Semi-Annual Report (unaudited) for the period ended June 30, 2017 SEI Group of Funds Canadian Equity Funds Asset Allocation Funds Canadian Equity Fund All Equity Fund Canadian Small Company Equity Fund Balanced Fund U.S. Equity Funds Balanced 60/40 Fund U.S. Large Cap Index Fund Balanced Monthly Income Fund U.S. Large Company Equity Fund Conservative Fund U.S. Small Company Equity Fund Conservative Monthly Income Fund International Equity Funds Growth Fund EAFE Equity Fund Growth 100 Fund Emerging Markets Equity Fund Growth 80/20 Fund Global Managed Volatility Fund Income 100 Fund Canadian Fixed Income Funds Income 20/80 Fund Canadian Fixed Income Fund Income 40/60 Fund Long Duration Bond Fund Moderate Fund Long Duration Credit Bond Fund Money Market Fund Real Return Bond Fund Short Term Bond Fund Short Term Investment Fund U.S. Fixed Income Funds U.S. High Yield Bond Fund MANAGED BY: SEI INVESTMENTS CANADA COMPANY Semi-Annual Report © SEI 2017 seic.com/enCA Table of Contents Management’s Responsibility for Financial Reporting 3 Statements of Financial Position, Statements of Comprehensive Income, Statements of Changes in Net Assets Attributable toHolders of Redeemable Units, Statements of Cash Flows, Schedule of Investment Portfolio, and Fund Specific Notes to the Financial Statements Canadian Equity Funds Canadian Equity Fund 4 Canadian Small Company Equity Fund 16 U.S. Equity Funds U.S. Large Cap Index Fund 24 U.S. Large Company Equity Fund 36 U.S. Small Company Equity Fund 48 International Equity Funds EAFE Equity Fund 62 Emerging Markets Equity Fund 77 Global Managed Volatility Fund 92 Canadian Fixed Income Funds Canadian Fixed Income Fund 105 Long Duration Bond Fund 122 Long Duration Credit Bond Fund 128 Money Market Fund 136 Real Return Bond Fund 142 Short Term Bond Fund 149 Short Term Investment Fund 157 U.S. Fixed Income Funds U.S. High Yield Bond Fund 163 Asset Allocation Funds All Equity Fund 189 Balanced Fund 196 Balanced 60/40 Fund 203 Balanced Monthly Income Fund 210 Conservative Fund 216 Conservative Monthly Income Fund 222 Growth Fund 229 Growth 100 Fund 236 Growth 80/20 Fund 243 Income 100 Fund 250 Income 20/80 Fund 257 Income 40/60 Fund 264 Moderate Fund 271 Notes to Financial Statements 278 Notice to Investors The following semi-annual financial statements have not been reviewed by the independent external auditors of the Funds, PricewaterhouseCoopers LLP. 3 Canadian Equity Fund Statements of Financial Position Statements of Comprehensive Income AS AT JUNE 30, 2017 (UNAUDITED) AND FOR THE PERIODS ENDED JUNE 30, 2017 AND 2016 DECEMBER 31, 2016 (UNAUDITED) (in thousands of dollars except per unit data) (in thousands of dollars except per unit data) 2017 2016 2017 2016 ASSETS INCOME Current assets NET GAIN (LOSS) ON INVESTMENTS AND DERIVATIVES Investments (non-derivative financial assets) $ 2,302,283 $ 2,387,545 Dividends $ 28,824 $ 29,199 Interest for distribution purposes 131 96 Cash including foreign currency holdings 52,123 14,735 Derivative income (loss) 16 171 Accrued dividends receivable 5,121 5,538 Net realized gain (loss) on sale of investments 69,004 (4,029) Accrued interest receivable 8 — Foreign exchange gain (loss) on foreign Margin receivable on futures 1,772 3,106 currency translation (253) (53) Receivable for portfolio securities sold 15,742 2,917 Net change in unrealized appreciation Receivable for unit subscriptions 3,113 1,729 (depreciation) on foreign exchange (35) (37) Receivable from manager 6 6 Net change in unrealized appreciation (depreciation) of investments (70,702) 95,836 Prepaid expenses 263 187 26,985 121,183 Derivative assets 2,316 108 Foreign exchange gain (loss) on cash (244) (72) 2,382,747 2,415,871 TOTAL INCOME (NET) 26,741 121,111 LIABILITIES EXPENSES Current liabilities Custodian and administration fees 1,024 993 Accrued liabilities 780 858 Legal fees 53 83 Payable for portfolio securities purchased 22,980 8,490 Audit fees 48 48 Interest expense 14 1 Payable for unit redemptions 2,488 1,765 Management fees 1,536 2,114 Derivative liabilities 732 208 Trustee fees 32 31 26,980 11,321 Independent review committee fees 6 5 NET ASSETS ATTRIBUTABLE TO Transaction costs 1,953 2,480 HOLDERS OF REDEEMABLE UNITS $ 2,355,767 $ 2,404,550 Securityholder reporting costs 85 75 Foreign withholding taxes 171 226 NET ASSETS ATTRIBUTABLE TO TOTAL EXPENSES 4,922 6,056 Waived expenses (6) (6) HOLDERS OF REDEEMABLE UNITS NET EXPENSES 4,916 6,050 PER CLASS (note 5) INCREASE (DECREASE) IN NET ASSETS (Class D) $ 56,661 $ 62,620 ATTRIBUTABLE TO HOLDERS OF (Class E) $ 2,131 $ 2,350 REDEEMABLE UNITS $ 21,825 $ 115,061 (Class F) $ 10,663 $ 12,292 (Class I) $—$ 54 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF (Class O) $ 2,250,790 $ 2,250,899 REDEEMABLE UNITS PER CLASS (Class P) $ 35,511 $ 76,324 (Class D) $ (156) $ 2,377 (Class Z) $ 11 $ 11 (Class E) $ 7 $ 56 (Class F) $ 86 $ 515 NET ASSETS ATTRIBUTABLE TO HOLDERS (Class I) $—$2 OF REDEEMABLE UNITS PER UNIT (Class O) $ 21,503 $ 107,815 (Class D) $ 20.62 $ 20.70 (Class P) $ 385 $ 4,296 (Class Z) $—$ — (Class E) $ 20.91 $ 20.89 (Class F) $ 24.98 $ 24.84 AVERAGE NUMBER OF UNITS OUTSTANDING (Class I) $ — $ 21.41 FOR THE PERIOD PER CLASS (Class O) $ 21.80 $ 21.59 (Class D) 2,841 3,194 (Class P) $ 22.18 $ 22.23 (Class E) 108 67 (Class Z) $ 21.35 $ 21.13 (Class F) 458 466 (Class I) 3 2 (Class O) 102,875 105,597 (Class P) 2,411 5,243 INVESTMENTS AT AVERAGE COST $ 2,074,369 $2,087,244 (Class Z) 1 — INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT* (Class D) $ (0.05) $ 0.74 (Class E) $ 0.06 $ 0.83 (Class F) $ 0.19 $ 1.10 (Class I) $ 0.04 $ 0.95 (Class O) $ 0.21 $ 1.02 (Class P) $ 0.16 $ 0.82 (Class Z) $ 0.22 $ 1.05 * Based on the weighted average number of units outstanding during the period. SCEF (The accompanying notes are an integral part of these financial statements) 4 Canadian Equity Fund Statements of Changes in Net Assets Attributable to Holders of Redeemable Units FOR THE PERIODS ENDED JUNE 30, 2017 AND 2016 (UNAUDITED) (in thousands of dollars except per unit data) Fund Total Class D 2017 2016 2017 2016 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS AT BEGINNING OF PERIOD $ 2,404,550 $ 2,283,167 $ 62,620 $ 59,194 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 21,825 115,061 (156) 2,377 DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Out of net investment income (2) — — — (2) — — — CAPITAL UNIT TRANSACTIONS Proceeds from issue of units 176,421 186,325 4,608 6,404 Payments on redemption of units (247,027) (284,476) (10,411) (7,383) (70,606) (98,151) (5,803) (979) CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (48,783) 16,910 (5,959) 1,398 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS AT END OF PERIOD $ 2,355,767 $ 2,300,077 $ 56,661 $ 60,592 Class E Class F 2017 2016 2017 2016 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS AT BEGINNING OF PERIOD $ 2,350 $ 1,318 $ 12,292 $ 9,928 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 7 56 86 515 CAPITAL UNIT TRANSACTIONS Proceeds from issue of units 316 378 1,022 2,059 Payments on redemption of units (542) (389) (2,737) (1,027) (226) (11) (1,715) 1,032 CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (219) 45 (1,629) 1,547 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS AT END OF PERIOD $ 2,131 $ 1,363 $ 10,663 $ 11,475 (The accompanying notes are an integral part of these financial statements) SCEF 5 Canadian Equity Fund Statements of Changes in Net Assets Attributable to Holders of Redeemable Units FOR THE PERIODS ENDED JUNE 30, 2017 AND 2016 (UNAUDITED) (in thousands of dollars except per unit data) Class I Class O 2017 2016 2017 2016 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS AT BEGINNING OF PERIOD $ 54 $ 48 $ 2,250,899 $ 2,107,718 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS — 2 21,503 107,815 DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Out of net investment income — — (2) — — — (2) — CAPITAL UNIT TRANSACTIONS Proceeds from issue of units — — 165,377 162,158 Payments on redemption of units (54) — (186,987) (253,324) (54) — (21,610) (91,166) CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (54) 2 (109) 16,649 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS AT END OF PERIOD $— $ 50 $ 2,250,790 $ 2,124,367 Class P Class Z 2017 2016 2017 2016 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS AT BEGINNING OF PERIOD $ 76,324 $ 104,951 $11 $10 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS 385 4,296 — — CAPITAL UNIT TRANSACTIONS Proceeds from issue of units 5,098 15,326 — — Payments on redemption of units (46,296) (22,353) — — (41,198) (7,027) — — CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (40,813) (2,731) — — NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS AT END OF PERIOD $ 35,511 $ 102,220 $ 11 $ 10 SCEF (The accompanying notes are an integral part of these financial statements) 6 Canadian Equity Fund Statements of Cash Flows FOR THE PERIODS ENDED JUNE 30, 2017 AND 2016 (UNAUDITED) (in thousands of dollars except per unit data) 2017 2016 CASH FLOWS FROM OPERATING ACTIVITIES Increase (decrease) in net assets attributable to holder of redeemable units $ 21,825 $ 115,061 Adjustments for: Foreign exchange (gain) loss on cash 228 (4) Net realized (gain) loss on sale of investments (69,004) 4,029 Net change in unrealized (appreciation) depreciation of investments 70,702 (95,836) Purchases of investments