Annual Report - SEI

Canadian Equity Fund
Notes to Statement of Investment Portfolio
AS AT DECEMBER 31, 2009 AND 2008
Currency Risk
The table below indicates the currencies to which the Fund had exposure as at December 31, 2009 and 2008, on both its trading monetary and non-monetary assets and liabilities.
Currency risk exposed holdings* Forward foreign exchange contracts Total Exposure As a % of Net Assets
2009 2008 2009 2008 2009 2008 2009 2008
U.S. Dollar 320 503,896 — — 320 503,896 0.00% 0.03%
*Amounts include monetary and non-monetary items.
As at December 31, 2009, had the Canadian dollar strengthened or weakened by 5% (2008 – 5%) in relation to all currencies, with all other variables held constant, net assets would have decreased or
increased, respectively, by approximately $16 (2008 – $25,195). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material.
Interest Rate Risk
As at December 31, 2009 and 2008, the interest rate risk is minimal given that the majority of the Fund’s financial instruments are non-interest bearing.
Other Price Risk
As at December 31, 2009, a 10% (2008 – 10%) increase or decrease in equity prices on the Canadian stock exchanges would have increased or decreased the Fund’s Net Assets by $238,423,320
(2008 – $179,583,194). In practice, the actual results may differ from this sensitivity analysis and the difference could be material.
Credit Risk
As at December 31, 2009 and 2008, the credit risk is minimal given that the Fund had no significant investments in debt instruments or derivatives.
Fair Value Measurements
The following table summarizes the inputs used as of December 31, 2009 in valuing the Fund’s investments and derivatives carried at fair values:
Quoted prices in active markets Significant other observable inputs Significant unobservable inputs
for identical assets (Level 1) (Level 2) (Level 3) Total
Common shares $ 2,373,444,950 $ — $ 1,117,048 $ 2,374,561,998
Preferred shares — — — —
Short-term notes 30,529,210 — — 30,529,210
Bonds — 8,520,600 — 8,520,600
Investments in funds 2,374 — — 2,374
Total Investments $ 2,403,976,534 $ 8,520,600 $ 1,117,048 $ 2,413,614,182
Derivative assets 105,083 — — 105,083
Derivative liabilities — — — —
During the year ended December 31, 2009, no equity investments were transferred between Level 1 and Level 2.
During the year ended December 31, 2009, the reconciliation of investments measured at fair value using unobservable inputs (Level 3) is presented as follows:
Beginning Balance $ 603,312
Purchases —
Sales —
Net transfers into and/or out of Level 3 —
Realized gains/(losses) —
Change in unrealized appreciation/depreciation 513,735
Ending Balance (December 31, 2009) $ 1,117,048
Total change in unrealized appreciation during the period
for assets held at December 31, 2009 $ 513,735
Total
SCEF
(See accompanying notes)
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