Annual Management Report of Fund Performance for the period ended December 31, 2015

EAFE Equity Fund

Class D Units, Class E Units, Class F Units, Class I Units, Class O Units, Class P Units, Class R Units, Class Z Units

MANAGED BY: SEI INVESTMENTS CANADA COMPANY Annual Management Report of Fund Performance

© SEI 2015

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This annual Management Report of Fund Performance contains financial highlights, but does not contain the complete audited annual financial statements of the Fund. You may view the semi-annual (unaudited) and annual Financial Statements, as well as the annual and semi-annual Management Report of Fund Performance on our website seic.com, or through SEDAR at sedar.com. You may also request to receive a copy of these reports, SEI Funds’ proxy voting policies and procedures, or quarterly portfolio disclosure at no cost by contacting us through any of the following methods: Call us toll free at: Visit our website: Write to us at:

1-866-SEI-1114 seic.com SEI, 70 York Street, Suite 1600, Toronto, Ontario M5J 1S9

The proxy voting record of the SEI Funds for the period ending June 30, 2016 will be available on our website any time after August 31, 2016.

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.

EAFE Equity Fund Management Report of Fund Performance INVESTMENT OBJECTIVE AND STRATEGIES The objective of the EAFE Equity Fund (the “Fund”) is to achieve capital appreciation through investment primarily in equity securities of issuers in developed countries other than the United States. The Fund invests using a Manager of Managers investment strategy that involves appointing multiple specialist Portfolio Managers. Each Portfolio Manager manages a portion of the Fund in accordance with a specific mandate that is based on its expertise. Portfolio Managers are selected using in-depth research and once appointed, are subject to a rigorous monitoring process. As of December 31, 2015, the Portfolio Managers of the Fund were: Acadian Asset Management, LLC Blackcrane Capital LLC Causeway Capital Management, LLC Henderson Global Investors (North America) Inc. INTECH Investment Management, LLC Neuberger Berman, LLC Tradewinds Global Investors, LLC WCM Investment Management SEI Investments Management Corporation SEI Investments Canada Company (the Manager)

RESULTS OF OPERATIONS (This performance commentary is based on Class O units of the Fund. Returns for other classes of units may vary, largely due to differences in fees and expenses. Please refer to the Past Performance section for class level performance details.) European markets performed strongly during the first half of 2015, supported by the European Central Bank’s (ECB) considerable stimulus program, initiated in March, through which the ECB began its monthly purchase of €60 billion in public and private assets. Throughout the year, President Draghi expressed willingness to expand the programme as necessary, especially to meet the Bank’s inflation target of 2%. The impact of the asset purchase programme weakened the euro, which made the region’s exports more competitive. By the summer, the eurozone met with headwinds due to global and geopolitical concerns weighing on markets. In June, headlines were focused on the Greek debt crisis as its government, led by the left-wing Syriza party, defaulted on its repayment schedule set forth by its creditors, which included the ECB, the International Monetary Fund and other Euro-member states. This was followed by several

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stock market routs in China due to the sharp decline in mainland Chinese equities. In addition, Greece and Eastern Europe were flooded by Syrian migrants fleeing civil war in that nation, and met with intense global scrutiny related to their ability to provide sanctuary. Notably, in December, the ECB revised eurozone economic growth expectations modestly higher to 1.5% for 2015, 1.7% in 2016 and 1.9% in 2017 U.K. market performance (measured in U.S. dollar terms) was poor, attributable to losses by commodity-related heavyweights (oil and metals such as gold) in the index. In Japan, markets were robust at the start of the year. In August, they were negatively impacted due to the global equities sell off, which was triggered by continued low interest rates, rising Chinese debt levels and retreating growth in China. Japan ended the year as one of the top performing markets. Backed by a strong economic stimulus program and a weakening currency that boosted exports, the nation shrugged off worries of recession as corporate Japan increased profits even without a stronger economy. During the same time period emerging markets fell close to 15%, the lowest rate since 2011. The ongoing worries about slowing growth in China, weakened demand for commodities and strongly depreciating currencies (Russia, Venezuela and Brazil) created a challenge during the year. Developed international markets as measured by the MSCI EAFE Index returned 18.95%, while the Fund returned 21.73% for the year ended December 31, 2015. Within the Fund, overall stock selection was strong, led by Materials and followed by Financials, Consumer Staples and Industrials. Stock selection in Information Technology was negative however, the overweight position to the sector was positive resulting in a net positive. Holdings in the Utilities sector detracted from results as did an underweight to Consumer Staples sector. From a regional standpoint, strong stock selection in the U.K. was the most significant contributor. Stock selection in Japan was also strong, while the underweight to the country (a top performer) slightly detracted from returns. Selection within Europe also contributed to returns. Holdings in Switzerland, Italy and Denmark were positive and offset poor stock selection in France. An underweight to Spain was also beneficial. An underweight to the Pacific ex-Japan region was additive as Australia and Singapore lagged the Fund’s overall benchmark. The Fund’s off-benchmark exposure to Canada detracted, as the country’s commodity-heavy stock market faced challenges. Overall the emerging-market was neutral.

EAFE Equity Fund Management Report of Fund Performance RECENT DEVELOPMENTS CHANGES TO STRATEGIC POSITION OF FUND In aggregate, SEI’s managers are slightly underweight to Europe, emphasizing stronger countries such as the Netherlands, while remaining underweight belabored Spain. The Fund is also underweight the U.K. but throughout the year has reduced this underweight. Many of our fundamentally-oriented managers remain skeptical about Japan, maintaining an underweight to the country, as they await confirmation that the nation’s corporate structural challenges will be addressed and that the environment for growth has actually become more favorable. The Fund also increased its underweight to the Pacific ex-Japan region and in particular, to commodity-heavy Australia. It also maintains a modest offbenchmark position in emerging markets, as managers use their flexibility to purchase attractive stocks, with notable allocations to the larger Asian economies of China and Korea. CHANGES TO PORTFOLIO MANAGERS For the 12-month period ending 31 December 2015, WCM Investment Management was added to the Fund’s manager lineup. CHANGES TO COMPOSITION OF INDEPENDENT REVIEW COMMITTEE (IRC) MEMBERS During the relevant period James Jennings resigned as a member of the Fund’s IRC and Jim Dunn was appointed as a new IRC member.

RISK The Fund may be suitable for investors who have a medium tolerance for risk. The risks of investing in the Fund are greater detailed within the current Prospectus.

RELATED PARTY TRANSACTIONS SEI 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 The Fund is managed by SEI Investments Canada Company (the “Manager”), a wholly-owned subsidiary of SEI Investments Company. SEI receives management fees with respect to the dayto-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

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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. The Manager may change the Portfolio Managers and/or the allocation of assets to a particular Portfolio Manager from time to time at its sole discretion. FUND TRANSACTIONS In relation to certain of the Fund's portfolio transactions, a US registered broker-dealer affiliate of the Manager provided certain brokerage services to carrying dealers for the Fund and received from such dealers certain commission recapture compensation for its services in 2015. Such services and such amounts were in accordance with the Manager's policy for such services being provided, on which the Independent Review Committee provided its recommendation to the Fund of a fair and reasonable result for the Fund, which operates as a standing instruction for compliance by the Manager.

EAFE Equity Fund Financial Highlights – FOR THE YEARS ENDED DECEMBER 31 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 past five years.

Class O THE FUND’S NET ASSETS PER UNIT (a)

2015

2014

2013

2012

2011

$5.45

$5.37

$4.19

$3.78

$4.39

$0.15 -$0.04 $0.61 $0.47 $1.19

$0.14 -$0.03 $0.47 -$0.39 $0.19

$0.15 -$0.03 $0.46 $0.71 $1.29

$0.12 -$0.01 -$0.13 $0.53 $0.51

$0.14 -$0.01 $0.06 -$0.64 -$0.45

DISTRIBUTIONS: From net investment income (excluding dividends) -$0.10 From capital gains -$0.01 Total annual distributions (c) -$0.11

-$0.12 — -$0.12

-$0.13 — -$0.13

-$0.13 — -$0.13

-$0.12 — -$0.12

$6.53

$5.45

$5.37

$4.19

$3.78

RATIOS AND SUPPLEMENTAL DATA Net asset value ($000’s)* $755,579 Number of units outstanding* 115,788,976 (d) Management expense ratio 0.15% Management expense ratio before waivers 0.15% (e) Portfolio turnover rate 66% Trading expense ratio (f) 0.15% Net asset value per unit $6.53

$652,686 119,750,171 0.14% 0.14% 80% 0.19% $5.45

$595,132 110,836,691 0.07% 0.13% 73% 0.19% $5.37

$575,214 137,193,053 0.14% 0.14% 73% 0.18% $4.19

$536,345 141,407,931 0.17% 0.17% 110% 0.22% $3.79

NET ASSETS, BEGINNING OF YEAR INCREASE (DECREASE) FROM OPERATIONS: Total revenue Total expenses Realized gains (losses) for the year Unrealized gains (losses) for the year Total increase (decrease) from operations (b)

NET ASSETS, END OF YEAR

Class I THE FUND’S NET ASSETS PER UNIT (a)

2015

2014

2013

2012

2011

NET ASSETS, BEGINNING OF YEAR

$5.63

$5.55

$4.34

$3.92

$4.54

INCREASE (DECREASE) FROM OPERATIONS: Total revenue Total expenses Realized gains (losses) for the year Unrealized gains (losses) for the year Total increase (decrease) from operations (b)

$0.15 -$0.11 $0.63 $0.48 $1.15

$0.15 -$0.10 $0.49 -$0.40 $0.14

$0.15 -$0.08 $0.47 $0.77 $1.31

$0.12 -$0.05 -$0.10 $0.39 $0.36

$0.15 -$0.06 $0.05 -$0.69 -$0.55

DISTRIBUTIONS: From net investment income (excluding dividends) -$0.04 From capital gains — Total annual distributions (c) -$0.04

-$0.06 — -$0.06

-$0.08 — -$0.08

-$0.09 — -$0.09

-$0.08 — -$0.08

NET ASSETS, END OF YEAR

$6.74

$5.63

$5.55

$4.33

$3.92

RATIOS AND SUPPLEMENTAL DATA Net asset value ($000’s)* Number of units outstanding* Management expense ratio (d) Management expense ratio before waivers Portfolio turnover rate (e) Trading expense ratio (f) Net asset value per unit

$57 8,486 1.29% 1.29% 66% 0.15% $6.74

$47 8,419 1.29% 1.29% 80% 0.19% $5.63

$46 8,318 1.21% 1.27% 73% 0.19% $5.55

$35 8,169 1.27% 1.27% 73% 0.18% $4.34

$8 1,971 1.29% 1.29% 110% 0.22% $3.93

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 year. 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 Goods and Services Tax (GST) up to June 30, 2010 and Harmonized Sales Tax (HST) thereafter) and interest expense but excluding brokerage commission on securities transactions charged to the Fund to daily average net asset value on an annualized basis. (e) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor 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 year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. 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 year. * This information is provided as at December 31.

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EAFE Equity Fund Financial Highlights – FOR THE YEARS ENDED DECEMBER 31 Class P THE FUND’S NET ASSETS PER UNIT (a)

2015

2014

2013

2012

2011

NET ASSETS, BEGINNING OF YEAR

$5.39

$5.34

$4.17

$3.77

$4.37

INCREASE (DECREASE) FROM OPERATIONS: Total revenue Total expenses Realized gains (losses) for the year Unrealized gains (losses) for the year Total increase (decrease) from operations (b)

$0.15 -$0.19 $0.60 $0.52 $1.08

$0.14 -$0.17 $0.46 -$0.40 $0.03

$0.14 -$0.15 $0.45 $0.73 $1.17

$0.11 -$0.11 -$0.12 $0.54 $0.42

$0.14 -$0.11 $0.02 -$0.66 -$0.61

— — —

— — —

-$0.01 — -$0.01

-$0.03 — -$0.03

-$0.03 — -$0.03

$6.40

$5.39

$5.34

$4.17

$3.77

$54,604 8,527,483 2.67% 2.67% 66% 0.15% $6.40

$61,018 11,311,431 2.68% 2.68% 80% 0.19% $5.39

$58,743 11,010,710 2.61% 2.67% 73% 0.19% $5.34

$48,659 11,663,701 2.71% 2.71% 73% 0.18% $4.17

$41,158 10,887,628 2.74% 2.74% 110% 0.22% $3.78

DISTRIBUTIONS: From net investment income (excluding dividends) From capital gains Total annual distributions (c) NET ASSETS, END OF YEAR RATIOS AND SUPPLEMENTAL DATA Net asset value ($000’s)* Number of units outstanding* Management expense ratio (d) Management expense ratio before waivers Portfolio turnover rate (e) Trading expense ratio (f) Net asset value per unit

Class F THE FUND’S NET ASSETS PER UNIT (a)

2015

2014

2013

2012

2011

NET ASSETS, BEGINNING OF YEAR

$5.67

$5.59

$4.37

$3.94

$4.56

INCREASE (DECREASE) FROM OPERATIONS: Total revenue Total expenses Realized gains (losses) for the year Unrealized gains (losses) for the year Total increase (decrease) from operations (b)

$0.15 -$0.10 $0.61 $0.48 $1.14

$0.15 -$0.09 $0.50 -$0.41 $0.15

$0.15 -$0.08 $0.47 $0.78 $1.32

$0.12 -$0.05 -$0.13 $0.60 $0.54

$0.15 -$0.05 $0.07 -$0.72 -$0.55

DISTRIBUTIONS: From net investment income (excluding dividends) -$0.06 From capital gains -$0.01 Total annual distributions (c) -$0.07

-$0.07 — -$0.07

-$0.09 — -$0.09

-$0.09 — -$0.09

-$0.08 — -$0.08

$6.77

$5.67

$5.59

$4.36

$3.94

$4,486 662,581 1.10% 1.24% 66% 0.15% $6.77

$2,655 468,273 1.10% 1.24% 80% 0.19% $5.67

$2,251 402,617 1.09% 1.15% 73% 0.19% $5.59

$2,032 465,050 1.09% 1.23% 73% 0.18% $4.37

$1,894 478,986 1.09% 1.09% 110% 0.22% $3.95

NET ASSETS, END OF YEAR RATIOS AND SUPPLEMENTAL DATA Net asset value ($000’s)* Number of units outstanding* Management expense ratio (d) Management expense ratio before waivers Portfolio turnover rate (e) Trading expense ratio (f) Net asset value per unit

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 year. 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 Goods and Services Tax (GST) up to June 30, 2010 and Harmonized Sales Tax (HST) thereafter) and interest expense but excluding brokerage commission on securities transactions charged to the Fund to daily average net asset value on an annualized basis. (e) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor 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 year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. 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 year. * This information is provided as at December 31.

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EAFE Equity Fund Financial Highlights – FOR THE YEARS ENDED DECEMBER 31 Class D THE FUND’S NET ASSETS PER UNIT (a)

2015

2014

2013

2012

2011

$5.18

$5.14

$4.06

$3.68

$4.31

$0.14 -$0.20 $0.57 $0.42 $0.93

$0.13 -$0.18 $0.43 -$0.38 —

$0.13 -$0.15 $0.44 $0.69 $1.11

$0.11 -$0.11 -$0.11 $0.55 $0.44

$0.13 -$0.12 -$0.12 -$0.65 -$0.76

— —

— —

-$0.04 -$0.04

-$0.04 -$0.04

-$0.06 -$0.06

$6.14

$5.18

$5.14

$4.05

$3.68

$41,762 6,804,256 2.91% 2.91% 66% 0.15% $6.14

$33,395 6,443,047 2.91% 2.91% 80% 0.19% $5.18

$22,735 4,424,323 2.79% 2.85% 73% 0.19% $5.14

$4,046 997,611 2.92% 2.92% 73% 0.18% $4.06

$2,156 583,734 2.94% 2.94% 110% 0.22% $3.69

NET ASSETS, BEGINNING OF YEAR INCREASE (DECREASE) FROM OPERATIONS: Total revenue Total expenses Realized gains (losses) for the year Unrealized gains (losses) for the year Total increase (decrease) from operations (b) DISTRIBUTIONS: From net investment income (excluding dividends) Total annual distributions (c) NET ASSETS, END OF YEAR RATIOS AND SUPPLEMENTAL DATA Net asset value ($000’s)* Number of units outstanding* Management expense ratio (d) Management expense ratio before waivers Portfolio turnover rate (e) Trading expense ratio (f) Net asset value per unit

Class E THE FUND’S NET ASSETS PER UNIT (a)

2015

2014

2013

2012

2011

NET ASSETS, BEGINNING OF YEAR

$5.28

$5.26

$4.09

$3.70

$4.34

INCREASE (DECREASE) FROM OPERATIONS: Total revenue Total expenses Realized gains (losses) for the year Unrealized gains (losses) for the year Total increase (decrease) from operations (b)

$0.14 -$0.15 $0.60 $0.27 $0.86

$0.11 -$0.13 $0.37 -$0.44 -$0.09

$0.10 -$0.12 $0.43 $1.26 $1.67

$0.11 -$0.09 -$0.11 $0.53 $0.44

$0.13 -$0.10 -$0.12 -$0.64 -$0.73

DISTRIBUTIONS: From net investment income (excluding dividends) -$0.02 Total annual distributions (c) -$0.02

-$0.06 -$0.06

— —

-$0.05 -$0.05

-$0.08 -$0.08

$6.30

$5.28

$5.26

$4.09

$3.70

$975 154,825 1.95% 1.95% 66% 0.15% $6.30

$523 98,986 2.09% 2.09% 80% 0.19% $5.28

$42 7,973 2.39% 2.45% 73% 0.19% $5.26

$293 71,570 2.37% 2.37% 73% 0.18% $4.09

$161 43,261 2.39% 2.39% 110% 0.22% $3.71

NET ASSETS, END OF YEAR RATIOS AND SUPPLEMENTAL DATA Net asset value ($000’s)* Number of units outstanding* Management expense ratio (d) Management expense ratio before waivers Portfolio turnover rate (e) Trading expense ratio (f) Net asset value per unit

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 year. 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 Goods and Services Tax (GST) up to June 30, 2010 and Harmonized Sales Tax (HST) thereafter) and interest expense but excluding brokerage commission on securities transactions charged to the Fund to daily average net asset value on an annualized basis. (e) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor 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 year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. 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 year. * This information is provided as at December 31.

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EAFE Equity Fund Financial Highlights – FOR THE YEARS ENDED DECEMBER 31 Class Z THE FUND’S NET ASSETS PER UNIT (a)

2015

2014

2013

2012

2011

NET ASSETS, BEGINNING OF YEAR

$6.57

—

—

—

—

INCREASE (DECREASE) FROM OPERATIONS: Total revenue Total expenses Realized gains (losses) for the year Unrealized gains (losses) for the year Total increase (decrease) from operations (b)

$0.04 -$0.01 $0.08 -$0.04 $0.07

— — — — —

— — — — —

— — — — —

— — — — —

DISTRIBUTIONS: From net investment income (excluding dividends) -$0.11 From dividends -$0.01 From capital gains — (c) Total annual distributions -$0.12

— — — —

— — — —

— — — —

— — — —

NET ASSETS, END OF YEAR

$6.52

—

—

—

—

RATIOS AND SUPPLEMENTAL DATA Net asset value ($000’s)* Number of units outstanding* Management expense ratio (d) Management expense ratio before waivers Portfolio turnover rate (e) Trading expense ratio (f) Net asset value per unit

$10 1,551 0.00% 0.00% 66% 0.15% $6.52

— — — — — — —

— — — — — — —

— — — — — — —

— — — — — — —

1

Note: This table is not intended to act as a continuity of opening and closing Net assets per unit. 1 Initial offering price. (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 year. 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 Goods and Services Tax (GST) up to June 30, 2010 and Harmonized Sales Tax (HST) thereafter) and interest expense but excluding brokerage commission on securities transactions charged to the Fund to daily average net asset value on an annualized basis. (e) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor 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 year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. 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 year. * This information is provided as at December 31.

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, Class R and Class Z as all compensation to the manager is paid pursuant to separate management agreements.

Management Fees 1

Class O n/a

Class I 1.00%

Class P 2.30%

Class F 1.10%1

Class R n/a

Class D 2.50%

Class E 1.72%

Class Z n/a

Inclusive of Goods and Service Tax/Harmonized Sales Tax

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* Trailer Commissions**

Class O n/a

Class I 100.0%

Class P 34.8%

Class F 100.0%

Class R n/a

Class D 30.0%

Class E 41.9%

Class Z n/a

n/a

n/a

65.2%

n/a

n/a

70.0%

58.1%

n/a

* 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 trailer commissions up to the maximum of 1.75% 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 quarter.

SEEF

EAFE Equity Fund Past Performance The performance information shown below assumes that all distributions made by the Fund in the periods 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 and illustrate how performance has changed from year to year. In percentage terms, the charts show how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. Class O Units Year-by-Year Returns

Class I Units Year-by-Year Returns

60%

60% 31.44%

24.79%

20%

-6.43%

0%

-32.70%

8.47% 6.10%

13.98%

3.70%

-10.74%

40%

21.73% Return

Return

40%

-20% -40%

29.94%

23.48%

20%

-7.42%

0%

-33.40%

7.35%

4.95%

2009

2010

2006

2007

2008

2009

2010

2011

2012

2013

2014

-40%

2015

2006

2007

2008

-8.69%

-34.30%

5.88%

3.50%

11.09%

40%

18.70% 1.11%

-12.98%

Return

Return

21.79%

0%

20% 0%

2006

2007

2008

2009

2010

2011

2012

2013

2014

-40%

2015

2006

2007

2008

40%

2009

2010

40%

2013

2014

2015

-13.05%

0.87%

0%

28.49%

30%

18.41%

10.86% 1.09%2

2012

Class E Units Year-by-Year Returns

Return

20%

2011

From April 2006 first issuance by Prospectus

27.86%

30% Return

20.58% 2.71%

Year

Class D Units Year-by-Year Returns

20% 10%

19.53%

11.47% 1.17%3

0%

1.71%

-12.69%

-10%

-10% 2010

2011

2012

2013

2014

-20%

2015

2010

2011

From November 2010 first issuance by Prospectus

2012

2013 Year

Year

SEEF

2015

-20%

1

2

2014

30.10% 14.64%1 12.91% -7.31% -33.30% 7.41% 5.13% -11.55%

Year

-20%

2013

60%

28.14%

-20%

10%

2012

Class F Units Year-by-Year Returns

60%

-40%

2011

Year

Class P Units Year-by-Year Returns

20%

20.34% 2.51%

-11.72%

-20%

Year

40%

12.70%

3

From November 2010 first issuance by Prospectus

2014

2015

EAFE Equity Fund YEAR-BY-YEAR RETURNS - CONTINUED Class Z Units Year-by-Year Returns 40%

Return

30% 20% 10%

1.09%4

0% -10% -20%

2015 Year

4

From August 2015 first issuance by Prospectus

ANNUAL COMPOUND RETURNS The following table shows the Fund’s historical compound returns for the period ended December 31, 2015. These returns are also compared to the returns of the Morgan Stanley Capital International (MSCI) EAFE Index on the same compound basis. The MSCI EAFE Index is a broad measure of the performance of major stock markets in Europe, Australia and the Far East. One Year Three Years Five Years Ten Years Since Inception

Inception Date

Class O Units MSCI EAFE Index ($C)

21.73% 18.95%

18.38% 17.34%

11.03% 10.78%

4.32% 4.83%

3.89% 4.27%

31-Aug-97

Class I Units MSCI EAFE Index ($C)

20.34% 18.95%

17.03% 17.34%

9.78% 10.78%

3.18% 4.83%

3.76% 5.49%

25-Sep-01

Class P Units MSCI EAFE Index ($C)

18.70% 18.95%

15.43% 17.34%

8.25% 10.78%

1.75% 4.83%

4.69% 7.91%

31-Mar-03

Class F Units MSCI EAFE Index ($C)

20.58% 18.95%

17.23% 17.34%

9.97% 10.78%

n/a n/a

2.64% 4.11%

17-Apr-06

Class D Units MSCI EAFE Index ($C)

18.41% 18.95%

15.16% 17.34%

8.04% 10.78%

n/a n/a

7.98% 10.51%

1-Nov-10

Class E Units MSCI EAFE Index ($C)

19.53% 18.95%

16.03% 17.34%

8.74% 10.78%

n/a n/a

8.68% 10.51%

1-Nov-10

Class Z Units MSCI EAFE Index ($C)

n/a n/a

n/a n/a

n/a n/a

n/a n/a

1.09% -0.24%

14-Aug-15

SEEF

EAFE Equity Fund Summary of Investment Portfolio AS AT DECEMBER 31, 2015 The Summary of Investment Portfolio may change due to ongoing transactions of the Fund. Quarterly updates are available at seic.com within 60 days after each quarter end.

PORTFOLIO BREAKDOWN Sector Financials Consumer Discretionary Industrials Healthcare Information Technology Consumer Staples Materials Telecommunications Cash and Cash Equivalents Energy Utilities Total

TOP 25 HOLDINGS % of Total Net Assets 19.4% 14.6% 12.4% 11.8% 9.9% 8.9% 5.7% 5.5% 5.1% 4.9% 1.8% 100.0%

Holding SAP SE Novartis Ag Roche Holding Ag Lloyds Banking Group Plc Teva Pharmaceutical Industries Limited Sanofi Sa RDA CIBC II - CIBCN Total SA Bayer Ag Akzo Nobel Nv Samsung Electronics Co Ltd Sumitomo Mitsui Financial Group Inc KDDI Corporation Vodafone Group Plc Relx Nv Carnival Plc Toyota Motor Corporation British American Tobacco Plc Fujifilm Holdings Corporation Japan Tobacco Inc. UBS Group Ag Glaxosmithkline Plc BNP Paribas Sa Aviva Plc Volkswagen Ag

Total Net Asset Value

The Fund may invest in securities of other mutual funds managed by SEI. You may view the prospectus and other information about the underlying SEI Funds at seic.com or sedar.com. SEEF

% of Total Net Assets 1.2% 1.2% 1.1% 1.1% 1.0% 1.0% 0.9% 0.9% 0.9% 0.9% 0.9% 0.8% 0.8% 0.8% 0.8% 0.8% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.6% 21.3% $857,473,298

EAFE Equity Fund Summary of Investment Portfolio AS AT DECEMBER 31, 2015 The Summary of Investment Portfolio may change due to ongoing transactions of the Fund. Quarterly updates are available at seic.com within 60 days after each quarter end.

PORTFOLIO BY GEOGRAPHY

Australia Austria Belgium Bermuda Canada China Denmark Finland France Germany Hong Kong India Ireland Israel Italy Japan Luxembourg Mexico Netherlands Norway Portugal Singapore South Africa South Korea Spain Sweden Switzerland Taiwan United Kingdom United States Other Assets and Liabilities, Net

SEEF

PERCENTAGE OF NET ASSETS (%) 2015 1.6 0.2 1.7 0.6 2.7 0.8 2.2 0.6 8.4 7.7 2.2 0.2 1.3 1.6 1.5 19.0 0.4 0.2 5.8 1.1 0.3 1.0 0.1 3.3 1.5 1.6 8.9 0.6 17.0 1.2 4.7 100.0