Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05601
SEI Institutional International Trust |
(Exact name of registrant as specified in charter)
c/o CT Corporation |
101 Federal Street |
Boston, MA 02110 |
(Address of principal executive offices) (Zip code)
SEI Investments One Freedom Valley Drive Oaks, PA 19456 |
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-342-5734
Date of fiscal year end: September 30, 2011
Date of reporting period: March 31, 2011
Table of Contents
Item 1. | Reports to Stockholders. |
Table of Contents
SEI Institutional International Trust
Semi-Annual Report as of March 31, 2011
International Equity Fund
Emerging Markets Equity Fund
International Fixed Income Fund
Emerging Markets Debt Fund
Table of Contents
1 | ||||
21 | ||||
22 | ||||
23 | ||||
25 | ||||
26 | ||||
36 | ||||
Board of Trustees Considerations in Approving | 37 |
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Trust’s Form N-Q is available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.
Table of Contents
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
International Equity Fund
March 31, 2011
Description | Percentage of Net Assets (%) | Shares | Market Value ($ Thousands) | |||||||||
COMMON STOCK — 94.5% |
| |||||||||||
Argentina — 0.0% |
| |||||||||||
Other Securities | 0.0 | % | $ | 24 | ||||||||
Australia — 3.1% |
| |||||||||||
Newcrest Mining | 0.5 | 242,359 | 9,980 | |||||||||
Rio Tinto | 0.3 | 63,165 | 5,536 | |||||||||
Other Securities | 2.3 | 47,458 | ||||||||||
62,974 | ||||||||||||
Austria — 0.3% |
| |||||||||||
Other Securities | 0.3 | 6,342 | ||||||||||
Belgium — 1.4% |
| |||||||||||
InBev | 0.6 | 220,018 | 12,550 | |||||||||
Other Securities | 0.8 | 14,687 | ||||||||||
27,237 | ||||||||||||
Bosnia and Herzegovina — 0.1% |
| |||||||||||
Other Securities | 0.1 | 2,242 | ||||||||||
Brazil — 1.7% |
| |||||||||||
Other Securities | 1.7 | 33,116 | ||||||||||
Canada — 3.9% |
| |||||||||||
Silver Wheaton | 0.4 | 203,800 | 8,824 | |||||||||
Other Securities | 3.5 | 68,923 | ||||||||||
77,747 | ||||||||||||
Chile — 0.3% |
| |||||||||||
Other Securities | 0.3 | 5,968 | ||||||||||
China — 0.9% |
| |||||||||||
Other Securities | 0.9 | 18,998 | ||||||||||
Description | Percentage of Net Assets (%) | Shares | Market Value ($ Thousands) | |||||||||
Denmark — 1.3% |
| |||||||||||
Novo Nordisk, Cl B | 0.5 | % | 85,061 | $ | 10,701 | |||||||
Other Securities | 0.8 | 15,275 | ||||||||||
25,976 | ||||||||||||
Finland — 1.0% |
| |||||||||||
Other Securities | 1.0 | 20,022 | ||||||||||
France — 9.4% |
| |||||||||||
AXA | 0.8 | 749,237 | 15,678 | |||||||||
BNP Paribas (A) | 1.1 | 290,884 | 21,304 | |||||||||
GDF Suez | 0.4 | 210,982 | 8,608 | |||||||||
LVMH Moet Hennessy Louis Vuitton | 0.5 | 67,657 | 10,725 | |||||||||
Sanofi-Aventis (A) | 0.9 | 256,070 | 17,979 | |||||||||
Schneider Electric (A) | 0.8 | 97,225 | 16,639 | |||||||||
Vinci | 0.4 | 139,826 | 8,750 | |||||||||
Other Securities | 4.5 | 88,705 | ||||||||||
188,388 | ||||||||||||
Germany — 7.7% |
| |||||||||||
Bayerische Motoren Werke | 0.5 | 115,716 | 9,648 | |||||||||
Linde (A) | 0.8 | 107,070 | 16,934 | |||||||||
Muenchener Rueckversicherungs (A) | 0.5 | 58,371 | 9,195 | |||||||||
SAP | 0.5 | 153,686 | 9,422 | |||||||||
Siemens | 1.3 | 184,878 | 25,373 | |||||||||
Other Securities | 4.1 | 84,514 | ||||||||||
155,086 | ||||||||||||
Greece — 0.3% |
| |||||||||||
Other Securities | 0.3 | 6,677 | ||||||||||
Guernsey — 0.0% |
| |||||||||||
Other Securities | 0.0 | 27 | ||||||||||
Hong Kong — 2.5% |
| |||||||||||
Other Securities | 2.5 | 49,107 | ||||||||||
India — 0.0% |
| |||||||||||
Other Securities | 0.0 | 828 | ||||||||||
Indonesia — 0.1% |
| |||||||||||
Other Securities | 0.1 | 1,899 | ||||||||||
Ireland — 0.6% |
| |||||||||||
Experian | 0.4 | 721,381 | 8,927 | |||||||||
Other Securities | 0.2 | 3,337 | ||||||||||
12,264 | ||||||||||||
Israel — 0.5% |
| |||||||||||
Other Securities | 0.5 | 9,813 | ||||||||||
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 1 |
Table of Contents
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
International Equity Fund (Continued)
March 31, 2011
Description | Percentage of Net Assets (%) | Shares | Market Value ($ Thousands) | |||||||||
Italy — 2.0% |
| |||||||||||
Other Securities | 2.0 | % | $ | 39,809 | ||||||||
Japan — 17.1% |
| |||||||||||
Fanuc | 0.5 | 63,600 | 9,661 | |||||||||
Honda Motor | 0.9 | 485,200 | 18,295 | |||||||||
KDDI | 0.6 | 1,859 | 11,551 | |||||||||
Sekisui Chemical | 0.4 | 1,077,000 | 8,460 | |||||||||
Seven & I Holdings | 0.5 | 422,100 | 10,807 | |||||||||
Sony Financial Holdings | 0.5 | 513,000 | 10,213 | |||||||||
Sumitomo Mitsui Financial Group | 0.5 | 321,900 | 10,044 | |||||||||
Toyota Motor | 0.6 | 281,700 | 11,386 | |||||||||
Yaskawa Electric | 0.5 | 829,000 | 9,862 | |||||||||
Other Securities | 12.1 | 243,806 | ||||||||||
344,085 | ||||||||||||
Jersey — 0.2% | ||||||||||||
Other Securities | 0.2 | 4,863 | ||||||||||
Malaysia — 0.2% | ||||||||||||
Other Securities | 0.2 | �� | 2,991 | |||||||||
Mexico — 0.1% | ||||||||||||
Other Securities | 0.1 | 2,453 | ||||||||||
Netherlands — 5.8% | ||||||||||||
Akzo Nobel | 0.9 | 252,784 | 17,391 | |||||||||
Reed Elsevier | 0.6 | 900,917 | 11,609 | |||||||||
TNT | 0.7 | 547,725 | 14,069 | |||||||||
Other Securities | 3.6 | 72,875 | ||||||||||
115,944 | ||||||||||||
New Zealand — 0.4% | ||||||||||||
Telecom of New Zealand | 0.4 | 5,541,007 | 8,495 | |||||||||
Norway — 1.6% | ||||||||||||
DnB (A) | 0.7 | 982,079 | 15,064 | |||||||||
Statoil (A) | 0.5 | 330,714 | 9,165 | |||||||||
Other Securities | 0.4 | 7,373 | ||||||||||
31,602 | ||||||||||||
Poland — 0.1% | ||||||||||||
Other Securities | 0.1 | 2,001 | ||||||||||
Portugal — 0.1% | ||||||||||||
Other Securities | 0.1 | 1,225 | ||||||||||
Russia — 0.1% | ||||||||||||
Other Securities | 0.1 | 2,065 | ||||||||||
Singapore — 1.2% | ||||||||||||
Other Securities | 1.2 | 23,769 | ||||||||||
Description | Percentage of Net Assets (%) | Shares | Market Value ($ Thousands) | |||||||||
South Africa — 0.7% | ||||||||||||
Other Securities | 0.7 | % | $ | 14,234 | ||||||||
South Korea — 2.8% | ||||||||||||
Samsung Electronics | 0.6 | 13,730 | 11,666 | |||||||||
Other Securities | 2.2 | 45,114 | ||||||||||
56,780 | ||||||||||||
Spain — 1.3% | ||||||||||||
Other Securities | 1.3 | 27,012 | ||||||||||
Sweden — 1.8% | ||||||||||||
Other Securities | 1.8 | 36,130 | ||||||||||
Switzerland — 8.0% | ||||||||||||
Givaudan | 0.7 | 14,019 | 14,152 | |||||||||
Nestle | 0.7 | 252,942 | 14,557 | |||||||||
Nobel Biocare Holding | 0.4 | 388,165 | 8,079 | |||||||||
Novartis | 1.4 | 523,554 | 28,511 | |||||||||
Roche Holding | 0.8 | 111,189 | 15,946 | |||||||||
Sulzer | 0.4 | 55,012 | 8,322 | |||||||||
UBS | 0.6 | 680,151 | 12,252 | |||||||||
Xstrata | 0.5 | 418,246 | 9,768 | |||||||||
Other Securities | 2.5 | 49,712 | ||||||||||
161,299 | ||||||||||||
Taiwan — 0.1% | ||||||||||||
Other Securities | 0.1 | 1,935 | ||||||||||
Turkey — 0.0% | ||||||||||||
Other Securities | 0.0 | 437 | ||||||||||
United Kingdom — 15.6% |
| |||||||||||
AstraZeneca | 0.5 | 231,803 | 10,638 | |||||||||
Aviva | 0.4 | 1,270,828 | 8,816 | |||||||||
BG Group | 0.8 | 620,679 | 15,431 | |||||||||
British American Tobacco | 0.7 | 355,970 | 14,276 | |||||||||
Diageo | 0.4 | 446,407 | 8,479 | |||||||||
Kingfisher | 0.5 | 2,689,775 | 10,602 | |||||||||
Rio Tinto | 1.1 | 306,673 | 21,526 | |||||||||
Rio Tinto ADR | 0.3 | 69,100 | 4,914 | |||||||||
Rolls-Royce Group | 0.9 | 1,884,155 | 18,695 | |||||||||
Vodafone Group | 1.7 | 12,048,241 | 34,087 | |||||||||
Other Securities | 8.3 | 166,137 | ||||||||||
313,601 | ||||||||||||
United States — 0.3% |
| |||||||||||
Other Securities | 0.3 | 6,890 | ||||||||||
6,890 | ||||||||||||
Total Common Stock |
| 1,902,355 | ||||||||||
2 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Percentage of Net Assets (%) | Shares | Market Value ($ Thousands) | |||||||||
PREFERRED STOCK — 0.4% |
| |||||||||||
Brazil — 0.0% |
| |||||||||||
Other Securities | 0.0 | % | $ | 361 | ||||||||
361 | ||||||||||||
Germany — 0.4% |
| |||||||||||
Other Securities | 0.4 | 7,427 | ||||||||||
Total Preferred Stock |
| 7,788 | ||||||||||
RIGHTS* — 0.0% |
| |||||||||||
Germany — 0.0% |
| |||||||||||
Other Securities | 0.0 | 580 | ||||||||||
Singapore — 0.0% |
| |||||||||||
Other Securities | 0.0 | — | ||||||||||
Total Rights |
| 580 | ||||||||||
WARRANTS* — 0.2% |
| |||||||||||
India — 0.2% |
| |||||||||||
Other Securities | 0.2 | 4,941 | ||||||||||
Total Warrant |
| 4,941 | ||||||||||
U.S. TREASURY OBLIGATIONS — 0.3% |
| |||||||||||
Other Securities | 0.3 | 5,601 | ||||||||||
Total U.S. Treasury Obligations |
| 5,601 | ||||||||||
AFFILIATED PARTNERSHIP — 4.7% |
| |||||||||||
United States — 4.7% |
| |||||||||||
SEI Liquidity Fund, L.P. | 4.7 | 96,443,795 | 94,615 | |||||||||
Total Affiliated Partnership |
| 94,615 | ||||||||||
CASH EQUIVALENT — 2.7% |
| |||||||||||
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.080%**† | 2.7 | 54,757,208 | 54,757 | |||||||||
Total Cash Equivalent |
| 54,757 | ||||||||||
Total Investments — 102.8% |
| $ | 2,070,637 | |||||||||
A summary of the open futures contracts held by the Fund at March 31, 2011, is as follows:
Type of Contract | Number of Contracts Long | Expiration Date | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
DJ Euro Stoxx 50 Index | 540 | Jun-2011 | $ | 816 | ||||||||
FTSE 100 Index | 178 | Jun-2011 | 624 | |||||||||
Hang Seng Index | 13 | Apr-2011 | 40 | |||||||||
Nikkei 225 Index | 13 | Jun-2011 | (58 | ) | ||||||||
SPI 200 Index | 47 | Jun-2011 | 396 | |||||||||
Topix Index | 140 | Jun-2011 | (794 | ) | ||||||||
$ | 1,024 | |||||||||||
For the period ended March 31, 2011, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.
Percentages are based on a Net Assets of $2,013,916 ($ Thousands).
* | Non-income producing security. |
** | Rate shown is the 7-day effective yield as of March 31, 2011. |
† | Affiliated security. |
(A) | This security or a partial position of this security is on loan at March 31, 2011. The total market value of securities on loan at March 31, 2011 was $89,527 ($ Thousands) (See Note 9). |
(B) | This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of March 31, 2011 was $94,615 ($ Thousands). |
†† | The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 342-5734; and (ii) on the SEC’s website at http://www.sec.gov. |
ADR — American Depositary Receipt
Cl — Class
L.P. — Limited Partnership
The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 1,902,355 | $ | — | $ | — | $ | 1,902,355 | ||||||||
Preferred Stock | 7,788 | — | — | 7,788 | ||||||||||||
Rights | 580 | — | — | 580 | ||||||||||||
Warrants | — | 4,941 | — | 4,941 | ||||||||||||
U.S. Treasury Obligations | — | 5,601 | — | 5,601 | ||||||||||||
Affiliated Partnership | — | 94,615 | — | 94,615 | ||||||||||||
Cash Equivalent | 54,757 | — | — | 54,757 | ||||||||||||
Total Investments in Securities | $ | 1,965,480 | $ | 105,157 | $ | — | $ | 2,070,637 | ||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts* | $ | 1,024 | $ | — | $ | — | $ | 1,024 | ||||||||
Total Other Financial Instruments | $ | 1,024 | $ | — | $ | — | $ | 1,024 | ||||||||
* | Futures contracts are valued at the unrealized appreciation on the instrument. |
For the period ended March 31, 2011, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 3 |
Table of Contents
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Equity Fund
March 31, 2011
Description | Percentage of Net Assets (%) | Shares | Market Value ($ Thousands) | |||||||||
COMMON STOCK — 90.3% |
| |||||||||||
Argentina — 0.2% | ||||||||||||
Other Securities | 0.2 | % | $ | 1,779 | ||||||||
Australia — 0.1% | ||||||||||||
Other Securities | 0.1 | 737 | ||||||||||
Brazil — 10.8% | ||||||||||||
Banco do Brasil | 0.5 | 246,925 | 4,470 | |||||||||
BM&F Bovespa | 0.4 | 505,449 | 3,682 | |||||||||
Diagnosticos da America | 0.4 | 304,266 | 3,909 | |||||||||
Gerdau ADR (A) | 0.4 | 294,874 | 3,686 | |||||||||
Petroleo Brasileiro | 1.0 | 509,988 | 10,179 | |||||||||
Petroleo Brasileiro ADR (A) | 0.3 | 74,360 | 3,006 | |||||||||
Totvs | 0.6 | 320,885 | 6,154 | |||||||||
Vale | 0.8 | 241,825 | 7,952 | |||||||||
Vale ADR, Cl B | 0.6 | 170,636 | 5,691 | |||||||||
Other Securities | 5.8 | 55,334 | ||||||||||
104,063 | ||||||||||||
Canada — 0.6% | ||||||||||||
Other Securities | 0.6 | 5,528 | ||||||||||
Chile — 0.7% | ||||||||||||
Other Securities | 0.7 | 6,589 | ||||||||||
China — 10.9% | ||||||||||||
Bank of China, Cl H | 0.6 | 9,460,394 | 5,266 | |||||||||
China Coal Energy, Cl H | 0.1 | 723,000 | 985 | |||||||||
China Construction Bank, Cl H | 0.5 | 5,596,188 | 5,245 | |||||||||
China Life Insurance, Cl H | 0.1 | 134,000 | 503 | |||||||||
China Oilfield Services, Cl H | 0.1 | 586,000 | 1,326 | |||||||||
China Petroleum & Chemical ADR (A) | 0.3 | 24,531 | 2,467 | |||||||||
China Railway Construction, Cl H | 0.1 | 1,058,000 | 1,099 | |||||||||
China Railway Group, Cl H | 0.1 | 1,402,000 | 905 |
Description | Percentage of Net Assets (%) | Shares | Market Value ($ Thousands) | |||||||||
China Shenhua Energy, Cl H | 0.2 | % | 334,000 | $ | 1,574 | |||||||
Dongfeng Motor Group, Cl H | 0.1 | 638,120 | 1,086 | |||||||||
Industrial & Commercial Bank of China, Cl H | 0.4 | 4,328,929 | 3,595 | |||||||||
Maanshan Iron & Steel, Cl H | 0.1 | 1,018,000 | 551 | |||||||||
PetroChina ADR (A) | 0.2 | 15,091 | 2,298 | |||||||||
PetroChina, Cl H | 0.4 | 2,632,119 | 3,986 | |||||||||
Yanzhou Coal Mining, Cl H | 0.2 | 532,000 | 1,936 | |||||||||
Zhejiang Expressway, Cl H | 0.1 | 899,922 | 819 | |||||||||
Zhuzhou CSR Times Electric, Cl H | 0.4 | 1,017,138 | 3,858 | |||||||||
Other Securities | 6.9 | 67,543 | ||||||||||
105,042 | ||||||||||||
Colombia — 0.5% | ||||||||||||
Other Securities | 0.5 | 4,937 | ||||||||||
Cyprus — 0.4% | ||||||||||||
Other Securities | 0.4 | 4,347 | ||||||||||
Czech Republic — 0.2% | ||||||||||||
Other Securities | 0.2 | 2,220 | ||||||||||
Egypt — 0.3% | ||||||||||||
Other Securities | 0.3 | 2,563 | ||||||||||
Hong Kong — 5.7% | ||||||||||||
China Mobile | 1.2 | 1,254,499 | 11,556 | |||||||||
China Mobile ADR | 0.1 | 19,700 | 911 | |||||||||
China Resources Power Holdings | 0.1 | 618,000 | 1,190 | |||||||||
China State Construction | ||||||||||||
International Holdings | 0.3 | 2,977,820 | 2,718 | |||||||||
CNOOC | 0.6 | 2,360,238 | 5,947 | |||||||||
Cosco International Holdings | 0.0 | 344,729 | 222 | |||||||||
GOME Electrical Appliances Holdings (A) (B) | 0.4 | 10,480,976 | 3,692 | |||||||||
Huabao International Holdings | 0.4 | 2,288,707 | 3,519 | |||||||||
Sinotruk Hong Kong | 0.0 | 186,000 | 159 | |||||||||
Other Securities | 2.6 | 24,848 | ||||||||||
54,762 | ||||||||||||
Hungary — 0.3% | ||||||||||||
Other Securities | 0.3 | 2,606 | ||||||||||
India — 6.5% | ||||||||||||
Allahabad Bank | 0.1 | 176,490 | 909 | |||||||||
Andhra Bank | 0.1 | 273,765 | 925 | |||||||||
Bank | 0.0 | 14,494 | 207 | |||||||||
Bank of Baroda | 0.3 | 148,860 | 3,221 | |||||||||
Bank of India | 0.2 | 159,077 | 1,696 | |||||||||
Cairn India* | 0.4 | 435,714 | 3,429 | |||||||||
Canara Bank | 0.1 | 84,826 | 1,191 |
4 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Percentage of Net Assets (%) | Shares | Market Value ($ Thousands) | |||||||||
Hindustan Petroleum | 0.1 | % | 102,190 | $ | 817 | |||||||
Mahanagar Telephone Nigam* | 0.1 | 507,220 | 516 | |||||||||
Oil & Natural Gas | 0.1 | 205,693 | 1,344 | |||||||||
Reliance Industries | 0.4 | 144,500 | 3,399 | |||||||||
Union Bank of India | 0.0 | 23,238 | 181 | |||||||||
Vijaya Bank | 0.0 | 208,600 | 372 | |||||||||
Other Securities | 4.6 | 44,739 | ||||||||||
62,946 | ||||||||||||
Indonesia — 2.8% | ||||||||||||
Astra International | 0.5 | 675,404 | 4,421 | |||||||||
Bank Rakyat Indonesia | 0.5 | 7,137,752 | 4,713 | |||||||||
Other Securities | 1.8 | 17,475 | ||||||||||
26,609 | ||||||||||||
Israel — 0.2% | ||||||||||||
Other Securities | 0.2 | 2,160 | ||||||||||
Kazakhstan — 0.8% | ||||||||||||
Halyk Savings Bank of Kazakhstan JSC GDR* | 0.4 | 370,617 | 3,732 | |||||||||
Other Securities | 0.4 | 4,473 | ||||||||||
8,205 | ||||||||||||
Malaysia — 2.1% | ||||||||||||
Axiata Group* | 0.4 | 2,195,194 | 3,472 | |||||||||
Other Securities | 1.7 | 16,971 | ||||||||||
20,443 | ||||||||||||
Mexico — 3.5% | ||||||||||||
America Movil, Ser L | 0.6 | 1,839,605 | 5,344 | |||||||||
Genomma Lab Internacional, Cl B* | 0.4 | 1,709,445 | 3,862 | |||||||||
Grupo Financiero Banorte, Cl O | 0.6 | 1,241,437 | 5,838 | |||||||||
Other Securities | 1.9 | 18,712 | ||||||||||
33,756 | ||||||||||||
Netherlands — 0.2% | ||||||||||||
Other Securities | 0.2 | 1,899 | ||||||||||
Nigeria — 0.1% | ||||||||||||
Other Securities | 0.1 | 1,183 | ||||||||||
Peru — 0.1% | ||||||||||||
Intergroup Financial* | 0.0 | 8,301 | 240 | |||||||||
Other Securities | 0.1 | 511 | ||||||||||
751 | ||||||||||||
Philippines — 0.7% | ||||||||||||
Other Securities | 0.7 | 6,360 | ||||||||||
Description | Percentage of Net Assets (%) | Shares | Market Value ($ Thousands) | |||||||||
Poland — 1.0% | ||||||||||||
Other Securities | 1.0 | % | $ | 10,056 | ||||||||
Russia — 7.2% | ||||||||||||
Gazprom Neft JSC ADR | 0.0 | 7,896 | 208 | |||||||||
Globaltrans Investment GDR | 0.4 | 195,447 | 3,594 | |||||||||
Lukoil ADR | 1.0 | 132,574 | 9,465 | |||||||||
Mobile Telesystems ADR | 0.4 | 167,606 | 3,558 | |||||||||
OAO Gazprom ADR | 1.3 | 390,653 | 12,646 | |||||||||
Rosneft Oil GDR | 0.3 | 347,206 | 3,174 | |||||||||
Sberbank GDR | 0.6 | 12,857 | 5,382 | |||||||||
VTB Bank GDR | 0.4 | 606,985 | 4,249 | |||||||||
Other Securities | 2.8 | 27,785 | ||||||||||
70,061 | ||||||||||||
Singapore — 0.2% | ||||||||||||
Other Securities | 0.2 | 2,063 | ||||||||||
South Africa — 7.0% | ||||||||||||
ABSA Group | 0.2 | 110,697 | 2,235 | |||||||||
Exxaro Resources | 0.5 | 210,881 | 5,162 | |||||||||
Impala Platinum Holdings | 0.5 | 158,669 | 4,595 | |||||||||
MTN Group | 1.2 | 579,082 | 11,700 | |||||||||
Standard Bank Group | 0.7 | 467,259 | 7,189 | |||||||||
Other Securities | 3.9 | 37,246 | ||||||||||
68,127 | ||||||||||||
South Korea — 12.8% | ||||||||||||
Hyundai Mobis | 0.7 | 21,527 | 6,427 | |||||||||
Hyundai Motor | 0.4 | 23,764 | 4,398 | |||||||||
KB Financial Group | 0.5 | 89,060 | 4,668 | |||||||||
Samsung Electronics | 3.0 | 33,701 | 28,633 | |||||||||
Shinhan Financial Group | 0.5 | 115,626 | 5,254 | |||||||||
Other Securities | 7.7 | 74,251 | ||||||||||
123,631 | ||||||||||||
Taiwan — 8.7% | ||||||||||||
High Tech Computer | 0.9 | 211,633 | 8,276 | |||||||||
Hon Hai Precision Industry | 0.4 | 1,052,942 | 3,688 | |||||||||
Taiwan Semiconductor | ||||||||||||
Manufacturing ADR (A) | 0.1 | 112,822 | 1,374 | |||||||||
Taiwan Semiconductor | ||||||||||||
Manufacturing | 1.0 | 3,831,614 | 9,199 | |||||||||
Tripod Technology | 0.3 | 741,354 | 3,265 | |||||||||
Other Securities | 6.0 | 58,198 | ||||||||||
84,000 | ||||||||||||
Thailand — 1.7% | ||||||||||||
Other Securities | 1.7 | 15,986 | ||||||||||
Turkey — 2.5% | ||||||||||||
Other Securities | 2.5 | 24,052 | ||||||||||
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 5 |
Table of Contents
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Equity Fund (Concluded)
March 31, 2011
Description | Percentage of Net Assets (%) | Shares | Market Value ($ Thousands) | |||||||||
United Kingdom — 1.1% | ||||||||||||
Other Securities | 1.1 | % | $ | 10,747 | ||||||||
United States — 0.4% | ||||||||||||
Other Securities | 0.4 | 3,677 | ||||||||||
Total Common Stock |
| 871,886 | ||||||||||
PREFERRED STOCK — 4.7% |
| |||||||||||
Brazil — 4.8% | ||||||||||||
Cia de Bebidas das Americas ADR | 0.4 | 119,285 | 3,377 | |||||||||
Petroleo Brasileiro, Cl Preference | 0.3 | 185,142 | 3,238 | |||||||||
Petroleo Brasileiro Sponsored ADR, Cl A (A) | 0.8 | 204,725 | 7,276 | |||||||||
Randon Participacoes | 0.4 | 507,900 | 3,481 | |||||||||
Vale, Cl A | 0.2 | 78,331 | 2,284 | |||||||||
Vale ADR, Cl B (A) | 0.6 | 191,835 | 5,663 | |||||||||
Other Securities | 2.1 | 21,167 | ||||||||||
Total Preferred Stock |
| 46,486 | ||||||||||
DEBENTURE BOND — 0.0% |
| |||||||||||
Brazil — 0.0% |
| |||||||||||
Vale, Ser 1997 | ||||||||||||
0.000%, 09/30/49 (C) | 0.0 | 8 | — | |||||||||
Total Debenture Bond |
| — | ||||||||||
EXCHANGE TRADED FUNDS — 3.0% |
| |||||||||||
United States — 3.0% |
| |||||||||||
iShares MSCI Emerging Markets Index Fund | 2.9 | 582,659 | 28,370 | |||||||||
Other Securities | 0.1 | 661 | ||||||||||
Total Exchange Traded Funds |
| 29,031 | ||||||||||
AFFILIATED PARTNERSHIP — 4.6% |
| |||||||||||
United States — 4.6% |
| |||||||||||
SEI Liquidity Fund, L.P. | 4.6 | 45,671,397 | 44,707 | |||||||||
Total Affiliated Partnership |
| 44,707 | ||||||||||
Description | Percentage of Net Assets (%) | Shares | Market Value ($ Thousands) | |||||||||
CASH EQUIVALENT — 0.4% |
| |||||||||||
SEI Daily Income Trust, Prime Obligation Fund, C1 A 0.080%**† | 0.4 | % | 3,387,907 | $ | 3,388 | |||||||
Total Cash Equivalent |
| 3,388 | ||||||||||
Total Investments — 103.1% |
| $ | 995,498 | |||||||||
Percentages are based on a Net Assets of $965,688 ($ Thousands).
* | Non-income producing security |
** | Rate shown is the 7-day effective yield as of March 31, 2011. |
† | Affiliated security. |
(A) | This security or a partial position of this security is on loan at March 31, 2011. The total market value of securities on loan at March 31, 2011 was $33,243 ($ Thousands) (See Note 9). |
(B) | Securities considered illiquid. The total market value of such securities as of March 31, 2011 was $5,846 ($ Thousands) and represented 0.6% of Net Assets. |
(C) | Variable Rate Security — The rate reported on the Summary Schedule of Investments is the rate in effect as of March 31, 2011. |
(D) | This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of March 31, 2011 was $44,707 ($ Thousands). |
†† | The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all other securities owned by the fund. In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 342-5734; and (ii) on the SEC’s website at http://www.sec.gov. |
ADR — American Depositary Receipt
Cl — Class
GDR — Global Depositary Receipt
L.P. — Limited Partnership
Ser — Series
The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 871,886 | $ | — | $ | — | $ | 871,886 | ||||||||
Preferred Stock | 46,486 | — | — | 46,486 | ||||||||||||
Debenture Bond | — | — | — | — | ||||||||||||
Exchange Traded Funds | 29,031 | — | — | 29,031 | ||||||||||||
Affiliated Partnership | — | 44,707 | — | 44,707 | ||||||||||||
Cash Equivalent | 3,388 | — | — | 3,388 | ||||||||||||
Total Investments in Securities | $ | 950,791 | $ | 44,707 | $ | — | $ | 995,498 | ||||||||
For the six month period ended March 31, 2011, there were no transfers between Level 1 and into Level 2 assets and liabilities.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
6 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund
March 31, 2011
Description | Percentage of Net Assets (%) | Face Amount (1) | Market Value ($ Thousands) | |||||||||||||
GLOBAL BONDS — 87.5% |
| |||||||||||||||
Australia — 1.5% |
| |||||||||||||||
Other Securities | 1.5 | % | $ | 6,992 | ||||||||||||
Austria — 0.2% |
| |||||||||||||||
Other Securities | 0.2 | 1,184 | ||||||||||||||
Belgium — 0.6% |
| |||||||||||||||
Other Securities | 0.6 | 2,942 | ||||||||||||||
Brazil — 0.3% |
| |||||||||||||||
Other Securities | 0.3 | 1,394 | ||||||||||||||
Canada — 4.4% |
| |||||||||||||||
Export Development Canada MTN | ||||||||||||||||
2.375%, 03/19/12 | 0.2 | 800 | 815 | |||||||||||||
Government of Canada | ||||||||||||||||
5.750%, 06/01/33 | 0.4 | 1,300 | 1,733 | |||||||||||||
5.000%, 06/01/14 | 0.8 | 3,600 | 4,013 | |||||||||||||
5.000%, 06/01/37 | 0.3 | 1,300 | 1,606 | |||||||||||||
4.500%, 06/01/15 | 0.5 | 2,075 | 2,299 | |||||||||||||
3.750%, 06/01/12 | 0.3 | 1,510 | 1,593 | |||||||||||||
3.500%, 06/01/20 | 0.3 | 1,475 | 1,533 | |||||||||||||
3.250%, 06/01/21 | 0.4 | 2,000 | 2,022 | |||||||||||||
2.000%, 12/01/14 | 0.3 | 1,500 | 1,520 | |||||||||||||
Other Securities | 0.9 | 3,673 | ||||||||||||||
20,807 | ||||||||||||||||
Chile — 0.1% |
| |||||||||||||||
Other Securities | 0.1 | 702 | ||||||||||||||
Colombia — 0.1% |
| |||||||||||||||
Other Securities | 0.1 | 681 | ||||||||||||||
Czech Republic — 0.1% |
| |||||||||||||||
Other Securities | 0.1 | 323 | ||||||||||||||
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
Denmark — 0.9% |
| |||||||||||||||
Other Securities | 0.9 | % | $ | 4,508 | ||||||||||||
Finland — 0.2% |
| |||||||||||||||
Other Securities | 0.2 | 855 | ||||||||||||||
France — 9.4% |
| |||||||||||||||
Caisse d’Amortissement de la Dette Sociale MTN | ||||||||||||||||
4.500%, 09/04/13 | 0.8 | 2,600 | 3,876 | |||||||||||||
EDF | ||||||||||||||||
6.500%, 01/26/19 (A) | 0.1 | 250 | 287 | |||||||||||||
4.000%, 11/12/25 | 0.0 | 150 | 194 | |||||||||||||
Government of France | ||||||||||||||||
5.000%, 10/25/16 | 0.3 | 910 | 1,418 | |||||||||||||
4.750%, 04/25/35 | 0.7 | 2,135 | 3,284 | |||||||||||||
4.500%, 04/25/41 | 0.3 | 950 | 1,414 | |||||||||||||
3.750%, 04/25/21 | 0.7 | 2,300 | 3,266 | |||||||||||||
3.500%, 04/25/20 | 0.3 | 1,165 | 1,636 | |||||||||||||
3.000%, 10/25/15 | 1.3 | 4,350 | 6,218 | |||||||||||||
2.500%, 10/25/20 | 1.4 | 5,200 | 6,663 | |||||||||||||
Societe Financement de l’Economie Francaise | ||||||||||||||||
2.125%, 01/30/12 (A) | 0.5 | 2,430 | 2,463 | |||||||||||||
Other Securities | 3.0 | 14,150 | ||||||||||||||
44,869 | ||||||||||||||||
Germany — 12.3% |
| |||||||||||||||
Bundesobligation, Ser 159 | ||||||||||||||||
2.000%, 02/26/16 | 0.1 | 235 | 323 | |||||||||||||
Bundesrepublik Deutschland, Ser 00 | ||||||||||||||||
5.500%, 01/04/31 | 0.0 | 100 | 173 | |||||||||||||
Bundesrepublik Deutschland, Ser 02 | ||||||||||||||||
5.000%, 01/04/12 | 0.0 | 25 | 36 | |||||||||||||
Bundesrepublik Deutschland, Ser 03 | ||||||||||||||||
4.750%, 07/04/34 | 0.3 | 800 | 1,280 | |||||||||||||
3.750%, 07/04/13 | 0.2 | 785 | 1,160 | |||||||||||||
3.000%, 07/04/20 | 0.6 | 2,075 | 2,869 | |||||||||||||
2.500%, 01/04/21 | 0.4 | 1,412 | 1,863 | |||||||||||||
Bundesrepublik Deutschland, Ser 04 | ||||||||||||||||
3.750%, 01/04/15 | 0.9 | 3,025 | 4,508 | |||||||||||||
Bundesrepublik Deutschland, Ser 05 | ||||||||||||||||
3.500%, 01/04/16 | 1.2 | 3,850 | 5,675 | |||||||||||||
Bundesrepublik Deutschland, Ser 06 | ||||||||||||||||
3.750%, 01/04/17 | 0.6 | 2,030 | 3,017 | |||||||||||||
Bundesrepublik Deutschland, Ser 07 | ||||||||||||||||
4.250%, 07/04/39 | 0.0 | 100 | 152 | |||||||||||||
Bundesrepublik Deutschland, Ser 08 | ||||||||||||||||
4.750%, 07/04/40 | 0.5 | 1,305 | 2,147 | |||||||||||||
4.250%, 07/04/18 | 0.0 | 125 | 191 | |||||||||||||
Bundesrepublik Deutschland, Ser 09 | ||||||||||||||||
3.250%, 01/04/20 | 0.1 | 430 | 609 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 7 |
Table of Contents
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund (Continued)
March 31, 2011
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
Bundesschatzanweisungen | ||||||||||||||||
1.500%, 06/10/11 | 1.7 | % | 5,750 | $ | 8,171 | |||||||||||
1.000%, 12/14/12 | 2.3 | 7,950 | 11,153 | |||||||||||||
Kreditanstalt fuer Wiederaufbau | ||||||||||||||||
5.375%, 01/29/14 | 0.2 | GBP | 450 | 781 | ||||||||||||
4.375%, 10/11/13 | 0.3 | 1,050 | 1,562 | |||||||||||||
3.875%, 01/21/19 | 0.3 | 1,075 | 1,554 | |||||||||||||
3.375%, 08/30/17 | 0.1 | CHF | 370 | 445 | ||||||||||||
Other Securities | 2.5 | 11,295 | ||||||||||||||
58,964 | ||||||||||||||||
Hong Kong — 0.1% |
| |||||||||||||||
Other Securities | 0.1 | 305 | ||||||||||||||
Hungary — 0.1% |
| |||||||||||||||
Other Securities | 0.1 | 651 | ||||||||||||||
Ireland — 0.6% |
| |||||||||||||||
Other Securities | 0.6 | 2,797 | ||||||||||||||
Italy — 5.0% |
| |||||||||||||||
Italy Buoni Poliennali Del Tesoro | ||||||||||||||||
6.500%, 11/01/27 | 0.2 | 500 | 791 | |||||||||||||
5.000%, 09/01/40 | 0.4 | 1,375 | 1,784 | |||||||||||||
4.750%, 09/01/21 | 1.5 | 5,075 | 7,133 | |||||||||||||
4.500%, 03/01/19 | 0.1 | 400 | 568 | |||||||||||||
4.250%, 09/01/19 | 0.2 | 735 | 1,022 | |||||||||||||
4.250%, 02/01/15 | 0.5 | 1,750 | 2,537 | |||||||||||||
4.250%, 10/15/12 | 0.2 | 585 | 853 | |||||||||||||
4.000%, 09/01/20 | 0.4 | 1,430 | 1,924 | |||||||||||||
3.750%, 03/01/21 | 0.2 | 600 | 784 | |||||||||||||
3.500%, 06/01/14 | 0.3 | 1,100 | 1,565 | |||||||||||||
Other Securities | 1.0 | 4,925 | ||||||||||||||
23,886 | ||||||||||||||||
Japan — 18.2% |
| |||||||||||||||
Government of Japan 5 Year Bond, Ser 70 | ||||||||||||||||
0.800%, 03/20/13 | 1.0 | 397,000 | 4,846 | |||||||||||||
Government of Japan 5 Year Bond, Ser 79 | ||||||||||||||||
0.700%, 12/20/13 | 0.1 | 51,300 | 626 | |||||||||||||
Government of Japan 10 Year Bond, Ser 275 | ||||||||||||||||
1.400%, 12/20/15 | 1.6 | 626,600 | 7,888 | |||||||||||||
Government of Japan 10 Year Bond, Ser 284 | ||||||||||||||||
1.700%, 12/20/16 | 0.7 | 250,000 | 3,203 | |||||||||||||
Government of Japan 10 Year Bond, Ser 286 | ||||||||||||||||
1.800%, 06/20/17 | 0.3 | 96,450 | 1,244 | |||||||||||||
Government of Japan 10 Year Bond, Ser 288 | ||||||||||||||||
1.700%, 09/20/17 | 3.2 | 1,182,950 | 15,165 |
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
Government of Japan 10 Year Bond, Ser 298 | ||||||||||||||||
1.300%, 12/20/18 | 1.5 | % | 565,250 | $ | 7,018 | |||||||||||
Government of Japan 10 Year Bond, Ser 301 | ||||||||||||||||
1.500%, 06/20/19 | 0.6 | 235,300 | 2,953 | |||||||||||||
Government of Japan 10 Year Bond, Ser 308 | ||||||||||||||||
1.300%, 06/20/20 | 2.8 | 1,109,650 | 13,575 | |||||||||||||
Government of Japan 20 Year Bond, Ser 48 | ||||||||||||||||
2.500%, 12/21/20 | 1.7 | 614,450 | 8,273 | |||||||||||||
Government of Japan 20 Year Bond, Ser 99 | ||||||||||||||||
2.100%, 12/20/27 | 1.4 | 558,950 | 6,948 | |||||||||||||
Government of Japan 20 Year Bond, Ser 109 | ||||||||||||||||
1.900%, 03/20/29 | 0.1 | 39,000 | 465 | |||||||||||||
Government of Japan 20 Year Bond, Ser 112 | ||||||||||||||||
2.100%, 06/20/29 | 2.0 | 770,000 | 9,466 | |||||||||||||
Government of Japan 30 Year Bond, Ser 29 | ||||||||||||||||
2.400%, 09/20/38 | 0.3 | 103,250 | 1,307 | |||||||||||||
Government of Japan 30 Year Bond, Ser 30 | ||||||||||||||||
2.300%, 03/20/39 | 0.4 | 145,200 | 1,801 | |||||||||||||
Government of Japan 30 Year Bond, Ser 33 | ||||||||||||||||
2.000%, 09/20/40 | 0.3 | 117,000 | 1,357 | |||||||||||||
Other Securities | 0.2 | 919 | ||||||||||||||
87,054 | ||||||||||||||||
Malaysia — 0.2% |
| |||||||||||||||
Other Securities | 0.2 | 769 | ||||||||||||||
Mexico — 0.6% |
| |||||||||||||||
Other Securities | 0.6 | 3,021 | ||||||||||||||
Netherlands — 4.3% |
| |||||||||||||||
ABN Amro Bank MTN | ||||||||||||||||
3.750%, 07/15/14 | 0.2 | 750 | 1,085 | |||||||||||||
0.489%, 01/17/17 (B) | 0.2 | 950 | 836 | |||||||||||||
Kingdom of Netherlands | ||||||||||||||||
4.500%, 07/15/17 | 0.5 | 1,500 | 2,290 | |||||||||||||
4.000%, 07/15/18 | 0.4 | 1,355 | 2,007 | |||||||||||||
4.000%, 07/15/16 | 0.5 | 1,700 | 2,538 | |||||||||||||
4.000%, 01/15/37 | 0.1 | 200 | 287 | |||||||||||||
3.500%, 07/15/20 | 0.1 | 360 | 509 | |||||||||||||
3.250%, 07/15/15 | 0.2 | 520 | 756 | |||||||||||||
Other Securities | 2.2 | 10,082 | ||||||||||||||
20,390 | ||||||||||||||||
8 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
New Zealand — 0.4% |
| |||||||||||||||
Other Securities | 0.4 | % | $ | 1,795 | ||||||||||||
Norway — 0.6% |
| |||||||||||||||
Other Securities | 0.6 | 2,963 | ||||||||||||||
Poland — 0.3% |
| |||||||||||||||
Other Securities | 0.3 | 1,383 | ||||||||||||||
Portugal — 0.1% |
| |||||||||||||||
Other Securities | 0.1 | 434 | ||||||||||||||
Russia — 0.7% |
| |||||||||||||||
Other Securities | 0.7 | 3,540 | ||||||||||||||
Singapore — 0.9% |
| |||||||||||||||
Government of Singapore | ||||||||||||||||
4.000%, 09/01/18 | 0.4 | 2,320 | 2,084 | |||||||||||||
Other Securities | 0.5 | 2,119 | ||||||||||||||
4,203 | ||||||||||||||||
South Africa — 0.6% |
| |||||||||||||||
Republic of South Africa, Ser R203 | ||||||||||||||||
8.250%, 09/15/17 | 0.5 | 17,330 | 2,537 | |||||||||||||
Other Securities | 0.1 | 218 | ||||||||||||||
2,755 | ||||||||||||||||
Spain — 2.4% |
| |||||||||||||||
Kingdom of Spain | ||||||||||||||||
4.750%, 07/30/14 | 0.3 | 925 | 1,356 | |||||||||||||
4.700%, 07/30/41 | 0.2 | 665 | 772 | |||||||||||||
4.600%, 07/30/19 | 0.1 | 155 | 213 | |||||||||||||
4.000%, 04/30/20 | 0.2 | 580 | 761 | |||||||||||||
5.500%, 04/30/21 | 0.7 | 2,400 | 3,465 | |||||||||||||
4.200%, 01/31/37 | 0.1 | 370 | 402 | |||||||||||||
3.300%, 10/31/14 | 0.1 | 475 | 663 | |||||||||||||
Instituto de Credito Oficial | ||||||||||||||||
2.375%, 03/04/13 (A) | 0.0 | 200 | 198 | |||||||||||||
Other Securities | 0.7 | 3,744 | ||||||||||||||
11,574 | ||||||||||||||||
Supra-National — 1.2% |
| |||||||||||||||
European Investment Bank MTN | ||||||||||||||||
3.500%, 04/15/16 | 0.6 | EUR | 1,975 | 2,852 | ||||||||||||
Other Securities | 0.6 | 2,708 | ||||||||||||||
5,560 | ||||||||||||||||
Sweden — 1.6% |
| |||||||||||||||
Kingdom of Sweden, | ||||||||||||||||
6.750%, 05/05/14 | 0.4 | 11,435 | 2,022 | |||||||||||||
Other Securities | 1.2 | 5,462 | ||||||||||||||
7,484 | ||||||||||||||||
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
Switzerland — 1.1% |
| |||||||||||||||
Other Securities | 1.1 | % | $ | 5,640 | ||||||||||||
United Kingdom — 11.9% |
| |||||||||||||||
EDF Energy Networks EPN MTN | ||||||||||||||||
6.000%, 11/12/36 | 0.1 | 160 | 271 | |||||||||||||
Royal Bank of Scotland | ||||||||||||||||
6.934%, 04/09/18 | 0.1 | EUR | 300 | 417 | ||||||||||||
6.125%, 01/11/21 | 0.1 | 310 | 319 | |||||||||||||
5.750%, 05/21/14 | 0.1 | 350 | 520 | |||||||||||||
5.750%, 05/21/14 | 0.1 | EUR | 250 | 372 | ||||||||||||
United Kingdom Treasury | ||||||||||||||||
5.000%, 09/07/14 | 0.1 | 240 | 422 | |||||||||||||
5.000%, 03/07/25 | 0.1 | 400 | 704 | |||||||||||||
4.750%, 12/07/30 | 0.3 | 800 | 1,357 | |||||||||||||
4.750%, 03/07/20 | 0.1 | 325 | 567 | |||||||||||||
4.750%, 12/07/38 | 0.7 | 1,840 | 3,144 | |||||||||||||
4.500%, 03/07/19 | 0.3 | 900 | 1,549 | |||||||||||||
4.500%, 12/07/42 | 0.1 | 335 | 553 | |||||||||||||
4.500%, 03/07/13 | 0.2 | 600 | 1,019 | |||||||||||||
4.250%, 03/07/36 | 0.1 | 375 | 591 | |||||||||||||
4.250%, 12/07/49 | 0.0 | 85 | 135 | |||||||||||||
4.250%, 06/07/32 | 0.4 | 1,335 | 2,116 | |||||||||||||
4.250%, 09/07/39 | 0.4 | 1,300 | 2,052 | |||||||||||||
4.000%, 09/07/16 | 0.6 | 1,550 | 2,639 | |||||||||||||
4.000%, 03/07/22 | 0.1 | 175 | 284 | |||||||||||||
3.750%, 09/07/20 | 0.8 | 2,500 | 4,027 | |||||||||||||
2.750%, 01/22/15 | 0.4 | 1,220 | 1,990 | |||||||||||||
2.500%, 08/16/13 | 0.5 | 500 | 2,266 | |||||||||||||
2.250%, 03/07/14 | 0.1 | 370 | 600 | |||||||||||||
2.000%, 01/22/16 | 0.7 | 2,270 | 3,535 | |||||||||||||
Other Securities | 5.4 | 25,372 | ||||||||||||||
56,821 | ||||||||||||||||
United States — 6.5% |
| |||||||||||||||
American International Group | ||||||||||||||||
8.175%, 05/15/58 (B) | 0.1 | 365 | 393 | |||||||||||||
6.250%, 03/15/37 | 0.0 | 100 | 92 | |||||||||||||
BA Covered Bond Issuer MTN | ||||||||||||||||
4.125%, 04/05/12 | 0.9 | EUR | 3,100 | 4,459 | ||||||||||||
Citigroup | ||||||||||||||||
5.500%, 04/11/13 | 0.1 | 500 | 535 | |||||||||||||
4.250%, 02/25/30 (B) | 0.3 | EUR | 1,350 | 1,553 | ||||||||||||
Other Securities | 5.1 | 24,259 | ||||||||||||||
31,291 | ||||||||||||||||
Total Global Bonds |
| 418,537 | ||||||||||||||
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 9 |
Table of Contents
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund (Continued)
March 31, 2011
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
MORTGAGE-BACKED SECURITIES — 3.8% |
| |||||||||||||||
Non-Agency Mortgage-Backed Obligation — 3.8% |
| |||||||||||||||
Citigroup Commercial Mortgage Trust, Ser 2007-C6, Cl A4 | ||||||||||||||||
5.698%, 12/10/49 (B) | 0.3 | % | 1,140 | $ | 1,233 | |||||||||||
Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4 | ||||||||||||||||
6.099%, 12/10/49 (B) | 0.1 | 405 | 444 | |||||||||||||
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4 | ||||||||||||||||
5.110%, 05/25/35 (B) | 0.3 | 1,263 | 1,204 | |||||||||||||
Gracechurch Mortgage Financing, Ser 2007-1X, Cl 3A2 | ||||||||||||||||
1.178%, 11/20/56 (B) | 0.5 | 1,670 | 2,343 | |||||||||||||
Other Securities | 2.6 | 12,981 | ||||||||||||||
Total Mortgage-Backed Securities |
| 18,205 | ||||||||||||||
CORPORATE OBLIGATIONS — 3.2% |
| |||||||||||||||
United States — 2.8% |
| |||||||||||||||
Citigroup | ||||||||||||||||
4.750%, 05/19/15 | 0.1 | 240 | 252 | |||||||||||||
Other Securities | 3.1 | 14,764 | ||||||||||||||
Total Corporate Obligations |
| 15,016 | ||||||||||||||
U.S. TREASURY OBLIGATIONS — 1.6% |
| |||||||||||||||
U.S. Treasury Bonds | ||||||||||||||||
3.500%, 02/15/39 | 0.0 | 75 | 63 | |||||||||||||
U.S. Treasury Notes | ||||||||||||||||
4.500%, 11/15/15 | 0.3 | 1,100 | 1,220 | |||||||||||||
2.000%, 11/30/13 | 0.9 | 4,300 | 4,400 | |||||||||||||
Other Securities | 0.4 | 1,940 | ||||||||||||||
Total U.S. Treasury Obligations |
| 7,624 | ||||||||||||||
ASSET-BACKED SECURITIES — 1.5% |
| |||||||||||||||
Automotive — 0.3% |
| |||||||||||||||
Other Securities | 0.3 | 1,669 | ||||||||||||||
Credit Card — 0.6% |
| |||||||||||||||
Citibank Credit Card Issuance Trust, Ser A4, Cl A4 | ||||||||||||||||
5.375%, 04/11/11 | 0.6 | EUR | 1,900 | 2,698 | ||||||||||||
Mortgage Related Securities — 0.1% |
| |||||||||||||||
Other Securities | 0.1 | 439 | ||||||||||||||
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
Other Asset-Backed Securities — 0.5% |
| |||||||||||||||
Other Securities | 0.5 | % | $ | 2,516 | ||||||||||||
2,516 | ||||||||||||||||
Total Asset-Backed Securities |
| 7,322 | ||||||||||||||
MUNICIPAL BONDS — 0.1% |
| |||||||||||||||
Other Securities | 0.1 | 614 | ||||||||||||||
Total Municipal Bonds | 614 | |||||||||||||||
Total Investments — 97.7% |
| $ | 467,318 | |||||||||||||
A summary of the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:
Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||||||||||
4/4/11-5/3/11 | BRL | 754 | USD | 455 | $ | (7 | ) | |||||||||||||
4/4/11-6/15/11 | GBP | 79,649 | USD | 128,422 | 830 | |||||||||||||||
4/4/11-6/15/11 | USD | 2,955 | GBP | 1,829 | (34 | ) | ||||||||||||||
4/5/11-6/15/11 | CAD | 21,893 | USD | 22,380 | (107 | ) | ||||||||||||||
4/5/11-6/15/11 | EUR | 249,761 | USD | 348,841 | (5,362 | ) | ||||||||||||||
4/5/11-6/15/11 | JPY | 13,304,950 | USD | 162,550 | 1,942 | |||||||||||||||
4/5/11-6/15/11 | MXN | 42,565 | USD | 3,524 | (40 | ) | ||||||||||||||
4/5/11-6/15/11 | NOK | 8,040 | USD | 1,435 | (15 | ) | ||||||||||||||
4/5/11-6/15/11 | SEK | 41,384 | USD | 6,452 | (96 | ) | ||||||||||||||
4/5/11-6/15/11 | USD | 20,366 | EUR | 14,567 | 288 | |||||||||||||||
4/5/11-6/15/11 | USD | 17,436 | JPY | 1,432,790 | (138 | ) | ||||||||||||||
4/8/11-6/15/11 | NZD | 5,083 | USD | 3,816 | (58 | ) | ||||||||||||||
4/8/11-6/15/11 | USD | 2,034 | NZD | 2,727 | 43 | |||||||||||||||
4/13/11-6/15/11 | DKK | 11,612 | USD | 2,152 | (56 | ) | ||||||||||||||
4/14/11 | USD | 786 | ZAR | 5,737 | 62 | |||||||||||||||
4/14/11-6/15/11 | ZAR | 23,528 | USD | 3,294 | (177 | ) | ||||||||||||||
4/15/11-6/15/11 | USD | 28,635 | NOK | 162,661 | 689 | |||||||||||||||
4/15/11-6/15/11 | USD | 18,881 | SEK | 121,376 | 309 | |||||||||||||||
4/28/11 | CLP | 1,000 | USD | 2 | — | |||||||||||||||
4/28/11 | USD | 2 | CLP | 1,000 | — | |||||||||||||||
4/29/11 | COP | 782,882 | USD | 419 | (2 | ) | ||||||||||||||
4/29/11-6/15/11 | USD | 3,231 | KRW | 3,606,299 | 58 | |||||||||||||||
6/3/11 | AUD | 5,900 | EUR | 4,288 | 24 | |||||||||||||||
6/3/11 | CHF | 1,852 | AUD | 2,000 | 26 | |||||||||||||||
6/3/11 | CHF | 10,267 | EUR | 7,945 | 29 | |||||||||||||||
6/3/11 | EUR | 23,710 | CHF | 30,006 | (779 | ) | ||||||||||||||
6/3/11 | GBP | 6,865 | SEK | 70,453 | 142 | |||||||||||||||
6/3/11 | NOK | 21,842 | AUD | 3,900 | 64 | |||||||||||||||
6/3/11 | NOK | 46,646 | GBP | 5,155 | (152 | ) | ||||||||||||||
6/3/11-6/15/11 | CHF | 20,219 | USD | 21,616 | (502 | ) | ||||||||||||||
6/15/11 | AUD | 6,270 | USD | 6,234 | (189 | ) | ||||||||||||||
6/15/11 | CZK | 6,873 | USD | 396 | (1 | ) | ||||||||||||||
6/15/11 | KRW | 84,110 | USD | 75 | (2 | ) | ||||||||||||||
6/15/11 | MYR | 1,001 | USD | 329 | — | |||||||||||||||
6/15/11 | SGD | 3,579 | USD | 2,826 | (15 | ) | ||||||||||||||
6/15/11 | USD | 2,199 | AUD | 2,217 | 72 | |||||||||||||||
6/15/11 | USD | 1,710 | CAD | 1,670 | 5 | |||||||||||||||
6/15/11 | USD | 738 | CHF | 685 | 11 | |||||||||||||||
6/15/11 | USD | 75 | CZK | 1,290 | (1 | ) | ||||||||||||||
6/15/11 | USD | 949 | MXN | 11,435 | 6 | |||||||||||||||
6/15/11 | USD | 376 | SGD | 475 | 1 | |||||||||||||||
1/13/12 | USD | 1,946 | CNY | 12,617 | 11 | |||||||||||||||
$ | (3,121 | ) | ||||||||||||||||||
10 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:
Counterparty | Currency to Deliver ($ Thousands) | Currency to Receive ($ Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
Bank of America | (22,435 | ) | 22,600 | $ | 165 | |||||||
Barclays PLC | (106,255 | ) | 106,475 | 220 | ||||||||
BNP Paribas | (24,649 | ) | 24,822 | 173 | ||||||||
Brown Brothers Harriman | (13,774 | ) | 13,865 | 91 | ||||||||
Citigroup | (2,494 | ) | 2,489 | (6 | ) | |||||||
Credit Suisse First Boston | (30,355 | ) | 30,421 | 66 | ||||||||
CSFB | (34,626 | ) | 35,170 | 544 | ||||||||
Deutsche Bank | (256,382 | ) | 253,259 | (3,127 | ) | |||||||
Dewaay, Sebille, Servais & Cy | (10,993 | ) | 11,136 | 142 | ||||||||
Financial Brokerage | (226 | ) | 225 | (1 | ) | |||||||
Goldman Sachs | (147,719 | ) | 146,927 | (792 | ) | |||||||
HSBC | (2,267 | ) | 2,235 | (33 | ) | |||||||
JPMorgan Chase Bank | (116,446 | ) | 116,806 | 354 | ||||||||
Northern Trust Brokerage | (294 | ) | 289 | (5 | ) | |||||||
RBC | (54,259 | ) | 53,219 | (1,040 | ) | |||||||
Royal Bank of Scotland | (4,392 | ) | 4,436 | 44 | ||||||||
Societe Generale | (19,137 | ) | 19,140 | 3 | ||||||||
Standard Bank | (230 | ) | 230 | (1 | ) | |||||||
State Street | (46 | ) | 47 | 1 | ||||||||
UBS | (29,710 | ) | 29,664 | (46 | ) | |||||||
Westpac Banking | (20,953 | ) | 21,080 | 127 | ||||||||
$ | (3,121 | ) | ||||||||||
A summary of the open futures contracts held by the Fund at March 31, 2011, is as follows:
Type of Contract | Number of Contracts Long (Short) | Expiration Date | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
10-Year Euro$ | 27 | Jun-2011 | $ | (21 | ) | |||||||
Australian 10-Year Bond | (12 | ) | Jun-2011 | 5 | ||||||||
Australian 3-Year Bond | 9 | Jun-2011 | — | |||||||||
Canadian 10-Year Bond | 7 | Jun-2011 | 11 | |||||||||
Euro-Bobl | 55 | Jun-2011 | (82 | ) | ||||||||
Euro-Buxl 30 Year Bond | 12 | Jun-2011 | (40 | ) | ||||||||
Euro-Schatz | 16 | Jun-2011 | (11 | ) | ||||||||
Japanese 10-Year Bond | 3 | Jun-2011 | 32 | |||||||||
Long Gilt 10-Year Bond | 5 | Jun-2011 | (9 | ) | ||||||||
U.S. 10-Year Treasury Note | (73 | ) | Jun-2011 | 20 | ||||||||
U.S. 2-Year Treasury Note | (58 | ) | Jun-2011 | (7 | ) | |||||||
U.S. 5-Year Treasury Note | (148 | ) | Jun-2011 | 109 | ||||||||
U.S. Long Treasury Bond | (40 | ) | Jun-2011 | 42 | ||||||||
$ | 49 | |||||||||||
For the period ended March 31, 2011, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.
A summary of outstanding interest rate swap agreements held by the Fund at March 31, 2011, is as follows:
Counterparty | Fund Pays | Fund Receives | Termination Date | Notional Amount (Thousands) | Net Unrealized Appreciation (Depreciation) ($Thousands) | |||||||||||||||
Barclays Bank PLC | 3.83% | 3-Month LIBOR | 03/31/20 | USD | 2,650,000 | $ | (89 | ) | ||||||||||||
Citigroup | 3.79% | 6-Month GBP LIBOR | 05/19/19 | GBP | 2,500,000 | (96 | ) | |||||||||||||
Deutsche Bank | 3.45% | 6-Month EUR LIBOR | 10/16/19 | EUR | 3,400,000 | (28 | ) | |||||||||||||
Deutsche Bank | 6-Month EURIBOR | 4.17% | 03/28/13 | EUR | 7,000,000 | 358 | ||||||||||||||
JPMorgan Chase Bank | 6-Month JPY LIBOR | 2.22% | 03/26/27 | JPY | 750,000,000 | 486 | ||||||||||||||
JPMorgan Chase Bank | 6-Month EURIBOR | 4.38% | 01/07/13 | EUR | 5,400,000 | 337 | ||||||||||||||
JPMorgan Chase Bank | 4.20% | 6-Month EURIBOR | 03/30/12 | EUR | 3,000,000 | (100 | ) | |||||||||||||
JPMorgan Chase Bank | 6-Month JPY LIBOR | 1.29% | 03/26/12 | JPY | 1,300,000,000 | 147 | ||||||||||||||
$ | 1,015 | |||||||||||||||||||
Percentages are based on a Net Assets of $478,471 ($ Thousands).
(1) | In unless otherwise indicated. |
(A) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the board of Trustees. |
(B) | Variable Rate Security—The rate reported on the Summary Schedule of Investments is the rate in effect as of March 31, 2011. |
†† | The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all other securities owned by the fund. In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 342-5734; and (ii) on the SEC’s website at http://www.sec.gov. |
AUD — Australian Dollar
BRL — Brazilian Real
CAD — Canadian Dollar
CHF — Swiss Franc
Cl — Class
CLP — Chilean Peso
CNY — Chinese Yuan
COP — Colombian Peso
CZK — Czech Koruna
DKK — Danish Krone
EURIBOR — Euro London Interbank Offered Rate
EUR — Euro
GBP — British Pound Sterling
JPY — Japanese Yen
KRW — Korean Won
LIBOR — London Interbank Offered Rate
MTN — Medium Term Note
MXN — Mexican Peso
MYR — Malaysian Ringgit
NOK — Norwegian Krone
NZD — New Zealand Dollar
SEK — Swedish Krone
Ser — Series
SGD — Singapore Dollar
USD — U.S. Dollar
ZAR — South African Rand
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 11 |
Table of Contents
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund (Concluded)
March 31, 2011
The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Global Bonds | $ | — | $ | 418,532 | $ | 5 | $ | 418,537 | ||||||||
Mortgage-Backed Securities | — | 18,205 | — | 18,205 | ||||||||||||
Corporate Obligations | — | 15,016 | — | 15,016 | ||||||||||||
U.S. Treasury Obligations | — | 7,624 | — | 7,624 | ||||||||||||
Asset-Backed Securities | — | 7,322 | — | 7,322 | ||||||||||||
Municipal Bonds | — | 614 | — | 614 | ||||||||||||
Total Investments in Securities | $ | — | $ | 467,313 | $ | 5 | $ | 467,318 | ||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts* | $ | 49 | $ | — | $ | — | $ | 49 | ||||||||
Forwards Contracts* | (3,121 | ) | — | — | (3,121 | ) | ||||||||||
Interest Rate Swaps | — | 1,015 | — | 1,015 | ||||||||||||
Total Other Financial Instruments | $ | (3,072 | ) | $ | 1,015 | $ | — | $ | (2,057 | ) | ||||||
* | Futures contracts and forwards contracts are valued at the unrealized appreciation/(depreciation) on the instrument |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):
Global Bonds | ||||
Beginning balance as of October 1, 2010 | $ | 5 | ||
Accrued discounts/premiums | — | |||
Realized gain/(loss) | — | |||
Change in unrealized appreciation/(depreciation) | — | |||
Net purchases/sales | — | |||
Net transfer in and/or out of Level 3 | — | |||
Ending balance as of March 31, 2011 | $ | 5 | ||
For the period ended March 31, 2011, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
12 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund
March 31, 2011
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
GLOBAL BONDS — 91.3% |
| |||||||||||||||
Argentina — 5.4% |
| |||||||||||||||
Endesa Costanera Sociedad Anonima | ||||||||||||||||
11.302%, 03/30/12 | 0.0 | % | 440 | $ | 440 | |||||||||||
Republic of Argentina | ||||||||||||||||
8.750%, 06/02/17 | 0.1 | 1,000 | 1,019 | |||||||||||||
8.280%, 12/31/33 | 0.3 | 3,364 | 2,999 | |||||||||||||
8.280%, 12/31/33 | 0.5 | 4,508 | 4,019 | |||||||||||||
8.819%, 12/15/35 (A) | 0.0 | EUR | 872 | 171 | ||||||||||||
7.896%, 12/15/35 (A) | 0.2 | EUR | 11,280 | 2,211 | ||||||||||||
7.593%, 12/15/35 (A) | 0.1 | 7,788 | 1,225 | |||||||||||||
7.820%, 12/31/33 | 0.3 | EUR | 2,115 | 2,274 | ||||||||||||
7.820%, 12/31/33 | 0.4 | EUR | 3,166 | 3,404 | ||||||||||||
7.820%, 12/31/33 (A) | 0.5 | EUR | 4,219 | 4,514 | ||||||||||||
7.000%, 04/17/17 | 0.4 | 3,487 | 3,118 | |||||||||||||
7.000%, 10/03/15 | 0.5 | 4,600 | 4,335 | |||||||||||||
7.000%, 09/12/13 | 0.2 | 2,011 | 2,051 | |||||||||||||
7.000%, 10/03/15 | 0.1 | 800 | 754 | |||||||||||||
5.830%, 12/31/33 (A) | 0.5 | ARS | 11,929 | 4,746 | ||||||||||||
3.117%, 12/15/35 (A) | 0.1 | 4,360 | 704 | |||||||||||||
2.500%, 03/31/19 (B) | 0.2 | 3,940 | 1,700 | |||||||||||||
1.595%, 12/15/35 (A) | 0.1 | EUR | 4,031 | 790 | ||||||||||||
0.677%, 08/03/12 (A) | 0.3 | 9,155 | 2,229 | |||||||||||||
Other Securities | 0.6 | 5,473 | ||||||||||||||
48,176 | ||||||||||||||||
Bahrain — 0.2% |
| |||||||||||||||
Other Securities | 0.2 | 1,769 | ||||||||||||||
Barbados — 0.4% |
| |||||||||||||||
Other Securities | 0.4 | 3,800 | ||||||||||||||
Belarus — 0.0% |
| |||||||||||||||
Other Securities | 0.0 | 262 | ||||||||||||||
Belize — 0.0% |
| |||||||||||||||
Other Securities | 0.0 | 335 | ||||||||||||||
Bosnia and Herzegovina — 0.1% |
| |||||||||||||||
Other Securities | 0.1 | 1,117 | ||||||||||||||
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
Brazil — 7.2% |
| |||||||||||||||
Banco Nacional de Desenvolvimento Economico e Social | ||||||||||||||||
6.500%, 06/10/19 (C) | 0.2 | % | 1,725 | $ | 1,880 | |||||||||||
5.500%, 07/12/20 (C) | 0.0 | 400 | 407 | |||||||||||||
BR Malls International Finance | ||||||||||||||||
8.500%, 12/31/49 | 0.0 | 345 | 361 | |||||||||||||
BR Properties SA | ||||||||||||||||
9.000%, 12/31/49 | 0.1 | 762 | 757 | |||||||||||||
Brazil Notas do Tesouro Nacional Ser F | ||||||||||||||||
10.000%, 01/01/13 | 0.7 | BRL | 10,700 | 6,312 | ||||||||||||
Federal Republic of Brazil | ||||||||||||||||
11.000%, 08/17/40 | 0.0 | 150 | 202 | |||||||||||||
10.125%, 05/15/27 | 0.4 | 2,555 | 3,871 | |||||||||||||
10.000%, 01/01/21 | 0.1 | BRL | 1,265 | 658 | ||||||||||||
10.000%, 01/01/21 | 0.3 | BRL | 5,000 | 2,682 | ||||||||||||
8.875%, 04/15/24 | 0.2 | 1,520 | 2,067 | |||||||||||||
8.750%, 02/04/25 | 0.1 | 598 | 807 | |||||||||||||
8.250%, 01/20/34 | 0.6 | 3,710 | 4,907 | |||||||||||||
7.125%, 01/20/37 | 0.2 | 1,685 | 1,993 | |||||||||||||
5.875%, 01/15/19 | 0.4 | 3,517 | 3,895 | |||||||||||||
5.625%, 01/07/41 | 0.1 | 1,050 | 1,032 | |||||||||||||
4.875%, 01/22/21 | 0.1 | 800 | 816 | |||||||||||||
General Shopping Finance | ||||||||||||||||
10.000%, 12/31/49 | 0.1 | 812 | 826 | |||||||||||||
JPM | ||||||||||||||||
10.000%, 12/12/11 | 0.1 | BRL | 1,265 | 678 | ||||||||||||
Brasil Nota Do Tesouro Nacional Ser B | ||||||||||||||||
10.000%, 01/01/21 | 1.0 | BRL | 16,554 | 8,608 | ||||||||||||
10.000%, 01/01/17 | 0.1 | BRL | 2,200 | 1,197 | ||||||||||||
6.000%, 05/15/15 | 0.9 | BRL | 6,700 | 8,184 | ||||||||||||
6.000%, 08/15/20 | 0.2 | BRL | 1,600 | 1,924 | ||||||||||||
Other Securities | 1.3 | 10,839 | ||||||||||||||
64,903 | ||||||||||||||||
Chile — 0.8% |
| |||||||||||||||
Inversiones Alsacia | ||||||||||||||||
8.000%, 08/18/18 | 0.1 | 1,000 | 946 | |||||||||||||
Other Securities | 0.7 | 6,626 | ||||||||||||||
7,572 | ||||||||||||||||
China — 1.0% |
| |||||||||||||||
Country Garden Holdings | ||||||||||||||||
11.125%, 02/23/18 | 0.0 | 200 | 203 | |||||||||||||
Hidili Industry International Development | ||||||||||||||||
8.625%, 11/04/15 | 0.1 | 405 | 407 | |||||||||||||
Kaisa Group Holdings Ltd. | ||||||||||||||||
13.500%, 04/28/15 | 0.1 | 539 | 541 | |||||||||||||
Sinochem Overseas Capital | ||||||||||||||||
4.500%, 11/12/20 (C) | 0.5 | 4,856 | 4,600 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 13 |
Table of Contents
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund (Continued)
March 31, 2011
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
Sino-Forest | ||||||||||||||||
6.250%, 10/21/17 (C) (D) | 0.1 | % | 430 | $ | 418 | |||||||||||
Texhong Textile Group | ||||||||||||||||
7.625%, 01/19/16 | 0.0 | 255 | 258 | |||||||||||||
Other Securities | 0.2 | 2,341 | ||||||||||||||
8,768 | ||||||||||||||||
Colombia — 4.1% |
| |||||||||||||||
Bogota Distrio Capital | ||||||||||||||||
9.750%, 07/26/28 (C) | 0.6 | COP | 9,020,000 | 5,592 | ||||||||||||
Ecopetrol | ||||||||||||||||
7.625%, 07/23/19 (C) | 0.1 | 500 | 576 | |||||||||||||
Republic of Colombia | ||||||||||||||||
11.750%, 02/25/20 | 0.3 | 1,645 | 2,474 | |||||||||||||
10.375%, 01/28/33 | 0.1 | 400 | 601 | |||||||||||||
10.000%, 07/24/24 | 0.1 | COP | 1,229,000 | 723 | ||||||||||||
8.125%, 05/21/24 | 0.3 | 2,250 | 2,850 | |||||||||||||
7.375%, 03/18/19 | 0.6 | 4,470 | 5,364 | |||||||||||||
7.375%, 09/18/37 | 1.4 | 10,300 | 12,231 | |||||||||||||
7.375%, 01/27/17 | 0.5 | 3,957 | 4,669 | |||||||||||||
6.125%, 01/18/41 | 0.1 | 1,275 | 1,301 | |||||||||||||
36,381 | ||||||||||||||||
Croatia — 1.3% |
| |||||||||||||||
Government of Croatia | ||||||||||||||||
6.750%, 11/05/19 | 0.2 | 1,583 | 1,658 | |||||||||||||
6.625%, 07/14/20 (C) (D) | 0.6 | 5,168 | 5,333 | |||||||||||||
6.375%, 03/24/21 (C) | 0.4 | 3,408 | 3,412 | |||||||||||||
Other Securities | 0.1 | 1,262 | ||||||||||||||
11,665 | ||||||||||||||||
�� | ||||||||||||||||
Czech Republic — 0.1% |
| |||||||||||||||
Other Securities | 0.1 | 695 | ||||||||||||||
Dominican Republic — 0.2% |
| |||||||||||||||
Other Securities | 0.2 | 1,804 | ||||||||||||||
Ecuador — 0.1% |
| |||||||||||||||
Other Securities | 0.1 | 539 | ||||||||||||||
Egypt — 0.4% |
| |||||||||||||||
Other Securities | 0.4 | 3,781 | ||||||||||||||
El Salvador — 0.9% |
| |||||||||||||||
Republic of El Salvador | ||||||||||||||||
7.650%, 06/15/35 | 0.5 | 4,336 | 4,321 | |||||||||||||
Other Securities | 0.4 | 3,825 | ||||||||||||||
8,146 | ||||||||||||||||
Gabon — 0.0% |
| |||||||||||||||
Other Securities | 0.0 | 235 | ||||||||||||||
Georgia — 0.4% |
| |||||||||||||||
Other Securities | 0.4 | 3,950 | ||||||||||||||
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
Germany — 0.2% |
| |||||||||||||||
Other Securities | 0.2 | % | $ | 1,634 | ||||||||||||
Ghana — 0.2% |
| |||||||||||||||
Other Securities | 0.2 | 2,137 | ||||||||||||||
Hong Kong — 0.5% |
| |||||||||||||||
Other Securities | 0.5 | 4,441 | ||||||||||||||
Hungary — 0.6% |
| |||||||||||||||
Other Securities | 0.6 | 5,317 | ||||||||||||||
India — 0.1% |
| |||||||||||||||
Other Securities | 0.1 | 1,207 | ||||||||||||||
Indonesia — 5.1% |
| |||||||||||||||
Indosat Palapa | ||||||||||||||||
7.375%, 07/29/20 (C) | 0.1 | 552 | 607 | |||||||||||||
Majapahit Holding | ||||||||||||||||
8.000%, 08/07/19 | 0.1 | 400 | 454 | |||||||||||||
8.000%, 08/07/19 (C) | 0.1 | 500 | 568 | |||||||||||||
7.875%, 06/29/37 (C) (E) | 0.0 | 355 | 386 | |||||||||||||
7.750%, 01/20/20 | 0.0 | 300 | 338 | |||||||||||||
7.750%, 10/17/16 | 0.1 | 750 | 843 | |||||||||||||
7.750%, 01/20/20 (C) | 0.0 | 350 | 394 | |||||||||||||
7.250%, 10/17/11 | 0.1 | 750 | 770 | |||||||||||||
PT Bumi | ||||||||||||||||
7.301%, 03/02/12 | 0.1 | 776 | 776 | |||||||||||||
7.301%, 03/02/12 | 0.1 | 973 | 973 | |||||||||||||
Republic of Indonesia | ||||||||||||||||
12.800%, 06/17/21 | 0.1 | IDR | 6,389,000 | 970 | ||||||||||||
11.625%, 03/04/19 | 0.8 | 5,203 | 7,466 | |||||||||||||
11.625%, 03/04/19 (C) | 0.2 | 1,425 | 2,045 | |||||||||||||
11.000%, 11/15/20 | 0.2 | IDR | 14,300,000 | 1,969 | ||||||||||||
10.375%, 05/04/14 | 0.2 | 1,350 | 1,642 | |||||||||||||
8.500%, 10/12/35 | 0.4 | 3,100 | 3,991 | |||||||||||||
8.500%, 10/12/35 | 0.1 | 550 | 708 | |||||||||||||
7.750%, 01/17/38 | 0.0 | 319 | 380 | |||||||||||||
7.750%, 01/17/38 | 0.7 | 5,065 | 6,040 | |||||||||||||
7.500%, 01/15/16 | 0.2 | 1,150 | 1,332 | |||||||||||||
7.250%, 04/20/15 | 0.0 | 130 | 148 | |||||||||||||
6.875%, 01/17/18 | 0.3 | 2,050 | 2,322 | |||||||||||||
6.875%, 03/09/17 | 0.2 | 1,289 | 1,455 | |||||||||||||
6.875%, 01/17/18 (C) | 0.2 | 1,400 | 1,585 | |||||||||||||
6.750%, 03/10/14 | 0.1 | 950 | 1,049 | |||||||||||||
6.750%, 03/10/14 (C) | 0.0 | 350 | 388 | |||||||||||||
6.625%, 02/17/37 | 0.1 | 1,050 | 1,123 | |||||||||||||
5.875%, 03/13/20 (C) | 0.2 | 1,374 | 1,465 | |||||||||||||
Other Securities | 0.4 | 3,456 | ||||||||||||||
45,643 | ||||||||||||||||
Iraq — 1.5% |
| |||||||||||||||
Republic of Iraq | ||||||||||||||||
5.800%, 01/15/28 | 1.5 | 14,160 | 12,992 | |||||||||||||
14 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
Ivory Coast — 0.2% |
| |||||||||||||||
Other Securities | 0.2 | % | $ | 1,787 | ||||||||||||
Jamaica — 0.3% |
| |||||||||||||||
Other Securities | 0.3 | 2,811 | ||||||||||||||
Jordan — 0.2% |
| |||||||||||||||
Other Securities | 0.2 | 1,693 | ||||||||||||||
Kazakhstan — 4.5% |
| |||||||||||||||
BTA Bank JSC | ||||||||||||||||
113.760%, | ||||||||||||||||
07/01/20 (A) (C) | 0.0 | 2,492 | 210 | |||||||||||||
10.750%, | ||||||||||||||||
01/01/13 (B) (C) | 0.1 | 1,202 | 1,277 | |||||||||||||
10.750%, 01/01/13 (B) | 0.0 | 264 | 280 | |||||||||||||
Development Bank of Kazakhstan JSC | ||||||||||||||||
5.500%, 12/20/15 (C) | 0.1 | 650 | 678 | |||||||||||||
Kazatoprom | ||||||||||||||||
6.250%, 05/20/15 | 0.1 | 500 | 531 | |||||||||||||
Kazkommerts International | ||||||||||||||||
8.700%, 04/07/14 (A) | 0.1 | 1,300 | 1,222 | |||||||||||||
8.500%, 04/16/13 | 0.1 | 1,150 | 1,190 | |||||||||||||
8.000%, 11/03/15 | 0.2 | 1,900 | 1,943 | |||||||||||||
7.875%, 04/07/14 | 0.1 | 500 | 514 | |||||||||||||
7.500%, 11/29/16 (E) | 0.3 | 2,550 | 2,518 | |||||||||||||
6.875%, 02/13/17 | 0.1 | EUR | 450 | 607 | ||||||||||||
6.250%, 05/20/15 | 0.1 | 1,123 | 1,193 | |||||||||||||
Kazkommertsbank MTN | ||||||||||||||||
12.850%, 12/18/12 | 0.1 | 600 | 633 | |||||||||||||
KazMunaiGaz Finance Sub MTN | ||||||||||||||||
11.750%, 01/23/15 (C) | 0.4 | 2,673 | 3,344 | |||||||||||||
11.750%, 01/23/15 | 0.0 | 350 | 437 | |||||||||||||
9.125%, 07/02/18 (C) | 0.4 | 2,650 | 3,206 | |||||||||||||
9.125%, 07/02/18 | 0.2 | 1,329 | 1,604 | |||||||||||||
8.375%, 07/02/13 | 0.4 | 3,000 | 3,322 | |||||||||||||
7.000%, 05/05/20 | 0.3 | 2,190 | 2,360 | |||||||||||||
7.000%, 05/05/20 (C) | 0.2 | 1,626 | 1,752 | |||||||||||||
KazMunayGas National | ||||||||||||||||
6.375%, 04/09/21 | 0.0 | 350 | 361 | |||||||||||||
6.375%, 04/09/21 (C) | 0.3 | 2,826 | 2,925 | |||||||||||||
Republic of Kazakhstan | ||||||||||||||||
6.375%, 10/06/20 (C) | 0.2 | 1,400 | 1,459 | |||||||||||||
Other Securities | 0.7 | 7,142 | ||||||||||||||
40,708 | ||||||||||||||||
Lebanon — 0.2% |
| |||||||||||||||
Other Securities | 0.2 | 1,619 | ||||||||||||||
Lithuania — 0.8% |
| |||||||||||||||
Other Securities | 0.8 | 6,906 | ||||||||||||||
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
Malaysia — 3.1% |
| |||||||||||||||
Axiata SPV1 Labuan Ltd, | ||||||||||||||||
5.375%, 04/28/20 | 0.0 | % | 250 | $ | 255 | |||||||||||
Government of Malaysia | ||||||||||||||||
3.835%, 08/12/15 | 0.2 | MYR | 5,740 | 1,915 | ||||||||||||
3.741%, 02/27/15 | 0.4 | MYR | 10,560 | 3,515 | ||||||||||||
Malaysia Sukuk Global | ||||||||||||||||
3.928%, 06/04/15 (C) | 0.1 | 400 | 417 | |||||||||||||
Petroliam Nasional | ||||||||||||||||
7.625%, 10/15/26 | 0.1 | 925 | 1,181 | |||||||||||||
Petronas Capital | ||||||||||||||||
7.875%, 05/22/22 | 1.1 | 7,405 | 9,440 | |||||||||||||
5.250%, 08/12/19 (C) | 1.1 | 9,245 | 9,826 | |||||||||||||
5.250%, 08/12/19 | 0.1 | 1,200 | 1,275 | |||||||||||||
Other Securities | 0.0 | 318 | ||||||||||||||
28,142 | ||||||||||||||||
Mexico — 8.8% |
| |||||||||||||||
Mexican Bonos | ||||||||||||||||
9.000%, 06/20/13 | 0.1 | MXN | 7,200 | 643 | ||||||||||||
8.500%, 12/13/18 | 0.5 | MXN | 44,600 | 4,011 | ||||||||||||
8.000%, 06/11/20 | 0.7 | MXN | 74,530 | 6,465 | ||||||||||||
7.500%, 06/21/12 | 0.1 | MXN | 7,600 | 658 | ||||||||||||
Mexican Bonos, Ser M10 | ||||||||||||||||
8.000%, 12/17/15 | 0.2 | MXN | 21,200 | 1,863 | ||||||||||||
7.750%, 12/14/17 | 0.4 | MXN | 42,900 | 3,719 | ||||||||||||
7.250%, 12/15/16 | 0.5 | MXN | 54,500 | 4,628 | ||||||||||||
Mexican Bonos, Ser MI10 | ||||||||||||||||
9.500%, 12/18/14 | 0.1 | MXN | 10,161 | 934 | ||||||||||||
9.000%, 12/20/12 | 0.3 | MXN | 28,270 | 2,510 | ||||||||||||
Mexican Udibonos | ||||||||||||||||
4.000%, 06/13/19 | 0.2 | MXN | 4,770 | 1,925 | ||||||||||||
Pemex Finance | ||||||||||||||||
9.150%, 11/15/18 | 0.2 | 1,595 | 2,029 | |||||||||||||
Pemex Project Funding Master Trust | ||||||||||||||||
6.625%, 06/15/35 | 0.3 | 2,546 | 2,554 | |||||||||||||
5.750%, 03/01/18 | 0.2 | 1,505 | 1,592 | |||||||||||||
Petroleos Mexicanos | ||||||||||||||||
8.000%, 05/03/19 | 0.1 | 700 | 841 | |||||||||||||
6.000%, 03/05/20 (C) | 0.0 | 300 | 318 | |||||||||||||
United Mexican States MTN | ||||||||||||||||
8.300%, 08/15/31 (D) | 0.9 | 6,304 | 8,403 | |||||||||||||
6.625%, 03/03/15 | 0.2 | 1,550 | 1,775 | |||||||||||||
6.050%, 01/11/40 | 0.4 | 3,500 | 3,623 | |||||||||||||
5.950%, 03/19/19 | 0.2 | 1,450 | 1,616 | |||||||||||||
5.625%, 01/15/17 | 0.3 | 2,500 | 2,758 | |||||||||||||
5.125%, 01/15/20 | 0.3 | 2,208 | 2,310 | |||||||||||||
United Mexican States, | ||||||||||||||||
8.000%, 09/24/22 | 0.3 | 2,267 | 2,992 | |||||||||||||
6.750%, 09/27/34 | 0.3 | 2,748 | 3,100 | |||||||||||||
Other Securities | 2.0 | 17,715 | ||||||||||||||
78,982 | ||||||||||||||||
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 15 |
Table of Contents
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund (Continued)
March 31, 2011
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
Morocco — 0.3% |
| |||||||||||||||
Other Securities | 0.3 | % | $ | 2,692 | ||||||||||||
Nigeria — 0.1% |
| |||||||||||||||
Other Securities | 0.1 | 2,007 | ||||||||||||||
Oman — 0.0% |
| |||||||||||||||
Other Securities | 0.0 | 338 | ||||||||||||||
Pakistan — 0.4% |
| |||||||||||||||
Other Securities | 0.4 | 3,833 | ||||||||||||||
Panama — 1.9% |
| |||||||||||||||
Republic of Panama | ||||||||||||||||
9.375%, 04/01/29 | 0.6 | 3,788 | 5,341 | |||||||||||||
9.375%, 01/16/23 | 0.1 | 560 | 729 | |||||||||||||
8.875%, 09/30/27 | 0.3 | 2,125 | 2,869 | |||||||||||||
8.125%, 04/28/34 | 0.1 | 820 | 1,041 | |||||||||||||
7.250%, 03/15/15 | 0.2 | 1,473 | 1,712 | |||||||||||||
6.700%, 01/26/36 | 0.5 | 4,161 | 4,671 | |||||||||||||
5.200%, 01/30/20 | 0.1 | 444 | 471 | |||||||||||||
16,834 | ||||||||||||||||
Peru — 2.1% |
| |||||||||||||||
Inkia Energy | ||||||||||||||||
8.375%, 04/04/21 | 0.1 | 460 | 462 | |||||||||||||
Republic of Peru | ||||||||||||||||
8.750%, 11/21/33 | 1.0 | 6,429 | 8,631 | |||||||||||||
8.375%, 05/03/16 | 0.1 | 600 | 737 | |||||||||||||
7.350%, 07/21/25 | 0.6 | 4,510 | 5,360 | |||||||||||||
7.125%, 03/30/19 | 0.1 | 797 | 941 | |||||||||||||
Other Securities | 0.2 | 3,085 | ||||||||||||||
19,216 | ||||||||||||||||
Philippines — 4.5% |
| |||||||||||||||
Power Sector | ||||||||||||||||
7.390%, 12/02/24 | 0.1 | 700 | 798 | |||||||||||||
Republic of the Philippines | ||||||||||||||||
10.625%, 03/16/25 | 0.5 | 2,850 | 4,229 | |||||||||||||
9.500%, 02/02/30 | 0.4 | 2,770 | 3,899 | |||||||||||||
8.875%, 03/17/15 | 0.0 | 75 | 92 | |||||||||||||
8.375%, 06/17/19 | 0.2 | 1,500 | 1,890 | |||||||||||||
7.750%, 01/14/31 | 0.8 | 5,923 | 7,144 | |||||||||||||
7.500%, 09/25/24 | 1.0 | 7,320 | 8,702 | |||||||||||||
6.375%, 10/23/34 | 0.5 | 4,268 | 4,492 | |||||||||||||
5.500%, 03/30/26 | 0.2 | 2,260 | 2,232 | |||||||||||||
4.950%, 01/15/21 | 0.2 | PHP | 69,000 | 1,558 | ||||||||||||
4.000%, 01/15/21 | 0.3 | 2,456 | 2,315 | |||||||||||||
Other Securities | 0.3 | 2,535 | ||||||||||||||
39,886 | ||||||||||||||||
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
Poland — 1.6% |
| |||||||||||||||
Republic of Poland | ||||||||||||||||
6.375%, 07/15/19 | 1.2 | % | 9,629 | $ | 10,715 | |||||||||||
4.000%, 03/23/21 | 0.1 | EUR | 736 | 950 | ||||||||||||
Other Securities | 0.3 | 2,950 | ||||||||||||||
14,615 | ||||||||||||||||
Qatar — 1.7% |
| |||||||||||||||
Government of Qatar | ||||||||||||||||
9.750%, 06/15/30 | 0.1 | 425 | 607 | |||||||||||||
6.400%, 01/20/40 (C) | 0.1 | 710 | 747 | |||||||||||||
6.400%, 01/20/40 | 0.1 | 500 | 526 | |||||||||||||
5.250%, 01/20/20 (C) | 0.7 | 6,150 | 6,384 | |||||||||||||
4.000%, 01/20/15 (C) | 0.0 | 300 | 310 | |||||||||||||
Qtel International Finance MTN | ||||||||||||||||
7.875%, 06/10/19 | 0.4 | 2,674 | 3,129 | |||||||||||||
6.500%, 06/10/14 (C) | 0.0 | 200 | 219 | |||||||||||||
5.000%, 10/19/25 (C) | 0.1 | 1,139 | 1,005 | |||||||||||||
4.750%, 02/16/21 (C) | 0.0 | 457 | 426 | |||||||||||||
Other Securities | 0.2 | 1,977 | ||||||||||||||
15,330 | ||||||||||||||||
Russia — 7.6% |
| |||||||||||||||
Alrosa Finance | ||||||||||||||||
7.750%, 11/03/20 (C) | 0.1 | 628 | 673 | |||||||||||||
Gaz Capital MTN | ||||||||||||||||
8.625%, 04/28/34 | 0.1 | 470 | 580 | |||||||||||||
RSHB Capital | ||||||||||||||||
7.750%, 05/29/18 | 0.1 | 450 | 503 | |||||||||||||
Russian Federation Registered | ||||||||||||||||
12.750%, 06/24/28 | 0.4 | 2,310 | 4,040 | |||||||||||||
7.500%, 03/31/30 | 3.5 | 26,624 | 31,034 | |||||||||||||
Russian Foreign Bond - Eurobond | ||||||||||||||||
5.000%, 04/29/20 | 0.0 | 100 | 101 | |||||||||||||
5.000%, 04/29/20 (C) | 0.2 | 1,500 | 1,517 | |||||||||||||
3.625%, 04/29/15 | 0.1 | 500 | 506 | |||||||||||||
RZD Capital MTN | ||||||||||||||||
5.739%, 04/03/17 | 0.1 | 650 | 677 | |||||||||||||
SCF Capital | ||||||||||||||||
5.375%, 10/27/17 (C) | 0.2 | 1,600 | 1,570 | |||||||||||||
Vnesheconombank Via VEB Finance | ||||||||||||||||
6.902%, 07/09/20 (C) | 0.4 | 2,985 | 3,212 | |||||||||||||
6.902%, 07/09/20 | 0.0 | 100 | 108 | |||||||||||||
6.800%, 11/22/25 (C) | 0.1 | 1,000 | 1,014 | |||||||||||||
5.450%, 11/22/17 (C) | 0.1 | 700 | 710 | |||||||||||||
VTB Bank Via VTB Capital | ||||||||||||||||
6.551%, 10/13/20 (C) | 0.1 | 960 | 973 | |||||||||||||
VTB Capital | ||||||||||||||||
6.875%, 05/29/18 | 0.4 | 3,300 | 3,580 | |||||||||||||
6.609%, 10/31/12 (C) | 0.1 | 1,150 | 1,224 | |||||||||||||
6.250%, 06/30/35 | 0.0 | 381 | 404 |
16 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
Other Securities | 1.6 | % | $ | 15,327 | ||||||||||||
67,753 | ||||||||||||||||
Saudi Arabia — 0.2% |
| |||||||||||||||
Other Securities | 0.2 | 1,484 | ||||||||||||||
1,484 | ||||||||||||||||
Singapore — 0.3% |
| |||||||||||||||
STATS ChipPAC | ||||||||||||||||
5.375%, 03/31/16 | 0.0 | 176 | 177 | |||||||||||||
Yanlord Land Group | ||||||||||||||||
9.500%, 05/04/17 | 0.0 | 221 | 219 | |||||||||||||
Other Securities | 0.3 | 2,144 | ||||||||||||||
2,540 | ||||||||||||||||
South Africa — 2.9% |
| |||||||||||||||
Eskom Holdings | ||||||||||||||||
5.750%, 01/26/21 (C) | 0.3 | 2,450 | 2,484 | |||||||||||||
Gold Fields Orogen Holdings | ||||||||||||||||
4.875%, 10/07/20 | 0.1 | 504 | 484 | |||||||||||||
Republic of South Africa | ||||||||||||||||
8.500%, 06/23/17 | 0.1 | 860 | 1,062 | |||||||||||||
8.000%, 12/21/18 | 0.2 | ZAR | 10,950 | 1,561 | ||||||||||||
7.250%, 01/15/20 | 0.1 | ZAR | 6,060 | 819 | ||||||||||||
6.875%, 05/27/19 | 0.3 | 2,626 | 3,049 | |||||||||||||
6.750%, 03/31/21 | 0.4 | ZAR | 25,560 | 3,300 | ||||||||||||
6.500%, 06/02/14 | 0.3 | 2,195 | 2,453 | |||||||||||||
5.875%, 05/30/22 | 0.2 | 1,900 | 2,040 | |||||||||||||
5.500%, 03/09/20 | 0.2 | 1,821 | 1,928 | |||||||||||||
Transnet | ||||||||||||||||
4.500%, 02/10/16 | 0.1 | 560 | 572 | |||||||||||||
Other Securities | 0.6 | 5,952 | ||||||||||||||
25,704 | ||||||||||||||||
South Korea — 0.3% |
| |||||||||||||||
Other Securities | 0.3 | 2,647 | ||||||||||||||
Sri Lanka — 0.2% |
| |||||||||||||||
Other Securities | 0.2 | 1,358 | ||||||||||||||
Supra-National — 0.1% |
| |||||||||||||||
Other Securities | 0.1 | 583 | ||||||||||||||
Thailand — 0.4% |
| |||||||||||||||
Other Securities | 0.4 | 3,191 | ||||||||||||||
Trinidad & Tobago — 0.4% |
| |||||||||||||||
Other Securities | 0.4 | 3,659 | ||||||||||||||
Tunisia — 0.3% |
| |||||||||||||||
Other Securities | 0.3 | 2,637 | ||||||||||||||
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
Turkey — 3.3% |
| |||||||||||||||
Republic of Turkey | ||||||||||||||||
11.875%, 01/15/30 | 0.2 | % | 850 | $ | 1,409 | |||||||||||
9.500%, 01/15/14 | 0.1 | 500 | 587 | |||||||||||||
8.000%, 02/14/34 | 0.2 | 1,700 | 2,037 | |||||||||||||
7.500%, 11/07/19 | 0.5 | 3,630 | 4,229 | |||||||||||||
7.500%, 07/14/17 | 0.1 | 1,000 | 1,160 | |||||||||||||
7.375%, 02/05/25 | 0.4 | 3,070 | 3,536 | |||||||||||||
7.250%, 03/15/15 | 0.1 | 850 | 964 | |||||||||||||
7.250%, 03/05/38 | 0.3 | 2,790 | 3,079 | |||||||||||||
7.000%, 09/26/16 | 0.1 | 938 | 1,062 | |||||||||||||
7.000%, 06/05/20 | 0.1 | 570 | 644 | |||||||||||||
7.000%, 03/11/19 | 0.1 | 650 | 735 | |||||||||||||
6.875%, 03/17/36 | 0.3 | 2,420 | 2,562 | |||||||||||||
6.750%, 04/03/18 | 0.4 | 2,900 | 3,234 | |||||||||||||
6.750%, 05/30/40 | 0.3 | 2,533 | 2,628 | |||||||||||||
6.000%, 01/14/41 | 0.0 | 352 | 329 | |||||||||||||
5.625%, 03/30/21 | 0.0 | 450 | 459 | |||||||||||||
Other Securities | 0.1 | 500 | ||||||||||||||
29,154 | ||||||||||||||||
Ukraine — 3.7% |
| |||||||||||||||
Avangardco Investments | ||||||||||||||||
10.000%, 10/29/15 | 0.1 | 567 | 550 | |||||||||||||
Biz Finance for Ukreximbank | ||||||||||||||||
8.375%, 04/27/15 | 0.4 | 3,763 | 3,918 | |||||||||||||
Credit Suisse First Boston International for CJSC The EXIM of Ukraine | ||||||||||||||||
8.000%, 11/06/15 (E) | 0.0 | 215 | 204 | |||||||||||||
7.650%, 09/07/11 (E) | 0.1 | 500 | 507 | |||||||||||||
6.800%, 10/04/12 | 0.1 | 750 | 763 | |||||||||||||
Financing of Infrastrucural Projects State Enterprise | ||||||||||||||||
8.375%, 11/03/17 (C) | 0.1 | 550 | 578 | |||||||||||||
Government of Ukraine | ||||||||||||||||
7.950%, 02/23/21 (C) | 0.0 | 250 | 256 | |||||||||||||
7.750%, 09/23/20 (C) | 0.1 | 1,140 | 1,176 | |||||||||||||
7.750%, 09/23/20 | 0.0 | 250 | 257 | |||||||||||||
7.650%, 06/11/13 | 0.0 | 250 | 263 | |||||||||||||
7.650%, 06/11/13 | 0.1 | 1,050 | 1,106 | |||||||||||||
6.875%, 09/23/15 (C) (D) | 0.3 | 2,914 | 3,016 | |||||||||||||
6.875%, 09/23/15 | 0.1 | 1,186 | 1,228 | |||||||||||||
6.750%, 11/14/17 | 0.1 | 850 | 862 | |||||||||||||
6.580%, 11/21/16 (C) | 0.1 | 590 | 600 | |||||||||||||
6.580%, 11/21/16 | 0.2 | 1,500 | 1,521 | |||||||||||||
Mriya Agro Holding | ||||||||||||||||
10.950%, 03/30/16 | 0.0 | 210 | 207 | |||||||||||||
NAK Naftogaz Ukraine | ||||||||||||||||
9.500%, 09/30/14 | 1.0 | 7,973 | 8,770 | |||||||||||||
Other Securities | 0.9 | 7,236 | ||||||||||||||
33,018 | ||||||||||||||||
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 17 |
Table of Contents
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund (Continued)
March 31, 2011
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands) | Market Value ($ Thousands) | |||||||||||||
United Arab Emirates — 2.7% |
| |||||||||||||||
Dubai Holding Commercial Operations MTN | ||||||||||||||||
4.750%, 01/30/14 | 0.5 | % | EUR | 3,400 | $ | 4,077 | ||||||||||
Jafz Sukuk | ||||||||||||||||
3.679%, 11/27/12 (A) | 0.6 | AED | 22,400 | 5,584 | ||||||||||||
Other Securities | 1.6 | 14,295 | ||||||||||||||
23,956 | ||||||||||||||||
United Kingdom — 0.1% |
| |||||||||||||||
Ferrexpo Finance PLC | ||||||||||||||||
7.875%, 04/07/16 | 0.1 | 608 | 608 | |||||||||||||
Uruguay — 2.3% |
| |||||||||||||||
Republic of Uruguay PIK | ||||||||||||||||
7.875%, 01/15/33 | 0.3 | 2,600 | 3,132 | |||||||||||||
Republic of Uruguay | ||||||||||||||||
9.250%, 05/17/17 | 0.5 | �� | 3,215 | 4,115 | ||||||||||||
8.000%, 11/18/22 | 1.1 | 7,707 | 9,595 | |||||||||||||
7.625%, 03/21/36 | 0.3 | 2,495 | 2,982 | |||||||||||||
6.875%, 09/28/25 | 0.1 | 401 | 461 | |||||||||||||
20,285 | ||||||||||||||||
Venezuela — 4.7% |
| |||||||||||||||
Government of Venezuela | ||||||||||||||||
13.625%, 08/15/18 | 0.0 | 144 | 138 | |||||||||||||
13.625%, 08/15/18 | 0.2 | 2,100 | 2,016 | |||||||||||||
10.750%, 09/19/13 | 0.0 | 400 | 402 | |||||||||||||
9.375%, 01/13/34 | 0.1 | 830 | 564 | |||||||||||||
9.250%, 09/15/27 | 0.1 | 1,820 | 1,342 | |||||||||||||
9.250%, 05/07/28 | 0.2 | 2,530 | 1,733 | |||||||||||||
9.000%, 05/07/23 | 0.4 | 5,481 | 3,782 | |||||||||||||
8.500%, 10/08/14 | 0.5 | 4,986 | 4,547 | |||||||||||||
8.250%, 10/13/24 | 0.3 | 4,005 | 2,593 | |||||||||||||
7.750%, 10/13/19 | 0.2 | 1,975 | 1,358 | |||||||||||||
7.650%, 04/21/25 | 0.1 | 1,450 | 884 | |||||||||||||
7.000%, 03/31/38 | 0.0 | 100 | 57 | |||||||||||||
7.000%, 12/01/18 | 0.0 | 230 | 159 | |||||||||||||
6.000%, 12/09/20 | 0.1 | 880 | 521 | |||||||||||||
5.750%, 02/26/16 | 0.1 | 663 | 491 | |||||||||||||
Petroleos de Venezuela | ||||||||||||||||
5.500%, 04/12/37 | 0.2 | 3,250 | 1,484 | |||||||||||||
5.375%, 04/12/27 | 0.2 | 4,105 | 1,940 | |||||||||||||
5.250%, 04/12/17 | 0.3 | 4,497 | 2,716 | |||||||||||||
5.000%, 10/28/15 | 0.3 | 4,201 | 2,793 | |||||||||||||
4.900%, 10/28/14 | 1.2 | 14,709 | 10,811 | |||||||||||||
Other Securities | 0.2 | 1,669 | ||||||||||||||
42,000 | ||||||||||||||||
Description | Percentage of Net Assets (%) | Face Amount (1) (Thousands)/ Warrants/Shares | Market Value ($ Thousands) | |||||||||||||
Vietnam — 0.2% |
| |||||||||||||||
Other Securities | 0.2 | % | $ | 1,777 | ||||||||||||
Total Global Bonds |
| 817,022 | ||||||||||||||
LOAN PARTICIPATIONS — 2.4% |
| |||||||||||||||
PACNET Segregated Portfolio PPN |
| |||||||||||||||
0.000%, 08/31/11 (E) | 0.9 | 9,161 | 8,325 | |||||||||||||
Other Securities | 1.5 | 13,249 | ||||||||||||||
Total Loan Participations |
| 21,574 | ||||||||||||||
CONVERTIBLE BONDS — 0.4% |
| |||||||||||||||
Other Securities | 0.4 | 3,773 | ||||||||||||||
Total Convertible Bonds |
| 3,773 | ||||||||||||||
WARRANTS* — 0.0% |
| |||||||||||||||
Russia — 0.0% |
| |||||||||||||||
Other Securities | 0.0 | — | ||||||||||||||
Mexico — 0.0% |
| |||||||||||||||
Mexico Bonos, Expires 04/27/11 | 0.0 | 23,200 | 5 | |||||||||||||
Mexico Bonos, Expires 04/27/11 | 0.0 | 23,200 | 6 | |||||||||||||
Total Warrants | 11 | |||||||||||||||
AFFILIATED PARTNERSHIP — 0.8% |
| |||||||||||||||
United States — 0.8% |
| |||||||||||||||
SEI Liquidity Fund, L.P. | ||||||||||||||||
0.200%**†(F) | 0.8 | 7,646,679 | 7,376 | |||||||||||||
Total Affiliated Partnership |
| 7,376 | ||||||||||||||
Total Investments — 94.9% |
| $ | 849,756 | |||||||||||||
18 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
A summary of the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:
Statement Date | Currency to Deliver | Currency to Receive | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||||||||||
4/4/11-5/3/11 | BRL | 27,988 | USD | 16,778 | $ | (400 | ) | |||||||||||||
4/4/11-5/3/11 | USD | 16,880 | BRL | 27,988 | 299 | |||||||||||||||
4/18/11 | KRW | 4,297,680 | USD | 3,810 | (109 | ) | ||||||||||||||
4/18/11 | MXN | 47,341 | USD | 3,900 | (71 | ) | ||||||||||||||
4/18/11 | USD | 5,354 | KRW | 6,021,425 | 137 | |||||||||||||||
4/18/11 | USD | 3,920 | MXN | 47,341 | 51 | |||||||||||||||
4/18/11 | USD | 2,581 | ZAR | 18,257 | 115 | |||||||||||||||
4/18/11 | ZAR | 18,257 | USD | 2,600 | (97 | ) | ||||||||||||||
4/18/11-4/27/11 | EUR | 20,754 | USD | 29,166 | (273 | ) | ||||||||||||||
4/18/11-5/3/11 | USD | 5,840 | RUB | 167,122 | 33 | |||||||||||||||
4/27/11 | GBP | 187 | USD | 304 | 4 | |||||||||||||||
4/27/11 | USD | 145 | EUR | 102 | — | |||||||||||||||
5/3/11 | USD | 5,660 | MYR | 17,218 | 17 | |||||||||||||||
5/20/11-8/9/11 | CNY | 34,474 | USD | 5,243 | (51 | ) | ||||||||||||||
5/20/11-11/14/11 | USD | 8,534 | CNY | 56,256 | 127 | |||||||||||||||
$ | (218 | ) | ||||||||||||||||||
A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:
Counterparty | Currency to Deliver ($ Thousands) | Currency to Receive ($ Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
Bank of America | (3,830 | ) | 3,867 | $ | 37 | |||||||
Barclays PLC | (2,010 | ) | 2,006 | (4 | ) | |||||||
Brown Brothers Harriman | (5,380 | ) | 5,502 | 122 | ||||||||
Citigroup | (46,861 | ) | 46,859 | (2 | ) | |||||||
HSBC | (17,213 | ) | 16,983 | (230 | ) | |||||||
International Forex Finance Group | (7,175 | ) | 6,993 | (181 | ) | |||||||
JPMorgan Chase Bank | (14,454 | ) | 14,449 | (5 | ) | |||||||
Standard Bank | (14,933 | ) | 14,978 | 45 | ||||||||
$ | (218 | ) | ||||||||||
A summary of the open futures contracts held by the Fund at March 31, 2011, is as follows:
Type of Contract | Number of Contracts Long (Short) | Expiration Date | Unrealized Appreciation ($ Thousands) | |||||||||
U.S. 10-Year Treasury Note | (18 | ) | Jun-2011 | $ | 23 | |||||||
U.S. Ultra Long Treasury Bond | 10 | Jun-2011 | 6 | |||||||||
$ | 29 | |||||||||||
For the period ended March 31, 2011, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.
A summary of outstanding swap agreements held by the fund at March 31, 2011, is as follows:
Total Return Swaps | ||||||||||||||||||
Counterparty | Reference Entity/Obligation | Fund Pays | Fund Receives | Termination Date | Notional Amount (Thousands) | Net Unrealized Appreciation ($Thousands) | ||||||||||||
HSBC | Republic of Korea 5.000% 06/10/20 | Cash Deposit Of Notional Amount | Price Return | 06/10/20 | KRW | 2,217,000 | $ | 121 | ||||||||||
Barclays Bank PLC | Republic of Korea 5.000% 06/10/20 | Cash Deposit Of Notional Amount | Price Return | 06/10/20 | KRW 2,237,000 | 97 | ||||||||||||
$ | 218 | |||||||||||||||||
Percentages are based on a Net Assets of $895,563 ($ Thousands).
* | Non-income producing security |
** | Rate shown is the 7-day effective yield as of March 31, 2011. |
(1) | In U.S. dollars unless otherwise indicated. |
† | Affiliated security. |
(A) | Variable Rate Security — The rate reported on the Summary Schedule of Investments is the rate in effect as of March 31, 2011. |
(B) | Step Bonds — The rate reflected on the Summary Schedule of Investments is the effective yield on March 31, 2011. The coupon on a step bond changes on a specified date. |
(C) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the board of Trustees. |
(D) | This security or a partial position of this security is on loan at March 31, 2011. The total market value of securities on loan at March 31, 2011 was $7,172 ($ Thousands) (See Note 9). |
(E) | Securities considered illiquid. The total market value of such securities as of March 31, 2011 was $35,997 ($ Thousands) and represented 4.0% of Net Assets. |
(F) | This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of March 31, 2011 was $7,376 ($ Thousands). |
†† | The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all other securities owned by the fund. In certain instances, securities for which |
footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 342-5734; and (ii) on the SEC’s website at http://www.sec.gov. |
AED — United Arab Emirates Dirham
ARS — Argentine Peso
BRL — Brazilian Real
CNY — Chinese Yuan
COP — Colombian Peso
EUR — Euro
GBP — British Pound Sterling
IDR — Indonesian Rupiah
KRW — Korean Won
Ltd. — Limited
MTN — Medium Term Note
MXN — Mexican Peso
MYR — Malaysian Ringgit
PHP — Philippine Peso
PIK — Payment-in-Kind
PLC — Public Limited Company
PPN — Profit Participating Note
RUB — Russian Ruble
Ser — Series
USD — U.S. Dollar
ZAR — South African Rand
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | | 19 | |
Table of Contents
SUMMARY SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund (Concluded)
March 31, 2011
The following is a summary of the inputs used as of March 31, 2011 in valuing the Fund’s investments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Global Bonds | $ | — | $ | 817,022 | $ | — | $ | 817,022 | ||||||||
Convertible Bonds | — | 3,773 | — | 3,773 | ||||||||||||
Warrants | — | 11 | — | 11 | ||||||||||||
Loan Participations | — | 2,256 | 19,318 | 21,574 | ||||||||||||
Affiliated Partnership | — | 7,376 | — | 7,376 | ||||||||||||
Total Investments in Securities | $ | — | $ | 830,878 | $ | 19,318 | $ | 849,756 | ||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts* | $ | 29 | $ | — | $ | — | $ | 29 | ||||||||
Forwards Contracts* | (218 | ) | — | — | (218 | ) | ||||||||||
Total Return Swaps | — | 218 | — | 218 | ||||||||||||
Total Other Financial Instruments | $ | (189 | ) | $ | 218 | $ | — | $ | 29 | |||||||
* | Futures contracts and forwards contracts are valued at the unrealized appreciation on the instrument. |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):
Loan Participations | ||||
Beginning balance as of October 1, 2010 | $ | 21,781 | ||
Accrued discounts/premiums | 15 | |||
Realized gain/(loss) | (5 | ) | ||
Change in unrealized appreciation/(depreciation) | (1,823 | ) | ||
Net purchases/sales | (650 | ) | ||
Net transfer in and/or out of Level 3 | — | |||
Ending balance as of March 31, 2011 | $ | 19,318 | ||
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date. | $ | — | ||
For the period ended March 31, 2011, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
20 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Statements of Assets and Liabilities ($ Thousands)
March 31, 2011 (Unaudited)
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments, at value (Cost $1,692,273, $782,314, $449,186 and $777,654, respectively)(1) | $ | 1,921,265 | $ | 947,403 | $ | 467,318 | $ | 842,380 | ||||||||
Affiliated investments, at value (Cost $151,201, $49,059, $0 and $7,647, respectively) | 149,372 | 48,095 | — | 7,376 | ||||||||||||
Cash | 27,799 | 8,944 | 6,339 | 43,390 | ||||||||||||
Foreign currency, at value (Cost $6,319, $10,223, $789 and $586, respectively) | 6,336 | 10,432 | 796 | 590 | ||||||||||||
Cash pledged as collateral for forward foreign currency contracts, futures contracts or swap contracts | — | — | 588 | 302 | ||||||||||||
Receivable for investment securities sold | 36,759 | 4,241 | 6,760 | 4,402 | ||||||||||||
Unrealized gain on forward foreign currency contracts | — | — | 1,930 | 783 | ||||||||||||
Receivable for fund shares sold | 1,330 | 2,201 | 169 | 1,637 | ||||||||||||
Dividends and interest receivable | 6,201 | 1,741 | 6,360 | 14,210 | ||||||||||||
Variation margin receivable | 34 | — | 15 | 6 | ||||||||||||
Foreign tax reclaim receivable | 2,255 | 45 | — | — | ||||||||||||
Margin deposit | — | — | 153 | — | ||||||||||||
Unrealized gain on foreign spot currency contracts | 14 | 3 | — | — | ||||||||||||
Receivable for swap contracts terminated | — | — | 654 | — | ||||||||||||
Swap contracts, at value (Premiums paid $0, $0, $0 and $4,065, respectively) | — | — | 7,703 | 4,283 | ||||||||||||
Total Assets | 2,151,365 | 1,023,105 | 498,785 | 919,359 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 35,103 | 6,946 | 7,123 | 13,078 | ||||||||||||
Payable upon return of securities loaned | 96,444 | 45,671 | — | 7,647 | ||||||||||||
Unrealized loss on forward foreign currency contracts | — | — | 5,051 | 1,001 | ||||||||||||
Swap contracts, at value (Premiums received $0, $0, $0 and $0, respectively) | — | — | 6,688 | — | ||||||||||||
Payable for fund shares redeemed | 3,032 | 2,755 | 933 | 1,015 | ||||||||||||
Variation margin payable | 283 | — | 30 | — | ||||||||||||
Unrealized loss on foreign spot currency contracts | 19 | 36 | 5 | — | ||||||||||||
Investment advisory fees payable | 863 | 700 | 122 | 281 | ||||||||||||
Administration fees payable | 769 | 511 | 244 | 473 | ||||||||||||
Shareholder servicing fees payable | 427 | 196 | 19 | 182 | ||||||||||||
Trustees’ fees | 1 | — | — | — | ||||||||||||
Chief compliance officer fees payable | 5 | 2 | 1 | 2 | ||||||||||||
Administration servicing fees payable | 2 | — | — | — | ||||||||||||
Other accrued expenses | 501 | 478 | 98 | 117 | ||||||||||||
Accrued foreign capital gains tax on appreciated securities | — | 122 | — | — | ||||||||||||
Total Liabilities | 137,449 | 57,417 | 20,314 | 23,796 | ||||||||||||
Net Assets | $ | 2,013,916 | $ | 965,688 | $ | 478,471 | $ | 895,563 | ||||||||
NET ASSETS: | ||||||||||||||||
Paid in Capital (unlimited authorization — no par value) | $ | 2,823,882 | $ | 890,292 | $ | 520,589 | $ | 849,774 | ||||||||
Undistributed (Distributions in excess of) net investment income | 1,585 | (7,969 | ) | (14,687 | ) | 635 | ||||||||||
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency contracts and swap contracts | (1,039,901 | ) | (80,863 | ) | (42,879 | ) | (19,381 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments | 227,163 | 164,125 | 18,132 | 64,455 | ||||||||||||
Net unrealized appreciation (depreciation) on futures contracts | 1,024 | — | 49 | 29 | ||||||||||||
Net unrealized appreciation (depreciation) on swap contracts | — | — | 1,015 | 218 | ||||||||||||
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies | 163 | 225 | (3,748 | ) | (167 | ) | ||||||||||
Accumulated foreign capital gains tax on appreciated securities | — | (122 | ) | — | — | |||||||||||
Net Assets | $ | 2,013,916 | $ | 965,688 | $ | 478,471 | $ | 895,563 | ||||||||
Net Asset Value, Offering and Redemption Price Per Share — Class ($2,006,014,127 ÷ 219,875,609 shares, $965,688,458 ÷ 79,320,550 shares, $478,471,111 ÷ 46,962,680 shares, $895,562,563 ÷ 80,416,318 shares, respectively.) | $9.12 | $12.17 | $10.19 | $11.14 | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share — Class I ($7,902,097 ÷ 867,200 shares) | $9.11 | N/A | N/A | N/A |
(1) | Included in “Investments, at value” is the market value of securities on loan in the amounts of $89,527, $33,243, $0 and $7,172, ($ Thousands), respectively. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 21 |
Table of Contents
Statements of Operations ($ Thousands)
For the six months ended March 31, 2011 (Unaudited)
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends | $ | 20,064 | $ | 6,499 | $ | — | $ | — | ||||||||
Dividends from Affiliated Security | 19 | 3 | — | — | ||||||||||||
Interest | 13 | 9 | 8,752 | 30,370 | ||||||||||||
Security Lending Income — Net(1) | 859 | 103 | — | 5 | ||||||||||||
Less: Foreign Taxes Withheld | (1,479 | ) | (456 | ) | (19 | ) | — | |||||||||
Total Investment Income | 19,476 | 6,158 | 8,733 | 30,375 | ||||||||||||
Expenses: | ||||||||||||||||
Investment Advisory Fees | 4,948 | 4,993 | 730 | 3,687 | ||||||||||||
Administration Fees | 4,409 | 3,091 | 1,461 | 2,820 | ||||||||||||
Shareholder Servicing Fees — Class A | 2,438 | 1,189 | 609 | 1,084 | ||||||||||||
Shareholder Servicing Fees — Class I | 11 | — | — | — | ||||||||||||
Admin Servicing Fees — Class I | 11 | — | — | — | ||||||||||||
Trustees’ Fees | 20 | 10 | 5 | 9 | ||||||||||||
Chief Compliance Officer Fees | 5 | 2 | 1 | 2 | ||||||||||||
Custodian/Wire Agent Fees | 409 | 488 | 52 | 57 | ||||||||||||
Printing Fees | 135 | 66 | 34 | 60 | ||||||||||||
Overdraft Fees | 14 | 8 | 2 | 2 | ||||||||||||
Professional Fees | 74 | 73 | 19 | 33 | ||||||||||||
Registration Fees | 20 | 9 | 5 | 9 | ||||||||||||
Other Expenses | 82 | 49 | 30 | 31 | ||||||||||||
Total Expenses | 12,576 | 9,978 | 2,948 | 7,794 | ||||||||||||
Less: | ||||||||||||||||
Waiver of Investment Advisory Fees | — | (639 | ) | — | (1,878 | ) | ||||||||||
Waiver of Shareholder Servicing Fees — Class A | — | — | (482 | ) | — | |||||||||||
Net Expenses | 12,576 | 9,339 | 2,466 | 5,916 | ||||||||||||
Net Investment Income (Loss) | 6,900 | (3,181 | ) | 6,267 | 24,459 | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments, Written Options, Futures Contracts, Swap Contracts and Foreign Currency Transactions: | ||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||
Investments | 153,217 | 86,153 | (487 | ) | 17,250 | |||||||||||
Futures Contracts | (591 | ) | — | 183 | (48 | ) | ||||||||||
Swap Contracts | — | — | 442 | 205 | ||||||||||||
Foreign Currency Transactions | (1,134 | ) | (458 | ) | (18,695 | ) | 455 | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | 42,247 | (12,515 | ) | (13,149 | ) | (34,875 | ) | |||||||||
Affiliated Investments | 551 | 87 | — | (19 | ) | |||||||||||
Futures Contracts | 1,441 | — | 163 | 32 | ||||||||||||
Swap Contracts | — | — | (251 | ) | 49 | |||||||||||
Foreign Capital Gains Tax on Appreciated Securities | — | 200 | — | — | ||||||||||||
Foreign Currency Transactions | (80 | ) | 145 | 15,160 | 448 | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments, Written Options, Futures Contracts, Swap Contracts and Foreign Currency Transactions | 195,651 | 73,612 | (16,634 | ) | (16,503 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 202,551 | $ | 70,431 | $ | (10,367 | ) | $ | 7,956 |
(1) | Income is from the investment of collateral in an affiliated security. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
22 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Statements of Changes in Net Assets ($ Thousands)
For the six months ended March 31, 2011 (Unaudited) and the year ended September 30, 2010
International Equity Fund | Emerging Markets Equity Fund | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income (Loss) | $ | 6,900 | $ | 24,756 | $ | (3,181 | ) | $ | 3,462 | |||||||
Net Realized Gain from Investments, Affiliated Investments, Futures Contracts, and Swap Contracts | 152,626 | 104,997 | 86,153 | 118,674 | ||||||||||||
Net Realized Loss on Forward Foreign Currency Contracts and Foreign Currency Transactions | (1,134 | ) | (3,431 | ) | (458 | ) | (869 | ) | ||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments, Futures Contracts, and Swap Contracts | 44,239 | (39,528 | ) | (12,428 | ) | 25,395 | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Foreign Capital Tax Gains on Appreciated Securities | — | — | 200 | 691 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies | (80 | ) | 557 | 145 | (52 | ) | ||||||||||
Net Increase in Net Assets Resulting from Operations | 202,551 | 87,351 | 70,431 | 147,301 | ||||||||||||
Dividends from: | ||||||||||||||||
Net Investment Income: | ||||||||||||||||
Class A | (27,359 | ) | — | (8,167 | ) | (5,546 | ) | |||||||||
Class I | (106 | ) | — | — | — | |||||||||||
Total Dividends and Distributions | (27,465 | ) | — | (8,167 | ) | (5,546 | ) | |||||||||
Capital Share Transactions: | ||||||||||||||||
Class A: | ||||||||||||||||
Proceeds from Shares Issued | 275,789 | 575,037 | 155,280 | 296,445 | ||||||||||||
Reinvestment of Dividends & Distributions | 25,959 | — | 7,653 | 5,224 | ||||||||||||
Cost of Shares Redeemed | (368,231 | ) | (817,165 | ) | (195,092 | ) | (424,621 | ) | ||||||||
Decrease in Net Assets Derived from Class A Transactions | (66,483 | ) | (242,128 | ) | (32,159 | ) | (122,952 | ) | ||||||||
Class I: | ||||||||||||||||
Proceeds from Shares Issued | 766 | 3,199 | — | — | ||||||||||||
Reinvestment of Dividends & Distributions | 78 | — | — | — | ||||||||||||
Cost of Shares Redeemed | (2,192 | ) | (3,569 | ) | — | — | ||||||||||
Decrease in Net Assets Derived from Class I Transactions | (1,348 | ) | (370 | ) | — | — | ||||||||||
Decrease in Net Assets Derived from Capital Share Transactions | (67,831 | ) | (242,498 | ) | (32,159 | ) | (122,952 | ) | ||||||||
Net Increase (Decrease) in Net Assets | 107,255 | (155,147 | ) | 30,105 | 18,803 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 1,906,661 | 2,061,808 | 935,583 | 916,780 | ||||||||||||
End of Period | $ | 2,013,916 | $ | 1,906,661 | $ | 965,688 | $ | 935,583 | ||||||||
Undistributed (Distributions in excess of) Net Investment Income Included in Net Assets at End of Period | $ | 1,585 | $ | 22,150 | $ | (7,969 | ) | $ | 3,379 | |||||||
Share Transactions: | ||||||||||||||||
Class A: | ||||||||||||||||
Shares Issued | 31,278 | 73,501 | 13,071 | 28,652 | ||||||||||||
Reinvestment of Distributions | 2,974 | — | 643 | 506 | ||||||||||||
Shares Redeemed | (42,029 | ) | (106,291 | ) | (16,470 | ) | (42,230 | ) | ||||||||
Total Class A Transactions | (7,777 | ) | (32,790 | ) | (2,756 | ) | (13,072 | ) | ||||||||
Class I: | ||||||||||||||||
Shares Issued | 87 | 410 | — | — | ||||||||||||
Reinvestment of Distributions | 9 | — | — | — | ||||||||||||
Shares Redeemed | (245 | ) | (459 | ) | — | — | ||||||||||
Total Class I Transactions | (149 | ) | (49 | ) | — | — | ||||||||||
Net Decrease in Shares Outstanding from Share Transactions | (7,926 | ) | (32,839 | ) | (2,756 | ) | (13,072 | ) |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 23 |
Table of Contents
Statements of Changes in Net Assets ($ Thousands)
For the six months ended March 31, 2011 (Unaudited) and the year ended September 30, 2010
International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 6,267 | $ | 12,331 | $ | 24,459 | $ | 53,490 | ||||||||
Net Realized Gain from Investments, Affiliated Investments, Futures Contracts and Swap Contracts | 138 | 3,896 | 17,407 | 42,737 | ||||||||||||
Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions | (18,695 | ) | 28,008 | 455 | 4,058 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments, Futures Contracts and Swap Contracts | (13,237 | ) | 9,183 | (34,813 | ) | 43,528 | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies | 15,160 | (13,290 | ) | 448 | (1,319 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting | (10,367 | ) | 40,128 | 7,956 | 142,494 | |||||||||||
Dividends and Distributions from: | ||||||||||||||||
Net Investment Income: | ||||||||||||||||
Class A | (23,190 | ) | (5,034 | ) | (12,601 | ) | (67,778 | ) | ||||||||
Return of Capital | ||||||||||||||||
Class A | — | (7 | ) | — | — | |||||||||||
Total Dividends and Distributions | (23,190 | ) | (5,041 | ) | (12,601 | ) | (67,778 | ) | ||||||||
Capital Share Transactions: | ||||||||||||||||
Class A: | ||||||||||||||||
Proceeds from Shares Issued | 60,205 | 138,803 | 214,749 | 354,314 | † | |||||||||||
Reinvestment of Dividends & Distributions | 21,936 | 4,791 | 11,428 | 60,866 | ||||||||||||
Cost of Shares Redeemed | (75,194 | ) | (211,759 | ) | (257,834 | ) | (348,628 | ) | ||||||||
Increase (Decrease) in Net Assets Derived from Capital Share Transactions | 6,947 | (68,165 | ) | (31,657 | ) | 66,552 | ||||||||||
Net Increase (Decrease) in Net Assets | (26,610 | ) | (33,078 | ) | (36,302 | ) | 141,268 | |||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 505,081 | 538,159 | 931,865 | 790,597 | ||||||||||||
End of Period | $ | 478,471 | $ | 505,081 | $ | 895,563 | $ | 931,865 | ||||||||
Undistributed (Distributions in excess of) Net Investment Income Included in | $ | (14,687 | ) | $ | 2,236 | $ | 635 | $ | (11,223 | ) | ||||||
Share Transactions: | ||||||||||||||||
Class A: | ||||||||||||||||
Shares Issued | 5,765 | 13,304 | 19,226 | 33,657 | ||||||||||||
Reinvestment of Distributions | 2,157 | 471 | 1,027 | 5,962 | ||||||||||||
Shares Redeemed | (7,194 | ) | (20,265 | ) | (23,104 | ) | (33,548 | ) | ||||||||
Total Class A Transactions | 728 | (6,490 | ) | (2,851 | ) | 6,071 |
† | Refer to Note 5 for information regarding a capital contribution. |
Amounts designated as “—” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
24 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
For the six months ended March 31, 2011 (Unaudited) and the year ended September 30, 2010
For a Share Outstanding Throughout Each Year
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gains (Losses) on Securities(1) | Total from Operations | Dividends from Net Investment Income | Distributions from Realized Capital Gains | Total Dividends and Distributions and Return of Capital | Net Asset Value, End of Period | Total Return† | Net Assets End of Period ($ Thousands) | Ratio of Expenses to Average Net Assets** | Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)*** | Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)*** | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||
International Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011* | $ | 8.34 | $ | 0.03 | $ | 0.88 | $ | 0.91 | $ | (0.13 | ) | $ | — | $ | (0.13 | ) | $ | 9.12 | 10.92 | % | $ | 2,006,014 | 1.28 | %(3) | 1.28 | %(3) | 1.28 | %(3) | 0.71 | % | 65 | % | ||||||||||||||||||||||||||||
2010 | 7.88 | 0.10 | 0.36 | 0.46 | — | — | — | 8.34 | 5.84 | % | 1,898,206 | 1.27 | %(3) | 1.27 | %(3) | 1.28 | % | 1.26 | % | 144 | % | |||||||||||||||||||||||||||||||||||||||
2009 | 8.85 | 0.13 | (0.94 | ) | (0.81 | ) | (0.16 | ) | — | (0.16 | ) | 7.88 | (8.73 | ) | 2,053,411 | 1.28 | (2)(3) | 1.28 | (2)(3) | 1.29 | 2.01 | 154 | ||||||||||||||||||||||||||||||||||||||
2008 | 16.18 | 0.27 | (5.52 | ) | (5.25 | ) | (0.34 | ) | (1.74 | ) | (2.08 | ) | 8.85 | (36.96 | ) | 2,329,504 | 1.25 | (2)(3) | 1.26 | (2)(3) | 1.26 | (2) | 2.15 | 218 | ||||||||||||||||||||||||||||||||||||
2007 | 14.07 | 0.28 | 2.89 | 3.17 | (0.47 | ) | (0.59 | ) | (1.06 | ) | 16.18 | 23.56 | 4,032,236 | 1.32 | (2)(3) | 1.33 | (2)(3) | 1.33 | (2) | 1.85 | 172 | |||||||||||||||||||||||||||||||||||||||
2006 | 12.14 | 0.24 | 1.97 | 2.21 | (0.28 | ) | — | (0.28 | ) | 14.07 | 18.50 | 3,491,007 | 1.32 | (2) | 1.33 | (2) | 1.33 | (2) | 1.85 | 118 | ||||||||||||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011* | $ | 8.32 | $ | 0.02 | $ | 0.88 | $ | 0.90 | $ | (0.11 | ) | $ | — | $ | (0.11 | ) | $ | 9.11 | 10.82 | % | $ | 7,902 | 1.53 | %(3) | 1.53 | %(3) | 1.53 | %(3) | 0.43 | % | 65 | % | ||||||||||||||||||||||||||||
2010 | 7.89 | 0.08 | 0.35 | 0.43 | — | — | — | 8.32 | 5.45 | % | 8,455 | 1.52 | %(3) | 1.52 | %(3) | 1.53 | % | 1.00 | % | 144 | % | |||||||||||||||||||||||||||||||||||||||
2009 | 8.82 | 0.13 | (0.94 | ) | (0.81 | ) | (0.12 | ) | — | (0.12 | ) | 7.89 | (8.80 | ) | 8,397 | 1.53 | (2)(3) | 1.53 | (2)(3) | 1.54 | 1.97 | 154 | ||||||||||||||||||||||||||||||||||||||
2008 | 16.13 | 0.22 | (5.49 | ) | (5.27 | ) | (0.30 | ) | (1.74 | ) | (2.04 | ) | 8.82 | (37.14 | ) | 6,538 | 1.50 | (2)(3) | 1.51 | (2)(3) | 1.51 | (2) | 1.72 | 218 | ||||||||||||||||||||||||||||||||||||
2007 | 14.04 | 0.25 | 2.88 | 3.13 | (0.45 | ) | (0.59 | ) | (1.04 | ) | 16.13 | 23.25 | 17,155 | 1.57 | (2)(3) | 1.58 | (2)(3) | 1.58 | (2) | 1.66 | 172 | |||||||||||||||||||||||||||||||||||||||
2006 | 12.12 | 0.23 | 1.94 | 2.17 | (0.25 | ) | — | (0.25 | ) | 14.04 | 18.20 | 13,401 | 1.59 | (2) | 1.59 | (2) | 1.59 | (2) | 1.77 | 118 | ||||||||||||||||||||||||||||||||||||||||
Emerging Markets Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011* | $ | 11.40 | $ | (0.03 | ) | $ | 0.92 | $ | 0.87 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | $ | 12.17 | 7.66 | % | $ | 965,688 | 1.96 | %(4) | 1.96 | %(4) | 2.09 | %(4) | (0.67 | )% | 60 | % | |||||||||||||||||||||||||||
2010 | 9.64 | 0.04 | 1.78 | 1.82 | (0.06 | ) | — | (0.06 | ) | 11.40 | 18.93 | % | 935,583 | 1.96 | %(4) | 1.96 | %(4) | 2.09 | % | 0.38 | % | 81 | % | |||||||||||||||||||||||||||||||||||||
2009 | 11.43 | 0.08 | 0.18 | 0.26 | (0.10 | ) | (1.95 | ) | (2.05 | ) | 9.64 | 16.40 | 916,780 | 1.97 | (4) | 1.97 | (4) | 2.11 | 1.08 | 80 | ||||||||||||||||||||||||||||||||||||||||
2008 | 21.49 | 0.14 | (5.64 | ) | (5.50 | ) | (0.08 | ) | (4.48 | ) | (4.56 | ) | 11.43 | (33.33 | ) | 965,730 | 1.99 | (4) | 1.99 | (4) | 2.08 | 0.85 | 94 | |||||||||||||||||||||||||||||||||||||
2007 | 16.67 | 0.08 | 7.22 | 7.30 | (0.08 | ) | (2.40 | ) | (2.48 | ) | 21.49 | 48.27 | 1,777,229 | 1.97 | (4) | 1.97 | (4) | 2.05 | 0.44 | 79 | ||||||||||||||||||||||||||||||||||||||||
2006 | 15.94 | 0.11 | 2.32 | 2.43 | (0.10 | ) | (1.60 | ) | (1.70 | ) | 16.67 | 16.46 | 1,336,574 | 1.96 | 1.97 | 2.06 | 0.65 | 65 | ||||||||||||||||||||||||||||||||||||||||||
International Fixed Income Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011* | $ | 10.92 | $ | 0.13 | $ | (0.35 | ) | $ | (0.22 | ) | $ | (0.51 | ) | $ | — | $ | (0.51 | ) | $ | 10.19 | (2.00 | )% | $ | 478,471 | 1.01 | %(5) | 1.01 | %(7) | 1.21 | %(7) | 2.57 | % | 62 | % | ||||||||||||||||||||||||||
2010 | 10.21 | 0.24 | 0.57 | 0.81 | (0.10 | )(8) | — | (0.10 | ) | 10.92 | 7.97 | % | 505,081 | 1.07 | %(7) | 1.07 | %(7) | 1.21 | % | 2.33 | % | 135 | % | |||||||||||||||||||||||||||||||||||||
2009 | 10.46 | 0.28 | 0.53 | 0.81 | (1.06 | ) | — | (1.06 | ) | 10.21 | 8.85 | 538,159 | 1.02 | (5) | 1.02 | (5) | 1.06 | 2.86 | 170 | |||||||||||||||||||||||||||||||||||||||||
2008 | 10.91 | 0.37 | (0.68 | ) | (0.31 | ) | (0.14 | ) | — | (0.14 | ) | 10.46 | (2.89 | ) | 703,324 | 1.02 | (5) | 1.02 | (5) | 1.04 | 3.45 | 147 | ||||||||||||||||||||||||||||||||||||||
2007 | 10.86 | 0.36 | (0.11 | ) | 0.25 | (0.20 | ) | — | (0.20 | ) | 10.91 | 2.34 | 808,742 | 1.02 | (5) | 1.02 | (5) | 1.04 | 3.29 | 215 | ||||||||||||||||||||||||||||||||||||||||
2006 | 11.72 | 0.28 | (0.49 | ) | (0.21 | ) | (0.34 | ) | (0.31 | ) | (0.65 | ) | 10.86 | (1.64 | ) | 841,903 | 1.01 | 1.01 | 1.03 | 2.61 | 194 | |||||||||||||||||||||||||||||||||||||||
Emerging Markets Debt Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011* | $ | 11.19 | $ | 0.31 | $ | (0.20 | ) | $ | 0.11 | $ | (0.16 | ) | $ | — | $ | (0.16 | ) | $ | 11.14 | 0.96 | % | $ | 895,563 | 1.36 | %(6) | 1.36 | %(6) | 1.79 | % | 5.64 | % | 32 | % | |||||||||||||||||||||||||||
2010 | 10.24 | 0.67 | 1.14 | 1.81 | (0.86 | ) | — | (0.86 | ) | 11.19 | 18.78 | % | 931,865 | 1.36 | %(6) | 1.36 | %(6) | 1.79 | % | 6.41 | % | 70 | % | |||||||||||||||||||||||||||||||||||||
2009 | 9.43 | 0.71 | 0.85 | 1.56 | (0.75 | ) | — | (0.75 | ) | 10.24 | 18.62 | 790,597 | 1.37 | (6) | 1.37 | (6) | 1.81 | 8.47 | 73 | |||||||||||||||||||||||||||||||||||||||||
2008 | 11.04 | 0.62 | (1.18 | ) | (0.56 | ) | (0.74 | ) | (0.31 | ) | (1.05 | ) | 9.43 | (5.71 | ) | 877,354 | 1.37 | (6) | 1.37 | (6) | 1.79 | 5.94 | 83 | |||||||||||||||||||||||||||||||||||||
2007 | 11.28 | 0.60 | 0.47 | 1.07 | (0.65 | ) | (0.66 | ) | (1.31 | ) | 11.04 | 10.03 | 1,002,602 | 1.37 | (6) | 1.37 | (6) | 1.79 | 5.47 | 81 | ||||||||||||||||||||||||||||||||||||||||
2006 | 11.81 | 0.56 | 0.34 | 0.90 | (0.80 | ) | (0.63 | ) | (1.43 | ) | 11.28 | 8.68 | 828,343 | 1.36 | 1.36 | 1.78 | 5.03 | 108 |
* | For the six months ended March 31, 2011. All ratios for the period have been annualized. |
** | Includes Fees Paid Indirectly. See Note 5 in Notes to Financial Statements. |
*** | See Note 5 in Notes to Financial Statements. |
† | Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
(1) | Per share net investment income/(loss) and net realized and unrealized gains/(losses) calculated using average shares. |
(2) | The expense ratio includes interest expense on reverse repurchase agreements. Had this expense been excluded, the ratios for Class A and I shares would have been 1.28% and 1.53%, respectively, for 2009 and 2008, and 1.24% and 1.49%, respectively, for 2007 and 2006. |
(3) | The expense ratio includes overdraft fees. Had this expense been excluded, the ratios for Class A and I shares would have been 1.28% and 1.53%, respectively for 2011, 1.27% and 1.52%, respectively for 2010, 1.28% and 1.53%, respectively for 2009, 1.25% and 1.50%, respectively for 2008 and 1.32% and 1.57%, respectively for 2007. |
(4) | The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.96% for 2011, 2010, 2009, 2008 and 2007. |
(5) | The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.01%, 1.01%, 1.02% and 1.01%, for 2011, 2009, 2008 and 2007, respectively. |
(6) | The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.36% for 2011, 2010, 2009, 2008 and 2007. |
(7) | The expense ratio includes proxy and overdraft fees. Had these expenses been excluded, the ratio would have been 1.01% for 2011 and 2010. |
(8) | Includes return of capital of less than $0.01. |
Amounts designated as “—” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 25 |
Table of Contents
March 31, 2011 (Unaudited)
1. ORGANIZATION
SEI Institutional International Trust (the “Trust”) was organized as a Massachusetts business trust under a Declaration of Trust dated June 30, 1988. The operations of the Trust commenced on December 20, 1989.
The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with five funds: International Equity Fund, Tax-Managed International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (together the “Funds”). The Trust’s prospectuses provide a description of each Fund’s investment objective, and strategies. The Trust is registered to offer Class A shares of each of the Funds, Class G shares of the International Equity, Emerging Markets Equity and Emerging Markets Debt Funds, and Class I shares of the International Equity Fund.
As of March 31, 2011, the Tax-Managed International Equity Fund and the Class G shares had not yet commenced operations.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds.
Use of Estimates — The preparation of financial statements, in conformity with U.S. generally accepted accounting principles (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.
Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Trust’s Board of Trustees (the “Board”). The Trust’s Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.
For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the adviser or sub-adviser of a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it may request that a Committee meeting be called. In addition, the Fund’s administrator monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the administrator, the administrator notifies the adviser or sub-adviser for any Fund holding the relevant securities that such limits have been exceeded. In such event, the adviser or sub-adviser makes the determination whether a Committee Meeting should be called based on the information provided.
The International Equity Fund and Emerging Markets Equity Fund also use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by these Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular
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security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the International Equity Fund and Emerging Markets Equity Fund will value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.
In accordance with GAAP, Fair Value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy has been established to maximize the use of the observable market data and minimize the use of unobservable inputs and to establish classification of the fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:
Level 1 — quoted prices in active markets for identical investments
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, warrants, swaps and forward contracts. The Fund may use a systematic fair valuation model provided by an independent pricing service to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the NYSE. These are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. For certain collateralized debt obligations, corporate obligations, mortgage backed securities, auction rate preferred securities, loan participations and swaps where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
The Fund adopted Financial Accounting Standards Board — Accounting Standards Update “Fair Value Measurements and Disclosures” (the “Update”), effective September 30, 2010. This Update applies to the Fund’s disclosures about transfers in and out of Level 1 and Level 2 of the fair value hierarchy and the reasons for the transfers. Disclosures about the valuation techniques and inputs used to measure fair value for investments that fall in either Level 2 or Level 3 fair value hierarchy are summarized under the Level 2 and Level 3 categories listed above. There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during the period.
The valuation techniques used by the Funds to measure fair value during the period ended March 31, 2011 maximized the use of observable inputs and minimized the use of unobservable inputs. For the period ended March 31, 2011, there have been no significant changes to the inputs or the Trust’s fair valuation methodologies.
Security Transactions and Investment Income — Security transactions are recorded on the trade date. Cost used in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.
Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/ or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.
Amortization and accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security. Amortization of premiums and discounts is included in interest income.
Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Trust are prorated to the Funds on the basis of relative daily net assets.
Classes — Class-specific expenses are borne by that class. Income, non-class specific expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets.
Foreign Currency Translation — The books and records of the Funds investing in international securities are maintained in U.S. dollars on the following basis:
(I) market value of investment securities, assets and liabilities at the current rate of exchange; and
(II) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.
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Notes to Financial Statements (Continued)
March 31, 2011 (Unaudited)
The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.
The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.
Forward Foreign Currency Contracts — To the extent consistent with its Investment Objective and Strategies, a Fund may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year are recognized as ordinary income or loss for federal income tax purposes. The Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Summary Schedule of Investments for details regarding open forward foreign currency contracts as of March 31, 2011, if applicable.
Futures Contracts — To the extent consistent with its Investment Objective and Strategies the Funds may purchase future contracts to gain exposure to market changes, which may be more efficient or cost effective than actually buying the securities. To the extent consistent with its Investment Objective and Strategies, a Fund may utilize futures contracts for tactical hedging purposes as well as to enhance the Funds’ returns. In addition, the International Fixed Income Fund and the Emerging Markets Debt Fund may utilize futures contracts to efficiently assist in managing the Funds’ duration and yield curve exposure. Upon entering into such a contract, a Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is held. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.
Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the
futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.
Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Summary Schedule of Investments for details regarding open futures contracts as of March 31, 2011, if applicable.
Equity-Linked Warrants — To the extent consistent with its Investment Objective and Strategies, the Funds each may invest in equity-linked warrants. These Funds purchase the equity-linked warrants from a broker, who in turn purchases shares in the local market and issues a call warrant hedged on the underlying holding. If the Fund exercises its call and closes its position, the shares are sold and the warrant redeemed with the proceeds. Each warrant represents one share of the underlying stocks, therefore the price, performance and liquidity of the warrant are all directly linked to the underlying stock. The warrants can be redeemed for 100% of the value of the underlying stock, less transaction costs. In addition to the market risk of the underlying holding, these Funds bear additional counterparty risk to the issuing broker. There is currently no active trading market for equity-linked warrants.
Swap Agreements — To the extent consistent with its Investment Objective and Strategies a Fund may invest in swap contracts as an efficient means to take and manage risk in the portfolio, including interest rate risk, credit risk and overall yield sensitivity. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit default swaps involve the periodic payment by a Fund or counterparty of interest based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the outstanding principal of the downgraded debt instrument. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR (London Interbank Offered Rate) or some other form of index on the notional amount. Interest rate swaps involve the exchange by a Fund with
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another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal to manage a Fund’s exposure to interest rates. Payments received or made are recorded as realized gains or losses. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. In connection with swap agreements, securities/cash may be set aside as collateral by the Fund’s custodian. A Fund may enter into swap agreements in order to, among other things, change the maturity or duration of the investment portfolio; protect a Fund’s value from changes in interest rates; or expose a Fund to a different security or market.
Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. Net payments of interest are recorded as realized gains or losses.
Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Schedule of Investments or the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements. See Note 3 for further details.
Counterparty risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. Refer to each Fund’s Summary Schedule of Investments for details regarding open swap contracts as of March 31, 2011, if applicable.
Options Written/Purchased — To the extent consistent with its Investment Objective and Strategies a Fund may invest in financial options contracts to add return or to hedge their existing portfolio securities. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from purchasing or writing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.
The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.
Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments or Summary Schedule of Investments for details regarding open option agreements as of March 31, 2011, if applicable.
Delayed Delivery Transactions — A Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Fund will set aside liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security.
Loan Participations and Brady Bonds — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in U.S. dollar-denominated fixed- and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in a Fund having a contractual relationship only with the Lenders, not with the sovereign borrowers. This Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.
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Notes to Financial Statements (Continued)
March 31, 2011 (Unaudited)
Certain debt obligations, customarily referred to as “Brady Bonds,” are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies.
Illiquid Securities — A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of the Funds. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed.
Dividends and Distributions to Shareholders — The International Equity, Emerging Markets Equity and International Fixed Income Funds will distribute substantially all of their net investment income and all net realized capital gains, if any, at least annually. The Emerging Markets Debt Fund will distribute substantially all of its net investment income, if any, at least quarterly and all net realized gains, if any, at least annually. All dividends and distributions are recorded on ex-dividend date.
Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
Redemption Fees — The Funds retain a redemption fee based on a dollar threshold for redemptions, or a series of redemptions from a single identifiable source that in the aggregate exceed a specified dollar threshold within any thirty day period, as presented below:
Dollar Threshold ($ Thousands) | Redemption Fee | |||||||
International Equity Fund | $ | 50,000 | 0.75 | % | ||||
International Fixed Income Fund | 25,000 | 1.00 | ||||||
Emerging Markets Debt Fund | 25,000 | 1.00 | ||||||
Emerging Markets Equity Fund | 25,000 | 1.25 |
For the six month period ended March 31, 2011, the Funds did not retain any redemption fees. Such fees, if any, are retained by the Funds for the benefit of the remaining shareholders.
3. CREDIT DERIVATIVES
A Fund may use credit default swaps to reduce risk where a Fund has exposure to the issuer, or to take an active long or short position with respect to the likelihood of an event of default. The reference obligation of the swap can be a single issuer, a “basket” of issuers, or an index. The underlying referenced assets are corporate debt, sovereign debt and asset backed securities.
The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event for corporate or sovereign reference obligations means bankruptcy, failure to pay, obligation acceleration, repudiation/moratorium or restructuring. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down.
If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.
If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Certain Funds are party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the counter derivative and foreign exchange contracts, entered into by the Trust on behalf of a Fund and the counterparty.
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4. DERIVATIVE TRANSACTIONS
The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the year. For Funds that held derivatives throughout the year with only one type of risk exposure, additional information can be found on the Summary Schedule of Investments or Schedule of Investments and the Statement of Operations. The fair value of derivative instruments as of March 31, 2011 was as follows:
Asset Derivatives | Liability Derivatives | |||||||||||
Period ended March 31, 2011 ($ Thousands) | Period ended March 31, 2011 ($ Thousands) | |||||||||||
Contract Type | Statements of Assets & Liabilities Location | Fair Value | Statements of Assets & Liabilities Location | Fair Value | ||||||||
International Fixed Income Fund | ||||||||||||
Interest rate contracts | Net Assets — Unrealized appreciation on futures contracts | $ | 219 | * | Net Assets — Unrealized depreciation on futures contracts | $ | 170 | * | ||||
Interest rate contracts | Net Assets — Unrealized appreciation on swap contracts | 1,328 | † | Net Assets — Unrealized depreciation on swap contracts | 313 | † | ||||||
Foreign exchange contracts | Unrealized gain on forward foreign currency contracts | 1,930 | Unrealized loss on forward foreign currency contracts | 5,051 | ||||||||
Total Derivatives not accounted for as hedging instruments | $ | 3,477 | $ | 5,534 | ||||||||
Emerging Markets Debt Fund | ||||||||||||
Interest rate contracts | Net Assets — Unrealized appreciation on futures contracts | $ | 29 | * | Net Assets — Unrealized depreciation on futures contracts | $ | — | * | ||||
Foreign exchange contracts | Unrealized gain on forward foreign currency contracts | 783 | Unrealized loss on forward foreign currency contracts | 1,001 | ||||||||
Credit contracts | Net Assets — Unrealized appreciation on swap contracts | 218 | † | Net Assets — Unrealized depreciation of swap contracts | — | † | ||||||
Total Derivatives not accounted for as hedging instruments | $ | 1,030 | $ | 1,001 | ||||||||
* | Includes cumulative appreciation/(depreciation) on futures contracts as reported in the Summary Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets & Liabilities. |
† | Includes cumulative appreciation/(depreciation) on swap contracts as reported in the Summary Schedules of Investments. Market Value is reported within the Statements of Assets & Liabilities for swap contracts that have paid premiums. |
The effect of derivative instruments on the Statements of Operations for the period ended March 31, 2011 is as follows:
Amount of realized Gain or (Loss) on Derivatives Recognized in Income ($ Thousands):
Derivatives Not Accounted for as Hedging Instruments | Options | Futures | Forward Currency Contracts | Swaps | Total | |||||||||||||||
International Fixed Income Fund | ||||||||||||||||||||
Interest rate contracts | $ | — | $ | 183 | $ | — | $ | 385 | $ | 568 | ||||||||||
Foreign exchange contracts | — | — | (27,396 | ) | — | (27,396 | ) | |||||||||||||
Credit contracts | — | — | — | 57 | 57 | |||||||||||||||
Total | $ | — | $ | 183 | $ | (27,396 | ) | $ | 442 | $ | (26,771 | ) | ||||||||
Emerging Markets Debt Fund | ||||||||||||||||||||
Interest rate contracts | $ | 532 | $ | (48 | ) | $ | — | $ | 109 | $ | 593 | |||||||||
Equity contracts | — | — | — | 96 | 96 | |||||||||||||||
Foreign exchange contracts | — | — | (2,322 | ) | — | (2,322 | ) | |||||||||||||
Total | $ | 532 | $ | (48 | ) | $ | (2,322 | ) | $ | 205 | $ | (1,633 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income ($ Thousands):
Derivatives Not Accounted for as Hedging Instruments | Swaptions | Futures | Forward Currency Contracts | Swaps | Total | |||||||||||||||
International Fixed Income Fund | ||||||||||||||||||||
Interest rate contracts | $ | — | $ | 163 | $ | — | $ | (208 | ) | $ | (45 | ) | ||||||||
Foreign exchange contracts | — | — | 15,212 | — | 15,212 | |||||||||||||||
Credit contracts | — | — | — | (43 | ) | (43 | ) | |||||||||||||
Total | $ | — | $ | 163 | $ | 15,212 | $ | (251 | ) | $ | 15,124 | |||||||||
Emerging Markets Debt Fund | ||||||||||||||||||||
Interest rate contracts | $ | — | $ | 32 | $ | — | $ | — | $ | 32 | ||||||||||
Foreign exchange contracts | — | — | 489 | — | | 489 | | |||||||||||||
Credit contracts | — | — | — | 49 | 49 | |||||||||||||||
Total | $ | — | $ | 32 | $ | 489 | $ | 49 | $ | 570 |
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Notes to Financial Statements (Continued)
March 31, 2011 (Unaudited)
The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable ISDA Master Agreement.
5. ADMINISTRATION, INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS, AND OTHER TRANSACTIONS WITH AFFILIATES
Administration & Transfer Agency Agreement — The Trust and SEI Investments Global Funds Services (the “Administrator”) are parties to an amended and restated Administration and Transfer Agency Agreement dated December 10, 2003 under which the Administrator provides administrative and transfer agency services to the Funds for annual fees, based on the average daily net assets of the respective funds, as presented below:
International Equity Fund | 0.45 | % | ||
Emerging Markets Equity Fund | 0.65 | % | ||
International Fixed Income Fund | 0.60 | % | ||
Emerging Markets Debt Fund | 0.65 | % |
However, the Administrator has voluntarily agreed to waive its fee so that the total annual expenses, except for Trustee fees, of each Fund will not exceed certain expense limitations adopted by the Administrator as presented below. In the event that the total annual expenses of a Fund, after reflecting a waiver of all fees by the Administrator, exceed the specific limitation, the Administrator has agreed to bear such excess. Any such waiver is voluntary and may be terminated at any time at the Administrator’s sole discretion. At March 31, 2011, there were no such waivers in each Fund.
International Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||
Class A | 1.28 | %*† | 1.96 | %† | 1.02 | %† | 1.36 | %† | ||||||||
Class I | 1.53 | %*† | — | — | — |
* The expense cap excludes interest expense on reverse repurchase agreements.
† The expense cap excludes proxy and overdraft fees.
Investment Advisory Agreement — SEI Investments Management Corporation (“SIMC”) serves as investment adviser (the “Adviser”) to each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each Fund. SIMC has voluntarily agreed to waive a portion of its fee for the International Equity, Emerging Markets Equity and Emerging Markets Debt Funds so that the total annual expenses of each Fund, exclusive of short sale expenses and acquired fund fee expenses, will not exceed certain voluntary expense limitations adopted by SIMC. These waivers may be terminated at any time. For the International Fixed Income Fund, SIMC has contractually agreed to waive fees or reimburse expenses until the later of (i) two years after the effective date of the Expense Limitation Agreement, or (ii) January 31, 2012 in order to keep total annual fund operating expenses (exclusive of interest from borrowings, brokerage
commissions, taxes and extraordinary expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.02%.
Accordingly, the advisory fee and contractual or voluntary expense limitations for each Fund are as follows:
Advisory Fees | Voluntary Expense Limitations | Contractual Expense Limitations | ||||||||||
International Equity Fund, Class A | 0.505 | % | 1.280 | % | — | % | ||||||
International Equity Fund, Class I | 0.505 | % | 1.530 | % | — | % | ||||||
Emerging Markets Equity Fund | 1.050 | % | 1.960 | % | — | % | ||||||
International Fixed Income Fund* | 0.300 | % | — | % | 1.020 | % | ||||||
Emerging Markets Debt Fund | 0.850 | % | 1.360 | % | — | % |
* | Prior to March 1, 2010, the Advisory Fee for the International Fixed Income Fund was 0.150%. |
With respect to the International Fixed Income Fund from October 1, 2009 until February 28, 2010, SIMC received an advisory fee of 0.15% of the Fund’s average daily net assets. At a meeting of the International Fixed Income Fund’s shareholders held on February 18, 2010, the shareholders of the Fund approved an increase in the advisory fee paid to SIMC by the Fund. As a result, effective March 1, 2010, SIMC receives an investment advisory fee from the Fund of 0.30%.
As of March 31, 2011, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:
Investment Sub-Adviser |
International Equity Fund |
Acadian Asset Management LLC |
Causeway Capital Management LLC |
del Rey Global Investors, LLC |
INTECH Investment Management LLC |
Neuberger Berman Management LLC |
Quantitative Management Associates LLC |
Schroder Investment Management North America, Inc. |
Tradewinds Global Investors LLC |
Emerging Markets Equity Fund |
Artisan Partners Limited Partnership |
Delaware Management Company |
JO Hambro Capital Management Limited |
Lazard Asset Management LLC |
Neuberger Berman Management LLC |
PanAgora Asset Management, Inc. |
The Boston Company Asset Management LLC |
International Fixed Income Fund |
AllianceBernstein L.P. |
Fidelity International Investment Advisors (UK) Limited (delegates to Fidelity International Investment Advisors) |
UBS Global Asset Management (Americas) Inc. |
Wellington Management Company, LLP |
Emerging Markets Debt Fund |
Ashmore Investment Management Limited |
ING Investment Management Advisors, B.V. |
Stone Harbor Investment Partners LP |
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Under the investment sub-advisory agreements, each party receives an annual fee, paid by SIMC.
Distribution Agreement — SEI Investments Distribution Co. (the “Distributor”), a wholly owned subsidiary of SEI Investments Company (“SEI”) and a registered broker-dealer, acts as the Distributor of the shares of the Trust under an amended and restated Distribution Agreement dated September 16, 2002. The Trust has adopted plans under which firms, including the Distributor, that provide shareholder and administrative services may receive compensation therefrom. Such plans provide fees payable to the Distributor equal to the following amounts, calculated as a percentage of the average daily net assets attributable to each particular class of each respective fund.
Shareholder Servicing Fees | Administrative Servicing Fees | |||||||
International Equity Fund | ||||||||
Class A | 0.25 | % | — | |||||
Class I | 0.25 | % | 0.25 | % | ||||
Emerging Markets Equity Fund | ||||||||
Class A | 0.25 | % | — | |||||
International Fixed Income Fund | ||||||||
Class A | 0.25 | % | — | |||||
Emerging Markets Debt Fund | ||||||||
Class A | 0.25 | % | — |
The Distribution Agreement between the Distributor and the Trust provides that the Distributor may receive compensation on fund transactions effected for the Trust in accordance with the rules of the Securities and Exchange Commission (“SEC”). Accordingly, it is expected that fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules require that such commissions not exceed usual and customary commissions. For the period ended March 31, 2011, the Distributor received no brokerage commissions.
Under both the Shareholder Servicing Plan and Administrative Service Plan, the Distributor may retain as profit any difference between the fee it receives and the amount it pays to third parties.
However, the Distributor has also voluntarily agreed to waive its fee so that the total annual expenses of each Fund will not exceed certain expense limitations as agreed upon by the Distributor as presented above.
For the period ended March 31, 2011, the Distributor retained 100% of both shareholder servicing fees, less the waiver, and administration servicing fees.
Investment in Affiliated Securities — The Funds may invest excess cash in the SEI Daily Income Trust Prime Obligation Fund, an affiliated money market fund. Additionally, the Funds may invest cash collateral from the securities lending program in the SEI Liquidity Fund L.P., also an affiliated fund.
Payment to Affiliates — Certain Officers and Trustees of the Trust are also Officers and/or Trustees of the Administrator, Adviser and/or the Distributor.
The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings.
The Administrator or the Distributor pays compensation of Officers and affiliated Trustees.
Other — A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Adviser, sub-advisers and service providers as required by SEC regulations. The CCO’s services have been approved by and are reviewed annually by the Board.
Other Affiliated Transactions — During the fiscal year ended September 30, 2010, the Administrator made a capital contribution (the “Contribution”) of $1,166 ($ Thousands) to the Emerging Markets Debt Fund. The Contribution represents a reimbursement for losses incurred by the Emerging Markets Debt Fund in connection with a NAV error during that fiscal year. The Contribution is included in Proceeds from Shares Issued on the Statement of Changes in Net Assets. The Contribution did not have a significant impact on the Emerging Market Debt Fund’s total return.
6. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments and futures, during the period ended March 31, 2011, were as follows:
Purchases ($ Thousands) | Sales and Maturities ($ Thousands) | |||||||
International Equity Fund | ||||||||
US Government | $ | — | $ | — | ||||
Other | 1,203,126 | 1,290,357 | ||||||
Emerging Markets Equity Fund | ||||||||
US Government | — | — | ||||||
Other | 453,875 | 469,003 | ||||||
International Fixed Income Fund | ||||||||
US Government | 4,625 | 5,027 | ||||||
Other | 268,714 | 285,407 | ||||||
Emerging Markets Debt Fund | ||||||||
US Government | — | — | ||||||
Other | 252,118 | 280,206 |
7. FEDERAL TAX INFORMATION:
It is each Fund’s intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required.
The Funds may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 33 |
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Notes to Financial Statements (Continued)
March 31, 2011 (Unaudited)
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under GAAP. These differences, which may result in distribution reclassifications, are primarily due to paydown reclassifications, foreign currency transactions, net investment losses, investment in partnerships, swaps and passive foreign investment companies. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, undistributed net investment income or accumulated net realized gain, as appropriate, in the period that the differences arise.
The tax character of dividends and distributions declared during the last two years were as follows:
Ordinary Income ($ Thousands) | Long-Term Capital Gain ($ Thousands) | Return of Capital ($ Thousands) | Totals ($ Thousands) | |||||||||||||||||
International Equity Fund | 2010 | $ | — | $ | — | $ | — | $ | — | |||||||||||
2009 | 41,285 | — | — | 41,285 | ||||||||||||||||
Emerging Markets Equity Fund | 2010 | 5,546 | — | — | 5,546 | |||||||||||||||
2009 | 10,171 | 154,332 | — | 164,503 | ||||||||||||||||
International Fixed Income Fund | 2010 | 5,034 | — | 7 | 5,041 | |||||||||||||||
2009 | 57,885 | — | — | 57,885 | ||||||||||||||||
Emerging Markets Debt Fund | 2010 | 67,778 | — | — | 67,778 | |||||||||||||||
2009 | 60,833 | — | — | 60,833 |
As of September 30, 2010, the components of Distributable Earnings (Accumulated Losses) were as follows:
Undistributed Ordinary Income ($ Thousands) | Undistributed Long-Term Capital Gain ($ Thousands) | Capital Loss Carryforwards ($ Thousands) | Post October Gains (Losses) ($ Thousands) | |||||||||||||
International Equity Fund | $ | 28,277 | $ | — | $ | (1,146,124 | ) | $ | — | |||||||
Emerging Markets Equity Fund | 8,166 | — | (132,853 | ) | — | |||||||||||
International Fixed Income Fund | — | — | (24,006 | ) | (685 | ) | ||||||||||
Emerging Markets Debt Fund | 10,618 | — | (25,853 | ) | — |
Post October Currency Losses ($ Thousands) | Unrealized Appreciation ($ Thousands) | Other Temporary Differences ($ Thousands) | Total Accumulated Gains (Losses) ($ Thousands) | |||||||||||||
International Equity Fund | $ | (2,614 | ) | $ | 135,522 | $ | (113 | ) | $ | (985,052 | ) | |||||
Emerging Markets Equity Fund | (127 | ) | 137,949 | (3 | ) | 13,132 | ||||||||||
International Fixed Income Fund | — | (2,017 | ) | 18,147 | (8,561 | ) | ||||||||||
Emerging Markets Debt Fund | — | 65,669 | — | 50,434 |
Post-October losses represent losses realized on investment transactions from November 1, 2009 through September 30, 2010, that, in accordance with Federal income tax regulations, the Funds defer and treat as having arisen in the following fiscal year. For Federal income
tax purposes, capital carryforwards may be carried forward and applied against future capital gains as follows:
Expires 2015 ($ Thousands) | Expires 2017 ($ Thousands) | Expires 2018 ($ Thousands) | Total Capital Loss Carryforward 09/30/10 ($ Thousands) | |||||||||||||
International Equity Fund | $ | — | $ | 432,652 | $ | 713,472 | $ | 1,146,124 | ||||||||
Emerging Markets Equity Fund | — | 33,118 | 99,735 | 132,853 | ||||||||||||
International Fixed Income Fund | 3,797 | 1,563 | 18,646 | 24,006 | ||||||||||||
Emerging Markets Debt Fund | — | 14,696 | 11,157 | 25,853 |
For tax purposes, the losses in the Funds can be carried forward for a maximum of eight years to offset any net realized capital gains.
Under the recently enacted Regulated Investment Company Modernization Act of 2010, Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
The Federal tax cost, aggregate gross unrealized appreciation and depreciation on investments of each Fund, at March 31, 2011 is as follows:
Federal Tax Cost ($ Thousands) | Aggregate Gross Unrealized Appreciation ($ Thousands) | Aggregate Gross Unrealized Depreciation ($ Thousands) | Net Unrealized Appreciation ($ Thousands) | |||||||||||||
International Equity Fund | $ | 1,843,474 | $ | 256,811 | $ | (29,648 | ) | $ | 227,163 | |||||||
Emerging Markets Equity Fund | 831,373 | 185,544 | (21,419 | ) | 164,125 | |||||||||||
International Fixed Income Fund | 449,186 | 23,271 | (5,140 | ) | 18,132 | |||||||||||
Emerging Markets Debt Fund | 785,301 | 77,477 | (12,727 | ) | 64,455 |
Management has analyzed the Funds’ tax position taken on federal income tax returns for all open tax years and has concluded that as of September 30, 2010, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
8. CONCENTRATION/RISKS
Each Fund invests in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result
34 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
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of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. The market values of the International Fixed Income and Emerging Markets Debt Funds’ investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. Also, the ability of the issuers of debt securities held by the International Fixed Income Fund and Emerging Markets Debt Fund to meet their obligations may be affected by economic and political developments in a specific country, industry or region.
Certain securities held by the Funds are valued on the basis of a price provided by a principal market maker. The prices provided by the principal market makers are estimates that may differ from the value that would be realized if the securities were sold. At March 31, 2011, the total value of these securities represented approximately 4% of the net assets of the Emerging Markets Debt Fund.
In the normal course of business, the Funds enter into contracts that provide general indemnifications by the Fund to the counterparty to the contract. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, Management believes that based on experience, the risk of loss from such claims is considered remote.
9. SECURITIES LENDING
A Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements
or other criteria established by the Trust’s Board of Trustees. These loans may not exceed 33 1/3% of the total asset value of a Fund (including the loan collateral). No Fund will lend portfolio securities to its Adviser, sub-adviser or their affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash. Collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral between 102% and 105% of the market value of borrowed securities for domestic and foreign securities, respectively. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that a Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities.
Cash collateral received in connection with securities lending is invested in short-term investments by the lending agent. These investments may include the SEI Liquidity Fund L.P., and the Fund bears all of the gains and losses on such investment. There is no guarantee that these investments will not lose value.
10. SUBSEQUENT EVENTS
Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no disclosures and/or adjustments were required to the Financial Statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 35 |
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Disclosure of Fund Expenses (Unaudited)
All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.
Operating expenses such as these are deducted from the fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund’s average net assets; this percentage is known as the fund’s expense ratio.
The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The table on this page illustrates your fund’s costs in two ways:
Actual fund return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.
You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”
Hypothetical 5% return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.
NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.
Beginning 10/1/10 | Ending Account Value 3/31/11 | Annualized Expense Ratios | Expenses Paid During Period* | |||||||||||||
International Equity Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,109.20 | 1.28 | % | $ | 6.73 | ||||||||
Class I | $ | 1,000.00 | $ | 1,108.20 | 1.53 | % | $ | 8.04 | ||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.55 | 1.28 | % | $ | 6.44 | ||||||||
Class I | $ | 1,000.00 | $ | 1,017.30 | 1.53 | % | $ | 7.70 | ||||||||
Emerging Markets Equity Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,076.60 | 1.96 | % | $ | 10.15 | ||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,015.16 | 1.96 | % | $ | 9.85 |
Beginning Account Value 10/1/10 | Ending Account Value 3/31/11 | Annualized Expense Ratios | Expenses Paid During Period* | |||||||||||||
International Fixed Income Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 980.00 | 1.01 | % | $ | 4.99 | ||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.90 | 1.01 | % | $ | 5.09 | ||||||||
Emerging Markets Debt Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,009.60 | 1.36 | % | $ | 6.81 | ||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.15 | 1.36 | % | $ | 6.84 |
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). |
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Board of Trustees Considerations in Approving the Funds’ Investment Advisory and Sub-Advisory Agreements (Unaudited)
SEI Institutional International Trust (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”). Pursuant to the Advisory Agreement, SIMC oversees the investment advisory services provided to the series of the Trust (the “Funds”) and may manage the cash portion of the Funds’ assets. Pursuant to separate sub-advisory agreements (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”) with SIMC, and under the supervision of SIMC and the Trust’s Board of Trustees (the “Board”), the Sub-Advisers are responsible for the day-to-day investment management of all or a discrete portion of the assets of the Funds. The Sub-Advisers also are responsible for managing their employees who provide services to these Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers’ skills and investment results in managing assets for specific asset classes, investment styles and strategies.
The Investment Company Act of 1940, as amended (the “1940 Act”) requires that the initial approval of, as well as the continuation of, the Funds’ Investment Advisory Agreements must be specifically approved: (i) by the vote of the Board of Trustees or by a vote of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In connection with their consideration of such approvals, the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission (“SEC”) takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an Investment Advisory Agreement.
Consistent with these responsibilities, the Trust’s Board of Trustees calls and holds meetings each year that are dedicated to considering whether to renew the Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations. The Board also receives extensive data provided by third parties. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from Fund counsel and independent counsel to the Independent Trustees regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive session outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.
Specifically, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (a) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (b) SIMC’s and the Sub-Advisers’ investment management personnel; (c) SIMC’s and the Sub-Advisers’ operations and financial condition; (d) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that SIMC and the Sub-Advisers charge the Funds compared with the fees each charge to comparable mutual funds; (f) the Funds’ overall fees and operating expenses compared with similar mutual funds; (g) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (h) SIMC’s and the Sub-Advisers’ compliance systems; (i) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (j) SIMC’s and the Sub-Advisers’ reputation, expertise and resources in domestic and/or international financial markets; and (k) the Funds’ performance compared with similar mutual funds.
At the December 7-8, 2010 and March 22-23, 2011 meetings of the Board of Trustees, the Trustees, including a majority of the Independent Trustees, approved the Investment Advisory Agreements and approved the selection of SIMC and the Sub-Advisers to act in their respective capacities for the Funds. The Board’s approval was based on its consideration and evaluation of a variety of specific factors discussed at the meetings and at prior meetings, including:
• | the nature, extent and quality of the services provided to the Funds under the Investment Advisory Agreements, including the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds; |
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Board of Trustees Considerations in Approving the Funds’ Investment Advisory and Sub-Advisory Agreements (Unaudited) (Continued)
• | the Funds’ investment performance and how it compared to that of other comparable mutual funds; |
• | the Funds’ expenses under each Investment Advisory Agreement and how those expenses compared to those of other comparable mutual funds; |
• | the profitability of SIMC and the Sub-Advisers and their affiliates with respect to the Funds, including both direct and indirect benefits accruing to SIMC and the Sub-Advisers and their affiliates; and |
• | the extent to which economies of scale would be realized as the Funds grow and whether fee levels in the Investment Advisory Agreements reflect those economies of scale for the benefit of Fund investors. |
Nature, Extent and Quality of Services. The Board of Trustees considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SMIC’s and the Sub-Advisers’ personnel, experience, track record and compliance program. The Trustees found the level of SIMC’s professional staff and culture of compliance satisfactory. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds supported renewal of the Investment Advisory Agreements.
Fund Performance. The Board of Trustees considered Fund performance in determining whether to renew the Investment Advisory Agreements. Specifically, the Trustees considered the Fund’s performance relative to their peer groups and appropriate indices/benchmarks ,in light of total return, yield and market trends. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In evaluating performance, the Trustees considered both market risk and shareholder risk expectations for the Funds. The Trustees found Fund performance satisfactory, and where performance was below the benchmark, the Trustees were satisfied that appropriate steps were being taken. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds supported renewal of the Investment Advisory Agreements.
Fund Expenses. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratio in comparison to those of other comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in the Funds’ respective peer groups. The Trustees further considered the fact that the comparative fee analysis either showed that the various fees were below average or that there was a reasonable basis for the fee level. Finally, the Trustees considered the effects of SIMC’s voluntary waiver of management and other fees and the Sub-Advisers’ fees to prevent total Fund expenses from exceeding a specified cap and that SIMC and the Sub-Advisers, through waivers, have maintained the Funds’ net operating expenses at competitive levels for their respective distribution channels. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements.
Profitability. With regard to profitability, the Trustees considered all compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the varied levels of compensation and profitability under the Investment Advisory Agreements and other service agreements were reasonable and justified in light of the quality of all services rendered to the Funds by SIMC and the Sub-Advisers and their affiliates. The Trustees found that the profitability was reasonable and that the margin was not increasing despite growth in assets. When considering the profitability of the Sub-Adisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC, and not by the Funds directly, and such compensation with respect to any Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of SIMC and the Sub-Advisers is reasonable and supported renewal of the Investment Advisory Agreements.
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Economies of Scale. The Trustees considered the existence of any economies of scale and whether those were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale.
Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, unanimously approved the continuation of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of their deliberations, the Trustees did not identify any particular information that was all-important or controlling.
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SEI INSTITUTIONAL INTERNATIONAL TRUST SEMI-ANNUAL REPORT March 31, 2011
Robert A. Nesher, Chairman
Trustees
William M. Doran
George J. Sullivan, Jr.
Rosemarie B. Greco
Nina Lesavoy
James M. Williams
Mitchell A. Johnson
Hubert L. Harris, Jr.
Officers
Robert A. Nesher
President and Chief Executive Officer
Peter A. Rodriguez
Controller and Chief Financial Officer
Russell Emery
Chief Compliance Officer
Timothy D. Barto
Vice President, Secretary
James Ndiaye
Vice President, Assistant Secretary
Aaron Buser
Vice President, Assistant Secretary
David F. McCann
Vice President, Assistant Secretary
John J. McCue
Vice President
Andrew S. Decker
Anti-Money Laundering Compliance Officer
Keri E. Rohn
Privacy Officer
Investment Adviser
SEI Investments Management Corporation
Administrator
SEI Investments Global Funds Services
Distributor
SEI Investments Distribution Co.
Legal Counsel
Morgan, Lewis & Bockius LLP
Independent Registered Public Accounting Firm
KMPG LLP
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the SEI Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.
For more information call
1 800 DIAL SEI
(1 800 342 5734)
Table of Contents
SEI Investments Distribution Co.
Oaks, PA 19456 1.800.DIAL.SEI (1.800.342.5734)
SEI-F-031 (3/11)
Table of Contents
Item 2. | Code of Ethics. |
Not applicable for semi-annual report.
Item 3. | Audit Committee Financial Expert. |
Not applicable for semi-annual report.
Item 4. | Principal Accountant Fees and Services. |
Not applicable for semi-annual report.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Schedule of Investments. |
The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the International Equity Fund, the Emerging Markets Equity Fund, the International Fixed Income Fund and the Emerging Markets Debt Fund are listed below.
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
International Equity Fund
March 31, 2011
Description | Shares | | Market Value ($ Thousands) | | ||||
COMMON STOCK — 94.5% |
| |||||||
Argentina — 0.0% |
| |||||||
Tenaris | 952 | $ | 24 | |||||
Australia — 3.1% |
| |||||||
Alumina (A) | 1,174,103 | 2,987 | ||||||
Amcor | 44,751 | 327 | ||||||
Atlas Iron* | 1,676,348 | 6,466 | ||||||
Australia & New Zealand Banking Group | 47,921 | 1,180 | ||||||
Australian Stock Exchange | 11,535 | 411 | ||||||
Beach Energy (A) | 520,405 | 522 | ||||||
BHP Billiton (A) | 151,342 | 7,287 | ||||||
Brambles | 36,545 | 268 | ||||||
Caltex Australia | 166,272 | 2,682 | ||||||
Centamin Egypt* | 1,254,900 | 2,709 | ||||||
Coca-Cola Amatil | 9,724 | 118 | ||||||
Cochlear | 628 | 54 | ||||||
Commonwealth Bank of Australia (A) | 34,209 | 1,854 | ||||||
CSL | 8,526 | 315 | ||||||
Fortescue Metals Group | 539,502 | 3,576 | ||||||
Incitec Pivot | 161,089 | 721 | ||||||
Leighton Holdings | 9,533 | 291 | ||||||
Lend Lease | 10,757 | 101 | ||||||
Macquarie Group | 5,410 | 205 | ||||||
National Australia Bank | 27,964 | 748 | ||||||
Newcrest Mining | 242,359 | 9,980 | ||||||
Orica | 1,441 | 39 | ||||||
OZ Minerals (A) | 584,979 | 965 | ||||||
Paladin Energy* | 23,693 | 88 | ||||||
Qantas Airways | 98,345 | 222 | ||||||
QR National* (A) | 1,200 | 4 | ||||||
Ramsay Health Care | 13,665 | 270 | ||||||
Rio Tinto | 63,165 | 5,536 | ||||||
Santos (A) | 226,903 | 3,649 | ||||||
Suncorp-Metway | 33,282 | 292 | ||||||
TABCORP Holdings | 25,065 | 194 | ||||||
Telstra | 363,944 | 1,061 | ||||||
Thorn Group | 43,500 | 98 | ||||||
Transurban Group | 42,311 | 235 | ||||||
Wesfarmers (A) | 60,713 | 1,999 | ||||||
Westfield Group (B) | 48,735 | 471 | ||||||
Westpac Banking | 34,005 | 856 | ||||||
Whitehaven Coal | 268,205 | 1,856 | ||||||
Woodside Petroleum (A) | 24,080 | 1,165 | ||||||
Woolworths | 36,460 | 1,013 | ||||||
WorleyParsons | 4,948 | 159 | ||||||
62,974 | ||||||||
Austria — 0.3% |
| |||||||
Erste Group Bank | 7,095 | 358 | ||||||
IMMOFINANZ* | 88,810 | 402 | ||||||
Oesterreichische Post | 4,748 | 163 | ||||||
OMV | 19,952 | 903 | ||||||
Raiffeisen International Bank Holding | 1,300 | 72 | ||||||
Telekom Austria | 14,710 | 215 | ||||||
Vienna Insurance Group | 68,315 | 3,907 |
Description | Shares | | Market Value ($ Thousands) | | ||||
Voestalpine | 6,839 | $ | 322 | |||||
6,342 | ||||||||
Belgium — 1.4% |
| |||||||
Ageas | 89,132 | 254 | ||||||
Bekaert | 6,907 | 789 | ||||||
Belgacom | 95,977 | 3,723 | ||||||
Colruyt | 86,320 | 4,552 | ||||||
Delhaize Group | 8,819 | 719 | ||||||
Dexia* | 62,019 | 242 | ||||||
D’ieteren | 1,030 | 71 | ||||||
Groupe Bruxelles Lambert | 4,067 | 380 | ||||||
InBev | 220,018 | 12,550 | ||||||
KBC Groep | 11,692 | 440 | ||||||
Nationale A Portefeuille* | 810 | 56 | ||||||
Telenet Group Holding | 50,996 | 2,393 | ||||||
Umicore (A) | 21,507 | 1,068 | ||||||
27,237 | ||||||||
Bosnia and Herzegovina — 0.1% |
| |||||||
Axis Capital Holdings | 64,200 | 2,242 | ||||||
Brazil — 1.7% |
| |||||||
Anhanguera Educacional Participacoes | 205,171 | 4,989 | ||||||
Banco Santander Brasil ADR | 290,800 | 3,565 | ||||||
Brasil Telecom ADR | 94,034 | 2,540 | ||||||
Centrais Eletricas Brasileiras ADR | 304,060 | 4,716 | ||||||
Embraer ADR | 53,841 | 1,815 | ||||||
HRT Participacoes em Petroleo* | 2,400 | 2,517 | ||||||
Petroleo Brasileiro ADR | 190,993 | 7,722 | ||||||
Porto Seguro | 280,700 | 4,747 | ||||||
Telecomunicacoes de Sao Paulo ADR (A) | 20,514 | 505 | ||||||
33,116 | ||||||||
Canada — 3.9% |
| |||||||
AGF Management, Cl B | 2,000 | 40 | ||||||
Barrick Gold | 134,206 | 6,967 | ||||||
Cenovus Energy | 112,400 | 4,425 | ||||||
Crescent Point Energy | 52,300 | 2,530 | ||||||
Domtar | 28,380 | 2,605 | ||||||
Eldorado Gold | 197,800 | 3,215 | ||||||
First Quantum Minerals | 44,027 | 5,677 | ||||||
FirstService* | 2,000 | 76 | ||||||
Kinross Gold | 292,731 | 4,610 | ||||||
Magna International, Cl A | 39,800 | 1,902 | ||||||
Nexen | 167,967 | 4,186 | ||||||
Niko Resources | 69,236 | 6,619 | ||||||
Onex | 55,600 | 1,943 | ||||||
Peyto Exploration & Development | 38,600 | 817 | ||||||
QLT* | 8,100 | 56 | ||||||
Research In Motion* | 39,319 | 2,224 | ||||||
Silver Wheaton | 203,800 | 8,824 | ||||||
Suncor Energy | 265,383 | 11,876 | ||||||
TELUS, Cl A | 1 | — | ||||||
Toronto-Dominion Bank | 65,917 | 5,814 | ||||||
Vermilion Energy | 60,600 | 3,148 | ||||||
West Fraser Timber | 3,100 | 193 | ||||||
77,747 | ||||||||
1 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Shares | | Market Value ($ Thousands) | | ||||
Chile — 0.3% |
| |||||||
Sociedad Quimica y Minera de Chile ADR (A) | 108,000 | $ | 5,968 | |||||
China — 0.9% |
| |||||||
Agricultural Bank of China, Cl H* | 10,048,000 | 5,697 | ||||||
Bank of China, Cl H | 7,135,200 | 3,972 | ||||||
China Petroleum & Chemical, Cl H | 787,982 | 790 | ||||||
China Vanke, Cl B | 1,371,000 | 1,798 | ||||||
Ping An Insurance Group of China, Cl H | 640,000 | 6,488 | ||||||
Qingling Motors, Cl H | 794,000 | 253 | ||||||
18,998 | ||||||||
Denmark — 1.3% |
| |||||||
AP Moller - Maersk, Cl A (A) | 92 | 847 | ||||||
AP Moller - Maersk, Cl B (A) | 361 | 3,400 | ||||||
Carlsberg, Cl B | 8,170 | 881 | ||||||
Coloplast, Cl B (A) | 2,871 | 416 | ||||||
Danske Bank | 14,328 | 318 | ||||||
Jyske Bank* | 91,157 | 4,065 | ||||||
Novo Nordisk, Cl B | 85,061 | 10,701 | ||||||
Novozymes, Cl B | 2,404 | 369 | ||||||
Pandora* | 100 | 5 | ||||||
TrygVesta (A) | 84,475 | 4,974 | ||||||
25,976 | ||||||||
Finland — 1.0% |
| |||||||
Fortum (A) | 26,810 | 912 | ||||||
Kesko, Cl B | 6,161 | 288 | ||||||
Kone, Cl B | 7,172 | 413 | ||||||
Metso | 137,231 | 7,389 | ||||||
Nokia | 94,714 | 811 | ||||||
Nokia ADR (A) | 440,279 | 3,747 | ||||||
Nokian Renkaat | 17,555 | 748 | ||||||
Pohjola Bank, Cl A | 100 | 1 | ||||||
Stora Enso, Cl R | 302,182 | 3,604 | ||||||
UPM-Kymmene | 67,052 | 1,420 | ||||||
Wartsila, Cl B (A) | 17,620 | 689 | ||||||
20,022 | ||||||||
France — 9.4% |
| |||||||
Accor | 20,642 | 929 | ||||||
Air France-KLM | 5,077 | 85 | ||||||
Air Liquide | 21,151 | 2,814 | ||||||
Alcatel-Lucent | 1,078,273 | 6,199 | ||||||
Alstom | 5,761 | 341 | ||||||
Areva | 37,360 | 1,662 | ||||||
Arkema | 28,463 | 2,589 | ||||||
AXA | 749,237 | 15,678 | ||||||
BNP Paribas (A) | 290,884 | 21,304 | ||||||
Bouygues | 11,342 | 545 | ||||||
Bureau Veritas | 5,883 | 463 | ||||||
Carrefour | 89,559 | 3,970 | ||||||
Christian Dior | 10,227 | 1,442 | ||||||
Cie de Saint-Gobain | 9,165 | 562 | ||||||
CNP Assurances | 181,426 | 3,857 | ||||||
Compagnie Generale de Geophysique* | 5,965 | 215 |
Description | Shares | | Market Value ($ Thousands) | | ||||
Credit Agricole | 80,169 | $ | 1,317 | |||||
Dassault Systemes | 831 | 64 | ||||||
Edenred* | 4,063 | 123 | ||||||
EDF | 77,557 | 3,216 | ||||||
Eiffage | 3,775 | 227 | ||||||
Eramet | 923 | 342 | ||||||
Eurazeo | 848 | 66 | ||||||
Eutelsat Communications | 129,020 | 5,161 | ||||||
GDF Suez | 210,982 | 8,608 | ||||||
Gecina (B) | 102 | 14 | ||||||
Groupe Danone | 8,777 | 574 | ||||||
Groupe Eurotunnel | 2,757 | 29 | ||||||
ICADE (B) | 211 | 26 | ||||||
Iliad (A) | 6,830 | 820 | ||||||
Lagardere SCA | 748 | 32 | ||||||
Legrand | 191,462 | 7,976 | ||||||
L’Oreal | 7,544 | 880 | ||||||
LVMH Moet Hennessy Louis Vuitton | 67,657 | 10,725 | ||||||
Michelin, Cl B | 24,700 | 2,089 | ||||||
Natixis | 104,219 | 590 | ||||||
Neopost | 925 | 81 | ||||||
Pernod-Ricard | 3,999 | 374 | ||||||
Peugeot | 90,243 | 3,570 | ||||||
PPR | 1,790 | 275 | ||||||
Renault | 8,006 | 443 | ||||||
Safran | 205,928 | 7,288 | ||||||
Sanofi-Aventis (A) | 256,070 | 17,979 | ||||||
Schneider Electric (A) | 97,225 | 16,639 | ||||||
SCOR | 4,837 | 132 | ||||||
Societe Generale (A) | 47,089 | 3,064 | ||||||
Sodexho Alliance | 93,242 | 6,818 | ||||||
Technip | 63,681 | 6,800 | ||||||
Thales | 96,368 | 3,849 | ||||||
Total | 99,061 | 6,039 | ||||||
Unibail (B) | 2,364 | 513 | ||||||
Vinci | 139,826 | 8,750 | ||||||
Vivendi | 8,400 | 240 | ||||||
188,388 | ||||||||
Germany — 7.7% |
| |||||||
Adidas | 3,349 | 211 | ||||||
Allianz (A) | 23,186 | 3,258 | ||||||
Axel Springer | 2,677 | 433 | ||||||
BASF | 84,540 | 7,322 | ||||||
Bayer | 75,516 | 5,856 | ||||||
Bayerische Motoren Werke | 115,716 | 9,648 | ||||||
Brenntag* | 52,386 | 5,824 | ||||||
Commerzbank | 38,716 | 302 | ||||||
Continental (A) | 8,992 | 812 | ||||||
DaimlerChrysler (A) | 47,927 | 3,390 | ||||||
Deutsche Bank | 16,548 | 974 | ||||||
Deutsche Boerse | 77,873 | 5,918 | ||||||
Deutsche Lufthansa (A) | 174,483 | 3,703 | ||||||
Deutsche Post (A) | 438,045 | 7,907 | ||||||
E.ON (A) | 101,271 | 3,097 | ||||||
Fraport Frankfurt Airport Services Worldwide | 6,252 | 459 | ||||||
Fresenius | 10,657 | 987 | ||||||
Fresenius Medical Care (A) | 98,890 | 6,651 | ||||||
GEA Group | 220,446 | 7,270 | ||||||
HeidelbergCement | 3,813 | 267 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 2 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
International Equity Fund
March 31, 2011
Description | Shares | | Market Value ($ Thousands) | | ||||
Henkel KGaA | 9,404 | $ | 492 | |||||
Hochtief | 3,176 | 342 | ||||||
Infineon Technologies (A) | 114,327 | 1,174 | ||||||
K+S | 7,581 | 573 | ||||||
Kabel Deutschland Holding* | 7,321 | 387 | ||||||
Lanxess | 11,125 | 833 | ||||||
Linde (A) | 107,070 | 16,934 | ||||||
MAN | 10,658 | 1,331 | ||||||
Merck KGaA (A) | 3,226 | 292 | ||||||
Metro (A) | 2,497 | 171 | ||||||
Muenchener Rueckversicherungs (A) | 58,371 | 9,195 | ||||||
RWE | 11,672 | 744 | ||||||
SAP ADR (A) | 67,800 | 4,160 | ||||||
SAP | 153,686 | 9,422 | ||||||
Siemens | 184,878 | 25,373 | ||||||
Suedzucker | 42,509 | 1,187 | ||||||
ThyssenKrupp | 44,381 | 1,816 | ||||||
Tognum (A) | 125,177 | 4,512 | ||||||
TUI | 33,928 | 406 | ||||||
Volkswagen | 8,643 | 1,328 | ||||||
Wacker Chemie | 554 | 125 | ||||||
155,086 | ||||||||
Greece — 0.3% | ||||||||
Hellenic Telecommunications Organization | 6,515 | 73 | ||||||
OPAP | 307,972 | 6,604 | ||||||
6,677 | ||||||||
Guernsey — 0.0% | ||||||||
Resolution | 5,752 | 27 | ||||||
Hong Kong — 2.4% | ||||||||
AIA Group* | 147,400 | 454 | ||||||
Asia Standard International Group | 206,000 | 51 | ||||||
ASM Pacific Technology | 21,500 | 270 | ||||||
Bank of East Asia | 43,600 | 185 | ||||||
BOC Hong Kong Holdings | 603,500 | 1,967 | ||||||
Cathay Pacific Airways | �� | 268,200 | 643 | |||||
Cheung Kong Holdings | 87,000 | 1,418 | ||||||
Cheung Kong Infrastructure Holdings | 60,000 | 283 | ||||||
China Mobile ADR | 82,900 | 3,833 | ||||||
CLP Holdings | 482,600 | 3,903 | ||||||
DMX Technologies Group* | 288,000 | 82 | ||||||
First Pacific | 598,000 | 535 | ||||||
Get Nice Holdings | 1,558,000 | 102 | ||||||
Hang Lung Group | 75,400 | 467 | ||||||
Hang Lung Properties | 36,400 | 159 | ||||||
Hang Seng Bank | 19,000 | 307 | ||||||
Henderson Land Development | 48,000 | 333 | ||||||
Hong Kong Exchanges and Clearing | 44,700 | 971 | ||||||
Hongkong Land Holdings | 294,000 | 2,058 | ||||||
Hutchison Telecommunications Hong Kong Holdings | 802,000 | 255 | ||||||
Hutchison Whampoa | 510,400 | 6,044 | ||||||
Hysan Development | 114,700 | 472 | ||||||
Jardine Strategic Holdings | 239,252 | 6,388 | ||||||
Kerry Properties | 300 | 2 |
Description | Shares | | Market Value ($ Thousands) | | ||||
Li & Fung | 157,800 | $ | 808 | |||||
New World Development | 221,000 | 390 | ||||||
Nine Dragons Paper Holdings | 3,859,000 | 4,624 | ||||||
Orient Overseas International | 13,800 | 145 | ||||||
PCCW | 1,116,000 | 465 | ||||||
RCG Holdings* | 39,556 | 10 | ||||||
Shangri-La Asia | 206,900 | 535 | ||||||
SJM Holdings | 316,000 | 553 | ||||||
Sun Hung Kai Properties | 38,000 | 602 | ||||||
Swire Pacific, Cl A | 228,800 | 3,353 | ||||||
Wharf Holdings | 44,900 | 310 | ||||||
Wheelock | 31,000 | 116 | ||||||
Wing Hang Bank | 35,500 | 418 | ||||||
Yue Yuen Industrial Holdings | 1,758,500 | 5,596 | ||||||
49,107 | ||||||||
India — 0.0% |
| |||||||
State Bank of India GDR | 6,415 | 828 | ||||||
Indonesia — 0.1% |
| |||||||
APERAM | 1,640 | 66 | ||||||
Telekomunikasi Indonesia ADR | 54,596 | 1,833 | ||||||
1,899 | ||||||||
Ireland — 0.6% |
| |||||||
Experian | 721,381 | 8,927 | ||||||
Smurfit Kappa Group* | 261,595 | 3,337 | ||||||
12,264 | ||||||||
Israel — 0.5% |
| |||||||
Bank Hapoalim* | 16,301 | 85 | ||||||
Bezeq Israeli Telecommunication | 49,940 | 148 | ||||||
Check Point Software Technologies* | 131,628 | 6,720 | ||||||
Israel* | 488 | 586 | ||||||
Israel Chemicals | 46,490 | 767 | ||||||
Partner Communications | 33,097 | 630 | ||||||
Teva Pharmaceutical Industries | 17,449 | 877 | ||||||
9,813 | ||||||||
Italy — 2.0% |
| |||||||
Assicurazioni Generali | 20,404 | 442 | ||||||
Atlantia | 13,390 | 307 | ||||||
Banca Monte dei Paschi di Siena (A) | 326,877 | 408 | ||||||
Banco Popolare Scarl | 93,885 | 280 | ||||||
Enel | 800,297 | 5,052 | ||||||
Enel Green Power* | 900 | 3 | ||||||
Engineering Ingegneria Informatica (A) | 2,148 | 71 | ||||||
ENI | 70,063 | 1,723 | ||||||
Exor | 10,724 | 330 | ||||||
Fiat | 177,402 | 1,609 | ||||||
Fiat Industrial* (A) | 120,984 | 1,739 | ||||||
Finmeccanica | 22,267 | 281 | ||||||
Intesa Sanpaolo (A) | 916,824 | 2,559 | ||||||
Mediaset | 322,261 | 2,051 | ||||||
Parmalat | 924,672 | 3,102 | ||||||
Pirelli & C (A) | 14,045 | 124 | ||||||
Saipem | 23,568 | 1,255 | ||||||
Snam Rete Gas | 1,155,282 | 6,502 |
3 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Shares | | Market Value ($ Thousands) | | ||||
Telecom Italia (A) | 3,411,195 | $ | 4,594 | |||||
UniCredito Italiano (A) | 2,876,218 | 7,118 | ||||||
Unione di Banche Italiane (A) | 30,237 | 259 | ||||||
39,809 | ||||||||
Japan — 17.1% | ||||||||
77 Bank | 33,000 | 166 | ||||||
Aeon (A) | 296,800 | 3,452 | ||||||
Aeon Mall | 11,100 | 239 | ||||||
Aisin Seiki | 26,000 | 906 | ||||||
Ajinomoto | 7,000 | 73 | ||||||
Alfresa Holdings | 5,900 | 227 | ||||||
All Nippon Airways | 161,400 | 483 | ||||||
Alpen | 5,700 | 99 | ||||||
Arc Land Sakamoto | 7,300 | 88 | ||||||
Arnest One | 14,300 | 143 | ||||||
Asahi Glass | 67,000 | 846 | ||||||
Asahi Kasei | 57,000 | 386 | ||||||
Asics | 26,300 | 353 | ||||||
ASKUL | 3,500 | 50 | ||||||
Astellas Pharma | 7,800 | 290 | ||||||
Autobacs Seven | 2,500 | 95 | ||||||
Bank of Kyoto | 4,000 | 36 | ||||||
Bank of the Ryukyus | 4,900 | 56 | ||||||
Belluna | 6,800 | 44 | ||||||
Best Bridal | 65 | 56 | ||||||
Bic Camera | 201 | 81 | ||||||
Bridgestone | 12,200 | 257 | ||||||
Brother Industries | 229,500 | 3,384 | ||||||
Calsonic Kansei | 67,000 | 267 | ||||||
Canon | 35,600 | 1,555 | ||||||
Central Japan Railway | 482 | 3,833 | ||||||
Century Tokyo Leasing | 30,400 | 501 | ||||||
Chuetsu Pulp & Paper | 18,000 | 33 | ||||||
Coca-Cola West | 311,800 | 5,963 | ||||||
Cosmo Oil | 56,300 | 176 | ||||||
Credit Saison | 21,400 | 345 | ||||||
Dai Nippon Printing | 486,000 | 5,940 | ||||||
Daicel Chemical Industries | 190,000 | 1,176 | ||||||
Daido Steel | 47,700 | 272 | ||||||
Daihatsu Motor | 50,000 | 731 | ||||||
Daiichi Sankyo | 99,100 | 1,920 | ||||||
Daiichikosho | 3,500 | 60 | ||||||
Daikin Industries | 5,200 | 156 | ||||||
Dainippon Sumitomo Pharma | 20,600 | 193 | ||||||
Daito Trust Construction | 14,200 | 982 | ||||||
Daiwa House Industry | 161,000 | 1,985 | ||||||
Daiwa Securities Group | 12,000 | 55 | ||||||
Dena | 24,300 | 881 | ||||||
Denso | 19,100 | 636 | ||||||
Dowa Mining | 11,000 | 69 | ||||||
Dydo Drinco | 4,400 | 172 | ||||||
East Japan Railway | 13,500 | 753 | ||||||
EDION (A) | 93,800 | 800 | ||||||
Elpida Memory* (A) | 109,600 | 1,416 | ||||||
Faith | 378 | 50 | ||||||
Fanuc | 63,600 | 9,661 | ||||||
Fuji Film Holdings | 106,800 | 3,319 | ||||||
Fuji Heavy Industries | 163,800 | 1,059 | ||||||
Fuji Soft | 4,100 | 66 | ||||||
Fujishoji | 42 | 37 | ||||||
Fujitsu | 220,000 | 1,248 |
Description | Shares | | Market Value ($ Thousands) | | ||||
Hamamatsu Photonics | 9,100 | $ | 362 | |||||
Hankyu Hanshin Holdings | 59,000 | 273 | ||||||
Haseko | 2,656,500 | 2,051 | ||||||
Hino Motors | 315,000 | 1,547 | ||||||
HIS | 3,000 | 61 | ||||||
Hitachi | 907,700 | 4,742 | ||||||
Hitachi Construction Machinery | 1,500 | 38 | ||||||
Hitachi Metals | 32,400 | 410 | ||||||
Hokuriku Electric Power | 5,700 | 130 | ||||||
Honda Motor | 485,200 | 18,295 | ||||||
Hosiden | 12,600 | 128 | ||||||
Hoya | 11,800 | 270 | ||||||
IBJ Leasing | 8,800 | 212 | ||||||
Idemitsu Kosan | 9,100 | 1,069 | ||||||
IHI | 469,000 | 1,149 | ||||||
Iida Home Max | 34,800 | 322 | ||||||
Inpex | 127 | 967 | ||||||
Isuzu Motors | 247,900 | 984 | ||||||
IT Holdings | 12,700 | 133 | ||||||
Itochu | 76,100 | 800 | ||||||
Itochu-Shokuhin | 1,900 | 65 | ||||||
Japan Prime Realty Investment, Cl A (B ) | 85 | 230 | ||||||
Japan Real Estate Investment, Cl A (B) | 27 | 256 | ||||||
Japan Retail Fund Investment, Cl A (B) | 435 | 683 | ||||||
Japan Steel Works | 113,000 | 888 | ||||||
Japan Tobacco | 202 | 732 | ||||||
JFE Holdings | 12,500 | 367 | ||||||
JFE Shoji Holdings | 23,000 | 100 | ||||||
JGC | 333,000 | 7,823 | ||||||
JS Group | 33,800 | 881 | ||||||
JTEKT | 247,900 | 3,236 | ||||||
Jupiter Telecommunications | 7,270 | 7,167 | ||||||
Juroku Bank | 16,000 | 53 | ||||||
Justsystems* | 13,900 | 36 | ||||||
JVC Kenwood Holdings* | 78,200 | 381 | ||||||
JX Holdings | 130,800 | 884 | ||||||
Kansai Paint | 19,000 | 165 | ||||||
Kao | 69,600 | 1,743 | ||||||
Kawasaki Heavy Industries | 81,000 | 358 | ||||||
Kawasaki Kisen Kaisha | 14,900 | 55 | ||||||
KDDI | 1,859 | 11,551 | ||||||
Keyence | 900 | 231 | ||||||
Kita-Nippon Bank | 1,700 | 42 | ||||||
Kobe Steel | 482,900 | 1,259 | ||||||
Koito Manufacturing | 7,000 | 113 | ||||||
Komatsu | 74,600 | 2,543 | ||||||
Konami | 4,600 | 85 | ||||||
K’s Holdings | 48,100 | 1,393 | ||||||
Kubota | 5,000 | 47 | ||||||
Kyocera | 4,500 | 458 | ||||||
Mabuchi Motor | 72,200 | 3,450 | ||||||
Makita | 124,300 | 5,804 | ||||||
Marubeni | 387,200 | 2,798 | ||||||
Marui | 300 | 2 | ||||||
Matsushita Electric Industrial | 215,000 | 2,745 | ||||||
Mazda Motor | 75,000 | 166 | ||||||
Mediceo Paltac Holdings | 4,500 | 40 | ||||||
MEIJI Holdings | 9,800 | 396 | ||||||
Melco Holdings | 1,900 | 62 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 4 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
International Equity Fund
March 31, 2011
Description | Shares | | Market Value ($ Thousands) | | ||||
Millea Holdings | 9,300 | $ | 250 | |||||
Miraca Holdings | 9,600 | 369 | ||||||
Mitsubishi | 257,600 | 7,177 | ||||||
Mitsubishi Chemical Holdings | 273,800 | 1,728 | ||||||
Mitsubishi Electric | 128,700 | 1,525 | ||||||
Mitsubishi Estate | 25,000 | 424 | ||||||
Mitsubishi Gas Chemical | 37,000 | 267 | ||||||
Mitsubishi Heavy Industries | 99,000 | 456 | ||||||
Mitsubishi Materials | 170,000 | 578 | ||||||
Mitsubishi Motors* | 155,000 | 191 | ||||||
Mitsubishi UFJ Financial Group | 399,100 | 1,849 | ||||||
Mitsui | 78,000 | 1,403 | ||||||
Mitsui Chemicals | 136,000 | 482 | ||||||
Mitsui Engineering & Shipbuilding | 18,000 | 43 | ||||||
Mitsui Fudosan | 244,000 | 4,042 | ||||||
Mitsui Home | 8,000 | 44 | ||||||
Mitsui Mining & Smelting | 50,000 | 174 | ||||||
Mitsui OSK Lines | 51,000 | 295 | ||||||
Mitsui Sumitomo Insurance Group Holdings | 208,100 | 4,756 | ||||||
Mitsui Trust Holdings | 633,330 | 2,254 | ||||||
Mizuho Financial Group | 518,100 | 863 | ||||||
Murata Manufacturing | 12,900 | 932 | ||||||
Nabtesco | 16,700 | 422 | ||||||
Namco Bandai Holdings | 9,400 | 103 | ||||||
NEC | 70,000 | 153 | ||||||
NEC Networks & System Integration | 19,400 | 247 | ||||||
NGK Spark Plug | 4,000 | 55 | ||||||
Nichii Gakkan | 9,500 | 75 | ||||||
Nichireki | 8,000 | 40 | ||||||
Nidec | 2,000 | 174 | ||||||
Nikon | 3,900 | 81 | ||||||
Nintendo | 12,900 | 3,497 | ||||||
Nippon Building Fund, Cl A (B) | 49 | 479 | ||||||
Nippon Electric Glass | 442,700 | 6,292 | ||||||
Nippon Paper Group | 10,000 | 214 | ||||||
Nippon Steel | 279,000 | 895 | ||||||
Nippon Telegraph & Telephone ADR | 229,400 | 5,159 | ||||||
Nippon Telegraph & Telephone | 95,900 | 4,322 | ||||||
Nippon Yusen | 100,700 | 395 | ||||||
Nishimatsu Construction | 78,000 | 124 | ||||||
Nishi-Nippon City Bank | 17,800 | 51 | ||||||
Nissan Motor | 93,200 | 830 | ||||||
Nisshin Fudosan | 13,200 | 70 | ||||||
Nisshin Steel | 109,000 | 235 | ||||||
Nitto Denko | 27,000 | 1,437 | ||||||
NOK | 11,400 | 203 | ||||||
Nomura Holdings | 87,600 | 460 | ||||||
Nomura Real Estate Holdings | 8,500 | 129 | ||||||
Nomura Real Estate Office Fund, Cl A (B) | 46 | 312 | ||||||
Noritsu Koki | 6,500 | 39 | ||||||
Noritz | 4,300 | 76 | ||||||
NSK | 7,000 | 61 | ||||||
NTN | 13,000 | 63 | ||||||
NTT DoCoMo | 274 | 483 | ||||||
Oita Bank | 16,000 | 54 | ||||||
Omron | 4,200 | 118 | ||||||
Ono Pharmaceutical | 7,900 | 390 | ||||||
Oriental Land | 8,200 | 654 |
Description | Shares | | Market Value ($ Thousands) | | ||||
ORIX | 10,600 | $ | 996 | |||||
Otsuka Holdings | 10,100 | 250 | ||||||
PanaHome | 9,000 | 59 | ||||||
Rakuten | 193 | 174 | ||||||
Ricoh | 13,000 | 153 | ||||||
Ricoh Leasing | 6,400 | 157 | ||||||
Rinnai | 1,000 | 67 | ||||||
Rohm | 39,500 | 2,483 | ||||||
Saizeriya | 20,000 | 307 | ||||||
San-In Godo Bank | 18,000 | 135 | ||||||
Sankyo | 126,600 | 6,515 | ||||||
Santen Pharmaceutical | 700 | 28 | ||||||
Sapporo Hokuyo Holdings | 453,900 | 2,191 | ||||||
Secom | 3,900 | 182 | ||||||
Sega Sammy Holdings | 62,600 | 1,092 | ||||||
Seiko Epson | 2,500 | 40 | ||||||
Seino Transportation | 76,000 | 576 | ||||||
Sekisui Chemical | 1,077,000 | 8,460 | ||||||
Sekisui House | 266,000 | 2,503 | ||||||
Seven & I Holdings | 422,100 | 10,807 | ||||||
Sharp | 42,000 | 418 | ||||||
Shimano | 4,800 | 241 | ||||||
Shin-Etsu Chemical | 144,700 | 7,219 | ||||||
Shiseido | 192,800 | 3,350 | ||||||
Showa Denko KK | 130,000 | 262 | ||||||
Showa Shell Sekiyu | 83,000 | 869 | ||||||
SMC | 19,700 | 3,254 | ||||||
Softbank | 82,400 | 3,301 | ||||||
Sojitz | 370,700 | 742 | ||||||
Sony | 126,700 | 4,073 | ||||||
Sony Financial Holdings | 513,000 | 10,213 | ||||||
SRI Sports | 44 | 47 | ||||||
Sumitomo | 175,600 | 2,519 | ||||||
Sumitomo Chemical | 112,000 | 561 | ||||||
Sumitomo Electric Industries | 26,900 | 374 | ||||||
Sumitomo Metal Mining | 28,000 | 483 | ||||||
Sumitomo Mitsui Financial Group | 321,900 | 10,044 | ||||||
Sumitomo Realty & Development | 27,000 | 542 | ||||||
Suzuki Motor | 20,800 | 467 | ||||||
T&D Holdings | 2,000 | 49 | ||||||
Takeda Pharmaceutical | 128,300 | 6,006 | ||||||
Tanabe Seiyaku | 13,900 | 226 | ||||||
TDK | 2,700 | 160 | ||||||
Teijin | 172,000 | 772 | ||||||
Tochigi Bank | 9,000 | 40 | ||||||
Toho Holdings | 3,400 | 37 | ||||||
Tokyo Electric Power | 8,000 | 45 | ||||||
Tokyo Electron | 68,200 | 3,773 | ||||||
Tokyo Energy & Systems | 3,000 | 20 | ||||||
Tokyo Tatemono | 12,000 | 45 | ||||||
Tokyo Tekko | 24,000 | 78 | ||||||
Tokyu | 61,000 | 254 | ||||||
Tokyu Land | 87,000 | 380 | ||||||
TonenGeneral Sekiyu | 90,000 | 1,115 | ||||||
Toppan Printing | 24,000 | 190 | ||||||
Toray Industries | 122,000 | 891 | ||||||
Toshiba | 56,000 | 275 | ||||||
Toshiba TEC | 82,000 | 366 | ||||||
Tosoh | 39,000 | 141 | ||||||
Totetsu Kogyo | 9,000 | 84 | ||||||
Toyo Securities | 37,000 | 59 | ||||||
Toyoda Gosei | 5,700 | 119 |
5 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Shares | | Market Value ($ Thousands) | | ||||
Toyota Auto Body | 22,800 | $ | 384 | |||||
Toyota Boshoku | 5,100 | 74 | ||||||
Toyota Industries | 7,900 | 240 | ||||||
Toyota Motor | 281,700 | 11,386 | ||||||
Toyota Motor ADR | 35,768 | 2,870 | ||||||
Toyota Tsusho | 62,500 | 1,035 | ||||||
Unicharm | 200 | 7 | ||||||
USS | 630 | 49 | ||||||
Wacoal Holdings | 237,704 | 3,006 | ||||||
Warabeya Nichiyo | 5,200 | 65 | ||||||
Watabe Wedding | 6,395 | 58 | ||||||
West Japan Railway | 571 | 2,212 | ||||||
Xebio | 3,500 | 64 | ||||||
Yahoo! Japan | 1,045 | 375 | ||||||
Yamada Denki | 1,020 | 69 | ||||||
Yamaha | 6,100 | 69 | ||||||
Yamaha Motor | 36,900 | 646 | ||||||
Yaskawa Electric | 829,000 | 9,862 | ||||||
Zeon | 53,000 | 490 | ||||||
344,085 | ||||||||
Jersey — 0.2% |
| |||||||
Informa | 693,838 | 4,635 | ||||||
Wolseley* | 6,776 | 228 | ||||||
4,863 | ||||||||
Malaysia — 0.2% |
| |||||||
Axiata Group* | 1,891,400 | 2,991 | ||||||
Malta — 0.0% |
| |||||||
BGP Holdings* (C) | 198,683 | — | ||||||
Mexico — 0.1% |
| |||||||
Telefonos de Mexico ADR, Ser L | 134,341 | 2,453 | ||||||
Netherlands — 5.8% |
| |||||||
Aegon | 65,351 | 490 | ||||||
Akzo Nobel | 252,784 | 17,391 | ||||||
ArcelorMittal | 32,807 | 1,188 | ||||||
ASML Holding | 10,249 | 452 | ||||||
Corio (B) | 60 | 4 | ||||||
Delta Lloyd | 9,005 | 240 | ||||||
European Aeronautic Defenceand Space | 209,671 | 6,112 | ||||||
Fugro | 87,622 | 7,732 | ||||||
Gemalto | 88,463 | 4,357 | ||||||
Heineken | 11,074 | 606 | ||||||
ING Groep | 616,684 | 7,816 | ||||||
Koninklijke Ahold | 428,768 | 5,761 | ||||||
Koninklijke DSM | 10,160 | 625 | ||||||
Koninklijke Philips Electronics | 108,728 | 3,480 | ||||||
Koninklijke Vopak | 358 | 17 | ||||||
Randstad Holding | 52,700 | 2,939 | ||||||
Reed Elsevier | 900,917 | 11,609 | ||||||
Royal Dutch Shell ADR, Cl B | 70,200 | 5,141 | ||||||
Royal Dutch Shell, Cl A | 332,937 | 12,104 | ||||||
Royal Dutch Shell, Cl B | 88,703 | 3,213 | ||||||
SBM Offshore | 9,801 | 285 | ||||||
TNT | 547,725 | 14,069 |
Description | Shares | | Market Value ($ Thousands) | | ||||
Unilever | 240,944 | $ | 7,565 | |||||
Wolters Kluwer | 117,349 | 2,748 | ||||||
115,944 | ||||||||
New Zealand — 0.4% |
| |||||||
Telecom of New Zealand | 5,541,007 | 8,495 | ||||||
Norway — 1.6% |
| |||||||
Aker Solutions | 170,223 | 3,911 | ||||||
DnB (A) | 982,079 | 15,064 | ||||||
Orkla | 23,206 | 225 | ||||||
Seadrill | 34,830 | 1,259 | ||||||
Statoil (A) | 330,714 | 9,165 | ||||||
Telenor | 38,280 | 630 | ||||||
Yara International (A) | 26,624 | 1,348 | ||||||
31,602 | ||||||||
Poland — 0.1% |
| |||||||
KGHM Polska Miedz | 31,537 | 2,001 | ||||||
Portugal — 0.1% |
| |||||||
Energias de Portugal | 86,966 | 339 | ||||||
Galp Energia SGPS, Cl B | 5,931 | 127 | ||||||
Jeronimo Martins SGPS | 36,855 | 594 | ||||||
Portugal Telecom SGPS | 14,310 | 165 | ||||||
1,225 | ||||||||
Russia — 0.1% |
| |||||||
OAO Gazprom ADR | 60,970 | 1,974 | ||||||
Surgutneftegas ADR | 8,414 | 91 | ||||||
2,065 | ||||||||
Singapore — 1.2% |
| |||||||
Allgreen Properties | 48,000 | 41 | ||||||
City Developments | 23,100 | 211 | ||||||
DBS Group Holdings | 367,000 | 4,262 | ||||||
Fraser and Neave | 164,200 | 783 | ||||||
Genting Singapore* | 102,000 | 166 | ||||||
Global Logistic Properties* | 1,200 | 2 | ||||||
GuocoLeisure | 296,000 | 177 | ||||||
Jardine Cycle & Carriage | 9,300 | 270 | ||||||
Keppel | 108,900 | 1,063 | ||||||
Keppel Land | 78,000 | 278 | ||||||
Oversea-Chinese Banking | 515,200 | 3,916 | ||||||
SembCorp Industries | 95,000 | 393 | ||||||
SembCorp Marine | 108,000 | 500 | ||||||
Singapore Airlines | 504,000 | 5,470 | ||||||
Singapore Exchange | 12,000 | 75 | ||||||
Singapore Land | 23,000 | 127 | ||||||
Singapore Press Holdings | 99,200 | 310 | ||||||
Singapore Technologies Engineering | 33,600 | 87 | ||||||
Singapore Telecommunications | 529,000 | 1,267 | ||||||
United Overseas Bank | 30,000 | 447 | ||||||
UOL Group | 37,000 | 139 | ||||||
Wilmar International | 108,000 | 468 | ||||||
Yangzijiang Shipbuilding Holdings | 2,309,700 | 3,317 | ||||||
23,769 | ||||||||
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 6 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
International Equity Fund
March 31, 2011
Description | Shares | Market Value ($ Thousands) | ||||||
South Africa — 0.7% | ||||||||
AngloGold Ashanti ADR | 100,921 | $ | 4,839 | |||||
Gold Fields | 220,775 | 3,869 | ||||||
MTN Group | 273,482 | 5,526 | ||||||
14,234 | ||||||||
South Korea — 2.8% | ||||||||
Hyundai Heavy Industries | 14,989 | 7,078 | ||||||
Hyundai Mobis | 26,864 | 8,021 | ||||||
Hyundai Motor | 40,058 | 7,413 | ||||||
Korea Electric Power ADR | 205,475 | 2,515 | ||||||
KT ADR | 127,000 | 2,480 | ||||||
KT&G | 146,039 | 7,602 | ||||||
LG Chemical | 18,256 | 1,361 | ||||||
Samsung Electronics | 13,730 | 11,666 | ||||||
Shinhan Financial Group | 64,369 | 2,925 | ||||||
SK Telecom ADR (A) | 304,047 | 5,719 | ||||||
56,780 | ||||||||
Spain — 1.3% | ||||||||
Abertis Infraestructuras | 20,500 | 446 | ||||||
ACS Actividades de Construcciony Servicios | 4,258 | 200 | ||||||
Amadeus IT Holding, Cl A* | 926 | 18 | ||||||
Banco Bilbao Vizcaya Argentaria | 66,215 | 804 | ||||||
Banco Santander Central Hispano | 541,650 | 6,297 | ||||||
Caja de Ahorros del Mediterraneo | 12,489 | 110 | ||||||
Criteria Caixacorp | 184,444 | 1,303 | ||||||
Enagas | 309,582 | 6,994 | ||||||
Ferrovial | 100,383 | 1,261 | ||||||
Fomento de Construcciones y Contratas | 9,474 | 314 | ||||||
Gas Natural | 24,991 | 470 | ||||||
Grifols | 9,573 | 167 | ||||||
Iberdrola | 115,857 | 1,009 | ||||||
Iberdrola Renovables | 11,959 | 52 | ||||||
Inditex | 6,566 | 527 | ||||||
Repsol | 74,479 | 2,555 | ||||||
Tecnicas Reunidas | 65,398 | 3,937 | ||||||
Telefonica | 21,845 | 548 | ||||||
27,012 | ||||||||
Sweden — 1.8% | ||||||||
Alfa Laval | 25,983 | 565 | ||||||
Assa Abloy, Cl B | 14,057 | 404 | ||||||
Atlas Copco, Cl B | 72,842 | 1,762 | ||||||
Atlas Copco, Cl A (A) | 69,806 | 1,857 | ||||||
Boliden | 20,823 | 449 | ||||||
Elekta, Cl B (A) | 78,065 | 3,123 | ||||||
Hennes & Mauritz, Cl B | 5,780 | 192 | ||||||
Hexagon, Cl B (A) | 296,152 | 7,075 | ||||||
Holmen, Cl B (A) | 7,449 | 258 | ||||||
Industrivarden, Cl C (A) | 71,738 | 1,276 | ||||||
Kinnevik Investment, Cl B | 26,917 | 628 | ||||||
Millicom International Cellular | 1,386 | 133 | ||||||
Modern Times Group, Cl B | 100 | 7 | ||||||
Nordea Bank | 117,928 | 1,292 | ||||||
Ratos, Cl B | 2,671 | 105 | ||||||
Sandvik | 36,121 | 682 | ||||||
Scania, Cl B | 44,539 | 1,033 |
Description | Shares | Market Value ($Thousands) | ||||||
Skandinaviska Enskilda Banken, Cl A | 712,563 | $ | 6,359 | |||||
Skanska, Cl B | 2,226 | 47 | ||||||
SKF, Cl B | 26,451 | 771 | ||||||
Ssab Svenskt Stal, Ser A, Cl A | 16,051 | 254 | ||||||
Svenska Cellulosa, Cl B (A) | 32,600 | 525 | ||||||
Svenska Handelsbanken, Cl A | 9,347 | 307 | ||||||
Swedbank, Cl A | 113,647 | 1,946 | ||||||
Swedish Match (A) | 18,028 | 600 | ||||||
Tele2, Cl B (A) | 93,973 | 2,172 | ||||||
Telefonaktiebolaget LM Ericsson, Cl B | 36,752 | 474 | ||||||
Volvo, Cl B (A) | 104,263 | 1,834 | ||||||
36,130 | ||||||||
Switzerland — 8.0% | ||||||||
ABB | 25,254 | 609 | ||||||
Actelion* | 11,781 | 681 | ||||||
Aryzta | 2,740 | 141 | ||||||
Baloise Holding | 3,151 | 313 | ||||||
Clariant | 120,850 | 2,189 | ||||||
Compagnie Financiere Richemont | 71,260 | 4,132 | ||||||
Credit Suisse Group | 152,966 | 6,526 | ||||||
Daetwyler Holding* | 463 | 42 | ||||||
Elektrizitaets-Gesellschaft Laufenburg | 56 | 43 | ||||||
Geberit | 445 | 97 | ||||||
Givaudan | 14,019 | 14,152 | ||||||
Holcim | 3,201 | 242 | ||||||
Julius Baer Group | 182,341 | 7,006 | ||||||
Kuehne & Nagel International | 1,116 | 157 | ||||||
Lindt & Spruengli | 95 | 424 | ||||||
Logitech International* (A) | 5,929 | 107 | ||||||
Nestle | 252,942 | 14,557 | ||||||
Nobel Biocare Holding | 388,165 | 8,079 | ||||||
Novartis | 523,554 | 28,511 | ||||||
Roche Holding | 111,189 | 15,946 | ||||||
Schindler Holding | 6,107 | 738 | ||||||
SGS | 4,258 | 7,610 | ||||||
Sika | 68 | 164 | ||||||
STMicroelectronics | 202,994 | 2,528 | ||||||
Sulzer | 55,012 | 8,322 | ||||||
Swatch Group (A) | 14,140 | 3,251 | ||||||
Swiss Life Holding | 4,397 | 730 | ||||||
Swiss Reinsurance | 9,711 | 558 | ||||||
Swisscom | 2,861 | 1,281 | ||||||
Syngenta | 1,542 | 503 | ||||||
Transocean* | 3,894 | 307 | ||||||
UBS | 801,951 | 14,451 | ||||||
Xstrata | 418,246 | 9,768 | ||||||
Zurich Financial Services | 25,386 | 7,134 | ||||||
161,299 | ||||||||
Taiwan — 0.1% | ||||||||
AU Optronics ADR | 5,385 | 47 | ||||||
United Microelectronics ADR | 691,541 | 1,888 | ||||||
1,935 | ||||||||
Turkey — 0.0% | ||||||||
Turkiye Garanti Bankasi | 93,428 | 437 | ||||||
7 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Shares | Market Value ($ Thousands) | ||||||
United Kingdom — 15.6% | ||||||||
3i Group | 10,342 | $ | 50 | |||||
Acergy (A) | 157,581 | 3,980 | ||||||
Admiral Group | 21,474 | 535 | ||||||
Aggreko | 9,854 | 249 | ||||||
AMEC | 56,991 | 1,090 | ||||||
Amlin | 882,759 | 5,401 | ||||||
Anglo American | 12,262 | 630 | ||||||
Antofagasta | 179,861 | 3,924 | ||||||
ARM Holdings | 226,346 | 2,086 | ||||||
Associated British Foods | 10,709 | 170 | ||||||
AstraZeneca | 231,803 | 10,638 | ||||||
Aviva | 1,270,828 | 8,816 | ||||||
BAE Systems | 58,546 | 305 | ||||||
Balfour Beatty | 749,107 | 4,128 | ||||||
Barclays | 1,421,725 | 6,325 | ||||||
BG Group | 620,679 | 15,431 | ||||||
BHP Billiton | 61,815 | 2,438 | ||||||
BP | 442,148 | 3,218 | ||||||
British American Tobacco | 355,970 | 14,276 | ||||||
British Land (B) | 55,217 | 489 | ||||||
British Sky Broadcasting Group | 105,287 | 1,392 | ||||||
BT Group, Cl A | 802,227 | 2,387 | ||||||
Bunzl | 144,331 | 1,722 | ||||||
Burberry Group | 76,884 | 1,447 | ||||||
Cable & Wireless Worldwide | 647,028 | 544 | ||||||
Cairn Energy* | 137,575 | 1,019 | ||||||
Cape | 13,521 | 107 | ||||||
Capita Group | 461,113 | 5,492 | ||||||
Centrica | 287,973 | 1,502 | ||||||
Compass Group | 32,197 | 289 | ||||||
Davis Service Group | 44,500 | 343 | ||||||
Devro | 20,198 | 91 | ||||||
Diageo | 446,407 | 8,479 | ||||||
Essar Energy* | 5,946 | 45 | ||||||
Eurasian Natural Resources | 186,088 | 2,793 | ||||||
Fresnillo | 35,833 | 886 | ||||||
GlaxoSmithKline | 354,893 | 6,767 | ||||||
Hammerson (B) | 52,659 | 377 | ||||||
Hamworthy | 9,160 | 76 | ||||||
Home Retail Group | 623,298 | 1,929 | ||||||
HSBC Holdings | 1,156,990 | 12,044 | ||||||
ICAP | 103,937 | 880 | ||||||
Imperial Tobacco Group | 139,371 | 4,305 | ||||||
Intercontinental Hotels Group | 7,808 | 160 | ||||||
Intermediate Capital Group | 10,719 | 56 | ||||||
International Consolidated Airlines Group* | 63,739 | 235 | ||||||
International Power | 159,782 | 789 | ||||||
Intertek Group | 8,291 | 270 | ||||||
ITV | 319,194 | 396 | ||||||
J Sainsbury | 107,169 | 576 | ||||||
Johnson Matthey | 2,358 | 70 | ||||||
Kingfisher | 2,689,775 | 10,602 | ||||||
Land Securities Group (B) | 34,182 | 402 | ||||||
Legal & General Group | 591,501 | 1,092 | ||||||
Liberty International (B) | 34,343 | 211 | ||||||
Lloyds Banking Group* | 6,832,920 | 6,363 | ||||||
London Stock Exchange Group | 28,055 | 374 | ||||||
Man Group | 83,762 | 330 | ||||||
Michael Page International | 579,255 | 4,773 |
Description | Shares | Market Value ($ Thousands) | ||||||
National Grid | 75,678 | $ | 721 | |||||
Old Mutual | 211,914 | 462 | ||||||
Pearson | 14,781 | 261 | ||||||
Petrofac | 98,974 | 2,362 | ||||||
Prudential | 605,940 | 6,862 | ||||||
Reckitt Benckiser Group | 13,681 | 702 | ||||||
Reed Elsevier | 550,995 | 4,769 | ||||||
Rexam | 1,132,840 | 6,599 | ||||||
Rio Tinto | 306,673 | 21,526 | ||||||
Rio Tinto ADR | 69,100 | 4,914 | ||||||
Rolls-Royce Group | 1,884,155 | 18,695 | ||||||
Royal Bank of Scotland Group* | 4,922,653 | 3,219 | ||||||
SABMiller | 41,135 | 1,456 | ||||||
Sage Group | 1,350,622 | 6,021 | ||||||
Schroders | 29,941 | 833 | ||||||
Scottish & Southern Energy | 31,440 | 636 | ||||||
Severn Trent | 41,503 | 972 | ||||||
Shire | 58,677 | 1,703 | ||||||
Smith & Nephew | 8,594 | 97 | ||||||
Smiths Group | 42,596 | 886 | ||||||
Standard Chartered | 23,609 | 612 | ||||||
Standard Life | 120,940 | 401 | ||||||
Tesco | 795,532 | 4,859 | ||||||
Travis Perkins | 135,201 | 2,202 | ||||||
Tullow Oil | 227,725 | 5,286 | ||||||
Unilever | 42,156 | 1,284 | ||||||
United Utilities Group | 827,057 | 7,842 | ||||||
Vedanta Resources | 12,326 | 470 | ||||||
Vodafone Group | 12,048,241 | 34,087 | ||||||
Weir Group | 31,595 | 877 | ||||||
Whitbread | 7,458 | 197 | ||||||
Willis Group Holdings | 135,600 | 5,473 | ||||||
WPP | 42,311 | 521 | ||||||
313,601 | ||||||||
United States — 0.3% | ||||||||
Advance America Cash Advance Centers | 24,598 | 130 | ||||||
Calamos Asset Management, Cl A | 15,108 | 251 | ||||||
Capital One Financial | 45,731 | 2,376 | ||||||
ConocoPhillips | 41,888 | 3,345 | ||||||
Eli Lilly | 10,889 | 383 | ||||||
Providence Service* | 3,464 | 52 | ||||||
RAIT Financial Trust (B) | 21,837 | 54 | ||||||
Synthes | 2,202 | 299 | ||||||
6,890 | ||||||||
Total Common Stock |
| 1,902,355 | ||||||
PREFERRED STOCK — 0.4% |
| |||||||
Brazil — 0.0% | ||||||||
Itau Unibanco Holding ADR | 15,000 | 361 | ||||||
Germany — 0.4% | ||||||||
Bayerische Motoren Werke (A) | 21,330 | 1,211 | ||||||
Draegerwerk (A) | 2,624 | 255 | ||||||
Henkel (A) | 13,007 | 807 | ||||||
Porsche (A) | 20,036 | 1,316 | ||||||
ProSiebenSat.1 Media | 10,502 | 308 | ||||||
RWE | 5,062 | 308 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 8 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
International Equity Fund
March 31, 2011
Description | Shares/Face Amount ($ Thousands) | Market Value ($ Thousands) | ||||||
Volkswagen | 19,840 | $ | 3,222 | |||||
7,427 | ||||||||
Total Preferred Stock | 7,788 | |||||||
Number Of Warrants | ||||||||
WARRANT — 0.2% | ||||||||
India — 0.2% | ||||||||
Shriram Transport Finance, | 278,164 | 4,941 | ||||||
Total Warrant | 4,941 | |||||||
Number Of Rights | ||||||||
RIGHTS — 0.0% | ||||||||
Germany — 0.0% | ||||||||
Porsche, Expires 04/14/11 (A) | 20 | 174 | ||||||
TUI, Expires 03/21/11 * | 34 | 406 | ||||||
580 | ||||||||
Singapore — 0.0% | ||||||||
Hutchinson Port Holdings Trust, Expires 4/18/11 * | 51 | — | ||||||
Total Rights | 580 | |||||||
U.S. TREASURY OBLIGATIONS — 0.3% |
| |||||||
United States | ||||||||
0.213%, 06/16/11 | $ | 427 | 427 | |||||
0.155%, 06/09/11 | 1,203 | 1,203 | ||||||
0.154%, 06/30/11 | 3,972 | 3,971 | ||||||
Total U.S. Treasury Obligations | 5,601 | |||||||
CASH EQUIVALENT — 2.7% |
| |||||||
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.080% **† | 54,757,208 | 54,757 | ||||||
Total Cash Equivalent | 54,757 | |||||||
AFFILIATED PARTNERSHIP — 4.7% |
| |||||||
United States — 4.7% | ||||||||
SEI Liquidity Fund, L.P. | ||||||||
0.200%**†(F) | 96,443,795 | 94,615 | ||||||
Total Affiliated Partnership | 94,615 | |||||||
Total Investments — 102.8% | $ | 2,070,637 | ||||||
A summary of the open futures contracts held by the Fund at March 31, 2011, is as follows:
Type of Contract | Number of Contracts Long | Expiration Date | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
DJ Euro Stoxx 50 Index | 540 | Jun-2011 | $ | 816 | ||||||||
FTSE 100 Index | 178 | Jun-2011 | 624 | |||||||||
Hang Seng Index | 13 | Apr-2011 | 40 | |||||||||
Nikkei 225 Index | 13 | Jun-2011 | (58 | ) | ||||||||
SPI 200 Index | 47 | Jul-2011 | 396 | |||||||||
Topix Index | 140 | Jun-2011 | (794 | ) | ||||||||
$ | 1,024 | |||||||||||
For the period ended March 31, 2011, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.
Percentages are based on a Net Assets of $2,013,916 ($ Thousands).
* | Non-income producing security |
** | Rate shown is the 7-day effective yield as of March 31, 2011. |
† | Affiliated security. |
(A) | This security or a partial position of this security is on loan at March 31, 2011. The total market value of securities on loan at March 31, 2011 was $89,527 ($ Thousands) (See Note 9). |
(B) | Real Estate Investments Trust. |
(C) | Securities considered illiquid. The total market value of such securities as of March 31, 2011 was $0 ($ Thousands) and represented –% of Net Assets. |
(D) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
(E) | Security, or portion thereof, has been pledged as collateral on open futures contracts. |
(F) | This security was purchased with cash collateral held from securities on loan (see Note 9). |
The total value of such securities as of March 31, 2011
was $94,615 ($ Thousands).
ADR — American Depositary Receipt
ARM — Adjustable Rate Mortgage
Cl — Class
EURIBOR — Euro London Interbank Offered Rate
GDR — Global Depositary Receipt
LIBOR — London Interbank Offered Rate
L.P. — Limited Partnership
NOK — Norwegian Krone
Ser — Series
USD — U.S. Dollar
The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 1,902,355 | $ | — | $ | — | $ | 1,902,355 | ||||||||
Preferred Stock | 7,788 | — | — | 7,788 | ||||||||||||
Warrant | — | 4,941 | — | 4,941 | ||||||||||||
Rights | 580 | — | — | 580 | ||||||||||||
U.S. Treasury Obligations | — | 5,601 | — | 5,601 | ||||||||||||
Cash Equivalent | 54,757 | — | — | 54,757 | ||||||||||||
Affiliated Partnership | — | 94,615 | — | 94,615 | ||||||||||||
Total Investments in Securities | $ | 1,965,480 | $ | 105,157 | $ | — | $ | 2,070,637 | ||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts * | $ | 1,024 | $ | — | $ | — | $ | 1,024 | ||||||||
Total Other Financial Instruments | $ | 1,024 | $ | — | $ | — | $ | 1,024 | ||||||||
* | Futures contracts are valued at the unrealized depreciation on the instrument. |
For the six month period ended March 31, 2011, there were no transfers between Level 1 and into Level 2 assets and liabilities.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
9 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Equity Fund
March 31, 2011
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK — 90.3% | ||||||||
Argentina — 0.2% | ||||||||
Tenaris ADR (A) | 35,960 | $ | 1,779 | |||||
Australia — 0.1% | ||||||||
Centamin Egypt* | 341,200 | 737 | ||||||
Brazil — 10.8% | ||||||||
Amil Participacoes | 76,800 | 896 | ||||||
Banco Bradesco ADR | 78,134 | 1,621 | ||||||
Banco do Brasil | 246,925 | 4,470 | ||||||
Banco Santander Brasil ADR (A) | 180,960 | 2,219 | ||||||
BM&F Bovespa | 505,449 | 3,682 | ||||||
BR Properties | 113,126 | 1,195 | ||||||
Brasil Insurance Participacoes e Administracao* | 704 | 779 | ||||||
Brasil Telecom ADR | 6,600 | 178 | ||||||
Brasil Telecom | 16,680 | 181 | ||||||
Centrais Eletricas Brasileiras | 36,880 | 561 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 3,342 | 196 | ||||||
Cia de Saneamento de Minas Gerais | 55,900 | 942 | ||||||
Cia Energetica de Minas Gerais ADR (A) | 38,219 | 736 | ||||||
Cia Hering | 130,325 | 2,388 | ||||||
Cia Siderurgica Nacional | 56,700 | 929 | ||||||
Cielo | 189,573 | 1,615 | ||||||
Cosan Industria e Comercio | 65,914 | 1,030 | ||||||
Cyrela Brazil Realty | 211,767 | 2,011 | ||||||
Diagnosticos da America | 304,266 | 3,909 | ||||||
Drogasil | 17,179 | 136 | ||||||
EDP - Energias do Brasil | 3,986 | 97 | ||||||
Empresa Brasileira de Aeronautica | 184,873 | 1,534 | ||||||
Equatorial Energia | 8,050 | 64 | ||||||
Eternit | 17,051 | 117 | ||||||
Even Construtora e Incorporadora | 280,000 | 1,439 | ||||||
Fibria Celulose* | 99,400 | 1,614 | ||||||
Fibria Celulose ADR* | 88,200 | 1,448 | ||||||
Fleury | 103,610 | 1,529 | ||||||
Gafisa ADR (A) | 61,489 | 789 | ||||||
Gerdau ADR (A) | 294,874 | 3,686 | ||||||
Gerdau | 70,000 | 676 | ||||||
Gol Linhas Aereas Inteligentes ADR* (A) | 36,101 | 496 | ||||||
Grendene | 144,859 | 865 | ||||||
Hypermarcas* | 202,237 | 2,673 | ||||||
JBS | 369,300 | 1,333 | ||||||
Julio Simoes Logistica* | 171,916 | 1,045 | ||||||
Light | 400 | 7 | ||||||
Magnesita Refratarios* | 366,700 | 1,939 | ||||||
MRV Engenharia e Participacoes | 333,632 | 2,678 | ||||||
Multiplus | 16,700 | 295 | ||||||
OGX Petroleo e Gas Participacoes* | 74,400 | 895 | ||||||
PDG Realty Empreendimentos e Participacoes | 444,770 | 2,483 | ||||||
Petroleo Brasileiro | 509,988 | 10,179 |
Description | Shares | Market Value ($ Thousands) | ||||||
Petroleo Brasileiro | 74,360 | $ | 3,006 | |||||
Porto Seguro | 120,655 | 2,040 | ||||||
QGEP Participacoes* | 111,900 | 1,593 | ||||||
Raia* | 43,300 | 685 | ||||||
Redecard | 129,500 | 1,907 | ||||||
SLC Agricola | 88,956 | 1,239 | ||||||
Souza Cruz | 125,590 | 1,312 | ||||||
Sul America | 47,146 | 591 | ||||||
Telegraph Norte Leste Participacoes ADR | 97,943 | 1,717 | ||||||
Tim Participacoes ADR (A) | 37,075 | 1,618 | ||||||
Totvs | 320,885 | 6,154 | ||||||
Vale | 241,825 | 7,952 | ||||||
Vale ADR, Cl B | 170,636 | 5,691 | ||||||
Vivo Participacoes ADR | 511 | 21 | ||||||
Wilson Sons, Cl BDR | 58,907 | 982 | ||||||
104,063 | ||||||||
Canada — 0.6% | ||||||||
Canacol Energy* | 142,354 | 220 | ||||||
Equinox Minerals* | 59,045 | 348 | ||||||
First Majestic Silver* | 39,300 | 833 | ||||||
Pacific Rubiales Energy | 113,230 | 3,131 | ||||||
SXR Uranium One (A) | 112,466 | 439 | ||||||
Yamana Gold | 45,259 | 557 | ||||||
5,528 | ||||||||
Chile — 0.7% | ||||||||
Banco Santander Chile ADR | 9,883 | 858 | ||||||
Cia Cervecerias Unidas ADR | 18,092 | 1,069 | ||||||
Empresa Nacional de Telecomunicaciones | 77,672 | 1,277 | ||||||
Enersis ADR | 47,129 | 981 | ||||||
Lan Airlines ADR | 28,510 | 730 | ||||||
Sociedad Quimica y Minera de Chile ADR (A) | 30,294 | 1,674 | ||||||
6,589 | ||||||||
China — 10.9% | ||||||||
AAC Acoustic Technologies Holdings | 664,180 | 1,793 | ||||||
Agricultural Bank of China, Cl H* | 4,418,932 | 2,505 | ||||||
Airtac International Group* | 88,000 | 581 | ||||||
Ajisen China Holdings | 1,185,620 | 2,286 | ||||||
Aluminum Corp of China, Cl H | 610,000 | 580 | ||||||
Asia Cement China Holdings | 1,012,000 | 634 | ||||||
Baidu ADR* | 1,730 | 238 | ||||||
Bank of China, Cl H | 9,460,394 | 5,266 | ||||||
Bank of Communications, Cl H | 1,823,000 | 2,006 | ||||||
Beijing Capital International Airport, Cl H | 2,528,000 | 1,333 | ||||||
Boer Power Holdings* | 980,900 | 1,047 | ||||||
Bosideng International Holdings | 2,412,000 | 716 | ||||||
BYD Electronic International | 1,821,500 | 1,159 | ||||||
Changsha Zoomlion Heavy Industry Science and Technology Development, Cl H* | 717,400 | 1,839 | ||||||
China Automation Group | 1,329,004 | 1,032 | ||||||
China BlueChemical | 718,000 | 588 | ||||||
China Coal Energy, Cl H | 723,000 | 985 | ||||||
China Construction Bank, Cl H | 5,596,188 | 5,245 |
1 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Shares | Market Value ($ Thousands) | ||||||
China Dongxiang Group | 4,314,000 | $ | 1,364 | |||||
China Liansu Group Holdings* | 737,200 | 634 | ||||||
China Life Insurance, Cl H | 134,000 | 503 | ||||||
China Merchants Bank, Cl H | 717,931 | 1,989 | ||||||
China National Materials | 1,963,438 | 1,767 | ||||||
China Oilfield Services, Cl H | 586,000 | 1,326 | ||||||
China Pacific Insurance Group, Cl H | 49,800 | 209 | ||||||
China Petroleum & Chemical ADR (A) | 24,531 | 2,467 | ||||||
China Petroleum & Chemical, Cl H | 1,690,000 | 1,695 | ||||||
China Railway Construction, Cl H | 1,058,000 |
| 1,099 |
| ||||
China Railway Group, Cl H | 1,402,000 | 905 | ||||||
China Rongsheng Heavy Industry Group* | 1,395,250 | 1,223 | ||||||
China Shenhua Energy, Cl H | 334,000 | 1,574 | ||||||
China Shineway Pharmaceutical Group | 86,039 | 207 | ||||||
China South Locomotive and Rolling Stock | 1,200,515 | 1,229 | ||||||
China Vanke, Cl B | 881,600 | 1,156 | ||||||
China Yurun Food Group | 314,000 | 1,054 | ||||||
Dongfeng Motor Group, Cl H | 638,120 | 1,086 | ||||||
First Tractor, Cl H | 1,111,900 | 1,337 | ||||||
Fosun International | 66,079 | 51 | ||||||
Great Wall Motor, Cl H | 1,082,500 | 2,001 | ||||||
Greentown China Holdings | 76,000 | 80 | ||||||
Haitian International Holdings | 155,000 | 199 | ||||||
Harbin Power Equipment, Cl H | 230,000 | 238 | ||||||
Hidili Industry International Development | 3,265,366 | 2,884 | ||||||
Huaneng Power International ADR | 15,790 | 371 | ||||||
Huaneng Power International, Cl H | 1,872,800 | 1,095 | ||||||
Industrial & Commercial Bank of China, Cl H | 4,328,929 | 3,595 | ||||||
Jiangling Motors, Cl B | 28,600 | 92 | ||||||
Kingdee International Software Group | 2,471,980 | 1,551 | ||||||
Lianhua Supermarket Holdings, Cl H | 123,509 | 491 | ||||||
Maanshan Iron & Steel, Cl H | 1,018,000 | 551 | ||||||
Mindray Medical International ADR (A) | 54,917 | 1,384 | ||||||
Netease.com ADR* | 22,179 | 1,098 | ||||||
Noah Holdings ADR * (A) | 88,353 | 1,293 | ||||||
Parkson Retail Group | 691,902 | 952 | ||||||
Peak Sport Products (A) | 1,556,000 | 1,068 | ||||||
Perfect World ADR* | 50,740 | 1,075 | ||||||
PetroChina, Cl H | 2,632,119 | 3,986 | ||||||
PetroChina ADR (A) | 15,091 | 2,298 | ||||||
Ping An Insurance Group of China, Cl H | 236,000 | 2,392 | ||||||
Real Gold Mining* | 300,500 | 427 | ||||||
Renhe Commercial Holdings | 14,540,000 | 2,710 | ||||||
Shanda Games ADR* | 9,090 | 58 | ||||||
Sinotrans, Cl H | 3,044,000 | 740 | ||||||
Soho China | 1,461,000 | 1,253 | ||||||
SouFun Holdings ADR * (A) | 54,400 | 1,018 | ||||||
SPG Land Holdings | 147,300 | 69 |
Description | Shares | Market Value ($ Thousands) | ||||||
Springland International Holdings* | 1,745,885 | $ | 1,318 | |||||
Tencent Holdings | 85,704 | 2,088 | ||||||
Tingyi Cayman Islands Holding | 808,160 | 1,976 | ||||||
Travelsky Technology, Cl H | 270,920 | 264 | ||||||
Want Want China Holdings | 1,730,800 | 1,360 | ||||||
Weichai Power, Cl H | 166,000 | 1,008 | ||||||
Weiqiao Textile, Cl H | 581,900 | 578 | ||||||
Xingda International Holdings | 654,400 | 612 | ||||||
Yanzhou Coal Mining, Cl H | 532,000 | 1,936 | ||||||
Zhejiang Expressway, Cl H | 899,922 | 819 | ||||||
Zhuzhou CSR Times Electric, Cl H | 1,017,138 | 3,858 | ||||||
Zijin Mining Group, Cl H | 1,942,100 | 1,548 | ||||||
105,042 | ||||||||
Colombia — 0.5% | ||||||||
BanColombia ADR | 44,914 | 2,814 | ||||||
Ecopetrol ADR (A) | 30,200 | 1,259 | ||||||
Grupo de Inversiones Suramericana | 43,478 | 864 | ||||||
4,937 | ||||||||
Cyprus — 0.4% | ||||||||
Eurasia Drilling GDR | 127,863 | 4,347 | ||||||
4,347 | ||||||||
Czech Republic — 0.2% | ||||||||
Komercni Banka | 2,763 | 698 | ||||||
Telefonica O2 Czech Republic | 65,052 | 1,522 | ||||||
2,220 | ||||||||
�� | ||||||||
Egypt — 0.3% | ||||||||
Commercial International Bank | 223,776 | 1,226 | ||||||
Egyptian Financial Group-Hermes Holding | 326,578 | 1,200 | ||||||
Talaat Moustafa Group* | 180,289 | 137 | ||||||
2,563 | ||||||||
Hong Kong — 5.7% | ||||||||
AIA Group* | 473,397 | 1,458 | ||||||
Chaoda Modern Agriculture | 2,216,107 | 1,376 | ||||||
China High Precision Automation Group | 1,824,433 | 1,321 | ||||||
China Mobile ADR | 19,700 | 911 | ||||||
China Mobile | 1,254,499 | 11,556 | ||||||
China Pharmaceutical Group | 1,316,000 | 780 | ||||||
China Power International Development | 4,608,200 | 983 | ||||||
China Resources Power Holdings | 618,000 | 1,190 | ||||||
China State Construction International Holdings | 2,977,820 | 2,718 | ||||||
China Unicom | 1,726,812 | 2,868 | ||||||
CNOOC | 2,360,238 | 5,947 | ||||||
Comba Telecom Systems Holdings | 850,500 | 996 | ||||||
Cosco International Holdings | 344,729 | 222 | ||||||
Digital China Holdings | 1,098,100 | 2,070 | ||||||
Geely Automobile Holdings | 4,496,896 | 1,671 | ||||||
Global Bio-Chemical Technology Group | 6,789,300 | 1,108 | ||||||
GOME Electrical Appliances Holdings (A)(B) | 10,480,976 | 3,692 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | | 2 | |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Equity Fund
March 31, 2011
Description | Shares | Market Value ($ Thousands) | ||||||
Guangzhou Automobile Group, Cl H | 1,096,415 | $ | 1,332 | |||||
GZI Real Estate Investment Trust (C) | 345,065 | 180 | ||||||
GZI Transportation | 244,000 | 138 | ||||||
Huabao International Holdings | 2,288,707 | 3,519 | ||||||
Kingboard Laminates Holdings | 95,500 | 80 | ||||||
Man Wah Holdings | 718,800 | 931 | ||||||
NWS Holdings | 659,308 | 1,009 | ||||||
Shanghai Industrial Holdings | 161,000 | 617 | ||||||
Shenzhen Investment | 1,148,000 | 382 | ||||||
Sinofert Holdings | 984,000 | 424 | ||||||
Sinolink Worldwide Holdings | 1,610,532 | 193 | ||||||
Sinotruk Hong Kong | 186,000 | 159 | ||||||
SJM Holdings | 595,000 | 1,042 | ||||||
TPV Technology | 1,343,890 | 809 | ||||||
Vinda International Holdings (A) | 1,001,000 | 986 | ||||||
Xinyi Glass Holdings | 2,016,100 | 2,094 | ||||||
54,762 | ||||||||
Hungary — 0.3% | ||||||||
Egis Gyogyszergyar | 1,778 | 189 | ||||||
Magyar Telekom | 33,134 | 104 | ||||||
MOL Hungarian Oil and Gas | 15,539 | 1,991 | ||||||
Richter Gedeon | 1,544 | 322 | ||||||
2,606 | ||||||||
India — 6.5% | ||||||||
Allahabad Bank | 176,490 | 909 | ||||||
Andhra Bank | 273,765 | 925 | ||||||
Apollo Tyres | 32,544 | 51 | ||||||
Bajaj Holdings and Investment | 8,485 | 151 | ||||||
Ballarpur Industries | 1,160,200 | 944 | ||||||
Bank | 14,494 | 207 | ||||||
Bank of Baroda | 148,860 | 3,221 | ||||||
Bank of India | 159,077 | 1,696 | ||||||
BEML | 30,740 | 470 | ||||||
Bharti Airtel | 84,690 | 679 | ||||||
Cadila Healthcare | 55,000 | 974 | ||||||
Cairn India* | 435,714 | 3,429 | ||||||
Canara Bank | 84,826 | 1,191 | ||||||
DEN Networks* | 227,501 | 434 | ||||||
Eicher Motors | 50,422 | 1,520 | ||||||
Escorts | 134,300 | 427 | ||||||
Ess Dee Aluminium | 48,408 | 456 | ||||||
Exide Industries | 360,910 | 1,161 | ||||||
Glenmark Pharmaceuticals | 126,880 | 807 | ||||||
Grasim Industries | 5,165 | 285 | ||||||
Gujarat State Petronet | 345,200 | 766 | ||||||
HCL Technologies | 93,616 | 1,003 | ||||||
HDFC Bank ADR | 11,100 | 1,886 | ||||||
Hindalco Industries | 241,704 | 1,134 | ||||||
Hindustan Petroleum | 102,190 | 817 | ||||||
ICICI Bank ADR | 61,454 | 3,062 | ||||||
India Cements | 1,247,223 | 2,674 | ||||||
Indiabulls Financial Services | 60,176 | 209 | ||||||
Indian Bank | 128,703 | 672 | ||||||
Indian Overseas Bank | 212,872 | 686 | ||||||
Industrial Development Bank of India | 254,362 | 812 | ||||||
Jet Airways India | 5,387 | 54 | ||||||
Jubilant Life Sciences | 195,150 | 722 |
Description | Shares | Market Value ($ Thousands) | ||||||
Mahanagar Telephone Nigam* | 507,220 | $ | 516 | |||||
Mahindra & Mahindra GDR | 46,000 | 722 | ||||||
Nagarjuna Construction | 496,325 | 1,122 | ||||||
NMDC | 165,040 | 1,053 | ||||||
Oil & Natural Gas | 205,693 | 1,344 | ||||||
Oriental Bank of Commerce | 109,745 | 957 | ||||||
Patni Computer Systems | 93,602 | 1,001 | ||||||
Power Finance | 235,980 | 1,323 | ||||||
Punjab National Bank | 36,420 | 990 | ||||||
Reliance Industries | 144,500 | 3,399 | ||||||
Reliance Infrastructure | 78,008 | 1,207 | ||||||
Rolta India | 297,150 | 924 | ||||||
Rural Electrification | 111,763 | 636 | ||||||
Sesa GOA * (D) | 135,200 | 883 | ||||||
State Bank of India | 45,240 | 2,805 | ||||||
State Bank of India GDR (E) | 15,860 | 1,967 | ||||||
Steel Authority of India | 184,050 | 700 | ||||||
Sterlite Industries India | 9,850 | 38 | ||||||
Sterlite Industries India ADR | 59,130 | 913 | ||||||
Sun TV Network | 94,429 | 951 | ||||||
Syndicate Bank | 192,117 | 529 | ||||||
Tata Chemicals | 88,672 | 680 | ||||||
Tata Motors | 36,171 | 1,013 | ||||||
Triveni Engineering & Industries | 142,252 | 307 | ||||||
Ultratech Cement | 3,611 | 92 | ||||||
Union Bank of India | 23,238 | 181 | ||||||
United Phosphorus | 232,450 | 779 | ||||||
Vijaya Bank | 208,600 | 372 | ||||||
Welspun | 238,147 | 1,108 | ||||||
62,946 | ||||||||
Indonesia — 2.8% | ||||||||
Aneka Tambang | 349,000 | 92 | ||||||
Astra Agro Lestari | 34,500 | 90 | ||||||
Astra International | 675,404 | 4,421 | ||||||
Bank Mandiri | 620,958 | 485 | ||||||
Bank Negara Indonesia Persero | 4,476,593 | 2,044 | ||||||
Bank Rakyat Indonesia | 7,137,752 | 4,713 | ||||||
Charoen Pokphand Indonesia | 945,000 | 220 | ||||||
Global Mediacom (B) | 14,598,388 | 1,408 | ||||||
Gudang Garam | 195,157 | 938 | ||||||
Harum Energy* | 999,000 | 1,027 | ||||||
Indika Energy | 162,405 | 74 | ||||||
Indo Tambangraya Megah | 97,000 | 515 | ||||||
Indofood CBP Sukses Makmur TBK* | 1,531,698 | 932 | ||||||
Indosat | 1,177,500 | 717 | ||||||
Kalbe Farma | 5,264,554 | 2,056 | ||||||
Medco Energi Internasional | 2,866,000 | 946 | ||||||
Perusahaan Gas Negara | 3,133,448 | 1,403 | ||||||
Semen Gresik Persero | 277,592 | 290 | ||||||
Tambang Batubara Bukit Asam | 563,400 | 1,359 | ||||||
Telekomunikasi Indonesia | 2,680,924 | 2,263 | ||||||
United Tractors | 247,402 | 616 | ||||||
26,609 | ||||||||
Israel — 0.2% | ||||||||
Israel Chemicals | 104,890 | 1,730 | ||||||
Teva Pharmaceutical Industries ADR | 8,560 | 430 | ||||||
2,160 | ||||||||
3 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Shares | Market Value ($ Thousands) | ||||||
Kazakhstan — 0.8% | ||||||||
Halyk Savings Bank of Kazakhstan JSC GDR* | 370,617 | $ | 3,732 | |||||
KazMunaiGas Exploration Production GDR | 120,832 | 2,719 | ||||||
Zhaikmunai GDR* | 142,002 | 1,754 | ||||||
8,205 | ||||||||
Malaysia — 2.1% | ||||||||
Affin Holdings | 96,100 | 111 | ||||||
AMMB Holdings | 29,200 | 63 | ||||||
Axiata Group* | 2,195,194 | 3,472 | ||||||
Boustead Holdings | 66,800 | 129 | ||||||
British American Tobacco Malaysia | 4,700 | 75 | ||||||
Dialog Group | 221,900 | 170 | ||||||
DRB-Hicom | 166,600 | 126 | ||||||
Gamuda | 818,983 | 1,044 | ||||||
Genting | 671,746 | 2,449 | ||||||
Genting Malaysia | 1,695,040 | 2,059 | ||||||
Hong Leong Bank | 237,043 | 771 | ||||||
Hong Leong Financial Group | 70,500 | 209 | ||||||
IOI | 112,515 | 214 | ||||||
KLCC Property Holdings | 106,600 | 118 | ||||||
Kuala Lumpur Kepong | 134,700 | 943 | ||||||
Kulim Malaysia | 102,000 | 112 | ||||||
Lafarge Malayan Cement | 120,300 | 294 | ||||||
Malayan Banking | 1,019,244 | 3,015 | ||||||
Malaysian Bulk Carriers | 163,740 | 150 | ||||||
Multi-Purpose Holdings | 172,600 | 153 | ||||||
RHB Capital | 303,200 | 859 | ||||||
SapuraCrest Petroleum | 96,300 | 119 | ||||||
TAN Chong Motor Holdings | 49,100 | 79 | ||||||
Tenaga Nasional | 839,458 | 1,732 | ||||||
Top Glove | 1,042,167 | 1,851 | ||||||
WCT Berhad | 125,500 | 126 | ||||||
20,443 | ||||||||
Mexico — 3.5% | ||||||||
Alfa, Cl A | 168,415 | 2,178 | ||||||
America Movil ADR, Ser L | 23,715 | 1,378 | ||||||
America Movil, Ser L | 1,839,605 | 5,344 | ||||||
Bolsa Mexicana de Valores | 489,711 | 1,030 | ||||||
Coca-Cola Femsa ADR | 157 | 12 | ||||||
Consorcio ARA | 869,100 | 534 | ||||||
Desarrolladora Homex ADR* | 42,180 | 1,149 | ||||||
Embotelladoras Arca | 53,674 | 311 | ||||||
Fomento Economico Mexicano ADR (A) | 44,113 | 2,589 | ||||||
Genomma Lab Internacional, Cl B* | 1,709,445 | 3,862 | ||||||
GEO* | 308,730 | 865 | ||||||
Gruma, Cl B* | 13,239 | 28 | ||||||
Grupo Bimbo, Ser A | 106,463 | 902 | ||||||
Grupo Carso, Ser A1 | 49,870 | 166 | ||||||
Grupo Continental (B) | 217,951 | 746 | ||||||
Grupo Financiero Banorte, Cl O | 1,241,437 | 5,838 | ||||||
Grupo Mexico, Ser B | 155,800 | 584 | ||||||
Grupo Televisa* | 353,180 | 1,736 | ||||||
Grupo Televisa ADR* | 36,308 | 891 | ||||||
Industrias, Cl B* | 31,000 | 127 |
Description | Shares | Market Value ($ Thousands) | ||||||
Inmuebles Carso* | 49,870 | $ | 54 | |||||
Minera Frisco* | 49,870 | 218 | ||||||
OHL Mexico* | 752,108 | 1,376 | ||||||
Organizacion Soriana, Cl B | 51,304 | 183 | ||||||
Telefonos de Mexico ADR, Ser L | 7,200 | 131 | ||||||
Urbi Desarrollos Urbanos* | 656,283 | 1,524 | ||||||
33,756 | ||||||||
Netherlands — 0.2% | ||||||||
VimpelCom ADR | 134,500 | 1,899 | ||||||
Nigeria — 0.1% | ||||||||
Guaranty Trust Bank | 9,190,293 | 1,183 | ||||||
Peru — 0.1% | ||||||||
Banco Continental | 71,331 | 178 | ||||||
Intergroup Financial* | 8,301 | 240 | ||||||
Sociedad Minera Cerro Verde SAA | 7,347 | 333 | ||||||
751 | ||||||||
Philippines — 0.7% | ||||||||
Bank of the Philippine Islands | 507,374 | 669 | ||||||
Energy Development | 8,006,228 | 1,109 | ||||||
International Container Terminal Services | 2,084,404 | 2,003 | ||||||
SM Investments | 214,664 | 2,567 | ||||||
Universal Robina | 15,400 | 12 | ||||||
6,360 | ||||||||
Poland — 1.0% | ||||||||
Asseco Poland | 90,538 | 1,719 | ||||||
Bank Handlowy w Warszawie | 26,920 | 958 | ||||||
Bank Pekao | 8,190 | 491 | ||||||
Grupa Lotos* | 44,604 | 694 | ||||||
KGHM Polska Miedz | 29,462 | 1,870 | ||||||
Polski Koncern Naftowy Orlen | 158,804 | 2,944 | ||||||
Telekomunikacja Polska | 192,380 | 1,192 | ||||||
Warsaw Stock Exchange* | 11,032 | 189 | ||||||
10,057 | ||||||||
Russia — 7.2% | ||||||||
Alliance Oil* | 142,142 | 2,708 | ||||||
Gazprom Neft JSC ADR | 7,896 | 208 | ||||||
Globaltrans Investment GDR | 246,959 | 4,541 | ||||||
LSR Group GDR | 145,128 | 1,390 | ||||||
Lukoil ADR | 137,162 | 9,794 | ||||||
Magnit GDR | 105,612 | 3,201 | ||||||
Magnitogorsk Iron & Steel Works GDR | 179,898 | 2,632 | ||||||
Mechel ADR | 27,333 | 370 | ||||||
MMC Norilsk Nickel ADR | 99,485 | 2,630 | ||||||
Mobile Telesystems ADR | 167,606 | 3,558 | ||||||
NovaTek OAO GDR | 6,998 | 973 | ||||||
OAO Gazprom ADR | 390,653 | 12,646 | ||||||
Pharmstandard GDR* | 54,852 | 1,533 | ||||||
Rosneft Oil GDR | 347,206 | 3,174 | ||||||
Sberbank GDR | 12,857 | 5,382 | ||||||
Sberbank of Russia GDR | 942 | 391 | ||||||
Severstal GDR | 76,129 | 1,493 | ||||||
Surgutneftegas ADR | 65,565 | 709 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 4 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Equity Fund
March 31, 2011
Description | Shares | Market Value ($ Thousands) | ||||||
Surgutneftegaz ADR | 5,770 | $ | 63 | |||||
Tatneft ADR | 26,146 | 1,155 | ||||||
TMK OAO GDR | 145,723 | 3,073 | ||||||
Uralkali GDR | 61,242 | 2,540 | ||||||
VTB Bank GDR | 606,985 | 4,249 | ||||||
X5 Retail Group GDR* | 39,105 | 1,648 | ||||||
70,061 | ||||||||
Singapore — 0.2% | ||||||||
China Yuchai International* | 21,540 | 632 | ||||||
Yangzijiang Shipbuilding Holdings | 996,801 | 1,431 | ||||||
2,063 | ||||||||
South Africa — 7.0% | ||||||||
ABSA Group | 110,697 | 2,235 | ||||||
Adcock Ingram Holdings | 14,590 | 120 | ||||||
African Bank Investments | 278,388 | 1,559 | ||||||
Anglo Platinum | 25,380 | 2,617 | ||||||
ArcelorMittal South Africa | 42,247 | 562 | ||||||
Aspen Pharmacare Holdings | 79,204 | 926 | ||||||
Aveng | 107,438 | 567 | ||||||
AVI | 20,784 | 92 | ||||||
Barloworld | 184,450 | 2,038 | ||||||
Clicks Group | 436,550 | 2,749 | ||||||
Emira Property Fund (C) | 35,573 | 68 | ||||||
Exxaro Resources | 210,881 | 5,162 | ||||||
FirstRand | 155,376 | 462 | ||||||
Fountainhead Property Trust | 141,681 | 130 | ||||||
Grindrod | 35,796 | 79 | ||||||
Harmony Gold Mining | 139,909 | 2,055 | ||||||
Impala Platinum Holdings | 158,669 | 4,595 | ||||||
Imperial Holdings | 82,151 | 1,388 | ||||||
Investec | 112,460 | 878 | ||||||
JD Group | 164,470 | 1,178 | ||||||
Kumba Iron Ore | 11,701 | 827 | ||||||
Liberty Holdings | 20,133 | 212 | ||||||
Life Healthcare Group Holdings | 91,580 | 215 | ||||||
MMI Holdings | 363,970 | 897 | ||||||
Mondi | 231,354 | 2,269 | ||||||
Mr Price Group | 181,847 | 1,648 | ||||||
MTN Group | 579,082 | 11,700 | ||||||
Murray & Roberts Holdings | 336,360 | 1,321 | ||||||
Naspers, Cl N | 48,366 | 2,604 | ||||||
Nedbank Group | 82,530 | 1,728 | ||||||
Netcare | 209,562 | 450 | ||||||
Pangbourne Properties | 35,533 | 96 | ||||||
Redefine Properties | 393,307 | 436 | ||||||
Remgro | 25,364 | 418 | ||||||
Sanlam | 341,622 | 1,395 | ||||||
Sappi | 149,957 | 795 | ||||||
Sasol | 27,488 | 1,592 | ||||||
Shoprite Holdings | 109,697 | 1,684 | ||||||
Standard Bank Group | 467,259 | 7,189 | ||||||
Telkom | 150,950 | 826 | ||||||
Wilson Bayly Holmes-Ovcon | 6,076 | 97 | ||||||
Woolworths Holdings | 64,775 | 268 | ||||||
68,127 | ||||||||
South Korea — 12.8% | ||||||||
BS Financial Group* | 184,388 | 2,673 | ||||||
Cheil Jedang | 15,285 | 2,024 | ||||||
CrucialTec* | 36,830 | 829 |
Description | Shares | Market Value ($ Thousands) | ||||||
Daelim Industrial | 10,501 | $ | 1,024 | |||||
Daewoo Shipbuilding & Marine Engineering | 56,798 | 1,763 | ||||||
Daishin Securities | 23,278 | 313 | ||||||
Daum Communications | 18,849 | 1,684 | ||||||
Dongbu Insurance* | 43,913 | 2,006 | ||||||
Dongkuk Steel Mill | 21,053 | 758 | ||||||
Grand Korea Leisure | 86,020 | 1,298 | ||||||
GS Home Shopping | 9,700 | 1,206 | ||||||
Halla Climate Control | 31,910 | 609 | ||||||
Hana Financial Group | 21,390 | 925 | ||||||
Hanwha Chemical | 76,090 | 3,003 | ||||||
Hite Brewery | 9,185 | 908 | ||||||
Honam Petrochemical | 7,470 | 2,639 | ||||||
Hyundai Development | 32,180 | 934 | ||||||
Hyundai Marine & Fire Insurance* | 9,800 | 273 | ||||||
Hyundai Mobis | 21,527 | 6,427 | ||||||
Hyundai Motor | 23,764 | 4,398 | ||||||
Industrial Bank of Korea | 58,450 | 1,007 | ||||||
Jinro | 15,640 | 512 | ||||||
Kangwon Land | 54,230 | 1,258 | ||||||
KB Financial Group | 89,060 | 4,668 | ||||||
Korea Electric Power | 40,190 | 986 | ||||||
Korea Exchange Bank | 317,040 | 2,795 | ||||||
Korea Investment Holdings* | 13,730 | 524 | ||||||
Korean Reinsurance* | 79,454 | 927 | ||||||
KP Chemical | 42,300 | 1,043 | ||||||
KT | 570 | 20 | ||||||
KT ADR (A) | 121,955 | 2,382 | ||||||
KT&G | 29,914 | 1,557 | ||||||
LG | 20,956 | 1,563 | ||||||
LG Chemical | 4,900 | 2,055 | ||||||
LG Electronics | 25,887 | 2,478 | ||||||
LG International | 16,224 | 626 | ||||||
LG Philips LCD | 38,928 | 1,221 | ||||||
Lock & Lock | 20,040 | 699 | ||||||
Lotte Shopping | 2,446 | 1,001 | ||||||
MegaStudy | 6,064 | 934 | ||||||
Melfas | 51,262 | 2,101 | ||||||
Neowiz Games | 17,205 | 789 | ||||||
Nong Shim | 7,217 | 1,599 | ||||||
POSCO | 5,858 | 2,697 | ||||||
POSCO ADR (A) | 11,642 | 1,331 | ||||||
Samsung Electronics | 33,701 | 28,633 | ||||||
Samsung Engineering | 15,708 | 2,993 | ||||||
Samsung Fire & Marine Insurance | 4,193 | 927 | ||||||
Samsung Heavy Industries | 26,900 | 978 | ||||||
Shinhan Financial Group | 115,626 | 5,254 | ||||||
Shinsegae | 13,190 | 3,138 | ||||||
SK Chemicals | 9,252 | 541 | ||||||
SK Energy | 6,900 | 1,327 | ||||||
SK Telecom | 4,204 | 627 | ||||||
SK Telecom ADR (A) | 82,400 | 1,550 | ||||||
STX Offshore & Shipbuilding | 1,170 | 26 | ||||||
Taewoong | 17,513 | 827 | ||||||
Tong Yang Life Insurance* | 94,030 | 1,106 | ||||||
Woongjin Coway | 53,300 | 1,839 | ||||||
Yuhan | 10,359 | 1,398 | ||||||
123,631 | ||||||||
5 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Shares | Market Value ($ Thousands) | ||||||
Taiwan — 8.7% | ||||||||
Advantech* | 185,000 | $ | 573 | |||||
Asia Cement | 527,860 | 593 | ||||||
Asustek Computer | 200,148 | 1,732 | ||||||
AU Optronics ADR (A) | 178,500 | 1,567 | ||||||
AU Optronics | 267,000 | 233 | ||||||
Catcher Technology | 289,000 | 1,430 | ||||||
Cathay Financial Holding | 672,324 | 1,110 | ||||||
Chinatrust Financial Holding | 2,451,906 | 2,085 | ||||||
Chunghwa Telecom | 438,056 | 1,365 | ||||||
Delta Electronics | 439,000 | 1,739 | ||||||
Eternal Chemical | 110,000 | 130 | ||||||
Evergreen Marine Taiwan | 585,000 | 486 | ||||||
Far Eastern New Century | 953,937 | 1,474 | ||||||
Farglory Land Development | 327,000 | 697 | ||||||
First Financial Holding | 453,296 | 388 | ||||||
Formosa Chemicals & Fibre | 239,000 | 906 | ||||||
Formosa Taffeta | 88,000 | 88 | ||||||
Fubon Financial Holding | 524,000 | 696 | ||||||
High Tech Computer | 211,633 | 8,276 | ||||||
Hon Hai Precision Industry | 1,052,942 | 3,688 | ||||||
Huaku Development | 204,000 | 572 | ||||||
Hung Poo Real Estate Development | 542,515 | 643 | ||||||
KGI Securities | 2,084,000 | 999 | ||||||
Largan Precision | 14,754 | 399 | ||||||
Lite-On Technology | 701,388 | 863 | ||||||
MediaTek | 133,030 | 1,529 | ||||||
Nan Ya Printed Circuit Board | 418,067 | 1,247 | ||||||
Novatek Microelectronics | 190,000 | 560 | ||||||
Pou Chen | 962,000 | 888 | ||||||
Powertech Technology | 190,000 | 595 | ||||||
President Chain Store | 395,000 | 1,753 | ||||||
Prime View International | 1,474,348 | 2,384 | ||||||
Quanta Computer | 713,000 | 1,346 | ||||||
Radiant Opto-Electronics | 92,000 | 221 | ||||||
Radium Life Tech | 94,520 | 107 | ||||||
Siliconware Precision Industries | 328,000 | 410 | ||||||
Silitech Technology | 148,070 | 374 | ||||||
Simplo Technology | 292,426 | 1,830 | ||||||
SinoPac Financial Holdings | 3,578,230 | 1,612 | ||||||
Soft-World International | 121,420 | 469 | ||||||
Synnex Technology International | 1,091,783 | 2,547 | ||||||
Taishin Financial Holding | 2,622,000 | 1,485 | ||||||
Taiwan Fertilizer | 393,254 | 1,157 | ||||||
Taiwan Hon Chuan Enterprise | 272,000 | 683 | ||||||
Taiwan Semiconductor Manufacturing | 112,822 | 1,374 | ||||||
Taiwan Semiconductor Manufacturing | 3,831,614 | 9,199 | ||||||
Tatung* | 1,459,428 | 335 | ||||||
Teco Electric and Machinery | 551,000 | 386 | ||||||
Transcend Information | 389,640 | 1,065 | ||||||
Tripod Technology | 741,354 | 3,265 | ||||||
TSRC | 173,000 | 444 | ||||||
TXC | 789,632 | 1,466 | ||||||
U-Ming Marine Transport | 346,000 | 737 | ||||||
Unimicron Technology | 383,000 | 651 | ||||||
United Microelectronics | 4,528,312 | 2,356 | ||||||
UPC Technology | 58,000 | 43 | ||||||
Wintek | 478,000 | 847 |
Description | Shares | Market Value ($ Thousands) | ||||||
Wistron | 1,652,737 | $ | 2,619 | |||||
Wistron NeWeb | 144,000 | 479 | ||||||
WPG Holdings | 698,911 | 1,177 | ||||||
Yageo | 663,000 | 324 | ||||||
Young Fast Optoelectronics | 144,000 | 1,058 | ||||||
Yuanta Financial Holding | 3,123,115 | 2,246 | ||||||
84,000 | ||||||||
Thailand — 1.7% | ||||||||
Bangkok Bank | 844,330 | 4,807 | ||||||
Bangkok Life Assurance | 619,100 | 727 | ||||||
Banpu | 37,061 | 934 | ||||||
BEC World | 562,000 | 627 | ||||||
Bumrungrad Hospital | 683,654 | 859 | ||||||
CalComp Electronics Thailand | 434,000 | 64 | ||||||
Charoen Pokphand Foods | 1,388,400 | 1,182 | ||||||
CP ALL | 388,400 | 514 | ||||||
CP Seven Eleven PCL | 395,600 | 523 | ||||||
Kasikornbank | 390,289 | 1,670 | ||||||
Krung Thai Bank | 600,000 | 365 | ||||||
PTT Exploration & Production | 307,239 | 1,828 | ||||||
Thai Union Frozen Products | 94,000 | 143 | ||||||
Thanachart Capital | 1,621,554 | 1,743 | ||||||
15,986 | ||||||||
Turkey — 2.5% | ||||||||
Arcelik | 67,396 | 312 | ||||||
Asya Katilim Bankasi | 489,100 | 954 | ||||||
Bizim Toptan Satis Magazalari* | 57,515 | 1,173 | ||||||
Cimsa Cimento Sanayi VE Tica | 147,968 | 973 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi (C) | 773,097 | 1,332 | ||||||
Ford Otomotiv Sanayi | 195,619 | 1,869 | ||||||
Gubre Fabrikalari* | 55,990 | 562 | ||||||
KOC Holding | 99,707 | 464 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi A.S. | 91,063 | 146 | ||||||
Sinpas Gayrimenkul Yatirim Ortakligi * (C) | 682,654 | 911 | ||||||
Tofas Turk Otomobil Fabrikasi | 412,027 | 2,327 | ||||||
Turk Ekonomi Bankasi | 790,738 | 1,101 | ||||||
Turk Traktor ve Ziraat Makineleri | 49,414 | 1,066 | ||||||
Turkcell Iletisim Hizmet ADR | 8,260 | 124 | ||||||
Turkcell Iletisim Hizmet | 109,960 | 651 | ||||||
Turkiye Garanti Bankasi | 581,429 | 2,719 | ||||||
Turkiye Halk Bankasi | 125,693 | 973 | ||||||
Turkiye Is Bankasi, Cl C | 971,004 | 3,107 | ||||||
Turkiye Sinai Kalkinma Bankasi | 964,013 | 1,686 | ||||||
Turkiye Sise ve Cam Fabrikalari* | 603,963 | 1,361 | ||||||
Ulker Biskuvi Sanayi | 66,352 | 241 | ||||||
24,052 | ||||||||
United Kingdom — 1.1% | ||||||||
Afren* | 909,659 | 2,375 | ||||||
African Barrick Gold | 194,720 | 1,690 | ||||||
Antofagasta | 118,648 | 2,588 | ||||||
BG Group | 60,000 | 1,492 | ||||||
JKX Oil & Gas | 93,240 | 471 | ||||||
Tullow Oil | 91,808 | 2,131 | ||||||
10,747 | ||||||||
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | | 6 | |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Equity Fund
March 31, 2011
Description | Shares | Market Value ($ Thousands) | ||||||
United States — 0.4% | ||||||||
Millicom International Cellular | 24,714 | $ | 2,377 | |||||
NII Holdings* | 31,208 | 1,300 | ||||||
3,677 | ||||||||
Total Common Stock | 871,886 | |||||||
PREFERRED STOCK — 4.8% | ||||||||
Brazil — 4.8% | ||||||||
Banco do Estado do Rio Grande do Sul | 216,651 | 2,713 | ||||||
Bradespar | 42,779 | 1,125 | ||||||
Brasil Telecom | 108,782 | 975 | ||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Cl Preference | 8,428 | 347 | ||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR (A) | 33,758 | 1,415 | ||||||
Cia de Bebidas das Americas ADR | 119,285 | 3,377 | ||||||
Cia de Tecidos do Norte de Minas - Coteminas | 147,032 | 436 | ||||||
Cia Energetica de Minas Gerais | 133,527 | 2,551 | ||||||
Confab Industrial | 64,336 | 174 | ||||||
Eletropaulo Metropolitana Eletricidade de Sao Paulo | 51,541 | 1,145 | ||||||
Gerdau | 16,500 | 205 | ||||||
Itau Unibanco Holding | 32,364 | 771 | ||||||
Itau Unibanco Holding | 109,832 | 2,641 | ||||||
Klabin | 269,019 | 1,077 | ||||||
Marcopolo | 317,400 | 1,327 | ||||||
Metalurgica Gerdau, Cl A | 75,716 | 1,132 | ||||||
Petroleo Brasileiro, Cl Preference | 185,142 | 3,238 | ||||||
Petroleo Brasileiro Sponsored ADR, Cl A (A) | 204,725 | 7,276 | ||||||
Randon Participacoes | 507,900 | 3,481 | ||||||
Suzano Papel e Celulose | 113,540 | 1,064 | ||||||
Telecomunicacoes de Sao Paulo | 28,966 | 696 | ||||||
Telemar Norte Leste | 5,271 | 179 | ||||||
Tim Participacoes | 277,357 | 1,194 | ||||||
Vale, Cl A | 78,331 | 2,284 | ||||||
Vale ADR, Cl B (A) | 191,835 | 5,663 | ||||||
Total Preferred Stock | 46,486 | |||||||
EXCHANGE TRADED FUNDS — 3.0% |
| |||||||
United States — 3.0% | ||||||||
iShares MSCI Emerging Markets Index Fund | 582,659 | 28,370 | ||||||
Vanguard Emerging Markets ETF | 13,520 | 661 | ||||||
Total Exchange Traded Funds | 29,031 | |||||||
Description | Shares | Market Value ($ Thousands) | ||||||
DEBENTURE BOND — 0.0% | ||||||||
Brazil — 0.0% | ||||||||
Vale, Ser 1997 | ||||||||
0.000%, 09/30/49 (F) | 8 | $ | — | |||||
Total Debenture Bond | — | |||||||
CASH EQUIVALENT — 0.4% | ||||||||
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.080%**† | 3,387,907 | 3,388 | ||||||
Total Cash Equivalent | 3,388 | |||||||
AFFILIATED PARTNERSHIP — 4.6% |
| |||||||
United States — 4.6% | ||||||||
SEI Liquidity Fund, L.P. | 45,671,397 | 44,707 | ||||||
Total Affiliated Partnership | 44,707 | |||||||
Total Investments — 103.1% | $ | 995,498 | ||||||
Percentages are based on a Net Assets of $965,688
($ Thousands).
* | Non-income producing security |
** | Rate shown is the 7-day effective yield as of March 31, 2011. |
† | Affiliated security. |
(A) | This security or a partial position of this security is on loan at March 31, 2011. The total market value of securities on loan at March 31, 2011 was $33,243 ($ Thousands) (See Note 9). |
(B) | Securities considered illiquid. The total market value of such securities as of March 31, 2011 was $5,846 ($ Thousands) and represented 0.6% of Net Assets. |
(C) | Real Estate Investments Trust. |
(D) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
(E) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the board of Trustees. |
(F) | Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2011. |
(G) | This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of March 31, 2011 was $44,707 ($ Thousands). |
ADR — American Depositary Receipt
BDR — Brazilian Depositary Receipt
Cl — Class
EURIBOR — Euro London Interbank Offered Rate
GDR — Global Depositary Receipt
LIBOR — London Interbank Offered Rate
L.P. — Limited Partnership
Ser — Series
USD — U.S. Dollar
7 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 871,886 | $ | — | $ | — | $ | 871,886 | ||||||||
Preferred Stock | 46,486 | — | — | 46,486 | ||||||||||||
Exchange Traded Funds | 29,031 | — | — | 29,031 | ||||||||||||
Debenture Bond | — | — | — | — | ||||||||||||
Affiliated Partnership | — | 44,707 | — | 44,707 | ||||||||||||
Cash Equivalent | 3,388 | — | — | 3,388 | ||||||||||||
Total Investments in Securities | $ | 950,791 | $ | 44,707 | $ | — | $ | 995,498 | ||||||||
For the six month period ended March 31, 2011, there were no transfers between Level 1 and into Level 2 assets and liabilities.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 8 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund
March 31, 2011
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
GLOBAL BONDS — 87.5% | ||||||||
Australia — 1.5% | ||||||||
Australia Government Bond | ||||||||
4.000%, 08/20/20 | 200 | $ | 339 | |||||
Commonwealth Bank of Australia MTN | ||||||||
3.750%, 10/15/14 (A) | USD | 425 | 441 | |||||
Fairfax Med | ||||||||
5.250%, 06/15/12 | 250 | 365 | ||||||
Government of Australia, Ser 25CI | ||||||||
3.137%, 09/20/25 | 640 | 719 | ||||||
Macquarie Bank MTN | ||||||||
5.500%, 09/19/16 (B) | GBP | 211 | 332 | |||||
New South Wales Treasury | ||||||||
5.250%, 05/01/13 | 980 | 1,017 | ||||||
Queensland Treasury | ||||||||
6.000%, 09/14/17 | 1,630 | 1,716 | ||||||
Suncorp-Metway MTN | ||||||||
4.000%, 01/16/14 | GBP | 550 | 920 | |||||
Westpac Banking MTN | ||||||||
4.250%, 09/22/16 | EUR | 350 | 501 | |||||
WT Finance | ||||||||
3.625%, 06/27/12 | EUR | 450 | 642 | |||||
6,992 | ||||||||
Austria — 0.2% | ||||||||
Oesterreichische Kontrollbank MTN | ||||||||
3.625%, 12/10/13 | 465 | 676 | ||||||
Republic of Austria MTN | ||||||||
3.900%, 07/15/20 | 75 | 108 | ||||||
Republic of Austria, Ser 97-6 | ||||||||
6.250%, 07/15/27 | 225 | 400 | ||||||
1,184 | ||||||||
Belgium — 0.6% | ||||||||
Anheuser-Busch InBev | ||||||||
8.625%, 01/30/17 | 200 | 351 | ||||||
5.375%, 01/15/20 | 450 | 483 | ||||||
Dexia Funding | ||||||||
4.892%, 11/30/49 (B) | 200 | 184 | ||||||
Fortis Bank | ||||||||
4.625%, 10/24/49 (B) | 400 | 506 | ||||||
Kingdom of Belgium, Ser 48 | ||||||||
4.000%, 03/28/22 | 1,025 | 1,418 | ||||||
2,942 | ||||||||
Brazil — 0.3% | ||||||||
Banco do Brasil MTN | ||||||||
4.500%, 01/20/16 | 150 | 211 | ||||||
Centrais Eletricas Brasileiras | ||||||||
6.875%, 07/30/19 | USD | 150 | 168 | |||||
Federal Republic of Brazil | ||||||||
10.250%, 01/10/28 | 370 | 228 | ||||||
4.875%, 01/22/21 | USD | 115 | 117 | |||||
Petrobras International Finance | ||||||||
5.750%, 01/20/20 | USD | 650 | 670 | |||||
1,394 | ||||||||
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Canada — 4.3% | ||||||||
Bank of Montreal | ||||||||
2.625%, 01/25/16 (A) | 250 | $ | 249 | |||||
Bell Canada MTN | ||||||||
5.000%, 02/15/17 | 270 | 290 | ||||||
CDP Financial | ||||||||
4.400%, 11/25/19 (A) | USD | 850 | 858 | |||||
Export Development Canada MTN | ||||||||
2.375%, 03/19/12 | USD | 800 | 815 | |||||
Government of Canada | ||||||||
5.750%, 06/01/33 | 1,300 | 1,733 | ||||||
5.000%, 06/01/14 | 3,600 | 4,013 | ||||||
5.000%, 06/01/37 | 1,300 | 1,606 | ||||||
4.500%, 06/01/15 | 2,075 | 2,299 | ||||||
3.750%, 06/01/12 | 1,510 | 1,593 | ||||||
3.500%, 06/01/20 | 1,475 | 1,533 | ||||||
3.250%, 06/01/21 | 2,000 | 2,022 | ||||||
2.000%, 12/01/14 | 1,500 | 1,520 | ||||||
Nexen | ||||||||
6.200%, 07/30/19 | 275 | 304 | ||||||
Province of Quebec Canada | ||||||||
4.250%, 02/27/13 | EUR | 450 | 658 | |||||
Royal Bank of Canada MTN | ||||||||
4.625%, 01/22/18 | EUR | 252 | 377 | |||||
Toronto-Dominion Bank | ||||||||
2.200%, 07/29/15 (A) | USD | 540 | 534 | |||||
Xstrata Finance Canada MTN | ||||||||
5.250%, 06/13/17 | 150 | 223 | ||||||
YPG Holdings MTN | ||||||||
5.250%, 02/15/16 | 179 | 180 | ||||||
20,807 | ||||||||
Chile — 0.1% | ||||||||
Nacional del Cobre de Chile | ||||||||
6.150%, 10/24/36 (A) | USD | 640 | 702 | |||||
Colombia — 0.1% | ||||||||
Ecopetrol | ||||||||
7.625%, 07/23/19 (A) | USD | 237 | 273 | |||||
Republic of Colombia | ||||||||
7.750%, 04/14/21 | 707,000 | 408 | ||||||
681 | ||||||||
Czech Republic — 0.1% | ||||||||
Government of Czech Republic, Ser 51 | ||||||||
4.000%, 04/11/17 | 5,450 | 323 | ||||||
Denmark — 0.9% | ||||||||
Danske Bank MTN | ||||||||
4.875%, 06/11/13 | EUR | 150 | 223 | |||||
4.125%, 11/26/19 | EUR | 290 | 414 | |||||
FIH Erhvervsbank | ||||||||
2.000%, 06/12/13 (A) | USD | 625 | 635 | |||||
Kingdom of Denmark | ||||||||
4.500%, 11/15/39 | 1,300 | 278 | ||||||
4.000%, 11/15/19 | 4,425 | 878 | ||||||
4.000%, 11/15/12 | 5,416 | 1,073 | ||||||
3.125%, 03/17/14 | EUR | 500 | 724 |
1 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
TDC MTN | ||||||||
4.375%, 02/23/18 | 200 | $ | 283 | |||||
4,508 | ||||||||
Finland — 0.2% | ||||||||
Government of Finland | ||||||||
4.375%, 07/04/19 | 225 | 339 | ||||||
3.875%, 09/15/17 | 350 | 516 | ||||||
855 | ||||||||
France — 9.4% | ||||||||
Alstom | ||||||||
3.625%, 10/05/18 | 400 | 529 | ||||||
Arkema | ||||||||
4.000%, 10/25/17 | 200 | 274 | ||||||
AXA MTN | ||||||||
5.250%, 04/16/40 (B) | 600 | 768 | ||||||
4.500%, 01/23/15 | 100 | 146 | ||||||
Banque PSA Finance MTN | ||||||||
3.875%, 01/14/15 | 200 | 280 | ||||||
BNP Paribas | ||||||||
5.019%, 04/29/49 (B) | 1,150 | 1,469 | ||||||
BPCE MTN | ||||||||
6.117%, 10/29/49 (B) | 100 | 126 | ||||||
Caisse d’Amortissement de la Dette Sociale MTN | ||||||||
4.500%, 09/04/13 | 2,600 | 3,877 | ||||||
Caisse Refinancement de l’Habitat | ||||||||
4.250%, 10/25/14 | 332 | 488 | ||||||
Cie de Financement Foncier | ||||||||
4.625%, 09/23/17 | 515 | 757 | ||||||
4.500%, 01/09/13 | 290 | 426 | ||||||
2.500%, 09/16/15 (A) | 800 | 775 | ||||||
Cie de Saint-Gobain MTN | ||||||||
6.000%, 05/20/13 | 50 | 75 | ||||||
Compagnie De St Gobain MTN | ||||||||
1.247%, 04/11/12 (B) | 350 | 493 | ||||||
Credit Agricole | ||||||||
7.875%, 10/29/49 (B) | 150 | 220 | ||||||
Credit Agricole Covered Bonds MTN | ||||||||
3.500%, 07/21/14 | 200 | 287 | ||||||
Credit Logement | ||||||||
4.604%, 03/29/49 (B)(C) | 350 | 412 | ||||||
1.479%, 12/15/49 (B)(C) | 150 | 177 | ||||||
Dexia Credit Local | ||||||||
2.375%, 09/23/11 (A) | 500 | 504 | ||||||
EDF | ||||||||
6.500%, 01/26/19 (A) | 250 | 287 | ||||||
4.000%, 11/12/25 | 150 | 194 | ||||||
Government of France | ||||||||
5.000%, 10/25/16 | 910 | 1,418 | ||||||
4.750%, 04/25/35 | 2,135 | 3,284 | ||||||
4.500%, 04/25/41 | 950 | 1,414 | ||||||
3.750%, 04/25/21 | 2,300 | 3,266 | ||||||
3.500%, 04/25/20 | 1,165 | 1,636 | ||||||
3.000%, 10/25/15 | 4,350 | 6,218 | ||||||
2.500%, 10/25/20 | 5,200 | 6,663 | ||||||
HSBC France MTN | ||||||||
4.875%, 01/15/14 | 250 | 370 |
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Lafarge | ||||||||
8.750%, 05/30/17 | GBP | 250 | $ | 470 | ||||
6.150%, 07/15/11 | 475 | 482 | ||||||
Legrand | ||||||||
4.375%, 03/21/18 | 400 | 565 | ||||||
RCI Banque MTN | ||||||||
4.375%, 01/27/15 | 170 | 242 | ||||||
Safran | ||||||||
4.000%, 11/26/14 | 250 | 353 | ||||||
Societe Financement del’Economie Francaise | ||||||||
3.375%, 05/05/14 (A) | 905 | 950 | ||||||
2.125%, 01/30/12 (A) | 2,430 | 2,463 | ||||||
Societe Generale | ||||||||
8.875%, 06/29/49 (B) | 200 | 328 | ||||||
7.756%, 05/22/13 (B) | 300 | 430 | ||||||
1.273%, 06/07/17 (B) | 200 | 270 | ||||||
0.499%, 10/20/16 (B) | 150 | 146 | ||||||
Societe Generale Societe de Credit Fonciere MTN | ||||||||
4.000%, 07/07/16 | 650 | 941 | ||||||
Vivendi MTN | ||||||||
7.750%, 01/23/14 | 250 | 396 | ||||||
44,869 | ||||||||
Germany — 12.3% | ||||||||
Allianz Finance II | ||||||||
6.125%, 05/31/22 (B) | 1,000 | 1,450 | ||||||
Bayerische Landesbank MTN | ||||||||
4.500%, 02/07/19 (B) | 350 | 413 | ||||||
2.750%, 01/23/12 | 750 | 1,073 | ||||||
Bundesobligation, Ser 159 | ||||||||
2.000%, 02/26/16 | 235 | 323 | ||||||
Bundesrepublik Deutschland | ||||||||
3.000%, 07/04/20 | 2,075 | 2,869 | ||||||
2.500%, 01/04/21 | 1,412 | 1,863 | ||||||
Bundesrepublik Deutschland, Ser 00 | ||||||||
5.500%, 01/04/31 | 100 | 173 | ||||||
Bundesrepublik Deutschland, Ser 02 | ||||||||
5.000%, 01/04/12 | 25 | 36 | ||||||
Bundesrepublik Deutschland, Ser 03 | ||||||||
4.750%, 07/04/34 | 800 | 1,280 | ||||||
3.750%, 07/04/13 | 785 | 1,160 | ||||||
Bundesrepublik Deutschland, Ser 04 | ||||||||
3.750%, 01/04/15 | 3,025 | 4,508 | ||||||
Bundesrepublik Deutschland, Ser 05 | ||||||||
3.500%, 01/04/16 | 3,850 | 5,675 | ||||||
Bundesrepublik Deutschland, Ser 06 | ||||||||
3.750%, 01/04/17 | 2,030 | 3,017 | ||||||
Bundesrepublik Deutschland, Ser 07 | ||||||||
4.250%, 07/04/39 | 100 | 152 | ||||||
Bundesrepublik Deutschland, Ser 08 | ||||||||
4.750%, 07/04/40 | 1,305 | 2,147 | ||||||
4.250%, 07/04/18 | 125 | 191 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 2 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund
March 31, 2011
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Bundesrepublik Deutschland, | ||||||||
3.250%, 01/04/20 | 430 | $ | 609 | |||||
Bundesschatzanweisungen | ||||||||
1.500%, 06/10/11 | 5,750 | 8,171 | ||||||
1.000%, 12/14/12 | 7,950 | 11,153 | ||||||
Commerzbank | ||||||||
2.750%, 01/13/12 | 325 | 465 | ||||||
Conti-Gummi Finance | ||||||||
6.500%, 01/15/16 | 80 | 117 | ||||||
Daimler MTN | ||||||||
3.000%, 07/19/13 | 133 | 190 | ||||||
Deutsche Postbank MTN | ||||||||
3.750%, 02/12/14 | 800 | 1,169 | ||||||
Deutsche Telekom International | ||||||||
Finance MTN | ||||||||
6.500%, 04/08/22 | GBP | 190 | 334 | |||||
Dexia Kommunalbank | ||||||||
Deutschland MTN | ||||||||
3.500%, 06/05/14 | 390 | 562 | ||||||
E.ON International Finance | ||||||||
5.800%, 04/30/18 (A) USD | 650 | 723 | ||||||
HSH Nordbank MTN | ||||||||
2.750%, 01/20/12 | 1,075 | 1,539 | ||||||
K+S | ||||||||
5.000%, 09/24/14 | 350 | 524 | ||||||
Kreditanstalt fuer Wiederaufbau | ||||||||
5.375%, 01/29/14 | GBP | 450 | 781 | |||||
4.375%, 10/11/13 | 1,050 | 1,562 | ||||||
3.875%, 01/21/19 | 1,075 | 1,554 | ||||||
3.375%, 08/30/17 | CHF | 370 | 445 | |||||
Landesbank Berlin MTN | ||||||||
5.875%, 11/25/19 | 300 | 412 | ||||||
Linde Finance | ||||||||
7.375%, 07/14/66 (B) | 300 | 468 | ||||||
Munich | ||||||||
7.625%, 06/21/28 | 285 | 506 | ||||||
RWE Finance MTN | ||||||||
5.000%, 02/10/15 | 500 | 750 | ||||||
Siemens Financieringsmat MTN | ||||||||
5.125%, 02/20/17 | 250 | 381 | ||||||
Volkswagen MTN | ||||||||
5.625%, 02/09/12 | 150 | 219 | ||||||
58,964 | ||||||||
Hong Kong — 0.1% | ||||||||
Hutchison Whampoa International | ||||||||
7.625%, 04/09/19 | 255 | 305 | ||||||
Hungary — 0.1% | ||||||||
Republic of Hungary | ||||||||
6.375%, 03/29/21 | 650 | 651 | ||||||
Ireland — 0.6% | ||||||||
Ardagh Glass Finance | ||||||||
7.125%, 06/15/17 | 125 | 171 | ||||||
Ardagh Glass Group | ||||||||
10.750%, 03/01/15 | 306 | 443 |
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Bank of Ireland MTN | ||||||||
4.625%, 04/08/13 | 400 | $ | 468 | |||||
CRH Finance MTN | ||||||||
7.375%, 05/28/14 | 280 | 437 | ||||||
Freshwater Finance for LCH | ||||||||
Clearnet | ||||||||
6.576%, 05/18/17 (B) | 150 | 166 | ||||||
Iberdrola Finance Ireland | ||||||||
5.000%, 09/11/19 (A) | 240 | 234 | ||||||
UT2 Funding | ||||||||
5.321%, 06/30/16 (C) | 390 | 523 | ||||||
WPP MTN | ||||||||
6.625%, 05/12/16 | 225 | 355 | ||||||
2,797 | ||||||||
Italy — 5.0% | ||||||||
Enel Finance International | ||||||||
5.125%, 10/07/19 (A) | USD | 150 | 151 | |||||
3.875%, 10/07/14 (A) | USD | 350 | 362 | |||||
Fiat Industrial Finance | ||||||||
6.250%, 03/09/18 | 250 | 352 | ||||||
Intesa Sanpaolo MTN | ||||||||
6.375%, 11/12/17 (B) GBP | 300 | 469 | ||||||
4.375%, 08/16/16 | 730 | 1,030 | ||||||
3.750%, 11/23/16 | 400 | 545 | ||||||
Italy Buoni Poliennali Del Tesoro | ||||||||
6.500%, 11/01/27 | 500 | 791 | ||||||
5.000%, 09/01/40 | 1,375 | 1,784 | ||||||
4.750%, 09/01/21 | 5,075 | 7,133 | ||||||
4.500%, 03/01/19 | 400 | 568 | ||||||
4.250%, 10/15/12 | 585 | 853 | ||||||
4.250%, 02/01/15 | 1,750 | 2,537 | ||||||
4.250%, 09/01/19 | 735 | 1,022 | ||||||
4.000%, 09/01/20 | 1,430 | 1,924 | ||||||
3.750%, 03/01/21 | 600 | 784 | ||||||
3.500%, 06/01/14 | 1,100 | 1,565 | ||||||
Pirelli & C SpA | ||||||||
5.125%, 02/22/16 | 500 | 713 | ||||||
Telecom Italia Capital | ||||||||
6.175%, 06/18/14 | USD | 300 | 322 | |||||
UniCredit MTN | ||||||||
6.375%, 10/16/18 (B) | 100 | 153 | ||||||
Unicredito Italiano MTN | ||||||||
4.500%, 09/22/19 | 400 | 547 | ||||||
Unione di Banche Italiane SCPA | ||||||||
MTN | ||||||||
4.500%, 02/22/16 | 200 | 281 | ||||||
23,886 | ||||||||
Japan — 18.2% | ||||||||
eAccess | ||||||||
8.250%, 04/01/18 (D) | 116 | 118 | ||||||
Government of Japan 5 Year Bond, Ser 70 | ||||||||
0.800%, 03/20/13 | 397,000 | 4,846 | ||||||
Government of Japan 5 Year Bond, Ser 79 | ||||||||
0.700%, 12/20/13 | 51,300 | 626 | ||||||
Government of Japan 10 Year Bond, Ser 275 | ||||||||
1.400%, 12/20/15 | 626,600 | 7,888 |
3 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Government of Japan 10 Year Bond, Ser 284 | ||||||||
1.700%, 12/20/16 | 250,000 | $ | 3,203 | |||||
Government of Japan 10 Year Bond, Ser 286 | ||||||||
1.800%, 06/20/17 | 96,450 | 1,244 | ||||||
Government of Japan 10 Year Bond, Ser 288 | ||||||||
1.700%, 09/20/17 | 1,182,950 | 15,165 | ||||||
Government of Japan 10 Year Bond, Ser 298 | ||||||||
1.300%, 12/20/18 | 565,250 | 7,018 | ||||||
Government of Japan 10 Year Bond, Ser 301 | ||||||||
1.500%, 06/20/19 | 235,300 | 2,953 | ||||||
Government of Japan 10 Year Bond, Ser 308 | ||||||||
1.300%, 06/20/20 | 1,109,650 | 13,575 | ||||||
Government of Japan 20 Year Bond, Ser 48 | ||||||||
2.500%, 12/21/20 | 614,450 | 8,273 | ||||||
Government of Japan 20 Year Bond, Ser 99 | ||||||||
2.100%, 12/20/27 | 558,950 | 6,948 | ||||||
Government of Japan 20 Year Bond, Ser 109 | ||||||||
1.900%, 03/20/29 | 39,000 | 465 | ||||||
Government of Japan 20 Year Bond, Ser 112 | ||||||||
2.100%, 06/20/29 | 770,000 | 9,466 | ||||||
Government of Japan 30 Year Bond, Ser 29 | ||||||||
2.400%, 09/20/38 | 103,250 | 1,307 | ||||||
Government of Japan 30 Year Bond, Ser 30 | ||||||||
2.300%, 03/20/39 | 145,200 | 1,801 | ||||||
Government of Japan 30 Year Bond, Ser 33 | ||||||||
2.000%, 09/20/40 | 117,000 | 1,357 | ||||||
ORIX | ||||||||
4.710%, 04/27/15 | USD | 326 | 331 | |||||
SMFG Preferred Capital GBP 2 | ||||||||
10.231%, 01/25/29 (B) | 150 | 280 | ||||||
Sumitomo Mitsui Banking | ||||||||
4.000%, 11/09/20 | 150 | 190 | ||||||
87,054 | ||||||||
Malaysia — 0.2% | ||||||||
Malaysia Government Bond | ||||||||
5.734%, 07/30/19 | 900 | 333 | ||||||
Petronas Capital | ||||||||
5.250%, 08/12/19 (A) | USD | 410 | 436 | |||||
769 | ||||||||
Mexico — 0.6% | ||||||||
Mexican Bonos, Ser M10 | ||||||||
7.750%, 12/14/17 | 7,275 | 631 | ||||||
Mexican Bonos, Ser MI10 | ||||||||
9.500%, 12/18/14 | 16,335 | 1,502 | ||||||
9.000%, 12/20/12 | 10,000 | 888 | ||||||
3,021 | ||||||||
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Netherlands — 4.3% | ||||||||
ABN Amro Bank MTN | ||||||||
3.750%, 07/15/14 | 750 | $ | 1,085 | |||||
0.489%, 01/17/17 (B) | USD | 950 | 836 | |||||
Aegon | ||||||||
4.750%, 06/01/13 | USD | 250 | 263 | |||||
Boats Investments MTN | ||||||||
11.000%, 03/31/17 | 346 | 476 | ||||||
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA MTN | ||||||||
4.125%, 01/12/21 | 230 | 317 | ||||||
Government of Netherlands | ||||||||
4.500%, 07/15/17 | 1,500 | 2,290 | ||||||
4.000%, 07/15/18 | 1,355 | 2,007 | ||||||
4.000%, 07/15/16 | 1,700 | 2,538 | ||||||
4.000%, 01/15/37 | 200 | 287 | ||||||
3.500%, 07/15/20 | 360 | 509 | ||||||
3.250%, 07/15/15 | 520 | 756 | ||||||
ING Bank MTN | ||||||||
4.750%, 05/27/19 | 800 | 1,187 | ||||||
3.000%, 09/30/14 | 125 | 176 | ||||||
0.488%, 05/23/16 (B) | USD | 450 | 418 | |||||
ING Groep MTN | ||||||||
4.750%, 05/31/17 | 500 | 716 | ||||||
ING Verzekeringen | ||||||||
6.250%, 06/21/21 (B) | 1,310 | 1,799 | ||||||
Koninklijke KPN MTN | ||||||||
7.500%, 02/04/19 | 150 | 255 | ||||||
NIBC Bank MTN | ||||||||
3.500%, 04/07/14 | 650 | 942 | ||||||
OI European Group BV | ||||||||
6.875%, 03/31/17 | 150 | 218 | ||||||
Rabobank Nederland | ||||||||
5.875%, 05/20/19 | 300 | 451 | ||||||
4.125%, 04/04/12 | 1,250 | 1,815 | ||||||
4.125%, 07/14/25 | 375 | 493 | ||||||
UPCB Finance | ||||||||
7.625%, 01/15/20 | 250 | 365 | ||||||
Ziggo Bond | ||||||||
8.000%, 05/15/18 | 130 | 191 | ||||||
20,390 | ||||||||
New Zealand — 0.4% | ||||||||
Government of New Zealand | ||||||||
6.000%, 12/15/17 | 2,250 | 1,795 | ||||||
Norway — 0.6% | ||||||||
DnB Bank MTN | ||||||||
4.500%, 05/29/14 | EUR | 275 | 405 | |||||
1.288%, 05/30/17 (B) | EUR | 425 | 592 | |||||
DnB Boligkreditt | ||||||||
2.750%, 04/20/15 | EUR | 625 | 872 | |||||
Government of Norway | ||||||||
4.500%, 05/22/19 | 1,150 | 219 | ||||||
MPU Offshore Lift | ||||||||
11.285%, 12/22/11 (C)(E) | 1,445 | 5 | ||||||
Sevan Drilling | ||||||||
7.670%, 12/07/12 (B) | 2,000 | 374 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 4 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund
March 31, 2011
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Yara International | ||||||||
7.875%, 06/11/19 | 410 | $ | 496 | |||||
2,963 | ||||||||
Poland — 0.3% | ||||||||
Republic of Poland | ||||||||
6.375%, 07/15/19 | USD | 130 | 145 | |||||
4.000%, 03/23/21 | 950 | 1,238 | ||||||
1,383 | ||||||||
Portugal — 0.1% | ||||||||
EDP Finance | ||||||||
5.375%, 11/02/12 (A) | USD | 425 | 434 | |||||
Russia — 0.7% | ||||||||
Gazprom OAO Via Gaz Capital MTN | ||||||||
5.364%, 10/31/14 | 200 | 298 | ||||||
Gazprom MTN | ||||||||
9.625%, 03/01/13 | USD | 470 | 534 | |||||
6.580%, 10/31/13 | GBP | 150 | 255 | |||||
6.212%, 11/22/16 (A) | USD | 230 | 252 | |||||
Novatek Finance | ||||||||
5.326%, 02/03/16 | 230 | 237 | ||||||
RSHB Capital for Russian Agricultural Bank | ||||||||
7.750%, 05/29/18 (A) | USD | 715 | 800 | |||||
Steel Capital (Severstal) | ||||||||
9.750%, 07/29/13 (A)(C) | USD | 285 | 322 | |||||
TransCapit (Transneft) Registered | ||||||||
7.700%, 08/07/13 | USD | 539 | 604 | |||||
Vimpel Communications Via VIP Finance Ireland | ||||||||
6.493%, 02/02/16 (A) | 230 | 238 | ||||||
3,540 | ||||||||
Singapore — 0.9% | ||||||||
DBS Bank | ||||||||
0.504%, 05/16/17 (A)(B) | USD | 525 | 517 | |||||
Government of Singapore | ||||||||
4.000%, 09/01/18 | 2,320 | 2,084 | ||||||
3.500%, 03/01/27 | 650 | 545 | ||||||
Optus Finance Pty MTN | ||||||||
3.500%, 09/15/20 | EUR | 200 | 264 | |||||
Singapore Treasury Bill | ||||||||
0.257%, 04/28/11 (F) | 1,000 | 793 | ||||||
4,203 | ||||||||
South Africa — 0.6% | ||||||||
Foodcorp Registered | ||||||||
8.875%, 06/15/12 | EUR | 150 | 218 | |||||
Republic of South Africa, | ||||||||
8.250%, 09/15/17 | 17,330 | 2,537 | ||||||
2,755 | ||||||||
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Spain — 2.4% | ||||||||
Banco Bilbao Vizcaya Argentaria | ||||||||
4.250%, 03/30/15 | 800 | $ | 1,130 | |||||
4.125%, 01/13/14 | 300 | 429 | ||||||
Banco Santander | ||||||||
4.625%, 01/20/16 | 300 | 427 | ||||||
Fondo de Amortizacion del Deficit Electrico | ||||||||
5.000%, 06/17/15 | 300 | 429 | ||||||
Government of Spain | ||||||||
5.500%, 04/30/21 | 2,400 | 3,465 | ||||||
4.750%, 07/30/14 | 925 | 1,356 | ||||||
4.700%, 07/30/41 | 665 | 772 | ||||||
4.600%, 07/30/19 | 155 | 213 | ||||||
4.200%, 01/31/37 | 370 | 402 | ||||||
4.000%, 04/30/20 | 580 | 761 | ||||||
3.300%, 10/31/14 | 475 | 663 | ||||||
Instituto de Credito Oficial | ||||||||
2.375%, 03/04/13 (A) | USD | 200 | 198 | |||||
Santander Issuances, | ||||||||
7.300%, 07/27/19 (B) | GBP | 400 | 652 | |||||
Telefonica Emisiones SAU MTN | ||||||||
4.750%, 02/07/17 | 100 | 143 | ||||||
4.375%, 02/02/16 | 375 | 534 | ||||||
11,574 | ||||||||
Supra-National — 1.2% | ||||||||
European Investment Bank MTN | ||||||||
3.500%, 04/15/16 | EUR | 1,975 | 2,851 | |||||
European Union MTN | ||||||||
3.250%, 04/04/18 | 850 | 1,190 | ||||||
Inter-American Development Bank | ||||||||
9.750%, 05/15/15 | GBP | 750 | 1,519 | |||||
5,560 | ||||||||
Sweden — 1.6% | ||||||||
Kingdom of Sweden, | ||||||||
6.750%, 05/05/14 | 11,435 | 2,022 | ||||||
Kingdom of Sweden, | ||||||||
4.500%, 08/12/15 | 5,050 | 849 | ||||||
Kingdom of Sweden, | ||||||||
4.250%, 03/12/19 | 2,000 | 338 | ||||||
Kommuninvest I Sverige MTN | ||||||||
2.750%, 08/12/15 | 5,300 | 812 | ||||||
Nordea Bank MTN | ||||||||
4.500%, 05/12/14 | EUR | 100 | 147 | |||||
0.502%, 06/09/16 (B) | USD | 500 | 497 | |||||
Stadshypotek MTN | ||||||||
3.750%, 12/12/13 | EUR | 400 | 582 | |||||
Svenska Handelsbanken MTN | ||||||||
3.625%, 02/16/16 | 400 | 561 | ||||||
1.209%, 10/19/17 (B) | EUR | 800 | 1,111 | |||||
Swedbank MTN | ||||||||
7.375%, 06/26/18 (B) | EUR | 150 | 224 | |||||
3.125%, 03/04/13 | EUR | 128 | 182 | |||||
Volvo Treasury | ||||||||
5.950%, 04/01/15 | 145 | 159 | ||||||
7,484 | ||||||||
5 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Switzerland — 1.2% | ||||||||
Credit Suisse NY MTN | ||||||||
5.300%, 08/13/19 | 150 | $ | 158 | |||||
Credit Suisse MTN | ||||||||
6.125%, 05/16/14 | EUR | 350 | 535 | |||||
4.750%, 08/05/19 | EUR | 400 | 576 | |||||
2.875%, 09/24/15 | EUR | 220 | 302 | |||||
Glencore Finance Europe MTN | ||||||||
7.125%, 04/23/15 | EUR | 300 | 469 | |||||
5.250%, 03/22/17 | EUR | 300 | 431 | |||||
Holcim US Finance Sarl & Cie SCS | ||||||||
6.000%, 12/30/19 (A) | USD | 25 | 26 | |||||
Novartis Finance MTN | ||||||||
4.250%, 06/15/16 | EUR | 375 | 552 | |||||
Sunrise Communications International MTN | ||||||||
7.000%, 12/31/17 (A) | 130 | 192 | ||||||
Switzerland Government Bond | ||||||||
2.000%, 04/28/21 | 820 | 900 | ||||||
UBS MTN | ||||||||
6.625%, 04/11/18 | GBP | 150 | 266 | |||||
6.250%, 09/03/13 | EUR | 200 | 303 | |||||
5.875%, 12/20/17 | USD | 575 | 628 | |||||
5.625%, 05/19/14 | EUR | 200 | 302 | |||||
5,640 | ||||||||
United Kingdom — 11.8% | ||||||||
3i Group MTN | ||||||||
5.625%, 03/17/17 | EUR | 150 | 211 | |||||
1.228%, 06/08/12 (B) | EUR | 350 | 486 | |||||
Abbey National Treasury Services MTN | ||||||||
4.250%, 04/12/21 | EUR | 350 | 463 | |||||
Anglian Water Services Financing, Ser A5 MTN | ||||||||
6.293%, 07/30/30 | 500 | 887 | ||||||
Aviva MTN | ||||||||
0.631%, 06/19/17 (B) | USD | 475 | 447 | |||||
BAA Funding Ltd MTN | ||||||||
4.125%, 10/12/16 | 200 | 277 | ||||||
Bank of Scotland MTN | ||||||||
4.750%, 06/08/22 | EUR | 650 | 899 | |||||
Barclays Bank MTN | ||||||||
6.750%, 05/22/19 | USD | 225 | 254 | |||||
6.750%, 01/16/23 (B) | 350 | 572 | ||||||
5.125%, 01/08/20 | 150 | 153 | ||||||
5.000%, 09/22/16 | USD | 375 | 398 | |||||
4.500%, 03/04/19 (B) | EUR | 125 | 173 | |||||
Barclays Bank, Ser E MTN | ||||||||
4.875%, 12/29/49 (B) | EUR | 200 | 243 | |||||
BAT International Finance MTN | ||||||||
7.250%, 03/12/24 | 250 | 459 | ||||||
5.375%, 06/29/17 | EUR | 425 | 645 | |||||
Bishopsgate Asset Finance | ||||||||
4.808%, 08/14/44 | 200 | 255 | ||||||
British American Tobacco Holdings MTN | ||||||||
4.000%, 07/07/20 | 100 | 137 |
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
British Telecommunications | ||||||||
8.750%, 12/07/16 | 165 | $ | 314 | |||||
5.750%, 12/07/28 | 236 | 363 | ||||||
5.750%, 12/07/28 | 175 | 269 | ||||||
Daily Mail & General Trust | ||||||||
5.750%, 12/07/18 | 350 | 550 | ||||||
EDF Energy Networks EPN MTN | ||||||||
6.000%, 11/12/36 | 160 | 271 | ||||||
ENW Finance MTN | ||||||||
6.125%, 07/21/21 | 350 | 603 | ||||||
Experian Finance MTN | ||||||||
4.750%, 11/23/18 | 300 | 483 | ||||||
FCE Bank | ||||||||
5.125%, 11/16/15 | 250 | 391 | ||||||
First Hydro Finance | ||||||||
9.000%, 07/31/21 | 220 | 420 | ||||||
HSBC Bank | ||||||||
3.500%, 06/28/15 (A) | USD | 120 | 122 | |||||
HSBC Holdings MTN | ||||||||
9.875%, 04/08/18 (B) | 80 | 142 | ||||||
6.500%, 05/20/24 | 250 | 436 | ||||||
0.503%, 10/06/16 (B) | USD | 625 | 617 | |||||
Imperial Tobacco Finance MTN | ||||||||
8.375%, 02/17/16 | EUR | 450 | 757 | |||||
7.750%, 06/24/19 | 600 | 1,122 | ||||||
7.250%, 09/15/14 | EUR | 150 | 237 | |||||
Intercontinental Hotels Group MTN | ||||||||
6.000%, 12/09/16 | 150 | 248 | ||||||
Legal & General Group MTN | ||||||||
4.000%, 06/08/25 (B) | EUR | 200 | 265 | |||||
Lloyds TSB Bank MTN | ||||||||
6.375%, 01/21/21 | 110 | 115 | ||||||
6.375%, 04/15/14 | 725 | 1,233 | ||||||
6.250%, 04/15/14 | EUR | 150 | 224 | |||||
4.875%, 01/21/16 | 110 | 113 | ||||||
Marks & Spencer MTN | ||||||||
6.125%, 12/02/19 | 100 | 166 | ||||||
Motability Operations Group MTN | ||||||||
3.750%, 11/29/17 | 300 | 417 | ||||||
National Westminster Bank | ||||||||
6.500%, 09/07/21 | 220 | 326 | ||||||
Northern Rock | ||||||||
5.625%, 06/22/17 (A) | USD | 1,750 | 1,775 | |||||
Northumbrian Water Finance | ||||||||
6.000%, 10/11/17 | 500 | 876 | ||||||
Old Mutual MTN | ||||||||
7.125%, 10/19/16 | 250 | 434 | ||||||
4.500%, 01/18/17 (B)(C) | EUR | 600 | 823 | |||||
Rexam MTN | ||||||||
4.375%, 03/15/13 | EUR | 170 | 246 | |||||
Rolls-Royce | ||||||||
6.750%, 04/30/19 | 100 | 183 | ||||||
Royal Bank of Scotland | ||||||||
6.934%, 04/09/18 | EUR | 300 | 417 | |||||
6.125%, 01/11/21 | 310 | 319 | ||||||
5.750%, 05/21/14 | 350 | 520 | ||||||
5.750%, 05/21/14 | EUR | 250 | 372 | |||||
Scottish & Southern Energy MTN | ||||||||
5.750%, 02/05/14 | 245 | 420 | ||||||
Severn Trent Utilities Finance | ||||||||
6.250%, 06/07/29 | 350 | 615 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 6 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund
March 31, 2011
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Standard Chartered Bank MTN | ||||||||
6.400%, 09/26/17 (A) | USD | 175 | $ | 189 | ||||
6.400%, 09/26/17 | USD | 250 | 270 | |||||
5.875%, 09/26/17 | EUR | 250 | 367 | |||||
Tesco | ||||||||
6.052%, 10/13/39 | 346 | 581 | ||||||
Thames Water Utilities Cayman Finance MTN | ||||||||
6.125%, 02/04/13 | EUR | 200 | 299 | |||||
United Kingdom Gilt | ||||||||
4.500%, 03/07/13 | 600 | 1,019 | ||||||
3.750%, 09/07/20 | 2,500 | 4,027 | ||||||
United Kingdom Gilt Inflation Linked | ||||||||
2.500%, 08/16/13 | 500 | 2,266 | ||||||
United Kingdom Treasury | ||||||||
5.000%, 03/07/25 | 400 | 704 | ||||||
4.750%, 12/07/30 | 800 | 1,357 | ||||||
4.750%, 03/07/20 | 325 | 567 | ||||||
4.750%, 12/07/38 | 1,840 | 3,144 | ||||||
4.500%, 03/07/19 | 900 | 1,549 | ||||||
4.500%, 12/07/42 | 335 | 553 | ||||||
4.250%, 03/07/36 | 375 | 591 | ||||||
4.250%, 12/07/49 | 85 | 135 | ||||||
4.250%, 06/07/32 | 1,335 | 2,116 | ||||||
4.250%, 09/07/39 | 1,300 | 2,052 | ||||||
4.000%, 09/07/16 | 1,550 | 2,639 | ||||||
4.000%, 03/07/22 | 175 | 284 | ||||||
2.750%, 01/22/15 | 1,220 | 1,990 | ||||||
2.250%, 03/07/14 | 370 | 600 | ||||||
2.000%, 01/22/16 | 2,270 | 3,535 | ||||||
United Kingdom Treasury, Ser 2002- | ||||||||
5.000%, 09/07/14 | 240 | 422 | ||||||
Virgin Media Secured Finance | ||||||||
7.000%, 01/15/18 | 100 | 173 | ||||||
Wales & West Utilities Finance MTN | ||||||||
6.750%, 12/17/36 (B) | 200 | 342 | ||||||
Western Power Distribution South West | ||||||||
5.750%, 03/23/40 | 200 | 318 | ||||||
Yorkshire Power Finance | ||||||||
7.250%, 08/04/28 | 208 | 388 | ||||||
Yorkshire Water Services Bradford Finance | ||||||||
6.375%, 08/19/39 | 100 | 181 | ||||||
56,821 | ||||||||
United States — 6.6% | ||||||||
AES | ||||||||
7.750%, 10/15/15 | 55 | 59 | ||||||
Altria Group | ||||||||
9.250%, 08/06/19 | 550 | 718 | ||||||
American Express Credit MTN | ||||||||
5.375%, 10/01/14 | GBP | 100 | 168 | |||||
American Honda Finance | ||||||||
6.250%, 07/16/13 | 250 | 379 | ||||||
American International Group | ||||||||
8.175%, 05/15/58 (B) | 365 | 393 | ||||||
6.250%, 03/15/37 | 100 | 92 |
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
AT&T | ||||||||
5.875%, 04/28/17 | GBP | 200 | $ | 347 | ||||
BA Covered Bond Issuer MTN | ||||||||
4.125%, 04/05/12 | EUR | 3,100 | 4,459 | |||||
Bank of America MTN | ||||||||
5.750%, 12/01/17 | 100 | 105 | ||||||
5.650%, 05/01/18 | 350 | 366 | ||||||
4.750%, 05/06/19 (B) | EUR | 250 | 334 | |||||
Cablevision Systems, Ser B | ||||||||
8.000%, 04/15/12 | 235 | 246 | ||||||
Cellco Partnership | ||||||||
3.750%, 05/20/11 | 650 | 653 | ||||||
Citigroup | ||||||||
5.500%, 04/11/13 | 500 | 535 | ||||||
4.250%, 02/25/30 (B) | EUR | 1,350 | 1,553 | |||||
Comcast Cable Communications Holdings | ||||||||
9.455%, 11/15/22 | 340 | 460 | ||||||
Computer Sciences | ||||||||
5.500%, 03/15/13 | 305 | 324 | ||||||
Countrywide Financial MTN | ||||||||
5.800%, 06/07/12 | 507 | 533 | ||||||
Duke Energy | ||||||||
6.300%, 02/01/14 | 375 | 418 | ||||||
Ford Motor | ||||||||
7.450%, 07/16/31 | 160 | 173 | ||||||
Gatwick Funding MTN | ||||||||
6.500%, 03/02/41 | 200 | 318 | ||||||
GE Capital UK Funding MTN | ||||||||
4.125%, 09/28/17 | GBP | 110 | 174 | |||||
General Electric Capital MTN | ||||||||
5.900%, 05/13/14 | 300 | 331 | ||||||
5.625%, 05/01/18 | 300 | 325 | ||||||
5.500%, 01/08/20 | 305 | 323 | ||||||
5.300%, 02/11/21 | 205 | 208 | ||||||
3.750%, 11/14/14 | 375 | 391 | ||||||
Genworth Financial | ||||||||
1.600%, 06/20/11 | JPY | 53,000 | 636 | |||||
Goldman Sachs Group | ||||||||
6.375%, 05/02/18 | EUR | 400 | 610 | |||||
6.250%, 02/01/41 | 225 | 224 | ||||||
1.383%, 02/04/13 (B) | EUR | 450 | 632 | |||||
Hartford Life Institutional Funding MTN | ||||||||
5.375%, 01/17/12 | GBP | 200 | 324 | |||||
Hertz | ||||||||
8.875%, 01/01/14 | 81 | 83 | ||||||
HSBC Finance MTN | ||||||||
7.000%, 03/27/12 | GBP | 285 | 476 | |||||
Ingersoll-Rand Global Holding | ||||||||
9.500%, 04/15/14 | 213 | 256 | ||||||
International Paper | ||||||||
7.950%, 06/15/18 | 260 | 313 | ||||||
JPMorgan Chase | ||||||||
4.400%, 07/22/20 | 100 | 97 | ||||||
1.372%, 10/12/15 (B) | EUR | 350 | 466 | |||||
JPMorgan Chase Bank | ||||||||
4.625%, 05/31/17 (B) | EUR | 250 | 354 | |||||
Key Bank MTN | ||||||||
1.254%, 02/09/12 (B) | EUR | 570 | 783 | |||||
1.203%, 11/21/11 (B) | EUR | 50 | 70 |
7 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Kraft Foods | ||||||||
5.375%, 02/10/20 | 400 | $ | 422 | |||||
Merrill Lynch MTN | ||||||||
1.578%, 09/14/18 (B) | EUR | 375 | 450 | |||||
Metropolitan Life Global Funding I MTN | ||||||||
4.625%, 05/16/17 | EUR | 1,200 | 1,711 | |||||
Morgan Stanley MTN | ||||||||
5.625%, 09/23/19 | 150 | 153 | ||||||
5.375%, 08/10/20 | EUR | 350 | 484 | |||||
3.750%, 03/01/13 | EUR | 1,000 | 1,429 | |||||
Nabors Industries | ||||||||
9.250%, 01/15/19 | 275 | 347 | ||||||
News America | ||||||||
6.900%, 03/01/19 | 300 | 350 | ||||||
Noble Holding International | ||||||||
4.900%, 08/01/20 | 25 | 25 | ||||||
Owens Corning | ||||||||
6.500%, 12/01/16 | 420 | 457 | ||||||
PNC Funding | ||||||||
5.125%, 02/08/20 | 300 | 316 | ||||||
Pregis | ||||||||
5.949%, 04/15/13 | 50 | 68 | ||||||
Qwest | ||||||||
7.625%, 06/15/15 | 260 | 299 | ||||||
Reynolds American | ||||||||
7.625%, 06/01/16 | 377 | 448 | ||||||
7.300%, 07/15/15 | 195 | 218 | ||||||
Ryder System | ||||||||
5.850%, 11/01/16 | 116 | 128 | ||||||
Tesoro | ||||||||
6.500%, 06/01/17 | 280 | 288 | ||||||
Toyota Motor Credit Corp | ||||||||
5.250%, 02/03/12 | 250 | 364 | ||||||
Tyco International Group | ||||||||
6.000%, 11/15/13 | 331 | 366 | ||||||
United Health Group | ||||||||
6.000%, 02/15/18 | 135 | 150 | ||||||
US Bank MTN | ||||||||
4.375%, 02/28/17 (B) | EUR | 900 | 1,261 | |||||
Weatherford International | ||||||||
9.625%, 03/01/19 | USD | 275 | 350 | |||||
Wellpoint | ||||||||
5.875%, 06/15/17 | 40 | 45 | ||||||
Western Union | ||||||||
5.930%, 10/01/16 | 475 | 528 | ||||||
Williams Partners | ||||||||
5.250%, 03/15/20 | 298 | 311 | ||||||
WM Covered Bond Program MTN | ||||||||
3.875%, 09/27/11 | EUR | 250 | 357 | |||||
Wyndham Worldwide | ||||||||
6.000%, 12/01/16 | 242 | 257 | ||||||
31,291 | ||||||||
Total Global Bonds | 418,537 | |||||||
MORTGAGE-BACKED SECURITIES — 3.8% |
| |||||||
Non-Agency Mortgage-Backed Obligation — 3.8% |
| |||||||
Arran Residential Mortgages Funding, Ser 2006-1X, Cl BC | ||||||||
1.135%, 04/12/56 (B)(C) | EUR | 432 | 613 |
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Banc of America Commercial Mortgage, Ser 2007-5, Cl A4 | ||||||||
5.492%, 02/10/51 | 1,200 | $ | 1,260 | |||||
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A | ||||||||
5.431%, 09/25/34 (B) | 282 | 279 | ||||||
Bear Stearns Commercial Mortgage, Ser 2004-PWR3, Cl A4 | ||||||||
4.715%, 02/11/41 | 380 | 399 | ||||||
Bear Stearns Commercial Mortgage, Ser 2004-PWR6, Cl A6 | ||||||||
4.825%, 11/11/41 | 575 | 607 | ||||||
Bear Stearns Commercial Mortgage, Ser 2006-PW11, Cl A4 | ||||||||
5.623%, 03/11/39 (B) | 600 | 652 | ||||||
Canary Wharf Finance, Ser II, Cl C2 | ||||||||
1.327%, 10/22/37 (B)(C) | 200 | 202 | ||||||
Citigroup Commercial Mortgage Trust, Ser 2007-C6, Cl A4 | ||||||||
5.698%, 12/10/49 (B) | 1,140 | 1,233 | ||||||
Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4 | ||||||||
6.099%, 12/10/49 (B) | 405 | 444 | ||||||
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4 | ||||||||
5.110%, 05/25/35 (B) | 1,263 | 1,204 | ||||||
Commercial Mortgage Asset Trust, Ser 1999-C1, Cl A3 | ||||||||
6.640%, 01/17/32 | 46 | 46 | ||||||
Credit Suisse Mortgage Capital Certificates, Ser 2006-C5, Cl A3 | ||||||||
5.311%, 12/15/39 | 1,215 | 1,276 | ||||||
DBUBS Mortgage Trust, Ser 2001- LC1A, Cl A3 | ||||||||
5.002%, 01/01/21 | 226 | 234 | ||||||
Eddystone Finance, Ser 2006-1, Cl A | ||||||||
0.983%, 04/19/21 | 150 | 219 | ||||||
Eddystone Finance, Ser 2006-1, Cl B | ||||||||
1.153%, 04/19/21 (B)(C) | 100 | 148 | ||||||
Gracechurch Mortgage Financing, Ser 2006-1, Cl C3 | ||||||||
1.348%, 11/20/56 (B)(C) | EUR | 350 | 490 | |||||
Gracechurch Mortgage Financing, Ser 2007-1X, Cl 3A2 | ||||||||
1.178%, 11/20/56 (B) | 1,670 | 2,343 | ||||||
Granite Master Issuer, Ser 2005-1, Cl A5 | ||||||||
1.063%, 12/20/54 (C) | EUR | 265 | 356 | |||||
Granite Master Issuer, Ser 2006-2, Cl A5 | ||||||||
0.983%, 10/15/54 (B)(C) | EUR | 523 | 702 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 8 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund
March 31, 2011
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
GSR Mortgage Loan Trust, | ||||||||
5.134%, 01/25/35 (B) | 359 | $ | 367 | |||||
Holmes Master Issuer, Ser 2009- 1, Cl A2 | ||||||||
2.439%, 10/15/54 (C) | 400 | 569 | ||||||
Immeo Residential Finance, Ser 2, Cl A | ||||||||
1.186%, 12/15/16 (B) | 344 | 452 | ||||||
JP Morgan Chase Commercial Mortgage Securities, Ser 2007- CB18, Cl A4 | ||||||||
5.440%, 06/12/47 | 880 | 928 | ||||||
JP Morgan Mortgage Trust, Ser 2004-A5, Cl 3A1 | ||||||||
5.309%, 12/25/34 (B) | 329 | 319 | ||||||
London and Regional Debt Securitisation, Ser 1, Cl A | ||||||||
0.978%, 10/15/14 (B)(C) | 150 | 224 | ||||||
Merrill Lynch Mortgage Trust, Ser 2005-LC1, Cl A4 | ||||||||
5.291%, 01/12/44 (B) | 420 | 452 | ||||||
Silverstone, Ser 2009-1, Cl A2 | ||||||||
2.226%, 01/21/55 | 300 | 483 | ||||||
Storm, Ser 2006-1, Cl A2 | ||||||||
1.126%, 04/22/48 (B) | 1,172 | 1,635 | ||||||
Talisman Finance, Ser 7, Cl H | ||||||||
3.266%, 04/22/17 (B) | 485 | 69 | ||||||
18,205 | ||||||||
Total Mortgage-Backed Securities | 18,205 | |||||||
CORPORATE OBLIGATIONS — 3.2% |
| |||||||
United States — 3.2% | ||||||||
AES | ||||||||
7.750%, 03/01/14 | 110 | 119 | ||||||
Alcoa | ||||||||
6.150%, 08/15/20 | 225 | 238 | ||||||
American Tower | ||||||||
5.050%, 09/01/20 | 315 | 306 | ||||||
Anadarko Petroleum | ||||||||
6.375%, 09/15/17 | 455 | 501 | ||||||
Bank of America | ||||||||
5.875%, 01/05/21 | 130 | 136 | ||||||
CBS | ||||||||
4.300%, 02/15/21 | 400 | 378 | ||||||
CCO Holdings | ||||||||
8.125%, 04/30/20 (A) | 90 | 98 | ||||||
CIGNA | ||||||||
5.125%, 06/15/20 | 154 | 161 | ||||||
Citigroup | ||||||||
4.750%, 05/19/15 | 240 | 252 | ||||||
CMS Energy | ||||||||
8.750%, 06/15/19 | 225 | 269 | ||||||
DIRECTV Holdings | ||||||||
6.000%, 08/15/40 | 150 | 144 | ||||||
4.600%, 02/15/21 | 300 | 292 | ||||||
Duke Realty | ||||||||
6.750%, 03/15/20 (G) | 140 | 156 |
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Embarq | ||||||||
7.082%, 06/01/16 | 448 | $ | 509 | |||||
Enterprise Products Operating | ||||||||
5.950%, 02/01/41 | 225 | 219 | ||||||
Equities | ||||||||
8.125%, 06/01/19 | 285 | 340 | ||||||
Ford Motor Credit | ||||||||
5.750%, 02/01/21 | 200 | 197 | ||||||
Fresenius Medical Care | ||||||||
5.750%, 02/15/21 | 150 | 145 | ||||||
Goldman Sachs Group | ||||||||
6.000%, 06/15/20 | 45 | 48 | ||||||
Hess | ||||||||
8.125%, 02/15/19 | 141 | 177 | ||||||
Humana | ||||||||
7.200%, 06/15/18 | 280 | 318 | ||||||
6.450%, 06/01/16 | 40 | 44 | ||||||
6.300%, 08/01/18 | 50 | 54 | ||||||
Huntington Ingalls Industries | ||||||||
7.125%, 03/15/21 (A) | 54 | 56 | ||||||
6.875%, 03/15/18 (A) | 54 | 56 | ||||||
Jefferies Group | ||||||||
6.875%, 04/15/21 | 154 | 164 | ||||||
Kinder Morgan Energy Partners | ||||||||
6.550%, 09/15/40 | 255 | 263 | ||||||
Lincoln National | ||||||||
8.750%, 07/01/19 | 128 | 162 | ||||||
Lorillard Tobacco | ||||||||
6.875%, 05/01/20 | 375 | 406 | ||||||
Lyondell Chemical | ||||||||
8.000%, 11/01/17 (A) | 135 | 149 | ||||||
McGraw-Hill | ||||||||
5.900%, 11/15/17 | 325 | 355 | ||||||
McKesson | ||||||||
5.250%, 03/01/13 | 440 | 471 | ||||||
Mirant Americas Generation | ||||||||
8.500%, 10/01/21 | 399 | 415 | ||||||
Mohawk Industries | ||||||||
6.625%, 01/15/16 | 375 | 402 | ||||||
Morgan Stanley | ||||||||
5.750%, 01/25/21 | 130 | 131 | ||||||
3.450%, 11/02/15 | 225 | 221 | ||||||
Motiva Enterprises | ||||||||
5.750%, 01/15/20 (A) | 400 | 437 | ||||||
Motorola | ||||||||
7.500%, 05/15/25 | 85 | 96 | ||||||
6.500%, 09/01/25 | 531 | 559 | ||||||
Nalco | ||||||||
6.625%, 01/15/19 (A) | 150 | 154 | ||||||
NBC Universal | ||||||||
5.150%, 04/30/20 (A) | 200 | 206 | ||||||
News America | ||||||||
4.500%, 02/15/21 (A) | 330 | 323 | ||||||
Nisource Finance | ||||||||
6.800%, 01/15/19 | 235 | 269 | ||||||
Nissan Motor | ||||||||
3.250%, 01/30/13 (A) | USD | 430 | 439 | |||||
NRG Energy | ||||||||
7.375%, 02/01/16 | 225 | 233 | ||||||
Principal Financial Group | ||||||||
7.875%, 05/15/14 | 290 | 335 |
9 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Ryder System | ||||||||
7.200%, 09/01/15 | 108 | $ | 125 | |||||
SLM MTN | ||||||||
5.050%, 11/14/14 | 600 | 606 | ||||||
Time Warner Cable | ||||||||
7.500%, 04/01/14 | 385 | 441 | ||||||
Union Electric | ||||||||
6.700%, 02/01/19 | 45 | 52 | ||||||
United States Steel | ||||||||
6.050%, 06/01/17 | 300 | 309 | ||||||
UnitedHealth Group | ||||||||
5.950%, 02/15/41 | 150 | 151 | ||||||
Valero Energy | ||||||||
9.375%, 03/15/19 | 345 | 441 | ||||||
Viacom | ||||||||
5.625%, 09/15/19 | 325 | 356 | ||||||
Wachovia Capital Trust III | ||||||||
5.570%, 12/31/49 (B) | 385 | 353 | ||||||
Wal-Mart Stores | ||||||||
5.000%, 10/25/40 | 85 | 79 | ||||||
Wellpoint | ||||||||
7.000%, 02/15/19 | 90 | 107 | ||||||
WellPoint | ||||||||
4.350%, 08/15/20 | 145 | 145 | ||||||
Whirlpool MTN | ||||||||
8.600%, 05/01/14 | 298 | 346 | ||||||
Williams | ||||||||
7.875%, 09/01/21 | 82 | 102 | ||||||
15,016 | ||||||||
Total Corporate Obligations | 15,016 | |||||||
U.S. TREASURY OBLIGATIONS — 1.6% |
| |||||||
U.S. Treasury Bonds | ||||||||
4.375%, 11/15/39 to 05/15/40 | 225 | 220 | ||||||
3.875%, 08/15/40 | 5 | 5 | ||||||
3.500%, 02/15/39 | 75 | 63 | ||||||
U.S. Treasury Notes | ||||||||
4.750%, 01/31/12 | 100 | 104 | ||||||
4.500%, 11/15/15 | 1,100 | 1,220 | ||||||
3.500%, 05/15/20 | 1,590 | 1,612 | ||||||
2.000%, 11/30/13 | 4,300 | 4,400 | ||||||
Total U.S. Treasury Obligations | 7,624 | |||||||
ASSET-BACKED SECURITIES — 1.5% |
| |||||||
Automotive — 0.3% | ||||||||
Auto Compartiment, Ser 2006-1, Cl B | ||||||||
1.275%, 07/25/17 (B) | 500 | 689 | ||||||
Auto Compartiment, Ser 2007-1, Cl A | ||||||||
1.197%, 02/25/19 (B) | 487 | 687 | ||||||
FTA Santander Auto, Ser 2005-1, Cl A | ||||||||
1.094%, 11/25/21 (B) | 47 | 65 | ||||||
Hyundai Auto Receivables Trust, Ser 2009-A, Cl A2 | ||||||||
1.110%, 02/15/12 | 38 | 38 |
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Santander Consumer Finance, Ser 2007-1, Cl A | ||||||||
1.174%, 09/20/22 (C) | 137 | $ | 190 | |||||
1,669 | ||||||||
Financials — 0.6% |
| |||||||
Citibank Credit Card Issuance Trust, Ser A4, Cl A4 | ||||||||
5.375%, 04/11/11 | EUR | 1,900 | 2,698 | |||||
Mortgage Related Securities — 0.1% |
| |||||||
Countrywide Asset-Backed Certificates, Ser 2007-2, Cl 2A1 | ||||||||
0.312%, 08/25/37 (B) | 452 | 439 | ||||||
Other Asset-Backed Securities — 0.5% |
| |||||||
Amstel Corporate Loan Offering, Ser 2007-1, Cl A2 | ||||||||
1.195%, 03/25/17 (B)(C) | 917 | 1,269 | ||||||
Lambda Finance, Ser 2005-1X, Cl A2 | ||||||||
1.333%, 11/15/29 (B)(C) | 205 | 285 | ||||||
Skyline, Ser 2007-1, Cl D | ||||||||
1.826%, 07/22/43 (B)(C) | 200 | 256 | ||||||
SLM Student Loan Trust, Ser 2008-5, Cl A4 | ||||||||
1.403%, 10/25/16 | 698 | 706 | ||||||
2,516 | ||||||||
Total Asset-Backed Securities | 7,322 | |||||||
MUNICIPAL BONDS — 0.1% |
| |||||||
State of Illinois, GO | ||||||||
5.877%, 03/01/19 | 265 | 265 | ||||||
5.665%, 03/01/18 | 335 | 334 | ||||||
5.365%, 03/01/17 | 15 | 15 | ||||||
Total Municipal Bonds | 614 | |||||||
Total Investments — 97.7% | $ | 467,318 | ||||||
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | | 10 | |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund
March 31, 2011
A summary of the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:
Maturity Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
4/4/11-5/3/11 | BRL | 754 | USD | 455 | $ | (7 | ) | |||||
4/4/11-6/15/11 | GBP | 79,649 | USD | 128,422 | 830 | |||||||
4/4/11-6/15/11 | USD | 2,955 | GBP | 1,829 | (34 | ) | ||||||
4/5/11-6/15/11 | CAD | 21,893 | USD | 22,380 | (107 | ) | ||||||
4/5/11-6/15/11 | EUR | 249,761 | USD | 348,841 | (5,362 | ) | ||||||
4/5/11-6/15/11 | JPY | 13,304,950 | USD | 162,550 | 1,942 | |||||||
4/5/11-6/15/11 | MXP | 42,565 | USD | 3,524 | (40 | ) | ||||||
4/5/11-6/15/11 | NOK | 8,040 | USD | 1,435 | (15 | ) | ||||||
4/5/11-6/15/11 | SEK | 41,384 | USD | 6,452 | (96 | ) | ||||||
4/5/11-6/15/11 | USD | 20,366 | EUR | 14,567 | 288 | |||||||
4/5/11-6/15/11 | USD | 17,436 | JPY | 1,432,790 | (138 | ) | ||||||
4/8/11-6/15/11 | NZD | 5,083 | USD | 3,816 | (58 | ) | ||||||
4/8/11-6/15/11 | USD | 2,034 | NZD | 2,727 | 43 | |||||||
4/13/11-6/15/11 | DKK | 11,612 | USD | 2,152 | (56 | ) | ||||||
4/14/11 | USD | 786 | ZAR | 5,737 | 62 | |||||||
4/14/11-6/15/11 | ZAR | 23,528 | USD | 3,294 | (177 | ) | ||||||
4/15/11-6/15/11 | USD | 28,635 | NOK | 162,661 | 689 | |||||||
4/15/11-6/15/11 | USD | 18,881 | SEK | 121,376 | 309 | |||||||
4/28/11 | CLP | 1,000 | USD | 2 | — | |||||||
4/28/11 | USD | 2 | CLP | 1,000 | — | |||||||
4/29/11 | COP | 782,882 | USD | 419 | (2 | ) | ||||||
4/29/11-6/15/11 | USD | 3,231 | KRW | 3,606,299 | 58 | |||||||
6/3/11 | AUD | 5,900 | EUR | 4,288 | 24 | |||||||
6/3/11 | CHF | 1,852 | AUD | 2,000 | 26 | |||||||
6/3/11 | CHF | 10,267 | EUR | 7,945 | 29 | |||||||
6/3/11 | EUR | 23,710 | CHF | 30,006 | (779 | ) | ||||||
6/3/11 | GBP | 6,865 | SEK | 70,453 | 142 | |||||||
6/3/11 | NOK | 21,842 | AUD | 3,900 | 64 | |||||||
6/3/11 | NOK | 46,646 | GBP | 5,155 | (152 | ) | ||||||
6/3/11-6/15/11 | CHF | 20,219 | USD | 21,616 | (502 | ) | ||||||
6/15/11 | AUD | 6,270 | USD | 6,234 | (189 | ) | ||||||
6/15/11 | CZK | 6,873 | USD | 396 | (1 | ) | ||||||
6/15/11 | KRW | 84,110 | USD | 75 | (2 | ) | ||||||
6/15/11 | MYR | 1,001 | USD | 329 | — | |||||||
6/15/11 | SGD | 3,579 | USD | 2,826 | (15 | ) | ||||||
6/15/11 | USD | 2,199 | AUD | 2,217 | 72 | |||||||
6/15/11 | USD | 1,710 | CAD | 1,670 | 5 | |||||||
6/15/11 | USD | 738 | CHF | 685 | 11 | |||||||
6/15/11 | USD | 75 | CZK | 1,290 | (1 | ) | ||||||
6/15/11 | USD | 949 | MXP | 11,435 | 6 | |||||||
6/15/11 | USD | 376 | SGD | 475 | 1 | |||||||
1/13/12 | USD | 1,946 | CNY | 12,617 | 11 | |||||||
$ | (3,121 | ) | ||||||||||
A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:
CounterParty | Currency to Deliver ($ Thousands) | Currency to Receive ($ Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
Bank of America | (22,435 | ) | 22,600 | $ | 165 | |||||||
Barclays PLC | (106,255 | ) | 106,475 | 220 | ||||||||
BNP Paribas | (24,649 | ) | 24,822 | 173 | ||||||||
Brown Brothers Harriman | (13,774 | ) | 13,865 | 91 | ||||||||
Citigroup | (2,494 | ) | 2,489 | (6 | ) | |||||||
Credit Suisse First Boston | (64,981 | ) | 65,591 | 610 | ||||||||
Deutsche Bank | (256,382 | ) | 253,259 | (3,127 | ) | |||||||
Dewaay, Sebille, Servais, & Cy | (10,993 | ) | 11,136 | 142 | ||||||||
Financial Brokerage Group | (226 | ) | 225 | (1 | ) | |||||||
Goldman Sachs | (147,719 | ) | 146,927 | (792 | ) | |||||||
HSBC | (2,267 | ) | 2,235 | (33 | ) | |||||||
JPMorgan Chase Bank | (116,446 | ) | 116,806 | 354 | ||||||||
Northern Trust Brokerage | (294 | ) | 289 | (5 | ) | |||||||
RBC | (54,259 | ) | 53,219 | (1,040 | ) | |||||||
Royal Bank of Scotland | (4,392 | ) | 4,436 | 44 | ||||||||
Societe Generale | (19,137 | ) | 19,140 | 3 | ||||||||
Standard Bank | (230 | ) | 230 | (1 | ) | |||||||
State Street | (46 | ) | 47 | 1 | ||||||||
UBS | (29,710 | ) | 29,664 | (46 | ) | |||||||
Westpac Banking | (20,953 | ) | 21,080 | 127 | ||||||||
$ | (3,121 | ) | ||||||||||
A summary of the open futures contracts held by the Fund at March 31, 2011, is as follows:
Type of Contract | Number of Contracts Long (Short) | Expiration Date | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
10-Year Euro$ | 27 | Jun-2011 | $ | (21 | ) | |||||||
Australian 10-Year Bond | (12 | ) | Jun-2011 | 5 | ||||||||
Australian 3-Year Bond | 9 | Jun-2011 | — | |||||||||
Canadian 10-Year Bond | 7 | Jun-2011 | 11 | |||||||||
Euro-Bobl | 55 | Jun-2011 | (82 | ) | ||||||||
Euro-Buxl 30 Year Bond | 12 | Jun-2011 | (40 | ) | ||||||||
Euro-Schatz | 16 | Jun-2011 | (11 | ) | ||||||||
Japanese 10-Year Bond | 3 | May-2011 | 32 | |||||||||
Long Gilt 10-Year Bond | 5 | Jun-2011 | (9 | ) | ||||||||
U.S. 10-Year Treasury Note | (73 | ) | Jun-2011 | 20 | ||||||||
U.S. 2-Year Treasury Note | (58 | ) | Jul-2011 | (7 | ) | |||||||
U.S. 5-Year Treasury Note | (148 | ) | Jul-2011 | 109 | ||||||||
U.S. Long Treasury Bond | (40 | ) | Jun-2011 | 42 | ||||||||
$ | 49 | |||||||||||
For the period ended March 31, 2011, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.
11 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
A summary of outstanding interest rate swap agreements held by the Fund at March 31, 2011, is as follows:
Counterparty | Fund Pays | Fund Receives | Termination Date | Notional Amount | Net Unrealized Appreciation (Depreciation) ($Thousands) | |||||||||||||||
Barclays Bank PLC | 3.83% | 3-Month LIBOR | 03/31/20 | USD | 2,650,000 | $ | (89 | ) | ||||||||||||
Citigroup | 3.79% | 6-Month GBP LIBOR | 05/19/19 | GBP | 2,500,000 | (96 | ) | |||||||||||||
Deutsche Bank | 3.45% | 6-Month EUR LIBOR | 10/16/19 | EUR | 3,400,000 | (28 | ) | |||||||||||||
Deutsche Bank | 6-Month EURIBOR | 4.17% | 03/28/13 | EUR | 7,000,000 | 358 | ||||||||||||||
JPMorgan Chase Bank | 6-Month JPY LIBOR | 2.22% | 03/26/27 | JPY | 750,000,000 | 486 | ||||||||||||||
JPMorgan Chase Bank | 6-Month EURIBOR | 4.38% | 01/07/13 | EUR | 5,400,000 | 337 | ||||||||||||||
JPMorgan Chase Bank | 4.20% | 6-Month EURIBOR | 03/30/12 | EUR | 3,000,000 | (100 | ) | |||||||||||||
JPMorgan Chase Bank | 6-Month JPY LIBOR | 1.29% | 03/26/12 | JPY | 1,300,000,000 | 147 | ||||||||||||||
$ | 1,015 | |||||||||||||||||||
Percentages are based on a Net Assets of $478,471($ Thousands).
(1) | In local currency unless otherwise indicated. |
(A) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the board of Trustees. |
(B) | Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2011. |
(C) | Securities considered illiquid. The total market value of such securities as of March 31, 2011 was $7,566 ($ Thousands) and represented 1.6% of Net Assets. |
(D) | Security is when-issued. |
(E) | Security in default on interest payments. |
(F) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
(G) Real Estate Investments Trust
AUD — Australian Dollar
BRL — Brazilian Real
CAD — Canadian Dollar
CHF — Swiss Franc
Cl — Class
CLP — Chilean Peso
CNY — Chinese Yuan
COP — Colombian Peso
CZK — Czech Koruna
DKK — Danish Krone
EURIBOR — Euro London Interbank Offered Rate
EUR — Euro
GBP — British Pound Sterling
GO — General Obligation
JPY — Japanese Yen
KRW — Korean Won
LIBOR — London Interbank Offered Rate
MTN — Medium Term Note
MXN — Maxican Peso
MYR — Malaysian Ringgit
NOK — Norwegian Krone
NZD — New Zealand Dollar
SEK — Swedish Krone
Ser — Series
SGD — Singapore Dollar
USD — U.S. Dollar
ZAR — South African Rand
The following is a summary of the inputs used as of December 31, 2010, in valuing the Fund’s investments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Global Bonds | $ | — | $ | 418,532 | $ | 5 | $ | 418,537 | ||||||||
Mortgage-Backed Securities | — | 18,205 | — | 18,205 | ||||||||||||
Corporate Obligations | — | 15,016 | — | 15,016 | ||||||||||||
U.S. Treasury Obligations | — | 7,623 | — | 7,623 | ||||||||||||
Asset-Backed Securities | — | 7,322 | — | 7,322 | ||||||||||||
Municipal Bonds | — | 614 | — | 614 | ||||||||||||
Total Investments in Securities | $ | — | $ | 467,313 | $ | 5 | $ | 467,318 | ||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts * | $ | 49 | $ | — | $ | — | $ | 49 | ||||||||
Forward Contracts * | (3,121 | ) | — | — | (3,121 | ) | ||||||||||
Interest Rate Swaps | — | 1,015 | — | 1,015 | ||||||||||||
Total Other Financial Instruments | $ | (3,072 | ) | $ | 1,015 | $ | — | $ | (2,057 | ) | ||||||
* | Future contracts and forward contracts are valued at the net unrealized appreciation/(depreciation |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):
Investments in Securities | ||||
Beginning balance as of October 1, 2010 | $ | 5 | ||
Accrued discounts/premiums | — | |||
Realized gain/(loss) | — | |||
Change in unrealized appreciation/(depreciation) | — | |||
Net purchases/sales | — | |||
Net transfer in and/or out of | — | |||
Ending balance as of March 31, 2011 | $ | 5 | ||
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date. | $ | — | ||
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Quarterly Holdings / March 31, 2011 | 12 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund
March 31, 2011
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
GLOBAL BONDS — 91.3% |
| |||||||
Argentina — 5.4% |
| |||||||
Capex | ||||||||
10.000%, 03/10/18 (A) | 329 | $ | 322 | |||||
Empresa Distribuidora Y Comercializadora Norte | ||||||||
9.750%, 10/25/22 (A) | 610 | 628 | ||||||
IRSA | ||||||||
11.500%, 07/20/20 | 351 | 398 | ||||||
Province of Buenos Aires | ||||||||
9.625%, 04/18/28 (A)(B) | 1,605 | 1,356 | ||||||
9.625%, 04/18/28 (B) | 595 | 503 | ||||||
9.375%, 09/14/18 (B) | 470 | 414 | ||||||
Province of Medoza | ||||||||
5.500%, 09/04/18 (B) | 320 | 269 | ||||||
Province of Neuquen | ||||||||
8.656%, 10/18/14 (A)(B) | 139 | 145 | ||||||
Republic of Argentina | ||||||||
8.819%, 12/15/35 (C) | 872 | 171 | ||||||
8.750%, 06/02/17 | 1,000 | 1,019 | ||||||
8.280%, 12/31/33 | 3,364 | 2,999 | ||||||
8.280%, 12/31/33 | 4,508 | 4,019 | ||||||
7.896%, 12/15/35 (C) | 11,280 | 2,211 | ||||||
7.820%, 12/31/33 | EUR | 2,115 | 2,274 | |||||
7.820%, 12/31/33 | EUR | 3,166 | 3,404 | |||||
7.820%, 12/31/33 (C) | EUR | 4,219 | 4,514 | |||||
7.593%, 12/15/35 (C) | 7,788 | 1,225 | ||||||
7.000%, 10/03/15 | 4,600 | 4,335 | ||||||
7.000%, 10/03/15 | 800 | 754 | ||||||
7.000%, 09/12/13 | 2,011 | 2,051 | ||||||
7.000%, 04/17/17 | 3,487 | 3,118 | ||||||
5.830%, 12/31/33 (C) | ARS | 11,929 | 4,746 | |||||
3.117%, 12/15/35 (C) | 4,360 | 704 | ||||||
2.500%, 03/31/19 (D) | 3,940 | 1,700 | ||||||
1.595%, 12/15/35 (C) | 4,031 | 790 | ||||||
0.677%, 08/03/12 (C) | 9,155 | 2,229 | ||||||
Tarjeta Naranja | ||||||||
9.000%, 01/28/17 (A) | 516 | 521 | ||||||
Transportadora Gas Norte | ||||||||
7.500%, 12/31/12 (B)(D) | 130 | 62 | ||||||
7.500%, 12/31/12 (A)(B)(D) | 260 | 125 | ||||||
7.500%, 12/31/12 (E) | 420 | 202 | ||||||
6.500%, 12/31/12 (A)(B)(D) | 30 | 14 | ||||||
6.500%, 12/31/12 (B)(D) | 81 | 39 | ||||||
6.500%, 12/31/12 (B)(D) | 72 | 35 | ||||||
WPE International | ||||||||
10.375%, 09/30/20 | 850 | 880 | ||||||
48,176 | ||||||||
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Bahrain — 0.2% |
| |||||||
Kingdom of Bahrain | ||||||||
5.500%, 03/31/20 | 400 | $ | 381 | |||||
5.500%, 03/31/20 (A) | 1,457 | 1,388 | ||||||
1,769 | ||||||||
Barbados — 0.4% |
| |||||||
Columbus International | ||||||||
11.500%, 11/20/14 (A) | 1,600 | 1,844 | ||||||
11.500%, 11/20/14 | 1,432 | 1,650 | ||||||
Government of Barbados | ||||||||
7.000%, 08/04/22 (A) | 300 | 306 | ||||||
3,800 | ||||||||
Belarus — 0.0% |
| |||||||
Republic of Belarus | ||||||||
8.950%, 01/26/18 | 300 | 262 | ||||||
Belize — 0.0% |
| |||||||
Government of Belize | ||||||||
6.000%, 02/20/29 (B) | 400 | 335 | ||||||
Bosnia and Herzegovina — 0.1% |
| |||||||
Republic of Bosnia & Herzegovina | ||||||||
0.000%, 12/11/17 (B)(C) | DEM | 2,108 | 1,117 | |||||
Brazil — 7.2% |
| |||||||
Banco Cruzeiro do Sul | ||||||||
8.875%, 09/22/20 | 384 | 375 | ||||||
8.875%, 09/22/20 (A) | 1,144 | 1,118 | ||||||
Banco Nacional de Desenvolvimento Economico e Social | ||||||||
6.500%, 06/10/19 (A) | 1,725 | 1,880 | ||||||
5.500%, 07/12/20 (A) | 400 | 407 | ||||||
Banco Votorantim | ||||||||
7.375%, 01/21/20 (A) | 720 | 756 | ||||||
BM&F Bovespa | ||||||||
5.500%, 07/16/20 (A) | 163 | 167 | ||||||
BR Malls International Finance | ||||||||
8.500%, 12/31/49 | 345 | 361 | ||||||
BR Properties SA | ||||||||
9.000%, 12/31/49 | 762 | 757 | ||||||
Brazil Notas do Tesouro Nacional Serie F | ||||||||
10.000%, 01/01/13 | 10,700 | 6,312 | ||||||
CSN Resources | ||||||||
6.500%, 07/21/20 (A) | 458 | 488 |
1 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Face Amount(1) (Thousands) | Market Value ($ Thousands) | ||||||
Federal Republic of Brazil | ||||||||
11.000%, 08/17/40 | 150 | $ | 202 | |||||
10.125%, 05/15/27 | 2,555 | 3,871 | ||||||
10.000%, 01/01/21 | 1,265 | 658 | ||||||
10.000%, 01/01/21 | 5,000 | 2,682 | ||||||
8.875%, 04/15/24 | 1,520 | 2,067 | ||||||
8.750%, 02/04/25 | 598 | 807 | ||||||
8.250%, 01/20/34 | 3,710 | 4,907 | ||||||
7.125%, 01/20/37 | 1,685 | 1,993 | ||||||
5.875%, 01/15/19 | 3,517 | 3,895 | ||||||
5.625%, 01/07/41 | 1,050 | 1,032 | ||||||
4.875%, 01/22/21 | 800 | 816 | ||||||
Fibria Overseas Finance | ||||||||
7.500%, 05/04/20 (A) | 1,358 | 1,473 | ||||||
General Shopping Finance | ||||||||
10.000%, 12/31/49 | 812 | 826 | ||||||
Gerdau Trade | ||||||||
5.750%, 01/30/21 (A) | 452 | 458 | ||||||
JBS Finance II | ||||||||
8.250%, 01/29/18 | 1,820 | 1,870 | ||||||
8.250%, 01/29/18 | 500 | 514 | ||||||
JPM | ||||||||
10.000%, 12/12/11 | 1,265 | 678 | ||||||
Minerva Overseas | ||||||||
10.875%, 11/15/19 | 310 | 342 | ||||||
10.875%, 11/15/19 | 529 | 583 | ||||||
Nota Do Tesouro Nacional | ||||||||
10.000%, 01/01/21 | BRL | 16,554 | 8,608 | |||||
10.000%, 01/01/17 | BRL | 2,200 | 1,197 | |||||
6.000%, 05/15/15 | BRL | 6,700 | 8,184 | |||||
6.000%, 08/15/20 | BRL | 1,600 | 1,924 | |||||
Odebrecht Drilling Norbe VIII | ||||||||
6.350%, 06/30/21 (A) | 1,025 | 1,080 | ||||||
Petrobras International Finance - Pifco | ||||||||
6.750%, 01/27/41 | 340 | 350 | ||||||
5.375%, 01/27/21 | 423 | 424 | ||||||
Voto-Votorantim | ||||||||
6.750%, 04/05/21 (A) | 306 | 324 | ||||||
6.625%, 09/25/19 (A) | 490 | 517 | ||||||
64,903 | ||||||||
Chile — 0.8% | ||||||||
Banco Estado | ||||||||
4.125%, 10/07/20 (A) | 700 | 654 | ||||||
Empresa Nacional del Petroleo | ||||||||
6.250%, 07/08/19 (A) | 550 | 586 | ||||||
6.250%, 07/08/19 | 700 | 746 | ||||||
5.250%, 08/10/20 (A) | 500 | 499 | ||||||
Inversiones Alsacia | ||||||||
8.000%, 08/18/18 | 1,000 | 946 | ||||||
Nacional del Cobre de Chile | ||||||||
7.500%, 01/15/19 | 500 | 604 | ||||||
6.150%, 10/24/36 | 2,200 | 2,415 | ||||||
3.750%, 11/04/20 (A) | 1,200 | 1,122 | ||||||
7,572 | ||||||||
China — 1.0% | ||||||||
Country Garden Holdings | ||||||||
11.125%, 02/23/18 | 200 | 203 |
Description | Face Amount(1) (Thousands) | Market Value ($ Thousands) | ||||||
Evergrande Real Estate | ||||||||
13.000%, 01/27/15 | 155 | $ | 159 | |||||
13.000%, 01/27/15 | 708 | 728 | ||||||
Hidili Industry International | ||||||||
8.625%, 11/04/15 | 405 | 407 | ||||||
Industrial & Commercial Bank of China Asia MTN | ||||||||
5.125%, 11/30/20 | 400 | 399 | ||||||
Kaisa Group Holdings Ltd. | ||||||||
13.500%, 04/28/15 | 539 | 541 | ||||||
Sinochem Overseas Capital | ||||||||
6.300%, 11/12/40 | 250 | 246 | ||||||
6.300%, 11/12/40 (A) | 616 | 607 | ||||||
4.500%, 11/12/20 (A) | 4,856 | 4,600 | ||||||
Sino-Forest Corporation | ||||||||
6.250%, 10/21/17 (A)(F) | 430 | 418 | ||||||
Texhong Textile Group | ||||||||
7.625%, 01/19/16 | 255 | 258 | ||||||
West China Cement | ||||||||
7.500%, 01/25/16 (A) | 200 | 202 | ||||||
8,768 | ||||||||
Colombia — 4.1% |
| |||||||
Bogota Distrio Capital | ||||||||
9.750%, 07/26/28 (A) | COP | 9,020,000 | 5,592 | |||||
Ecopetrol | ||||||||
7.625%, 07/23/19 (A) | 500 | 576 | ||||||
Republic of Colombia | ||||||||
11.750%, 02/25/20 | 1,645 | 2,474 | ||||||
10.375%, 01/28/33 | 400 | 601 | ||||||
10.000%, 07/24/24 | COP | 1,229,000 | 723 | |||||
8.125%, 05/21/24 | 2,250 | 2,850 | ||||||
7.375%, 03/18/19 | 4,470 | 5,364 | ||||||
7.375%, 09/18/37 | 10,300 | 12,231 | ||||||
7.375%, 01/27/17 | 3,957 | 4,669 | ||||||
6.125%, 01/18/41 | 1,275 | 1,301 | ||||||
36,381 | ||||||||
Croatia — 1.3% | ||||||||
Government of Croatia | ||||||||
6.750%, 11/05/19 | 1,583 | 1,658 | ||||||
6.625%, 07/14/20 (A)(F) | 5,168 | 5,333 | ||||||
6.375%, 03/24/21 (A) | 3,408 | 3,412 | ||||||
Zagrebacki Holding | ||||||||
5.500%, 07/10/17 | EUR | 1,100 | 1,262 | |||||
11,665 | ||||||||
Czech Republic — 0.1% |
| |||||||
Central European Media Enterprises | ||||||||
11.625%, 09/15/16 (A) | EUR | 450 | 695 | |||||
Dominican Republic — 0.2% |
| |||||||
Cap Cana | ||||||||
10.000%, 04/30/16 | 874 | 446 | ||||||
10.000%, 04/30/16 | 844 | 595 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 2 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund
March 31, 2011
Description | Face Amount(1) (Thousands) | Market Value ($ Thousands) | ||||||
Republic of Dominican Republic | ||||||||
7.500%, 05/06/21 (A) | 750 | $ | 763 | |||||
1,804 | ||||||||
Ecuador — 0.1% | ||||||||
Republic of Ecuador | ||||||||
9.375%, 12/15/15 | 550 | 539 | ||||||
Egypt — 0.4% | ||||||||
Government of Egypt | ||||||||
6.875%, 04/30/40 | 600 | 548 | ||||||
5.750%, 04/29/20 (A) | 800 | 778 | ||||||
5.750%, 04/29/20 | 900 | 872 | ||||||
Nile Finance | ||||||||
5.250%, 08/05/15 | 750 | 722 | ||||||
Orascom Telecom Finance SCA | ||||||||
7.875%, 02/08/14 | 857 | 861 | ||||||
3,781 | ||||||||
El Salvador — 0.9% | ||||||||
El Salvador Government International Bond | ||||||||
7.650%, 06/15/35 | 250 | 249 | ||||||
7.625%, 02/01/41 (A) | 950 | 933 | ||||||
Republic of El Salvador | ||||||||
8.250%, 04/10/32 | 250 | 271 | ||||||
7.650%, 06/15/35 | 4,336 | 4,321 | ||||||
7.375%, 12/01/19 | 400 | 432 | ||||||
7.375%, 12/01/19 (A) | 930 | 1,006 | ||||||
Telemovil Finance | ||||||||
8.000%, 10/01/17 (A) | 900 | 934 | ||||||
8,146 | ||||||||
Gabon — 0.0% | ||||||||
Gabonese Republic | ||||||||
8.200%, 12/12/17 | 200 | 235 | ||||||
Georgia — 0.4% | ||||||||
BG Finance for JSC Bank of Georgia | ||||||||
9.000%, 02/08/12 | 1,850 | 1,868 | ||||||
Republic of Georgia | ||||||||
7.500%, 04/15/13 | 1,950 | 2,082 | ||||||
3,950 | ||||||||
Germany — 0.2% | ||||||||
Deutsche Bank MTN | ||||||||
9.375%, 02/13/18 (A) | 1,626 | 1,634 | ||||||
Ghana — 0.2% | ||||||||
Republic of Ghana | ||||||||
8.500%, 10/04/17 (A) | 500 | 565 | ||||||
8.500%, 10/04/17 | 1,416 | 1,572 | ||||||
2,137 | ||||||||
Hong Kong — 0.5% | ||||||||
Bank of China Hong Kong | ||||||||
5.550%, 02/11/20 (A) | 1,700 | 1,745 |
Description | Face Amount(1) (Thousands) | Market Value ($ Thousands) | ||||||
China Oriental Group | ||||||||
8.000%, 08/18/15 (A) | 1,774 | $ | 1,863 | |||||
Hutchison Whampoa International | ||||||||
6.000%, 12/31/49 (C) | 399 | 405 | ||||||
PCCW-HKT Capital No. 4 | ||||||||
4.250%, 02/24/16 | 431 | 428 | ||||||
4,441 | ||||||||
Hungary — 0.6% | ||||||||
Republic of Hungary | ||||||||
7.625%, 03/29/41 | 1,070 | 1,071 | ||||||
6.375%, 03/29/21 | 2,834 | 2,837 | ||||||
6.250%, 01/29/20 | 1,200 | 1,221 | ||||||
4.750%, 02/03/15 | 187 | 188 | ||||||
5,317 | ||||||||
India — 0.1% | ||||||||
Axis Bank | ||||||||
4.750%, 05/02/16 (A)(F) | 309 | 309 | ||||||
ICICI Bank | ||||||||
5.750%, 11/16/20 (A)(F) | 623 | 614 | ||||||
Reliance Holdings USA | ||||||||
6.250%, 10/19/40 | 300 | 284 | ||||||
1,207 | ||||||||
Indonesia — 5.1% | ||||||||
Bakrie Telecom Pte | ||||||||
11.500%, 05/07/15 | 432 | 461 | ||||||
BLT Finance BV | ||||||||
7.500%, 05/15/14 | 300 | 260 | ||||||
Indosat Palapa BV | ||||||||
7.375%, 07/29/20 (A) | 552 | 607 | ||||||
JPMorgan Chase Bank MTN | ||||||||
11.000%, 09/17/25 | IDR | 14,403,000 | 1,940 | |||||
Majapahit Holding | ||||||||
8.000%, 08/07/19 | 400 | 454 | ||||||
8.000%, 08/07/19 (A) | 500 | 568 | ||||||
7.875%, 06/29/37 (A)(B) | 355 | 386 | ||||||
7.750%, 01/20/20 | 300 | 337 | ||||||
7.750%, 10/17/16 | 750 | 843 | ||||||
7.750%, 01/20/20 (A) | 350 | 394 | ||||||
7.250%, 10/17/11 | 750 | 770 | ||||||
PT Adaro | ||||||||
7.625%, 10/22/19 (A) | 305 | 337 | ||||||
PT Bumi | ||||||||
7.301%, 03/02/12 | 776 | 776 | ||||||
7.301%, 03/02/12 | 973 | 973 |
3 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Republic of Indonesia |
| |||||||
12.800%, 06/17/21 | IDR | 6,389,000 | $ | 970 | ||||
11.625%, 03/04/19 | 5,203 | 7,466 | ||||||
11.625%, 03/04/19 (A) | 1,425 | 2,045 | ||||||
11.000%, 11/15/20 | IDR | 14,300,000 | 1,969 | |||||
10.375%, 05/04/14 | 1,350 | 1,642 | ||||||
8.500%, 10/12/35 | 3,100 | 3,991 | ||||||
8.500%, 10/12/35 | 550 | 708 | ||||||
7.750%, 01/17/38 | 319 | 380 | ||||||
7.750%, 01/17/38 | 5,065 | 6,040 | ||||||
7.500%, 01/15/16 | 1,150 | 1,332 | ||||||
7.250%, 04/20/15 | 130 | 148 | ||||||
6.875%, 01/17/18 | 2,050 | 2,322 | ||||||
6.875%, 03/09/17 | 1,289 | 1,455 | ||||||
6.875%, 01/17/18 (A) | 1,400 | 1,586 | ||||||
6.750%, 03/10/14 | 950 | 1,049 | ||||||
6.750%, 03/10/14 (A) | 350 | 388 | ||||||
6.625%, 02/17/37 | 1,050 | 1,123 | ||||||
5.875%, 03/13/20 (A) | 1,374 | 1,465 | ||||||
Star Energy |
| |||||||
11.500%, 02/12/15 | 400 | 458 | ||||||
45,643 | ||||||||
Iraq — 1.5% | ||||||||
Republic of Iraq | ||||||||
5.800%, 01/15/28 | 14,160 | 12,992 | ||||||
Ivory Coast — 0.2% | ||||||||
Government of Ivory Coast |
| |||||||
2.500%, 12/31/32 (E) | 3,863 | 1,787 | ||||||
Jamaica — 0.3% | ||||||||
Digicel Group |
| |||||||
10.500%, 04/15/18 | 960 | 1,099 | ||||||
9.125%, 01/15/15 (A) | 592 | 619 | ||||||
8.875%, 01/15/15 (A) | 1,050 | 1,093 | ||||||
2,811 | ||||||||
Jordan — 0.2% | ||||||||
Kingdom of Jordan |
| |||||||
3.875%, 11/12/15 | 1,850 | 1,693 | ||||||
Kazakhstan — 4.5% | ||||||||
BTA Bank JSC |
| |||||||
113.760%, 07/01/20 (A)(C) | 2,492 | 210 | ||||||
10.750%, 01/01/13 (A)(D) | 1,202 | 1,277 | ||||||
10.750%, 01/01/13 (D) | 264 | 280 | ||||||
CenterCredit International |
| |||||||
8.625%, 01/30/14 | 2,400 | 2,451 | ||||||
Development Bank of Kazakhstan JSC |
| |||||||
5.500%, 12/20/15 (A) | 650 | 678 | ||||||
Halyk Savings Bank of Kazakhstan JSC |
| |||||||
7.250%, 01/28/21 (A) | 1,200 | 1,215 | ||||||
HSBK Europe |
| |||||||
7.250%, 05/03/17 | 960 | 994 |
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Kazatoprom |
| |||||||
6.250%, 05/20/15 | 500 | $ | 531 | |||||
Kazkommerts International |
| |||||||
8.700%, 04/07/14 (C) | 1,300 | 1,222 | ||||||
8.500%, 04/16/13 | 1,150 | 1,190 | ||||||
8.000%, 11/03/15 | 1,900 | 1,943 | ||||||
7.875%, 04/07/14 | 500 | 514 | ||||||
7.500%, 11/29/16 (B) | 2,550 | 2,518 | ||||||
6.875%, 02/13/17 | EUR | 450 | 607 | |||||
6.250%, 05/20/15 | 1,123 | 1,193 | ||||||
Kazkommertsbank MTN |
| |||||||
12.850%, 12/18/12 | 600 | 633 | ||||||
KazMunaiGaz Finance Sub MTN |
| |||||||
11.750%, 01/23/15 (A) | 2,673 | 3,344 | ||||||
11.750%, 01/23/15 | 350 | 437 | ||||||
9.125%, 07/02/18 (A) | 2,650 | 3,206 | ||||||
9.125%, 07/02/18 | 1,329 | 1,604 | ||||||
8.375%, 07/02/13 | 3,000 | 3,322 | ||||||
7.000%, 05/05/20 | 2,190 | 2,360 | ||||||
7.000%, 05/05/20 (A) | 1,626 | 1,752 | ||||||
KazMunayGas National |
| |||||||
6.375%, 04/09/21 | 350 | 361 | ||||||
6.375%, 04/09/21 (A) | 2,826 | 2,925 | ||||||
Republic of Kazakhstan |
| |||||||
6.375%, 10/06/20 (A) | 1,400 | 1,459 | ||||||
Tengizchevroil Finance | ||||||||
6.124%, 11/15/14 | 286 | 302 | ||||||
Zhaikmunai Finance BV |
| |||||||
10.500%, 10/19/15 (A) | 2,049 | 2,180 | ||||||
40,708 | ||||||||
Lebanon — 0.2% | ||||||||
Republic of Lebanon MTN | ||||||||
9.000%, 03/20/17 | 100 | 115 | ||||||
6.375%, 03/09/20 | 1,200 | 1,215 | ||||||
5.150%, 11/12/18 | 300 | 289 | ||||||
1,619 | ||||||||
Lithuania — 0.8% | ||||||||
Republic of Lithuania | ||||||||
7.375%, 02/11/20 (A) | 1,100 | 1,225 | ||||||
7.375%, 02/11/20 | 1,850 | 2,063 | ||||||
6.750%, 01/15/15 (A) | 1,550 | 1,687 | ||||||
6.125%, 03/09/21 (A) | 737 | 752 | ||||||
5.125%, 09/14/17 (A) | 1,175 | 1,179 | ||||||
6,906 | ||||||||
Malaysia — 3.1% | ||||||||
Axiata SPV1 Labuan Ltd. | ||||||||
5.375%, 04/28/20 | 250 | 255 | ||||||
Government of Malaysia | ||||||||
3.835%, 08/12/15 | MYR | 5,740 | 1,915 | |||||
3.741%, 02/27/15 | MYR | 10,560 | 3,515 | |||||
Malaysia Sukuk Global | ||||||||
3.928%, 06/04/15 (A) | 400 | 417 | ||||||
Petroliam Nasional | ||||||||
7.625%, 10/15/26 | 925 | 1,181 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 4 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund
March 31, 2011
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Petronas Capital | ||||||||
7.875%, 05/22/22 (A) | 250 | $ | 318 | |||||
7.875%, 05/22/22 | 7,405 | 9,440 | ||||||
5.250%, 08/12/19 | 1,200 | 1,275 | ||||||
5.250%, 08/12/19 (A) | 9,245 | 9,826 | ||||||
28,142 | ||||||||
Mexico — 8.8% | ||||||||
Alestra | ||||||||
11.750%, 08/11/14 | 620 | 719 | ||||||
Axtel | ||||||||
9.000%, 09/22/19 | 895 | 859 | ||||||
7.625%, 02/01/17 (A) | 109 | 103 | ||||||
BBVA Bancomer | ||||||||
6.008%, 05/17/22 (C) | 670 | 646 | ||||||
Cemex | ||||||||
9.250%, 05/12/20 (A) | 1,500 | 1,554 | ||||||
9.000%, 01/11/18 (A) | 398 | 417 | ||||||
0.441%, 09/30/15 (A)(C) | 1,137 | 1,129 | ||||||
Cemex Espana | ||||||||
8.875%, 05/12/17 | 51 | 71 | ||||||
Cemex Finance | ||||||||
9.500%, 12/14/16 | 500 | 539 | ||||||
Cemex Finance Europe BV | ||||||||
4.750%, 03/05/14 | 473 | 631 | ||||||
Desarrolladora Homex | ||||||||
7.500%, 09/28/15 | 225 | 232 | ||||||
GEO | ||||||||
9.250%, 06/30/20 (A) | 1,190 | 1,324 | ||||||
9.250%, 06/30/20 | 500 | 556 | ||||||
Grupo Senda | ||||||||
10.500%, 10/03/15 | 3,665 | 3,812 | ||||||
Hipotecaria Su Casita | ||||||||
8.500%, 10/04/16 (A) | 189 | 79 | ||||||
8.500%, 10/04/16 | 65 | 27 | ||||||
Mexican Bonos | ||||||||
9.000%, 06/20/13 | 7,200 | 643 | ||||||
8.500%, 12/13/18 | MXN | 44,600 | 4,011 | |||||
8.000%, 06/11/20 | MXN | 74,530 | 6,465 | |||||
7.500%, 06/21/12 | 7,600 | 658 | ||||||
Mexican Bonos, Ser M10 | ||||||||
8.000%, 12/17/15 | MXN | 21,200 | 1,863 | |||||
7.750%, 12/14/17 | 42,900 | 3,719 | ||||||
7.250%, 12/15/16 | MXN | 54,500 | 4,628 | |||||
Mexican Bonos, Ser MI10 | ||||||||
9.500%, 12/18/14 | MXN | 10,161 | 934 | |||||
9.000%, 12/20/12 | 28,270 | 2,510 | ||||||
Mexican Udibonos | ||||||||
4.000%, 06/13/19 | 4,770 | 1,925 | ||||||
NII Capital | ||||||||
10.000%, 08/15/16 | 3,259 | 3,715 | ||||||
7.625%, 04/01/21 | 750 | 767 | ||||||
Oceanografia | ||||||||
11.250%, 07/15/15 | 1,029 | 535 | ||||||
Pemex Finance | ||||||||
9.150%, 11/15/18 | 1,595 | 2,029 | ||||||
Pemex Project Funding Master Trust | ||||||||
6.625%, 06/15/35 | 2,546 | 2,554 | ||||||
5.750%, 03/01/18 | 1,505 | 1,592 |
Description | Face Amount) (1) (Thousands) | Market Value ($ Thousands) | ||||||
Petroleos Mexicanos | ||||||||
8.000%, 05/03/19 | 700 | $ | 841 | |||||
6.000%, 03/05/20 (A) | 300 | 318 | ||||||
United Mexican States MTN | ||||||||
8.300%, 08/15/31 (F) | 6,304 | 8,403 | ||||||
6.625%, 03/03/15 | 1,550 | 1,775 | ||||||
6.050%, 01/11/40 | 3,500 | 3,623 | ||||||
5.950%, 03/19/19 | 1,450 | 1,616 | ||||||
5.625%, 01/15/17 | 2,500 | 2,758 | ||||||
5.125%, 01/15/20 | 2,208 | 2,310 | ||||||
United Mexican States, Ser A MTN | ||||||||
8.000%, 09/24/22 | 2,267 | 2,992 | ||||||
6.750%, 09/27/34 | 2,748 | 3,100 | ||||||
78,982 | ||||||||
Morocco — 0.3% | ||||||||
Kingdom of Morocco | ||||||||
4.500%, 10/05/20 | 2,100 | 2,692 | ||||||
Nigeria — 0.2% | ||||||||
Afren | ||||||||
11.500%, 02/01/16 (A) | 950 | 1,000 | ||||||
Nigeria Government International Bond | ||||||||
6.750%, 01/28/21 (A) | 500 | 495 | ||||||
UBS | ||||||||
9.350%, 08/29/10 | 750 | 512 | ||||||
2,007 | ||||||||
Oman — 0.0% | ||||||||
Blue City Investments | ||||||||
13.750%, 11/07/13 (B) | 2,250 | 338 | ||||||
Pakistan — 0.4% | ||||||||
Republic of Pakistan | ||||||||
7.125%, 03/31/16 | 2,460 | 2,083 | ||||||
6.875%, 06/01/17 | 2,140 | 1,750 | ||||||
3,833 | ||||||||
Panama — 1.9% | ||||||||
Republic of Panama | ||||||||
9.375%, 04/01/29 | 3,788 | 5,341 | ||||||
9.375%, 01/16/23 | 560 | 729 | ||||||
8.875%, 09/30/27 | 2,125 | 2,869 | ||||||
8.125%, 04/28/34 | 820 | 1,041 | ||||||
7.250%, 03/15/15 | 1,473 | 1,712 | ||||||
6.700%, 01/26/36 | 4,161 | 4,671 | ||||||
5.200%, 01/30/20 | 444 | 471 | ||||||
16,834 | ||||||||
Peru — 2.1% | ||||||||
Banco de Credito del Peru | ||||||||
5.375%, 09/16/20 (A) | 1,007 | 952 | ||||||
Continental Senior Trustees Cayman | ||||||||
5.500%, 11/18/20 (A) | 771 | 725 | ||||||
Inkia Energy | ||||||||
8.375%, 04/04/21 | 460 | 462 |
5 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Face Amount(1) (Thousands) | Market Value ($ Thousands) | ||||||
Interoceanica IV Finance | ||||||||
3.951%, 11/30/25 | 905 | $ | 461 | |||||
3.759%, 11/30/18 | 408 | 326 | ||||||
Peru Enhanced Pass-Through Finance | ||||||||
3.716%, 05/31/18 | 545 | 453 | ||||||
3.679%, 05/31/18 (G) | 202 | 168 | ||||||
Republic of Peru | ||||||||
8.750%, 11/21/33 | 6,429 | 8,631 | ||||||
8.375%, 05/03/16 | 600 | 737 | ||||||
7.350%, 07/21/25 | 4,510 | 5,360 | ||||||
7.125%, 03/30/19 | 797 | 941 | ||||||
19,216 | ||||||||
Philippines — 4.5% | ||||||||
National Power | ||||||||
9.625%, 05/15/28 (B) | 1,100 | 1,452 | ||||||
Power Sector | ||||||||
7.390%, 12/02/24 | 800 | 912 | ||||||
7.390%, 12/02/24 | 700 | 798 | ||||||
7.250%, 05/27/19 | 150 | 171 | ||||||
Republic of the Philippines | ||||||||
10.625%, 03/16/25 | 2,850 | 4,229 | ||||||
9.500%, 02/02/30 | 2,770 | 3,899 | ||||||
8.875%, 03/17/15 | 75 | 92 | ||||||
8.375%, 06/17/19 | 1,500 | 1,890 | ||||||
7.750%, 01/14/31 | 5,923 | 7,144 | ||||||
7.500%, 09/25/24 | 7,320 | 8,702 | ||||||
6.375%, 10/23/34 | 4,268 | 4,492 | ||||||
5.500%, 03/30/26 | 2,260 | 2,232 | ||||||
4.950%, 01/15/21 | 69,000 | 1,558 | ||||||
4.000%, 01/15/21 | 2,456 | 2,315 | ||||||
39,886 | ||||||||
Poland — 1.6% | ||||||||
Polish Television Holding | ||||||||
11.000%, 11/15/14 (A)(D) | 600 | 902 | ||||||
Republic of Poland | ||||||||
6.375%, 07/15/19 | 9,629 | 10,715 | ||||||
4.000%, 03/23/21 | 736 | 950 | ||||||
TVN Finance | ||||||||
10.750%, 11/15/17 (A) | EUR1,300 | 2,048 | ||||||
14,615 | ||||||||
Qatar — 1.7% | ||||||||
Government of Qatar | ||||||||
9.750%, 06/15/30 | 425 | 607 | ||||||
6.400%, 01/20/40 (A) | 710 | 747 | ||||||
6.400%, 01/20/40 | 500 | 526 | ||||||
5.250%, 01/20/20 (A) | 6,150 | 6,384 | ||||||
4.000%, 01/20/15 (A) | 300 | 310 | ||||||
Qatari Diar Finance | ||||||||
5.000%, 07/21/20 (A) | 2,000 | 1,977 |
Description | Face Amount(1) (Thousands) | Market Value ($ Thousands) | ||||||
Qtel International Finance MTN | ||||||||
7.875%, 06/10/19 | 2,674 | $ | 3,129 | |||||
6.500%, 06/10/14 (A) | 200 | 219 | ||||||
5.000%, 10/19/25 (A) | 1,139 | 1,005 | ||||||
4.750%, 02/16/21 (A) | 457 | 426 | ||||||
15,330 | ||||||||
Russia — 7.6% | ||||||||
Alfa Bank Via Alfa Bond Issuance | ||||||||
7.875%, 09/25/17 (A) | 675 | 714 | ||||||
Alfa Diversified Payment Rights Finance MTN | ||||||||
2.202%, 12/15/11 (A)(C) | 84 | 77 | ||||||
Alfa Invest MTN | ||||||||
9.250%, 06/24/13 (A)(B) | 750 | 821 | ||||||
Alfa Issuance MTN | ||||||||
8.000%, 03/18/15 | 417 | 449 | ||||||
Alrosa Finance | ||||||||
7.750%, 11/03/20 (A) | 628 | 673 | ||||||
BOM Capital | ||||||||
6.699%, 03/11/15 | 1,200 | 1,271 | ||||||
Edel Capital for Sinek Capital | ||||||||
7.700%, 08/03/15 | 500 | 536 | ||||||
Gaz Capital MTN | ||||||||
8.625%, 04/28/34 | 470 | 580 | ||||||
MTS International Funding | ||||||||
8.625%, 06/22/20 (A) | 1,640 | 1,876 | ||||||
Novatek Finance | ||||||||
6.604%, 02/03/21 (A) | 2,158 | 2,266 | ||||||
RSHB Capital | ||||||||
7.750%, 05/29/18 | 450 | 503 | ||||||
Russian Federation Registered | ||||||||
12.750%, 06/24/28 | 2,310 | 4,040 | ||||||
7.500%, 03/31/30 | 26,624 | 31,034 | ||||||
Russian Foreign Bond - Eurobond | ||||||||
5.000%, 04/29/20 | 100 | 101 | ||||||
5.000%, 04/29/20 (A) | 1,500 | 1,517 | ||||||
3.625%, 04/29/15 | 500 | 506 | ||||||
RZD Capital MTN | ||||||||
5.739%, 04/03/17 | 650 | 677 | ||||||
SCF Capital | ||||||||
5.375%, 10/27/17 (A) | 1,600 | 1,570 | ||||||
Severstal OAO Via Steel Capital | ||||||||
6.700%, 10/25/17 (A) | 857 | 874 | ||||||
Teorema | ||||||||
11.000%, 10/27/09 | 3,400 | 340 | ||||||
TNK-BP Finance | ||||||||
6.250%, 02/02/15 (A) | 202 | 217 | ||||||
Vimpel Communications | ||||||||
9.125%, 04/30/18 (A)(B) | 600 | 683 | ||||||
9.125%, 04/30/18 | 850 | 964 | ||||||
8.250%, 05/23/16 | 570 | 631 | ||||||
Vimpel Communications Via VIP Finance Ireland | ||||||||
7.748%, 02/02/21 (A) | 3,436 | 3,608 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 6 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund
March 31, 2011
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Vnesheconombank Via VEB Finance | ||||||||
6.902%, 07/09/20 (A) | 2,985 | $ | 3,212 | |||||
6.902%, 07/09/20 | 100 | 108 | ||||||
6.800%, 11/22/25 (A) | 1,000 | 1,014 | ||||||
5.450%, 11/22/17 (A) | 700 | 710 | ||||||
VTB Bank Via VTB Capital | ||||||||
6.551%, 10/13/20 (A) | 960 | 973 | ||||||
VTB Capital | ||||||||
6.875%, 05/29/18 | 3,300 | 3,580 | ||||||
6.609%, 10/31/12 (A) | 1,150 | 1,224 | ||||||
6.250%, 06/30/35 | 381 | 404 | ||||||
67,753 | ||||||||
Saudi Arabia — 0.2% | ||||||||
Dar Al-Arkan International Sukuk | ||||||||
10.750%, 02/18/15 (A) | 1,500 | 1,484 | ||||||
Singapore — 0.3% |
| |||||||
Sea Product | ||||||||
4.563%, 05/14/10 (B) | 2,395 | 2,035 | ||||||
STATS ChipPAC | ||||||||
7.500%, 08/12/15 (A) | 100 | 109 | ||||||
5.375%, 03/31/16 | 176 | 177 | ||||||
Yanlord Land Group | ||||||||
9.500%, 05/04/17 | 221 | 219 | ||||||
2,540 | ||||||||
South Africa — 2.9% | ||||||||
Edcon Proprietary | ||||||||
4.276%, 06/15/14 (C) | EUR | 2,500 | 3,033 | |||||
Edcon Pty | ||||||||
9.500%, 03/01/18 (A) | 1,000 | 1,000 | ||||||
Eskom Holdings | ||||||||
5.750%, 01/26/21 (A) | 2,450 | 2,484 | ||||||
Gold Fields Orogen Holdings | ||||||||
4.875%, 10/07/20 | 504 | 484 | ||||||
Myriad International Holding BV | ||||||||
6.375%, 07/28/17 (A) | 1,817 | 1,919 | ||||||
Republic of South Africa | ||||||||
8.500%, 06/23/17 | 860 | 1,062 | ||||||
8.000%, 12/21/18 | 10,950 | 1,561 | ||||||
7.250%, 01/15/20 | 6,060 | 819 | ||||||
6.875%, 05/27/19 | 2,626 | 3,049 | ||||||
6.750%, 03/31/21 | 25,560 | 3,300 | ||||||
6.500%, 06/02/14 | 2,195 | 2,453 | ||||||
5.875%, 05/30/22 | 1,900 | 2,040 | ||||||
5.500%, 03/09/20 | 1,821 | 1,928 | ||||||
Transnet | ||||||||
4.500%, 02/10/16 | 560 | 572 | ||||||
25,704 | ||||||||
South Korea — 0.3% | ||||||||
Export-Import Bank of Korea | ||||||||
8.125%, 01/21/14 | 720 | 825 | ||||||
5.875%, 01/14/15 | 695 | 761 | ||||||
Republic of Korea | ||||||||
7.125%, 04/16/19 | 900 | 1,061 | ||||||
2,647 | ||||||||
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Sri Lanka — 0.2% |
| |||||||
Republic of Sri Lanka | ||||||||
7.400%, 01/22/15 (A) | 450 | $ | 483 | |||||
6.250%, 10/04/20 (A) | 900 | 875 | ||||||
1,358 | ||||||||
Supra-National — 0.1% | ||||||||
Andina de Fomento | ||||||||
8.125%, 06/04/19 | 485 | 583 | ||||||
Thailand — 0.4% | ||||||||
True Move | ||||||||
10.750%, 12/16/13 (A)(B) | 1,250 | 1,353 | ||||||
10.750%, 12/16/13 | 600 | 650 | ||||||
10.375%, 08/01/14 | 1,100 | 1,188 | ||||||
3,191 | ||||||||
Trinidad & Tobago — 0.4% |
| |||||||
Petroleum of Trinidad & Tobago | ||||||||
9.750%, 08/14/19 (A) | 1,090 | 1,322 | ||||||
6.000%, 05/08/22 (A) | 335 | 340 | ||||||
6.000%, 05/08/22 (B) | 1,969 | 1,997 | ||||||
3,659 | ||||||||
Tunisia — 0.3% |
| |||||||
Banque Centrale de Tunisie | ||||||||
8.250%, 09/19/27 | 1,000 | 1,160 | ||||||
7.375%, 04/25/12 | 912 | 953 | ||||||
6.250%, 02/20/13 | 360 | 524 | ||||||
2,637 | ||||||||
Turkey — 3.3% |
| |||||||
Globus Capital Finance | ||||||||
8.500%, 03/05/12 | 500 | 500 | ||||||
Republic of Turkey | ||||||||
11.875%, 01/15/30 | 850 | 1,409 | ||||||
9.500%, 01/15/14 | 500 | 587 | ||||||
8.000%, 02/14/34 | 1,700 | 2,037 | ||||||
7.500%, 11/07/19 | 3,630 | 4,229 | ||||||
7.500%, 07/14/17 | 1,000 | 1,160 | ||||||
7.375%, 02/05/25 | 3,070 | 3,536 | ||||||
7.250%, 03/15/15 | 850 | 964 | ||||||
7.250%, 03/05/38 | 2,790 | 3,079 | ||||||
7.000%, 09/26/16 | 938 | 1,062 | ||||||
7.000%, 06/05/20 | 570 | 644 | ||||||
7.000%, 03/11/19 | 650 | 735 | ||||||
6.875%, 03/17/36 | 2,420 | 2,562 | ||||||
6.750%, 04/03/18 | 2,900 | 3,234 | ||||||
6.750%, 05/30/40 | 2,533 | 2,628 | ||||||
6.000%, 01/14/41 | 352 | 329 | ||||||
5.625%, 03/30/21 | 450 | 459 | ||||||
29,154 | ||||||||
Ukraine — 3.7% | ||||||||
Avangardco Investments | ||||||||
10.000%, 10/29/15 | 567 | 550 | ||||||
Biz Finance for Ukreximbank | ||||||||
8.375%, 04/27/15 | 3,763 | 3,918 |
7 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
Table of Contents
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Credit Suisse First Boston International for CJSC The EXIM of Ukraine | ||||||||
8.000%, 11/06/15 (B) | 215 | $ | 204 | |||||
7.650%, 09/07/11 (B) | 500 | 507 | ||||||
6.800%, 10/04/12 | 750 | 763 | ||||||
DTEK Finance BV | ||||||||
9.500%, 04/28/15 (A) | 620 | 656 | ||||||
9.500%, 04/28/15 | 512 | 542 | ||||||
Financing of Infrastrucural Projects State Enterprise | ||||||||
8.375%, 11/03/17 (A) | 550 | 578 | ||||||
Government of Ukraine | ||||||||
7.950%, 02/23/21 (A) | 250 | 256 | ||||||
7.750%, 09/23/20 (A) | 1,140 | 1,176 | ||||||
7.750%, 09/23/20 | 250 | 257 | ||||||
7.650%, 06/11/13 | 250 | 263 | ||||||
7.650%, 06/11/13 | 1,050 | 1,106 | ||||||
6.875%, 09/23/15 (A)(F) | 2,914 | 3,016 | ||||||
6.875%, 09/23/15 | 1,186 | 1,228 | ||||||
6.750%, 11/14/17 | 850 | 862 | ||||||
6.580%, 11/21/16 (A) | 590 | 600 | ||||||
6.580%, 11/21/16 | 1,500 | 1,521 | ||||||
JSC Commercial Bank | ||||||||
8.000%, 02/06/12 | 2,850 | 2,874 | ||||||
Metinvest BV MTN | ||||||||
8.750%, 02/14/18 (A) | 1,024 | 1,060 | ||||||
MHP | ||||||||
10.250%, 04/29/15 | 1,528 | 1,635 | ||||||
10.250%, 04/29/15 | 368 | 394 | ||||||
Mriya Agro Holding | ||||||||
10.950%, 03/30/16 | 210 | 207 | ||||||
NAK Naftogaz Ukraine | ||||||||
9.500%, 09/30/14 | 7,973 | 8,770 | ||||||
Springvale Holdings | ||||||||
9.181%, 09/07/09 (B)(C)(E) | 1,000 | 75 | ||||||
33,018 | ||||||||
United Arab Emirates — 2.7% |
| |||||||
Dolphin Energy | ||||||||
5.888%, 06/15/19 (A) | 461 | 490 | ||||||
5.888%, 06/15/19 | 508 | 539 | ||||||
DP World | ||||||||
6.850%, 07/02/37 | 2,030 | 1,868 | ||||||
Dubai DOF Sukuk MTN | ||||||||
6.396%, 11/03/14 | 800 | 825 | ||||||
Dubai Electricity & Water Authority | ||||||||
8.500%, 04/22/15 (A) | 1,200 | 1,302 | ||||||
8.500%, 04/22/15 | 1,078 | 1,170 | ||||||
7.375%, 10/21/20 (A) | 2,216 | 2,150 | ||||||
Dubai Holding Commercial Operations MTN | ||||||||
6.000%, 02/01/17 | 250 | 306 | ||||||
4.750%, 01/30/14 | EUR 3,400 | 4,077 | ||||||
0.662%, 02/01/12 (C) | 150 | 140 | ||||||
Dubai Sukuk Centre | ||||||||
0.677%, 06/13/12 (C) | 2,753 | 2,478 |
Description | Face Amount (1) (Thousands) | Market Value ($ Thousands) | ||||||
Emirate of Abu Dhabi | ||||||||
7.750%, 10/05/20 | 1,050 | $ | 1,034 | |||||
6.750%, 04/08/19 (A) | 470 | 540 | ||||||
6.750%, 04/08/19 | 1,000 | 1,146 | ||||||
6.700%, 10/05/15 | 300 | 307 | ||||||
Jafz Sukuk | ||||||||
3.679%, 11/27/12 (C) | AED | 22,400 | 5,584 | |||||
23,956 | ||||||||
United Kingdom — 0.1% |
| |||||||
Ferrexpo Finance PLC | ||||||||
7.875%, 04/07/16 | 608 | 608 | ||||||
Uruguay — 2.3% | ||||||||
Republic of Uruguay PIK | ||||||||
7.875%, 01/15/33 | 2,600 | 3,132 | ||||||
Republic of Uruguay | ||||||||
9.250%, 05/17/17 | 3,215 | 4,115 | ||||||
8.000%, 11/18/22 | 7,707 | 9,595 | ||||||
7.625%, 03/21/36 | 2,495 | 2,982 | ||||||
6.875%, 09/28/25 | 401 | 461 | ||||||
20,285 | ||||||||
Venezuela — 4.7% |
| |||||||
Government of Venezuela | ||||||||
13.625%, 08/15/18 | 2,100 | 2,016 | ||||||
13.625%, 08/15/18 | 144 | 138 | ||||||
12.750%, 08/23/22 | 965 | 835 | ||||||
10.750%, 09/19/13 | 400 | 402 | ||||||
9.375%, 01/13/34 | 830 | 564 | ||||||
9.250%, 09/15/27 | 1,820 | 1,342 | ||||||
9.250%, 05/07/28 | 2,530 | 1,733 | ||||||
9.000%, 05/07/23 | 5,481 | 3,782 | ||||||
8.500%, 10/08/14 | 4,986 | 4,547 | ||||||
8.250%, 10/13/24 | 4,005 | 2,593 | ||||||
7.750%, 10/13/19 | 1,975 | 1,358 | ||||||
7.650%, 04/21/25 | 1,450 | 884 | ||||||
7.000%, 03/31/38 | 100 | 57 | ||||||
7.000%, 12/01/18 | 230 | 159 | ||||||
6.000%, 12/09/20 | 880 | 521 | ||||||
5.750%, 02/26/16 | 663 | 491 | ||||||
Petroleos de Venezuela | ||||||||
8.500%, 11/02/17 | 1,180 | 834 | ||||||
5.500%, 04/12/37 | 3,250 | 1,484 | ||||||
5.375%, 04/12/27 | 4,105 | 1,940 | ||||||
5.250%, 04/12/17 | 4,497 | 2,716 | ||||||
5.000%, 10/28/15 | 4,201 | 2,793 | ||||||
4.900%, 10/28/14 | 14,709 | 10,811 | ||||||
42,000 | ||||||||
Vietnam — 0.2% |
| |||||||
Republic of Vietnam | ||||||||
6.875%, 01/15/16 | 350 | 376 | ||||||
6.750%, 01/29/20 | 1,350 | 1,401 | ||||||
1,777 | ||||||||
Total Global Bonds | 817,022 | |||||||
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 8 |
Table of Contents
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund
March 31, 2011
Description | Face Amount(1) (Thousands) | Market Value ($ Thousands) | ||||||
LOAN PARTICIPATIONS — 2.4% |
| |||||||
Angola — 0.2% | ||||||||
Republic of Angola | ||||||||
3.254%, 04/30/16 | EUR | 1,192 | $ | 1,549 | ||||
Argentina — 0.0% | ||||||||
Endesa Costanera Sociedad Anonima | ||||||||
11.302%, 03/30/12 | 440 | 440 | ||||||
Georgia — 0.0% | ||||||||
Ashmore Cayman | ||||||||
0.000%, 04/16/14 (G) | 221 | 309 | ||||||
Indonesia — 0.2% | ||||||||
PT Bumi | ||||||||
0.505%, 08/07/13 | 1,743 | 1,816 | ||||||
Mexico — 0.5% | ||||||||
Altos Hornos Promissory Note No. 5 | ||||||||
0.000%, 04/29/99 (B) | 2,500 | 650 | ||||||
Altos Hornos Promissory Note No. 6 | ||||||||
0.000%, 04/29/99 (B) | 2,500 | 650 | ||||||
Altos Hornos Promissory Note (Counterparty: Deustche Bank) | ||||||||
0.000%, 12/31/49 (B) | 4,500 | 1,170 | ||||||
Altos Hornos Tranche A (Counterparty: Bank of America) | ||||||||
0.000%, 04/11/04 (B) | 6,540 | 1,701 | ||||||
4,171 | ||||||||
Russia — 0.2% | ||||||||
Snegri | ||||||||
10.500%, 04/21/10 (B) | 1,962 | 1,589 | ||||||
Singapore — 1.3% | ||||||||
PACNET Segregated Portfolio PPN | ||||||||
0.000%, 08/31/11 (B) | 9,161 | 8,325 | ||||||
Morton Bay | ||||||||
6.220%, 12/30/09 (B) | 3,377 | 3,375 | ||||||
11,700 | ||||||||
Total Loan Participations | 21,574 | |||||||
CONVERTIBLE BONDS — 0.4% |
| |||||||
BLT International CV to 2,228,997.56 Shares | ||||||||
12.000%, 02/10/15 (A) | 300 | 304 |
Description | Face Amount(1) (Thousands)/Shares | Market Value ($ Thousands) | ||||||
Firstsource CV to 42,549.14 Shares | ||||||||
6.064%, 12/04/12 (G) | 1,900 | $ | 2,166 | |||||
Suzlon Energy CV to 22.683 Shares | ||||||||
3.381%, 06/12/12 | 810 | 921 | ||||||
Suzlon Energy CV to 533.2762 Shares | ||||||||
2.513%, 07/25/14 (G) | 450 | 382 | ||||||
Total Convertible Bonds | 3,773 | |||||||
Number Of Warrants | ||||||||
WARRANTS — 0.0% |
| |||||||
Russia — 0.0% | ||||||||
Teorema Holding A, Expires | ||||||||
10/27/11 (B)* | 226 | — | ||||||
Teorema Holding B, Expires | ||||||||
10/27/11 (B)* | 452 | — | ||||||
— | ||||||||
Mexico — 0.0% | ||||||||
Mexico Bonos, Expires | ||||||||
04/27/11* | 23,200 | 5 | ||||||
Mexico Bonos, Expires | ||||||||
04/27/11* | 23,200 | 6 | ||||||
11 | ||||||||
Total Warrants | 11 | |||||||
AFFILIATED PARTNERSHIP — 0.8% |
| |||||||
United States — 0.8% | ||||||||
SEI Liquidity Fund, L.P. | ||||||||
0.200% †**(H) | 7,646,679 | 7,376 | ||||||
Total Affiliated Partnership | 7,376 | |||||||
Total Investments — 94.9% | $ | 849,756 | ||||||
A summary of the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:
Maturity Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
4/4/11-5/3/11 | BRL | 27,988 | USD | 16,778 | $ | (400 | ) | |||||
4/4/11-5/3/11 | USD | 16,880 | BRL | 27,988 | 299 | |||||||
4/18/11 | KRW | 4,297,680 | USD | 3,810 | (109 | ) | ||||||
4/18/11 | MXP | 47,341 | USD | 3,900 | (71 | ) | ||||||
4/18/11 | USD | 5,354 | KRW | 6,021,425 | 137 | |||||||
4/18/11 | USD | 3,920 | MXP | 47,341 | 51 | |||||||
4/18/11 | USD | 2,581 | ZAR | 18,257 | 115 | |||||||
4/18/11 | ZAR | 18,257 | USD | 2,600 | (97 | ) | ||||||
4/18/11-4/27/11 | EUR | 20,754 | USD | 29,166 | (273 | ) | ||||||
4/18/11-5/3/11 | USD | 5,840 | RUB | 167,122 | 33 | |||||||
4/27/11 | GBP | 187 | USD | 304 | 4 | |||||||
4/27/11 | USD | 145 | EUR | 102 | — | |||||||
5/3/11 | USD | 5,660 | MYR | 17,218 | 17 | |||||||
5/20/11-8/9/11 | CNY | 34,474 | USD | 5,243 | (51 | ) | ||||||
5/20/11-11/14/11 | USD | 8,534 | CNY | 56,256 | 127 | |||||||
$ | (218 | ) | ||||||||||
9 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
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A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2011, is as follows:
CounterParty | Currency to Deliver ($ Thousands) | Currency to Receive ($ Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
Bank of America | (3,830 | ) | 3,867 | $ | 37 | |||||||
Barclays PLC | (2,010 | ) | 2,006 | (4 | ) | |||||||
Brown Brothers Harriman | (5,380 | ) | 5,502 | 122 | ||||||||
Citigroup | (46,861 | ) | 46,859 | (2 | ) | |||||||
HSBC | (17,213 | ) | 16,983 | (230 | ) | |||||||
International Forex Finance Group | (7,175 | ) | 6,993 | (181 | ) | |||||||
JPMorgan Chase Bank | (14,309 | ) | 14,304 | (5 | ) | |||||||
Standard Bank | (14,933 | ) | 14,978 | 45 | ||||||||
$ | (218 | ) | ||||||||||
A summary of the open futures contracts held by the Fund at March 31, 2011, is as follows:
Type of Contract | Number of Contracts Long (Short) | Expiration Date | Unrealized Appreciation ($ Thousands) | |||||||||
U.S. 10-Year Treasury Note | (18 | ) | Jun-2011 | $ | 23 | |||||||
U.S. Ultra Long Treasury Bond | 10 | Jul-2011 | 6 | |||||||||
$ | 29 | |||||||||||
For the period ended March 31, 2011, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.
A summary of outstanding swap agreements held by the fund at March 31, 2011, is as follows:
Total Return Swaps | ||||||||||||||||||
Counterparty | Reference Entity/Obligation | Fund Pays | Fund Receives | Termination Date | Notional Amount (Thousands) | Net Unrealized Appreciation ($Thousands) | ||||||||||||
HSBC | Republic of Korea 5.000% 06/10/20 | Cash Deposit Of Notional Amount | Price Return | 06/10/20 | KRW | 2,217,000 | $ | 121 | ||||||||||
Barclays Bank PLC | Republic of Korea 5.000% 06/10/22 | Cash Deposit Of Notional Amount | Price Return | 06/10/20 | KRW | 2,237,000 | 97 | |||||||||||
$ | 218 | |||||||||||||||||
Percentages are based on a Net Assets of $895,563($ Thousands).
* | Non-income producing security |
** | The rate shown is the 7-day effective yield as of March 31, 2011. |
† | Affiliated security. |
(A) | Variable Rate Security - The rate reported on the Summary Schedule of Investments is the rate in effect as of March 31, 2011. |
(B) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the board of Trustees. |
(C) | Securities considered illiquid. The total market value of such securities as of March 31, 2011 was $35,997($ Thousands) and represented 4.0% of Net Assets. |
(D) | Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on March 31, 2011. The coupon on a step bond changes on a specified date. |
(E) | Security in default on interest payments. |
(F) | This security or a partial position of this security is on loan at March 31, 2011. The total market value of securities on loan at March 31, 2011 was $7,172 ($ Thousands) (See Note 9). |
(G) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
(H) | This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of March 31, 2011 was $7,376 ($ Thousands). |
AED — United Arab Emirates Dirham
ARS — Adjustable Rate Mortgage
BRL — Brazilian Real
CNY — Chinese Yuan
COP — Colombian Peso
CV — Convertible Security
EUR — Euro
IDR — Indonesian Rupiah
INR — Indian Rupee
KRW — Korean Won
KWCDC — Korean Won Certificate of Deposit
L.P. — Limited Partnership
MTN — Medium Term Note
MXP — Mexican Peso
MYR — Malaysian Ringgit
PIK — Payment-in-Kind
PLN — Polish Zlotty
PPN — Profit Participating Note
RUB — Russian Ruble
Ser — Series
USD — U.S. Dollar
ZAR — South African Rand
SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 | 10 |
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SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund
March 31, 2011
The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Global Bonds | $ | — | $ | 817,022 | $ | — | $ | 817,022 | ||||||||
Convertible Bonds | — | 3,773 | — | 3,773 | ||||||||||||
Warrants | — | 11 | — | 11 | ||||||||||||
Loan Participations | — | 2,256 | 19,318 | 21,574 | ||||||||||||
Affiliated Partnership | — | 7,376 | — | 7,376 | ||||||||||||
Total Investments in Securities | $ | — | $ | 830,438 | $ | 19,318 | $ | 849,756 | ||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts * | $ | 29 | $ | — | $ | — | $ | 29 | ||||||||
Forwards Contracts * | (219 | ) | — | — | (219 | ) | ||||||||||
Total Return Swaps | — | 218 | — | 218 | ||||||||||||
Total Other Financial Instruments | $ | (190 | ) | $ | 218 | $ | — | $ | 28 | |||||||
* | Future contracts and forward contracts are valued at the net unrealized appreciation (depreciation) on the instrument. |
Loan Participations | ||||
Beginning balance as of October 1, 2010 | $ | 21,781 | ||
Accrued discounts/premiums | 15 | |||
Realized gain/(loss) | (5 | ) | ||
Change in unrealized appreciation/(depreciation) | (1,823 | ) | ||
Net purchases/sales | (650 | ) | ||
Net transfer in and/or out of Level 3 | — | |||
Ending balance as of March 31, 2011 | $ | 19,318 | ||
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date. | $ | — | ||
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
11 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2011 |
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Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
The Registrant has a standing nominating committee (the “Committee”) currently consisting of the independent trustees. The Committee is responsible for evaluating and recommending nominees for election to the Registrant’s board of trustees (the “Board”). Pursuant to the Committee’s charter, adopted on June 18, 2004 and as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.
Item 11. | Controls and Procedures. |
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Items 12. | Exhibits. |
(a)(1) Not applicable for semi-annual report.
(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.
(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)), also accompany this filing as an exhibit.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SEI Institutional International Trust | ||
By | /s/ Robert A Nesher | |
Robert A. Nesher, President & CEO |
Date: May 30, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | /s/ Robert A Nesher | |
Robert A. Nesher, President & CEO |
Date: May 30, 2011
By | /s/ Peter A. Rodriguez | |
Peter A. Rodriguez, Controller & CFO |
Date: May 30, 2011