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Rapport Annuel Rapport annuel pour l’exercice terminé le 31 décembre 2010 Fonds d’actions canadiennes Fonds d’actions de petites sociétés canadiennes Fonds d’actions de grandes sociétés américaines Fonds d’actions de petites sociétés américaines Fonds d’actions EAEO Fonds d’actions marchés émergents Fonds canadien à revenu fixe Fonds d’obligations à long terme Fonds d’obligations à rendement réel Fonds d'obligations à court terme Fonds d’obligations américaines à haut rendement Fonds de marché monétaire Fonds synthétique de forte capitalisation américaine Fonds synthétique de moyenne capitalisation américaine Fonds de revenu 100 Fonds de revenu 20/80 Fonds de revenu 30/70 Fonds prudent de revenu mensuel Fonds de revenu 40/60 Fonds équilibré orienté Canada Fonds équilibré 50/50 Fonds équilibré 60/40 Fonds équilibré de revenu mensuel Fonds de croissance 70/30 Fonds de croissance 80/20 Fonds de croissance orienté Canada Fonds de croissance 100 Fonds de croissance mondiale 100 parts de catégorie O, I, P, F, R, S, D, E O(H), I(H), P(H), F(H), R(H), D(H) et E(H) Gérant : SOCIÉTÉ DE PLACEMENTS SEI CANADA Table des matières Responsabilité de la direction à l’égard de l’information financière 3 Rapport des vérificateurs 4 État du portefeuille de placements, états des résultats, états de l’actif net et états de l’évolution de l’actif net pour : Fonds d’actions canadiennes 5 Fonds d’actions de petites sociétés canadiennes 13 Fonds d’actions de grandes sociétés américaines 19 Fonds d’actions de petites sociétés américaines 29 Fonds d’actions EAEO 43 Fonds d’actions marchés émergents 59 Fonds canadien à revenu fixe 73 Fonds d’obligations à long terme 88 Fonds d’obligations à rendement réel 92 Fonds d'obligations à court terme 96 Fonds d’obligations américaines à haut rendement 101 Fonds de marché monétaire 116 Fonds synthétique de forte capitalisation américaine 120 Fonds synthétique de moyenne capitalisation américaine 125 Fonds de revenu 100 130 Fonds de revenu 20/80 134 Fonds de revenu 30/70 139 Fonds prudent de revenu mensuel 143 Fonds de revenu 40/60 147 Fonds équilibré orienté Canada 152 Fonds équilibré 50/50 156 Fonds équilibré 60/40 160 Fonds équilibré de revenu mensuel 165 Fonds de croissance 70/30 169 Fonds de croissance 80/20 173 Fonds de croissance orienté Canada 178 Fonds de croissance 100 182 Fonds de croissance mondiale 100 187 Notes afférentes aux états financiers 191 3 Le 28 mars 2011 PricewaterhouseCoopers LLP/s.r.l./s.e.n.c.r.l. Rapport de l’auditeur indépendant Comptables agréés PO Box 82 Aux porteurs de parts du groupe suivant de fonds de placements SEI : Royal Trust Tower, Suite 3000 Fonds d’actions canadiennes Fonds équilibré orienté Canada Toronto-Dominion Centre Fonds d’actions de petites sociétés canadiennes Fonds de croissance orienté Canada Toronto, Ontario Fonds d’actions de grandes sociétés américaines Fonds prudent de revenu mensuel Canada M5K 1G8 Fonds d’actions de petites sociétés américaines Fonds équilibré de revenu mensuel Téléphone +1 416 863 1133 Télécopieur +1 416 365 8215 Fonds d’actions EAEO Fonds de revenu 100 www.pwc.com/ca Fonds d’actions marchés émergents Fonds de revenu 20/80 Fonds canadien à revenu fixe Fonds de revenu 30/70 Fonds d’obligations à long terme Fonds équilibré 40/60 Fonds d’obligations à rendement réel Fonds équilibré 50/50 Fonds de marché monétaire Fonds de croissance 70/30 Fonds synthétique de forte capitalisation américaine Fonds de croissance 80/20 Fonds synthétique de moyenne capitalisation américaine Fonds de croissance mondiale 100 Fonds d’obligations à court terme Fonds de croissance 100 Fonds équilibré 60/40 Fonds d’obligations américaines à haut rendement (collectivement, les « Fonds ») Nous avons effectué l'audit des états financiers ci-joints de chacun des Fonds, qui comprennent l'état du portefeuille de placements au 31 décembre 2010 et les états de l’actif net, des résultats et de l’évolution de l’actif net aux dates et pour les périodes indiquées à la note 1, ainsi que les notes annexées incluant un résumé des principales méthodes comptables. Responsabilité de la direction pour les états financiers La direction est responsable de la préparation et de la présentation fidèle des états financiers de chacun des Fonds conformément aux principes comptables généralement reconnus du Canada, ainsi que du contrôle interne qu'elle considère comme nécessaire pour permettre la préparation d'états financiers exempts d'anomalies significatives, que celles-ci résultent de fraudes ou d'erreurs. Responsabilité de l'auditeur Notre responsabilité consiste à exprimer une opinion sur les états financiers, sur la base de notre audit. Nous avons effectué notre audit selon les normes d'audit généralement reconnues du Canada. Ces normes requièrent que nous nous conformions aux règles de déontologie et que nous planifiions et réalisions l'audit de façon à obtenir l'assurance raisonnable que les états financiers ne comportent pas d'anomalies significatives. Un audit implique la mise en œuvre de procédures en vue de recueillir des éléments probants concernant les montants et les informations fournis dans les états financiers. Le choix des procédures relève du jugement de l'auditeur, et notamment de son évaluation des risques que les états financiers comportent des anomalies significatives, que celles-ci résultent de fraudes ou d'erreurs. Dans l'évaluation de ces risques, l'auditeur prend en considération le contrôle interne de l'entité portant sur la préparation et la présentation fidèle des états financiers afin de concevoir des procédures d'audit appropriées aux circonstances, et non dans le but d'exprimer une opinion sur l'efficacité du contrôle interne de l'entité. Un audit comporte également l'appréciation du caractère approprié des méthodes comptables retenues et du caractère raisonnable des estimations comptables faites par la direction, de même que l'appréciation de la présentation d'ensemble des états financiers. Nous estimons que les éléments probants que nous avons obtenus sont suffisants et appropriés pour fonder notre opinion d'audit. Opinion À notre avis, les états financiers de chacun des Fonds donnent, dans tous leurs aspects significatifs, une image fidèle de la situation financière de chaque Fonds, ainsi que des résultats de leurs activités et de l’évolution de leur actif net aux dates et pour les périodes indiquées à la note 1, selon les principes comptables généralement reconnus du Canada. Comptables agréés, experts-comptables autorisés « PricewaterhouseCoopers » s’entend de PricewaterhouseCoopers LLP/s.r.l./s.e.n.c.r.l., société à responsabilité limitée de l’Ontario ou, selon le contexte, du réseau mondial de PricewaterhouseCoopers ou des autres sociétés membres du réseau, chacune étant une entité distincte sur le plan juridique. 4 Fonds d’actions canadiennes État du portefeuille de placements 31 DÉCEMBRE 2010 Coût Juste Coût Juste Nombre moyen valeur Nombre moyen valeur d’actions $$ d’actions $$ ACTIONS CANADIENNES – 97,6 % Fairborne Energy Ltd. 557 597 2 699 065 2 353 059 Biens de consommation discrétionnaire – 5,1 % Husky Energy Inc. 556 490 13 901 333 14 752 550 Astral Media Inc. 128 150 3 552 384 5 375 892 Compagnie Pétrolière Impériale Ltée 456 213 17 216 916 18 485 751 Groupe BMTC Inc., cat. A 191 612 1 890 108 3 872 479 Legacy Oil + Gas Inc., cat. A 835 302 9 805 057 12 963 887 La Société Canadian Tire Limitée, cat. A 95 750 2 098 297 6 528 235 Mullen Group Ltd. 375 347 6 336 452 6 347 118 Coastal Contacts Inc. 761 611 757 718 1 256 658 Nexen Inc. 623 750 12 899 490 14 215 262 Cogeco Câble Inc. 236 300 3 382 130 9 690 663 Niko Resources Ltd. 216 100 13 108 714 22 284 232 COGECO Inc. 59 711 803 131 2 210 501 NuLoch Resources Inc., cat. A 1 509 500 2 060 399 3 109 570 Corus Entertainment Inc., cat. B 525 022 8 254 722 11 629 237 Pacific Rubiales Energy Corp. 1 027 400 10 961 101 34 643 928 Les Vêtements de Sport Gildan inc. 158 500 4 712 134 4 487 135 Painted Pony Petroleum Ltd., cat. A 312 224 2 216 431 2 719 471 Glacier Media Inc. 850 261 2 474 637 1 998 113 Paramount Resources Ltd., cat. A 102 300 1 695 118 3 239 841 Le Château Inc. 107 310 1 380 027 1 229 773 Parex Resources Inc. 122 161 393 270 1 050 585 Magna International Inc., cat. A 944 400 28 001 861 48 882 144 Pason Systems Inc. 142 800 1 572 572 1 992 060 MTY Food Group Inc. 58 035 707 910 835 704 Pembina Pipeline Corp. 261 950 3 895 408 5 658 120 Quebecor Inc., cat. B 163 600 4 555 585 6 151 360 PetroBakken Energy Ltd. 269 800 7 273 644 5 854 660 Shaw Communications Inc. 376 650 3 841 227 8 022 645 Petrobank Energy & Resources Ltd. 426 200 10 599 969 19 453 217 Tim Hortons Inc. 187 250 5 757 938 7 695 975 Petrominerales Ltd. 404 700 5 477 462 13 363 194 Yellow Media Inc. 1 155 215 11 440 398 7 162 333 Phoenix Technology Income Fund 300 960 2 436 031 3 978 691 83 610 207 127 028 847 Precision Drilling Corp. 659 900 4 724 847 6 335 040 Progress Energy Resources Corp. 57 800 787 079 734 060 Biens de consommation de base – 2,5 % Rock Energy Inc. 436 739 1 508 683 2 118 184 Alimentation Couche-Tard Inc., cat. B 181 400 4 337 701 4 905 056 Second Wave Petroleum Inc.
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