 

MONEY MARKET FUND 

Class O 10.00 10.00 10.00 10.00 

Class I 10.00 10.00 10.00 10.00 

Class P 10.00 10.00 10.00 10.00 

Class F 10.00 10.00 10.00 10.00 

INTERNATIONAL SYNTHETIC FUND 

Class O 9.25 9.25 7.69 7.69 

Class P 8.31 8.31 7.01 7.01 

Class F 9.18 9.18 7.68 7.68 

U.S. LARGE CAP SYNTHETIC FUND 

Class O 7.57 7.57 6.14 6.08 

Class P – – 6.92 6.85 

Class F 7.54 7.54 6.14 6.08 

U.S. MID CAP SYNTHETIC FUND 

Class O 7.84 7.79 5.84 5.67 

Class P 9.35 9.28 7.07 6.86 

Class F 8.20 8.14 6.16 5.98 

ENHANCED GLOBAL BOND FUND 

Class O 3.93 3.93 4.62 4.62 

Class P 3.94 3.94 4.72 4.72 

Class F 4.31 4.31 5.14 5.14 

194





SHORT TERM BOND FUND 

Class O 9.90 9.88 9.54 9.53 

Class P 9.88 9.86 9.54 9.53 

Class F 9.85 9.83 9.50 9.50 

U.S. HIGH YIELD BOND FUND 

Class O 10.21 10.17 – – 

Class P 10.19 10.15 – – 

Class F 10.21 10.17 – – 

CONSERVATIVE MONTHLY INCOME FUND 

Class O 8.92 8.92 8.40 8.40 

Class P 8.76 8.76 8.42 8.42 

Class F 9.07 9.07 8.59 8.59 

Class S 8.79 8.79 – – 

BALANCED MONTHLY INCOME FUND 

Class O 7.99 7.99 7.33 7.33 

Class P 7.58 7.58 7.14 7.14 

Class F 7.99 7.99 7.39 7.39 

INCOME 100 FUND 

Class O 4.77 4.77 4.63 4.63 

Class I – – 4.84 4.84 

Class P 4.93 4.93 4.79 4.79 

Class F 4.88 4.88 4.73 4.73 

Class R 4.74 4.74 4.60 4.60 


Class O 3.93 3.93 3.68 3.68 

Class I 4.94 4.94 4.60 4.60 

Class P 4.86 4.86 4.54 4.54 

Class F 4.16 4.16 3.86 3.86 

Class R 3.91 3.91 3.66 3.66 

Class S 4.81 4.81 – – 


Class O 5.02 5.02 4.64 4.64 

Class I 5.04 5.04 4.67 4.67 

Class P 5.04 5.04 4.67 4.67 

Class F 5.02 5.02 4.64 4.64 

Class R 4.99 4.99 4.61 4.61 


Class O 4.72 4.72 4.28 4.28 

Class I 5.48 5.48 4.95 4.95 

Class P 4.79 4.79 4.35 4.35 

Class F 4.85 4.85 4.38 4.38 

Class R 4.62 4.62 4.18 4.18 

Class S 4.75 4.75 – – 

195






Class O 5.19 5.19 4.61 4.61 

Class I – – 4.82 4.82 

Class P 5.26 5.26 4.69 4.69 

Class F 5.33 5.33 4.74 4.74 

Class R 5.18 5.18 4.60 4.60 


Class O 5.75 5.75 5.03 5.03 

Class I 5.94 5.94 5.16 5.16 

Class P 5.83 5.83 5.11 5.11 

Class F 6.00 6.00 5.21 5.21 

Class R 5.72 5.72 5.01 5.01 

Class S 5.78 5.78 – – 


Class O 4.32 4.32 3.72 3.72 

Class I – – 4.70 4.70 

Class P 4.98 4.98 4.28 4.28 

Class F 4.42 4.42 3.81 3.81 

Class R 4.30 4.30 3.70 3.70 


Class O 4.88 4.88 4.14 4.14 

Class I 4.93 4.93 4.17 4.17 

Class P 4.67 4.67 3.97 3.97 

Class F 5.08 5.08 4.31 4.31 

Class R 4.86 4.86 4.12 4.12 

Class S 4.63 4.63 – – 

GROWTH 100 FUND 

Class O 4.68 4.68 3.88 3.88 

Class I 5.14 5.14 4.24 4.24 

Class P 4.44 4.44 3.68 3.68 

Class F 4.72 4.72 3.90 3.90 

Class R 4.68 4.68 3.87 3.87 

Class S 4.40 4.40 – – 

GLOBAL GROWTH 100 FUND 

Class O 3.83 3.83 3.25 3.25 

Class P 3.66 3.66 3.16 3.16 

Class F 3.95 3.95 3.36 3.36 

Class R 3.83 3.83 3.26 3.26 

196



8. FINANCIAL RISKS 

The Funds are exposed to a variety of financial risks: credit risk, liquidity risk, and market risk (including interest rate risk, other 

price risk, and currency risk), in the normal course of business. The value of investments held within the Funds will fluctuate on 

a daily basis as a result of changes in interest rates, economic conditions, market, and company specific news. The level of risk 

depends on the Funds’ investment objectives and the type of securities they invest in. 

The Funds’ overall risk management program seeks to minimize the potentially adverse effect of risk on the Funds’ financial 

performance in a manner consistent with the Funds’ investment objectives. The risk management practices include monitoring 

compliance to investment guidelines. The Manager manages the potential effects of these financial risks on the Funds’ 

performance by employing and overseeing professional and experienced portfolio advisors that regularly monitor the Funds’ 

positions and market events, and diversify investment portfolios within the constraints of the investment guidelines. 

Funds of Funds 

A Fund of Fund’s exposure to financial risks is dependent on its asset mix of Underlying Funds. The Manager focuses primarily 

on the overall asset allocation of the Fund. A long-term strategic asset allocation is set for the Fund that the Manager believes 

best optimizes long-term risks and volatility with the long-term potential returns. To help achieve consistent results over a typical 

market cycle, each Underlying Fund is diversified by asset class, region and/or market capitalization. 

The asset allocation process utilizes proprietary portfolio management optimization techniques based on an asset/liability 

framework, combining an optimal portfolio with expected risks and correlations to derive an estimated return expectation for 

each asset class. The Fund’s risk management practice includes a daily review of risk analytic reports which monitor holdings to 

ensure compliance with each Fund’s rebalancing policy. The objective of the rebalancing policy is to maintain the Fund’s 

strategic asset mix during periods of market fluctuation. When an individual Underlying Fund holding has drifted by more than 

2.5% from its long-term strategic asset mix, the Fund holdings are rebalanced to return relative over or underweight positions 

within the rebalancing policy allowance. 

Please refer to the Notes to the Statements of Investment Portfolio for fund-specific risk disclosures. 

Currency Risk 

Currency risk is the risk that the value of investments will fluctuate due to changes in foreign exchange rates. This risk arises 

when financial instruments (including cash and cash equivalents) are denominated in a currency other than Canadian dollars, 

which represents the Funds’ functional currency. 


Interest rate risk is the risk that changes in interest rates will affect future cash flows or fair values of financial instruments. 

Interest rate risk arises when the Funds invest in interest bearing financial instruments. The Funds are exposed to the risk that 

the value of interest-bearing financial instruments will fluctuate due to changes in the prevailing levels of market interest rates. 

197




Other price risk is the risk that the fair value or future cash flows of financial instruments will fluctuate as a result of changes in 

market prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to and 

individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. The maximum risk 

resulting from financial instruments held long is determined by the fair value of the instrument. The maximum risk resulting 

from financial instruments sold short is unlimited. 

Other price risk in Funds of Funds, the Manager attempts to mitigate other market risks through careful selection and prudent 

diversification of Underlying Funds within the limits of the Fund’s investment objectives and strategy. The level of risk is 

monitored daily and the Fund is aimed to be rebalanced at any date that is not within its variance thresholds. A long-term 

strategic asset allocation is set for the Fund that the manager believes best optimizes long term risks and volatility with the 

long-term potential returns. 

Credit Risk 

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has 

entered into with the Funds. The main concentration of credit risk would be where a fund invests in debt instruments and 

derivatives. The fair value includes consideration of the credit worthiness of the issuer and therefore represents the maximum 

credit exposure of the Funds. 

All transactions executed by a fund in listed securities are settled for upon delivery using approved brokers. The risk of default is 

minimal as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once 

the securities have been received by the broker. The trade will fail if either party fails to meet its obligation. 

Liquidity Risk 

Liquidity risk is the risk that the Funds may not be able to settle or meet their obligations on time or at a reasonable price. 

This is concentrated in the daily cash redemptions of units. For all the Funds, units are issued and redeemed on demand at the 

then current net asset value per unit at the option of the unit holder. The Funds invest primarily in securities that are actively 

traded and can be readily liquidated. In addition, the Funds retain sufficient cash and cash equivalent positions to maintain 

liquidity. In accordance with securities regulations, the Funds must maintain at least 90% of their assets in liquid investments. 

This also helps the Manager manage the Funds’ exposure to daily cash redemptions of redeemable units. 

9. RELATED PARTY TRANSACTIONS 

An affiliate of the manager that is a US registered broker-dealer, SEI Investments Distribution Company, (“SIDCO”), provided 

brokerage services to certain of the Funds, which, during the periods ended December 31, 2009 and 2008, resulted in 

commissions being paid directly or indirectly by the Funds to SIDCO. 

The amounts are as follows: 

2009 2008 

$ $ 

EAFE Equity Fund 40,887 114,282 

Emerging Markets Equity Fund 10,096 – 

US Large Company Equity Fund (47,201) 190,856 

US Small Company Equity Fund 52,939 – 

Due to an erroneous commission calculation on the U.S. Large Company Fund in 2008, SIDCO has reimbursed the Fund for 

$162,077 in 2009, resulting in a net positive commission. 

198

70 York Street 

Suite 1600 

Toronto, Ontario M5J 1S9 

416/777-9700 F 416/777-9093

Annual Report - SEI

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