By SEDAR. April 17, 2018

Transcription

1 April 17, 2018 By SEDAR British Columbia Securities Commission Alberta Securities Commission Financial and Consumer Affairs Authority of Saskatchewan The Manitoba Securities Commission Autorité des marchés financiers Ontario Securities Commission Nova Scotia Securities Commission Financial and Consumer Services Commission (New Brunswick) Office of the Superintendent of Securities (Prince Edward Island) Office of the Superintendent of Securities Service Newfoundland and Labrador Office of the Superintendent of Securities (Yukon Territory) Northwest Territories Securities Office Nunavut Securities Office Dear Sirs/Mesdames: Re: Growth 100 Fund (the Fund ) Refiling of the Annual Management Report of Fund Performance for the period ending December 31, 2017 (the MRFP ) Further to the SEDAR filing of the Fund s MRFP on March 28, 2018, please note that the MRFP has been re-filed to correct the trading expense ratio The Fund s MRFP filed on SEDAR on April 17, 2018 replaces the previously filed MRFP on March 28, 2018 Yours truly, (signed) Andrew Mitchell Andrew Mitchell SEI Investments Canada Company

2 Growth 100 Fund Annual Management Report of Fund Performance for the period ended December 31, 2017 All figures are reported in Canadian dollars unless otherwise noted This annual Management Report of Fund Performance contains financial highlights and may be accompanied by the annual Financial Statements of the Fund These reports are available on our website seiccom/en-ca, or on the SEDAR website at sedarcom You can also get a copy of the annual financial statements or semi-annual financial statements (unaudited) at your request, and at no cost, by calling or by writing us at: SEI Investments Canada Company 130 King Street West, Suite 2810, PO Box 433 Toronto, ON M5X 1E3 The proxy voting record of the SEI Funds for the period ending June 30, 2018 will be available on our website any time after August 31, 2018 MANAGEMENT DISCUSSION OF FUND PERFORMANCE Investment Objective and Strategies The fundamental investment objective of the Growth 100 Fund (the Fund ) is to achieve long-term growth of capital and income through investment in a diversified portfolio of Canadian equity securities, Canadian bonds and foreign equity securities The Fund seeks to accomplish this objective by investing its assets either directly or through investments in other mutual funds that are managed by SEI Investments Canada Company (the Manager ) The Fund will fulfil its fundamental investment objective by investing its assets in Underlying Funds asset class weightings which will generally be primarily equity investments The Fund may also invest in cash and cash equivalents, including Money Market Fund or any other money market mutual fund managed by SEI from time to time The Manager has selected each of the Underlying Funds in which the Fund will invest, as well as the percentage of the Fund's net assets that will be invested in the Underlying Fund The Manager selects Underlying Funds from the relevant asset classes and in proportions that satisfy the investment objectives and strategies of the Fund The Underlying Funds and their percentage weightings may be changed from time to time at the Manager s discretion Results of Operations Performance discussion is presented for Class E units of the Fund and Class O units of the Underlying Funds Performance for Class E units is after the deduction of fees and expenses, unlike the benchmark returns Returns for other classes of units may vary, largely due to differences in fees and expenses All dollar figures are expressed in thousands, unless otherwise indicated Please refer to the Past Performance section for class-level performance details The Growth 100 Fund returned 111% and underperformed the MSCI World Index return of 144% for the twelve-month period ended December 31, 2017 (the period ) A discussion of the performance of the key Underlying Funds and their broad based indices is provided below The Fund's net asset value increased by 16% during the period, from $80,860 as at December 31, 2016 to $96,217 as at December 31, 2017 Net sales of $7,201 and positive investment performance resulted in an overall increase in net asset value RESULTS RELATED TO UNDERLYING FUNDS Market volatility was very low for the year as investors generally proved to be unflappable whenever potential macro or geopolitical concerns surfaced in 2017 Although short-term interest rates rose, longer-term rates were relatively stable The positive sentiment toward US equities was partially driven by better-than-expected corporate earnings and a continued global economic expansion At the end of the year, the passage of a US corporate tax cut provided additional fuel for the market Growth stocks led the market upward, with the Information Technology sector producing by far the best returns among Russell 1000 Index sectors Major household-name technology stocks, including some of the more-technologically-advanced companies in the Consumer Discretionary sector, were the most popular category in the market The US Large Company Equity Fund returned 130% versus the Russell 1000 Index return of 134% for the period Equities worldwide had a strong year, with international developed-market equities outperforming US equities, but lagging emerging-market equities The theme of the year was synchronized global growth and lower political risk The political risk that dominated 2016 and was marked by the rise of populism, faded away after defeats in presidential elections in the Netherlands and France This paved the way for stable appreciation in equity markets globally Europe s economy improved during the year, with the region s purchasing manager index (PMI) numbers healthy throughout the year and hitting highs not seen since the 2000s Demand from emerging-market countries like China was strong, and the combination of decreased political risk and robust growth helped Europe outperform other regions The EAFE Equity Fund returned 198% versus the MSCI EAFE Index return of 168% for the period Performance was driven by stock selection, but allocation also contributed Selection was positive in the majority of sectors: strongest in Consumer Discretionary, followed by Information Technology, Healthcare, Materials and Financials

3 Growth 100 Fund Annual Management Report of Fund Performance Performance in emerging markets was dominated by strong fundamentals from technology companies and stable positive performance throughout most of the year Inflows for the asset class were positive for the first time in years and, along with solid fundamentals, led to strong returns for Asian technology companies This was further fueled by the absence of higher growth and inflation in developed markets, which caused investors to reward higher-growth emerging-market companies, especially those in the Technology sector Emerging Asia was the best-performing region during the year, with strong contributions from China, as well as from Korean and Taiwanese technology companies Chinese stocks, which make up almost one-third of the Index, saw strong returns in the Technology, Consumer and Real Estate sectors The Emerging Markets Equity Fund returned 306% versus the MSCI Emerging Markets Index return of 2837 for the period Volatility was at historically low levels in 2017 as the market repeated 2016 s strong performance Shrugging off macroeconomic and geopolitical concerns whenever they arose, the market was driven by better-than-expected corporate earnings and a synchronized global economic expansion Short-term interest rates began to normalize as the Federal Reserve incrementally raised the federal funds rate several times throughout the year At the end of the year, passage of the much-anticipated tax reform bill gave more life to the bull market Companies particularly small-cap and more-domestically-focused companies can be expected to benefit from earnings increases of about 10% from the tax-rate cuts Healthcare and Information Technology were the top-performing sectors, and led the market for most of the year Energy, Telecommunications, Consumer Staples and Real Estate underperformed the market significantly The US Small Company Equity Fund returned 100% versus the Russell 2500 Index return of 89% for the period Canadian equities underperformed developed world equities for the period, following a trend that began in 2011, when the Canadian market fell out of favour as bullish outlook for oil and other commodities soured Commodity stocks in general and energy stocks in particular (down 100% in 2017), have been stuck in purgatory for years The S&P/TSX Composite Index began the first six months of 2017 with a reversal of the blistering 2016 performance, but has managed to gain ground in the second half of 2017, as a stronger Canadian dollar, higher commodity prices and surprisingly strong economic results helped send markets higher Financials were the biggest contributors to performance, driven by still-strong consumer credit growth and insurers benefiting from higher interest rates Industrials and Consumer Discretionary were the next best contributors, both benefiting from synchronized global growth and strong consumer demand The Energy sector fared the worst and ended the year in negative territory The Canadian Equity Fund returned 81% versus the S&P/TSX Composite Index return of 91% for the period 2017 was characterized by outperformance of larger cap companies, outperformance of mining, and outperformance of the speculative cannabis space During 2017, both resource and non-resource names were severely penalized, yet mining stocks sprung back to life later in the year, due to a rebound in metals prices, responding to a constrained supply and improved global demand The diversified/copper producing firms performed the best during 2017 The Canadian small cap market has shown some evidence of shaking off the prolonged slump The current setup should provide for a revival of mergers and acquisitions, based on the low-cost of share prices, the still-weak Canadian dollar and the global nature of some businesses The Canadian Small Company Equity Fund returned 37% versus the S&P/TSX Small Cap Index return of 28% for the period Industrials and Materials were the biggest contributors to performance Recent Developments CHANGES TO PORTFOLIO MANAGERS During the period, Coho Partners, Ltd and Fiera Capital Inc were added while Brown Advisory, LLC and Ivy Investments (formerly Waddell & Reed Investment Management Company) were removed as Portfolio Managers in the US Large Company Equity Fund Henderson Global Investors was removed as a Portfolio Manager in the EAFE Equity Fund during the period In March 2017, Delaware Investment Advisors were rebranded as Macquarie Investment Management and continue to be a Portfolio Manager in the Emerging Markets Equity Fund In December 2017, Fiera Capital Corporation was removed as a Portfolio Manager in the Canadian Equity Fund CLASS P UNITS On December 6, 2017, all issued and outstanding Class P Units of the Fund were reclassified as Class E Units MANAGEMENT FEE REDUCTIONS Effective July 1, 2017, the maximum annual management fee for Class F units was reduced to 100% CHANGES TO COMPOSITION OF INDEPENDENT REVIEW COMMITTEE (IRC) MEMBERS During the relevant period, George Sullivan resigned as a member of the Fund s Independent Review Committee ("IRC") and Merle Kriss was appointed as a new IRC member IFRS 9, FINANCIAL INSTRUMENTS IFRS 9 is effective for annual periods beginning on or after January 1, 2018 The Funds plan to adopt the new standard on the required effective date During 2017, the Funds have performed a high-level impact assessment of all three aspects of IFRS 9 Overall, the standard is not expected to have any impact on the measurement basis of the financial assets held by the Funds No impact on the net assets and the results of the Funds is expected from the adoption of IFRS 9 The Funds do not expect a significant impact on its balance sheet from applying the classification and measurement requirements of IFRS 9 The Funds expect to continue measuring at fair value all financial assets currently held at fair value Debt securities are expected to be measured at FVPL under IFRS 9 as the

4 Growth 100 Fund Annual Management Report of Fund Performance Funds do not expect to hold the assets to collect contractual cash flows Risk The Fund is suitable for investors who have a medium tolerance for risk For the period ended December 31, 2017, the Fund's overall level of risk remains as discussed in the simplified prospectus Related Party Transactions SEI Investments Canada Company and its affiliates have the following roles and responsibilities with respect to the Fund, and receive the fees described below in connection with their roles and responsibilities MANAGER SEI Investments Canada Company, a wholly-owned subsidiary of SEI Investments Company, is the Manager of the Fund SEI receives management fees with respect to the day-to-day business and operations of the Fund, calculated based on the net asset value of each respective class of units of the Fund as described in the section entitled Management Fees The Manager also compensates its wholesalers in connection with their marketing activities regarding the Fund From time to time, SEI may provide seed capital to the Fund PORTFOLIO MANAGERS The Manager is the portfolio manager of the Fund SEI Investments Management Corporation ( SIMC ), also a wholly-owned subsidiary of SEI Investments Company, has entered into a sub-advisory agreement with the Manager to provide advisory services to the Fund and the Manager pays a fee to SIMC for these services FUND TRANSACTIONS Certain of the Underlying Funds' portfolio transactions may have been placed with a broker-dealer affiliate of the Manager, including US-registered SEI Investments Distribution Company ( SIDCO ) SEI may enter into commission recapture arrangements with certain dealers on behalf of the Fund Any recaptured commission received will be paid to the Fund For the period ended December 31, 2017, the Fund paid no commissions to broker-dealer affiliates of the Manager Spreads associated with fixed income and other securities are not ascertainable and, for that reason, cannot be included when determining these amounts Such services and amounts were in accordance with the Manager's policy for such services being provided The Fund's Independent Review Committee ( IRC ) has reviewed the Manager's policy, and reviews any changes to the Manager's policy, and the services provided and amounts paid at least annually and has issued standing instructions If the Manager has not complied with the conditions of the standing instructions issued, the IRC must advise the Canadian securities regulatory authorities

5 Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the period ended December 31 Class E THE FUND'S NET ASSETS PER UNIT (a) NET ASSETS, BEGINNING OF PERIOD $717 $684 $632 $580 $ INCREASE (DECREASE) FROM OPERATIONS: Total revenue Total expenses (014) (013) (012) (012) (003) Realized gains (losses) for the period Unrealized gains (losses) for the period (087) 031 (005) (007) (014) Total increase (decrease) from operations (b) DISTRIBUTIONS: From net investment income (excluding dividends) From dividends - (005) - - (011) From capital gains Return of capital (017) Total annual distributions (c) (017) (005) - - (011) NET ASSETS, END OF PERIOD $779 $717 $684 $632 $580 RATIOS AND SUPPLEMENTAL DATA Net asset value (000s) $25,077 $3,072 $1,226 $834 $235 Number of units outstanding 3,219, , , ,923 40,488 Management expense ratio (d) 197% 199% 196% 213% 054% 3 Management expense ratio before waivers 197% 199% 197% 216% 065% 3 Portfolio turnover rate (e) 200% 700% 900% 700% 1400% Trading expense ratio (f) 013% 016% 014% 015% 017% Net asset value per unit $779 $717 $684 $632 $580 1 Information presented is for the period from August 30, 2013 to December 31, Initial offering price 3 Ratio has been annualized Class F THE FUND'S NET ASSETS PER UNIT (a) NET ASSETS, BEGINNING OF PERIOD $822 $779 $718 $653 $523 INCREASE (DECREASE) FROM OPERATIONS: Total revenue Total expenses (008) (008) (008) (007) (007) Realized gains (losses) for the period Unrealized gains (losses) for the period Total increase (decrease) from operations (b) DISTRIBUTIONS: From net investment income (excluding dividends) From dividends - (008) - - (007) From capital gains Return of capital (005) Total annual distributions (c) (005) (008) - - (007) NET ASSETS, END OF PERIOD $916 $822 $779 $718 $653 RATIOS AND SUPPLEMENTAL DATA Net asset value (000s) $2,438 $2,334 $1,884 $1,939 $1,833 Number of units outstanding 266, , , , ,790 Management expense ratio (d) 109% 120% 120% 119% 119% Management expense ratio before waivers 122% 130% 135% 135% 130% Portfolio turnover rate (e) 200% 700% 900% 700% 1400% Trading expense ratio (f) 013% 016% 014% 015% 017% Net asset value per unit $916 $822 $779 $718 $653 Note: This table is not intended to act as a continuity of opening and closing Net assets per unit (a) This information is derived from the Fund's audited annual financial statements (b) Net assets and distributions are based on the actual number of units outstanding at the relevant time The increase/decrease from operations is based on the weighted average number of units outstanding over the period For financial years beginning on or after January 1, 2013, the financial highlights are derived from the Fund's financial statements prepared in accordance with International Financial Reporting Standards For financial years prior to 2013, the financial highlights were derived from the Fund's financial statements prepared in accordance with previous Canadian generally accepted accounting principles (c) Distributions were paid in cash/reinvested in additional units of the Fund, or both (d) Management expense ratio is the ratio of all fees and expenses, including Harmonized Sales Tax (HST) and interest expense, but excluding brokerage commission on securities transactions charged to the Fund to daily average net asset value on an annualized basis The Manager may reduce or waive the management fee that it is entitled to charge and may do so indefinitely or may discontinue this practice at any time at its sole discretion and without notice (e) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio manager manages its portfolio investments A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the period The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the period, and the greater the chance of an investor receiving taxable capital gains in the period There is not necessarily a relationship between a high turnover rate and the performance of a Fund (f) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period

6 Financial Highlights Class I THE FUND'S NET ASSETS PER UNIT (a) NET ASSETS, BEGINNING OF PERIOD $904 $853 $786 $715 $569 INCREASE (DECREASE) FROM OPERATIONS: Total revenue Total expenses (005) (004) (005) (005) (003) Realized gains (losses) for the period Unrealized gains (losses) for the period Total increase (decrease) from operations (b) DISTRIBUTIONS: From net investment income (excluding dividends) From dividends - (005) - - (005) From capital gains Return of capital (026) Total annual distributions (c) (026) (005) - - (005) NET ASSETS, END OF PERIOD $984 $904 $853 $786 $715 RATIOS AND SUPPLEMENTAL DATA Net asset value (000s) $7,700 $6,071 $5,514 $4,808 $3,861 Number of units outstanding 782, , , , ,077 Management expense ratio (d) 121% 120% 122% 126% 103% Management expense ratio before waivers 121% 120% 122% 126% 115% Portfolio turnover rate (e) 200% 700% 900% 700% 1400% Trading expense ratio (f) 013% 016% 014% 015% 017% Net asset value per unit $984 $904 $853 $786 $715 Class O THE FUND'S NET ASSETS PER UNIT (a) NET ASSETS, BEGINNING OF PERIOD $840 $794 $725 $653 $520 INCREASE (DECREASE) FROM OPERATIONS: Total revenue Total expenses (001) (001) (001) (001) - Realized gains (losses) for the period Unrealized gains (losses) for the period Total increase (decrease) from operations (b) DISTRIBUTIONS: From net investment income (excluding dividends) From dividends - (015) - - (012) From capital gains Return of capital (023) Total annual distributions (c) (023) (015) - - (012) NET ASSETS, END OF PERIOD $925 $840 $794 $725 $653 RATIOS AND SUPPLEMENTAL DATA Net asset value (000s) $5,579 $4,755 $5,080 $4,618 $5,039 Number of units outstanding 603, , , , ,856 Management expense ratio (d) 025% 024% 026% 029% 007% Management expense ratio before waivers 025% 024% 027% 029% 018% Portfolio turnover rate (e) 200% 700% 900% 700% 1400% Trading expense ratio (f) 013% 016% 014% 015% 017% Net asset value per unit $925 $840 $794 $725 $653 Note: This table is not intended to act as a continuity of opening and closing Net assets per unit (a) This information is derived from the Fund's audited annual financial statements (b) Net assets and distributions are based on the actual number of units outstanding at the relevant time The increase/decrease from operations is based on the weighted average number of units outstanding over the period For financial years beginning on or after January 1, 2013, the financial highlights are derived from the Fund's financial statements prepared in accordance with International Financial Reporting Standards For financial years prior to 2013, the financial highlights were derived from the Fund's financial statements prepared in accordance with previous Canadian generally accepted accounting principles (c) Distributions were paid in cash/reinvested in additional units of the Fund, or both (d) Management expense ratio is the ratio of all fees and expenses, including Harmonized Sales Tax (HST) and interest expense, but excluding brokerage commission on securities transactions charged to the Fund to daily average net asset value on an annualized basis The Manager may reduce or waive the management fee that it is entitled to charge and may do so indefinitely or may discontinue this practice at any time at its sole discretion and without notice (e) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio manager manages its portfolio investments A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the period The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the period, and the greater the chance of an investor receiving taxable capital gains in the period There is not necessarily a relationship between a high turnover rate and the performance of a Fund (f) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period

7 Financial Highlights Class P* THE FUND'S NET ASSETS PER UNIT (a) NET ASSETS, BEGINNING OF PERIOD $717 $683 $639 $590 $473 INCREASE (DECREASE) FROM OPERATIONS: Total revenue Total expenses (018) (017) (018) (016) (013) Realized gains (losses) for the period Unrealized gains (losses) for the period Total increase (decrease) from operations (b) DISTRIBUTIONS: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total annual distributions (c) NET ASSETS, END OF PERIOD $- $717 $683 $639 $590 RATIOS AND SUPPLEMENTAL DATA Net asset value (000s) - $23,258 $28,866 $34,394 $38,161 Number of units outstanding - 3,244,423 4,226,640 5,384,313 6,471,866 Management expense ratio (d) 268% 267% 271% 274% 253% Management expense ratio before waivers 268% 267% 272% 274% 264% Portfolio turnover rate (e) 200% 700% 900% 700% 1400% Trading expense ratio (f) 013% 016% 014% 015% 017% Net asset value per unit $ - $717 $683 $639 $590 * On December 6, 2017, all issued and outstanding Class P Units were reclassified as Class E Units Class R THE FUND'S NET ASSETS PER UNIT (a) NET ASSETS, BEGINNING OF PERIOD $842 $797 $727 $654 $521 INCREASE (DECREASE) FROM OPERATIONS: Total revenue Total expenses Realized gains (losses) for the period Unrealized gains (losses) for the period (004) Total increase (decrease) from operations (b) DISTRIBUTIONS: From net investment income (excluding dividends) From dividends - (015) - - (012) From capital gains Return of capital (026) Total annual distributions (c) (026) (015) - - (012) NET ASSETS, END OF PERIOD $925 $842 $797 $727 $654 RATIOS AND SUPPLEMENTAL DATA Net asset value (000s) $15,765 $12,649 $11,062 $8,691 $6,392 Number of units outstanding 1,704,942 1,501,520 1,388,338 1,196, ,781 Management expense ratio (d) 018% 019% 018% 017% 006% Management expense ratio before waivers 025% 024% 026% 029% 017% Portfolio turnover rate (e) 200% 700% 900% 700% 1400% Trading expense ratio (f) 013% 016% 014% 015% 017% Net asset value per unit $925 $842 $797 $727 $654 Note: This table is not intended to act as a continuity of opening and closing Net assets per unit (a) This information is derived from the Fund's audited annual financial statements (b) Net assets and distributions are based on the actual number of units outstanding at the relevant time The increase/decrease from operations is based on the weighted average number of units outstanding over the period For financial years beginning on or after January 1, 2013, the financial highlights are derived from the Fund's financial statements prepared in accordance with International Financial Reporting Standards For financial years prior to 2013, the financial highlights were derived from the Fund's financial statements prepared in accordance with previous Canadian generally accepted accounting principles (c) Distributions were paid in cash/reinvested in additional units of the Fund, or both (d) Management expense ratio is the ratio of all fees and expenses, including Harmonized Sales Tax (HST) and interest expense, but excluding brokerage commission on securities transactions charged to the Fund to daily average net asset value on an annualized basis The Manager may reduce or waive the management fee that it is entitled to charge and may do so indefinitely or may discontinue this practice at any time at its sole discretion and without notice (e) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio manager manages its portfolio investments A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the period The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the period, and the greater the chance of an investor receiving taxable capital gains in the period There is not necessarily a relationship between a high turnover rate and the performance of a Fund (f) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period

8 Financial Highlights Class S THE FUND'S NET ASSETS PER UNIT (a) NET ASSETS, BEGINNING OF PERIOD $738 $701 $651 $596 $477 INCREASE (DECREASE) FROM OPERATIONS: Total revenue Total expenses (014) (012) (012) (011) (009) Realized gains (losses) for the period Unrealized gains (losses) for the period (005) Total increase (decrease) from operations (b) DISTRIBUTIONS: From net investment income (excluding dividends) From dividends - (004) - - (004) From capital gains Return of capital (016) Total annual distributions (c) (016) (004) - - (004) NET ASSETS, END OF PERIOD $804 $738 $701 $651 $596 RATIOS AND SUPPLEMENTAL DATA Net asset value (000s) $39,658 $28,722 $24,107 $19,162 $13,840 Number of units outstanding 4,931,725 3,890,810 3,437,883 2,945,678 2,323,871 Management expense ratio (d) 189% 187% 189% 193% 173% Management expense ratio before waivers 189% 187% 190% 193% 184% Portfolio turnover rate (e) 200% 700% 900% 700% 1400% Trading expense ratio (f) 013% 016% 014% 015% 017% Net asset value per unit $804 $738 $701 $651 $596 Note: This table is not intended to act as a continuity of opening and closing Net assets per unit (a) This information is derived from the Fund's audited annual financial statements (b) Net assets and distributions are based on the actual number of units outstanding at the relevant time The increase/decrease from operations is based on the weighted average number of units outstanding over the period For financial years beginning on or after January 1, 2013, the financial highlights are derived from the Fund's financial statements prepared in accordance with International Financial Reporting Standards For financial years prior to 2013, the financial highlights were derived from the Fund's financial statements prepared in accordance with previous Canadian generally accepted accounting principles (c) Distributions were paid in cash/reinvested in additional units of the Fund, or both (d) Management expense ratio is the ratio of all fees and expenses, including Harmonized Sales Tax (HST) and interest expense, but excluding brokerage commission on securities transactions charged to the Fund to daily average net asset value on an annualized basis The Manager may reduce or waive the management fee that it is entitled to charge and may do so indefinitely or may discontinue this practice at any time at its sole discretion and without notice (e) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio manager manages its portfolio investments A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the period The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the period, and the greater the chance of an investor receiving taxable capital gains in the period There is not necessarily a relationship between a high turnover rate and the performance of a Fund (f) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period

9 Management Fees The following table shows the annual management fees for each unit class where such fees are paid by the Fund The management fees are calculated based on the daily Net Asset Value of each applicable unit class of the Fund and paid monthly The Fund does not pay management fees in respect of Class O and Class R units, as all compensation to the manager is negotiated with and paid by, or as directed by, unitholders or dealers on behalf of unitholders pursuant to separate management agreements Class E Class F Class I Class S Management Fees 163% 100% 1 085% 156% 1 Inclusive of applicable taxes x The following table shows the major services paid for as a percentage of the management fees above for each unit class of the Fund Investment management and other general administration* Class E Class F Class I Class S 3870% 10000% 10000% 3850% Commissions** 6130% 000% 000% 6150% * Investment management and other general administration includes all costs related to management, investment advisory services, marketing, fund promotion, general administration and profit ** Where negotiated with a particular dealer on a case-by-case basis and by class, SEI may pay trailing commissions up to the maximum of 150% per annum, calculated based upon the average net asset value of the units of the Fund held in the accounts of clients of the participating dealers during a particular calendar month or quarter

10 Past Performance The performance information shown below assumes that all distributions made by the Fund in the years shown were reinvested in additional units of the Fund This performance information does not take into account sales, redemptions, distribution or other optional charges that would have reduced returns or performance Past performance of the Fund does not necessarily indicate how it will perform in the future YEAR-BY-YEAR RETURNS The following charts show the Fund's annual performance for each of the periods shown, and illustrates how the Fund s performance has changed from year to year These bar charts show, in percentage terms, how much an investment made on January 1 would have grown or decreased by December 31 Class E Units Class O Units Return 30% 15% 124% 111% 90% 81% 57% 0% Year 1 From August 30, 2013 first issuance by Prospectus Return 60% 0% -60% 278% 237% 131% 111% 110% 96% 76% 131% -90% -330% Year Class F Units Class R Units Return 60% 0% -60% 228% 263% 121% 101% 100% 85% 65% 121% -97% -336% Year Return 60% 239% 278% 133% 112% 112% 97% 76% 131% 0% -88% -311% -60% Year 2 From June 30, 2008 first issuance by Prospectus Class I Units Class S Units Return 60% 0% -60% 228% 265% 121% 101% 100% 85% 65% 120% -98% -336% Year Return 80% 431% 257% 112% 92% 92% 78% 58% 112% 0% -105% -80% Year 3 From February 23, 2009 first issuance by Prospectus

11 x x Growth 100 Fund Annual Compound Returns The following table shows the Fund s historical compound returns for each active unit class, for the period ended December 31, 2017 These returns are compared to the returns of the MSCI World Index (the primary benchmark), the S&P/TSX Composite Index, as well as the Growth 100 Fund Composite Index and the Blended Benchmark on the same compound basis The Blended Benchmark will replace the Growth 100 Fund Composite Index as a secondary benchmark, because it better reflects the composition of the portfolio One Year Three Years Five Years Ten Years Since Inception Inception Date Class E Units 1114% 827% n/a n/a 1072% August 30, 2013 Growth 100 Fund Composite Index 1298% 1025% n/a n/a 1261% Blended Benchmark 1231% 1004% n/a n/a 1280% MSCI World Index ($C) 1436% 1215% n/a n/a 1515% S&P/TSX Composite Index 910% 659% n/a n/a 906% Class F Units 1210% 902% 1248% 506% 516% April 27, 2006 Growth 100 Fund Composite Index 1298% 1025% 1323% 651% 635% Blended Benchmark 1231% 1004% 1363% 654% 647% MSCI World Index ($C) 1436% 1215% 1688% 658% 612% S&P/TSX Composite Index 910% 659% 863% 464% 548% Class I Units 1198% 897% 1248% 502% 784% June 4, 2003 Growth 100 Fund Composite Index 1298% 1025% 1323% 651% 904% Blended Benchmark 1231% 1004% 1363% 654% 840% MSCI World Index ($C) 1436% 1215% 1688% 658% 710% S&P/TSX Composite Index 910% 659% 863% 464% 880% Class O Units 1305% 1003% 1357% 600% 845% August 21, 2002 Growth 100 Fund Composite Index 1298% 1025% 1323% 651% 859% Blended Benchmark 1231% 1004% 1363% 654% 778% MSCI World Index ($C) 1436% 1215% 1688% 658% 606% S&P/TSX Composite Index 910% 659% 863% 464% 879% Class R Units 1314% 1010% 1364% n/a 673% June 30, 2008 Growth 100 Fund Composite Index 1298% 1025% 1323% n/a 715% Blended Benchmark 1231% 1004% 1363% n/a 718% MSCI World Index ($C) 1436% 1215% 1688% n/a 794% S&P/TSX Composite Index 910% 659% 863% n/a 425% Class S Units 1123% 825% 1172% n/a 1190% February 23, 2009 Growth 100 Fund Composite Index 1298% 1025% 1323% n/a 1402% Blended Benchmark 1231% 1004% 1363% n/a 1338% MSCI World Index ($C) 1436% 1215% 1688% n/a 1455% S&P/TSX Composite Index 910% 659% 863% n/a 1134% The MSCI World Index is a market capitalization-weighted index designed to measure the performance of the global developed equity markets The S&P/TSX Composite Index is a broad measure of performance of the equities market in Canada and represents the largest companies that trade on the Toronto Stock Exchange These indices have been added to help compare the Fund s performance relative to the general markets The Growth 100 Fund Composite Index and the Blended Benchmark are composites of broad based indices used to benchmark each of the Underlying Funds in which the Fund invests, blended based on the target percentages of the Fund invested in each of the Underlying Funds A commentary on the market and/or information regarding the relative performance of the Fund as compared to its benchmark is provided in the Results of Operations section of this report A description of the Growth 100 Fund Composite Index and the Blended Benchmark is provided below: Growth 100 Fund Composite Index 360% - S&P/TSX Composite Index 40% - S&P/TSX SmallCap Total Return Index 240% - Russell 1000 Index ($C) 60% - Russell 2500 Index ($C) 230% - MSCI EAFE (Europe, Australasia, Far East) Index ($C) 70% - MSCI Emerging Markets Index ($C) Blended Benchmark 600% - MSCI World Index ($C) 400% - S&P/TSX Composite Index

12 Annual Compound Returns S&P/TSX Composite Index is a broad measure of performance of the equities market in Canada and represents the largest companies that trade on the Toronto Stock Exchange S&P/TSX SmallCap Total Return Index measures the performance of the Canadian small cap equity markets Russell 1000 Index ($C) measures the performance of the 1,000 largest companies in the Russell 3000 Index Russell 2500 Index ($C) measures the performance of the 2,500 smallest companies in the Russell 3000 Index MSCI EAFE (Europe, Australasia, Far East) Index ($C) measures developed market equity performance, excluding the US & Canada MSCI Emerging Markets Index ($C) measures equity market performance in the global emerging markets

13 Summary of Investment Portfolio AS AT DECEMBER 31, 2017 The Fund invests primarily in units of other mutual funds managed by SEI, its Underlying Funds You may view the prospectus and other information about the Underlying Funds at seiccom/en-ca or sedarcom The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund A quarterly update is available by visiting seiccom/en-ca The Top Holdings table shows the fund s 25 largest positions For funds with fewer than 25 positions in total, all positions are shown Cash and cash equivalents are shown in total as one position PORTFOLIO BREAKDOWN Sector % of Total Net Assets Mutual Funds, Foreign Equity 591% Mutual Funds, Canadian Equity 396% Cash & Cash Equivalents 13% Total 1000% TOP HOLDINGS Holding % of Total Net Assets Canadian Equity Fund 359% US Large Company Equity Fund 238% EAFE Equity Fund 226% Emerging Markets Equity Fund 68% US Small Company Equity Fund 58% Canadian Small Company Equity Fund 38% Cash & Cash Equivalents 13% Total 1000%

14 A caution regarding forward-looking statements: This document may contain forward-looking statements about the Fund, including its strategy, performance and condition Forward looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as expects, anticipates, intends, plans, believes, estimates, or negative versions thereof, or future or conditional verbs such as will, may, could, should and would, and similar expressions In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future fund action, is also a forward-looking statement By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties Forward-looking statements are not guarantees of future performance There is significant risk that forward-looking statements will not prove to be accurate We caution readers of this document to not place undue reliance on our forward-looking statements, as a number of factors could cause actual future results, conditions and actions or events to differ materially from those expressed or implied in any forward-looking statements Factors may include, but are not limited to, general economic, political, market and business conditions; fluctuations in interest rates and foreign exchange rates; regulatory developments; and actions by governmental authorities We caution that the foregoing list of factors is not exhaustive Before making an investment decision, we encourage investors to consider these and other factors carefully Future events and their effects on the Fund may not be those anticipated by us Actual results may differ materially from the results anticipated in these forward-looking statements We do not undertake, and specifically disclaim, any obligations to update or revise any forward-looking information, whether as a result of new information, future developments, or otherwise