Semi-Annual ReportJust Energy Income Fund 621,461 8,041,593 7,010,080 ... Innergex Renewable Energy Inc. 119,400 1,253,390 459,690 ... In practice, the actual trading results may differ

Semi-Annual Report (unaudited)

for the period ended June 30, 200

SEI Group of FundsCanadian Equity FundCanadian Small Company Equity FundU.S. Large Company Equity FundU.S. Small Company Equity FundEAFE Equity FundEmerging Markets Equity FundCanadian Fixed Income FundLong Duration Bond FundReal Return Bond FundShort Term Bond FundMoney Market FundInternational Synthetic FundU.S. Large Cap Synthetic FundU.S. MidCap Synthetic FundEnhanced Global Bond FundIncome 100 FundIncome 20/80 FundIncome 30/70 FundIncome 40/60 Fund Balanced 50/50 FundBalanced 60/40 FundGrowth 70/30 FundGrowth 80/20 FundGrowth 100 FundGlobal Growth 100 FundConservative Monthly Income FundBalanced Monthly Income 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

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Table of Contents

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Notice to InvestorsThe following semi-annual financial statements have not been reviewed by theindependent external auditors of the funds, PricewaterhouseCoopers LLP.

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Fund Statements of Net Assets,Statements of Operations,Statements of Changes in Net Assets,Statement of Investment PortfolioAnd Notes to Statement of Investment Portfolio

56

EQUITIES – 95.5%Consumer Discretionary – 5.4%Astral Media Inc. 151,850 4,209,360 4,500,834BMTC Group Inc., Class ‘A’ 121,173 2,197,760 2,292,593Canadian Tire Corp. Ltd., Class ‘A’ 484,677 21,102,853 26,584,533Coastal Contacts Inc. 841,796 786,145 1,010,155Cogeco Cable Inc. 279,950 4,006,887 7,900,189COGECO Inc. 67,711 910,734 1,442,921Corus Entertainment Inc., Class ‘B’ 789,537 12,873,609 11,677,252DragonWave Inc. 437,270 1,846,227 1,945,852Easyhome Ltd. 85,700 1,571,758 731,878Glacier Media Inc. 851,511 2,501,152 1,600,841Le Chateau Inc. 166,446 2,140,527 1,964,063Magna International Inc., Class ‘A’ 282,736 17,069,272 13,879,510RONA Inc. 141,300 2,087,633 1,795,923Shaw Communications Inc. 714,700 10,245,905 13,993,826Thomson Reuters Corp. 504,800 21,066,364 17,082,432Torstar Corp., Class ‘B’ 627,111 4,932,293 3,260,977Yellow Pages Income Fund 2,034,127 20,083,265 10,862,238

129,631,744 122,526,017

Consumer Staples – 3.6%Alimentation Couche-Tard Inc., Class ‘B’ 376,600 4,860,815 5,279,932Canada Bread Co. Ltd. 56,171 3,679,725 2,159,775Jean Coutu Group (PJC) Inc. (The), Class ‘A’ 343,151 3,170,221 3,345,722Lassonde Industries Inc., Class ‘A’ 23,400 935,570 924,300Loblaw Cos. Ltd. 810,308 29,479,485 28,117,688Metro Inc., Class ‘A’ 235,600 7,337,393 8,957,512North West Co. Fund (The) 160,516 2,549,382 2,415,766Shoppers Drug Mart Corp. 392,700 18,476,436 19,619,292Viterra Inc. 1,168,200 10,960,946 11,798,820

81,449,973 82,618,807

Energy – 27.3%Addax Petroleum Corp. 385,300 14,119,987 18,956,760AltaGas Income Trust 316,512 7,918,719 5,076,852Antrim Energy Inc. 457,843 953,299 343,382ARC Energy Trust 317,308 7,155,028 5,619,525Birchcliff Energy Ltd. 109,991 683,804 662,146Bonavista Energy Trust 380,334 11,068,228 6,838,405Calfrac Well Services Ltd. 316,400 8,494,189 3,837,932Cameco Corp. 648,800 16,091,302 19,295,312Canadian Natural Resources Ltd. 1,003,400 58,927,558 61,347,876Canadian Oil Sands Trust 354,211 10,509,505 9,843,524Celtic Exploration Ltd. 110,915 1,469,918 1,691,454Crew Energy Inc. 1,405,736 17,129,849 7,309,827Denison Mines Corp. 1,288,300 2,478,231 2,473,536Enbridge Inc. 260,750 9,737,764 10,513,440EnCana Corp. 1,129,668 72,857,921 65,012,393Ensign Energy Services Inc. 721,616 12,290,297 12,209,743Galleon Energy Inc., Class ‘A’ 362,432 3,580,902 1,525,839Grey Wolf Exploration Inc. 363,600 1,294,920 272,700Highpine Oil & Gas Ltd. 482,394 3,850,298 2,103,238Husky Energy Inc. 552,400 18,684,610 17,897,760

Imperial Oil Ltd. 461,023 18,307,249 20,709,153Iteration Energy Ltd. 1,280,468 5,007,416 1,498,148Just Energy Income Fund 621,461 8,041,593 7,010,080Mullen Group Ltd. 433,879 7,324,565 5,432,165Nexen Inc. 883,370 18,062,228 22,252,090Niko Resources Ltd. 325,543 20,271,007 26,043,440OPTI Canada Inc. 149,400 3,419,766 289,836Pason Systems Inc. 66,232 932,059 613,308Pembina Pipeline Income Fund 734,000 11,415,832 10,907,240Petro Andina Resources Inc., Class ‘A’ 213,493 1,208,541 1,921,437Petro Rubiales Energy Corp. 1,439,353 8,265,571 13,673,854Petrobank Energy & Resources Ltd. 847,000 20,366,333 28,611,660Petro-Canada 1,001,357 48,807,491 44,900,848Petrominerales Ltd. 230,400 2,361,600 3,018,240Peyto Energy Trust 369,053 5,812,201 3,443,264Precision Drilling Trust 673,100 3,982,467 3,762,629Progress Energy Resources Corp. 413,150 5,974,608 4,168,684Provident Energy Trust 149,847 865,905 860,122ShawCor Ltd., Class ‘A’ 297,600 5,366,258 5,990,688Storm Exploration Inc. 470,300 7,819,155 5,502,510Suncor Energy Inc. 1,236,000 47,762,977 43,692,600Talisman Energy Inc. 2,458,950 39,501,813 40,843,160TransCanada Corp. 1,603,691 50,394,654 50,099,307TransGlobe Energy Corp. 793,788 3,158,540 2,444,867Trinidad Drilling Ltd. 313,654 2,128,778 1,536,905Tristar Oil & Gas Ltd. 1,438,458 14,293,725 15,779,884UEX Corp. 1,213,100 7,019,351 1,552,768

647,168,012 619,390,531

Financials – 32.0%Artis REIT 235,478 2,543,215 1,883,824Bank of Montreal 828,295 43,736,229 40,569,889Bank of Nova Scotia 3,363,337 136,944,139 146,036,093Brookfield Asset Management Inc., Class ‘A’ 339,650 8,740,752 6,748,846Canadian Imperial Bank of Commerce 280,000 15,754,598 16,282,000Canadian Western Bank 366,521 6,402,099 6,201,535CI Financial Corp. 366,000 5,303,824 6,979,620First National Financial Income Fund 72,763 890,396 857,876GMP Capital Inc. 1,028,623 13,407,086 10,543,386Great-West Lifeco Inc. 653,850 13,654,287 14,803,164Home Capital Group Inc. 278,987 8,688,829 8,383,559IGM Financial Inc. 402,308 15,041,778 16,506,697Intact Financial Corp. 458,398 18,578,294 15,544,276Manulife Financial Corp. 3,126,925 73,741,771 63,101,346Morguard Corp. 67,286 1,324,620 1,564,400Morguard REIT 183,108 2,308,616 1,766,992National Bank of Canada 58,500 2,362,474 3,142,035Power Corp. of Canada 585,200 13,432,988 15,671,656Power Financial Corp. 1,099,200 24,603,153 30,140,064Royal Bank of Canada 3,217,348 138,113,790 152,791,857Sun Life Financial Inc. 1,031,648 37,638,972 32,383,431Toronto-Dominion Bank (The) 2,210,725 118,043,395 132,842,465Western Financial Group Inc. 363,256 1,208,038 682,921

702,463,343 725,427,932

Number Average Fairof Cost Value

Shares $ $


Shares $ $

Statement of Investment PortfolioAS AT JUNE 30, 2009 (UNAUDITED)

Canadian Equity Fund

SCEF (See accompanying notes)

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Industrials – 6.8%Aecon Group Inc. 127,996 963,355 1,477,074AG Growth International Inc. 75,175 1,400,105 2,063,554ATS Automation Tooling Systems Inc. 308,016 1,651,000 1,339,870Bombardier Inc., Class ‘B’ 1,698,500 8,156,265 5,825,855Canadian National Railway Co. 635,660 30,716,364 31,744,860Canadian Pacific Railway Ltd. 132,100 6,135,656 6,103,020Churchill Corp. (The), Class ‘A’ 172,731 2,342,982 2,067,590Davis + Henderson Income Fund 136,569 1,960,693 1,672,970Flint Energy Services Ltd. 155,992 2,655,664 1,797,028Genivar Income Fund 44,624 939,459 1,154,423GLV Inc., Class ‘A’ 146,649 1,586,693 1,050,007Richelieu Hardware Ltd. 87,749 1,608,188 1,531,220Russel Metals Inc. 498,692 13,094,310 7,510,302SNC-Lavalin Group Inc. 919,900 34,669,127 39,390,118Stantec Inc. 199,074 5,450,962 5,542,220Superior Plus Corp. 808,000 9,634,802 8,459,760Toromont Industries Ltd. 812,400 20,019,767 19,367,616Transat A.T. Inc., Class ‘B’ 157,150 3,425,299 1,654,790Transcontinental Inc., Class ‘A’ 463,216 8,538,375 4,099,462Viterra Inc., Subscription Receipts 156,200 1,249,600 1,577,620Wajax Income Fund 234,611 3,547,550 3,770,199WFI Industries Ltd. 126,059 1,842,966 3,436,368

161,589,182 152,635,926

Information Technology – 4.6%Aastra Technologies Ltd. 9,200 254,972 271,584CGI Group Inc., Class ‘A’ 877,800 8,831,361 9,006,228EXFO Electro-Optical Engineering Inc. 176,528 789,702 644,327MacDonald, Dettwiler and Associates Ltd. 73,117 1,933,169 1,937,600MKS Inc. 614,684 848,481 983,494Open Text Corp. 70,200 3,031,044 2,958,930Research In Motion Ltd. 901,445 57,907,692 74,477,386SXC Health Solutions Corp. 408,155 8,181,616 12,044,654Wi-LAN Inc. 727,660 1,147,159 1,673,618

82,925,196 103,997,821

Materials – 13.8%Aber Diamond Corp. 315,000 2,241,973 2,182,950Agnico-Eagle Mines Ltd. 180,200 10,207,022 11,004,814Agrium Inc. 259,100 13,319,537 12,022,240Alamos Gold Inc. 995,181 8,140,171 9,494,027Atrium Biotechnologies Inc. 78,262 1,113,826 955,579Barrick Gold Corp. 1,404,123 56,877,013 54,802,921Bear Creek Mining Corp. 555,434 2,115,829 1,055,325Canam Group Inc., Class ‘A’ 160,250 1,412,529 1,059,252Equinox Minerals Ltd. 4,714,884 11,392,822 12,588,740First Quantum Minerals Ltd. 124,200 4,355,963 6,961,410First Uranium Corp. 339,340 1,639,960 1,384,507FNX Mining Co. Inc. 1,472,600 21,459,374 11,795,526Gerdau Ameristeel Corp. 1,813,244 12,889,261 14,433,422Goldcorp Inc. 1,111,250 41,322,643 44,816,712Great Basin Gold Ltd. 623,310 1,343,937 991,063International Royalty Corp. 352,941 1,341,184 1,330,588Ivanhoe Nickel & Platinum Ltd. 41,625 497,302 230,186

Ivanhoe Nickel & Platinum Ltd., Special Warrants,2008/11/21 114,174 982,062 739,355

Jaguar Mining Inc. 350,604 2,106,435 3,081,809Kinross Gold Corp. 1,527,624 30,809,661 32,232,866Labrador Iron Ore Royalty Income Fund 58,183 1,707,620 1,837,419Major Drilling Group International Inc. 364,701 7,182,616 6,633,911Mercator Minerals Ltd. 743,619 2,886,368 1,003,886Mercator Minerals Ltd., Warrants, 2013/01/29 20,825 4,287 14,578Methanex Corp. 258,195 4,704,952 3,643,131Migao Corp. 285,097 1,637,270 2,180,992 Northgate Minerals Corp. 716,500 1,958,982 1,769,755Osisko Mining Corp. 305,615 1,494,341 2,001,778Pan American Silver Corp. 42,700 922,499 909,510Potash Corp. of Saskatchewan Inc. 351,222 29,034,871 37,995,196Q2 Gold Resources Inc. 85,045 - -Quadra Mining Ltd. 237,318 2,926,274 2,071,786Red Back Mining Inc. 883,872 6,439,641 8,962,462Semafo Inc. 633,364 1,122,627 1,336,398Sherritt International Corp. 1,612,553 13,919,884 8,385,276Silver Wheaton Corp. 128,680 1,214,499 1,232,754Teck Resources Ltd., Class ‘B’. 398,900 7,271,127 7,379,650 Winpak Ltd. 191,862 1,285,760 1,229,835

311,282,122 311,751,609

Telecommunication Services – 1.2%BCE Inc. 413,190 10,639,193 9,916,560Rogers Communications Inc., Class ‘B’ 256,900 8,424,761 7,673,603TELUS Corp., NV 293,152 9,398,058 8,794,560

28,462,012 26,384,723

Utilities – 0.8%ATCO Ltd., Class ‘I’ 200,234 8,711,979 7,879,208Canadian Utilities Ltd., Class ‘A’ 102,533 2,801,507 3,890,102Fortis Inc. 186,700 5,209,509 4,744,047Innergex Renewable Energy Inc. 119,400 1,253,390 459,690Northland Power Income Fund 173,453 2,139,254 1,696,370

20,115,639 18,669,417Total Canadian Equities 2,165,087,223 2,163,402,783

FOREIGN SECURITIES – 0.1%Mirabela Nickel Ltd. 736,907 2,527,688 1,709,624

2,527,688 1,709,624

U.S. EQUITIES – 0.7%Tim Hortons Inc. 547,700 16,324,298 15,565,634

16,324,298 15,565,634Total Equities 2,183,939,209 2,180,678,041


Shares $ $


Shares $ $



(See accompanying notes) SCEF

4




CANADIAN BONDS – 0.3%Pacific Rubiales Energy Corp. 6,000,000 8.000 2013/08/29 4,050,000 6,180,000

4,050,000 6,180,000


Units $ $

MUTUAL FUND – 0.0%SEI Money Market Fund, Class ‘O’ 237 2,366 2,366

2,366 2,366Total Short Term Notes* – 2.5% 57,520,627 57,524,955Less: Transaction cost included in average cost (2,901,247) — Total Investments – 99.1% 2,242,610,955 2,244,385,362Unrealized Appreciation(Depreciation) on Futures Contracts** – 0.0% (613,950)Other Assets and Liabilities, Net – 0.9% 21,486,749Net Assets – 100.0% 2,265,258,161

Par Interest Average FairValue Rate Maturity Cost Value

$ % Date $ $

*Short-Term Notes earn interest at rates ranging from 0.162% to 0.475% and mature from July 02, 2009 to December 24, 2009.

**$7,750,000 of Canada Treasury Bills are held as collateral by counterparties with respect to the future contracts.

SCHEDULE OF LONG FUTURES CONTRACTS**Unrealized

Number Average Cost Contracted Current Appreciationof per Contract Value Value (Depreciation)

Contracts $ $ $ $Unrealized DepreciationCanadian S&P/Toronto Stock Exchange 60 Index

expiration date September 2009 409 CAD 634.61 51,910,730 51,296,780 (613,950) Unrealized Appreciation(Depreciation) on Long Futures Contracts (613,950)

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Notes to Statement of Investment PortfolioCurrency RiskThe table below indicates the currencies to which the Fund had exposure as at June 30, 2009 on both its trading monetary and non-monetary assets and liabilities.

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

U.S. Dollar 510,211 — 510,211 0.02%

*Amounts include monetary and non-monetary items.

As at June 30, 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 $25,510. In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material.

Interest Rate RiskThe interest risk is minimal given that the majority of the Fund’s Financial instruments are non-interest bearing.

Other Price RiskAs at June 30, 2009, a 10% change in stock & derivatives prices would have changed the Fund’s Net Assets by $223,197,482 with all other factors held constant. In practice, the actual results may differfrom this sensitivity analysis and the difference could be material.

Credit Risk Credit risk is minimal given that the Fund had no significant investments in debt instruments or derivatives.



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Statements of Net AssetsAS AT JUNE 30, 2009 (UNAUDITED) AND DECEMBER 31, 2008(in thousands of dollars except per unit data)

2009 2008

ASSETSInvestments at fair value $ 2,244,385 $ 1,841,181 Cash including foreign currency holdings,

at fair value 33,728 27,282 Accrued dividends receivable 4,027 4,350 Receivable for portfolio securities sold 2,126 4,257 Margin receivable on futures — 2,118 Receivable for unit subscriptions 1,169 1,539 Unrealized appreciation on futures contracts — 4,152

2,285,435 1,884,879 LIABILITIES

Accrued liabilities 1,145 1,117 Payable for portfolio securities purchased 10,124 24,168 Margin payable on futures 18 —Payable for unit redemptions 8,276 6,884 Unrealized depreciation on futures contracts 614 —

20,177 32,169

NET ASSETS REPRESENTINGUNITHOLDERS’ EQUITY $ 2,265,258 $ 1,852,710

NET ASSETS PER CLASS(Class O) $ 2,165,372 $ 1,762,811(Class I) $ 24,718 $ 21,028 (Class P) $ 65,259 $ 61,615 (Class F) $ 9,909 $ 7,256

NET ASSETS PER UNIT (note 7)(Class O) $ 17.82 $ 14.92(Class I) $ 17.79 $ 14.96 (Class P) $ 18.46 $ 15.64 (Class F) $ 19.90 $ 16.73INVESTMENTS AT AVERAGE COST $ 2,242,611 $ 2,295,893

Statements of OperationsFOR THE YEARS ENDED JUNE 30 (UNAUDITED)(in thousands of dollars except per unit data)

2009 2008

INVESTMENT INCOMEDividends $ 30,356 $ 23,289 Interest 500 3,698

30,856 26,987 Foreign withholding taxes (16) 18

30,840 26,969 EXPENSES

Custodian and administration fees 1,111 1,337 Legal fees 48 64 Audit fees 38 97 Management fees 809 918 Trustee fees 11 57 Independent Review Committee fees 1 —Security holder Reporting Costs 47 4

2,065 2,477

NET INVESTMENT INCOME (LOSS)FOR THE PERIOD $ 28,775 $ 24,492

NET GAIN (LOSS) ON SALES OF SECURITIES $ (95,448) $ 98,998 NET REALIZED GAIN (LOSS) ON FUTURES

AND FORWARDS $ (4,744) $ 4,576 NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (32) $ (52)TRANSACTION COSTS $ (2,059) $ (2,492)UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 456,537 $ 4,021 UNREALIZED APPRECIATION (DEPRECIATION)

ON FUTURES AND FORWARD CONTRACTS $ (4,766) $ (589)NET GAIN (LOSS) ON INVESTMENTS $ 349,488 $ 104,462 NET INCREASE (DECREASE) IN NET ASSETS

FROM OPERATIONS $ 378,263 $ 128,954

INCREASE (DECREASE) IN NET ASSETSFROM OPERATIONS

(Class O) $ 361,936 $ 123,412(Class I) $ 4,024 $ 1,703 (Class P) $ 10,739 $ 3,396 (Class F) $ 1,564 $ 443

INCREASE (DECREASE) IN NET ASSETSFROM OPERATIONS PER UNIT*

(Class O) $ 2.90 $ 1.24 (Class I) $ 2.86 $ 1.24 (Class P) $ 2.82 $ 1.24 (Class F) $ 3.22 $ 1.57

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



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Statements of Changes in Net AssetsFOR THE YEARS ENDED JUNE 30 (UNAUDITED)(in thousands of dollars except per unit data)

Fund Total Class O2009 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 378,263 128,954 361,936 123,412

DISTRIBUTIONS TO UNITHOLDERSOut of net investment income ! (26) (41) — —

(26) (41) — —CHANGES DUE TO UNITHOLDER TRANSACTIONSProceeds from issue of units 344,271 236,222 329,982 207,222 Payments on redemption of units (309,972) (410,436) (289,357) (395,029)Reinvestment of distributions ! 12 41 — —

34,311 (174,173) 40,625 (187,807)CHANGES IN NET ASSETS 412,548 (45,260) (402,561) (64,395)NET ASSETS, END OF PERIOD $ 2,265,258 $ 2,518,223 $ 2,165,372 $ 2,398,227

Class I Class P2009 2008 2009 2008

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



(26) (41) — —

CHANGES DUE TO UNITHOLDER TRANSACTIONSProceeds from issue of units 1,579 1,770 9,498 24,039 Payments on redemption of units (1,899) (1,380) (16,593) (12,367)Reinvestment of distributions ! 12 41 — —

(308) 431 (7,095) 11,672 CHANGES IN NET ASSETS 3,690 2,093 3,644 15,068NET ASSETS, END OF PERIOD $ 24,718 $ 35,056 $ 65,259 $ 76,242

! Includes management fee distributions representing a rebate of the management fee to certain unitholders.


8



Class F2009 2008

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

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 1,564 443

CHANGES DUE TO UNITHOLDER TRANSACTIONSProceeds from issue of units 3,212 3,191 Payments on redemption of units (2,123) (1,660)

1,089 1,531CHANGES IN NET ASSETS 2,653 1,974 NET ASSETS, END OF PERIOD $ 9,909 $ 8,698


9

CANADIAN EQUITIES – 82.4%Consumer Discretionary – 9.4%BMTC Group Inc., Class ‘A’ 77,141 1,222,362 1,459,508 Coastal Contacts Inc. 531,532 584,817 637,838 COGECO Inc. 28,322 917,148 603,542 Cossette Inc. 46,200 346,983 162,162 Dorel Industries Inc., Class ‘B’ 24,100 724,332 646,121 DragonWave Inc. 178,114 1,018,377 792,607 Easyhome Ltd. 62,000 939,902 529,480 Glacier Media Inc. 542,228 1,537,821 1,019,389 Le Chateau Inc. 69,642 914,115 821,776 Leon’s Furniture Ltd. 61,100 585,713 611,000 Linamar Corp. 85,100 950,673 919,080 Quebecor Inc., Class ‘B’ 53,100 941,421 1,051,380 Uni-Select Inc. 62,000 1,479,028 1,530,780

12,162,692 10,784,663

Consumer Staples – 3.0%Canada Bread Co. Ltd. 35,617 1,766,673 1,369,474 Lassonde Industries Inc., Class ‘A’ 14,800 566,786 584,600 North West Co. Fund (The) 101,359 1,662,261 1,525,453

3,995,720 3,479,527

Energy – 19.5%AltaGas Income Trust 52,500 1,047,230 842,100 Antrim Energy Inc. 289,082 645,729 216,812 Birchcliff Energy Ltd. 46,129 286,779 277,697 Cathedral Energy Services Income Trust 145,600 611,745 525,616 Celtic Exploration Ltd. 133,132 1,619,252 2,030,263 Crew Energy Inc. 286,068 3,077,551 1,487,554 Ensign Energy Services Inc. 76,300 871,745 1,290,996 Fairborne Energy Ltd. 216,500 1,405,520 794,555 Galleon Energy Inc., Class ‘A’ 152,674 1,731,917 642,758 Grey Wolf Exploration Inc. 249,600 750,601 187,200 Highpine Oil & Gas Ltd. 304,586 3,066,791 1,327,995 Iteration Energy Ltd. 660,638 3,074,675 772,946 Paramount Resources Ltd., Class ‘A’ 57,200 704,548 339,196 Pason Systems Inc. 41,817 619,865 387,225 Petro Andina Resources Inc., Class ‘A’ 135,684 755,123 1,221,156 Petro Rubiales Energy Corp. 237,757 1,331,145 2,258,692 Progress Energy Resources Corp. 213,617 2,896,616 2,155,396 Provident Energy Trust 62,772 362,739 360,311 ShawCor Ltd., Class ‘A’ 20,300 341,628 408,639 TransGlobe Energy Corp. 511,062 2,100,108 1,574,071 Trinidad Drilling Ltd. 132,107 1,080,579 647,324 Tristar Oil & Gas Ltd. 238,185 2,845,965 2,612,889

31,227,851 22,361,391

Financial Services – 11.7%Artis REIT 105,048 1,232,826 840,384 Canadian Western Bank 103,464 1,719,398 1,750,611 Equitable Group Inc. 47,400 886,412 853,200 First National Financial Income Fund 58,324 643,940 687,640 GMP Capital Inc. 91,654 1,116,258 939,454 Home Capital Group Inc. 71,925 2,129,879 2,161,346 Industrial Alliance Insurance and

Financial Services Inc 77,700 1,896,514 1,990,674

Intact Financial Corp. 70,000 2,249,589 2,373,700 Morguard Corp. 31,189 895,243 725,144 Morguard REIT 77,109 1,021,869 744,102 Western Financial Group Inc. 229,335 912,712 431,150

14,704,640 13,497,405

Health Care – 0.1%Response Biomedical Corp. 1,004,800 280,269 150,720 Response Biomedical Corp., Warrants 422,400 — —

280,269 150,720

Industrials – 11.5%Aecon Group Inc. 53,533 825,197 617,771 AG Growth International Inc. 31,202 841,698 856,495 ATS Automation Tooling Systems Inc. 129,365 738,468 562,738 Churchill Corp. (The), Class ‘A’ 73,155 1,173,898 875,665 Davis + Henderson Income Fund 68,908 968,771 844,123 FirstService Corp. 30,800 533,839 415,492 Flint Energy Services Ltd. 67,901 1,591,882 782,220 Genivar Income Fund 28,176 590,744 728,913 GLV Inc., Class ‘A’ 92,798 660,646 664,434 Richelieu Hardware Ltd. 55,532 1,111,102 969,033 Stantec Inc. 38,201 824,628 1,063,516 Superior Plus Corp. 9,400 105,990 98,418 Toromont Industries Ltd. 23,800 513,542 567,392 Transat A.T. Inc., Class ‘B’ 116,375 2,683,461 1,225,429 WestJet Airlines Ltd. 86,700 986,338 886,941 WFI Industries Ltd. 79,597 1,252,938 2,169,814

15,403,142 13,328,394

Information Technology – 4.8%Dalsa Corp. 64,400 602,892 399,280 EXFO Electro-Optical Engineering Inc. 73,790 330,104 269,334 MacDonald, Dettwiler and Associates Ltd. 30,619 809,650 811,404 MKS Inc. 388,541 747,960 621,666 SXC Health Solutions Corp. 92,802 1,333,069 2,738,587 Wi-LAN Inc. 304,382 1,125,186 700,079

4,948,861 5,540,350

Materials – 21.5%Alamos Gold Inc. 183,679 1,482,232 1,752,298Atrium Biotechnologies Inc. 32,228 459,056 393,504Aurizon Mines Ltd. 231,000 636,512 967,890Bear Creek Mining Corp. 232,503 1,440,205 441,756Canam Group Inc., Class ‘A’ 101,206 949,064 668,972CCL Industries Inc., Class ‘B’ 40,600 1,118,736 925,680Consolidated Thompson Iron Mines Ltd. 247,000 836,345 802,750Equinox Minerals Ltd. 315,977 403,865 843,659First Uranium Corp. 142,066 686,567 579,629GlobeStar Mining Corp. 330,700 215,782 264,560Great Basin Gold Ltd. 261,120 796,176 415,181Hudbay Minerals Inc. 127,600 654,920 973,588International Royalty Corp. 222,859 943,397 840,178Jaguar Mining Inc. 221,389 1,383,284 1,946,009Labrador Iron Ore Royalty Income Fund 24,503 1,131,407 773,805Major Drilling Group International Inc. 125,524 2,235,194 2,283,282Mercator Minerals Ltd. 391,212 1,853,777 528,136Mercator Minerals Ltd., Warrants, 2013/01/29 9,475 1,951 6,632


Shares $ $


Shares $ $


Canadian Small Company Equity Fund

SCSC (See accompanying notes)

10

Migao Corp. 121,623 695,618 930,416Minefinders Corp. Ltd. 209,250 1,705,742 1,684,462New Gold Inc. 440,300 1,320,900 1,356,124Osisko Mining Corp. 192,985 758,427 1,264,052Quadra Mining Ltd. 98,592 1,131,240 860,708Red Back Mining Inc. 68,615 374,764 695,756Semafo Inc. 265,108 468,634 559,378Silver Wheaton Corp. 54,117 510,722 518,441Winpak Ltd. 227,413 1,564,786 1,457,717

25,759,303 24,734,563

Utilities – 0.9%Innergex Renewable Energy Inc. 91,275 975,624 351,409Northland Power Income Fund 73,025 905,685 714,184

1,881,309 1,065,593 Total Canadian Equities 110,363,787 94,942,606

FOREIGN SECURITIES – 0.6%Mirabela Nickel Ltd. 315,899 1,373,404 732,886

1,373,404 732,886

U.S. EQUITIES – 1.4%Allied Nevada Gold Corp. 172,800 896,285 1,617,491

896,285 1,617,491Total Equities 112,633,476 97,292,983Total Short-Term Notes* – 9.7% 10,993,655 10,994,739Less: Transaction cost included in average cost (341,771) —Total Investments – 94.1% 123,285,360 108,287,722Unrealized Appreciation(Depreciation) on

Futures Contracts* – 0.2% 180,950Other Assets and Liabilities, Net** – 5.7% 6,495,685 Net Assets – 100.0% 114,964,357

*Short-Term Notes earn interest at rates ranging from 0.168% to 0.434% and mature from July 09, 2009 to December 24, 2009.**$1,800,000 of Canada Treasury Bills are held as collateral by counterparties with respect to thefutures contracts.


Shares $ $


Shares $ $



(See accompanying notes) SCSC

SCHEDULE OF LONG FUTURES CONTRACTS*Unrealized


Contracts $ $ $ $Unrealized AppreciationCanadian S&P/Toronto Stock Exchange 60 Index

expiration date September 2009 112 CAD 619.02 13,866,090 14,047,040 180,950 Unrealized Appreciation(Depreciation) on Long Futures Contracts 180,950

1Commercial paper rating per Standard and Poor’s Commercial Paper Guide.

11



Notes to Statement of Investment PortfolioCurrency RiskThe 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 monetary and non-monetary assets andliabilities.

Interest Rate RiskThe interest rate risk is minimal given that majority of the financial instruments held by the Fund are non-interest bearing.

Other Price RiskAs at June 30, 2009, a 10% change in stock & derivatives prices would have changed the Fund’s Net Assets by $11,134,002 with all other factors held constant. In practice, the actual results may differfrom this sensitivity analysis and the difference could be material.

Credit Risk As at June 30, 2009, the Fund invested in short-term debt securities with the following credit ratings:

Short-term debt securities by credit rating 2009R-1(H) 9.56%R-1(M) 0.00%R-1(L) 0.00%U 0.00%Total 9.56%

Please refer to the Counterparty section of the Statement of Investment Portfolio for the rating information with respect to open derivatives.

12


2009 2008

ASSETSInvestments at fair value $ 108,288 $ 95,099 Cash including foreign currency holdings,

at fair value 4,294 2,584 Accrued dividends receivable 223 169 Receivable for portfolio securities sold 287 107 Margin receivable on futures 1,648 583 Receivable for unit subscriptions 308 —Unrealized appreciation on futures contracts 181 314 Unrealized appreciation on foreign currency

contracts — 2115,229 98,858

LIABILITIESAccrued liabilities 97 97 Payable for portfolio securities purchased 96 4,425 Payable for unit redemptions 72 15

265 4,537NET ASSETS REPRESENTING

UNITHOLDERS’ EQUITY $ 114,964 $ 94,321

NET ASSETS PER CLASS(Class O) $ 107,556 $ 87,445 (Class P) $ 5,378 $ 5,453 (Class F) $ 2,030 $ 1,423

NET ASSETS PER UNIT (note 7)(Class O) $ 7.26 $ 5.98(Class P) $ 9.93 $ 8.27 (Class F) $ 7.92 $ 6.55INVESTMENTS AT AVERAGE COST $ 123,285 $ 134,640


2009 2008

INVESTMENT INCOMEDividends $ 876 $ 443 Interest 40 200

916 643EXPENSES

Custodian and administration fees 57 55 Legal fees 20 25 Audit fees 2 4Management fees 68 76 Trustee fees 1 2Independent Review Committee fees 1 —Securityholder Reporting Costs 4 4

153 166NET INVESTMENT INCOME (LOSS)

FOR THE PERIOD $ 763 $ 477NET GAIN (LOSS) ON SALES OF SECURITIES $ (5,389) $ 1,782NET REALIZED GAIN (LOSS) ON FUTURES

AND FORWARDS $ 714 $ 841NET GAIN (LOSS) ON FOREIGN EXCHANGE $ 2 $ —TRANSACTION COSTS $ (147) $ (162)UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 24,554 $ (2,649)UNREALIZED APPRECIATION (DEPRECIATION)

ON FUTURES AND FORWARD CONTRACTS $ (134) $ (243)NET GAIN (LOSS) ON INVESTMENTS $ 19,600 $ (431) NET INCREASE (DECREASE) IN NET ASSETS

FROM OPERATIONS $ 20,363 $ 46

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

(Class O) $ 19,083 $ 89 (Class P) $ 954 $ (34)(Class F) $ 326 $ (9)

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS PER UNIT*

(Class O) $ 1.27 $ 0.01 (Class P) $ 1.60 $ (0.10)(Class F) $ 1.39 $ (0.05)



(See accompanying notes) SCSC

13





INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 20,363 46 19,083 89

CHANGES DUE TO UNITHOLDER TRANSACTIONS

Proceeds from issue of units 11,272 10,419 10,184 7,627 Payments on redemption of units (10,992) (8,321) (9,156) (7,333)

280 2,098 1,028 294CHANGES IN NET ASSETS 20,643 2,144 20,111 383NET ASSETS, END OF PERIOD $ 114,964 $ 108,485 $ 107,556 $ 99,612

Class P Class F2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 954 (34) 326 (9)


Proceeds from issue of units 529 1,945 559 847 Payments on redemption of units (1,558) (783) (278) (205)

(1,029) 1,162 281 642CHANGES IN NET ASSETS (75) 1,128 607 633NET ASSETS, END OF PERIOD $ 5,378 $ 6,309 $ 2,030 $ 2,564


14

EQUITIES – 92.9%U.S. Equities – 89.8%Consumer Discretionary – 8.6%Advance Auto Parts Inc. 9,200 428,068 442,869 Aeropostale Inc. 27,100 790,045 1,077,936 Amazon.com Inc. 42,400 3,708,197 4,119,522 American Eagle Outfitters Inc. 2,400 38,518 39,412 Ameristar Casinos Inc. 16,200 155,207 358,028 Apollo Group Inc., Class ‘A’ 15,000 1,379,477 1,238,928 Autoliv Inc. 20,800 805,438 694,970 AutoZone Inc. 5,000 941,923 877,458 Barnes & Noble Inc. 22,100 730,102 529,486 Bed Bath & Beyond Inc. 1,100 32,916 39,193 Best Buy Co. Inc. 8,700 364,835 337,869 Big Lots Inc. 3,600 85,864 87,798 Black & Decker Corp. (The) 11,100 963,796 369,456 Blyth Inc. 3,400 99,671 129,474 BorgWarner Inc. 1,100 41,979 43,575 Brinker International Inc. 1,900 37,578 37,556 Buckle Inc. 3,900 138,129 143,895 Cablevision Systems Corp., Class ‘A’ 22,900 436,812 515,941 Career Education Corp. 10,400 272,120 300,622 Carter’s Inc. 1,900 51,893 54,304 CBS Corp., Class ‘B’ 80,700 2,145,801 648,549 Centex Corp. 7,400 77,725 72,705 Charlotte Russe Holding Inc. 12,300 186,942 183,986 Chico’s FAS Inc. 19,800 222,026 223,049 Coach Inc. 134,700 3,765,077 4,204,942 Comcast Corp., Class ‘A’ 244,400 4,619,820 4,109,916 Core-Mark Holding Co. Inc. 4,000 87,591 121,059 D.R. Horton Inc. 3,100 34,520 33,698 Darden Restaurants Inc. 7,200 235,751 275,351 Deckers Outdoor Corp. 2,500 152,548 204,020 Dick’s Sporting Goods Inc. 6,000 123,850 119,782 DIRECTV Group Inc. (The) 87,000 2,162,610 2,496,635 DISH Network Corp., Class ‘A’ 84,000 1,344,800 1,581,341 Dollar Tree Stores Inc. 1,900 90,959 92,896 Domino’s Pizza Inc. 9,900 97,361 86,115 DreamWorks Animation SKG, Inc., Class ‘A’ 7,500 211,719 240,225 Eastman Kodak Co. 283,400 3,318,760 974,215 Expedia Inc. 2,000 36,085 35,096 Family Dollar Stores Inc. 16,200 551,376 532,433 Foot Locker Inc. 12,100 134,547 146,987 Ford Motor Co. 18,000 116,904 126,680 GameStop Corp., Class ‘A’ 17,300 657,811 441,809 Gap Inc. (The) 114,900 2,046,407 2,187,067 Genuine Parts Co. 7,400 279,774 288,156 Goodyear Tire & Rubber Co. (The) 2,700 37,180 35,276 H&R Block Inc. 52,600 1,172,128 1,050,697 Harley-Davidson Inc. 36,900 1,300,383 693,803 Harman International Industries Inc. 1,800 35,970 39,196 Hasbro Inc. 50,100 1,569,620 1,410,371 Hillenbrand Inc. 3,500 70,738 67,637 Home Depot Inc. 31,700 911,977 869,934 International Game Technology 9,800 153,152 180,848 International Speedway Corp., Class ‘A’ 32,300 893,625 960,672 J.C. Penney Co. Inc. 57,700 2,602,562 1,920,504

Jarden Corp. 3,300 73,288 71,552 John Wiley & Sons Inc., Class ‘A’ 1,000 40,253 38,615 Johnson Controls Inc. 28,200 693,705 710,677 Jones Apparel Group Inc. 29,700 1,056,065 369,410 KB Home 2,500 39,105 39,718 Kohl’s Corp. 9,200 434,790 456,759 Landry’s Restaurants Inc. 4,600 50,192 45,943 Leggett & Platt Inc. 49,100 872,093 866,739 Lennar Corp., Class ‘A’ 12,800 116,344 144,045 Liberty Global Inc., Class ‘A’ 5,400 190,817 99,651 Liberty Media Corp., Series ‘A’ 13,800 272,759 427,590 Limited Brands Inc. 48,100 483,120 668,655 Lincoln Educational Services Corp. 3,500 76,661 85,075 Lowes Cos. Inc. 92,200 2,481,453 2,078,354 Marriott International Inc., Class ‘A’ 37,839 857,613 969,415 Mattel Inc. 1,800 33,198 33,551 McDonald’s Corp. 102,300 5,852,157 6,823,035 McGraw-Hill Companies, Inc. 51,500 1,834,282 1,800,865 Meredith Corp. 1,200 38,723 35,537 MGM Mirage 4,300 35,367 31,910 Monro Muffler Brake Inc. 4,000 133,362 119,340 Netflix Inc. 19,800 710,206 950,602 Newell Rubbermaid Inc. 67,200 546,530 812,425 Nike Inc., Class ‘B’ 109,800 6,586,150 6,602,790 Office Depot Inc. 7,700 34,553 40,688 Omnicom Group Inc. 25,500 762,084 934,039 O’Reilly Automotive Inc. 4,400 184,385 194,587 Panera Bread Co., Class ‘A’ 1,800 97,620 104,124 Penn National Gaming Inc. 4,100 140,637 138,418 PetSmart Inc. 16,000 371,024 398,761 Polo Ralph Lauren Corp., Class ‘A’ 20,500 1,041,113 1,273,711 Priceline.com Inc. 200 19,631 25,868 Pulte Homes Inc. 2,900 36,096 29,739 RadioShack Corp. 12,100 135,743 196,171 Rent-A-Center Inc. 40,000 978,322 828,275 Ross Stores Inc. 49,400 2,165,782 2,213,361 Royal Caribbean Cruises Ltd. 4,600 76,028 72,120 Sally Beauty Holdings Inc. 3,200 22,950 23,561 Scientific Games Corp., Class ‘A’ 8,000 140,846 146,516 Scotts Miracle-Gro Co. (The), Class ‘A’ 1,000 40,945 40,647 Scripps Networks Interactive Inc. 1,400 54,961 45,249 Sears Holdings Corp. 41,800 3,761,578 3,220,923 Sherwin-Williams Co. 15,200 1,034,059 948,470 Snap-On Inc. 3,700 181,011 123,281 Stanley Works (The) 1,900 71,516 74,582 Staples Inc. 168,200 4,166,873 3,939,989 Starbucks Corp. 10,100 138,272 162,925 Starwood Hotels & Resorts Worldwide Inc. 29,700 789,508 764,690 Strayer Education Inc. 700 160,029 176,816 Sturm, Ruger & Co. Inc. 7,000 90,667 100,886 Target Corp. 79,390 4,190,527 3,637,273 Texas Roadhouse Inc., Class ‘A’ 4,000 49,164 50,635 Tiffany & Co. 800 39,103 23,561 Tim Hortons Inc. 2,700 78,325 76,729 Time Warner Cable Inc. 66,977 2,279,008 2,463,411 Time Warner Inc. 135,198 6,192,950 3,953,567 TJX Cos. Inc. 83,500 2,501,059 3,048,822


Shares $ $


Shares $ $


U.S. Large Company Equity Fund

SULC (See accompanying notes)

15

Toll Brothers Inc. 2,800 59,357 55,150 V.F. Corp. 6,900 568,401 443,537 Viacom Inc., Class ‘B’ 26,700 1,111,913 703,883 Virgin Media Inc. 16,100 136,132 174,263 Walt Disney Co. (The) 47,800 1,559,413 1,293,997 Weight Watchers International Inc. 73,100 3,576,114 2,181,793 Whirlpool Corp. 20,400 1,733,672 1,006,890 Williams Sonoma Inc. 5,300 77,876 72,877 Wyndham Worldwide Corp. 13,140 427,030 184,342 Wynn Resorts Ltd. 900 36,498 36,865 Yum! Brands Inc. 47,850 1,719,171 1,852,724

109,490,846 99,854,911

Consumer Staples – 9.3%Altria Group Inc. 59,400 1,990,840 1,129,961 AMERIGROUP Corp. 28,400 962,985 884,916 Archer-Daniels-Midland Co. 80,800 2,636,497 2,509,204 Avon Products Inc. 60,800 1,552,958 1,819,622 BJ’s Wholesale Club Inc. 13,700 602,776 512,795 Brown-Forman Corp., Class ‘B’ 14,100 766,349 703,799 Bunge Ltd. 16,500 879,403 1,152,228 Campbell Soup Co. 30,100 1,021,871 1,027,725 Chiquita Brands International Inc. 38,100 429,722 453,979 Church & Dwight Co. Inc. 1,100 58,512 69,278 Clorox Co. 17,600 1,134,992 1,141,152 Coca-Cola Co. (The) 182,000 9,943,080 10,137,099 Colgate-Palmolive Co. 53,300 4,005,557 4,378,803 ConAgra Foods Inc. 163,800 3,506,625 3,620,060 Constellation Brands Inc., Class ‘A’ 17,900 288,485 263,594 Corn Products International Inc. 30,500 901,863 947,871 Costco Wholesale Corp. 90,400 5,205,014 4,796,812 CVS Caremark Corp. 114,741 4,263,164 4,240,157 Dean Foods Co. 2,800 61,038 62,402 Del Monte Foods Co. 21,300 182,922 231,289 Dr. Pepper Snapple Group Inc. 1,900 32,473 46,757 Energizer Holdings Inc. 1,700 100,932 102,999 Estee Lauder Cos. Inc., Class ‘A’ 6,200 236,498 235,236 General Mills Inc. 36,000 2,431,469 2,342,118 H.J. Heinz Co. 27,900 1,309,946 1,156,739 Hansen Natural Corp. 2,700 112,091 96,641 Hershey Co. (The) 21,400 958,132 894,704 J.M. Smucker Co. (The) 9,900 491,881 559,462 Kellogg Co. 27,600 1,416,570 1,492,079 Kimberly-Clark Corp. 26,700 1,753,533 1,625,752 Kraft Foods Inc., Class ‘A’ 84,274 2,624,605 2,480,067 Kroger Co. 94,800 2,585,030 2,427,616 Lancaster Colony Corp. 15,700 820,181 803,537 Lorillard Inc. 300 22,473 23,611 McCormick & Co. Inc. 4,100 168,588 154,893 Molson Coors Brewing Co., Class ‘B’ 2,100 95,269 103,187 NBTY Inc. 400 8,435 13,054 Pepsi Bottling Group Inc. (The) 58,600 1,921,881 2,302,985 PepsiAmericas Inc. 32,700 717,610 1,016,242 Pepsico Inc. 165,060 10,934,015 10,533,499 Philip Morris International Inc. 39,000 2,002,583 1,975,212 Prestige Brands Holdings Inc. 16,700 111,164 119,276 Procter & Gamble Co. 267,285 17,459,306 15,849,608 Reynolds American Inc. 20,800 1,272,398 932,666

Safeway Inc. 152,900 4,116,279 3,615,334 Sanderson Farms Inc. 7,200 390,805 376,194 Sara Lee Corp. 159,000 1,655,368 1,800,383 Smithfield Foods Inc. 3,900 71,373 63,138 Supervalu Inc. 142,400 3,186,552 2,141,622 Sysco Corp. 43,400 1,338,097 1,132,042 Tyson Foods Inc., Class ‘A’ 13,000 158,388 190,229 Walgreen Co. 112,500 5,125,448 3,839,859 Wal-Mart Stores Inc. 137,400 7,887,861 7,718,376 Whole Foods Market Inc. 2,100 43,493 46,265

113,955,380 108,294,128

Energy – 10.3%Alpha Natural Resources Inc. 7,600 337,678 231,866 Anadarko Petroleum Corp. 24,200 1,121,026 1,273,704 Apache Corp. 10,400 916,862 871,431 Arch Coal Inc. 4,000 126,429 71,260 Baker Hughes Inc. 5,000 216,591 211,598 BJ Services Co. 8,900 127,471 140,570 Cabot Oil & Gas Corp. 2,300 89,608 81,736 Cameron International Corp. 79,100 2,983,934 2,594,205 Chesapeake Energy Corp. 23,900 624,507 550,407 Chevron Corp. 259,100 20,044,415 19,931,999 Cimarex Energy Co. 1,700 81,531 55,813 ConocoPhillips 263,000 16,314,231 12,843,544 CONSOL Energy Inc. 3,100 110,966 122,262 Delek US Holdings Inc. 3,800 34,247 37,423 Denbury Resources Inc. 12,100 226,847 206,710 Devon Energy Corp. 19,700 1,564,589 1,244,824 Diamond Offshore Drilling Inc. 13,600 1,277,388 1,311,722 Dresser-Rand Group Inc. 27,700 831,929 839,621 El Paso Corp. 3,300 35,042 35,335 Encore Acquisition Co. 5,100 191,501 182,188 Ensco International Inc. 2,900 120,796 117,237 EOG Resources Inc. 46,800 5,265,733 3,691,532 Exterran Holdings Inc. 7,200 157,121 133,704 ExxonMobil Corp. 419,300 33,190,081 34,042,958 FMC Technologies Inc. 1,900 103,049 82,923 Forest Oil Corp. 2,300 98,295 39,746 Foundation Coal Holdings Inc. 1,100 38,757 35,910 Frontier Oil Corp. 11,400 188,944 173,568 Geokinetics Inc. 2,500 32,250 39,631 Halliburton Co. 136,900 4,786,164 3,289,479 Harvest Natural Resources Inc. 7,700 47,927 39,257 Helmerich & Payne Inc. 1,200 56,585 42,937 Hess Corp. 19,900 1,766,531 1,240,129 Holly Corp. 1,300 35,628 27,055 ITT Educational Services Inc. 3,100 397,705 362,359 Marathon Oil Corp. 154,100 5,162,937 5,388,607 Massey Energy Co. 7,300 354,185 165,318 Murphy Oil Corp. 30,400 1,736,141 1,917,770 National-Oilwell Varco Inc. 6,144 338,969 233,040 Newfield Exploration Co. 900 35,639 34,147 Noble Energy Inc. 600 41,707 41,091 Occidental Petroleum Corp. 57,300 4,051,427 4,376,023 Oceaneering International Inc. 2,700 132,108 141,418 Patterson-UTI Energy Inc. 133,100 2,368,656 1,984,752


Shares $ $


Shares $ $



(See accompanying notes) SULC

16

Peabody Energy Corp. 13,300 459,876 465,850 Petrohawk Energy Corp. 15,200 398,929 392,769 Pioneer Natural Resources Co. 4,500 102,386 133,004 Pride International Inc. 7,400 157,710 214,936 Quicksilver Resources Inc. 3,200 38,771 34,525 SandRidge Energy Inc. 3,200 38,417 31,589 Schlumberger Ltd. 114,230 7,619,797 7,176,961 Seacor Holdings Inc. 8,400 700,028 733,016 Smith International Inc. 5,700 288,553 170,060 Southwestern Energy Co. 3,200 131,724 144,230 Spectra Energy Corp. 53,900 956,965 1,057,885 St. Mary Land & Exploration Co. 3,800 74,468 92,014 Sunoco Inc. 65,700 2,673,202 1,767,887 Superior Energy Services Inc. 5,200 116,398 104,294 Tesoro Corp. 23,600 409,517 348,354 Tidewater Inc. 33,600 1,594,689 1,670,114 Unit Corp. 700 27,602 22,340 Valero Energy Corp. 162,700 5,291,320 3,183,835 Western Refining Inc. 33,400 423,006 273,075 Whiting Petroleum Corp. 4,200 278,536 171,109 Williams Cos. Inc. 9,400 326,989 170,300 XTO Energy Inc. 26,850 1,282,682 1,188,667

131,155,692 120,025,623

Financials – 13.0%Affiliated Managers Group Inc. 1,500 93,314 101,125 Aflac Inc. 106,900 3,167,133 3,859,771 Allstate Corp. (The) 130,700 6,570,388 3,703,638 AMB Property Corp. 2,300 44,180 50,190 American Express Co. 90,300 3,064,615 2,437,177 American Financial Group Inc. 73,100 1,817,542 1,831,178 AmeriCredit Corp. 31,400 855,395 493,026 Ameriprise Financial Inc. 120,800 4,152,843 3,404,865 Annaly Mortgage Management Inc. 63,500 1,058,975 1,115,773 Aon Corp. 3,400 144,381 149,533 Arthur J. Gallagher & Co. 1,300 38,702 32,218 Associated Banc-Corp. 2,200 35,403 31,912 Assurant Inc. 22,500 1,351,719 628,697 Astoria Financial Corp. 48,800 460,479 484,562 Avalonbay Communities Inc. 515 43,206 33,398 BancorpSouth Inc. 9,500 234,907 226,283 Bank of America Corp. 447,394 10,829,240 6,822,099 Bank of Hawaii Corp. 4,700 229,864 195,190 Bank of New York Mellon Corp. 150,456 5,244,452 5,121,397 BB&T Corp. 133,000 3,228,080 3,395,021 Boston Properties Inc. 1,500 110,903 82,973 Brandywine Realty Trust 60,300 437,817 521,719 BRE Properties Inc., Class ‘A’ 3,800 128,457 104,635 Brown & Brown Inc. 16,100 363,342 371,711 Camden Property Trust 1,400 72,953 44,793 Capital One Financial Corp. 92,000 2,674,506 2,337,751 Capitol Federal Financial 3,100 165,680 137,779 Cardinal Financial Corp. 6,100 59,361 55,470 CB Richard Ellis Group Inc., Class ‘A’ 3,700 38,392 40,134 Charles Schwab Corp. (The) 319,600 6,209,769 6,506,566 Chubb Corp. (The) 109,300 5,644,818 5,062,190

Cincinnati Financial Corp. 71,300 2,331,779 1,849,019 CIT Group Inc. 10,900 38,364 27,090 Citigroup Inc. 172,500 6,235,269 592,985 City National Corp. 4,800 200,565 204,862 CME Group Inc. 19,260 6,903,227 6,958,784 Comerica Inc. 21,100 1,383,780 516,555 Commerce Bancshares Inc. 8,275 336,998 305,315 Cullen Frost Bankers Inc. 5,800 316,693 310,050 Digital Realty Trust Inc. 900 39,228 37,471 Discover Financial Services 32,000 464,020 380,923 Duke Realty Corp. 28,900 227,154 294,012 Eaton Vance Corp. 4,700 142,506 145,902 Equity Residential 3,200 126,058 82,465 Essex Property Trust Inc. 1,300 139,339 93,771 Federated Investors Inc., Class ‘B’ 34,600 960,009 968,002 Fidelity National Financial Inc., Class ‘A’ 1,100 13,126 17,246 Fifth Third Bancorp 4,400 34,029 36,229 First Community Bancshares Inc. 2,500 35,505 37,279 First Horizon National Corp. 6,074 75,859 84,647 Flushing Financial Corp. 5,500 44,300 59,595 Forest City Enterprises Inc., Class ‘A’ 7,100 68,515 54,009 Franklin Resources Inc. 26,500 2,519,817 2,216,164 Fulton Financial Corp. 5,300 64,481 31,945 Goldman Sachs Group Inc. 47,700 6,678,728 8,152,687 Hallmark Financial Services Inc. 5,100 43,781 42,349 Hanover Insurance Group Inc. 16,700 775,883 739,126 Hartford Financial Services Group Inc. (The) 17,200 215,280 236,307 HCC Insurance Holdings Inc. 12,300 355,594 342,688 HCP Inc. 5,900 198,408 144,988 Hercules Technology Growth Capital Inc. 1,471 14,935 14,282 Hospitality Properties Trust 1,800 54,339 24,813 Host Hotels & Resorts Inc. 32,400 249,869 314,944 HRPT Properties Trust 7,700 37,781 36,306 Hudson City Bancorp Inc. 151,500 2,605,773 2,338,303 Huntington Bancshares Inc. 35,300 263,982 170,952 IntercontinentalExchange Inc. 40,400 4,207,301 5,359,505 Jefferies Group Inc. 8,400 128,716 207,691 Jones Lang LaSalle Inc. 900 37,421 34,126 JPMorgan Chase & Co. 326,100 13,641,323 12,914,224 KeyCorp 28,600 872,290 173,712 Knight Capital Group Inc., Class ‘A’ 49,800 1,015,388 986,091 LaSalle Hotel Properties 9,900 71,038 141,648 Leucadia National Corp. 7,100 273,244 173,899 Liberty Property Trust 9,600 269,682 256,538 Lincoln National Corp. 78,100 2,893,929 1,559,158 Loews Corp. 27,400 1,143,322 871,259 M & T Bank Corp. 3,100 211,488 182,997 Mack-Cali Realty Corp. 1,300 43,732 34,392 Marsh & McLennan Cos. Inc. 22,000 636,931 514,315 Marshall & Ilsley Corp. 5,900 41,516 32,752 MBIA Inc. 15,800 113,151 78,719 Medallion Financial Corp. 3,900 31,414 34,649 MetLife Inc. 30,300 1,285,032 1,056,019 Moody’s Corp. 45,000 1,339,068 1,377,071 Morgan Stanley 195,800 6,743,615 6,480,682 Nasdaq Stock Market Inc. 3,300 78,626 81,670


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New York Community Bancorp Inc. 68,400 959,490 846,791 NewAlliance Bancshares Inc. 31,600 544,555 420,934 Northern Trust Corp. 13,800 910,651 860,149 NYSE Euronext 148,900 4,569,040 4,712,207 Odyssey Re Holdings Corp. 19,600 1,017,422 909,360 optionsXpress Holdings Inc. 21,600 417,552 389,573 People’s United Financial Inc. 4,600 84,411 80,347 Plum Creek Timber Co. Inc. 1,300 53,821 44,961 PNC Financial Services Group 43,569 4,410,516 1,963,236 Principal Financial Group Inc. 6,500 136,862 141,992 Progressive Corp. (The) 16,900 290,749 296,561 ProLogis 9,600 120,311 89,749 Prospect Capital Corp. 20,600 293,932 220,099 Protective Life Corp. 2,900 33,989 38,462 Prudential Financial Inc. 56,600 2,497,988 2,446,560 Public Storage Inc. 4,000 345,115 304,134 Ramco-Gershenson Properties Trust 4,700 41,662 54,311 Raymond James Financial Inc. 15,400 319,106 307,618 Regions Financial Corp. 88,209 1,643,979 410,791 Riskmetrics Group Inc. 2,300 41,197 47,038 Simon Property Group Inc. 343 30,715 20,488 SL Green Realty Corp. 1,400 34,165 37,265 SLM Corp. 16,000 183,480 190,647 StanCorp Financial Group Inc. 53,000 1,798,305 1,762,221 State Street Corp. 52,400 2,382,626 2,872,344 SunTrust Banks Inc. 2,100 38,400 40,119 T. Rowe Price Group Inc. 5,000 239,933 241,967 TCF Financial Corp. 10,700 174,032 165,769 TD Ameritrade Holding Corp. 45,000 863,803 916,131 TFS Financial Corp. 3,000 41,833 36,861 Torchmark Corp. 2,000 109,259 85,893 Transatlantic Holdings Inc. 800 36,272 40,173 Travelers Cos. Inc. (The) 131,400 6,754,407 6,262,761 U.S. Bancorp 65,000 1,563,508 1,352,740 UDR Inc. 5,775 128,051 69,147 Unum Group 25,400 377,110 467,843 Valley National Bancorp 17,461 299,074 236,648 Ventas Inc. 800 35,042 27,696 Vornado Realty Trust 1,426 82,963 74,507 W.R. Berkley Corp. 32,900 922,510 818,424 Waddell & Reed Financial, Class ‘A’ 2,500 69,569 76,388 Walter Investment Management Corp. 853 8,433 13,156 Webster Financial Corp. 3,800 76,177 35,437 Wells Fargo & Co. 390,251 9,777,765 10,995,069 Wilmington Trust Corp. 2,300 37,753 36,380 World Acceptance Corp. 4,000 77,819 92,490 Zions Bancorp 19,000 794,833 253,976

173,514,202 151,603,369

Health Care – 13.2%Abbott Laboratories 123,600 7,304,558 6,752,256 Aetna Inc. 156,800 5,791,839 4,561,597 Allergan Inc. 155,000 8,524,997 8,564,840 American Medical Systems Holdings Inc. 15,700 210,343 288,084 AmerisourceBergen Corp. 174,200 3,707,736 3,588,929 Amgen Inc. 123,000 7,361,350 7,562,270

Amylin Pharmaceuticals Inc. 53,600 1,604,022 837,863 Baxter International Inc. 60,200 3,642,581 3,699,810 Becton, Dickinson & Co. 13,100 1,012,241 1,084,888 Biogen Idec Inc. 17,900 961,069 938,378 Boston Scientific Corp. 28,900 291,615 340,329 Bristol-Myers Squibb Co. 117,800 2,801,490 2,777,183 C.R. Bard Inc. 12,300 1,164,089 1,063,489 Cantel Medical Corp. 15,400 240,021 290,270 Cardinal Health Inc. 1,800 79,028 63,863 Celgene Corp. 11,800 662,159 655,596 Cephalon Inc. 4,400 360,086 289,427 Cerner Corp. 800 41,887 57,854 CIGNA Corp. 33,200 983,048 928,834 Covance Inc. 600 46,700 34,276 Coventry Health Care Inc. 53,300 1,259,054 1,158,148 Cyberonics Inc. 5,400 92,443 104,292 DaVita, Inc. 7,900 455,428 453,228 Dentsply International Inc. 4,600 172,578 163,044 Edwards Lifesciences Corp. 6,900 468,822 544,825 Eli Lilly and Co. 112,100 5,648,779 4,509,689 Endo Pharmaceuticals Holdings Inc. 116,700 2,664,476 2,427,334 Enzon Pharmaceuticals Inc. 10,400 85,702 95,054 Express Scripts Inc., Class ‘A’ 30,700 1,935,563 2,450,105 Forest Laboratories Inc., Class ‘A’ 120,600 3,502,174 3,512,675 Gen-Probe Inc. 10,900 612,854 543,692 Genzyme Corp. 1,400 97,294 90,513 Gilead Sciences Inc. 159,900 8,308,402 8,690,754 Health Net Inc. 2,600 44,081 46,953 Hlth Corp. 11,600 147,000 176,344 Humana Inc. 26,100 992,723 977,840 IDEXX Laboratories Inc. 800 33,990 42,868 Illumina Inc. 1,300 48,482 58,790 IMS Health Inc. 20,800 350,330 306,782 Intuitive Surgical Inc. 5,800 721,111 1,102,386 Invacare Corp. 4,700 96,175 96,340 Inverness Medical Innovations Inc. 2,700 85,285 111,566 Isis Pharmaceuticals Inc. 8,000 127,966 153,112 Johnson & Johnson 170,100 11,608,407 11,208,739 Kindred Healthcare Inc. 5,400 98,972 77,388 King Pharmaceuticals Inc. 128,400 1,633,107 1,434,509 Laboratory Corp. of America Holdings 4,700 321,967 369,967 Life Technologies Corp. 216 8,235 10,466 LifePoint Hospitals Inc. 31,800 845,299 969,437 Lincare Holdings Inc. 35,600 1,035,154 971,999 Masimo Corp. 12,100 411,275 338,661 McKesson Corp. 25,900 1,324,917 1,323,474 Medco Health Solutions Inc. 101,300 5,236,991 5,365,777 Medtronic Inc. 70,900 3,156,849 2,871,186 Merck & Co. Inc. 159,900 6,656,608 5,186,597 Mylan Laboratories Inc. 95,800 1,311,903 1,451,908 Noven Pharmaceuticals Inc. 17,900 236,334 297,063 Omnicare Inc. 9,900 307,063 295,712 PerkinElmer Inc. 1,300 27,149 26,270 Pfizer Inc. 718,500 19,358,669 12,508,105 Pharmaceutical Product Development Inc. 1,900 77,415 51,214 Quest Diagnostics Inc. 32,500 1,894,660 2,129,509


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Schering-Plough Corp. 198,000 4,782,850 5,776,276 Sepracor Inc. 56,100 1,038,642 1,127,777 St. Jude Medical Inc. 29,880 1,247,977 1,425,870 Stryker Corp. 52,300 2,720,748 2,412,537 SurModics Inc. 2,900 62,526 76,216 Synovis Life Technologies, Inc. 2,800 56,790 67,539 Techne Corp. 400 31,295 29,638 Thermo Electron Corp. 55,920 2,583,738 2,647,714 UnitedHealth Group Inc. 361,500 13,569,117 10,483,106 Universal Health Services Inc., Class ‘B’ 3,700 174,085 209,693 Valeant Pharmaceuticals International 8,700 222,184 259,262 Varian Medical Systems Inc. 2,700 140,478 110,187 VCA Antech Inc. 1,300 31,289 40,295 Vertex Pharmaceuticals Inc. 6,000 199,545 248,064 Watson Pharmaceuticals Inc. 400 12,017 15,627 Wellpoint Inc. 76,700 3,682,262 4,529,492 Wyeth 84,700 3,839,976 4,457,963 Zimmer Holdings Inc. 30,300 1,952,033 1,499,047

166,640,097 154,500,654

Industrials – 7.3%3M Co. 18,900 1,421,501 1,319,166 Aecom Technology Corp. 7,100 236,724 263,694 American Reprographics Co. 5,500 29,645 53,143 Ampco-Pittsburgh Corp. 2,200 71,073 59,914 Applied Signal Technology Inc. 600 17,420 17,748 Avery Dennison Corp. 1,000 39,510 29,765 BE Aerospace Inc. 2,900 46,269 48,262 Beacon Roofing Supply Inc. 15,600 238,081 261,973 Boeing Co. (The) 67,250 3,833,808 3,318,502 Bucyrus International Inc., Class ‘A’ 600 34,868 19,894 Burlington Northern Santa Fe Corp. 32,180 2,952,802 2,748,355 C.H. Robinson Worldwide Inc. 6,900 403,421 417,894 Carlisle Cos. Inc. 7,300 184,499 203,808 Caterpillar Inc. 60,400 3,756,898 2,317,609 Chart Industries Inc. 13,400 306,138 282,919 Cintas Corp. 5,000 146,308 132,626 Continental Airlines Inc., Class ‘B’ 3,600 65,362 36,959 Cooper Industries Ltd. 8,400 291,988 302,806 Corrections Corp. of America 1,200 32,811 23,678 Crane Co. 18,300 734,541 473,510 CSX Corp. 45,300 2,166,718 1,821,855 Cummins Inc. 17,600 418,982 719,071 Danaher Corp. 13,900 1,079,160 996,654 Deere and Co. 9,200 363,701 426,843 Delta Air Lines Inc. 1,600 13,902 10,740 Dover Corp. 32,600 1,231,264 1,252,788 Dun & Bradstreet Corp. (The) 3,800 345,756 358,390 Emerson Electric Co. 55,300 2,632,092 2,080,814 Equifax Inc. 9,300 279,059 281,894 Expeditors International of Washington Inc. 92,400 3,236,066 3,576,600 Fastenal Co. 14,800 600,753 570,125 FedEx Corp. 700 50,764 45,208 First Solar Inc. 1,300 240,903 244,535 Flowserve Corp. 1,700 159,634 137,510

Fluor Corp. 56,900 3,636,209 3,389,285 Gardner Denver Inc. 15,100 667,750 441,391 GATX Corp. 1,300 44,229 38,755 General Cable Corp. 4,100 125,308 178,367 General Dynamics Corp. 27,200 1,994,258 1,749,699 General Electric Co. 594,100 16,901,334 8,072,509 Goodrich Corp. 27,900 1,407,465 1,619,111 Graco Inc. 2,500 67,060 63,874 Hertz Global Holdings Inc. 5,600 39,384 51,703 Honeywell International Inc. 21,800 826,648 794,967 Hubbell Inc., Class ‘B’ 25,500 1,039,765 949,142 Idex Corp. 9,900 272,649 282,260 Illinois Tool Works Inc. 5,400 235,978 234,170 International Paper Co. 53,800 1,777,010 945,332 Intrepid Potash Inc. 1,200 34,813 38,966 ITT Industries Inc. 18,100 891,360 935,409 J.B. Hunt Transport Services Inc. 4,100 133,515 145,179 Jacobs Engineering Group Inc. 6,100 342,994 298,175 Joy Global Inc. 23,300 977,640 966,293 Kansas City Southern Industries Inc. 3,800 130,755 71,051 KBR Inc. 42,000 756,024 898,955 Kennametal Inc. 10,000 196,016 222,631 L-3 Communications Holdings Inc. 43,200 3,813,986 3,478,810 LaBarge Inc. 3,300 33,978 35,527 Landstar System Inc. 200 9,960 8,341 Lincoln Electric Holdings Inc. 4,800 247,719 200,626 Lockheed Martin Corp. 21,400 1,871,642 2,004,137 Manpower Inc. 1,800 82,255 88,425 Masco Corp. 3,500 42,460 38,940 McDermott International Inc. 6,200 119,814 145,807 MSC Industrial Direct Co. Inc., Class ‘A’ 3,500 139,175 144,216 Multi-Color Corp. 2,900 39,479 41,122 Norfolk Southern Corp. 44,800 2,167,296 1,959,393 Northrop Grumman Corp. 84,200 5,389,035 4,466,849 Owens Corning Inc. 17,500 314,847 259,736 Pall Corp. 2,300 75,017 70,838 Parker Hannifin Corp. 28,200 1,895,688 1,406,943 Pentair Inc. 10,100 291,008 300,044 PHH Corp. 12,300 267,099 259,694 Pitney Bowes Inc. 4,500 131,966 114,451 Precision Castparts Corp. 1,000 112,033 84,720 Quanta Services Inc. 56,200 1,598,316 1,508,993 R.R. Donnelley & Sons Co. 71,900 886,139 970,282 Raytheon Co. 58,400 3,244,914 3,013,369 Republic Services Inc. 10,195 279,785 289,014 Robert Half International Inc. 1,300 31,486 35,660 Rockwell Automation Inc. 1,400 47,586 52,224 Roper Industries Inc. 2,200 111,611 115,587 Ryder System Inc. 600 36,049 19,455 Shaw Group Inc. (The) 8,500 304,843 270,182 Smith & Wesson Holding Corp. 38,500 287,807 253,964 Sonoco Products Co. 11,000 330,518 305,958 Southwest Airlines Inc. 38,000 360,542 296,562 Spirit Aerosystems Holdings Inc., Class ‘A’ 2,200 38,441 35,054 Stericycle Inc. 4,400 261,618 263,315


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Teleflex Inc. 5,300 299,349 275,936 Terex Corp. 4,500 71,988 62,974 Textron Inc. 34,600 1,332,934 388,165 Thomas & Betts Corp. 31,500 911,737 1,053,943 Timken Co. 19,000 532,912 376,881 Toro Co. 3,000 103,878 104,173 Trinity Industries Inc. 5,500 110,712 86,997 Union Pacific Corp. 34,700 1,995,897 2,097,555 United Parcel Service Inc., Class ‘B’ 90,900 6,551,423 5,274,113 United Technologies Corp. 42,580 2,902,054 2,569,437 URS Corp. 11,700 599,795 671,373 W.W. Grainger Inc. 7,600 673,734 722,694 Walter Energy Inc. 3,100 161,204 130,471 Waste Management Inc. 37,000 1,300,746 1,210,034 Watson Wyatt & Co. Holdings 1,500 92,762 65,361 WESCO International Inc. 7,000 220,285 203,236

102,886,107 85,074,057

Information Technology – 17.9%Activision Blizzard Inc. 129,300 1,820,550 1,896,553 Acxiom Corp. 28,400 267,632 291,234 Adobe Systems Inc. 90,400 2,862,988 2,971,105 Advanced Micro Devices Inc. 16,800 82,217 75,116 Affiliated Computer Services Inc., Class ‘A’ 7,500 380,873 386,904 Akamai Technologies Inc. 4,700 114,655 104,636 Alliance Data Systems Corp. 7,600 325,230 363,554 Altera Corp. 34,500 662,897 651,883 Amphenol Corp., Class ‘A’ 1,500 60,574 55,118 Analog Devices Inc. 12,200 349,923 351,095 Apple Inc. 107,700 13,948,093 17,814,773 Arris Group Inc. 8,900 71,440 125,686 Automatic Data Processing Inc. 23,700 1,091,262 975,450 Avnet Inc. 19,000 450,948 463,158 BMC Software Inc. 6,600 261,355 258,997 Brightpoint Inc. 5,600 30,022 40,712 Broadcom Corp., Class ‘A’ 45,500 1,129,711 1,308,354 CA Inc. 124,700 2,786,512 2,522,770 Cadence Design Systems Inc. 6,300 41,160 43,094 Ciena Corp. 3,400 38,662 40,828 Cisco Systems Inc. 511,130 12,529,471 11,064,719 Cognizant Technology Solutions Corp., Class ‘A’ 3,700 105,538 114,687 CommScope Inc. 2,800 94,037 85,164 Computer Sciences Corp. 49,000 2,231,469 2,517,528 Compuware Corp. 15,700 133,544 124,715 Convergys Corp. 63,540 637,076 683,316 Corning Inc. 2,300 41,774 42,898 Cree Inc. 5,600 183,289 190,749 Cypress Semiconductor Corp. 14,200 120,977 151,719 Dell Inc. 170,600 3,337,209 2,720,274 Diebold Inc. 9,000 278,752 275,205 Dolby Laboratories Inc., Class ‘A’ 10,100 452,516 435,991 eBay Inc. 183,400 4,133,933 3,644,286 Electronic Arts Inc. 97,150 4,269,399 2,450,562 EMC Corp. 264,700 3,786,215 4,027,062 Equinix Inc. 900 66,047 76,029

F5 Network Inc. 13,400 375,777 537,981 FactSet Research Systems Inc. 900 53,334 52,020 Fidelity National Information Services Inc. 2,100 57,391 48,679 Global Payments Inc. 2,000 84,738 86,846 Google Inc., Class ‘A’ 33,376 15,405,840 16,340,567 Harris Corp. 30,800 1,118,535 1,014,425 Harris Stratex Networks Inc., Class ‘A’ 7,651 53,243 57,489 Hewitt Associates Inc., Class ‘A’ 17,200 620,218 593,863 Hewlett-Packard Co. 250,900 10,755,680 11,250,287 IBM Corp. 71,400 7,997,919 8,650,255 Ingram Micro Inc., Class ‘A’ 131,600 2,356,802 2,673,061 Integrated Device Technology Inc. 38,900 327,074 272,866 Intel Corp. 205,700 4,654,387 3,946,458 Interactive Intelligence Inc. 11,200 128,708 159,467 International Rectifier Corp. 2,000 34,733 34,330 Intuit Inc. 142,800 4,242,320 4,670,076 Itron Inc. 1,900 134,914 121,493 Jabil Circuit Inc. 17,000 118,499 146,295 JDS Uniphase Corp. 7,900 46,336 52,479 Juniper Networks Inc. 107,600 2,637,784 2,949,086 Lam Research Corp. 3,600 106,852 108,619 Lexmark International Inc. 28,800 1,304,444 529,799 Linear Technology Corp. 59,600 2,139,681 1,616,204 Manhattan Associates Inc. 3,300 67,116 69,827 MasterCard Inc., Class ‘A’ 25,700 5,281,709 4,993,352 McAfee Inc. 15,300 577,030 749,660 MEMC Electronic Materials Inc. 1,900 37,436 39,277 Metavante Technologies Inc. 9,000 189,513 270,188 Mettler-Toledo International Inc. 400 35,177 35,793 Microchip Technology Inc. 7,500 186,809 196,239 Micron Technology Inc. 17,500 98,812 102,634 Microsoft Corp. 635,420 18,043,028 17,540,953 Molex Inc. 13,100 204,533 236,269 Motorola Inc. 51,500 264,753 395,939 MSCI Inc., Class ‘A’ 1,300 35,213 36,898 National Instruments Corp. 6,800 163,635 177,687 National Semiconductor Corp. 16,700 218,225 242,820 NCR Corp. 7,000 115,577 95,928 NetApp Inc. 6,200 134,815 141,919 Novellus Systems Inc. 1,700 35,019 32,951 NVIDIA Corp. 9,900 122,886 129,805 ON Semiconductor Corp. 6,900 39,344 54,891 Oracle Corp. 175,500 3,716,403 4,365,759 Paychex Inc. 37,600 1,189,280 1,099,966 QLogic Corp. 1,700 28,468 25,034 Qualcomm Inc. 330,900 14,293,134 17,369,940 Rambus Inc. 4,000 56,955 71,818 Red Hat Inc. 10,500 175,407 244,981 RightNow Technologies Inc. 24,800 248,153 339,857 SAIC Inc. 4,700 103,516 101,143 SanDisk Corp. 5,600 76,713 95,407 Silicon Laboratories Inc. 4,800 175,404 211,050 Sohu.com Inc. 600 43,386 43,746 Sun Microsystems Inc. 54,800 862,188 586,779 SunPower Corp., Class ‘A’ 3,800 127,047 117,169 Sybase Inc. 15,700 494,668 570,699


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Symantec Corp. 332,700 6,458,847 6,012,091 Tech Data Corp. 8,000 280,263 303,902 Tellabs Inc. 9,200 50,733 61,222 Teradata Corp. 137,500 3,478,315 3,730,256 Texas Instruments Inc. 229,100 5,569,225 5,667,191 Trimble Navigation Ltd. 8,800 170,587 200,207 Varian Semiconductor Equipment Associates Inc. 1,300 35,191 36,159 VeriSign Inc. 135,700 4,432,085 2,910,783 Visa Inc. 169,100 10,562,379 12,201,356 Vishay Intertechnology Inc. 31,700 527,878 249,972 VMware Inc., Class ‘A’ 6,000 176,127 190,020 Western Digital Corp. 42,600 802,123 1,311,048 Western Union Co. 144,770 3,057,835 2,755,628 Xerox Corp. 105,200 1,416,594 790,466 Xilinx Inc. 55,700 1,317,594 1,322,853 Yahoo! Inc. 228,200 4,304,225 4,147,564

204,014,512 207,935,666

Materials – 2.5%Air Products and Chemicals Inc. 1,100 78,282 82,513 Airgas Inc. 800 36,802 37,600 AK Steel Holding Corp. 1,400 50,970 31,136 Alcoa Inc. 30,300 1,172,875 363,150 Allegheny Technologies Inc. 18,600 722,441 753,663 Ball Corp. 14,700 614,692 770,965 Bemis Co. Inc. 30,400 865,927 889,334 Celanese Corp., Series ‘A’ 10,300 230,278 284,095 Cliffs Natural Resources Inc. 6,100 265,314 172,784 Commercial Metals Co. 4,700 81,126 87,334 Crown Holdings Inc. 33,400 912,711 936,369 Dow Chemical Co. (The) 53,300 2,194,022 996,589 E.I. du Pont de Nemours & Co. 7,500 267,149 223,066 Eagle Materials Inc. 8,200 201,457 240,172 Eastman Chemical Co. 21,300 1,339,888 937,523 Ecolab Inc. 11,800 499,329 534,179 FMC Corp. 4,300 228,909 236,207 Freeport-McMoRan Copper & Gold Inc., Class ‘B’ 1,500 71,466 87,258 International Flavors and Fragrances Inc. 1,100 42,917 41,723 Koppers Holdings Inc. 8,600 134,844 263,373 Lubrizol Corp. (The) 49,700 2,367,594 2,730,690 Martin Marietta Materials Inc. 400 41,080 36,583 MeadWestvaco Corp. 2,500 36,121 47,586 Monsanto Co. 44,750 4,357,612 3,863,480 Mosaic Co. (The) 8,300 620,201 427,017 Nalco Holding Co. 70,700 1,141,934 1,382,689 NewMarket Corp. 1,800 130,682 140,728 Nucor Corp. 35,500 1,865,451 1,831,757 Olympic Steel Inc. 3,500 57,093 99,464 Packaging Corp. of America 6,500 95,104 122,290 Pactiv Corp. 15,600 352,498 393,503 PPG Industries Inc. 35,000 2,205,584 1,784,008 Praxair Inc. 68,700 5,056,250 5,670,302 Reliance Steel & Aluminum Co. 24,400 1,054,408 1,086,722 RPM International Inc. 1,700 27,850 27,680 Schnitzer Steel Industries Inc., Class ‘A’ 600 39,115 36,833

Sealed Air Corp. 1,500 34,804 32,140 Sigma-Aldrich Corp. 800 45,305 46,036 Southern Copper Corp. 13,700 353,209 324,574 Steel Dynamics Inc. 1,600 33,770 27,352 Temple Inland Inc. 2,500 37,775 37,976 United States Steel Corp. 1,600 90,119 66,411 Valspar Corp. (The) 13,800 303,376 360,439 Vectren Corp. 2,300 62,872 62,531 Vulcan Materials Co. 3,100 206,930 155,096

30,628,136 28,762,920

Telecommunication Services – 3.9%American Tower Corp., Class ‘A’ 65,060 2,421,327 2,382,326 AT&T Inc. 695,262 23,458,070 20,040,723 CenturyTel Inc. 43,900 1,526,199 1,565,186 Crown Castle International Corp. 195,060 6,153,396 5,427,729 Embarq Corp. 23,600 1,000,818 1,152,501 Frontier Communications Corp. 47,300 445,953 391,664 iPCS Inc. 3,300 35,787 57,334 Leap Wireless International Inc. 5,700 193,966 217,920 Metropcs Communications Inc. 18,600 349,676 287,295 NeuStar Inc., Class ‘A’ 38,900 871,196 999,305 NII Holdings Inc., Class ‘B’ 80,600 1,451,768 1,784,108 NTELOS Holdings Corp. 16,900 402,037 361,330 Qwest Communications International Inc. 22,000 101,454 105,776 SBA Communications Corp. 4,000 116,587 113,812 Sprint Nextel Corp. 69,000 314,577 385,440 Telephone and Data Systems Inc. 23,400 773,102 768,797 Verizon Communications Inc. 277,300 11,221,224 9,886,700 Windstream Corp. 6,800 93,797 66,020

50,930,934 45,993,966

Utilities – 3.8%AES Corp. 564,500 6,844,385 7,611,308 AGL Resources Inc. 1,100 39,529 40,547 Alliant Energy Corp. 51,800 1,921,744 1,571,325 Ameren Corp. 26,100 901,324 754,447 American Electric Power Co. Inc. 55,900 2,169,439 1,875,523 American Water Works Co. Inc. 30,300 682,934 671,052 Aqua America Inc. 6,000 138,363 124,659 Atmos Energy Corp. 15,100 430,231 438,936 Calpine Corp. 28,700 371,006 370,971 CMS Energy Corp. 75,800 1,135,229 1,063,406 Consolidated Edison Inc. 12,300 568,737 534,101 Constellation Energy Group Inc. 27,400 880,499 845,802 Dominion Resources Inc. 23,600 924,626 915,423 DTE Energy Co. 60,000 2,373,577 2,227,005 Duke Energy Corp. 4,400 75,223 74,554 Edison International 51,800 2,054,439 1,892,568 Entergy Corp. 10,000 891,612 900,279 Exelon Corp. 6,500 424,894 386,497 FirstEnergy Corp. 37,200 2,185,855 1,674,086 FPL Group Inc. 700 45,670 46,224 Hawaiian Electric Industries Inc. 14,100 341,923 311,781 Health Care REIT Inc. 2,400 119,701 94,878


21


Shares $ $




Integrys Energy Group Inc. 5,200 182,858 180,929 MDU Resources Group Inc. 19,200 461,927 422,546 Mirant Corp. 105,200 1,657,181 1,916,910 National Fuel Gas Co. 1,000 41,036 41,843 Northeast Utilities 37,300 915,539 966,433 NRG Energy Inc. 1,600 59,945 48,108 NSTAR 13,200 499,378 491,934 NV Energy Inc. 82,800 1,254,287 1,036,602 OGE Energy Corp. 58,400 1,821,199 1,917,352 Oneok Inc. 12,100 659,015 413,982 Pepco Holdings Inc. 33,500 523,618 522,497 PG&E Corp. 9,500 435,059 424,102 Pinnacle West Capital Corp. 36,600 1,430,470 1,279,838 PPL Corp. 22,000 925,711 842,118 Progress Energy Inc. 7,000 292,236 307,375 Public Services Enterprise Group Inc. 60,400 2,507,396 2,288,849 Questar Corp. 900 48,441 32,506 RRI Energy Inc. 4,400 28,048 25,499 SCANA Corp. 4,000 148,755 150,697 Sempra Energy Inc. 57,300 2,986,724 3,302,646 Southern Co. (The) 12,500 427,805 452,346 Southern Union Co. 40,800 813,441 869,953 Teco Energy Inc. 12,200 187,680 168,888 UGI Corp. 19,200 539,432 568,151 Unisource Energy Corp. 1,500 45,604 46,233 Wisconsin Energy Corp. 500 23,535 23,639 Xcel Energy Inc. 36,800 833,139 786,801

45,270,399 43,954,149 Total U.S. Equities 1,128,486,305 1,045,999,443

Foreign Equities – 3.1%ABB Ltd., ADR 31,800 552,556 582,770 Accenture Ltd., Class ‘A’ 37,500 1,414,164 1,457,204 Allied World Assurance Holdings Ltd. 11,400 515,400 540,432 Amdocs Ltd. 42,800 1,079,096 1,063,704 Arch Capital Group Ltd. 2,400 162,710 163,249 Argo Group International Holdings Ltd. 6,800 226,243 222,464 Axis Capital Holdings Ltd. 28,600 1,080,132 867,233 Carnival Corp. 1,300 37,266 38,906 Credicorp Ltd. 21,700 1,170,041 1,462,683 Endurance Specialty Holdings Ltd. 43,400 1,602,585 1,476,796 Everest Re Group Ltd. 13,200 1,436,734 1,095,316 Foster Wheeler AG 12,800 479,283 352,902 Frontline Ltd. 3,900 158,493 110,152 Garmin Ltd. 49,800 1,132,647 1,377,057

Greenlight Capital Re, Ltd., Class ‘A’ 7,300 131,974 146,752 Herbalife Ltd. 41,500 1,483,108 1,520,103 Invesco Ltd. 2,200 42,250 45,530 Lazard Ltd., Class ‘A’ 3,400 120,397 106,296 Marvell Technology Group Ltd. 12,600 115,289 170,182 Montpelier Re Holdings Ltd. 24,400 397,274 376,031 Nabors Industries Ltd. 6,800 142,639 122,801 Nokia OYJ, ADR 79,200 1,563,957 1,341,053 Novo Nordisk AS, ADR 45,900 2,808,662 2,899,311 OneBeacon Insurance Group Ltd., Class ‘A’ 16,100 186,040 215,211 PartnerRe Ltd. 1,000 80,524 75,290 Platinum Underwriters Holdings Ltd. 35,600 1,284,222 1,182,027 RenaissanceRe Holdings Ltd. 3,100 175,944 167,553 Research In Motion Ltd. 61,010 3,927,287 5,031,340 Seagate Technology 7,400 72,512 89,807 Shaw Communications Inc., Class ‘B’ 28,500 600,271 555,061 Suncor Energy Inc. 31,400 1,371,165 1,106,390 Syngenta AG, ADR 48,200 2,531,141 2,601,254 Teva Pharmaceutical Industries Ltd., ADR 19,900 951,762 1,132,102 Transocean Ltd. 15,200 1,267,603 1,309,111 Tyco Electronics Ltd. 1,400 38,161 30,160 Tyco International Ltd. 118,700 3,151,529 3,577,265 UTi Worldwide Inc. 2,600 45,680 34,392 Validus Holdings Ltd. 4,700 126,841 119,920 Warner Chilcott Ltd., Class ‘A’ 33,600 566,235 512,741 Weatherford International Ltd. 25,820 815,019 585,028 XL Capital Ltd., Class ‘A’ 31,700 1,270,863 421,898 Total Foreign Equities 36,315,699 36,285,477 Total Equities 1,164,802,004 1,082,284,920

MUTUAL FUND – 0.0%SEI Money Market Fund, Class ‘O’ 11,925 119,248 119,248

119,248 119,248Total Short-Term Note* – 4.2% 49,426,708 49,429,252Less: Transaction cost included in average cost (759,117) —Total Investments – 97.1% 1,213,588,843 1,131,833,420Unrealized Appreciation(Depreciation) on

Futures Contracts** – (0.2%) (1,780,219)Other Assets and Liabilities, Net – 3.1% 36,132,846Net Assets – 100.0% 1,166,186,047

*Short-Term Note earns interest at 0.194% and matures on September 17, 2009.

**$9,450,000 of Canada Treasury Bills are held as collateral by counterparties with respect to thefutures contracts.


Shares $ $



Contracts $ $ $ $

Unrealized DepreciationUnited States S&P 500 Index

expiration date September 2009 286 USD 936.94 77,800,159 76,019,939 (1,780,219)Unrealized Appreciation(Depreciation) on Long Futures Contracts (1,780,219)

22

Notes to Statement of Investment PortfolioCurrency RiskThe table below indicates the currencies to which the Fund had exposure as at June 30, 2009, on its trading monetary, non-monetary assets and liabilities.

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

U.S. Dollar 1,091,593,074 – 1,091,593,074 93.6%


As at June 30, 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 $54,579,654. In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material.

Interest Rate RiskThe interest rate risk is minimal given that the majority of the financial instruments held by the Fund are non-interest bearing.

Other Price RiskAs at June 30, 2009, a 10% change in equity prices on the US stock exchanges would have changed the Fund’s Net Assets by $115,830,486 with all other factors held constant. In practice, the actualresults may differ from this sensitivity analysis and the difference could be material.




23



2009 2008


at fair value 35,407 50,011 Accrued dividends receivable 1,039 1,805 Accrued interest receivable — 2Receivable for portfolio securities sold 517 6,833 Margin receivable on futures 3,940 2,084 Receivable for unit subscriptions 524 615

$ 1,173,260 $ 1,148,755LIABILITIES

Accrued liabilities 770 738 Payable for portfolio securities purchased 1,673 8,207 Payable for unit redemptions 2,851 2,809 Unrealized depreciation on futures contracts 1,780 33

7,074 11,787 NET ASSETS REPRESENTING

UNITHOLDERS’ EQUITY $ 1,166,186 $ 1,136,968

NET ASSETS PER CLASS(Class O) $ 1,127,793 $ 1,103,063 (Class I) $ 4,018 $ 4,022 (Class P) $ 31,842 $ 27,785 (Class F) $ 2,533 $ 2,098

NET ASSETS PER UNIT (note 7) (Class O) $ 4.95 $ 5.01(Class I) $ 4.89 $ 4.98 (Class P) $ 4.69 $ 4.81(Class F) $ 4.97 $ 5.06INVESTMENTS AT AVERAGE COST $ 1,213,589 $ 1,310,267


2009 2008

INVESTMENT INCOMEDividends $ 13,946 $ 14,762 Interest 54 501 Income from mutual funds 1 2

14,001 15,265 Foreign withholding taxes (1,855) 1,509

12,146 13,756 EXPENSES

Custodian and administration fees 653 677 Legal fees 39 47 Audit fees 23 45 Management fees 347 369 Trustee fees 7 29 Independent Review Committee fees 1 —Securityholder Reporting Costs 30 5

1,100 1,172 NET INVESTMENT INCOME (LOSS)

FOR THE PERIOD $ 11,046 $ 12,584 NET GAIN (LOSS) ON SALES OF SECURITIES $ (159,509) $ (34,980) NET REALIZED GAIN (LOSS) ON FUTURES

AND FORWARDS $ (2,743) $ (4,860)NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (2,273) $ 351 TRANSACTION COSTS $ (902) $ (522)UNREALIZED APPRECIATION (DEPRECIATION)


ON FUTURES AND FORWARD CONTRACTS $ (1,747) $ (3)NET GAIN (LOSS) ON INVESTMENTS $ (26,068) $ (115,945)NET INCREASE (DECREASE) IN NET ASSETS

FROM OPERATIONS $ (15,022) $ (103,361)


(Class O) $ (14,608) $ (99,280)(Class I) $ (58) $ (533)(Class P) $ (321) $ (3,366)(Class F) $ (35) $ (182)


(Class O) $ (0.06) $ (0.56)(Class I) $ (0.07) $ (0.65)(Class P) $ (0.04) $ (0.68)(Class F) $ (0.08) $ (0.69)



24




INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS (15,022) (103,361) (14,608) (99,280)


(5) (7) — —


Proceeds from issue of units 243,213 358,141 232,806 346,223 Payments on redemption of units (198,970) (146,823) (193,468) (142,063)Reinvestment of distributions ! 2 7 — —

44,245 211,325 39,338 204,160CHANGES IN NET ASSETS 29,218 107,957 24,730 104,880NET ASSETS, END OF PERIOD $ 1,166,186 $ 1,194,822 $ 1,127,793 $ 1,156,239

Class I Class P2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS (58) (533) (321) (3,366)

DISTRIBUTIONS TO UNITHOLDERSOut of net investment income ! (5) (6) — (1)

(5) (6) — (1)


Proceeds from issue of units 528 1,155 8,888 10,074 Payments on redemption of units (471) (573) (4,510) (3,627)Reinvestment of distributions ! 2 6 — 1

59 588 4,378 6,448CHANGES IN NET ASSETS (4) 49 4,057 3,081NET ASSETS, END OF PERIOD $ 4,018 $ 5,068 $ 31,842 $ 31,715




25



Class F2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS (35) (182)


Proceeds from issue of units 991 689 Payments on redemption of units (521) (560)

470 129CHANGES IN NET ASSETS 435 (53)NET ASSETS, END OF PERIOD $ 2,533 $ 1,800


26

EQUITIES – 95.1%U.S. EQUITIES – 93.8%Consumer Discretionary – 13.8%Aaron’s Inc. 9,897 249,630 342,748 Abercrombie & Fitch Co., Class ‘A’ 3,400 87,018 100,255 Advance Auto Parts Inc. 5,617 197,543 270,391 Aeropostale Inc. 1,200 34,067 47,731 American Eagle Outfitters Inc. 30,300 495,104 497,571 Ameristar Casinos Inc. 9,400 164,197 207,745 AnnTaylor Stores Corp. 12,200 82,855 113,064 AutoNation Inc. 12,217 153,556 246,166 Barnes & Noble Inc. 3,900 94,400 93,439 Bed Bath & Beyond Inc. 3,400 108,244 121,143 Big Lots Inc. 5,600 108,259 136,575 Blount International Inc. 3,975 50,015 39,747 Brinker International Inc. 9,200 133,493 181,849 Buckle Inc. 3,367 105,737 124,229 Career Education Corp. 10,779 210,996 311,578 Carter’s Inc. 11,351 169,871 324,421 Cato Corp. (The), Class ‘A’ 20,051 404,295 406,112 CEC Entertainment Inc. 15,303 449,431 523,212 Centene Corp. 5,379 123,655 124,813 Centex Corp. 67,100 820,592 659,259 Charlotte Russe Holding Inc. 26,000 307,109 388,913 Cheesecake Factory Inc. (The) 10,656 190,770 214,093 Chemed Corp. 4,775 254,846 218,934 Children’s Place Retail Stores Inc. (The) 4,500 161,171 138,021 Chipotle Mexican Grill Inc., Class ‘A’ 650 66,671 60,345 Christopher & Banks Corp. 20,558 146,114 160,201 Cinemark Holdings Inc. 29,026 339,759 380,916 CKE Restaurants Inc. 5,492 55,615 53,959 Cogo Group Inc. 6,600 41,720 45,760 Cooper Tire & Rubber Co. 12,000 117,639 138,247 Core-Mark Holding Co. Inc. 200 6,189 6,053 Corinthian Colleges Inc. 4,300 78,026 84,495 Cracker Barrel Old Country Store Inc. 5,164 175,157 167,322 CSS Industries Inc. 200 4,339 4,734 D.R. Horton Inc. 37,388 435,710 406,416 Deckers Outdoor Corp. 600 73,468 48,965 DeVry Inc. 2,300 134,230 133,662 Dick’s Sporting Goods Inc. 24,000 475,187 479,127 Dillard’s Inc., Class ‘A’ 2,600 27,248 27,779 DineEquity Inc. 3,500 116,442 126,779 Dollar Thrifty Automotive Group Inc. 28,695 449,433 464,883 Dollar Tree Stores Inc. 7,579 395,131 370,559 Domino’s Pizza Inc. 10,181 87,924 88,560 DreamWorks Animation SKG, Inc., Class ‘A’ 10,700 310,568 342,721 Eastman Kodak Co. 13,600 49,731 46,751 Exide Technologies 7,300 52,157 31,538 Family Dollar Stores Inc. 2,400 52,147 78,879 Federal-Mogul Corp., Class ‘A’ 20,600 207,251 226,319 Foot Locker Inc. 61,739 737,273 749,988 Fossil Inc. 3,200 96,150 89,452 Fred’s Inc., Class ‘A’ 2,400 29,519 35,008 Fuqi International Inc. 3,488 22,056 83,851 Gannett Co. Inc. 60,740 301,321 251,124

Genesco Inc. 4,475 151,399 97,756 Group 1 Automotive Inc. 4,843 125,103 146,347 H&R Block Inc. 11,781 226,868 235,328 Hasbro Inc. 3,630 110,781 102,189 hhgregg Inc. 2,600 52,562 45,776 Hillenbrand Inc. 2,750 62,444 53,143 IAC/InterActiveCorp 10,903 435,982 203,102 Iconix Brand Group Inc. 7,300 92,063 130,220 J. Crew Group Inc. 6,700 95,502 209,777 Jackson Hewitt Tax Service Inc. 6,000 32,864 43,272 Jo-Ann Stores Inc. 6,300 107,884 151,232 Liberty Media Holding Corp. - Interactive, Series ‘A’ 39,154 187,524 227,812 Live Nation Inc. 17,818 107,046 100,154 M.D.C. Holdings Inc. 6,171 228,054 215,789 M/I Homes Inc. 14,400 192,354 163,221 Meredith Corp. 2,164 85,837 64,086 National CineMedia Inc. 3,517 60,365 56,121 National Presto Industries Inc. 512 47,061 45,143 Netflix Inc. 6,600 169,090 316,867 Newpark Resources Inc. 22,416 71,744 73,933 NutriSystem Inc. 4,400 73,397 74,094 NVR Inc. 464 260,232 269,708 O’Charley’s Inc. 6,937 100,291 74,521 OfficeMax Inc. 3,900 29,284 28,444 O’Reilly Automotive Inc. 1,814 53,044 80,223 Papa John’s International Inc. 4,658 134,387 133,995 Perry Ellis International Inc. 700 6,017 5,910 PetSmart Inc. 3,800 88,239 94,706 Pulte Homes Inc. 24,471 297,428 250,943 RadioShack Corp. 7,400 106,131 119,972 RC2 Corp. 11,141 158,161 170,790 RCN Corp. 3,288 20,160 22,797 Regis Corp. 12,400 256,162 250,717 Rent-A-Center Inc. 27,302 621,942 565,339 Ross Stores Inc. 13,675 518,042 612,707 Sherwin-Williams Co. 2,817 173,103 175,779 Shutterfly Inc. 661 9,535 10,709 Skechers U.S.A. Inc., Class ‘A’ 7,694 86,031 87,299 Sonic Automotive Inc. 8,600 100,427 101,474 Sotheby’s Holdings Inc., Class ‘A’ 5,400 136,541 88,174 Stage Stores Inc. 6,998 67,002 90,130 Stamps.com Inc. 6,200 81,175 61,059 Stanley Works (The) 4,160 176,634 163,295 Stein Mart Inc. 3,481 29,767 35,818 Strayer Education Inc. 1,200 246,461 303,112 Systemax Inc. 3,400 50,491 47,028 Tempur-Pedic International Inc. 3,175 36,738 48,193 Timberland Co. (The), Class ‘A’ 9,133 144,393 140,750 Universal Electronics Inc. 1,996 50,708 46,755 WABCO Holdings Inc. 3,919 68,176 80,559 Warnaco Group Inc. (The) 2,575 104,254 96,772 Warner Music Group Corp. 15,850 87,290 107,683 Williams Sonoma Inc. 9,700 106,665 133,379 WMS Industries Inc. 14,081 363,765 514,628 Wyndham Worldwide Corp. 19,300 228,839 270,762

17,954,468 19,055,894


Shares $ $


Shares $ $


U.S. Small Company Equity Fund

SUSC (See accompanying notes)

27

Consumer Staples – 3.3%AMERIGROUP Corp. 3,175 92,789 98,930 Andersons Inc. (The) 10,701 231,499 372,083 Avon Products Inc. 8,775 335,006 262,618 Cal-Maine Foods Inc. 1,246 34,153 36,118 Casey’s General Stores Inc. 5,000 125,990 149,175 Chiquita Brands International Inc. 18,155 185,175 216,325 Coca-Cola Bottling Co. Consolidated 1,000 57,685 64,048 Constellation Brands Inc., Class ‘A’ 12,085 241,875 177,963 Darling International Inc. 23,200 311,068 177,826 Dean Foods Co. 25,145 574,926 560,389 Del Monte Foods Co. 28,780 223,508 312,511 Flowers Foods Inc. 4,300 122,621 108,965 Hansen Natural Corp. 3,775 179,754 135,118 J & J Snack Foods Corp. 2,804 112,892 116,906 Nash Finch Co. 2,416 84,954 75,869 Nu Skin Enterprises Inc., Class ‘A’ 3,107 36,207 55,207 Pantry Inc. (The) 23,816 510,292 457,752 Prestige Brands Holdings Inc. 10,307 94,194 73,616 Smithfield Foods Inc. 5,700 79,474 92,279 Spartan Motors Inc. 32,577 301,634 428,651 Tractor Supply Co. 2,944 118,340 141,069 TreeHouse Foods Inc. 2,417 82,447 80,757 Vector Group Ltd. 10,669 172,205 176,812 Weis Markets Inc. 4,989 177,550 194,214

4,486,238 4,565,201

Energy – 4.6%Alliance Resource Partners L.P. 868 45,179 32,762 Alpha Natural Resources Inc. 8,369 194,891 255,327 Asbury Automotive Group Inc. 3,600 45,397 42,812 BJ Services Co. 1,946 33,490 30,736 Cal Dive International Inc., 0%, 12,290 121,933 123,176 Cameron International Corp. 10,233 376,523 335,607 Clayton Williams Energy Inc. 2,778 167,770 60,524 Comstock Resources Inc. 2,515 106,424 96,328 Continental Resources Inc. 7,000 157,992 225,186 Denbury Resources Inc. 11,250 301,713 192,189 Dresser-Rand Group Inc. 11,570 385,163 350,701 Ensco International Inc. 5,319 178,575 215,029 EXCO Resources Inc. 22,800 307,227 341,047 Exterran Holdings Inc. 10,200 188,451 189,414 Foundation Coal Holdings Inc. 2,975 138,022 97,121 Frontier Oil Corp. 14,607 245,235 222,396 Gran Tierra Energy Inc. 7,943 45,035 31,825 GulfMark Offshore Inc. 3,522 113,532 112,892 ITT Educational Services Inc. 2,775 295,652 324,369 Key Energy Services Inc. 35,950 276,152 240,483 Matrix Service Co. 7,900 94,230 105,325 Murphy Oil Corp. 4,891 279,274 308,546 Oceaneering International Inc. 3,500 222,181 183,319 Petrohawk Energy Corp. 3,900 146,471 100,776 Pioneer Drilling Co. 1,173 8,233 6,512 Plains Exploration & Production Co. 1,375 65,315 43,594 Pride International Inc. 1,708 48,477 49,609

Superior Energy Services Inc. 3,850 149,194 77,218 Tesoro Corp. 16,015 299,086 236,394 TETRA Technologies Inc. 4,400 40,538 40,675 Tidewater Inc. 2,175 121,321 108,110 Venoco Inc. 20,000 176,037 178,151 W&T Offshore Inc. 16,910 408,974 190,689 Western Refining Inc. 26,167 409,702 213,939 Williams Cos. Inc. 4,775 153,925 86,509 World Fuel Services Corp. 19,153 787,941 914,646

7,135,255 6,363,936

Financials – 15.3%Advance America Cash Advance Centers Inc. 24,161 128,835 124,303 Affiliated Managers Group Inc. 1,700 113,461 114,608 Agree Realty Corp. 3,800 94,673 80,849 Alexander’s Inc. 688 202,188 215,397 Alexandria Real Estate Equities Inc. 3,032 308,049 125,637 American Financial Group Inc. 11,047 291,324 276,731 Ameriprise Financial Inc. 6,436 164,871 181,405 Amerisafe Inc. 6,700 154,733 121,073 Anworth Mortgage Asset Corp. 58,900 466,758 491,137 Arrow Financial Corp. 1,271 38,667 39,854 BancorpSouth Inc. 3,650 84,660 86,940 Bank Mutual Corp. 8,400 96,906 85,067 Bank of Hawaii Corp. 6,382 334,260 265,044 Bank of the Ozarks Inc. 1,600 51,337 40,118 BankFinancial Corp. 1,100 13,071 11,293 BioMed Realty Trust Inc. 3,500 33,010 41,582 BlackRock Inc., Class ‘A’ 478 83,872 97,108 BlackRock Kelso Capital Corp. 2,900 20,723 20,948 Calamos Asset Management Inc., Class ‘A’ 2,000 32,356 32,773 Capitol Federal Financial 4,358 221,982 193,691 Capstead Mortgage Corp. 6,600 84,411 97,114 Chemical Financial Corp. 4,600 133,616 106,363 Cincinnati Financial Corp. 2,700 89,165 70,019 CIT Group Inc. 24,300 87,553 60,393 City Holding Co. 4,890 189,391 172,131 CNA Surety Corp. 8,043 128,363 126,007 Colonial Properties Trust 21,800 195,858 187,096 Columbia Banking Systems Inc. 8,248 141,678 97,991 Community Bank Systems Inc. 7,959 177,683 134,581 Compass Diversified Trust 8,265 111,960 77,652 Cullen Frost Bankers Inc. 5,513 309,837 294,708 CVB Financial Corp. 12,100 134,371 83,892 CVR Energy Inc. 38,573 329,125 327,016 Delphi Financial Group Inc., Class ‘A’ 12,190 316,484 275,068 Developers Diversified Realty Corp. 30,911 106,450 175,185 Dime Community Bancorp Inc. 13,023 229,896 137,631 DuPont Fabros Technology Inc. 40,752 256,049 444,404 Eaton Vance Corp. 9,600 362,574 298,012 eHealth Inc. 8,000 123,549 163,983 EMC Insurance Group Inc. 3,875 107,184 93,650 Employers Holdings Inc. 4,600 85,842 72,387 Equity Lifestyle Properties Inc. 9,260 396,041 399,837 Equity One Inc. 6,200 97,968 95,477


Shares $ $


Shares $ $



(See accompanying notes) SUSC

28

Extra Space Storage Inc. 40,448 381,474 391,296 F.N.B. Corp. 34,600 311,504 247,927 FCStone Group Inc. 13,500 174,714 61,929 Federated Investors Inc., Class ‘B’ 9,761 370,871 273,083 Felcor Lodging Trust Inc. 10,769 35,590 30,641 Financial Federal Corp. 11,400 282,023 272,069 First Cash Financial Services Inc. 4,222 80,482 85,855 First Commonwealth Financial Corp. 9,300 107,123 68,152 First Financial Bancorp 18,631 264,381 162,711 First Financial Bankshares Inc. 1,680 87,275 98,002 First Horizon National Corp. 13,319 163,979 185,614 First Mercury Financial Corp. 12,518 175,260 200,185 First Midwest Bancorp Inc. 5,300 64,278 44,933 First Niagara Financial Group Inc. 5,500 88,783 72,881 First Potomac Realty Trust 1,000 11,307 11,323 Flushing Financial Corp. 2,300 41,901 24,921 Forestar Group Inc. 8,537 95,784 117,684 Getty Realty Corp. 14,168 345,292 310,487 GFI Group Inc. 13,900 78,060 108,802 Hancock Holding Co. 4,900 227,385 184,888 Hospitality Properties Trust 20,200 286,727 278,462 HRPT Properties Trust 52,010 281,937 245,231 Hudson City Bancorp Inc. 14,086 186,138 217,408 Infinity Property & Casualty Corp. 3,742 190,739 158,447 Inland Real Estate Corp. 11,900 161,551 96,464 Interactive Brokers Group Inc., Class ‘A’ 12,600 267,255 226,958 Investment Technology Group 9,900 287,339 233,741 Kilroy Realty Corp. 4,025 196,801 96,013 Knight Capital Group Inc., Class ‘A’ 16,503 286,105 326,776 LTC Properties Inc. 5,000 139,476 118,748 Meadowbrook Insurance Group Inc. 21,200 165,932 160,773 Medallion Financial Corp. 2,100 17,770 18,657 MFA Financial Inc. 34,200 236,189 274,850 NASB Financial Inc. 300 10,652 9,720 National Financial Partners Corp. 13,000 95,915 110,514 National Penn Bancshares Inc. 19,220 292,620 102,677 Nationwide Health Properties Inc. 22,549 769,734 672,489 Navigators Group Inc. (The) 7,185 404,735 370,153 Nelnet Inc., Class ‘A’ 23,100 308,756 364,581 New York Community Bancorp Inc. 13,445 227,378 166,449 NewAlliance Bancshares Inc. 8,100 108,060 107,898 NorthStar Realty Finance Corp. 18,641 161,567 61,266 NYSE Euronext 2,200 131,899 69,623 OceanFirst Financial Corp. 2,200 45,686 30,506 Old National Bancorp 4,900 96,220 55,882 Omega Healthcare Investors Inc. 8,726 147,286 157,177 Oppenheimer Holdings Inc., Class ‘A’ 4,000 80,343 98,343 optionsXpress Holdings Inc. 12,427 284,852 224,130 Penson Worldwide Inc. 12,433 126,316 129,230 People’s United Financial Inc. 4,250 76,562 74,233 Piper Jaffray Cos. Inc. 1,528 60,088 77,388 Plum Creek Timber Co. Inc. 1,800 74,054 62,253 Prosperity Bancshares Inc. 12,167 396,009 420,796 Protective Life Corp. 26,000 223,809 344,828 PS Business Parks Inc. 2,934 148,492 165,054 Pzena Investment Management Inc., Class ‘A’ 1,100 9,073 9,645

Reinsurance Group of America, Inc. 2,779 129,250 112,668 Republic Bancorp Inc., Class ‘A’ 1,500 43,595 39,352 S&T Bancorp Inc. 5,400 195,314 76,196 Seabright Insurance Holdings 4,200 51,781 49,411 Selective Insurance Group Inc. 9,400 232,603 139,297 Senior Heights Properties Trust 12,703 239,572 239,730 Simmons First National Corp., Class ‘A’ 2,678 85,659 82,791 SL Green Realty Corp. 3,600 99,222 95,825 Sovran Self Storage Inc. 4,400 167,503 125,500 St. Joe Corp. 4,725 195,289 145,086 StanCorp Financial Group Inc. 7,135 337,294 237,235 Strategic Hotels & Resorts Inc. 44,225 75,768 56,497 Sun Communities Inc. 13,500 192,598 216,046 SWS Group Inc. 11,725 173,649 190,227 TD Ameritrade Holding Corp. 12,450 230,736 253,463 Tompkins Trustco Inc. 2,600 158,036 144,182 Tower Group Inc. 5,300 144,582 152,525 Transatlantic Holdings Inc. 13,728 705,607 689,376 Trustco Bank Corp. 44,600 505,526 306,116 UMB Financial Corp. 4,100 229,729 180,986 Umpqua Holdings Corp. 4,900 81,186 44,159 United Community Banks Inc. 8,726 120,065 60,701 Unitrin Inc. 5,100 110,716 71,193 Unum Group 10,442 182,142 192,331 Ventas Inc. 6,330 271,333 219,144 Waddell & Reed Financial, Class ‘A’ 9,240 258,833 282,329 Washington Federal Inc. 11,200 231,380 168,962 Wesbanco Inc. 2,300 70,606 38,838 Westamerica Bancorp 6,100 368,583 351,449 Whitney Holding Co. 4,600 96,412 48,774 Wilmington Trust Corp. 3,700 109,511 58,525 World Acceptance Corp. 3,400 71,501 78,616 Zenith National Insurance Corp. 2,500 93,564 63,090

23,761,460 21,137,521

Health Care – 12.8%Adolor Corp. 7,900 16,969 16,056 Affymax Inc. 1,800 32,312 38,443 Albany Molecular Research Inc. 10,300 149,203 100,360 Amedisys Inc. 2,400 133,665 91,923 American Medical Systems Holdings Inc. 35,088 576,081 643,841 AmerisourceBergen Corp. 6,292 132,146 129,630 AmSurg Corp. 3,675 96,210 91,505 Amylin Pharmaceuticals Inc. 9,400 75,887 146,939 Analogic Corp. 1,125 76,721 48,211 AngioDynamics Inc. 11,468 175,230 176,735 ArQule Inc. 532 3,285 3,794 Assisted Living Concepts Inc. 1,662 59,689 28,065 Beckman Coulter Inc. 3,600 226,013 238,727 Biogen Idec Inc. 4,300 227,799 225,420 BioMarin Pharmaceutical Inc. 4,200 65,157 75,945 Bio-Rad Laboratories Inc., Class ‘A’ 1,168 105,777 102,114 Bruker BioSciences Corp. 9,800 69,780 105,276 Cantel Medical Corp. 8,300 140,164 156,444 Catalyst Health Solutions Inc. 2,789 82,106 80,748 Celera Corp. 9,300 115,021 82,192


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Cephalon Inc. 4,000 319,778 263,115 Charles River Laboratories International Inc. 5,625 321,442 220,475 Community Health Systems Inc. 7,526 231,670 220,606 Cooper Cos. Inc. (The) 2,875 117,999 82,437 CorVel Corp. 1,150 34,238 30,370 Covance Inc. 7,350 589,811 419,882 Coventry Health Care Inc. 16,823 327,262 365,545 Cubist Pharmaceuticals Inc. 5,300 104,269 112,824 Cyberonics Inc. 2,250 34,882 43,455 Dentsply International Inc. 4,300 177,032 152,411 DepoMed Inc. 3,404 12,023 12,848 Dionex Corp. 158 9,640 11,197 Endo Pharmaceuticals Holdings Inc. 26,603 677,875 553,337 Enzo Biochem Inc. 7,900 102,215 40,644 eResearch Technology Inc. 18,737 205,953 135,131 ev3 Inc. 14,012 139,315 174,445 Forest Laboratories Inc., Class ‘A’ 8,025 289,861 233,741 Gen-Probe Inc. 3,400 192,154 169,592 Genzyme Corp. 2,200 157,564 142,235 Health Management Associates Inc., Class ‘A’ 13,000 79,428 74,582 Health Net Inc. 13,750 522,786 248,311 HealthSouth Corp. 5,700 72,139 95,588 Healthspring Inc. 11,217 207,029 141,472 Hill-Rom Holdings Inc. 10,638 281,274 200,018 Hologic Inc. 10,746 285,758 177,713 IDEXX Laboratories Inc. 5,800 304,886 310,791 Illumina Inc. 1,500 55,238 67,834 Immucor Inc. 9,700 279,262 154,895 Immunomedics Inc. 3,640 9,795 10,737 InterMune Inc. 4,000 57,543 70,517 Intuitive Surgical Inc. 950 239,788 180,563 Invacare Corp. 3,800 74,888 77,892 inVentiv Health Inc. 4,816 47,649 75,562 IRIS International Inc. 2,640 35,323 36,117 Isis Pharmaceuticals Inc. 16,238 249,940 310,780 Kendle International Inc. 8,613 349,636 122,133 Kensey Nash Corp. 4,269 104,787 129,944 Kindred Healthcare Inc. 5,344 128,400 76,585 Kinetic Concepts Inc. 9,400 365,646 297,152 King Pharmaceuticals Inc. 55,483 602,264 619,866 Laboratory Corp. of America Holdings 4,900 348,065 385,710 LHC Group Inc. 6,507 191,060 167,537 Life Technologies Corp. 3,350 123,342 162,313 LifePoint Hospitals Inc. 12,827 359,665 391,037 Lincare Holdings Inc. 7,833 254,281 213,867 Magellan Health Services Inc. 4,890 202,432 186,328 Martek Biosciences Corp. 19,865 590,031 487,935 Maxygen Inc. 16,523 150,209 128,950 Medicis Pharmaceutical Corp. 13,823 273,708 261,509 MEDNAX Inc. 3,525 216,157 172,265 Meridian Bioscience Inc. 8,100 232,480 212,409 Merit Medical System Inc. 3,200 67,385 60,502 Millipore Corp. 1,727 128,174 140,817 Molina Healthcare Inc. 1,607 51,715 44,642 Myriad Genetics Inc. 4,687 191,982 193,453 Myriad Pharmaceuticals Inc. 1,069 8,472 5,810

Nighthawk Radiology Holdings Inc. 10,204 61,926 43,728 Noven Pharmaceuticals Inc. 4,200 53,887 69,702 NPS Pharmaceuticals Inc. 20,483 164,973 110,376 Omnicare Inc. 10,000 269,154 298,699 Onyx Pharmaceuticals Inc. 800 31,780 26,256 OSI Pharmaceuticals Inc. 9,360 415,382 306,758 Osiris Therapeutics Inc. 7,564 116,602 117,624 Owens & Minor Inc. 1,975 84,666 100,371 Palomar Medical Technologies Inc. 2,737 35,937 46,598 Par Pharmaceutical Cos. Inc. 2,875 61,625 50,584 Parexel International Corp. 3,525 85,200 58,868 PDL BioPharma Inc. 18,944 199,870 173,585 Pharmaceutical Product Development Inc. 19,503 708,831 525,702 PharMerica Corp. 4,388 85,223 99,831 Progenics Pharmaceuticals Inc. 5,000 42,263 29,847 Providence Service Corp. 3,400 44,645 43,237 Regeneron Pharmaceuticals Inc. 3,100 56,141 64,515 Res-Care Inc. 5,268 104,218 87,487 ResMed Inc. 4,556 198,770 215,454 Sepracor Inc. 7,300 146,058 146,752 Sirona Dental Systems Inc. 6,235 164,236 144,748 Somanetics Corp. 6,500 165,904 124,630 SonoSite Inc. 3,688 119,404 85,747 Sun Healthcare Group Inc. 13,618 154,077 133,323 Symmetry Medical Inc. 7,043 64,886 76,232 Techne Corp. 5,600 450,215 414,927 Universal Health Services Inc., Class ‘B’ 1,700 96,599 96,346 Valeant Pharmaceuticals International 2,600 48,598 77,481 Vertex Pharmaceuticals Inc. 2,500 72,101 103,360 ViroPharma Inc. 16,000 157,767 110,189 Waters Corp. 8,658 488,753 516,725 Watson Pharmaceuticals Inc. 10,315 312,214 402,985 Zoll Medical Corp. 2,200 73,382 49,413

19,682,102 17,612,874

Industrials – 13.4%A.O. Smith Corp. 4,100 160,994 155,083 AAON Inc. 5,900 134,258 136,491 Actuant Corp., Class ‘A’ 7,150 211,315 101,305 Administaff Inc. 7,062 191,847 190,848 Aircastle Ltd. 44,600 401,665 380,702 Alexander & Baldwin Inc. 3,200 153,528 87,073 Alliant Techsystems Inc. 1,225 121,612 117,013 Altra Holdings Inc. 6,500 122,341 56,465 American Reprographics Co. 23,919 179,204 231,116 American Science and Engineering Inc. 500 42,573 40,026 Ampco-Pittsburgh Corp. 5,700 141,625 155,232 Apogee Enterprises Inc. 14,900 204,024 212,841 Arkansas Best Corp. 2,700 76,637 82,467 Armstrong World Industries Inc. 6,973 174,373 133,133 ATC Technology Corp. 8,800 133,603 148,086 Briggs & Stratton Corp. 25,600 586,115 396,606 Brink’s Co. (The) 6,888 339,437 232,222 C.H. Robinson Worldwide Inc. 2,900 168,762 175,637 Carlisle Cos. Inc. 8,803 219,530 245,770 Ceradyne Inc. 3,200 104,667 65,593


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Chart Industries Inc. 13,650 253,393 288,197 Cintas Corp. 7,811 196,714 207,370 Columbus Mckinnon Corp., N.Y. 4,950 135,744 72,663 CRA International Inc. 1,291 47,066 41,561 Crane Co. 5,559 123,413 143,838 Cubic Corp. 8,248 307,906 342,730 Delta Air Lines Inc. 6,500 77,631 43,632 Deluxe Corp. 16,912 257,443 251,598 Dover Corp. 5,476 200,473 210,438 Dun & Bradstreet Corp. (The) 8,518 847,182 803,360 Dycom Industries Inc. 38,229 477,931 490,146 DynCorp International Inc., Class ‘A’ 23,819 400,942 464,448 EMCOR Group Inc. 23,890 697,798 558,222 EnergySolutions Inc. 3,985 35,636 42,485 Ennis Inc. 4,142 66,893 59,936 Equifax Inc. 11,550 450,572 350,095 ESCO Technologies Inc. 2,625 113,633 136,575 Fastenal Co. 7,222 260,139 278,206 Federal Signal Corp. 23,300 353,041 207,005 Flowserve Corp. 2,453 261,524 198,418 Fluor Corp. 3,019 122,761 179,829 Force Protection Inc. 11,000 75,399 112,930 G & K Services Inc., Class ‘A’ 3,686 94,299 90,538 Gardner Denver Inc. 13,448 512,917 393,101 GATX Corp. 2,400 96,483 71,548 Genco Shipping & Trading Ltd. 2,000 52,834 50,310 Gencorp Inc. 12,450 123,594 27,472 General Cable Corp. 3,100 132,488 134,863 Geo Group Inc. (The) 6,500 164,993 140,256 H&E Equipment Services Inc. 4,725 88,968 51,252 Harbin Electric Inc. 1,762 25,345 31,697 Harsco Corp. 2,500 132,359 81,962 Hawaiian Holdings Inc. 10,000 86,218 69,797 Hubbell Inc., Class ‘B’ 7,172 324,469 266,951 Interline Brands Inc. 7,136 103,756 113,372 J.B. Hunt Transport Services Inc. 3,725 114,204 131,901 Jacobs Engineering Group Inc. 6,860 453,537 335,325 Joy Global Inc. 6,791 230,276 281,635 Kaman Corp., Class ‘A’ 4,000 113,907 77,718 Kansas City Southern Industries Inc. 13,100 526,829 244,940 KBR Inc. 8,500 195,408 181,931 Kirby Corp. 7,200 368,221 265,819 LaBarge Inc. 1,700 21,273 18,341 Ladish Co. Inc. 2,890 94,994 43,464 Lincoln Electric Holdings Inc. 7,562 520,636 316,069 Lydall Inc. 5,600 69,499 22,112 M & F Worldwide Corp. 3,600 96,383 83,366 Manpower Inc. 5,366 268,978 263,605 Marten Transport Ltd. 3,700 86,284 89,206 Michael Baker Corp. 2,000 79,958 98,390 Mine Safety Appliances Co. 6,400 211,042 178,681 Mueller Industries Inc. 6,711 171,712 162,034 Nacco Industries Inc., Class ‘A’ 500 21,399 16,671 NCI Building Systems Inc. 35,400 102,721 108,535 Oshkosh Truck Corp., Class ‘B’ 40,250 548,727 679,663 Pacer International Inc. 15,734 77,670 40,565

Pall Corp. 1,600 49,307 49,278 Powell Industries Inc. 4,200 176,063 180,815 PRG-Schultz International Inc. 2,765 13,176 8,510 R.R. Donnelley & Sons Co. 13,718 235,315 185,123 Rayonier Inc. 2,428 106,314 102,442 Republic Airways Holdings Inc. 26,400 425,039 199,288 Ryder System Inc. 1,700 76,723 55,122 Saia Inc. 2,687 37,560 56,201 Shaw Group Inc. (The) 5,738 309,472 182,389 SkyWest Inc. 13,634 246,875 161,505 Sonoco Products Co. 9,528 303,330 265,015 Standard Register Co. (The) 6,600 72,145 24,834 TeleTech Holdings Inc. 15,031 218,111 267,779 Thomas & Betts Corp. 12,058 353,326 403,443 Timken Co. 6,017 97,769 119,352 Titan Machinery Inc. 4,100 45,760 60,424 Toro Co. 971 33,151 33,717 UAL Corp. 36,400 210,679 134,851 Ultralife Batteries Inc. 5,400 61,763 44,965 United Stationers Inc. 2,636 146,823 106,779 URS Corp. 7,029 343,222 403,340 US Airways Group Inc. 73,785 248,754 205,657 Wabtec Corp. 10,575 429,912 395,089 Walter Energy Inc. 7,665 230,388 322,599 Waste Connections Inc. 6,375 205,655 191,531 Waste Services Inc. 6,000 42,106 36,095 WESCO International Inc. 13,934 438,491 404,556

21,100,954 18,591,180

Information Technology – 16.8%3Com Corp. 51,262 161,956 280,401 Acxiom Corp. 41,875 464,139 429,416 ADC Telecommunications Inc. 24,862 201,136 229,833 Advanced Analogic Technologies Inc. 14,175 97,716 75,397 Akamai Technologies Inc. 11,175 409,764 248,790 Alliance Data Systems Corp. 3,249 182,748 155,419 Amkor Technology Inc. 10,700 45,163 58,529 ANSYS Inc. 9,300 399,670 336,437 Applied Micro Circuits Corp. 33,600 287,193 317,244 Arris Group Inc. 35,269 299,052 498,069 Arrow Electronics Inc. 21,194 503,652 522,056 Art Technology Group Inc. 25,380 103,085 112,005 Avnet Inc. 25,780 604,167 628,432 BMC Software Inc. 6,137 202,015 240,828 Brightpoint Inc. 46,444 346,656 337,650 Broadridge Financial Solutions Inc. 25,770 544,885 495,608 CACI International Inc., Class ‘A’ 1,058 49,020 52,404 Checkpoint Systems Inc. 6,925 160,590 125,943 Cirrus Logic Inc. 12,125 81,495 63,225 Citrix Systems Inc. 4,825 158,054 178,640 Cognex Corp. 5,000 116,250 82,049 CommScope Inc. 900 26,363 27,374 Computer Sciences Corp. 5,168 195,872 265,522 Convergys Corp. 10,300 111,258 110,767 CPI International Inc. 1,800 22,695 18,166 Cree Inc. 2,675 75,520 91,117


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CSG Systems International Inc. 28,893 612,174 444,267 CTS Corp. 13,825 159,698 105,165 Cymer Inc. 1,725 52,980 59,519 Cypress Semiconductor Corp. 15,482 129,559 165,416 Daktronics Inc. 5,100 51,552 45,606 Diebold Inc. 2,675 114,894 81,797 Dolby Laboratories Inc., Class ‘A’ 4,100 180,312 176,986 DSP Group Inc. 12,626 95,352 99,123 DST Systems Inc. 3,325 214,088 142,450 EarthLink Inc. 25,300 203,888 217,722 Electronics for Imaging Inc. 6,325 112,020 78,303 Euronet Worldwide Inc. 1,160 19,743 26,122 Fidelity National Information Services Inc. 9,552 188,318 221,421 Fiserv Inc. 448 20,104 23,777 Flir Systems Inc. 8,500 246,487 222,700 Heartland Payment Systems Inc. 26,750 361,790 296,060 Hewitt Associates Inc., Class ‘A’ 2,900 107,695 100,128 i2 Technologies Inc. 9,900 76,096 144,177 Ingram Micro Inc., Class ‘A’ 43,747 711,345 888,590 Insight Enterprises Inc. 6,095 67,907 68,094 Integral Systems Inc. 7,900 150,228 76,333 Integrated Device Technology Inc. 33,963 270,954 238,235 Intermec Inc. 3,400 75,936 50,937 Intuit Inc. 5,175 149,442 169,241 Jabil Circuit Inc. 83,819 923,880 721,313 JDA Software Group Inc. 8,100 155,577 140,916 JDS Uniphase Corp. 27,028 106,943 179,859 Juniper Networks Inc. 4,200 107,445 115,113 Kenexa Corp. 3,300 64,220 44,342 Lam Research Corp. 9,100 305,416 274,564 Lexmark International Inc. 12,775 392,336 235,006 Linear Technology Corp. 7,100 245,636 192,617 LSI Logic Corp. 19,175 114,970 101,101 MEMC Electronic Materials Inc. 2,025 125,841 41,861 Metavante Technologies Inc. 800 19,054 24,017 Methode Electronics Inc. 18,500 168,400 150,825 Micrel Inc. 4,900 43,529 41,655 Microsemi Corp. 10,175 230,458 163,071 MicroStrategy Inc., Class ‘A’ 3,916 262,610 228,438 Microtune Inc. 9,450 43,978 25,681 MIPS Technologies Inc. 17,206 64,622 59,547 Monolithic Power Systems Inc. 5,825 113,638 151,262 Move Inc. 49,525 141,954 124,234 MSCI Inc., Class ‘A’ 3,800 92,443 107,857 MTS Systems Corp. 2,350 92,173 56,357 Multi-Fineline Electronix Inc. 9,400 183,503 233,617 National Semiconductor Corp. 3,600 46,087 52,344 NCR Corp. 4,475 135,742 61,325 NetApp Inc. 9,732 153,668 222,768 Netgear Inc. 2,600 33,724 43,511 NetScout Systems Inc. 33,000 361,380 359,484 Neutral Tandem Inc. 3,488 65,876 119,620 Novatel Wireless Inc. 15,300 106,378 160,273 Novell Inc. 12,600 61,344 66,141 ON Semiconductor Corp. 20,400 150,951 162,287 OSI Systems Inc. 7,700 155,467 186,270

Perot Systems Corp., Class ‘A’ 7,186 109,771 119,590 Quest Software Inc. 4,600 72,620 74,470 S1 Corp. 17,500 127,986 140,233 SAIC Inc. 13,011 265,602 279,994 ScanSource Inc. 12,987 332,188 369,068 Semtech Corp. 5,500 87,534 101,624 Silicon Laboratories Inc. 5,600 174,459 246,225 Skyworks Solutions Inc. 49,036 475,771 556,951 Sohu.com Inc. 4,442 344,372 323,864 Sybase Inc. 18,076 534,988 657,067 Sykes Enterprises Inc. 8,589 190,290 180,046 Symmetricom Inc. 5,728 22,488 38,383 SYNNEX Corp. 9,536 249,197 275,980 Synopsys Inc. 25,995 614,109 588,993 Take-Two Interactive Software Inc. 16,658 145,274 183,011 Taleo Corp., Class ‘A’ 5,015 68,707 106,408 Tech Data Corp. 10,552 338,204 400,969 Teradata Corp. 13,467 323,078 365,348 Tessera Technologies Inc. 1,700 49,298 49,910 Tibco Software Inc. 62,223 402,968 518,123 TNS Inc. 11,500 234,174 250,416 Trimble Navigation Ltd. 5,100 167,280 116,029 United Online Inc. 32,765 283,465 247,716 United States Cellular Corp. 3,895 164,487 173,882 ValueClick Inc. 48,637 539,260 594,218 Varian Semiconductor Equipment Associates Inc. 5,425 213,296 150,893 Veeco Instruments Inc. 4,200 71,743 56,532 VeriSign Inc. 8,933 194,174 191,614 Vishay Intertechnology Inc. 23,700 161,311 186,888 Web.com Group Inc. 5,400 34,284 35,245 Websense Inc. 1,121 21,552 23,225 Western Digital Corp. 7,531 133,572 231,772 Wright Express Corp. 10,395 298,352 306,635

22,937,773 23,112,088

Materials – 6.8%A. Schulman Inc. 14,725 284,751 258,394 AEP Industries Inc. 1,100 25,569 33,713 Airgas Inc. 800 36,953 37,600 AK Steel Holding Corp. 15,500 185,541 344,718 Allied Nevada Gold Corp. 4,500 30,315 42,174 Ashland Inc. 8,300 263,614 270,187 Brady Corp., Class ‘A’ 3,905 135,526 113,921 Bway Holding Co. 6,400 65,789 130,146 Cabot Corp. 5,450 186,319 79,433 Castle (A. M.) & Co. 10,263 133,775 143,981 Century Aluminum Co. 15,600 114,249 112,688 CF Industries Holdings Inc. 1,379 102,452 118,703 CIBER Inc. 17,662 67,738 63,176 Clearwater Paper Corp. 8,800 140,188 257,234 Cliffs Natural Resources Inc. 2,082 50,481 58,973 Commercial Metals Co. 12,036 189,963 223,648 Crown Holdings Inc. 18,741 440,575 525,404 FMC Corp. 5,050 278,845 277,406 General Steel Holdings Inc. 13,571 74,214 62,570 H.B. Fuller Co. 11,600 213,840 252,863


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Headwaters Inc. 31,839 148,850 124,240 Innophos Holdings Inc. 13,945 283,796 273,534 Innospec Inc. 8,640 170,550 107,866 Koppers Holdings Inc. 7,814 237,519 239,302 LSB Industries Inc. 17,910 294,702 336,332 Lubrizol Corp. (The) 6,100 319,987 335,155 Maximus Inc. 2,412 103,239 115,352 McMoRan Exploration Co. 21,495 255,086 147,782 Minerals Technologies Inc. 3,254 116,961 136,121 Nalco Holding Co. 31,200 467,781 610,183 Neenah Paper Inc. 3,125 88,035 31,973 NewMarket Corp. 3,950 310,036 308,819 Owens Illinois Inc. 8,479 345,405 275,817 Pactiv Corp. 18,212 428,120 459,389 Reliance Steel & Aluminum Co. 6,282 307,427 279,786 RLI Corp. 2,000 141,064 104,057 Rock-Tenn Co., Class ‘A’ 9,732 362,619 431,294 Schnitzer Steel Industries Inc., Class ‘A’ 3,200 124,995 196,445 Sealed Air Corp. 3,000 63,292 64,281 Sensient Technologies Corp. 5,600 157,057 146,785 Silgan Holdings Inc. 7,934 438,531 451,770 Spartech Corp. 1,531 4,359 16,340 Stillwater Mining Co. 8,500 42,037 56,366 Symyx Technologies Inc. 5,475 49,497 37,197 Terra Industries Inc. 9,331 315,054 262,353 Titanium Metals Corp. 7,600 86,075 80,849 U.S. Concrete Inc. 3,469 18,048 7,937 United States Steel Corp. 1,802 71,734 74,795 W.R. Grace & Co. 5,725 54,410 82,245 Worthington Industries Inc. 10,100 109,451 149,670

8,936,414 9,350,967

Telecommunication Services – 1.7%Alaska Communications Systems Holdings Inc. 23,875 310,203 202,963 CenturyTel Inc. 8,866 344,018 316,103 Embarq Corp. 3,225 121,690 157,492 Iowa Telecommunications Services Inc. 5,425 105,210 78,817 iPCS Inc. 2,200 43,472 38,222 NTELOS Holdings Corp. 8,300 228,874 177,458 PAETEC Holding Corp. 33,591 111,868 105,329 Premiere Global Services Inc. 11,400 142,245 143,515 SBA Communications Corp. 1,600 44,352 45,525 Syniverse Holdings Inc. 29,095 417,619 541,307 tw telecom Inc. 13,675 230,793 163,261 USA Mobility Inc. 12,821 129,959 189,992 Windstream Corp. 13,047 139,295 126,672

2,369,598 2,286,656

Utilities – 5.3%AGL Resources Inc. 8,327 316,500 306,944 Alliant Energy Corp. 5,631 203,155 170,813 Atmos Energy Corp. 9,277 270,632 269,669 Black Hills Corp. 3,050 114,050 81,256 CenterPoint Energy Inc. 25,900 427,643 333,275 Central Vermont Public Service Corp. 4,200 108,036 88,286 CH Energy Group Inc. 2,200 106,755 119,087 Chesapeake Utilities Corp. 1,200 42,901 45,293

DTE Energy Co. 4,232 180,047 157,078 El Paso Electric Co. 6,912 134,436 112,060 Empire District Electric Co. 11,888 245,424 228,077 Energen Corp. 13,184 747,296 609,694 EQT Corp. 9,725 535,019 394,165 Hawaiian Electric Industries Inc. 16,000 406,009 353,794 Health Care REIT Inc. 5,967 283,209 235,890 Laclede Group Inc. (The) 2,250 88,569 86,518 Mirant Corp. 4,200 69,358 76,531 New Jersey Resources Corp. 6,500 243,214 279,305 NorthWestern Corp. 19,675 552,648 520,056 NSTAR 6,400 235,858 238,513 NV Energy Inc. 22,295 284,850 279,119 OGE Energy Corp. 10,779 361,077 353,889 Piedmont Natural Gas Co. Inc. 5,400 171,956 150,887 PNM Resources Inc. 5,600 73,968 69,653 Portland General Electric Co. 9,177 217,041 207,612 RRI Energy Inc. 61,250 550,511 354,952 Southern Union Co. 3,600 74,757 76,761 Southwest Gas Corp. 7,600 215,991 195,766 Teco Energy Inc. 10,300 201,438 142,586 UGI Corp. 21,528 605,909 637,039

8,068,257 7,174,568 Total U.S. Equities 136,432,519 129,250,885

Foreign Securities – 1.3%Allied World Assurance Holdings Ltd. 6,600 302,512 312,882 Aspen Insurance Holdings Ltd. 10,500 278,789 272,418 Axis Capital Holdings Ltd. 9,600 308,922 291,099 Endurance Specialty Holdings Ltd. 5,868 206,230 199,674 Flagstone Reinsurance Holdings Ltd. 4,600 47,752 55,025 Global Crossing Ltd. 8,600 70,121 91,686 Herbalife Ltd. 1,100 26,491 40,292 NET 1 U.E.P.S. Technologies Inc. 3,900 73,632 61,553 Orthofix International NV 300 8,855 8,714 Oriental Financial Group Inc. 2,200 23,890 24,783 Santander BanCorp 4,800 68,698 38,798 Textainer Group Holdings Ltd. 4,800 85,126 64,107 Validus Holdings Ltd. 2,100 63,975 53,581 Warner Chilcott Ltd., Class ‘A’ 17,000 298,517 259,422 Total Foreign Equities 1,863,510 1,774,034 Total Equities 138,296,029 131,024,919

MUTUAL FUND – 0.0%SEI Money Market Fund, Class ‘O’ 61 609 609

609 609Total Short-Term Note* – 2.9% 3,998,090 3,998,311Less: Transaction cost included in average cost (82,408) —Total Investments – 98.0% 142,212,320 135,023,839Unrealized Appreciation(Depreciation) on

Futures Contracts** – (0.1%) (182,087) Other Assets and Liabilities, Net – 2.1% 3,014,443Net Assets – 100.0% 137,856,195

*Short-Term Note earns interest at rate of 0.196% and matures on September 17, 2009.** $1,000,000 of Canada Treasury Bills are held as collateral by counterparties with respect tothe futures contracts.


Shares $ $





Shares $ $

33






Contracts $ $ $ $

Unrealized DepreciationUnited States Russell 2000 Index

expiration date September 2009 62 521.84 3,757,460 3,652,028 (105,432)United States S&P MidCap 400 Mini Index

expiration date September 2009 37 594.54 2,554,732 2,478,077 (76,655)Unrealized Appreciation(Depreciation) on Long Futures Contracts (182,087)


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

U.S. Dollar 132,172,748 – 132,172,748 95.88%




Other Price RiskAs at June 30, 2009, a 10% change in equity prices on the US stock exchanges would have changed the Fund’s Net Assets by $13,715,502, with all other factors held constant. In practice, the actualresults may differ from this sensitivity analysis and the difference could be material.


34


2009 2008


at fair value 2,990 1,585 Accrued dividends receivable 111 196 Receivable for portfolio securities sold 3,462 —Margin receivable on futures 490 697 Receivable for unit subscriptions 48 55 Unrealized appreciation on futures contracts — 119

142,125 141,052 LIABILITIES

Accrued liabilities 146 145 Payable for unit redemptions 263 156 Payable for portfolio securities purchased 3,678 —Unrealized depreciation on futures contracts 182 —

4,269 301 NET ASSETS REPRESENTING


NET ASSETS PER CLASS(Class O) $ 131,346 $ 134,500 (Class I) $ 399 $ 446 (Class P) $ 5,318 $ 5,272 (Class F) $ 793 $ 533

NET ASSETS PER UNIT (note 7)(Class O) $ 3.38 $ 3.52 (Class I) $ 3.28 $ 3.43 (Class P) $ 3.12 $ 3.29(Class F) $ 3.32 $ 3.47INVESTMENTS AT AVERAGE COST $ 142,212 $ 159,508


2009 2008

INVESTMENT INCOMEDividends $ 1,187 $ 869 Interest 58 84

1,245 953Foreign withholding taxes (220) 130

1,025 823 EXPENSES


175 191 NET INVESTMENT INCOME (LOSS)

FOR THE PERIOD $ 850 632 NET GAIN (LOSS) ON SALES OF SECURITIES $ (20,091) $ (18,683)NET REALIZED GAIN (LOSS) ON FUTURES

AND FORWARDS $ 227 $ (784)NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (66) $ 67TRANSACTION COSTS $ (121) $ (128)UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 13,919 $ 14,133 UNREALIZED APPRECIATION (DEPRECIATION)

ON FUTURES AND FORWARD CONTRACTS $ (302) $ (72) NET GAIN (LOSS) ON INVESTMENTS $ (6,434) $ (5,467)NET INCREASE (DECREASE) IN NET ASSETS

FROM OPERATIONS $ (5,584) $ (4,835)


(Class O) $ (5,353) $ (4,430)(Class I) $ (18) $ (36)(Class P) $ (202) $ (339)(Class F) $ (11) $ (30)


(Class O) $ (0.13) $ (0.14)(Class I) $ (0.14) $ (0.26)(Class P) $ (0.12) $ (0.25)(Class F) $ (0.06) $ (0.27)




35







(1) (1) — —CHANGES DUE TO UNITHOLDER

TRANSACTIONSProceeds from issue of units 28,597 47,185 26,750 45,062 Payments on redemption of units (25,906) (19,296) (24,551) (18,432)Reinvestment of distributions ! — 1 — —

2,691 27,890 2,199 26,630CHANGES IN NET ASSETS (2,894) 23,054 (3,154) 22,200NET ASSETS, END OF PERIOD $ 137,856 $ 148,248 $ 131,346 $ 140,954

Class I Class P2009 2008 2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 446 $ 650 $ 5,272 $ 5,267

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS (18) (36) (202) (339)



TRANSACTIONSProceeds from issue of units 6 1 1,436 2,013 Payments on redemption of units (34) (38) (1,188) (721)Reinvestment of distributions ! — 1 — —

(28) (36) 248 1,292CHANGES IN NET ASSETS (47) (73) 46 953NET ASSETS, END OF PERIOD $ 399 $ 577 $ 5,318 $ 6,220



36



Class F2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 533 $ 523




271 4CHANGES IN NET ASSETS 260 (26)NET ASSETS, END OF PERIOD $ 793 $ 497


37

EQUITIES – 94.6%Australia – 5.7%AGL Energy Ltd. 107,429 1,394,150 1,351,583 Alumina Ltd. 9,337 11,894 12,624 Amcor Ltd. 16,077 68,907 74,416 AMP Ltd. 17,026 77,619 77,850 Arrow Energy Ltd. 17,815 59,319 59,211 Australia and New Zealand Banking Group Ltd. 45,319 719,396 694,837 Australian Stock Exchange Ltd. 11,393 347,529 392,787 AWB Ltd. 96,620 240,001 106,138 AXA Asia Pacific Holdings Ltd. 39,043 134,624 141,497 Beach Petroleum Ltd. 6,198 5,640 4,568 Bendigo and Adelaide Bank Ltd. 3,554 22,947 22,857 BHP Billiton Ltd. 116,844 3,592,550 3,795,761 Billabong International Ltd. 9,395 65,225 75,154 Bluescope Steel Ltd. 207,754 432,311 493,499 Boral Ltd. 17,372 58,061 66,384 Brambles Ltd. 112,420 630,476 622,747 Caltex Australia Ltd. 30,028 260,308 384,836 CFS Gandel Retail Trust 24,323 39,572 37,681 Coca-Cola Amatil Ltd. 44,717 323,473 358,128 Cochlear Ltd. 2,616 117,747 140,884 Commonwealth Bank of Australia 121,859 3,694,343 4,442,642 Computershare Ltd. 87,011 642,562 725,443 Corporate Express Australia Ltd. 31,291 85,878 108,114 Crown Ltd. 34,094 177,931 232,397 CSL Ltd. 61,590 1,973,225 1,857,964 David Jones Ltd. 16,900 56,153 71,879 DB RREEF Trust 17,947 23,281 12,469 Downer EDI Ltd. 10,595 65,565 53,518 Energy Resources of Australia Ltd., Class ‘A’ 7,333 164,614 161,107 Fairfax Media Ltd. 22,825 29,714 25,716 Foster’s Group Ltd. 99,260 463,095 479,020 Goodman Fielder Ltd. 101,998 206,733 124,495 GPT Group 73,834 50,008 33,621 Insurance Australia Group Ltd. 33,481 99,977 108,765 JB Hi-Fi Ltd. 31,862 327,286 458,597 Kingsdate Consolidated Ltd. 5,995 37,277 36,474 Lion Nathan Ltd. 34,249 289,158 371,725 Macquarie Group Ltd. 25,321 1,018,755 927,413 Macquarie Infrastructure Group 447,976 1,193,147 599,358 Medusa Mining Ltd. 1,951 2,700 4,067 Metcash Ltd. 98,740 354,001 395,856 Mirvac Group 43,444 34,881 43,645 National Australia Bank Ltd. 62,858 1,547,095 1,316,668 Newcrest Mining Ltd. 59,866 1,475,085 1,714,900 Nufarm Ltd. 44,300 511,151 381,824 OneSteel Ltd. 17,229 62,498 41,411 Orica Ltd. 4,427 84,421 89,988 Origin Energy Ltd. 40,426 444,848 550,358 OZ Minerals Ltd. 41,349 31,400 35,717 Pacific Brands Ltd. 45,506 124,765 36,103 Paladin Resources Ltd. 17,421 80,542 80,147 Primary Health Care Ltd. 1,586 6,306 7,669 Qantas Airways Ltd. 17,566 20,997 32,985 QBE Insurance Group Ltd. 16,983 313,907 314,599 Ramsay Health Care Ltd. 2,673 23,945 28,058

Rio Tinto Ltd. 31,996 1,642,575 1,568,132 Rio Tinto Ltd., Rights 15,111 – 339,226 Santos Ltd. 159,000 2,204,620 2,175,069 Sims Metal Management Ltd. 1,791 31,785 42,880 Sonic Healthcare Ltd. 6,049 63,040 68,720 Suncorp-Metway Ltd. 44,681 254,882 279,392 Tabcorp Holdings Ltd. 48,450 393,793 322,065 Tattersall’s Ltd. 290,425 681,840 692,602 Telstra Corp. Ltd. 111,607 408,482 354,180 Toll Holdings Ltd. 16,701 99,392 97,689 Transurban Group 5,091 19,459 19,884 Washington H. Soul Pattinson & Co. Ltd. 700 6,072 7,065 Wesfarmers Ltd. 19,294 382,661 404,146 Wesfarmers Ltd., Partially Protected Shares 6,230 213,169 131,902 Westfield Group 43,783 636,385 466,571 Westpac Banking Corp. Ltd. 188,618 3,657,054 3,570,179 Woodside Petroleum Ltd. 6,121 231,931 248,269 Woolworths Ltd. 48,815 1,021,440 1,207,675 WorleyParsons Ltd. 25,282 394,392 563,281

36,661,965 37,377,081

Austria – 0.3%Erste Group Bank AG 3,312 175,593 103,533 Oesterreichische El Wirtsch AG, Class ‘A’ 2,903 142,758 171,139 OMV AG 39,744 1,601,310 1,727,956 Strabag AG 2,386 52,218 61,177 Telekom Austria AG 2,326 38,269 42,209 Wiener Staedtische Allgemeine Versicherung AG 880 39,865 44,238

2,050,013 2,150,252

Belgium – 1.2%Anheuser-Busch InBev NV 27,700 850,983 1,160,999 Banque Nationale de Belgique 3 14,519 11,240 Belgacom SA 2,910 115,807 107,605 Colruyt NV 1,510 425,635 399,954 Compagnie Nationale a Portefeuille (CNP) /

National Portefeuille Maatschappij (NPM) 2,091 123,715 117,138 Delhaize Group 26,925 2,179,708 2,198,919 Dexia 80,819 955,649 710,918 D’Ieteren SA 161 31,436 38,291 Fortis 67,143 663,556 265,669 Fortis, Rights, Coupon ‘42’ 79,832 – –Groupe Bruxelles Lambert SA 12,987 1,228,117 1,100,187 KBC Groep NV 4,434 200,318 93,752 Mobistar SA 1,957 154,354 139,789 Solvay SA 5,901 845,462 576,752 Telenet Group Holding NV 10,736 219,500 264,428 UCB SA 9,388 368,148 347,757 Umicore 3,906 104,421 102,854

8,481,328 7,636,252

Bermuda – 0.1%Catlin Group Ltd. 40,441 267,138 248,475Jardine Strategic Holdings Ltd. 4,500 68,511 76,823SeaDrill Ltd. 2,600 33,376 43,018

369,025 368,316


Shares $ $


Shares $ $


EAFE Equity Fund

SEEF (See accompanying notes)

38

Brazil – 0.8%Banco Bradesco SA, ADR 59,050 1,208,063 999,177 Companhia Energetica de Minas Gerais SA, ADR 70,925 1,074,473 1,107,036 Itau Unibanco Holding SA 32,250 381,826 591,391 Perdigao SA 33,500 756,360 738,481 Petroleo Brasileiro SA, Preferred 66,700 1,091,945 1,286,554 Redecard SA 23,700 364,706 421,329

4,877,373 5,143,968

Canada – 0.7%Agrium Inc. 9,700 49,614 450,080Bank of Montreal 6,000 259,872 293,880Canadian Natural Resources Ltd. 5,700 346,003 348,498CGI Group Inc., Class ‘A’ 20,000 194,726 205,200EnCana Corp. 4,800 265,315 276,240IAMGOLD Corp. 28,438 294,549 335,000Inmet Mining Corp. 7,000 311,705 295,820National Bank of Canada 5,200 249,772 279,292Royal Bank of Canada 6,300 271,663 299,187Talisman Energy Inc. 17,200 236,681 285,692Teck Resources Ltd., Class ‘B’. 20,100 369,838 371,850Toronto-Dominion Bank (The) 20,300 913,034 1,219,827

4,204,772 4,660,566

Chile – 0.0%Enersis SA, ADR 94,300 1,690,877 2,018,367Madeco SA, ADR 5,200 33,730 41,307

1,724,607 2,059,674

China – 1.1%Anta Sports Products Ltd. 600,000 713,390 865,837 China Communications Construction Co. Ltd.,

Class ‘H’ 253,000 377,068 343,106 China Construction Bank, Class ‘H’ 545,000 410,892 490,011 China Life Insurance Co. Ltd., Series ‘H’ 296,900 1,561,302 1,267,984 China Railway Group Ltd., Class ‘H’ 657,000 577,647 613,355 China Shenhua Energy Co. Ltd. 189,000 625,373 802,922 Huaneng Power International Inc., Series ‘H’ 234,000 206,507 190,754 Industrial and Commercial Bank of China,

Class ‘H’ 3,196,000 2,121,991 2,586,181 6,594,170 7,160,150

Cyprus – 0.0%Bank of Cyprus Public Co. Ltd. 5,334 40,737 34,756

40,737 34,756

Denmark – 1.0%A.P. Moller – Maersk AS 4 24,893 27,737 A.P. Moller – Maersk AS, Class ‘A’ 165 2,020,835 1,122,479 Carlsberg A/S, Series ‘B’ 22,620 1,351,278 1,674,886 Coloplast AS, Class ‘B’ 1,810 148,421 144,513 Danisco AS 3,830 199,233 174,259 Danske Bank AS 20,986 388,382 416,591 H. Lundbeck AS 1,933 41,035 42,494 Novo Nordisk AS, Series ‘B’ 22,621 1,328,454 1,420,129 Novozymes AS, Class ‘B’ 1,084 91,895 102,198

Sydbank AS 2,339 56,781 61,908 Topdanmark AS 1,439 187,280 195,158 Trygvesta AS 1,190 74,122 81,345 Vestas Wind Systems AS 12,148 1,187,291 1,007,113 William Demant Holding AS 1,438 87,017 86,345

7,186,917 6,557,155

Finland – 1.0%Citycon OYJ 24,237 63,341 72,646 Elisa OYJ 1,105 19,282 21,114 Fortum OYJ 1,923 45,606 50,809 Huhtamaki OYJ 6,351 72,419 75,523 Kesko OYJ, Series ‘B’ 3,128 97,196 96,099 Kone OYJ, Class ‘B’ 38,659 1,245,488 1,374,728 Neste Oil OYJ 1,147 17,906 18,497 Nokia OYJ 151,695 3,457,923 2,579,789 Orion OYJ, Class ‘B’ 1,964 39,335 35,704 Outokumpu OYJ, Series ‘A’ 5,431 102,209 108,729 Pohjola Bank PLC, Series ‘A’ 2,111 24,227 19,601 Rautaruukki OYJ Group PLC, Series ‘K’ 3,589 84,967 83,311 Sampo OYJ, Series ‘A’ 30,354 622,776 665,044 UPM-Kymmene Corp. OYJ 840 9,022 8,497 Wartsila OYJ, Series ‘B’ 29,005 1,238,243 1,083,874

7,139,940 6,293,965

France – 8.0%Accor SA 1,473 72,605 67,797 Aeroports de Paris 1,189 86,079 100,803 Air France-KLM 9,900 174,179 146,770 Air Liquide SA 1,906 201,005 202,154 Alcatel SA, Series ‘A’ 49,694 150,792 144,657 Alstom SA 9,876 903,044 676,568 Arkema 4,191 117,906 114,011 Atos Origin SA 4,547 255,965 178,507 AXA SA 44,730 1,539,085 975,281 BIC SA 1,693 109,723 112,796 BNP Paribas SA 45,014 3,541,310 3,390,977 Bouygues SA 6,203 293,224 270,800 Bureau Veritas SA 4,765 246,045 271,593 Cap Gemini 14,061 902,147 600,910 Carrefour SA 1,889 90,699 93,544 Casino Guichard-Perrachon SA, Rights 467 1,985 2,054 Christian Dior SA 5,663 582,978 490,393 CNP Assurances 7,769 866,736 855,129 Compagnie de Saint-Gobain 15,616 875,331 606,059 Compagnie Generale des Etablissements Michelin,

Registered, Series ‘B’ 2,309 137,214 152,671 Credit Agricole SA 42,531 733,300 614,874 Danone 308 18,992 17,648 Dassault Systemes SA 3,629 181,471 185,977 EDF Group 12,943 715,086 730,657 Eiffage SA 2,721 179,205 183,790 Eramet 1,006 302,423 304,593 Essilor International SA 1,516 77,833 83,889 Etablissements Economiques du

Casino Guichard Perrachon SA 3,763 276,154 294,231


Shares $ $


Shares $ $


EAFE Equity Fund

(See accompanying notes) SEEF

39

Eutelsat Communications 18,342 499,946 549,317 Fonciere des Regions 187 16,233 16,323 France Telecom SA 144,851 4,522,271 3,811,895 GDF Suez 33,235 2,050,835 1,436,030 Gemalto NV 7,549 274,224 303,246 Groupe Steria SCA 900 18,109 19,162 Havas SA 80,691 279,126 229,499 Hermes International 1,096 158,928 176,187 Icade 1,157 109,862 110,256 Iliad SA 2,942 353,751 331,061 Imerys SA 1,055 50,985 51,299 Ipsen SA 466 19,255 23,631 Klepierre 543 15,082 16,218 Lafarge SA 11,902 1,239,980 935,373 Lagardere SCA, Registered 147 13,031 5,666 Legrand SA 6,415 151,292 161,920 L’Oreal SA 580 50,882 50,325 LVMH Moet Hennessy-Louis Vuitton SA 2,068 174,892 183,258 M6 Metropole Television SA 5,221 93,450 114,305 Mr. Bricolage SA 725 14,493 13,865 Natixis 89,103 263,306 200,156 Neopost SA 6,532 680,788 679,923 Nexans SA 1,709 107,096 105,399 Nexity 4,000 135,556 138,365 PagesJaunes Groupe SA 1,467 18,354 16,489 Pernod-Ricard SA 371 26,802 27,081 Pinault-Printemps Redoute SA 11,799 1,033,283 1,117,462 PSA Peugeot Citroen SA 604 21,247 18,404 Publicis Groupe 25,866 872,035 915,170 Renault SA 10,763 1,179,736 458,652 SAFRAN SA 1,893 24,734 28,986 Sanofi-Aventis SA 123,723 10,156,457 8,430,450 Schneider Electric SA 5,264 525,642 465,573 SCOR SA 7,440 200,515 176,581 Societe des Autoroutes Paris-Rhin-Rhone 2,111 156,852 166,092 Societe Generale 50,752 3,722,179 3,213,927 Sodexho Alliance SA 12,134 708,069 720,862 SR.Teleperformance 6,036 220,827 212,971 Suez Environnement SA 32,460 852,321 657,781 Technip SA 19,283 929,101 1,095,629 Thales SA 1,962 114,866 101,794 TOTAL SA 127,574 8,858,088 7,994,601 Unibail-Rodamco SE 3,582 740,891 619,440 Valeo SA 3,541 83,326 75,621 Veolia Environnement 2,714 79,354 92,775 Vinci SA 19,088 981,870 994,222 Vivendi SA 110,484 3,975,108 3,065,872 Wendel Investissement 1,779 235,813 66,652 Zodiac Aerospace 985 32,660 37,161

60,676,019 52,302,060

Germany – 7.0%Adidas-Salomon AG 1,105 48,683 48,672 Allianz AG, Registered 30,503 4,329,331 3,245,149 BASF SE 47,305 2,395,291 2,185,374 Bayer AG 63,236 3,750,849 3,932,899

Bayerische Motoren Werke AG 12,479 511,198 544,787 Bilfinger & Berger AG 3,300 283,312 176,696 Commerzbank AG 3,486 124,801 24,872 DaimlerChrysler AG, Registered 47,654 2,203,449 1,989,964 Deutsche Bank AG, Registered 29,039 2,300,711 2,036,420 Deutsche Boerse AG 21,911 1,656,278 1,963,077 Deutsche Lufthansa AG 162,698 2,858,076 2,368,041 Deutsche Post AG, Registered 36,576 570,222 549,338 Deutsche Postbank AG 7,509 131,123 219,196 Deutsche Telekom AG, Registered 158,647 2,667,925 2,163,066 Draegerwerk AG & Co. KGAA, Preferred 1,129 33,200 32,589 E.ON AG 102,288 4,903,876 4,198,921 Fraport AG 355 15,628 17,534 Fresenius Medical Care AG 23,941 1,028,839 1,244,852 Hannover Rueckversicherungs AG, Registered 45,238 1,897,296 1,930,710 Henkel AG & Co. KGaA 1,345 55,963 41,957 Henkel AG & Co. KGaA, Preferred 1,235 43,749 44,521 Hochtief AG 5,557 296,239 324,249 Infineon Technologies AG 33,386 114,941 136,778 K&S AG 5,682 446,190 371,157 Lanxess 3,239 71,172 92,756 Linde AG 823 74,644 77,998 MAN SE 2,933 299,690 207,976 Merck KGaA 1,103 116,545 130,246 METRO AG 1,478 80,473 81,907 MTU Aero Engines Holding AG, Registered 14,067 473,209 594,636 Munchener Rueckversicherungs-Gesellschaft AG,

Registered 15,565 2,649,763 2,437,365 Porsche AG, Preferred 9,533 782,803 740,731 Puma AG Rudolf Dassler Sport 71 15,336 17,962 RWE AG, Class ‘A’ 28,933 3,087,623 2,648,758 RWE AG, Preferred 2,996 252,114 231,574 SAP AG 40,135 2,272,368 1,868,521 Siemens AG, Registered 47,878 4,272,126 3,839,532 Software AG 4,663 384,339 380,781 Solarworld AG 1,847 50,104 50,366 Suedzucker AG 35,028 812,250 821,086 Thyssen Krupp AG 9,155 476,413 263,964 Tognum AG 7,060 164,000 107,300 TUI AG, Registered 49,706 429,579 424,280 United Internet AG, Registered 12,410 120,488 167,991 Volkswagen AG 1,297 489,390 509,030 Volkswagen AG, Preferred 3,132 381,936 253,770 Wacker Chemie AG 220 26,391 29,258

50,449,926 45,768,606

Greece – 0.6%Coca-Cola Hellenic Bottling Co. SA 3,672 81,702 87,750 Hellenic Petroleum SA 7,215 80,831 80,978 Hellenic Telecommunications Organization SA (OTE) 2,960 53,202 52,509 Marfin Investment Group SA 50,405 201,984 251,251 National Bank of Greece SA 15,029 355,138 484,739 OPAP SA 20,800 766,859 643,768 Public Power Corp. 105,601 2,283,381 2,514,941 Titan Cement Co. 897 29,888 27,324

3,852,985 4,143,260


Shares $ $


Shares $ $


EAFE Equity Fund


40

Hong Kong – 3.2%ASM Pacific Technology Ltd. 8,800 51,838 52,550 Bank of East Asia Ltd. 20,000 71,914 70,580 BOC Hong Kong (Holdings) Ltd. 589,500 1,112,382 1,197,849 Bonjour Holdings Ltd. 59,000 33,140 33,597 Cathay Pacific Airways 20,000 27,633 31,828 Cheung Kong (Holdings) Ltd. 44,000 534,014 587,474 China Mobile Ltd. 207,700 1,886,724 2,415,221 China Overseas Land & Investment Ltd. 516,000 775,628 1,380,988 Chinese Estates 46,000 86,715 97,469 CLP Holdings Ltd. 14,500 107,178 111,684 Dairy Farm International Holdings Ltd. 16,100 94,268 120,039 Esprit Holdings Ltd. 28,000 301,498 181,469 First Pacific Co. Ltd. 124,000 56,630 82,688 Genesis Energy Holdings Ltd 960,000 59,993 40,279 Great Eagle Holdings Ltd. 231,000 410,232 562,848 Guoco Group Ltd. 9,000 69,328 89,011 Hang Lung Group Ltd. 38,000 179,458 203,287 Hang Lung Properties Ltd. 213,000 768,355 802,742 Hang Seng Bank Ltd. 4,820 75,584 78,440 Henderson Land Development Co. Ltd. 66,530 388,950 443,147 Hengan International Group Co. Ltd. 52,000 237,936 282,858 Hong Kong & China Gas Co. 29,000 59,146 70,834 Hong Kong Exchanges & Clearing Ltd. 53,900 782,090 974,888 Hongkong Electric Holdings Ltd. 82,500 565,998 532,831 Hopewell Holdings Ltd. 26,500 82,634 96,099 Huabao International Holdings Ltd. 970,000 952,532 1,077,082 Hutchison Telecommunications

Hong Kong Holdings Ltd 344,000 47,740 54,126 Hutchison Whampoa Ltd. 191,620 1,502,320 1,448,640 Hysan Development Co. Ltd. 35,000 97,214 103,847 Jardine Matheson Holdings Ltd. 4,000 114,823 127,377 Kerry Properties Ltd. 23,000 99,067 117,183 Kingboard Chemical Holdings Ltd. 27,000 50,138 75,821 Lai Sun Development Co. Ltd. 1,652,000 30,157 31,192 Li & Fung Ltd. 190,000 617,940 589,363 Link REIT (The) 23,000 47,824 56,937 MTR Corp. Ltd. 158,500 492,848 552,218 New World Development Co. Ltd. 136,000 249,796 284,500 Noble Group Ltd. 450,000 589,353 649,942 NWS Holdings Ltd. 15,000 31,552 31,514 Pacific Century Premium Developments Ltd. 80,000 20,978 21,698 RCG Holdings Ltd. 19,048 20,038 22,769 Road King Infrastructure Ltd. 5,000 4,148 4,286 Shangri-La Asia Ltd. 10,000 17,489 17,173 SIM Technology Group Ltd. 210,000 20,522 30,525 SJM Holdings Ltd. 124,000 37,714 52,957 Stella International Holdings Ltd. 27,000 47,141 50,413 Sun Hung Kai Properties Ltd. 240,000 2,885,999 3,481,330 Swire Pacific Ltd., Class ‘A’ 42,500 477,765 492,615 Television Broadcasts Ltd. 15,000 62,256 67,433 Texwinca Holdings Ltd. 6,000 4,651 5,503 Vtech Holdings Ltd. 8,000 53,364 63,417 Wharf (Holdings) Ltd. (The) 165,000 713,768 812,228 Wheelock and Co. Ltd. 39,000 116,575 116,299 Wing On Co. International Ltd. 4,000 6,840 5,341 Yue Yuen Industrial Holdings Ltd. 79,950 206,204 206,066

18,438,022 21,190,495

Hungary – 0.0%OTP Bank Rt. 19,343 368,459 403,007

368,459 403,007

India – 0.4%HDFC Bank Ltd., ADR 8,895 732,284 1,062,255Larsen & Toubro Ltd., GDR, Registered ‘S’ 17,500 632,813 651,372Patni Computer Systems Ltd., ADR 2,900 26,901 36,811Reliance Industries Ltd., GDR 7,464 749,140 706,468

2,141,138 2,456,906

Indonesia – 0.0%PT Astra International TBK 91,000 246,668 246,412PT Gudang Garam TBK 48,500 64,931 68,424

311,599 314,836

Ireland – 0.2%CRH PLC 43,150 1,254,845 1,141,840DCC PLC 432 9,920 10,288Experian PLC 38,564 325,678 335,038

1,590,443 1,487,166

Israel – 0.5%Check Point Software Technologies Ltd. 13,640 367,736 370,675Teva Pharmaceutical Industries Ltd., ADR 51,375 2,516,486 2,943,839

2,884,222 3,314,514

Italy – 2.8%Acea SPA 29,317 443,224 414,526 Alleanza Assicurazioni SPA 12,130 84,261 95,685 Assicurazioni Generali SPA 3,021 76,471 72,537 Atlantia SPA 17,067 362,633 398,316 Autogrill SPA 1,258 12,819 12,244 Banca Carige SPA

(Cassa di Risparmio di Genova e Imperia) 43,889 174,612 138,698 Banca Piccolo Credito Valtellinese Scarl 992 9,140 10,310 Banca Popolare di Milano SCRL 35,132 245,091 239,217 Banco Popolare Scarl 55,234 964,485 475,065 Benetton Group SPA 7,072 68,418 72,116 Compagnia Assicuratrice Unipol SPA 69,501 172,279 93,142 Edison SPA 46,016 68,429 76,458 Enel SPA 409,357 3,239,548 2,310,563 ENI SPA 131,320 3,955,312 3,604,485 EXOR SPA 12,965 330,443 216,687 Fiat SPA 1,616 18,875 18,795 Finmeccanica SPA 23,225 377,645 377,193 Fondiaria-Sai SPA 1,869 39,311 34,586 Geox SPA 10,891 101,117 89,415 Intesa Sanpaolo 481,987 1,946,815 1,797,973 Italcementi SPA 57,092 762,197 756,098 Luxottica Group SPA 4,786 97,582 115,150 Mediaset SPA 37,187 219,525 241,094 Mediobanca SPA 30,050 418,279 412,408 Mediolanum SPA 12,169 71,538 74,732 Milano Assicurazioni SPA 20,998 79,553 80,382 Parmalat SPA 56,106 145,982 155,920


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EAFE Equity Fund


41

Pirelli & C., SPA 1,326,166 486,195 538,774 Prysmian SPA 414 5,863 7,179 Saipem SPA 1,382 38,004 38,789 Saras Raffinerie 4,422 15,220 14,551 Snam Rete Gas SPA 9,042 57,300 45,844 Telecom Italia SPA 1,912,517 3,732,637 3,060,908 Telecom Italia SPA, RNC 383,079 998,082 434,632 Terna SPA 147,748 578,616 571,005 UBI Banca – Unione di Banche Italiane SCPA 7,811 114,746 116,996 UBI Banca (Unione di Banche Italiane) SCPA,

Rights 7,811 – 620 UniCredit SPA 305,119 1,634,051 891,670 UBI Banca – Unione di Banche Italiane SCPA,

Warrants, 2011/06/30 13,914 1,743 1,247 22,148,041 18,106,010

Japan – 21.7%77 Bank Ltd. (The) 41,000 239,695 277,347 Acom Co. Ltd. 680 22,576 19,766 Aderans Co. Ltd. 400 4,267 5,469 Advantest Corp. 3,000 57,100 63,192 Aeon Co. Ltd. 31,600 428,970 363,240 AEON Credit Service Co. Ltd. 1,900 29,561 28,770 AEON Mall Co. Ltd. 400 6,844 8,811 Aichi Bank Ltd. (The) 200 18,298 19,644 Aida Engineering Ltd. 3,100 20,241 11,716 Aioi Insurance Co. Ltd. 22,000 114,596 116,779 Aisin Seiki Co. Ltd. 1,100 24,909 27,672 Ajinomoto Co. Inc. 24,000 232,493 220,125 Akita Bank Ltd. (The) 4,000 17,629 17,622 All Nippon Airways Co. Ltd. 23,000 103,128 93,296 Alpine Electronics Inc. 9,900 91,287 118,805 Alps Electric Co. Ltd. 6,800 37,793 42,971 Amada Co. Ltd. 17,000 124,262 122,364 AOKI Holdings Inc. 1,900 30,678 23,944 Aoyama Trading Co. Ltd. 3,000 90,502 60,231 Asahi Breweries Ltd. 31,000 508,063 517,537 Asahi Kasei Corp. 40,000 245,052 235,436 ASICS Corp. 2,000 17,528 21,184 Astellas Pharma Inc. 94,200 3,954,076 3,866,416 Bank of Kyoto Ltd. (The) 23,000 276,458 246,943 Bank of Nagoya Ltd. 7,000 36,578 36,651 BANK OF SAGA Ltd. (The) 1,000 3,219 3,960 Bank of Yokohama Ltd. (The) 4,000 19,724 24,844 Belluna Co. Ltd. 2,150 15,317 9,523 Benesse Corp. 24,900 1,099,636 1,159,882 Best Denki Co. Ltd. 500 1,800 2,522 BML Inc. 1,000 26,603 25,758 Bridgestone Corp. 28,500 584,754 519,710 Canon Finetech Inc. 100 1,206 1,554 Canon Inc. 104,250 4,088,345 3,940,116 Canon Marketing Japan Inc. 15,000 264,362 243,380 Capcom Co. Ltd. 25,000 552,463 521,786 Casio Computer Co. Ltd. 3,700 35,204 38,434 Cawachi Ltd. 1,100 29,409 24,084 Central Japan Railway Co. 203 1,672,412 1,448,952

Chiba Bank Ltd. (The) 28,000 169,812 211,988 Chiba Kogyo Bank Ltd. (The) 1,900 25,786 21,840 Chimney Co. Ltd. 900 18,641 18,394 Chubu Electric Power Co. Inc. 13,400 453,688 359,677 CHUDENKO CORP. 2,200 33,466 42,369 Chuetsu Pulp & Paper Co. Ltd. 8,000 25,953 22,629 Chugai Pharmaceutical Co. Ltd. 29,100 616,008 644,137 Chugoku Bank Ltd. (The) 14,000 217,686 225,469 Chugoku Electric Power Co. Inc. (The) 2,000 51,989 48,507 Chuo Denki Kogyo Co. Ltd. 2,000 14,400 19,234 Circle K Sunkus Co. Ltd. 3,400 59,958 61,591 Coca-Cola Central Japan Co. Ltd. 2,100 34,243 33,669 Cosmo Oil Co. Ltd. 215,000 797,628 843,644 CREATE S D CO. LTD. 900 17,896 19,900 Credit Saison Co. Ltd. 8,900 178,869 131,550 Culture Convenience Club. Co. Ltd. 3,400 26,382 33,722 Dai Nippon Printing Co. Ltd. 35,000 452,781 556,090 Daicel Chemical Industries Ltd. 4,000 19,587 28,069 Daihatsu Motor Co. Ltd. 34,000 365,361 367,501 DAIICHI JITSUGYO CO. LTD. 4,000 15,115 16,418 DAIICHI SANKYO CO. LTD. 63,200 1,437,112 1,311,468 Daiichikosho Co. Ltd. 7,100 75,229 89,733 Daikin Industries Ltd. 700 24,846 26,204 Daimei Telecom Engineering Corp. 2,000 22,016 22,268 Dainippon Sumitomo Pharma Co. Ltd. 32,100 282,717 324,168 Daishi Bank Ltd. (The) 12,000 57,771 57,053 Daito Trust Construction Co. Ltd. 800 40,372 43,909 Daiwa House Industry Co. Ltd. 13,000 136,945 162,578 Daiwa Securities Group Inc. 120,000 859,694 827,636 DCM Japan Holdings Co. Ltd. 500 2,948 3,966 DeNA Co. Ltd. 168 755,200 653,153 Denki Kagaku Kogyo Kabushiki Kaisha 34,000 106,690 110,087 DENSO Corp. 21,300 582,308 633,257 Dentsu Inc. 18,300 386,431 444,944 Dowa Mining Co. Ltd. 4,000 20,992 19,355 DyDo DRINCO INC. 1,300 42,601 41,153 eAccess Ltd. 74 61,445 70,366 East Japan Railway Co. 49,000 3,523,153 3,426,696 Ebara Corp. 14,000 45,881 56,115 Eisai Co. Ltd. 7,400 296,078 305,513 FamilyMart Co. Ltd. 3,600 118,772 130,428 FANCL Corp. 1,900 24,527 26,803 Fanuc Ltd. 13,600 1,262,298 1,270,293 Fast Retailing Co. Ltd. 9,500 1,003,591 1,439,636 Fuji Fire & Marine Insurance Co. Ltd. (The) 16,000 24,071 23,688 Fuji Heavy Industries Ltd. 38,000 195,603 178,840 Fuji Machine Mfg. Co. Ltd. 1,200 25,565 16,755 Fuji Photo Film Co. Ltd. 2,700 86,686 99,446 Fujitsu Ltd. 115,000 846,124 723,940 Fukuoka Financial Group Inc. 110,000 493,842 571,979 FURONO ELECTRIC CO. LTD. 1,500 13,902 11,519 Furukawa Electric Co. Ltd. (The) 10,000 40,691 52,359 Futaba Corp. 3,600 71,818 76,697 Fuyo General Lease Co. Ltd. 900 19,875 23,291 Godo Steel Ltd. 76,000 258,464 262,542 Green Hospital Supply Inc. 21 14,423 14,307


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42

GS Yuasa Corp. 8,000 81,107 81,656 Gunma Bank Ltd. (The) 8,000 51,214 51,709 Hachijuni Bank Ltd. (The) 21,000 147,232 138,011 Hakuhodo DY Holdings Inc. 1,730 96,346 108,281 Hankyu Holdings Inc. 11,000 60,635 59,846 Heiwa Corp. 2,800 32,731 37,612 HEIWADO CO. LTD 2,300 35,908 32,446 Higo Bank Ltd. (The) 8,000 55,968 55,368 HI-LEX CORP. 1,600 20,170 15,792 Hirose Electric Co. Ltd. 1,600 199,707 198,363 Hiroshima Bank Ltd. (The) 18,000 82,519 87,097 Hisamitsu Pharmaceutical Co. Inc. 8,300 381,995 298,212 Hitachi Cable Ltd. 14,000 39,970 51,902 Hitachi Capital Corp. 79,800 1,127,228 1,254,439 Hitachi Chemical Co. Ltd. 13,200 220,880 247,222 Hitachi High-Technologies Corp. 800 15,721 15,859 Hitachi Ltd. 122,000 836,798 440,539 Hitachi Software Engineering Co. Ltd. 6,800 105,812 135,132 Hokukohu Financial Group Inc. 14,000 30,602 40,443 Hokuriku Electric Power Co. 9,600 259,034 254,213 Honda Motor Co. Ltd. 117,600 3,720,211 3,765,237 HOSHIZAKI ELECTRIC CO. LTD. 4,200 46,488 54,042 Hosiden Corp. 2,800 41,921 41,724 House Food Corp. 3,400 55,112 57,335 Hoya Corp. 5,700 131,023 132,552 Hyakugo Bank Ltd. (The) 12,000 83,905 68,753 Hyakujushi Bank Ltd. (The) 2,000 10,424 11,170 Ibiden Co. Ltd. 37,400 1,268,696 1,219,956 Idemitsu Kosan Co. Ltd. 3,000 286,049 298,989 Inabata & Co. Ltd. 18,300 62,007 86,566 INPEX CORP. 53 472,147 491,213 Isetan Mitsukoshi Holdings Ltd. 12,600 130,822 149,083 Ishikawajima-Harima Heavy Industries Co. Ltd. 40,000 77,235 80,404 ITOCHU Corp. 162,000 1,382,169 1,310,351 ITOCHU ENEX Co. Ltd. 7,800 50,362 55,862 Itochu Techno-Science Corp. 2,400 75,840 82,764 Iwai Securities Co. Ltd. 2,200 21,557 24,812 Iyo Bank Ltd. (The) 8,000 97,616 94,848 Izumiya Co. Ltd. 1,000 6,389 6,753 J. FRONT RETAILING Co. Ltd. 36,000 168,269 199,759 Japan Petroleum Exploration Co. Ltd. 300 15,416 19,283 Japan Prime Realty Investment Corp. 15 34,933 37,735 Japan Real Estate Investment Corp. 3 28,276 28,924 Japan Retail Fund Investment Corp. 14 67,500 75,156 Japan Securities Finance Co. Ltd. 7,300 55,720 71,524 Japan Steel Works Ltd. (The) 60,660 515,509 870,326 Japan Tobacco Inc. 618 2,215,270 2,239,022 JFE Holdings Inc. 15,400 464,168 602,431 JFE SHOJI HOLDINGS INC. 8,000 29,345 33,991 JGC Corp. 6,000 92,232 112,662 Joyo Bank Ltd. (The) 18,000 95,365 106,596 JS Group Corp. 5,000 75,839 89,612 JSR Corp. 800 12,429 15,908 JTEKT Corp. 1,600 16,372 18,873 Jupiter Telecommunications Co. Ltd. 301 255,847 265,205 KAGAWA BANK LTD. (THE) 3,000 13,785 14,516

Kajima Corp. 49,000 158,494 177,528 Kamigumi Co. Ltd. 31,000 259,623 302,985 Kaneka Corp. 32,000 217,815 263,842 Kanematsu Electronics Ltd. 1,700 15,356 17,250 Kansai Electric Power Co. Inc. 22,300 739,548 571,726 Kansai Paint Co. Ltd. 3,000 20,376 25,024 Kanto Auto Works Ltd. 400 5,136 4,487 Kanto Natural Gas Development Co. Ltd. 3,000 19,341 20,583 KASUMI CO. LTD. 1,000 6,235 5,104 Kawasaki Heavy Industries Ltd. 25,000 64,175 80,043 KDDI Corp. 157 1,040,908 965,659 Keihin Electric Express Railway Co. Ltd. 9,000 79,770 80,922 Keio Corp. 36,000 249,849 243,091 Keisei Electric Railway Co. Ltd. 20,000 118,849 138,661 Keyence Corp. 600 134,438 141,839 Kikkoman Corp. 2,000 21,411 23,327 Kinden Corp. 14,000 147,309 145,763 Kintetsu Corp. 43,000 213,232 219,969 Kirin Brewery Co. Ltd. 46,000 767,352 747,472 Kissei Pharmaceutical Co. Ltd. 4,000 106,593 112,662 Kohnan Shoji Co. Ltd. 1,000 11,814 11,399 Konica Minolta Holdings Inc. 166,500 1,618,396 2,018,120 KOSE Corp. 2,200 52,101 53,888 Kubota Corp. 57,000 377,522 546,810 Kuraray Co. Ltd. 32,500 398,887 419,355 Kurita Water Industries Ltd. 600 16,194 22,460 Kyocera Corp. 11,700 987,514 1,019,595 Kyodo Printing Co. Ltd. 16,000 51,932 57,968 KYOEI STEEL LTD. 3,000 82,341 98,580 Kyorin Co. Ltd. 14,000 227,859 245,859 Kyowa Hakko Kirin Co. Ltd. 6,000 63,149 78,647 Kyushu Electric Power Co. Inc. 13,800 372,939 344,668 Leopalace21 Corp. 14,100 204,980 146,295 Mabuchi Motor Co. Ltd. 4,400 240,281 246,269 Makita Corp. 2,100 59,611 58,769 Marubeni Corp. 260,000 1,449,059 1,339,431 Marudai Food Co. Ltd. 4,000 11,360 13,481 Marui Co. Ltd. 17,000 111,934 139,143 Maruichi Steel Tube Ltd. 1,500 31,578 32,878 Matsui Securities Co. Ltd. 8,300 77,725 87,416 MAXVALU NISHINIHON CO. Ltd. 300 4,785 4,875 Mazda Motor Corp. 124,000 521,801 368,657 McDonald’s Holdings Co. (Japan) Ltd. 2,100 44,828 45,195 Mediceo Paltac Holdings Co. Ltd. 24,300 331,798 323,200 Meiji Holdings Co. Ltd. 2,200 94,268 102,479 Mie Bank Ltd. (The) 6,000 27,228 25,205 Minebea Co. Ltd. 12,000 58,097 59,364 Ministop Co. Ltd. 1,100 23,888 20,522 Miraca Holdings Inc. 10,300 269,406 292,585 Mitsubishi Chemical Holdings Corp. 47,500 225,583 233,269 Mitsubishi Corp. 172,600 3,734,210 3,714,596 Mitsubishi Electric Corp. 1,000 6,147 7,306 Mitsubishi Estate Co. Ltd. 44,000 712,183 853,201 Mitsubishi Gas Chemical Co. Inc. 20,000 118,118 126,866 Mitsubishi Heavy Industries Ltd. 5,000 20,608 24,073 Mitsubishi Logistics Corp. 8,000 97,539 102,937


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Mitsubishi Materials Corp. 62,000 220,759 223,134 Mitsubishi Motors Corp. 198,000 360,016 428,984 Mitsubishi Rayon Co. Ltd. 15,000 42,409 50,734 Mitsubishi Steel Mfg. Co. Ltd. 16,000 40,999 43,717 Mitsubishi UFJ Financial Group Inc. 653,000 4,823,142 4,692,354 Mitsubishi UFJ Lease & Finance Co. Ltd. 190 5,604 7,181 Mitsui & Co. Ltd. 34,500 473,976 475,060 Mitsui Engineering & Shipbuilding Co. Ltd. 133,000 352,050 361,796 Mitsui Fudosan Co. Ltd. 34,000 650,121 688,348 Mitsui High-tec Inc. 2,600 23,607 33,110 Mitsui Home Co. Ltd. 5,000 31,913 34,064 Mitsui Mining & Smelting Co. Ltd. 34,000 75,974 102,311 Mitsui O.S.K. Lines Ltd. 11,000 129,005 82,619 Mitsui Sumitomo Insurance Group Holdings Inc. 39,800 1,342,329 1,214,407 Mitsui Trust Holdings Inc. 126,000 706,580 559,629 Mitsumi Electric Co. Ltd. 6,200 144,779 154,104 Mizuho Financial Group Inc. 205,900 604,694 557,625 Mizuho Securities Co. Ltd. 22,000 65,466 80,236 Morinaga Milk Industry Co. Ltd. 11,000 28,336 48,857 Murata Manufacturing Co. Ltd. 4,500 218,681 223,700 N.E. CHEMCAT Corp. 2,000 36,636 23,832 NAFCO Co. Ltd. 1,300 19,992 26,444 Nagase & Co. Ltd. 5,000 52,108 58,197 Namco Bandai Holdings Inc. 11,600 135,515 148,002 Namura Shipbuilding Co. Ltd. 12,300 65,420 88,830 NEC Corp. 609,000 2,453,244 2,770,846 NEC Networks & System Integration Corp. 4,800 54,273 68,522 Net One Systems Co. Ltd. 135 221,705 275,752 NGK Insulators Ltd. 10,000 197,006 237,121 NGK Spark Plug Co. Ltd. 2,000 22,292 22,123 Nichireki Co. Ltd. 4,000 16,296 17,285 Nidec Corp. 600 35,631 42,610 Nintendo Co. Ltd. 8,100 2,700,782 2,601,203 Nippon Building Fund Inc. 26 293,988 257,559 Nippon Electric Glass Co. Ltd. 85,000 956,347 1,102,912 Nippon Express Co. Ltd. 16,000 71,076 84,352 Nippon Flour Mills Co. Ltd. 13,000 64,013 72,448 Nippon Konpo Unyu Soko Co. Ltd. 1,000 10,041 12,795 Nippon Meat Packers Inc. 50,000 681,405 733,630 Nippon Mining Holdings Inc. 282,500 1,516,609 1,700,168 Nippon Oil Corp. 151,000 928,441 1,032,354 Nippon Paper Group Inc. 500 17,527 15,016 Nippon Sheet Glass Co. Ltd. 12,000 44,641 40,732 Nippon Shinyaku Co. Ltd. 1,000 10,415 13,288 Nippon Soda Co. Ltd. 10,000 52,151 52,118 Nippon Steel Corp. 81,000 393,799 359,762 Nippon Steel Trading Co. Ltd. 6,000 17,211 12,061 Nippon System Development Co. Ltd. 2,900 34,199 34,138 Nippon Telegraph & Telephone Corp. 72,500 3,697,174 3,420,798 Nipro Corp. 4,000 71,212 94,704 Nishi-Nippon City Bank Ltd. (The) 27,000 79,132 79,297 NISHIO RENT ALL CO. LTD. 2,000 16,376 16,490 Nissan Chemical Industries Ltd. 10,000 109,089 130,717 Nissan Motor Co. Ltd. 294,400 2,058,152 2,076,532 Nissan Shatai Co. Ltd. 6,000 44,702 57,415 Nisshin Seifun Group Inc. 17,000 218,584 235,315

Nisshin Steel Co. Ltd. 45,000 115,682 116,996 Nisshinbo Holdings Inc. 9,000 108,358 118,187 Nitori Co. Ltd. 8,697 697,375 716,026 Nitto Denko Corp. 4,100 129,083 144,349 Nojima Corp. 793 5,394 7,121 Nok Corp. 6,500 82,327 87,470 Nomura Holdings Inc. 124,700 897,698 1,221,783 Nomura Real Estate Holdings Inc. 3,100 60,610 62,090 Nomura Real Estate Office Fund Inc. 7 48,739 51,733 Nomura Research Institute Ltd. 2,400 49,446 61,820 Noritsu Koki Co. 2,700 25,374 29,671 NSK Ltd. 4,000 22,429 23,592 NTT Data Corp. 23 83,756 86,375 NTT DoCoMo Inc. 1,020 1,965,306 1,733,557 NTT Urban Development Corp. 24 25,499 27,010 Obayashi Corp. 9,000 54,651 51,240 Odakyu Electric Railway Co. Ltd. 20,000 192,595 198,844 Ohsho Food Service Corp. 1,600 29,476 37,939 OJI Paper Co. Ltd. 4,000 20,897 19,981 Okinawa Cellular Telephone Co. 11 21,501 21,979 Okinawa Electric Power Co. Inc. (The) 1,100 67,179 68,849 Olympus Corp. 1,400 32,505 38,505 Omron Corp. 11,800 311,794 197,992 Ono Pharmaceutical Co. Ltd. 4,700 292,948 243,825 Onward Kashiyama Co. Ltd. 9,000 70,504 67,272 Oracle Corp. Japan 2,000 93,453 84,978 Oriental Land Co. Ltd. 500 38,269 38,878 Oriental Yeast Co. Ltd. 5,000 29,145 29,008 Orix Corp. 2,400 151,966 167,260 Osaka Gas Co. Ltd. 110,000 553,519 407,799 OSAKA STEEL CO. LTD. 4,300 87,372 88,660 PACIFIC INDUSTRIAL CO. LTD. 6,000 21,729 22,171 Panasonic Corp. 83,300 1,550,597 1,305,447 Panasonic Electric Works Co. Ltd. 10,000 94,523 110,014 Promise Co. Ltd. 2,000 30,637 29,658 Raito Kogyo Co. Ltd. 11,100 30,630 33,669 Rakuten Inc. 1,946 1,134,754 1,358,545 Resona Holdings Inc. 23,500 367,055 383,558 Ricoh Co. Ltd. 30,000 498,482 448,122 Rinnai Corp. 400 19,228 20,558 Rohm Co. Ltd. 12,000 849,363 1,012,518 Roland Corp. 1,100 22,462 15,504 SAN-AI OIL Co. Ltd. 1,000 4,430 5,428 San-in Godo Bank Ltd. (The) 6,000 56,410 60,159 Sankyo Co. Ltd., Gunma 13,600 734,607 843,042 Sanshin Electronics Co. Ltd. 7,600 63,823 67,877 Santen Pharmaceutical Co. Ltd. 9,400 326,300 328,683 SANYO Electric Co. Ltd. 37,000 84,406 110,448 Sapporo Hokuyo Holdings Inc. 47,300 234,635 156,566 Sapporo Holdings Ltd. 3,000 16,229 19,969 SAZABY Inc. 900 16,500 14,949 SBI Holdings Inc. 117 17,442 27,729 SECOM Co. Ltd. 16,300 770,824 769,090 Sega Sammy Holdings Inc. 8,300 100,441 121,783 Seiko Epson Corp. 19,800 497,598 374,646 Seino Holdings Co. Ltd. 37,000 237,820 355,838


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44

Sekisui Chemical Co. Ltd. 10,000 63,427 72,701 Sekisui House Ltd. 26,000 273,316 306,692 Seven & I Holdings Co. Ltd. 68,000 2,280,823 1,857,967 Sharp Corp. 24,000 324,580 288,589 SHIKOKU Coca-Cola Bottling Co. Ltd. 2,200 24,473 25,315 Shikoku Electric Power Co. Inc. 1,400 46,798 48,532 Shimamura Co. Ltd. 600 50,440 55,465 Shimizu Corp. 20,000 107,204 101,107 Shinagawa Refractories Co. Ltd. 9,000 20,690 28,274 Shin-Etsu Chemicals Co. Ltd. 7,800 421,605 419,668 ShinMaywa Industries Ltd. 8,000 23,390 33,606 Shinsei Bank Ltd. 185,000 359,637 345,149 Shionogi & Co. 50,000 1,125,600 1,123,615 Shizuoka Bank Ltd. (The) 20,000 223,712 230,380 Showa Shell Sekiyu K.K. 15,700 176,003 193,132 SKY Perfect JSAT Holdings Inc. 17 8,166 7,530 SMC Corp. 1,500 185,417 186,868 Softbank Corp. 31,000 524,739 702,239 Sohgo Security Services Co. Ltd. 100 1,034 1,223 Sojitz Corp. 52,300 133,879 132,827 Sompo Japan Insurance Inc. 5,000 47,025 38,758 Sony Corp. 82,000 2,477,732 2,487,240 Sony Financial Holdings Inc. 14 46,508 44,925 Sorun Corp. 3,100 20,452 21,791 SQUARE ENIX HOLDINGS CO. LTD. 7,200 196,867 195,859 SRI Sports Ltd. 12 15,624 11,194 Stanley Electric Co. Ltd. 3,200 53,482 75,262 SUMCO Corp. 10,900 196,875 180,398 Sumisho Computer Systems Corp. 100 1,685 1,818 Sumitomo Chemical Co. Ltd. 58,000 389,397 302,287 Sumitomo Corp. 121,400 1,450,149 1,434,939 Sumitomo Electric Industries Ltd. 79,100 975,046 1,032,070 Sumitomo Heavy Industries Ltd. 9,000 43,631 46,690 Sumitomo Metal Industries Ltd. 3,000 7,963 9,280 Sumitomo Metal Mining Co. Ltd. 61,000 1,001,411 1,000,758 Sumitomo Mitsui Financial Group Inc. 63,600 3,400,593 3,000,865 Sumitomo Realty & Development Co. Ltd. 2,000 31,312 42,513 Sumitomo Rubber Industries Ltd. 2,000 17,315 18,657 Sumitomo Seiko Chemicals Co. 5,000 22,758 22,809 Sumitomo Trust and Banking Co. Ltd. (The) 47,000 319,894 294,174 Suruga Bank Ltd. 42,000 505,658 466,610 Suzuken Co. Ltd. 5,500 169,765 184,701 Suzuki Motor Corp. 31,300 711,104 815,653 T&D Holdings Inc. 4,200 246,251 139,528 TACHI-S CO. LTD. 2,200 20,520 20,443 Taiheiyo Cement Corp. 182,000 418,395 363,649 Taisei Corp. 36,000 92,781 100,530 Taisho Pharmaceutical Co. Ltd. 13,000 286,807 285,568 Taiyo Nippon Sanso Corp. 16,000 137,622 177,949 Takashimaya Co. Ltd. 18,000 164,460 164,877 Takeda Pharmaceutical Co. Ltd. 32,600 1,658,414 1,471,473 Takeuchi Mfg. Co. Ltd. 600 17,493 6,883 Tanabe Seiyaku Co. Ltd. 19,000 244,265 252,708 TDK Corp. 1,400 73,464 76,505 Teijin Ltd. 49,000 155,593 182,836 Terumo Corp. 2,000 97,532 102,552

THK Co. Ltd. 3,900 68,186 67,738 TKC Corp. 1,100 26,243 24,494 Tobu Railway Co. 26,000 160,801 177,443 Tohoku Electric Power Co. Inc. 2,500 73,981 60,634 TOHOKUSHINSHA FILM Corp. 2,000 18,932 14,203 Tokio Marine Holdings Inc. 26,100 922,606 835,652 Tokuyama Corp. 12,000 73,434 101,974 Tokyo Broadcasting System Holdings Inc. 6,300 103,893 114,959 Tokyo Electron Ltd. 1,500 76,286 84,316 TOKYO ENERGY & SYSTEMS INC. 2,000 17,276 20,101 Tokyo Gas Co. Ltd. 23,000 138,909 95,233 TOKYO STEEL MANUFACTURING CO. LTD. 21,498 276,959 303,787 Tokyo Style Co. Ltd. 2,000 23,653 18,512 Tokyo Tatemono Co. Ltd. 4,000 22,378 25,903 Tokyo Tekko Co. Ltd. 18,000 67,268 78,214 Tokyu Corp. 6,000 31,570 35,171 Tokyu Land Corp. 18,000 76,819 95,113 TOMOE Engineering Co. Ltd. 1,700 23,767 23,491 TonenGeneral Sekiyu K.K. 17,000 200,476 200,530 Toppan Forms Co. Ltd. 3,100 40,988 46,119 Toppan Printing Co. Ltd. 64,000 646,393 746,461 Toray Industries Inc. 18,000 94,558 106,379 TORII PHARMACEUTICAL CO. LTD. 1,500 26,629 28,130 TOSHIBA TEC CORP. 29,000 110,788 137,181 Tosoh Corp. 9,000 30,537 29,682 Toto Ltd. 7,000 46,523 56,957 Toyo Kohan Co. Ltd. 4,000 19,527 21,570 Toyo Seikan Kaisha Ltd. 9,200 187,504 225,903 Toyo Suisan Kaisha Ltd. 28,000 839,547 669,667 Toyo Tire & Rubber Co. Ltd. 15,000 41,627 41,526 Toyoda Gosei Co. Ltd. 3,600 79,084 113,096 Toyota Auto Body Co. Ltd. 3,800 72,889 80,638 Toyota Industries Corp. 10,000 348,449 287,674 Toyota Motor Corp. 105,300 5,990,382 4,638,876 Toyota Tsusho Corp. 16,000 244,501 275,782 Trend Micro Inc. 4,500 164,134 166,827 Tsumura & Co. 400 13,289 14,492 TV Asahi Corp. 41 64,976 71,459 Ube Industries Ltd. 8,000 19,938 25,806 Uni-Charm Corp. 300 21,561 26,577 UNIPRES CORP. 800 7,810 10,284 Uny Co. Ltd. 14,600 170,197 144,981 USEN Corp. 17,900 27,836 27,363 Ushio Inc. 1,300 21,699 24,050 Valor Co. Ltd. 2,400 22,355 21,724 West Japan Railway Co. 83 386,266 317,694 Yahoo Japan Corp. 871 313,546 321,331 Yamaguchi Financial Group Inc. 28,000 334,062 428,695 Yamaha Motor Co. Ltd. 14,300 153,378 184,172 Yamanashi Chuo Bank Ltd. (The) 3,000 17,145 19,138 Yamato Kogyo Co. Ltd. 3,700 115,488 126,926 Yamato Transport Co. Ltd. 7,000 89,548 108,101 Yamazaki Baking Co. Ltd. 45,000 564,393 587,686

142,869,425 141,870,499


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EAFE Equity Fund


Luxembourg – 0.3%ArcelorMittal 36,387 2,107,206 1,386,105 Gagfah SA 3,741 28,700 35,833 Millicom International Cellular SA 511 26,179 33,242 SES SA 19,247 429,421 413,856

2,591,506 1,869,036

Malaysia – 0.0%Telekom Malaysia BHD 96,700 83,864 93,293

83,864 93,293

Mexico – 0.0%America Movil SA de CV, Series ‘L’ BHD 82,600 175,428 186,097

175,428 186,097

Netherlands – 3.0%AEGON NV 76,719 1,184,607 547,756 Akzo Nobel NV 6,777 437,258 345,923 ASML Holding NV 22,267 532,477 557,504 Corio NV 2,292 125,578 128,734 European Aeronautic Defence and Space Co. 169,735 3,318,431 3,182,432 Heineken Holding NV 4,693 142,707 172,771 Heineken NV 17,652 763,298 759,982 Imtech NV 4,900 106,883 110,350 ING Groep NV 61,126 1,262,400 714,033 James Hardie Industries NV 36,795 141,588 143,368 Koninklijke Ahold NV 143,323 1,969,368 1,910,473 Koninklijke Boskalis Westminster NV, CVA 51 1,214 1,341 Koninklijke DSM NV 52,809 2,220,420 1,920,489 Koninklijke KPN NV 159,557 2,488,276 2,545,330 Koninklijke Philips Electronics NV 22,594 478,860 482,880 Koninklijke Vopak NV 6,753 358,850 391,175 Nutreco Holding NV 983 46,768 44,443 OCE NV 5,524 35,009 34,239 Qiagen AG 915 17,978 19,570 Randstad Holding NV 13,972 337,739 448,712 Reed Elsevier NV 9,675 133,048 123,560 SBM Offshore NV 1,787 28,974 35,383 TNT NV 42,540 938,657 959,061 Unilever NV 144,377 3,944,456 4,035,782 Wolters Kluwer NV 2,618 55,020 53,073

21,069,864 19,668,364

New Zealand – 0.1%Air New Zealand Ltd. 34,200 25,304 23,156 Contact Energy Ltd. 7,265 30,834 31,974 Fletcher Building Ltd. 38,126 177,695 186,440 Telecom Corp. of New Zealand Ltd. 340,427 602,664 691,500 Vector Ltd. 31,792 53,089 48,792

889,586 981,862

Norway – 0.4%Austevoll Seafood ASA 8,000 36,602 43,015 DNB NOR ASA 100,700 892,511 885,756 Norsk Hydro ASA 3,800 18,820 22,592 Orkla ASA 7,000 60,284 58,856 Renewable Energy Corp. AS 800 7,964 7,145

Renewable Energy Corp. AS, Rights, 2009/07/13 275 – 1,141 Statoil ASA 7,700 212,988 175,748 Telenor ASA 40,600 275,078 361,146 Yara International ASA 39,430 1,959,646 1,280,588

3,463,893 2,835,987

Papua New Guinea – 0.2%Lihir Gold Ltd. 416,415 1,101,302 1,153,360

1,101,302 1,153,360

Portugal – 0.8%Banco Commercial Portugues SA 174,113 206,715 204,493 Banco Espirito Santo SA, Registered 27,610 233,945 172,347 CIMPOR-Cimentos de Portugal, SGPS, SA 17,076 123,751 144,366 Energias de Portugal SA 419,349 2,217,509 1,905,182 Galp Energia, SGPS, SA, Class ‘B’ 108,204 2,089,175 1,761,727 Jeronimo Martins SGPS SA 41,820 319,684 328,764 Portugal Telecom SGPS SA, Registered 46,404 564,150 526,867 Redes Energeticas Nacionais SA 9,048 41,520 44,880

5,796,449 5,088,626

Singapore – 1.3%Capitaland Ltd. 27,000 78,356.00 80,376City Developments Ltd. 8,000 57,224 55,077ComfortDelGro Corp. Ltd. 65,000 76,624 66,759DBS Group Holdings Ltd. 123,000 1,257,495 1,162,626Fraser and Neave Ltd. 61,000 145,485 160,544Golden Agri-Resources Ltd. 1,012,560 241,994 304,678Golden Agri-Resources Ltd., Rights, 2009/07/16 172,134 – 27,624Haw Par Corp. Ltd. 5,000 25,402 18,375Jardine Cycle & Carriage Ltd. 15,000 179,464 231,090Keppel Corp. Ltd. 100,000 543,605 553,654NSL Ltd. 19,000 23,161 19,057Oversea-Chinese Banking Corp. Ltd. 182,000 943,294 971,142SembCorp Industries Ltd. 58,000 183,362 140,548Sembcorp Marine Ltd. 13,000 14,860 28,060SIA Engineering Co. 31,000 52,460 69,399Singapore Airlines Ltd. 5,000 50,449 53,199Singapore Airport Terminal Services Ltd. 37,000 57,436 64,425Singapore Exchange Ltd. 49,000 274,016 278,761Singapore Land Ltd. 4,000 16,401 16,882Singapore Technologies Engineering Ltd. 59,000 131,552 115,513Singapore Telecommunications Ltd. 298,000 673,547 712,561United Industrial Corp. Ltd. 45,000 49,421 64,994United Overseas Bank Ltd. 68,000 856,205 798,803UOB-Kay Hian Holding Ltd. 54,000 75,002 58,062UOL Group Ltd. 24,000 50,628 63,550Wilmar International Ltd. 537,000 1,474,863 2,158,746

7,532,306 8,274,505

South Africa – 0.3%AngloGold Ashanti Ltd. 40,000 1,455,144 1,702,481Impala Platinum Holdings Ltd. 20,790 509,492 532,288

1,964,636 2,234,769


Shares $ $


Shares $ $

46


EAFE Equity Fund


Shares $ $


Shares $ $

South Korea – 0.1%First Fire & Marine Insurance Co. Ltd. 12,450 82,495 86,257 LG Electronics Inc. 553 59,256 58,982 Woori Finance Holdings Co. Ltd. 34,930 321,317 323,203

463,068 468,442

Spain – 3.6%Abertis Infraestructuras SA 9,893 199,872 216,027 Acerinox SA 7,857 147,473 168,560 ACS Actividades de Construccion y Servicios SA 18,647 998,304 1,095,032 Banco Bilbao Vizcaya Argentaria SA 92,924 1,619,719 1,353,249 Banco de Sabadell SA 30,796 193,978 222,986 Banco de Valencia SA 10,267 107,148 115,567 Banco Popular Espanol SA 35,306 339,910 356,864 Banco Santander Central Hispano SA, Registered 370,451 5,350,078 5,165,555 Bankinter SA 20,644 288,990 283,151 Corporacion Financiera Alba SA 3,832 183,374 214,232 Corporacion Mapfre SA 84,463 281,989 318,790 Criteria Caixacorp SA 64,558 344,544 344,934 EDP Renovaveis SA 11,165 121,289 132,495 Enagas 7,597 158,697 173,439 Fomento de Construcciones y Contratas SA 3,505 158,171 166,376 Gas Natural SDG SA 15,585 797,270 329,021 Gestevision Telecinco SA 3,356 35,309 36,218 Grifols SA 22,235 543,500 455,649 Grupo Catalana Occidente SA 5,447 123,314 115,260 Iberdrola Renovables SA 3,634 18,972 19,239 Iberdrola SA 61,342 794,840 577,062 Indra Sistemas SA 6,466 155,448 162,470 Industria de Diseno Textil SA 4,786 252,358 266,397 Red Electrica Corporacion SA 18,152 944,783 952,418 Repsol YPF SA 105,851 3,507,352 2,747,638 Sacyr Vallehermoso SA 2,365 38,790 37,947 Telefonica SA 277,757 6,905,796 7,291,347 Zardoya Otis SA 9,315 206,261 225,483 Zardoya Otis SA, Rights 9,315 10,141 11,001

24,827,670 23,554,407

Sweden – 1.6%AB SKF, Series ‘B’ 7,495 96,727 106,728 Acando AB 14,716 23,495 28,124 Alfa Laval AB 4,844 50,075 53,440 Assa Abloy AB, Series ‘B’ 11,809 157,472 189,842 Atlas Copco AB, Series ‘A’ 12,060 162,234 139,646 Atlas Copco AB, Series ‘B’ 4,089 37,864 42,751 Boliden AB 29,518 254,396 257,730 Electrolux AB, Series ‘B’ 14,065 176,270 226,637 ForeningsSparbanken AB 16,700 103,479 112,394 Hennes & Mauritz AB, Series ‘B’ 12,593 657,008 725,784 Holmen AB, Series ‘B’ 4,858 115,979 122,699 Husqvarna AB 11,851 66,827 74,430 Investor AB, Series ‘B’ 33,149 621,140 591,288 Lundin Petroleum AB 18,152 137,319 162,435 Nordea Bank AB 83,786 857,064 766,096 Scania AB, Series ‘B’ 7,638 91,677 87,297

Securitas AB, Series ‘B’ 31,156 325,969 305,890 Skandinaviska Enskilda Banken, Series ‘A’ 38,313 1,005,900 194,109 Skanska AB, Series ‘B’ 11,138 133,916 143,578 SSAB AB 25,199 295,511 337,866 Svenska Cellulosa AB, Series ‘A’ 2,141 23,540 25,914 Svenska Cellulosa AB, Series ‘B’ 142,225 1,642,072 1,726,803 Svenska Handelsbanken, Series ‘A’ 21,998 503,876 479,764 Swedish Match AB 23,938 425,258 448,518 Tele2 AB, Series ‘B’ 2,919 55,623 34,084 Telefonaktiebolaget LM Ericsson, Series ‘B’ 206,075 1,894,415 2,338,316 TeliaSonera AB 113,133 630,831 685,098 Volvo AB, Series ‘A’ 5,869 44,416 41,699 Volvo AB, Series ‘B’ 3,230 24,876 23,046

10,615,229 10,472,006

Switzerland – 6.8%ABB Ltd., Registered 63,931 1,033,406 1,165,357 ACE Ltd. 24,769 1,346,346 1,266,544 Actelion Ltd., Registered 7,610 439,424 461,174 Adecco SA, Registered 4,009 180,005 188,366 Baloise Holding AG, Registered 13,069 1,195,297 1,102,512 Banque Cantonale Vaudoise, Registered 519 184,678 185,663 Clariant AG, Registered 18,000 222,704 129,168 Credit Suisse Group AG 71,810 3,819,643 3,720,657 EFG International, Registered 2,325 30,407 29,048 Elektrizitats-Gesellschaft Laufenburg AG 24 32,403 25,526 Geberit AG, Registered 955 117,378 134,614 Givaudan SA, Registered 51 36,231 35,944 Gurit Holding AG 81 34,499 42,383 Helvetia Patria Holding, Registered 600 216,266 182,604 Holcim AG, Registered 7,508 641,118 491,472 Kuehne & Nagel International AG, Registered 2,497 214,770 224,115 Lindt & Spruengli AG 82 209,216 176,005 Lonza Group AG, Registered 807 91,819 92,209 Nestle SA, Registered, Series ‘B’ 250,110 10,901,434 10,848,879 Noble Corp. 8,480 337,744 296,432 Novartis AG, Registered 157,237 8,648,427 7,371,115 Pargesa Holding SA, Class ‘B’ 377 26,418 26,812 PARIS RE Holdings Ltd. 1,401 28,140 26,245 Roche Holding AG Genusscheine 26,397 4,531,021 4,146,495 Schindler Holding AG 1,377 81,697 98,961 Schindler Holding AG, Registered 279 18,554 19,068 SGS SA, Registered 126 168,692 174,915 Sonova Holding AG, Registered 916 75,932 86,371 Sulzer AG, Registered 2,400 147,248 174,275 Swatch Group AG, Registered 10,535 503,895 397,121 Swiss Reinsurance Co. Ltd. 19,404 1,178,244 725,226 Swisscom AG 4,078 1,406,850 1,437,061 Syngenta AG 12,881 3,117,448 3,466,283 Transocean Ltd. 3,790 301,658 323,996 UBS AG, Registered 68,367 961,429 969,524 Valora Holding AG 157 30,352 32,693 Vontobel Holding AG, Registered 2,056 58,536 61,694 Zurich Financial Services AG 20,326 5,138,333 4,128,348

47,707,662 44,464,875


47


EAFE Equity Fund


Shares $ $


Shares $ $

Taiwan – 0.5%Chunghwa Telecom Co. Ltd. 440,131 1,048,763 1,018,865 Hon Hai Precision Industry Co. Ltd.,

GDR, Registered 15,492 82,630 109,389 Taiwan Semiconductor Manufacturing Co. Ltd. 440,000 863,697 850,359 United Microelectronics Corp., ADR 331,400 1,122,533 1,012,212

3,117,623 2,990,825

Thailand – 0.0%Siam Commercial Bank Public Co. Ltd. 40,600 82,658 100,336 Tisco Financial Group Public Co. Ltd. 122,700 77,383 76,121

160,041 176,457

Turkey – 0.1%Is Yatirim Menkul Degerler AS 30,619 36,326 36,110 Turk Ekonomi Bankasi AS 331,346 270,294 298,088

306,620 334,198

United Kingdom – 19.0%3i Group PLC 67,348 345,900 311,071 Admiral Group PLC 2,942 47,905 48,925 Aegis Group PLC 22,412 35,819 39,221 Amec PLC 85,260 1,049,851 1,064,819 Amlin PLC 29,800 206,631 172,266 Anglo American PLC 22,719 856,453 766,270 Antofagasta PLC 203,831 2,047,629 2,290,315 Arriva PLC 2,696 32,569 20,935 Associated British Foods PLC 4,167 70,732 60,729 AstraZeneca PLC 127,221 6,376,788 6,497,833 Autonomy Corp. PLC 83,994 1,704,560 2,306,853 Aviva PLC 152,687 1,304,850 996,533 Babcock International Group PLC 29,236 322,146 268,955 BAE Systems PLC 694,669 5,033,691 4,497,320 Balfour Beatty PLC 113,320 761,794 667,536 Barclays PLC 658,299 4,046,551 3,559,942 Berkeley Group Holdings PLC 20,051 343,399 308,325 BG Group PLC 163,901 3,627,988 3,191,145 BHP Billiton PLC 167,725 5,246,711 4,375,517 BP PLC 1,041,191 11,126,029 9,513,674 British American Tobacco PLC 157,930 5,355,309 5,053,331 British Land Co. PLC 3,966 31,166 28,957 British Sky Broadcasting Group PLC 17,890 142,867 155,511 BT Group PLC 273,430 1,516,385 530,798 Bunzl PLC 2,494 25,253 23,969 Burberry Group PLC 5,215 37,004 42,190 Cadbury PLC 124,227 1,214,214 1,230,730 Cairn Energy PLC 3,428 142,242 153,220 Cape PLC 34,852 59,497 131,147 Capita PLC 13,076 158,197 178,563 Carillion PLC 26,000 130,445 125,436 Carnival PLC 21,325 686,700 655,424 Carphone Warehouse PLC (The) 30,761 93,356 92,955 Centrica PLC 606,630 3,199,253 2,587,295 Chemring Group PLC 568 19,303 23,563 Close Brothers Group PLC 29,193 302,013 366,548 Cobham PLC 110,469 417,022 364,457

Compass Group PLC 463,518 2,642,796 3,025,216 Debenhams PLC 37,325 53,972 57,466 Delta PLC 9,727 22,273 21,580 Diageo PLC 69,995 1,304,172 1,166,010 Dimension Data Holdings Ltd. 32,513 33,680 37,160 Dimension Data Holdings PLC 93,971 101,358 106,937 Drax Group PLC 8,788 84,877 73,786 DS Smith PLC 35,785 44,853 45,513 Eurasian Natural Resources Corp. 15,489 145,218 193,888 Fiberweb PLC 45,781 62,543 61,292 FirstGroup PLC 7,492 36,129 51,226 Fresnillo PLC 5,498 69,681 54,627 Friends Provident Group PLC 44,487 81,626 55,841 GlaxoSmithKline PLC 195,583 5,005,523 3,996,895 Group 4 Securicor PLC 128,527 480,005 511,913 Hays PLC 509,497 724,271 835,589 Healthcare Locums PLC 17,198 44,587 62,824 Hiscox Ltd. 30,000 191,329 166,107 Home Retail Group 85,185 557,086 422,376 HSBC Holdings PLC 831,751 10,671,809 7,993,676 ICAP PLC 52,902 396,100 455,557 Imperial Tobacco Group PLC 46,493 1,822,182 1,402,285 Inchcape PLC 794,701 290,561 284,985 Inmarsat PLC 29,613 246,530 308,388 InterContinental Hotels Group PLC 12,288 137,290 146,415 Intertek Group PLC 13,506 202,487 269,161 Invensys PLC 108,358 511,457 462,668 Investec PLC 59,870 316,698 373,861 J Sainsbury PLC 2,719 16,207 16,264 Johnson Matthey PLC 3,077 64,738 67,560 Kazakhmys PLC 20,751 235,454 249,636 Kingfisher PLC 286,931 891,297 972,430 Ladbrokes PLC 6,345 25,406 22,299 Legal & General Group PLC 740,401 1,054,760 803,619 Lloyds Banking Group PLC 368,768 2,028,030 493,071 Logica PLC 130,149 268,725 196,646 London Stock Exchange Group PLC 4,386 53,765 58,720 Lonmin PLC 662 16,132 14,852 Man Group PLC 2,764 12,247 14,670 Marks & Spencer Group PLC 62,411 342,143 364,661 Meggitt PLC 11,344 34,480 34,226 Mondi PLC 5,222 21,267 20,674 National Express Group PLC 12,463 81,652 73,595 National Grid PLC 141,035 1,492,726 1,475,473 Next PLC 21,652 576,696 608,327 Old Mutual PLC 739,250 2,281,855 1,139,859 Pearson PLC 24,313 306,246 283,419 Persimmon PLC 28,490 201,794 190,576 Petrofac Ltd. 21,016 200,571 269,304 Prudential PLC 47,552 411,291 376,064 Qinetiq PLC 20,579 80,710 56,381 Reckitt Benckiser Group PLC 43,877 2,107,367 2,321,166 Reed Elsevier PLC 45,360 423,734 392,129 Regus PLC 94,653 133,716 117,670 Rexam PLC 178,561 952,644 971,597 Rio Tinto PLC, Registered 30,691 1,669,032 1,235,607


48


EAFE Equity Fund


Shares $ $


Shares $ $


Rio Tinto PLC, Rights, 2009/07/01 10,206 – 136,247 Rolls-Royce Group PLC 28,716 172,961 198,541 Rolls-Royce Group PLC, ‘C’ Shares Entitlement 1,666,321 – 3,188 Royal Bank of Scotland PLC 96,190 57,439 71,086 Royal Dutch Shell PLC, Class ‘A’ 257,508 8,372,965 7,464,508 Royal Dutch Shell PLC, Class ‘B’ 136,743 4,825,662 3,988,340 RSA Insurance Group PLC 409,049 1,084,958 940,366 SABMiller PLC 11,049 219,953 260,980 Sage Group PLC (The) 303,033 926,448 1,029,899 Schroders PLC 8,684 131,506 135,943 Scottish and Southern Energy PLC 13,785 358,329 300,295 Serco Group PLC 22,018 156,742 177,392 Severn Trent PLC 945 18,166 19,773 Shire Ltd. 31,333 533,734 500,686 Smith & Nephew PLC 1,172 9,040 10,076 Smiths Group PLC 14,862 221,411 199,399 Standard Chartered PLC 194,242 2,989,507 4,231,399 Standard Life PLC 48,324 162,935 171,167 Tesco PLC 167,811 1,278,123 1,133,917 Thomas Cook Group PLC 55,337 234,917 217,493 Thomson Reuters PLC 12,992 399,707 430,369 Tomkins PLC 57,594 155,233 163,026 Travis Perkins PLC 9,213 88,987 92,772 Tui Travel PLC 25,000 112,556 110,809 Tullett Prebon PLC 59,375 247,945 336,134 Tullow Oil PLC 45,102 692,560 806,969 Unilever PLC 25,895 734,440 705,250 United Utilities Group PLC 10,030 90,933 95,340 Vedanta Resources PLC 4,180 75,779 102,890 Vodafone Group PLC 3,460,533 9,356,013 7,756,892 Whitbread PLC 957 14,930 14,917 Whitbread PLC, Preferred, Class ‘B’ 27,428 86,821 – William Morrison Supermarkets PLC 79,597 386,815 360,035 Wolseley PLC 550 11,486 12,181 WPP PLC 164,943 1,556,207 1,272,112 Xstrata PLC 203,044 2,336,465 2,552,531

138,485,673 124,188,937

United States – 0.2%Advance America Cash Advance Centers Inc. 23,016 120,434 116,007 Air Transport Services Group Inc. 16,400 43,940 44,187 Aircastle Ltd. 2,124 18,138 17,908 BancFirst Corp. 1,400 56,121 56,223 Borders Group Inc. 6,000 22,016 25,015 Cardinal Financial Corp. 4,700 44,278 42,357 Caribou Coffee Co. Inc. 3,400 25,740 25,271 Danvers Bancorp Inc. 7,200 113,288 111,294 First Financial Bankshares Inc. 1,027 56,775 59,600 Great Southern Bancorp Inc. 1,600 35,003 37,981 Hawkins, Inc. 3,700 82,609 96,811 Innodata Isogen Inc. 3,200 15,729 16,166 Insmed Inc. 59,600 75,130 67,486 Matrixx Initiatives Inc. 2,500 17,710 15,794 Omnova Solutions Inc. 5,000 14,969 18,407 Orchids Paper Products Co. 900 17,510 21,228 Pep Boys-Manny, Moe & Jack Inc. 4,600 33,109 53,582 Randgold Resources Ltd. 1,830 143,529 136,955 Saba Software Inc. 4,100 19,018 18,284 Synthes Inc. 690 90,449 77,293 Temple Inland Inc. 4,775 57,270 72,756 Web.com Group Inc. 2,900 18,207 18,524 Youbet.com Inc. 8,200 29,335 30,569

1,150,307 1,179,698Total Equities 656,563,853 621,015,238

MUTUAL FUND – 0.2%SEI International Synthetic Fund, Class ‘O’ 150,038 1,843,313 1,180,623

1,843,313 1,180,623

Par Interest Maturity Average Market Value Rate Date Cost Value

$ % $ $

BOND – 0.0%ABN Amro Bank NV, Convertible 65,000 0.500 2010/09/28 98,418 102,220

98,418 102,220Total Short-Term Note* – 2.0% 12,994,020 12,996,998Less: Transaction cost included in average cost (646,795) – Total Investments – 96.8% 670,852,809 635,295,079Unrealized Appreciation(Depreciation) on Futures Contracts** – 0.0% (160,639)Other Assets and Liabilities, Net* – 3.2% 21,125,912Net Assets – 100.0% 656,260,352

*Short-Term Notes earn interest at rates ranging from 0.165% to 0.206% and mature from August 6, 2009 to September 17, 2009.**$3,000,000 of Canada Treasury Bills are held as collateral by counterparties with respect to the futures contracts.

49


EAFE Equity Fund



Contracts $ $ $ $

Unrealized AppreciationBelgium 20 Index

expiration date July 2009 7 EUR 2,002.70 228,363 231,511 3,149 Hong Kong Hang Seng Index

expiration date July 2009 7 HKD 18,415.00 965,825 966,087 262Japanese TOPIX Index

expiration date September 2009 51 JPY 920.10 5,648,180 5,675,190 27,010Spanish IBEX 35 Index

expiration date July 2009 7 EUR 9,414.50 1,073,514 1,108,007 34,493Swedish OMX Index

expiration date July 2009 46 SEK 794.45 547,780 548,159 379Swiss SMI Soffex Index

expiration date September 2009 31 CHF 5,378.00 1,780,313 1,783,623 3,31068,603

Unrealized DepreciationAmsterdam Exchanges Index

expiration date July 2009 9 EUR 257.55 755,173 746,083 (9,090)Australian SPI 200 Index

expiration date September 2009 18 AUD 3,905.00 1,649,870 1,648,180 (1,690)British FTSE 100 Index

expiration date September 2009 60 GBP 4,297.50 4,931,560 4,840,330 (91,230)Denmark KFX Copenhagen Share Index

expiration date July 2009 105 DKK 298.15 684,791 664,924 (19,867)French Matif CAC 40 Index

expiration date July 2009 45 EUR 3,216.50 2,357,808 2,298,799 (59,009)German Eurex Deutschland DAX Index

expiration date September 2009 9 EUR 4,904.50 1,797,586 1,766,432 (31,154)Italian SPMIB Index

expiration date September 2009 6 EUR 19,440.00 950,014 932,812 (17,202)(229,242)

Unrealized Appreciation(Depreciation) on Long Futures Contracts purchased (160,639)


50


EAFE Equity Fund

SCHEDULE OF SPOT CONTRACTS***Unrealized

Credit AppreciationRating of Settlement Amount Amount Forward Current (Depreciation)

Counterparty Counterparty1 Date Sold Bought Rate Rate $

Bank of New York Mellon Corp. A1+ 2009/07/01 AUD 149,348 USD 120,419 1.240 1.237 (373)Bank of New York Mellon Corp. A1+ 2009/07/01 EUR 15,275 GBP 13,000 1.175 1.174 (19)Bank of New York Mellon Corp. A1+ 2009/07/01 USD 151,122 AUD 186,686 0.809 0.808 (228)Bank of New York Mellon Corp. A1+ 2009/07/01 USD 71,440 KRW 91,650,950 0.001 0.001 583 Bank of New York Mellon Corp. A1+ 2009/07/01 USD 51,316 KRW 65,832,914 0.001 0.001 419 Bank of New York Mellon Corp. A1+ 2009/07/02 AUD 413,383 CAD 382,729 1.080 1.065 (5,394)Bank of New York Mellon Corp. A1+ 2009/07/02 CAD 143,676 ZAR 994,053 0.145 0.150 5,815 Bank of New York Mellon Corp. A1+ 2009/07/02 EUR 43,034 CAD 69,772 0.617 0.614 (329)Bank of New York Mellon Corp. A1+ 2009/07/02 EUR 14,625 CAD 23,712 0.617 0.614 (112)Bank of New York Mellon Corp. A1+ 2009/07/02 HKD 62,928 AUD 10,000 6.293 6.266 (41)Bank of New York Mellon Corp. A1+ 2009/07/02 JPY 72,888 CAD 881 82.733 83.104 4 Bank of New York Mellon Corp. A1+ 2009/07/02 JPY 36,685 CAD 443 82.810 83.101 2 Bank of New York Mellon Corp. A1+ 2009/07/03 USD 67,019 THB 2,275,755 0.029 0.029 (258)Bank of New York Mellon Corp. A1+ 2009/07/06 JPY 221,125 CAD 2,668 82.880 83.081 6 Brown Brothers Harriman & Co. NA 2009/07/01 MXN 403,863 TRY 47,194 8.558 8.573 66 Brown Brothers Harriman & Co. NA 2009/07/02 CHF 455,000 USD 420,129 1.083 1.088 2,041 Brown Brothers Harriman & Co. NA 2009/07/02 GBP 75,000 USD 124,245 0.604 0.607 849 Brown Brothers Harriman & Co. NA 2009/07/02 SEK 1,300,000 USD 169,051 7.690 7.748 1,466 Brown Brothers Harriman & Co. NA 2009/07/02 USD 92,663 DKK 490,000 0.189 0.188 (430)Brown Brothers Harriman & Co. NA 2009/07/02 USD 126,783 EUR 90,000 1.409 1.403 (632)Chase Bank USA NA A1+ 2009/07/01 SEK 2,254,244 USD 289,562 7.785 7.748 (1,613)Credit Suisse First Boston A1 2009/07/01 CHF 1,183,110 USD 1,090,881 1.085 1.088 3,501 Credit Suisse First Boston A1 2009/07/01 USD 20,744 JPY 1,999,538 0.010 0.010 (24)Goldman Sachs Group Inc. A1 2009/07/02 USD 232,944 EUR 165,420 1.408 1.403 (1,066)Goldman Sachs Group Inc. A1 2009/07/02 USD 90,836 HKD 703,977 0.129 0.129 (1)HSBC Bank, New York A1+ 2009/07/01 USD 401,027 EUR 285,063 1.407 1.403 (1,374)State Street Trust Co. Canada A1+ 2009/07/01 USD 242,922 EUR 172,502 1.408 1.403 (1,118)State Street Trust Co. Canada A1+ 2009/07/02 HKD 479,910 EUR 44,005 10.906 10.871 (232)State Street Trust Co. Canada A1+ 2009/07/02 JPY 16,377,811 EUR 120,736 135.650 135.334 (458)

1,050

1Commercial paper rating per Standard and Poor’s Commercial Paper Guide.1Credit Rating not available for Brown Brothers Harriman & Co., as it is a private company.

***The Unrealized appreciation(depreciation) on spot contracts is included in the Other Assets and Liabilities above.


51

EAFE Equity Fund


Currency risk exposed Spot foreignholdings exchange Total As a % of

(including derivatives)* contracts Exposure Net Assets

Euro Currency Unit 195,977,470 1,310,979 197,283,633 30.06%

Japanese Yen 144,741,422 (177,046) 144,564,365 22.03%

British Pound 121,763,012 (118,580) 121,644,432 18.54%

Swiss Franc 43,197,009 (1,749,270) 41,447,739 6.32%

Australian Dollar 39,308,075 (343,677) 38,948,051 5.93%

Hong Kong Dollar 28,148,797 24,146 28,152,908 4.29%

U.S. Dollar 18,533,971 772,847 19,306,818 2.94%

Swedish Krona 10,882,755 (532,757) 10,349,998 1.58%

Singapore Dollar 8,919,118 – 8,946,742 1.36%

Danish Krone 6,678,196 107,184 6,785,380 1.03%

Norwegian Krone 2,888,603 – 2,888,603 0.44%

Brazilian Real 2,446,364 – 2,446,364 0.37%

South African Rand 2,296,818 149,491 2,446,309 0.37%

Taiwan Dollar 1,871,113 – 1,871,113 0.29%

New Zealand Dollar 997,102 – 997,102 0.15%

South Korean Won 468,442 143,564 612,006 0.09%

Indonesian Rupiah 538,221 – 538,221 0.08%

Hungarian Forint 404,428 – 404,428 0.06%

New Turkish Lira 335,202 35,678 370,880 0.06%

Mexican Peso 310,151 (35,613) 274,538 0.04%

Thai Baht 176,457 77,574 254,031 0.04%

Malaysian Ringgit 93,293 – 93,293 0.01%

China Renminbi (3,978) -– (11,352) 0.00%




Other Price RiskAs at June 30, 2009, a 10% change in equity prices on the global stock exchanges would have changed the Fund’s Net Assets by $64,422,538, with all other factors held constant. In practice, the actualresults may differ from this sensitivity analysis and the difference could be material.



52

EAFE Equity Fund


2009 2008


at fair value 18,275 14,603 Accrued dividends receivable 3,878 2,889 Accrued interest receivable — —Margin receivable on futures 2,599 10 Receivable for portfolio securities sold 15,015 906 Receivable for unit subscriptions 506 202


Accrued liabilities 815 752 Payable for portfolio securities purchased 16,721 1,634 Payable for unit redemptions 1,611 1,787 Unrealized depreciation on futures contracts 161 —



NET ASSETS PER CLASS(Class O) $ 618,499 $ 622,421 (Class I) $ 5,296 $ 8,682 (Class P) $ 30,243 $ 25,150 (Class F) $ 2,222 $ 1,987

NET ASSETS PER UNIT (note 7) (Class O) $ 4.03 $ 4.04 (Class I) $ 3.99 $ 4.02 (Class P) $ 4.00 $ 4.07 (Class F) $ 4.17 $ 4.21 INVESTMENTS AT AVERAGE COST $ 670,853 $ 806,687


2009 2008

INVESTMENT INCOMEDividends $ 15,592 $ 22,570 Interest 6 177

15,598 22,747Foreign withholding taxes 1,809 2,599

13,789 20,148 EXPENSES

Custodian and administration fees 290 829 Legal fees 267 39 Audit fees 9 38 Management fees 348 390 Trustee fees 4 22 Independent Review Committee fees 3 —Securityholder Reporting Costs 17 4

938 1,322 NET INVESTMENT INCOME (LOSS)

FOR THE PERIOD $ 12,851 $ 18,826 NET GAIN (LOSS) ON SALES OF SECURITIES $ (148,709) $ (34,999) NET REALIZED GAIN (LOSS) ON FUTURES

AND FORWARDS $ 6,361 $ —NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (503) $ (236)TRANSACTION COSTS $ (640) $ (994)UNREALIZED APPRECIATION (DEPRECIATION)


ON FUTURES AND FORWARD CONTRACTS $ (162) $ —NET GAIN (LOSS) ON INVESTMENTS $ (16,329) $ (104,413)NET INCREASE (DECREASE) IN NET ASSETS

FROM OPERATIONS $ (3,478) $ (85,587)


(Class O) $ (3,295) $ (81,500)(Class I) $ (349) $ (1,444)(Class P) $ 184 $ (2,441)(Class F) $ (18) $ (202)


(Class O) $ (0.02) $ (0.54)(Class I) $ (0.20) $ (0.54)(Class P) $ 0.02 $ (0.54)(Class F) $ (0.04) $ (0.52)



53

EAFE Equity Fund



NET ASSETS – BEGINNING OF PERIOD $ 658,240 $ 1,035,022 $ 622,421 $ 991,275




TRANSACTIONSProceeds from issue of units 122,861 138,378 113,280 127,506 Payments on redemption of units (121,357) (195,531) (113,906) (190,777)Reinvestment of distributions ! 5 20 — —

1,509 (57,133) (626) (63,271)CHANGES IN NET ASSETS (1,980) (142,741) (3,922) (144,771)NET ASSETS, END OF PERIOD $ 656,260 $ 892,281 $ 618,499 $ 846,504

Class I Class P2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS (349) (1,444) 184 (2,441)



TRANSACTIONSProceeds from issue of units 509 823 8,425 9,187 Payments on redemption of units (3,541) (1,046) (3,516) (3,203)Reinvestment of distributions ! 5 20 — —

(3,027) (203) 4,909 5,984 CHANGES IN NET ASSETS (3,386) (1,668) 5,093 3,543 NET ASSETS, END OF PERIOD $ 5,296 $ 15,086 $ 30,243 $ 28,205



54

EAFE Equity Fund


Class F2009 2008





253 357 CHANGES IN NET ASSETS 235 155 NET ASSETS, END OF PERIOD $ 2,222 $ 2,486


55

EQUITIES – 91.0%Argentina – 0.1%Telecom Argentina SA, ADR, Class ‘B’ 10,100 165,843 149,787

165,843 149,787

Bermuda – 0.3%Alliance Oil Co. Ltd. 18,597 133,215 243,215 Dufry South America Ltd. 14,400 139,784 207,272

272,999 450,487

Brazil – 15.5%Abyara Planejamento Imobiliario SA 9,077 4,996 6,728 All America Latina Logistica 36,300 165,753 258,776 Amil Participacoes SA 30,700 132,324 169,917 Banco Bradesco SA, Preferred 24,200 347,118 413,009 Banco Daycoval SA 6,400 15,917 26,851 Banco do Brasil SA 30,500 351,706 381,359 Banco do Estado do Espirito Santo SA 13,000 45,236 51,306 BM&F BOVESPA SA 20,900 106,419 144,905 BR Malls Participacoes SA 21,300 183,263 187,059 Brascan Residential Properties SA 500 750 1,265 Brasil Telecom SA 27,500 190,488 208,916 Braskem SA, Preferred, Series ‘A’ 60,400 330,921 255,914 Centrais Eletricas Brasileiras SA 16,889 272,910 284,433 Centrais Eletricas Brasileiras SA, Preferred, Class ‘B’ 28,000 363,768 421,447 Cia Brasileira de Meios de Pagamento 31,900 282,814 318,524 Cia Saneamento Basico de Sao Paulo NPV 26,850 517,424 465,236 Companhia de Bebidas das Americas, ADR, Preferred 521 29,255 38,827 Companhia de Ferro Ligas da Bahia 7,100 26,040 33,785 Companhia de Saneamento de Minas Gerais –

Copasa MG 26,700 294,138 402,671 Companhia de Tecidos Norte de Minas, Preferred 55,176 250,344 156,943 Companhia Energetica de Minas Gerais SA, ADR 4,836 65,841 75,483 Companhia Energetica de Minas Gerais, Preferred 35,153 446,117 548,068 Companhia Paranaense de Energia-Copel,

Preferred, Series ‘B’ 18,000 257,234 293,330 Companhia Vale do Rio Doce 31,200 565,235 635,641 Companhia Vale do Rio Doce, Preferred, Series ‘A’ 63,900 1,141,163 1,130,307 Confab Industrial SA, Preferred 32,986 56,643 93,044 Construtora Sultepa SA, Preferred 100 210 344 Eletropaulo Metropolitana SA, Preferred, Class ‘B’ 34,849 663,842 714,732 Embraer-Empresa Brasileira de Aeronautica SA 31,300 140,440 150,609 Empresa Brasileira de Aeronautica SA (Embraer),

ADR, Preferred 4,510 114,879 86,736 Fertilizantes Fosfatados SA, Preferred 33,400 278,098 298,469 Gerdau SA 21,200 109,854 197,864 Gerdau SA, ADR 7,500 74,429 89,453 Grendene SA 26,800 288,333 282,846 GVT Holding SA 15,100 341,353 291,706 Hypermarcas SA 38,100 278,411 539,603 Itau Unibanco Holding SA 88,474 1,244,869 1,620,459 Itausa-Investimentos Itau SA, Preferred, Registered 215,252 686,775 1,100,802

Itusa– Investimentos Itau SA 4,524 14,799 23,377 Localiza Rent a Car SA 32,800 229,753 233,825 Lojas Renner SA 7,200 64,343 92,244 Marcopolo SA, Preferred 56,300 91,566 147,463 Marfrig Frigorificos e Comercio de Alimentos SA 19,400 212,561 166,694 Medial Saude SA 36,000 170,967 179,411 Net Servicos de Comunicacao SA, Preferred 14,200 114,897 159,880 OGX Petroleo e Gas Participacoes SA 360 117,568 213,224 Parana Banco SA, Preferred 5,100 12,443 20,793 PDG Realty SA Empreendimentos e Participacoes 5,700 60,117 69,919 Petroleo Brasileiro SA 57,000 964,887 1,350,420 Petroleo Brasileiro SA, ADR 97,240 3,301,467 3,817,766 Petroleo Brasileiro SA, Preferred 122,800 1,635,208 2,368,649 Randon SA Implementos e Participacoes, Preferred 27,800 86,451 155,678 Redecard SA 22,100 363,660 392,884 Rodobens Negocios Imobiliarios SA 19,500 89,920 202,220 SLC Agricola SA 13,740 138,882 146,803 Souza Cruz SA 8,700 237,114 288,759 Tele Norte Leste Participacoes SA, ADR, Preferred 17,000 292,395 293,380 Telecomunicacoes de Sao Paulo SA, Preferred 9,800 231,112 254,652 Tim Participacoes SA, Preferred 80,000 142,831 164,976 Tractebel Energia SA 19,230 196,695 213,095 Ultrapar Participacoes SA, Preferred 5,300 152,265 191,583 Universo Online SA, Preferred 5,500 29,515 23,629 Usinas Siderurgicas de Minas Gerais SA 27,275 533,979 669,947 Vale SA, ADR 23,710 455,151 483,525 Vale SA, ADR, Preferred 59,700 1,040,393 1,062,869 Wilson Sons Ltd. 16,174 98,311 145,684

21,744,560 25,910,716

Chile – 1.1%Banco Santander Chile SA, ADR 3,500 140,150 189,376 Cencosud SA 34,218 98,489 104,724 Compania Cervecerias Unidas SA 37,591 260,121 305,697 Compania Cervecerias Unidas SA, ADR 500 14,182 20,260 Empresa Nacional de Telecomunicaciones SA 11,160 154,570 175,167 Enersis SA, ADR 43,800 647,910 937,481 Sociedad Quimica y Minera de Chile SA, ADR 2,500 85,304 105,073

1,400,726 1,837,778

China – 10.6%Airmedia Group Inc., ADR 23,352 140,400 173,567 Anhui Expressway Co. Ltd., Class ‘H’ 182,000 127,755 118,910 Bank of China Ltd., Class ‘H’ 1,791,000 707,798 987,648 Bank of Communications Co. Ltd., Class ‘H’ 351,000 304,676 457,073 China Bluechemical Ltd., Class ‘H’ 189,000 108,775 114,986 China Coal Energy Co., Class ‘H’ 248,000 332,470 343,386 China Construction Bank, Class ‘H’ 2,759,000 2,067,704 2,480,627 China Dongxiang (Group) Co. Ltd. 504,000 195,139 393,484 China Life Insurance Co. Ltd., Series ‘H’ 170,000 630,617 729,848 China Medical Technologies Inc., ADR 7,508 293,562 173,516 China Molybdenum Co. Ltd., Class ‘H’ 80,000 50,547 66,893


Shares $ $


Shares $ $


Emerging Markets Equity Fund

SEME (See accompanying notes)

56

China Petroleum and Chemical Corp. (Sinopec), Series ‘H’ 260,000 205,035 229,481

China Railway Construction Corp., Class ‘H’ 129,500 216,003 232,092 China Shineway Pharmaceutical Group Ltd. 79,000 58,170 91,746 China Telecom Corp. Ltd., Series ‘H’ 882,000 385,024 508,847 China Zhongwang Holdings Ltd. 235,200 261,227 373,596 Chongqing Changan Automobile Co. Ltd., Class ‘B’ 98,300 49,529 52,735 Ctrip.com International Ltd., ADR 5,200 233,820 279,063 Denway Motors Ltd. 480,000 165,632 222,258 Dongfeng Motor Corp., Class ‘H’ 275,000 147,642 271,155 Epure International Ltd. 568,000 135,979 202,814 Great Wall Motor Co. Ltd., Class ‘H’ 164,000 239,561 150,402 Guangshen Railway Co. Ltd., Series ‘H’ 166,000 86,029 91,043 Guangzhou R&F Properties Co. Ltd., Class ‘H’ 150,800 361,441 392,744 Huaneng Power International Inc., Series ‘H’ 226,500 183,363 185,319 Industrial and Commercial Bank of China,

Class ‘H’ 3,126,000 2,125,777 2,529,537 Jiangling Motors Corp. Ltd., Class ‘B’ 120,700 129,425 158,442 Jiangsu Expressway Co. Ltd., Class ‘H’ 136,000 102,816 115,960 Mindray Medical International Ltd., ADR 8,550 224,264 275,048 New Oriental Education & Technology Group Inc.,

ADR 4,432 265,745 344,907 PetroChina Co. Ltd., ADR 3,330 383,903 426,253 PetroChina Co. Ltd., Series ‘H’ 1,288,000 1,748,946 1,659,866 Renhe Commercial Holdings Co. Ltd. 856,000 183,526 205,235 Shanda Interactive Entertainment Ltd., ADR 7,700 276,692 466,078 Shandong Chenming Paper Holdings Ltd.,

Class ‘B’ 239,800 131,099 185,420 Sinopec Shanghai Petrochemical Co. Ltd.,

Series ‘H’ 208,000 97,079 83,221 Sinotrans Ltd., Series ‘H’ 1,067,700 284,778 279,992 Tencent Holdings Ltd. 38,400 297,923 520,186 Tingyi (Cayman Islands) Holding Corp. 140,000 204,984 265,595 Tsingtao Brewery Co. Ltd., Series ‘H’ 48,000 167,456 175,505 Weichai Power Co. Ltd., Class ‘H’ 65,000 160,530 246,916 Weiqiao Textile Co. Ltd., Series ‘H’ 452,500 433,851 269,873 Zhuzhou CSR Times Electric Co. Ltd., Series ‘H’ 157,000 161,852 256,910

15,068,544 17,788,177

Czech Republic – 0.3%CEZ AS 11,028 707,632 576,790

707,632 576,790

Egypt – 0.7%Commercial International Bank 30,413 227,796 303,258 EFG-Hermes Holding SAE 49,218 160,563 228,883 Egyptian International Pharmaceutical Industries Co. 8,500 45,604 42,352 National Société Générale Bank 5,688 43,307 24,798 Orascom Construction Industries, GDR 3,921 338,189 148,111 Orascom Telecom Holding S.A.E. 37,500 195,473 233,713 Suez Cement Co. 4,180 30,826 26,043 Telecom Egypt 49,000 189,645 160,322

1,231,403 1,167,480

Hong Kong – 5.6%AAC Acoustic Technology Holdings Inc. 46,000 52,205 42,462 Ajisen China Holdings Ltd. 176,000 97,101 128,704 Beijing Enterprises Holdings Ltd. 120,000 631,087 692,310 Bosideng International Holdings Ltd. 1,762,000 260,336 219,151 Chaoda Modern Agriculture Holdings Ltd. 624,400 471,500 422,921 China Mobile Ltd. 215,000 2,452,821 2,500,108 China Mobile Ltd., ADR 8,030 456,154 463,951 China Overseas Land & Investment Ltd. 157,200 280,684 420,720 China Pharmaceutical Group Ltd. 130,000 48,465 77,533 China Power International Development Ltd. 1,136,000 403,177 420,469 China Resources Enterprise Ltd. 78,000 179,328 180,468 China Resources Power Holdings Co. Ltd. 68,000 172,744 175,469 China Resources Power Holdings Co. Ltd.,

Rights, 2009/10/07 7,400 – 3,659 China Unicom Ltd. 97,420 152,694 150,364 CNOOC Ltd. 786,000 1,091,724 1,131,891 CNOOC Ltd., ADR 770 80,294 109,741 Cosco Pacific Ltd. 272,000 399,381 354,607 Digital China Holdings Ltd. 63,000 30,057 50,979 Fosun International 167,000 101,731 120,371 Global Bio-chem Technology Group Co. Ltd. 699,000 206,030 145,596 GOME Electrical Appliances Holding Ltd. 1,012,000 306,130 288,133 Guangdong Investment Ltd. 274,000 110,648 152,329 Huabao International Holdings Ltd. 425,000 373,228 471,917 NWS Holdings Ltd. 38,329 92,458 80,526 Shanghai Industrial Holdings Ltd. 42,000 138,165 195,106 Shenzhou International Group 106,000 45,858 53,689 Texwinca Holdings Ltd. 128,100 94,320 117,479 TPV Technology Ltd. 518,000 278,671 267,798

9,006,991 9,438,451

Hungary – 0.5%EGIS Gyogyszergyar Nyrt 800 52,593 83,459 Gedeon Richter Rt. 1,370 256,929 282,570 Magyar Telekom Rt., Registered 89,700 386,201 306,206 MOL Magyar Olaj -es Gazipari Rt. 2,939 146,256 209,089

841,979 881,324

India – 5.8%Andhra Bank 84,130 153,936 167,243 Bank of Baroda 9,272 71,000 100,094 Bank of India 29,210 198,402 249,439 Bank of Maharashtra Ltd. 38,240 34,802 37,128 Bharat Heavy Electricals Ltd. 8,810 307,005 470,802 Bharat Petroleum Corp. Ltd. 4,470 32,848 46,608 Bharti Tele-Ventures Ltd. 32,344 543,938 628,933 Birla Corp. Ltd. 7,500 54,943 37,537 Cairn India Ltd. 42,740 210,567 241,161 Dalmia Cement (Bharat) Ltd. 4,780 46,453 15,424 Dena Bank Ltd. 10,530 11,433 14,206 Dr. Reddy’s Laboratories Ltd. 8,580 97,972 162,211 Dr. Reddy’s Laboratories Ltd., ADR 9,822 106,551 192,661


Shares $ $


Shares $ $



(See accompanying notes) SEME

57

Gail (India) Ltd. 37,140 188,265 260,434 Great Eastern Shipping Co. Ltd. (The) 12,630 59,641 76,883 Gujarat Alkalies and Chemicals Ltd. 6,483 24,206 15,748 Gujarat Fluorochemicals Ltd. 1,980 6,227 6,026 Gujarat Narmada Valley Fertilizers Co. Ltd. 14,641 51,967 31,252 Gujarat State Fertilizers & Chemicals Ltd. 7,600 43,878 32,215 HCL Technologies Ltd. 1,950 6,224 8,790 Hero Honda Motors Ltd. 3,637 70,176 123,250 Hindalco Industries Ltd. 45,430 154,965 95,212 Hindustan Petroleum Corp. Ltd. 35,150 265,280 254,788 Hindustan Unilever Ltd. 45,030 288,317 292,890 Hindustan Zinc Ltd. 10,960 226,986 159,726 Housing Development Finance Corp. Ltd. 8,821 439,900 501,553 ICICI Bank Ltd. 16,451 191,748 287,946 IDBI Bank Ltd. 61,670 149,815 164,306 India Cements Ltd. 89,050 303,728 282,481 Indian Bank 35,590 129,680 126,271 Infosys Technologies Ltd. 9,961 428,623 429,090 Infosys Technologies Ltd., ADR 1,420 52,843 60,589 ITC Ltd. 50,503 223,673 234,460 Jet Airways (India) Ltd. 10,720 146,236 58,746 Jindal Stainless Ltd. 12,130 51,412 22,819 Jindal Steel & Power Ltd. 1,400 80,513 85,223 Kesoram Industries Ltd. 434 5,237 2,844 Madras Cements Ltd. 21,000 93,844 51,928 Mahanagar Telephone Nigam Ltd. 71,210 194,405 168,231 Mahanagar Telephone Nigam Ltd., ADR 37,380 153,280 182,761 Maruti Udyog Ltd. 2,810 54,934 72,819 Mphasis Ltd. 16,380 134,031 153,101 NTPC Ltd. 56,360 265,904 266,501 Oil and Natural Gas Corp. Ltd. 26,735 541,789 691,750 Pidilite Industries Ltd. 901 4,374 2,517 Reliance Industries Ltd. 4,990 155,018 244,768 State Bank of India, GDR 10,120 468,726 720,352 Steel Authority of India Ltd. 25,000 90,170 91,577 Sterlite Industries (India) Ltd. 7,780 81,340 111,405 Sun Pharmaceutical Industries Ltd. 7,300 200,712 193,068 Syndicate Bank 46,410 78,386 80,839 Tata Consultancy Services Ltd. 25,780 247,972 243,648 Tata Power Co. Ltd. 7,670 151,253 214,763 Tata Steel Ltd. 10,000 97,642 94,741 Union Bank of India Ltd. 9,284 37,754 54,489 United Phosphorus Ltd. 9,620 34,450 33,268 Wockhardt Ltd. 9,070 25,527 29,926

8,570,901 9,679,441

Indonesia – 1.2%PT Bank Central Asia TBK 628,500 240,087 250,275 PT Bank Mandiri 726,500 218,038 260,369 PT Bank Rakyat Indonesia TBK 448,000 293,571 316,019 PT Gudang Garam TBK 213,700 256,825 301,488 PT Indofood Sukses Makmur TBK 887,000 118,894 186,698 PT Kalbe Farma TBK 884,500 61,026 99,627 PT Telekomunikasi Indonesia 688,800 592,750 587,757

1,781,191 2,002,233

Israel – 2.2%Bank Hapoalim Ltd. 41,120 142,937 127,377 Bank Leumi Le Israel 40,000 172,831 122,723 Check Point Software Technologies Ltd. 4,400 124,088 119,573 Discount Investment Corp. 5,000 93,229 105,946 First International Bank of Israel Ltd. 8,000 101,798 86,309 Formula Systems (1985) Ltd. 3,333 27,156 30,668 Israel Chemicals Ltd. 15,843 271,293 183,029 Israel Discount Bank, Class ‘A’ 143,961 307,623 219,562 Teva Pharmaceutical Industries Ltd. 18,800 936,015 1,069,524 Teva Pharmaceutical Industries Ltd., ADR 23,982 1,094,888 1,374,193 Union Bank of Israel Ltd. 18,000 62,838 63,967 United Mizrahi Bank Ltd. 16,000 109,923 111,209

3,444,619 3,614,080

Jersey – 0.0%Randgold Resources Ltd. 931 43,625 69,675

43,625 69,675

Kazakstan – 0.3%KazMunaiGas, GDR 20,344 359,087 446,068

359,087 446,068

Luxembourg – 0.4%Merrill Lynch International & Co., Air Arabia,

Warrants, 2010/08/13 238,600 72,252 70,577 Merrill Lynch International & Co.,

Warrants, 2010/39867 85 287,588 124,874 Tenaris SA, ADR 9,721 490,086 304,703 Ternium SA, ADR 6,647 68,673 132,930

918,599 633,084

Malaysia – 2.4%Bumiputra-Commerce Holdings BHD 265,900 727,659 790,676 Gamuda BHD 323,000 285,004 295,611 Genting Berhad 225,880 373,274 421,661 Genting Malaysia BHD 431,100 310,720 384,574 Hong Leong Bank Berhad 4,000 7,094 7,533 Hong Leong Financial Group Berhad 30,800 44,401 50,271 Malayan Banking BHD 450,498 861,275 870,736 Multi-Purpose Holdings BHD 75,000 30,145 34,444 PPB Group Berhad 62,000 195,924 235,574 Sime Darby Berhad 157,500 368,219 361,662 Tenaga Nasional BHD 235,400 574,731 594,985

3,778,446 4,047,727

Mexico – 4.4%America Movil SA de CV, ADR, Series ‘L’ 34,040 1,155,608 1,530,297 America Movil SA de CV, Series ‘L’ BHD 481,325 992,333 1,084,422 Banco Compartamos SA de CV 14,324 31,710 53,555 Bolsa Mexicana de Valores SA 77,936 76,624 82,812 Coca-Cola FEMSA SAB de CV 42,700 199,415 198,807 Coca-Cola FEMSA SAB de CV, ADR, Series ‘L’ 2,210 100,285 102,638


Shares $ $


Shares $ $




58

Consorcio ARA SA de CV 238,200 193,453 119,305 Embotelladoras Arca SA, Series ‘B’ 154,600 423,935 419,748 Fomento Economico Mexicano SAB de CV 63,931 210,077 238,688 Fomento Economico Mexicano SAB de CV, ADR,

Class ‘B’ 7,319 271,439 266,473 GRUMA SAB de CV, Class ‘B’ 82,257 215,164 95,745 Grupo Continental SAB de CV, Series ‘I’ 200,800 429,374 401,229 Grupo Financiero Banorte SA de CV 120,255 195,632 337,421 Grupo Mexico SAB de CV., Series ‘B’ 333,400 492,427 423,348 Grupo Modelo SA de CV, Series ‘C’ 49,900 210,346 204,608 Grupo Televisa SA, Series ‘CPO’ 71,383 235,687 280,862 Industrias CH SA, Series ‘B’ 35,700 105,866 126,865 Kimberly-Clark de Mexico SAB de CV, Series ‘A’ 76,800 326,438 338,678 Megacable Holdings SAB de CV 22,800 67,073 37,094 Telefonos de Mexico SAB de CV, Series ‘L’ 168,800 154,594 159,118 Urbi Desarrollos Urbanos SA de CV 347,746 576,978 611,137 Wal-Mart de Mexico SA de CV, Series ‘V’ 54,900 180,281 188,802

6,844,739 7,301,652

Netherlands – 0.2%Plaza Centers NV 95,491 107,352 138,801 Pyaterochka Holding NV, GDR 14,442 418,075 255,273

525,427 394,074

Panama – 0.1%Copa Holdings SA, Class ‘A’ 3,832 142,501 181,483

142,501 181,483

Peru – 0.2%Compania de Minas Buenaventura SA, ADR,

Series ‘B’ 5,340 173,604 148,218 Credicorp Ltd. 2,922 153,550 196,957

327,154 345,175

Philippines – 0.2%ABS-CBN Broadcasting Corp. 141,500 64,557 71,708 Bank of the Philippine Islands 119,755 93,445 119,932 Philippine Long Distance Telephone Co. 2,480 140,726 143,035 Union Bank of the Philippines 50,900 57,929 28,865

356,657 363,540

Poland – 0.7%Bank Pekao SA 1,750 126,917 73,108 GANT Development SA 5,644 47,985 42,338 Getin Holding SA 44,000 88,893 98,730 KOPEX SA 6,000 41,476 39,667 Polish Oil & Gas 108,000 203,193 159,587 Polski Koncern Naftowy Orlen SA 34,922 442,038 333,826 Powszechna Kasa Oszczednosci Bank Polski SA 18,017 348,421 167,626 Telekomunikacja Polska SA 39,880 256,707 223,640 Zaklady Azotowe Pulawy SA 1,000 55,647 28,824

1,611,277 1,167,346

Russia – 4.9%Gazprom OAO, ADR 125,117 4,904,304 2,938,060 Gazprom, ADR, Registered, Series ‘S’ 1,270 55,069 29,823 Globaltrans Investment PLC, GDR 25,453 90,105 115,283 LUKOIL, ADR 45,057 2,982,860 2,316,514 Mining and Metallurgical Co. Norilsk Nickel, ADR 19,422 291,431 206,385 Mobile TeleSystems OJSC, ADR 26,643 1,258,429 1,135,875 OJSC Rosneft Oil Co., GDR 40,933 204,572 259,080 Pharmstandart, GDR 10,328 268,243 179,916 Razguliay Group 65,169 116,731 122,003 Sberbank of Russia, GDR, Registered 113 13,253 16,601 Sberbank, GDR, Registered ‘S’ 1,387 319,711 354,722 Surgutneftegaz, ADR 19,445 205,824 156,611 Tatneft, GDR 12,519 338,213 351,115

11,048,745 8,181,988

South Africa – 7.4%ABSA Group Ltd. 15,384 190,807 253,840 African Bank Investments Ltd. 87,654 291,884 362,633 Anglo American Platinum Corp. Ltd. 2,600 191,847 210,363 AngloGold Ashanti Ltd. 12,046 473,186 512,702 AngloGold Ashanti Ltd., ADR 12,258 461,045 522,455 Assore Ltd. 592 55,458 42,733 Aveng Ltd. 63,440 380,774 330,767 Barloworld Ltd. 37,660 198,836 218,385 Bidvest Group Ltd. 16,196 187,489 235,039 DataTec Ltd. 30,000 83,245 79,403 FirstRand Ltd. 357,648 654,829 756,217 Foschini Ltd. 1,106 4,843 8,333 Freeworld Coatings Ltd. 30,516 23,944 30,747 Gold Fields Ltd. 47,691 631,608 670,728 Gold Fields Ltd., ADR 8,330 125,392 115,895 Grindrod Ltd. 104,794 174,068 223,784 Harmony Gold Mining Co. Ltd. 37,462 507,219 450,642 Iliad Africa Ltd. 44,000 44,873 40,033 Impala Platinum Holdings Ltd. 26,411 436,590 676,203 Imperial Holdings Ltd. 33,793 240,588 295,618 Investec Ltd. 8,000 44,890 50,914 JD Group Ltd. 27,340 201,031 166,311 Medi-Clinic Corp. Ltd. 30,000 77,190 86,622 Metropolitan Holdings Ltd. 48,000 108,944 83,013 Mittal Steel South Africa Ltd. 14,203 166,919 202,913 Mondi Ltd. 31,955 118,751 162,909 Mr. Price Group Ltd. 31,653 98,200 133,665 MTN Group Ltd. 98,165 1,125,974 1,746,559 Nampak Ltd. 121,424 249,689 265,688 Naspers Ltd., Series ‘N’ 13,019 228,711 395,978 Nedbank Group Ltd. 42,879 597,636 632,263 Omnia Holdings Ltd. 1,220 6,456 10,485 Peregrine Holdings Ltd. 4,236 3,925 4,287 Reunert Ltd. 25,002 128,176 163,971 Sanlam Ltd. 153,540 352,579 397,381


Shares $ $


Shares $ $




59

Sappi Ltd. 53,720 374,703 183,386 Sasol Ltd. 12,270 515,423 496,458 Sasol Ltd., ADR 2,340 73,496 94,462 Shoprite Holdings Ltd. 16,524 103,987 135,928 Standard Bank Group Ltd. 43,099 515,158 574,905 Telkom South Africa Ltd. 24,370 381,654 137,470 Tiger Brands Ltd. 7,968 134,323 172,671

10,966,340 12,334,759

South Korea – 10.8%Daewoo Securities Co. Ltd. 1,760 32,177 30,484 Daewoo Shipbuilding & Marine Engineering Co. Ltd. 8,820 167,579 160,407 Dongwon Industries Co. Ltd. 300 22,711 26,227 GS Engineering & Construction Corp. 5,480 390,554 369,678 GS Holdings Corp. 5,970 185,260 162,726 GS Home Shopping Inc. 547 48,436 32,412 Hanwha Chemical Corp. 10,742 127,710 102,332 Hyundai Department Store Co. Ltd. 1,550 121,300 126,464 Hyundai Development Co. 5,700 180,081 209,407 Hyundai Engineering & Construction Co. Ltd. 3,180 193,377 154,513 Hyundai Heavy Industries Co. Ltd. 1,880 752,848 326,485 Hyundai Mobis 2,994 269,688 302,960 Hyundai Motor Co. Ltd. 12,376 780,964 836,006 Kangwon Land Inc. 24,830 287,924 368,956 KB Financial Group Inc. 16,640 926,235 648,485 KISWIRE Ltd. 830 33,524 33,519 Korea Development Financing Corp. 410 25,637 11,232 Korea Electric Power Corp. 33,350 962,336 899,908 Korea Express Co. Ltd. 720 59,662 53,559 Korea Zinc Co. Ltd. 1,050 83,284 132,093 KT Corp. 11,578 472,136 387,884 KT Corp., ADR 26,030 587,198 433,195 KT&G Corp. 6,366 540,092 417,840 LG Chem Ltd. 3,214 328,197 408,725 LG Corp. 6,220 323,272 344,750 LG Dacom Corp. 1,420 24,253 22,848 LG Electronics Inc. 9,650 998,655 1,029,257 LG Telecom Ltd. 940 8,218 6,872 Lotte Shopping Co. Ltd. 2,739 693,734 652,942 MegaStudy Co. Ltd. 1,259 193,255 261,107 Namyang Dairy Products Co. Ltd. 60 23,801 26,364 Pacific Corp. 680 78,686 72,218 POSCO 3,506 1,364,640 1,353,555 POSCO, ADR 1,510 190,251 144,728 Samsung Electronics Co. Ltd. 9,408 5,074,170 5,068,688 Samsung Fire & Marine Insurance 1,292 212,339 221,427 Samsung Heavy Industries Co. Ltd. 2,350 91,087 62,019 Shinhan Financial Group Co. Ltd. 41,554 1,454,846 1,219,774 Shinsegae Co. Ltd. 569 216,790 261,429 SK Gas Co. Ltd. 55 5,950 2,828 SK Telecom Co. Ltd. 1,115 196,813 176,862 SK Telecom Co. Ltd., ADR 21,310 510,647 374,195

Woori Investment & Securities Co. Ltd. 9,560 144,018 130,725 Youngone Corp. 2,600 28,349 27,257

19,412,684 18,095,342

Taiwan – 9.9%Acer Inc. 290,992 567,043 587,101 Asia Optical Co. Inc. 23,000 32,138 45,997 Asustek Computer Inc. 239,064 362,844 360,480 AU Optronics Corp. 129,449 173,816 146,624 Cathay Financial Holding Co. Ltd. 284,000 390,561 488,050 China Bills Finance Corp. 136,000 44,452 48,043 China Development Financial Holding Corp. 96,260 40,850 26,645 China Steel Corp. 213,000 209,975 212,234 Chinatrust Financial Holding Co. Ltd. 915,538 503,163 641,650 Chunghwa Telecom Co. Ltd. 245,477 515,586 568,258 Chunghwa Telecom Co. Ltd., ADR 1,028 20,045 23,615 Compal Electronics Inc. 837,831 802,722 790,334 CTCI Corp. 59,516 53,307 60,987 Far Eastern Textile Ltd. 450,000 368,344 605,275 Far EasTone Telecommunications Co. Ltd. 119,000 142,711 161,747 First Financial Holding Co. Ltd. 266,068 192,534 183,647 Gigabyte Technology Co. Ltd. 56,000 45,349 37,959 Hon Hai Precision Industry Co. Ltd. 634,300 1,623,481 2,267,634 HTC Corp. 26,100 353,630 428,200 Inventec Co. Ltd. 162,000 105,807 108,663 Kinpo Electronics Inc. 70,000 22,201 17,344 Lite-On Technology Corp. 234,000 193,274 235,643 Macronix International Co. Ltd. 322,000 159,457 169,254 MediaTek Inc. 46,000 526,768 636,636 Mega Financial Holding Co. Ltd. 823,000 482,698 438,423 Nan Ya Printed Circuit Board Corp. 65,713 243,509 205,850 Nien Hsing Textile Co. Ltd. 172,000 130,757 70,014 Quanta Computer Inc. 412,337 669,299 772,085 Siliconware Precision Industries Co. 182,000 266,087 245,122 SinoPac Holdings Co. 1,257,404 592,571 511,835 Synnex Technology International Corp. 40,000 54,071 75,606 Taiwan Cooperative Bank 318,350 216,189 212,409 Taiwan Fertilizer Co. Ltd. 110,000 223,619 379,235 Taiwan Semiconductor Manufacturing Co. Ltd. 1,515,890 2,857,326 2,929,660 Teco Electric & Machinery Co. Ltd. 147,000 78,768 68,162 United Microelectronics Corp. 2,013,390 1,005,404 780,366 Universal Scientific Industrial Co. Ltd. 94,000 34,433 38,929 Walsin Technology Corp. 64,917 31,275 24,127 Wistron Corp. 126,000 221,811 243,066 Yageo Corp. 737,000 273,179 172,957 Yuanta Financial Holding Co. Ltd. 768,000 540,156 599,413

15,371,210 16,619,279

Thailand – 2.5%Bangkok Bank Public Co. Ltd. 214,500 635,660 791,529 Bumrungrad Hospital Public Co. Ltd. 177,600 133,187 157,401 Charoen Pokphand Foods Public Co. Ltd. 1,582,900 211,247 257,913


Shares $ $


Shares $ $




60

Kasikornbank Public Co. Ltd. 189,500 333,550 468,315 Krung Thai Bank Public Co. Ltd. 1,211,200 308,742 361,256 PTT Public Co. Ltd. 52,100 377,846 413,794 Siam Cement Public Co. Ltd. (The) 78,400 455,624 424,740 Siam Commercial Bank Public Co. Ltd. 319,000 708,717 790,334 Thai Airways International Public Co. Ltd. 139,000 152,628 67,281 Thai Union Frozen Products Public Co. Ltd. 216,300 144,743 174,741 Thanachart Capital Public Co. Ltd., NVDR 111,600 46,598 51,736 Total Access Communication Public Co. Ltd. 221,300 225,980 247,049

3,734,522 4,206,089

Turkey – 2.1%Akbank T.A.S. 10,000 47,523 52,163 Aksa Akrilik Kimya Sanayii AS 57,181 46,807 64,410 Cimsa Cimento Sanayi ve Ticaret AS 44,259 102,104 134,506 Haci Omer Sabanci Holding AS 36,944 117,656 115,069 Izmir Demir Celik Sanayii A.S. 15,662 15,037 26,996 Petrol Ofisi AS, Class ‘A’ 18,900 49,826 72,870 Tekfen Holding AS 65,722 103,116 174,892 Tupras-Turkiye Petrol Rafinerileri AS 37,767 447,078 533,912 Turk Ekonomi Bankasi AS 38,000 30,109 34,186 Turk Hava Yollari Anonim Ortakligi 212,965 206,357 371,908 Turk Sise ve Cam Fabrikalari AS (Sisecam) 232,434 304,661 219,647 Turkcell Iletisim Hizmetleri AS 55,980 373,670 361,838 Turkcell Iletisim Hizmetleri AS, ADR 18,100 265,144 291,133 Turkiye Garanti Bankasi AS 161,172 455,422 506,872 Turkiye Is Bankasi, Series ‘C’ 65,655 172,301 225,339 Turkiye Sinai Kalkinma Bankasi AS 280,304 127,808 186,478 Turkiye Vakiflar Bankasi T.A.O., Class ‘D’ 90,000 103,715 157,170

2,968,334 3,529,389

United Kingdom – 0.3%BHP Billiton PLC 15,121 389,062 397,946 Deutsche Bank AG London, Call Warrants,

2018/02/28, (Sberbank) 35,200 36,576 51,713 JKX Oil & Gas PLC 20,710 96,795 81,496

522,433 531,155

United States – 0.3%iShares MSCI Emerging Markets Index Fund 12,240 377,746 458,147

377,746 458,147 Total Equities 143,580,456 152,434,660

MUTUAL FUND – 0.1%SEI International Synthetic Fund, Class ‘O’ 14,725 170,129 115,867

170,129 115,867 Less: Transaction cost included in average cost (203,396) —Total Investments – 91.1% 143,547,189 152,550,527Other Assets and Liabilities, Net – 8.9% 14,847,475Net Assets – 100.0% 167,398,002


Shares $ $


Shares $ $




SCHEDULE OF SPOT CONTRACTS*Unrealized



Bank of New York Mellon Corp. A1+ 2009/07/02 ZAR 223,490 USD 27,821 8.033 7.723 (1,299)Bank of New York Mellon Corp. A1+ 2009/07/06 HKD 53,470 USD 6,899 7.750 7.750 (1)Bank of New York Mellon Corp. A1+ 2009/07/06 SGD 20,837 USD 14,380 1.449 1.447 (18)Bank of New York Mellon Corp. A1+ 2009/07/06 ZAR 105,252 USD 13,311 7.907 7.728 (359)Bank of New York Mellon Corp. A1+ 2009/07/06 ZAR 288,776 USD 36,975 7.810 7.728 (458)Bank of New York Mellon Corp. A1+ 2009/07/07 USD 24,129 ZAR 186,638 0.129 0.129 21 HSBC Bank, Bangkok A1+ 2009/07/02 USD 1,887 THB 64,167 0.029 0.029 (5)HSBC Bank, Bangkok A1+ 2009/07/03 USD 8,778 THB 298,183 0.029 0.029 (30)

(2,149)


*The Unrealized appreciation(depreciation) on spot contracts is included in the Other Assets and Liabilities above.

61

Notes to Statement of Investment PortfolioCurrency RiskThe table below indicates the currencies to which the Fund had exposure as at June 30, 2009, on both its trading monetary and non-monetary assets and liabilities.

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

U.S. Dollar 35,153,317 – 35,153,317 21.00%Hong Kong Dollar 24,497,109 – 24,497,109 14.63%Brazilian Real 20,015,981 – 20,015,981 11.96%Taiwan Dollar 17,193,223 – 17,193,223 10.27%South Korean Won 17,149,104 – 17,149,104 10.24%South African Rand 11,485,507 – 11,485,507 6.86%Indian Rupee 8,773,621 – 8,773,621 5.24%Mexican Peso 5,419,017 – 5,419,017 3.24%Thai Baht 4,236,005 – 4,236,005 2.53%Malaysian Ringgit 4,049,876 – 4,049,876 2.42%New Turkish Lira 3,211,552 – 3,211,552 1.92%Indonesian Rupiah 2,209,192 – 2,209,192 1.32%Israeli Shekel 2,133,948 – 2,133,948 1.27%Polish Zloty 1,187,190 – 1,187,190 0.71%Egyptian Pound 1,032,623 – 1,032,623 0.62%Hungarian Forint 892,230 – 892,230 0.53%Chilean Peso 598,845 – 598,845 0.36%Czech Koruna 588,995 – 588,995 0.35%Philippine Peso 372,305 – 372,305 0.22%Euro Currency Unit 358,689 – 358,689 0.21%British Pound 303,356 – 303,356 0.18%Swedish Krona 243,217 – 243,217 0.15%Singapore Dollar 186,200 – 186,200 0.11%



Interest Rate RiskThe interest rate risk is minimal given that the majority of the Fund’s financial instruments are non-interest bearing.

Other Price RiskAs at June 30, 2009, a 15% change in equity prices on the global stock exchanges would have changed the Fund’s Net Assets by $22,882,579 with all other factors held constant. In practice, the actualresults may differ from this sensitivity analysis and the difference could be material.




62


2009 2008

INVESTMENT INCOMEDividends $ 2,752 $ 2,857Interest 12 20

2,764 2,877Foreign withholding taxes 217 181

2,547 2,696 EXPENSES


241 285 Waived Expenses — (9)


FOR THE PERIOD $ 2,306 $ 2,420 NET GAIN (LOSS) ON SALES OF SECURITIES $ (12,512) $ 169 NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (599) $ (12)TRANSACTION COSTS $ (198) $ (249)UNREALIZED APPRECIATION (DEPRECIATION)


ON FUTURES AND FORWARD CONTRACTS $ (2) $ —NET GAIN (LOSS) ON INVESTMENTS $ 33,280 $ (15,160)NET INCREASE (DECREASE) IN NET ASSETS

FROM OPERATIONS $ 35,586 $ (12,740)


(Class O) $ 32,956 $ (11,436)(Class I) $ 1,375 $ (683)(Class P) $ 957 $ (414)(Class F) $ 298 $ (207)


(Class O) $ 0.94 $ (0.46)(Class I) $ 1.37 $ (0.51)(Class P) $ 0.72 $ (0.55)(Class F) $ 0.63 $ (0.58)



2009 2008


at fair value 12,329 9,132 Accrued dividends receivable 734 245 Accrued interest receivable — —Receivable for portfolio securities sold 4,091 7Receivable for unit subscriptions 83 145


Accrued liabilities 35 98 Payable for portfolio securities purchased 2,088 83 Payable for unit redemptions 266 176

2,389 357NET ASSETS REPRESENTING


NET ASSETS PER CLASS(Class O) $ 154,123 $ 105,738 (Class I) $ 4,413 $ 3,843 (Class P) $ 6,385 $ 4,382 (Class F) $ 2,477 $ 1,648

NET ASSETS PER UNIT (note 7) (Class O) $ 4.34 $ 3.44 (Class I) $ 4.98 $ 3.49 (Class P) $ 4.49 $ 3.81 (Class F) $ 4.71 $ 4.05 INVESTMENTS AT AVERAGE COST $ 143,547 $ 144,027



63






INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 35,586 (12,740) 32,956 (11,436)




16,206 (5,678) 15,429 (7,166)CHANGES IN NET ASSETS 51,787 (18,428) 48,385 (18,602)NET ASSETS, END OF PERIOD $ 167,398 $ 151,747 $ 154,123 $ 136,469

Class I Class P2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 1,375 (683) 957 (414)



TRANSACTIONSProceeds from issue of units 498 577 2,364 1,509 Payments on redemption of units (1,300) (646) (1,318) (636)Reinvestment of distributions ! 2 10 — —

(800) (59) 1,046 873 CHANGES IN NET ASSETS 570 (752) 2,003 459 NET ASSETS, END OF PERIOD $ 4,413 $ 7,588 $ 6,385 $ 4,953


64



Class F2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 298 (207)


Proceeds from issue of units 878 1,026 Payments on redemption of units (347) (352)

531 674 CHANGES IN NET ASSETS 829 467 NET ASSETS, END OF PERIOD $ 2,477 $ 2,737


65

CANADIAN BONDS – 91.0%Corporate Bonds – 45.7%407 International Inc., Series ‘06D1’ 9,976,000 5.750 2036/02/14 10,016,180 9,058,722Access Health Abbotsford Ltd. 3,799,168 6.030 2038/03/07 4,247,100 4,103,063Access Justice Durham Ltd., Series ‘A’ 4,090,000 5.020 2039/08/31 4,203,702 3,481,195Algonquin Credit Card Trust, Series ‘051B’ 3,180,000 4.800 2010/10/15 3,180,000 3,121,656Algonquin Credit Card Trust, Series ‘061B’ 8,460,000 5.160 2011/07/15 8,468,599 8,273,612Algonquin Credit Card Trust, Series ‘071B’ 4,900,000 4.790 2012/06/15 4,900,000 4,552,590Algonquin Credit Card Trust, Series ‘071C’ 4,350,000 5.090 2012/06/15 4,350,000 3,888,074Alliance Pipeline L.P. 5,893,347 6.770 2025/12/31 6,675,330 6,499,925Alliance Pipeline L.P., Series ‘A’ 1,959,061 7.220 2025/12/31 2,229,875 2,062,165AltaLink L.P., Callable 6,060,000 5.250 2036/09/22 5,947,490 5,580,309AltaLink L.P., Series ‘03-2’ 5,442,000 5.430 2013/06/05 5,473,619 5,780,628AltaLink L.P., Series ‘2008-1’, Callable 4,675,000 5.240 2018/05/29 4,691,414 4,798,839American Express Canada Credit Corp., Callable 1,350,000 5.900 2013/04/02 1,348,420 1,364,050Bank of Montreal, Callable 361,000 6.020 2018/05/02 377,223 393,097Bank of Montreal, Series ‘F’, Variable Rate 199,000 6.170 2023/03/28 192,881 213,853Bank of Montreal, Variable Rate 4,750,000 1.706 2011/07/14 4,750,000 4,807,125Bank of Montreal, Variable Rate, Callable 1,489,000 5.200 2017/06/21 1,458,443 1,560,173Bank of Nova Scotia 87,933 3.990 2013/03/04 82,569 89,468Bank of Nova Scotia, Callable 313,000 6.650 2021/01/22 324,393 349,395Bank of Nova Scotia, Callable, Variable Rate 19,687,000 4.940 2019/04/15 19,886,993 20,387,486bcIMC Realty Corp., Series ‘5’ 960,000 5.250 2012/09/19 958,829 992,421Bell Canada, Callable 8,620,000 4.850 2014/06/30 8,606,380 8,744,063Borealis Infrastructure Trust 4,951,000 6.270 2011/05/03 5,186,402 5,231,494British Columbia Telephone Co., Series ‘51’ 2,500,000 9.650 2022/04/08 3,358,877 3,100,280Canadian Capital Auto Receivables Asset Trust, Series ‘B’ 3,150,000 4.920 2010/04/17 3,150,000 2,772,000Canadian Credit Card Trust 4,000,000 4.810 2010/04/26 4,000,000 4,009,093Canadian Credit Card Trust 4,000,000 5.260 2012/04/24 4,000,000 3,924,560Canadian Imperial Bank of Commerce 1,636,000 4.350 2011/11/01 1,689,912 1,708,530Canadian Imperial Bank of Commerce 531,000 5.000 2012/09/10 526,545 562,108Canadian Imperial Bank of Commerce, Callable 3,485,000 4.950 2014/01/23 3,372,539 3,696,773Canadian Imperial Bank of Commerce, Callable, Variable Rate 162,000 5.150 2018/06/06 161,767 168,844Canadian Imperial Bank of Commerce, Variable Rate, Callable 574,000 4.550 2016/03/28 574,142 593,749Canadian Natural Resources Ltd. 2,017,000 5.500 2010/12/17 2,024,488 2,108,318Canadian Revolving Auto Floorplan Trust, Series ‘2007-D2’ 362,330 5.410 2010/11/15 362,330 289,864Canadian Revolving Auto Floorplan Trust, Series ‘2007-D3’ 602,571 5.680 2012/11/15 602,571 482,057Canadian Utilities Ltd. 1,275,000 9.920 2022/04/01 1,905,083 1,776,039Capital Desjardins Inc., Series ‘E’, Callable, Variable 6,615,000 5.756 2019/04/01 6,660,956 6,961,448Capital Desjardins Inc., Series ‘F’, Variable Rate, Callable 4,000,000 5.541 2021/06/01 4,000,000 4,103,427CIBC Capital Trust, Callable 2,250,000 10.250 2108/06/30 2,330,258 3,003,810CIT Canada Equipment Receivables Trust, Class ‘A2’, Series ‘2008-1’ 3,765,819 5.930 2016/08/22 3,765,819 3,810,633Consumers’ Waterheater Operating Trust (The), Callable 7,000,000 6.750 2014/04/30 6,987,890 7,075,716CU Inc. 50,000 6.800 2019/08/13 57,962 57,406CU Inc., Callable 1,000,000 4.800 2021/11/22 913,000 960,071CU Inc., Callable 5,000,000 5.560 2037/10/30 5,000,000 4,896,913CU Inc., Callable 12,169,000 5.560 2038/05/26 12,169,000 11,957,100CU Inc., Callable 1,250,000 6.500 2039/03/07 1,250,000 1,410,658DaimlerChrysler Canada Finance Inc. 5,000,000 4.700 2009/11/10 4,994,600 5,012,312Eagle Credit Card Trust, Class ‘B’, Series ‘2006-1’ 3,000,000 4.700 2011/03/17 3,000,000 2,948,993Eagle Credit Card Trust, Class ‘C’, Series ‘2006-1’ 5,500,000 4.980 2011/03/17 5,499,283 5,433,248

Par Interest Maturity Average FairValue Rate Date Cost Value

$ % $ $


Canadian Fixed Income Fund

SCFI (See accompanying notes)

66

Electricity Distributors Finance Corp., Callable 5,585,000 6.450 2012/08/15 5,927,370 5,790,694Enbridge Gas Distribution Inc., Callable 1,840,000 5.160 2017/12/04 1,843,104 1,893,015Enbridge Gas Distribution Inc., Callable 4,175,000 5.570 2014/01/29 4,174,248 4,532,972Enbridge Inc., Callable 3,850,000 5.170 2016/05/19 3,847,767 3,948,307Enbridge Pipelines Inc. 505,000 6.350 2023/11/17 551,375 550,525Enbridge Pipelines Inc., Callable 11,540,000 6.620 2018/11/19 11,535,038 13,150,527EnCana Corp., Callable 3,300,000 5.800 2018/01/18 3,291,354 3,477,656Enmax Corp., Series ‘2’, Restricted, Callable 5,050,000 5.850 2014/04/08 5,044,394 4,926,223EPCOR Power L.P. 3,375,000 5.950 2036/06/23 3,360,015 2,691,393ERAC Canada Finance Ltd., Series ‘06-1’, Callable 5,624,000 5.380 2016/02/26 5,620,176 4,883,833Finning International Inc., Callable 9,500,000 6.020 2018/06/01 9,493,920 9,046,464First Capital Realty Inc., Series ‘F’, Callable 4,175,000 5.320 2014/10/30 4,174,582 3,724,222Ford Floorplan Auto Securitization Trust 10,460,000 4.610 2009/11/15 10,443,112 10,398,841Ford Floorplan Auto Securitization Trust, Class ‘B’, Series ‘2006-2’ 3,325,000 4.990 2009/11/15 3,325,000 3,288,130Fortis Inc., Callable 7,950,000 6.510 2039/07/04 7,944,753 7,999,465FortisAlberta Inc. 3,540,000 5.330 2014/10/31 3,646,142 3,772,971FortisAlberta Inc. 215,000 5.850 2038/04/15 183,959 217,440FortisAlberta Inc., Callable 7,740,000 7.060 2039/02/14 7,738,994 9,126,002Gaz Metropolitain Inc., Series ‘L’, Callable 4,190,000 5.400 2013/04/15 4,187,905 4,466,571GE Capital Canada Funding Co. 7,205,000 5.730 2037/10/22 7,135,906 6,091,780GE Capital Canada Funding Co., Series ‘A’ 18,224,000 5.530 2017/08/17 17,130,804 17,839,653Genesis Trust, Class ‘A’, Series ‘2006-2’ 12,700,000 4.250 2011/09/15 12,683,490 13,135,090Genesis Trust, Class ‘B’, Series ‘2006-2’ 4,000,000 4.430 2011/09/15 4,000,000 4,032,496Genesis Trust, Class ‘C’, Series ‘2005-2’ 500,000 4.200 2010/03/15 496,640 506,439Glacier Credit Card Trust 7,650,000 4.570 2011/11/18 7,644,319 7,387,675Glacier Credit Card Trust 650,000 4.770 2014/05/20 649,004 568,418Glacier Credit Card Trust 10,595,000 5.030 2013/02/20 10,561,745 10,569,965Gloucester Credit Card Trust 4,450,000 4.990 2011/03/15 4,452,012 4,308,720Gloucester Credit Card Trust 1,720,000 5.380 2010/06/15 1,724,320 1,718,376Gloucester Credit Card Trust, Class ‘A’, Series ‘2006-2’ 4,750,000 4.910 2013/11/15 4,746,014 3,921,790Gloucester Credit Card Trust, Series ‘04-1’ 1,400,000 6.490 2014/05/15 1,523,578 1,173,229Golden Credit Card Trust, Series ‘2008-2’ 1,447,000 5.420 2013/04/15 1,455,376 1,541,318Great-West Lifeco Inc., Variable Rate, Callable 3,375,000 5.691 2067/06/21 3,375,000 3,115,655Great-West Lifeco Inc., Variable Rate, Callable 12,305,000 7.127 2068/06/26 12,237,615 12,286,918Groupe Aeroplan Inc., Callable 3,000,000 9.000 2012/04/23 3,000,000 3,068,058Holcim Finance (Canada) Inc. 7,840,000 5.900 2013/06/21 7,829,102 7,475,616HSBC Bank of Canada, Variable Rate, Callable 1,266,000 4.940 2021/03/16 1,218,749 1,245,234HSBC Canada Asset Trust, Series ‘2015’, Variable Rate, Callable 2,900,000 5.149 2015/06/30 2,912,725 2,488,135Hydro One Inc. 2,700,000 5.360 2036/05/20 2,408,238 2,628,431Hydro One Inc., Callable 330,000 6.350 2034/01/31 348,355 364,938Hydro One Inc., Series ‘17’, Callable 2,520,000 6.030 2039/03/03 2,518,261 2,719,710Hydro Ottawa Holding Inc., Callable 9,300,000 4.930 2015/02/09 9,354,310 9,513,145IGM Financial Inc. 5,385,000 7.350 2019/04/08 5,394,602 6,000,452IGM Financial Inc., Series ‘1997’ 6,800,000 6.650 2027/12/13 6,676,353 6,873,559John Deere Credit Inc. 2,410,000 5.250 2010/10/18 2,462,418 2,500,479Leisureworld Senior Care L.P., Series ‘A’, Callable 8,000,000 4.810 2015/11/24 8,000,000 7,396,406Loblaw Cos. Ltd. 3,325,000 6.150 2035/01/29 3,469,015 2,979,821Loblaw Cos. Ltd. 15,300,000 6.540 2033/02/17 17,002,757 14,316,407Manulife Financial Capital Trust 616,000 6.700 2012/06/30 570,442 644,108Manulife Financial Corp., Callable 1,625,000 4.896 2014/06/02 1,625,000 1,666,804


$ % $ $



(See accompanying notes) SCFI

67

Manulife Financial Corp., Callable 985,000 7.768 2019/04/08 997,389 1,137,122Master Credit Card Trust 8,789,000 5.297 2012/08/21 8,792,003 9,352,442Master Credit Card Trust, Class ‘A’, Series ‘2006-2’ 9,980,000 4.440 2011/11/21 9,753,430 10,382,367Master Credit Card Trust, Class ‘A’, Series ‘2008-1’ 970,000 5.240 2013/05/21 970,000 1,028,668Merrill Lynch Canada Finance Co. 398,756 4.240 2010/01/30 401,874 397,730Molson Coors Capital Finance, Callable 9,410,000 5.000 2015/09/22 9,125,218 9,447,948National Bank of Canada, Variable Rate, Callable 2,450,000 5.550 2018/11/15 2,449,240 2,579,155National Bank of Canada, Variable Rate, Perpetual, Callable 5,580,000 7.235 2018/06/30 5,615,935 5,610,584NAV Canada, Callable 6,482,000 4.713 2016/02/24 6,493,452 6,700,177NAV Canada, Series ‘2009-1’ 8,384,000 5.304 2019/04/17 8,384,000 8,584,974NBC Asset Trust, Series ‘2’, Variable Rate, Callable 5,250,000 7.447 2020/06/30 5,227,815 5,247,459NOVA Gas Transmission Ltd., Series ‘21’ 3,095,000 12.200 2016/02/28 4,843,910 4,418,147Nova Scotia Power Inc. 5,570,000 5.750 2013/10/01 5,517,014 5,993,275OMERS Realty Corp., Series ‘C’, Callable 4,250,000 4.090 2013/06/04 4,249,872 4,323,214OMERS Realty Corp., Series ‘D’, Callable 15,000,000 4.740 2018/06/04 14,991,150 14,680,089Ontrea Inc., Series ‘B’ 10,320,000 5.570 2013/04/09 11,067,309 11,132,841Pearson International Fuel Facilities Corp., Series ‘A’, Callable 4,626,773 5.090 2032/03/09 4,616,243 3,778,335Power Corp. of Canada, Callable 3,500,000 8.570 2039/04/22 3,497,340 4,239,662RBC Capital Trust II, Series ‘2013’, Callable 301,000 5.812 2053/12/31 272,544 312,634RBC Capital Trust, Series ‘2018’, Variable Rate, Perpetual, Callable 1,000,000 6.821 2018/06/30 1,000,000 1,039,459Reliance LP, Callable 5,000,000 7.300 2013/04/03 5,000,000 4,848,180Rogers Communications Inc., Callable 4,200,000 5.800 2016/05/26 4,190,214 4,297,252Royal Bank of Canada 3,525,000 5.950 2103/06/18 3,827,974 3,664,356Schlumberger Ltd., Callable 2,190,000 5.140 2010/07/12 2,194,278 2,247,350Scotiabank Subordinated Notes Trust, Variable Rate, Callable 1,278,000 5.250 2017/11/01 1,278,716 1,343,900Scotiabank Tier I Trust, Variable Rate, Callable 1,600,000 7.802 2108/06/30 1,600,000 1,736,789Serco Des Inc., Series ‘2003-1’, Callable 2,314,939 5.270 2013/08/27 2,317,023 2,350,867Shaw Communications Inc., Callable 8,325,000 6.500 2014/06/02 8,300,358 8,883,487Sherritt International Corp., Series "C", Callable 3,426,000 7.750 2015/10/15 3,426,000 3,005,754Shoppers Drug Mart Inc. 5,880,000 5.190 2014/01/20 5,921,074 6,174,348Sun Life Financial Inc., Series ‘2009-1’, Variable Rate, Callable 541,000 7.900 2019/03/31 540,275 611,384Sun Life Financial Inc., Series ‘D’, Callable 298,000 5.700 2019/07/02 297,797 301,146Sun Life Financial Inc., Variable Rate, Callable 490,000 4.800 2035/11/23 459,890 480,728Sun Life Financial Inc., Variable Rate, Callable 8,210,000 5.590 2023/01/30 8,172,471 8,126,281Suncor Energy Inc., Callable 3,600,000 5.390 2037/03/26 3,580,058 3,022,455TCHC Issuer Trust, Series ‘A’, Callable 114,000 4.880 2037/05/11 114,000 103,504TD Capital Trust III, Preferred, Variable Rate, Callable 11,053,000 7.243 2018/12/31 10,985,776 11,578,471TD Capital Trust IV, Perpetual, Callable 307,000 9.523 2108/06/30 307,000 370,628TD Capital Trust IV, Perpetual, Callable 7,137,000 10.000 2108/06/30 7,137,000 9,529,361TELUS Corp., Callable 5,250,000 5.950 2015/04/15 5,178,949 5,535,390TELUS Corp., Series ‘CF’, Callable 2,640,000 4.950 2014/05/15 2,639,894 2,699,697Terasen Gas Inc. 7,710,000 5.900 2035/02/26 7,903,891 7,900,531Terasen Gas Inc., Callable 550,000 6.000 2037/10/02 548,920 572,945Terasen Gas Inc., Callable 290,000 6.550 2039/02/24 288,942 324,665Terasen Gas Inc., Callable 255,000 6.950 2029/09/21 270,326 262,454Terasen Gas Vancouver Island Inc., Callable 2,175,000 6.050 2038/02/15 2,173,499 2,202,655Terasen Pipelines Corridor Inc., Series ‘B’, Callable 4,225,000 5.030 2015/02/02 4,218,165 4,139,785Thomson Reuters Corp. 6,000,000 5.700 2015/07/15 6,003,630 6,380,915Thomson Reuters Corp., Callable 1,250,000 6.000 2016/03/31 1,247,038 1,338,690Toronto-Dominion Bank (The) 3,195,000 4.850 2013/02/13 3,119,342 3,380,945


$ % $ $




68

Toronto-Dominion Bank (The), Variable Rate, Callable 4,500,000 4.779 2105/12/14 3,483,810 4,177,197Toronto-Dominion Bank (The), Variable Rate, Callable 13,640,000 5.763 2106/12/18 13,257,174 13,200,658TransAlta Corp. 5,850,000 6.600 2009/10/13 6,074,970 5,915,097TransCanada PipeLines Ltd. 1,055,000 7.900 2027/04/15 1,308,536 1,264,800TransCanada PipeLines Ltd. 1,605,000 8.290 2026/02/05 2,132,273 1,954,908TransCanada PipeLines Ltd., Callable 2,340,000 4.650 2016/10/03 2,312,759 2,381,952TransCanada PipeLines Ltd., Callable 5,370,000 8.050 2039/02/17 5,375,549 6,819,832TransCanada PipeLines Ltd., Series ‘U’ 75,000 11.800 2020/11/20 110,565 114,022TransCanada PipeLines Ltd., Series ‘W’ 250,000 9.450 2018/03/20 313,375 327,071Trans-Northern Pipelines Inc. 4,366,669 4.740 2015/03/31 4,366,582 4,786,649Union Gas Ltd. 2,375,000 7.900 2014/02/24 2,854,945 2,793,449Union Gas Ltd., Callable 5,910,000 4.640 2016/06/30 5,633,826 6,039,026Union Gas Ltd., Series ‘1993’ 50,000 8.750 2018/08/03 62,880 63,144Union Gas Ltd., Series ‘6’ 195,000 5.460 2036/09/11 166,510 184,203Union Gas Ltd., Series ‘6’, Callable 870,000 4.850 2022/04/25 851,503 815,284Union Gas Ltd., Series ‘6’, Callable 620,000 5.350 2018/04/27 615,810 648,437Union Gas Ltd., Series ‘7’, Callable 5,155,000 6.050 2038/09/02 4,822,087 5,313,642Wells Fargo Financial Canada Corp., Callable 3,000,000 4.450 2011/02/28 2,983,080 3,077,933Westcoast Energy Inc. 7,515,000 5.600 2019/01/16 7,485,043 7,839,873Westcoast Energy Inc. 2,045,000 8.500 2015/11/23 2,555,223 2,503,750Westcoast Energy Inc., Callable 410,000 7.150 2031/03/20 400,209 453,432Westcoast Energy Inc., Series ‘O’ 2,385,000 8.500 2018/09/04 3,099,267 2,985,436YPG Holdings Inc. 4,095,000 5.710 2014/04/21 3,987,547 3,893,424

736,613,983 741,475,843

Mortgage Backed Securities – 6.2%Canada Mortgage Acceptance Corp., Class ‘C’, Series ‘2006-C5’ 1,358,000 4.850 2011/11/15 1,357,991 1,349,788Canada Mortgage Acceptance Corp., Class ‘D’, Series ‘2006-C4’ 3,000,000 5.080 2011/02/15 2,918,340 2,910,450Canada Mortgage Acceptance Corp., Class ‘D’, Series ‘2006-C5’ 1,832,000 5.150 2011/11/15 1,805,570 1,820,706Canada Mortgage Acceptance Corp., Series ‘2005-C3’ 5,513,000 4.760 2010/07/15 5,395,076 5,480,857CHIP Mortgage Trust, Callable 672,000 5.610 2033/05/01 672,000 670,813ClareGold Trust, Series ‘2007-2A’, Class ‘A1’ 1,112,117 5.067 2044/05/15 1,097,599 1,058,311ClareGold Trust, Series ‘2007-2A’, Class ‘C’ 8,913,000 5.067 2044/05/15 8,412,556 6,680,383Claret Trust, Series ‘2006-1’, Class ‘A’ 1,632,044 4.710 2012/12/15 1,632,671 1,633,584Column Canada Issuer Corp., Class ‘A-2’, Series ‘2006-WEM’ 5,475,000 4.930 2016/09/15 5,462,162 4,130,786Gaz Metro inc., Series ‘L’, Callable 1,380,000 4.930 2019/06/18 1,379,779 1,397,065Merrill Lynch Financial Assets Inc. 1,800,000 5.980 2034/11/12 1,798,686 1,761,951Merrill Lynch Financial Assets Inc. 3,000,000 6.470 2034/04/12 3,047,622 2,934,669Merrill Lynch Financial Assets Inc. 1,825,000 6.960 2011/05/15 1,917,619 1,840,348Merrill Lynch Financial Assets Inc., Class ‘A-2’, Series ‘2006-Canada 18’ 439,000 4.680 2015/08/12 430,685 422,124Merrill Lynch Financial Assets Inc., Class ‘A2’, Series ‘2007-CA23’, Callable 7,403,000 5.255 2017/05/12 7,328,416 6,974,720Merrill Lynch Financial Assets Inc., Class ‘B’ 5,775,000 4.940 2017/05/12 5,774,573 4,208,531Merrill Lynch Financial Assets Inc., Class ‘B’ 5,300,000 5.640 2014/03/12 5,301,746 4,834,742Merrill Lynch Financial Assets Inc., Class ‘B’, Series ‘2003-CA10’ 4,250,000 5.470 2013/07/12 4,249,830 3,997,139Merrill Lynch Financial Assets Inc., Class ‘C’ 4,760,000 5.140 2017/05/12 4,759,681 3,317,292Merrill Lynch Financial Assets Inc., Class ‘C’, Series ‘2006-CA19’ 4,200,000 5.250 2016/06/12 4,199,859 3,129,196Merrill Lynch Financial Assets Inc., Class ‘C’, Series ‘2006-CDA20’ 3,899,000 5.100 2016/10/12 3,895,725 2,790,436Merrill Lynch Financial Assets Inc., Class ‘C’, Series ‘2007-CDA21’ 4,486,000 5.020 2017/01/12 4,485,779 3,157,157Merrill Lynch Financial Assets Inc., Class ‘E1’, Series ‘2005-CA15’, Variable Rate 1,079,000 5.689 2037/02/12 1,043,361 747,650Merrill Lynch Financial Assets Inc., ‘Series 2005-Canada 16’ 2,770,000 5.320 2015/07/12 2,747,752 1,984,456


$ % $ $




69

Merrill Lynch Financial Assets Inc., Variable Rate 500,000 5.689 2015/03/12 490,579 365,900NHA MBS Equitable Trust Co. 2,280,952 4.400 2017/07/01 2,193,661 2,358,169Real Estate Asset Liquidity Trust, Class ‘A1’, Series ‘2007-2’, Variable Rate, Callable 644,150 5.195 2017/03/12 641,675 604,890Real Estate Asset Liquidity Trust, Class ‘C’, Series ‘2006-1’ 4,457,000 5.170 2016/03/12 4,456,695 3,605,721Real Estate Asset Liquidity Trust, Class ‘C’, Series ‘2006-3’ 5,000,000 4.900 2016/11/12 4,999,928 3,839,586Real Estate Asset Liquidity Trust, Class ‘C’, Series ‘2007-1’ 1,810,000 5.040 2017/03/12 1,809,867 1,433,328Real Estate Asset Liquidity Trust, Class ‘D1’, Series ‘2006-2’, Variable Rate 2,000,000 5.309 2017/04/12 1,974,259 1,485,300Schooner Trust, Class ‘A1’, Series ‘2005-4’ 789,187 3.970 2015/06/12 759,704 756,089Schooner Trust, Class ‘B’ 4,000,000 4.850 2016/09/12 3,999,720 3,145,428Schooner Trust, Class ‘B’ 2,750,000 5.290 2014/08/12 2,749,808 2,488,614Schooner Trust, Class ‘C’ 4,700,000 5.050 2016/09/12 4,699,718 3,595,047Schooner Trust, Class ‘E’, ‘Series ‘2005-3’ 2,500,000 5.580 2015/04/12 2,347,400 1,912,425Xceed Mortgage Trust, Class ‘D’, Series ‘2007-T2’ 3,030,000 6.420 2017/03/17 3,030,000 2,988,550Xceed Mortgage Trust, Series ‘C’ 3,000,000 5.230 2012/02/17 3,014,100 2,994,210

118,282,192 100,806,411

Government of Canada and Guaranteed Bonds – 17.0%Blue Water Bridge Authority, Series ‘2002-1’ 4,336,633 6.410 2027/07/09 4,956,161 5,362,421Canada Housing Trust No. 1 12,550,000 3.550 2010/09/15 13,009,980 12,971,202Canada Housing Trust No. 1 10,865,000 3.750 2010/03/15 11,155,350 11,110,000Canada Housing Trust No. 1 2,725,000 4.650 2009/09/15 2,757,710 2,748,692Canada Housing Trust No. 1, Series ‘12’, Variable Rate 56,660,000 0.400 2010/09/15 56,771,627 56,628,259Canada Housing Trust No. 1, Series ‘17’ 20,000,000 4.800 2012/06/15 19,995,992 21,484,706Canada Housing Trust No. 1, Series ‘19’ 12,025,000 3.600 2013/06/15 12,580,064 12,450,999Canada Housing Trust No. 1, Series ‘23’ 2,595,000 4.100 2018/12/15 2,680,094 2,654,741Canada Housing Trust No. 1, Series ‘28’ 1,391,000 3.150 2014/06/15 1,398,664 1,406,371Government of Canada 26,146,000 3.000 2014/06/01 26,515,243 26,794,682Government of Canada 4,485,000 3.500 2013/06/01 4,700,639 4,691,953Government of Canada 6,001,000 3.750 2012/06/01 6,413,923 6,323,449Government of Canada 4,000,000 4.000 2010/09/01 4,170,400 4,158,435Government of Canada 665,000 4.000 2016/06/01 725,249 710,597Government of Canada 71,000 4.000 2017/06/01 77,759 75,534Government of Canada 6,142,000 4.000 2041/06/01 6,192,530 6,263,252Government of Canada 1,640,000 4.500 2015/06/01 1,790,880 1,798,989Government of Canada 270,000 5.000 2014/06/01 301,393 301,378Government of Canada 28,300,000 5.000 2037/06/01 33,294,545 33,776,050Government of Canada 2,075,000 5.500 2010/06/01 2,186,012 2,169,215Government of Canada 1,029,000 5.750 2029/06/01 1,273,238 1,278,305Government of Canada 21,964,000 5.750 2033/06/01 27,080,291 27,925,954Government of Canada 2,400,000 6.000 2011/06/01 2,632,080 2,616,215Government of Canada 1,942,000 8.000 2023/06/01 2,822,820 2,825,083Government of Canada, Series ‘YK42’, Real Return 2,025,000 2.000 2041/12/01 1,938,865 2,148,904Government of Canada, Series ‘YL25’ 6,920,000 4.250 2018/06/01 7,543,805 7,464,893Government of Canada, Series ‘YP39’ 2,500,000 2.750 2010/12/01 2,575,250 2,568,850Government of Canada, Series ‘YR94’ 6,374,000 3.750 2019/06/01 6,573,606 6,581,028Royal Office Finance L.P., Series ‘A’, Callable, Sinking Fund 8,526,888 5.210 2032/11/12 8,526,804 8,146,133

272,640,974 275,436,290


$ % $ $




70



Provincial and Municipal Bonds – 22.1%55 School Board Trust, Series ‘A’ 4,700,000 5.900 2033/06/02 4,955,673 4,929,549City of Montreal 2,030,000 4.950 2014/12/10 2,022,794 2,139,120City of Toronto 1,950,000 4.950 2018/06/27 1,944,072 1,994,069City of Toronto 1,390,000 5.050 2017/07/18 1,406,541 1,446,991Financement-Quebec 6,350,000 5.250 2034/06/01 6,148,260 6,455,559Greater Toronto Airport Authority, Callable 2,650,000 4.850 2017/06/01 2,644,700 2,659,687Greater Toronto Airport Authority, Series ‘02-3’ 6,000,000 6.980 2032/10/15 7,041,490 6,563,508Greater Toronto Airports Authority, Series ‘2009-1’ 400,000 5.960 2019/11/20 399,908 421,135Hydro One Inc. 4,585,000 4.640 2016/03/03 4,659,948 4,765,645Hydro-Quebec, Series ‘HL’ 2,700,000 11.000 2020/08/15 4,443,795 4,206,153Hydro-Quebec, Series ‘JM’ 206,000 5.000 2045/02/15 209,466 207,582Hydro-Quebec, Series ‘JN’ 10,000,000 5.000 2050/02/15 10,211,600 10,211,180Municipal Finance Authority of British Columbia 6,680,000 4.600 2018/04/23 6,654,082 6,724,319Municipal Finance Authority of British Columbia 1,275,000 4.650 2016/04/19 1,284,866 1,327,732Municipal Finance Authority of British Columbia 2,580,000 5.100 2018/11/20 2,676,569 2,677,755Newfoundland & Labrador Hydro 1,300,000 4.300 2016/10/13 1,297,075 1,333,063Newfoundland & Labrador Hydro, Series ‘X’ 635,000 10.250 2017/07/14 926,438 901,548Ontario Electricity Financial Corp. 1,911,000 8.250 2026/06/22 2,601,334 2,611,285Ontario School Boards Financing Corp. 1,586,256 5.480 2029/11/26 1,608,491 1,592,290Ontario School Boards Financing Corp. 1,810,000 5.700 2017/10/11 1,893,314 1,956,740Ontario School Boards Financing Corp. 3,385,338 6.550 2026/10/19 3,902,822 3,768,756Ontario Strategic Infrastructure Financing Authority, Series ‘2005-A1’ 105,000 4.600 2015/06/01 106,312 110,036Ottawa MacDonald-Cartier International Airport Authority 5,350,000 4.730 2017/05/02 5,328,432 5,213,815Province of British Columbia 15,115,000 4.700 2037/06/18 15,308,073 15,029,482Province of British Columbia 1,460,000 4.950 2040/06/18 1,457,430 1,511,747Province of British Columbia 3,263,000 5.600 2018/06/01 3,620,048 3,625,404Province of British Columbia 16,747,000 5.700 2029/06/18 18,333,588 18,421,515Province of British Columbia 1,650,000 8.000 2023/09/08 2,141,865 2,212,091Province of Manitoba 1,250,000 4.600 2038/03/05 1,184,839 1,205,612Province of Manitoba 1,558,000 4.650 2040/03/05 1,458,668 1,514,553Province of Manitoba 630,000 5.700 2037/03/05 697,501 712,507Province of New Brunswick 5,000,000 4.450 2018/03/26 5,066,400 5,103,643Province of New Brunswick 7,320,000 4.550 2037/03/26 6,970,672 6,894,922Province of New Brunswick 98,000 4.650 2035/09/26 99,825 92,575Province of New Brunswick, Sinking Fund 715,000 4.800 2039/09/26 711,197 699,895Province of Newfoundland and Labrador 3,600,000 4.500 2037/04/17 3,601,316 3,369,040Province of Newfoundland and Labrador 10,535,000 4.650 2040/10/17 10,177,269 10,089,854Province of Newfoundland and Labrador 2,475,000 5.250 2014/06/04 2,491,861 2,712,247Province of Newfoundland and Labrador 7,000,000 6.150 2028/04/17 7,718,930 7,873,343Province of Nova Scotia 2,419,000 4.500 2037/06/01 2,391,384 2,255,847Province of Ontario 217,774 3.210 2009/08/13 217,774 218,405Province of Ontario 5,721,000 4.200 2018/03/08 5,653,390 5,752,666Province of Ontario 9,720,000 4.300 2017/03/08 9,970,038 9,986,038Province of Ontario 850,000 4.400 2016/03/08 892,344 888,659Province of Ontario 1,143,000 4.400 2019/06/02 1,147,634 1,153,366Province of Ontario 3,705,000 4.500 2015/03/08 3,884,223 3,929,383Province of Ontario 450,000 4.600 2039/06/02 440,390 437,312Province of Ontario 7,165,000 4.700 2037/06/02 7,019,543 7,066,985Province of Ontario 3,158,000 5.000 2014/03/08 3,402,113 3,426,382Province of Ontario 375,000 5.500 2018/12/02 412,950 405,960



$ % $ $

71





$ % $ $

Province of Ontario 5,000,000 5.850 2033/03/08 5,890,650 5,631,782Province of Ontario 2,000,000 6.100 2010/11/19 2,128,600 2,138,489Province of Ontario 10,880,000 6.500 2029/03/08 12,979,299 12,965,119Province of Ontario 2,305,000 8.100 2023/09/08 3,203,777 3,103,239Province of Ontario, Series ‘KJ’ 135,000 7.600 2027/06/02 169,711 176,567Province of Ontario, Zero Coupon 900,000 0.000 2014/12/02 717,101 744,944Province of Ontario, Zero Coupon 20,007,000 0.000 2019/12/02 11,811,971 12,074,885Province of Ontario, Zero Coupon 468,000 0.000 2025/12/02 193,238 192,656Province of Ontario, Zero Coupon 1,145,000 0.000 2026/06/02 556,920 457,758Province of Prince Edward Island 6,000,000 4.650 2037/11/19 5,990,109 5,660,019Province of Quebec 242,983 3.150 2009/08/17 242,983 242,983Province of Quebec 1,990,000 4.500 2018/12/01 2,008,971 2,026,398Province of Quebec 4,379,000 4.500 2019/12/01 4,391,594 4,410,492Province of Quebec 7,360,000 5.000 2038/12/01 7,415,146 7,403,078Province of Quebec 2,942,000 5.500 2014/12/01 3,233,846 3,269,982Province of Quebec 5,300,000 6.000 2012/10/01 5,965,945 5,888,383Province of Quebec 5,589,000 6.250 2032/06/01 6,333,598 6,456,459Province of Quebec 1,150,000 8.500 2026/04/01 1,559,400 1,592,964Province of Quebec 6,200,000 9.380 2023/01/16 9,483,161 8,969,528Province of Quebec, Floating Rate 43,375,000 0.426 2013/12/10 43,533,472 42,399,246Province of Quebec, Series ‘OS’ 21,185,000 6.000 2029/10/01 23,296,319 23,669,947Province of Quebec, Zero Coupon 2,662,000 0.000 2015/12/01 2,024,615 2,064,988Province of Saskatchewan 4,211,000 4.650 2017/09/05 4,192,008 4,419,924Province of Saskatchewan 170,000 5.600 2035/09/05 186,745 189,613Province of Saskatchewan, Series ‘EC’ 2,955,000 5.000 2037/03/05 3,129,267 3,057,500Province of Saskatchewan, Series ‘GC’ 712,000 4.750 2040/06/01 711,771 716,178University of British Columbia, Series ‘B’, Callable 3,200,000 4.820 2035/07/26 3,124,928 2,923,393Vancouver International Airport Authority 515,000 4.420 2018/12/07 512,735 494,850Ville de Montreal 5,000,000 5.000 2017/12/01 5,024,551 5,097,002

360,851,678 359,245,316Total Canadian Bonds 1,488,388,827 1,476,963,860

FOREIGN BONDS – 2.9%Bank of America Corp. 338,000 5.450 2014/09/17 337,689 319,001Bear Stearns Cos. Inc. (The) 166,000 4.350 2012/07/20 154,686 164,486Credit Agricole SA, Variable Rate, Callable 900,000 5.500 2016/08/11 923,241 308,556Dexia Municipal Agency 10,460,000 4.630 2017/05/30 10,447,553 10,336,886France Telecom SA, Series ‘92’ 4,515,000 4.950 2011/06/23 4,506,512 4,641,375Goldman Sachs Group Inc., Variable, Callable 1,022,000 5.200 2022/04/19 962,386 794,625Landwirtschaftliche Rentenbank, Series ‘842’ 3,420,000 4.250 2012/11/16 3,328,150 3,557,860Merrill Lynch & Co. Inc., Series ‘1’, Floating Rate 8,225,000 0.494 2009/11/09 7,989,396 8,061,898Merrill Lynch & Co. Inc., Series ‘C’ 1,200,000 4.500 2012/01/30 1,074,000 1,110,756Metropolitan Life Global Funding I 3,600,000 4.450 2013/11/08 3,592,080 3,323,628Morgan Stanley, Series ‘F’ 1,800,000 4.500 2012/02/23 1,797,282 1,763,262Morgan Stanley, Series ‘F’ 874,000 4.900 2017/02/23 798,335 772,258Royal Bank of Scotland PLC, Variable Rate 15,536,000 5.370 2049/11/29 13,696,851 6,558,988Royal Bank of Scotland PLC, Variable Rate, Callable 9,170,000 6.666 2049/12/31 8,640,140 3,667,450TCNZ Finance Ltd. 1,318,000 4.750 2013/10/11 1,316,243 1,325,223TD Banknorth National Association, Variable Rate 323,000 4.644 2022/09/20 315,609 309,085Total Foreign Bonds 59,880,153 47,015,337Total Bonds 1,548,268,980 1,523,979,197

72

SCHEDULE OF FUTURES CONTRACTS SOLD SHORT**Unrealized


Contracts $ $ $ $

Unrealized DepreciationCanadian Government 10 Year Bond

expiration date September 2009 (34) CAD 116.86 (3,973,383) (4,122,840) (149,457)Unrealized Appreciation(Depreciation) on Futures Contracts sold short (149,457)

SCHEDULE OF LONG FUTURES CONTRACTS PURCHASED*Unrealized AppreciationUnited States Treasury Bond

expiration date September 2009 180 USD 114.24 23,880,181.00 24,742,199 862,018 Unrealized Appreciation(Depreciation) on Long Futures Contracts purchased 862,018



$ % $ $

Non Bank Asset Backed Commercial Paper (ABCP) Securities – 1.1%Master Asset Vehicle II, Class ‘14’ 577,724 0.000 2014/04/05 575,855 244,441Master Asset Vehicle II, Class ‘6’ 2,629,834 0.000 2013/06/30 2,621,324 1,112,711Master Asset Vehicle II, Class ‘7’ 1,599,340 0.000 2013/12/20 1,594,165 676,698Master Asset Vehicle II, Class ‘8’ 39,615 0.000 2029/04/25 39,487 16,761Master Asset Vehicle II, Class ‘9’ 54,030 0.000 2016/09/12 54,030 49,554Master Asset Vehicle II, Class ‘A-1’ 17,212,317 0.000 2056/07/15 17,225,156 7,745,960Master Asset Vehicle II, Class ‘A-2’ 15,790,105 0.000 2056/07/15 15,788,528 7,000,503Master Asset Vehicle II, Class ‘B’ 2,866,345 0.000 2056/07/15 2,866,058 1,270,786Master Asset Vehicle II, Class ‘C’ 1,109,342 0.000 2056/07/15 1,109,684 495,377

41,874,287 18,612,791Short-Term Notes* – 2.6% 41,966,340 41,983,514Total Investments – 97.6% 1,632,109,607 1,584,575,502Unrealized Appreciation(Depreciation) on Futures Contracts** – (0.0%) 712,561 Other Assets and Liabilities, Net – 2.4% 37,384,321Net Assets – 100.0% 1,622,672,384

*Short-Term Notes earn interest at rates ranging from 0.138% to 2.903% and mature from July 02, 2009 to April 15, 2010.

**$100,000 of Canada Treasury Bills are held as collateral by counterparties with respect to the futures contracts.



73


Notes to Statement of Investment PortfolioCurrency RiskThe table below indicates the currencies to which the Fund had significant exposure as at June 30, 2009, on both its trading monetary, non-monetary assets and liabilities as well as the underlying principleamount of forward currency contracts.


U.S. Dollar 1,122,132 — 1,122,132 0.07%



Interest Rate RiskThe table below summarizes the Fund’s exposure to interest rate risks. It includes the Fund’s assets at fair values, categorized by the maturity dates.

Less than 1 year 1-3 years 3-5 years > 5 years Total

Bonds 58,569,211 229,229,589 258,782,275 996,010,913 1,542,591,988

As at June 30, 2009, had the prevailing interest rates raised or lowered by 1.00%, with all other variables held constant, net assets would have decreased or increased, respectively, by approximately$121,733,302. In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material.

Other Price RiskAs at June 30, 2009, a 5% change in derivatives prices would have changed the Fund’s Net Assets by $1,030,968, with all other factors held constant. In practice, the actual results may differ from thissensitivity analysis and the difference could be material. The risk of losses with short positions is unlimited.

Credit Risk As at June 30, 2009, the Fund invested in debt instruments (and derivatives on debt instruments) with the following credit ratings:

Debt securities by credit rating 2009AAA 24.63%AA 16.64%A 37.39%BBB 15.40%Below BBB 0.87%Unrated 0.15%Total 95.06%

Credit Ratings are obtained from Bloomberg general rates which are a blend of Standard & Poor’s, Moody’s and/or Dominion Bond Rating Services.

Non-Bank Sponsored ABCPAs at December 31, 2008, the Fund held positions in non-bank sponsored asset backed commercial paper (ABCP). The fair value of the ABCP decreased in 2008 given a significant reduction in liquidityof the commercial paper and continued uncertainty and delays in the restructuring proposals of the ABCP conduits. After recognizing an unrealized loss of $9.2 million in 2007, the Fund recognized a furtherunrealized loss of $14.9 million representing approximately 85 basis points (0.849%) of the Fund’s net assets at year end. Following this write-down, the fair value of the remaining ABCP in the portfolioof the Fund is $22.4 million, or 1.28% of the net assets of the Fund as at December 31, 2008. No further adjustment were done in the first half on 2009, the fair value of the remaining ABCP in theportfolio of the Fund is $18.6 million, or 1.14% of the net assets of the Fund as at June 30, 2009.

Original Face Value of Frozen ABCP holdings Fair Value of Frozen ABCP holdings at 12/31/07 Fair Value of Frozen ABCP holdings at 12/31/08 Fair Value of Frozen ABCP holdings at 6/30/09(In Millions) (In Millions) (In Millions) (In Millions)

$000,000,046.50 $000,000,037.30 $000,000,022.40 $000,000,018.60


74

On January 12, 2009, the Ontario Superior Court approved the completion of the restructuring plan, clearing the way for previously held short-term ABCP notes to be exchanged for longer-term notes. Pursuantto the planned restructuring, the Fund received approximately $46.5 million face value in new Master Asset Vehicles (MAV) for its existing ABCP holdings.

MAV 2 MAV 3Name Class A-1 Class A-2 Class B Class C IA Note TA Note SEI TTLAurora 883,488 1,625,525 279,738 86,250 – – 2,875,000Comet 2,169,000 3,115,200 536,400 180,000 – – 6,000,600MMAI 8,944,380 3,471,655 611,065 402,900 – – 13,430,000Opus 21,379 35,555 6,117 1,950 – – 65,000Planet 1,335,093 3,204,014 558,522 157,626 4,320,796 – 9,576,051Whitehall 4,213,485 4,970,070 855,945 310,500 – – 10,350,000Gemini – – – – – 4,200,000 4,200,000

Total 17,566,824 16,422,019 2,847,786 1,139,226 4,320,796 4,200,000 46,496,651% 37.78% 35.32% 6.12% 2.45% 9.29% 9.03% 100.00%

Depending on the nature of the underlying assets held by the affected ABCP, assets were divided into either MAV2 or MAV3. MAV2 is comprised of a pooling of assets of various trusts that have an exposureto synthetic swap agreements where as MAV3 assets are comprised of the more traditional securitized underlying assets. Each investor in MAV2 received a series of notes best representing the relative valueof their current pre-restructured ABCP holdings as determined by JP Morgan and the Pan-Canadian Investors Committee (the Committee). New notes are not expected to experience principal reimbursementfor five years and the principal will amortize in following order of seniority (A1, A2, B and C). Assumptions regarding amortization of the notes are based on the June 2008 presentation from JP Morgan andthe Committee that describes the anticipated release dates for the underlying collateral. The majority of the collateral is anticipated to be released by December 20th 2016.

The Class A-1 and A-2 are expected to pay a cash interest coupon quarterly at a rate of Canadian 3-month banker’s acceptance (BA’s) minus 50 basis points. Classes B and C will not pay cash interestcoupons, but interest will accrue at a rate of Canadian 3-month BA’s minus 50 basis points for the Class B notes and at a rate of Canadian 3-month BA’s plus 20 % (a catch all for residual value, but areturn of BA’s less 50 basis points is the expected return). Underlying assets are expected to provide a return of BA’s plus 30 basis points; however, the Master Asset Vehicle 2 (MAV2), will be charged 160basis points with respect to a margin facility in an amount representing approximately half of the MAV2 overall assets (thus approximately 80 basis points less in spread between the asset return of BA plus30 basis points and the BA minus 50 basis points return provided by the new restructured ABCP notes). The tracking Notes (MAV3) net return and interest will be based on the performance of the underlyingassets.

The inputs to the Manager’s valuation models included information of the underlying asset mixes within each ABCP security held by the Fund as described by Dominion Bond Rating Services (DBRS), andinformation from JP Morgan and the Committee which detailed how ABCP holdings would be converted to new MAV under the proposed restructuring plan (as outlined in the previous table).

The Manager estimated the fair value of the Fund’s ABCP holdings using a weighted probability cash flow approach and with knowledge of the restructuring Plan filed by the Investors Committee. Bothobservable and non-observable market indices were used to discount anticipated cash flows for each class structure within the new MAV structures. For MAV2 Class A1 and Class A2 notes, cash flows werediscounted using a synthetically created Leveraged Super Senior Swap Index derived from the unlevered CDX7 15-60% AAA tranche adjusted for the anticipated leverage of the swap transactions facingMAV2 of 5.5 times leverage. This spread was added to the prevailing current yield for Canadian 3-month BA’s to determine a total discount rate for the MAV2 Class A1 and Class A2 notes. For the MAV2Class B notes, cash flows were discounted using the spread from the Merrill Lynch High Yield Index plus the prevailing current yield for Canadian 3-month BA’s given that the Class B notes are furthersubordinated and are not expected to be rated. The Class C notes will carry a residual entitlement but may be subject to principal erosion should there be a shortfall in earnings related to the other classesof notes. Accordingly cash flows for the MAV2 Class C notes were discounted with an assumed long-term equity premium of 4% above the Merrill Lynch High Yield Index plus the prevailing current yield forCanadian 3-month BA’s. MAV3 assets are exposed to Structured Finance Collateralized Debt Obligations (CDO) and include the Senior tranche of a fully funded CDO-squared rated AAA with underlyingcollateral exposed to US Residential Mortgage backed securities. The Manager therefore used a US high Grade Structured Finance HG SF CDO Senior tranche rated-AAA index plus the prevailing currentyield for Canadian 3-month BA’s as a proxy to discount the underlying assets of the MAV3 notes over their anticipated life of approximately 7 years.

The fair value assigned was based on the Manager’s assessment of prevailing conditions on the date of the valuation, which may change in subsequent periods. Possible changes that could have a materialeffect on the future value of the ABCP include (1) changes in the value of the underlying assets, (2) developments related to the liquidity of the ABCP market, (3) the outcome of the restructuring of theconduits and (4) a change in economic conditions in North America. It is reasonably possible, based on existing knowledge, changes in future conditions in the near term could require a material change tothe carrying value of the ABCP.

The valuation estimate is subject to measurement uncertainty and is dependent on market conditions as at the valuation date and the likelihood and timing of the restructuring.

The Fund further received interest and principal payments totaling $4,746,241.35 through the first half of 2009 as per the details below. The majority of payments were due to a large principal paymentof MAV 3 tracking notes related to Gemini Trust.

MAV Cashflows – Dec 2008 through June 2009Date Interest Principal Total

4-Apr-09 $0,001,410.48 $4,092,756.24 $4,094,166.7214-May-09 $0,618,910.64 $0,618,910.646-May-09 $0,000,045.72 $0,033,118.27 $00,33,163.99

$0,620,366.84 $4,125,874.51 $4,746,241.35

The Manager ultimately anticipates an improved potential for asset value recovery over time, a lower risk of unfunded margin calls as a result of the restructuring of margin call triggers with the MAV’s andthe establishment of committed margin funding facilities, and improved transparency with regard to the underlying assets. Although no assurances can be made in this regard, together these benefits areexpected to boost financial support and promote liquidity for the new notes.

While central bankers have had a positive impact towards improving global financial markets and credit conditions generally, certain market sectors and securities remain highly illiquid. As of June 30th2009, liquidity for new MAV securities had yet to materialize, and no meaningful market transactions could be observed. Therefore, in the Manager’s opinion, any changes to the fair market value of MAVholdings would be premature given the continued frozen nature of the MAV market. As such, there were no changes in the MAV’s fair market values compared to their closing values from December 31st,2008. As of June 30th, 2009 the Fund continued to hold MAV’s with a discounted market value representing 1.14% of total Fund assets.



75


2009 2008

INVESTMENT INCOMEInterest $ 41,016 $ 48,285

EXPENSESCustodian and administration fees 968 1,172 Legal fees 48 61 Audit fees 33 82 Management fees 432 461 Trustee fees 11 50 Independent Review Committee fees 1 —Securityholder Reporting Costs 40 5

1,533 1,831NET INVESTMENT INCOME (LOSS)

FOR THE PERIOD $ 39,483 $ 46,454NET GAIN (LOSS) ON SALES OF SECURITIES $ 10,130 $ 10,810 NET REALIZED GAIN (LOSS) ON FUTURES

AND FORWARDS $ (1,792) $ 725 NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (59) $ (6)TRANSACTION COSTS $ (9) $ (8)UNREALIZED APPRECIATION (DEPRECIATION)


ON FUTURES AND FORWARD CONTRACTS $ 2,790 $ 378 NET GAIN (LOSS) ON INVESTMENTS $ 32,145 $ (7,519)NET INCREASE (DECREASE) IN NET ASSETS



(Class O) $ 69,334 $ 38,159(Class I) $ 265 $ 114(Class P) $ 1,724 $ 527(Class F) $ 305 $ 135


(Class O) $ 0.48 $ 0.21 (Class I) $ 0.47 $ 0.19(Class P) $ 0.42 $ 0.13(Class F) $ 0.45 $ 0.17



2009 2008


at fair value 26,849 38,933 Accrued interest receivable 13,206 14,193 Receivable for portfolio securities sold 29,645 473 Margin receivable on futures 2,246 3,990 Receivable for unit subscriptions 1,250 3,046 Unrealized appreciation on futures contracts 713 —

1,658,485 1,749,339 LIABILITIES

Accrued liabilities 1,191 1,178 Payable for portfolio securities purchased 32,734 —Payable for unit redemptions 1,888 3,963 Unrealized depreciation on futures contracts — 2,077


UNITHOLDERS’ EQUITY $ 1,622,672 $ 1,742,121

NET ASSETS PER CLASS(Class O) $ 1,559,810 $ 1,681,086 (Class I) $ 6,299 $ 6,078 (Class P) $ 49,315 $ 46,256 (Class F) $ 7,248 $ 8,701

NET ASSETS PER UNIT (note 7)(Class O) $ 11.20 $ 10.96(Class I) $ 11.17 $ 10.93 (Class P) $ 11.40 $ 11.16 (Class F) $ 11.33 $ 11.10INVESTMENTS AT AVERAGE COST $ 1,632,110 $ 1,757,280



76






DISTRIBUTIONS TO UNITHOLDERSOut of net investment income (37,871) (48,033) (36,895) (46,949)

(37,871) (48,033) (36,895) (46,949)CHANGES DUE TO UNITHOLDER

TRANSACTIONSProceeds from issue of units 157,509 273,539 145,354 252,797 Payments on redemption of units (347,605) (272,671) (334,995) (259,605)Reinvestment of distributions 36,890 47,101 35,926 46,023

(153,206) 47,969 (153,715) 39,215CHANGES IN NET ASSETS (119,449) 38,871 (121,276) 30,425NET ASSETS, END OF PERIOD $ 1,622,672 $ 2,059,576 $ 1,559,810 $ 1,988,091

Class I Class P2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 265 114 1,724 527

DISTRIBUTIONS TO UNITHOLDERSOut of net investment income ! (129) (147) (690) (758)

(129) (147) (690) (758)CHANGES DUE TO UNITHOLDER

TRANSACTIONSProceeds from issue of units 524 523 11,127 17,413 Payments on redemption of units (564) (558) (9,790) (10,679)Reinvestment of distributions ! 125 147 688 757

85 112 2,025 7,491CHANGES IN NET ASSETS 221 79 3,059 7,260NET ASSETS, END OF PERIOD $ 6,299 $ 6,840 $ 49,315 $ 55,740



77


Class F2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 305 135

DISTRIBUTIONS TO UNITHOLDERSOut of net investment income (157) (179)

(157) (179)CHANGES DUE TO UNITHOLDER

TRANSACTIONSProceeds from issue of units 504 2,806 Payments on redemption of units (2,256) (1,829)Reinvestment of distributions 151 174

(1,601) 1,151CHANGES IN NET ASSETS (1,453) 1,107NET ASSETS, END OF PERIOD $ 7,248 $ 8,905



78

BONDS – 99.5%Government of Canada Bonds – 99.5%Government of Canada, Zero Coupon 9,275,000 2021/03/15 5,888,887 5,891,691Government of Canada, Zero Coupon 1,300,000 2022/06/01 809,146 772,928Government of Canada, Zero Coupon 68,410,000 2022/12/01 40,111,804 39,864,949Government of Canada, Zero Coupon 51,400,000 2023/06/01 29,511,790 29,320,111Government of Canada, Zero Coupon 64,000,000 2023/06/01 37,883,292 35,809,920Government of Canada, Zero Coupon 33,000,000 2023/12/01 19,036,933 18,031,860Government of Canada, Zero Coupon 28,000,000 2024/06/01 15,732,809 14,916,720Government of Canada, Zero Coupon 75,120,000 2024/12/01 40,676,299 39,465,874Government of Canada, Zero Coupon 5,000,000 2025/06/01 2,543,556 2,494,600Government of Canada, Zero Coupon 48,050,000 2025/06/01 25,281,805 24,160,020Government of Canada, Zero Coupon 78,075,000 2025/12/01 39,914,304 38,831,242Government of Canada, Zero Coupon 87,775,000 2026/06/01 43,852,745 42,684,208Government of Canada, Zero Coupon 5,000,000 2026/12/01 2,378,697 2,348,200Government of Canada, Zero Coupon 19,735,000 2027/06/01 9,421,120 9,053,431Government of Canada, Zero Coupon 15,684,000 2027/12/01 7,311,126 7,078,346Government of Canada, Zero Coupon 5,000,000 2028/06/01 2,211,208 2,208,300Government of Canada, Zero Coupon 5,000,000 2028/12/01 2,168,156 2,177,550Total Bonds 324,733,677 315,109,950Short-Term Note* – 0.0% 24,989 24,996Total Investments – 99.5% 324,758,666 315,134,946Other Assets and Liabilities, Net – 0.5% 1,571,928Net Assets – 100.0% 316,706,874

*Short-Term Note earns interest at 0.164% and matures at August 06, 2009.

Par Maturity Average FairValue Date Cost Value

$ $ $


Long Duration Bond Fund

SLDB (See accompanying notes)

79


Interest Rate RiskThe 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 – – – 315,109,950 315,109,950

As at June 30, 2009, had the prevailing interest rates raised or lowered by 1.00%, with all other variables held constant, net assets would have decreased or increased, respectively, by approximately$48,137,654. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.

Other Price RiskThe Fund is not exposed to significant price risk as all securities are invested in debt securities.

Credit Risk As at June 30, 2009, the Fund invested in debt securities with the following credit ratings:


Credit ratings are obtained from Bloomberg general rates which are a blend of Standard & Poor’s, Moody’s and/or Dominion Bond Rating Services.


(See accompanying notes) SLDB

80


2009 2008


EXPENSESCustodian and administration fees 170 72 Legal fees 21 24 Audit fees 6 5Management fees 14 29 Trustee fees 2 3Independent Review Committee fees 1 —Securityholder Reporting Costs 9 4


FOR THE PERIOD $ 7,689 $ 4,112NET GAIN (LOSS) ON SALES OF SECURITIES $ 82 $ 1,055UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ (16,717) $ (3,112)NET GAIN (LOSS) ON INVESTMENTS $ (16,635) $ (2,057)NET INCREASE (DECREASE) IN NET ASSETS

FROM OPERATIONS $ (8,946) $ 2,055


(Class O) $ (8,867) $ 2,014 (Class I) $ — $ 19 (Class P) $ (69) $ 18 (Class F) $ (10) $ 4


(Class O) $ (0.32) $ 0.14 (Class I) $ — $ 0.11 (Class P) $ (0.50) $ 0.08 (Class F) $ (0.47) $ 0.10


2009 2008


at fair value 1,630 38,353 Receivable for unit subscriptions 80 86


Accrued liabilities 129 99 Payable for unit redemptions 9 1,898

138 1,997 NET ASSETS REPRESENTING


NET ASSETS PER CLASS(Class O) $ 315,087 $ 147,635 (Class I) $ — $ —(Class P) $ 1,433 $ 1,474 (Class F) $ 187 $ 280

NET ASSETS PER UNIT (note 7)(Class O) $ 9.97 $ 10.38 (Class I) $ — $ — (Class P) $ 11.41 $ 11.95 (Class F) $ 9.64 $ 10.07 INVESTMENTS AT AVERAGE COST $ 324,759 $ 105,854



SLDB (See accompanying notes)

81

Statements of Changes in Net AssetsFOR THE YEARS ENDED JUNE 30 (UNAUDITED)


(in thousands of dollars except per unit data) Fund Total Class O2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS (8,946) 2,055 (8,867) 2,014

DISTRIBUTIONS TO UNITHOLDERSOut of net investment income ! — (1) — —

— (1) — —CHANGES DUE TO UNITHOLDER TRANSACTIONSProceeds from issue of units 189,829 33,534 189,154 32,742 Payments on redemption of units (13,565) (39,686) (12,835) (38,730)Reinvestment of distributions ! — 1 — —

176,264 (6,151) 176,319 (5,988) CHANGES IN NET ASSETS 167,318 (4,097) 167,452 (3,974) NET ASSETS, END OF PERIOD $ 316,707 $ 147,075 $ 315,087 $ 142,506

Class I Class P2009 2008 2009 2008

NET ASSETS – BEGINNING OF PERIOD $ — $ 1,704 $ 1,474 $ 2,594

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS — 19 (69) 18


— (1) — —CHANGES DUE TO UNITHOLDER TRANSACTIONSProceeds from issue of units — 98 668 646 Payments on redemption of units — (29) (640) (747)Reinvestment of distributions ! — 1 — —

— 70 28 (101) CHANGES IN NET ASSETS — 88 (41) (83)NET ASSETS, END OF PERIOD $ — $ 1,792 $ 1,433 $ 2,511

Class F2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 280 $ 394 INCREASE (DECREASE) IN NET

ASSETS FROM OPERATIONS (10) 4

CHANGES DUE TO UNITHOLDER TRANSACTIONSProceeds from issue of units 7 48 Payments on redemption of units (90) (180)

(83) (132)CHANGES IN NET ASSETS (93) (128)NET ASSETS, END OF PERIOD $ 187 $ 266


(See accompanying notes) SLDB

82

BONDS – 96.6%Government of Canada Bonds – 47.5%Government of Canada, Real Return 8,329,000 2.000 2041/12/01 8,254,846 8,850,984Government of Canada, Real Return 30,389,000 3.000 2036/12/01 40,555,587 41,821,453Government of Canada, Real Return 5,032,000 4.000 2031/12/01 8,961,447 8,688,320Government of Canada, Real Return 8,460,000 4.250 2021/12/01 13,194,362 14,957,567Government of Canada, Real Return 22,656,000 4.250 2026/12/01 38,844,886 39,394,434

109,811,128 113,712,758Provincial Bonds – 49.1%Province of Manitoba, Real Return 9,000,000 1.740 2018/12/01 9,000,000 9,153,598Province of Manitoba, Real Return 13,000,000 2.000 2036/12/01 12,831,619 12,230,639Province of Ontario, Real Return 19,891,000 2.000 2036/12/01 20,152,491 19,425,592Province of Quebec, Real Return 23,000,000 4.250 2031/12/01 37,813,270 35,605,797Province of Quebec, Real Return 10,000,000 4.500 2021/12/01 15,016,711 14,656,872Province of Quebec, Real Return 16,479,000 4.500 2026/12/01 23,110,516 26,538,800

117,924,607 117,611,298Total Bonds 227,735,735 231,324,056Short Term Note* – 0.6% 1,469,885 1,469,985Total Investments – 97.2% 229,205,620 232,794,041Other Assets and Liabilities, Net – 2.8% 6,784,664Net Assets – 100.0% 239,578,705

*Short-Term Notes earn interest at rates ranging from 0.122% to 0.195% and mature from July 2, 2009 to July 3, 2009.


$ % $ $


Real Return Bond Fund

SRRB (See accompanying notes)




Bonds – – – 231,324,056 231,324,056

As at June 30, 2009, had the prevailing interest rates raised or lowered by 1.00%, with all other variables held constant, net assets would have decreased or increased, respectively, by approximately$37,432,174.


Credit RiskAs at June 30, 2009, the Fund invested in debt securities with the following credit ratings:

Debt securities by credit rating 2009

AAA 47.46%AA 17.03%A 32.06%BBB 0.00%Below BBB 0.00%Unrated 0.00%Total 96.55%


83


2009 2008


EXPENSESCustodian and administration fees 131 134Legal fees 23 29Audit fees 4 9Management fees 108 111Trustee fees 1 6Independent Review Committee fees 1 —Securityholder Reporting Costs 7 4


FOR THE PERIOD $ 3,132 $ 3,136NET GAIN (LOSS) ON SALES OF SECURITIES $ (36) $ 161UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 13,617 $ 20,096NET GAIN (LOSS) ON INVESTMENTS $ 13,581 $ 20,257NET INCREASE (DECREASE) IN NET ASSETS



(Class O) $ 15,817 $ 22,179(Class P) $ 832 $ 1,153(Class F) $ 64 $ 61


(Class O) $ 0.99 $ 1.40(Class P) $ 0.98 $ 1.42(Class F) $ 1.02 $ 1.34

Statements of Net AssetsAS AT JUNE 30, 2009 (UNAUDITED) ANDDECEMBER 31, 2008(in thousands of dollars except per unit data)

2009 2008

ASSETSInvestments at fair value $ 232,794 $ 217,793Cash including foreign currency holdings,

at fair value 6,886 15,090Accrued interest receivable 528 547Receivable for unit subscriptions 22 2

240,230 233,432LIABILITIES

Accrued liabilities 181 184Payable for unit redemptions 470 587

651 771NET ASSETS REPRESENTING


NET ASSETS PER CLASS(Class O) $ 225,130 $ 219,117(Class P) $ 13,486 $ 12,672(Class F) $ 963 $ 872

NET ASSETS PER UNIT (note 7)(Class O) $ 14.44 $ 13.44(Class P) $ 15.47 $ 14.52(Class F) $ 14.78 $ 13.81INVESTMENTS AT AVERAGE COST $ 229,206 $ 227,821



(See accompanying notes) SRRB

84


SRRB (See accompanying notes)




INCREASE (DECREASE) IN NETASSETS FROM OPERATIONS 16,713 23,393 15,817 22,179

CHANGES DUE TO UNITHOLDERTRANSACTIONS

Proceeds from issue of units 26,196 33,826 23,035 29,195Payments on redemption of units (35,991) (25,007) (32,839) (22,306)

(9,795) 8,819 (9,804) 6,889CHANGES IN NET ASSETS 6,918 32,212 6,013 29,068NET ASSETS, END OF PERIOD $ 239,579 $ 272,270 $ 225,130 $ 255,860

Class P Class F2009 2008 2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 12,672 $ 12,575 $ 872 $ 691

INCREASE (DECREASE) IN NETASSETS FROM OPERATIONS 832 1,153 64 61


Proceeds from issue of units 2,974 4,086 187 545Payments on redemption of units (2,992) (2,427) (160) (274)

(18) 1,659 27 271CHANGES IN NET ASSETS 814 2,812 91 332NET ASSETS, END OF PERIOD $ 13,486 $ 15,387 $ 963 $ 1,023

85

BONDS – 98.4%Canadian Bonds – 95.3%Corporate Bonds – 79.1%Algonquin Credit Card Trust, Series ‘061C’ 3,000,000 5.460 2011/07/15 3,000,000 2,934,960Algonquin Credit Card Trust, Series ‘071C’ 1,000,000 5.090 2012/06/15 1,000,000 893,810AltaGas Income Trust, Callable 2,500,000 7.420 2014/04/29 2,499,600 2,614,075Bank of Montreal 6,500,000 5.040 2012/09/04 6,954,220 6,901,262Bank of Nova Scotia 2,250,000 4.920 2011/09/15 2,286,112 2,353,235Bank of Nova Scotia 2,250,000 5.000 2010/09/13 2,266,988 2,378,932Bank of Nova Scotia, Callable, Variable Rate 1,400,000 4.940 2019/04/15 1,399,566 1,449,814Bell Canada, Callable 2,150,000 4.850 2014/06/30 2,146,603 2,180,944BNS Capital Trust 6,610,000 7.310 2010/12/31 6,876,383 7,008,721British Columbia Ferry Services Inc., Series ‘08-2’, Callable 1,500,000 6.214 2013/12/19 1,500,000 1,653,551Broadway Credit Card Trust, Class ‘A’, Series ‘2008-1’ 1,310,000 5.230 2011/06/17 1,310,000 1,301,331Canadian Capital Auto Receivables Asset Trust, Series ‘B’ 1,500,000 4.920 2010/04/17 1,500,000 1,320,000Canadian Imperial Bank of Commerce, Variable Rate, Callable 5,000,000 4.550 2016/03/28 5,134,550 5,172,028Consumers’ Waterheater Operating Trust (The), Callable 1,250,000 6.750 2014/04/30 1,247,838 1,263,521Enbridge Gas Distribution Inc., Callable 1,800,000 5.570 2014/01/29 1,799,676 1,954,335Gaz Metropolitain Inc., Series ‘L’, Callable 1,500,000 5.400 2013/04/15 1,499,940 1,599,011GE Capital Canada Funding Co. 2,500,000 5.290 2012/08/17 2,529,150 2,571,395GE Capital Canada Funding Co., Callable 2,500,000 4.750 2011/05/02 2,522,750 2,563,765Genesis Trust, Class ‘B’, Series ‘2006-2’ 2,000,000 4.430 2011/09/15 2,000,000 2,016,248Gloucester Credit Card Trust 600,000 5.380 2010/06/15 600,000 599,570Groupe Aeroplan Inc., Callable 1,600,000 9.000 2012/04/23 1,607,500 1,636,298Holcim Finance (Canada) Inc. 1,500,000 5.900 2013/06/21 1,497,915 1,430,284John Deere Credit Inc. 600,000 4.800 2012/04/20 599,586 615,799Loblaw Companies Ltd. 3,021,000 6.000 2014/03/03 3,148,970 3,221,033Loblaw Companies Ltd., Callable 2,000,000 4.850 2014/05/08 1,999,560 2,040,339Manitoba Telecom Services Inc., Series ‘7’ 1,800,000 5.050 2012/05/11 1,799,856 1,837,140Master Credit Card Trust, Class ‘A’, Series ‘2006-2’ 1,800,000 4.440 2011/11/21 1,874,106 1,872,571NAV Canada, Series ‘2009-2’ 1,500,000 3.434 2012/04/17 1,500,000 1,513,811RBC Capital Trust, Series ‘2010’, Callable 1,000,000 7.290 2010/06/30 1,033,130 1,043,069RBC Capital Trust, Series ‘2011’, Callable 6,650,000 7.180 2011/06/30 6,895,053 7,087,227Royal Bank of Canada, Variable Rate, Callable 7,700,000 4.840 2018/03/11 7,863,199 7,986,196Schlumberger Ltd., Callable 2,500,000 5.140 2010/07/12 2,499,575 2,565,469Scotiabank Subordinated Notes Trust, Variable Rate, Callable 6,500,000 5.250 2017/11/01 6,739,070 6,835,173Shaw Communications Inc. 3,750,000 6.500 2014/06/02 3,790,100 4,001,571Shoppers Drug Mart Inc. 1,300,000 5.190 2014/01/20 1,299,779 1,365,077TD Capital Trust ll, Series ‘2012’ 3,000,000 6.790 2052/12/31 3,080,700 3,221,102Toronto-Dominion Bank (The) 1,500,000 4.850 2013/02/13 1,476,390 1,587,298Toronto-Dominion Bank (The), Variable Rate, Callable 6,600,000 4.970 2104/10/30 6,876,540 6,968,646Toronto-Dominion Bank (The), Variable Rate, Callable 7,600,000 5.382 2017/11/01 6,908,552 7,309,697Wells Fargo Financial Canada Corp., Callable 2,500,000 4.450 2011/09/13 2,502,600 2,552,889

115,065,557 117,421,197Government of Canada Bonds – 7.1%Government of Canada 1,415,000 3.000 2014/06/01 1,442,842 1,450,106Government of Canada 674,000 3.500 2013/06/01 717,109 705,101Government of Canada 7,809,000 4.000 2010/09/01 8,168,465 8,118,305Government of Canada, Series ‘YP39’ 200,000 2.750 2010/12/01 206,450 205,508

10,534,866 10,479,020


$ % $ $


Short Term Bond Fund

SSTB (See accompanying notes)

86





Bonds 2,962,939 64,160,747 36,377,116 42,558,995 146,059,797

As at June 30, 2009, had the prevailing interest rates raised or lowered by 1.00%, with all other variables held constant, net assets would have decreased or increased, respectively, by approximately$6,609,214.


Credit Risk As at June 30, 2009, the Fund invested in debt securities with the following credit ratings:



(See accompanying notes) SSTB

Mortgage-Backed Securities – 4.9%Canada Mortgage Acceptance Corp., Class ‘C’, Series ‘2006-C5’ 1,400,000 4.850 2011/11/15 1,399,990 1,391,534Canada Mortgage Acceptance Corp., Class ‘D’, Series ‘2006-C5’ 1,350,000 5.150 2011/11/15 1,330,524 1,341,678Xceed Mortgage Trust, Series ‘C’ 2,000,000 5.230 2012/02/17 2,000,000 1,996,140Xceed Mortgage Trust, Series ‘D’ 2,500,000 5.930 2012/02/17 2,500,000 2,482,625

7,230,514 7,211,977Provincial and Municipal Government Bonds – 4.3%Greater Toronto Airport Authority, Series ‘2006-1’ 4,250,000 4.400 2011/02/28 4,288,284 4,408,781Province of Ontario 1,861,000 5.000 2014/03/08 2,002,510 2,019,157

6,290,794 6,427,938Total Canadian Bonds 139,121,731 141,540,132Foreign Bonds – 3.0%Commerzbank Aktiengesellschaft AG, Variable Rate, Callable 1,500,000 4.500 2016/12/15 1,496,460 1,435,395France Telecom SA, Series ‘92’ 3,000,000 4.950 2011/06/23 2,965,480 3,083,970Landsbanki Islands 3,000,000 4.400 2010/01/18 2,994,300 300Total Foreign Bonds** 7,456,240 4,519,665Total Bonds 146,577,971 146,059,797Short Term Notes* – 0.6% 844,433 844,703Total Investments – 98.9% 147,422,404 146,904,500Other Assets and Liabilities, Net – 1.1% 1,564,576Net Assets – 100.0% 148,469,076*Short-Term Notes earn interest at rates ranging from 0.235% to 0.251% and mature from September 17, 2009 to October 01, 2009.**Denominated in Canadian dollars


$ % $ $


87


2009 2008


EXPENSESCustodian and administration fees 35 33 Legal fees 16 20 Audit fees 1 2Management fees 44 26 Trustee fees — 1Independent Review Committee fees 1 —Securityholder Reporting Costs 3 3

100 85Waived expenses (9) (20)

$ 91 $ 65NET INVESTMENT INCOME (LOSS) FOR

THE PERIOD $ 2,162 $ 1,947 NET GAIN (LOSS) ON SALES OF SECURITIES $ 397 $ 459 UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 1,969 $ (123)NET GAIN (LOSS) ON INVESTMENTS $ 2,366 $ 336NET INCREASE (DECREASE) IN NET ASSETS



(Class O) $ 4,333 $ 2,240 (Class P) $ 150 $ 19(Class F) $ 45 $ 24


(Class O) $ 0.46 $ 0.30 (Class P) $ 0.31 $ 0.07 (Class F) $ 0.36 $ 0.20


2009 2008


at fair value 544 427 Accrued interest receivable 1,367 661 Receivable for unit subscriptions 28 5


Accrued liabilities 10 9Payable for unit redemptions 365 17

375 26 NET ASSETS REPRESENTING


NET ASSETS PER CLASS(Class O) $ 142,541 $ 56,512 (Class P) $ 4,591 $ 4,901(Class F) $ 1,337 $ 1,149

NET ASSETS PER UNIT (note 7)(Class O) $ 9.72 $ 9.53 (Class P) $ 9.70 $ 9.53 (Class F) $ 9.67 $ 9.50 INVESTMENTS AT AVERAGE COST $ 147,422 $ 63,983



SSTB (See accompanying notes)

88


(in thousands of dollars except per unit data)Fund Total Class O

2009 2008 2009 2008



DISTRIBUTIONS TO UNITHOLDERSOut of net investment income (2,162) (1,948) (2,071) (1,882)

(2,162) (1,948) (2,071) (1,882)


Proceeds from issue of units 101,675 43,555 100,208 39,202 Payments on redemption of units (20,294) (49,346) (18,512) (48,568)Reinvestment of distributions 2,160 1,946 2,071 1,882

83,541 (3,845) 83,767 (7,484)CHANGES IN NET ASSETS 85,907 (3,510) 86,029 (7,126)NET ASSETS, END OF PERIOD $ 148,469 $ 70,440 $ 142,541 $ 63,906

2009 2008 2009 2008Class P Class F

NET ASSETS – BEGINNING OF PERIOD $ 4,901 $ 2,013 $ 1,149 $ 905

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 150 19 45 24

DISTRIBUTIONS TO UNITHOLDERSOut of net investment income (68) (41) (23) (25)

(68) (41) (23) (25)


Proceeds from issue of units 978 3,779 489 574 Payments on redemption of units (1,438) (496) (344) (282)Reinvestment of distributions 68 41 21 23

(392) 3,324 166 315CHANGES IN NET ASSETS (310) 3,302 188 314NET ASSETS, END OF PERIOD $ 4,591 $ 5,315 $ 1,337 $ 1,219


(See accompanying notes) SSTB

89



$ % $ $

SHORT-TERM NOTES – 76.9%Bank of Montreal Bearer Deposit Note 2,000,000 0.376 2009/10/20 1,996,820 1,997,693Bank of Nova Scotia Bearer Deposit Note 9,000,000 0.688 2009/09/10 8,968,500 8,987,779Canadian Imperial Bank of Commerce Bankers’ Acceptance 14,965,000 0.091 2009/07/02 14,964,850 14,964,925Canadian Imperial Bank of Commerce Bankers’ Acceptance 5,000,000 0.183 2009/07/03 4,998,950 4,999,925Enbridge Inc. Discount Note 10,000,000 0.298 2009/07/16 9,998,000 9,998,696Enbridge Inc. Discount Note 1,800,000 0.382 2009/07/21 1,798,200 1,799,604GE Capital Canada Funding Co. Discount Note 2,375,000 0.484 2009/09/28 2,371,913 2,372,167GE Capital Canada Funding Co. Discount Note 2,145,000 0.627 2009/08/26 2,141,589 2,142,901GE Capital Canada Funding Co. Discount Note 3,760,000 0.798 2009/07/21 3,752,142 3,758,273GE Capital Canada Funding Co. Discount Note 4,525,000 0.831 2009/07/06 4,513,869 4,524,382GE Capital Canada Funding Co. Discount Note 1,765,000 0.944 2009/07/16 1,760,570 1,764,270GE Capital Canada Inc. Discount Note 2,000,000 0.956 2009/07/20 1,994,980 1,998,952Government of Canada 985,000 0.644 2010/06/01 979,055 979,159Government of Canada Treasury Bill 500,000 0.278 2009/11/12 499,320 499,485Government of Canada Treasury Bill 695,000 0.459 2010/03/18 692,581 692,720Government of Canada Treasury Bill 9,120,000 0.489 2010/02/18 9,084,752 9,091,554Government of Canada Treasury Bill 9,310,000 0.499 2010/05/13 9,265,468 9,269,660Government of Canada Treasury Bill 265,000 0.523 2009/11/26 263,958 264,435Government of Canada Treasury Bill 415,000 0.534 2009/09/17 413,882 414,521Government of Canada Treasury Bill 15,460,000 0.541 2010/06/10 15,378,052 15,380,958Honda Canada Finance Inc. Discount Note 4,750,000 0.648 2009/07/02 4,734,135 4,749,831Honda Canada Finance Inc. Discount Note 830,000 0.778 2009/08/05 828,382 829,364Honda Canada Finance Inc. Discount Note 2,500,000 1.047 2009/07/23 2,493,100 2,498,350Honda Canada Finance Inc. Discount Note 3,495,000 1.088 2009/11/25 3,475,917 3,479,587Honda Canada Finance Inc. Discount Note 3,140,000 1.134 2009/07/08 3,129,858 3,139,220McCain Finance (Canada) Ltd. Discount Note 5,750,000 0.529 2009/07/23 5,747,298 5,748,082McCain Finance (Canada) Ltd. Discount Note 4,675,000 0.540 2009/08/26 4,668,595 4,671,059McCain Finance (Canada) Ltd. Discount Note 2,000,000 0.541 2009/09/24 1,997,300 1,997,450McCain Finance (Canada) Ltd. Discount Note 6,845,000 0.589 2009/08/24 6,834,279 6,838,926Toyota Credit Canada Discount Note 12,835,000 0.838 2009/07/08 12,832,305 12,832,642Toyota Credit Canada Discount Note 3,535,000 1.341 2009/07/14 3,522,274 3,533,182Wells Fargo Financial Canada Corp. Discount Note 3,700,000 0.352 2009/07/28 3,698,779 3,699,001YPG Holdings Inc. Discount Note 3,650,000 0.523 2009/07/02 3,640,474 3,649,895YPG Holdings Inc. Discount Note 6,620,000 0.739 2009/09/09 6,607,488 6,610,480YPG Holdings Inc. Discount Note 3,755,000 0.779 2009/08/11 3,747,528 3,751,633YPG Holdings Inc. Discount Note 2,400,000 0.781 2009/08/13 2,395,584 2,397,739

166,190,744 166,328,499

Par Interest Maturity Average MarketValue Rate Date Cost Value

$ % $ $

BONDS – 29.4%Bank of Montreal, Variable Rate 7,680,000 0.005 2009/07/31 7,680,000 7,680,097Bank of Nova Scotia, Variable Rate 4,630,000 0.014 2010/07/02 4,630,000 4,646,472CHN Capital Canada Wholesale Trust, Class ‘A’, Floating Rate 2,825,000 0.006 2009/08/17 2,825,000 2,825,700Citigroup Finance Canada Inc., Variable Rate 3,325,000 0.005 2010/07/27 3,325,000 3,328,045Honda Canada Finance Inc., Series ‘2007-3’, Floating Rate 4,000,000 0.011 2009/12/01 4,000,000 4,003,560Manulife Bank of Canada Bearer Deposit Note 11,700,000 0.014 2011/06/15 11,700,000 11,707,385Province of Manitoba Treasury Bill 11,380,000 0.008 2012/09/04 11,380,000 11,387,530Province of Ontario Treasury Bill 11,395,000 0.010 2013/04/02 11,390,556 11,436,709Royal Bank of Canada Bearer Deposit Note 6,500,000 0.011 2012/05/11 6,500,000 6,509,893

63,430,556 63,525,392Total Investments – 106.3% 229,621,300 229,853,891Other Assets and Liabilities, Net – (6.3%) (13,659,140)Net Assets – 100.0% 216,194,751

Money Market Fund

SMMF (See accompanying notes)

90

Money Market Fund

Notes to Statement of Investment PortfolioCurrency RiskThe fund invest primarily in Canadian securities. Thus the Fund did not have any significant exposures to foreign currencies as at period end, on both its trading monetary, non-monetary assets and liabilities.

Interest Rate RiskInterest rate risk arises on interest-bearing financial instruments held in the investment portfolio such as bonds. The fund is exposed to the risk that the value of interest-bearing financial instruments willfluctuate due to changes in the prevailing levels of market interest rates.

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 14,509,357 26,191,796 22,824,239 – 63,525,392

As at June 30, 2009, had the prevailing interest rates raised or lowered by 1.00%, with all other variables held constant, net assets would have decreased or increased by approximately $69.997. In practice,the actual results may differ from this sensitivity analysis and the difference could be material.

Other Price RiskAll Bonds subject to price risk are listed in the statement of Investment Portfolio.

Credit Risk As at June 30, 2009, the Fund invested in short-term debt securities with the following credit:


As at June 30, 2009, the Fund invested in debt instruments with the following credit ratings:



(See accompanying notes) SMMF

91


2009 2008


EXPENSESCustodian and administration fees 104 96 Legal fees 20 29 Audit fees 4 7Management fees 22 10 Trustee fees 1 4Independent Review Committee fees 1 —Securityholder Reporting Costs 6 4


FOR THE PERIOD $ 1,468 $ 4,227NET INCREASE (DECREASE) IN

NET ASSETS FROM OPERATIONS $ 1,468 $ 4,227


(Class O) $ 1,423 $ 4,140 (Class I) $ 14 $ 64(Class P) $ 13 $ 20 (Class F) $ 18 $ 3


(Class O) $ 0.07 $ 0.20 (Class I) $ 0.06 $ 0.19(Class P) $ 0.05 $ 0.17 (Class F) $ 0.05 $ 0.18



2009 2008


at fair value 77 53 Receivable for unit subscriptions 887755 538


Accrued liabilities 135 218 Payable for unit redemptions 14,476 475

14,611 693 NET ASSETS REPRESENTING


NET ASSETS PER CLASS(Class O) $ 207,585 $ 190,493 (Class I) $ 2,423 $ 2,339(Class P) $ 2,281 $ 2,478(Class F) $ 3,906 $ 3,137

NET ASSETS PER UNIT (note 7)(Class O) $ 10.00 $ 10.00 (Class I) $ 10.00 $ 10.00 (Class P) $ 10.00 $ 10.00(Class F) $ 10.00 $ 10.00INVESTMENTS AT AVERAGE COST $ 229,621 $ 198,014

Money Market Fund

SMMF (See accompanying notes)

92

Money Market Fund



NET ASSETS – BEGINNING OF PERIOD $ 198,447 $ 194,945 $ 190,493 $ 191,105INCREASE (DECREASE) IN NET

ASSETS FROM OPERATIONS 1,468 4,227 1,423 4,140 DISTRIBUTIONS TO UNITHOLDERS

Out of net investment income (1,468) (4,227) (1,424) (4,140)(1,468) (4,227) (1,424) (4,140)


Proceeds from issue of units 137,820 157,912 126,393 120,965 Payments on redemption of units (121,538) (143,921) (110,723) (109,377)Reinvestment of distributions 1,466 4,224 1,423 4,138

17,748 18,215 17,093 15,726CHANGES IN NET ASSETS 17,748 18,215 17,092 15,726NET ASSETS, END OF PERIOD $ 216,195 $ 213,160 $ 207,585 $ 206,831

Class I Class P2009 2008 2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 2,339 $ 3,227 $ 2,478 $ 437INCREASE (DECREASE) IN NET

ASSETS FROM OPERATIONS 14 64 13 20DISTRIBUTIONS TO UNITHOLDERS

Out of net investment income ! (14) (64) (13) (20)(14) (64) (13) (20)


Proceeds from issue of units 210 637 10,262 35,426 Payments on redemption of units (139) (522) (10,472) (33,077)Reinvestment of distributions ! 13 64 13 19

84 179 (197) 2,368 CHANGES IN NET ASSETS 84 179 (197) 2,368NET ASSETS, END OF PERIOD $ 2,423 $ 3,406 $ 2,281 $ 2,805

Class F2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 3,137 $ 176 INCREASE (DECREASE) IN NET

ASSETS FROM OPERATIONS 18 3 DISTRIBUTIONS TO UNITHOLDERS

Out of net investment income (17) (3)(17) (3)


Proceeds from issue of units 955 884 Payments on redemption of units (204) (945)Reinvestment of distributions 17 3

768 (58)CHANGES IN NET ASSETS 769 (58)NET ASSETS, END OF PERIOD $ 3,906 $ 118


(See accompanying notes) SMMF

93


Par Interest Maturity Average Fair Value Rate Date Cost Value

$ % $ $

SHORT-TERM NOTES – 98.2%Bank of Nova Scotia Bankers’ Acceptance 600,000 0.354 2009/09/14 599,490 599,557 Bank of Nova Scotia Bearer Deposit Note 200,000 0.318 2009/09/30 199,838 199,840 Bay Street Funding Trust Discount Note 300,000 1.012 2009/09/14 299,577 299,368 Borealis Finance Trust Discount Note 300,000 0.496 2009/08/20 299,814 299,792 Canadian Imperial Bank of Commerce Bankers’ Acceptance 200,000 0.355 2009/09/17 199,858 199,846 Canadian Imperial Bank of Commerce Bankers’ Acceptance 600,000 0.357 2009/09/23 599,574 599,501 Care Trust Series ‘D’ Discount Note 300,000 0.989 2009/07/20 299,865 299,837 Diversified Trust Discount Note 300,000 1.015 2009/09/17 299,586 299,341 Financial CDP Inc. Discount Note 200,000 0.516 2009/09/17 199,818 199,776 Firstbank Bankers’ Acceptance 300,000 0.354 2009/09/14 299,811 299,779 Firstbank Bankers’ Acceptance 200,000 0.355 2009/09/17 199,866 199,846 GE Capital Canada Funding Co. Discount Note 300,000 0.351 2009/09/03 299,541 299,813 Government of Canada Treasury Bill 350,000 0.175 2009/07/23 349,580 349,962 Government of Canada Treasury Bill 300,000 0.190 2009/07/09 299,925 299,986 Government of Canada Treasury Bill 1,200,000 0.192 2009/08/06 1,198,200 1,199,767 Government of Canada Treasury Bill 5,460,000 0.223 2009/09/17 5,456,744 5,457,370 Government of Canada Treasury Bill 100,000 0.265 2009/10/29 99,717 99,912 Pure Trust Discount Note 100,000 1.014 2009/09/16 99,865 99,783 Ridge Trust Discount Note 200,000 0.990 2009/07/16 199,942 199,913 Ridge Trust Discount Note 100,000 1.012 2009/09/14 99,861 99,789 Stars Trust Discount Note 200,000 0.991 2009/08/07 199,876 199,794 Total Short-Term Notes 11,800,348 11,802,572Total Investments – 98.2% 11,800,348 11,802,572Unrealized Appreciation(Depreciation) on Futures Contracts* – (1.0%) (120,971)Unrealized Appreciation(Depreciation) on Forward Foreign Currency Contracts – 0.0% (41)Other Assets and Liabilities, Net – 2.8% 337,359 Net Assets – 100.0% 12,018,919

*$1,060,000 of Canada Treasury Bills are held as collateral by counterparties with respect to the futures contracts.

International Synthetic Fund

SISF (See accompanying notes)

94


Number Average Cost Contracted Current Appreciation of per Contract Value Value (Depreciation)

Contracts $ $ $ $

Unrealized AppreciationBelgium 20 Index

expiration date July 2009 3 EUR 1,990.60 97,279 99,219 1,940 French Matif CAC 40 Index

expiration date September 2009 1 EUR 3,117.50 50,783 51,019 236 Hong Kong Hang Seng Index

expiration date July 2009 2 HKD 17,934.00 268,742 276,025 7,283 Spanish IBEX 35 Index

expiration date July 2009 4 EUR 9,523.00 620,506 633,147 12,641 Swedish OMX Index

expiration date July 2009 27 SEK 786.23 318,197 321,746 3,549 Swiss SMI Soffex Index

expiration date September 2009 17 CHF 5,384.06 977,401 978,116 715 26,364

Unrealized DepreciationAmsterdam Exchanges Index

expiration date July 2009 3 EUR 257.40 251,577 248,694 (2,883)Australian SPI 200 Index

expiration date September 2009 10 AUD 4,013.00 941,945 915,656 (26,289)British FTSE 100 Index

expiration date September 2009 33 GBP 4,297.74 2,712,511 2,662,182 (50,328)Denmark KFX Copenhagen Share Index

expiration date July 2009 18 DKK 296.77 116,848 113,987 (2,861)French Matif CAC 40 Index

expiration date July 2009 24 EUR 3,214.00 1,256,520 1,226,026 (30,494)German Eurex Deutschland DAX Index

expiration date September 2009 5 EUR 4,902.50 998,252 981,351 (16,901)Japanese TOPIX Index

expiration date September 2009 28 JPY 927.20 3,124,891 3,115,791 (9,100)Mini Italian S&P/MIB Index

expiration date September 2009 3 EUR 19,435.00 474,885 466,406 (8,479) (147,335)

Unrealized Appreciation(Depreciation) on Long Futures Contracts purchased (120,971)


(See accompanying notes) SISF

SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTSUnrealized



Newedge Canada Inc., Montreal N/A 2009/07/02 CAD 9,586 GBP 5,000 1.92 1.91 (22)

Newedge Canada Inc., Montreal N/A 2009/07/02 CAD 22,824 EUR 14,000 1.63 1.63 (19)

(41) 1Credit Rating not available for Newedge Canada Inc., as it is a private company.

95

Notes to Statement of Investment PortfolioAS OF JUNE 30, 2009



Notes to Statement of Investment PortfolioAS AT JUNE 30, 2008 (UNAUDITED)

Currency RiskThe table below indicates the currencies to which the Fund had significant exposure as at period end, on both its trading monetary, non-monetary assets and liabilities as well as the underlying principleamount of forward currency contracts.


Japanese Yen 92,433 — 92,433 0.77%Euro Currency Unit 26,211 22,806 49,017 0.41%Australian Dollar 28,637 — 28,637 0.24%British Pound 7,764 9,563 17,327 0.14%Swiss Franc 7,711 — 7,711 0.06%Swedish Krona 7,270 — 7,270 0.06%Hong Kong Dollar 6,993 — 6,993 0.06%Danish Krone (725) — (725) -0.01%



Interest Rate RiskThe interest rate risk is minimal given that the majority of the financial instruments held by the Fund are short term and are reset at market rates with regularity.

Other Price RiskAs at June 30, 2009, a 10% change in futures prices would have changed the Fund’s Net Assets by $1,208,936, with all other factors held constant. In practice, the actual results may differ from thissensitivity analysis and the difference could be material.

Liquidity RiskA Fund’s exposure to liquidity risk is concentrated in the daily cash redemptions of units. The Funds primarily invest in securities that are traded in active markets and can readily be disposed. In addition,the Funds retain sufficient cash and cash equivalent positions to maintain liquidity.


Short-term debt securities by credit rating 2009R-1 (H) 91.55%R-1 (M) 6.65%R-1 (L) 0.00%U 0.00%Total 98.20%


96


2009 2008

INVESTMENT INCOMEInterest $ 132 $ 743

EXPENSESCustodian and administration fees 5 11 Legal fees 10 14 Audit fees — 1Management fees 1 —Trustee fees — —Independent Review Committee fees 1 —Securityholder Reporting Costs 1 2

18 28

NET INVESTMENT INCOME (LOSS)FOR THE PERIOD $ 114 $ 715

NET REALIZED GAIN (LOSS) ON FUTURESAND FORWARDS $ (921) $ (7,594)

NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (75) $ 49 TRANSACTION COSTS $ (15) $ (15)UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ (46) $ (184)UNREALIZED APPRECIATION (DEPRECIATION)

ON FUTURES AND FORWARD CONTRACTS $ (1,213) $ (704)NET GAIN (LOSS) ON INVESTMENTS $ (2,270) $ (8,448)NET INCREASE (DECREASE) IN

NET ASSETS FROM OPERATIONS $ (2,156) $ (7,733)


(Class O) $ (2,152) $ (7,724)(Class P) $ — $ (5)(Class F) $ (4) $ (4)


(Class O) $ (0.95) $ (3.11)(Class P) $ (0.08) $ (2.08)(Class F) $ (0.10) $ (1.42)



2009 2008


at fair value 46 174 Receivable for portfolio securities sold 65 210 Margin receivable on futures 304 —Unrealized appreciation on futures contracts — 1,094


Accrued liabilities 13 21 Payable for portfolio securities purchased 65 209 Margin payable on futures — 421 Payable for unit redemptions — 12 Unrealized depreciation on futures contracts 121 —Unrealized depreciation on forward

foreign currency contracts — 1199 664

NET ASSETS REPRESENTINGUNITHOLDERS’ EQUITY $ 12,019 $ 54,547

NET ASSETS PER CLASS(Class O) $ 11,736 $ 54,173(Class P) $ 18 $ 18 (Class F) $ 265 $ 356

NET ASSETS PER UNIT (note 7)(Class O) $ 7.87 $ 7.69(Class P) $ 7.12 $ 7.01(Class F) $ 7.84 $ 7.68INVESTMENTS AT AVERAGE COST $ 11,800 $ 53,685


(See accompanying notes) SISF

97




INCREASE (DECREASE) IN NETASSETS FROM OPERATIONS (2,156) (7,733) (2,152) (7,724)


Proceeds from issue of units 887 13,340 887 13,340Payments on redemption of units (41,259) (42,007) (41,172) (41,903)

(40,372) (28,667) (40,285) (28,563)CHANGES IN NET ASSETS (42,528) (36,400) (42,437) (36,287)NET ASSETS, END OF PERIOD $ 12,019 $ 15,582 $ 11,736 $ 15,557

Class P Class F2009 2008 2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 18 $ 30 $ 356 $ 108

INCREASE (DECREASE) IN NETASSETS FROM OPERATIONS — (5) (4) (4)


Payments on redemption of units — — (87) (104) — — (87) (104)

CHANGES IN NET ASSETS — (5) (91) (108)NET ASSETS, END OF PERIOD $ 18 $ 25 $ 265 $ —



98



$ % $ $

SHORT-TERM NOTES – 100.2%Bank of Montreal Bankers’ Acceptance 1,000,000 0.354 2009/09/11 999,380 999,293Bank of Nova Scotia Bankers’ Acceptance 400,000 0.351 2009/08/31 399,668 399,762Bank of Nova Scotia Bankers’ Acceptance 3,200,000 0.355 2009/09/14 3,197,280 3,197,639Bank of Nova Scotia Bankers’ Acceptance 800,000 0.356 2009/09/15 799,320 799,401Bank of Nova Scotia Bearer Deposit Note 1,400,000 0.356 2009/09/16 1,398,950 1,398,938Bay Street Funding Trust Discount Note 1,400,000 1.015 2009/09/14 1,398,026 1,397,050Bay Street Funding Trust Discount Note 600,000 1.017 2009/09/16 599,172 598,700Borealis Discount Note 1,500,000 0.515 2009/09/14 1,498,905 1,498,396Canadian Imperial Bank of Commerce Bankers’ Acceptance 600,000 0.286 2009/09/29 599,568 599,573Canadian Imperial Bank of Commerce Bankers’ Acceptance 700,000 0.357 2009/09/18 699,496 699,454Canadian Imperial Bank of Commerce Bankers’ Acceptance 1,800,000 0.358 2009/09/21 1,798,704 1,798,540Canadian Imperial Bank of Commerce Bankers’ Acceptance 2,500,000 0.358 2009/09/23 2,498,225 2,497,919Canadian Master Trust Discount Note 700,000 0.517 2009/07/08 699,881 699,278Canadian Master Trust Discount Note 400,000 0.555 2009/09/30 399,436 399,442Canadian Master Trust Discount Note 800,000 0.993 2009/08/04 799,168 799,240Care Trust Series Discount Note 1,100,000 0.992 2009/07/20 1,099,505 1,099,404Care Trust Series Discount Note 200,000 1.023 2009/09/23 199,728 199,525Diversified Trust Discount Note 300,000 1.002 2009/09/01 299,610 299,483Diversified Trust Discount Note 500,000 1.015 2009/09/14 499,280 498,947Financiere Discount Note 2,000,000 0.518 2009/09/17 1,998,190 1,997,765Firstbank Bankers’ Acceptance 2,200,000 0.351 2009/08/31 2,198,646 2,198,693Firstbank Bankers’ Acceptance 600,000 0.354 2009/09/10 599,628 599,582Firstbank Bankers’ Acceptance 1,400,000 0.359 2009/09/24 1,399,104 1,398,820GE Capital Canada Funding Co. Discount Note 1,500,000 0.352 2009/09/03 1,497,705 1,499,063Government of Canada Treasury Bill 1,300,000 0.175 2009/07/23 1,298,440 1,299,857Government of Canada Treasury Bill 2,400,000 0.191 2009/07/09 2,399,400 2,399,888Government of Canada Treasury Bill 2,300,000 0.192 2009/08/06 2,296,550 2,299,553Government of Canada Treasury Bill 990,000 0.204 2009/09/03 988,566 989,640Government of Canada Treasury Bill 28,880,000 0.223 2009/09/17 28,862,806 28,866,088HSBC Bankers’ Acceptance 2,300,000 0.391 2009/07/06 2,296,849 2,299,853HSBC Bankers’ Acceptance 1,100,000 0.397 2009/08/19 1,099,054 1,099,403HSBC Bankers’ Acceptance 500,000 0.403 2009/09/08 499,570 499,614Province of Ontario Treasury Bill 700,000 0.317 2009/09/02 699,594 699,612Province of Quebec Treasury Bill 3,300,000 0.221 2009/07/03 3,296,865 3,299,940Province of Quebec Treasury Bill 1,500,000 0.264 2009/09/25 1,499,070 1,499,059Pure Trust Discount Note 1,000,000 1.016 2009/09/15 998,630 997,863Pure Trust Discount Note 1,000,000 1.021 2009/09/21 998,630 997,684Ridge Trust Discount Note 1,300,000 0.555 2009/09/30 1,298,167 1,298,187Ridge Trust Discount Note 100,000 0.992 2009/07/27 99,920 99,927Ridge Trust Discount Note 500,000 1.000 2009/08/27 499,340 499,208Ridge Trust Discount Note 300,000 1.015 2009/09/14 299,583 299,368Royal Bank of Canada Bankers’ Acceptance 1,100,000 0.349 2009/08/26 1,099,318 1,099,402Stars Trust Series ‘A’ Discount Note 600,000 0.994 2009/08/07 599,628 599,381Stars Trust Series ‘A’ Discount Note 1,000,000 1.005 2009/09/04 998,500 998,188Stars Trust Series ‘A’ Discount Note 500,000 1.016 2009/09/15 499,295 498,932Storm King Discount Note 1,100,000 1.012 2009/09/11 1,098,548 1,097,780Summit Trust Discount Note 200,000 1.023 2009/09/23 199,722 199,525 Total Short-Term Notes 81,502,621 81,511,858Total Investments – 100.2% 81,502,621 81,511,858Unrealized Appreciation(Depreciation) on Futures Contracts – (2.6%) (2,169,503)Other Assets and Liabilities, Net – 2.4% 1,953,560 Net Assets – 100.0% 81,295,915


U.S. Large Cap Synthetic Fund

SLCS (See accompanying notes)

99




Contracts $ $ $ $

Unrealized DepreciationUnited States S&P 500 E-Mini Index

expiration date September 2009 49 USD 936.69 2,665,168 2,604,879 (60,289)United States S&P 500 Index

expiration date September 2009 301 USD 939.64 82,116,213 80,006,998 (2,109,214)Unrealized Appreciation(Depreciation) on Long Futures Contracts (2,169,503)


(See accompanying notes) SLCS

Notes to Statement of Investment PortfolioAS AT JUNE 30, 2008 (UNAUDITED)

Notes to Statement of Investment PortfolioCurrency RiskThe table below indicates the currencies to which the Fund had exposure as at June 30, 2009, on its trading monetary, non-monetary assets and liabilities.


U.S. Dollar 126,729 — 126,729 0.16%



Interest Rate RiskThe interest rate risk is minimal given that the majority of the fixed income securities held by the Fund are short term in nature and interest rates will reset to prevailing market interest rates.

Other Price RiskAs at June 30, 2009, a 10% change in derivatives prices would have changed the Fund's Net Assets by $8,261,188, with all other factors held constant. In practice, the actual results may differ from thissensitivity analysis and the difference could be material.




100


2009 2008

INVESTMENT INCOMEInterest $ 406 $ 1,956

EXPENSESCustodian and administration fees 38 50 Legal fees 19 23 Audit fees 1 4Management fees 1 —Trustee fees — 2Independent Review Committee fees 1 —Securityholder Reporting Costs 3 4


FOR THE PERIOD $ 343 $ 1,873NET REALIZED GAIN (LOSS)

ON FUTURES AND FORWARDS $ 3,384 $ (8,750)NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (68) $ (310)TRANSACTION COSTS $ (9) $ (6)UNREALIZED APPRECIATION (DEPRECIATION)


ON FUTURES AND FORWARD CONTRACTS $ (3,010) $ (5,846) NET GAIN (LOSS) ON INVESTMENTS $ 179 $ (15,152) NET INCREASE (DECREASE) IN

NET ASSETS FROM OPERATIONS $ 522 $ (13,279)


(Class O) $ 514 $ (13,274)(Class P) $ 1 $ (2)(Class F) $ 7 $ (3)


(Class O) $ 0.04 $ (1.23)(Class P) $ 0.73 $ (1.46)(Class F) $ 0.16 $ (0.92)



2009 2008


at fair value 110 192 Margin receivable on futures 1,885 2,332 Receivable for unit subscriptions 30 —Unrealized appreciation on futures contracts — 840


Accrued liabilities 59 76 Payable for unit redemptions 12 28 Unrealized depreciation on futures contracts 2,170 —

2,241 104NET ASSETS REPRESENTING


NET ASSETS PER CLASS(Class O) $ 81,021 $ 115,308(Class P) $ 10 $ 9(Class F) $ 265 $ 258

NET ASSET VALUE PER UNIT (note 7)(Class O) $ 6.25 $ 6.08 (Class P) $ 6.99 $ 6.85(Class F) $ 6.23 $ 6.08 INVESTMENTS AT AVERAGE COST $ 81,503 $ 112,188


SLCS (See accompanying notes)

101




INCREASE (DECREASE) IN NETASSETS FROM OPERATIONS 522 (13,279) 514 (13,274)

CHANGES DUE TO UNITHOLDER TRANSACTIONSProceeds from issue of units 2,878 2,288 2,878 2,288 Payments on redemption of units (37,679) (2,101) (37,679) (2,008)

(34,801) 187 (34,801) 280CHANGES IN NET ASSETS (34,279) (13,092) (34,287) (12,994)NET ASSETS, END OF PERIOD $ 81,296 $ 96,045 $ 81,021 $ 96,031

Class P Class F2008 2007 2008 2007

NET ASSETS – BEGINNING OF PERIOD $ 9 $ 16 $258 $ 96

INCREASE (DECREASE) IN NETASSETS FROM OPERATIONS 1 (2) 7 (3)

CHANGES DUE TO UNITHOLDER TRANSACTIONSPayments on redemption of units — — — (93)

— — — (93)CHANGES IN NET ASSETS 1 (2) 7 (96)NET ASSETS, END OF PERIOD $ 10 $ 14 $ 265 $ —


(See accompanying notes) SLCS

102

U.S. MidCap Synthetic Fund

SMSF (See accompanying notes)

Statement of Investment Portfolio AS AT JUNE 30, 2009 (UNAUDITED)


$ % $ $

SHORT-TERM NOTES – 99.2%Bank of Nova Scotia Bankers’ Acceptance 400,000 0.355 2009/09/14 399,660 399,705 Bank of Nova Scotia Bearer Deposit Note 800,000 0.356 2009/09/15 799,328 799,401 Bank of Nova Scotia Bearer Deposit Note 1,200,000 0.356 2009/09/16 1,199,100 1,199,089 Bay Street Funding Trust Discount Note 300,000 1.015 2009/09/14 299,577 299,368 Bay Street Funding Trust Discount Note 500,000 1.017 2009/09/16 499,310 498,917 Canadian Imperial Bank of Commerce Bankers’ Acceptance 500,000 0.358 2009/09/21 499,640 499,594 Canadian Imperial Bank of Commerce Bankers’ Acceptance 1,600,000 0.358 2009/09/23 1,598,864 1,598,668 Care Trust Series Discount Note 600,000 0.992 2009/07/20 599,730 599,675 Diversified Trust Discount Note 300,000 1.002 2009/09/01 299,610 299,483 Diversified Trust Discount Note 700,000 1.018 2009/09/17 699,034 698,463 Financiere Discount Note 800,000 0.518 2009/09/17 799,292 799,106 Firstbank Bankers’ Acceptance 800,000 0.351 2009/08/31 799,504 799,525 Firstbank Bankers’ Acceptance 1,000,000 0.359 2009/09/24 999,330 999,157 GE Capital Canada Funding Co. Discount Note 800,000 0.352 2009/09/03 798,776 799,500 Government of Canada Treasury Bill 300,000 0.204 2009/09/03 299,847 299,891 Government of Canada Treasury Bill 13,310,000 0.223 2009/09/17 13,302,103 13,303,588 HSBC Bankers’ Acceptance 100,000 0.391 2009/07/06 99,863 99,994 HSBC Bankers’ Acceptance 800,000 0.397 2009/08/19 799,312 799,566 HSBC Bankers’ Acceptance 800,000 0.410 2009/09/28 799,320 799,193 Province of Quebec Treasury Bill 1,100,000 0.264 2009/09/25 1,099,318 1,099,310 Pure Trust Discount Note 500,000 1.016 2009/09/15 499,315 498,932 Ridge Trust Series ‘A’ Discount Note 200,000 0.992 2009/07/27 199,840 199,854 Ridge Trust Series ‘A’ Discount Note 100,000 1.000 2009/08/27 99,862 99,842 Ridge Trust Series ‘A’ Discount Note 100,000 1.015 2009/09/14 99,861 99,789 Stars Trust Series ‘A’ Discount Note 500,000 0.994 2009/08/07 499,690 499,484 Stars Trust Series ‘A’ Discount Note 400,000 1.009 2009/09/08 399,492 399,228 Storm King Funding Discount Note 600,000 1.012 2009/09/11 599,208 598,789 Total Short-Term Notes 29,087,786 29,087,111Total Investments – 99.2% 29,087,786 29,087,111Unrealized Appreciation(Depreciation) on Futures Contracts* – 1.4% 419,944Other Assets and Liabilities, Net – (0.6%) (193,314)Net Assets – 100.0% 29,313,741

*$ 5,110,000 of Canada Treasury Bills are held as collateral by counterparties with respect to the futures contracts.



Contracts $ $ $ $

Unrealized AppreciationUnited States S&P MidCap 400 E-Mini Index

expiration date September 2009 534 USD 569.93 35,344,735 35,764,679 419,944

Unrealized Appreciation(Depreciation) on Long Futures Contracts 419,944

103

Notes to Statement of Investment PortfolioCurrency RiskThe table below indicates the currencies to which the Fund had significant exposure as at period end, on both its trading monetary, non-monetary assets and liabilities as well as the underlying principleamount of forward currency contracts.


U.S. Dollar 222,138 — 222,138 0.76%



Interest Rate RiskThe interest rate risk is minimal given that the majority of the fixed income securities held by the Fund are short term in nature and interest rates will reset to prevailing market interest rates.

Other Price RiskAs at June 30, 2009, a 10% change in stock prices would have changed the Fund's Net Assets by $3,576,468, with all other factors held constant. In practice, the actual results may differ from thissensitivity analysis and the difference could be material.





(See accompanying notes) SMSF

104



2009 2008




FOR THE PERIOD $ 276 $ 2,111NET REALIZED GAIN (LOSS) ON FUTURES

AND FORWARDS $ 1,758 $ 2,709 NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (248) $ (628)TRANSACTION COSTS $ (17) $ (19)UNREALIZED APPRECIATION (DEPRECIATION)


ON FUTURES AND FORWARD CONTRACTS $ (2,079) $ (7,740) NET GAIN (LOSS) ON INVESTMENTS $ (693) $ (5,943)NET INCREASE (DECREASE) IN NET ASSETS

FROM OPERATIONS $ (417) $ (3,832)


(Class O) $ (10) $ (3,466)(Class P) $ (409) $ (355)(Class F) $ 2 $ (11)


(Class O) $ 0.01 $ (0.29)(Class P) $ (0.54) $ (0.32)(Class F) $ 0.06 $ (0.40)



2009 2008


at fair value 123 407 Margin receivable on futures — —Receivable for unit subscriptions 18 201 Unrealized appreciation on futures contracts 420 2,498


Accrued liabilities 58 107 Margin payable on futures 267 3,065 Payable for unit redemptions 9 23

334 3,195NET ASSETS REPRESENTING


NET ASSETS PER CLASS(Class O) $ 28,959 $ 103,381 (Class P) $ 243 $ 10,572 (Class F) $ 112 $ 318

NET ASSETS PER UNIT (note 7)(Class O) $ 6.26 $ 5.67 (Class P) $ 7.52 $ 6.86 (Class F) $ 6.58 $ 5.98 INVESTMENTS AT AVERAGE COST $ 29,088 $ 114,254

SMSF (See accompanying notes)

105




2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS (417) (3,832) (10) (3,466)



(84,540) 8,580 (74,412) 6,224 CHANGES IN NET ASSETS (84,957) 4,748 (74,422) 2,758NET ASSETS, END OF PERIOD $ 29,314 $ 125,500 $ 28,959 $ 112,612

Class P Class F2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS (409) (355) 2 (11)


Proceeds from issue of units 943 4,197 43 135 Payments on redemption of units (10,863) (1,914) (251) (62)

(9,920) 2,283 (208) 73 CHANGES IN NET ASSETS (10,329) 1,928 (206) 62NET ASSETS, END OF PERIOD $ 243 $ 12,534 $ 112 $ 354

(See accompanying notes) SMSF

106



$ % $ $

SHORT-TERM NOTES – 97.0%Government of Canada Treasury Bill 4,000,000 0.165 2009/08/06 3,998,280 3,999,334Government of Canada Treasury Bill 75,450,000 0.207 2009/09/17 75,407,378 75,416,325Government of Canada Treasury Bill 4,250,000 2.519 2009/07/09 4,136,049 4,247,368 Total Short-Term Notes 83,541,707 83,663,027 Total Investments – 97.0% 83,541,707 83,663,027 Unrealized Appreciation(Depreciation) on Futures Contracts* – 0.9% 771,389 Unrealized Appreciation(Depreciation) on Forward Foreign Currency Contracts – 0.5% 470,846 Other Assets and Liabilities, Net – 1.6% 1,400,788 Net Assets – 100.0% 86,306,050




Contracts $ $ $ $

Unrealized AppreciationBritish LIF LONG GILT Bond

expiration date September 2009 30 GBP 117.22 6,725,684 6,775,085 49,402 German EURO-BOBL

expiration date September 2009 44 EUR 114.37 8,197,682 8,274,830 77,148 German EURO-BUND

expiration date September 2009 109 EUR 118.63 21,063,642 21,498,658 435,016 German EURO-SCHATZ Bond

expiration date September 2009 6 EUR 107.70 1,052,639 1,054,594 1,955 Japanese TSE 10 Year Bond

expiration date September 2009 7 JPY 135.70 11,433,553 11,635,768 202,215 United States 2 Year Treasury Note

expiration date September 2009 15 USD 108.25 3,771,456 3,766,585 (4,871)United States 5 Year Treasury Note

expiration date September 2009 55 USD 115.06 7,349,531 7,327,574 (21,957)United States 10 Year Treasury Note

expiration date September 2009 40 USD 116.19 5,397,374 5,401,003 3,629 United States Treasury Bond

expiration date September 2009 10 USD 115.88 1,345,714 1,374,567 28,852 Unrealized Appreciation(Depreciation) on Long Futures Contracts 771,389

Enhanced Global Bond Fund

SEGB (See accompanying notes)

107


SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTSUnrealized

Credit Appreciation Rating of Settlement Amount Amount Forward Current (Depreciation)


Bank of New York Mellon Corp. A1+ 2009/07/30 CAD 352,653 AUD 381,907 0.937 0.937 5,076 Bank of New York Mellon Corp. A1+ 2009/07/30 CAD 138,629 CHF 131,108 1.068 1.068 1,401 Bank of New York Mellon Corp. A1+ 2009/07/30 CAD 724,855 DKK 3,335,929 0.219 0.219 4,432 Bank of New York Mellon Corp. A1+ 2009/07/30 CAD 28,984,116 EUR 17,906,905 1.629 1.629 181,465 Bank of New York Mellon Corp. A1+ 2009/07/30 CAD 4,994,695 GBP 2,637,114 1.912 1.912 48,038 Bank of New York Mellon Corp. A1+ 2009/07/30 CAD 23,050,504 JPY 1,916,879,872 0.012 0.012 26,418 Bank of New York Mellon Corp. A1+ 2009/07/30 CAD 162,553 NOK 909,160 0.180 0.180 1,337 Bank of New York Mellon Corp. A1+ 2009/07/30 CAD 409,914 SEK 2,785,655 0.150 0.150 7,531 Bank of New York Mellon Corp. A1+ 2009/07/30 CAD 263,424 SGD 333,758 0.802 0.802 4,256 Bank of New York Mellon Corp. A1+ 2009/07/30 CAD 17,844,696 USD 15,545,515 1.161 1.161 206,150 Morgan Stanley & Co., New York, NY A1 2009/07/30 USD 5,000,000 CAD 5,790,500 0.861 0.861 (15,305)Morgan Stanley & Co., New York, NY A1 2009/07/30 USD 844,370 EUR 601,999 1.403 1.403 47

470,846



(See accompanying notes) SEGB

108

Notes to Statement of Investment PortfolioCurrency RiskThe table below indicates the currencies to which the Fund had significant exposure as at period end, on its trading monetary and non-monetary assets and liabilities as well as the underlying principleamount of forward currency contracts.

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

Euro Currency Unit 3,919,744 30,146,078 34,065,822 39.47%

Japanese Yen 1,374,524 23,076,922 24,451,446 28.33%

U.S. Dollar 3,379,116 11,264,590 14,643,706 16.97%

British Pound 398,943 5,042,733 5,441,676 6.31%

Danish Krone – 729,287 729,287 0.85%

Swedish Krona – 417,445 417,445 0.48%

Australian Dollar – 357,729 357,729 0.41%

Singapore Dollar – 267,680 267,680 0.31%

Norwegian Krone – 163,890 163,890 0.19%

Swiss Franc – 140,030 140,030 0.16%





Bonds and Bond futures – 4,821,179 15,602,404 46,685,081 67,108,664

As at June 30, 2009, had prevailing interest rates been raised or lowered by 1.00%, with all other variables held constant, net assets would have decreased or increased, respectively, by approximately$4,155,953. In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material.

Other Price RiskThe Fund is not exposed to significant price risk as most securities are invested in short-term securities.

Credit Risk As at June 30, 2009, the Fund invested in short-term debt securities with the following credit:

Short-term debt securities by credit rating 2009R-1 (H) 97.0%Total 97.0%



109


2009 2008




FOR THE PERIOD $ 399 $ 1,541 NET REALIZED GAIN (LOSS) ON FUTURES

AND FORWARDS $ (5,518) $ 3,702NET GAIN (LOSS) ON FOREIGN EXCHANGE $ (735) $ 143TRANSACTION COSTS $ (8) $ (7)UNREALIZED APPRECIATION (DEPRECIATION)

ON FUTURES AND FORWARD CONTRACTS $ (276) $ 3,271 NET GAIN (LOSS) ON INVESTMENTS $ (6,537) $ 7,109 NET INCREASE (DECREASE) IN NET ASSETS

FROM OPERATIONS $ (6,138) $ 8,650


(Class O) $ (5,273) $ 7,829 (Class P) $ (797) $ 752(Class F) $ (68) $ 69


(Class O) $ (0.31) $ 0.46 (Class P) $ (0.40) $ 0.40 (Class F) $ (0.40) $ 0.44



2009 2008


at fair value 2,457 1,179 Receivable for unit subscriptions 17 501 Unrealized appreciation on futures contracts 771 1,316 Unrealized appreciation on forward foreign

currency contracts 471 202 87,379 86,237

LIABILITIESAccrued liabilities 111 119 Margin payable on futures 815 1,463 Payable for unit redemptions 147 28



NET ASSETS PER CLASS(Class O) $ 76,190 $ 74,297 (Class P) $ 9,249 $ 9,301(Class F) $ 867 $ 1,029

NET ASSETS PER UNIT (note 7)(Class O) $ 4.25 $ 4.62(Class P) $ 4.31 $ 4.72(Class F) $ 4.71 $ 5.14 INVESTMENTS AT AVERAGE COST $ 83,542 $ 82,216


(See accompanying notes) SEGB

110




2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS (6,138) 8,650 (5,273) 7,829



7,817 (3,625) 7,166 (4,133) CHANGES IN NET ASSETS 1,679 5,025 1,893 3,696NET ASSETS, END OF PERIOD $ 86,306 $ 98,079 $ 76,190 $ 87,011

Class P Class F2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS (797) 752 (68) 69


Proceeds from issue of units 2,813 2,994 205 216 Payments on redemption of units (2,068) (2,419) (299) (283)

745 575 (94) (67)CHANGES IN NET ASSETS (52) 1,327 (162) 2NET ASSETS, END OF PERIOD $ 9,249 $ 10,288 $ 867 $ 780


111



Units $ $

MUTUAL FUNDS – 99.9%SEI Investments*Canadian Fixed Income Fund 1,009,022 11,309,697 11,328,093 Enhanced Global Bond Fund 403,783 1,914,504 1,716,722 Long Duration Bond Fund 172,747 1,765,888 1,722,686 Money Market Fund 103,796 1,037,957 1,037,957 Real Return Bond Fund 174,763 2,521,610 2,522,837 Short Term Bond Fund 299,854 2,948,514 2,921,504 Total Mutual Funds 21,498,170 21,249,799 Total Investments – 99.9% 21,498,170 21,249,799 Other Assets and Liabilities, Net – 0.1% 14,047 Net Assets – 100.0% 21,263,846

* The Fund holds units in Class O of the funds listed.

Income 100 Fund

SVIF (See accompanying notes)

Notes to Statement of Investment PortfolioCurrency RiskThe 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 indirectcurrency risk in the event that the Underlying Funds invest in financial instruments that are dominated in a currency other than Canadian dollars.

Interest Rate RiskThe interest rate risk is minimal given that all of the financial instruments held by the Fund are non-interest bearing. To the extent the Underlying Funds invest in interest bearing financial instruments, theFund 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.

Other Price RiskThe 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 levelof 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 believesbest optimizes long term risks and volatility with the long-term potential returns. As at June 30, 2009, a 5% change in prices on the underlying funds would have changed the Fund’s Net Assets by $7,179with all other factors held constant. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.

Credit Risk 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 debtinstruments and derivatives.

112

Income 100 Fund

(See accompanying notes) SVIF


2009 2008


at fair value 128 369 Accrued interest receivable 13 14 Receivable for unit subscriptions 17 164


Accrued liabilities 12 12 Payable for portfolio securities purchased — 300 Payable for unit redemptions 132 17



NET ASSETS PER CLASS(Class O) $ 2,216 $ 1,440 (Class I) $ 63 $ 61 (Class P) $ 8,580 $ 8,143 (Class F) $ 905 $ 1,155 (Class R) $ 9,500 $ 7,732

NET ASSETS PER UNIT (note 7)(Class O) $ 4.76 $ 4.63(Class I) $ 4.96 $ 4.84(Class P) $ 4.89 $ 4.79(Class F) $ 4.85 $ 4.73 (Class R) $ 4.74 $ 4.60INVESTMENTS AT AVERAGE COST $ 21,498 $ 18,936

Statements of OperationsFOR THE PERIODS ENDED JUNE 30 (UNAUDITED)(in thousands of dollars except per unit data)

2009 2008

INVESTMENT INCOMEDistribution from mutual funds $ 319 $ 214

319 214

EXPENSESCustodian and administration fees 7 5Legal fees 9 16 Management fees 69 35 Securityholder Reporting Costs 1 3

86 59Waived Expenses (7) (14)


FOR THE PERIOD $ 240 $ 169NET GAIN (LOSS) ON SALES OF SECURITIES $ (52) $ (7)UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 374 $ 144NET GAIN (LOSS) ON INVESTMENTS $ 322 $ 137NET INCREASE (DECREASE) IN NET ASSETS

FROM OPERATIONS $ 562 $ 306


(Class O) $ 70 $ 215(Class I) $ 2 $ 2(Class P) $ 192 $ 83(Class F) $ 26 $ 6 (Class R) $ 272 $ —


(Class O) $ 0.17 $ 0.15 (Class I) $ 0.14 $ 0.21(Class P) $ 0.11 $ 0.12(Class F) $ 0.11 $ 0.02(Class R) $ 0.14 $ —


113

Statements of Changes in Net AssetsFOR THE PERIODS ENDED JUNE 30 (UNAUDITED)(in thousands of dollars except per unit data)



INCREASE (DECREASE) IN NETASSETS FROM OPERATIONS 562 306 70 215


Proceeds from issue of units 6,846 7,998 1,048 3,066 Payments on redemption of units (4,675) (1,844) (342) (812)

2,171 6,154 706 2,254CHANGES IN NET ASSETS 2,733 6,460 776 2,469NET ASSETS, END OF PERIOD $ 21,264 $ 15,301 $ 2,216 $ 8,306

Class I Class P2009 2008 2009 2008


INCREASE (DECREASE) IN NETASSETS FROM OPERATIONS 2 2 192 83


Proceeds from issue of units — — 3,297 2,620 Payments on redemption of units — — (3,052) (912)

— — 245 1,708 CHANGES IN NET ASSETS 2 2 437 1,791 NET ASSETS, END OF PERIOD $ 63 $ 61 $ 8,580 $ 4,635

Class F Class R2009 2008 2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 1,155 $ 101 $ 7,732 $ —

INCREASE (DECREASE) IN NETASSETS FROM OPERATIONS 26 6 272 —


Proceeds from issue of units 166 2,312 2,335 —Payments on redemption of units (442) (120) (839) —

(276) 2,192 1,496 —CHANGES IN NET ASSETS (250) 2,198 1,768 —NET ASSETS, END OF PERIOD $ 905 $ 2,299 $ 9,500 $ —

Income 100 Fund

SVIF (See accompanying notes)

114



Units $ $

MUTUAL FUNDS – 99.5%SEI Investments*Canadian Equity Fund 137,738 2,605,987 2,459,785Canadian Fixed Income Fund 940,310 10,602,393 10,556,673EAFE Equity Fund 294,280 1,447,510 1,187,744Enhanced Global Bond Fund 486,117 2,228,836 2,066,776Long Duration Bond Fund 100,277 1,007,548 999,988Real Return Bond Fund 191,620 2,818,370 2,766,188Short Term Bond Fund 381,450 3,765,775 3,716,506U.S. Large Company Equity Fund 186,424 1,131,254 922,743U.S. Small Company Equity Fund 70,510 219,102 238,577Total Mutual Funds 25,826,776 24,914,980Total Investments – 99.5% 25,826,776 24,914,980Other Assets and Liabilities, Net – 0.5% 132,951Net Assets – 100.0% 25,047,931


Income 20/80 Fund

SDIF (See accompanying notes)

Notes to Statement of Investment PortfolioCurrency RiskThe 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 indirectcurrency risk in the event that the Underlying Funds invest in financial instruments that are denominated in a currency other than Canadian dollars.

Interest Rate RiskThe interest rate risk is minimal given that the financial instruments held by the Fund are non-interest bearing. To the extent the Underlying Funds invest in interest bearing financial instruments, the Fundwill 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.



115

Income 20/80 Fund

(See accompanying notes) SDIF


2009 2008


282 257 EXPENSES

Custodian and administration fees 9 7Legal fees 10 19 Audit fees — 1Management fees 70 47 Independent Review Committee fees 1 —Securityholder Reporting Costs 1 3

91 77 Waived Expenses (7) (12)


FOR THE PERIOD $ 198 $ 192NET GAIN (LOSS) ON SALES OF SECURITIES $ (405) $ 15UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 1,166 $ 251 NET GAIN (LOSS) ON INVESTMENTS $ 761 $ 266 NET INCREASE (DECREASE) IN NET ASSETS



(Class O) $ 57 $ 239(Class I) $ 217 $ 130 (Class P) $ 340 $ 88 (Class F) $ 1 $ 1 (Class R) $ 325 $ —(Class S) $ 19 $ —


(Class O) $ 0.15 $ 0.12 (Class I) $ 0.21 $ 0.13(Class P) $ 0.20 $ 0.09(Class F) $ 0.03 $ 0.03 (Class R) $ 0.16 $ —(Class S) $ 0.42 $ —



2009 2008


at fair value 78 70 Accrued income from mutual funds 16 14 Receivable for unit subscriptions 77 36


Accrued liabilities 16 13 Payable for unit redemptions 22 4



NET ASSETS PER CLASS(Class O) $ 2,072 $ 1,550(Class I) $ 5,114 $ 4,674 (Class P) $ 8,936 $ 7,043 (Class F) $ 77 $ 162 (Class R) $ 8,434 $ 7,328 (Class S) $ 415 $ —

NET ASSETS PER UNIT (note 7)(Class O) $ 3.85 $ 3.68 (Class I) $ 4.79 $ 4.60(Class P) $ 4.71 $ 4.54 (Class F) $ 4.02 $ 3.86(Class R) $ 3.83 $ 3.66 (Class S) $ 4.72 $ —INVESTMENTS AT AVERAGE COST $ 25,827 $ 22,732

116







TRANSACTIONSProceeds from issue of units 7,041 4,437 866 1,234 Payments on redemption of units (3,704) (3,122) (401) (1,562)Reinvestment of distributions ! 4 5 — —

3,341 1,320 465 (328)CHANGES IN NET ASSETS 4,291 1,769 522 (89)NET ASSETS, END OF PERIOD $ 25,048 $ 20,183 $ 2,072 $ 9,004

Class I Class P2009 2008 2009 2008





TRANSACTIONSProceeds from issue of units 283 407 2,752 2,702 Payments on redemption of units (55) (476) (1,199) (1,084)Reinvestment of distributions ! 4 5 — —

232 (64) 1,553 1,618 CHANGES IN NET ASSETS 440 57 1,893 1,706 NET ASSETS, END OF PERIOD $ 5,114 $ 4,843 $ 8,936 $ 6,211

Income 20/80 Fund

SDIF (See accompanying notes)


117

Income 20/80 Fund


Class F Class R2009 2008 2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 162 $ 30 $ 7,328 $ —

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 1 1 325 —


Proceeds from issue of units 18 94 2,701 —Payments on redemption of units (104) — (1,920) —

(86) 94 781 —CHANGES IN NET ASSETS (85) 95 1,106 —NET ASSETS, END OF PERIOD $ 77 $ 125 $ 8,434 $ —

Class S2009 2008

NET ASSETS – BEGINNING OF PERIOD $ — $ —

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 19 —


Proceeds from issue of units 421 —Payments on redemption of units (25) —

396 —CHANGES IN NET ASSETS 415 —NET ASSETS, END OF PERIOD $ 415 $ —

(See accompanying notes) SDIF

118



Units $ $

MUTUAL FUNDS – 99.6%SEI Investments*Canadian Equity Fund 290,733 5,532,613 5,192,028Canadian Fixed Income Fund 1,338,696 15,150,014 15,029,268Canadian Small Company Equity Fund 59,677 571,383 435,375EAFE Equity Fund 839,533 4,303,027 3,388,438Enhanced Global Bond Fund 783,129 3,647,029 3,329,552Long Duration Bond Fund 151,118 1,533,741 1,506,994Real Return Bond Fund 316,711 4,710,112 4,571,978Short Term Bond Fund 468,268 4,643,693 4,562,382U.S. Large Company Equity Fund 650,217 4,053,017 3,218,378U.S. Small Co. Equity Fund 115,139 362,797 389,585Total Mutual Funds 44,507,425 41,623,978Total Investments – 99.6% 44,507,425 41,623,978Other Assets and Liabilities, Net – 0.4% 161,288Net Assets – 100.0% 41,785,266


Income 30/70 Fund

SIGF (See accompanying notes)





119

Income 30/70 Fund

(See accompanying notes) SIGF


2009 2008


at fair value 164 8Accrued income from mutual funds 20 19 Receivable for unit subscriptions 25 56





NET ASSETS PER CLASS(Class O) $ 4,299 $ 3,063 (Class I) $ 3,118 $ 3,023(Class P) $ 18,256 $ 18,672 (Class F) $ 607 $ 489 (Class R) $ 15,505 $ 13,025

NET ASSETS PER UNIT (note 7)(Class O) $ 4.85 $ 4.64(Class I) $ 4.86 $ 4.67(Class P) $ 4.83 $ 4.67(Class F) $ 4.83 $ 4.64(Class R) $ 4.83 $ 4.61INVESTMENTS AT AVERAGE COST $ 44,507 $ 43,196


2009 2008

INVESTMENT INCOMEInterest $ — $ 1 Distribution from mutual funds 411 425

411 426 EXPENSES

Custodian and administration fees 17 13 Legal fees 12 18 Audit fees — 1Management fees 174 167 Independent Review Committee fees 1 —Securityholder Reporting Costs 3 3

207 202 Waived Expenses (7) —


FOR THE PERIOD $ 211 $ 224 NET GAIN (LOSS) ON SALES OF SECURITIES $ (619) $ 10UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 2,045 $ 371NET GAIN (LOSS) ON INVESTMENTS $ 1,426 $ 381 NET INCREASE (DECREASE) IN NET ASSETS



(Class O) $ 188 $ 330 (Class I) $ 121 $ 56 (Class P) $ 624 $ 214(Class F) $ 23 $ 5 (Class R) $ 681 $ —


(Class O) $ 0.26 $ 0.10 (Class I) $ 0.20 $ 0.09(Class P) $ 0.16 $ 0.07 (Class F) $ 0.21 $ 0.09(Class R) $ 0.23 $ —


120




INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 1,637 605 188 330


Proceeds from issue of units 8,083 11,193 1,513 3,590 Payments on redemption of units (6,207) (6,677) (465) (3,018)

1,876 4,516 1,048 572 CHANGES IN NET ASSETS 3,513 5,121 1,236 902 NET ASSETS, END OF PERIOD $ 41,785 $ 40,401 $ 4,299 $ 17,425

Class I Class P2009 2008 2009 2008




Proceeds from issue of units 16 13 3,763 7,590Payments on redemption of units (42) (44) (4,803) (3,615)

(26) (31) (1,040) 3,975CHANGES IN NET ASSETS 95 25 (416) 4,189 NET ASSETS, END OF PERIOD $ 3,118 $ 3,259 $ 18,256 $ 19,425

Class F Class R2009 2008 2009 2008


INCREASE (DECREASE) IN NETASSETS FROM OPERATIONS 23 5 681 —


Proceeds from issue of units 95 — 2,696 —Payments on redemption of units — — (897) —

95 — 1,799 —CHANGES IN NET ASSETS 118 5 2,480 —NET ASSETS, END OF PERIOD $ 607 $ 292 $ 15,505 $ —

Income 30/70 Fund

SIGF (See accompanying notes)

121



Units $ $

MUTUAL FUNDS – 99.4%SEI Investments*Canadian Equity Fund 1,188,698 21,319,272 21,228,241Canadian Fixed Income Fund 3,733,971 42,343,393 41,920,546Canadian Small Company Equity Fund 186,178 1,678,874 1,358,263EAFE Equity Fund 3,313,034 16,183,559 13,371,736Emerging Markets Equity Fund 638,951 2,573,689 2,780,970Enhanced Global Bond Fund 2,035,604 9,637,635 8,654,574Long Duration Bond Fund 379,206 3,818,401 3,781,556Real Return Bond Fund 921,532 13,565,222 13,303,049Short Term Bond Fund 1,076,121 10,648,719 10,484,754U.S. Large Company Equity Fund 2,600,491 16,168,327 12,871,649U.S. Small Company Equity Fund 735,790 2,960,770 2,489,619Total Mutual Funds 140,897,859 132,244,957Total Investments – 99.4% 140,897,859 132,244,957Other Assets and Liabilities, Net – 0.6% 826,446Net Assets – 100.0% 133,071,403


Income 40/60 Fund

SBIF (See accompanying notes)



Other Price RiskThe 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 levelof 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 believesbest optimizes long term risks and volatility with the long-term potential returns. As at June 30, 2009, a 5% change in prices on the underlying funds would have changed the Fund’s Net Assets by$2,679,647 with all other factors held constant. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.


122


2009 2008

INVESTMENT INCOMEInterest $ — $ 1 Distribution from mutual funds 1,108 1,315


Custodian and administration fees 61 70 Legal fees 12 27 Audit fees 1 5Management fees 337 356 Trustee fees — 3Independent Review Committee fees 1 —Securityholder Reporting Costs 2 5



FOR THE PERIOD $ 723 $ 850 NET GAIN (LOSS) ON SALES OF SECURITIES $ (3,155) $ 95UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 8,845 $ 828 NET GAIN (LOSS) ON INVESTMENTS $ 5,690 $ 923NET INCREASE (DECREASE) IN NET ASSETS



(Class O) $ 210 $ 1,464 (Class I) $ 38 $ 80(Class P) $ 1,458 $ 224(Class F) $ 22 $ 5(Class R) $ 4,630 $ — (Class S) $ 55 $ —


(Class O) $ 0.25 $ 0.08(Class I) $ 0.25 $ 0.07 (Class P) $ 0.19 $ 0.03(Class F) $ 0.20 $ 0.06(Class R) $ 0.23 $ —(Class S) $ 0.53 $ —



2009 2008


at fair value 814 424 Accrued income from mutual funds 45 41 Receivable for unit subscriptions 140 3,005





NET ASSETS PER CLASS(Class O) $ 4,039 $ 3,840(Class I) $ 775 $ 728 (Class P) $ 36,116 $ 32,176 (Class F) $ 377 $ 508(Class R) $ 90,557 $ 88,407 (Class S) $ 1,207 $ —

NET ASSETS PER UNIT (note 7)(Class O) $ 4.51 $ 4.28(Class I) $ 5.19 $ 4.95(Class P) $ 4.54 $ 4.35(Class F) $ 4.60 $ 4.38(Class R) $ 4.41 $ 4.18 (Class S) $ 4.55 $ —INVESTMENTS AT AVERAGE COST $ 140,898 $ 140,100

Income 40/60 Fund

(See accompanying notes) SBIF

123

Income 40/60 Fund

SBIF (See accompanying notes)




INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 6,413 1,773 210 1,464



TRANSACTIONSProceeds from issue of units 16,997 19,776 564 8,800 Payments on redemption of units (15,998) (15,253) (575) (7,285)Reinvestment of distributions ! 1 6 — —

1,000 4,529 (11) 1,515 CHANGES IN NET ASSETS 7,412 6,296 199 2,979NET ASSETS, END OF PERIOD $ 133,071 $ 141,281 $ 4,039 $ 100,232

Class I Class P2009 2008 2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 728 $ 5,825 $ 32,176 $ 31,615

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 38 80 1,458 224




10 245 2,482 2,564CHANGES IN NET ASSETS 47 319 3,940 2,788 NET ASSETS, END OF PERIOD $ 775 $ 6,144 $ 36,116 $ 34,403


124


Class F Class R2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 22 5 4,630 —


Proceeds from issue of units 126 265 8,404 —Payments on redemption of units (279) (60) (10,884) —

(153) 205 (2,480) —CHANGES IN NET ASSETS (131) 210 2,150 —NET ASSETS, END OF PERIOD $ 377 $ 502 $ 90,557 $ —

Class S2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $ 55 $ —


Proceeds from issue of units 1,167 —Payments on redemption of units (15) —

1,152 —CHANGES IN NET ASSETS 1,207 —NET ASSETS, END OF PERIOD $ 1,207 $ —

Income 40/60 Fund

(See accompanying notes) SBIF

125



Units $ $

MUTUAL FUNDS – 99.7%SEI Investments*Canadian Equity Fund 947,481 17,838,261 16,920,492Canadian Fixed Income Fund 2,669,288 30,147,289 29,967,562Canadian Small Company Equity Fund 251,993 2,306,294 1,838,417EAFE Equity Fund 2,896,139 15,291,009 11,689,108Emerging Markets Equity Fund 685,246 2,720,368 2,982,466Enhanced Global Bond Fund 1,304,872 6,018,571 5,547,792Long Duration Bond Fund 162,354 1,641,722 1,619,045Real Return Bond Fund 628,066 9,387,415 9,066,630U.S. Large Company Equity Fund 2,405,593 14,708,365 11,906,962U.S. Small Company Equity Fund 589,879 2,868,088 1,995,915Total Mutual Funds 102,927,383 93,534,389Total Investments – 99.7% 102,927,383 93,534,389Other Assets and Liabilities, Net – 0.3% 250,567Net Assets – 100.0% 93,784,956


Balanced 50/50 Fund

SVBF (See accompanying notes)





126

Balanced 50/50 Fund

(See accompanying notes) SVBF


2009 2008


at fair value 399 1,368 Accrued interest receivable 1 —Receivable for unit subscriptions 176 368


Accrued liabilities 169 169 Payable for unit redemptions 156 589 Payable for portfolio securities purchased — 1,500

325 2,258 NET ASSETS REPRESENTING


NET ASSETS PER CLASS(Class O) $ 10,029 $ 9,590 (Class I) $ 64 $ 61(Class P) $ 55,007 $ 51,757(Class F) $ 1,045 $ 787 (Class R) $ 27,640 $ 27,089

NET ASSETS PER UNIT (note 7)(Class O) $ 4.89 $ 4.61 (Class I) $ 5.10 $ 4.82(Class P) $ 4.92 $ 4.69(Class F) $ 5.01 $ 4.74(Class R) $ 4.89 $ 4.60INVESTMENTS AT AVERAGE COST $ 102,927 $ 107,086


2009 2008


649 803EXPENSES




FOR THE PERIOD $ 26 $ 60NET GAIN (LOSS) ON SALES OF SECURITIES $ (3,122) $ 532 UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 7,887 $ (385)NET GAIN (LOSS) ON INVESTMENTS $ 4,765 $ 147NET INCREASE (DECREASE) IN NET ASSETS



(Class O) $ 574 $ 368(Class I) $ 3 $ —(Class P) $ 2,631 $ (168)(Class F) $ 52 $ 7(Class R) $ 1,531 $ —


(Class O) $ 0.28 $ 0.05 (Class I) $ 0.28 $ 0.03(Class P) $ 0.23 $ (0.02)(Class F) $ 0.29 $ 0.04(Class R) $ 0.27 $ —


127




INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 4,791 207 574 368



(290) (1,395) (135) (2,154) CHANGES IN NET ASSETS 4,501 (1,188) 439 (1,786) NET ASSETS, END OF PERIOD $ 93,785 $ 104,770 $ 10,029 $ 44,132

Class I Class P2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 3 — 2,631 (168)


Proceeds from issue of units — — 8,767 16,582 Payments on redemption of units — — (8,148) (15,723)

— — 619 859 CHANGES IN NET ASSETS 3 — 3,250 691 NET ASSETS, END OF PERIOD $ 64 $ 72 $ 55,007 $ 59,775

Class F Class R2009 2008 2009 2008





206 (100) (980) —CHANGES IN NET ASSETS 258 (93) 551 —NET ASSETS, END OF PERIOD $ 1,045 $ 791 $ 27,640 $ —

Balanced 50/50 Fund

SVBF (See accompanying notes)

128



Units $ $

MUTUAL FUNDS – 99.7%SEI Investments*Canadian Equity Fund 6,979,239 128,970,514 124,638,042Canadian Fixed Income Fund 13,789,834 156,303,148 154,815,705Canadian Small Company Equity Fund 1,374,145 12,597,486 10,025,078EAFE Equity Fund 18,065,920 91,775,971 72,915,858Emerging Markets Equity Fund 4,139,368 17,383,919 18,016,186Enhanced Global Bond Fund 4,826,851 22,171,533 20,521,841Real Return Bond Fund 2,128,295 31,287,323 30,723,640U.S. Large Company Equity Fund 15,432,582 92,813,964 76,386,653U.S. Small Company Equity Fund 4,427,979 19,042,016 14,982,510Total Mutual Funds 572,345,874 523,025,513Total Investments – 99.7% 572,345,874 523,025,513Other Assets and Liabilities, Net – 0.3% 1,502,515Net Assets – 100.0% 524,528,028


Balanced 60/40 Fund

SCBF (See accompanying notes)





129

Balanced 60/40 Fund

(See accompanying notes) SCBF


2009 2008

INVESTMENT INCOMEInterest $ — $ 8 Distribution from mutual funds 3,350 4,066


Custodian and administration fees 219 284 Legal fees 17 34 Audit fees 6 20 Management fees 2,239 2,671 Trustee fees 2 11 Independent Review Committee fees 1 —Securityholder Reporting Costs 9 4

2,493 3,024 Waived Expenses (44) —


FOR THE PERIOD $ 901 $ 1,050NET GAIN (LOSS) ON SALES OF SECURITIES $ (22,428) $ 1,192UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 53,535 $ (3,154)NET GAIN (LOSS) ON INVESTMENTS $ 31,107 $ (1,962)NET INCREASE (DECREASE) IN NET ASSETS

FROM OPERATIONS $ 32,008 $ (912)


(Class O) $ 2,287 $ 857 (Class I) $ 493 $ 12 (Class P) $ 11,726 $ (1,784)(Class F) $ 114 $ 3(Class R) $ 17,077 $ — (Class S) $ 311 $ —


(Class O) $ 0.30 $ 0.02(Class I) $ 0.36 $ — (Class P) $ 0.29 $ (0.04)(Class F) $ 0.31 $ 0.01(Class R) $ 0.36 $ —(Class S) $ 0.84 $ —



2009 2008


at fair value 2,145 881 Receivable for unit subscriptions 1,153 27,614


Accrued liabilities 521 552 Payable for unit redemptions 1,275 1,613



NET ASSETS PER CLASS(Class O) $ 36,393 $ 41,778 (Class I) $ 7,623 $ 6,939(Class P) $ 215,133 $ 202,127 (Class F) $ 1,907 $ 2,116(Class R) $ 258,945 $ 237,988(Class S) $ 4,527 $ —

NET ASSETS PER UNIT (note 7)(Class O) $ 5.38 $ 5.03(Class I) $ 5.50 $ 5.16(Class P) $ 5.41 $ 5.11 (Class F) $ 5.55 $ 5.21(Class R) $ 5.36 $ 5.01 (Class S) $ 5.42 $ —INVESTMENTS AT AVERAGE COST $ 572,346 $ 567,473

130

Balanced 60/40 Fund

SCBF (See accompanying notes)




INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 32,008 (912) 2,287 857




1,582 14,543 (7,672) (9,073)CHANGES IN NET ASSETS 33,580 13,609 (5,385) (8,216)NET ASSETS, END OF PERIOD $ 524,528 $ 580,028 $ 36,393 $ 306,938

Class I Class P2009 2008 2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 6,939 $ 18,414 $ 202,127 $ 231,147INCREASE (DECREASE) IN NET

ASSETS FROM OPERATIONS 493 12 11,726 (1,784) DISTRIBUTIONS TO UNITHOLDERS

Out of net investment income ! (10) (22) — —(10) (22) — —


Proceeds from issue of units 670 1,494 28,324 62,279 Payments on redemption of units (474) (962) (27,044) (39,256)Reinvestment of distributions ! 5 16 — —

201 548 1,280 23,023CHANGES IN NET ASSETS 684 538 13,006 21,239 NET ASSETS, END OF PERIOD $ 7,623 $ 18,952 $ 215,133 $ 252,386


131


Class F Class R2009 2008 2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 2,116 $ 1,704 $ 237,988 $ —



Proceeds from issue of units 91 1,275 21,724 —Payments on redemption of units (414) (1,230) (17,844) —

(323) 45 3,880 —CHANGES IN NET ASSETS (209) 48 20,957 —NET ASSETS, END OF PERIOD $ 1,907 $ 1,752 $ 258,945 $ —

Class S2009 2008






Balanced 60/40 Fund

(See accompanying notes) SCBF

132



Units $ $

MUTUAL FUNDS – 100.0%SEI Investments*Canadian Equity Fund 2,651,165 50,034,017 47,345,560 Canadian Fixed Income Fund 3,209,762 36,312,894 36,035,353 Canadian Small Company Equity Fund 641,032 5,841,994 4,676,653 EAFE Equity Fund 6,137,189 32,560,488 24,770,310 Emerging Markets Equity Fund 1,560,028 6,822,804 6,789,865 Enhanced Global Bond Fund 1,549,360 7,077,116 6,587,258 Real Return Bond Fund 428,873 6,420,300 6,191,122 U.S. Large Company Equity Fund 5,641,629 35,049,871 27,924,372 U.S. Small Company Equity Fund 1,358,726 6,980,233 4,597,387 Total Mutual Funds 187,099,717 164,917,878 Total Investments – 100.0% 187,099,717 164,917,878 Other Assets and Liabilities, Net – 0.0% 16,629 Net Assets – 100.0% 164,934,507

*The Fund holds units in Class 0 of the funds listed.

Growth 70/30 Fund

SBGF (See accompanying notes)



Other Price RiskThe 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 levelof 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 believesbest optimizes long-term risks and volatility with the long-term potential returns. As at June 30, 2009, a 5% change in prices on the underlying funds would have changed the Fund’s Net Assets by$5,712,246 with all other factors held constant. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.


133

Growth 70/30 Fund

(See accompanying notes) SBGF


2009 2008







NET ASSETS PER CLASS(Class O) $ 11,217 $ 10,205(Class I) $ — $ 1 (Class P) $ 99,297 $ 93,501(Class F) $ 1,573 $ 1,121(Class R) $ 52,848 $ 47,609

NET ASSETS PER UNIT (note 7) (Class O) $ 4.00 $ 3.72(Class I) $ — $ 4.70(Class P) $ 4.55 $ 4.28(Class F) $ 4.08 $ 3.81 (Class R) $ 3.98 $ 3.70 INVESTMENTS AT AVERAGE COST $ 187,100 $ 191,963


2009 2008

INVESTMENT INCOMEInterest $ 1 $ 3 Distribution from mutual funds 773 990

774 993EXPENSES

Custodian and administration fees 76 103 Legal fees 16 30 Audit fees 2 8Management fees 1,065 1,357 Trustee fees 1 4Independent Review Committee fees 1 —Securityholder Reporting Costs 4 5

1,165 1,507 Waived Expenses (16) —


FOR THE PERIOD $ (375) $ (514)NET GAIN (LOSS) ON SALES OF SECURITIES $ (6,261) $ 180UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 17,273 $ (1,044)NET GAIN (LOSS) ON INVESTMENTS $ 11,012 $ (864)NET INCREASE (DECREASE) IN NET ASSETS



(Class O) $ 814 $ (23)(Class I) $ — $ (27)(Class P) $ 5,987 $ (1,338)(Class F) $ 109 $ 10 (Class R) $ 3,727 $ —


(Class O) $ 0.30 $ —(Class I) $ 0.34 $ (0.01)(Class P) $ 0.28 $ (0.06)(Class F) $ 0.33 $ 0.03 (Class R) $ 0.29 $ —


134

Growth 70/30 Fund

SBGF (See accompanying notes)




INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 10,637 (1,378) 814 (23)


— (10) — —CHANGES DUE TO UNITHOLDER


1,861 9,189 198 1,796CHANGES IN NET ASSETS 12,498 7,801 1,012 1,773NET ASSETS, END OF PERIOD $ 164,935 $ 192,434 $ 11,217 $ 61,390

Class I Class P2009 2008 2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 1 10,815 $ 93,501 $ 113,169

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS — (27) 5,987 (1,338)


— (10) — —CHANGES DUE TO UNITHOLDER

TRANSACTIONSProceeds from issue of units 3 1,062 11,231 20,351 Payments on redemption of units (4) (267) (11,422) (13,920)Reinvestment of distributions ! — 10 — —

(1) 805 (191) 6,431 CHANGES IN NET ASSETS (1) 768 5,796 5,093 NET ASSETS, END OF PERIOD $ — $ 11,583 $ 99,297 $ 118,262

Class F Class R2009 2008 2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 1,121 $ 1,032 $ 47,609 $ —




343 157 1,512 —CHANGES IN NET ASSETS 452 167 5,239 —NET ASSETS, END OF PERIOD $ 1,573 $ 1,199 $ 52,848 $ —


135



Units $ $

MUTUAL FUNDS – 99.4%SEI Investments*Canadian Equity Fund 1,568,112 31,740,715 28,003,980Canadian Fixed Income Fund 1,065,708 12,036,431 11,964,493Canadian Small Company Equity Fund 500,648 4,613,420 3,652,481EAFE Equity Fund 4,054,938 21,454,749 16,366,135Emerging Markets Equity Fund 1,305,020 5,854,131 5,679,968Enhanced Global Bond Fund 401,282 1,816,905 1,706,089Real Return Bond Fund 306,013 4,563,912 4,417,547U.S. Large Company Equity Fund 3,724,738 22,719,681 18,436,336U.S. Small Company Equity Fund 993,522 4,917,102 3,361,681Total Mutual Funds 109,717,046 93,588,710Total Investments – 99.4% 109,717,046 93,588,710Other Assets and Liabilities, Net – 0.6% 538,324Net Assets – 100.0% 94,127,034


Growth 80/20 Fund

SBGP (See accompanying notes)



Other Price RiskThe 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 levelof 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 believesbest optimizes long-term risks and volatility with the long-term potential returns. As at June 30, 2009, a 5% change in prices on the underlying funds would have changed the Fund’s Net Assets by$3,702,318 with all other factors held constant. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.


136

Growth 80/20 Fund

(See accompanying notes) SBGP


2009 2008


255 313EXPENSES




FOR THE PERIOD $ (400) $ (525)NET GAIN (LOSS) ON SALES OF SECURITIES $ (6,718) $ 5UNREALIZED APPRECIATION (DEPRECIATION)




(Class O) $ 615 $ (316)(Class I) $ 158 $ (31)(Class P) $ 3,336 $ (1,285)(Class F) $ 114 $ (23)(Class R) $ 1,882 $ —(Class S) $ 186 $ —


(Class O) $ 0.32 $ (0.06)(Class I) $ 0.33 $ (0.08)(Class P) $ 0.25 $ (0.11)(Class F) $ 0.30 $ (0.11)(Class R) $ 1.51 $ —(Class S) $ 0.40 $ —



2009 2008


at fair value 710 993 Receivable for unit subscriptions 164 5,160





NET ASSETS PER CLASS(Class O) $ 9,080 $ 8,651(Class I) $ 2,225 $ 1,907(Class P) $ 54,445 $ 52,013 (Class F) $ 1,689 $ 1,621 (Class R) $ 24,461 $ 21,147 (Class S) $ 2,227 $ —

NET ASSETS PER UNIT (note 7)(Class O) $ 4.46 $ 4.14(Class I) $ 4.47 $ 4.17(Class P) $ 4.22 $ 3.97 (Class F) $ 4.63 $ 4.31(Class R) $ 4.45 $ 4.12 (Class S) $ 4.23 $ —INVESTMENTS AT AVERAGE COST $ 109,717 $ 108,955

137

Growth 80/20 Fund

SBGP (See accompanying notes)




INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 6,291 (1,655) 615 (316)




2,501 9,528 (186) 2,243 CHANGES IN NET ASSETS 8,788 7,868 429 1,927 NET ASSETS, END OF PERIOD $ 94,127 $ 104,595 $ 9,080 $ 33,447

Class I Class P2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 158 (31) 3,336 (1,285)




164 102 (904) 6,119 CHANGES IN NET ASSETS 318 66 2,432 4,834 NET ASSETS, END OF PERIOD $ 2,225 $ 2,411 $ 54,445 $ 66,776


138

Growth 80/20 Fund


Class F Class R2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 114 (23) 1,882 —


Proceeds from issue of units 32 1,320 2,848 —Payments on redemption of units (78) (256) (1,416) —

(46) 1,064 1,432 —CHANGES IN NET ASSETS 68 1,041 3,314 —NET ASSETS, END OF PERIOD $ 1,689 $ 1,961 $ 24,461 $ —

Class S2009 2008






(See accompanying notes) SBGP

139



Units $ $

MUTUAL FUNDS – 99.0%SEI Investments*Canadian Equity Fund 1,532,997 30,231,980 27,376,869Canadian Small Company Equity Fund 528,610 4,959,187 3,856,473EAFE Equity Fund 4,255,058 22,253,010 17,173,838Emerging Markets Equity Fund 1,096,870 4,880,053 4,774,016U.S. Large Company Equity Fund 3,780,395 22,653,147 18,711,820U.S. Small Company Equity Fund 984,808 4,972,554 3,332,197Total Mutual Funds 89,949,931 75,225,213Total Investments – 99.0% 89,949,931 75,225,213Other Assets and Liabilities, Net – 1.0% 766,971 Net Assets – 100.0% 75,992,184


Growth 100 Fund

SEDE (See accompanying notes)



Other Price RiskThe 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 levelof 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 believesbest optimizes long-term risks and volatility with the long-term potential returns. As at June 30, 2009, a 5% change in prices on the underlying funds would have changed the Fund’s Net Assets by $3,684,319 with all other factors held constant. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.


140

Growth 100 Fund

(See accompanying notes) SEDE


2009 2008

INVESTMENT INCOMEInterest $ 2 $ 2

2 2EXPENSES




FOR THE PERIOD $ (409) $ (557)NET GAIN (LOSS) ON SALES OF SECURITIES $ (5,556) $ (17)UNREALIZED APPRECIATION (DEPRECIATION)




(Class O) $ 340 $ (1,259)(Class I) $ 96 $ (211)(Class P) $ 2,466 $ (1,477)(Class F) $ 105 $ (63)(Class R) $ 2,590 $ —(Class S) $ 78 $ —


(Class O) $ 0.36 $ (0.19)(Class I) $ 0.35 $ (0.18)(Class P) $ 0.28 $ (0.20)(Class F) $ 0.24 $ (0.33)(Class R) $ 0.34 $ —(Class S) $ 0.76 $ —



2009 2008







NET ASSETS PER CLASS(Class O) $ 4,071 $ 4,117 (Class I) $ 1,353 $ 1,122 (Class P) $ 34,788 $ 31,354 (Class F) $ 1,859 $ 1,880 (Class R) $ 32,945 $ 29,101 (Class S) $ 976 $ —

NET ASSETS PER UNIT (note 7)(Class O) $ 4.20 $ 3.88(Class I) $ 4.58 $ 4.24 (Class P) $ 3.95 $ 3.68 (Class F) $ 4.22 $ 3.90 (Class R) $ 4.20 $ 3.87 (Class S) $ 3.95 $ —INVESTMENTS AT AVERAGE COST $ 89,950 $ 93,431

141

Growth 100 Fund

SEDE (See accompanying notes)




INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 5,675 (3,010) 340 (1,259)




2,746 1,974 (386) (3,737)CHANGES IN NET ASSETS 8,418 (1,049) (46) (4,996)NET ASSETS, END OF PERIOD $ 75,992 $ 88,110 $ 4,071 $ 36,763

Class I Class P2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 96 (211) 2,466 (1,477)



TRANSACTIONSProceeds from issue of units 183 921 5,228 8,243 Payments on redemption of units (45) (445) (4,260) (4,307)Reinvestment of distributions ! — 11 — —

138 487 968 3,936CHANGES IN NET ASSETS 231 263 3,434 2,459NET ASSETS, END OF PERIOD $ 1,353 $ 7,520 $ 34,788 $ 41,822


142

Growth 100 Fund

(See accompanying notes) SEDE


Class F Class R2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 105 (63) 2,590 —


Proceeds from issue of units 599 1,422 4,391 —Payments on redemption of units (725) (134) (3,137) —

(126) 1,288 1,254 —CHANGES IN NET ASSETS (21) 1,225 3,844 —NET ASSETS, END OF PERIOD $ 1,859 $ 2,005 $ 32,945 $ —

Class S2009 2008





898 —CHANGES IN NET ASSETS 976 —NET ASSETS, END OF PERIOD $ 976 $ —

143



Units $ $

MUTUAL FUNDS – 99.8%SEI Investments*Canadian Equity Fund 167,203 3,499,845 2,985,986Canadian Small Company Equity Fund 143,949 1,409,424 1,050,179EAFE Equity Fund 1,641,373 9,106,136 6,624,744Emerging Markets Equity Fund 392,905 1,874,677 1,710,080U.S. Large Company Equity Fund 1,358,813 8,705,062 6,725,717U.S. Small Company Equity Fund 349,999 1,778,990 1,184,258Total Mutual Funds 26,374,135 20,280,964Total Investments – 99.8% 26,374,135 20,280,964Other Assets and Liabilities, Net – 0.2% 46,060 Net Assets – 100.0% 20,327,024


Global Growth 100 Fund

SGEF (See accompanying notes)





144


(See accompanying notes) SGEF


2009 2008

INVESTMENT INCOMEInterest $ — $ — Distribution from mutual funds — —

— —EXPENSES

Custodian and administration fees 6 10 Legal fees 8 19 Audit fees — 1Management fees 173 251 Securityholder Reporting Costs 1 3

188 284Waived Expenses — (8)


FOR THE PERIOD $ (188) $ (276) NET GAIN (LOSS) ON SALES OF SECURITIES $ (2,286) $ (236) UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 3,157 $ (1,275)NET GAIN (LOSS) ON INVESTMENTS $ 871 $ (1,511)NET INCREASE (DECREASE) IN NET ASSETS

FROM OPERATIONS $ 683 $ (1,787)


(Class O) $ 120 $ (248)(Class P) $ 507 $ (1,503)(Class F) $ 29 $ (36)(Class R) $ 27 $ —


(Class O) $ 0.13 $ (0.25)(Class P) $ 0.10 $ (0.32)(Class F) $ 0.16 $ (0.31)(Class R) $ 0.09 $ —



2009 2008







NET ASSETS PER CLASS(Class O) $ 3,054 $ 2,809 (Class P) $ 15,499 $ 15,655 (Class F) $ 749 $ 579 (Class R) $ 1,025 $ 1,088

NET ASSETS PER UNIT (note 7)(Class O) $ 3.41 $ 3.25 (Class P) $ 3.27 $ 3.16 (Class F) $ 3.50 $ 3.36 (Class R) $ 3.41 $ 3.26 INVESTMENTS AT AVERAGE COST $ 26,374 $ 29,240

145


SGEF (See accompanying notes)




INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 683 (1,787) 120 (248)



(487) (1,084) 125 169CHANGES IN NET ASSETS 196 (2,871) 245 (79) NET ASSETS, END OF PERIOD $ 20,327 $ 25,378 $ 3,054 $ 4,505

Class P Class F2009 2008 2009 2008


INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 507 (1,503) 29 (36)



(663) (1,295) 141 42 CHANGES IN NET ASSETS (156) (2,798) 170 6NET ASSETS, END OF PERIOD $ 15,499 $ 20,300 $ 749 $ 573

Class R2009 2008

NET ASSETS – BEGINNING OF PERIOD $ 1,088 $ —




(90) —CHANGES IN NET ASSETS (63) —NET ASSETS, END OF PERIOD $ 1,025 $ —

146



Units $ $

MUTUAL AND POOLED FUNDS – 99.0%SEI Investments*Canadian Equity Fund 115,052 2,193,457 2,054,637 Canadian Fixed Income Fund 535,757 6,002,400 6,014,839 Canadian Small Company Equity Fund 20,688 191,197 150,931 EAFE Equity Fund 316,898 1,635,726 1,279,031 Enhanced Global Bond Fund 314,437 1,411,020 1,336,859 Long Duration Bond Fund 66,004 672,415 658,207 Real Return Bond Fund 127,595 1,868,221 1,841,936 Short Term Bond Fund 187,177 1,847,786 1,823,689 U.S. Large Company Equity Fund 261,304 1,557,540 1,293,374 U.S. Small Company Equity Fund 46,688 143,582 157,975 Total Mutual and Pooled Funds 17,523,345 16,611,478 Total Investments – 99.0% 17,523,345 16,611,478 Other Assets and Liabilities, Net – 1.0% 161,568Net Assets – 100.0% 16,773,046

* The Fund holds units in Class O of the funds listed above.

Conservative Monthly Income Fund

SCMI (See accompanying notes)





147


(See accompanying notes) SCMI


2009 2008


at fair value 102 45 Accrued income from mutual funds 7 5Receivable for unit subscriptions 111 33


Accrued liabilities 24 19 Payable for unit redemptions 3 41 Payable for portfolio securities purchased 31 100



NET ASSETS PER CLASS(Class O) $ 1,009 $ 616 (Class P) $ 12,324 $ 9,746 (Class F) $ 1,523 $ 1,517 (Class S) $ 1,917 $ —

NET ASSETS PER UNIT (note 7) (Class O) $ 8.56 $ 8.40 (Class P) $ 8.50 $ 8.42 (Class F) $ 8.73 $ 8.59 (Class s) $ 8.52 $ —INVESTMENTS AT AVERAGE COST $ 17,523 $ 13,743


2009 2008


141 121EXPENSES

Custodian and administration fees 2 4Legal fees 5 18 Management fees 118 99 Securityholder Reporting Costs 1 3

126 124 Waived Expenses — (16)


FOR THE PERIOD $ 15 $ 13 NET GAIN (LOSS) ON SALES OF SECURITIES $ (264) $ (9)UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 875 $ 102NET GAIN (LOSS) ON INVESTMENTS $ 611 $ 93NET INCREASE (DECREASE) IN NET ASSETS



(Class O) $ 51 $ 10(Class P) $ 436 $ 90(Class F) $ 74 $ 6(Class S) $ 65 $ —


(Class O) $ 0.54 $ 0.18(Class P) $ 0.35 $ 0.09(Class F) $ 0.40 $ 0.10(Class S) $ 0.99 $ —


148







TRANSACTIONSProceeds from issue of units 5,972 3,887 349 191 Payments on redemption of units (1,545) (990) (7) (104)Reinvestment of distributions 237 103 24 10

4,664 3,000 366 97 CHANGES IN NET ASSETS 4,894 2,838 393 95NET ASSETS, END OF PERIOD $ 16,773 $ 12,191 $ 1,009 $ 473

Class P Class F2009 2008 2009 2008





TRANSACTIONSProceeds from issue of units 3,607 3,344 121 352 Payments on redemption of units (1,321) (864) (178) (22)Reinvestment of distributions 167 84 32 9

2,453 2,564 (25) 339 CHANGES IN NET ASSETS 2,578 2,413 6 330NET ASSETS, END OF PERIOD $ 12,324 $ 10,882 $ 1,523 $ 836


SCMI (See accompanying notes)

149


(See accompanying notes) SCMI


Class S2009 2008



DISTRIBUTIONS TO UNITHOLDERSOut of net investment income (18) —

(18) —CHANGES DUE TO UNITHOLDER

TRANSACTIONSProceeds from issue of units 1,895 —Payments on redemption of units (39) —Reinvestment of distributions 14 —


150


Number Average Fair of Cost Value

Units $ $

MUTUAL AND POOLED FUNDS – 100.1%SEI Investments*Canadian Equity Fund 774,463 16,555,927 13,830,663 Canadian Fixed Income Fund 1,617,433 18,219,576 18,158,596 Canadian Small Company Equity Fund 172,016 1,703,497 1,254,941 EAFE Equity Fund 2,144,151 12,078,731 8,654,010 Emerging Markets Equity Fund 595,898 2,787,469 2,593,587 Enhanced Global Bond Fund 547,351 2,461,631 2,327,118 Real Return Bond Fund 243,711 3,608,582 3,518,157 U.S. Large Company Equity Fund 1,734,998 11,235,255 8,587,719 U.S. Small Company Equity Fund 491,179 2,066,856 1,661,953 Total Mutual and Pooled Funds 70,717,524 60,586,743 Total Investments – 100.1% 70,717,524 60,586,743 Other Assets and Liabilities, Net – (0.1%) (55,231) Net Assets – 100.0% 60,531,512

* The Fund holds units in Class O of the funds listed above.

Balanced Monthly Income Fund

SBMI (See accompanying notes)





151


2009 2008




Accrued liabilities 141 150 Payable for unit redemptions 49 19 Distributions payable to unitholders 205 —



NET ASSETS PER CLASS(Class O) $ 906 $ 1,139(Class P) $ 58,210 $ 55,876 (Class F) $ 1,416 $ 1,250

NET ASSETS PER UNIT (note 7) (Class O) $ 7.54 $ 7.33(Class P) $ 7.25 $ 7.14(Class F) $ 7.58 $ 7.39INVESTMENTS AT AVERAGE COST $ 70,718 $ 75,352



2009 2008

INVESTMENT INCOMEInterest $ 1 $ 1 Distribution from mutual funds 402 433

403 434EXPENSES


653 690 Waived Expenses — —


FOR THE PERIOD $ (250) $ (256)NET GAIN (LOSS) ON SALES OF SECURITIES $ (3,663) $ (109)UNREALIZED APPRECIATION (DEPRECIATION)

OF INVESTMENTS FOR THE PERIOD $ 7,398 $ (65)NET GAIN (LOSS) ON INVESTMENTS $ 3,735 $ (174)NET INCREASE (DECREASE) IN NET ASSETS

FROM OPERATIONS $ 3,485 $ (430)


(Class O) $ 80 $ (2)(Class P) $ 3,297 $ (421)(Class F) $ 108 $ (7)


(Class O) $ 0.51 $ (0.01)(Class P) $ 0.42 $ (0.07)(Class F) $ 0.60 $ (0.05)


(See accompanying notes) SBMI

152





DISTRIBUTIONS TO UNITHOLDERSOut of net investment income (2,473) (1,976) (46) (53)

(2,473) (1,976) (46) (53)CHANGES DUE TO UNITHOLDER

TRANSACTIONSProceeds from issue of units 6,197 25,123 613 583 Payments on redemption of units (6,179) (7,195) (891) (483)Reinvestment of distributions 1,237 715 11 11

1,255 18,643 (267) 111CHANGES IN NET ASSETS 2,267 16,237 (233) 56NET ASSETS, END OF PERIOD $ 60,532 $ 69,296 $ 906 $ 1,696

Class P Class F2009 2008 2009 2008



DISTRIBUTIONS TO UNITHOLDERSOut of net investment income (2,373) (1,879) (54) (44)

(2,373) (1,879) (54) (44)CHANGES DUE TO UNITHOLDER

TRANSACTIONSProceeds from issue of units 5,242 24,072 342 468Payments on redemption of units (5,033) (6,689) (255) (23)Reinvestment of distributions 1,201 688 25 16

1,410 18,071 112 461CHANGES IN NET ASSETS 2,334 15,771 166 410NET ASSETS, END OF PERIOD $ 58,210 $ 65,934 $ 1,416 $ 1,666


SBMI (See accompanying notes)

153

FOR THE PERIODS INDICATED IN NOTE 1 (UNAUDITED)Notes to Financial Statements

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 CanadaCompany 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 and Class R units 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 CommencedCanadian Equity Fund Mutual Fund Sept 20, 1996 Oct 4, 1996 Feb 1, 2002 Mar 31, 2003 May 4, 2006 N/A N/ACanadian Small Company Mutual Fund Mar 24, 2000 Jun 27, 2000 N/A Mar 31, 2003 Apr 18, 2006 N/A N/AEquity 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/AEquity 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/AEquity FundEAFE Equity Fund Mutual Fund Dec 20, 1996 Jan 15, 1997 Sept 25, 2001 Mar 31, 2003 Apr 18, 2006 N/A N/AEmerging Markets Mutual Fund Dec 20, 1996 Jan 15, 1997 Feb 1, 2002 Mar 31, 2003 Apr 18, 2006 N/A N/AEquity FundCanadian Fixed Income Mutual Fund Jul 18, 1996 Oct 2, 1996 Feb 1, 2002 Apr 30, 2002 May 2, 2006 N/A N/AFundLong Duration Bond Fund Mutual Fund Nov 18, 1997 Dec 7, 1997 Mar 29, 2004 Dec 12, 2003 Apr 19, 2006 N/A N/AReal Return Bond Fund Mutual Fund Mar 17, 1995 Dec 31, 1995 N/A Dec 12, 2003 May 11, 2006 N/A N/AMoney Market Fund Mutual Fund Apr 4, 1996 Jan 15, 1997 Feb 1, 2002 Apr 29, 2003 Sept 8, 2006 N/A N/AInternational Synthetic Quasi Mutual Jun 21, 1996 Jul 17, 1996 N/A Apr 29, 2003 Oct 3, 2006 N/A N/AFund FundU.S. Large Cap Mutual Fund Jun 21, 1996 Oct 8, 1996 N/A Apr 29, 2003 Oct 3, 2006 N/A N/ASynthetic FundU.S. Mid Cap Synthetic Fund Mutual Fund Jun 21, 1996 Nov 13, 1998 N/A Apr 29, 2003 Jun 28, 2006 N/A N/AEnhanced Global Bond Fund Mutual Fund Dec 20, 1996 Jan 7, 1997 N/A Mar 31, 2003 Jun 1, 2006 N/A N/AShort Term Bond Fund Mutual Fund Jan 18, 2006 Feb 23, 2006 N/A Feb 23, 2006 May 11, 2006 N/A N/AConservative Monthly Mutual Fund Jun 13, 2006 Jul 4, 2006 N/A Jul 4, 2006 Dec 8, 2006 N/A Feb 23, 2009Income Fund Balanced Monthly Mutual Fund Jun 13, 2006 Jul 4, 2006 N/A Jul 4, 2006 Sept 28, 2006 N/A N/AIncome FundIncome 100 Fund Quasi Mutual Fund Apr 28, 2003 Jun 11, 2003 Jun 11, 2003 Jun 11, 2003 Aug 11, 2006 Jul 2, 2008 N/AIncome 20/80 Fund Quasi Mutual Fund Apr 28, 2003 Jun 11, 2003 Jun 11, 2003 Jun 11, 2003 Jul 17, 2006 Jul 2, 2008 Feb 23, 2009Income 30/70 Fund Mutual Fund Apr 28, 2003 Jun 11, 2003 Jun 11, 2003 Jun 11, 2003 Jun 7, 2006 Jul 2, 2008 N/AIncome 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, 2009Balanced 50/50 Fund Mutual Fund Apr 28, 2003 Jun 11, 2003 Jun 11, 2003 Jun 11, 2003 Jun 15, 2006 Jul 2, 2008 N/ABalanced 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, 2009Growth 70/30 Fund Mutual Fund May 24, 2001 Sept 12, 2002 Jun 2, 2003 May 24, 2001 Sept 15, 2006 Jul 2, 2008 N/AGrowth 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, 2009Growth 100 Fund Mutual Fund May 24, 2001 Aug 21, 2002 Jun 4, 2003 May 24, 2001 Apr 27, 2006 Jul 2, 2008 Feb 23, 2009Global 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 are as at June 30, 2009, the statements of net assets are as at June 30, 2009 and December 31, 2008, and the statements of operations and changes in net assets are for the six-month periods ended June 30, 2009 and June 30, 2008.

154


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.

CICA Handbook Section 3855, “Financial Instruments – Recognition and Measurement” requires the fair value of financialinstruments traded in active markets to be measured based on a security’s bid price. Prior to the implementation of thisstandard, the fair value was based on the last traded price for the day. For financial reporting purposes, on January 1, 2007, theFund adopted Section 3855 on a retroactive basis without restatement of the prior period’s financial statements.

National Instrument 81-106 (“NI 81-106”), Investment Fund Continuous Disclosure, previously required the daily net assetvalue of an investment fund to be calculated in accordance with GAAP. The Canadian Securities Administrators (“CSA”) haveamended NI 81-106 effective September 8, 2008 to replace the previous requirement to calculate the daily net asset value forthe purpose of processing unitholder transactions in accordance with GAAP and allow investment funds to value theirinvestments using fair value measures as defined in NI 81-106. The method by which the net assets are calculated for financialreporting 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 and the net assets per unitcalculated for financial reporting is required to be disclosed in the financial statements. Refer to Note 7 for such comparison.

The following is a summary of the significant accounting policies followed by the Funds:

(a) Units of each class are issued and redeemed at their net asset value per unit, which is determined at the close of eachbusiness day. The net asset value per unit for each class is determined by dividing the total net asset value of each classby the total number of units outstanding of that class. Management fees directly attributable to a class are charged tothat class. Fund operating expenses, income, and realized and unrealized capital gains and losses are allocatedproportionately to each class based upon the relative net asset value of each class.

(b) For financial reporting purposes, investments are valued at their fair value in accordance with Section 3855. Investmentsheld that are traded in an active market through recognized public stock exchanges, over the counter markets, or throughrecognized investment dealers, are valued at their bid prices for securities held long and at their ask prices for securitiesheld short. Investments held with no available bid or ask prices are valued at their closing sale prices. Investments heldinclude equities, listed warrants, short-term notes, treasury bills, bonds, asset backed securities and other debtinstruments.

Investments held that are not traded in an active market are valued based on the results of valuation techniques usingobservable market inputs if available, on such basis and in such manner established by the Manager. The fair value ofcertain securities may be estimated using valuation techniques based on assumptions that are not supported byobservable market inputs.

(c) The fair value of foreign investments and other assets and liabilities are translated into Canadian dollars at the exchangerate prevailing on the valuation date. Purchases and sales of foreign securities and the related income are translated intoCanadian dollars at the exchange rate prevailing on the respective dates of such transactions.

(d) The cost of investments represents the amount paid for each security and is determined on an average cost basisexcluding commissions and other transaction costs.

155


NOTES_1

(e) Income and expenses are recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Distributions frominvestment trusts are recorded as income, capital gains, or a return of capital, based on the nature of these investments.Actual allocations could vary from this information. Distributions that are treated as a return of capital for income taxpurposes reduce the average cost of the underlying investment. Distributions from underlying funds are recognized on thedistribution date. Security transactions are recorded on the trade date for financial reporting purposes. The unrealizedappreciation (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 proceedsreceived and the average cost of the security.

(f) Commissions and other transaction costs are incremental costs that are directly attributable to the acquisition, issue, ordisposal of an investment, which include fees and commissions paid to agents, advisors, levies by regulatory agencies andsecurities exchanges, and transfer taxes and duties. Commissions and transaction costs are included as expenses in theStatements of Operations.

(g) Increase (decrease) in Net Assets from Operations Per Unit of a class in the Statements of Operations represents theincrease (decrease) in net assets from operations attributable to the class, divided by the weighted average number ofunits of the class outstanding during the period.

(h) 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 onthe redemption date. For each unit redeemed, the number of issued and outstanding units is reduced and the equity inthe Fund is reduced by the related net asset value as of the date of redemption.

(i) Futures contracts entered into by the Funds are financial agreements to purchase or sell a financial instrument at acontracted price on a specific date. However, the Funds do not intend to purchase or sell the financial instruments onsettlement date; rather, they intend to close out each futures contract before settlement date by entering into equal, butoffsetting, futures contracts. Futures are valued at the gain or loss that would arise as a result of closing the position atthe valuation date. Any gain or loss at the close of business on each valuation date is recorded as unrealized gain/loss oninvestments. The margins on deposit with brokers relating to futures contracts are included in margin receivable or marginpayable on the Statements of Net Assets.

(j) Forward currency contracts entered into by the Funds are financial agreements to buy or sell a specific amount of anunderlying currency for an agreed upon price at a future date. The fair value of these contracts is the gain or loss thatwould be recognized if the position was closed out on the valuation date, and is recorded as an unrealized gain (loss). TheFunds intend to close out a forward contract position by establishing an offsetting position in the contract and will settleand recognize the gain or loss on the delivery date. Delivery of the underlying currency in respect of a forward contractcan result when initial and offsetting positions in forward contracts are taken with two different brokers.

(k) The Fund’s financial instruments include investments, accrued dividends, etc. Investments are classified as held fortrading. Accrued dividends and interest receivable, receivable for portfolio securities sold and unit subscriptions, marginreceivable on futures are designated as loans and receivables and recorded at cost or amortized cost. Accrued liabilitiesand payable for portfolio securities purchased and unit redemptions are designated as loans and receivables and reportedat amortized cost.

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3. UNITHOLDERS’ EQUITY

The capital of the Funds is represented by issued redeemable units with no par value. Unitholders are entitled to distributions, ifany, and to payment of a proportionate share based on the Funds’ net asset value per unit upon redemption. The Funds have norestrictions or specific capital requirements on the subscription and redemption of units, other than the minimum subscriptionsfor an initial and subsequent investment in each Class of Units of $1,000 and $500, respectively. Capital movements are shownon the Statements of Changes in Net Assets. In accordance with their investment strategies and risk management policies, theFunds endeavour to invest their subscriptions received in appropriate investments while maintaining sufficient liquidity to meetredemptions. The following table summarizes the changes in the number of units for the period ended June 30, 2009 and theyear ended December 31, 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 FUNDClass O 118,120,344 103,187,249 21,601,259 40,991,748 (18,212,673) (29,204,157) – 3,145,504 121,508,930 118,120,344Class I 1,405,503 1,379,781 102,203 125,398 (118,746) (126,676) 843 27,000 1,389,803 1,405,503Class P 3,939,539 2,455,928 615,100 2,821,296 (1,019,794) (1,337,685) – – 3,534,845 3,939,539Class F 433,664 252,741 186,587 315,277 (122,356) (139,762) – 5,408 497,895 433,664

CANADIAN SMALL COMPANY EQUITY FUNDClass O 14,628,467 9,024,761 1,548,026 6,809,868 (1,359,132) (1,206,162) – – 14,817,361 14,628,467Class P 659,482 332,867 60,609 484,116 (178,266) (157,501) – – 541,825 659,482Class F 217,310 159,043 78,616 154,764 (39,630) (96,497) – – 256,296 217,310

U.S. LARGE COMPANY EQUITY FUND Class O 220,116,741 156,460,807 49,026,575 118,076,589 (41,172,598) (56,469,099) – 2,048,444 227,970,718 220,116,741Class I 807,779 752,046 112,817 301,522 (100,185) (247,938) 502 2,149 820,913 807,779Class P 5,778,711 4,380,465 2,014,876 3,976,676 (1,009,460) (2,578,659) 9 229 6,784,136 5,778,711Class F 415,053 273,588 205,790 349,254 (111,626) (208,075) – 286 509,217 415,053

U.S. SMALL COMPANY EQUITY FUNDClass O 38,202,919 25,407,398 8,250,495 21,595,992 (7,604,261) (8,800,471) – – 38,849,153 38,202,919Class I 130,020 141,486 2,051 544 (10,573) (12,352) 80 342 121,578 130,020Class P 1,603,322 1,179,262 492,853 1,072,744 (393,343) (648,877) 8 193 1,702,840 1,603,322Class F 153,549 112,420 127,836 113,135 (42,845) (72,066) – – 238,540 153,549

EAFE EQUITY FUNDClass O 153,938,175 157,787,039 30,313,474 65,652,725 (30,687,122) (76,137,625) – 6,636,036 153,564,527 153,938,175Class I 2,157,178 2,676,055 137,075 208,559 (967,458) (807,837) 1,442 80,401 1,328,237 2,157,178Class P 6,181,957 3,951,091 2,319,847 3,914,842 (948,204) (1,728,028) – 44,052 7,553,600 6,181,957Class F 472,342 360,195 164,652 352,326 (104,257) (251,890) – 11,711 532,737 472,342

157



2009 2008 2009 2008 2009 2008 2009 2008 2009 2008

EMERGING MARKETS EQUITY FUNDClass O 30,705,158 25,556,369 9,555,956 10,990,741 (4,769,565) (6,937,295) – 1,095,343 35,491,549 30,705,158Class I 1,102,705 1,353,830 131,153 161,127 (347,927) (444,109) 653 31,857 886,584 1,102,705Class P 1,151,010 675,802 590,021 812,980 (318,149) (337,858) – 86 1,422,882 1,151,010Class F 406,592 318,351 201,647 263,606 (82,112) (184,699) – 9,334 526,127 406,592

CANADIAN FIXED INCOME FUNDClass O 153,341,910 173,576,406 13,270,355 34,192,470 (30,600,922) (62,428,452) 3,273,778 8,001,486 139,285,121 153,341,910Class I 555,997 601,308 47,716 86,665 (51,251) (157,087) 11,436 25,111 563,898 555,997 Class P 4,146,098 4,225,017 997,953 2,997,558 (879,113) (3,212,499) 61,542 136,022 4,326,480 4,146,098Class F 783,747 684,126 45,353 378,427 (203,228) (309,849) 13,573 31,043 639,445 783,747

LONG DURATION BOND FUNDClass O 14,228,839 14,520,095 18,653,143 5,852,987 (1,270,976) (6,928,810) – 784,567 31,611,006 14,228,839Class I – 162,735 – 9,217 – (172,126) – 174 – –Class P 123,334 225,943 57,873 92,829 (55,598) (198,671) – 3,233 125,609 123,334Class F 27,784 40,355 765 18,109 (9,196) (31,837) – 1,157 19,353 27,784

REAL RETURN BOND FUNDClass O 16,298,148 15,708,047 1,685,772 3,143,901 (2,388,732) (3,242,117) 3 688,317 15,595,191 16,298,148Class P 872,471 807,752 203,611 535,793 (204,084) (491,680) – 20,606 871,998 872,471Class F 63,155 46,941 13,256 57,677 (11,276) (43,120) – 1,657 65,135 63,155

MONEY MARKET FUNDClass O 19,049,272 19,110,565 12,639,261 33,086,557 (11,072,318) (33,827,634) 142,325 679,784 20,758,540 19,049,272Class I 233,907 322,659 20,997 80,092 (13,906) (178,443) 1,252 9,599 242,250 233,907Class P 247,822 43,690 1,026,174 6,047,625 (1,047,210) (5,849,425) 1,343 5,932 228,129 247,822Class F 313,720 17,613 95,568 455,972 (20,439) (160,549) 1,708 684 390,557 313,720

INTERNATIONAL SYNTHETIC FUND Class O 7,048,384 4,020,501 116,257 6,894,807 (5,673,100) (3,866,924) – – 1,491,541 7,048,384Class P 2,546 2,546 – 1,230 (81) (1,230) – – 2,465 2,546Class F 46,279 8,451 – 46,279 (12,512) (8,451) – – 33,767 46,279

U.S. LARGE CAP SYNTHETIC FUND Class O 18,965,591 10,800,088 515,004 8,789,614 (6,515,262) (624,111) – – 12,965,333 18,965,591Class P 1,363 1,363 – – – – – – 1,363 1,363Class F 42,493 9,557 – 42,493 – (9,557) – – 42,493 42,493

158



2009 2008 2009 2008 2009 2008 2009 2008 2009 2008

U.S. MID CAP SYNTHETIC FUND Class O 18,233,847 11,559,738 555,284 10,395,100 (14,163,925) (3,720,991) – – 4,625,206 18,233,847Class P 1,541,009 909,696 153,056 1,242,069 (1,661,799) (610,756) – – 32,266 1,541,009Class F 53,179 29,003 7,265 50,397 (43,454) (26,221) – – 16,990 53,179

ENHANCED GLOBAL BOND FUND Class O 16,096,518 18,285,837 4,396,478 3,068,879 (2,572,604) (10,112,302) 42 4,854,104 17,920,434 16,096,518Class P 1,968,957 2,025,898 641,007 1,345,403 (463,411) (1,889,855) 2 487,511 2,146,555 1,968,957Class F 200,154 173,556 43,729 81,828 (59,914) (94,072) – 38,842 183,969 200,154

SHORT TERM BOND BONDClass O 5,930,709 7,233,161 10,433,207 5,176,746 (1,918,008) (6,825,081) 214,730 345,883 14,660,638 5,930,709Class P 514,069 205,802 102,035 483,473 (149,938) (187,669) 7,070 12,463 473,236 514,069Class F 120,955 92,596 50,985 112,144 (35,877) (88,732) 2,200 4,947 138,263 120,955

CONSERVATIVE MONTHLY INCOME FUNDClass O 73,326 39,089 42,458 41,346 (810) (11,291) 2,878 4,182 117,852 73,326Class P 1,157,292 873,394 434,485 594,724 (162,265) (336,425) 20,361 25,599 1,449,873 1,157,292Class F 176,655 50,535 15,023 123,282 (21,127) (4,319) 3,828 7,157 174,379 176,655Class S – – 228,133 – (4,678) – 1,620 – 225,075 –

BALANCED MONTHLY INCOME FUNDClass O 155,321 169,628 83,454 87,592 (120,230) (105,737) 1,584 3,838 120,129 155,321Class P 7,828,697 5,211,697 757,935 4,186,409 (733,410) (1,806,782) 175,415 237,373 8,028,637 7,828,697Class F 169,068 128,119 49,377 70,962 (35,100) (34,351) 3,533 4,338 186,878 169,068

INCOME 100 FUNDClass O 311,281 1,250,119 227,235 1,065,988 (73,325) (2,020,605) – 15,779 465,191 311,281Class I 12,705 12,019 – – – – – 686 12,705 12,705Class P 1,700,458 581,950 691,154 1,912,029 (638,653) (882,905) – 89,384 1,752,959 1,700,458Class F 244,283 21,048 35,178 581,872 (93,016) (371,494) – 12,857 186,445 244,283Class R 1,680,984 – 506,098 1,842,332 (183,026) (266,903) – 105,555 2,004,056 1,680,984

INCOME 20/80 FUND Class O 421,652 2,259,749 229,327 602,211 (112,067) (2,464,787) – 24,479 538,912 421,652Class I 1,016,414 946,949 61,488 120,893 (12,084) (111,742) 944 60,314 1,066,762 1,016,414Class P 1,551,846 900,252 608,133 933,413 (263,699) (360,729) – 78,910 1,896,280 1,551,846Class F 42,050 6,946 4,462 42,735 (27,326) (10,189) – 2,558 19,186 42,050Class R 2,004,738 – 731,812 2,155,190 (532,738) (280,989) – 130,537 2,203,812 2,004,738Class S – – 93,463 – (5,526) – – – 87,937 –

159



2009 2008 2009 2008 2009 2008 2009 2008 2009 2008

INCOME 30/70 FUND Class O 659,910 3,152,887 329,313 1,080,210 (102,755) (3,608,890) – 35,703 886,468 659,910Class I 647,886 611,645 3,447 11,405 (9,219) (8,071) – 32,907 642,114 647,886Class P 4,001,913 2,879,361 816,047 2,679,835 (1,039,856) (1,719,799) – 162,516 3,778,104 4,001,913Class F 105,353 54,444 20,349 85,962 – (38,756) – 3,703 125,702 105,353Class R 2,822,275 – 588,679 2,879,350 (197,675) (227,189) – 170,114 3,213,279 2,822,275

INCOME 40/60 FUND Class O 897,500 19,749,865 133,262 2,111,363 (134,950) (20,993,643) – 29,915 895,812 897,500Class I 147,109 1,042,381 11,403 147,205 (9,471) (1,045,644) 131 3,167 149,172 147,109Class P 7,397,607 6,191,114 1,543,069 4,511,249 (980,069) (3,547,674) – 242,918 7,960,607 7,397,607Class F 116,124 56,592 28,727 74,555 (62,840) (20,722) – 5,699 82,011 116,124Class R 21,127,058 – 2,015,628 20,946,177 (2,615,399) (963,459) – 1,144,340 20,527,287 21,127,058 Class S – – 268,765 – (3,452) – – – 265,313 –

BALANCED 50/50 FUND Class O 2,079,845 8,099,092 316,108 2,080,055 (345,959) (8,205,575) – 106,273 2,049,994 2,079,845 Class I 12,645 12,099 3 – – – – 546 12,648 12,645 Class P 11,033,961 10,269,289 1,913,849 6,195,291 (1,774,125) (5,733,599) – 302,980 11,173,685 11,033,961 Class F 166,086 151,754 54,651 171,762 (12,122) (164,634) – 7,204 208,615 166,086 Class R 5,884,721 – 325,302 5,774,502 (554,353) (203,360) – 313,579 5,655,670 5,884,721

BALANCED 60/40 FUNDClass O 8,302,718 49,129,969 1,145,088 7,400,960 (2,683,762) (48,565,535) 229 337,324 6,764,273 8,302,718Class I 1,345,111 2,813,978 131,267 313,466 (90,389) (1,826,081) 1,023 43,748 1,387,012 1,345,111Class P 39,532,976 35,474,029 5,682,873 16,897,602 (5,431,451) (13,549,216) – 710,561 39,784,398 39,532,976Class F 406,020 255,156 17,496 375,172 (80,119) (239,331) – 15,023 343,397 406,020Class R 47,515,475 – 4,409,393 47,182,751 (3,591,714) (1,558,336) – 1,891,060 48,333,154 47,515,475Class S – – 845,081 – (9,987) – – – 835,094 –

GROWTH 70/30 FUNDClass O 2,745,964 12,065,394 399,091 3,276,940 (339,398) (12,686,685) – 90,315 2,805,657 2,745,964Class I 297 1,774,650 545 201,352 (842) (1,978,361) – 2,656 – 297Class P 21,835,840 19,893,137 2,692,243 7,656,008 (2,723,765) (5,920,542) 48 207,237 21,804,366 21,835,840Class F 294,550 203,416 109,301 177,001 (18,079) (93,805) – 7,938 385,772 294,550Class R 12,872,647 – 1,135,018 13,102,409 (731,137) (720,229) – 490,467 13,276,528 12,872,647

160



2009 2008 2009 2008 2009 2008 2009 2008 2009 2008

GROWTH 80/20 FUND Class O 2,089,915 5,469,667 537,151 1,385,718 (591,336) (4,818,474) – 53,004 2,035,730 2,089,915Class I 457,594 403,565 46,694 68,623 (7,518) (25,272) 488 10,678 497,258 457,594Class P 13,116,517 11,235,147 1,534,808 5,249,731 (1,764,240) (3,385,128) – 16,767 12,887,085 13,116,517Class F 376,073 152,738 7,686 280,027 (18,554) (64,459) – 7,767 365,205 376,073Class R 5,128,323 – 724,724 5,101,826 (352,098) (92,077) – 118,574 5,500,949 5,128,323Class S – – 528,150 – (1,728) – – – 526,422 –

GROWTH 100 FUND Class O 1,062,073 7,217,269 329,961 2,507,756 (422,485) (8,662,952) – – 969,549 1,062,073 Class I 264,508 1,135,942 43,346 205,777 (12,864) (1,080,910) 351 3,699 295,341 264,508Class P 8,514,416 6,999,434 1,509,096 3,390,794 (1,211,784) (1,875,812) – – 8,811,728 8,514,416 Class F 482,133 132,900 158,450 441,724 (199,660) (92,491) – – 440,923 482,133 Class R 7,523,230 – 1,151,598 8,087,292 (826,430) (587,029) – 22,967 7,848,398 7,523,230Class S – – 249,181 – (2,186) – – – 246,995 –

GLOBAL GROWTH 100 FUNDClass O 863,259 954,985 131,083 486,789 (97,937) (578,515) – – 896,405 863,259 Class P 4,951,862 4,838,925 750,619 1,729,877 (965,578) (1,616,940) – – 4,736,903 4,951,862 Class F 172,212 113,365 72,501 154,367 (31,030) (95,520) – – 213,683 172,212 Class R 334,216 – 49,182 352,044 (82,857) (17,828) – – 300,541 334,216

A unitholder of a fund is entitled by giving written notice to the Manager to require payment of the net asset value per unit ofthat 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 anyvaluation day upon which the units are to be redeemed. The notice must be irrevocable and the signature thereon must beguaranteed 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 netrealized capital gains that is not so paid or payable will be taxable to the Funds. Income tax on net realized capital gains notpaid or payable will be generally recoverable by virtue of the refunding provisions contained in the Act and provincial income taxlegislation, as redemptions occur. Each of the Funds is required by the Trust Agreement governing the Fund to pay all nettaxable income and sufficient net realized capital gains so that the Funds will not be subject to income taxes. Accordingly, noprovision for income tax has been made in these financial statements.

161


There are capital loss carry-forwards available in the following Funds as at December 31, 2008:

$

Canadian Small Company Equity Fund 4,800,162U.S. Large Company Equity Fund 173,104,876U.S. Small Company Equity Fund 49,987,411EAFE Equity Fund 155,072,621Emerging Markets Equity Fund 11,360,807Canadian Fixed Income Fund 3,787,177Long Duration Bond Fund 161,103Real Return Bond Fund 1,272,624U.S. Large Cap Synthetic Fund 384Enhanced Global Bond Fund 5,313,521Short Term Bond Fund 1,313,824Balanced Monthly Income Fund 1,181,801Income 30/70 Fund 80,846Growth 70/30 Fund 377,030Growth 80/20 Fund 351,097Growth 100 Fund 2,072,600Global Growth 100 Fund 587,227

These capital losses for income tax purposes may be carried forward indefinitely and applied against capital gains realized infuture years.

There are also non-capital loss carry-forwards as at December 31, 2008 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 expiration2009 2027 2028

$ $ $Canadian Small Company Equity Fund – – 883,444U.S. Small Company Equity Fund – 677,592 –International Synthetic Fund 3,620,775 – 12,427,437U.S. Large Cap Synthetic Fund – – 45,996,252U.S. Mid Cap Synthetic Fund – – 60,647,183Global Growth 100 Fund – – 96,630

5. MANAGEMENT FEES AND EXPENSES

(a) Under the terms of the Trust Agreement governing the Funds, all expenses of the Funds other than any compensation tothe Manager of the Funds relating to Class O and Class R units, are payable by the Funds except for Class F whereoperating expenses are paid outside the Funds. In the case of the Class R units, each Fund is responsible for five basispoints of operating expenses that are attributable to such Units and the Manager is responsible for the balance of theseoperating expenses.

162


(b) To remain competitive, the Manager may agree to a reduced management fee to be payable by particular Unitholders ofthe Funds with substantial holdings in the Funds. This is achieved by the Funds making individual distribution payments,referred to as “Management Fee Distributions” to those Unitholders. The amount of such Management Fee Distribution toa Unitholder is negotiable between the Manager and the Unitholder and depends primarily on the amount invested.

(c) For Class O units, compensation paid to the Manager for management of the Funds is payable directly by investorsoutside the Funds. The Fund Manager’s compensation for management services is subject to separate agreements withunitholders and varies based upon such factors as the particular Fund and the amount invested. In the case of Class Runits, all compensation for the Manager’s services are paid pursuant to a separate management agreement entered intowith the corporate sponsor of the group retirement and savings plans in which holders of Class R units participate. For allother Classes, management fees are calculated based on the daily net asset value of the Class and the followingpercentages:

Class I Class P Class F*Canadian Equity Fund 0.85% 2.20% 0.90%Canadian Small Company Equity Fund 0.90% 2.20% 1.00%U.S. Large Company Equity Fund 0.85% 2.20% 0.90%U.S. Small Company Equity Fund 0.90% 2.20% 1.00%EAFE Equity Fund 1.00% 2.30% 1.10%Emerging Markets Equity Fund 1.25% 2.60% 1.25%Canadian Fixed Income Fund 0.65% 1.60% 0.75%Long Duration Bond Fund 0.65% 1.60% 0.80%Real Return Bond Fund 0.65% 1.60% 0.80%Money Market Fund 0.50% 0.50% 0.60%International Synthetic Fund 0.75% 1.50% 0.90%U.S. Large Cap Synthetic Fund 0.50% 1.30% 0.60%U.S. MidCap Synthetic Fund 0.60% 1.30% 0.80%Enhanced Global Bond Fund 0.85% 1.90% 1.20%Short Term Bond Fund 0.65% 1.60% 0.75%Conservative Monthly Income Fund 0.70% 1.95% 1.00%Balanced Monthly Income Fund 0.70% 2.10% 1.10%Income 100 Fund 0.70% 1.45% 1.00%Income 20/80 Fund 0.70% 1.45% 1.00%Income 30/70 Fund 0.70% 1.70% 1.00%Income 40/60 Fund 0.70% 1.95% 1.00%Balanced 50/50 Fund 0.70% 2.10% 1.10%Balanced 60/40 Fund 0.70% 2.10% 1.10%Growth 70/30 Fund 0.70% 2.20% 1.20%Growth 80/20 Fund 0.75% 2.20% 1.20%Growth 100 Fund 0.85% 2.20% 1.20%Global Growth 100 Fund 0.90% 2.20% 1.20%

* The management fee stated includes GST.

163


6. SOFT DOLLAR COMMISSIONS

The brokerage commissions paid on securities transactions may include "soft dollar" amounts, such as the value of research andother services provided by the broker. Although SEI uses best efforts to determine the soft dollar portion of commissions paid onportfolio transactions of the Funds, the soft dollar portion, in some instances, is not ascertainable. The soft dollar amounts forthe periods ended June 30 are listed below:

Soft Dollar Commissions2009 2008

$ $

Canadian Equity Fund 116,916.50 162,320Canadian Small Company Equity Fund 5,151.29 8,608U.S. Large Company Equity Fund 157,966.12 101,132U.S. Small Company Equity Fund 9,493.17 7,067EAFE Equity Fund 39,880.81 22,755Emerging Markets Equity Fund 46,310.30 1,197

7. COMPARISON OF NET ASSETS PER UNIT AND NET ASSET VALUE PER UNIT

The following table shows the comparison between the net asset value per unit and the net assets per unit calculated inaccordance with Section 3855 as at June 30, 2009 and December 31, 2008:

2009 2008

Net asset value per unit ($) Net assets per unit ($) Net asset value per unit ($) Net assets per unit ($)

CANADIAN EQUITY FUNDClass O 17.86 17.82 14.98 14.92Class I 17.82 17.79 15.02 14.96Class P 18.50 18.46 15.70 15.64Class F 19.94 19.90 16.79 16.73CANADIAN SMALL COMPANY EQUITY FUNDClass O 7.30 7.26 6.05 5.98Class P 9.98 9.93 8.36 8.27Class F 7.96 7.92 6.62 6.55U.S. LARGE COMPANY EQUITY FUND Class O 4.95 4.95 5.02 5.01Class I 4.90 4.89 4.98 4.98Class P 4.70 4.69 4.81 4.81Class F 4.98 4.97 5.06 5.06U.S. SMALL COMPANY EQUITY FUNDClass O 3.38 3.38 3.53 3.52Class I 3.28 3.28 3.44 3.43Class P 3.13 3.12 3.30 3.29Class F 3.33 3.32 3.48 3.47EAFE EQUITY FUNDClass O 4.04 4.03 4.05 4.04Class I 4.00 3.99 4.03 4.02Class P 4.01 4.00 4.08 4.07Class F 4.18 4.17 4.22 4.21

164


2009 2008


EMERGING MARKETS EQUITY FUNDClass O 4.35 4.34 3.46 3.44Class I 4.38 4.98 3.51 3.49Class P 4.75 4.49 3.83 3.81Class F 5.09 4.71 4.08 4.05

CANADIAN FIXED INCOME FUNDClass O 11.23 11.20 10.98 10.96Class I 11.20 11.17 10.95 10.93Class P 11.43 11.40 11.17 11.16Class F 11.36 11.33 11.12 11.10

LONG DURATION BOND FUNDClass O 9.97 9.97 10.38 10.38Class I – – – –Class P 11.41 11.41 11.96 11.95Class F 9.64 9.64 10.07 10.07

REAL RETURN BOND FUNDClass O 14.44 14.44 13.44 13.44Class P 15.47 15.47 14.52 14.52Class F 14.78 14.78 13.81 13.81

MONEY MARKET FUNDClass O 10.00 10.00 10.00 10.00Class I 10.00 10.00 10.00 10.00Class P 10.00 10.00 10.00 10.00Class F 10.00 10.00 10.00 10.00

INTERNATIONAL SYNTHETIC FUND Class O 7.87 7.87 7.69 7.69Class P 7.12 7.12 7.01 7.01Class F 7.84 7.84 7.68 7.68

U.S. LARGE CAP SYNTHETIC FUND Class O 6.25 6.25 6.14 6.08Class P 6.99 6.99 6.92 6.85Class F 6.23 6.23 6.14 6.08

U.S. MID CAP SYNTHETIC FUND Class O 6.26 6.26 5.84 5.67Class P 7.52 7.52 7.07 6.86Class F 6.58 6.58 6.16 5.98

ENHANCED GLOBAL BOND FUNDClass O 4.25 4.25 4.62 4.62Class P 4.31 4.31 4.72 4.72Class F 4.71 4.71 5.14 5.14

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2009 2008


SHORT TERM BOND FUNDClass O 9.74 9.72 9.54 9.53Class P 9.72 9.70 9.54 9.53Class F 9.69 9.67 9.50 9.50CONSERVATIVE MONTHLY INCOME FUNDClass O 8.56 8.56 8.40 8.40Class P 8.50 8.50 8.42 8.42Class F 8.73 8.73 8.59 8.59Class S 8.52 8.52 – –BALANCED MONTHLY INCOME FUNDClass O 7.54 7.54 7.33 7.33Class P 7.25 7.25 7.14 7.14Class F 7.58 7.58 7.39 7.39INCOME 100 FUNDClass O 4.76 4.76 4.63 4.63Class I 4.96 4.96 4.84 4.84Class P 4.89 4.89 4.79 4.79Class F 4.85 4.85 4.73 4.73Class R 4.74 4.74 4.60 4.60INCOME 20/80 FUND Class O 3.85 3.85 3.68 3.68Class I 4.79 4.79 4.60 4.60Class P 4.71 4.71 4.54 4.54Class F 4.02 4.02 3.86 3.86Class R 3.83 3.83 3.66 3.66Class S 4.72 4.72 – –INCOME 30/70 FUND Class O 4.85 4.85 4.64 4.64Class I 4.86 4.86 4.67 4.67Class P 4.83 4.83 4.67 4.67Class F 4.83 4.83 4.64 4.64Class R 4.83 4.83 4.61 4.61INCOME 40/60 FUND Class O 4.51 4.51 4.28 4.28Class I 5.19 5.19 4.95 4.95Class P 4.54 4.54 4.35 4.35Class F 4.60 4.60 4.38 4.38Class R 4.41 4.41 4.18 4.18Class S 4.55 4.55 – –BALANCED 50/50 FUND Class O 4.89 4.89 4.61 4.61Class I 5.10 5.10 4.82 4.82Class P 4.92 4.92 4.69 4.69Class F 5.01 5.01 4.74 4.74Class R 4.89 4.89 4.60 4.60

166

2009 2008


BALANCED 60/40 FUNDClass O 5.38 5.38 5.03 5.03Class I 5.50 5.50 5.16 5.16Class P 5.41 5.41 5.11 5.11Class F 5.55 5.55 5.21 5.21Class R 5.36 5.36 5.01 5.01Class S 5.42 5.42 – –

GROWTH 70/30 FUNDClass O 4.00 4.00 3.72 3.72Class I 0.00 0.00 4.70 4.70Class P 4.55 4.55 4.28 4.28Class F 4.08 4.08 3.81 3.81Class R 3.98 3.98 3.70 3.70

GROWTH 80/20 FUND Class O 4.46 4.46 4.14 4.14Class I 4.47 4.47 4.17 4.17Class P 4.22 4.22 3.97 3.97Class F 4.63 4.63 4.31 4.31Class R 4.45 4.45 4.12 4.12Class S 4.23 4.23 – –

GROWTH 100 FUND Class O 4.20 4.20 3.88 3.88Class I 4.58 4.58 4.24 4.24Class P 3.95 3.95 3.68 3.68Class F 4.22 4.22 3.90 3.90Class R 4.20 4.20 3.87 3.87Class S 3.95 3.95 – –

GLOBAL GROWTH 100 FUNDClass O 3.41 3.41 3.25 3.25Class I – – 3.16 3.16Class P 3.27 3.27 3.36 3.36Class F 3.50 3.50 3.26 3.26Class R 3.41 3.41 – –

8. FINANCIAL RISKS

The Funds are exposed to a variety of financial risks: credit risk, liquidity risk, and market risk (including interest rate risk, otherprice risk, and currency risk), in the normal course of business. The value of investments held within a fund will fluctuate on adaily basis as a result of changes in interest rates, economic conditions, market, and company specific news. The level of riskdepends on the Fund’s investment objectives and the type of securities it invests in.


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The Funds’ overall risk management program seeks to minimize the potentially adverse effect of risk on the Funds’ financialperformance in a manner consistent with the Funds’ investment objectives. The risk management practices include monitoringcompliance 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 primarilyon the overall asset allocation of the Fund. A long-term strategic asset allocation is set for the Fund that the Manager believesbest optimizes long-term risks and volatility with the long-term potential returns. To help achieve consistent results over a typicalmarket cycle, investments in Underlying Funds are diversified by asset class, region and market capitalization.

The asset allocation process utilizes proprietary portfolio management optimization techniques based on an asset/liabilityframework, acting to combine an optimal portfolio with expected risks and correlations to derive an estimated return expectationfor each asset class.

The Fund’s risk management practice includes a daily review of risk analytic reports which monitor holdings to ensurecompliance with the Fund’s rebalancing policy. The objective of the rebalancing policy is to maintain the Fund’s strategic assetmix during periods of market fluctuation. When an individual Underlying Fund holding has drifted by more than 2.5% from itslong-term strategic asset mix, the Manager aims to rebalance Fund holdings to return relative over or underweight positionswithin 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 ariseswhen 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

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 thatthe value of interest-bearing financial instruments will fluctuate due to changes in the prevailing levels of market interest rates.

Other Price Risk

Other price risk is the risk that the fair value or future cash flows of financial instruments will fluctuate as a result of changes inmarket prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to anindividual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. The maximum riskresulting from financial instruments held long is determined by the fair value of the instrument. The maximum risk resultingfrom financial instruments sold short is unlimited.

Credit Risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it hasentered into with a fund. The main concentration of credit risk would be where a fund invests in debt instruments andderivatives. The fair value includes consideration of the creditworthiness of the issuer and therefore represents the maximumcredit exposure of the Funds.


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All transactions executed by the Funds in listed securities are settled for upon delivery using approved brokers. The risk ofdefault is minimal as delivery of securities sold is only made once the broker has received payment. Payment is made on apurchase 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. Thisis concentrated in the daily cash redemptions of units. For all the Funds, units are issued and redeemed on demand at the thencurrent net asset value per unit at the option of the unit holder. The Funds invest primarily in securities that are actively tradedand can be readily liquidated. In addition, the Funds retain sufficient cash and cash equivalent positions to maintain liquidity.In accordance with securities regulations, each Fund must maintain at least 90% of their assets in liquid investments (i.e.investments that are traded in an active market and can be readily sold). 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”), providedcertain brokerage services to certain of the Funds, which, during the year ended June 30, 2009, resulted in commissions beingpaid directly or indirectly by the Funds to SIDCO.

The amounts are as follows:

$

EAFE Equity Fund 81,750.25Emerging Market Fund 11,334.69U.S. Large Company Equity Fund 56,416.92

10. FUTURE ACCOUNTING STANDARDS

International Financial Reporting Standards

The Canadian Accounting Standards Board has confirmed January 1, 2011 as the date International Financial ReportingStandards (“IFRS”) will replace current Canadian GAAP for publicly accountable enterprises, which include investment fundsand other reporting issuers.

Accordingly, the Funds will adopt IFRS for their fiscal period beginning January 1, 2011. The Manager’s transition plan willinclude:

• Identifying key issues and the likely impacts resulting from the adoption of IFRS,

• Analysis of impact on accounting systems, and

• Assessment of necessary training required.

The key elements of the Manager’s plan include disclosure of the qualitative impact in the 2009 annual financial statements,the disclosures of the quantitative impact, if any, in the 2010 financial statements and the preparation of the 2011 financialstatements in accordance with IFRS. The Manager presently expects that there will be no impact to net assets as a result of thechangeover to IFRS. The impact of IFRS on accounting policies and implementation decisions are anticipated to be in the areasof additional note disclosures in the financial statements.


169

70 York Street

Suite 1600

Toronto, Ontario M5J 1S9

416/777-9700 F 416/777-9093

Documents

Semi-Annual ReportJust Energy Income Fund 621,461 8,041,593 7,010,080 ... Innergex Renewable Energy Inc. 119,400 1,253,390 459,690 ... In practice, the actual trading results may differ