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
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Address of principal executive offices) (Zip code)
c/o CT Corporation
155 Federal Street
Boston, MA 02110
(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, 2016
Date of reporting period: March 31, 2016
Item 1. | Reports to Stockholders. |
March 31, 2016
SEMI-ANNUAL REPORT
SEI Institutional International Trust
➤ International Equity Fund
➤ Emerging Markets Equity Fund
➤ International Fixed Income Fund
➤ Emerging Markets Debt Fund
1 | ||||
50 | ||||
52 | ||||
53 | ||||
56 | ||||
58 | ||||
73 | ||||
Board of Trustees Considerations in Approving the Advisory Agreement | 74 | |||
77 |
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarter of each fiscal year on Form N-Q within sixty days after the end of the period. The Trust’s Forms N-Q are 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.
SCHEDULE OF INVESTMENTS (Unaudited)
International Equity Fund
March 31, 2016
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK — 93.2% |
| |||||||
Australia — 2.0% | ||||||||
AGL Energy | 35,794 | $ | 507 | |||||
Amcor | 60,510 | 668 | ||||||
APA Group | 158,908 | 1,077 | ||||||
Aristocrat Leisure | 83,396 | 661 | ||||||
Bank of Queensland | 7,178 | 67 | ||||||
Brambles | 305,155 | 2,845 | ||||||
Caltex Australia | 208,151 | 5,447 | ||||||
Challenger | 49,095 | 317 | ||||||
CIMIC Group | 30,920 | 827 | ||||||
Cochlear | 14,229 | 1,120 | ||||||
Commonwealth Bank of Australia | 69,607 | 4,012 | ||||||
CSL | 137,160 | 10,703 | ||||||
CSR | 123,699 | 314 | ||||||
Downer EDI | 102,237 | 302 | ||||||
Fortescue Metals Group (A) | 156,806 | 307 | ||||||
GPT Group‡ | 34,529 | 133 | ||||||
Incitec Pivot | 103,520 | 254 | ||||||
Insurance Australia Group | 1,219,170 | 5,233 | ||||||
Macquarie Group | 46,561 | 2,367 | ||||||
Newcrest Mining* | 144,662 | 1,887 | ||||||
Northern Star Resources | 302,396 | 798 | ||||||
OZ Minerals | 85,704 | 332 | ||||||
Qantas Airways | 2,738,801 | 8,575 | ||||||
Ramsay Health Care | 17,170 | 810 | ||||||
Scentre Group‡ | 121,840 | 416 | ||||||
Sirtex Medical | 17,662 | 393 | ||||||
Star Entertainment Grp | 154,008 | 673 | ||||||
Tabcorp Holdings | 93,325 | 307 | ||||||
Tatts Group | 10,780 | 31 | ||||||
Telstra | 269,812 | 1,106 | ||||||
TPG Telecom | 44,293 | 386 | ||||||
Transurban Group | 151,827 | 1,326 | ||||||
Treasury Wine Estates | 106,696 | 791 | ||||||
Vocus Communications (A) | 47,191 | 302 | ||||||
Westfield‡ | 55,659 | 428 | ||||||
|
| |||||||
55,722 | ||||||||
|
| |||||||
Austria — 0.3% | ||||||||
ANDRITZ | 84,234 | 4,632 |
Description | Shares | Market Value ($ Thousands) | ||||||
Erste Group Bank | 24,228 | $ | 682 | |||||
OMV | 84,061 | 2,368 | ||||||
|
| |||||||
7,682 | ||||||||
|
| |||||||
Belgium — 1.9% | ||||||||
Ageas | 320,727 | 12,745 | ||||||
AGFA-Gevaert* | 70,231 | 314 | ||||||
Anheuser-Busch InBev | 8,867 | 1,104 | ||||||
Colruyt | 50,670 | 2,956 | ||||||
Delhaize Group | 27,532 | 2,879 | ||||||
Groupe Bruxelles Lambert | 87,333 | 7,216 | ||||||
KBC Groep | 314,359 | 16,240 | ||||||
Ontex Group | 269,000 | 8,833 | ||||||
Proximus | 637 | 22 | ||||||
UCB (A) | 2,025 | 155 | ||||||
|
| |||||||
52,464 | ||||||||
|
| |||||||
Brazil — 0.2% | ||||||||
Cia Energetica de Minas Gerais ADR | 237,782 | 537 | ||||||
Embraer | 676,500 | 4,530 | ||||||
JBS | 113,100 | 349 | ||||||
|
| |||||||
5,416 | ||||||||
|
| |||||||
Canada — 3.0% | ||||||||
Agrium (A) | 87,791 | 7,751 | ||||||
Alacer Gold* | 131,900 | 240 | ||||||
Alimentation Couche-Tard, Cl B | 148,800 | 6,649 | ||||||
Bank of Montreal | 14,300 | 872 | ||||||
Cameco | 526,948 | 6,766 | ||||||
Canadian Imperial Bank of Commerce | 61,100 | 4,583 | ||||||
Canadian Natural Resources (A) | 249,716 | 6,742 | ||||||
Canadian Pacific Railway | 67,055 | 8,898 | ||||||
Centerra Gold | 59,400 | 277 | ||||||
CGI Group, Cl A* | 23,900 | 1,147 | ||||||
Cogeco Communications | 21,600 | 1,157 | ||||||
Constellation Software | 17,800 | 7,318 | ||||||
Enerflex | 21,000 | 166 | ||||||
Entertainment One | 106,941 | 233 | ||||||
Gildan Activewear | 396,000 | 12,124 | ||||||
Home Capital Group, Cl B (A) | 119,900 | 3,250 | ||||||
Imperial Oil | 83,400 | 2,798 | ||||||
Linamar | 21,100 | 1,019 | ||||||
Lucara Diamond | 63,300 | 135 | ||||||
Magna International, Cl A | 97,200 | 4,195 | ||||||
Royal Bank of Canada | 86,800 | 5,022 | ||||||
Suncor Energy | 61,291 | 1,714 | ||||||
Toronto-Dominion Bank | 14,700 | 637 | ||||||
Yamana Gold | 132,200 | 403 | ||||||
|
| |||||||
84,096 | ||||||||
|
| |||||||
China — 1.0% | ||||||||
Alibaba Group Holding ADR* | 51,100 | 4,038 | ||||||
Baidu ADR* | 22,000 | 4,199 | ||||||
Ctrip.com International ADR* | 168,500 | 7,458 | ||||||
NetEase ADR | 19,982 | 2,869 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
International Equity Fund (Continued)
March 31, 2016
Description | Shares | Market Value ($ Thousands) | ||||||||
Tencent Holdings | 416,900 | $ | 8,514 | |||||||
|
| |||||||||
27,078 | ||||||||||
|
| |||||||||
Denmark — 2.5% | ||||||||||
Bavarian Nordic* | 9,663 | 362 | ||||||||
Chr Hansen Holding | 138,394 | 9,306 | ||||||||
Coloplast, Cl B | 101,405 | 7,696 | ||||||||
DSV | 10,601 | 442 | ||||||||
H Lundbeck | 16,273 | 538 | ||||||||
ISS | 368,131 | 14,803 | ||||||||
Jyske Bank | 43,682 | 1,975 | ||||||||
Novo Nordisk ADR | 182,630 | 9,897 | ||||||||
Novozymes, Cl B | 157,252 | 7,081 | ||||||||
Pandora | 80,194 | 10,518 | ||||||||
Scandinavian Tobacco Group (B) | 282,956 | 4,553 | ||||||||
Vestas Wind Systems | 67,634 | 4,779 | ||||||||
William Demant Holding* | 377 | 38 | ||||||||
|
| |||||||||
71,988 | ||||||||||
|
| |||||||||
Finland — 0.6% | ||||||||||
Amer Sports, Cl A | 11,770 | 343 | ||||||||
Elisa, Cl A | 28,048 | 1,092 | ||||||||
Neste (A) | 178,130 | 5,870 | ||||||||
Orion, Cl B | 61,183 | 2,025 | ||||||||
Sampo, Cl A (A) | 33,151 | 1,577 | ||||||||
Stora Enso, Cl R | 432,437 | 3,876 | ||||||||
UPM-Kymmene | 168,774 | 3,062 | ||||||||
|
| |||||||||
17,845 | ||||||||||
|
| |||||||||
France — 8.0% | ||||||||||
Air Liquide | 16,700 | 1,882 | ||||||||
Airbus Group | 1,856 | 123 | ||||||||
Arkema | 47,136 | 3,544 | ||||||||
Atos | 29,616 | 2,416 | ||||||||
AXA | 6,209 | 146 | ||||||||
BNP Paribas | 268,854 | 13,551 | ||||||||
Boiron | 1,900 | 154 | ||||||||
Cap Gemini | 9,411 | 886 | ||||||||
Carrefour | 390,922 | 10,772 | ||||||||
Christian Dior | 15,952 | 2,898 | ||||||||
Cie des Alpes | 3,261 | 55 | ||||||||
CNP Assurances | 19,539 | 305 | ||||||||
Dassault Systemes | 9,285 | 738 | ||||||||
Elior Group* (B) | 118,600 | 2,604 | ||||||||
Engie | 762,129 | 11,846 | ||||||||
Essilor International | 11,483 | 1,420 | ||||||||
Eurofins Scientific | 9,426 | 3,462 | ||||||||
Eutelsat Communications | 3,455 | 112 | ||||||||
Groupe Eurotunnel | 14,274 | 160 | ||||||||
Ipsen | 30,854 | 1,774 | ||||||||
IPSOS | 14,286 | 334 | ||||||||
JC Decaux | 3,088 | 135 | ||||||||
Lagardere | 14,190 | 378 | ||||||||
Legrand | 152,003 | 8,530 |
Description | Shares | Market Value ($ Thousands) | ||||||||
L’Oreal (A) | 4,919 | $ | 883 | |||||||
LVMH Moet Hennessy Louis Vuitton | 37,645 | 6,456 | ||||||||
Nexity | 5,617 | 293 | ||||||||
Nokia | 1,269,424 | 7,524 | ||||||||
Orange | 733,893 | 12,875 | ||||||||
Pernod Ricard | 28,450 | 3,177 | ||||||||
Peugeot* | 137,668 | 2,363 | ||||||||
Publicis Groupe (A) | 158,488 | 11,145 | ||||||||
Renault | 6,311 | 628 | ||||||||
Rexel | 859,000 | 12,290 | ||||||||
Safran | 4,361 | 305 | ||||||||
Sanofi | 307,088 | 24,797 | ||||||||
Schneider Electric | 241,767 | 15,302 | ||||||||
SCOR | 24,509 | 871 | ||||||||
Societe BIC | 4,474 | 674 | ||||||||
Sodexo | 33,119 | 3,576 | ||||||||
SPIE* | 183,020 | 3,650 | ||||||||
Suez Environnement | 32,578 | 598 | ||||||||
Technicolor | 235,572 | 1,474 | ||||||||
Teleperformance | 4,248 | 374 | ||||||||
Thales | 105,853 | 9,288 | ||||||||
Total | 599,621 | 27,373 | ||||||||
UBISOFT Entertainment* | 6,237 | 196 | ||||||||
Valeo | 53,126 | 8,282 | ||||||||
Veolia Environnement | 55,679 | 1,343 | ||||||||
Vetoquinol | 569 | 24 | ||||||||
Vinci | 5,635 | 420 | ||||||||
Vivendi | 7,626 | 161 | ||||||||
Wendel | 1,016 | 111 | ||||||||
|
| |||||||||
224,678 | ||||||||||
|
| |||||||||
Germany — 6.5% | ||||||||||
Adidas | 39,303 | 4,613 | ||||||||
Allianz | 53,592 | 8,730 | ||||||||
Bayer | 207,450 | 24,420 | ||||||||
Bayerische Motoren Werke | 46,040 | 4,234 | ||||||||
Brenntag | 62,857 | 3,596 | ||||||||
Continental | 32,911 | 7,501 | ||||||||
Daimler | 29,707 | 2,281 | ||||||||
Daimler ADR | 4,915 | 383 | ||||||||
Deutsche Boerse | 105,978 | 9,056 | ||||||||
Deutsche EuroShop | 6,956 | 327 | ||||||||
Deutsche Lufthansa | 303,231 | 4,909 | ||||||||
Deutsche Telekom | 59,184 | 1,064 | ||||||||
Deutsche Wohnen | 47,105 | 1,467 | ||||||||
Evonik Industries | 93,870 | 2,820 | ||||||||
Fresenius | 17,951 | 1,313 | ||||||||
Fresenius Medical Care | 10,787 | 957 | ||||||||
GEA Group | 39,800 | 1,950 | ||||||||
Gerresheimer | 20,399 | 1,602 | ||||||||
Hannover Rueck | 47,113 | 5,498 | ||||||||
Hella KGaA Hueck | 4,083 | 174 | ||||||||
Henkel | 7,502 | 738 |
2 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Shares | Market Value ($ Thousands) | ||||||||
Hochtief | 50,705 | $ | 6,214 | |||||||
Infineon Technologies | 10,501 | 150 | ||||||||
Kloeckner | 21,459 | 210 | ||||||||
Krones | 9,931 | 1,198 | ||||||||
LANXESS | 1,132 | 55 | ||||||||
Linde | 79,083 | 11,540 | ||||||||
Merck | 59,738 | 4,991 | ||||||||
Muenchener Rueckversicherungs | 17,178 | 3,499 | ||||||||
Nordex* | 56,009 | 1,539 | ||||||||
OSRAM Licht | 37,034 | 1,912 | ||||||||
ProSiebenSat.1 Media | 72,660 | 3,741 | ||||||||
QIAGEN* | 28,155 | 628 | ||||||||
Rheinmetall | 3,952 | 316 | ||||||||
SAP | 457,330 | 37,054 | ||||||||
SAP ADR (A) | 83,500 | 6,715 | ||||||||
Siemens | 92,647 | 9,834 | ||||||||
Software | 7,695 | 301 | ||||||||
STADA Arzneimittel | 7,027 | 279 | ||||||||
Symrise | 18,451 | 1,241 | ||||||||
Talanx | 11,029 | 377 | ||||||||
Telefonica Deutschland Holding | 65,405 | 355 | ||||||||
TUI | 156,224 | 2,442 | ||||||||
Vonovia | 10,926 | 394 | ||||||||
Zalando* (B) | 9,261 | 304 | ||||||||
|
| |||||||||
182,922 | ||||||||||
|
| |||||||||
Hong Kong — 2.6% | ||||||||||
AIA Group | 2,763,093 | 15,656 | ||||||||
Biostime International Holdings (A) | 702,500 | 2,581 | ||||||||
BOC Hong Kong Holdings | 104,500 | 312 | ||||||||
Chaoda Modern Agriculture* | 2,440,000 | 53 | ||||||||
Cheung Kong Infrastructure Holdings (A) | 102,000 | 997 | ||||||||
China Merchants Holdings International | 1,401,338 | 4,164 | ||||||||
China Mobile | 1,268,740 | 14,141 | ||||||||
CLP Holdings | 46,500 | 420 | ||||||||
CNOOC | 9,362,000 | 11,056 | ||||||||
Digital China Holdings | 3,997,000 | 5,339 | ||||||||
Hang Seng Bank | 33,700 | 596 | ||||||||
Henderson Land Development | 735,400 | 4,518 | ||||||||
HK Electric Investments & HK Electric Investments (A) (B) | 399,500 | 352 | ||||||||
HKT Trust | 101,000 | 139 | ||||||||
IMAX China Holding* (A) (B) | 998,558 | 6,044 | ||||||||
Link REIT‡ | 17,000 | 101 | ||||||||
MTR | 177,000 | 876 | ||||||||
Power Assets Holdings | 57,500 | 588 | ||||||||
Samsonite International | 1,136,100 | 3,808 | ||||||||
Swire Properties | 30,600 | 83 | ||||||||
Techtronic Industries | 142,500 | 563 | ||||||||
|
| |||||||||
72,387 | ||||||||||
|
| |||||||||
India — 0.3% | ||||||||||
HDFC Bank ADR | 112,410 | 6,928 | ||||||||
Tata Motors ADR* | 19,507 | 566 |
Description | Shares | Market Value ($ Thousands) | ||||||||
WNS Holdings ADR* | 13,053 | $ | 400 | |||||||
|
| |||||||||
7,894 | ||||||||||
|
| |||||||||
Indonesia — 0.0% | ||||||||||
Telekomunikasi Indonesia Persero | 4,560,300 | 1,144 | ||||||||
|
| |||||||||
Ireland — 0.4% | ||||||||||
CRH | 26,573 | 752 | ||||||||
Experian | 387,393 | 6,932 | ||||||||
Kerry Group, Cl A | 1,719 | 160 | ||||||||
Paddy Power Betfair | 4,081 | 570 | ||||||||
Ryanair Holdings ADR | 32,400 | 2,781 | ||||||||
|
| |||||||||
11,195 | ||||||||||
|
| |||||||||
Israel — 1.5% | ||||||||||
Bank Hapoalim | 168,673 | 875 | ||||||||
Bank Leumi Le-Israel* | 92,036 | 330 | ||||||||
Bezeq Israeli Telecommunication | 2,608,327 | 5,880 | ||||||||
Check Point Software Technologies* (A) | 107,600 | 9,412 | ||||||||
NICE Systems | 6,746 | 442 | ||||||||
Teva Pharmaceutical Industries ADR | 475,352 | 25,436 | ||||||||
|
| |||||||||
42,375 | ||||||||||
|
| |||||||||
Italy — 2.0% | ||||||||||
Atlantia | 65,871 | 1,829 | ||||||||
Azimut Holding | 143,985 | 3,323 | ||||||||
Brembo | 94,699 | 4,905 | ||||||||
DiaSorin | 7,443 | 430 | ||||||||
Enel | 187,377 | 832 | ||||||||
EXOR | 85,843 | 3,081 | ||||||||
Ferrari* | 7,084 | 295 | ||||||||
Fiat Chrysler Automobiles (A) | 203,286 | 1,645 | ||||||||
Finmeccanica* | 67,709 | 860 | ||||||||
Intesa Sanpaolo | 960,967 | 2,646 | ||||||||
Luxottica Group | 26,062 | 1,440 | ||||||||
Mediaset | 2,514,553 | 10,390 | ||||||||
Prysmian | 26,379 | 599 | ||||||||
Recordati | 105,450 | 2,644 | ||||||||
Salini Impregilo | 116,063 | 491 | ||||||||
Saras* (A) | 692,920 | 1,114 | ||||||||
Telecom Italia RNC | 339,588 | 298 | ||||||||
Tenaris (A) | 767,650 | 9,579 | ||||||||
Terna Rete Elettrica Nazionale | 107,644 | 615 | ||||||||
UniCredit | 2,616,000 | 9,450 | ||||||||
|
| |||||||||
56,466 | ||||||||||
|
| |||||||||
Japan — 16.3% | ||||||||||
Adastria | 45,400 | 1,379 | ||||||||
Aeon | 31,600 | 457 | ||||||||
AEON Financial Service | 11,700 | 277 | ||||||||
Ajinomoto | 29,000 | 655 | ||||||||
Alfresa Holdings | 27,600 | 530 | ||||||||
Alps Electric | 23,600 | 412 | ||||||||
Amada Holdings | 34,700 | 339 | ||||||||
Arcland Sakamoto | 33,400 | 354 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 3 |
SCHEDULE OF INVESTMENTS (Unaudited)
International Equity Fund (Continued)
March 31, 2016
Description | Shares | Market Value ($ Thousands) | ||||||||
Asahi Glass | 270,000 | $ | 1,480 | |||||||
ASKUL | 132,545 | 5,401 | ||||||||
Bank of Yokohama | 15,000 | 69 | ||||||||
Calsonic Kansei | 95,000 | 707 | ||||||||
Canon Marketing Japan | 90,800 | 1,588 | ||||||||
Casio Computer (A) | 16,600 | 335 | ||||||||
Central Japan Railway | 33,900 | 6,004 | ||||||||
Chubu Electric Power | 18,300 | 256 | ||||||||
Coca-Cola West | 12,800 | 317 | ||||||||
Dai Nippon Printing | 769,000 | 6,842 | ||||||||
Daicel | 3,100 | 42 | ||||||||
Daiichi Sankyo | 234,700 | 5,226 | ||||||||
Daikin Industries | 45,400 | 3,398 | ||||||||
Daikyo | 678,000 | 1,080 | ||||||||
Daito Trust Construction | 42,000 | 5,971 | ||||||||
Daiwa House Industry | 213,400 | 6,011 | ||||||||
Dentsu | 3,200 | 161 | ||||||||
Don Quijote Holdings | 97,796 | 3,402 | ||||||||
East Japan Railway | 177,700 | 15,357 | ||||||||
Fanuc | 30,500 | 4,745 | ||||||||
Fuji Film Holdings | 523,571 | 20,734 | ||||||||
Fuji Heavy Industries | 134,612 | 4,761 | ||||||||
Fujitsu | 269,000 | 997 | ||||||||
Fujitsu General | 55,000 | 850 | ||||||||
Furukawa Electric | 832,000 | 1,799 | ||||||||
Geo Holdings | 20,000 | 333 | ||||||||
Hiroshima Bank | 13,000 | 48 | ||||||||
Hisamitsu Pharmaceutical | 9,100 | 407 | ||||||||
Hitachi | 2,919,000 | 13,676 | ||||||||
Hoshizaki Electric | 1,500 | 125 | ||||||||
Hoya | 92,436 | 3,521 | ||||||||
Iida Group Holdings | 131,100 | 2,560 | ||||||||
Isetan Mitsukoshi Holdings | 17,800 | 208 | ||||||||
IT Holdings | 46,400 | 1,100 | ||||||||
Itochu | 53,800 | 663 | ||||||||
J Front Retailing | 26,300 | 349 | ||||||||
Japan Airlines | 371,800 | 13,636 | ||||||||
Japan Exchange Group | 48,900 | 750 | ||||||||
Japan Tobacco | 515,144 | 21,496 | ||||||||
JX Holdings | 36,300 | 140 | ||||||||
Kajima | 18,000 | 113 | ||||||||
Kaken Pharmaceutical | 7,500 | 454 | ||||||||
Kaneka | 55,000 | 472 | ||||||||
Kansai Electric Power* | 54,000 | 479 | ||||||||
Kansai Paint | 264,000 | 4,247 | ||||||||
Kao | 93,031 | 4,969 | ||||||||
KDDI | 648,400 | 17,341 | ||||||||
Keihan Holdings | 81,000 | 572 | ||||||||
Keio | 13,000 | 114 | ||||||||
Kenedix | 124,400 | 545 | ||||||||
Keyence | 22,100 | 12,071 | ||||||||
Kikkoman | 23,000 | 757 |
Description | Shares | Market Value ($ Thousands) | ||||||||
Koito Manufacturing | 214,710 | $ | 9,743 | |||||||
Konami Holdings (A) | 63,900 | 1,893 | ||||||||
Kose | 4,700 | 458 | ||||||||
Kyowa Hakko Kirin | 36,000 | 575 | ||||||||
Kyudenko | 47,000 | 1,120 | ||||||||
Kyushu Electric Power | 26,400 | 252 | ||||||||
Kyushu Financial Group | 55,200 | 319 | ||||||||
Lawson | 5,100 | 427 | ||||||||
Mabuchi Motor | 186,000 | 8,672 | ||||||||
Maeda Road Construction | 36,000 | 594 | ||||||||
Makita | 9,000 | 559 | ||||||||
Marui Group (A) | 35,200 | 505 | ||||||||
Medipal Holdings | 35,300 | 560 | ||||||||
MEIJI Holdings | 19,300 | 1,554 | ||||||||
Miraca Holdings | 76,500 | 3,148 | ||||||||
Mitsubishi Chemical Holdings | 216,200 | 1,130 | ||||||||
Mitsubishi Electric | 74,000 | 777 | ||||||||
Mitsubishi Tanabe Pharma | 2,900 | 51 | ||||||||
Mitsubishi UFJ Financial Group | 46,200 | 214 | ||||||||
Mitsui Chemicals | 118,000 | 394 | ||||||||
Mixi | 39,800 | 1,480 | ||||||||
Mizuho Financial Group | 2,575,400 | 3,852 | ||||||||
Mochida Pharmaceutical | 3,300 | 245 | ||||||||
Morinaga Milk Industry | 59,000 | 317 | ||||||||
MS&AD Insurance Group Holdings | 396,500 | 11,063 | ||||||||
Murata Manufacturing | 1,900 | 229 | ||||||||
Nabtesco | 49,300 | 1,108 | ||||||||
Nexon | 19,800 | 338 | ||||||||
NGK Insulators | 9,000 | 166 | ||||||||
Nichi-iko Pharmaceutical | 18,800 | 434 | ||||||||
Nidec | 15,600 | 1,069 | ||||||||
Nikon (A) | 388,100 | 5,946 | ||||||||
Nintendo | 4,300 | 612 | ||||||||
Nippo | 28,000 | 472 | ||||||||
Nippon Suisan Kaisha | 79,200 | 385 | ||||||||
Nippon Telegraph & Telephone | 135,400 | 5,840 | ||||||||
Nippon Telegraph & Telephone ADR | 275,094 | 11,895 | ||||||||
Nissha Printing | 33,500 | 491 | ||||||||
Nisshin Seifun Group | 33,600 | 535 | ||||||||
Nitori Holdings | 11,800 | 1,082 | ||||||||
Nitto Denko | 9,500 | 529 | ||||||||
Nomura Research Institute | 15,300 | 516 | ||||||||
NTT Data | 54,100 | 2,720 | ||||||||
NTT DOCOMO | 257,224 | 5,842 | ||||||||
Obayashi | 122,700 | 1,212 | ||||||||
Oenon Holdings | 44,000 | 81 | ||||||||
Oji Holdings | 113,000 | 454 | ||||||||
Ono Pharmaceutical | 9,500 | 403 | ||||||||
Oriental Land | 97,941 | 6,945 | ||||||||
Otsuka | 5,200 | 275 | ||||||||
Otsuka Holdings | 128,400 | 4,670 | ||||||||
Panasonic | 517,400 | 4,758 |
4 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Shares | Market Value ($ Thousands) | ||||||||
Park24 | 13,500 | $ | 378 | |||||||
Pigeon | 120,529 | 3,150 | ||||||||
Rinnai | 4,300 | 380 | ||||||||
Rohm | 93,800 | 3,956 | ||||||||
Ryohin Keikaku | 3,800 | 805 | ||||||||
Saizeriya | 28,900 | 596 | ||||||||
Santen Pharmaceutical | 303,900 | 4,578 | ||||||||
Secom | 1,000 | 74 | ||||||||
Sekisui House | 485,400 | 8,203 | ||||||||
Seven & I Holdings | 180,200 | 7,683 | ||||||||
Shikoku Electric Power | 28,100 | 377 | ||||||||
Shimadzu | 40,000 | 628 | ||||||||
Shimamura | 1,200 | 150 | ||||||||
Shimano | 6,200 | 973 | ||||||||
Shimizu (A) | 21,000 | 178 | ||||||||
Shionogi | 47,000 | 2,215 | ||||||||
Shiseido | 2,900 | 65 | ||||||||
SMC | 22,700 | 5,279 | ||||||||
Sohgo Security Services | 9,000 | 488 | ||||||||
Sompo Japan Nipponkoa Holdings | 200 | 6 | ||||||||
Sony | 50,800 | 1,308 | ||||||||
Sony Financial Holdings | 4,500 | 58 | ||||||||
Sumitomo Chemical | 762,000 | 3,451 | ||||||||
Sumitomo Mitsui Financial Group | 650,900 | 19,760 | ||||||||
Sumitomo Mitsui Trust Holdings | 2,908,220 | 8,528 | ||||||||
Sundrug | 68,900 | 5,162 | ||||||||
Suntory Beverage & Food | 11,300 | 510 | ||||||||
Suzuken | 12,300 | 419 | ||||||||
Sysmex | 91,900 | 5,756 | ||||||||
T&D Holdings | 16,200 | 151 | ||||||||
Taisei | 27,000 | 179 | ||||||||
Teijin | 701,000 | 2,445 | ||||||||
Tochigi Bank | 65,000 | 248 | ||||||||
Toho Gas | 63,000 | 448 | ||||||||
Tohoku Electric Power | 29,100 | 376 | ||||||||
Tokyo Electric Power Holdings* | 666,800 | 3,672 | ||||||||
TonenGeneral Sekiyu | 10,000 | 91 | ||||||||
Toppan Printing | 83,000 | 697 | ||||||||
Toridoll.corp | 24,900 | 503 | ||||||||
Tosoh | 44,000 | 185 | ||||||||
TOTO (A) | 19,700 | 615 | ||||||||
Toyo Seikan Group Holdings | 25,900 | 486 | ||||||||
Toyota Boshoku | 6,300 | 103 | ||||||||
Toyota Motor | 162,800 | 8,621 | ||||||||
Toyota Motor ADR (A) | 81,800 | 8,697 | ||||||||
Trend Micro | 12,600 | 462 | ||||||||
Tsuruha Holdings | 121,552 | 11,972 | ||||||||
Ube Industries | 1,875,000 | 3,320 | ||||||||
Unicharm | 213,300 | 4,648 | ||||||||
Wacoal Holdings | 689,704 | 8,241 | ||||||||
Warabeya Nichiyo | 13,300 | 293 | ||||||||
West Japan Railway | 48,700 | 3,011 |
Description | Shares | Market Value ($ Thousands) | ||||||||
Yamaguchi Financial Group | 82,000 | $ | 746 | |||||||
Yamaha | 32,500 | 980 | ||||||||
Yamaha Motor | 7,200 | 120 | ||||||||
Yamazaki Baking | 130,000 | 2,742 | ||||||||
Zenkoku Hosho | 13,100 | 445 | ||||||||
|
| |||||||||
461,602 | ||||||||||
|
| |||||||||
Jordan — 0.1% | ||||||||||
Hikma Pharmaceuticals (A) | 51,075 | 1,454 | ||||||||
|
| |||||||||
Luxembourg — 0.1% | ||||||||||
APERAM (A) | 52,625 | 2,013 | ||||||||
|
| |||||||||
Malaysia — 0.0% | ||||||||||
Tenaga Nasional | 322,500 | 1,152 | ||||||||
|
| |||||||||
Malta — 0.0% | ||||||||||
BGP Holdings* | 198,683 | — | ||||||||
|
| |||||||||
Mexico — 0.2% | ||||||||||
Gruma, Cl B | 27,044 | 432 | ||||||||
Mexichem | 128,918 | 318 | ||||||||
Rassini | 4,583 | 20 | ||||||||
Wal-Mart de Mexico | 2,339,350 | 5,583 | ||||||||
|
| |||||||||
6,353 | ||||||||||
|
| |||||||||
Netherlands — 6.7% | ||||||||||
AerCap Holdings* | 79,900 | 3,097 | ||||||||
Akzo Nobel | 353,360 | 24,120 | ||||||||
ASML Holding | 181,440 | 18,460 | ||||||||
Heineken | 9,980 | 906 | ||||||||
Heineken Holding | 35,258 | 2,755 | ||||||||
ING Groep | 1,345,105 | 16,294 | ||||||||
James Hardie Industries | 69,314 | 952 | ||||||||
Koninklijke Ahold | 173,959 | 3,919 | ||||||||
Koninklijke DSM | 212,307 | 11,694 | ||||||||
Koninklijke KPN | 227,753 | 956 | ||||||||
Koninklijke Philips | 213,468 | 6,091 | ||||||||
NN Group | 18,307 | 600 | ||||||||
NXP Semiconductors* | 46,600 | 3,778 | ||||||||
PostNL* | 946,783 | 3,862 | ||||||||
Randstad Holding | 49,810 | 2,765 | ||||||||
Refresco Gerber* (B) | 304,411 | 5,446 | ||||||||
RELX | 1,175,710 | 20,559 | ||||||||
Royal Dutch Shell, Cl A (A) | 390,019 | 9,484 | ||||||||
Royal Dutch Shell, Cl B | 949,444 | 23,199 | ||||||||
Royal Dutch Shell ADR, Cl B | 242,785 | 11,943 | ||||||||
Unilever | 163,457 | 7,336 | ||||||||
Wolters Kluwer | 265,636 | 10,619 | ||||||||
|
| |||||||||
188,835 | ||||||||||
|
| |||||||||
New Zealand — 0.0% | ||||||||||
Air New Zealand | 193,571 | 385 | ||||||||
Fisher & Paykel Healthcare | 31,502 | 214 | ||||||||
|
| |||||||||
599 | ||||||||||
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 5 |
SCHEDULE OF INVESTMENTS (Unaudited)
International Equity Fund (Continued)
March 31, 2016
Description | Shares | Market Value ($ Thousands) | ||||||||
Norway — 1.4% | ||||||||||
Aker Solutions (A) | 803,083 | $ | 2,583 | |||||||
DnB | 62,669 | 741 | ||||||||
Gjensidige Forsikring | 254,938 | 4,349 | ||||||||
Marine Harvest | 385,837 | 5,948 | ||||||||
Norsk Hydro (A) | 55,444 | 228 | ||||||||
Norwegian Finans Holding* | 434,158 | 2,572 | ||||||||
Orkla | 45,299 | 410 | ||||||||
Schibsted, Cl A (A) | 4,654 | 136 | ||||||||
Statoil | 194,731 | 3,068 | ||||||||
Storebrand, Cl A* | 1,586,072 | 6,200 | ||||||||
Telenor | 535,615 | 8,671 | ||||||||
Veidekke | 345,142 | 4,694 | ||||||||
Yara International (A) | 4,093 | 154 | ||||||||
|
| |||||||||
39,754 | ||||||||||
|
| |||||||||
Peru — 0.0% | ||||||||||
Credicorp | 6,961 | 912 | ||||||||
|
| |||||||||
Poland — 0.0% | ||||||||||
Emperia Holding | 4,811 | 76 | ||||||||
Eurocash | 42,099 | 604 | ||||||||
Polski Koncern Naftowy Orlen | 13,890 | 276 | ||||||||
|
| |||||||||
956 | ||||||||||
|
| |||||||||
Portugal — 0.5% | ||||||||||
CTT Correios de Portugal | 1,233,000 | 11,620 | ||||||||
Galp Energia, Cl B | 45,807 | 577 | ||||||||
Jeronimo Martins | 50,432 | 826 | ||||||||
|
| |||||||||
13,023 | ||||||||||
|
| |||||||||
Russia — 0.1% | ||||||||||
Rosneft GDR | 29,727 | 135 | ||||||||
Yandex, Cl A* | 262,550 | 4,022 | ||||||||
|
| |||||||||
4,157 | ||||||||||
|
| |||||||||
Singapore — 0.8% | ||||||||||
City Developments | 1,382,900 | 8,390 | ||||||||
ComfortDelgro | 334,800 | 726 | ||||||||
DBS Group Holdings | 386,100 | 4,410 | ||||||||
Jardine Cycle & Carriage | 10,700 | 318 | ||||||||
Oversea-Chinese Banking | 929,000 | 6,099 | ||||||||
Singapore Airlines | 224,100 | 1,900 | ||||||||
Singapore Exchange | 128,100 | 756 | ||||||||
|
| |||||||||
22,599 | ||||||||||
|
| |||||||||
South Africa — 0.3% | ||||||||||
Gold Fields ADR | 29,586 | 117 | ||||||||
Investec (A) | 578,598 | 4,271 | ||||||||
Liberty Holdings | 47,052 | 462 | ||||||||
Sappi* | 124,207 | 552 | ||||||||
Sasol | 22,667 | 680 | ||||||||
Shoprite Holdings | 257,923 | 3,045 | ||||||||
Sibanye Gold | 53,239 | 205 | ||||||||
|
| |||||||||
9,332 | ||||||||||
|
|
Description | Shares | Market Value ($ Thousands) | ||||||||
South Korea — 2.7% | ||||||||||
Cosmax (A) | 78,477 | $ | 8,612 | |||||||
Korea Electric Power | 9,971 | 525 | ||||||||
KT&G | 71,428 | 6,871 | ||||||||
LG Display ADR | 215,154 | 2,459 | ||||||||
Lotte Chemical | 1,015 | 303 | ||||||||
Samsung Electronics | 18,046 | 20,703 | ||||||||
Shinhan Financial Group | 334,028 | 11,830 | ||||||||
SK Hynix | 7,965 | 196 | ||||||||
SK Innovation | 4,098 | 616 | ||||||||
SK Telecom | 74,994 | 13,673 | ||||||||
SK Telecom ADR | 572,886 | 11,555 | ||||||||
|
| |||||||||
77,343 | ||||||||||
|
| |||||||||
Spain — 1.5% | ||||||||||
ACS Actividades de Construccion y Servicios | 120,998 | 3,611 | ||||||||
Aena* (B) | 1,332 | 172 | ||||||||
Almirall | 53,837 | 906 | ||||||||
Amadeus IT Holding, Cl A | 44,091 | 1,894 | ||||||||
Banco Bilbao Vizcaya Argentaria | 381,991 | 2,543 | ||||||||
CaixaBank | 2,077,388 | 6,148 | ||||||||
Enagas | 11,635 | 350 | ||||||||
Ferrovial | 71,623 | 1,541 | ||||||||
Grifols ADR | 793,000 | 12,268 | ||||||||
Iberdrola | 588,397 | 3,930 | ||||||||
Industria de Diseno Textil | 135,870 | 4,578 | ||||||||
International Consolidated Airlines Group | 123,502 | 987 | ||||||||
Red Electrica | 12,403 | 1,078 | ||||||||
Tecnicas Reunidas (A) | 73,733 | 2,077 | ||||||||
Zardoya Otis | 27,881 | 325 | ||||||||
|
| |||||||||
42,408 | ||||||||||
|
| |||||||||
Sweden — 1.4% | ||||||||||
Assa Abloy, Cl B | 71,165 | 1,406 | ||||||||
BillerudKorsnas | 91,609 | 1,500 | ||||||||
Boliden | 4,838 | 78 | ||||||||
Electrolux, Cl B | 161,957 | 4,267 | ||||||||
Fingerprint Cards, Cl B* (A) | 58,895 | 3,430 | ||||||||
ICA Gruppen | 4,278 | 142 | ||||||||
Industrivarden, Cl C | 13,663 | 233 | ||||||||
Intrum Justitia | 11,105 | 392 | ||||||||
Investor, Cl B | 71,270 | 2,527 | ||||||||
L E Lundbergforetagen, Cl B | 16,420 | 899 | ||||||||
Loomis, Cl B | 4,299 | 122 | ||||||||
Lundin Petroleum* | 14,650 | 249 | ||||||||
Mycronic | 29,296 | 265 | ||||||||
NCC, Cl B | 21,960 | 801 | ||||||||
Nordea Bank | 352,758 | 3,394 | ||||||||
Oriflame Holding* | 4,687 | 93 | ||||||||
Peab | 134,731 | 1,193 | ||||||||
Securitas, Cl B | 66,750 | 1,108 | ||||||||
Skandinaviska Enskilda Banken, Cl A | 75,487 | 722 | ||||||||
Svenska Cellulosa, Cl B | 159,015 | 4,976 |
6 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Shares | Market Value ($ Thousands) | ||||||||
Swedish Match | 13,566 | $ | 461 | |||||||
Swedish Orphan Biovitrum* | 56,512 | 793 | ||||||||
Telefonaktiebolaget LM Ericsson ADR | 1,139,812 | 11,432 | ||||||||
|
| |||||||||
40,483 | ||||||||||
|
| |||||||||
Switzerland — 8.7% | ||||||||||
Actelion | 32,756 | 4,915 | ||||||||
Aryzta | 190,255 | 7,913 | ||||||||
Chocoladefabriken Lindt & Sprungli | 170 | 2,092 | ||||||||
Cie Financiere Richemont | 160,112 | 10,625 | ||||||||
Clariant | 325,139 | 5,907 | ||||||||
Coca-Cola HBC | 600,661 | 12,777 | ||||||||
Dufry* | 99,350 | 12,273 | ||||||||
Emmi | 1,144 | 628 | ||||||||
Galenica (A) | 2,865 | 4,326 | ||||||||
Geberit | 3,110 | 1,167 | ||||||||
Givaudan | 6,024 | 11,864 | ||||||||
Julius Baer Group (A) | 102,729 | 4,430 | ||||||||
Lonza Group | 48,950 | 8,316 | ||||||||
Nestle | 194,951 | 14,627 | ||||||||
Novartis | 438,936 | 31,947 | ||||||||
Partners Group Holding | 15,224 | 6,144 | ||||||||
Roche Holding (A) | 118,798 | 29,363 | ||||||||
Schindler Holding | 7,394 | 1,365 | ||||||||
SGS | 6,324 | 13,419 | ||||||||
Sika | 94 | 373 | ||||||||
Sonova Holding | 27,000 | 3,462 | ||||||||
Swatch Group (A) | 8,637 | 3,004 | ||||||||
Swiss Life Holding | 18,770 | 5,012 | ||||||||
Swiss Re | 77,782 | 7,221 | ||||||||
TE Connectivity | 65,600 | 4,062 | ||||||||
Tecan Group | 3,617 | 552 | ||||||||
UBS Group | 1,568,502 | 25,266 | ||||||||
Wolseley (A) | 13,737 | 778 | ||||||||
Zurich Insurance Group | 46,776 | 10,907 | ||||||||
|
| |||||||||
244,735 | ||||||||||
|
| |||||||||
Taiwan — 0.7% | ||||||||||
Chunghwa Telecom | 200,000 | 680 | ||||||||
Hon Hai Precision Industry | 1,927,968 | 5,080 | ||||||||
Taiwan Semiconductor Manufacturing ADR | 543,800 | 14,248 | ||||||||
United Microelectronics ADR | 257,109 | 535 | ||||||||
|
| |||||||||
20,543 | ||||||||||
|
| |||||||||
Turkey — 0.0% | ||||||||||
Tupras Turkiye Petrol Rafinerileri | 12,134 | 342 | ||||||||
|
| |||||||||
United Kingdom — 15.1% | ||||||||||
3i Group | 187,495 | 1,230 | ||||||||
Admiral Group | 24,282 | 692 | ||||||||
Aon | 59,000 | 6,163 | ||||||||
ARM Holdings ADR | 157,205 | 6,868 | ||||||||
Associated British Foods (A) | 106,122 | 5,108 | ||||||||
AstraZeneca | 66,419 | 3,725 | ||||||||
Aviva | 2,393,764 | 15,692 |
Description | Shares | Market Value ($ Thousands) | ||||||||
BAE Systems | 92,366 | $ | 676 | |||||||
Balfour Beatty (A) | 1,521,724 | 5,569 | ||||||||
Barclays | 7,753,886 | 16,717 | ||||||||
Barratt Developments | 156,347 | 1,260 | ||||||||
Berendsen | 83,679 | 1,447 | ||||||||
Berkeley Group Holdings | 17,882 | 827 | ||||||||
BP | 265,106 | 1,334 | ||||||||
BP ADR | 103,347 | 3,119 | ||||||||
British American Tobacco | 316,948 | 18,632 | ||||||||
British Land‡ | 154,795 | 1,559 | ||||||||
BT Group, Cl A | 69,584 | 441 | ||||||||
Bunzl (A) | 281,309 | 8,179 | ||||||||
Capita | 13,653 | 204 | ||||||||
Carnival | 470,679 | 25,382 | ||||||||
Compass Group | 794,000 | 14,014 | ||||||||
DCC | 46,740 | 4,132 | ||||||||
Diageo | 344,633 | 9,320 | ||||||||
Dialog Semiconductor* | 140,718 | 5,576 | ||||||||
Direct Line Insurance Group | 216,619 | 1,153 | ||||||||
Dixons Carphone | 149,239 | 914 | ||||||||
Domino’s Pizza Group* | 419,770 | 6,082 | ||||||||
DS Smith (A) | 2,020,000 | 11,846 | ||||||||
Fresnillo (A) | 20,895 | 286 | ||||||||
Genus | 21,832 | 480 | ||||||||
GlaxoSmithKline | 892,613 | 18,115 | ||||||||
Greggs | 52,652 | 823 | ||||||||
Hammerson‡ | 46,360 | 385 | ||||||||
Hargreaves Lansdown (A) | 41,481 | 801 | ||||||||
Home Retail Group | 334,209 | 796 | ||||||||
Howden Joinery Group | 607,400 | 4,174 | ||||||||
HSBC Holdings | 2,495,445 | 15,567 | ||||||||
ICAP | 25,755 | 176 | ||||||||
Imperial Brands | 36,838 | 2,045 | ||||||||
Imperial Brands ADR | 6,254 | 694 | ||||||||
Inchcape | 57,618 | 599 | ||||||||
Indivior | 114,855 | 269 | ||||||||
Inmarsat (A) | 70,208 | 993 | ||||||||
International Consolidated Airlines Group | 327,536 | 2,606 | ||||||||
ITV | 3,502,436 | 12,142 | ||||||||
JD Sports Fashion | 13,514 | 219 | ||||||||
John Wood Group | 60,945 | 539 | ||||||||
Land Securities Group‡ | 97,076 | 1,536 | ||||||||
Legal & General Group | 1,175,525 | 3,974 | ||||||||
Lloyds Banking Group | 18,047,801 | 17,644 | ||||||||
London Stock Exchange Group | 50,028 | 2,028 | ||||||||
Marks & Spencer Group (A) | 435,716 | 2,544 | ||||||||
Michael Page International | 770,836 | 4,729 | ||||||||
Mitie Group (A) | 1,341,616 | 4,956 | ||||||||
Mondi | 227,149 | 4,362 | ||||||||
National Grid | 56,150 | 797 | ||||||||
Next | 21,277 | 1,651 | ||||||||
Persimmon | 75,671 | 2,268 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 7 |
SCHEDULE OF INVESTMENTS (Unaudited)
International Equity Fund (Concluded)
March 31, 2016
Description | Shares | Market Value ($ Thousands) | ||||||||
Petrofac (A) | 21,756 | $ | 288 | |||||||
Prudential (A) | 308,442 | 5,768 | ||||||||
QinetiQ Group | 319,745 | 1,048 | ||||||||
Rank Group | 28,837 | 105 | ||||||||
Reckitt Benckiser Group | 110,910 | 10,728 | ||||||||
Regus | 177,425 | 808 | ||||||||
RELX (A) | 491,946 | 9,150 | ||||||||
Rentokil Initial | 5,140,298 | 13,062 | ||||||||
Rexam | 14,439 | 132 | ||||||||
Rightmove | 11,198 | 678 | ||||||||
Royal Bank of Scotland Group* | 2,922,911 | 9,356 | ||||||||
SABMiller | 61,135 | 3,740 | ||||||||
Sage Group (A) | 58,929 | 533 | ||||||||
Schroders (A) | 89,942 | 3,468 | ||||||||
Segro‡ | 116,190 | 685 | ||||||||
Severn Trent | 3,950 | 123 | ||||||||
Shire (A) | 42,437 | 2,415 | ||||||||
Sky | 31,798 | 468 | ||||||||
Spectris | 129,756 | 3,439 | ||||||||
SSE (A) | 722,156 | 15,486 | ||||||||
St. James’s Place (A) | 281,576 | 3,717 | ||||||||
TalkTalk Telecom Group (A) | 1,203,585 | 4,102 | ||||||||
Taylor Wimpey | 501,571 | 1,372 | ||||||||
Tesco (A) | 3,214,798 | 8,862 | ||||||||
Travis Perkins (A) | 158,635 | 4,166 | ||||||||
Unilever | 3,436 | 156 | ||||||||
United Utilities Group | 55,023 | 730 | ||||||||
Vodafone Group | 6,772,670 | 21,532 | ||||||||
Whitbread (A) | 2,091 | 119 | ||||||||
Worldpay Group* (A) (B) | 421,400 | 1,666 | ||||||||
WPP | 580,087 | 13,565 | ||||||||
|
| |||||||||
427,526 | ||||||||||
|
| |||||||||
United States — 3.8% | ||||||||||
Atlassian, Cl A* (A) | 30,900 | 777 | ||||||||
Axis Capital Holdings | 202,547 | 11,233 | ||||||||
Chubb | 85,960 | 10,242 | ||||||||
Cognizant Technology Solutions, Cl A* | 193,000 | 12,101 | ||||||||
Core Laboratories (A) | 68,505 | 7,701 | ||||||||
Dave & Buster’s Entertainment* | 156,476 | 6,068 | ||||||||
Flextronics International* | 536,917 | 6,475 | ||||||||
Gilead Sciences | 97,182 | 8,927 | ||||||||
ICON* (A) | 164,512 | 12,355 | ||||||||
Lazard, Cl A (C) | 128,915 | 5,002 | ||||||||
ManpowerGroup | 78,102 | 6,359 | ||||||||
Markit* (A) | 17,990 | 636 | ||||||||
Nielsen Holdings | 113,000 | 5,951 | ||||||||
Perrigo (A) | 42,920 | 5,491 | ||||||||
Sensata Technologies Holding* | 160,780 | 6,245 |
Description | Shares | Market Value ($ Thousands) | ||||||||
Taro Pharmaceutical Industries* | 13,490 | $ | 1,932 | |||||||
|
| |||||||||
107,495 | ||||||||||
|
| |||||||||
Total Common Stock |
| 2,634,968 | ||||||||
|
| |||||||||
PREFERRED STOCK — 1.2% |
| |||||||||
Germany — 0.8% | ||||||||||
Draegerwerk | 2,028 | 138 | ||||||||
Fuchs Petrolub | 7,052 | 315 | ||||||||
Henkel | 44,135 | 4,873 | ||||||||
Volkswagen | 134,449 | 17,137 | ||||||||
|
| |||||||||
22,463 | ||||||||||
|
| |||||||||
South Korea — 0.4% | ||||||||||
Hyundai Motor | 67,632 | 6,151 | ||||||||
Samsung Electronics | 5,239 | 5,071 | ||||||||
|
| |||||||||
11,222 | ||||||||||
|
| |||||||||
Total Preferred Stock |
| 33,685 | ||||||||
|
| |||||||||
AFFILIATED PARTNERSHIP — 7.8% |
| |||||||||
SEI Liquidity Fund, L.P. | ||||||||||
0.380%** † (D) | 219,396,853 | 219,397 | ||||||||
|
| |||||||||
Total Affiliated Partnership |
| 219,397 | ||||||||
|
| |||||||||
Face Amount (Thousands) | ||||||||||
U.S. TREASURY OBLIGATION — 0.4% |
| |||||||||
U.S. Treasury Bills | ||||||||||
0.433%, 08/18/16 (E) (F) | $ | 11,600 | 11,585 | |||||||
|
| |||||||||
Total U.S. Treasury Obligation |
| 11,585 | ||||||||
|
| |||||||||
Shares | ||||||||||
CASH EQUIVALENT — 2.4% |
| |||||||||
SEI Daily Income Trust, Prime Obligation Fund, Cl A | ||||||||||
0.300%** † | 67,839,725 | 67,840 | ||||||||
|
| |||||||||
Total Cash Equivalent |
| 67,840 | ||||||||
|
| |||||||||
Total Investments — 105.0% |
| $ | 2,967,475 | |||||||
|
|
8 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
A list of the open futures contracts held by the Fund at March 31, 2016, is as follows:
Type of Contract | Number of Contracts Long | Expiration Date | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
DJ Euro Stoxx 50 Index | 859 | Jun-2016 | $ | (509 | ) | |||||||
FTSE 100 Index | 230 | Jun-2016 | 109 | |||||||||
Hang Seng Index | 23 | Apr-2016 | 62 | |||||||||
SPI 200 Index | 73 | Jun-2016 | (39 | ) | ||||||||
Topix Index | 166 | Jun-2016 | (45 | ) | ||||||||
|
| |||||||||||
$ | (422 | ) | ||||||||||
|
|
For the six months ended March 31, 2016, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for the derivative type during the six months.
Percentages are based on a Net Assets of $2,825,168 ($ Thousands).
* | Non-income producing security. |
** | Rate shown is the 7-day effective yield as of March 31, 2016. |
† | Investment in Affiliated Security. |
‡ | Real Estate Investment Trust. |
(A) | This security or a partial position of this security is on loan at March 31, 2016. The total market value of securities on loan at March 31, 2016 was $208,594 ($ Thousands). |
(B) | Security 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.” This security has been determined to be liquid under guidelines established by the Board of Trustees. The total value of such securities as of March 31, 2016, was $21,142 ($ Thousands) and represented 0.75%of net assets. |
(C) | Security is a Master Limited Partnership. At March 31, 2016, such securities amounted to $5,002 ($ Thousands), or 0.18% of Net Assets. |
(D) | This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of March 31, 2016 was $219,397 ($Thousands). |
(E) | Security, or portion thereof, has been pledged as collateral on open futures contracts. |
(F) | The rate reported is the effective yield at time of purchase. |
ADR — American Depositary Receipt
Cl — Class
DJ — Dow Jones
FTSE — Financial Times and the London Stock Exchange
GDR — Global Depositary Receipt
L.P. — Limited Partnership
SPI — Share Price Index
The following is a list of the level of inputs used as of March 31, 2016, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 2,634,968 | $ | — | $ | — | $ | 2,634,968 | ||||||||
Preferred Stock | 33,685 | — | — | 33,685 | ||||||||||||
Affiliated Partnership | — | 219,397 | — | 219,397 | ||||||||||||
U.S. Treasury Obligation | — | 11,585 | — | 11,585 | ||||||||||||
Cash Equivalent | 67,840 | — | — | 67,840 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 2,736,493 | $ | 230,982 | $ | — | $ | 2,967,475 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts* | ||||||||||||||||
Unrealized Appreciation | $ | 171 | $ | — | $ | — | $ | 171 | ||||||||
Unrealized Depreciation | (593 | ) | — | — | (593 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (422 | ) | $ | — | $ | — | $ | (422 | ) | ||||||
|
|
|
|
|
|
|
|
* | Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
For the six months ended March 31, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities.
For the six months ended March 31, 2016, there were no transfers between Level 2 and Level 3 assets and liabilities.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 9 |
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Market Equity Fund
March 31, 2016
Description | Shares | Market Value ($ Thousands) | ||||||||
COMMON STOCK — 91.9% | ||||||||||
Argentina — 0.8% | ||||||||||
Arcos Dorados Holdings, Cl A* | 320,900 | $ | 1,204 | |||||||
Cresud SACIF y A ADR* | 28,537 | 332 | ||||||||
Grupo Financiero Galicia ADR | 24,867 | 704 | ||||||||
IRSA Inversiones y Representaciones ADR* | 37,925 | 567 | ||||||||
MercadoLibre | 38,607 | 4,550 | ||||||||
YPF ADR | 291,892 | 5,219 | ||||||||
|
| |||||||||
12,576 | ||||||||||
|
| |||||||||
Austria — 0.2% | ||||||||||
Erste Group Bank | 89,935 | 2,531 | ||||||||
|
| |||||||||
Brazil — 6.1% | ||||||||||
Ambev | 511,900 | 2,710 | ||||||||
Ambev ADR | 1,028,686 | 5,329 | ||||||||
B2W Cia Digital* | 779,853 | 3,136 | ||||||||
Banco Bradesco ADR | 1,001,079 | 7,458 | ||||||||
Banco do Brasil | 636,080 | 3,503 | ||||||||
Banco Santander Brasil ADR (A) | 291,215 | 1,354 | ||||||||
BB Seguridade Participacoes | 942,594 | 7,873 | ||||||||
BM&FBovespa | 216,400 | 934 | ||||||||
Braskem ADR (A) | 127,710 | 1,649 | ||||||||
BRF | 42,000 | 609 | ||||||||
BRF ADR | 129,774 | 1,845 | ||||||||
CCR | 550,463 | 2,178 | ||||||||
CETIP - Mercados Organizados | 53,900 | 610 | ||||||||
Cielo | 242,980 | 2,393 | ||||||||
Cosan Industria e Comercio | 290,000 | 2,568 | ||||||||
Cyrela Brazil Realty Empreendimentos e Participacoes | 406,800 | 1,190 | ||||||||
EDP - Energias do Brasil | 115,900 | 408 | ||||||||
Embraer | 22,600 | 151 | ||||||||
Embraer ADR (A) | 81,000 | 2,135 | ||||||||
Estacio Participacoes | 597,661 | 1,980 | ||||||||
FPC Par Corretora de Seguros | 420,600 | 1,448 | ||||||||
Gerdau ADR | 1,411,941 | 2,513 |
Description | Shares | Market Value ($ Thousands) | ||||||||
Hypermarcas* | 548,960 | $ | 4,340 | |||||||
JBS | 237,800 | 734 | ||||||||
Klabin | 168,600 | 926 | ||||||||
Lojas Renner | 572,800 | 3,372 | ||||||||
Mahle-Metal Leve | 41,600 | 278 | ||||||||
MRV Engenharia e Participacoes | 731,600 | 2,452 | ||||||||
Multiplus | 38,400 | 355 | ||||||||
Petroleo Brasileiro ADR* | 1,676,481 | 9,791 | ||||||||
Raia Drogasil | 66,900 | 985 | ||||||||
Santos Brasil Participacoes | 16,740 | 62 | ||||||||
Telefonica Brasil ADR (A) | 426,592 | 5,328 | ||||||||
Tim Participacoes ADR | 377,700 | 4,177 | ||||||||
Ultrapar Participacoes | 57,800 | 1,135 | ||||||||
Vale ADR, Cl B (A) | 172,345 | 726 | ||||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao | 209,900 | 1,759 | ||||||||
WEG | 80,700 | 317 | ||||||||
|
| |||||||||
90,711 | ||||||||||
|
| |||||||||
Canada — 0.7% | ||||||||||
First Quantum Minerals | 899,258 | 4,756 | ||||||||
Pan American Silver | 155,497 | 1,690 | ||||||||
Parex Resources* | 207,583 | 1,757 | ||||||||
SEMAFO* | 540,502 | 1,935 | ||||||||
|
| |||||||||
10,138 | ||||||||||
|
| |||||||||
Chile — 0.8% | ||||||||||
Banco de Chile | 12,425,327 | 1,338 | ||||||||
Banco de Credito e Inversiones | 3,356 | 136 | ||||||||
Banco Santander Chile | 23,472,732 | 1,143 | ||||||||
Cia Cervecerias Unidas ADR | 67,791 | 1,522 | ||||||||
Embotelladora Andina ADR, Cl B | 8,038 | 153 | ||||||||
Empresas CMPC | 633,210 | 1,480 | ||||||||
Empresas COPEC | 56,333 | 540 | ||||||||
Enersis Americas ADR | 104,325 | 1,450 | ||||||||
SACI Falabella | 483,870 | 3,385 | ||||||||
Sociedad Quimica y Minera de Chile ADR (A) | 78,900 | 1,621 | ||||||||
|
| |||||||||
12,768 | ||||||||||
|
| |||||||||
China — 17.4% | ||||||||||
58.com ADR* | 9,145 | 509 | ||||||||
AAC Technologies Holdings (A) | 245,180 | 1,874 | ||||||||
Agricultural Bank of China | 13,910,932 | 5,004 | ||||||||
Alibaba Group Holding ADR* (A) | 194,206 | 15,348 | ||||||||
Angang Steel (A) | 5,480,000 | 2,543 | ||||||||
Anhui Conch Cement | 1,793,000 | 4,808 | ||||||||
ANTA Sports Products | 1,220,000 | 2,686 | ||||||||
Baidu ADR* | 129,512 | 24,721 | ||||||||
Bank of China | 16,837,105 | 6,990 | ||||||||
Beijing Capital International Airport | 1,344,000 | 1,435 | ||||||||
Changyou.com ADR* | 139,600 | 2,622 | ||||||||
China Communications Services | 2,566,000 | 1,171 | ||||||||
China Construction Bank | 23,871,993 | 15,234 |
10 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Shares | Market Value ($ Thousands) | ||||||||
China Lesso Group Holdings (A) | 391,000 | $ | 210 | |||||||
China Life Insurance | 1,181,000 | 2,914 | ||||||||
China Merchants Bank | 470,576 | 989 | ||||||||
China Petroleum & Chemical | 12,311,839 | 8,079 | ||||||||
China Resources Beer Holdings | 610,000 | 1,136 | ||||||||
China Shenhua Energy | 859,500 | 1,352 | ||||||||
China Telecom | 3,634,000 | 1,921 | ||||||||
China Vanke | 2,047,524 | 5,021 | ||||||||
Chongqing Rural Commercial Bank | 2,726,612 | 1,441 | ||||||||
CITIC Securities | 1,814,900 | 4,254 | ||||||||
Cogobuy Group* (A) (B) | 632,000 | 862 | ||||||||
Country Garden Holdings | 5,355,000 | 2,126 | ||||||||
Ctrip.com International ADR* | 109,200 | 4,833 | ||||||||
Datang International Power Generation | 4,282,000 | 1,319 | ||||||||
Dongfeng Motor Group | 1,504,000 | 1,877 | ||||||||
Evergrande Real Estate Group (A) | 3,249,000 | 2,509 | ||||||||
Guangzhou R&F Properties | 2,652,800 | 3,803 | ||||||||
Huaneng Power International | 4,100,000 | 3,668 | ||||||||
Industrial & Commercial Bank of China | 35,290,768 | 19,746 | ||||||||
JD.com ADR* (A) | 74,616 | 1,977 | ||||||||
Jiangsu Expressway | 2,722,000 | 3,664 | ||||||||
Jiangxi Copper | 1,438,000 | 1,726 | ||||||||
KWG Property Holding | 2,295,370 | 1,509 | ||||||||
NetEase ADR | 6,894 | 990 | ||||||||
New Oriental Education & Technology Group ADR (A) | 75,529 | 2,613 | ||||||||
Peak Sport Products (A) | 500,000 | 123 | ||||||||
PetroChina | 250,000 | 166 | ||||||||
PetroChina ADR | 65,794 | 4,362 | ||||||||
PICC Property & Casualty | 2,933,800 | 5,379 | ||||||||
Ping An Insurance Group of China | 1,959,500 | 9,372 | ||||||||
Qunar Cayman Islands ADR* (A) | 30,200 | 1,199 | ||||||||
Shanghai Electric Group | 180,000 | 82 | ||||||||
SINA* | 161,300 | 7,641 | ||||||||
Sinopec Engineering Group | 1,507,000 | 1,220 | ||||||||
Sinopharm Group | 320,000 | 1,446 | ||||||||
Sinotrans | 1,528,000 | 668 | ||||||||
Sohu.com* | 217,009 | 10,751 | ||||||||
Tencent Holdings | 1,525,535 | 31,154 | ||||||||
Tingyi Cayman Islands Holding (A) | 1,546,000 | 1,728 | ||||||||
TravelSky Technology | 1,428,000 | 2,338 | ||||||||
Tsingtao Brewery | 306,000 | 1,162 | ||||||||
Uni-President China Holdings (A) | 4,622,400 | 3,689 | ||||||||
Vipshop Holdings ADR* | 256,466 | 3,303 | ||||||||
Want Want China Holdings (A) | 1,484,000 | 1,100 | ||||||||
Weibo ADR* | 56,600 | 1,016 | ||||||||
Zhejiang Expressway | 1,522,000 | 1,633 | ||||||||
Zhuzhou CRRC Times Electric | 581,775 | 3,398 | ||||||||
ZTE | 374,574 | 684 | ||||||||
|
| |||||||||
259,098 | ||||||||||
|
| |||||||||
Colombia — 0.4% | ||||||||||
Bancolombia ADR, Cl R (A) | 79,713 | 2,725 |
Description | Shares | Market Value ($ Thousands) | ||||||||
Cementos Argos | 135,984 | $ | 526 | |||||||
Cemex Latam Holdings* | 352,135 | 1,513 | ||||||||
Interconexion Electrica ESP | 204,992 | 590 | ||||||||
|
| |||||||||
5,354 | ||||||||||
|
| |||||||||
Czech Republic — 0.5% | ||||||||||
CEZ (A) | 112,144 | 1,981 | ||||||||
Komercni Banka | 22,123 | 4,893 | ||||||||
|
| |||||||||
6,874 | ||||||||||
|
| |||||||||
Egypt — 0.1% | ||||||||||
Commercial International Bank Egypt GDR | 168,485 | 598 | ||||||||
Global Telecom Holding SAE GDR* | 464,061 | 754 | ||||||||
|
| |||||||||
1,352 | ||||||||||
|
| |||||||||
Greece — 0.4% | ||||||||||
Eurobank Ergasias* | 2,563,569 | 2,276 | ||||||||
FF Group | 56,297 | 1,108 | ||||||||
National Bank of Greece* | 8,035,052 | 2,289 | ||||||||
|
| |||||||||
5,673 | ||||||||||
|
| |||||||||
Hong Kong — 8.3% | ||||||||||
AIA Group | 562,300 | 3,186 | ||||||||
Beijing Enterprises Holdings | 608,700 | 3,331 | ||||||||
Brilliance China Automotive Holdings | 4,785,708 | 4,954 | ||||||||
Chaoda Modern Agriculture* | 2,056,181 | 45 | ||||||||
China Conch Venture Holdings (A) | 700,500 | 1,382 | ||||||||
China Everbright | 908,000 | 1,906 | ||||||||
China Everbright Bank | 2,418,000 | 1,175 | ||||||||
China Everbright International | 4,666,100 | 5,210 | ||||||||
China High Precision Automation Group (C) | 1,385,624 | – | ||||||||
China Medical System Holdings | 4,654,200 | 6,456 | ||||||||
China Mengniu Dairy | 2,777,930 | 4,419 | ||||||||
China Minsheng Banking | 991,000 | 925 | ||||||||
China Mobile | 1,938,541 | 21,606 | ||||||||
China Mobile ADR | 118,140 | 6,551 | ||||||||
China Power International Development | 2,861,000 | 1,483 | ||||||||
China Resources Power Holdings | 630,000 | 1,178 | ||||||||
China State Construction International Holdings | 5,249,984 | 7,824 | ||||||||
China Taiping Insurance Holdings* | 1,048,582 | 2,304 | ||||||||
CNOOC | 7,632,007 | 9,013 | ||||||||
Fuyao Glass Industry Group* (A) (B) | 748,667 | 1,811 | ||||||||
Galaxy Entertainment Group | 1,396,000 | 5,237 | ||||||||
Geely Automobile Holdings | 8,381,700 | 4,150 | ||||||||
GOME Electrical Appliances Holding | 3,306,042 | 477 | ||||||||
Haier Electronics Group | 2,264,000 | 3,946 | ||||||||
Hengan International Group | 87,000 | 755 | ||||||||
Hua Hong Semiconductor* (B) | 1,467,300 | 1,466 | ||||||||
Lee & Man Paper Manufacturing | 3,187,960 | 2,182 | ||||||||
Lenovo Group | 2,320,000 | 1,807 | ||||||||
Melco Crown Entertainment ADR (A) | 80,600 | 1,331 | ||||||||
PAX Global Technology (A) | 1,151,999 | 1,153 | ||||||||
Shanghai Fosun Pharmaceutical Group | 349,500 | 964 | ||||||||
Shanghai Industrial Holdings | 640,000 | 1,508 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 11 |
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Market Equity Fund (Continued)
March 31, 2016
Description | Shares | Market Value ($ Thousands) | ||||||||
Shimao Property Holdings | 677,500 | $ | 1,003 | |||||||
Sino Biopharmaceutical | 337,000 | 253 | ||||||||
Skyworth Digital Holdings | 2,290,000 | 1,417 | ||||||||
SMI Holdings Group (A) | 8,716,000 | 843 | ||||||||
Sunny Optical Technology Group (A) | 2,515,707 | 7,070 | ||||||||
Techtronic Industries | 427,000 | 1,687 | ||||||||
Tianneng Power International | 384,000 | 343 | ||||||||
Xinyi Solar Holdings | 4,056,000 | 1,443 | ||||||||
|
| |||||||||
123,794 | ||||||||||
|
| |||||||||
Hungary — 0.5% | ||||||||||
MOL Hungarian Oil & Gas | 21,474 | 1,292 | ||||||||
OTP Bank | 92,410 | 2,322 | ||||||||
Richter Gedeon Nyrt | 193,242 | 3,854 | ||||||||
|
| |||||||||
7,468 | ||||||||||
|
| |||||||||
India — 7.9% | ||||||||||
Adani Ports & Special Economic Zone | 332,458 | 1,244 | ||||||||
Aurobindo Pharma | 430,307 | 4,840 | ||||||||
Axis Bank | 541,249 | 3,630 | ||||||||
Bajaj Auto | 35,805 | 1,301 | ||||||||
Bharat Petroleum | 139,711 | 1,908 | ||||||||
Cairn India | 1,296,817 | 3,013 | ||||||||
Ceat | 102,837 | 1,688 | ||||||||
Coal India | 566,225 | 2,496 | ||||||||
Cummins India | 345,073 | 4,387 | ||||||||
Dabur India | 1,010,452 | 3,813 | ||||||||
Dewan Housing Finance | 753,200 | 2,233 | ||||||||
Glenmark Pharmaceuticals | 439,989 | 5,282 | ||||||||
HDFC Bank ADR (A) | 109,145 | 6,727 | ||||||||
Hindustan Petroleum | 131,101 | 1,560 | ||||||||
Hindustan Unilever | 230,242 | 3,023 | ||||||||
Hindustan Zinc | 144,735 | 401 | ||||||||
Housing Development Finance | 58,601 | 978 | ||||||||
ICICI Bank ADR (A) | 733,520 | 5,252 | ||||||||
IFCI | 737,425 | 275 | ||||||||
Indian Oil | 165,268 | 982 | ||||||||
IndusInd Bank | 236,500 | 3,456 | ||||||||
Infosys | 420,140 | 7,729 | ||||||||
Infosys ADR (A) | 71,522 | 1,360 | ||||||||
InterGlobe Aviation* (B) | 175,512 | 2,314 | ||||||||
ITC | 77,918 | 386 | ||||||||
Maruti Udyog | 38,800 | 2,177 | ||||||||
NHPC | 423,760 | 155 | ||||||||
NTPC | 672,959 | 1,309 | ||||||||
Oil & Natural Gas | 575,192 | 1,860 | ||||||||
Power Finance | 278,814 | 721 | ||||||||
Power Grid Corp of India | 1,526,119 | 3,206 | ||||||||
Prestige Estates Projects | 687,615 | 1,794 | ||||||||
Reliance Capital | 226,221 | 1,258 | ||||||||
Reliance Industries | 194,441 | 3,069 | ||||||||
Reliance Industries GDR (B) | 422,008 | 12,935 | ||||||||
Rural Electrification | 579,514 | 1,454 | ||||||||
SH Kelkar (B) | 412,379 | 1,415 |
Description | Shares | Market Value ($ Thousands) | ||||||||
Shriram Transport Finance | 146,118 | $ | 2,103 | |||||||
SKS Microfinance* | 272,257 | 2,244 | ||||||||
Sun TV Network | 217,635 | 1,241 | ||||||||
Syndicate Bank | 396,022 | 405 | ||||||||
Tata Chemicals | 191,289 | 1,080 | ||||||||
Tata Consultancy Services | 96,031 | 3,655 | ||||||||
Tata Motors ADR* (A) | 38,625 | 1,122 | ||||||||
Wipro | 159,872 | 1,362 | ||||||||
Wipro ADR (A) | 133,045 | 1,674 | ||||||||
WNS Holdings ADR* | 11,629 | 356 | ||||||||
Zee Entertainment Enterprises | 265,651 | 1,552 | ||||||||
|
| |||||||||
118,425 | ||||||||||
|
| |||||||||
Indonesia — 2.2% | ||||||||||
AKR Corporindo | 3,945,400 | 2,068 | ||||||||
Astra International | 2,491,100 | 1,362 | ||||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten | 4,107,500 | 299 | ||||||||
Bank Rakyat Indonesia Persero | 6,158,895 | 5,307 | ||||||||
Bumi Serpong Damai | 5,930,100 | 821 | ||||||||
Gudang Garam | 564,800 | 2,781 | ||||||||
Indofood CBP Sukses Makmur | 325,600 | 373 | ||||||||
Kalbe Farma | 12,688,500 | 1,383 | ||||||||
Link Net* | 4,212,400 | 1,304 | ||||||||
Matahari Department Store | 1,396,500 | 1,932 | ||||||||
Pakuwon Jati | 10,800,000 | 394 | ||||||||
Semen Indonesia Persero | 2,804,900 | 2,152 | ||||||||
Sumber Alfaria Trijaya | 42,526,700 | 1,908 | ||||||||
Tambang Batubara Bukit Asam | 1,571,300 | 743 | ||||||||
Telekomunikasi Indonesia Persero | 27,850,680 | 6,984 | ||||||||
United Tractors | 1,944,500 | 2,244 | ||||||||
Waskita Karya Persero | 1,293,900 | 196 | ||||||||
|
| |||||||||
32,251 | ||||||||||
|
| |||||||||
Jordan — 0.2% | ||||||||||
Hikma Pharmaceuticals (A) | 87,120 | 2,479 | ||||||||
|
| |||||||||
Malaysia — 0.6% | ||||||||||
AirAsia | 2,454,700 | 1,151 | ||||||||
AMMB Holdings | 867,400 | 1,023 | ||||||||
Astro Malaysia Holdings | 2,051,400 | 1,572 | ||||||||
Berjaya Sports Toto | 549,000 | 445 | ||||||||
British American Tobacco Malaysia | 53,251 | 738 | ||||||||
Inari Amertron | 1,391,975 | 1,149 | ||||||||
Petronas Chemicals Group | 480,500 | 826 | ||||||||
Sunway | 274,900 | 221 | ||||||||
Top Glove | 407,200 | 524 | ||||||||
UEM Sunrise | 2,661,895 | 778 | ||||||||
|
| |||||||||
8,427 | ||||||||||
|
| |||||||||
Mexico — 4.7% | ||||||||||
Alsea | 271,200 | 1,026 | ||||||||
America Movil, Ser L | 3,039,174 | 2,383 | ||||||||
America Movil ADR, Ser L (A) | 164,675 | 2,557 | ||||||||
Arca Continental | 399,800 | 2,798 |
12 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Shares | Market Value ($ Thousands) | ||||||||
Cemex ADR* | 928,082 | $ | 6,756 | |||||||
Coca-Cola Femsa ADR (A) | 11,555 | 960 | ||||||||
Controladora Comercial Mexicana | 214,300 | 404 | ||||||||
El Puerto de Liverpool | 52,200 | 622 | ||||||||
Fomento Economico Mexicano | 164,300 | 1,596 | ||||||||
Fomento Economico Mexicano ADR (A) | 50,528 | 4,866 | ||||||||
Gentera (A) | 430,200 | 856 | ||||||||
Gruma, Cl B | 70,532 | 1,128 | ||||||||
Grupo Aeroportuario del Pacifico, Cl B | 94,000 | 843 | ||||||||
Grupo Financiero Banorte, Cl O | 2,632,755 | 15,041 | ||||||||
Grupo Financiero Santander Mexico ADR (A) | 274,478 | 2,479 | ||||||||
Grupo GICSA* | 2,162,500 | 1,736 | ||||||||
Grupo Mexico, Ser B | 1,155,400 | 2,810 | ||||||||
Grupo Televisa ADR | 219,192 | 6,019 | ||||||||
Industrias Bachoco ADR | 4,165 | 214 | ||||||||
Infraestructura Energetica Nova | 520,400 | 2,132 | ||||||||
Inmobiliaria Vesta | 1,887,600 | 2,852 | ||||||||
Kimberly-Clark de Mexico, Cl A | 106,100 | 258 | ||||||||
La Comer* | 214,300 | 229 | ||||||||
Megacable Holdings | 68,800 | 288 | ||||||||
Nemak (B) | 1,474,217 | 2,137 | ||||||||
Telesites* | 52,919 | 30 | ||||||||
Unifin Financiera | 725,700 | 2,050 | ||||||||
Wal-Mart de Mexico | 1,839,736 | 4,391 | ||||||||
|
| |||||||||
69,461 | ||||||||||
|
| |||||||||
Pakistan — 0.1% | ||||||||||
United Bank | 1,400,500 | 2,022 | ||||||||
|
| |||||||||
Peru — 0.8% | ||||||||||
Cia de Minas Buenaventura ADR* | 39,946 | 294 | ||||||||
Credicorp | 88,273 | 11,565 | ||||||||
|
| |||||||||
11,859 | ||||||||||
|
| |||||||||
Philippines — 1.1% | ||||||||||
Ayala | 205,710 | 3,351 | ||||||||
BDO Unibank | 1,271,153 | 2,824 | ||||||||
Cebu Air | 201,950 | 393 | ||||||||
International Container Terminal Services | 1,369,654 | 2,014 | ||||||||
Philippine Long Distance Telephone | 29,470 | 1,267 | ||||||||
SM Investments | 81,320 | 1,677 | ||||||||
SM Prime Holdings | 2,357,400 | 1,124 | ||||||||
Universal Robina | 739,180 | 3,480 | ||||||||
Vista Land & Lifescapes | 2,371,200 | 240 | ||||||||
|
| |||||||||
16,370 | ||||||||||
|
| |||||||||
Poland — 0.6% | ||||||||||
Asseco Poland | 32,702 | 532 | ||||||||
Eurocash | 206,841 | 2,965 | ||||||||
KGHM Polska Miedz | 103,720 | 2,121 | ||||||||
PGE Polska Grupa Energetyczna | 310,307 | 1,165 | ||||||||
Polish Oil & Gas | 457,542 | 654 | ||||||||
Powszechna Kasa Oszczednosci Bank Polski | 100,784 | 753 |
Description | Shares | Market Value ($ Thousands) | ||||||||
Tauron Polska Energia | 857,976 | $ | 694 | |||||||
|
| |||||||||
8,884 | ||||||||||
|
| |||||||||
Portugal — 0.1% | ||||||||||
Jeronimo Martins | 131,375 | 2,153 | ||||||||
|
| |||||||||
Qatar — 0.1% | ||||||||||
Barwa Real Estate | 161,740 | 1,608 | ||||||||
United Development | 64,728 | 350 | ||||||||
|
| |||||||||
1,958 | ||||||||||
|
| |||||||||
Romania — 0.1% | ||||||||||
Banca Transilvania* | 2,013,765 | 1,381 | ||||||||
|
| |||||||||
Russia — 4.8% | ||||||||||
Etalon Group GDR | 56,800 | 104 | ||||||||
Gazprom ADR | 1,441,448 | 6,214 | ||||||||
Lukoil ADR | 213,009 | 8,223 | ||||||||
Magnit GDR (A) | 161,218 | 6,441 | ||||||||
MegaFon GDR | 91,234 | 1,004 | ||||||||
Mobile TeleSystems ADR | 209,266 | 1,693 | ||||||||
NovaTek GDR (A) | 28,390 | 2,551 | ||||||||
Novolipetsk Steel GDR | 139,617 | 1,745 | ||||||||
QIWI ADR | 89,800 | 1,301 | ||||||||
Rosneft GDR | 811,305 | 3,685 | ||||||||
Sberbank of Russia ADR (A) | 2,704,191 | 18,770 | ||||||||
Severstal GDR | 140,054 | 1,482 | ||||||||
Sistema GDR | 55,343 | 358 | ||||||||
Surgutneftegas ADR | 224,162 | 1,311 | ||||||||
Tatneft PAO ADR (A) | 79,422 | 2,538 | ||||||||
TMK GDR | 191,166 | 579 | ||||||||
X5 Retail Group GDR* | 360,534 | 7,643 | ||||||||
Yandex, Cl A* | 368,980 | 5,653 | ||||||||
|
| |||||||||
71,295 | ||||||||||
|
| |||||||||
Singapore — 0.1% | ||||||||||
Asian Pay Television Trust | 3,829,900 | 1,593 | ||||||||
|
| |||||||||
South Africa — 4.6% | ||||||||||
Alexander Forbes Group Holdings (A) | 4,512,654 | 2,056 | ||||||||
AngloGold Ashanti ADR* | 58,100 | 795 | ||||||||
Aspen Pharmacare Holdings | 116,918 | 2,545 | ||||||||
AVI | 96,691 | 571 | ||||||||
Barclays Africa Group | 157,710 | 1,604 | ||||||||
Barloworld | 73,229 | 376 | ||||||||
Bidvest Group | 292,440 | 7,416 | ||||||||
Clicks Group | 55,416 | 366 | ||||||||
DataTec | 74,779 | 234 | ||||||||
FirstRand (A) | 1,879,122 | 6,180 | ||||||||
Foschini Group | 52,192 | 502 | ||||||||
Gold Fields | 401,567 | 1,596 | ||||||||
Impala Platinum Holdings* (A) | 318,428 | 1,018 | ||||||||
Imperial Holdings | 103,074 | 1,054 | ||||||||
Investec (A) | 443,501 | 3,293 | ||||||||
Liberty Holdings | 163,137 | 1,604 | ||||||||
Life Healthcare Group Holdings | 1,232,121 | 2,989 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 13 |
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Market Equity Fund (Continued)
March 31, 2016
Description | Shares | Market Value ($ Thousands) | ||||||||
MMI Holdings | 882,813 | $ | 1,495 | |||||||
Mondi | 162,848 | 3,144 | ||||||||
Mr Price Group | 161,100 | 1,943 | ||||||||
MTN Group | 193,635 | 1,780 | ||||||||
Murray & Roberts Holdings (A) | 336,265 | 288 | ||||||||
Naspers, Cl N | 51,256 | 7,182 | ||||||||
Netcare | 362,344 | 889 | ||||||||
Old Mutual | 160,230 | 446 | ||||||||
Peregrine Holdings | 27,213 | 50 | ||||||||
Petra Diamonds (A) | 760,904 | 1,151 | ||||||||
Redefine Properties‡ | 150,926 | 123 | ||||||||
RMB Holdings (A) | 409,060 | 1,704 | ||||||||
Sappi* | 180,100 | 800 | ||||||||
Sasol | 157,281 | 4,722 | ||||||||
SPAR Group | 127,970 | 1,731 | ||||||||
Standard Bank Group (A) | 425,883 | 3,836 | ||||||||
Telkom | 107,522 | 421 | ||||||||
Tongaat Hulett | 19,087 | 136 | ||||||||
Truworths International | 146,868 | 981 | ||||||||
Tsogo Sun Holdings | 566,231 | 910 | ||||||||
Vodacom Group | 112,224 | 1,225 | ||||||||
Vukile Property Fund ‡ | 36,998 | 43 | ||||||||
Wilson Bayly Holmes-Ovcon | 19,986 | 162 | ||||||||
|
| |||||||||
69,361 | ||||||||||
|
| |||||||||
South Korea — 12.6% | ||||||||||
Amorepacific | 1,155 | 390 | ||||||||
BGF retail | 28,282 | 4,056 | ||||||||
CJ CGV | 20,201 | 1,744 | ||||||||
Coway | 118,075 | 9,964 | ||||||||
DGB Financial Group | 48,626 | 378 | ||||||||
Dongbu Insurance | 75,635 | 5,020 | ||||||||
GS Retail | 41,886 | 1,727 | ||||||||
Hanil Cement | 1,745 | 142 | ||||||||
Hankook Tire | 45,871 | 2,182 | ||||||||
Hanon Systems | 135,511 | 1,090 | ||||||||
Hansae | 53,137 | 2,635 | ||||||||
Hansol Technics* | 47,286 | 833 | ||||||||
Hanwha Life Insurance | 79,270 | 464 | ||||||||
Hanwha Techwin | 48,499 | 1,711 | ||||||||
Hite Jinro | 28,341 | 716 | ||||||||
Hyosung | 19,527 | 2,459 | ||||||||
Hyundai Development | 130,223 | 5,232 | ||||||||
Hyundai Marine & Fire Insurance | 105,799 | 3,071 | ||||||||
Hyundai Motor | 43,475 | 5,797 | ||||||||
Kangwon Land | 111,052 | 3,972 | ||||||||
KB Financial Group ADR (A) | 64,497 | 1,779 | ||||||||
KCC | 8,106 | 2,949 | ||||||||
Kia Motors | 99,149 | 4,188 | ||||||||
Korea Aerospace Industries | 43,842 | 2,500 | ||||||||
KT Skylife | 11,707 | 170 | ||||||||
KT&G | 54,475 | 5,240 | ||||||||
LG | 63,883 | 3,827 |
Description | Shares | Market Value ($ Thousands) | ||||||||
LG Chem | 19,231 | $ | 5,507 | |||||||
LG Household & Health Care | 222 | 183 | ||||||||
LG Uplus | 256,205 | 2,476 | ||||||||
Lotte Chemical | 11,410 | 3,407 | ||||||||
Lotte Chilsung Beverage | 1,807 | 2,874 | ||||||||
Lotte Confectionery | 1,710 | 3,840 | ||||||||
Mando | 11,588 | 1,586 | ||||||||
NAVER | 16,314 | 9,087 | ||||||||
NCSoft | 27,537 | 6,104 | ||||||||
Orion | 621 | 496 | ||||||||
POSCO | 11,005 | 2,112 | ||||||||
Posco Daewoo | 92,724 | 1,751 | ||||||||
S-1, Cl 1 | 13,519 | 1,045 | ||||||||
Samlip General Foods | 4,181 | 782 | ||||||||
Samsung Electronics | 39,889 | 45,763 | ||||||||
Samsung Life Insurance | 33,685 | 3,461 | ||||||||
Seah Besteel | 12,579 | 303 | ||||||||
SFA Engineering | 61,913 | 3,286 | ||||||||
Shinhan Financial Group | 53,845 | 1,907 | ||||||||
SK Hynix | 142,685 | 3,512 | ||||||||
SK Telecom | 7,663 | 1,397 | ||||||||
SK Telecom ADR | 366,420 | 7,391 | ||||||||
Tongyang Life Insurance | 57,460 | 593 | ||||||||
Vieworks | 45,697 | 1,982 | ||||||||
Woori Bank | 171,561 | 1,419 | ||||||||
Yuhan | 8,231 | 2,019 | ||||||||
|
| |||||||||
188,519 | ||||||||||
|
| |||||||||
Taiwan — 10.1% | ||||||||||
Accton Technology | 212,100 | 232 | ||||||||
Advanced Ceramic X* | 29,700 | 167 | ||||||||
Advanced Semiconductor Engineering | 5,010,000 | 5,830 | ||||||||
Asustek Computer | 462,000 | 4,149 | ||||||||
Catcher Technology | 158,000 | 1,296 | ||||||||
Cathay Financial Holding | 2,112,987 | 2,531 | ||||||||
Chailease Holding | 319,404 | 557 | ||||||||
Cheng Shin Rubber Industry | 475,000 | 955 | ||||||||
Chicony Electronics | 229,065 | 589 | ||||||||
China Steel Chemical | 328,300 | 1,158 | ||||||||
Compal Electronics | 3,278,000 | 2,057 | ||||||||
CTBC Financial Holding | 2,138,088 | 1,129 | ||||||||
CTCI | 205,000 | 269 | ||||||||
Delta Electronics | 67,200 | 297 | ||||||||
Eclat Textile | 233,006 | 3,066 | ||||||||
Elite Advanced Laser | 300,400 | 1,680 | ||||||||
eMemory Technology | 248,800 | 2,876 | ||||||||
Farglory Land Development | 297,043 | 342 | ||||||||
Foxconn Technology | 1,223,000 | 2,744 | ||||||||
Fubon Financial Holding | 2,579,000 | 3,285 | ||||||||
Gigasolar Materials | 50,000 | 865 | ||||||||
Hermes Microvision | 105,200 | 3,007 | ||||||||
Highwealth Construction | 1,731,100 | 2,528 | ||||||||
Hiwin Technologies | 185,630 | 822 |
14 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Shares | Market Value ($ Thousands) | ||||||||
Hon Hai Precision Industry | 4,302,367 | $ | 11,336 | |||||||
Hota Industrial Manufacturing | 1,171,884 | 5,098 | ||||||||
Hu Lane Associate | 436,600 | 2,082 | ||||||||
Kenda Rubber Industrial | 224,702 | 358 | ||||||||
Kingpak Technology* | 71,600 | 885 | ||||||||
King’s Town Bank | 557,000 | 383 | ||||||||
Largan Precision | 29,000 | 2,248 | ||||||||
Lite-On Technology | 1,301,296 | 1,589 | ||||||||
MediaTek | 923,100 | 7,084 | ||||||||
Mega Financial Holding | 786,000 | 559 | ||||||||
Merida Industry | 209,000 | 925 | ||||||||
Nan Ya Plastics | 809,000 | 1,699 | ||||||||
Pegatron | 1,773,000 | 4,137 | ||||||||
Pou Chen | 1,221,000 | 1,556 | ||||||||
Powertech Technology | 1,238,000 | 2,808 | ||||||||
Radiant Opto-Electronics | 1,300,050 | 2,521 | ||||||||
Realtek Semiconductor | 380,173 | 1,045 | ||||||||
Sercomm | 635,411 | 1,617 | ||||||||
Silicon Motion Technology ADR | 74,300 | 2,884 | ||||||||
Simplo Technology | 473,000 | 1,698 | ||||||||
Taiwan Semiconductor Manufacturing | 6,868,490 | 34,573 | ||||||||
Taiwan Semiconductor Manufacturing ADR (A) | 387,910 | 10,163 | ||||||||
Teco Electric and Machinery | 951,000 | 776 | ||||||||
Tung Thih Electronic | 191,000 | 3,145 | ||||||||
Uni-President Enterprises | 114,000 | 200 | ||||||||
United Microelectronics | 3,058,000 | 1,264 | ||||||||
Vanguard International Semiconductor | 683,000 | 1,068 | ||||||||
WPG Holdings | 1,671,000 | 1,781 | ||||||||
Yeong Guan Energy Technology Group | 53,000 | 376 | ||||||||
Yuanta Financial Holding | 5,018,677 | 1,793 | ||||||||
|
| |||||||||
150,082 | ||||||||||
|
| |||||||||
Thailand — 1.5% | ||||||||||
AP Thailand NVDR | 2,502,800 | 434 | ||||||||
Bangkok Bank Foreign | 484,100 | 2,504 | ||||||||
Bangkok Dusit Medical Services | 2,282,000 | 1,518 | ||||||||
Bangkok Dusit Medical Services, Cl F (A) | 964,400 | 641 | ||||||||
Bangkok Expressway & Metro* | 5,283,100 | 833 | ||||||||
Banpu (A) | 970,500 | 461 | ||||||||
Central Pattana | 1,245,800 | 1,824 | ||||||||
CP ALL | 1,214,000 | 1,579 | ||||||||
CP Seven Eleven PCL (A) | 48,300 | 63 | ||||||||
Delta Electronics Thailand NVDR (A) | 388,300 | 960 | ||||||||
Hana Microelectronics | 292,900 | 298 | ||||||||
Kasikornbank NVDR | 310,591 | 1,527 | ||||||||
Krung Thai Bank NVDR (A) | 1,633,900 | 868 | ||||||||
Minor International NVDR | 942,100 | 991 | ||||||||
PTT | 251,350 | 2,000 | ||||||||
PTT Global Chemical | 1,148,900 | 1,976 | ||||||||
PTT Global Chemical NVDR (A) | 358,200 | 616 | ||||||||
Ratchaburi Electricity Generating Holding NVDR (A) | 211,200 | 305 |
Description | Shares | Market Value ($ Thousands) | ||||||||
Sino-Thai Engineering & Construction | 2,503,000 | $ | 1,615 | |||||||
Thanachart Capital NVDR (A) | 789,200 | 847 | ||||||||
Tisco Financial Group | 276,600 | 358 | ||||||||
|
| |||||||||
22,218 | ||||||||||
|
| |||||||||
Turkey — 2.5% | ||||||||||
Akbank | 1,491,267 | 4,248 | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii (A) | 204,070 | 1,554 | ||||||||
Arcelik | 97,698 | 665 | ||||||||
Aselsan Elektronik Sanayi Ve Ticaret (A) | 329,570 | 2,142 | ||||||||
Brisa Bridgestone Sabanci Sanayi ve Ticaret (A) | 31,208 | 86 | ||||||||
Coca-Cola Icecek | 113,031 | 1,649 | ||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi‡ (A) | 3,180,530 | 3,242 | ||||||||
Eregli Demir ve Celik Fabrikalari | 1,104,418 | 1,663 | ||||||||
Ford Otomotiv Sanayi | 35,336 | 466 | ||||||||
KOC Holding | 336,154 | 1,708 | ||||||||
Koza Altin Isletmeleri | 23,343 | 150 | ||||||||
TAV Havalimanlari Holding | 189,282 | 1,130 | ||||||||
Tofas Turk Otomobil Fabrikasi (A) | 336,562 | 2,732 | ||||||||
Tupras Turkiye Petrol Rafinerileri | 44,743 | 1,261 | ||||||||
Turk Hava Yollari* (A) | 491,498 | 1,360 | ||||||||
Turkcell Iletisim Hizmetleri ADR | 120,935 | 1,271 | ||||||||
Turkiye Garanti Bankasi | 1,876,503 | 5,491 | ||||||||
Turkiye Halk Bankasi (A) | 234,951 | 874 | ||||||||
Turkiye Is Bankasi, Cl C | 867,368 | 1,435 | ||||||||
Turkiye Vakiflar Bankasi Tao, Cl D | 168,945 | 283 | ||||||||
Ulker Biskuvi Sanayi (A) | 478,614 | 3,553 | ||||||||
|
| |||||||||
36,963 | ||||||||||
|
| |||||||||
United Arab Emirates — 0.5% | ||||||||||
Abu Dhabi Commercial Bank | 560,791 | 1,023 | ||||||||
Air Arabia | 2,133,787 | 715 | ||||||||
Emaar Properties | 3,085,681 | 5,057 | ||||||||
Union National Bank | 145,237 | 146 | ||||||||
|
| |||||||||
6,941 | ||||||||||
|
| |||||||||
United Kingdom — 0.3% | ||||||||||
SABMiller | 78,020 | 4,756 | ||||||||
Tullow Oil (A) | 124,393 | 352 | ||||||||
|
| |||||||||
5,108 | ||||||||||
|
| |||||||||
United States — 0.2% | ||||||||||
Freeport-McMoRan (A) | 176,890 | 1,829 | ||||||||
PriceSmart | 13,465 | 1,139 | ||||||||
|
| |||||||||
2,968 | ||||||||||
|
| |||||||||
Total Common Stock |
| 1,369,055 | ||||||||
|
| |||||||||
Number of Participation Notes | ||||||||||
PARTICIPATION NOTES — 2.1% |
| |||||||||
China — 0.5% | ||||||||||
China Vanke, Expires 06/29/2020* | 574 | 2,170 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 15 |
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Market Equity Fund (Concluded)
March 31, 2016
Description | Number of Participation Notes | Market Value ($ Thousands) | ||||||||
Huangshan Tourism Development, Expires 11/06/2020* | 261 | $ | 967 | |||||||
Inner Mongolia, Expires 12/12/2016* | 636 | 1,432 | ||||||||
Poly Real Estate Group, Expires 02/21/2021* | 2,239 | 2,938 | ||||||||
|
| |||||||||
7,507 | ||||||||||
|
| |||||||||
India — 1.3% | ||||||||||
Axis Bank, Expires 06/13/2018* | 848 | 5,680 | ||||||||
IRB Infrastructure Developers, Expires 06/25/2020* | 1,018 | 3,574 | ||||||||
Tata Motors, Expires 06/25/2020* | 879 | 5,126 | ||||||||
UPL, Expires 03/18/2019* | 280 | 2,019 | ||||||||
Zee Entertainment Enterprises, Expires 09/03/2019* | 377 | 2,203 | ||||||||
|
| |||||||||
18,602 | ||||||||||
|
| |||||||||
Saudi Arabia — 0.2% | ||||||||||
Al Tayyar, Expires 03/05/2018* | 44 | 403 | ||||||||
Al Tayyar Travel Group, Expires 03/05/2018* | 74 | 692 | ||||||||
Fawaz Abdulaziz Al Hokair, Expires 03/02/2017* | 105 | 1,164 | ||||||||
|
| |||||||||
2,259 | ||||||||||
|
| |||||||||
Switzerland — 0.1% | ||||||||||
CITIC Securities, Expires 10/22/2019* | 725 | 1,998 | ||||||||
|
| |||||||||
Vietnam — 0.0% | ||||||||||
Hoa Phat Group, Expires 07/24/2018* | 547 | 717 | ||||||||
|
| |||||||||
Total Participation Notes | 31,083 | |||||||||
|
| |||||||||
Shares | ||||||||||
PREFERRED STOCK — 1.5% |
| |||||||||
Brazil — 1.2% | ||||||||||
Banco Bradesco | 310,200 | 2,360 | ||||||||
Braskem | 101,100 | 663 | ||||||||
Cia Brasileira de Distribuicao | 58,600 | 826 | ||||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR (A) | 125,000 | 1,739 | ||||||||
Cia Energetica de Sao Paulo, Cl B | 103,700 | 463 | ||||||||
Cia Paranaense de Energia | 105,300 | 845 | ||||||||
Itau Unibanco Holding | 600,006 | 5,267 | ||||||||
Itau Unibanco Holding ADR (A) | 553,004 | 4,750 | ||||||||
Itausa - Investimentos Itau | 309,177 | 707 | ||||||||
Petroleo Brasileiro ADR, Cl A* | 244,300 | 1,107 | ||||||||
|
| |||||||||
18,727 | ||||||||||
|
| |||||||||
Chile — 0.1% | ||||||||||
Sociedad Quimica y Minera de Chile, Cl B | 45,839 | 946 | ||||||||
|
| |||||||||
Colombia — 0.0% | ||||||||||
Bancolombia | 66,398 | 568 | ||||||||
|
|
Description | Shares | Market Value ($ Thousands) | ||||||||||
South Korea — 0.2% |
| |||||||||||
Samsung Electronics | 2,503 | $ | 2,423 | |||||||||
|
| |||||||||||
Total Preferred Stock | 22,664 | |||||||||||
|
| |||||||||||
EXCHANGE TRADED FUND — 1.4% |
| |||||||||||
United States — 1.4% |
| |||||||||||
iShares MSCI Emerging Markets ETF (A) | 599,968 | 20,549 | ||||||||||
|
| |||||||||||
Total Exchange Traded Fund | 20,549 | |||||||||||
|
| |||||||||||
Number of Rights | ||||||||||||
RIGHTS — 0.0% |
| |||||||||||
Chile — 0.0% |
| |||||||||||
Banco de Credito e Inversiones, Expires 04/19/2016* | — | 1 | ||||||||||
|
| |||||||||||
Taiwan — 0.0% |
| |||||||||||
Fubon Financial Holding, Expires 04/13/2016* | 113 | — | ||||||||||
|
| |||||||||||
Total Rights | 1 | |||||||||||
|
| |||||||||||
Face Amount (Thousands) | ||||||||||||
DEBENTURE BOND — 0.0% |
| |||||||||||
Brazil — 0.0% |
| |||||||||||
Vale, Ser 1997 | ||||||||||||
0.000%, 09/30/49 (D) | BRL | 8 | — | |||||||||
|
| |||||||||||
Total Debenture Bond | — | |||||||||||
|
| |||||||||||
Shares | ||||||||||||
AFFILIATED PARTNERSHIP — 9.4% |
| |||||||||||
SEI Liquidity Fund, L.P. | ||||||||||||
0.380%** † (E) | 139,597,514 | 139,598 | ||||||||||
|
| |||||||||||
Total Affiliated Partnership | 139,598 | |||||||||||
|
|
16 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Shares | Market Value ($ Thousands) | ||||||||
CASH EQUIVALENT — 0.5% |
| |||||||||
SEI Daily Income Trust, Prime Obligation Fund, Cl A | ||||||||||
0.300%**† | 7,392,992 | $ | 7,393 | |||||||
|
| |||||||||
Total Cash Equivalent | 7,393 | |||||||||
|
| |||||||||
Total Investments — 106.8% | $ | 1,590,343 | ||||||||
|
|
Percentages are based on a Net Assets of $1,489,166 ($ Thousands).
* | Non-income producing security. |
** | Rate shown is the 7-day effective yield as of March 31, 2016. |
† | Investment in Affiliated Security. |
‡ | Real Estate Investment Trust. |
(A) | This security or a partial position of this security is on loan at March 31, 2016. The total market value of securities on loan at March 31, 2016 was $134,753 ($ Thousands). |
(B) | Security 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.” This security has been determined to be liquid under guidelines established by the Board of Trustees. The total value of such securities as of March 31, 2016, was $22,940 ($ Thousands) and represented 1.54% of net assets. |
(C) | Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of March 31, 2016 was $0 ($ Thousands) and represented 0.0% of Net Assets. |
(D) | Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2016. |
(E) | This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of March 31, 2016 was $139,598 ($Thousands). |
ADR — American Depositary Receipt
BRL — Brazilian Real
Cl — Class
ETF — Exchange Traded Fund
GDR — Global Depositary Receipt
L.P. — Limited Partnership
MSCI — Morgan Stanley Capital International
NVDR — Non-Voting Depositary Receipt
Ser — Series
The following is a list of the level of inputs used as of March 31, 2016, in valuing the Fund’s investments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 1,369,055 | $ | — | $ | — | $ | 1,369,055 | ||||||||
Participation Notes | — | 31,083 | — | 31,083 | ||||||||||||
Preferred Stock | 22,664 | — | — | 22,664 | ||||||||||||
Exchange Traded Fund | 20,549 | — | — | 20,549 | ||||||||||||
Rights | 1 | — | — | 1 | ||||||||||||
Affiliated Partnership | — | 139,598 | — | 139,598 | ||||||||||||
Cash Equivalent | 7,393 | — | — | 7,393 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 1,419,662 | $ | 170,681 | $ | — | $ | 1,590,343 | ||||||||
|
|
|
|
|
|
|
|
For the six months ended March 31, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities.
For the six months ended March 31, 2016, there were no transfers between Level 2 and Level 3 assets and liabilities.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 17 |
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund
March 31, 2016
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS — 94.5% |
| |||||||||||
Australia — 4.1% | ||||||||||||
Aurizon Network MTN | ||||||||||||
2.000%, 09/18/24 | EUR | 300 | $ | 325 | ||||||||
Australia & New Zealand Banking Group MTN | ||||||||||||
3.625%, 07/18/22 | 300 | 410 | ||||||||||
Commonwealth Bank of Australia MTN | ||||||||||||
1.375%, 01/22/19 | 560 | 662 | ||||||||||
Government of Australia | ||||||||||||
4.500%, 04/15/20 | AUD | 270 | 228 | |||||||||
4.500%, 04/21/33 | 285 | 266 | ||||||||||
3.750%, 04/21/37 | 845 | 716 | ||||||||||
3.250%, 04/21/25 | 3,440 | 2,819 | ||||||||||
2.750%, 04/21/24 | 1,785 | 1,410 | ||||||||||
Government of Australia, Ser 122 | ||||||||||||
5.250%, 03/15/19 | 2,000 | 1,685 | ||||||||||
Government of Australia, Ser 124 | ||||||||||||
5.750%, 05/15/21 | 11,870 | 10,741 | ||||||||||
National Australia Bank MTN | ||||||||||||
2.625%, 01/13/17 | EUR | 370 | 431 | |||||||||
Queensland Treasury, Ser 17 | ||||||||||||
6.000%, 09/14/17 | AUD | 780 | 634 | |||||||||
Westpac Banking MTN | ||||||||||||
1.500%, 03/24/21 | EUR | 220 | 266 | |||||||||
1.375%, 04/17/20 | 230 | 275 | ||||||||||
|
| |||||||||||
20,868 | ||||||||||||
|
| |||||||||||
Austria — 0.3% | ||||||||||||
Republic of Austria | ||||||||||||
4.150%, 03/15/37 (A) | 115 | 207 | ||||||||||
3.650%, 04/20/22 (A) | 290 | 406 | ||||||||||
3.150%, 06/20/44 (A) | 150 | 251 | ||||||||||
1.950%, 06/18/19 (A) | 280 | 343 | ||||||||||
1.650%, 10/21/24 (A) | 225 | 288 | ||||||||||
|
| |||||||||||
1,495 | ||||||||||||
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Belgium — 1.3% |
| |||||||||||
Anheuser-Busch InBev MTN | ||||||||||||
2.750%, 03/17/36 | EUR | 600 | $ | 727 | ||||||||
2.000%, 03/17/28 | 600 | 711 | ||||||||||
1.500%, 03/17/25 | 700 | 818 | ||||||||||
Kingdom of Belgium | ||||||||||||
3.750%, 06/22/45 | 338 | 604 | ||||||||||
3.000%, 06/22/34 (A) | 350 | 526 | ||||||||||
1.000%, 06/22/31 (A) | 710 | 813 | ||||||||||
0.800%, 06/22/25 (A) | 715 | 846 | ||||||||||
Kingdom of Belgium, Ser 44 | ||||||||||||
5.000%, 03/28/35 (A) | 150 | 286 | ||||||||||
Kingdom of Belgium, Ser 58 | ||||||||||||
3.750%, 09/28/20 (A) | 496 | 668 | ||||||||||
Kingdom of Belgium, Ser 69 | ||||||||||||
1.250%, 06/22/18 | 545 | 644 | ||||||||||
|
| |||||||||||
6,643 | ||||||||||||
|
| |||||||||||
Brazil — 0.6% |
| |||||||||||
Brazil Notas do Tesouro Nacional | ||||||||||||
10.000%, 01/01/17 | BRL | 6,260 | 1,722 | |||||||||
Brazil Notas do Tesouro Nacional, Serie F | ||||||||||||
10.000%, 01/01/27 | 6,232 | 1,409 | ||||||||||
Embraer Overseas | ||||||||||||
5.696%, 09/16/23 | $ | 40 | 38 | |||||||||
|
| |||||||||||
3,169 | ||||||||||||
|
| |||||||||||
Canada — 4.5% |
| |||||||||||
Bank of Nova Scotia MTN | ||||||||||||
0.750%, 09/17/21 | EUR | 570 | 667 | |||||||||
Bell Canada MTN | ||||||||||||
5.000%, 02/15/17 (A) | CAD | 270 | 215 | |||||||||
4.700%, 09/11/23 | 80 | 70 | ||||||||||
3.350%, 06/18/19 | 29 | 24 | ||||||||||
3.250%, 06/17/20 | 95 | 77 | ||||||||||
CDP Financial | ||||||||||||
4.400%, 11/25/19 (A) | $ | 850 | 936 | |||||||||
Cenovus Energy | ||||||||||||
5.700%, 10/15/19 | 89 | 89 | ||||||||||
3.000%, 08/15/22 | 22 | 20 | ||||||||||
Government of Canada | ||||||||||||
5.750%, 06/01/33 | CAD | 1,140 | 1,384 | |||||||||
5.000%, 06/01/37 | 1,300 | 1,525 | ||||||||||
4.250%, 12/01/21 | 611 | 600 | ||||||||||
4.000%, 06/01/41 | 1,035 | 1,111 | ||||||||||
3.500%, 12/01/45 | 165 | 170 | ||||||||||
1.750%, 09/01/19 | 1,000 | 804 | ||||||||||
1.500%, 09/01/17 | 1,945 | 1,524 | ||||||||||
0.750%, 03/01/21 | 525 | 407 | ||||||||||
Husky Energy | ||||||||||||
7.250%, 12/15/19 | $ | 53 | 59 | |||||||||
Muskrat Falls | ||||||||||||
3.630%, 06/01/29 (A) | CAD | 340 | 300 |
18 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
National Bank of Canada | ||||||||||||
1.500%, 03/25/21 | EUR | 567 | $ | 688 | ||||||||
NOVA Chemicals | ||||||||||||
5.250%, 08/01/23 (A) | $ | 150 | 147 | |||||||||
Province of British Columbia | ||||||||||||
3.250%, 12/18/21 | CAD | 1,150 | 976 | |||||||||
2.250%, 03/01/19 | 575 | 461 | ||||||||||
Province of Manitoba Canada | ||||||||||||
3.850%, 12/01/21 | 710 | 615 | ||||||||||
Province of Ontario Canada | ||||||||||||
3.500%, 06/02/24 | 1,200 | 1,030 | ||||||||||
3.450%, 06/02/45 | 245 | 202 | ||||||||||
3.150%, 06/02/22 | 2,000 | 1,683 | ||||||||||
2.600%, 06/02/25 | 1,614 | 1,291 | ||||||||||
2.400%, 06/02/26 | 585 | 456 | ||||||||||
2.100%, 09/08/18 | 1,295 | 1,028 | ||||||||||
Province of Quebec Canada | ||||||||||||
4.500%, 12/01/18 | 1,190 | 1,004 | ||||||||||
3.500%, 12/01/45 | 145 | 120 | ||||||||||
3.000%, 09/01/23 | 500 | 417 | ||||||||||
2.750%, 09/01/25 | 2,175 | 1,759 | ||||||||||
Rogers Communications | ||||||||||||
4.000%, 06/06/22 | 165 | 139 | ||||||||||
Royal Bank of Canada | ||||||||||||
1.625%, 08/04/20 | EUR | 290 | 352 | |||||||||
Yamana Gold | ||||||||||||
4.950%, 07/15/24 | $ | 316 | 267 | |||||||||
|
| |||||||||||
22,617 | ||||||||||||
|
| |||||||||||
China — 0.1% |
| |||||||||||
Sinopec Group Overseas Development | ||||||||||||
2.625%, 10/17/20 | EUR | 240 | 289 | |||||||||
Tencent Holdings MTN | ||||||||||||
3.375%, 05/02/19 (A) | 390 | 404 | ||||||||||
|
| |||||||||||
693 | ||||||||||||
|
| |||||||||||
Colombia — 0.0% |
| |||||||||||
Ecopetrol | ||||||||||||
7.375%, 09/18/43 | $ | 121 | 111 | |||||||||
5.875%, 05/28/45 | 109 | 86 | ||||||||||
|
| |||||||||||
197 | ||||||||||||
|
| |||||||||||
Czech Republic — 0.1% |
| |||||||||||
Government of Czech Republic | ||||||||||||
4.700%, 09/12/22 | CZK | 4,150 | 226 | |||||||||
3.875%, 05/24/22 | EUR | 50 | 70 | |||||||||
Government of Czech Republic, Ser 51 | ||||||||||||
4.000%, 04/11/17 | CZK | 8,050 | 353 | |||||||||
|
| |||||||||||
649 | ||||||||||||
|
| |||||||||||
Denmark — 1.3% |
| |||||||||||
Danske Bank | ||||||||||||
5.375%, 09/29/21 (B) | GBP | 170 | 251 | |||||||||
3.875%, 10/04/23 (B) | EUR | 150 | 182 | |||||||||
3.500%, 04/16/18 | 155 | 190 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
DONG Energy MTN | ||||||||||||
5.750%, 04/09/40 | GBP | 200 | $ | 359 | ||||||||
Kingdom of Denmark | ||||||||||||
4.500%, 11/15/39 | DKK | 1,300 | 347 | |||||||||
4.000%, 11/15/17 | 1,600 | 262 | ||||||||||
3.000%, 11/15/21 | 21,800 | 3,906 | ||||||||||
1.500%, 11/15/23 | 670 | 113 | ||||||||||
0.100%, 11/15/23 | 5,795 | 932 | ||||||||||
|
| |||||||||||
6,542 | ||||||||||||
|
| |||||||||||
Finland — 0.6% |
| |||||||||||
Government of Finland | ||||||||||||
2.625%, 07/04/42 (A) | EUR | 55 | 86 | |||||||||
1.500%, 04/15/23 (A) | 340 | 427 | ||||||||||
0.875%, 09/15/25 (A) | 1,650 | 1,969 | ||||||||||
Nordea Bank Finland MTN | ||||||||||||
2.375%, 07/17/17 | 190 | 223 | ||||||||||
2.250%, 05/03/19 | 170 | 208 | ||||||||||
|
| |||||||||||
2,913 | ||||||||||||
|
| |||||||||||
France — 7.0% |
| |||||||||||
ALD International MTN | ||||||||||||
2.000%, 05/26/17 | 500 | 581 | ||||||||||
Arkema MTN | ||||||||||||
3.850%, 04/30/20 | 200 | 259 | ||||||||||
1.500%, 01/20/25 | 300 | 344 | ||||||||||
AXA MTN | ||||||||||||
5.625%, 01/16/54 (B) | GBP | 302 | 412 | |||||||||
BNP Paribas | ||||||||||||
5.019%, 12/31/49 (B) | EUR | �� | 250 | 291 | ||||||||
4.730%, 04/12/49 (B) | 200 | 228 | ||||||||||
BNP Paribas Home Loan MTN | ||||||||||||
3.125%, 03/22/22 | 200 | 268 | ||||||||||
BPCE | ||||||||||||
6.117%, 10/29/49 (B) | 150 | 180 | ||||||||||
5.250%, 04/16/29 | GBP | 100 | 147 | |||||||||
1.750%, 11/29/19 | EUR | 600 | 728 | |||||||||
Bureau Veritas | ||||||||||||
3.125%, 01/21/21 | 100 | 122 | ||||||||||
Caisse Centrale du Credit Immobilier de France MTN | ||||||||||||
1.125%, 04/22/19 | 100 | 118 | ||||||||||
Caisse de Refinancement de l’Habitat | ||||||||||||
3.750%, 12/12/16 | 400 | 468 | ||||||||||
3.500%, 04/25/17 | 350 | 414 | ||||||||||
Caisse Francaise de Financement Local MTN | ||||||||||||
4.875%, 07/03/17 | 220 | 266 | ||||||||||
3.750%, 05/18/16 | 225 | 258 | ||||||||||
3.625%, 02/26/18 | 63 | 77 | ||||||||||
Christian Dior | ||||||||||||
1.375%, 06/19/19 | 300 | 350 | ||||||||||
Credit Agricole MTN | ||||||||||||
6.637%, 05/29/49 (B) | $ | 335 | 328 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 19 |
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund (Continued)
March 31, 2016
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
0.875%, 01/19/22 | EUR | 600 | $ | 695 | ||||||||
Credit Agricole Home Loan MTN | ||||||||||||
3.250%, 03/23/17 | 100 | 118 | ||||||||||
2.875%, 09/09/16 | 300 | 346 | ||||||||||
Dexia Credit Local MTN | ||||||||||||
2.000%, 01/22/21 | 200 | 247 | ||||||||||
1.625%, 10/29/18 | 565 | 672 | ||||||||||
1.375%, 09/18/19 | 500 | 596 | ||||||||||
0.625%, 01/21/22 | 1,550 | 1,796 | ||||||||||
Electricite de France | ||||||||||||
6.500%, 01/26/19 (A) | $ | 250 | 281 | |||||||||
Elis | ||||||||||||
3.000%, 04/30/22 | 250 | 286 | ||||||||||
Europcar Groupe | ||||||||||||
5.750%, 06/15/22 | EUR | 145 | 173 | |||||||||
France Government Bond OAT | ||||||||||||
0.500%, 05/25/25 (C) | 3,855 | 4,459 | ||||||||||
0.000%, 05/25/20 | 1,590 | 1,830 | ||||||||||
French Treasury Note | ||||||||||||
1.000%, 07/25/17 | 850 | 987 | ||||||||||
Government of France | ||||||||||||
4.750%, 04/25/35 | 85 | 158 | ||||||||||
4.500%, 04/25/41 | 220 | 425 | ||||||||||
4.000%, 10/25/38 | 285 | 502 | ||||||||||
3.250%, 05/25/45 | 1,155 | 1,903 | ||||||||||
2.500%, 05/25/30 | 1,975 | 2,749 | ||||||||||
2.250%, 05/25/24 | 1,515 | 2,015 | ||||||||||
0.500%, 11/25/19 | 2,040 | 2,392 | ||||||||||
Iliand | ||||||||||||
4.875%, 06/01/16 | 300 | 344 | ||||||||||
Infra Foch | ||||||||||||
2.125%, 04/16/25 | 1,000 | 1,216 | ||||||||||
Klepierre MTN | ||||||||||||
1.000%, 04/17/23 | 100 | 115 | ||||||||||
Lafarge MTN | ||||||||||||
4.750%, 03/23/20 | 195 | 257 | ||||||||||
Loxam SAS | ||||||||||||
7.000%, 07/23/22 | 150 | 178 | ||||||||||
Publicis Groupe | ||||||||||||
1.125%, 12/16/21 | 600 | 694 | ||||||||||
RCI Banque MTN | ||||||||||||
1.375%, 11/17/20 | 225 | 265 | ||||||||||
Renault MTN | ||||||||||||
3.625%, 09/19/18 | 450 | 553 | ||||||||||
Societe Generale MTN | ||||||||||||
6.999%, 12/29/49 (B) | 150 | 183 | ||||||||||
5.922%, 04/05/17 (A) (B) | $ | 180 | 178 | |||||||||
5.750%, 04/20/16 (A) | 111 | 111 | ||||||||||
3.250%, 06/06/16 | EUR | 400 | 458 | |||||||||
Synlab Bondco | ||||||||||||
6.250%, 07/01/22 (A) | 160 | 193 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Unibail-Rodamco MTN | ||||||||||||
2.375%, 02/25/21 | EUR | 500 | $ | 623 | ||||||||
Veolia Environnement MTN | ||||||||||||
4.625%, 03/30/27 | 200 | 304 | ||||||||||
Wendel | ||||||||||||
5.875%, 09/17/19 | 800 | 1,061 | ||||||||||
2.500%, 02/09/27 | 300 | 324 | ||||||||||
|
| |||||||||||
35,526 | ||||||||||||
|
| |||||||||||
Germany — 7.1% |
| |||||||||||
Allianz | ||||||||||||
2.241%, 07/07/45 (B) | 800 | 858 | ||||||||||
Bundesobligation | ||||||||||||
0.500%, 02/23/18 | 850 | 987 | ||||||||||
Bundesrepublik Deutschland | ||||||||||||
6.250%, 01/04/30 | 770 | 1,571 | ||||||||||
4.000%, 01/04/37 | 75 | 140 | ||||||||||
2.500%, 07/04/44 | 515 | 837 | ||||||||||
2.500%, 08/15/46 | 200 | 329 | ||||||||||
2.250%, 09/04/21 | 1,120 | 1,456 | ||||||||||
2.000%, 01/04/22 | 200 | 258 | ||||||||||
1.500%, 05/15/24 | 200 | 257 | ||||||||||
1.000%, 08/15/25 | 3,275 | 4,044 | ||||||||||
0.500%, 02/15/26 | 300 | 353 | ||||||||||
Bundesrepublik Deutschland, Ser 00 | ||||||||||||
5.500%, 01/04/31 | 470 | 920 | ||||||||||
Bundesrepublik Deutschland, Ser 03 | ||||||||||||
4.750%, 07/04/34 | 1,520 | 2,973 | ||||||||||
Bundesschatzanweisungen | ||||||||||||
0.000%, 12/16/16 | 10,750 | 12,289 | ||||||||||
Continental MTN | ||||||||||||
3.125%, 09/09/20 | 600 | 766 | ||||||||||
Deutsche Bank MTN | ||||||||||||
5.000%, 06/24/20 | 450 | 545 | ||||||||||
Deutsche Bundesrepublik Inflation Linked Bond | ||||||||||||
0.100%, 04/15/23 | 1,224 | 1,496 | ||||||||||
E.ON International Finance MTN | ||||||||||||
6.000%, 10/30/19 | GBP | 300 | 485 | |||||||||
FMS Wertmanagement | ||||||||||||
1.125%, 12/07/16 | 600 | 864 | ||||||||||
Grand City Properties | ||||||||||||
1.500%, 04/17/25 | EUR | 1,400 | 1,528 | |||||||||
KFW | ||||||||||||
3.375%, 08/30/17 | CHF | 370 | 408 | |||||||||
Muenchener Rueckversicherungs MTN | ||||||||||||
6.250%, 05/26/42 (B) | EUR | 100 | 140 | |||||||||
ProSiebenSat.1 Media | ||||||||||||
2.625%, 04/15/21 | 300 | 360 | ||||||||||
RWE Finance MTN | ||||||||||||
6.500%, 08/10/21 | 120 | 175 | ||||||||||
ThyssenKrupp MTN | ||||||||||||
2.500%, 02/25/25 | 260 | 283 |
20 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Vier Gas Transport GmbH MTN | ||||||||||||
2.875%, 06/12/25 | EUR | 200 | $ | 261 | ||||||||
Volkswagen Financial Services MTN | ||||||||||||
1.750%, 08/21/17 | GBP | 230 | 329 | |||||||||
Vonovia Finance MTN | ||||||||||||
2.125%, 07/09/22 | EUR | 177 | 215 | |||||||||
Wuerth Finance International MTN | ||||||||||||
1.750%, 05/21/20 | 150 | 182 | ||||||||||
1.000%, 05/19/22 | 500 | 588 | ||||||||||
|
| |||||||||||
35,897 | ||||||||||||
|
| |||||||||||
Ghana — 0.1% |
| |||||||||||
Republic of Ghana | ||||||||||||
8.500%, 10/04/17 | $ | 106 | 104 | |||||||||
7.875%, 08/07/23 | 200 | 159 | ||||||||||
|
| |||||||||||
263 | ||||||||||||
|
| |||||||||||
Guernsey — 0.1% |
| |||||||||||
Credit Suisse Group Funding Guernsey MTN | ||||||||||||
1.250%, 04/14/22 | EUR | 245 | 265 | |||||||||
|
| |||||||||||
Hong Kong — 0.1% |
| |||||||||||
Hutchison Whampoa Finance 14 | ||||||||||||
1.375%, 10/31/21 | 550 | 637 | ||||||||||
|
| |||||||||||
Indonesia — 0.2% |
| |||||||||||
Indonesia Government International Bond MTN | ||||||||||||
2.875%, 07/08/21 | 730 | 856 | ||||||||||
|
| |||||||||||
Ireland — 1.8% |
| |||||||||||
AIB Mortgage Bank MTN | ||||||||||||
2.625%, 07/29/16 | 400 | 459 | ||||||||||
0.625%, 07/27/20 | 305 | 354 | ||||||||||
Bank of Ireland MTN | ||||||||||||
4.250%, 06/11/24 (B) | 1,020 | 1,161 | ||||||||||
Bank of Ireland Mortgage Bank | ||||||||||||
1.750%, 03/19/19 | 450 | 538 | ||||||||||
0.500%, 01/20/20 | 305 | 353 | ||||||||||
CRH Funding MTN | ||||||||||||
1.875%, 01/09/24 | 225 | 271 | ||||||||||
Ireland Government Bond | ||||||||||||
5.400%, 03/13/25 | 293 | 470 | ||||||||||
4.500%, 10/18/18 | 345 | 441 | ||||||||||
4.500%, 04/18/20 | 300 | 405 | ||||||||||
3.400%, 03/18/24 | 1,125 | 1,568 | ||||||||||
2.400%, 05/15/30 | 245 | 325 | ||||||||||
2.000%, 02/18/45 | 1,750 | 2,139 | ||||||||||
0.800%, 03/15/22 | 300 | 354 | ||||||||||
|
| |||||||||||
8,838 | ||||||||||||
|
| |||||||||||
Israel — 0.1% |
| |||||||||||
Israel Government Bond | ||||||||||||
4.250%, 03/31/23 | ILS | 750 | 238 | |||||||||
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Italy — 8.4% |
| |||||||||||
Assicurazioni Generali MTN | ||||||||||||
7.750%, 12/12/42 (B) | EUR | 300 | $ | 410 | ||||||||
5.125%, 09/16/24 | 375 | 552 | ||||||||||
Banca Monte dei Paschi di Siena MTN | ||||||||||||
4.875%, 09/15/16 | 700 | 813 | ||||||||||
Banca Popolare di Milano Scarl MTN | ||||||||||||
0.875%, 09/14/22 | 295 | 340 | ||||||||||
Banco Popolare SC MTN | ||||||||||||
3.500%, 03/14/19 | 350 | 408 | ||||||||||
Buoni Poliennali Del Tesoro | ||||||||||||
4.000%, 02/01/37 | 450 | 676 | ||||||||||
Edison MTN | ||||||||||||
3.875%, 11/10/17 | 600 | 724 | ||||||||||
Eni MTN | ||||||||||||
3.625%, 01/29/29 | 600 | 825 | ||||||||||
FCA Capital Ireland MTN | ||||||||||||
2.875%, 01/26/18 | 210 | 248 | ||||||||||
2.625%, 04/17/19 | 350 | 419 | ||||||||||
Generali Finance MTN | ||||||||||||
4.596%, 11/30/49 (B) | 550 | 588 | ||||||||||
Intesa Sanpaolo MTN | ||||||||||||
5.017%, 06/26/24 (A) | $ | 200 | 187 | |||||||||
4.000%, 11/09/17 | EUR | 368 | 444 | |||||||||
3.928%, 09/15/26 | 550 | 642 | ||||||||||
1.125%, 03/04/22 | 200 | 227 | ||||||||||
Italy Buoni Poliennali Del Tesoro | ||||||||||||
5.500%, 11/01/22 | 3,255 | 4,851 | ||||||||||
5.000%, 08/01/34 | 335 | 560 | ||||||||||
5.000%, 09/01/40 | 1,000 | 1,720 | ||||||||||
4.750%, 09/01/21 | 3,250 | 4,559 | ||||||||||
4.750%, 09/01/44 (A) | 300 | 513 | ||||||||||
4.500%, 03/01/24 | 1,750 | 2,529 | ||||||||||
4.000%, 09/01/20 | 2,355 | 3,127 | ||||||||||
3.750%, 05/01/21 | 561 | 747 | ||||||||||
3.750%, 09/01/24 | 1,265 | 1,752 | ||||||||||
3.500%, 03/01/30 (A) | 1,290 | 1,807 | ||||||||||
3.250%, 09/01/46 (A) | 775 | 1,054 | ||||||||||
2.600%, 09/15/23 | 956 | 1,289 | ||||||||||
2.500%, 12/01/24 | 350 | 445 | ||||||||||
1.500%, 08/01/19 | 1,145 | 1,365 | ||||||||||
1.350%, 04/15/22 | 4,037 | 4,810 | ||||||||||
1.150%, 05/15/17 | 1,245 | 1,437 | ||||||||||
0.750%, 01/15/18 | 720 | 832 | ||||||||||
Snam MTN | ||||||||||||
1.375%, 11/19/23 | 125 | 148 | ||||||||||
UniCredit MTN | ||||||||||||
5.750%, 10/28/25 (B) | 350 | 418 | ||||||||||
3.000%, 01/31/24 | 460 | 616 | ||||||||||
Wind Acquisition Finance | ||||||||||||
4.750%, 07/15/20 (A) | $ | 200 | 189 | |||||||||
|
| |||||||||||
42,271 | ||||||||||||
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 21 |
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund (Continued)
March 31, 2016
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Japan — 21.2% |
| |||||||||||
Government of Japan | ||||||||||||
0.100%, 09/10/24 | JPY | 328,096 | $ | 3,072 | ||||||||
Government of Japan 10 Year Bond | ||||||||||||
0.900%, 06/20/22 | 94,950 | 903 | ||||||||||
0.800%, 09/20/23 | 927,250 | 8,855 | ||||||||||
0.400%, 06/20/25 | 300,000 | 2,790 | ||||||||||
0.300%, 12/20/24 | 204,250 | 1,884 | ||||||||||
Government of Japan 10 Year Bond, Ser 301 | ||||||||||||
1.500%, 06/20/19 | 85,300 | 801 | ||||||||||
Government of Japan 10 Year Bond, Ser 308 | ||||||||||||
1.300%, 06/20/20 | 295,600 | 2,798 | ||||||||||
Government of Japan 10 Year Bond, Ser 313 | ||||||||||||
1.300%, 03/20/21 | 750,000 | 7,170 | ||||||||||
Government of Japan 10 Year Bond, Ser 314 | ||||||||||||
1.100%, 03/20/21 | 157,700 | 1,494 | ||||||||||
Government of Japan 20 Year Bond | ||||||||||||
1.700%, 06/20/33 | 444,850 | 4,886 | ||||||||||
1.400%, 09/20/34 | 558,000 | 5,877 | ||||||||||
1.000%, 12/20/35 | 30,000 | 296 | ||||||||||
Government of Japan 20 Year Bond, Ser 106 | ||||||||||||
2.200%, 09/20/28 | 46,600 | 525 | ||||||||||
Government of Japan 20 Year Bond, Ser 112 | ||||||||||||
2.100%, 06/20/29 | 249,200 | 2,803 | ||||||||||
Government of Japan 20 Year Bond, Ser 128 | ||||||||||||
1.900%, 06/20/31 | 55,000 | 616 | ||||||||||
Government of Japan 20 Year Bond, Ser 140 | ||||||||||||
1.700%, 09/20/32 | 34,850 | 383 | ||||||||||
Government of Japan 20 Year Bond, Ser 143 | ||||||||||||
1.600%, 03/20/33 | 298,400 | 3,232 | ||||||||||
Government of Japan 20 Year Bond, Ser 144 | ||||||||||||
1.500%, 03/20/33 | 146,650 | 1,568 | ||||||||||
Government of Japan 20 Year Bond, Ser 55 | ||||||||||||
2.000%, 03/21/22 | 107,000 | 1,078 | ||||||||||
Government of Japan 20 Year Bond, Ser 99 | ||||||||||||
2.100%, 12/20/27 | 352,000 | 3,893 | ||||||||||
Government of Japan 30 Year Bond, Ser 30 | ||||||||||||
2.300%, 03/20/39 | 322,500 | 3,975 | ||||||||||
Government of Japan 30 Year Bond, Ser 33 | ||||||||||||
2.000%, 09/20/40 | 827,000 | 9,846 | ||||||||||
Government of Japan 30 Year Bond, Ser 34 | ||||||||||||
2.200%, 03/20/41 | 55,700 | 688 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Government of Japan 30 Year Bond, Ser 36 | ||||||||||||
2.000%, 03/20/42 | JPY | 94,450 | $ | 1,139 | ||||||||
Government of Japan 30 Year Bond, Ser 38 | ||||||||||||
1.800%, 03/20/43 | 346,250 | 4,055 | ||||||||||
Government of Japan 30 Year Bond, Ser 44 | ||||||||||||
1.700%, 09/20/44 | 195,000 | 2,262 | ||||||||||
Government of Japan 40 Year Bond, Ser 6 | ||||||||||||
1.900%, 03/20/53 | 35,000 | 444 | ||||||||||
Government of Japan 5 Year Bond | ||||||||||||
0.300%, 09/20/18 | 713,600 | 6,432 | ||||||||||
0.200%, 06/20/19 | 275,000 | 2,480 | ||||||||||
0.100%, 03/20/20 | 470,550 | 4,238 | ||||||||||
Government of Japan 5 Year Bond, Ser 106 | ||||||||||||
0.200%, 09/20/17 | 850,000 | 7,606 | ||||||||||
Japan Treasury Discount Bill | ||||||||||||
0.000%, 04/25/16 | 110,000 | 979 | ||||||||||
0.000%, 05/23/16 | 280,000 | 2,492 | ||||||||||
0.000%, 06/06/16 | 100,000 | 890 | ||||||||||
0.000%, 06/13/16 | 400,000 | 3,559 | ||||||||||
SMFG Preferred Capital | ||||||||||||
10.231%, 01/25/29 (B) | GBP | 475 | 1,004 | |||||||||
|
| |||||||||||
107,013 | ||||||||||||
|
| |||||||||||
Luxembourg — 0.2% |
| |||||||||||
Altice Financing MTN | ||||||||||||
5.250%, 02/15/23 | EUR | 235 | 273 | |||||||||
Cirsa Funding Luxembourg | ||||||||||||
5.875%, 05/15/23 | 165 | 183 | ||||||||||
Eurofins Scientific | ||||||||||||
3.375%, 01/30/23 | 300 | 339 | ||||||||||
2.250%, 01/27/22 | 200 | 218 | ||||||||||
|
| |||||||||||
1,013 | ||||||||||||
|
| |||||||||||
Malaysia — 0.2% |
| |||||||||||
Malaysia Government Bond | ||||||||||||
5.734%, 07/30/19 | MYR | 1,500 | 413 | |||||||||
3.955%, 09/15/25 | 1,135 | 294 | ||||||||||
3.418%, 08/15/22 | 445 | 112 | ||||||||||
|
| |||||||||||
819 | ||||||||||||
|
| |||||||||||
Mexico — 1.2% |
| |||||||||||
Mexican Bonos | ||||||||||||
8.000%, 06/11/20 | MXN | 12,606 | 813 | |||||||||
7.750%, 11/13/42 | 11,690 | 768 | ||||||||||
Mexican Bonos, Ser M | ||||||||||||
6.500%, 06/10/21 | 5,356 | 328 | ||||||||||
Mexican Bonos, Ser M20 | ||||||||||||
10.000%, 12/05/24 | 38,261 | 2,866 | ||||||||||
Mexican Bonos, Ser M30 | ||||||||||||
10.000%, 11/20/36 | 1,235 | 99 | ||||||||||
Petroleos Mexicanos MTN | ||||||||||||
5.125%, 03/15/23 | EUR | 400 | 467 | |||||||||
1.875%, 04/21/22 | 380 | 376 |
22 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
United Mexican States MTN | ||||||||||||
1.625%, 03/06/24 | EUR | 416 | $ | 461 | ||||||||
|
| |||||||||||
6,178 | ||||||||||||
�� |
|
| ||||||||||
Netherlands — 3.3% |
| |||||||||||
ABN AMRO Bank MTN | ||||||||||||
6.375%, 04/27/21 | 245 | 334 | ||||||||||
2.875%, 06/30/25 (B) | 550 | 639 | ||||||||||
Achmea MTN | ||||||||||||
4.250%, 02/04/25 (B) | 200 | 205 | ||||||||||
2.500%, 11/19/20 | 625 | 763 | ||||||||||
Achmea Bank MTN | ||||||||||||
2.750%, 02/18/21 | 150 | 184 | ||||||||||
Akzo Nobel MTN | ||||||||||||
8.000%, 04/06/16 | GBP | 205 | 295 | |||||||||
ASML Holding | ||||||||||||
3.375%, 09/19/23 | EUR | 450 | 581 | |||||||||
Bharti Airtel International | ||||||||||||
4.000%, 12/10/18 | 270 | 330 | ||||||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA MTN | ||||||||||||
6.875%, 03/19/20 | 300 | 403 | ||||||||||
2.500%, 05/26/26 (B) | 260 | 301 | ||||||||||
Cooperatieve Rabobank UA | ||||||||||||
6.910%, 06/10/38 (B) | GBP | 325 | 544 | |||||||||
Deutsche Telekom International Finance MTN | ||||||||||||
4.250%, 07/13/22 | EUR | 455 | 633 | |||||||||
Geberit International | ||||||||||||
0.688%, 03/30/21 | 1,100 | 1,279 | ||||||||||
ING Bank MTN | ||||||||||||
5.800%, 09/25/23 (A) | $ | 375 | 409 | |||||||||
3.375%, 03/23/17 | EUR | 125 | 147 | |||||||||
Kingdom of Netherlands | ||||||||||||
5.500%, 01/15/28 | 295 | 532 | ||||||||||
4.000%, 01/15/37 (A) | 300 | 553 | ||||||||||
3.750%, 01/15/42 (A) | 60 | 114 | ||||||||||
2.750%, 01/15/47 (A) | 950 | 1,601 | ||||||||||
2.000%, 07/15/24 (A) | 625 | 824 | ||||||||||
1.250%, 01/15/19 (A) | 485 | 579 | ||||||||||
0.250%, 01/15/20 | 340 | 396 | ||||||||||
0.250%, 07/15/25 (A) | 574 | 655 | ||||||||||
0.250%, 07/15/25 (A) | 1,170 | 1,335 | ||||||||||
NN Group | ||||||||||||
4.625%, 04/08/44 (B) | 625 | 735 | ||||||||||
RWE Finance MTN | ||||||||||||
6.500%, 04/20/21 | GBP | 245 | 406 | |||||||||
Schaeffler Finance | ||||||||||||
2.500%, 05/15/20 | EUR | 315 | 365 | |||||||||
Shell International Finance | ||||||||||||
2.250%, 01/06/23 | $ | 555 | 539 | |||||||||
2.000%, 11/15/18 | 560 | 567 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
TenneT Holding | ||||||||||||
2.125%, 11/01/20 | 350 | $ | 432 | |||||||||
Volkswagen Financial Services | ||||||||||||
1.250%, 05/23/16 | GBP | 170 | 244 | |||||||||
|
| |||||||||||
16,924 | ||||||||||||
|
| |||||||||||
New Zealand — 0.5% |
| |||||||||||
Government of New Zealand | ||||||||||||
5.500%, 04/15/23 | NZD | 320 | 264 | |||||||||
3.000%, 04/15/20 | 1,435 | 1,028 | ||||||||||
2.000%, 09/20/25 | 1,600 | 1,157 | ||||||||||
Reynolds Group Issuer | ||||||||||||
5.750%, 10/15/20 | $ | 175 | 179 | |||||||||
Westpac Securities MTN | ||||||||||||
0.875%, 06/24/19 | EUR | 100 | 117 | |||||||||
|
| |||||||||||
2,745 | ||||||||||||
|
| |||||||||||
Norway — 0.4% |
| |||||||||||
DNB Bank | ||||||||||||
6.012%, 01/29/49 (B) | GBP | 150 | 217 | |||||||||
Eksportfinans | ||||||||||||
2.375%, 05/25/16 | $ | 200 | 200 | |||||||||
Government of Norway | ||||||||||||
4.500%, 05/22/19 (A) | NOK | 2,120 | 289 | |||||||||
2.000%, 05/24/23 (A) | 645 | 84 | ||||||||||
Kommunalbanken MTN | ||||||||||||
1.000%, 03/15/18 (A) | $ | 800 | 800 | |||||||||
SpareBank 1 Boligkreditt MTN | ||||||||||||
2.375%, 11/22/16 | EUR | 170 | 197 | |||||||||
|
| |||||||||||
1,787 | ||||||||||||
|
| |||||||||||
Panama — 0.1% |
| |||||||||||
Carnival | ||||||||||||
1.875%, 11/07/22 | 390 | 454 | ||||||||||
|
| |||||||||||
Peru — 0.1% |
| |||||||||||
Peruvian Government International Bond | ||||||||||||
2.750%, 01/30/26 | 525 | 599 | ||||||||||
|
| |||||||||||
Poland — 0.6% |
| |||||||||||
Republic of Poland | ||||||||||||
5.250%, 01/20/25 | 85 | 129 | ||||||||||
5.125%, 04/21/21 | $ | 135 | 151 | |||||||||
3.250%, 07/25/25 | PLN | 3,367 | 944 | |||||||||
2.500%, 07/25/18 | 710 | 195 | ||||||||||
Republic of Poland, Ser 1019 | ||||||||||||
5.500%, 10/25/19 | 1,520 | 462 | ||||||||||
Republic of Poland, Ser 1021 | ||||||||||||
5.750%, 10/25/21 | 3,490 | 1,111 | ||||||||||
|
| |||||||||||
2,992 | ||||||||||||
|
| |||||||||||
Portugal — 0.5% |
| |||||||||||
Obrigacoes do Tesouro | ||||||||||||
4.800%, 06/15/20 (A) | EUR | 1,070 | 1,380 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 23 |
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund (Continued)
March 31, 2016
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Portugal Obrigacoes do Tesouro OT | ||||||||||||
2.875%, 10/15/25 (A) | EUR | 1,197 | $ | 1,374 | ||||||||
|
| |||||||||||
2,754 | ||||||||||||
|
| |||||||||||
Romania — 0.0% |
| |||||||||||
Romanian Government International Bond MTN | ||||||||||||
4.625%, 09/18/20 | 40 | 53 | ||||||||||
3.625%, 04/24/24 | 20 | 25 | ||||||||||
|
| |||||||||||
78 | ||||||||||||
|
| |||||||||||
Singapore — 0.4% |
| |||||||||||
Government of Singapore | ||||||||||||
4.000%, 09/01/18 | SGD | 495 | 395 | |||||||||
3.125%, 09/01/22 | 275 | 223 | ||||||||||
3.000%, 09/01/24 | 170 | 138 | ||||||||||
Lincoln Finance | ||||||||||||
6.875%, 04/15/21 | EUR | 450 | 532 | |||||||||
Temasek Financial I MTN | ||||||||||||
2.375%, 01/23/23 (A) | $ | 495 | 500 | |||||||||
|
| |||||||||||
1,788 | ||||||||||||
|
| |||||||||||
Slovak Republic — 0.1% |
| |||||||||||
Slovakia Government Bond | ||||||||||||
3.375%, 11/15/24 | EUR | 110 | 157 | |||||||||
SPP-Distribucia | ||||||||||||
2.625%, 06/23/21 | 400 | 479 | ||||||||||
|
| |||||||||||
636 | ||||||||||||
|
| |||||||||||
South Africa — 0.2% |
| |||||||||||
Republic of South Africa | ||||||||||||
8.250%, 09/15/17 | ZAR | 6,600 | 450 | |||||||||
8.000%, 01/31/30 | 2,820 | 169 | ||||||||||
7.750%, 02/28/23 | 4,095 | 261 | ||||||||||
7.000%, 02/28/31 | 5,005 | 271 | ||||||||||
|
| |||||||||||
1,151 | ||||||||||||
|
| |||||||||||
South Korea — 0.7% |
| |||||||||||
Korea Treasury Bond | ||||||||||||
4.250%, 06/10/21 | KRW | 1,270,230 | 1,257 | |||||||||
4.000%, 12/10/31 | 708,440 | 797 | ||||||||||
3.750%, 12/10/33 | 133,450 | 149 | ||||||||||
3.500%, 03/10/24 | 194,510 | 192 | ||||||||||
3.250%, 09/10/18 | 520,990 | 475 | ||||||||||
3.000%, 09/10/24 | 186,630 | 179 | ||||||||||
2.750%, 03/10/18 | 511,230 | 458 | ||||||||||
2.750%, 12/10/44 | 85,050 | 88 | ||||||||||
|
| |||||||||||
3,595 | ||||||||||||
|
| |||||||||||
Spain — 4.3% |
| |||||||||||
Banco de Sabadell | ||||||||||||
0.875%, 11/12/21 | EUR | 400 | 464 | |||||||||
Banco Popular Espanol | ||||||||||||
8.250%, 04/29/49 (B) | 200 | 186 | ||||||||||
4.000%, 10/18/16 | 100 | 116 | ||||||||||
3.750%, 01/22/19 | 100 | 125 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
2.125%, 10/08/19 | EUR | 100 | $ | 122 | ||||||||
Bankia | ||||||||||||
4.125%, 03/24/36 | 350 | 533 | ||||||||||
Bankinter | ||||||||||||
1.000%, 02/05/25 | 100 | 116 | ||||||||||
BBVA International Preferred SAU | ||||||||||||
5.919%, 10/18/08 (B) | $ | 335 | 332 | |||||||||
CaixaBank | ||||||||||||
0.029%, 01/09/18 (B) | EUR | 200 | 227 | |||||||||
Criteria Caixa MTN | ||||||||||||
1.625%, 04/21/22 | 800 | 884 | ||||||||||
Ferrovial Emisiones MTN | ||||||||||||
3.375%, 06/07/21 | 475 | 609 | ||||||||||
Fondo de Amortizacion del Deficit Electrico MTN | ||||||||||||
4.125%, 03/17/17 | 200 | 237 | ||||||||||
2.250%, 12/17/16 | 700 | 809 | ||||||||||
Government of Spain | ||||||||||||
6.000%, 01/31/29 | 465 | 786 | ||||||||||
5.900%, 07/30/26 (A) | 38 | 62 | ||||||||||
5.500%, 07/30/17 (A) | 315 | 385 | ||||||||||
5.500%, 04/30/21 (A) | 1,980 | 2,826 | ||||||||||
4.700%, 07/30/41 (A) | 1,229 | 1,973 | ||||||||||
4.400%, 10/31/23 (A) | 283 | 401 | ||||||||||
4.200%, 01/31/37 (A) | 475 | 705 | ||||||||||
3.800%, 04/30/24 (A) | 1,000 | 1,368 | ||||||||||
2.900%, 10/31/46 (A) | 850 | 1,019 | ||||||||||
2.750%, 10/31/24 (A) | 790 | 1,009 | ||||||||||
2.150%, 10/31/25 (A) | 1,855 | 2,260 | ||||||||||
1.950%, 04/30/26 (A) | 450 | 537 | ||||||||||
1.950%, 07/30/30 (A) | 570 | 656 | ||||||||||
1.600%, 04/30/25 (A) | 170 | 199 | ||||||||||
1.400%, 01/31/20 | 885 | 1,052 | ||||||||||
0.500%, 10/31/17 | 550 | 632 | ||||||||||
Santander Consumer Finance | ||||||||||||
0.900%, 02/18/20 | 300 | 342 | ||||||||||
Telefonica Emisiones MTN | ||||||||||||
5.597%, 03/12/20 | GBP | 200 | 321 | |||||||||
5.375%, 02/02/18 | 185 | 283 | ||||||||||
5.289%, 12/09/22 | 250 | 409 | ||||||||||
|
| |||||||||||
21,985 | ||||||||||||
|
| |||||||||||
Supra-National — 0.4% |
| |||||||||||
European Investment Bank MTN | ||||||||||||
2.750%, 09/15/21 | EUR | 1,000 | 1,322 | |||||||||
International Bank for Reconstruction & Development MTN | ||||||||||||
1.000%, 12/28/16 | GBP | 600 | 864 | |||||||||
|
| |||||||||||
2,186 | ||||||||||||
|
| |||||||||||
Sweden — 1.1% |
| |||||||||||
Kingdom of Sweden | ||||||||||||
3.500%, 03/30/39 | SEK | 545 | 91 | |||||||||
1.500%, 11/13/23 | 1,020 | 137 |
24 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
1.000%, 11/12/26 | SEK | 1,250 | $ | 157 | ||||||||
Kingdom of Sweden, Ser 1047 | ||||||||||||
5.000%, 12/01/20 | 3,700 | 566 | ||||||||||
Kingdom of Sweden, Ser 1052 | ||||||||||||
4.250%, 03/12/19 | 5,275 | 741 | ||||||||||
Kommuninvest I Sverige | ||||||||||||
1.000%, 09/15/21 | 3,720 | 464 | ||||||||||
Nordea Bank MTN | ||||||||||||
4.000%, 03/29/21 | EUR | 255 | 330 | |||||||||
Nordea Hypotek | ||||||||||||
3.250%, 06/17/20 | SEK | 2,600 | 356 | |||||||||
Skandinaviska Enskilda Banken MTN | ||||||||||||
7.092%, 12/29/49 (B) | EUR | 210 | 258 | |||||||||
Stadshypotek MTN | ||||||||||||
4.250%, 10/10/17 | AUD | 600 | 469 | |||||||||
Svenska Handelsbanken | ||||||||||||
2.656%, 01/15/24 (B) | EUR | 336 | 396 | |||||||||
Swedbank Hypotek MTN | ||||||||||||
5.700%, 05/12/20 | SEK | 2,300 | 343 | |||||||||
1.125%, 05/21/21 | EUR | 600 | 718 | |||||||||
1.000%, 12/16/20 | SEK | 2,900 | 362 | |||||||||
Vattenfall | ||||||||||||
3.000%, 03/19/77 (B) | EUR | 175 | 153 | |||||||||
|
| |||||||||||
5,541 | ||||||||||||
|
| |||||||||||
Switzerland — 1.2% |
| |||||||||||
Aquarius and Investments for Zurich Insurance MTN | ||||||||||||
4.250%, 10/02/43 (B) | 100 | 124 | ||||||||||
Credit Suisse NY MTN | ||||||||||||
3.625%, 09/09/24 | $ | 260 | 264 | |||||||||
Credit Suisse MTN | ||||||||||||
5.750%, 09/18/25 (B) | EUR | 250 | 308 | |||||||||
4.750%, 08/05/19 | 400 | 521 | ||||||||||
Dufry Finance | ||||||||||||
4.500%, 07/15/22 | 235 | 281 | ||||||||||
4.500%, 08/01/23 | 100 | 120 | ||||||||||
Glencore Australia Holdings MTN | ||||||||||||
4.500%, 09/19/19 | AUD | 900 | 623 | |||||||||
Glencore Finance Europe MTN | ||||||||||||
3.375%, 09/30/20 | EUR | 145 | 158 | |||||||||
Glencore Funding | ||||||||||||
2.125%, 04/16/18 (A) | $ | 242 | 226 | |||||||||
Government of Switzerland | ||||||||||||
3.000%, 05/12/19 | CHF | 160 | 188 | |||||||||
2.000%, 04/28/21 | 1,070 | 1,278 | ||||||||||
2.000%, 05/25/22 | 110 | 134 | ||||||||||
1.500%, 04/30/42 | 150 | 210 | ||||||||||
1.250%, 06/11/24 | 100 | 120 | ||||||||||
Switzerland Government Bond | ||||||||||||
3.500%, 04/08/33 | 100 | 167 | ||||||||||
UBS Group Funding Jersey | ||||||||||||
4.125%, 09/24/25 (A) | $ | 220 | 220 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
UBS MTN | ||||||||||||
6.625%, 04/11/18 | GBP | 150 | $ | 239 | ||||||||
6.375%, 07/20/16 | 160 | 233 | ||||||||||
4.750%, 02/12/26 (B) | EUR | 500 | 596 | |||||||||
|
| |||||||||||
6,010 | ||||||||||||
|
| |||||||||||
Thailand — 0.2% |
| |||||||||||
Thailand Government Bond | ||||||||||||
4.675%, 06/29/44 | THB | 1,800 | 70 | |||||||||
3.650%, 12/17/21 | 16,020 | 509 | ||||||||||
3.625%, 06/16/23 | 7,815 | 253 | ||||||||||
|
| |||||||||||
832 | ||||||||||||
|
| |||||||||||
Turkey — 0.0% |
| |||||||||||
Republic of Turkey | ||||||||||||
5.500%, 02/16/17 | EUR | 50 | 59 | |||||||||
|
| |||||||||||
United Kingdom — 13.8% |
| |||||||||||
AA Bond | ||||||||||||
4.720%, 07/02/43 | 500 | 743 | ||||||||||
Abbey National Treasury Services MTN | ||||||||||||
5.250%, 02/16/29 | GBP | 450 | 834 | |||||||||
5.125%, 04/14/21 | 300 | 500 | ||||||||||
4.250%, 04/12/21 | EUR | 350 | 479 | |||||||||
1.125%, 01/14/22 | 330 | 374 | ||||||||||
Anglian Water Services Financing | ||||||||||||
6.875%, 08/21/23 | GBP | 230 | 428 | |||||||||
Arqiva Financing MTN | ||||||||||||
4.040%, 06/30/20 | 220 | 327 | ||||||||||
Aviva MTN | ||||||||||||
3.375%, 12/04/45 (B) | EUR | 500 | 513 | |||||||||
Bank of Scotland | ||||||||||||
7.281%, 05/29/49 (B) | GBP | 950 | 1,540 | |||||||||
4.750%, 06/08/22 | EUR | 290 | 419 | |||||||||
Barclays Bank MTN | ||||||||||||
10.000%, 05/21/21 | GBP | 180 | 324 | |||||||||
6.750%, 01/16/23 (B) | 350 | 529 | ||||||||||
BAT International Finance MTN | ||||||||||||
7.250%, 03/12/24 | 250 | 475 | ||||||||||
5.375%, 06/29/17 | EUR | 425 | 517 | |||||||||
Bishopsgate Asset Finance | ||||||||||||
4.808%, 08/14/44 | GBP | 175 | 265 | |||||||||
Boparan Finance MTN | ||||||||||||
4.375%, 07/15/21 | 160 | 173 | ||||||||||
BP Capital Markets | ||||||||||||
2.177%, 09/28/21 | EUR | 245 | 301 | |||||||||
1.260%, 09/26/18 (B) | $ | 110 | 108 | |||||||||
British Telecommunications MTN | ||||||||||||
1.750%, 03/10/26 | EUR | 500 | 587 | |||||||||
Canary Wharf Finance II | ||||||||||||
6.455%, 04/22/30 | GBP | 15 | 33 | |||||||||
5.952%, 01/22/35 | 20 | 36 | ||||||||||
Channel Link Enterprises Finance | ||||||||||||
3.209%, 06/30/50 (B) | EUR | 700 | 793 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 25 |
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund (Continued)
March 31, 2016
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Coventry Building Society MTN | ||||||||||||
4.625%, 04/19/18 | GBP | 230 | $ | 354 | ||||||||
CPUK Finance | ||||||||||||
3.588%, 02/28/42 | 400 | 561 | ||||||||||
2.666%, 02/28/42 | 700 | 1,012 | ||||||||||
Delphi Automotive | ||||||||||||
1.500%, 03/10/25 | EUR | 300 | 322 | |||||||||
Direct Line Insurance Group | ||||||||||||
9.250%, 04/27/42 (B) | GBP | 100 | 172 | |||||||||
Eastern Power Networks MTN | ||||||||||||
6.250%, 11/12/36 | 160 | 317 | ||||||||||
ENW Finance MTN | ||||||||||||
6.125%, 07/21/21 | 350 | 599 | ||||||||||
Eversholt Funding MTN | ||||||||||||
6.697%, 02/22/35 | 100 | 188 | ||||||||||
FCE Bank MTN | ||||||||||||
4.825%, 02/15/17 | 200 | 295 | ||||||||||
1.875%, 05/12/16 | EUR | 250 | 285 | |||||||||
1.625%, 09/09/16 | 100 | 115 | ||||||||||
First Hydro Finance | ||||||||||||
9.000%, 07/31/21 | GBP | 220 | 416 | |||||||||
Firstgroup | ||||||||||||
5.250%, 11/29/22 | 200 | 315 | ||||||||||
Great Rolling Stock MTN | ||||||||||||
6.250%, 07/27/20 | 300 | 496 | ||||||||||
HBOS Capital Funding | ||||||||||||
6.461%, 11/30/49 (B) | 115 | 169 | ||||||||||
HSBC Holdings MTN | ||||||||||||
2.500%, 03/15/27 | 600 | 711 | ||||||||||
1.500%, 03/15/22 | EUR | 600 | 688 | |||||||||
Imperial Brands Finance MTN | ||||||||||||
5.500%, 09/28/26 | GBP | 350 | 604 | |||||||||
2.250%, 02/26/21 | EUR | 400 | 489 | |||||||||
International Game Technology | ||||||||||||
4.750%, 02/15/23 | 160 | 185 | ||||||||||
Intu SGS Finance MTN | ||||||||||||
3.875%, 03/17/23 | GBP | 250 | 377 | |||||||||
Jaguar Land Rover Automotive | ||||||||||||
5.000%, 02/15/22 | 100 | 145 | ||||||||||
Lloyds Banking Group | ||||||||||||
7.000%, 12/29/49 (B) | 750 | 1,025 | ||||||||||
Lloyds TSB Bank MTN | ||||||||||||
4.625%, 02/02/17 | EUR | 150 | 177 | |||||||||
Mondi Finance MTN | ||||||||||||
5.750%, 04/03/17 | 1,100 | 1,322 | ||||||||||
3.375%, 09/28/20 | 400 | 500 | ||||||||||
National Westminster Bank | ||||||||||||
6.500%, 09/07/21 | GBP | 550 | 884 | |||||||||
6.500%, 09/07/21 | 220 | 353 | ||||||||||
Nationwide Building Society MTN | ||||||||||||
4.625%, 02/08/21 | EUR | 550 | 760 | |||||||||
4.125%, 03/20/23 (B) | 1,195 | 1,413 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
0.750%, 06/25/19 | EUR | 266 | $ | 310 | ||||||||
Northumbrian Water Finance | ||||||||||||
6.875%, 02/06/23 | GBP | 190 | 346 | |||||||||
6.000%, 10/11/17 | 500 | 767 | ||||||||||
Old Mutual | ||||||||||||
7.875%, 11/03/25 | 400 | 573 | ||||||||||
Rio Tinto Finance MTN | ||||||||||||
4.000%, 12/11/29 | 165 | 242 | ||||||||||
RL Finance Bonds No. 2 | ||||||||||||
6.125%, 11/30/43 (B) | 100 | 147 | ||||||||||
Rolls-Royce MTN | ||||||||||||
6.750%, 04/30/19 | 100 | 166 | ||||||||||
Royal Bank of Scotland | ||||||||||||
6.934%, 04/09/18 | EUR | 300 | 375 | |||||||||
5.125%, 01/13/24 | GBP | 400 | 692 | |||||||||
3.875%, 10/19/20 | EUR | 123 | 164 | |||||||||
Royal Bank of Scotland Group | ||||||||||||
7.640%, 09/29/17 (B) | $ | 200 | 194 | |||||||||
Santander UK | ||||||||||||
6.222%, 05/29/49 (B) | GBP | 170 | 244 | |||||||||
Santander UK Group Holdings | ||||||||||||
7.375%, 06/24/22 (B) | 250 | 330 | ||||||||||
Sky MTN | ||||||||||||
1.500%, 09/15/21 | EUR | 200 | 233 | |||||||||
Standard Chartered | ||||||||||||
6.409%, 01/30/49 (A) (B) | $ | 300 | 286 | |||||||||
United Kingdom Gilt | ||||||||||||
5.000%, 03/07/18 | GBP | 575 | 901 | |||||||||
4.500%, 09/07/34 | 370 | 729 | ||||||||||
4.500%, 12/07/42 | 1,500 | 3,125 | ||||||||||
4.250%, 12/07/27 | 125 | 230 | ||||||||||
4.250%, 06/07/32 | 110 | 208 | ||||||||||
3.750%, 07/22/52 | 375 | 750 | ||||||||||
3.500%, 01/22/45 | 970 | 1,751 | ||||||||||
3.250%, 01/22/44 | 910 | 1,566 | ||||||||||
2.750%, 09/07/24 | 850 | 1,361 | ||||||||||
2.250%, 09/07/23 | 2,325 | 3,595 | ||||||||||
2.000%, 07/22/20 | 2,150 | 3,254 | ||||||||||
2.000%, 09/07/25 | 3,265 | 4,937 | ||||||||||
1.750%, 07/22/19 | 1,295 | 1,930 | ||||||||||
United Kingdom Treasury | ||||||||||||
5.000%, 03/07/25 | 1,430 | 2,695 | ||||||||||
4.750%, 12/07/30 | 1,145 | 2,259 | ||||||||||
4.750%, 12/07/38 | 350 | 731 | ||||||||||
4.250%, 03/07/36 | 595 | 1,148 | ||||||||||
4.250%, 09/07/39 | 1,170 | 2,301 | ||||||||||
4.250%, 12/07/40 | 370 | 734 | ||||||||||
4.000%, 03/07/22 | 1,200 | 2,034 | ||||||||||
1.750%, 01/22/17 | 800 | 1,162 | ||||||||||
Wales & West Utilities Finance | ||||||||||||
6.750%, 12/17/36 (B) | 200 | 318 | ||||||||||
6.250%, 11/30/21 | 240 | 420 |
26 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Western Power Distribution | ||||||||||||
3.625%, 11/06/23 | GBP | 400 | $ | 588 | ||||||||
Western Power Distribution West Midlands | ||||||||||||
3.875%, 10/17/24 | 230 | 357 | ||||||||||
Yorkshire Water Services Bradford Finance | ||||||||||||
6.375%, 08/19/39 | 100 | 202 | ||||||||||
|
| |||||||||||
69,902 | ||||||||||||
|
| |||||||||||
United States — 6.0% |
| |||||||||||
21st Century Fox America | ||||||||||||
4.500%, 02/15/21 | $ | 75 | 83 | |||||||||
Aetna | ||||||||||||
2.750%, 11/15/22 | 40 | 40 | ||||||||||
Altria Group | ||||||||||||
4.750%, 05/05/21 | 180 | 204 | ||||||||||
4.250%, 08/09/42 | 265 | 276 | ||||||||||
American International Group | ||||||||||||
5.750%, 03/15/67 (B) | GBP | 150 | 217 | |||||||||
Amgen | ||||||||||||
1.250%, 02/25/22 | 550 | 639 | ||||||||||
Anthem | ||||||||||||
4.650%, 01/15/43 | $ | 110 | 109 | |||||||||
2.300%, 07/15/18 | 150 | 152 | ||||||||||
AT&T | ||||||||||||
5.875%, 04/28/17 | GBP | 200 | 301 | |||||||||
4.875%, 06/01/44 | 130 | 203 | ||||||||||
Ball | ||||||||||||
3.500%, 12/15/20 | EUR | 103 | 125 | |||||||||
Bank of America MTN | ||||||||||||
2.375%, 06/19/24 | 410 | 499 | ||||||||||
1.625%, 09/14/22 | 1,000 | 1,168 | ||||||||||
0.599%, 03/28/18 (B) | 300 | 339 | ||||||||||
0.321%, 09/14/18 (B) | 375 | 418 | ||||||||||
Berkshire Hathaway | ||||||||||||
1.125%, 03/16/27 | 297 | 322 | ||||||||||
0.500%, 03/13/20 | 570 | 653 | ||||||||||
Citigroup MTN | ||||||||||||
2.375%, 05/22/24 | 700 | 851 | ||||||||||
ConocoPhillips | ||||||||||||
5.750%, 02/01/19 | $ | 420 | 456 | |||||||||
Devon Energy | ||||||||||||
5.000%, 06/15/45 | 270 | 201 | ||||||||||
DH Europe Finance | ||||||||||||
1.700%, 01/04/22 | 1,435 | 1,715 | ||||||||||
Diamond Offshore Drilling | ||||||||||||
4.875%, 11/01/43 | 130 | 86 | ||||||||||
Discovery Communications | ||||||||||||
1.900%, 03/19/27 | EUR | 360 | 356 | |||||||||
Dover MTN | ||||||||||||
2.125%, 12/01/20 | 250 | 304 | ||||||||||
eBay | ||||||||||||
3.800%, 03/09/22 | 120 | 123 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Enterprise Products Operating | ||||||||||||
3.700%, 02/15/26 | $ | 123 | $ | 121 | ||||||||
Freeport-McMoRan | ||||||||||||
2.375%, 03/15/18 | 130 | 115 | ||||||||||
2.300%, 11/14/17 | 84 | 78 | ||||||||||
GE Capital UK Funding MTN | ||||||||||||
4.375%, 07/31/19 | GBP | 400 | 626 | |||||||||
General Electric | ||||||||||||
5.500%, 01/08/20 | $ | 88 | 101 | |||||||||
5.300%, 02/11/21 | 205 | 238 | ||||||||||
4.625%, 01/07/21 | 108 | 122 | ||||||||||
2.700%, 10/09/22 | 320 | 333 | ||||||||||
1.875%, 05/28/27 | EUR | 800 | 976 | |||||||||
1.250%, 05/26/23 | 200 | 235 | ||||||||||
General Motors Financial International MTN | ||||||||||||
0.850%, 02/23/18 | 168 | 191 | ||||||||||
Goldman Sachs Group MTN | ||||||||||||
2.625%, 08/19/20 | 350 | 430 | ||||||||||
2.000%, 07/27/23 | 230 | 270 | ||||||||||
Halliburton | ||||||||||||
3.375%, 11/15/22 | $ | 205 | 209 | |||||||||
Honeywell International | ||||||||||||
1.300%, 02/22/23 | 240 | 279 | ||||||||||
Illinois Tool Works MTN | ||||||||||||
3.000%, 05/19/34 | EUR | 200 | 262 | |||||||||
INEOS Group Holdings | ||||||||||||
5.750%, 02/15/19 | 350 | 407 | ||||||||||
Jefferies Group MTN | ||||||||||||
2.375%, 05/20/20 | 700 | 763 | ||||||||||
John Deere Bank MTN | ||||||||||||
1.500%, 07/16/18 | 250 | 294 | ||||||||||
JPMorgan Chase MTN | ||||||||||||
1.071%, 05/30/17 (B) | GBP | 100 | 142 | |||||||||
Kinder Morgan | ||||||||||||
2.250%, 03/16/27 | EUR | 409 | 408 | |||||||||
McGraw Hill Financial | ||||||||||||
4.400%, 02/15/26 | $ | 313 | 342 | |||||||||
Mellon Capital III | ||||||||||||
6.369%, 09/05/66 (B) | GBP | 300 | 430 | |||||||||
Merck | ||||||||||||
2.500%, 10/15/34 | EUR | 500 | 651 | |||||||||
1.875%, 10/15/26 | 300 | 368 | ||||||||||
1.125%, 10/15/21 | 400 | 473 | ||||||||||
Mondelez International | ||||||||||||
2.375%, 03/06/35 | 250 | 277 | ||||||||||
1.625%, 03/08/27 | 300 | 334 | ||||||||||
1.000%, 03/07/22 | 200 | 228 | ||||||||||
Morgan Stanley | ||||||||||||
3.750%, 09/21/17 | 350 | 420 | ||||||||||
2.375%, 03/31/21 | 1,250 | 1,515 | ||||||||||
1.875%, 03/30/23 | 490 | 573 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 27 |
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund (Continued)
March 31, 2016
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
1.750%, 01/30/25 | EUR | 205 | $ | 232 | ||||||||
Nabors Industries | ||||||||||||
5.100%, 09/15/23 | 93 | 72 | ||||||||||
National Capital Trust I | ||||||||||||
5.620%, 12/17/18 (A) (B) | GBP | 35 | 51 | |||||||||
5.620%, 09/29/49 (B) | 150 | 218 | ||||||||||
Odebrecht Finance | ||||||||||||
7.125%, 06/26/42 | 280 | 117 | ||||||||||
ONEOK Partners | ||||||||||||
3.800%, 03/15/20 | $ | 128 | 122 | |||||||||
Owens Corning | ||||||||||||
6.500%, 12/01/16 | 9 | 9 | ||||||||||
Philip Morris International | ||||||||||||
2.900%, 11/15/21 | 325 | 344 | ||||||||||
2.875%, 05/30/24 | EUR | 100 | 132 | |||||||||
2.875%, 03/03/26 | 435 | 576 | ||||||||||
Plains All American Pipeline | ||||||||||||
3.600%, 11/01/24 | $ | 155 | 134 | |||||||||
PNC Funding | ||||||||||||
5.125%, 02/08/20 | 300 | 334 | ||||||||||
3.300%, 03/08/22 | 150 | 157 | ||||||||||
Priceline Group | ||||||||||||
2.375%, 09/23/24 | 250 | 292 | ||||||||||
1.800%, 03/03/27 | 380 | 402 | ||||||||||
Principal Financial Group | ||||||||||||
1.850%, 11/15/17 | 175 | 175 | ||||||||||
Prologis International Funding II MTN | ||||||||||||
2.875%, 04/04/22 | EUR | 220 | 271 | |||||||||
Prologis | ||||||||||||
3.375%, 02/20/24 | 300 | 384 | ||||||||||
3.000%, 01/18/22 | 250 | 310 | ||||||||||
3.000%, 06/02/26 | 200 | 249 | ||||||||||
Prudential Financial | ||||||||||||
5.625%, 06/15/43 (B) | $ | 408 | 416 | |||||||||
Rabobank Capital Funding Trust IV | ||||||||||||
5.556%, 12/31/19 (B) | GBP | 153 | 223 | |||||||||
Republic Services | ||||||||||||
4.750%, 05/15/23 | $ | 155 | 173 | |||||||||
Ryder System MTN | ||||||||||||
5.850%, 11/01/16 | 116 | 119 | ||||||||||
Santander Issuances | ||||||||||||
5.179%, 11/19/25 | 400 | 387 | ||||||||||
Seagate HDD Cayman | ||||||||||||
4.750%, 01/01/25 | 123 | 96 | ||||||||||
Thermo Fisher Scientific | ||||||||||||
1.500%, 12/01/20 | 426 | 497 | ||||||||||
T-Mobile USA | ||||||||||||
6.500%, 01/15/26 | 175 | 182 | ||||||||||
Transocean | ||||||||||||
6.800%, 03/15/38 | 210 | 105 | ||||||||||
United Technologies | ||||||||||||
1.800%, 06/01/17 | 201 | 203 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Valeant Pharmaceuticals International | ||||||||||||
4.500%, 05/15/23 (A) | EUR | 170 | $ | 142 | ||||||||
Verizon Communications | ||||||||||||
1.625%, 03/01/24 | 700 | 833 | ||||||||||
Viacom | ||||||||||||
3.875%, 04/01/24 | $ | 148 | 147 | |||||||||
Wells Fargo MTN | ||||||||||||
4.600%, 04/01/21 | 75 | 83 | ||||||||||
Williams Partners | ||||||||||||
3.900%, 01/15/25 | 128 | 103 | ||||||||||
ZF North America Capital | ||||||||||||
2.750%, 04/27/23 | EUR | 200 | 228 | |||||||||
|
| |||||||||||
30,569 | ||||||||||||
|
| |||||||||||
Total Global Bonds | 478,187 | |||||||||||
|
| |||||||||||
Face Amount (Thousands) | ||||||||||||
MORTGAGE-BACKED SECURITIES — 2.9% |
| |||||||||||
Agency Mortgage-Backed Obligation — 0.6% |
| |||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2014-DN1, Cl M1 | ||||||||||||
1.436%, 02/25/24 (B) | $ | 281 | 280 | |||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2014-HQ2, Cl M1 | ||||||||||||
1.886%, 09/25/24 (B) | 293 | 294 | ||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA1, Cl M2 | ||||||||||||
2.286%, 10/25/27 (B) | 490 | 483 | ||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, Cl M1 | ||||||||||||
1.586%, 12/25/27 (B) | 419 | 419 | ||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, Cl M2 | ||||||||||||
3.036%, 12/25/27 (B) | 205 | 205 | ||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQ1, Cl M1 | ||||||||||||
1.483%, 03/25/25 (B) | 160 | 160 | ||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQ2, Cl M1 | ||||||||||||
1.536%, 05/25/25 (B) | 328 | 328 | ||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, Cl M2 | ||||||||||||
3.333%, 07/25/28 (B) | 276 | 277 | ||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-HQA1, Cl M3 | ||||||||||||
6.791%, 09/25/28 (B) | 440 | 455 | ||||||||||
FHLMC, Ser K501, Cl X1A, IO | ||||||||||||
1.546%, 08/25/16 (B) | 223 | 1 | ||||||||||
|
| |||||||||||
2,902 | ||||||||||||
|
|
28 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Non-Agency Mortgage-Backed Obligation — 2.3% |
| |||||||||||
Banc of America Commercial Mortgage, Ser 2007-5, Cl A4 | ||||||||||||
5.492%, 02/10/51 | $ | 110 | $ | 114 | ||||||||
Banc of America Commercial Mortgage, Ser 2015-UBS7, Cl A4 | ||||||||||||
3.705%, 09/15/48 | 20 | 21 | ||||||||||
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A | ||||||||||||
2.915%, 09/25/34 (B) | 55 | 54 | ||||||||||
Bear Stearns Commercial Mortgage Securities, Ser 2006-PW13, Cl AJ | ||||||||||||
5.611%, 09/11/41 (B) | 241 | 239 | ||||||||||
Bear Stearns Commercial Mortgage Securities, Ser 2006-T24, Cl A4 | ||||||||||||
5.537%, 10/12/41 | 44 | 45 | ||||||||||
Bear Stearns Commercial Mortgage Securities, Ser 2006-TOP22, Cl AJ | ||||||||||||
5.653%, 04/12/38 (B) | 12 | 12 | ||||||||||
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW15, Cl A4 | ||||||||||||
5.331%, 02/11/44 | 50 | 51 | ||||||||||
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW16, Cl A4 | ||||||||||||
5.721%, 06/11/40 (B) | 24 | 25 | ||||||||||
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW17, Cl A4 | ||||||||||||
5.694%, 06/11/50 (B) | 168 | 174 | ||||||||||
Bear Stearns Commercial Mortgage Securities, Ser 2007-T26, Cl A4 | ||||||||||||
5.471%, 01/12/45 (B) | 62 | 64 | ||||||||||
Citigroup Commercial Mortgage Trust, Ser 2006-C4, Cl A3 | ||||||||||||
5.912%, 03/15/49 (B) | 2 | 2 | ||||||||||
Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4 | ||||||||||||
6.137%, 12/10/49 (B) | 396 | 414 | ||||||||||
Citigroup Commercial Mortgage Trust, Ser 2014-GC19, Cl D | ||||||||||||
4.900%, 03/10/47 (A) (B) | 20 | 16 | ||||||||||
Citigroup Commercial Mortgage Trust, Ser 2015-GC29, Cl A4 | ||||||||||||
3.192%, 04/10/48 | 15 | 15 | ||||||||||
Citigroup Commercial Mortgage Trust, Ser 2015-GC29, Cl A3 | ||||||||||||
2.935%, 04/10/48 | 30 | 30 | ||||||||||
Citigroup Commercial Mortgage Trust, Ser 2015-GC31, Cl A4 | ||||||||||||
3.762%, 06/10/48 | 65 | 70 | ||||||||||
Citigroup Commercial Mortgage Trust, Ser 2015-GC35, Cl A4 | ||||||||||||
3.818%, 11/10/48 | 55 | 59 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4 | ||||||||||||
2.717%, 05/25/35 (B) | $ | 444 | $ | 412 | ||||||||
COBALT Commercial Mortgage Trust, Ser 2006-C1, Cl AM | ||||||||||||
5.254%, 08/15/48 | 35 | 35 | ||||||||||
COMM Mortgage Trust, Ser 2006-C8, Cl A1A | ||||||||||||
5.292%, 12/10/46 | 110 | 112 | ||||||||||
COMM Mortgage Trust, Ser 2012-CR1, Cl A3 | ||||||||||||
3.391%, 05/15/45 | 15 | 16 | ||||||||||
COMM Mortgage Trust, Ser 2012-CR5, Cl A3 | ||||||||||||
2.540%, 12/10/45 | 125 | 126 | ||||||||||
COMM Mortgage Trust, Ser 2012-CRE4, Cl XA, IO | ||||||||||||
1.931%, 10/15/45 (B) | 171 | 14 | ||||||||||
COMM Mortgage Trust, Ser 2012-LC4, Cl A4 | ||||||||||||
3.288%, 12/10/44 | 105 | 111 | ||||||||||
COMM Mortgage Trust, Ser 2013-CCRE9, Cl A4 | ||||||||||||
4.238%, 07/10/45 (B) | 35 | 39 | ||||||||||
COMM Mortgage Trust, Ser 2013-CR10, Cl A4 | ||||||||||||
4.210%, 08/10/46 (B) | 80 | 89 | ||||||||||
COMM Mortgage Trust, Ser 2013-CR6, Cl A4 | ||||||||||||
3.101%, 03/10/46 | 30 | 31 | ||||||||||
COMM Mortgage Trust, Ser 2013-CR8, Cl A4 | ||||||||||||
3.334%, 06/10/46 | 130 | 137 | ||||||||||
COMM Mortgage Trust, Ser 2013-CR9, Cl A3 | ||||||||||||
4.022%, 07/10/45 | 50 | 55 | ||||||||||
COMM Mortgage Trust, Ser 2014-CCRE14, Cl A3 | ||||||||||||
3.955%, 02/10/47 | 70 | 77 | ||||||||||
COMM Mortgage Trust, Ser 2014-CR16, Cl A4 | ||||||||||||
4.051%, 04/10/47 | 25 | 27 | ||||||||||
COMM Mortgage Trust, Ser 2014-CR19, Cl A5 | ||||||||||||
3.796%, 08/10/47 | 65 | 70 | ||||||||||
COMM Mortgage Trust, Ser 2014-CR21, Cl A3 | ||||||||||||
3.528%, 12/10/47 | 75 | 80 | ||||||||||
COMM Mortgage Trust, Ser 2014-SAVA, Cl A | ||||||||||||
1.577%, 06/15/34 (A) (B) | 125 | 123 | ||||||||||
COMM Mortgage Trust, Ser 2014-UBS4, Cl A5 | ||||||||||||
3.694%, 08/10/47 | 95 | 101 | ||||||||||
COMM Mortgage Trust, Ser 2015-3BP, Cl A | ||||||||||||
3.178%, 02/10/35 (A) | 100 | 103 | ||||||||||
COMM Mortgage Trust, Ser 2015-CR23, Cl A4 | ||||||||||||
3.497%, 05/10/48 | 80 | 84 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 29 |
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund (Continued)
March 31, 2016
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
COMM Mortgage Trust, Ser 2015-CR24, Cl A5 | ||||||||||||
3.696%, 08/10/55 | $ | 90 | $ | 96 | ||||||||
COMM Mortgage Trust, Ser 2015-DC1, Cl A5 | ||||||||||||
3.350%, 02/10/48 | 80 | 83 | ||||||||||
COMM Mortgage Trust, Ser 2015-LC19, Cl A4 | ||||||||||||
3.183%, 02/10/48 | 70 | 72 | ||||||||||
COMM Mortgage Trust, Ser 2015-PC1, Cl A4 | ||||||||||||
3.620%, 07/10/50 | 50 | 53 | ||||||||||
Commercial Mortgage Loan Trust, Ser 2008-LS1, Cl A4B | ||||||||||||
6.097%, 12/10/49 (B) | 199 | 208 | ||||||||||
Commercial Mortgage Pass Through Certificates, Ser 2012-CR3, Cl A3 | ||||||||||||
2.822%, 10/15/45 | 55 | 57 | ||||||||||
Commercial Mortgage Pass Through Certificates, Ser CR14, Cl XA, IO | ||||||||||||
0.862%, 02/10/47 (B) | 689 | 26 | ||||||||||
Commercial Mortgage Pass-Through Certificates, Ser 2008-C1, Cl A3 | ||||||||||||
6.067%, 02/15/41 (B) | 55 | 57 | ||||||||||
Commerical Mortgage Trust, Ser 2006-GG7, Cl A4 | ||||||||||||
5.877%, 07/10/38 (B) | 23 | 23 | ||||||||||
Commerical Mortgage Trust, Ser 2007-GG11, Cl A4 | ||||||||||||
5.736%, 12/10/49 | 211 | 220 | ||||||||||
Commerical Mortgage Trust, Ser 2007-GG9, Cl AM | ||||||||||||
5.475%, 03/10/39 | 370 | 376 | ||||||||||
Credit Suisse Commercial Mortgage Trust, Ser 2007-C3, Cl A4 | ||||||||||||
5.699%, 06/15/39 (B) | 131 | 134 | ||||||||||
Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, Cl AMFX | ||||||||||||
4.877%, 04/15/37 | 29 | 27 | ||||||||||
CSAIL Commercial Mortgage Trust, Ser 2015-C2, Cl XA, IO | ||||||||||||
1.055%, 06/15/57 (B) | 540 | 30 | ||||||||||
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl D | ||||||||||||
3.508%, 08/15/48 (B) | 75 | 53 | ||||||||||
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl A4 | ||||||||||||
3.691%, 08/15/48 | 45 | 48 | ||||||||||
CSAIL Commercial Mortgage Trust, Ser 2015-C4, Cl A4 | ||||||||||||
3.808%, 11/15/48 | 155 | 166 | ||||||||||
CSAIL Commercial Mortgage Trust, Ser 2016-C5, Cl XA | ||||||||||||
1.065%, 11/15/48 (B) | 1,000 | 67 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Eddystone Finance, Ser 2006-1, Cl A2 | ||||||||||||
1.104%, 04/19/21 (B) | GBP | 94 | $ | 131 | ||||||||
FNMA Connecticut Avenue Securities, Ser 2013-C01, Cl M1 | ||||||||||||
2.433%, 10/25/23 (B) | $ | 81 | 81 | |||||||||
FNMA Connecticut Avenue Securities, Ser 2014-C01, Cl M1 | ||||||||||||
2.033%, 01/25/24 (B) | 541 | 540 | ||||||||||
FNMA Connecticut Avenue Securities, Ser 2014-C02, Cl 2M1 | ||||||||||||
1.383%, 05/25/24 (B) | 13 | 12 | ||||||||||
FNMA Connecticut Avenue Securities, Ser 2014-C04, Cl 2M1 | ||||||||||||
2.533%, 11/25/24 (B) | 192 | 193 | ||||||||||
FNMA Connecticut Avenue Securities, Ser 2015-C02, Cl 2M1 | ||||||||||||
1.633%, 05/25/25 (B) | 71 | 71 | ||||||||||
FNMA Connecticut Avenue Securities, Ser 2016-C02, Cl 1M1 | ||||||||||||
2.585%, 09/25/28 (B) | 457 | 457 | ||||||||||
GE Commercial Mortgage Trust, Ser 2007-C1, Cl AM | ||||||||||||
5.606%, 12/10/49 (B) | 35 | 35 | ||||||||||
GS Mortgage Securities II, Ser 2007-GG10, Cl A4 | ||||||||||||
5.794%, 08/10/45 (B) | 136 | 140 | ||||||||||
GS Mortgage Securities II, Ser 2012-ALOH, Cl A | ||||||||||||
3.551%, 04/10/34 (A) | 100 | 106 | ||||||||||
GS Mortgage Securities II, Ser GC30, Cl A4 | ||||||||||||
3.382%, 05/10/50 | 160 | 166 | ||||||||||
GS Mortgage Securities Trust, Ser 2011-GC5, Cl XA, IO | ||||||||||||
1.624%, 08/10/44 (A) (B) | 490 | 20 | ||||||||||
GS Mortgage Securities Trust, Ser 2013-GC13, Cl XA, IO | ||||||||||||
0.274%, 07/10/46 (B) | 2,846 | 23 | ||||||||||
GS Mortgage Securities Trust, Ser 2014-GC18, Cl A4 | ||||||||||||
4.074%, 01/10/47 | 70 | 77 | ||||||||||
GS Mortgage Securities Trust, Ser 2014-GC20, Cl D | ||||||||||||
4.867%, 04/10/47 (A) (B) | 80 | 62 | ||||||||||
GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1 | ||||||||||||
2.521%, 01/25/35 (B) | 116 | 112 | ||||||||||
JPMBB Commercial Mortgage Securities, Ser 2014-C23, Cl XA, IO | ||||||||||||
0.873%, 09/15/47 (B) | 991 | 41 | ||||||||||
JPMBB Commercial Mortgage Securities, Ser 2014-C26, Cl A4 | ||||||||||||
3.494%, 01/15/48 | 15 | 16 |
30 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
JPMBB Commercial Mortgage Securities, Ser 2015-C27, Cl A4 | ||||||||||||
3.179%, 02/15/48 | $ | 25 | $ | 26 | ||||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP7, Cl A4 | ||||||||||||
5.935%, 04/17/45 (B) | 39 | 39 | ||||||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP8, Cl A4 | ||||||||||||
5.399%, 05/15/45 | 44 | 44 | ||||||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP9, Cl A3 | ||||||||||||
5.336%, 05/15/47 | 120 | 122 | ||||||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-C1, Cl A4 | ||||||||||||
5.716%, 02/15/51 | 42 | 44 | ||||||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-CB19, Cl A4 | ||||||||||||
5.702%, 02/12/49 (B) | 184 | 189 | ||||||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2008-C2, Cl A4FL | ||||||||||||
1.938%, 02/12/51 (B) | 320 | 308 | ||||||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2008-C2, Cl A4 | ||||||||||||
6.068%, 02/12/51 | 28 | 29 | ||||||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, Cl E | ||||||||||||
4.658%, 10/15/45 (A) (B) | 100 | 92 | ||||||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, Cl A3 | ||||||||||||
2.829%, 10/15/45 | 135 | 139 | ||||||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-LC9, Cl A5 | ||||||||||||
2.840%, 12/15/47 | 135 | 139 | ||||||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2014-INN, Cl A | ||||||||||||
1.356%, 06/15/29 (A) (B) | 130 | 127 | ||||||||||
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1 | ||||||||||||
2.473%, 12/25/34 (B) | 81 | 80 | ||||||||||
LB-UBS Commercial Mortgage Trust, Ser 2007-C6, Cl A4 | ||||||||||||
5.858%, 07/15/40 (B) | 140 | 143 | ||||||||||
LB-UBS Commercial Mortgage Trust, Ser 2008-C1, Cl A2 | ||||||||||||
6.084%, 04/15/41 (B) | 45 | 48 | ||||||||||
Merrill Lynch Mortgage Trust, Ser 2006-C2, Cl AM | ||||||||||||
5.782%, 08/12/43 (B) | 120 | 121 | ||||||||||
ML-CFC Commercial Mortgage Trust, Ser 2007-5, Cl AM | ||||||||||||
5.419%, 08/12/48 | 40 | 40 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
ML-CFC Commercial Mortgage Trust, Ser 2007-5, Cl A4 | ||||||||||||
5.378%, 08/12/48 | $ | 120 | $ | 122 | ||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C5, Cl A4 | ||||||||||||
3.176%, 08/15/45 | 40 | 42 | ||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C10, Cl A4 | ||||||||||||
4.081%, 07/15/46 (B) | 60 | 66 | ||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C17, Cl A5 | ||||||||||||
3.741%, 08/15/47 | 65 | 70 | ||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C19, Cl A4 | ||||||||||||
3.526%, 12/15/47 | 55 | 58 | ||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl A4 | ||||||||||||
3.249%, 02/15/48 | 65 | 67 | ||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C22, Cl A4 | ||||||||||||
3.306%, 04/15/48 | 60 | 62 | ||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C26, Cl XA, IO | ||||||||||||
1.130%, 10/15/48 (B) | 135 | 10 | ||||||||||
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl D | ||||||||||||
5.332%, 10/12/52 (A) (B) | 15 | 14 | ||||||||||
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl E | ||||||||||||
5.332%, 10/12/52 (A) (B) | 10 | 9 | ||||||||||
Morgan Stanley Capital I Trust, Ser 2007-HQ13, Cl A3 | ||||||||||||
5.569%, 12/15/44 | 95 | 99 | ||||||||||
Morgan Stanley Capital I Trust, Ser 2007-IQ14, Cl A4 | ||||||||||||
5.692%, 04/15/49 (B) | 160 | 164 | ||||||||||
Morgan Stanley Capital I Trust, Ser 2008-TOP29, Cl D | ||||||||||||
6.268%, 01/11/43 (A) (B) | 35 | 34 | ||||||||||
Morgan Stanley Capital I Trust, Ser 2012-C4, Cl A4 | ||||||||||||
3.244%, 03/15/45 | 140 | 147 | ||||||||||
Morgan Stanley Re-REMIC Trust, Ser 2010-GG10, Cl A4A | ||||||||||||
5.794%, 08/15/45 (A) (B) | 249 | 255 | ||||||||||
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1 | ||||||||||||
3.872%, 01/05/43 (A) (B) | 135 | 131 | ||||||||||
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A2B | ||||||||||||
4.144%, 01/05/43 (A) (B) | 120 | 118 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 31 |
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund (Continued)
March 31, 2016
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C3, Cl A4 | ||||||||||||
3.091%, 08/10/49 | $ | 30 | $ | 31 | ||||||||
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, Cl A4 | ||||||||||||
3.185%, 03/10/46 | 130 | 135 | ||||||||||
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C6, Cl A3 | ||||||||||||
2.971%, 04/10/46 | 70 | 72 | ||||||||||
Wells Fargo Commercial Mortgage Trust, Ser 2012-LC5, Cl D | ||||||||||||
4.777%, 10/15/45 (A) (B) | 35 | 33 | ||||||||||
Wells Fargo Commercial Mortgage Trust, Ser 2015-LC22, Cl A4 | ||||||||||||
3.839%, 09/15/58 | 35 | 38 | ||||||||||
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS1, Cl D | ||||||||||||
4.105%, 05/15/48 (B) | 65 | 48 | ||||||||||
WFRBS Commercial Mortgage Trust, Ser 2011-C4, Cl A4 | ||||||||||||
4.902%, 06/15/44 (A) (B) | 120 | 135 | ||||||||||
WFRBS Commercial Mortgage Trust, Ser 2011-C5, Cl A4 | ||||||||||||
3.667%, 11/15/44 | 45 | 48 | ||||||||||
WFRBS Commercial Mortgage Trust, Ser 2012-C10, Cl A3 | ||||||||||||
2.875%, 12/15/45 | 90 | 93 | ||||||||||
WFRBS Commercial Mortgage Trust, Ser 2012-C8, Cl A3 | ||||||||||||
3.001%, 08/15/45 | 10 | 10 | ||||||||||
WFRBS Commercial Mortgage Trust, Ser 2012-C9, Cl A3 | ||||||||||||
2.870%, 11/15/45 | 75 | 77 | ||||||||||
WFRBS Commercial Mortgage Trust, Ser 2014-C20, Cl A5 | ||||||||||||
3.995%, 05/15/47 | 65 | 71 | ||||||||||
WFRBS Commercial Mortgage Trust, Ser 2014-C21, Cl A5 | ||||||||||||
3.678%, 08/15/47 | 60 | 64 | ||||||||||
WFRBS Commerical Mortgage Trust, Ser 2013-C15, Cl A3 | ||||||||||||
3.881%, 08/15/46 | 70 | 76 | ||||||||||
|
| |||||||||||
11,455 | ||||||||||||
|
| |||||||||||
Total Mortgage-Backed Securities |
| 14,357 | ||||||||||
|
| |||||||||||
Face Amount (Thousands) | ||||||||||||
CORPORATE OBLIGATIONS — 1.0% |
| |||||||||||
United States — 1.0% |
| |||||||||||
Anadarko Petroleum | ||||||||||||
6.375%, 09/15/17 | 680 | 713 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
CCO Safari II | ||||||||||||
4.908%, 07/23/25 (A) | $ | 180 | $ | 190 | ||||||||
3.579%, 07/23/20 (A) | 180 | 184 | ||||||||||
CNA Financial | ||||||||||||
7.250%, 11/15/23 | 110 | 130 | ||||||||||
Cox Communications | ||||||||||||
2.950%, 06/30/23 (A) | 127 | 118 | ||||||||||
EnLink Midstream Partners | ||||||||||||
4.150%, 06/01/25 | 250 | 194 | ||||||||||
Enterprise Products Operating | ||||||||||||
5.950%, 02/01/41 | 70 | 72 | ||||||||||
Exelon | ||||||||||||
3.950%, 06/15/25 (A) | 356 | 369 | ||||||||||
GE Capital International Funding | ||||||||||||
2.342%, 11/15/20 (A) | 554 | 567 | ||||||||||
0.964%, 04/15/16 (A) | 427 | 427 | ||||||||||
General Motors Financial | ||||||||||||
1.977%, 04/10/18 (B) | 164 | 162 | ||||||||||
Hewlett Packard Enterprise | ||||||||||||
4.900%, 10/15/25 (A) | 350 | 360 | ||||||||||
McGraw Hill Financial | ||||||||||||
5.900%, 11/15/17 | 325 | 347 | ||||||||||
Navient MTN | ||||||||||||
5.500%, 01/15/19 | 248 | 244 | ||||||||||
PNC Bank | ||||||||||||
2.700%, 11/01/22 | 445 | 442 | ||||||||||
Prudential Financial MTN | ||||||||||||
6.100%, 06/15/17 | 125 | 131 | ||||||||||
Sunoco Logistics Partners Operations | ||||||||||||
4.250%, 04/01/24 | 136 | 125 | ||||||||||
Time Warner | ||||||||||||
4.875%, 03/15/20 | 150 | 164 | ||||||||||
Williams Partners | ||||||||||||
4.000%, 11/15/21 | 150 | 130 | ||||||||||
|
| |||||||||||
5,069 | ||||||||||||
|
| |||||||||||
Total Corporate Obligations |
| 5,069 | ||||||||||
|
| |||||||||||
Face Amount (Thousands) | ||||||||||||
ASSET-BACKED SECURITY — 0.0% |
| |||||||||||
Other Asset-Backed Securities — 0.0% |
| |||||||||||
Volta Electricity Receivables, Ser 2013-1, Cl SNR | ||||||||||||
4.172%, 02/16/17 | EUR | 79 | 92 | |||||||||
|
| |||||||||||
Total Asset-Backed Security |
| 92 | ||||||||||
|
|
32 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
U.S. TREASURY OBLIGATION — 1.7% |
| |||||||
U.S. Treasury Bills | ||||||||
0.263%, 06/30/16 (D) | $ | 8,475 | $ | 8,470 | ||||
|
| |||||||
Total U.S. Treasury Obligation | 8,470 | |||||||
|
| |||||||
Total Investments — 100.1% | $ | 506,175 | ||||||
|
|
A list of the open futures contracts held by the Fund at March 31, 2016, is as follows:
Type of Contract | Number of Contracts Long (Short) | Expiration Date | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
Australian 10-Year Bond | 3 | Jun-2016 | $ | 1 | ||||||||
Australian 10-Year Bond | 36 | Jun-2016 | 39 | |||||||||
Australian 3-Year Bond | 1 | Jun-2016 | 0 | |||||||||
Canadian 10-Year Bond | (36 | ) | Jun-2016 | 25 | ||||||||
Canadian 10-Year Bond | — | Jun-2016 | — | |||||||||
Euro | (180 | ) | Jun-2016 | (851 | ) | |||||||
Euro-Bobl | (42 | ) | Jun-2016 | 0 | ||||||||
Euro-Bobl | 86 | Jun-2016 | (5 | ) | ||||||||
Euro-Bund Index | 115 | Jun-2016 | 97 | |||||||||
Euro-Buxl 30 Year Bond | 7 | Jun-2016 | 37 | |||||||||
Euro-Buxl 30 Year Bond | (10 | ) | Jun-2016 | (51 | ) | |||||||
Euro-Schatz | 55 | Jun-2016 | (11 | ) | ||||||||
Japanese 10-Year Bond | 2 | Jun-2016 | 3 | |||||||||
Japanese 10-Year MINI | 63 | Jun-2016 | 14 | |||||||||
Long Gilt 10-Year Bond | (4 | ) | Jun-2016 | 0 | ||||||||
Long Gilt 10-Year Bond | 65 | Jun-2016 | 22 | |||||||||
Short Gilt Future | (5 | ) | Jun-2016 | 1 | ||||||||
U.S. 10-Year Treasury Note | (80 | ) | Jun-2016 | (58 | ) | |||||||
U.S. 10-Year Treasury Note | (68 | ) | Jun-2016 | 33 | ||||||||
U.S. 2-Year Treasury Note | (29 | ) | Jul-2016 | (5 | ) | |||||||
U.S. 2-Year Treasury Note | (49 | ) | Jul-2016 | 3 | ||||||||
U.S. 5-Year Treasury Note | (8 | ) | Jun-2016 | (1 | ) | |||||||
U.S. 5-Year Treasury Note | 10 | Jun-2016 | 1 | |||||||||
U.S. Long Treasury Bond | (2 | ) | Jun-2016 | (5 | ) | |||||||
U.S. Long Treasury Bond | 23 | Jun-2016 | (21 | ) | ||||||||
U.S. Ultra Long Treasury Bond | (38 | ) | Jun-2016 | 53 | ||||||||
U.S. Ultra Long Treasury Bond | (2 | ) | Jun-2016 | (6 | ) | |||||||
Ultra 10-Year U.S. Treasury Bond | (10 | ) | Jun-2016 | (7 | ) | |||||||
|
| |||||||||||
$ | (692 | ) | ||||||||||
|
|
For the six months ended March 31, 2016, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for the derivative type during the six months.
A list of the open forward foreign currency contracts held by the Fund at March 31, 2016, is as follows:
Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||||||||||
04/01/16-05/13/16 | EUR | 296,405 | USD | 329,414 | $ | (8,510 | ) | |||||||||||||
04/04/16-05/03/16 | USD | 1,766 | BRL | 6,780 | 141 | |||||||||||||||
04/04/16-01/04/17 | BRL | 11,125 | USD | 2,694 | (308 | ) | ||||||||||||||
04/05/16-05/12/16 | USD | 1,995 | GBP | 1,399 | 16 | |||||||||||||||
04/05/16-05/20/16 | USD | 3,023 | JPY | 341,529 | 20 | |||||||||||||||
04/05/16-05/04/16 | NZD | 5,910 | USD | 3,969 | (129 | ) | ||||||||||||||
04/05/16-05/13/16 | USD | 16,269 | EUR | 14,608 | 383 | |||||||||||||||
04/05/16-05/04/16 | SEK | 28,350 | USD | 3,388 | (111 | ) | ||||||||||||||
04/05/16-06/10/16 | AUD | 34,979 | USD | 25,992 | (860 | ) | ||||||||||||||
04/05/16-05/04/16 | CAD | 38,171 | USD | 28,374 | (1,138 | ) | ||||||||||||||
04/05/16-05/04/16 | DKK | 53,404 | USD | 7,987 | (186 | ) | ||||||||||||||
04/05/16-05/12/16 | GBP | 64,225 | USD | 90,923 | (1,384 | ) | ||||||||||||||
04/05/16-05/20/16 | JPY | 16,296,606 | USD | 144,851 | (276 | ) | ||||||||||||||
04/06/16-04/29/16 | USD | 2,096 | NOK | 18,011 | 81 | |||||||||||||||
04/06/16 | NOK | 14,968 | SEK | 14,917 | 31 | |||||||||||||||
04/06/16 | SEK | 15,106 | EUR | 1,630 | (6 | ) | ||||||||||||||
04/07/16 | USD | 890 | RUB | 67,697 | 122 | |||||||||||||||
04/08/16-04/28/16 | USD | 602 | CAD | 799 | 15 | |||||||||||||||
04/08/16-04/29/16 | SGD | 3,645 | USD | 2,607 | (100 | ) | ||||||||||||||
04/14/16-04/29/16 | MXN | 68,969 | USD | 3,836 | (183 | ) | ||||||||||||||
04/27/16 | ILS | 777 | USD | 202 | (4 | ) | ||||||||||||||
04/28/16 | USD | 56 | CHF | 55 | 1 | |||||||||||||||
04/28/16-04/28/16 | USD | 252 | MXN | 4,421 | 6 | |||||||||||||||
04/28/16-04/29/16 | USD | 429 | AUD | 568 | 7 | |||||||||||||||
04/28/16-04/29/16 | USD | 441 | NZD | 657 | 14 | |||||||||||||||
04/28/16-05/19/16 | USD | 809 | PLN | 3,066 | 14 | |||||||||||||||
04/28/16-04/29/16 | CHF | 2,515 | USD | 2,586 | (44 | ) | ||||||||||||||
04/29/16-04/29/16 | USD | 221 | KRW | 252,823 | 1 | |||||||||||||||
04/29/16 | USD | 1,065 | SEK | 8,787 | 20 | |||||||||||||||
04/29/16 | NOK | 2,989 | USD | 354 | (8 | ) | ||||||||||||||
04/29/16 | MYR | 3,275 | USD | 818 | (28 | ) | ||||||||||||||
04/29/16-05/19/16 | PLN | 12,938 | USD | 3,309 | (167 | ) | ||||||||||||||
04/29/16 | CZK | 13,857 | USD | 573 | (11 | ) | ||||||||||||||
04/29/16-05/11/16 | ZAR | 16,559 | USD | 1,069 | (51 | ) | ||||||||||||||
04/29/16 | THB | 26,964 | USD | 767 | 1 | |||||||||||||||
04/29/16 | KRW | 4,292,669 | USD | 3,700 | (70 | ) | ||||||||||||||
05/20/16-06/21/16 | TWD | 145,210 | USD | 4,427 | (100 | ) | ||||||||||||||
05/25/16 | USD | 873 | TRY | 2,542 | 17 | |||||||||||||||
07/01/16-03/08/17 | USD | 352 | ARS | 6,198 | 8 | |||||||||||||||
|
| |||||||||||||||||||
$ | (12,776 | ) | ||||||||||||||||||
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 33 |
SCHEDULE OF INVESTMENTS (Unaudited)
International Fixed Income Fund (Concluded)
March 31, 2016
A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2016, is as follows:
Counterparty | Currency to Deliver ($ Thousands) | Currency to Receive ($ Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
Bank of America | $ | (20,999 | ) | $ | 20,778 | $ | (221 | ) | ||||
Barclays PLC | (15,044 | ) | 14,674 | (370 | ) | |||||||
BNP Paribas | (1,666 | ) | 1,654 | (12 | ) | |||||||
Brown Brothers Harriman | (415,182 | ) | 406,980 | (8,202 | ) | |||||||
BT Brokerage | (214 | ) | 214 | — | ||||||||
Charter One | (2,328 | ) | 2,265 | (63 | ) | |||||||
Citigroup | (141,154 | ) | 138,952 | (2,202 | ) | |||||||
Credit Suisse First Boston | (4,500 | ) | 4,467 | (33 | ) | |||||||
Deutsche Bank | (1,810 | ) | 1,841 | 31 | ||||||||
Goldman Sachs | (13,039 | ) | 12,530 | (509 | ) | |||||||
HSBC | (4,967 | ) | 4,916 | (51 | ) |
Counterparty | Currency to Deliver ($ Thousands) | Currency to Receive ($ Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
ITG | $ | (32,495 | ) | $ | 32,039 | $ | (456 | ) | ||||
JPMorgan Chase Bank | (26,918 | ) | 26,436 | (482 | ) | |||||||
Morgan Stanley | (14,729 | ) | 14,809 | 80 | ||||||||
National Bank of Australia | (1,346 | ) | 1,324 | (22 | ) | |||||||
RBC | (1,971 | ) | 1,951 | (20 | ) | |||||||
Royal Bank of Scotland | (4,305 | ) | 4,246 | (59 | ) | |||||||
SG Cowen | (288 | ) | 290 | 2 | ||||||||
Transatlantic Securities | (2,597 | ) | 2,446 | (151 | ) | |||||||
UBS | (4,596 | ) | 4,564 | (32 | ) | |||||||
Westpac Banking | (176 | ) | 172 | (4 | ) | |||||||
|
| |||||||||||
$ | (12,776 | ) | ||||||||||
|
|
For the six months ended March 31, 2016, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for the derivative type during the six months.
A list of the open OTC swap agreements held by the Fund at March 31, 2016, is as follows:
Credit Default Swaps | ||||||||||||||||||||
Counterparty | Reference Entity/Obligation | Buy/Sell Protection | (Pays)/Receives Rate | Termination Date | Notional Amount ($ Thousands) | Net Unrealized Appreciation ($ Thousands) | ||||||||||||||
Credit Suisse | CMBX-BB | Sell | 5.00 | 5/11/2049 | $ | (370 | ) | $ | 23 | |||||||||||
|
|
Interest Rate Swaps | ||||||||||||||||||||
Counterparty | Fund Pays | Fund Receives | Termination Date | Currency | Notional Amount (Thousands) | Net Unrealized Depreciation ($ Thousands) | ||||||||||||||
Citigroup | 3.79% | 6-Month GBP - LIBOR | 05/19/2019 | GBP | 2,500 | $ | (368 | ) | ||||||||||||
Citibank | 2.83% | 3 Month USD - LIBOR | 08/08/2023 | USD | 6,000 | (614 | ) | |||||||||||||
Citibank | Euro CPI Overall Excluding Tobacco | 1.22% | 04/03/2019 | EUR | 2,450 | (61 | ) | |||||||||||||
|
| |||||||||||||||||||
$ | (1,043 | ) | ||||||||||||||||||
|
|
A list of the open centrally cleared swap agreements held by the Fund at March 31, 2016, is as follows:
Credit Default Swaps | ||||||||||||||||||||
Counterparty | Reference Entity/Obligation | Buy/Sell Protection | (Pays)/ Receives Rate | Termination Date | Notional Amount ($ Thousands) | Net Unrealized Appreciation (Depreciation) ($ Thousands) | ||||||||||||||
Barclays Bank PLC | ITRAXX-XOVERS25V1-5Y-2669 | Buy | 5.00 | 06/20/2021 | $ | 1,480 | $ | 3 | ||||||||||||
Citigroup | CDX-NAHYS25V1-5Y-248257 | Buy | 5.00 | 12/20/2020 | 880 | (16 | ) | |||||||||||||
|
| |||||||||||||||||||
$ | (13 | ) | ||||||||||||||||||
|
|
Interest Rate Swaps | ||||||||||||||||||||
Counterparty | Fund Pays | Fund Receives | Termination Date | Currency | Notional Amount (Thousands) | Net Unrealized Appreciation (Depreciation) ($ Thousands) | ||||||||||||||
Citibank | 3.34% | 6-Month GBP - LIBOR | 01/17/2044 | GBP | 1,000 | $ | (559 | ) | ||||||||||||
JPMorgan Chase Bank | 6-Month JPY - LIBOR | 1.56% | 11/28/2033 | JPY | 600,000 | 1,045 | ||||||||||||||
JPMorgan Chase Bank | 1.90% | 6-Month EUR - EURIBOR | 03/24/2024 | EUR | 2,200 | (315 | ) | |||||||||||||
JPMorgan Chase Bank | 2.87% | 6-Month GBP - LIBOR | 02/14/2024 | GBP | 250 | (44 | ) | |||||||||||||
JPMorgan Chase Bank | 1.49% | 6-Month EUR - EURIBOR | 11/21/2023 | EUR | 5,500 | (816 | ) | |||||||||||||
JPMorgan Chase Bank | 1.49% | 6-Month EUR - EURIBOR | 09/12/2018 | EUR | 7,000 | (320 | ) | |||||||||||||
Morgan Stanley | 2.13% | 3-Month USD - LIBOR | 11/09/2025 | USD | 2,240 | (116 | ) | |||||||||||||
|
| |||||||||||||||||||
$ | (1,125 | ) | ||||||||||||||||||
|
|
For the six months ended March 31, 2016, the total amount of all swap agreements, as presented in the table above, are representative of the volume of activity for the derivative type during the six months.
34 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Percentages are based on a Net Assets of $505,876 ($ Thousands).
(A) | Security 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.” This security has been determined to be liquid under guidelines established by the Board of Trustees. The total value of such securities as of March 31, 2016, was $42,047 ($ Thousands) and represented 8.31% of net assets. |
(B) | Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2016. |
(C) | Security, or a portion thereof, has been pledged as collateral on open swap agreements. |
(D) | The rate reported is the effective yield at time of purchase. |
ARS — Argentine Peso
AUD — Australian Dollar
BRL — Brazilian Real
CAD — Canadian Dollar
CHF — Swiss Franc
Cl — Class
CPI — Consumer Price Index
CZK — Czech Koruna
DKK — Danish Krone
EUR — Euro
EURIBOR — Euro London Interbank Offered Rate
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GBP — British Pound Sterling
ILS — Israeli Shekel
IO — Interest Only
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
PLC — Public Limited Company
PLN — Polish Zloty
REMIC — Real Estate Mortgage Investment Conduit
SGD — Singapore Dollar
SEK — Swedish Krona
Ser — Series
SGD — Singapore Dollar
THB — Thai Bhat
TRY — New Turkish Lira
ZAR — South African Rand
The following is a list of the level of inputs used as of March 31, 2016, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Global Bonds | $ | — | $ | 478,187 | $ | — | $ | 478,187 | ||||||||
Mortgage-Backed Securities | — | 14,357 | — | 14,357 | ||||||||||||
U.S. Treasury Obligation | — | 8,470 | — | 8,470 | ||||||||||||
Corporate Obligations | — | 5,069 | — | 5,069 | ||||||||||||
Asset-Backed Security | — | 92 | — | 92 | ||||||||||||
U.S. Treasury Obligation | — | 8,470 | — | 8,470 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | — | $ | 506,175 | $ | — | $ | 506,175 | ||||||||
|
|
|
|
|
|
|
|
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts* | ||||||||||||||||
Unrealized Appreciation | $ | 329 | $ | — | $ | — | $ | 329 | ||||||||
Unrealized Depreciation | (1,021 | ) | — | — | (1,021 | ) | ||||||||||
Forwards Contracts* | ||||||||||||||||
Unrealized Appreciation | — | 898 | — | 898 | ||||||||||||
Unrealized Depreciation | — | (13,674 | ) | — | (13,674 | ) | ||||||||||
OTC Swaps | ||||||||||||||||
Credit Default Swaps* | ||||||||||||||||
Unrealized Appreciation | — | 23 | — | 23 | ||||||||||||
Interest Rate Swaps* | ||||||||||||||||
Unrealized Depreciation | — | (1,043 | ) | — | (1,043 | ) | ||||||||||
Centrally Cleared Swaps | ||||||||||||||||
Credit Default Swaps* | ||||||||||||||||
Unrealized Appreciation | — | 3 | — | 3 | ||||||||||||
Unrealized Depreciation | — | (16 | ) | — | (16 | ) | ||||||||||
Interest Rate Swaps* | ||||||||||||||||
Unrealized Appreciation | — | 1,045 | — | 1,045 | ||||||||||||
Unrealized Depreciation | — | (2,170 | ) | — | (2,170 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | (692 | ) | $ | (14,934 | ) | $ | — | $ | (15,626 | ) | |||||
|
|
|
|
|
|
|
|
* | Futures contracts, forwards contracts and swap are valued at the unrealized appreciation (depreciation) on the instrument. |
For the six months ended March 31, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities.
For the six months ended March 31, 2016, there were no transfers between Level 2 and Level 3 assets and liabilities.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 35 |
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund
March 31, 2016
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS — 96.5% | ||||||||||||
Angola — 0.4% | ||||||||||||
Angolan Government International Bond | ||||||||||||
9.500%, 11/12/25 (A) | $ | 1,221 | $ | 1,112 | ||||||||
9.500%, 11/12/25 | 4,115 | 3,745 | ||||||||||
Republic of Angola Via Northern Lights III | ||||||||||||
7.000%, 08/16/19 | 655 | 638 | ||||||||||
|
| |||||||||||
5,495 | ||||||||||||
|
| |||||||||||
Argentina — 2.8% | ||||||||||||
Letras del Banco Central de la Republica Argentina | ||||||||||||
33.065%, 06/15/16 | ARS | 10,860 | 697 | |||||||||
26.547%, 04/20/16 | 14,000 | 943 | ||||||||||
0.000%, 05/04/16 | 10,621 | 708 | ||||||||||
Republic of Argentina | ||||||||||||
15.500%, 12/19/08 (B) | $ | 54 | 80 | |||||||||
11.750%, 04/07/09 (B) | 4 | 6 | ||||||||||
11.375%, 01/30/17 (B) | 7 | 10 | ||||||||||
10.250%, 01/26/49 (B) | EUR | 10 | 11 | |||||||||
9.000%, 05/26/49 (B) | 5 | 6 | ||||||||||
8.750%, 06/02/17 (B) | $ | 1,750 | 2,069 | |||||||||
8.750%, 05/07/24 | 2,400 | 2,597 | ||||||||||
8.500%, 07/01/49 | EUR | 22 | 25 | |||||||||
8.280%, 12/31/33 (B) | $ | 9,197 | 10,991 | |||||||||
8.280%, 12/31/33 (B) | EUR | 2,781 | 3,518 | |||||||||
8.280%, 12/31/33 (B) | $ | 2,426 | 2,832 | |||||||||
7.820%, 12/31/33 (B) | EUR | 2,381 | 3,059 | |||||||||
6.000%, 03/31/23 (B) | $ | 965 | 1,148 | |||||||||
5.870%, 03/31/23 (B) | DEM | 728 | 505 | |||||||||
5.870%, 03/31/23 (B) (C) | 353 | 245 | ||||||||||
4.191%, 12/15/35 (C) | EUR | 17,565 | 2,032 | |||||||||
3.043%, 12/15/35 (C) | $ | 1,605 | 179 | |||||||||
2.500%, 03/31/19 (B) (D) | 275 | 184 | ||||||||||
2.260%, 12/31/38 (B) (D) | EUR | 1,341 | 892 | |||||||||
0.750%, 02/22/17 | $ | 3,138 | 2,948 | |||||||||
0.044%, 12/15/35 (C) | 17,962 | 1,904 | ||||||||||
0.000%, 10/30/49 | 11 | 6 | ||||||||||
YPF | ||||||||||||
8.750%, 04/04/24 (A) | 800 | 788 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
8.500%, 07/28/25 (A) | $ | 2,563 | $ | 2,499 | ||||||||
|
| |||||||||||
40,882 | ||||||||||||
|
| |||||||||||
Armenia — 0.2% | ||||||||||||
Republic of Armenia | ||||||||||||
7.150%, 03/26/25 (A) | 2,476 | 2,437 | ||||||||||
|
| |||||||||||
Azerbaijan — 1.0% | ||||||||||||
Republic of Azerbaijan | ||||||||||||
4.750%, 03/18/24 | 1,900 | 1,805 | ||||||||||
4.750%, 03/18/24 (A) | 2,920 | 2,774 | ||||||||||
Southern Gas Corridor | ||||||||||||
6.875%, 03/24/26 | 1,833 | 1,835 | ||||||||||
State Oil of the Azerbaijan Republic | ||||||||||||
6.950%, 03/18/30 | 1,733 | 1,565 | ||||||||||
6.950%, 03/18/30 | 2,441 | 2,206 | ||||||||||
4.750%, 03/13/23 | 4,112 | 3,608 | ||||||||||
4.750%, 03/13/23 | 500 | 439 | ||||||||||
|
| |||||||||||
14,232 | ||||||||||||
|
| |||||||||||
Bahrain — 0.0% | ||||||||||||
Bahrain Government International Bond | ||||||||||||
7.000%, 01/26/26 (A) | 641 | 635 | ||||||||||
|
| |||||||||||
Belize — 0.1% | ||||||||||||
Belize Government International Bond | ||||||||||||
5.000%, 02/20/38 (D) | 2,637 | 1,292 | ||||||||||
|
| |||||||||||
Bermuda — 0.2% | ||||||||||||
Government of Bermuda | ||||||||||||
4.854%, 02/06/24 | 2,680 | 2,811 | ||||||||||
|
| |||||||||||
Brazil — 8.3% | ||||||||||||
Banco Nacional de Desenvolvimento Economico e Social | ||||||||||||
6.500%, 06/10/19 (A) | 660 | 680 | ||||||||||
Braskem Finance | ||||||||||||
5.750%, 04/15/21 | 1,797 | 1,712 | ||||||||||
Brazil Letras do Tesouro Nacional | ||||||||||||
17.573%, 07/01/19 | BRL | 11,540 | 2,139 | |||||||||
12.778%, 07/01/18 | 20,579 | 4,369 | ||||||||||
12.593%, 01/01/18 | 80,293 | 18,180 | ||||||||||
12.108%, 01/01/19 | 34,253 | 6,831 | ||||||||||
11.938%, 01/01/19 | 133,935 | 26,488 | ||||||||||
Brazil Loan Trust 1 | ||||||||||||
5.477%, 07/24/23 (A) | $ | 2,081 | 1,920 | |||||||||
5.477%, 07/24/23 | 351 | 322 | ||||||||||
Brazil Minas SPE via State of Minas Gerais | ||||||||||||
5.333%, 02/15/28 | 1,176 | 1,002 | ||||||||||
Brazil Notas do Tesouro Nacional | ||||||||||||
10.000%, 01/01/17 | BRL | 1,967 | 541 | |||||||||
Brazil Notas do Tesouro Nacional, Serie B | ||||||||||||
6.000%, 05/15/35 | 1,000 | 783 |
36 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Brazil Notas do Tesouro Nacional, Serie F | ||||||||||||
10.000%, 01/01/18 | BRL | 30,986 | $ | 8,326 | ||||||||
10.000%, 01/01/19 | 850 | 223 | ||||||||||
10.000%, 01/01/21 | 19,202 | 4,797 | ||||||||||
10.000%, 01/01/23 | 12,085 | 2,897 | ||||||||||
10.000%, 01/01/25 | 25,426 | 5,899 | ||||||||||
BRF | ||||||||||||
4.750%, 05/22/24 | $ | 3,410 | 3,222 | |||||||||
Caixa Economica Federal | ||||||||||||
4.250%, 05/13/19 | 200 | 190 | ||||||||||
Cosan | ||||||||||||
5.000%, 03/14/23 (A) | 699 | 612 | ||||||||||
ESAL GmbH | ||||||||||||
6.250%, 02/05/23 (A) | 632 | 555 | ||||||||||
Federal Republic of Brazil | ||||||||||||
10.125%, 05/15/27 | 1,378 | 1,877 | ||||||||||
10.125%, 05/15/27 | 850 | 1,158 | ||||||||||
8.250%, 01/20/34 | 3,302 | 3,690 | ||||||||||
7.125%, 01/20/37 | 2,259 | 2,282 | ||||||||||
5.625%, 01/07/41 | 1,540 | 1,328 | ||||||||||
4.875%, 01/22/21 | 6,360 | 6,424 | ||||||||||
4.250%, 01/07/25 | 3,962 | 3,635 | ||||||||||
2.625%, 01/05/23 (E) | 1,154 | 990 | ||||||||||
GTL Trade Finance | ||||||||||||
5.893%, 04/29/24 (A) (E) | 491 | 401 | ||||||||||
Klabin Finance | ||||||||||||
5.250%, 07/16/24 | 790 | 742 | ||||||||||
Marfrig Overseas | ||||||||||||
9.500%, 05/04/20 (A) | 835 | 843 | ||||||||||
9.500%, 05/04/20 | 371 | 375 | ||||||||||
Petrobras Global Finance | ||||||||||||
4.875%, 03/17/20 | 549 | 457 | ||||||||||
3.522%, 03/17/20 (C) | 823 | 634 | ||||||||||
Petrobras International Finance | ||||||||||||
5.750%, 01/20/20 | 2,097 | 1,822 | ||||||||||
5.375%, 01/27/21 | 2,929 | 2,421 | ||||||||||
Samarco Mineracao | ||||||||||||
4.125%, 11/01/22 (A) | 244 | 146 | ||||||||||
|
| |||||||||||
120,913 | ||||||||||||
|
| |||||||||||
Cameroon — 0.2% | ||||||||||||
Republic of Cameroon International Bond | ||||||||||||
9.500%, 11/19/25 | 2,488 | 2,339 | ||||||||||
|
| |||||||||||
Chile — 1.5% | ||||||||||||
Banco del Estado de Chile MTN | ||||||||||||
4.125%, 10/07/20 | 30 | 32 | ||||||||||
3.875%, 02/08/22 (A) | 230 | 243 | ||||||||||
BancoEstado | ||||||||||||
4.125%, 10/07/20 (A) | 270 | 285 | ||||||||||
Bonos de la Tesoreria de la Republica en pesos | ||||||||||||
6.000%, 01/01/20 | CLP | 80,000 | 130 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
6.000%, 01/01/22 | CLP | 90,000 | $ | 149 | ||||||||
Empresa Electrica Angamos | ||||||||||||
4.875%, 05/25/29 (A) | $ | 1,323 | 1,226 | |||||||||
Empresa Nacional del Petroleo | ||||||||||||
6.250%, 07/08/19 (A) | 100 | 109 | ||||||||||
6.250%, 07/08/19 | 50 | 54 | ||||||||||
5.250%, 08/10/20 (A) | 240 | 258 | ||||||||||
5.250%, 08/10/20 | 100 | 107 | ||||||||||
4.375%, 10/30/24 (A) | 564 | 564 | ||||||||||
Nacional del Cobre de Chile | ||||||||||||
6.150%, 10/24/36 (E) | 1,748 | 1,918 | ||||||||||
5.625%, 09/21/35 | 880 | 919 | ||||||||||
5.625%, 10/18/43 | 250 | 260 | ||||||||||
4.875%, 11/04/44 (A) (E) | 4,284 | 3,983 | ||||||||||
4.500%, 08/13/23 (A) (E) | 903 | 939 | ||||||||||
4.500%, 09/16/25 (A) (E) | 1,875 | 1,911 | ||||||||||
4.250%, 07/17/42 | 265 | 227 | ||||||||||
3.000%, 07/17/22 (A) (E) | 1,950 | 1,882 | ||||||||||
Republic of Chile | ||||||||||||
5.500%, 08/05/20 | CLP | 323,000 | 500 | �� | ||||||||
3.125%, 03/27/25 | $ | 750 | 784 | |||||||||
2.250%, 10/30/22 | 3,981 | 3,961 | ||||||||||
VTR Finance | ||||||||||||
6.875%, 01/15/24 (A) | 1,026 | 1,000 | ||||||||||
|
| |||||||||||
21,441 | ||||||||||||
|
| |||||||||||
China — 0.8% | ||||||||||||
Amber Circle Funding | ||||||||||||
3.250%, 12/04/22 | 850 | 881 | ||||||||||
CNOOC Curtis Funding No. 1 Pty | ||||||||||||
4.500%, 10/03/23 | 650 | 689 | ||||||||||
CNOOC Finance | ||||||||||||
3.500%, 05/05/25 | 234 | 230 | ||||||||||
Sinochem Offshore Capital MTN | ||||||||||||
3.250%, 04/29/19 (A) | 1,432 | 1,459 | ||||||||||
Sinochem Overseas Capital | ||||||||||||
4.500%, 11/12/20 | 1,723 | 1,832 | ||||||||||
Sinopec Capital | ||||||||||||
3.125%, 04/24/23 (A) | 539 | 533 | ||||||||||
Sinopec Group Overseas Development | ||||||||||||
4.375%, 04/10/24 (A) | 800 | 854 | ||||||||||
3.250%, 04/28/25 | 3,600 | 3,572 | ||||||||||
State Grid Overseas Investment | ||||||||||||
4.125%, 05/07/24 (A) | 1,216 | 1,327 | ||||||||||
|
| |||||||||||
11,377 | ||||||||||||
|
| |||||||||||
Colombia — 5.5% | ||||||||||||
Bogota Distrito Capital | ||||||||||||
9.750%, 07/26/28 (A) | COP | 8,820,000 | 2,954 | |||||||||
9.750%, 07/26/28 | 370,000 | 124 | ||||||||||
Colombian TES | ||||||||||||
11.000%, 07/24/20 | 227,500 | 85 | ||||||||||
10.000%, 07/24/24 | 13,513,900 | 5,048 | ||||||||||
7.750%, 09/18/30 | 50,041,200 | 15,709 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 37 |
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund (Continued)
March 31, 2016
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
7.500%, 08/26/26 | COP | 24,777,400 | $ | 7,867 | ||||||||
7.000%, 05/04/22 | 16,840,300 | 5,395 | ||||||||||
6.000%, 04/28/28 | 19,726,700 | 5,425 | ||||||||||
Ecopetrol | ||||||||||||
7.375%, 09/18/43 | $ | 920 | 842 | |||||||||
5.875%, 09/18/23 | 1,779 | 1,754 | ||||||||||
5.875%, 05/28/45 | 1,799 | 1,416 | ||||||||||
5.375%, 06/26/26 | 717 | 652 | ||||||||||
Emgesa ESP | ||||||||||||
8.750%, 01/25/21 | COP | 1,450,000 | 463 | |||||||||
Empresas Publicas de Medellin ESP | ||||||||||||
8.375%, 02/01/21 | 4,272,000 | 1,354 | ||||||||||
7.625%, 09/10/24 (A) | 3,410,000 | 983 | ||||||||||
Financiera de Desarrollo Territorial Findeter | ||||||||||||
7.875%, 08/12/24 (A) | 1,645,000 | 467 | ||||||||||
7.875%, 08/12/24 | 884,000 | 251 | ||||||||||
Pacific Exploration and Production | ||||||||||||
5.625%, 01/19/25 (A) | $ | 2,298 | 391 | |||||||||
Pacific Rubiales Energy | ||||||||||||
5.375%, 01/26/19 | 900 | 153 | ||||||||||
Republic of Colombia MTN | ||||||||||||
11.750%, 02/25/20 | 322 | 423 | ||||||||||
10.375%, 01/28/33 | 360 | 512 | ||||||||||
9.850%, 06/28/27 | COP | 1,257,000 | 487 | |||||||||
9.850%, 06/28/27 | 5,078,000 | 1,966 | ||||||||||
8.125%, 05/21/24 | $ | 550 | 686 | |||||||||
7.750%, 04/14/21 | COP | 3,875,000 | 1,307 | |||||||||
7.375%, 09/18/37 | $ | 2,747 | 3,248 | |||||||||
6.125%, 01/18/41 | 4,737 | 4,974 | ||||||||||
5.625%, 02/26/44 | 902 | 897 | ||||||||||
5.000%, 06/15/45 | 1,705 | 1,586 | ||||||||||
4.500%, 01/28/26 | 3,100 | 3,170 | ||||||||||
4.375%, 07/12/21 | 3,546 | 3,697 | ||||||||||
4.375%, 03/21/23 (E) | COP | 1,184,000 | 330 | |||||||||
4.375%, 03/21/23 | 1,917,000 | 534 | ||||||||||
4.000%, 02/26/24 | $ | 4,188 | 4,209 | |||||||||
3.875%, 03/22/26 | EUR | 1,533 | 1,763 | |||||||||
|
| |||||||||||
81,122 | ||||||||||||
|
| |||||||||||
Costa Rica — 0.9% | ||||||||||||
Banco Nacional de Costa Rica | ||||||||||||
6.250%, 11/01/23 (A) | $ | 240 | 234 | |||||||||
Instituto Costarricense de Electricidad | ||||||||||||
6.950%, 11/10/21 | 400 | 399 | ||||||||||
6.375%, 05/15/43 | 250 | 185 | ||||||||||
Republic of Costa Rica | ||||||||||||
7.158%, 03/12/45 (A) | 1,237 | 1,120 | ||||||||||
7.158%, 03/12/45 | 1,533 | 1,387 | ||||||||||
7.000%, 04/04/44 | 1,887 | 1,703 | ||||||||||
7.000%, 04/04/44 (A) | 4,412 | 3,982 | ||||||||||
4.375%, 04/30/25 (A) | 381 | 333 | ||||||||||
4.375%, 04/30/25 | 2,627 | 2,299 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
4.250%, 01/26/23 | $ | 1,424 | $ | 1,299 | ||||||||
|
| |||||||||||
12,941 | ||||||||||||
|
| |||||||||||
Croatia — 1.3% | ||||||||||||
Government of Croatia | ||||||||||||
6.750%, 11/05/19 | 1,190 | 1,306 | ||||||||||
6.625%, 07/14/20 | 2,795 | 3,070 | ||||||||||
6.375%, 03/24/21 | 5,940 | 6,490 | ||||||||||
6.375%, 03/24/21 (A) | 2,229 | 2,435 | ||||||||||
6.000%, 01/26/24 | 1,100 | 1,197 | ||||||||||
6.000%, 01/26/24 (A) | 1,948 | 2,120 | ||||||||||
5.875%, 07/09/18 | EUR | 150 | 187 | |||||||||
5.500%, 04/04/23 | $ | 200 | 211 | |||||||||
3.000%, 03/11/25 | EUR | 2,150 | 2,313 | |||||||||
|
| |||||||||||
19,329 | ||||||||||||
|
| |||||||||||
Dominican Republic — 1.3% |
| |||||||||||
Dominican Republic | ||||||||||||
15.950%, 06/04/21 | DOP | 3,800 | 102 | |||||||||
11.500%, 05/10/24 | 55,000 | 1,274 | ||||||||||
11.000%, 01/05/18 | 6,320 | 141 | ||||||||||
11.000%, 07/30/21 (A) | 53,760 | 1,206 | ||||||||||
9.040%, 01/23/18 | $ | 794 | 842 | |||||||||
8.625%, 04/20/27 | 1,407 | 1,583 | ||||||||||
7.500%, 05/06/21 (A) | 1,774 | 1,934 | ||||||||||
7.450%, 04/30/44 (A) | 2,850 | 2,992 | ||||||||||
7.450%, 04/30/44 | 1,015 | 1,066 | ||||||||||
6.875%, 01/29/26 | 500 | 530 | ||||||||||
6.850%, 01/27/45 | 400 | 396 | ||||||||||
6.850%, 01/27/45 (A) | 1,699 | 1,682 | ||||||||||
6.600%, 01/28/24 | 882 | 937 | ||||||||||
5.875%, 04/18/24 | 210 | 215 | ||||||||||
5.875%, 04/18/24 (A) | 1,747 | 1,791 | ||||||||||
5.500%, 01/27/25 | 2,144 | 2,144 | ||||||||||
|
| |||||||||||
18,835 | ||||||||||||
|
| |||||||||||
Ecuador — 0.8% | ||||||||||||
EP PetroEcuador via Noble Sovereign Funding I | ||||||||||||
6.258%, 09/24/19 (C) | 3,624 | 3,158 | ||||||||||
Republic of Ecuador | ||||||||||||
10.500%, 03/24/20 | 1,321 | 1,189 | ||||||||||
10.500%, 03/24/20 (A) | 3,770 | 3,393 | ||||||||||
7.950%, 06/20/24 | 4,100 | 3,403 | ||||||||||
|
| |||||||||||
11,143 | ||||||||||||
|
| |||||||||||
Egypt — 0.4% | ||||||||||||
Government of Egypt | ||||||||||||
6.875%, 04/30/40 | 435 | 370 | ||||||||||
5.875%, 06/11/25 | 3,950 | 3,516 | ||||||||||
5.875%, 06/11/25 (A) | 2,140 | 1,905 | ||||||||||
|
| |||||||||||
5,791 | ||||||||||||
|
|
38 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
El Salvador — 1.0% | ||||||||||||
Republic of El Salvador | ||||||||||||
8.250%, 04/10/32 | $ | 1,423 | $ | 1,348 | ||||||||
8.250%, 04/10/32 | 513 | 486 | ||||||||||
7.750%, 01/24/23 | 708 | 694 | ||||||||||
7.650%, 06/15/35 | 6,336 | 5,544 | ||||||||||
7.625%, 02/01/41 | 530 | 449 | ||||||||||
7.375%, 12/01/19 | 1,120 | 1,115 | ||||||||||
6.375%, 01/18/27 | 3,131 | 2,709 | ||||||||||
6.375%, 01/18/27 (A) | 1,755 | 1,518 | ||||||||||
5.875%, 01/30/25 (A) | 638 | 550 | ||||||||||
5.875%, 01/30/25 | 210 | 181 | ||||||||||
|
| |||||||||||
14,594 | ||||||||||||
|
| |||||||||||
Ethiopia — 0.1% | ||||||||||||
Federal Democratic Republic of Ethiopia | ||||||||||||
6.625%, 12/11/24 (A) | 1,069 | 983 | ||||||||||
|
| |||||||||||
Gabon — 0.1% | ||||||||||||
Gabonese Republic | ||||||||||||
8.200%, 12/12/17 | 282 | 283 | ||||||||||
6.950%, 06/16/25 (A) | 388 | 323 | ||||||||||
6.375%, 12/12/24 (A) | 261 | 217 | ||||||||||
6.375%, 12/12/24 | 255 | 211 | ||||||||||
|
| |||||||||||
1,034 | ||||||||||||
|
| |||||||||||
Georgia — 0.2% | ||||||||||||
Georgian Railway | ||||||||||||
7.750%, 07/11/22 | 3,377 | 3,588 | ||||||||||
|
| |||||||||||
Ghana — 0.8% | ||||||||||||
Republic of Ghana | ||||||||||||
10.750%, 10/14/30 (A) | 1,250 | 1,220 | ||||||||||
10.750%, 10/14/30 | 4,141 | 4,042 | ||||||||||
8.500%, 10/04/17 (A) | 300 | 295 | ||||||||||
8.125%, 01/18/26 | 1,308 | 1,027 | ||||||||||
8.125%, 01/18/26 (A) | 2,622 | 2,058 | ||||||||||
7.875%, 08/07/23 | 3,097 | 2,454 | ||||||||||
|
| |||||||||||
11,096 | ||||||||||||
|
| |||||||||||
Guatemala — 0.1% | ||||||||||||
Comcel Trust | ||||||||||||
6.875%, 02/06/24 (A) | 1,090 | 1,019 | ||||||||||
|
| |||||||||||
Hungary — 4.5% | ||||||||||||
Magyar Export-Import Bank | ||||||||||||
4.000%, 01/30/20 (A) | 925 | 938 | ||||||||||
Republic of Hungary | ||||||||||||
7.625%, 03/29/41 | 7,760 | 10,988 | ||||||||||
7.500%, 11/12/20 | HUF | 262,990 | 1,186 | |||||||||
7.000%, 06/24/22 | 1,194,950 | 5,501 | ||||||||||
6.750%, 10/22/28 | 932,610 | 4,649 | ||||||||||
6.375%, 03/29/21 | $ | 5,556 | 6,312 | |||||||||
6.250%, 01/29/20 | 1,430 | 1,590 | ||||||||||
6.000%, 11/24/23 | HUF | 1,715,290 | 7,663 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
5.750%, 11/22/23 | $ | 5,134 | $ | 5,848 | ||||||||
5.500%, 12/22/16 | HUF | 555,220 | 2,078 | |||||||||
5.500%, 12/20/18 | 404,600 | 1,626 | ||||||||||
5.500%, 06/24/25 | 1,777,670 | 7,849 | ||||||||||
5.375%, 02/21/23 | $ | 3,757 | 4,164 | |||||||||
5.375%, 03/25/24 | 536 | 600 | ||||||||||
4.000%, 04/25/18 | HUF | 209,060 | 799 | |||||||||
4.000%, 03/25/19 | $ | 636 | 660 | |||||||||
3.500%, 06/24/20 | HUF | 121,180 | 469 | |||||||||
3.500%, 06/24/20 | 146,000 | 567 | ||||||||||
3.000%, 06/26/24 | 479,050 | 1,770 | ||||||||||
2.500%, 06/22/18 | 239,220 | 890 | ||||||||||
|
| |||||||||||
66,147 | ||||||||||||
|
| |||||||||||
India — 0.3% | ||||||||||||
ABJA Investment Pte | ||||||||||||
5.950%, 07/31/24 | $ | 472 | 439 | |||||||||
Bharti Airtel International Netherlands | ||||||||||||
5.125%, 03/11/23 | 3,155 | 3,370 | ||||||||||
Export-Import Bank of India MTN | ||||||||||||
4.000%, 08/07/17 | 200 | 205 | ||||||||||
|
| |||||||||||
4,014 | ||||||||||||
|
| |||||||||||
Indonesia — 8.5% | ||||||||||||
Indonesia Treasury Bond | ||||||||||||
8.750%, 05/15/31 | IDR | 31,451,000 | 2,486 | |||||||||
8.250%, 07/15/21 | 4,871,000 | 380 | ||||||||||
Majapahit Holding | ||||||||||||
8.000%, 08/07/19 | $ | 470 | 536 | |||||||||
7.875%, 06/29/37 (A) | 205 | 241 | ||||||||||
7.875%, 06/29/37 | 300 | 353 | ||||||||||
7.750%, 01/20/20 | 894 | 1,021 | ||||||||||
Pelabuhan Indonesia III | ||||||||||||
4.875%, 10/01/24 | 1,659 | 1,674 | ||||||||||
Pertamina Persero | ||||||||||||
6.500%, 05/27/41 (A) | 380 | 371 | ||||||||||
6.450%, 05/30/44 | 439 | 429 | ||||||||||
6.450%, 05/30/44 (A) | 665 | 646 | ||||||||||
6.000%, 05/03/42 | 340 | 310 | ||||||||||
6.000%, 05/03/42 (A) | 935 | 854 | ||||||||||
5.625%, 05/20/43 (A) | 889 | 783 | ||||||||||
5.625%, 05/20/43 | 3,882 | 3,419 | ||||||||||
5.250%, 05/23/21 (A) | 921 | 964 | ||||||||||
4.875%, 05/03/22 (A) | 220 | 223 | ||||||||||
Perusahaan Listrik Negara MTN | ||||||||||||
5.250%, 10/24/42 | 580 | 519 | ||||||||||
Republic of Indonesia MTN | ||||||||||||
12.800%, 06/15/21 | IDR | 210,000 | 19 | |||||||||
11.625%, 03/04/19 | $ | 80 | 100 | |||||||||
11.625%, 03/04/19 | 1,674 | 2,099 | ||||||||||
11.625%, 03/04/19 (A) | 975 | 1,223 | ||||||||||
11.000%, 09/15/25 | IDR | 3,200,000 | 289 | |||||||||
9.000%, 03/15/29 | 187,712,000 | 15,022 | ||||||||||
8.500%, 10/12/35 | $ | 925 | 1,253 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 39 |
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund (Continued)
March 31, 2016
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
8.375%, 03/15/24 | IDR | 239,219,000 | $ | 18,679 | ||||||||
8.375%, 09/15/26 | 38,580,000 | 3,044 | ||||||||||
8.375%, 03/15/34 | 151,246,000 | 11,524 | ||||||||||
8.250%, 06/15/32 | 17,369,000 | 1,305 | ||||||||||
8.250%, 05/15/36 | 74,822,000 | 5,670 | ||||||||||
7.875%, 04/15/19 | 40,146,000 | 3,053 | ||||||||||
7.750%, 01/17/38 | $ | 291 | 374 | |||||||||
7.750%, 01/17/38 | 6,825 | 8,778 | ||||||||||
7.000%, 05/15/22 | IDR | 158,680,000 | 11,524 | |||||||||
7.000%, 05/15/27 | 2,300,000 | 161 | ||||||||||
6.750%, 01/15/44 | $ | 1,000 | 1,209 | |||||||||
6.750%, 01/15/44 (A) | 650 | 786 | ||||||||||
6.625%, 05/15/33 | IDR | 35,776,000 | 2,286 | |||||||||
6.625%, 02/17/37 | $ | 1,426 | 1,653 | |||||||||
6.125%, 05/15/28 | IDR | 26,020,000 | 1,649 | |||||||||
5.950%, 01/08/46 | $ | 219 | 242 | |||||||||
5.875%, 01/15/24 | 2,876 | 3,230 | ||||||||||
5.875%, 01/15/24 (A) | 888 | 997 | ||||||||||
5.625%, 05/15/23 | IDR | 44,408,000 | 2,953 | |||||||||
5.250%, 01/17/42 | $ | 692 | 695 | |||||||||
4.875%, 05/05/21 (A) | 200 | 215 | ||||||||||
4.875%, 05/05/21 | 1,312 | 1,413 | ||||||||||
4.750%, 01/08/26 (A) | 900 | 944 | ||||||||||
4.750%, 01/08/26 | 1,044 | 1,095 | ||||||||||
4.125%, 01/15/25 | 1,331 | 1,337 | ||||||||||
3.375%, 04/15/23 (A) | 1,939 | 1,894 | ||||||||||
3.375%, 07/30/25 | EUR | 1,280 | 1,454 | |||||||||
2.875%, 07/08/21 (A) | 594 | 697 | ||||||||||
|
| |||||||||||
124,075 | ||||||||||||
|
| |||||||||||
Iraq — 0.3% | ||||||||||||
Republic of Iraq | ||||||||||||
5.800%, 01/15/28 | $ | 5,928 | 4,073 | |||||||||
|
| |||||||||||
Ivory Coast — 1.4% | ||||||||||||
Ivory Coast Government Bond | ||||||||||||
11.660%, 12/31/32 | 9,263 | 8,545 | ||||||||||
6.375%, 03/03/28 (A) | 2,946 | 2,784 | ||||||||||
5.750%, 12/31/32 | 1,200 | 1,107 | ||||||||||
5.750%, 12/31/32 | 3,413 | 3,148 | ||||||||||
5.375%, 07/23/24 (A) | 2,769 | 2,541 | ||||||||||
5.375%, 07/23/24 | 1,950 | 1,789 | ||||||||||
|
| |||||||||||
19,914 | ||||||||||||
|
| |||||||||||
Jamaica — 0.4% | ||||||||||||
Digicel Group | ||||||||||||
8.250%, 09/30/20 | 2,200 | 1,887 | ||||||||||
7.125%, 04/01/22 (A) | 1,040 | 808 | ||||||||||
Government of Jamaica | ||||||||||||
7.875%, 07/28/45 | 637 | 647 | ||||||||||
7.625%, 07/09/25 | 1,656 | 1,830 | ||||||||||
6.750%, 04/28/28 | 1,056 | 1,082 | ||||||||||
|
| |||||||||||
6,254 | ||||||||||||
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Kazakhstan — 1.0% | ||||||||||||
Development Bank of Kazakhstan | ||||||||||||
4.125%, 12/10/22 | $ | 770 | $ | 686 | ||||||||
KazAgro National Management Holding MTN | ||||||||||||
4.625%, 05/24/23 | 3,123 | 2,592 | ||||||||||
Kazakhstan Temir Zholy Finance | ||||||||||||
6.950%, 07/10/42 (A) | 250 | 220 | ||||||||||
KazMunayGas National | ||||||||||||
9.125%, 07/02/18 (A) | 561 | 612 | ||||||||||
9.125%, 07/02/18 | 1,071 | 1,168 | ||||||||||
7.000%, 05/05/20 (A) | 1,310 | 1,375 | ||||||||||
6.375%, 04/09/21 (A) | 4,195 | 4,311 | ||||||||||
6.375%, 04/09/21 | 734 | 754 | ||||||||||
Republic of Kazakhstan MTN | ||||||||||||
6.500%, 07/21/45 | 1,000 | 1,039 | ||||||||||
6.500%, 07/21/45 (A) | 360 | 374 | ||||||||||
6.375%, 10/06/20 (A) | 600 | 590 | ||||||||||
5.125%, 07/21/25 | 425 | 439 | ||||||||||
Samruk-Energy MTN | ||||||||||||
3.750%, 12/20/17 | 500 | 478 | ||||||||||
Zhaikmunai | ||||||||||||
6.375%, 02/14/19 (A) | 336 | 264 | ||||||||||
Zhaikmunai Via Zhaikmunai International | ||||||||||||
7.125%, 11/13/19 (A) | 497 | 394 | ||||||||||
|
| |||||||||||
15,296 | ||||||||||||
|
| |||||||||||
Kenya — 0.5% | ||||||||||||
Kenya Government International Bond | ||||||||||||
6.875%, 06/24/24 (A) | 2,662 | 2,509 | ||||||||||
6.875%, 06/24/24 | 673 | 634 | ||||||||||
5.875%, 06/24/19 (A) | 1,295 | 1,271 | ||||||||||
Kenya Infrastructure Bond | ||||||||||||
11.000%, 09/15/25 | KES | 230,000 | 2,128 | |||||||||
11.000%, 10/12/26 | 20,000 | 181 | ||||||||||
11.000%, 03/15/27 | 124,850 | 1,135 | ||||||||||
|
| |||||||||||
7,858 | ||||||||||||
|
| |||||||||||
Lithuania — 0.3% | ||||||||||||
Republic of Lithuania | ||||||||||||
7.375%, 02/11/20 | $ | 462 | 547 | |||||||||
7.375%, 02/11/20 (A) | 195 | 231 | ||||||||||
6.625%, 02/01/22 | 200 | 242 | ||||||||||
6.125%, 03/09/21 | 950 | 1,101 | ||||||||||
6.125%, 03/09/21 (A) | 1,424 | 1,651 | ||||||||||
|
| |||||||||||
3,772 | ||||||||||||
|
| |||||||||||
Luxembourg — 0.0% | ||||||||||||
Altice Financing | ||||||||||||
8.000%, 12/15/19 | EUR | 400 | 476 | |||||||||
|
| |||||||||||
Malaysia — 4.5% | ||||||||||||
1MDB Global Investments | ||||||||||||
4.400%, 03/09/23 | $ | 5,100 | 4,737 |
40 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Malaysia Government Bond | ||||||||||||
5.248%, 09/15/28 | MYR | 1,050 | $ | 295 | ||||||||
4.935%, 09/30/43 | 4,200 | 1,113 | ||||||||||
4.498%, 04/15/30 | 1,240 | 328 | ||||||||||
4.392%, 04/15/26 | 10,601 | 2,793 | ||||||||||
4.262%, 09/15/16 | 19,118 | 4,945 | ||||||||||
4.181%, 07/15/24 | 11,316 | 2,961 | ||||||||||
4.160%, 07/15/21 | 4,260 | 1,122 | ||||||||||
4.048%, 09/30/21 | 4,330 | 1,132 | ||||||||||
4.012%, 09/15/17 | 900 | 235 | ||||||||||
3.955%, 09/15/25 | 23,520 | 6,090 | ||||||||||
3.892%, 03/15/27 | 1,369 | 344 | ||||||||||
3.889%, 07/31/20 | 2,330 | 607 | ||||||||||
3.844%, 04/15/33 | 1,770 | 425 | ||||||||||
3.800%, 08/17/23 | 3,000 | 772 | ||||||||||
3.795%, 09/30/22 | 13,500 | 3,477 | ||||||||||
3.654%, 10/31/19 | 13,430 | 3,470 | ||||||||||
3.580%, 09/28/18 | 4,747 | 1,227 | ||||||||||
3.502%, 05/31/27 | 1,050 | 253 | ||||||||||
3.492%, 03/31/20 | 5,460 | 1,404 | ||||||||||
3.480%, 03/15/23 | 14,448 | 3,638 | ||||||||||
3.418%, 08/15/22 | 15,169 | 3,831 | ||||||||||
3.314%, 10/31/17 | 46,169 | 11,927 | ||||||||||
3.260%, 03/01/18 | 19,210 | 4,938 | ||||||||||
Petronas Capital MTN | ||||||||||||
4.500%, 03/18/45 (A) | $ | 1,010 | 1,047 | |||||||||
3.500%, 03/18/25 (A) | 2,593 | 2,640 | ||||||||||
|
| |||||||||||
65,751 | ||||||||||||
|
| |||||||||||
Mexico — 9.1% | ||||||||||||
Alfa | ||||||||||||
6.875%, 03/25/44 | 1,750 | 1,744 | ||||||||||
America Movil | ||||||||||||
7.125%, 12/09/24 | MXN | 18,110 | 1,025 | |||||||||
6.000%, 06/09/19 | 12,420 | 719 | ||||||||||
BBVA Bancomer | ||||||||||||
6.750%, 09/30/22 (A) | $ | 500 | 555 | |||||||||
Cemex | ||||||||||||
7.750%, 04/16/26 (A) | 528 | 541 | ||||||||||
6.125%, 05/05/25 (A) (E) | 1,239 | 1,159 | ||||||||||
5.700%, 01/11/25 (A) | 213 | 197 | ||||||||||
Cemex Finance | ||||||||||||
9.375%, 10/12/22 | 1,500 | 1,650 | ||||||||||
9.375%, 10/12/22 (A) | 572 | 629 | ||||||||||
6.000%, 04/01/24 (A) | 35 | 33 | ||||||||||
Comision Federal de Electricidad | ||||||||||||
7.350%, 11/25/25 | MXN | 21,225 | 1,178 | |||||||||
5.750%, 02/14/42 (A) | $ | 500 | 482 | |||||||||
4.875%, 01/15/24 (A) | 237 | 244 | ||||||||||
Fermaca Enterprises S de RL | ||||||||||||
6.375%, 03/30/38 (A) | 633 | 596 | ||||||||||
Mexican Bonos | ||||||||||||
7.750%, 11/23/34 | MXN | 16,946 | 1,115 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
7.750%, 11/13/42 | MXN | 36,350 | $ | 2,388 | ||||||||
7.500%, 06/03/27 | 9,023 | 584 | ||||||||||
6.500%, 06/09/22 | 87,639 | 5,360 | ||||||||||
5.750%, 03/05/26 | 30,679 | 1,763 | ||||||||||
5.000%, 06/15/17 | 34,891 | 2,059 | ||||||||||
5.000%, 12/11/19 | 69,650 | 4,050 | ||||||||||
Mexican Bonos, Ser M10 | ||||||||||||
8.500%, 12/13/18 | 71,640 | 4,572 | ||||||||||
7.750%, 12/14/17 | 54,701 | 3,381 | ||||||||||
7.250%, 12/15/16 | 14,611 | 871 | ||||||||||
Mexican Bonos, Ser M20 | ||||||||||||
10.000%, 12/05/24 | 256,240 | 19,194 | ||||||||||
8.500%, 05/31/29 | 27,273 | 1,904 | ||||||||||
8.000%, 12/07/23 | 11,575 | 768 | ||||||||||
7.750%, 05/29/31 | 90,900 | 5,981 | ||||||||||
Mexican Bonos, Ser M30 | ||||||||||||
8.500%, 11/18/38 | 93,076 | 6,575 | ||||||||||
Mexican Udibonos | ||||||||||||
4.426%, 12/04/25 | 38,754 | 2,561 | ||||||||||
2.000%, 06/09/22 | 1,471 | 450 | ||||||||||
Mexico Cetes | ||||||||||||
4.177%, 10/13/16 | 320,040 | 1,825 | ||||||||||
4.013%, 06/23/16 | 48,431 | 280 | ||||||||||
4.011%, 07/21/16 | 257,745 | 1,486 | ||||||||||
Petroleos Mexicanos MTN | ||||||||||||
9.500%, 09/15/27 | $ | 169 | 200 | |||||||||
7.190%, 09/12/24 | MXN | 55,630 | 2,813 | |||||||||
6.875%, 08/04/26 | $ | 4,638 | 5,021 | |||||||||
6.875%, 08/04/26 (A) | 4,738 | 5,129 | ||||||||||
6.625%, 06/15/35 | 4,931 | 4,734 | ||||||||||
6.625%, 06/15/38 | 2,088 | 1,978 | ||||||||||
6.500%, 06/02/41 | 1,709 | 1,609 | ||||||||||
6.375%, 02/04/21 (A) | 326 | 348 | ||||||||||
6.375%, 01/23/45 (A) | 806 | 747 | ||||||||||
6.000%, 03/05/20 | 335 | 354 | ||||||||||
5.625%, 01/23/46 | 722 | 607 | ||||||||||
5.500%, 01/21/21 | 275 | 285 | ||||||||||
5.500%, 06/27/44 | 623 | 518 | ||||||||||
5.500%, 06/27/44 | 284 | 236 | ||||||||||
4.875%, 01/24/22 | 271 | 269 | ||||||||||
4.875%, 01/18/24 | 1,192 | 1,168 | ||||||||||
4.500%, 01/23/26 | 314 | 292 | ||||||||||
4.250%, 01/15/25 | 3,625 | 3,358 | ||||||||||
4.250%, 01/15/25 | 2,083 | 1,929 | ||||||||||
3.500%, 01/30/23 | 46 | 42 | ||||||||||
3.500%, 01/30/23 (A) | 40 | 36 | ||||||||||
2.750%, 04/21/27 | EUR | 350 | 315 | |||||||||
Petroloes Mexicanos MTN | ||||||||||||
5.625%, 01/23/46 (A) | $ | 1,437 | 1,208 | |||||||||
Sixsigma Networks Mexico | ||||||||||||
8.250%, 11/07/21 (A) | 527 | 497 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 41 |
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund (Continued)
March 31, 2016
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
United Mexican States MTN | ||||||||||||
7.500%, 04/08/33 | $ | 336 | $ | 461 | ||||||||
6.050%, 01/11/40 | 648 | 760 | ||||||||||
5.750%, 10/12/10 | 468 | 474 | ||||||||||
5.550%, 01/21/45 | 812 | 899 | ||||||||||
4.750%, 03/08/44 | 1,770 | 1,766 | ||||||||||
4.600%, 01/23/46 | 2,301 | 2,243 | ||||||||||
4.125%, 01/21/26 | 5,300 | 5,557 | ||||||||||
4.000%, 10/02/23 | 4,689 | 4,912 | ||||||||||
3.600%, 01/30/25 | 3,804 | 3,880 | ||||||||||
|
| |||||||||||
132,564 | ||||||||||||
|
| |||||||||||
Mongolia — 0.6% | ||||||||||||
Development Bank of Mongolia MTN | ||||||||||||
5.750%, 03/21/17 | 902 | 868 | ||||||||||
Mongolia Government Bond | ||||||||||||
10.875%, 04/06/21 | 1,205 | 1,205 | ||||||||||
5.125%, 12/05/22 | 481 | 373 | ||||||||||
5.125%, 12/05/22 | 5,932 | 4,600 | ||||||||||
4.125%, 01/05/18 | 831 | 761 | ||||||||||
Trade & Development Bank of Mongolia MTN | ||||||||||||
9.375%, 05/19/20 (A) | 355 | 325 | ||||||||||
9.375%, 05/19/20 | 350 | 321 | ||||||||||
|
| |||||||||||
8,453 | ||||||||||||
|
| |||||||||||
Montenegro — 0.2% | ||||||||||||
Republic of Montenegro | ||||||||||||
5.750%, 03/10/21 | EUR | 1,500 | 1,684 | |||||||||
5.750%, 03/10/21 (A) | 551 | 618 | ||||||||||
5.375%, 05/20/19 | 399 | 462 | ||||||||||
|
| |||||||||||
2,764 | ||||||||||||
|
| |||||||||||
Morocco — 0.2% | ||||||||||||
Kingdom of Morocco | ||||||||||||
5.500%, 12/11/42 | $ | 1,795 | 1,862 | |||||||||
5.500%, 12/11/42 (A) | 200 | 208 | ||||||||||
4.250%, 12/11/22 (A) | 287 | 293 | ||||||||||
OCP | ||||||||||||
6.875%, 04/25/44 (A) | 655 | 679 | ||||||||||
5.625%, 04/25/24 (A) | 305 | 317 | ||||||||||
4.500%, 10/22/25 (A) | 288 | 276 | ||||||||||
|
| |||||||||||
3,635 | ||||||||||||
|
| |||||||||||
Mozambique — 0.0% | ||||||||||||
EMATUM Via Mozambique EMATUM Finance 2020 | ||||||||||||
6.305%, 09/11/20 | 532 | 448 | ||||||||||
|
| |||||||||||
Namibia — 0.1% | ||||||||||||
Namibia International Bonds | ||||||||||||
5.250%, 10/29/25 (A) | 1,132 | 1,092 | ||||||||||
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Nigeria — 0.2% | ||||||||||||
Republic of Nigeria | ||||||||||||
6.750%, 01/28/21 | $ | 2,008 | $ | 1,933 | ||||||||
6.750%, 01/28/21 (A) | 550 | 529 | ||||||||||
|
| |||||||||||
2,462 | ||||||||||||
|
| |||||||||||
Pakistan — 0.3% | ||||||||||||
Republic of Pakistan | ||||||||||||
8.250%, 04/15/24 | 3,900 | 4,142 | ||||||||||
7.250%, 04/15/19 (A) | 500 | 524 | ||||||||||
6.875%, 06/01/17 | 430 | 444 | ||||||||||
6.875%, 06/01/17 | 100 | 104 | ||||||||||
|
| |||||||||||
5,214 | ||||||||||||
|
| |||||||||||
Panama — 1.0% | ||||||||||||
Panama Notas del Tesoro | ||||||||||||
4.875%, 02/05/21 | 704 | 740 | ||||||||||
Republic of Panama | ||||||||||||
9.375%, 01/16/23 | 560 | 752 | ||||||||||
9.375%, 04/01/29 | 3,456 | 5,149 | ||||||||||
8.875%, 09/30/27 | 1,345 | 1,927 | ||||||||||
8.125%, 04/28/34 | 2,128 | 2,883 | ||||||||||
6.700%, 01/26/36 | 1,350 | 1,721 | ||||||||||
4.300%, 04/29/53 | 130 | 122 | ||||||||||
4.000%, 09/22/24 | 901 | 946 | ||||||||||
3.750%, 03/16/25 | 862 | 886 | ||||||||||
|
| |||||||||||
15,126 | ||||||||||||
|
| |||||||||||
Paraguay — 0.4% | ||||||||||||
Republic of Paraguay | ||||||||||||
6.100%, 08/11/44 (A) | 906 | 924 | ||||||||||
6.100%, 08/11/44 | 861 | 878 | ||||||||||
5.000%, 04/15/26 | 956 | 956 | ||||||||||
4.625%, 01/25/23 | 2,616 | 2,642 | ||||||||||
Telefonica Celular del Paraguay | ||||||||||||
6.750%, 12/13/22 | 200 | 196 | ||||||||||
6.750%, 12/13/22 | 200 | 196 | ||||||||||
|
| |||||||||||
5,792 | ||||||||||||
|
| |||||||||||
Peru — 2.2% | ||||||||||||
Abengoa Transmision Sur | ||||||||||||
6.875%, 04/30/43 (A) | 273 | 275 | ||||||||||
Peru Enhanced Pass-Through Finance | ||||||||||||
4.893%, 06/02/25 (A) | 1,000 | 765 | ||||||||||
1.506%, 05/31/18 (A) | 182 | 174 | ||||||||||
1.503%, 05/31/18 | 67 | 64 | ||||||||||
Republic of Peru | ||||||||||||
8.750%, 11/21/33 | 3,637 | 5,374 | ||||||||||
8.200%, 08/12/26 | PEN | 6,268 | 2,051 | |||||||||
7.350%, 07/21/25 | $ | 1,344 | 1,767 | |||||||||
6.950%, 08/12/31 | PEN | 6,696 | 1,959 | |||||||||
6.950%, 08/12/31 | 9,861 | 2,885 | ||||||||||
6.850%, 02/12/42 | 613 | 170 | ||||||||||
6.550%, 03/14/37 | $ | 1,794 | 2,234 | |||||||||
5.700%, 08/12/24 | PEN | 10,994 | 3,103 |
42 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
5.700%, 08/12/24 (A) | PEN | 10,512 | $ | 2,986 | ||||||||
4.125%, 08/25/27 | $ | 111 | 116 | |||||||||
3.750%, 03/01/30 | EUR | 6,138 | 7,107 | |||||||||
Southern Copper | ||||||||||||
3.875%, 04/23/25 | $ | 680 | 652 | |||||||||
|
| |||||||||||
31,682 | ||||||||||||
|
| |||||||||||
Philippines — 0.1% | ||||||||||||
Development Bank of Philippines | ||||||||||||
5.500%, 03/25/21 | 330 | 371 | ||||||||||
Republic of Philippines | ||||||||||||
3.900%, 11/26/22 | PHP | 45,000 | 963 | |||||||||
3.700%, 03/01/41 | $ | 307 | 324 | |||||||||
|
| |||||||||||
1,658 | ||||||||||||
|
| |||||||||||
Poland — 4.5% | ||||||||||||
Republic of Poland | ||||||||||||
5.125%, 04/21/21 | 1,871 | 2,091 | ||||||||||
5.000%, 03/23/22 | 249 | 278 | ||||||||||
4.000%, 10/25/23 | PLN | 14,550 | 4,303 | |||||||||
4.000%, 01/22/24 | $ | 446 | 476 | |||||||||
3.750%, 04/25/18 | PLN | 4,860 | 1,366 | |||||||||
3.250%, 07/25/25 | 72,643 | 20,356 | ||||||||||
3.000%, 03/17/23 | $ | 1,829 | 1,834 | |||||||||
2.750%, 08/25/23 | PLN | 16,397 | 5,449 | |||||||||
2.500%, 07/25/18 | 12,600 | 3,461 | ||||||||||
2.500%, 07/25/26 | 40,576 | 10,576 | ||||||||||
2.000%, 04/25/21 | 3,349 | 893 | ||||||||||
1.707%, 07/25/17 | 2,390 | 631 | ||||||||||
1.500%, 04/25/20 | 25,155 | 6,646 | ||||||||||
Republic of Poland, Ser 0922 | ||||||||||||
5.750%, 09/23/22 | 21,939 | 7,094 | ||||||||||
|
| |||||||||||
65,454 | ||||||||||||
|
| |||||||||||
Qatar — 0.5% | ||||||||||||
Ooredoo International Finance | ||||||||||||
7.875%, 06/10/19 | $ | 665 | 776 | |||||||||
State of Qatar | ||||||||||||
9.750%, 06/15/30 | 2,237 | 3,632 | ||||||||||
6.400%, 01/20/40 | 2,088 | 2,780 | ||||||||||
|
| |||||||||||
7,188 | ||||||||||||
|
| |||||||||||
Romania — 1.0% | ||||||||||||
Government of Romania | ||||||||||||
6.750%, 02/07/22 (A) | 350 | 414 | ||||||||||
6.750%, 02/07/22 | 2,459 | 2,913 | ||||||||||
6.125%, 01/22/44 | 300 | 366 | ||||||||||
5.950%, 06/11/21 | RON | 650 | 192 | |||||||||
5.850%, 04/26/23 | 9,250 | 2,780 | ||||||||||
4.875%, 01/22/24 | $ | 216 | 238 | |||||||||
4.750%, 02/24/25 | RON | 18,880 | 5,333 | |||||||||
4.375%, 08/22/23 | $ | 396 | 421 | |||||||||
3.500%, 12/19/22 | RON | 5,115 | 1,343 | |||||||||
|
| |||||||||||
14,000 | ||||||||||||
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
Russia — 4.9% | ||||||||||||
Alfa Bank Via Alfa Bond Issuance | ||||||||||||
7.750%, 04/28/21 | $ | 1,500 | $ | 1,617 | ||||||||
Gaz Capital | ||||||||||||
6.510%, 03/07/22 (A) | 224 | 235 | ||||||||||
Gazprom Neft OAO Via GPN Capital | ||||||||||||
4.375%, 09/19/22 (A) | 230 | 212 | ||||||||||
Gazprom OAO Via Gaz Capital | ||||||||||||
9.250%, 04/23/19 | 1,492 | 1,691 | ||||||||||
9.250%, 04/23/19 (A) | 381 | 432 | ||||||||||
6.510%, 03/07/22 | 193 | 202 | ||||||||||
5.999%, 01/23/21 (A) | 310 | 320 | ||||||||||
4.950%, 07/19/22 (A) | 157 | 153 | ||||||||||
4.950%, 02/06/28 (A) | 2,390 | 2,163 | ||||||||||
Ritekro | ||||||||||||
13.956%, 11/07/22 (F) (G) | 914 | 457 | ||||||||||
Rosneft Oil via Rosneft International Finance | ||||||||||||
4.199%, 03/06/22 (A) | 465 | 432 | ||||||||||
3.149%, 03/06/17 (A) | 7 | 7 | ||||||||||
Russian Federal Bond - OFZ | ||||||||||||
8.150%, 02/03/27 | RUB | 34,254 | 486 | |||||||||
7.600%, 04/14/21 | 656,180 | 9,274 | ||||||||||
7.600%, 07/20/22 | 463,335 | 6,465 | ||||||||||
7.500%, 03/15/18 | 180,510 | 2,620 | ||||||||||
7.500%, 02/27/19 | 274,827 | 3,939 | ||||||||||
7.400%, 04/19/17 | 70,000 | 1,025 | ||||||||||
7.050%, 01/19/28 | 365,672 | 4,740 | ||||||||||
7.000%, 01/25/23 | 193,576 | 2,612 | ||||||||||
7.000%, 08/16/23 | 374,212 | 5,026 | ||||||||||
6.900%, 08/03/16 | 42,224 | 626 | ||||||||||
6.800%, 12/11/19 | 85,636 | 1,191 | ||||||||||
6.700%, 05/15/19 | 591,505 | 8,279 | ||||||||||
6.500%, 12/03/14 (D) | 22,770 | 305 | ||||||||||
6.400%, 05/27/20 | 228,079 | 3,110 | ||||||||||
6.200%, 01/31/18 | 255,304 | 3,626 | ||||||||||
Russian Foreign Bond - Eurobond | ||||||||||||
5.875%, 09/16/43 | $ | 800 | 826 | |||||||||
5.625%, 04/04/42 | 1,400 | 1,415 | ||||||||||
4.875%, 09/16/23 | 1,600 | 1,671 | ||||||||||
4.875%, 09/16/23 (A) | 1,200 | 1,253 | ||||||||||
3.250%, 04/04/17 | 600 | 605 | ||||||||||
Vnesheconombank Via VEB Finance | ||||||||||||
6.902%, 07/09/20 | 1,310 | 1,351 | ||||||||||
6.800%, 11/22/25 | 2,294 | 2,298 | ||||||||||
6.800%, 11/22/25 (A) | 150 | 150 | ||||||||||
5.450%, 11/22/17 (A) | 400 | 405 | ||||||||||
|
| |||||||||||
71,219 | ||||||||||||
|
| |||||||||||
Senegal — 0.3% | ||||||||||||
Republic of Senegal | ||||||||||||
8.750%, 05/13/21 | 790 | 851 | ||||||||||
8.750%, 05/13/21 (A) | 540 | 582 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 43 |
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund (Continued)
March 31, 2016
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
6.250%, 07/30/24 | $ | 3,530 | $ | 3,283 | ||||||||
6.250%, 07/30/24 (A) | 426 | 396 | ||||||||||
|
| |||||||||||
5,112 | ||||||||||||
|
| |||||||||||
Serbia — 0.6% | ||||||||||||
Republic of Serbia | ||||||||||||
7.250%, 09/28/21 | 5,392 | 6,026 | ||||||||||
7.250%, 09/28/21 (A) | 200 | 223 | ||||||||||
5.875%, 12/03/18 (A) | 530 | 554 | ||||||||||
4.875%, 02/25/20 | 2,715 | 2,757 | ||||||||||
|
| |||||||||||
9,560 | ||||||||||||
|
| |||||||||||
Slovenia — 0.8% | ||||||||||||
Slovenia Government International Bond | ||||||||||||
5.850%, 05/10/23 | 1,800 | 2,075 | ||||||||||
5.250%, 02/18/24 | 9,080 | 10,170 | ||||||||||
|
| |||||||||||
12,245 | ||||||||||||
|
| |||||||||||
South Africa — 5.2% | ||||||||||||
Eskom Holdings | ||||||||||||
7.125%, 02/11/25 | 2,320 | 2,143 | ||||||||||
7.125%, 02/11/25 (A) | 4,613 | 4,261 | ||||||||||
6.750%, 08/06/23 | 1,625 | 1,499 | ||||||||||
6.750%, 08/06/23 (A) (E) | 1,289 | 1,189 | ||||||||||
5.750%, 01/26/21 | 1,389 | 1,278 | ||||||||||
Republic of South Africa | ||||||||||||
10.500%, 12/21/26 | ZAR | 165,214 | 12,273 | |||||||||
8.875%, 02/28/35 | 7,030 | 441 | ||||||||||
8.750%, 01/31/44 | 20,346 | 1,232 | ||||||||||
8.750%, 02/28/48 | 13,630 | 823 | ||||||||||
8.500%, 01/31/37 | 40,525 | 2,435 | ||||||||||
8.250%, 09/15/17 | 8,000 | 545 | ||||||||||
8.250%, 03/31/32 | 23,842 | 1,433 | ||||||||||
8.000%, 12/21/18 | 12,488 | 840 | ||||||||||
8.000%, 01/31/30 | 177,437 | 10,665 | ||||||||||
7.750%, 02/28/23 | 108,686 | 6,925 | ||||||||||
7.250%, 01/15/20 | 62,032 | 4,039 | ||||||||||
7.000%, 02/28/31 | 103,711 | 5,617 | ||||||||||
6.875%, 05/27/19 | $ | 580 | 637 | |||||||||
6.750%, 03/31/21 | ZAR | 78,500 | 4,922 | |||||||||
6.500%, 02/28/41 | 39,901 | 1,878 | ||||||||||
6.250%, 03/31/36 | 78,799 | 3,729 | ||||||||||
5.875%, 09/16/25 | $ | 4,698 | 5,083 | |||||||||
Transnet SOC | ||||||||||||
9.500%, 05/13/21 (A) | ZAR | 13,360 | 826 | |||||||||
4.000%, 07/26/22 | $ | 600 | 542 | |||||||||
ZAR Sovereign Capital Fund Propriety | ||||||||||||
3.903%, 06/24/20 (A) | 1,046 | 1,035 | ||||||||||
|
| |||||||||||
76,290 | ||||||||||||
|
| |||||||||||
Sri Lanka — 0.8% | ||||||||||||
Republic of Sri Lanka | ||||||||||||
6.850%, 11/03/25 | 4,469 | 4,260 | ||||||||||
6.850%, 11/03/25 (A) | 1,737 | 1,656 | ||||||||||
6.250%, 07/27/21 | 2,755 | 2,687 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
6.000%, 01/14/19 | $ | 238 | $ | 238 | ||||||||
5.875%, 07/25/22 | 1,020 | 961 | ||||||||||
5.875%, 07/25/22 (A) | 2,238 | 2,108 | ||||||||||
|
| |||||||||||
11,910 | ||||||||||||
|
| |||||||||||
Supra-National — 0.1% | ||||||||||||
European Investment Bank MTN | ||||||||||||
8.500%, 09/17/24 | ZAR | 9,200 | 593 | |||||||||
Inter-American Development Bank MTN | ||||||||||||
7.350%, 09/12/18 | IDR | 20,140,000 | 1,488 | |||||||||
|
| |||||||||||
2,081 | ||||||||||||
|
| |||||||||||
Thailand — 2.6% | ||||||||||||
Thailand Government Bond | ||||||||||||
5.670%, 03/13/28 | THB | 3,000 | 119 | |||||||||
4.875%, 06/22/29 | 143,838 | 5,470 | ||||||||||
4.675%, 06/29/44 | 4,171 | 163 | ||||||||||
3.875%, 06/13/19 | 68,000 | 2,083 | ||||||||||
3.850%, 12/12/25 | 143,363 | 4,843 | ||||||||||
3.650%, 12/17/21 | 386,356 | 12,272 | ||||||||||
3.625%, 06/16/23 | 243,651 | 7,875 | ||||||||||
3.580%, 12/17/27 | 69,970 | 2,344 | ||||||||||
2.550%, 06/26/20 | 40,000 | 1,189 | ||||||||||
1.250%, 03/12/28 | 22,900 | 627 | ||||||||||
1.200%, 07/14/21 | 59,400 | 1,759 | ||||||||||
|
| |||||||||||
38,744 | ||||||||||||
|
| |||||||||||
Trinidad & Tobago — 0.0% | ||||||||||||
Republic of Trinidad & Tobago | ||||||||||||
4.375%, 01/16/24 (A) | $ | 395 | 416 | |||||||||
|
| |||||||||||
Tunisia — 0.1% | ||||||||||||
Banque Centrale de Tunisie | ||||||||||||
5.750%, 01/30/25 (A) | 1,298 | 1,123 | ||||||||||
|
| |||||||||||
Turkey — 7.0% | ||||||||||||
Export Credit Bank of Turkey MTN | ||||||||||||
5.875%, 04/24/19 (A) | 200 | 210 | ||||||||||
5.375%, 02/08/21 (A) | 896 | 912 | ||||||||||
5.000%, 09/23/21 (A) | 538 | 540 | ||||||||||
KOC Holding | ||||||||||||
5.250%, 03/15/23 | 1,840 | 1,835 | ||||||||||
Republic of Turkey | ||||||||||||
11.875%, 01/15/30 | 900 | 1,532 | ||||||||||
10.500%, 01/15/20 | TRY | 15,670 | 5,727 | |||||||||
10.400%, 03/27/19 | 3,560 | 1,289 | ||||||||||
10.400%, 03/20/24 | 2,250 | 829 | ||||||||||
9.500%, 01/12/22 | 8,610 | 3,030 | ||||||||||
9.400%, 07/08/20 | 53,256 | 18,782 | ||||||||||
9.000%, 03/08/17 | 8,479 | 2,987 | ||||||||||
9.000%, 07/24/24 | 12,758 | 4,345 | ||||||||||
8.800%, 11/14/18 | 9,824 | 3,420 | ||||||||||
8.500%, 07/10/19 | 3,658 | 1,259 | ||||||||||
8.500%, 09/14/22 | 13,148 | 4,400 |
44 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
8.300%, 06/20/18 | TRY | 14,151 | $ | 4,890 | ||||||||
8.000%, 03/12/25 | 2,113 | 674 | ||||||||||
8.000%, 02/14/34 | $ | 1,350 | 1,765 | |||||||||
7.500%, 11/07/19 | 2,260 | 2,577 | ||||||||||
7.400%, 02/05/20 | TRY | 38,587 | 12,738 | |||||||||
7.375%, 02/05/25 | $ | 1,258 | 1,508 | |||||||||
7.100%, 03/08/23 | TRY | 6,560 | 2,027 | |||||||||
7.000%, 06/05/20 | $ | 2,300 | 2,603 | |||||||||
6.875%, 03/17/36 | 1,787 | 2,109 | ||||||||||
6.750%, 04/03/18 | 1,374 | 1,479 | ||||||||||
6.750%, 05/30/40 | 1,889 | 2,215 | ||||||||||
6.300%, 02/14/18 | TRY | 1,090 | 365 | |||||||||
6.250%, 09/26/22 | $ | 2,414 | 2,684 | |||||||||
6.000%, 01/14/41 | 280 | 302 | ||||||||||
5.750%, 03/22/24 | 801 | 869 | ||||||||||
5.625%, 03/30/21 | 1,912 | 2,063 | ||||||||||
5.125%, 03/25/22 | 2,063 | 2,169 | ||||||||||
4.875%, 10/09/26 | 504 | 510 | ||||||||||
4.875%, 04/16/43 | 673 | 624 | ||||||||||
4.250%, 04/14/26 | 1,278 | 1,244 | ||||||||||
3.000%, 08/02/23 | TRY | 6,285 | 2,288 | |||||||||
TC Ziraat Bankasi | ||||||||||||
4.250%, 07/03/19 (A) | $ | 1,440 | 1,440 | |||||||||
Turk Telekomunikasyon | ||||||||||||
4.875%, 06/19/24 | 1,750 | 1,677 | ||||||||||
|
| |||||||||||
101,917 | ||||||||||||
|
| |||||||||||
Ukraine — 1.3% | ||||||||||||
Government of Ukraine | ||||||||||||
7.750%, 09/01/19 | 109 | 102 | ||||||||||
7.750%, 09/01/20 | 535 | 502 | ||||||||||
7.750%, 09/01/20 (A) | 2,179 | 2,044 | ||||||||||
7.750%, 09/01/21 | 516 | 478 | ||||||||||
7.750%, 09/01/21 (A) | 730 | 676 | ||||||||||
7.750%, 09/01/22 | 516 | 472 | ||||||||||
7.750%, 09/01/22 (A) | 3,325 | 3,042 | ||||||||||
7.750%, 09/01/23 | 516 | 467 | ||||||||||
7.750%, 09/01/23 (A) | 930 | 841 | ||||||||||
7.750%, 09/01/24 (A) | 730 | 653 | ||||||||||
7.750%, 09/01/24 | 3,116 | 2,785 | ||||||||||
7.750%, 09/01/25 (A) | 2,477 | 2,196 | ||||||||||
7.750%, 09/01/25 | 400 | 355 | ||||||||||
7.750%, 09/01/26 | 400 | 353 | ||||||||||
7.750%, 09/01/26 (A) (E) | 1,125 | 993 | ||||||||||
7.750%, 09/01/27 (A) | 523 | 461 | ||||||||||
7.750%, 09/01/27 | 1,090 | 962 | ||||||||||
3.242%, 05/31/40 (A) (C) | 1,406 | 460 | ||||||||||
0.000%, 05/31/40 (C) | 953 | 311 | ||||||||||
Ukreximbank Via Biz Finance | ||||||||||||
9.625%, 04/27/22 (A) | 1,711 | 1,506 | ||||||||||
|
| |||||||||||
19,659 | ||||||||||||
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
United Arab Emirates — 0.3% | ||||||||
DP World MTN | ||||||||
6.850%, 07/02/37 | $ | 1,800 | $ | 1,835 | ||||
MAF Global Securities | ||||||||
7.125%, 10/29/49 (C) | 2,490 | 2,615 | ||||||
|
| |||||||
4,450 | ||||||||
|
| |||||||
Uruguay — 0.5% | ||||||||
Republic of Uruguay PIK | ||||||||
7.875%, 01/15/33 | — | — | ||||||
Republic of Uruguay | ||||||||
5.100%, 06/18/50 | 5,614 | 5,221 | ||||||
4.375%, 10/27/27 | 1,443 | 1,479 | ||||||
4.125%, 11/20/45 | 458 | 392 | ||||||
|
| |||||||
7,092 | ||||||||
|
| |||||||
Venezuela — 1.5% | ||||||||
Petroleos de Venezuela | ||||||||
8.500%, 11/02/17 | 4,800 | 2,544 | ||||||
8.500%, 11/02/17 | 6,406 | 3,396 | ||||||
6.000%, 05/16/24 | 7,710 | 2,394 | ||||||
5.500%, 04/12/37 | 4,700 | 1,492 | ||||||
5.250%, 04/12/17 | 6,755 | 3,431 | ||||||
5.250%, 04/12/17 | 156 | 79 | ||||||
5.125%, 10/28/16 (E) | 337 | 263 | ||||||
Republic of Venezuela | ||||||||
13.625%, 08/15/18 | 1,716 | 1,042 | ||||||
13.625%, 08/15/18 | 144 | 80 | ||||||
11.950%, 08/05/31 | 1,420 | 561 | ||||||
11.750%, 10/21/26 | 2,515 | 987 | ||||||
9.375%, 01/13/34 | 5,886 | 2,089 | ||||||
9.250%, 09/15/27 | 1,313 | 525 | ||||||
9.250%, 05/07/28 | 445 | 157 | ||||||
8.250%, 10/13/24 | 500 | 170 | ||||||
8.250%, 10/13/24 | 7,020 | 2,387 | ||||||
|
| |||||||
21,597 | ||||||||
|
| |||||||
Vietnam — 0.1% | ||||||||
Republic of Vietnam | ||||||||
4.800%, 11/19/24 (A) | 1,026 | 1,029 | ||||||
4.800%, 11/19/24 | 200 | 200 | ||||||
|
| |||||||
1,229 | ||||||||
|
| |||||||
Zambia — 0.3% | ||||||||
Republic of Zambia | ||||||||
8.970%, 07/30/27 (A) | 1,639 | 1,348 | ||||||
8.970%, 07/30/27 | 1,138 | 944 | ||||||
8.500%, 04/14/24 | 836 | 692 | ||||||
8.500%, 04/14/24 (A) | 732 | 606 | ||||||
5.375%, 09/20/22 | 421 | 320 | ||||||
|
| |||||||
3,910 | ||||||||
|
| |||||||
Total Global Bonds | 1,409,045 | |||||||
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 45 |
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund (Continued)
March 31, 2016
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
LOAN PARTICIPATIONS — 0.0% |
| |||||||||
Singapore — 0.0% | ||||||||||
Ashmore Cayman SPC, No. 1 | ||||||||||
0.000%, 08/31/11 (C) (F) (G) | 262 | $ | 131 | |||||||
Morton Bay | ||||||||||
6.220%, 12/31/13 (F) (G) | 3,158 | — | ||||||||
|
| |||||||||
131 | ||||||||||
|
| |||||||||
Total Loan Participations | 131 | |||||||||
|
| |||||||||
Shares | ||||||||||
AFFILIATED PARTNERSHIP — 0.8% |
| |||||||||
SEI Liquidity Fund, L.P. | ||||||||||
0.380%* † (H) | 12,104,103 | 12,104 | ||||||||
|
| |||||||||
Total Affiliated Partnership | 12,104 | |||||||||
|
| |||||||||
Total Investments — 97.3% | $ | 1,421,280 | ||||||||
|
|
A list of the open futures contracts held by the Fund at March 31, 2016, is as follows:
Type of Contract | Number of (Short) | Expiration Date | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
JSE Bond Future R186 | 107 | May-2016 | $ | 28 | ||||||||
JSE Bond Future R207 | 650 | May-2016 | 79 | |||||||||
JSE Bond Future R208 | 670 | May-2016 | 109 | |||||||||
Korea 10-Year Bond | 39 | Jun-2016 | 36 | |||||||||
Korea 3-Year Bond | 127 | Jun-2016 | 31 | |||||||||
U.S. 10-Year Treasury Note | 14 | Jun-2016 | (3 | ) | ||||||||
U.S. 10-Year Treasury Note | (289 | ) | Jun-2016 | 95 | ||||||||
U.S. 2-Year Treasury Note | 10 | Jul-2016 | (1 | ) | ||||||||
U.S. 5-Year Treasury Note | (25 | ) | Jun-2016 | 1 | ||||||||
U.S. Long Treasury Bond | 21 | Jun-2016 | (19 | ) | ||||||||
|
| |||||||||||
$ | 356 | |||||||||||
|
|
For the six months ended March 31, 2016, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for the derivative type during the six months.
A list of the open forward foreign currency contracts held by the Fund at March 31, 2016, is as follows:
Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||||||||||
04/04/16-06/30/16 | EUR | 27,463 | PLN | 120,630 | $ | 1,090 | ||||||||||||||
04/04/16-06/15/16 | USD | 32,892 | BRL | 127,390 | 2,610 | |||||||||||||||
04/04/16-06/15/16 | USD | 33,600 | EUR | 30,162 | 782 | |||||||||||||||
04/04/16-04/04/16 | PLN | 51,878 | EUR | 11,896 | (383 | ) | ||||||||||||||
04/04/16-06/15/16 | BRL | 131,006 | USD | 33,611 | (3,009 | ) | ||||||||||||||
04/05/16-07/01/16 | USD | 1,416 | PHP | 66,411 | 27 | |||||||||||||||
04/05/16-06/15/16 | EUR | 54,122 | USD | 60,275 | (1,423 | ) | ||||||||||||||
04/07/16-07/01/16 | USD | 17,539 | IDR | 234,632,632 | 179 | |||||||||||||||
04/07/16-05/04/16 | IDR | 184,405,380 | USD | 13,820 | (136 | ) | ||||||||||||||
04/08/16-06/15/16 | USD | 8,870 | RON | 35,987 | 309 | |||||||||||||||
04/08/16-05/04/16 | USD | 13,002 | KRW | 15,678,858 | 730 | |||||||||||||||
04/08/16-04/08/16 | EUR | 14,351 | RON | 64,323 | 47 | |||||||||||||||
04/08/16-06/15/16 | USD | 22,641 | THB | 804,755 | 214 | |||||||||||||||
04/08/16 | RON | 23,269 | EUR | 5,198 | (10 | ) | ||||||||||||||
04/08/16-06/15/16 | TRY | 49,945 | USD | 16,728 | (764 | ) | ||||||||||||||
04/08/16-04/25/16 | THB | 138,243 | USD | 3,822 | (107 | ) | ||||||||||||||
04/08/16-06/15/16 | KRW | 22,555,815 | USD | 18,667 | (1,091 | ) | ||||||||||||||
04/11/16-06/15/16 | USD | 42,095 | MXN | 771,904 | 2,799 | |||||||||||||||
04/12/16-08/10/16 | USD | 6,497 | NGN | 1,557,488 | 731 | |||||||||||||||
04/12/16-09/21/16 | USD | 35,668 | RUB | 2,686,487 | 4,370 | |||||||||||||||
04/12/16-08/17/16 | NGN | 1,437,301 | USD | 5,822 | (957 | ) | ||||||||||||||
04/12/16-06/15/16 | RUB | 2,870,629 | USD | 38,778 | (3,968 | ) | ||||||||||||||
04/14/16-06/15/16 | USD | 28,922 | ZAR | 445,804 | 1,085 | |||||||||||||||
04/18/16 | USD | 2,716 | TWD | 87,966 | 22 | |||||||||||||||
04/18/16-07/01/16 | USD | 15,713 | INR | 1,067,781 | 332 | |||||||||||||||
04/18/16-06/15/16 | USD | 16,040 | PLN | 61,678 | 526 | |||||||||||||||
04/18/16-06/15/16 | PLN | 24,974 | USD | 6,493 | (216 | ) | ||||||||||||||
04/18/16-06/15/16 | PEN | 85,492 | USD | 24,421 | (1,154 | ) | ||||||||||||||
04/18/16 | INR | 518,728 | USD | 7,575 | (247 | ) | ||||||||||||||
04/18/16-06/15/16 | TWD | 601,341 | USD | 18,356 | (379 | ) | ||||||||||||||
04/18/16-06/22/16 | COP | 20,154,912 | USD | 6,447 | (219 | ) | ||||||||||||||
04/20/16-04/27/16 | USD | 2,530 | CNY | 16,906 | 85 | |||||||||||||||
04/20/16-02/15/17 | CNY | 70,720 | USD | 10,485 | (279 | ) | ||||||||||||||
04/26/16 | EUR | 2,464 | HUF | 774,203 | (1 | ) | ||||||||||||||
04/26/16-04/26/16 | HUF | 4,184,441 | EUR | 13,456 | 164 | |||||||||||||||
04/27/16 | CNH | 16,295 | USD | 2,449 | (73 | ) | ||||||||||||||
04/27/16-06/21/16 | USD | 17,583 | CLP | 12,097,650 | 441 | |||||||||||||||
04/27/16-06/15/16 | ILS | 54,195 | USD | 13,884 | (552 | ) | ||||||||||||||
04/27/16 | CLP | 3,775,155 | USD | 5,211 | (423 | ) | ||||||||||||||
04/29/16-06/28/16 | USD | 7,206 | MYR | 29,011 | 290 | |||||||||||||||
05/04/16-05/11/16 | USD | 1,631 | PEN | 5,438 | (1 | ) | ||||||||||||||
05/04/16 | USD | 2,620 | CAD | 3,511 | 95 | |||||||||||||||
05/04/16 | USD | 2,820 | HUF | 791,996 | 53 | |||||||||||||||
05/04/16 | CAD | 3,511 | USD | 2,639 | (77 | ) | ||||||||||||||
05/04/16-06/15/16 | USD | 17,514 | TRY | 52,357 | 815 | |||||||||||||||
05/04/16-06/15/16 | MXN | 195,845 | USD | 10,833 | (541 | ) | ||||||||||||||
05/04/16-06/15/16 | HUF | 3,887,904 | USD | 13,875 | (220 | ) | ||||||||||||||
05/06/16 | JPY | 289,909 | USD | 2,542 | (40 | ) | ||||||||||||||
05/24/16-06/15/16 | ZAR | 258,291 | USD | 16,230 | (1,128 | ) |
46 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||||||||||
06/15/16 | RON | 4,860 | USD | 1,208 | $ | (33 | ) | |||||||||||||
06/15/16 | MYR | 6,476 | USD | 1,577 | (96 | ) | ||||||||||||||
06/15/16-06/22/16 | USD | 10,850 | COP | 33,912,257 | 360 | |||||||||||||||
06/15/16-06/16/16 | SGD | 19,516 | USD | 14,172 | (319 | ) | ||||||||||||||
07/29/16 | KES | 127,000 | USD | 1,122 | (109 | ) | ||||||||||||||
11/30/16 | ARS | 15,714 | USD | 865 | (54 | ) | ||||||||||||||
|
| |||||||||||||||||||
$ | 147 | |||||||||||||||||||
|
|
A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2016, is as follows:
Counterparty | Currency to Deliver ($ Thousands) | Currency to Receive ($ Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
Barclays PLC | $ | (8,757 | ) | $ | 8,434 | $ | (323 | ) |
Counterparty | Currency to Deliver ($ Thousands) | Currency to Receive ($ Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | |||||||||
Citigroup | $ | (123,728 | ) | $ | 121,729 | $ | (1,999 | ) | ||||
Deutsche Bank | (1,474 | ) | 1,503 | 29 | ||||||||
Goldman Sachs | (285,800 | ) | 283,940 | (1,860 | ) | |||||||
HSBC | (9,627 | ) | 9,399 | (228 | ) | |||||||
JPMorgan Chase Bank | (346,732 | ) | 351,234 | 4,502 | ||||||||
Merrill Lynch | (642 | ) | 682 | 40 | ||||||||
Morgan Stanley | (1,536 | ) | 1,604 | 68 | ||||||||
Standard Bank | (13,643 | ) | 13,606 | (37 | ) | |||||||
Standard Chartered | (90 | ) | 94 | 4 | ||||||||
Standard New York | (1,674 | ) | 1,577 | (97 | ) | |||||||
UBS | (1,716 | ) | 1,764 | 48 | ||||||||
|
| |||||||||||
$ | 147 | |||||||||||
|
|
For the six months ended March 31, 2016 the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for the derivative type during the six months.
A list of the open OTC swap agreements held by the Fund at March 31, 2016, is as follows:
Interest Rate Swaps | ||||||||||||||||||||
Counterparty | Fund Pays | Fund Receives | Termination Date | Currency | Notional Amount (Thousands) | Net Unrealized Appreciation (Depreciation) ($ Thousands) | ||||||||||||||
Goldman Sachs | 3-Month ZAR - JIBAR | 8.76% | 01/16/2029 | ZAR | 52,000 | $ | 32 | |||||||||||||
Goldman Sachs | 6-Month PLN - WIBOR | 2.76% | 03/15/2026 | PLN | 25,000 | 19 | ||||||||||||||
Goldman Sachs | 28-Day MXN - TIIE | 6.17% | 03/05/2026 | MXN | 47,200 | 23 | ||||||||||||||
Goldman Sachs | 28-Day MXN - TIIE | 6.21% | 12/08/2025 | MXN | 16,624 | 14 | ||||||||||||||
Goldman Sachs | 2.46% | 6-Month PLN - WIBOR | 09/22/2025 | PLN | 5,500 | (55 | ) | |||||||||||||
Goldman Sachs | 4.63% | 1-DAY CLP - CLICP | 08/21/2025 | CLP | 205,000 | (2 | ) | |||||||||||||
Goldman Sachs | 28-Day MXN - TIIE | 6.36% | 05/21/2025 | MXN | 23,145 | 39 | ||||||||||||||
Goldman Sachs | 3.45% | 6-Month HUF - BUBOR | 05/11/2025 | HUF | 800,000 | (464 | ) | |||||||||||||
Goldman Sachs | 4.53% | 1-Day CLP - CLICP | 03/11/2025 | CLP | 791,933 | (3 | ) | |||||||||||||
Goldman Sachs | 3-Month ZAR - JIBAR | 8.30% | 01/16/2024 | ZAR | 23,000 | (19 | ) | |||||||||||||
Goldman Sachs | 3-Month ZAR - JIBAR | 8.19% | 12/20/2023 | ZAR | 10,000 | (14 | ) | |||||||||||||
Goldman Sachs | 1-Year BRL-CDI | 10.89% | 01/03/2023 | ZAR | 5,012 | (281 | ) | |||||||||||||
Goldman Sachs | 1-Day BRL-CDI | 11.99% | 01/02/2023 | BRL | 3,000 | (106 | ) | |||||||||||||
Goldman Sachs | 28-Day MXN - TIIE | 5.90% | 09/12/2022 | MXN | 75,956 | 78 | ||||||||||||||
Goldman Sachs | 3-Month MYR - KLIBOR | 3.74% | 03/23/2021 | MYR | 10,300 | 10 | ||||||||||||||
Goldman Sachs | 28-Day MXN - TIIE | 5.37% | 03/17/2021 | MXN | 46,500 | 10 | ||||||||||||||
Goldman Sachs | 7-Day CNY | 2.49% | 02/04/2021 | CNY | 18,000 | — | ||||||||||||||
Goldman Sachs | 1-Day BRL-CDI | 12.73% | 01/04/2021 | BRL | 10,608,431 | (163 | ) | |||||||||||||
Goldman Sachs | 0.57% | 6-Month CZK - PRIBOR | 12/16/2020 | CZK | 90,000 | (37 | ) | |||||||||||||
Goldman Sachs | 6.78% | Colombia IBR Overnight Interbank | 12/15/2020 | COP | 10,000,000 | (43 | ) | |||||||||||||
Goldman Sachs | 3-Month MYR - KLIBOR | 4.37% | 12/15/2020 | MYR | 12,000 | 98 | ||||||||||||||
Goldman Sachs | 0.42% | 6-Month CZK - PRIBOR | 10/23/2020 | CZK | 42,000 | (5 | ) | |||||||||||||
Goldman Sachs | 0.59% | 6-Month CZK - PRIBOR | 03/13/2020 | CZK | 25,000 | (11 | ) | |||||||||||||
Goldman Sachs | 1-Day BRL-CDI | 13.39% | 01/02/2019 | BRL | 14,395 | (50 | ) | |||||||||||||
Goldman Sachs | 1-Day BRL-CDI | 13.42% | 01/02/2019 | BRL | 19,336 | (63 | ) | |||||||||||||
Goldman Sachs | 1-Day BRL-CDI | 11.81% | 01/02/2018 | BRL | 9,833 | (96 | ) | |||||||||||||
Goldman Sachs | 1-Day BRL-CDI | 11.98% | 01/02/2018 | BRL | 3,338 | (29 | ) | |||||||||||||
Goldman Sachs | 1-Day BRL-CDI | 12.86% | 01/02/2018 | BRL | 35,816 | (144 | ) | |||||||||||||
Goldman Sachs | 1-Day BRL-CDI | 13.27% | 01/02/2017 | BRL | 27,961 | (36 | ) | |||||||||||||
Goldman Sachs | 2.45% | 6-Month HUF - BUBOR | 07/11/2016 | HUF | 3,073,496 | (198 | ) | |||||||||||||
JPMorgan Chase Bank | 4.72% | 1-Day BRL-CDI | 06/05/2025 | CLP | 1,293,489 | (30 | ) | |||||||||||||
JPMorgan Chase Bank | 4.29% | 6-Month HUF - BUBOR | 08/04/2024 | HUF | 300,000 | (246 | ) | |||||||||||||
JPMorgan Chase Bank | 6-Month PLN - WIBOR | 1.79% | 03/24/2021 | PLN | 9,000 | 1 | ||||||||||||||
JPMorgan Chase Bank | 3-Month ZAR - JIBAR | 8.45% | 03/23/2021 | ZAR | 43,700 | 18 | ||||||||||||||
JPMorgan Chase Bank | 0.30% | 6-Month CZK - PRIBOR | 02/26/2021 | CZK | 61,000 | 12 | ||||||||||||||
JPMorgan Chase Bank | 7.16% | Colombia IBR Overnight Interbank | 02/11/2021 | COP | 10,000,000 | (94 | ) | |||||||||||||
JPMorgan Chase Bank | 7-Day CNY | 2.44% | 01/26/2021 | CNY | 17,000 | (7 | ) | |||||||||||||
JPMorgan Chase Bank | 7.11% | Colombia IBR Overnight Interbank | 01/22/2021 | COP | 9,929,262 | (87 | ) |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 47 |
SCHEDULE OF INVESTMENTS (Unaudited)
Emerging Markets Debt Fund (Concluded)
March 31, 2016
Interest Rate Swaps | ||||||||||||||||||||
Counterparty | Fund Pays | Fund Receives | Termination Date | Currency | Notional Amount (Thousands) | Net Unrealized Appreciation (Depreciation) ($ Thousands) | ||||||||||||||
JPMorgan Chase Bank | 0.44% | 6-Month CZK - PRIBOR | 11/20/2020 | CZK | 30,000 | $ | (4 | ) | ||||||||||||
JPMorgan Chase Bank | 0.50% | 6-Month CZK - PRIBOR | 05/05/2020 | CZK | 140,000 | (55 | ) | |||||||||||||
JPMorgan Chase Bank | 0.54% | 6-Month CZK - PRIBOR | 02/16/2020 | CZK | 250,000 | (85 | ) | |||||||||||||
JPMorgan Chase Bank | 5.57% | Colombia IBR Overnight Interbank | 10/08/2017 | COP | 14,000,000 | 70 | ||||||||||||||
JPMorgan Chase Bank | 5.41% | Colombia IBR Overnight Interbank | 09/21/2017 | COP | 20,651,242 | 117 | ||||||||||||||
JPMorgan Chase Bank | 1.77% | 3-Month HUF - BUBOR | 07/17/2017 | HUF | 5,732,291 | (193 | ) | |||||||||||||
|
| |||||||||||||||||||
$ | (2,079 | ) | ||||||||||||||||||
|
|
A list of the open centrally cleared swap agreements held by the Fund at March 31, 2016, is as follows:
Interest Rate Swaps | ||||||||||||||||||||
Counterparty | Fund Pays | Fund Receives | Termination Date | Currency | Notional Amount (Thousands) | Net Unrealized Depreciation ($ Thousands) | ||||||||||||||
Bank of America | 2.34% | USD 3M LIBOR | 02/06/2045 | USD | 1,930 | $ | (85 | ) | ||||||||||||
Bank of America | 2.14% | USD 3M LIBOR | 01/12/2025 | USD | 3,534 | (180 | ) | |||||||||||||
JPMorgan Chase Bank | 2.08% | USD 3M LIBOR | 01/13/2025 | USD | 4,680 | (212 | ) | |||||||||||||
|
| |||||||||||||||||||
$ | (477 | ) | ||||||||||||||||||
|
|
For the six months ended March 31, 2016 the total amount of all open swap agreements, as presented in the table above, are representative of the volume of activity for the derivative type during the six months.
Percentages are based on a Net Assets of $1,460,322 ($ Thousands).
* | Rate shown is the 7-day effective yield as of March 31, 2016. |
† | Investment in Affiliated Security. |
(A) | Security 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.” This security has been determined to be liquid under guidelines established by the Board of Trustees. The total value of such securities as of March 31, 2016, was $167,370 ($ Thousands) and represented 11.46% of net assets. |
(B) | Security is in default on interest payment. |
(C) | Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2016. |
(D) | Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on March 31, 2016. The coupon on a step bond changes on a specified date. |
(E) | This security or a partial position of this security is on loan at March 31, 2016. The total market value of securities on loan at March 31, 2016 was $11,701 ($ Thousands). |
(F) | Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of March 31, 2016 was $588 ($ Thousands) and represented 0.0% of Net Assets. |
(G) | Securities considered illiquid. The total value of such securities as of March 31, 2016 was $588 ($ Thousands) and represented 0.0% of Net Assets. |
(H) | This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of March 31, 2016 was $12,104 ($Thousands). |
ARS — Argentine Peso
BRL — Brazilian Real
BUBOR — Budapest Interbank Offered Rate
CAD — Canadian Dollar
CDI — Average One-Day Interbank Deposit Rate
CLICP — Colombian IBR Overnight Interbank Reference Rate
CLP — Chilean Peso
CNH — Chinese Yuan (Offshore)
CNY — Chinese Yuan
COP — Colombian Peso
CZK — Czech Koruna
DEM — German Mark
DOP — Dominican Peso
EUR — Euro
HUF — Hungarian Forint
IBR — Interbank Rate
IDR — Indonesian Rupiah
ILS — Israeli Shekel
INR — India Rupee
JIBAR — Johannesburg Interbank Agreed Rate
JPY — Japanese Yen
KES — Kenyan Shilling
KLIBOR — Kuala Lumpur Interbank Offered Rate
KRW — Korean Won
L.P. — Limited Partnership
LIBOR — London Interbank Offered Rate
MTN — Medium Term Note
MXN — Mexican Peso
MYR — Malaysian Ringgit
NGN — Nigerian Naira
OTC — Over the Counter
PEN — Peruvian Inca
PHP — Philippine Peso
PIK — Payment-in-Kind
PLC — Public Limited Company
PLN — Polish Zloty
PRIBOR — Prague Interbank Offered Rate
RON — Romanian Leu
RUB — Russian Ruble
Ser — Series
SGD — Singapore Dollar
SPC — Segregated Portfolio Company
THB — Thai Bhat
TIIE — Equilibrium Interbank Offered Rate
TWD — Taiwan Dollar
TRY — New Turkish Lira
USD — U.S. Dollar
WIBOR — Warsaw Interbank Offered Rate
ZAR — South African Rand
48 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
The following is a list of the level of inputs used as of March 31, 2016, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3(1) | Total | ||||||||||||
Global Bonds | $ | — | $ | 1,408,588 | $ | 457 | $ | 1,409,045 | ||||||||
Loan Participation | — | — | 131 | 131 | ||||||||||||
Affiliated Partnership | — | 12,104 | — | 12,104 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | — | $ | 1,420,692 | $ | 588 | $ | 1,421,280 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts* | ||||||||||||||||
Unrealized Appreciation | $ | 379 | $ | — | $ | — | $ | 379 | ||||||||
Unrealized Depreciation | (23 | ) | — | — | (23 | ) | ||||||||||
Forwards Contracts* | ||||||||||||||||
Unrealized Appreciation | — | 18,156 | — | 18,156 | ||||||||||||
Unrealized Depreciation | — | (18,009 | ) | — | (18,009 | ) | ||||||||||
OTC Swaps | ||||||||||||||||
Interest Rate Swaps* | ||||||||||||||||
Unrealized Appreciation | — | 541 | — | 541 | ||||||||||||
Unrealized Depreciation | — | (2,620 | ) | — | (2,620 | ) | ||||||||||
Centrally Cleared Swaps | ||||||||||||||||
Interest Rate Swaps* | ||||||||||||||||
Unrealized Depreciation | — | (477 | ) | — | (477 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | 356 | $ | (2,409 | ) | $ | — | $ | (2,053 | ) | ||||||
|
|
|
|
|
|
|
|
(1) | Of the $588 ($ Thousands) in Level 3 securities as of March 31, 2016, $588 ($ Thousands) or 0.04% as a percent of net assets are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs are required for those Level 3 securities that are not valued by third party pricing vendors or broker quotes. A reconciliation of Level 3 investments is presented when the Fund has significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. |
* | Futures contracts, forwards contracts and swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
For the six months ended March 31, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities.
For the six months ended March 31, 2016, there were no transfers between Level 2 and Level 3 assets and liabilities.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 49 |
Statements of Assets and Liabilities (Unaudited) ($ Thousands)
March 31, 2016
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value† | $ | 2,680,238 | * | $ | 1,443,352 | * | $ | 506,175 | $ | 1,409,176 | * | |||||
Affiliated investments, at value†† | 287,237 | 146,991 | — | 12,104 | ||||||||||||
Cash | 66,283 | 30,432 | 9,532 | 41,620 | ||||||||||||
Cash pledged as collateral for futures and swap contracts | — | — | 2,216 | 1,400 | ||||||||||||
Foreign currency, at value††† | 972 | 2,295 | — | 9,608 | ||||||||||||
Receivable for fund shares sold | 2,135 | 9,157 | 259 | 915 | ||||||||||||
Receivable for investment securities sold | 13,400 | 6,341 | 1,327 | 6,540 | ||||||||||||
Dividends and interest receivable | 8,510 | 3,291 | 4,128 | 22,603 | ||||||||||||
Unrealized gain on forward foreign currency contracts | — | — | 898 | 18,156 | ||||||||||||
Unrealized gain on foreign spot currency contracts | 2 | 4 | 543 | 195 | ||||||||||||
Swap contracts, at value | — | — | — | 541 | ||||||||||||
Foreign tax reclaim receivable | 4,828 | 50 | — | — | ||||||||||||
Receivable for variation margin | 103 | — | 79 | 47 | ||||||||||||
Prepaid expenses | — | 26 | — | 28 | ||||||||||||
Total Assets | 3,063,708 | 1,641,939 | 525,157 | 1,522,933 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable upon return on securities loaned | 219,397 | 139,598 | — | 12,104 | ||||||||||||
Payable for investment securities purchased | 10,331 | 7,599 | 1,072 | 14,776 | ||||||||||||
Payable for fund shares redeemed | 3,484 | 2,845 | 588 | 4,262 | ||||||||||||
Swap contracts, at value†††† | — | — | 1,085 | 2,620 | ||||||||||||
Payable to custodian | 1,725 | 152 | 1,803 | 8,948 | ||||||||||||
Foreign currency payable to custodian, at value††† | — | — | 271 | — | ||||||||||||
Payable for variation margin | 711 | — | 290 | 158 | ||||||||||||
Administration fees payable | 1,056 | 544 | 191 | 543 | ||||||||||||
Unrealized loss on foreign currency spot contracts | 15 | 26 | 48 | 116 | ||||||||||||
Unrealized loss on forward foreign currency contracts | — | — | 13,674 | 18,009 | ||||||||||||
Trustees fees payable | 1 | 1 | — | 1 | ||||||||||||
Chief compliance officer fees payable | 3 | 2 | 1 | 2 | ||||||||||||
Administration servicing fees payable | 4 | — | — | — | ||||||||||||
Shareholder servicing fees payable | 554 | 287 | 104 | 281 | ||||||||||||
Investment advisory fees payable | 1,185 | 1,148 | 106 | 713 | ||||||||||||
Accrued expense payable | 69 | 255 | 48 | 78 | ||||||||||||
Accrued foreign capital gains tax on appreciated securities | 5 | 316 | — | — | ||||||||||||
Total Liabilities | 238,540 | 152,773 | 19,281 | 62,611 | ||||||||||||
Net Assets | $ | 2,825,168 | $ | 1,489,166 | $ | 505,876 | $ | 1,460,322 | ||||||||
† Cost of investments | $ | 2,698,379 | $ | 1,572,626 | $ | 507,027 | $ | 1,505,676 | ||||||||
†† Cost of affiliated investments | 287,237 | 146,991 | — | 12,104 | ||||||||||||
††† Cost of foreign currency | 883 | 2,280 | (282 | ) | 9,566 | |||||||||||
†††† Cost (Premiums received) | — | — | (231 | ) | — | |||||||||||
* Includes market value of securities on loan | 208,594 | 134,753 | — | 11,701 |
50 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||
Net Assets: | ||||||||||||||||
Paid-in Capital — (unlimited authorization — no par value) | $ | 3,642,524 | $ | 1,783,905 | $ | 527,595 | $ | 1,639,756 | ||||||||
Undistributed (distributions in excess of) net investment income | 2,914 | (8,145 | ) | (5,073 | ) | 10,925 | ||||||||||
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency contracts and swap contracts | (801,750 | ) | (157,102 | ) | 313 | (92,250 | ) | |||||||||
Net unrealized depreciation on investments | (18,141 | ) | (129,274 | ) | (852 | ) | (96,500 | ) | ||||||||
Net unrealized appreciation (depreciation) on futures contracts | (422 | ) | — | (692 | ) | 356 | ||||||||||
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies | 48 | 98 | (13,257 | ) | 591 | |||||||||||
Net unrealized depreciation on swap contracts | — | — | (2,158 | ) | (2,556 | ) | ||||||||||
Accumulated foreign capital gains tax on appreciated securities | (5 | ) | (316 | ) | — | — | ||||||||||
Net Assets | $ | 2,825,168 | $ | 1,489,166 | $ | 505,876 | $ | 1,460,322 | ||||||||
Net Asset Value, Offering and Redemption Price Per Share — Class A | $9.23 | $8.95 | $10.16 | $9.39 | ||||||||||||
| ($2,657,794,907 ÷ 287,946,064 shares | ) | | ($1,419,691,596 ÷ 158,570,522 shares | ) | | ($493,914,076 ÷ 48,620,487 shares | ) | | ($1,360,815,323 ÷ 144,962,838 shares | ) | |||||
Net Asset Value, Offering and Redemption Price Per Share — Class I | $9.22 | N/A | N/A | N/A | ||||||||||||
| ($5,167,389 ÷ 560,447 shares | ) | N/A | N/A | N/A | |||||||||||
Net Asset Value, Offering and Redemption Price Per Share — Class Y | $9.23 | $8.96 | $10.14 | $9.41 | ||||||||||||
| ($162,206,015 ÷ 17,566,063 shares | ) | | ($69,474,798 ÷ 7,753,757 shares | ) | | ($11,961,553 ÷ 1,179,944 shares | ) | | ($99,506,918 ÷ 10,570,685 shares | ) |
N/A — Not applicable. Share classes currently not offered.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 51 |
Statements of Operations (Unaudited) ($ Thousands)
For the six months ended March 31, 2016
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends | $ | 25,711 | $ | 9,849 | $ | — | $ | — | ||||||||
Dividends from affiliated investments(1) | 99 | 9 | — | — | ||||||||||||
Interest Income | 293 | — | 4,915 | 47,078 | ||||||||||||
Security lending income — net(1)(2) | 519 | 525 | — | 94 | ||||||||||||
Less: foreign taxes withheld | (2,594 | ) | (1,086 | ) | (9 | ) | (164 | ) | ||||||||
Total investment income | 24,028 | 9,297 | 4,906 | 47,008 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 7,135 | 7,425 | 740 | 5,815 | ||||||||||||
Administration fees | 6,300 | 3,187 | 1,110 | 3,078 | ||||||||||||
Shareholder servicing fees — Class A | 3,315 | 1,704 | 610 | 1,602 | ||||||||||||
Shareholder servicing fees — Class I | 6 | — | — | — | ||||||||||||
Admin servicing fees — Class I | 6 | — | — | — | ||||||||||||
Printing fees | 171 | 84 | 29 | 85 | ||||||||||||
Custodian/wire agent fees | 157 | 379 | 40 | 220 | ||||||||||||
Professional fees | 96 | 77 | 17 | 46 | ||||||||||||
Registration fees | 32 | 19 | 6 | 23 | ||||||||||||
Overdraft fees | 23 | 15 | 8 | 12 | ||||||||||||
Trustees’ fees | 19 | 10 | 3 | 9 | ||||||||||||
Chief compliance officer fees | 8 | 4 | 1 | 4 | ||||||||||||
Other expenses | 400 | 243 | 149 | 271 | ||||||||||||
Total expenses | 17,668 | 13,147 | 2,713 | 11,165 | ||||||||||||
Less: | ||||||||||||||||
Waiver of investment advisory fees | — | (698 | ) | (119 | ) | (1,745 | ) | |||||||||
Net expenses | 17,668 | 12,449 | 2,594 | 9,420 | ||||||||||||
Net Investment Income (Loss) | 6,360 | (3,152 | ) | 2,312 | 37,588 | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Options, Foreign Capital Gains Tax and Foreign Currency Transactions: | ||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||
Investments | (57,496 | ) | (70,102 | ) | (275 | ) | (2,523 | ) | ||||||||
Futures contracts | (11,774 | ) | — | 1,376 | (1,077 | ) | ||||||||||
Swap contracts | — | — | (176 | ) | (9,123 | ) | ||||||||||
Purchased and written options | — | — | 15 | — | ||||||||||||
Foreign currency transactions | (1,762 | ) | (784 | ) | 499 | (42,546 | ) | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | 107,556 | 174,575 | 30,421 | 127,648 | ||||||||||||
Futures contracts | 1,434 | — | (955 | ) | 612 | |||||||||||
Swap contracts | — | — | 51 | 1,827 | ||||||||||||
Foreign capital gains tax on appreciated securities | — | (146 | ) | — | — | |||||||||||
Foreign currency translation of other assets and liabilities denominated in foreign currencies | 344 | 136 | (15,290 | ) | 355 | |||||||||||
Net Realized and Unrealized Gain on Investments, Futures Contracts, Swap Contracts, Options, Foreign Capital Gains Tax and Foreign Currency Transactions | 38,302 | 103,679 | 15,666 | 75,173 | ||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 44,662 | $ | 100,527 | $ | 17,978 | $ | 112,761 |
(1) | See Note 5 in the Notes to Financial Statements for additional information. |
(2) | Income is from the investment of collateral in an affiliated security. |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
52 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Statements of Changes in Net Assets (Unaudited) ($ Thousands)
For the six months ended March 31, 2016 (Unaudited) and the year ended September 30, 2015
International Equity Fund | Emerging Markets Equity Fund | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income (Loss) | $ | 6,360 | $ | 29,907 | $ | (3,152 | ) | $ | 11,695 | |||||||
Net Realized Gain (Loss) on Investments and Futures Contracts | (69,270 | ) | 69,794 | (70,102 | ) | (42,913 | ) | |||||||||
Net Realized Loss on Forward Foreign Currency Contracts and Foreign Currency Transactions | (1,762 | ) | (1,670 | ) | (784 | ) | (1,467 | ) | ||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures Contracts | 108,990 | (267,021 | ) | 174,575 | (332,286 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, | ||||||||||||||||
Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies | 344 | (103 | ) | 136 | 18 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Foreign Capital Tax Gains on Appreciated Securities | — | — | (146 | ) | 1,853 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 44,662 | (169,093 | ) | 100,527 | (363,100 | ) | ||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||
Net Investment Income: | ||||||||||||||||
Class A | (27,578 | ) | (52,424 | ) | (10,996 | ) | (18,640 | ) | ||||||||
Class I | (54 | ) | (85 | ) | N/A | N/A | ||||||||||
Class Y | (1,652 | ) | — | (481 | ) | — | ||||||||||
Total Dividends and Distributions | (29,284 | ) | (52,509 | ) | (11,477 | ) | (18,640 | ) | ||||||||
Capital Share Transactions:(1) | ||||||||||||||||
Class A: | ||||||||||||||||
Proceeds from Shares Issued | 346,528 | 691,524 | 240,066 | 494,958 | ||||||||||||
Reinvestment of Dividends & Distributions | 25,415 | 48,485 | 10,181 | 17,391 | ||||||||||||
Cost of Shares Redeemed | (295,148 | ) | (634,524 | ) | (255,677 | ) | (753,872 | ) | ||||||||
Net Increase (Decrease) from Class A Transactions | 76,795 | 105,485 | (5,430 | ) | (241,523 | ) | ||||||||||
Class I: | ||||||||||||||||
Proceeds from Shares Issued | 3,444 | 1,300 | N/A | N/A | ||||||||||||
Reinvestment of Dividends & Distributions | 23 | 53 | N/A | N/A | ||||||||||||
Cost of Shares Redeemed | (3,184 | ) | (1,323 | ) | N/A | N/A | ||||||||||
Net Increase from Class I Transactions | 283 | 30 | N/A | N/A | ||||||||||||
Class Y: | ||||||||||||||||
Proceeds from Shares Issued | 43,253 | 154,735 | 26,554 | 57,875 | ||||||||||||
Reinvestment of Dividends & Distributions | 1,652 | — | 481 | — | ||||||||||||
Cost of Shares Redeemed | (16,162 | ) | (22,503 | ) | (8,119 | ) | (6,060 | ) | ||||||||
Net Increase from Class Y Transactions | 28,743 | 132,232 | 18,916 | 51,815 | ||||||||||||
Net Increase (Decrease) in Net Assets derived from Capital Share Transactions | 105,821 | 237,747 | 13,486 | (189,708 | ) | |||||||||||
Net Increase (Decrease) in Net Assets | 121,199 | 16,145 | 102,536 | (571,448 | ) | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 2,703,969 | 2,687,824 | 1,386,630 | 1,958,078 | ||||||||||||
End of Period | $ | 2,825,168 | $ | 2,703,969 | $ | 1,489,166 | $ | 1,386,630 | ||||||||
Undistributed (Distributions in Excess of) Net Investment Income | $ | 2,914 | $ | 25,838 | $ | (8,145 | ) | $ | 6,484 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 53 |
Statements of Changes in Net Assets (Unaudited) ($ Thousands) (Concluded)
For the six months ended March 31, 2016 (Unaudited) and the year ended September 30, 2015
International Equity Fund | Emerging Markets Equity Fund | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Capital Share Transactions: | ||||||||||||||||
Class A: | ||||||||||||||||
Shares Issued | 37,357 | 70,760 | 28,364 | 49,684 | ||||||||||||
Reinvestment of Distributions | 2,678 | 5,082 | 1,181 | 1,729 | ||||||||||||
Shares Redeemed | (32,463 | ) | (65,342 | ) | (30,237 | ) | (74,085 | ) | ||||||||
Total Class A Transactions | 7,572 | 10,500 | (692 | ) | (22,672 | ) | ||||||||||
Class I: | ||||||||||||||||
Shares Issued | 367 | 134 | N/A | N/A | ||||||||||||
Reinvestment of Distributions | 2 | 5 | N/A | N/A | ||||||||||||
Shares Redeemed | (351 | ) | (136 | ) | N/A | N/A | ||||||||||
Total Class I Transactions | 18 | 3 | N/A | N/A | ||||||||||||
Class Y: | ||||||||||||||||
Shares Issued | 4,968 | 16,463 | 3,444 | 5,824 | ||||||||||||
Reinvestment of Distributions | 174 | — | 56 | — | ||||||||||||
Shares Redeemed | (1,785 | ) | (2,254 | ) | (954 | ) | (616 | ) | ||||||||
Total Class Y Transactions | 3,357 | 14,209 | 2,546 | 5,208 | ||||||||||||
Net Increase (Decrease) in Shares Outstanding from Share Transactions | 10,947 | 24,712 | 1,854 | (17,464 | ) |
N/A — Not applicable. Share classes currently not offered.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
54 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Operations: | ||||||||||||||||
Net Investment Income | $ | 2,312 | $ | 5,222 | $ | 37,588 | $ | 67,633 | ||||||||
Net Realized Gain (Loss) on Investments, Futures Contracts and Swap Contracts | 940 | (403 | ) | (12,723 | ) | (29,296 | ) | |||||||||
Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions | 499 | 40,448 | (42,546 | ) | (56,413 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts and Swap Contracts | 29,517 | (23,230 | ) | 130,087 | (173,772 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies | (15,290 | ) | (11,844 | ) | 355 | (2,079 | ) | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 17,978 | 10,193 | 112,761 | (193,927 | ) | |||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||
Net Investment Income: | ||||||||||||||||
Class A | (27,071 | ) | (38,714 | ) | — | (25,714 | ) | |||||||||
Class Y | (1 | ) | — | — | (441 | ) | ||||||||||
Net Realized Gains: | ||||||||||||||||
Class A | (812 | ) | — | — | (1,398 | ) | ||||||||||
Class Y | — | — | — | — | ||||||||||||
Total Dividends and Distributions | (27,884 | ) | (38,714 | ) | — | (27,553 | ) | |||||||||
Capital Share Transactions:(1) | ||||||||||||||||
Class A: | ||||||||||||||||
Proceeds from Shares Issued | 63,579 | 116,276 | 233,152 | 466,451 | ||||||||||||
Reinvestment of Dividends & Distributions | 25,432 | 34,693 | — | 24,076 | ||||||||||||
Cost of Shares Redeemed | (80,830 | ) | (150,275 | ) | (204,318 | ) | (395,413 | ) | ||||||||
Net Increase from Class A Transactions | 8,181 | 694 | 28,834 | 95,114 | ||||||||||||
Class Y: | ||||||||||||||||
Proceeds from Shares Issued | 16,619 | — | 24,068 | 94,421 | ||||||||||||
Reinvestment of Dividends & Distributions | — | — | — | 441 | ||||||||||||
Cost of Shares Redeemed | (4,975 | ) | — | (11,291 | ) | (8,277 | ) | |||||||||
Net Increase from Class Y Transactions | 11,644 | — | 12,777 | 86,585 | ||||||||||||
Net Increase in Net Assets derived from Capital Share Transactions | 19,825 | 694 | 41,611 | 181,699 | ||||||||||||
Net Increase (Decrease) in Net Assets | 9,919 | (27,827 | ) | 154,372 | (39,781 | ) | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of Period | 495,957 | 523,784 | 1,305,950 | 1,345,731 | ||||||||||||
End of Period | $ | 505,876 | $ | 495,957 | $ | 1,460,322 | $ | 1,305,950 | ||||||||
Undistributed (Distributions in Excess of) Net Investment Income | $ | (5,073 | ) | $ | 19,687 | $ | 10,925 | $ | (26,663 | ) | ||||||
Capital Share Transactions: | ||||||||||||||||
Class A: | ||||||||||||||||
Shares Issued | 6,264 | 10,971 | 26,387 | 48,643 | ||||||||||||
Reinvestment of Distributions | 2,578 | 3,346 | — | 2,455 | ||||||||||||
Shares Redeemed | (7,985 | ) | (14,238 | ) | (23,101 | ) | (41,303 | ) | ||||||||
Total Class A Transactions | 857 | 79 | 3,286 | 9,795 | ||||||||||||
Class Y: | ||||||||||||||||
Shares Issued | 1,684 | — | 2,818 | 9,882 | ||||||||||||
Reinvestment of Distributions | — | — | — | 47 | ||||||||||||
Shares Redeemed | (504 | ) | — | (1,284 | ) | (892 | ) | |||||||||
Total Class Y Transactions | 1,180 | — | 1,534 | 9,037 | ||||||||||||
Net Increase in Shares Outstanding from Share Transactions | 2,037 | 79 | 4,820 | 18,832 |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 55 |
For the six months ended March 31, 2016 (Unaudited) and the years ended September 30
Net Asset Value, Beginning of Period | Net Investment (Loss)(1) | Net Realized and (Losses) on | Total from Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return† | Net Assets End of Period ($ Thousands) | Ratio of Net | Ratio of to Average Net Assets Fees Paid | Ratio of Expenses Net Assets | Ratio of Net to Average | Portfolio Turnover Rate† | ||||||||||||||||||||||||||||||||||||||||||||||
International Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016@ | $ | 9.16 | $ | 0.02 | $ | 0.15 | $ | 0.17 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | $ | 9.23 | 1.78 | % | $ | 2,657,795 | 1.28 | %(2)(3) | 1.28 | %(2)(3) | 1.28 | %(2)(3) | 0.44 | % | 24 | % | ||||||||||||||||||||||||||||
2015 | 9.94 | 0.10 | (0.69 | ) | (0.59 | ) | (0.19 | ) | — | (0.19 | ) | 9.16 | (5.98 | ) | 2,568,634 | 1.24 | (2) | 1.24 | (2) | 1.24 | (2) | 1.04 | 68 | |||||||||||||||||||||||||||||||||||||
2014 | 9.71 | 0.18 | 0.18 | 0.36 | (0.13 | ) | — | (0.13 | ) | 9.94 | 3.66 | 2,682,482 | 1.24 | (2) | 1.24 | (2) | 1.24 | (2) | 1.78 | 60 | ||||||||||||||||||||||||||||||||||||||||
2013 | 8.19 | 0.13 | 1.53 | 1.66 | (0.14 | ) | — | (0.14 | ) | 9.71 | 20.47 | 2,350,201 | 1.25 | (2) | 1.25 | (2) | 1.25 | (2) | 1.50 | 47 | ||||||||||||||||||||||||||||||||||||||||
2012 | 7.29 | 0.14 | 0.92 | 1.06 | (0.16 | ) | — | (0.16 | ) | 8.19 | 14.76 | 1,842,851 | 1.26 | (2) | 1.26 | (2) | 1.26 | (2) | 1.75 | 56 | ||||||||||||||||||||||||||||||||||||||||
2011 | 8.34 | 0.16 | (1.08 | ) | (0.92 | ) | (0.13 | ) | — | (0.13 | ) | 7.29 | (11.34 | ) | 1,566,893 | 1.27 | (2) | 1.27 | (2) | 1.27 | (2) | 1.88 | 98 | |||||||||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016@ | $ | 9.15 | $ | 0.01 | $ | 0.14 | $ | 0.15 | $ | (0.08 | ) | $ | — | $ | (0.08 | ) | $ | 9.22 | 1.63 | % | $ | 5,167 | 1.53 | %(3)(4) | 1.53 | %(3)(4) | 1.53 | %(3)(4) | 0.21 | % | 24 | % | ||||||||||||||||||||||||||||
2015 | 9.92 | 0.08 | (0.69 | ) | (0.61 | ) | (0.16 | ) | — | (0.16 | ) | 9.15 | (6.18 | ) | 4,956 | 1.49 | (4) | 1.49 | (4) | 1.49 | (4) | 0.76 | 68 | |||||||||||||||||||||||||||||||||||||
2014 | 9.70 | 0.15 | 0.17 | 0.32 | (0.10 | ) | — | (0.10 | ) | 9.92 | 3.33 | 5,342 | 1.49 | (4) | 1.49 | (4) | 1.49 | (4) | 1.48 | 60 | ||||||||||||||||||||||||||||||||||||||||
2013 | 8.18 | 0.11 | 1.52 | 1.63 | (0.11 | ) | — | (0.11 | ) | 9.70 | 20.19 | 5,953 | 1.50 | (4) | 1.50 | (4) | 1.50 | (4) | 1.21 | 47 | ||||||||||||||||||||||||||||||||||||||||
2012 | 7.28 | 0.12 | 0.91 | 1.03 | (0.13 | ) | — | (0.13 | ) | 8.18 | 14.37 | 5,271 | 1.51 | (4) | 1.51 | (4) | 1.51 | (4) | 1.48 | 56 | ||||||||||||||||||||||||||||||||||||||||
2011 | 8.32 | 0.13 | (1.06 | ) | (0.93 | ) | (0.11 | ) | — | (0.11 | ) | 7.28 | (11.44 | ) | 5,265 | 1.52 | (4) | 1.52 | (4) | 1.52 | (4) | 1.54 | 98 | |||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016@ | $ | 9.18 | $ | 0.04 | $ | 0.13 | $ | 0.17 | $ | (0.12 | ) | $ | — | $ | (0.12 | ) | $ | 9.23 | 1.80 | % | $ | 162,206 | 1.03 | %(3)(5) | 1.03 | %(3)(5) | 1.03 | %(3)(5) | 0.77 | % | 24 | % | ||||||||||||||||||||||||||||
2015(6) | 9.39 | 0.13 | (0.34 | ) | (0.21 | ) | — | — | — | 9.18 | (2.24 | ) | 130,379 | 1.00 | (5) | 1.00 | (5) | 1.00 | (5) | 1.72 | 68 | |||||||||||||||||||||||||||||||||||||||
Emerging Markets Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016@ | $ | 8.43 | $ | (0.02 | ) | $ | 0.61 | $ | 0.59 | $ | (0.07 | ) | $ | — | $ | (0.07 | ) | $ | 8.95 | 7.02 | % | $ | 1,419,691 | 1.77 | %(3)(7) | 1.77 | %(3)(7) | 1.87 | %(3)(8) | (0.45 | )% | 41 | % | |||||||||||||||||||||||||||
2015 | 10.76 | 0.07 | (2.29 | ) | (2.22 | ) | (0.11 | ) | — | (0.11 | ) | 8.43 | (20.78 | ) | 1,342,618 | 1.72 | (7) | 1.72 | (7) | 1.82 | (8) | 0.67 | 67 | |||||||||||||||||||||||||||||||||||||
2014 | 10.53 | 0.06 | 0.22 | 0.28 | (0.05 | ) | — | (0.05 | ) | 10.76 | 2.68 | 1,958,078 | 1.96 | (7) | 1.96 | (7) | 2.02 | (8) | 0.58 | 59 | ||||||||||||||||||||||||||||||||||||||||
2013 | 10.25 | 0.06 | 0.28 | 0.34 | (0.06 | ) | — | (0.06 | ) | 10.53 | 3.29 | 1,413,683 | 1.96 | (7) | 1.96 | (7) | 2.04 | (8) | 0.52 | 78 | ||||||||||||||||||||||||||||||||||||||||
2012 | 9.00 | 0.05 | 1.23 | 1.28 | (0.03 | ) | — | (0.03 | ) | 10.25 | 14.21 | 899,730 | 1.97 | (7) | 1.97 | (7) | 2.07 | (8) | 0.49 | 93 | ||||||||||||||||||||||||||||||||||||||||
2011 | 11.40 | 0.05 | (2.35 | ) | (2.30 | ) | (0.10 | ) | — | (0.10 | ) | 9.00 | (20.38 | ) | 695,498 | 1.96 | (7) | 1.96 | (7) | 2.09 | (8) | 0.44 | 98 | |||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016@ | $ | 8.45 | $ | (0.01 | ) | $ | 0.61 | $ | 0.60 | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | 8.96 | 7.19 | % | $ | 69,475 | 1.53 | %(3)(9) | 1.53 | %(3)(9) | 1.66 | %(3)(10) | (0.21 | )% | 41 | % | |||||||||||||||||||||||||||
2015(6) | 10.08 | 0.10 | (1.73 | ) | (1.63 | ) | — | — | — | 8.45 | (16.17 | ) | 44,012 | 1.47 | (9) | 1.47 | (9) | 1.57 | (10) | 1.33 | 67 | |||||||||||||||||||||||||||||||||||||||
International Fixed Income Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016@ | $ | 10.38 | $ | 0.05 | $ | 0.32 | $ | 0.37 | $ | (0.57 | ) | $ | (0.02 | ) | $ | (0.59 | ) | $ | 10.16 | 3.75 | % | $ | 493,914 | 1.06 | %(3)(11) | 1.06 | %(3)(11) | 1.10 | %(3)(12) | 0.94 | % | 31 | % | |||||||||||||||||||||||||||
2015 | 10.98 | 0.11 | 0.11 | 0.22 | (0.82 | ) | — | (0.82 | ) | 10.38 | 2.02 | 495,957 | 1.02 | (11) | 1.02 | (11) | 1.07 | (12) | 1.00 | 78 | ||||||||||||||||||||||||||||||||||||||||
2014 | 10.42 | 0.14 | 0.48 | 0.62 | (0.06 | ) | — | (0.06 | ) | 10.98 | 5.96 | 523,784 | 1.02 | (11) | 1.02 | (11) | 1.20 | (12) | 1.32 | 104 | ||||||||||||||||||||||||||||||||||||||||
2013 | 10.82 | 0.14 | (0.06 | ) | 0.08 | (0.48 | )(13) | — | (0.48 | ) | 10.42 | 0.77 | 473,382 | 1.02 | (11) | 1.02 | (11) | 1.20 | (12) | 1.37 | 86 | |||||||||||||||||||||||||||||||||||||||
2012 | 10.44 | 0.17 | 0.48 | 0.65 | (0.27 | ) | — | (0.27 | ) | 10.82 | 6.34 | 491,793 | 1.02 | (11) | 1.02 | (11) | 1.21 | (12) | 1.60 | 103 | ||||||||||||||||||||||||||||||||||||||||
2011 | 10.92 | 0.25 | (0.22 | ) | 0.03 | (0.51 | )(14) | — | (0.51 | ) | 10.44 | 0.41 | 488,929 | 1.02 | (11) | 1.02 | (11) | 1.21 | (12) | 2.40 | 119 | |||||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016(15) | $ | 10.45 | $ | 0.05 | $ | 0.26 | $ | 0.31 | $ | (0.60 | ) | $ | (0.02 | ) | $ | (0.62 | ) | $ | 10.14 | 3.13 | % | $ | 11,962 | 0.85 | %(3)(16) | 0.85 | %(3)(16) | 0.90 | %(3)(17) | 1.09 | % | 31 | % | |||||||||||||||||||||||||||
Emerging Markets Debt Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016@ | $ | 8.66 | $ | 0.24 | $ | 0.49 | $ | 0.73 | $ | — | $ | — | $ | — | $ | 9.39 | 8.43 | % | $ | 1,360,815 | 1.39 | %(3)(18) | 1.39 | %(3)(18) | 1.65 | %(3)(19) | 5.49 | % | 39 | % | ||||||||||||||||||||||||||||||
2015 | 10.20 | 0.47 | (1.81 | ) | (1.34 | ) | (0.19 | ) | (0.01 | ) | (0.20 | ) | 8.66 | (13.35 | ) | 1,227,567 | 1.36 | (18) | 1.36 | (18) | 1.61 | (19) | 4.91 | 71 | ||||||||||||||||||||||||||||||||||||
2014 | 10.38 | 0.49 | (0.29 | ) | 0.20 | (0.31 | ) | (0.07 | ) | (0.38 | ) | 10.20 | 1.90 | 1,345,731 | 1.36 | (18) | 1.36 | (18) | 1.80 | (19) | 4.73 | 92 | ||||||||||||||||||||||||||||||||||||||
2013 | 12.07 | 0.47 | (1.02 | ) | (0.55 | ) | (0.68 | ) | (0.46 | ) | (1.14 | ) | 10.38 | (5.19 | ) | 1,182,296 | 1.36 | (18) | 1.36 | (18) | 1.81 | (19) | 4.20 | 90 | ||||||||||||||||||||||||||||||||||||
2012 | 10.81 | 0.55 | 1.36 | 1.91 | (0.63 | ) | (0.02 | ) | (0.65 | ) | 12.07 | 18.48 | 1,165,102 | 1.36 | (18) | 1.36 | (18) | 1.80 | (19) | 4.85 | 102 | |||||||||||||||||||||||||||||||||||||||
2011 | 11.19 | 0.63 | (0.70 | ) | (0.07 | ) | (0.31 | ) | — | (0.31 | ) | 10.81 | (0.71 | ) | 876,396 | 1.36 | (18) | 1.36 | (18) | 1.80 | (19) | 5.58 | 59 | |||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016@ | $ | 8.67 | $ | 0.25 | $ | 0.49 | $ | 0.74 | $ | — | $ | — | $ | — | $ | 9.41 | 8.54 | % | $ | 99,507 | 1.15 | %(3)(20) | 1.15 | %(3)(20) | 1.40 | %(3)(21) | 5.74 | % | 39 | % | ||||||||||||||||||||||||||||||
2015(6) | 9.63 | 0.37 | (1.28 | ) | (0.91 | ) | (0.05 | ) | — | (0.05 | ) | 8.67 | (9.48 | ) | 78,383 | 1.11 | (20) | 1.11 | (20) | 1.36 | (21) | 5.24 | 71 |
† | Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
* | Includes Fees Paid Indirectly, if applicable. See Note 5 in Notes to Financial Statements |
** | See Note 5 in Notes to Financial Statements. |
@ | For the six-month period ended March 31, 2016. All ratios for the period have been annualized. |
(1) | Per share net investment income and net realized and unrealized gains (losses) calculated using average shares. |
56 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
(2) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.28%, 1.24%, 1.24%, 1.25%, 1.26% and 1.27% for 2016, 2015, 2014, 2013, 2012 and 2011. |
(3) | The expense ratio includes proxy expenses outside the cap. |
(4) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.53%, 1.49%, 1.49%, 1.50%, 1.51% and 1.52% for 2016, 2015, 2014, 2013, 2012 and 2011. |
(5) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.03% and 0.99% for 2016 and 2015. |
(6) | Commenced operations on December 31, 2014. All ratios for the period have been annualized. |
(7) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.77%, 1.71%, 1.96%, 1.96%, 1.96% and 1.96% for 2016, 2015, 2014, 2013, 2012 and 2011. |
(8) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.87%, 1.71%, 2.02%, 2.04%, 2.06% and 2.09% for 2016, 2015, 2014, 2013, 2012 and 2011. |
(9) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.53% and 1.46% for 2016 and 2015. |
(10) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.66% and 1.46% for 2016 and 2015. |
(11) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.06%, 1.02%, 1.02%, 1.02%, 1.02% and 1.01% for 2016, 2015, 2014, 2013, 2012 and 2011. |
(12) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.10%, 1.07%, 1.20%, 1.20%, 1.20% and 1.21% for 2016, 2015, 2014, 2013, 2012 and 2011. |
(13) | Includes a return of capital of $0.09 per share. |
(14) | Includes a return of capital of $0.01 per share. |
(15) | Commenced operations on October 30, 2015. All ratios for the period have been annualized. |
(16) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.85% for 2016. |
(17) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.90% for 2016. |
(18) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.39%, 1.36%, 1.36%, 1.36%, 1.36% and 1.36% for 2016, 2015, 2014, 2013, 2012 and 2011. |
(19) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.65%, 1.61%, 1.80%, 1.81%, 1.80% and 1.80% for 2016, 2015, 2014, 2013, 2012 and 2011. |
(20) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.15% and 1.11% for 2016 and 2015. |
(21) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.40% and 1.36% for 2016 and 2015. |
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, 2016 | 57 |
Notes to Financial Statements (Unaudited)
March 31, 2016
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 Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with four funds: International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (together the “Funds”) each of which are diversified Funds with the exception of the International Fixed Income Fund and the Emerging Markets Debt Fund. The Trust’s prospectuses provide a description of each Fund’s investment goal, principal strategies and risks. The Trust is registered to offer Class A and Class Y shares of each of the Funds and Class I shares of the International Equity Fund.
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 (“U.S. 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 (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. The Funds value securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. 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.
Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of ETFs, which are priced as equity securities. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, the Funds will value the securities using a bid price from at least one independent broker. If such prices are not readily available or cannot be valued using the methodologies described above, the Funds will value the security using the Funds’ Fair Value Pricing Policies and Procedures (“Fair Value Procedures”), as described below.
On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Funds’ Fair Value Procedures until a price from an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less may be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or lower than the price a Fund would receive if it sold the instrument. Further, the value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer-specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.
Futures and swaps cleared through a central clearing house (“centrally cleared swaps”) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time a Fund calculates its NAV, the settlement price may not be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.
58 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.
Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SEI Investments Management Corporation (“SIMC”) or a Sub-Adviser (“Sub-Adviser”), as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC or a Sub-Adviser, as applicable, will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify the Fair Value Pricing Committee (the “Committee”) if it receives such notification from SIMC or a Sub-Adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.
The Funds’ Fair Value Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board of Trustees (“Board”) or its designated sub-committee. However, when the change would not materially affect valuation of a Fund’s net assets or involve a material departure in pricing methodology from that of the Fund’s existing pricing agent or pricing methodology, approval may be obtained at the next regularly scheduled meeting of the Board.
Securities for which market prices are not readily available, for which market prices are determined to be unreliable, or which cannot be valued using the methodologies described above are valued in accordance with the Fair Value Procedures established by the Board. The Funds’ Fair Value Procedures are implemented through the Committee designated by the Board. The Committee is currently composed of two members of the Board, as well as representatives from SIMC and its affiliates. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: (i) the security’s trading has been halted or suspended, (ii) the security has been delisted from a national exchange, (iii) the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open, or (iv) 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. Examples of factors the Committee may consider include: (i) the facts giving rise to the need to fair value, (ii) the last trade price, (iii) the performance of the market or the issuer’s industry, (iv) the liquidity of the security, (v) the size of the holding in a Fund, or (vi) any other appropriate information.
The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.
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 (“NAV”). The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a “Significant Event”), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security’s last close and the time that the Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of the Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares.
A Significant Event may relate to a single issuer or to an entire market sector. If SIMC or a Sub-Adviser 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 Funds calculate NAV, it may request that a Committee meeting be called. In addition, the Funds use several processes, with respect to certain securities to monitor the pricing data supplied by various sources, including price comparisons and price movements. Any identified discrepancies are researched and subject to the procedures described above.
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
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 59 |
Notes to Financial Statements (Unaudited) (Continued)
March 31, 2016
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 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 U.S. GAAP, fair value is defined as the price that the Fund would receive upon selling an investment in an orderly 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)
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
The valuation techniques used by the Funds to measure fair value during the six months ended March 31, 2016
maximized the use of observable inputs and minimized the use of unobservable inputs.
For the six months ended March 31, 2016, 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 is not materially different from the effective interest method. 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.
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.
60 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
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, speculative purposes 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 period 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 Schedule of Investments for details regarding open forward foreign currency contracts as of March 31, 2016, if applicable.
Futures Contracts — To the extent consistent with its investment objective and strategies, the Funds may purchase futures 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 and may also 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 Schedule of Investments for details regarding open futures contracts as of March 31, 2016, if applicable.
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. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“Centrally Cleared swaps”). 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 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
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 61 |
Notes to Financial Statements (Unaudited) (Continued)
March 31, 2016
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. Centrally cleared swaps are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for centrally cleared swaps are provided by an independent source. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of Centrally Cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.
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.
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 Schedule of Investments for details regarding open swap contracts as of March 31, 2016, 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.
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.
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.
62 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
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 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.
Participation Notes (P-Notes) — To the extent consistent with its Investment Objective and Strategies, a Fund may acquire P-Notes issued by participating banks or broker-dealers. P-Notes are participation interest notes that are designed to offer a return linked to a particular underlying equity, debt, currency or market. The P-Notes in which the Fund may invest will typically have a maturity of one year. When purchasing a P-Note, the posting of margin is not required because the full cost of the P-Note (plus commission) is paid at the time of purchase. When the P-Note matures, the issuer will pay to, or receive from, the purchaser the difference between the minimal value of the underlying instrument at the time of purchase and that instrument’s value at maturity. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies of foreign securities markets that they seek to replicate. In addition, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate. The holder of a participation note that is linked to a particular underlying security is entitled to receive any dividends paid in connection with an underlying security or instrument. However, the holder of a participation note does not receive voting rights as it would if it directly owned the underlying security or instrument. P-Notes are generally traded over-the-counter. P-Notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them and the counterparty. There is also counterparty risk associated with these investments because the Fund is relying on the creditworthiness of such counterparty and has no rights under a participation note against the issuer of the underlying security. In addition, the Fund
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.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 63 |
Notes to Financial Statements (Unaudited) (Continued)
March 31, 2016
As of March 31, 2016, the International Fixed Income Fund is the seller (“providing protection”) on a total notional amount of $0.4 million. The notional amounts of the swaps are not recorded in the financial statements; however the notional amounts approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund was the seller of protection and a credit event were to occur. Those credit default swaps (“CDS”) for which the Fund is providing protection at balance sheet date are summarized as follows:
INTERNATIONAL FIXED INCOME FUND WRITTEN CREDIT DERIVATIVE CONTRACTS | SINGLE NAME CDS | CDS INDEX | ||||||||||||||||||
REFERENCE ASSET | CORP US$ | SOVEREIGN US$ | ABS US$ | CORP US$ | Total | |||||||||||||||
Fair value of written credit derivatives | $ | — | $ | — | $ | (41,135 | ) | $ | — | $ | (41,135 | ) | ||||||||
Maximum potential amount of future payments | — | — | 370,000 | — | 370,000 | |||||||||||||||
Recourse provisions with the third parties any amounts paid under the credit derivative (including any purchased credit protection)1 | — | — | — | — | — | |||||||||||||||
Collateral held by the Partnership or other third parties which the Partnership can obtain upon occurrence of triggering event | — | — | — | — | — |
1 | Potential recoveries would include purchased credit derivatives to the extent they offset written credit derivatives which have an identical underlying, or a netting arrangement or credit support annex with the counterparty. There may be other potential recoveries from recourse provisions where agreements cover multiple derivative arrangements but those amounts have not been included. |
MAXIMUM POTENTIAL AMOUNT OF FUTURE PAYMENTS BY CONTRACT TERM | ||||||||||||||||||||||||
0-6 MONTHS | 6-12 MONTHS | 1-5 YEARS | 5-10 YEARS | > 10 YEARS | Total | |||||||||||||||||||
Current credit spread* on underlying (in basis points) | ||||||||||||||||||||||||
0-100 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
> 101 | — | — | — | — | 370,000 | 370,000 | ||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | 370,000 | $ | 370,000 |
* | The credit spread on the underlying asset is generally indicative of the current status of the underlying risk of the Fund having to perform. The spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a contract. Higher credit spreads with a shorter contract term is indicative of a higher likelihood of performance by the Fund. |
The credit spread disclosed above for each reference obligation where the Fund is the seller of protection is a representation of the current payment/performance risk of the swap.
4. DERIVATIVE CONTRACTS
The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the six months. For Funds that held derivatives throughout the six months with only one type of risk exposure, additional information can be found on the Schedules of Investments and the Statements of Operations. The fair value of derivative instruments as of March 31, 2016 was as follows:
Asset Derivatives | Liability Derivatives | |||||||||||
Six months ended March 31, 2016 ($ Thousands) | Six months ended March 31, 2016 ($ Thousands) | |||||||||||
Statements of Assets and Liabilities Location | Fair Value | Statements of Assets and Liabilities Location | Fair Value | |||||||||
International Fixed Income Fund | ||||||||||||
Interest rate contracts | Net Assets — Unrealized appreciation on futures contracts | $ | 329 | * | Net Assets — Unrealized depreciation on futures contracts | $ | 1,021 | * | ||||
Net Assets — Unrealized appreciation on swap contracts | 1,045 | † | Net Assets — Unrealized depreciation on swap contracts | 3,213 | † | |||||||
Credit contracts | Net Assets — Unrealized appreciation on swap contracts | 26 | † | Net Assets — Unrealized depreciation on swap contracts | 16 | † | ||||||
Foreign exchange contracts | Unrealized gain on forward foreign currency contracts | 898 | Unrealized loss on forward foreign currency contracts | 13,674 | ||||||||
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Total derivatives not accounted for as hedging instruments | $ | 2,298 | $ | 17,924 | ||||||||
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64 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Asset Derivatives | Liability Derivatives | |||||||||||
Six months ended March 31, 2016 ($ Thousands) | Six months ended March 31, 2016 ($ Thousands) | |||||||||||
Statements of Assets and Liabilities Location | Fair Value | Statements of Assets and Liabilities Location | Fair Value | |||||||||
Emerging Markets Debt Fund | ||||||||||||
Interest rate contracts | Net Assets — Unrealized appreciation on futures contracts | $ | 379 | * | Net Assets — Unrealized depreciation on futures contracts | $ | 23 | * | ||||
Net Assets — Unrealized appreciation on swap contracts | 541 | † | Net Assets — Unrealized depreciation on swap contracts | 3,097 | † | |||||||
Foreign exchange contracts | Unrealized gain on forward foreign currency contracts | 18,156 | Unrealized loss on forward foreign currency contracts | 18,009 | ||||||||
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Total derivatives not accounted for as hedging instruments | $ | 19,076 | $ | 21,129 | ||||||||
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* | Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets & Liabilities. |
† | Includes cumulative appreciation/depreciation of swap contracts as reported in the Schedules of Investments. Market Value is reported within the Statements of Assets & Liabilities for OTC swap contracts that have paid premiums. For centrally cleared swap contracts current days variation margin is reported within the Statements of Assets & Liabilities. |
The effect of derivative instruments on the Statements of Operations for the six months ended March 31, 2016.
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 | $ | — | $ | 1,376 | $ | — | $ | (220 | ) | $ | 1,156 | |||||||||
Foreign exchange contracts | 15 | — | 3,587 | — | 3,602 | |||||||||||||||
Credit contracts | — | — | — | 44 | 44 | |||||||||||||||
Total | $ | 15 | $ | 1,376 | $ | 3,587 | $ | (176 | ) | $ | 4,802 |
Derivatives Not Accounted for as Hedging Instruments | Futures | Forward Currency Contracts | Swaps | Total | ||||||||||||
Emerging Markets Debt Fund | ||||||||||||||||
Interest rate contracts | $ | (1,077 | ) | $ | — | $ | (9,123 | ) | $ | (10,200 | ) | |||||
Foreign exchange contracts | — | (3,823 | ) | — | (3,823 | ) | ||||||||||
Total | $ | (1,077 | ) | $ | (3,823 | ) | $ | (9,123 | ) | $ | (14,023 | ) |
Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($ Thousands):
Derivatives Not Accounted for as Hedging Instruments | Futures | Forward Currency Contracts | Swaps | Total | ||||||||||||
International Fixed Income Fund | ||||||||||||||||
Interest rate contracts | $ | (955 | ) | $ | — | $ | (59 | ) | $ | (1,014 | ) | |||||
Foreign exchange contracts | — | (16,091 | ) | — | (16,091 | ) | ||||||||||
Credit contracts | — | — | 110 | 110 | ||||||||||||
Total | $ | (955 | ) | $ | (16,091 | ) | $ | 51 | $ | (16,995 | ) | |||||
| ||||||||||||||||
Derivatives Not Accounted for as Hedging Instruments | Futures | Forward Currency Contracts | Swaps | Total | ||||||||||||
Emerging Markets Debt Fund | ||||||||||||||||
Interest rate contracts | $ | 612 | $ | — | $ | 1,069 | $ | 1,681 | ||||||||
Foreign exchange contracts | — | (601 | ) | 758 | 157 | |||||||||||
Total | $ | 612 | $ | (601 | ) | $ | 1,827 | $ | 1,838 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 65 |
Notes to Financial Statements (Unaudited) (Continued)
March 31, 2016
A Fund is subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.
Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash
are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets in the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability in the Statement of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.
Customer Account Agreements and related addendums govern exchange traded derivatives transactions such as futures, options on futures, and centrally cleared swaps. Exchange traded derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (CFTC), or the applicable regulator. In the US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.
The following is a summary of the market value and variation margin of exchange-traded or centrally cleared financial derivative instruments of the Funds as of March 31, 2016, ($ Thousands):
Financial Derivatives Assets | Financial Derivatives Liabilities | |||||||||||||||||||||||
Variation Margin Asset | Variation Margin Liability | |||||||||||||||||||||||
Fund | Futures | Swap Agreements | Total | Futures | Swap Agreements | Total | ||||||||||||||||||
International Equity Fund | $ | 103 | $ | — | $ | 103 | $ | 711 | $ | — | $ | 711 | ||||||||||||
International Fixed Income Fund | 73 | 6 | 79 | 277 | 13 | 290 | ||||||||||||||||||
Emerging Markets Debt Fund | 47 | — | 47 | 118 | 40 | 158 |
Securities with an aggregate market value of $16,044 ($ Thousands) have been pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2016. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2016 amounted to $1,400 ($ Thousands).
International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by a Fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or
termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.
66 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
The following is a summary by derivative type of the market value of OTC financial derivative instruments and collateral (received)/pledged as of March 31, 2016 ($ Thousands):
Financial Derivative Assets | Financial Derivative Liabilities | |||||||||||||||||||||||||||||||||||
Fund | Forward Foreign Currency Contracts | Swap Agreements | Total Over the Counter | Forward Foreign Currency Contracts | Swap Agreements | Total Over the | Net Market Value of OTC Derivatives | Collateral (Received)/ Pledged | Net Exposures(1) | |||||||||||||||||||||||||||
International Fixed Income Fund | $ | 898 | $ | — | $ | 898 | $ | 13,674 | $ | 855 | $ | 14,529 | $ | (13,631 | ) | $ | — | $ | (13,631 | ) | ||||||||||||||||
Emerging Markets Debt Fund | 18,156 | 541 | 18,697 | 18,009 | 2,620 | 20,629 | (1,932 | ) | — | (1,932 | ) |
(1) | Net Exposures represents the net receivable/(payable) that would be due from /to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. |
No securities have been pledged or have been received as collateral for financial derivative instruments as governed by ISDA Master Agreements as of March 31, 2016
5. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUB-ADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory, Administration and Distribution Agreements — 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.
SEI Investments Global Funds Services (the “Administrator”) provides administrative and transfer agency services to the Funds for annual fees, based on the average daily net assets of each fund.
SEI Investments Distribution Co. (“SIDCo.”) is the distributor of the shares of the Funds. The Funds have adopted a shareholder services plan and agreement (the Service Plan) with respect to Class A and Class I Shares that allows such shares to pay service providers a fee, based on average daily net assets of each respective Class of Shares, in connection with the ongoing servicing of shareholder accounts owning
such shares. The International Equity Fund has also adopted an administrative services plan and agreement (the Administrative Service Plan) with respect to Class I Shares that allows such Shares to pay service providers a fee, based on average daily net assets of the Class I Shares, in connection with ongoing administrative services for shareholder accounts owning such Shares.
The Service Plan and Administrative Service Plan provide that shareholder service fees and administrative service fees, respectively, on Class A and Class I Shares will be paid to SIDCo., which may then be used by SIDCo. to compensate financial intermediaries for providing shareholder services and administrative services, as applicable, with respect to the Shares.
The Adviser, Administrator and/or Distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, Trustees fees and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at a specified level. The voluntary waivers by the Funds’ Adviser, Administrator and/or Distributor are limited to the Funds’ direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (AFFE). The waivers are voluntary and the Funds’ Adviser, Administrator and/or Distributor may discontinue all or part of any of these waivers at any time.
The following is a summary of annual fees payable to the Adviser, Administrator and Distributor and the contractual and voluntary expense limitation for each Fund will be as follows:
Advisory Fee | Administration Fee | Shareholder Servicing | Administrative Servicing Fee | Voluntary Expense | ||||||||||||||||
International Equity Fund | ||||||||||||||||||||
Class A | 0.505 | % | 0.45 | % | 0.25 | % | — | 1.25 | % | |||||||||||
Class I | 0.505 | % | 0.45 | % | 0.25 | % | 0.25 | % | 1.50 | % | ||||||||||
Class Y | 0.505 | % | 0.45 | % | — | — | 1.00 | % | ||||||||||||
Emerging Markets Equity Fund* | ||||||||||||||||||||
Class A | 1.05 | % | 0.45 | % | 0.25 | % | — | N/A | ||||||||||||
Class Y | 1.05 | % | 0.45 | % | — | — | N/A | |||||||||||||
International Fixed Income Fund | ||||||||||||||||||||
Class A | 0.30 | % | 0.45 | % | 0.25 | % | — | 1.02 | % | |||||||||||
Class Y | 0.30 | % | 0.45 | % | — | — | 0.77 | % |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 67 |
Notes to Financial Statements (Unaudited) (Continued)
March 31, 2016
Advisory Fee | Administration Fee | Shareholder Servicing | Administrative Servicing Fee | Voluntary Expense | ||||||||||||||||
Emerging Markets Debt Fund | ||||||||||||||||||||
Class A | 0.85 | % | 0.45 | % | 0.25 | % | — | 1.36 | % | |||||||||||
Class Y | 0.85 | % | 0.45 | % | — | — | 1.11 | % |
* | Renewed as of January 31, 2016, SIMC has contractually agreed to waive its management fee as necessary to keep the management fee paid by the Fund during its fiscal year from exceeding 0.95%. This fee waiver agreement shall remain in effect until January 31, 2017 and, unless earlier terminated, shall be automatically renewed for successive one-year periods thereafter. The agreement may be amended or terminated only with the consent of the Board of Trustees. |
N/A — Not applicable
Investment Sub-Advisory Agreements — As of March 31, 2016 SIMC has entered into Investment Sub-Advisory Agreements with the following parties:
Investment Sub-Adviser |
International Equity Fund |
Acadian Asset Management LLC Blackcrane Capital, LLC Causeway Capital Management LLC Henderson Global Investors (North America) Inc. INTECH Investment Management LLC Neuberger Berman Management LLC Tradewinds Global Investors LLC WCM Investment Management |
Emerging Markets Equity Fund |
Delaware Investment Fund Advisers, a series of Delaware Management Business Trust J O Hambro Capital Management Limited Kleinwort Benson Investors International Ltd. Lazard Asset Management LLC Neuberger Berman Management LLC PanAgora Asset Management, Inc. RWC Asset Advisors (US) LLC |
International Fixed Income Fund |
AllianceBernstein L.P. FIL Investment Advisors Wellington Management Company, LLP |
Emerging Markets Debt Fund |
Investec Asset Management Ltd. Neuberger Berman Fixed Income LLC Stone Harbor Investment Partners LP |
Under the investment sub-advisory agreements, each sub-adviser receives an annual fee, paid by SIMC.
Brokerage Commissions Paid to Affiliates — 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. There were no such commissions for the six months ended March 31, 2016.
Fees Paid Indirectly — The Funds may direct certain fund trades to the Distributor who pays a portion of the Fund’s expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, and the effect on the Fund’s expense ratio, as a percentage of the Fund’s average daily net assets for the six months ended March 31, 2016 can be found on the Statement of Operations and Financial Highlights, if applicable.
Investment in Affiliated Securities — The Funds may invest in the SEI Daily Income Trust Prime Obligation Fund, an affiliated money market fund to manage excess cash or to serve as margin or collateral for derivative positions. Additionally, the Funds may invest cash collateral from the securities lending program in the SEI Liquidity Fund, L.P., also an affiliated fund.
68 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
The following is summary of the transactions with affiliates for the six months ended March 31, 2016 ($ Thousands):
International Equity Fund
| |||||||||||||||||||||||||
Security Description | Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Value 3/31/2016 | Dividend Income | ||||||||||||||||||||
SEI Liquidity Fund, L.P. | $ | 233,929 | $ | 628,784 | $ | (643,316 | ) | $ | 219,397 | $ | 519 | ||||||||||||||
SEI Daily Income Trust, Prime Obligation Fund, Class A | 91,924 | 137,564 | (161,648 | ) | 67,840 | 99 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Totals | $ | 325,853 | $ | 766,348 | $ | (804,964 | ) | $ | 287,237 | $ | 618 | ||||||||||||||
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Emerging Markets Equity Fund
| |||||||||||||||||||||||||
Security Description | Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Value 3/31/2016 | Dividend Income | ||||||||||||||||||||
SEI Liquidity Fund, L.P. | $ | 135,645 | $ | 263,170 | $ | (259,217 | ) | $ | 139,598 | $ | 525 | ||||||||||||||
SEI Daily Income Trust, Prime Obligation Fund, Class A | 12,203 | 150,327 | (155,137 | ) | 7,393 | 9 | |||||||||||||||||||
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|
|
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|
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Totals | $ | 147,848 | $ | 413,497 | $ | (414,354 | ) | $ | 146,991 | $ | 534 | ||||||||||||||
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Emerging Markets Debt Fund
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Security Description | Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Value 3/31/2016 | Dividend Income | ||||||||||||||||||||
SEI Liquidity Fund, L.P. | $ | 20,810 | $ | 76,281 | $ | (84,987 | ) | $ | 12,104 | $ | 94 |
Payment to Affiliates — Certain Officers and Trustees of the Trust are also Officers and/or Directors 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.
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.
Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. For the six months ended March 31, 2016, the Trust had not participated in the Program.
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 six months ended March 31, 2016, were as follows:
International Equity Fund ($ Thousands) | Emerging Markets Equity Fund ($ Thousands) | International Fixed Income Fund ($ Thousands) | Emerging Markets Debt Fund ($ Thousands) | |||||||||||||
Purchases | ||||||||||||||||
U.S. Government | $ | — | $ | — | $ | 9,991 | $ | 84,337 | ||||||||
Other | 715,811 | 571,482 | 142,171 | 463,406 | ||||||||||||
Sales | ||||||||||||||||
U.S. Government | — | — | 10,433 | 19,605 | ||||||||||||
Other | 613,094 | 576,147 | 126,851 | 458,704 |
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
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 69 |
Notes to Financial Statements (Unaudited) (Continued)
March 31, 2016
countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.
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 U.S. GAAP. 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) | Total ($ Thousands) | ||||||||||||||
International Equity Fund | 2015 | $ | 52,509 | $ | — | $ | 52,509 | |||||||||
2014 | 31,622 | — | 31,622 | |||||||||||||
Emerging Markets Equity Fund | 2015 | 18,640 | — | 18,640 | ||||||||||||
2014 | 7,645 | — | 7,645 | |||||||||||||
International Fixed Income Fund | 2015 | 38,714 | — | 38,714 | ||||||||||||
2014 | 2,598 | — | 2,598 | |||||||||||||
Emerging Markets Debt Fund | 2015 | 27,003 | 550 | 27,553 | ||||||||||||
2014 | 33,867 | 10,668 | 44,535 |
As of September 30, 2015, the components of Distributable Earnings/(Accumulated Losses) were as follows:
Undistributed Ordinary Income ($ Thousands) | Undistributed Long-Term Capital Gain ($ Thousands) | Capital Loss ($ Thousands) | Post-October Losses ($ Thousands) | Late Year Ordinary Losses ($ Thousands) | Unrealized Depreciation ($ Thousands) | Other Temporary Differences ($ Thousands) | Total Accumulated Losses ($ Thousands) | |||||||||||||||||||||||||
International Equity Fund | $ | 29,250 | $ | — | $ | (709,632 | ) | $ | — | $ | — | $ | (153,360 | ) | $ | 1,008 | $ | (832,734 | ) | |||||||||||||
Emerging Markets Equity Fund | 10,980 | — | (11,026 | ) | (46,481 | ) | — | (337,262 | ) | — | (383,789 | ) | ||||||||||||||||||||
International Fixed Income Fund | 25,197 | 41 | — | — | — | (31,332 | ) | (5,719 | ) | (11,813 | ) | |||||||||||||||||||||
Emerging Markets Debt Fund | — | — | — | (29,930 | ) | (21,428 | ) | (235,791 | ) | (5,046 | ) | (292,195 | ) |
For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains as follows:
Expires 2017 ($ Thousands) | Expires 2018 ($ Thousands) | Total Capital Loss Carryforward 9/30/15 | ||||||||||
International Equity Fund | $ | 19,275 | $ | 690,357 | $ | 709,632 | ||||||
Emerging Markets Equity Fund | — | 11,026 | 11,026 |
Under the 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.
During the year ended September 30, 2015, the following Funds utilized capital loss carryforwards to offset capital gains:
Amount Utilized ($ Thousands) | ||||
International Equity Fund | $ | 76,023 | ||
Emerging Markets Equity Fund | 6,508 | |||
International Fixed Income Fund | 280 |
For Federal income tax purposes, the cost of securities owned at March 31, 2016, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in partnerships, passive foreign investment companies and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at March 31, 2016, was as follows:
Federal Tax Cost ($ Thousands) | Appreciated Securities ($ Thousands) | Depreciated Securities ($ Thousands) | Net Unrealized ($ Thousands) | |||||||||||||
International Equity Fund | $ | 2,985,616 | $ | 216,257 | $ | (234,398 | ) | $ | (18,141 | ) | ||||||
Emerging Markets Equity Fund | 1,719,617 | 96,260 | (225,534 | ) | (129,274 | ) | ||||||||||
International Fixed Income Fund | 507,027 | 18,216 | (19,068 | ) | (852 | ) | ||||||||||
Emerging Markets Debt Fund | 1,517,780 | 34,991 | (131,491 | ) | (96,500 | ) |
70 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of March 31, 2016, 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
In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, management believes that, based on experience, the risk of loss from such claims is considered remote.
The following descriptions provide additional information about some of the risks of investing in the Funds:
Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.
Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.
Currency Risk — To the extent a Fund takes positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.
Fixed Income Market Risk — The prices of a Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities
will decrease in value if interest rates rise and vice versa. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar.
Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.
Interest Rate Risk — The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government Securities, in which the Fund invests. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly.
Mortgage-Backed Securities Risk — Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.
Please refer to each Fund’s current prospectus for additional disclosure regarding the risks associated with investing in the Funds. The foregoing is not intended to be a complete discussion of the risks associated with the investment strategies of the Funds.
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
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 71 |
Notes to Financial Statements (Unaudited) (Concluded)
March 31, 2016
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.
The following is a summary of securities lending agreements held by certain Funds which would be subject to offset as of March 31, 2016 ($ Thousands):
Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | ||||||||||
International Equity Fund | $ | 208,594 | $ | 208,594 | $ | — | ||||||
Emerging Markets Equity Fund | 134,753 | 134,753 | — | |||||||||
Emerging Markets Debt Fund | 11,701 | 11,701 | — |
(1) | Excess collateral received in connection with the above securities lending transactions is not shown for financial reporting purposes. See each Fund’s Schedule of Investments for the total collateral received. |
10. CONCENTRATION OF SHAREHOLDERS
SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of March 31, 2016, SPTC held of record the following:
Fund | Class A | Class I | Class Y | |||||||||
International Equity Fund | 97.07 | % | 55.66 | % | 19.74 | % | ||||||
Emerging Markets Equity Fund | 90.03 | % | — | 36.59 | % | |||||||
International Fixed Income Fund | 96.58 | % | — | 100.00 | % | |||||||
Emerging Markets Debt Fund | 96.36 | % | — | 20.36 | % |
SPTC is not a direct service provider to the SEI Funds. However, SPTC performs a role in the comprehensive investment solution that SEI provides to investors. SPTC holds shares in the Funds as custodian for shareholders that are clients of independent registered investment advisers, financial planners, bank trust departments and other financial advisers. SPTC maintains omnibus accounts at the Fund’s transfer agent.
11. SUBSEQUENT EVENTS
Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events
through the date the financial statements were issued. Based on this evaluation, no disclosure and/or adjustments were required to the financial statements as of March 31, 2016.
72 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Disclosure of Fund Expenses (Unaudited)
March 31, 2016
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 Account Value 10/1/2015 | Ending Account Value 3/31/2016 | Annualized Expense Ratios | Expenses Paid During Period* | |||||||||||||
International Equity Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.80 | 1.28 | % | $ | 6.46 | ||||||||
Class I | 1,000.00 | 1,016.30 | 1.53 | 7.71 | ||||||||||||
Class Y | 1,000.00 | 1,018.00 | 1.03 | 5.20 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.60 | 1.28 | % | $ | 6.46 | ||||||||
Class I | 1,000.00 | 1,017.35 | 1.53 | 7.72 | ||||||||||||
Class Y | 1,000.00 | 1,019.85 | 1.03 | 5.20 | ||||||||||||
Emerging Markets Equity Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,070.20 | 1.77 | % | $ | 9.16 | ||||||||
Class Y | 1,000.00 | 1,071.90 | 1.53 | 7.93 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.15 | 1.77 | % | $ | 8.92 | ||||||||
Class Y | 1,000.00 | 1,017.35 | 1.53 | 7.72 |
Beginning Account Value 10/1/2015 | Ending Account Value 3/31/2016 | Annualized Expense Ratios | Expenses Paid During Period* | |||||||||||||
International Fixed Income Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,037.50 | 1.06 | % | $ | 5.40 | ||||||||
Class Y | 1,000.00 | 1,031.30 | 0.85 | 3.61 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.70 | 1.06 | % | $ | 5.35 | ||||||||
Class Y** | 1,000.00 | 1,020.75 | 0.85 | 4.29 | ||||||||||||
Emerging Markets Debt Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,084.30 | 1.39 | % | $ | 7.24 | ||||||||
Class Y | 1,000.00 | 1,085.40 | 1.15 | 6.00 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.05 | 1.39 | % | $ | 7.01 | ||||||||
Class Y | 1,000.00 | 1,019.25 | 1.15 | 5.81 |
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown). |
** | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 153/366 (to reflect the period since inception to period end). |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 73 |
Board of Trustees’ Considerations in Approving the 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 is responsible for the investment advisory services provided to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (the “Board”), the sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the 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 be specifically approved: (i) by the vote of the Board 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(s). In connection with their consideration of such approval(s), 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 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 Board calls and holds meetings each year to consider whether to approve new and/or renew existing 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 the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided 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 counsel 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 sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.
Specifically, during the course of the Trust’s fiscal year, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Advisers, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data; (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Advisers’ expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indices.
At the March 28-30 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, each Sub-Advisory Agreement (was either initially approved or, if the Sub-Advisory Agreement was already in effect (unless operating under an initial two-year term) , renewed at a meeting of the Board during the course of the Trust’s fiscal year. In each case, the Board’s approvals were based on its consideration and evaluation of the factors described above, as discussed at the meetings and at prior meetings.
74 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.
Nature, Extent and Quality of Services. The Board 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, SIMC’s and each Sub-Adviser’s personnel, experience, track record and compliance program. 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 were sufficient to support renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or its affiliates.
Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indices/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered a report compiled by Broadridge, an independent third-party, which was engaged to prepare an assessment of the Funds in connection with the renewal of the Advisory Agreement (the “Broadridge Report”). The Broadridge Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the approval or renewal of Sub-Advisory Agreements, the Board considered the performance of the Sub-Adviser relative to appropriate indices/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of each Sub-Adviser was sufficient to support approval or renewal of the Sub-Advisory Agreement.
Fees. 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 the Funds’ respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various fee levels, actual management fees, and actual total expenses for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC’s contractual waiver of its management fee with respect to the Emerging Markets Equity Fund and its voluntary waiver of management and other fees to prevent total Fund operating expenses from exceeding a specified cap and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for their distribution channels. In determining the appropriateness of fees, the Board also took into consideration the impact of fees incurred indirectly by the Funds as a result of investments into underlying funds, including funds from which SIMC or its affiliates earn fees. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. 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. The Board also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.
Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 75 |
Board of Trustees’ Considerations in Approving the Advisory and Sub-Advisory Agreements (Unaudited) (Concluded)
profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the approval or renewal of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC’s advisory fee margin and profitability. 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.
Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and their affiliates and, if so, whether the benefits of such economies of scale 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. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.
Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the approval or renewal, as applicable, 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 its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
76 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 |
Shareholder Voting Proxy Results (Unaudited)
A Special Meeting of Shareholders of the SEI Institutional International Trust (the “Trust”) was held on March 14, 2016 for the purpose of considering the proposal to elect, as a slate of nominees, each of the current Trustees and one new Trustee to the Board of Trustees of the Trust. The proposal was approved with the following voting results:
Trustee | Shares Voted | |||
Robert A. Nesher | ||||
For | 323,177,985.998 | |||
Withheld | 11,044,927.645 | |||
William M. Doran | ||||
For | 323,024,942.163 | |||
Withheld | 11,197,971.480 | |||
George J. Sullivan, JR. | ||||
For | 323,096,139.758 | |||
Withheld | 11,126,773.885 | |||
Nina Lesavoy | ||||
For | 323,262,205.837 | |||
Withheld | 10,960,707.806 | |||
James M. Williams | ||||
For | 323,146,095.237 | |||
Withheld | 11,076,818.406 | |||
Mitchell A. Johnson | ||||
For | 323,108,533.129 | |||
Withheld | 11,114,380.514 | |||
Hubert L. Harris, JR. | ||||
For | 323,070,850.003 | |||
Withheld | 11,152,063.640 | |||
Susan C. Cote | ||||
For | 323,245,529.226 | |||
Withheld | 10,977,384.417 |
A Special Meeting of Shareholders of the SEI Institutional International Trust (the “Trust”) was held on March 14, 2016 for the purpose of considering the proposal to amend the Agreement and Declaration of Trust for the Trust to reduce the shareholder quorum requirement from a majority to one-third (33 — 1/3%). The proposal was not approved. The voting results were as follows:
Shares Voted | ||||
For | 289,620,063.037 | |||
Against | 25,993,139.004 | |||
Abstain | 12,007,918.012 | |||
Broker Non-Vote | 6,601,793.590 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2016 | 77 |
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SEI INSTITUTIONAL INTERNATIONAL TRUST SEMI-ANNUAL REPORT MARCH 31, 2016
Robert A. Nesher, Chairman
Trustees
William M. Doran
George J. Sullivan, Jr.
Nina Lesavoy
James M. Williams
Mitchell A. Johnson
Susan Cote
Hubert L. Harris, Jr.
Officers
Robert A. Nesher
President and Chief Executive Officer
Arthur Ramanjulu
Controller and Chief Financial Officer
Russell Emery
Chief Compliance Officer
Timothy D. Barto
Vice President, Secretary
David F. McCann
Vice President, Assistant Secretary
Aaron Buser
Vice President, Assistant Secretary
Stephen G. MacRae
Vice President
Bridget E. Sudall
Anti-Money Laundering Compliance Officer
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
KPMG 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 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)
1 Freedom Valley Drive P.O. Box 1100 Oaks, PA 19456
SEI-F-031 (3/16)
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 included as part of the report to shareholders filed under Item 1 of this form.
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 Governance 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, 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 Act (17 CFR 270.30a-3(c))) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)) 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 Act (17 CFR 270.30a-3(d))) 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 Act (17 CFR 270.30a-2(a)), as amended, are filed herewith.
(b) Officer certifications as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), also accompany this filing as an exhibit.
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: June 8, 2016
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: June 8, 2016
By | /s/ Arthur Ramanjulu | |||||
Arthur Ramanjulu, Controller & CFO |
Date: June 8, 2016