Long Duration Credit Bond Fund Annual Report Statements of Comprehensive Income FOR THE YEARS ENDED DECEMBER 31, AND fortheendeddecember31, (inthousandsofdollarseceptperunitdata) Statements of Financial Position INCOME NET GAIN (LOSS) ON INVESTMENTS AND DERIVATIVES Interestfordistributionpurposes 18,494 Netrealizedgain(loss)onsale ofinvestments 1,783 Netchange inunrealizedappreciation(depreciation)of investments 22,239 17,496 1,819 AS AT DECEMBER 31, AND (inthousandsofdollarseceptperunitdata) ASSETS CurrentAssets Investments(nonderivative financial Assets) Cashincluding foreigncurrencyholdings Accruedinterestreceivable Prepaidepenses 481,204 3,436 3,351 15 476,662 8,091 3,475 7 488,235 488,006 148 148 102 487,858 488,133 EXPENSES Custodianandadministrationfees Legal fees Auditfees Trustee fees Independentreview committee fees Securityholderreporting costs 102 NETASSETSATTRIBUTABLETO HOLDERSOFREDEEMABLEUNITSPER CLASS(Note 6) 488,133 (ClassO) 487,858 NETASSETSATTRIBUTABLETO HOLDERSOFREDEEMABLEUNITSPER UNIT 10.91 (ClassO) 11.44 INVESTMENTSATAVERAGECOST TOTALINCOME(NET) LIABILITIES CurrentLiabilities Accruedliabilities NETASSETSATTRIBUTABLETO HOLDERSOF REDEEMABLEUNITS 452,592 470,287 TOTALEXPENSES NETEXPENSES INCREASE(DESCREASE) IN NETASSETS ATTRIBUTABLETO HOLDERSOFREDEEMABLE UNITS (3,600) 42,516 15,715 409 31 16 13 2 37 344 31 24 11 2 30 442 508 508 42,008 442 15,273 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER CLASS 15,273 (ClassO) 42,008 AVERAGE NUMBER OF UNITS OUTSTANDING FOR THE PERIOD PER CLASS 39,091 (ClassO) 41,586 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT^ 0.39 (ClassO) 1.01 ^ Basedonthe weightedaverage number of units outstanding during the. 1 (The accompanying notes are an integral part of these financial statements)
Long Duration Credit Bond Fund Statements of Changes in Net assets Attributable to Holders of Redeemable Units FOR THE YEARS ENDED DECEMBER 31, AND (in thousands of dollars ecept per unit data) Fund Total NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS AT BEGINNING OF PERIOD 488,133 414,800 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 42,008 15,273 (17,972) (1,873) (17,046) (1,843) (19,845) (18,889) 12,139 (54,422) 19,845 124,256 (66,196) 18,889 (22,438) 76,949 DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Out of net investment income Out of net realized capital gains CAPITAL UNIT TRANSACTIONS Proceeds from issue of units Payments on redemption of units Reinvestments of distributions CHANGES IN NET ASSET ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (275) 73,333 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS AT END OF PERIOD 487,858 488,133 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS AT BEGINNING OF PERIOD 488,133 414,800 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 42,008 15,273 (17,972) (1,873) (17,046) (1,843) (19,845) (18,889) 12,139 (54,422) 19,845 124,256 (66,196) 18,889 (22,438) 76,949 DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Out of net investment income Out of net realized capital gains CAPITAL UNIT TRANSACTIONS Proceeds from issue of units Payments on redemption of units Reinvestment of distributions CHANGES IN NET ASSET ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (275) 73,333 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS AT END OF PERIOD 487,858 (The accompanying notes are an integral part of these financial statements) 2 488,133
Long Duration Credit Bond Fund Statements of Cash Flows FOR THE YEARS ENDED DECEMBER 31, AND (in thousands of dollars ecept per unit data) CASH FLOWS FROMOPERATING ACTIVITIES Increase (Decrease) in Net Assets Attributable to Holder of Redeemable Units Adjustments for: Net realized (gain) loss on sale of investments Net change in unrealized (appreciation) depreciation of investments Accretion of discount Purchases of investments Proceeds from the sale of investments Interest receivable Other assets Other liabilities 42,008 15,273 (1,783) (22,239) (2,991) (89,611) 112,082 124 (8) 46 (1,819) 3,600 (2,723) (192,660) 123,531 (416) 17 26 37,628 (55,171) 12,120 (54,403) 110,217 (56,669) (42,283) 53,548 (4,655) 8,091 (1,623) 9,714 3,436 8,091 15,627 14,357 CASH FLOWS USED IN FINCING ACTIVITIES Amount received from the issuance of units Amount paid on redemptions of units Increase (decrease) in cash during the Cash at Beginning of Period Cash at End of Period CASH FLOWS INCLUDED IN OPERATING ACTIVITIES Interest received 3 (The accompanying notes are an integral part of these financial statements)
Long Duration Credit Bond Fund Schedule of Investment Portfolio AS AT DECEMBER 31, Corporate Bonds 57.2% 407 International Inc., Callable 407 International Inc., Callable 407 International Inc., Callable 407 International Inc., Series '06D1' Alberta PowerLine L.P., Sinkable Alectra Inc., Series 'A', Restricted, Callable AltaGas Ltd., Callable AltaGas Ltd., Callable AltaLink L.P. AltaLink L.P., Callable AltaLink L.P., Callable AltaLink L.P., Series '1', Callable AltaLink L.P., Series '20143', Callable Bell Canada Bell Canada, Callable Bell Canada, Callable Bell Canada, Callable Bell Canada, Series 'M17', Callable British Columbia Ferry Services Inc. British Columbia Ferry Services Inc., Series '131', Restricted, Callable Brookfield Asset Management Inc., Callable Canadian National Railway Co., Callable Canadian Pacific Railway Co., Callable Canadian Tire Corp. Ltd., Callable CU Inc., Callable CU Inc., Callable CU Inc., Callable CU Inc., Callable CU Inc., Callable CU Inc., Callable CU Inc., Callable CU Inc., Callable Enbridge Gas Distribution Inc., Callable Enbridge Gas Distribution Inc., Callable Enbridge Gas Distribution Inc., Callable Enbridge Inc., Callable Enbridge Inc., Callable Enbridge Inc., Callable Enbridge Inc., Callable Enbridge Income Fund (The), Callable Enbridge Pipelines Inc., Callable Enbridge Pipelines Inc., Callable Enbridge Southern Lights L.P., Restricted EPCOR Utilities Inc., Callable EPCOR Utilities Inc., Callable EPCOR Utilities Inc., Callable FortisAlberta Inc., Callable FortisAlberta Inc., Callable FortisAlberta Inc., Callable FortisBC Energy Inc. FortisBC Energy Inc., Callable FortisBC Energy Inc., Callable Par Value Interest Rate % Maturity Date Maturity Average Cost Fair Value 3,150,000 6,319,000 2,519,000 1,250,000 2,900,000 1,300,000 1,165,000 750,000 2,500,000 750,000 3,500,000 500,000 2,500,000 1,750,000 500,000 750,000 500,000 3,400,000 1,100,000 5,500,000 1,250,000 1,600,000 2,500,000 3,000,000 895,333 2,500,000 2,500,000 3,000,000 1,240,000 3.300 3.430 3.830 5.750 4.065 3.958 4.500 5.160 4.922 3.717 5.249 5.381 4.054 7.850 4.350 4.750 6.550 6.100 6.250 4.702 3.800 3.950 6.450 5.610 3.763 3.964 4.085 4.722 5.032 5.556 5.580 6.500 3.510 4.000 4.950 4.240 4.570 5.120 5.750 4.870 4.130 4.550 4.014 3.554 4.550 6.650 3.340 4.850 7.060 5.900 3.375 5.800 20450327 20330601 20460511 20360214 20540301 20420730 20440815 20440113 20430917 20461203 20360922 20400326 20441121 20310402 20451218 20440929 20290501 20350316 20341013 20431023 20270316 20450922 20391117 20350904 20461119 20450727 20440902 20430909 20361120 20371030 20380526 20390307 20471129 20440822 20501122 20420827 20440311 20400928 20390902 20441121 20460809 20430817 20400630 20471127 20420228 20380415 20460921 20430911 20390214 20350226 20450413 20380513 1,431,855 999,170 3,233,160 7,319,083 2,343,930 1,897,440 1,248,487 2,900,000 1,631,994 2,554,300 2,285,480 1,541,761 746,392 2,477,475 922,875 4,374,885 674,185 2,499,150 1,751,068 2,557,430 584,140 750,000 2,131,644 534,428 1,221,100 4,402,166 1,428,130 7,462,990 1,250,000 986,550 1,103,280 1,489,888 2,079,860 2,749,100 2,315,900 2,117,715 2,998,980 1,998,700 895,333 2,500,000 2,857,104 2,071,185 1,497,450 2,996,700 2,124,450 1,702,074 2,006,055 1,452,315 1,029,063 3,325,554 8,179,353 1,071,242 2,710,507 1,966,433 1,350,320 3,605,018 1,044,194 1,623,402 2,584,838 2,202,372 1,629,804 762,417 2,701,011 941,596 4,368,613 685,757 2,441,742 2,523,847 1,896,611 2,790,323 586,100 1,051,364 813,025 2,204,465 604,865 1,224,467 4,425,275 1,437,002 7,960,635 1,252,078 1,087,167 1,256,858 1,534,947 2,019,851 2,718,364 2,335,530 2,071,794 3,106,770 2,182,687 881,313 2,515,470 2,916,195 2,175,512 1,455,100 3,676,167 2,288,008 1,633,566 1,953,650 1,999,484
Long Duration Credit Bond Fund Schedule of Investment Portfolio AS AT DECEMBER 31, FortisBC Inc., Callable Gaz Métro Inc., Callable Gaz Metro Inc., Series 'T', Callable, Restricted GrandLinq General Partnership, Sinkable, Callable GreatWest Lifeco Inc., Callable GreatWest Lifeco Inc., Callable Health Montreal Collective L.P., Sinkable, Callable Hospital Infrastructure Partners (NOH) Partnership, Series 'A', Sinkable, Callable Hydro One Inc. Hydro One Inc. Callable Hydro One Inc., Callable Hydro One Inc., Callable Hydro One Inc., Callable Hydro One Inc., Callable Hydro Ottawa Holdings Inc., Callable IGMFinancial Inc., Callable IGMFinancial Inc., Callable Intact Financial Corp. Intact Financial Corp., Series '5', Callable Integrated Team Solutions PCH Partnership, Sinkable, Callable Inter Pipeline Ltd., Callable Kingston Solar L.P., Series '1A', Sinkable Loblaw Cos. Ltd. Loblaw Cos. Ltd., Callable Lower Mattagami Energy L.P., Restricted, Callable Lower Mattagami Energy L.P., Series '20114', Restricted, Callable Manulife Finance Delaware L.P., Variable Rate, Callable Metro Inc., Callable Metro Inc., Series 'D', Restricted, Callable North Battleford Power L.P., Series 'A', Sinkable North West Redwater Partnership / NWR Financing Co Ltd., Series 'K', Restricted, Callable North West Redwater Partnership / NWR Financing Co. Ltd., Callable North West Redwater Partnership / NWR Financing Co. Ltd., Series 'D', Restricted, Callable North West Redwater Partnership / NWR Financing Co. Ltd., Series 'F', Callable North West Redwater Partnership / NWR Financing Co. Ltd., Series 'H', Restricted, Callable Nova Scotia Power Inc., Callable Pembina Pipeline Corp., Series '4', Callable Plenary Health Bridgepoint L.P., Callable Plenary Health Hamilton L.P., Sinkable, Callable Plenary Properties LTAP L.P., Sinkable, Callable Power Corp. of Canada, Callable Rogers Communications Inc., Callable Scotiabank Capital Trust, Series '061', VariableRate, Callable SEC L.P. and Arci Ltd., Sinkable, Callable SGTP Highway Bypass L.P., Series 'A', Sinkable, Callable SNCLavalin Innisfree McGill Finance Inc., Callable St. John's International Airport Authority, Sinkable Sun Life Financial Inc., Variable Rate, Callable Suncor Energy Inc., Callable TELUS Corp., Callable Par Value 1,430,000 594,000 1,100,000 3,925,000 500,000 5,195,000 2,896,134 3,000,000 2,350,000 3,225,000 3,000,000 370,000 994,704 2,413,566 500,000 4,200,000 2,485,000 1,015,000 3,211,000 1,250,000 2,521,888 Interest Rate % 4.000 7.200 3.280 4.771 6.670 6.740 6.721 5.439 5.360 3.910 4.000 4.170 4.590 6.930 4.968 4.115 7.000 6.400 5.160 4.875 4.637 3.571 6.540 6.150 4.944 5.139 5.059 4.270 5.030 4.958 Maturity Date Maturity 20441028 20271119 20461009 20470331 20330321 20311124 20490930 20450131 20360520 20460223 20511222 20440606 20431009 20320601 20361219 20471209 20321231 20391123 20420616 20460531 20440530 20350731 20330217 20350129 20430921 20410518 20411215 20471204 20441201 20321231 Average Cost 1,429,013 829,803 1,946,927 1,103,877 4,908,631 675,165 6,455,054 3,630,246 3,897,150 998,600 2,266,167 2,108,940 3,384,655 4,277,560 1,197,450 1,882,500 2,554,460 427,720 994,704 2,413,566 601,800 4,505,980 3,062,844 1,180,262 3,584,976 998,990 1,249,425 2,522,065 2,750,000 3.650 4.050 20350601 20440722 999,330 2,730,518 1,011,010 2,873,045 3.700 4.250 20430223 20290601 1,992,740 1,022,620 1,979,225 1,085,057 4,000,000 5,700,000 2,761,137 3,314,389 1,442,598 5,000,000 2,200,000 2,554,979 3,500,000 3,963,096 745,027 3,274,000 4.150 4.500 4.810 7.246 5.796 6.288 4.810 6.680 5.650 5.188 4.105 6.632 5.252 5.400 5.390 4.750 20330601 20430720 20440325 20420831 20430531 20440131 20470131 20391104 20561231 20330829 20450131 20440630 20370511 20420529 20370326 20450117 1,994,940 4,034,050 5,744,716 4,079,111 3,706,812 1,893,699 6,385,510 2,655,045 2,554,980 3,500,000 4,675,292 827,874 1,143,000 3,654,586 1,022,130 2,154,193 4,580,411 5,849,063 3,915,071 4,153,013 1,928,071 1,110,373 6,731,642 2,704,743 2,688,737 3,679,598 5,139,982 903,725 1,205,932 3,895,599 1,051,482 Fair Value 1,544,191 784,720 1,934,386 1,173,613 5,316,851 674,667 7,068,421 3,397,834 3,770,345 1,066,085 2,528,660 2,216,452 3,798,168 4,219,484 1,183,600 1,502,389 2,009,058 2,698,559 438,303 1,117,819 1,584,963 2,350,121 634,467 5,203,622 3,095,715 1,282,905 3,639,058 1,003,028 1,406,335 2,785,842
Long Duration Credit Bond Fund Schedule of Investment Portfolio AS AT DECEMBER 31, TELUS Corp., Callable TELUS Corp., Series 'CP', Callable TELUS Corp., Series 'CW', Callable Teranet Holdings L.P., Callable Toronto Hydro Corp., Series '11', Callable Toronto Hydro Corp., Series '13', Callable TransCanada PipeLines Ltd. TransCanada PipeLines Ltd., Callable TransCanada PipeLines Ltd., Callable Trillium Windpower L.P., Series '1', Sinkable Union Gas Ltd., Callable Union Gas Ltd., Callable Union Gas Ltd., Callable Winnipeg Airport Authority Inc., Series 'F', Callable Par Value 2,500,000 5,000,000 3,000,000 1,300,000 1,290,000 5,000,000 3,000,000 665,517 3,000,000 1,200,000 500,000 Interest Rate % 5.150 4.850 4.700 6.100 3.550 3.485 5.650 4.350 8.050 5.803 3.800 4.880 6.050 3.659 Maturity Date Maturity 20431126 20440405 20480306 20410617 20450728 20480228 20290620 20460606 20390217 20330215 20460601 20410621 20380902 20470930 Average Cost 2,644,730 5,194,860 990,650 3,427,280 1,297,881 999,290 1,477,321 5,174,080 4,512,530 665,517 2,175,920 3,433,470 1,421,040 500,000 Fair Value 2,777,026 5,328,818 1,049,535 3,316,089 1,317,894 1,005,875 1,526,698 5,373,539 4,729,299 757,545 2,104,567 3,645,502 1,645,941 530,818 262,680,118 275,793,762 6,488,802 605,394 6,390,049 3,188,158 3,102,326 6,307,877 580,045 6,089,049 3,197,703 3,273,485 19,774,729 19,448,159 Government of Canada And Guaranteed Bonds 4.0% Government of Canada Government of Canada Government of Canada Government of Canada, Zero Coupon Government of Canada, Zero Coupon 5,695,000 505,000 4,870,000 6,000,000 6,500,000 2.750 2.750 3.500 20481201 20641201 20451201 20451201 20481201 Provincial and Municipal Bonds 37.3% Aéroports de Montréal, Callable Aéroports de Montréal, Series 'H', Callable Aéroports de Montréal, Series 'N', Callable Centre hospitalier de l'université de Montréal, Series 'A' City of Montreal City of Ottawa City of Toronto Greater Toronto Airports Authority Greater Toronto Airports Authority, Series '1', Callable Greater Toronto Airports Authority, Series '20111', Callable Greater Toronto Airports Authority, Series'20041' Hydro Quebec, Zero Coupon HydroQuebec, Zero Coupon HydroQuebec, Zero Coupon HydroQuébec, Zero Coupon HydroQuébec, Zero Coupon HydroQuébec, Zero Coupon HydroQuébec, Zero Coupon HydroQuébec, Zero Coupon HydroQuébec, Zero Coupon HydroQuébec, Zero Coupon HydroQuébec, Zero Coupon HydroQuébec, Zero Coupon HydroQuébec, Zero Coupon HydroQuébec, Zero Coupon, Series 'JN' OPBFinance Trust, Series 'A', Callable Ottawa MacDonaldCartier International Airport Authority, Series 'E', Sinkable, Restricted, Callable Province of Alberta 2,065,000 3,000,000 1,152,000 1,100,000 5,000,000 2,500,000 2,500,000 4,750,000 5,000,000 2,500,000 6,000,000 6,500,000 7,000,000 5,000,000 6,000,000 4,000,000 2,325,000 1,400,000 14,500,000 23,400,000 2,800,000 3,138,000 5.170 5.670 3.360 4.448 6.000 4.200 3.250 7.100 5.630 5.300 6.470 3.890 20350917 20371016 20470424 20491001 20430601 20530730 20460624 20310604 20400607 20410225 20340202 20420215 20380815 20400815 20400215 20420815 20430815 20440215 20440815 20480215 20480815 20490815 20500215 20450215 20490215 20420704 2,320,606 3,630,000 1,202,918 1,409,540 1,496,250 4,997,000 2,131,605 3,116,750 3,271,500 6,115,940 1,820,674 1,243,115 2,809,385 3,030,764 2,724,371 1,792,045 2,594,071 1,384,549 363,264 745,885 366,080 4,726,601 8,687,302 743,089 2,945,391 2,645,341 4,123,888 1,040,357 1,376,361 1,632,596 1,804,305 5,057,539 2,184,892 3,497,705 3,396,376 6,827,777 2,401,595 1,328,456 3,009,289 3,334,189 3,313,502 2,304,118 2,724,850 1,790,866 408,426 936,114 548,435 5,828,473 10,602,027 1,114,804 3,448,003 1,300,000 3.933 3.050 20450609 20481201 1,222,689 2,107,526 1,314,442
Long Duration Credit Bond Fund Schedule of Investment Portfolio AS AT DECEMBER 31, Province of Alberta Province of British Columbia Province of British Columbia, Series 'BCCD35' Province of British Columbia, Zero Coupon Province of British Columbia, Zero Coupon Province of British Columbia, Zero Coupon Province of British Columbia, Zero Coupon Province of British Columbia, Zero Coupon Province of Manitoba Province of Manitoba Province of Manitoba, Zero Coupon Province of Manitoba, Zero Coupon Province of Manitoba, Zero Coupon Province of Manitoba, Zero Coupon Province of Manitoba, Zero Coupon Province of Manitoba, Zero Coupon Province of New Brunswick Province of Newfoundland and Labrador, Series '6X' Province of Newfoundland and Labrador, Zero Coupon Province of Nova Scotia, Zero Coupon Province of Nova Scotia, Zero Coupon Province of Ontario Province of Ontario Province of Ontario Province of Ontario Province of Ontario, Zero Coupon Province of Ontario, Zero Coupon Province of Ontario, Zero Coupon Province of Ontario, Zero Coupon Province of Ontario, Zero Coupon Province of Ontario, Zero Coupon Province of Ontario, Zero Coupon Province of Ontario, Zero Coupon Province of Quebec Province of Quebec Province of Quebec Province of Quebec, Series 'B112' Province of Quebec, Zero Coupon Province of Saskatchewan, Series 'GC' TCHC Issuer Trust, Series 'A', Callable Vancouver Airport Authority, Series 'F', Restricted, Callable Yukon Development Corp. Total Bonds 98.5% Total Short Term Notes 0.1% Total NonDerivative Financial Assets 98.6% Other Assets and Liabilities, Net 1.4% Net Assets Attributable to Holders of Redeemable Units 100.0% Par Value 1,750,000 1,750,000 500,000 500,000 2,700,000 1,265,000 155,000 4,800,000 1,725,000 1,725,000 4,252,000 2,527,000 1,200,000 695,000 4,000,000 3,000,000 3,500,000 5,700,000 10,000,000 1,300,000 5,000,000 17,900,000 5,100,000 23,700,000 5,000,000 6,300,000 4,450,000 3,500,000 1,550,000 7,500,000 2,400,000 3,000,000 1,400,000 2,583,000 Interest Rate % 3.300 3.200 2.800 4.400 4.650 3.800 3.300 2.800 2.900 3.450 3.500 3.500 5.000 5.000 3.500 4.750 4.877 3.857 5.000 Maturity Date Maturity 20461201 20440618 20480618 20380618 20390618 20391218 20420618 20450618 20420305 20400305 20360305 20440305 20460905 20480905 20500305 20520905 20450814 20461017 20461017 20461202 20620602 20480602 20461202 20450602 20430602 20390602 20390602 20400602 20401202 20410602 20430602 20450602 20460602 20481201 20381201 20411201 20451201 20381201 20400601 20370511 20451110 20400629 Average Cost 1,758,727 1,847,125 527,220 1,055,137 255,669 755,096 1,163,248 430,354 1,720,335 173,646 2,700,453 755,100 750,623 712,602 1,563,203 816,193 1,046,400 1,388,910 414,621 252,881 1,075,205 2,762,430 3,383,390 1,421,873 1,111,780 2,418,428 5,114,814 613,985 2,429,092 8,216,579 2,310,920 9,304,889 1,984,377 6,989,728 5,927,853 4,026,344 1,709,196 3,764,845 3,162,840 3,712,000 1,400,000 3,353,096 Fair Value 1,848,049 1,853,675 493,444 1,079,676 262,009 774,238 1,334,560 558,001 1,844,649 195,325 2,679,183 899,119 701,550 669,689 1,584,847 877,426 1,127,110 1,519,653 456,632 282,226 1,021,329 2,919,678 3,467,804 1,640,695 1,098,697 3,058,175 5,180,368 655,747 2,478,119 9,041,324 2,356,174 10,661,215 2,056,994 7,047,594 5,909,891 4,743,748 1,716,603 4,109,188 3,089,620 3,656,317 1,584,885 3,306,426 166,172,591 181,943,904 452,212,414 480,824,883 379,286 379,407 452,591,700 481,204,290 6,653,959 487,858,249
Long Duration Credit Bond Fund Schedule of Investment Portfolio AS AT DECEMBER 31, SCHEDULE OF SHORT TERMNOTES Par Value Interest Rate % 185,000 195,000 0.874 1.002 Maturity Date Average Cost Fair Value 20180222 20180308 184,668 194,618 184,765 194,642 379,286 379,407 Government of Canada Treasury Bill Government of Canada Treasury Bill Total Short Term Notes
Long Duration Credit Bond Fund Fund Specific AS AT DECEMBER 31, AND Investment Objective The investment objective of the Fund is to achieve a return consistent with holding longer term debt instruments ( Bonds ) of nonfederal Government issuers. The Fund may invest in Bonds issued by the federal, provincial and municipal governments and by corporate or other issuers. The Fund also invests in strip Bonds (principal and/or interest) issued or guaranteed by the Government of Canada or the Provinces thereof. Currency Risk As at December 31, and, the Fund invested primarily in Canadian securities. Thus, the Fund did not have any significant eposures to foreign currencies as at year end on both its trading monetary and nonmonetary assets and liabilities. Interest Rate Risk The table below summarizes the Fund's eposure to interest rate risk as at December 31, and December 31,. It includes the Fund's assets at fair values, categorized by the maturity dates. Bonds > 5 years Total 480,824,883 480,824,883 475,272,614 475,272,614 As at December 31,, had the prevailing interest rates raised or lowered by 1% (December 31, 1%), with all other variables held constant, net assets would have decreased or increased, respectively, by approimately 83,090,190 (December 31, 80,692,294). In practice, the actual results may differ from this sensitivity analysis and the difference could be material. Credit Risk As at December 31, and December 31,, the Fund invested in debt securities with the following credit ratings: Debt securities by credit rating AAA AA A BBB Unrated Total 4.47% 17.83% 53.87% 22.21% 0.18% 98.56% 5.81% 14.69% 53.92% 22.76% 0.19% 97.37% As at December 31, and December 31,, the Fund invested in shortterm debt securities with the following credit ratings: Short term debt securities by credit rating R1(H) 0.08% 0.28% Total 0.08% 0.28% Credit ratings are obtained from Bloomberg general rates which are a blend of S&P Global Rating's, Moody s and/or Dominion Bond Rating Services. Concentration Risks The following is a summary of the Fund's concentration risk as at December 31, and December 31,. Portfolio by Category Percentage of Net Assets (%) Corporate Bonds Government of Canada and Guaranteed Bonds Provincial and Municipal Bonds Short Term Notes Other Assets and Liabilities, Net 57.2 4.0 37.3 0.1 1.4 54.8 5.0 37.5 0.3 2.4 100.0 100.0
Long Duration Credit Bond Fund Fund Specific AS AT DECEMBER 31, AND Offsetting of financial instruments In the normal course of business, the Fund may enter into various master netting arrangements or other similar agreements that do not meet the criteria for offsetting in the Statement of Financial Position but still allow for the related amounts to be set off in certain circumstances, such as bankruptcy or termination of the contracts. As at December 31, and December 31,, no amounts were eligible for offsetting. Fair Value Measurements The following table summarizes the inputs used as at December 31, and December 31,, in valuing the Fund's investments and derivatives carried at fair values: December 31, Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant other observable inputs (Level 3) Total Short term notes Bonds 379,407 480,824,883 379,407 480,824,883 1,388,999 475,272,614 December 31, Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant other observable inputs (Level 3) Total Short term notes Bonds 1,388,999 475,272,614 During the years ended December 31, and, no investments were transferred between Level 1, Level 2and Level 3. Net gains and losses The following table presents the net gains (losses) on financial instruments at FVTPL by category for the s ended December 31, and December 31,. (in thousands of dollars) Category Financial instruments at FVTPL Held for trading Designated at inception Total financial instruments at FVTPL 42,516 15,715 42,516 15,715
FOR THE YEARS ENDED DECEMBER 31, AND 1. ESTABLISHMENT OF FUNDS The SEI Investments Group of Funds consists of the following openended mutual fund trusts (each a Fund or collectively referred to as the Funds) constituted under the laws of the Province of Ontario by Declaration of Trust. The address of the Funds registered office is Suite 2810, 130 King Street West, Toronto, Ontario, M5X 1E3. SEI Investments Canada Company (the Manager ) is the Funds Manager. CIBC Mellon Trust Company is the Trustee of the Funds. The Manager is responsible for the management of the overall business and operations of the Funds. The financial statements are presented in Canadian dollars (CAD), which is also the functional currency for all Funds. These financial statements were authorized for issue by the Manager on March 15, 2018., hedged,, hedged, Class I,, hedged, Class R, Class S, Class Z and hedged units, as applicable, commenced as follows: Fund Status of Fund Date of Declaration Date Date of Trust Date hedged Date hedged Date Class I Date Agreement Commenced Commenced Commenced Commenced Commenced Commenced Canadian Equity Fund September November 1, 20, 1996 May 4, February 1, 2002 October 4, 1996 March 24, 2000 April 18, June 27, 2000 November 26, November 1, November 1, 1999 April 18, March 6, February 1, November 24, 2002 1999 November 24, November 1, November 1, 1999 April 18, March 6, February 1, November 24, 2002 1999 December 20, November 1, 1996 April 18, September 25, 2001 January 15, 1997 December 20, November 1, 1996 April 18, February 1, 2002 January 15, 1997 June 29, 2012 Canadian Small Company Equity Fund U.S. Large Company Equity Fund U.S. Small Company Equity Fund EAFE Equity Fund Emerging Markets Equity Fund Global Managed Volatility Fund March 29, 2012 Mar 30,2012 Canadian Fied Income Fund November 1, July 18, 1996 February 1, 2002 May 2, October 2, 1996 Quasi Mutual November 18, Fund 1997 April 19, Quasi Mutual Fund April 1, June 28, March 17, 1995 May 11, December 31, 1995 April 4, 1996 September 8, February 1, 2002 January 15, 1997 Long Duration Bond Fund March 29, December 7, 2004 1997 Long Duration Credit Bond Fund Real Return Bond Fund Money Market Fund U.S. Large Cap Inde Fund June 21, November 1, 1996 July 15, October 3, January 18, November 1, May 11, February 23, September 11, 2009 March 6, September 11, 2009 December 8, July 4, September 28, July 4, July 15, Short Term Bond Fund U.S. High Yield Bond Fund May 29, 2009 November 1, November 1, Conservative Monthly Income Fund* June 13, June 13, Balanced Monthly Income Fund* * Collectively, the SEI Asset Allocation Funds
FOR THE YEARS ENDED DECEMBER 31, AND Fund Status of Fund Date of Declaration Date Date of Trust Date hedged Date hedged Date Class I Date Agreement Commenced Commenced Commenced Commenced Commenced Commenced Short Term Investment Fund* May 25, 2012 July 12, 2012 April 28, August 11, April 28, April 28, July 12, 2012 Income 100 Fund* June 11, June 11, July 17, June 11, June 11, June 7, June 11, June 11, May 24, 2001 September 1, June 2, August 21, 2002 April 28, June 15, June 11, June 11, December 20, 1996 April 20, February 1, 2002 March 1, 1997 May 24, 2001 September 15, June 2, September 12, 2002 May 24, 2001 October 27, February 28, 2005 August 21, 2002 May 24, 2001 April 27, June 4, August 21, 2002 May 24, 2001 December 8, December 30, 2005 September 5, 2014 October 31, 2014 October 31, 2014 October 31, 2014 Income 20/80 Fund* Moderate Fund* Income 40/60 Fund* Balanced Fund* Balanced 60/40 Fund* Growth Fund* Growth 80/20 Fund* Growth 100 Fund* All Equity Fund* Conservative Fund* Unit Trust Fund Status of Fund Date of Declaration Date Date of Trust hedged Date Class R Date Class S Date hedged Agreement Commenced Commenced Commenced Commenced Commenced Canadian Equity Fund September 20, 1996 March 24, 2000 November 26, 1999 March 6, August 21, November 24, 1999 March 6, Canadian Small Company Equity Fund U.S. Large Company Equity Fund U.S. Small Company Equity Fund EAFE Equity Fund December 20, 1996 Emerging Markets Equity Fund December 20, 1996 Global Managed Volatility Fund March 29, 2012 Canadian Fied Income fund July 18, 1996 * Collectively, the SEI Asset Allocation Funds
FOR THE YEARS ENDED DECEMBER 31, AND Fund Status of Fund Date of Declaration Date Date of Trust hedged Date Class R Date Class S Date hedged Agreement Commenced Commenced Commenced Commenced Commenced Long Duration Bond Fund Quasi Mutual November 18, Fund 1997 Quasi Mutual Fund April 1, Long Duration Credit Bond Fund Real Return Bond Fund March 17, 1995 April 4, 1996 June 21, 1996 October 8, 1996 January 18, May 29, 2009 March 6, August 21, February 23, 2009 July 2, 2008 January 17, 2012 February 23, July 2, 2008 2009 Money Market Fund U.S. Large Cap Inde Fund Short Term Bond Fund U.S. High Yield Bond Fund Conservative Monthly Income Fund* June 13, June 13, Balanced Monthly Income Fund* Short Term Investment Fund* Unit Trust May 25, 2012 Income 100 Fund* April 28, April 28, April 28, July 2, 2008 May 24, 2001 April 28, Income 20/80 Fund* July 2, 2008 February 23, 2009 July 2, 2008 December 20, 1996 July 2, 2008 February 23, 2009 May 24, 2001 July 2, 2008 May 24, 2001 July 2, 2008 February 23, 2009 May 24, 2001 July 2, 2008 February 23, 2009 August 1, 2008 Moderate Fund* Income 40/60 Fund* Balanced Fund* Balanced 60/40 Fund* Growth Fund* Growth 80/20 Fund* Growth 100 Fund* All Equity Fund* May 24, 2001 Conservative Fund* September 5, Unit Trust 2014 * Collectively, the SEI Asset Allocation Funds The Schedule of Investment Portfolio is as at December 31,. The Statements of Financial Position are as at December 31, and. The Statements of Comprehensive Income, Statements of Changes in Net Assets Attributable to Holders of Redeemable Units and Statements of Cash Flows are for the years ended December 31, and.
FOR THE YEARS ENDED DECEMBER 31, AND 2. BASIS OF PRESENTATION These financial statements have been prepared in compliance with International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB). The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities (including derivative financial instruments) at fair value through profit and loss. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of the significant accounting policies followed by the Funds: (a) The Funds recognize financial instruments at fair value upon initial recognition. Investments (nonderivative financial assets), which are designated at FVTPL, and derivatives, which are classified as heldfortrading (HFT) are measured at fair value through profit or loss (FVTPL). The Funds obligation for net assets attributable to holders of redeemable units is presented at the redemption amount. All other financial assets and liabilities, are measured at amortized cost which approimates fair value due to their short term nature. Financial assets and liabilities are shown at the amount required to be received or paid, discounted, when appropriate, at the contract s effective interest rate. Fair value of investments and derivatives are measured using the same accounting policies as those used to measure the net asset value (V) transactions with unitholders. (b) Units of each class are issued and redeemed at their net asset value per unit, which is determined at the close of each business day. The net asset value per unit for each class is determined by dividing the total net asset value of each class by the total number of units outstanding of that class. Management fees directly attributable to a class are charged to that class. Fund operating epenses, income, and realized and unrealized gains and losses are allocated proportionately to each class based upon the relative net asset value of each class. The hedged classes, as applicable, will generally minimize their eposure to foreign currency risk by utilizing forward foreign currency contracts. The realized and unrealized forward foreign currency contract gains and losses attributed to the hedged classes are allocated solely to the hedged classes. (c) Investments held include equities, listed warrants, shortterm notes, treasury bills, bonds, asset backed securities, other debt instruments and mutual funds units. Investments held that are traded in an active market through recognized public stock echanges, overthecounter markets, or through recognized investment dealers, are valued at their last traded market price where the last traded market price falls within the bidask spread. In circumstances where the last traded price is not within the bidask spread, the Manager determines the point within the bidask spread that is most representative of fair value based on specific facts and circumstances. Investments held that are not traded in an active market are valued based on the results of valuation techniques using observable market inputs, if available, on such basis and in such manner established by the Manager. The fair value of certain securities may be estimated using valuation techniques based on assumptions that are not supported by observable market inputs. The Funds utilize a threetier hierarchy as a framework for disclosing fair value based on inputs used to value the Funds investments. The hierarchy of inputs is summarized below: (a) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); (b) inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) (Level 2); (c) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). Changes in valuation methods may result in transfers into or out of an investment s assigned level. Please refer to the Fund specific notes to the financial statements for fundspecific disclosure. The Funds policy is to recognize transfer into and out of the fair value hierarchy levels as of the date of the event or change in circumstances giving rise to the transfer.
FOR THE YEARS ENDED DECEMBER 31, AND (d) The Funds subscription and redemption are denominated in Canadian dollars. The fair value of foreign investments and other assets and liabilities are translated into Canadian dollars at the echange rate prevailing on the valuation date. Purchases and sales of foreign securities and the related income are translated into Canadian dollars at the echange rate prevailing on the respective dates of such transactions. Realized gains and losses on foreign currency translation are included in the Statement of Comprehensive Income as Foreign echange gain (loss) on foreign currency translation. Unrealized gains and losses on foreign currency translation are included in the Statement of Comprehensive Income as Net change in unrealized appreciation (depreciation) on foreign echange. (e) The cost of investments represents the amount paid for each security and is determined on an average cost basis ecluding commissions and other transaction costs. (f) Income and epenses are recorded on an accrual basis. Dividends are recorded on the edividend date. Distributions from investment trusts are recorded as income, capital gains, or a return of capital, based on the nature of these distributions. Actual allocations could vary from this information. Distributions that are treated as a return of capital for income ta purposes reduce the average cost of the underlying investment. Distributions from underlying funds are recognized on the distribution date. Regular way security transactions are recorded on the trade date for financial reporting purposes. The unrealized appreciation (depreciation) in the value of a security represents the difference between its fair value and its average cost and it is included in the Net change in unrealized appreciation (depreciation) of investments in the Statement of Comprehensive Income. A realized gain (loss) is recognized when a security is sold. The realized gain (loss) is the difference between the proceeds received and the average cost of the security and is included on the Net realized gain (loss) on sale of investments on the Statement of Comprehensive Income. The interest for distribution purposes shown on the Statement of Comprehensive Income represents the coupon interest received by the Funds, accounted for on an accrual basis. Zero coupon bonds are purchased at a discount and are amortized over the term of the bond. (g) Increase (decrease) in net assets attributable to holders of redeemable units of a class in the Statements of Comprehensive Income represents the change in net assets attributable to holders of redeemable units attributable to each class, divided by the weighted average number of units of that class outstanding during the reporting. (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. Units are redeemable at the option of the unitholders at their net asset value on the redemption date. For each unit redeemed, the number of issued and outstanding units is reduced and the net asset value of the Fund is reduced 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 a contracted price on a specific date. However, the Funds do not intend to purchase or sell the financial instruments on settlement date; rather, they intend to close out each futures contract before settlement date by entering into equal, but offsetting, futures contracts. Futures are valued at the gain or loss that would arise as a result of closing the position at the valuation date. Any gain or loss at the close of business of each valuation date is recorded as net change in unrealized appreciation (depreciation) of investments and derivatives on the Statements of Comprehensive Income. The margins on deposit with brokers relating to futures contracts are included in margin receivable or margin payable on the Statements of Financial Position. (j) Forward currency contracts entered into by the Funds are financial agreements to buy or sell a specific amount of an underlying currency for an agreed upon price at a future date. The fair value of these contracts is the gain or loss that would be recognized if the position was closed out on the valuation date, and is recorded as net change in unrealized appreciation (depreciation) of investments and derivatives on the Statements of Comprehensive Income. The Funds intend to close out a forward contract position by establishing an offsetting position in the contract and will settle and recognize the gain or loss on the delivery date. Delivery of the underlying currency in respect of a forward contract can result when initial and offsetting positions in forward contracts are taken with two different brokers. (k) The Funds are required to distribute any net income and capital gains that they had earned in the year. Income earned by the Funds is distributed to unitholders and these distributions are either paid in cash or reinvested by unitholders into additional units of the Funds. Distributions payable to holders of redeemable units are recognized in the Statements of Changes in Net assets Attributable to Holders of Redeemable Units. The units of the Funds are classified as financial liabilities in
FOR THE YEARS ENDED DECEMBER 31, AND accordance with IAS 32 as there is a contractual obligation to distribute net income and capital gains in cash (at the request of the unitholder). (l) The Funds have determined that the definition of an investment entity has been met for all Funds and as a result, it measures subsidiaries, if any, at FVTPL. The following conditions eist that allow for this conclusion: The Funds primary purpose is to obtain funds from investors to provide them with investment management services. The Funds business purpose, which was communicated directly to investors, is investing solely for returns from capital appreciation, investment income, or both. The performance of substantially all investments is measured on a fair value basis. 4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of financial statements requires management to use judgement in applying its accounting policies and to make estimates and assumptions about the future. The following discusses the most significant accounting judgements and estimates that the Funds have made in preparing the financial statements: Fair value measurement of derivatives and securities not quoted in an active market The Funds may hold financial instruments that are not quoted in active markets, including derivatives. Fair values of such instruments are determined using valuation techniques and may be determined using reputable pricing sources. Broker quotes as obtained from the pricing sources may be indicative and not eecutable. Where no market data is available, the Funds may value positions using its own models, which are usually based on valuation methods and techniques generally recognized as standard within the industry. The models used to determine fair values are validated and ically reviewed by the Manager, independent of the party that created them. The models used for private equity securities are based mainly on earnings multiples adjusted for a lack of marketability as appropriate. Models use observable data, to the etent practicable. However, areas such as credit risk, volatilities and correlations require the Manager to make estimates. Changes in assumptions about these factors could affect the reported fair values of financial instruments. The Funds consider observable data to be market data that is readily available, regularly distributed and updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. Please refer to the Fund specific notes to the financial statements for fundspecific disclosure. Classification and measurement of investments and application of the fair value option In classifying and measuring financial instruments held by the Funds, the Manager is required to make significant judgments about whether or not the business of the Funds is to invest on a total return basis for the purpose of applying the fair value option for financial assets under IAS 39, Financial Instruments Recognition and Measurement (IAS 39). The most significant judgments made include the determination that certain investments are HFT and that the fair value option can be applied to those which are not. 5. SUBSEQUENT EVENTS On February 28, 2018 there were redemptions of 190,980,546, 184,809,825 and 178,516,790 out of US Large Cap Inde Fund, Long Duration Credit Bond Fund and Long Duration Bond Fund, respectively. 6. REDEEMABLE UNITS The capital of the Funds is represented by issued redeemable units with no par value. Unitholders are entitled to distributions, if any, and to payment of a proportionate share based on the Funds net asset value per unit upon redemption. The Funds have no restrictions or specific capital requirements on the subscription and redemption of units other than the minimum subscriptions for an initial and subsequent investments. Capital movements are shown on the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units. In accordance with their investment strategies and risk management policies, the Funds endeavour to invest their subscriptions received in appropriate investments while maintaining sufficient liquidity to meet redemptions.
FOR THE YEARS ENDED DECEMBER 31, AND On December 6, an echange of units was performed. Unitholders of Classes P, P(H), D and D(H) received units of E or E(H) equalling the total value of their holdings within the same Fund. The net asset values received by Classes E and E(H) resulting from the echnage of units is disclosed in the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units. These classes were terminated as of end of day December 6,. The following table summarizes the changes in the number of units for the years ended December 31, and : Balance beginning of the Units issued during the Units redeemed during the Units reinvested during the Echange of units from Class D, D(H), P, P(H) Balance end of the CADIAN EQUITY FUND Class D 3,025,350 3,193,912 288,032 574,873 (3,298,245) (763,944) 2 20,509 (15,139) 3,025,350 112,503 70,275 167,094 69,270 (112,704) (29,219) 71,541 2,177 922,835 1,161,269 112,503 494,900 448,276 73,891 192,584 (159,437) (156,605) 7,252 10,645 416,606 494,900 2,540 2,278 (2,540) 111 2,540 104,248,252 109,050,239 14,175,156 16,361,220 5,735,847 3,487,353 3,433,295 5,325,904 247,689 1,077,240 (2,822,917) (2,969,849) (858,067) 3,433,295 521 493 38 28 559 521 348,601 27,573 60,298 (351,712) (85,218) 2,428 (1,970) 326,109 Class I (14,519,268) (24,650,560) 109,639,987 104,248,252 CADIAN SMALL COMPANY EQUITY FUND Class D 326,109 11,995 8,391 17,906 6,199 (12,341) (2,751) 4,757 156 106,290 128,607 11,995 112,138 119,399 64,484 37,512 (40,949) (45,449) 1,060 676 136,733 112,138 16,362,911 16,772,490 1,884,336 2,710,065 (1,395,696) (3,626,253) 595,720 506,609 17,447,271 16,362,911 339,306 551,594 21,992 117,223 (258,935) (329,511) (102,363) 339,306 4,518,811 4,718,866 400,105 771,109 (4,898,390) (1,128,689) 13 157,525 (20,539) 4,518,811 718 713 383 (332) (383) 5 (386) 718 221,854 137,088 132,946 131,200 (139,193) (55,071) 253,953 8,637 1,630,971 2,100,531 221,854 U.S. LARGE COMPANY EQUITY FUND Class D Class D hedged hedged 10,175 530 180 8,887 (742) 3,518 758 18,437 31,568 10,175 1,215,765 842,917 424,890 725,952 (321,005) (391,994) 78,334 38,890 1,397,984 1,215,765 277,201 50,997 37,498 414,349 (142,660) (206,776) 1,403 18,631 173,442 277,201 4,730 4,330 17 18 (3,193) 382 1,554 4,730 78,899,416 76,259,152 9,287,002 5,031,902 88,095,278 78,899,416 hedged Class I 13,720,035 12,229,524 (13,811,175) (14,621,162) hedged 1,736,127 36,852 529 1,552,594 (283,258) (36,543) 190,583 183,224 1,643,981 1,736,127 4,012,829 6,735,292 280,489 1,082,398 (2,761,039) (3,821,475) 16,614 (1,532,279) 4,012,829 122,146 31,994 4,133 274,019 (97,809) (197,739) 13,872 (28,470) 122,146 1,024 931 155 93 1,179 1,024 1,063 950 177 113 1,240 1,063 588,615 606,594 52,183 102,348 (638,258) (145,246) 7 24,919 (2,547) 588,615 1,361 1,264 97 (1,361) 1,361 29,754 23,289 22,006 11,672 (30,060) (6,577) 16,647 1,370 232,575 270,922 29,754 hedged hedged U.S. SMALL COMPANY EQUITY FUND Class D Class D hedged hedged 704 648 535 56 6,724 7,963 704 123,120 112,981 41,095 39,680 (37,876) (35,134) 3,425 5,593 129,764 123,120 40,705 31,469 14,251 13,882 (231) (6,990) 4,536 2,344 59,261 40,705 795 726 10 11 56 58 861 795 12,601,136 11,739,472 2,421,800 2,082,435 (2,065,003) (2,105,552) 711,365 884,781 13,669,298 12,601,136 hedged Class I hedged 31,368 28,705 (809) (334) 2,632 2,997 33,191 31,368 742,731 1,283,536 44,419 168,629 (557,470) (726,459) 17,025 (229,680) 742,731 11,114 10,120 249 (665) (75) 820 (10,449) 11,114 hedged
FOR THE YEARS ENDED DECEMBER 31, AND Balance beginning of the Units issued during the Units redeemed during the Units reinvested during the Echange of units from Class D, D(H), P, P(H) Balance end of the EAFE EQUITY FUND Class D 6,513,629 6,804,256 (7,103,247) (1,521,595) (29,786) 190,282 154,825 619,404 1,230,968 216,969 84,765 (201,612) (50,965) 37,870 1,657 1,467,670 1,711,179 190,282 1,167,396 662,581 438,008 756,529 (341,990) (262,308) 13,024 10,594 1,276,438 1,167,396 14 15 123 97 8,735 8,598 3,070,710 2,748,282 6,513,629 Class I 8,598 8,486 124,960,157 115,788,976 22,773,871 22,406,160 5,192,421 8,527,483 339,117 1,436,431 (4,113,193) (4,771,493) (1,418,345) 5,192,421 1,588 1,551 41 37 1,629 1,588 2,391,923 164,355 450,306 (2,438,029) (558,139) (10,416) 2,284,090 (22,182,012) (15,983,261) 128,622,726 124,960,157 EMERGING MARKETS EQUITY FUND Class D 2,284,090 65,094 51,814 54,893 29,040 (74,510) (16,209) 76,338 449 511,482 633,297 65,094 342,067 325,847 172,658 119,480 (90,206) (107,232) 50,226 3,972 474,745 342,067 30 37 (373) 188 44 1,972 2,127 7,501,938 8,083,526 (15,653,064) (8,903,257) 3,703,618 1,099,873 42,267,800 46,715,308 Class I 2,127 2,046 46,715,308 46,435,166 1,630,752 2,672,933 111,088 493,259 (1,294,063) (1,535,440) (447,777) 1,630,752 2,097 2,022 378 75 2,475 2,097 GLOBAL MAGED VOLATILITY FUND 39,725 34,072 104,806 17,492 (28,209) (12,259) 39,362 420 866,510 1,022,194 39,725 178,783 45,514 133,829 162,594 (49,342) (33,312) 8,959 3,987 272,229 178,783 9,334,497 8,746,904 1,729,525 1,172,540 (1,512,104) (843,408) 404,769 258,461 9,956,687 9,334,497 1,782,920 1,597,493 336,641 756,401 (1,286,036) (577,043) 11,745 6,069 (845,270) 1,782,920 643 636 30 7 673 643 627 609 42 18 669 627 5,258,429 5,671,368 640,065 851,759 (5,884,026) (1,373,677) 8,505 108,979 (22,973) 5,258,429 175,831 128,716 372,953 100,240 (215,015) (58,716) 8,942 5,591 2,196,871 2,539,582 175,831 481,581 933,034 (1,242,080) (1,150,282) 27,955 84,434 1,160,360 1,892,904 Class S CADIAN FIXED INCOME FUND Class D 1,892,904 2,025,718 173,577,609 188,176,007 37,554,628 33,391,479 8,161,668 11,959,778 583,061 2,050,751 870 828 (29,231,363) (56,470,381) 5,160,414 8,480,504 187,061,288 173,577,609 (6,675,358) (6,127,383) 51,631 278,522 (2,121,002) 8,161,668 27 42 897 870 LONG DURATION BOND FUND 477 447 1,522 (1,621) 6 129 76 559 477 28,625 20,207 6,927 73,688 (20,591) (70,518) 182 5,248 15,143 28,625 56,360,149 53,211,024 3,535 78,405 5,639,394 30,577,773 (15,691,999) (30,689,291) 1,000,232 3,260,643 47,307,776 56,360,149 360 (74) 3,535 1,734,732 1,731,009 42,638,399 44,728,520 1,353,423 1,907 23,416 (5,368) (98,646) 1,074,128 10,404,156 (4,898,981) (5,807,952) LONG DURATION CREDIT BOND FUND 44,728,520 38,401,307 REAL RETURN BOND FUND Class D 1,353,423 1,489,806 173,462 217,371 (1,521,376) (355,904) 2,150 (5,509) 23,309 17,719 54,847 12,693 (32,469) (7,643) 6,786 540 185,397 237,870 23,309 104,078 94,176 46,057 53,107 (36,332) (45,488) 2,609 2,283 116,412 104,078 28,036,102 26,936,918 6,481,703 4,913,336 (3,409,441) (4,697,521) 942,440 883,369 32,050,804 28,036,102 957,045 1,514,189 83,949 264,228 (865,405) (827,997) 6,625 (175,589) 957,045 601 581 19 20 620 601 12,116 15,195 55,963 26,988 (47,580) (30,086) 159 19 298,615 319,273 12,116 MONEY MARKET FUND