Annual Report - SEI

Emerging Markets 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* Spot and Forward foreign exchange contracts Total Exposure As a % of Net Assets
2009 2008 2009 2008 2009 2008 2009 2008
U.S. Dollar 32,298,378 28,252,775 5,688 — 32,304,066 28,252,775 18.18% 24.44%
Hong Kong Dollar 26,742,225 19,433,272 — — 26,742,225 19,433,272 15.05% 16.81%
South Korean Won 22,543,080 11,622,305 — — 22,543,080 11,622,305 12.69% 10.05%
Taiwan Dollar 20,338,176 9,889,826 — — 20,338,176 9,889,826 11.45% 8.55%
South African Rand 14,033,482 8,658,713 — — 14,033,482 8,658,713 7.90% 7.49%
Brazilian Real 22,371,729 8,347,026 (5,709) — 22,366,020 8,347,026 12.59% 7.22%
Indian Rupee 10,105,153 6,975,586 — — 10,105,153 6,975,586 5.69% 6.03%
Mexican Peso 5,623,634 2,668,506 — — 5,623,634 2,668,506 3.17% 2.31%
Malaysian Ringgit 3,270,553 2,315,895 — — 3,270,553 2,315,895 1.84% 2.00%
Thai Baht 3,926,186 2,072,319 — — 3,926,186 2,072,319 2.21% 1.79%
Israeli Shekel 2,295,065 1,587,094 — — 2,295,065 1,587,094 1.29% 1.37%
New Turkish Lira 4,174,845 1,574,054 — — 4,174,845 1,574,054 2.35% 1.36%
Polish Zloty 1,751,429 1,567,377 — — 1,751,429 1,567,377 0.99% 1.36%
Czech Koruna 307,078 1,167,770 — — 307,078 1,167,770 0.17% 1.01%
Indonesian Rupiah 2,910,733 793,996 — — 2,910,733 793,996 1.64% 0.69%
Hungarian Forint 455,423 529,476 — — 455,423 529,476 0.26% 0.46%
Philippine Peso 181,196 381,446 — — 181,196 381,446 0.10% 0.33%
Egyptian Pound 1,035,577 349,532 — — 1,035,577 349,532 0.58% 0.30%
British Pound 497,960 245,227 — — 497,960 245,227 0.28% 0.21%
Chilean Peso 863,504 200,632 — — 863,504 200,632 0.49% 0.17%
Euro Currency Unit 454,899 90,299 — — 454,899 90,299 0.26% 0.08%
Singapore Dollar 311,836 113 — — 311,836 113 0.18% 0.00%
Swedish Krona 279,880 — — — 279,880 — 0.16% 0.00%
*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 $8,838,600 (2008 – $5,436,162). 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 15% (2008 – 15%) increase or decrease in equity prices on the global stock exchanges would have increased or decreased the Fund’s Net Assets by $25,980,063
(2008 – $15,965,862). 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 $ 166,904,046 $ 1,608,474 $ — $ 168,512,520
Preferred shares 4,687,903 — — 4,687,903
Short-term notes — — — —
Bonds — — —
Investments in funds — — — —
Total Investments $ 171,591,949 $ 1,608,474 $ $ 173,200,423
Derivative assets — — — —
Derivative liabilities (21) — — (21)
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 Fund did not hold any investments classified within Level 3.
(See accompanying notes)
SEME
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