UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05601
SEI Institutional International Trust
(Exact name of registrant as specified in charter)
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Address of principal executive offices) (Zip code)
Timothy D. Barto, Esq.
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Name and address of agent for service)
Registrant’s telephone number, including area code: 610-676-1000
Date of fiscal year end: September 30, 2018
Date of reporting period: September 30, 2018
Item 1. | Reports to Stockholders. |
September 30, 2018
ANNUAL REPORT
SEI Institutional International Trust
International Equity Fund | ||
Emerging Markets Equity Fund | ||
International Fixed Income Fund | ||
Emerging Markets Debt Fund |
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.
September 30, 2018 (Unaudited)
To Our Shareholders:
Financial markets completed the fiscal year in an environment defined by strong investor appetite for higher-risk market segments. Fixed-income performance ran the gamut regarding strength across markets—with high-yield debt near the top end and U.S. Treasurys at the bottom, in keeping with the risk-on sentiment. However, the sudden return of volatility to the markets toward the end of the first half of the reporting period saw the VIX index rise to a three-year high. Risk-asset prices fell sharply in February, with the S&P 500 Index touching down 10% from its earlier highs; robust economic data and consumer confidence in a healthy economy likely prevented a more sizeable market correction and drove the index to a new all-time high mark before the end of the fiscal year. By the end of the reporting period, trade war concerns continued to catalyze while markets looked to gain support from robust macro data and earnings momentum.
Most of the expectations we had at the start of the Funds’ most recently completed fiscal year, from the start of October 2017 through the end of September 2018, were actualized. The pace of interest-rate increases by the Federal Reserve (“Fed”) largely followed the market’s projections. U.S. Treasury yields increased across the curve during the fiscal year as a combination of policy, fundamental and political events influenced the markets. Short-term rates rose by a greater magnitude than long-term rates after the Federal Reserve raised rates four times during the reporting period, and the yield curve flattened to a post-recession low. Strength in the euro relative to the U.S. dollar over the first half of the fiscal year prevented a quick end to the European Central Bank’s (“ECB”) stimulus commitment; the European Central Bank announced it would end its bond-buying program by the end of 2018, assuming that economic data continued to support the bank’s medium-term inflation outlook. The Japanese yen finished the period near where it began as the Bank of Japan (“BOJ”) held monetary policy stable through the fiscal year. China’s currency slid to a 10-year low against the U.S. dollar toward the end of the fiscal period amid trade-related tensions. Venezuela announced it would restructure and refinance after the country defaulted on several overdue coupon payments.
Oil prices gained during the fiscal year, supported by rising global demand and geopolitical tensions, as well as news that Saudi Arabia and Russia would extend an agreement to curb output.
We suggested that market sentiment would remain attuned to geopolitical developments; these accounted for the only significant exceptions to the global tranquility trend. Also, a fixation on tax reform and continued yield-curve flattening drove market movements throughout the latter part of the fiscal year.
Geopolitical events
In the U.S., President Trump demonstrated a commitment to follow through on tighter U.S. immigration policy that authorized U.S. border agents to separate children from parents who crossed the border illegally. The ongoing special counsel investigation into the possibility of collusion between Donald Trump’s presidential campaign and Russia remained topical. A one-on-one meeting between the U.S. president and Russian President Vladimir Putin raised concerns across the political spectrum—particularly after a subsequent press conference in which Trump second-guessed U.S. intelligence agencies’ unanimous assessment of Russia’s interference in the 2016 U.S. elections.
While longer-term market reactions to geopolitical events were mostly muted, rogue-state nuclear programs earned a significant share of the spotlight: North Korean Supreme Leader Kim Jong-Un announced a willingness to mothball his country’s efforts and, in an unprecedented display of unity, crossed the border as he clasped hands with South Korean President Moon Jae-in in April 2018. Trump also stated that aggression from North Korea would be met with “fire and fury.” An eventual meeting with North Korea’s leader garnered headlines but ended with vague commitments. Elsewhere, Israeli Prime Minister Benjamin Netanyahu televised evidence of the Iranian Republic’s plans to reignite its nuclear ambitions—raising questions about Iran’s adherence to the terms of its multi-party disarmament agreement. Although the International Atomic Energy Agency refuted the claims, President Trump backed out of the accord and imposed sanctions on Iran.
SEI Institutional International Trust / Annual Report / September 30, 2018 |
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LETTER TO SHAREHOLDERS (Continued)
September 30, 2018 (Unaudited)
The U.S. escalated its trade fight with China late in the fiscal year, enacting tariffs of 10% on $200 billion of Chinese products and promising to increase them to 25% in the New Year. President Donald Trump pointed to an additional prospective $267 billion in Chinese products that could also be subjected to tariffs if China were to retaliate—which it did, although on a significantly smaller scale (applying duties of 5% to 10% on $60 billion of U.S. exports to China). China asked the World Trade Organization to impose sanctions on the U.S. late in the fiscal period in response to disputes dating back several years. NAFTA’s successor came into focus before the end of the reporting period—first when the U.S. and Mexico came to an agreement in August, and then when the U.S. and Canada finally ironed out their differences in the last few hours of September. Now called the United States-Mexico-Canada Agreement, the revised deal is expected to strengthen its predecessor’s provisions and improve labor standards. The U.S. is projected to offer Canada and Mexico relief from automobile-related trade barriers as a result of the new agreement, although aluminum and steel tariffs will remain.
Immigration became a key point of contention in the U.S. and Europe during the second half of the period. The Trump administration enacted a zero-tolerance policy that targeted illegal immigration at the southern border; this attracted condemnation from across the political spectrum for its practice of separating and detaining families, including children. In Europe, the governing coalitions in Italy and Germany pointed a spotlight on the issue, forcing action at a European Council meeting in late June with a deal that seeks to establish an EU-wide approach centered on financial-burden sharing and more restrictive borders.
A raft of political surprises unfolded during the reporting period. U.K. Prime Minister Theresa May declared that Brexit negotiations had reached an impasse in the final weeks of the fiscal year. EU leaders rejected her so-called Chequers plan, which had become a rallying point for cabinet officials. May reminded EU officials that she believes no deal is better than a bad deal. The swearing in of Italy’s Prime Minister Giuseppe Conte—a relative newcomer to politics—signaled continued viability of the euro-skeptic coalition, which formed from the two populist parties that won the country’s March election. Financial markets were rattled in May by the anti-EU implications of the new Italian government taking shape, then again as a rejection of the coalition’s first choice for economy minister seemed to set the stage for another round of elections and associated delays. Spain’s government also experienced turnover as center-right Prime Minister Mariano Rajoy suffered a no-confidence vote and was replaced by socialist leader Pedro Sanchez at the beginning of June.
Economic performance
U.S. economic growth slowed to a 2.9% rate at the start of the fiscal period, as strong consumer spending drove a surge in imports. First-quarter economic growth was reported at 2.0% annualized—in line with the typically mild pace of the three-month period ending March, yet slower than the rate of expansion recorded in the fourth quarter. Second-quarter GDP grew 4.2%, its highest annualized growth rate since 2014, primarily on strong business expenditures and a jump in exports ahead of expected retaliatory tariffs. Consumer spending also accelerated, by 4.0%, after growing by the slowest rate in five years during the previous quarter.
The labor market remained robust throughout the year: the unemployment rate fell, finishing the period at 3.7%, a 49-year low, while the labor-force participation rate ended at 62.7%, down slightly from a year ago. Average hourly earnings gained, bouncing around a mean of about 0.2% growth per month over the year, although a modest increase in price pressures weighed on real personal income growth as the period progressed. The historically strong labor market and improving wage growth helped boost the debt profile of the U.S. consumer. The Fed raised its target interest rate four times during the period, with one additional rate increase still projected toward the end of 2018. The Fed also began to unwind its balance sheet by $10 billion per month in October 2017; the pace accelerated to $40 billion per month by the end of the reporting period, reversing some of the quantitative easing that has been so supportive of bond prices in recent years.
The ECB held its benchmark interest rate unchanged at a historic low through the fiscal period, while the Bank of England raised its official bank rate for the first time since the global financial crisis, by 0.25%, and did so again toward the end of the fiscal year. Broad economic growth slowed in the eurozone during the first and second quarters, after growing at its quickest pace since 2011 during the fourth quarter at a time that many thought would be plagued by political uncertainty. Year-on-year growth was 2.1% at the end of the second quarter of 2018. The U.K. economy grew just 1.2% year-on-year through the second quarter of 2018 as Brexit uncertainty continued to hurt the economy and a weakened pound dampened consumer spending to nearly its lowest level in almost six years.
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SEI Institutional International Trust / Annual Report / September 30, 2018 |
Japanese GDP grew just 1.3% year-on-year at the end of the second quarter of 2018; the BOJ maintained monetary stimulus in an attempt to drive higher inflation. Meanwhile, economic growth in China expanded by 6.7% year-on-year in the second quarter of 2018 after China’s government provided substantial fiscal stimulus early in the period to support the government’s growth goals, targeted at 6.5%.
Market developments
For the fiscal year ending September 30, 2018, growth stocks in general, and the technology sector, in particular, outperformed. Stocks corrected in the first quarter of 2018, with the S&P 500 Index falling close to 10% from its all-time high, precipitated by indications of accelerating U.S. inflation and similar concerns that future interest-rate increases by the Fed could come quicker than anticipated. The index recovered and reached a new all-time high before the end of the fiscal year, extending the current bull market to the second-longest on record. Equity market gains for the period were concentrated in large internet commerce companies and the information technology sector. Corporate tax reform provided an additional earnings boost during the fiscal year that supported the market’s positive momentum. Cyclical areas of the market outperformed their defensive peers, except for the healthcare sector, which outperformed during the period. High dividend-yield segments of the market, such as utilities, consumer staples and real-estate investment trusts, underperformed as they were seen as less attractive in a rising interest-rate environment. Value stocks lagged significantly; single-digit returns were the norm among traditional value sectors, such as financials and materials.
Energy stocks outperformed globally, while the telecommunications services sector ended in the red, presumably weakened by the repeal of net-neutrality regulations in the U.S.
Growth typically outperformed value, as internet-commerce and information technology stocks were among the best-performing sectors for the full fiscal year, while the utilities and consumer staples sectors lagged. The final quarter of the fiscal period helped propel the FTSE Russell 1000 Growth Index to 26.30% for the reporting year, while the FTSE Russell 1000 Value Index returned 9.45% over the same period.
Large-cap stocks outperformed, with U.S. large caps (FTSE Russell 1000 Index) outpacing small caps (FTSE Russell 2000 Index), delivering 17.76% and 15.24%, respectively.
European inflation accelerated above the ECB’s goal during the fiscal year, while growth slowed, but remained in expansion territory; unemployment fell to a 10-year low. Equities remained bolstered by accommodative monetary policy from the ECB, which only slightly began to remove stimulus; the euro finished down 1.77% versus the U.S. dollar for the year.
Looking back on market performance for the full period, the FTSE UK Series All-Share Index was up 2.90% in U.S. dollar terms and 5.87% in sterling, as Brexit concerns continued to overshadow the outlook for businesses. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 9.77% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 17.91%.
Emerging markets failed to keep pace with the developed world across asset classes amid a synchronized global economic expansion. The MSCI Emerging Markets Index finished the fiscal year down 0.81% in U.S. dollar terms, giving up its year-to-date gains over the second half of the period. Latin America finished down for the reporting period after a second-half selloff. Asian markets also declined over the final six months and finished down for the year as trade concerns drove market weakness.
The risk-on sentiment that pushed global equities higher overall was also visible in fixed-income markets, with high-yield outperforming government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve. Yields for 10-year government bonds rose and ended the period 72 basis points higher at 3.05%, while 2-year yields climbed 134 basis points during the year to 2.81%. The U.S. Treasury yield curve flattened to a 10-year low, with short-term yields rising more than long-term yields. The Fed hiked rates four times during the fiscal period and pushed short-term yields higher, while longer-term bond yields were flat as inflationary and long-term economic growth expectations remained subdued.
SEI Institutional International Trust / Annual Report / September 30, 2018 |
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LETTER TO SHAREHOLDERS (Continued)
September 30, 2018 (Unaudited)
Front-end Treasury yields moved higher in response to the Fed increasing the fed-funds target rate to 2.00%-2.25%, marking the eighth rate hike during this tightening cycle. The Fed’s interest-rate projections, known as the dot plot, still suggest one more rate hike in 2018 and additional hikes in 2019, subject to inflation moving toward, and staying in a band around, the Federal Open Market Committee’s 2% target. Jerome Powell succeeded Janet Yellen as Fed Chair, Randal Quarles was named vice chair for bank supervision and Marvin Goodfriend, a former Fed economist, was chosen to fill one of three open governor seats. President Trump signed the Tax Cuts and Jobs Act into law, introducing several new policies, including a cap on state and local tax deductions, a one-time repatriation tax on overseas cash, a move to a territorial tax system and a permanent drop in the corporate tax rate from 35% to 21%.
Inflation-sensitive assets, such as commodities and Treasury Inflation-Protected Securities, gained. The Bloomberg Commodity Total Return Index (which represents the broad commodity market) rose 2.59% during the period; oil price increases flowed through to U.S. inflation rates and outpaced weakness driven by trade concerns in the agriculture and metals sectors, while the Bloomberg Barclays US TIPS Index (USD) edged 0.41% higher. Despite correcting over 10% during the final quarter of the period, the price of oil recovered and ended near its high for the year, up 41.8%.
Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, slipped 1.32% in U.S. dollar terms during the reporting period, while the high-yield market did better, with the ICE BofAML US High Yield Constrained Index up 2.94%.
U.S. investment-grade corporate debt was lower, as the Bloomberg Barclays Investment Grade US Corporate Index returned -1.19%. U.S. asset-backed securities managed marginal gains during the fiscal year, while mortgage-backed securities eased slightly lower, as both faced headwinds from rising interest rates and expectations for further rate increases.
Emerging-market debt delivered weak performance. The J.P. Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, lost 7.40% in U.S. dollar terms during the reporting period, trending lower after rallying in the first half of the period. The J.P. Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), fared better but still finished lower, down 1.92%.
Our view
The ratcheting-up of trade-war tensions between the U.S. and China has become the leading preoccupation of investors. And with good reason: Whatever happens between the two countries has global implications. China and the U.S. together accounted for 42% of world nominal gross domestic product (GDP) last year.
China’s currency has fallen sharply not only against the dollar but also against a broader basket of currencies. The weaker currency partially offsets the impact from tariffs imposed by the U.S. The competitiveness of Chinese exporters against other countries has also improved as a result of this year’s devaluation.
On the downside, the weak Chinese currency makes it almost certain that the Trump administration will increase the tariff rate to 25% at the beginning of January. It also could raise the ire of other big importers of Chinese goods, perhaps making it easier for the U.S. to enlist the support of other WTO members in its attempt to sanction China over unfair trading practices.
The U.S. is in strong shape economically. Although nobody wins in a trade war, even White House advisors with a pro-trade bias believe that the U.S. will be the least hurt of the two countries. Investors appear to have reached the same conclusion. While the U.S. flirts with new all-time highs, the Shenzhen Stock Exchange Composite Index fell into bear territory in the third quarter, declining more than 25% from the peak recorded in late January. Remember that China makes up more than 31% of the MSCI Emerging Markets Index.
Although the near-term view is fraught with uncertainty, we continue to believe in diversifying portfolios with emerging-market exposure. The alpha opportunities (that is, the ability to achieve returns in excess of benchmarks) also are much greater, given the economic and political idiosyncrasies inherent in the asset class. The price-to-earnings ratio for emerging-market stocks is running at about a 30% discount to that of the U.S. stock market, near attractive relative-valuation levels last seen in early 2016.
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SEI Institutional International Trust / Annual Report / September 30, 2018 |
As the trade war with China heats up, the Trump administration has turned more conciliatory toward other countries with which it has picked fights. Broad agreement has been reached with USMCA, which replaces NAFTA. The threat of tariffs on European and Japanese autos and auto parts has also been taken off the table. This may be a temporary truce, but we are hopeful that it represents a realization by the White House that it’s better to gain allies in its battle against China than fight on multiple fronts.
In Europe, there are business-as-usual problems: sluggish economic growth, still-high unemployment and the never-ending disagreements over how expansive monetary policy should be. Europe also faces trade tensions of its own. The U.K. is far more dependent on the EU as an export market than the other way around. A “hard” Brexit will likely affect the U.K.’s export of financial and other services (keep in mind that manufacturing accounts for only 10% of the U.K.’s GDP nowadays, while services account for 80%).
Although a last-minute agreement or a mighty kicking of the can down the road is possible, widespread fear of a hard Brexit can be seen in the economic data. The Organisation for Economic Co-operation and Development’s Leading Economic Indicators show that the U.K. has experienced the most dramatic deterioration of the world’s major developed economies.
As if the future departure of the EU’s second-largest member isn’t bad enough, Italian yields have risen sharply higher this year as the Lega/Five-Star coalition pushes to make good on some of its campaign promises. Italy is the third-largest eurozone economy and has the fourth largest debt-to-GDP ratio in the world; a debt crisis in Italy would not be as easy to handle as the Greek one (which wasn’t all that easy).
A complicating factor for Italy and other highly-indebted countries is the tapering of asset purchases by the ECB. Since the program’s inception, the ECB’s purchases of Italian bonds equate to 53% of the country’s cumulative deficit. Italy will be losing a significant price- and risk-insensitive buyer of its bonds at an inopportune time. The ECB is set to finish its taper at the end of the year.
It’s been quite a run for U.S. equities for much of the past nine years. The relative performance of the U.S. against other developed- (MSCI World ex USA Index) and developing-country (MSCI Emerging Markets Index) stock markets has been stellar, whether the yardstick is in U.S. dollar or local-currency terms.
The fundamental outlook remains favorable for U.S. equities despite trade-war concerns and the rising trend in interest rates. Tax cuts, deregulation and strong revenue growth have provided an ideal backdrop for U.S. equities to appreciate, but performance could be constrained if earnings estimates fade in light of increasing tariffs on tradable goods. The multiple on those estimated earnings also could fall if interest rates climb at a faster-than-expected pace. That said, we still think it’s premature to turn negative on the near-term outlook given today’s mosaic of economic fundamentals. In our view, risks to the U.S. stock market are evenly balanced.
The multi-year persistence of high corporate profit margins is unusual. Margins have spiked higher in the past two quarters, reflecting the impact of the tax cut and the acceleration of sales growth. In the latter stages of an economic expansion, margins usually contract on a sustained basis as higher costs for labor, interest expenses and depreciation take a larger slice of the pie.
Besides rising trade tensions with China, we see the Federal Reserve (Fed) as another, more traditional, major potential threat to the U.S. equity bull market. The question is how high the federal-funds rate will ultimately go, and whether that level proves to be sufficient to keep inflation near the central bank’s 2% target or turns out to be overkill. We agree with the Fed’s view that the funds rate is still below the so-called neutral rate of interest. Additional rate increases appear appropriate, as long as the Fed doesn’t keep hiking beyond the neutral rate—a level that has historically seen the stock market run into real trouble.
One can argue about whether the valuations embedded in the U.S. equity market are high, especially when measured against other global stock markets, although earnings growth in the latter has been less robust. The extreme appreciation in some large technology companies also suggests that the U.S. stock market could be subject to a sharp rotation from previous winners to the laggards somewhere down the road. SEI equity strategies certainly tilt in the direction of more value-oriented companies and industries in our actively-managed portfolios.
SEI Institutional International Trust / Annual Report / September 30, 2018 |
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LETTER TO SHAREHOLDERS (Concluded)
September 30, 2018 (Unaudited)
Predicting the future is a hazardous venture most of the time. Given the uncertainties facing investors at present, the prediction game is, perhaps, even more challenging. Accordingly, we believe in a diversified approach to investing. Although maintaining exposure to risk assets may feel uncomfortable, we think that investors with long time horizons should know that mistiming entries and exits into and out of equities can be costly. Today, mistiming an exit is the greater concern.
Sincerely,
William T. Lawrence, CFA
Managing Director, Portfolio Management Team
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SEI Institutional International Trust / Annual Report / September 30, 2018 |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2018 (Unaudited)
International Equity Fund
I. Objective
The International Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.
II. Multi-Manager Approach Statement
The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (“SIMC”). The Fund utilized the following sub-advisors as of September 30, 2018: Acadian Asset Management LLC, Blackcrane Capital, LLC, Causeway Capital Management LLC, INTECH Investment Management LLC, Neuberger Berman Investment Advisers LLC, NWQ Investment Management Company, LLC and WCM Investment Management.
III. Return vs. Benchmark
For the year ended September 30, 2018, the Fund’s Class F shares underperformed the MSCI EAFE Index (Net) (the “Index”), returning 2.11% versus the Index return of 2.74%.
IV. Fund Attribution
International developed stocks ended the fiscal year slightly positive, masking volatile performance within the period. While the first quarter of the period began strong, the beginning of 2018 saw inflationary concerns and fears of an escalating trade war that drove volatility higher. As noted in the shareholder letter, tax reform and strong earnings growth supported U.S. equities and international developed equities lagged.
Japan was the best-performing region in the benchmark index as a weaker yen helped exports. Energy and healthcare stocks led Japanese equities, and corporate profitability and margins continued to improve. Japanese Prime Minister Shinzo Abe will likely be reelected into his current role, helping to increase visibility for government policies. The Pacific ex-Japan region held up as the strong performance of commodity producers lifted Australian stocks. The U.K. was also positive during the period, with strong performance from energy stocks and the healthcare sector. Fears of a hard Brexit remain as the 2019 Brexit deadline looms closer, and no new deal has yet been reached with the EU. Europe was the worst-performing region in the index. Fears of tariffs on European auto exports depressed the prices of auto companies, while the lack of imminent rate hikes by the European Central Bank was a drag on the financials sector. Fears over Italy’s budget situation and
the country’s potential exit from the EU were also a headwind for the sector; concerns over European banks’ Turkish exposure exacerbated the situation.
The energy sector had outsized gains compared to the rest of the sectors, with stronger energy prices and supply issues lifting oil companies. Financials and telecommunication services were the worst-performing sectors, with poor sentiment around European financials serving as a headwind for the sector.
Weakened by poor selection in auto-related stocks and off-benchmark exposure to emerging-market internet companies, the Fund’s most prominent detractors were the consumer discretionary and technology sectors. From a regional perspective, most managers were underweight Japan, which detracted as Japan was the best-performing region.
Manager performance was mixed during the fiscal year. Stability growth manager WCM led with favorable security selection in the technology and healthcare sectors supported by a market tailwind for defensive stocks. Quantitative managers INTECH and Acadian also performed well, with strong selection across multiple sectors including financials, industrials and materials. Neuberger Berman was in line with the benchmark, as low exposure to Japan offset strong selection in the Pacific ex-Japan region and Europe. Value managers NWQ and Causeway saw negative returns as a value headwind compounded poor stock selection. NWQ underperformed in the healthcare and consumer discretionary sector, while Causeway lagged in the consumer staples and information technology sectors. Blackcrane was the worst performer as trade war fear punished its stock selection in cyclicals. Financials and auto-related stocks were the biggest detractors.
AVERAGE ANNUAL TOTAL RETURN1
1 Year Return | Annualized 3 Year Return | Annualized 5 Year Return | Annualized 10 Year Return | Annualized Inception to Date | ||||||||||||||||
International Equity Fund, Class F | 2.11% | 8.75% | 4.62% | 4.03% | 3.72% | |||||||||||||||
International Equity Fund, Class I | 1.86% | 8.46% | 4.34% | 3.77% | 3.72% | |||||||||||||||
International Equity Fund, Class Y | 2.40% | 9.00% | 4.82% | 4.12% | 3.75% | |||||||||||||||
MSCI EAFE Index | 2.74% | 9.23% | 4.42% | 5.38% | 4.58% |
Comparison of Change in the Value of a $100,000 Investment in the International Equity Fund, Class F, Class I and Class Y, versus the MSCI EAFE Index
SEI Institutional International Trust / Annual Report / September 30, 2018 |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2018 (Unaudited)
International Equity Fund (Concluded)
1 | For the year ended September 30, 2018. Past performance is no indication of future performance. Class F shares (formerly Class A shares) were offered beginning December 20, 1989. Class I shares were offered beginning January 4, 2002. The performance of Class I shares prior to January 4, 2002 is calculated using the performance of Class F shares adjusted for the higher expenses of the Class I shares. Returns for Class I shares are substantially similar to those of Class F shares and differ only to the extent that Class I shares have higher total annual fund operating expenses than Class F shares. Class Y shares were offered beginning December 31, 2014. Class Y shares performance for the period prior to December 31, 2014 derived from the performance of Class F shares. Returns for Class Y shares are substantially similar to those of Class F shares and differ only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower. |
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SEI Institutional International Trust / Annual Report / September 30, 2018 |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2018 (Unaudited)
Emerging Market Equity Fund
I. Objective
The Emerging Markets Equity Fund (the “Fund”) seeks to provide capital appreciation.
II. Multi-Manager Approach Statement
The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corp. (“SIMC”). The Fund utilized the following sub-advisors as of September 30, 2018: JO Hambro Capital Management Limited, KBI Global Investors (North America) Ltd., Lazard Asset Management LLC, Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust, Neuberger Berman Investment Advisers LLC, PanAgora Asset Management Inc. and RWC Asset Advisors (US) LLC. For the year ended September 30, 2018, no manager changes were made.
III. Return vs. Benchmark
For the year ended September 30, 2018, the Fund’s Class F shares underperformed the MSCI Emerging Markets Index (Gross) (the “Index”), returning -5.71% versus the Index return of -0.44%.
IV. Fund Attribution
Emerging markets were slightly negative during the fiscal year and underperformed both the U.S. and other international developed markets. Emerging markets gained at the end of 2017 but underperformed in 2018, as noted in the shareholder letter, due to a rising U.S. dollar and trade tensions between the U.S. and other countries (particularly China). Asian emerging markets had the best performance during the period, although select countries like India and Indonesia faced pressure from capital outflows due to higher rates in the U.S. and a stronger U.S. dollar. In addition to its current account deficit, India also faced higher import costs from rising oil prices. Chinese equities underperformed after markets sold off, weakened by rising trade tensions and tariffs placed by the U.S. on Chinese exports. This coincided with weak fundamental results from the largest company in China and the index. In the Europe, Middle East and Africa region, both Turkish and South African assets lagged as a rising dollar put pressure on weak macroeconomic positions in both countries. Turkey had a difficult time after Turkish President Erdogan voiced displeasure with the country’s central bank and threatened its independence. Brazil saw rising oil costs put pressure on its economy. Additionally, uncertainty
over upcoming elections added to investor concern, putting further pressure on Brazilian assets. Mexican assets also came under pressure as investors feared the outcome of a victory by leftist candidate Obrador. Mexican stocks eventually rallied after his win.
Energy and healthcare were the best-performing sectors in the benchmark. The energy sector benefited from stronger oil prices. Real estate and the consumer discretionary sectors lagged, with real estate suffering from higher rates; auto stocks traded lower on trade tensions and acted as a drag on the consumer discretionary sector.
The financials and technology sectors were the Fund’s biggest detractors, with poor selection in banks, and software and services companies also lagging. An overweight to the energy sector benefited.
From a regional perspective, the Fund’s most prominent detractors were in emerging-market Asia, where poor selection in materials, financials and technology stocks in Taiwan and China detracted. Selection in Russia and Turkey also lagged. Fund performance was strong in South Africa, where an underweight to the weak household durables sector added value. Ex-benchmark names in Europe also helped.
Fund performance lagged the broader benchmark, with weak performance from Neuberger Berman and RWC. Selection was poor for both managers, especially within the consumer discretionary sector and other cyclical areas. JO Hambro also underperformed as momentum failed to maintain the same robust performance as last year; poor selection in the technology and industrial sectors also detracted. Lazard and Macquarie lagged the benchmark with poor selection in technology and consumer stocks. PanAgora was in line with the benchmark as its quantitative process saw a momentum headwind but was rewarded by a value tailwind. KBI was the only manager that outperformed the benchmark as a value and low-volatility tailwind boosted its dividend focus. The manager’s strong stock selection within and lack of exposure to emerging-market Asian technology stocks meaningfully contributed.
SEI Institutional International Trust / Annual Report / September 30, 2018 |
9 |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2018 (Unaudited)
Emerging Market Equity Fund (Concluded)
AVERAGE ANNUAL TOTAL RETURN1
1 Year Return | Annualized 3 Year Return | Annualized 5 Year Return | Annualized 10 Year Return | Annualized Inception to Date | ||||||||||||||||
Emerging Markets Equity Fund, Class F | -5.71% | 11.88% | 2.64% | 4.01% | 4.42% | |||||||||||||||
Emerging Markets Equity Fund, Class Y | -5.46% | 12.18% | 2.85% | 4.11% | 4.59% | |||||||||||||||
MSCI Emerging Markets Index (Gross) | -0.44% | 12.77% | 3.99% | 5.76% | 6.17% |
Comparison of Change in the Value of a $100,000 Investment in the Emerging Markets Equity Fund, Class F and Class Y, versus the MSCI Emerging Markets Index (Gross)
1 | For the year ended September 30, 2018. Past performance is no indication of future performance. Class F shares (formerly Class A shares) were offered beginning January 17, 1995. Class Y shares were offered beginning December 31, 2014. Class Y shares performance for the period prior to December 31, 2014 derived from the performance of Class F shares. Returns for Class Y shares are substantially similar to those of Class F shares and differ only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower. |
10 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2018 (Unaudited)
International Fixed Income Fund
I. Objective
The International Fixed Income Fund (the “Fund”) seeks to provide capital appreciation and current income.
II. Multi-Manager Approach Statement
The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (“SIMC”). The Fund utilized the following sub-advisors as of September 30, 2018: AllianceBernstein L.P., Colchester Global Investors Limited and Wellington Management Company, LLP.
During the period, Colchester Global Investors Limited was added to the Fund.
III. Return vs. Benchmark
For the year ended September 30, 2018, the Fund’s Class F shares underperformed the Bloomberg Barclays Global Aggregate ex-US Index, Hedged (the “Index”), returning 1.38% versus the Index return of 2.40%.
IV. Fund Attribution
Supported by tightening monetary policy in the U.S., global bond yields rose during the fiscal year, as noted in the shareholder letter. Following a period of synchronized global growth in 2017, the U.S. economy continued to accelerate in 2018 while the rest of the world saw somewhat softer growth. The interest-rate environment was generally more benign for European fixed-income markets, with Italy an exception. Elsewhere, the Bank of Japan signaled its reflationary intent and announced that the 10-year Japanese government bond yield would be allowed to fluctuate within a wider band. The U.K. gilt market performed relatively well during the period, but the future path of U.K. yields is unpredictable, given Brexit and political uncertainties. Emerging markets, meanwhile, were the main casualty of global liquidity tightening and a strengthening U.S. dollar. Credit-sensitive sectors marginally outperformed, while corporate spreads finished the period slightly wider.
The Fund’s benchmark index was lower on an unhedged basis but gained in hedged (USD) terms due to interest-rate differentials between the U.S. and other developed markets. The capital loss attributable to rising yields was more than offset by coupon income during the period.
Before fees, the Fund performed in line with its benchmark. Overweights to duration in Canada, Australia and New Zealand, as well as underweights to core
Europe and the U.K., contributed to relative performance. An overweight to corporate credit (including off-index high yield) generated additional yield that was mitigated by spread widening. Short euro and British pound exposures also contributed. Overweights to Brazilian and South African bonds, as well as overweights to the Swedish krona and South African rand, detracted.
Colchester was the best-performing manager during the period, benefiting from underweights to core Europe, the U.K. and Indonesia, and an overweight in New Zealand. A short exposure to the euro also added value. Wellington outperformed due to active country positions in Canada and core Europe, and its short euro exposure. AllianceBernstein detracted due to its overweight to corporates.
AVERAGE ANNUAL TOTAL RETURN1
1 Year Return | Annualized 3 Year Return | Annualized 5 Year Return | Annualized 10 Year Return | Annualized Inception to Date | ||||||||||||||||
International Fixed Income Fund, Class F | 1.38% | 2.50% | 3.09% | 3.94% | 4.16% | |||||||||||||||
International Fixed Income Fund, Class Y | 1.68% | 2.75% | 3.24% | 4.02% | 4.19% | |||||||||||||||
Bloomberg Barclays Global Aggregate ex-USD Index, Hedged | 2.40% | 3.07% | 3.80% | 4.25% | 5.53% |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
11 |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2018 (Unaudited)
International Fixed Income Fund (Concluded)
Comparison of Change in the Value of a $100,000 Investment in the International Fixed Income Fund, Class F versus the Bloomberg Barclays Global Aggregate ex-USD Index, Hedged
1 | For the year ended September 30, 2018. Past performance is no indication of future performance. Class F shares (formerly Class A shares) were offered beginning September 1, 1993. Class Y shares were offered beginning October 30, 2015. Class Y shares performance for the period prior to October 30, 2015 derived from the performance of Class F shares. Returns for Class Y shares are substantially similar to those of Class F shares and differ only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower. |
12 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2018 (Unaudited)
Emerging Markets Debt Fund
I. Objective
The Emerging Markets Debt Fund (the “Fund”) seeks to maximize total return.
II. Multi-Manager Approach
The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corp. (“SIMC”). The Fund utilized the following sub-advisors as of September 30, 2018: Investec Asset Management Ltd., Neuberger Berman Investment Advisers LLC and Stone Harbor Investment Partners LP. For the year ended September 30, 2018, no manager changes were made.
III. Return vs. Benchmark
For the year ended September 30, 2018, the Fund’s Class F shares underperformed a hybrid of 50% JP Morgan EMBI Global Diversified Index and 50% JP Morgan GBI Emerging Markets Global Diversified (the “Index”), returning -6.81% versus the Index return of -4.60%.
IV. Fund Attribution
Spreads on the Fund’s hard-currency benchmark moved from 287 basis points at the beginning of the period to a tight of 261 basis points on February 1, before ending the fiscal year at 335 basis points. Nominal yields on the local-currency benchmark widened from 6.18% to 6.62%.
Emerging markets continued to benefit from capital inflows at the start of the period. The Fund’s overweight to higher-risk assets, namely higher-beta hard-currency issuers, as well as wider-yielding local sovereigns, benefited the Fund. Argentinean debt outperformed after Argentinean President Macri had a strong showing in his country’s October 2017 mid-term elections and cemented the market’s perception of his ability to push through social and fiscal reform. However, the reporting period was not without its idiosyncratic events. As noted in the shareholder letter, Venezuela announced it would restructure and refinance after the country defaulted on several overdue coupon payments.
The U.S. dollar started 2018 relatively soft with emerging-market currencies performing well. The Fund benefitted from an overweight to South Africa, as the more market-friendly Cyril Ramaphosa was able to expedite his step into the presidency. Jacob Zuma’s removal was interpreted positively, and the Fund benefited from its rand exposure. As markets questioned some of the
assumptions made in 2017 (fueled by a decision from the central bank to cut rates despite inflation running above 20%), Argentina saw a change of fortunes which concurrently prompted Macri to open discussions with the International Monetary Fund for a credit line. The combined activities began what would be a turbulent fiscal year for the Argentinian peso that was unaided by the broader macro picture.
At the beginning of the New Year, U.S. fiscal policy gave greater weight to a positive U.S. growth outlook, reducing the growth differential between emerging and developed markets. U.S. Treasury yields edged higher and helped drive emerging-market currency underperformance. Areas of the market where capital had entered most insistently in 2017 saw the first signs of flight. With inflation bottoming and oil prices above $60 a barrel, local nominal yields began edging higher. Hopes of North American Free Trade Agreement negotiations being completed before the Mexican election faded and pressured the Mexican peso; the Fund took advantage to overweight the peso, which benefited eventual returns. The snap election in Turkey was the other significant political event late in the second quarter of 2018 as President Erdogan took 51% of the vote. This gave rise to concern about the independence of Turkish institutions, such as the central bank. The Fund’s overweight to the lira detracted.
Trade between the U.S. and China was the center of discussion for much of the third quarter. The Fund benefited from its underweight to Chinese renminbi as China allowed the currency to adjust naturally to tariffs applied by the U.S.
Stone Harbor and Neuberger detracted from performance with the heaviest risk-on stance through the fiscal year. Stone Harbor’s Russian ruble and South African rand exposures detracted, while its Ecuador dollar bond position added to performance. As the most defensively positioned manager, Investec contributed to performance and benefited from local exposure in Turkey. Neuberger benefited from local exposure early in the fiscal year before taking a cautious stance for the remainder of the period. Its addition to hard-currency, high-yield spreads (particularly in Argentina, Turkey and Ghana) was mixed toward the end of the year. An overweight to various Middle Eastern countries contributed following the announcement of its pending index inclusion.
Currency forwards and swap contracts were used in the Fund for the one-year period ending September 30, 2018 as a way to either hedge particular positions or
SEI Institutional International Trust / Annual Report / September 30, 2018 |
13 |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2018 (Unaudited)
Emerging Markets Debt Fund (Concluded)
gain exposure to additional areas of the market. Foreign-exchange hedges on local-currency bonds generally contributed to performance.
AVERAGE ANNUAL TOTAL RETURN1
1 Year Return | Annualized 3 Year Return | Annualized 5 Year Return | Annualized 10 Year | Annualized Inception to Date | ||||||||||||||||
Emerging Markets Debt Fund, Class F | -6.81% | 5.07% | 0.48% | 4.87% | 7.47% | |||||||||||||||
Emerging Markets Debt Fund, Class Y | -6.57% | 5.34% | 0.67% | 4.97% | 7.52% | |||||||||||||||
JP Morgan EMBI Global Diversified Index | -1.92% | 6.04% | 5.38% | 7.54% | 8.22% | |||||||||||||||
JP Morgan GBI-EM Global Diversified Index | -7.40% | 5.17% | -1.68% | 2.70% | N/A | |||||||||||||||
50/50 Hybrid of the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI-EM Global Diversified Index | -4.60% | 5.68% | 1.86% | 5.18% | N/A |
Comparison of Change in the Value of a $100,000 Investment in the Emerging Markets Debt Fund, Class F and Class Y, versus a 50/50 Hybrid of the Following Indexes: the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI-EM Global Diversified Index
1 | For the year ended September 30, 2018. Past performance is no indication of future performance. Class F shares (formerly Class A shares) were offered beginning June 26, 1997. Class Y shares were offered beginning December 31, 2014. Class Y shares performance for the period prior to December 31, 2014 derived from the performance of Class F shares. Returns for Class Y shares are substantially similar to those of Class F shares and differ only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower. |
N/A | — Not Available. |
14 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
September 30, 2018
International Equity Fund
†Percentages based on total investments. Includes investments held as collateral for securities on loan (see Note 9).
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK — 92.7% |
| |||||||
Argentina — 0.0% |
| |||||||
Ternium SA ADR | 25,885 | $ | 784 | |||||
|
|
| ||||||
Australia — 2.1% | ||||||||
Alumina Ltd | 397,740 | 797 | ||||||
Aristocrat Leisure Ltd | 731,111 | 15,045 | ||||||
ASX Ltd | 31,001 | 1,428 | ||||||
BlueScope Steel Ltd | 565,168 | 6,944 | ||||||
Coca-Cola Amatil | 28,212 | 199 | ||||||
Cochlear Ltd | 59,073 | 8,576 | ||||||
Computershare Ltd | 74,891 | 1,081 | ||||||
CSL Ltd | 126,294 | 18,377 | ||||||
Downer EDI Ltd | 147,742 | 843 | ||||||
Flight Centre Travel Group Ltd | 9,188 | 353 | ||||||
Goodman Group ‡ | 118,901 | 891 | ||||||
Insurance Australia Group Ltd | 1,270,757 | 6,730 | ||||||
LendLease Group | 91,055 | 1,295 | ||||||
Macquarie Group Ltd | 5,863 | 535 | ||||||
Origin Energy Ltd * | 53,837 | 322 | ||||||
Orora Ltd | 275,440 | 662 | ||||||
OZ Minerals Ltd | 392,394 | 2,649 | ||||||
Qantas Airways Ltd | 2,343,806 | 10,006 | ||||||
REA Group Ltd | 10,087 | 627 | ||||||
Rio Tinto Ltd | 15,337 | 874 | ||||||
Santos Ltd | 165,327 | 868 | ||||||
SEEK Ltd | 53,792 | 808 | ||||||
Sonic Healthcare Ltd | 14,965 | 270 | ||||||
South32 Ltd | 3,699,417 | 10,493 | ||||||
Treasury Wine Estates Ltd | 147,673 | 1,869 | ||||||
|
|
| ||||||
92,542 | ||||||||
|
|
| ||||||
Austria — 0.5% |
| |||||||
BAWAG Group AG (A) | 170,477 | 7,920 | ||||||
CA Immobilien Anlagen AG | 28,301 | 1,012 | ||||||
Erste Group Bank AG * | 56,659 | 2,355 | ||||||
OMV AG | 153,671 | 8,637 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Raiffeisen Bank International AG | 28,151 | $ | 811 | |||||
Verbund - Oesterreichische Elektrizitaetswirtschafts, Cl A | 13,474 | 664 | ||||||
voestalpine AG | 14,892 | 681 | ||||||
|
|
| ||||||
22,080 | ||||||||
|
|
| ||||||
Belgium — 1.2% | ||||||||
Ageas | 448,293 | 24,113 | ||||||
AGFA-Gevaert NV * | 181,477 | 834 | ||||||
Colruyt SA (B) | 7,856 | 445 | ||||||
Groupe Bruxelles Lambert SA | 118,093 | 12,386 | ||||||
KBC Ancora | 3,739 | 190 | ||||||
KBC Group NV | 96,844 | 7,210 | ||||||
UCB SA | 60,501 | 5,439 | ||||||
Umicore SA | 35,246 | 1,972 | ||||||
|
|
| ||||||
52,589 | ||||||||
|
|
| ||||||
Brazil — 0.2% | ||||||||
Banco do Brasil SA * | 66,800 | 492 | ||||||
Cia Siderurgica Nacional | 116,800 | 273 | ||||||
Cosan SA | 110,000 | 890 | ||||||
IRB Brasil Resseguros S/A | 210,500 | 3,487 | ||||||
Porto Seguro SA | 15,400 | 229 | ||||||
Qualicorp Consultoria e Corretora de Seguros | 67,300 | 273 | ||||||
Raia Drogasil SA * | 299,200 | 5,428 | ||||||
|
|
| ||||||
11,072 | ||||||||
|
|
| ||||||
Canada — 3.6% | ||||||||
Alimentation Couche-Tard Inc, Cl B | 164,907 | 8,243 | ||||||
Autohome Inc ADR * | 37,028 | 2,866 | ||||||
Bank of Montreal | 54,800 | 4,517 | ||||||
Canadian Imperial Bank of Commerce (B) | 127,251 | 11,915 | ||||||
Canadian Natural Resources Ltd | 380,856 | 12,439 | ||||||
Canadian Pacific Railway Ltd | 131,030 | 27,739 | ||||||
Cogeco Communications Inc | 10,970 | 549 | ||||||
Dollarama Inc | 176,667 | 5,561 | ||||||
Encana Corp | 1,478,087 | 19,359 | ||||||
Gildan Activewear Inc | 423,753 | 12,884 | ||||||
Manulife Financial Corp | 1,164,427 | 20,800 | ||||||
Royal Bank of Canada | 149,493 | 11,975 | ||||||
Suncor Energy Inc | 228,513 | 8,836 | ||||||
Toronto-Dominion Bank/The (B) | 163,386 | 9,921 | ||||||
|
|
| ||||||
157,604 | ||||||||
|
|
| ||||||
China — 1.4% | ||||||||
Alibaba Group Holding Ltd ADR * | 72,580 | 11,958 | ||||||
Angang Steel Co Ltd, Cl H | 550,000 | 492 | ||||||
Baidu Inc ADR * | 108,394 | 24,788 | ||||||
China Construction Bank Corp, Cl H | 697,000 | 609 | ||||||
China Petroleum & Chemical Corp, Cl H | 910,000 | 912 | ||||||
Industrial & Commercial Bank of China Ltd, CI H | 5,360,000 | 3,918 | ||||||
PetroChina Co Ltd, Cl H | 622,000 | 504 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
15 |
SCHEDULE OF INVESTMENTS
September 30, 2018
International Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
STMicroelectronics NV | 368,649 | $ | 6,710 | |||||
Tencent Holdings Ltd | 227,900 | 9,413 | ||||||
|
|
| ||||||
59,304 | ||||||||
|
|
| ||||||
Denmark — 2.0% | ||||||||
AP Moller - Maersk A/S, CI B | 828 | 1,163 | ||||||
Carlsberg, Cl B | 8,800 | 1,056 | ||||||
Chr Hansen Holding A/S | 125,499 | 12,745 | ||||||
Coloplast A/S, Cl B | 7,690 | 787 | ||||||
DSV A/S | 5,852 | 532 | ||||||
GN Store Nord A/S | 61,118 | 2,979 | ||||||
H Lundbeck A/S | 177,657 | 10,977 | ||||||
ISS A/S | 549,289 | 19,335 | ||||||
Novo Nordisk A/S, CI B | 243,326 | 11,461 | ||||||
Novozymes A/S, Cl B | 110,629 | 6,076 | ||||||
Orsted A/S | 36,597 | 2,487 | ||||||
Rockwool International A/S, Cl B | 3,868 | 1,657 | ||||||
Scandinavian Tobacco Group A/S (A) | 906,514 | 13,907 | ||||||
Tryg A/S | 23,381 | 582 | ||||||
William Demant Holding A/S * | 38,556 | 1,450 | ||||||
|
|
| ||||||
87,194 | ||||||||
|
|
| ||||||
Finland — 0.9% | ||||||||
Elisa OYJ, CI A | 9,839 | 417 | ||||||
Fortum OYJ | 80,898 | 2,029 | ||||||
Kesko, Cl B | 5,808 | 315 | ||||||
Neste Oyj | 171,850 | 14,212 | ||||||
Orion Oyj, Cl B | 82,925 | 3,142 | ||||||
Stora Enso OYJ, Cl R | 518,730 | 9,926 | ||||||
Tieto OYJ | 26,470 | 819 | ||||||
UPM-Kymmene OYJ | 229,249 | 9,000 | ||||||
Valmet OYJ | 67,894 | 1,515 | ||||||
|
|
| ||||||
41,375 | ||||||||
|
|
| ||||||
France — 6.6% | ||||||||
Aeroports de Paris | 6,078 | 1,369 | ||||||
Air Liquide SA | 36,860 | 4,851 | ||||||
Airbus SE | 35,136 | 4,415 | ||||||
Alstom SA | 8,361 | 374 | ||||||
Arkema SA | 39,547 | 4,901 | ||||||
Atos SE | 38,415 | 4,573 | ||||||
BNP Paribas SA | 269,466 | 16,497 | ||||||
Boiron SA | 1,900 | 128 | ||||||
Carrefour SA | 979,104 | 18,764 | ||||||
CNP Assurances | 42,502 | 1,025 | ||||||
Covivio ‡ | 7,765 | 809 | ||||||
Credit Agricole SA | 7,275 | 105 | ||||||
Dassault Aviation SA | 458 | 848 | ||||||
Dassault Systemes SE | 5,502 | 823 | ||||||
Edenred | 12,647 | 482 | ||||||
Eiffage SA | 32,615 | 3,643 | ||||||
Electricite de France SA | 93,724 | 1,646 | ||||||
Engie SA (B) | 478,820 | 7,044 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Essilor International Cie Generale d’Optique SA | 60,897 | $ | 9,015 | |||||
Eurazeo SA | 4,442 | 350 | ||||||
Faurecia SA | 14,686 | 884 | ||||||
Gaztransport Et Technigaz | 4,661 | 353 | ||||||
Gecina SA ‡ | 7,058 | 1,179 | ||||||
Hermes International | 6,416 | 4,252 | ||||||
ICADE ‡ | 3,276 | 303 | ||||||
Ipsen SA | 55,322 | 9,304 | ||||||
IPSOS | 18,645 | 571 | ||||||
Kering SA | 14,167 | 7,597 | ||||||
Les Nouveaux Constructeurs SA | 367 | 21 | ||||||
L’Oreal SA | 54,751 | 13,208 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 41,667 | 14,741 | ||||||
Natixis SA | 176,188 | 1,196 | ||||||
Nexity SA | 23,599 | 1,304 | ||||||
Pernod Ricard SA | 129,556 | 21,263 | ||||||
Peugeot SA | 467,710 | 12,620 | ||||||
Publicis Groupe SA | 227,813 | 13,622 | ||||||
Remy Cointreau SA | 4,380 | 571 | ||||||
Safran SA | 46,051 | 6,456 | ||||||
Sanofi | 222,022 | 19,743 | ||||||
Sartorius Stedim Biotech | 10,743 | 1,479 | ||||||
Schneider Electric SE | 76,958 | 6,194 | ||||||
SCOR SE | 23,126 | 1,074 | ||||||
SPIE SA (B) | 261,185 | 5,200 | ||||||
TechnipFMC PLC | 549,390 | 17,293 | ||||||
Teleperformance | 1,867 | 352 | ||||||
Thales SA | 89,313 | 12,692 | ||||||
TOTAL SA | 204,506 | 13,264 | ||||||
Ubisoft Entertainment SA * | 41,728 | 4,528 | ||||||
Valeo SA | 312,610 | 13,580 | ||||||
Veolia Environnement SA | 5,889 | 118 | ||||||
|
|
| ||||||
286,624 | ||||||||
|
|
| ||||||
Germany — 7.8% | ||||||||
adidas AG | 52,143 | 12,773 | ||||||
Allianz SE | 85,214 | 19,003 | ||||||
AURELIUS Equity Opportunities SE & Co KGaA (B) | 250,264 | 13,249 | ||||||
Axel Springer SE | 9,394 | 632 | ||||||
BASF SE | 303,219 | 26,960 | ||||||
Bayer AG | 159,350 | 14,161 | ||||||
Beiersdorf AG | 6,065 | 685 | ||||||
Brenntag AG | 91,547 | 5,653 | ||||||
Continental AG | 37,249 | 6,488 | ||||||
Covestro AG | 19,658 | 1,595 | ||||||
CTS Eventim AG & Co KGaA | 181,573 | 8,145 | ||||||
Delivery Hero * | 13,304 | 640 | ||||||
Deutsche Boerse AG | 109,694 | 14,703 | ||||||
Deutsche Lufthansa AG | 413,508 | 10,163 | ||||||
Deutsche Post AG | 258,457 | 9,219 | ||||||
Deutsche Telekom | 353,961 | 5,708 |
16 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Deutsche Wohnen AG | 8,677 | $ | 416 | |||||
Gerresheimer AG | 72,961 | 6,165 | ||||||
Hamburger Hafen und Logistik AG | 21,501 | 505 | ||||||
Hannover Rueck SE | 1,355 | 192 | ||||||
Hella GmbH & Co KGaA | 108,726 | 6,067 | ||||||
HOCHTIEF AG | 44,766 | 7,425 | ||||||
HUGO BOSS AG | 11,189 | 862 | ||||||
Infineon Technologies AG | 956,220 | 21,735 | ||||||
Innogy SE (B) | 10,994 | 491 | ||||||
Kloeckner & Co SE | 96,437 | 1,116 | ||||||
Linde AG | 143,207 | 33,882 | ||||||
MAN SE | 2,367 | 257 | ||||||
MTU Aero Engines Holding | 4,331 | 976 | ||||||
Puma SE * | 664 | 328 | ||||||
RWE AG * | 74,564 | 1,840 | ||||||
SAP SE | 405,803 | 49,962 | ||||||
SAP SE ADR (B) | 85,708 | 10,542 | ||||||
Scout24 AG (A) | 91,640 | 4,275 | ||||||
Siemens AG | 133,669 | 17,131 | ||||||
Symrise | 3,184 | 291 | ||||||
TAG Immobilien AG | 32,775 | 780 | ||||||
TUI AG | 445,684 | 8,564 | ||||||
Uniper SE | 43,887 | 1,351 | ||||||
United Internet AG | 93,292 | 4,416 | ||||||
Vonovia SE | 34,613 | 1,692 | ||||||
Wirecard AG | 18,103 | 3,926 | ||||||
zooplus AG *(B) | 27,592 | 4,798 | ||||||
|
|
| ||||||
339,762 | ||||||||
|
|
| ||||||
Greece — 0.0% | ||||||||
Aegean Airlines SA | 12,601 | 111 | ||||||
|
|
| ||||||
Hong Kong — 2.0% | ||||||||
AIA Group Ltd | 2,424,400 | 21,657 | ||||||
BOC Hong Kong Holdings Ltd | 200,000 | 951 | ||||||
Chaoda Modern Agriculture Holdings Ltd * | 2,440,000 | 28 | ||||||
China Merchants Port Holdings Co Ltd | 2,107,720 | 4,035 | ||||||
China Mobile Ltd | 2,957,240 | 29,157 | ||||||
Dairy Farm International Holdings | 19,700 | 177 | ||||||
Galaxy Entertainment Group Ltd * | 491,000 | 3,115 | ||||||
Hang Seng Bank Ltd | 63,700 | 1,731 | ||||||
HK Electric Investments & HK Electric Investments Ltd | 472,000 | 476 | ||||||
HKT Trust & HKT Ltd | 396,000 | 545 | ||||||
Hong Kong & China Gas | 268,000 | 532 | ||||||
Hysan Development Co Ltd | 53,000 | 268 | ||||||
Link ‡ | 93,000 | 916 | ||||||
Melco Resorts & Entertainment Ltd ADR | 38,100 | 806 | ||||||
Samsonite International SA (A) | 2,489,011 | 9,225 | ||||||
Techtronic Industries Co Ltd | 2,125,000 | 13,578 | ||||||
Wharf Real Estate Investment Co Ltd | 116,000 | 749 | ||||||
|
|
| ||||||
87,946 | ||||||||
|
|
|
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
India — 0.3% | ||||||||
HDFC Bank Ltd ADR | 125,247 | $ | 11,786 | |||||
|
|
| ||||||
Indonesia — 0.0% | ||||||||
Bukit Asam Tbk PT | 1,795,500 | 521 | ||||||
|
|
| ||||||
Ireland — 1.0% | ||||||||
AIB Group PLC | 2,502,100 | 12,816 | ||||||
Experian PLC | 608,875 | 15,646 | ||||||
Kerry Group PLC, CI A | 74,426 | 8,234 | ||||||
Ryanair Holdings PLC ADR * | 63,678 | 6,116 | ||||||
|
|
| ||||||
42,812 | ||||||||
|
|
| ||||||
Israel — 1.1% | ||||||||
Bank Hapoalim BM | 754,056 | 5,522 | ||||||
Bank Leumi Le-Israel BM | 2,546,791 | 16,798 | ||||||
Check Point Software Technologies Ltd * | 173,266 | 20,388 | ||||||
First International Bank Of Israel Ltd | 55,335 | 1,252 | ||||||
Frutarom Industries Ltd | 6,781 | 702 | ||||||
Israel Discount Bank Ltd, CI A | 524,464 | 1,751 | ||||||
Mizrahi Tefahot Bank Ltd | 55,976 | 981 | ||||||
NICE Systems * | 4,073 | 461 | ||||||
|
|
| ||||||
47,855 | ||||||||
|
|
| ||||||
Italy — 2.4% | ||||||||
Brembo SpA | 46,485 | 609 | ||||||
Buzzi Unicem SpA | 514,109 | 10,677 | ||||||
CNH Industrial NV | 31,832 | 383 | ||||||
Davide Campari-Milano | 25,681 | 219 | ||||||
Enel SpA | 27,569 | 141 | ||||||
Eni SpA | 16,138 | 305 | ||||||
ERG SpA | 97,887 | 1,994 | ||||||
EXOR NV | 124,692 | 8,374 | ||||||
Ferrari NV | 19,637 | 2,705 | ||||||
Fiat Chrysler Automobiles NV * | 570,029 | 10,027 | ||||||
Hera SpA | 739,313 | 2,303 | ||||||
Italgas | 49,281 | 267 | ||||||
Luxottica Group SpA | 108,023 | 7,342 | ||||||
Maire Tecnimont SpA | 189,106 | 852 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 87,223 | 872 | ||||||
Moncler | 19,787 | 853 | ||||||
Piaggio & C | 140,715 | 322 | ||||||
Poste Italiane SpA | 89,045 | 712 | ||||||
Recordati SpA | 230,404 | 7,803 | ||||||
Saras SpA | 692,920 | 1,483 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 114,852 | 1,701 | ||||||
Tenaris SA | 1,046,143 | 17,534 | ||||||
UniCredit SpA | 1,893,872 | 28,517 | ||||||
|
|
| ||||||
105,995 | ||||||||
|
|
| ||||||
Japan — 16.7% | ||||||||
77 Bank Ltd/The | 67,000 | 1,594 | ||||||
Aeon Co Ltd | 50,900 | 1,227 | ||||||
AGC | 181,200 | 7,522 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
17 |
SCHEDULE OF INVESTMENTS
September 30, 2018
International Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Arcland Sakamoto Co Ltd | 44,400 | $ | 604 | |||||
Asahi Group Holdings Ltd | 65,200 | 2,827 | ||||||
Asahi Kasei Corp | 96,200 | 1,459 | ||||||
Asics | 14,600 | 218 | ||||||
Bank of Kyoto Ltd/The | 3,500 | 183 | ||||||
Benesse Holdings Inc | 40,300 | 1,148 | ||||||
Bridgestone Corp | 194,800 | 7,363 | ||||||
Canon Marketing Japan Inc | 144,800 | 3,075 | ||||||
Capcom Co Ltd | 174,900 | 4,439 | ||||||
Casio Computer * | 79,600 | 1,301 | ||||||
Chubu Electric Power | 14,200 | 215 | ||||||
Chugoku Electric Power | 15,100 | 194 | ||||||
CyberAgent Inc | 180,400 | 9,609 | ||||||
Dai Nippon Printing Co Ltd | 486,500 | 11,316 | ||||||
Daifuku Co Ltd | 6,400 | 326 | ||||||
Daiichi Sankyo Co Ltd | 171,200 | 7,423 | ||||||
Daikin Industries Ltd | 108,100 | 14,395 | ||||||
Daikyo Inc | 89,500 | 1,822 | ||||||
Daito Trust Construction Co Ltd (B) | 67,200 | 8,647 | ||||||
Daiwa House Industry Co Ltd | 230,100 | 6,823 | ||||||
Don Quijote Holdings Co Ltd | 21,000 | 1,063 | ||||||
East Japan Railway Co | 206,100 | 19,152 | ||||||
Eisai Co Ltd | 18,200 | 1,772 | ||||||
en-japan Inc | 19,700 | 989 | ||||||
FamilyMart UNY Holdings Co Ltd | 12,700 | 1,323 | ||||||
FANUC Corp | 83,900 | 15,822 | ||||||
Fast Retailing | 600 | 306 | ||||||
FUJIFILM Holdings Corp | 254,100 | 11,443 | ||||||
Fujitsu Ltd | 177,100 | 12,623 | ||||||
Fukuoka Financial Group Inc | 800 | 22 | ||||||
Goldcrest Co Ltd | 21,700 | 355 | ||||||
Hakuhodo DY Holdings Inc | 74,700 | 1,311 | ||||||
Haseko Corp | 515,300 | 6,692 | ||||||
Hikari Tsushin Inc | 4,100 | 811 | ||||||
Hisamitsu Pharmaceutical Co Inc | 11,100 | 851 | ||||||
Hitachi Construction Machinery Co Ltd | 15,400 | 515 | ||||||
Hitachi Ltd | 18,400 | 625 | ||||||
Hoshizaki Corp | 119,600 | 12,383 | ||||||
Hoya Corp | 108,500 | 6,448 | ||||||
Idemitsu Kosan Co Ltd | 21,100 | 1,116 | ||||||
Iida Group Holdings Co Ltd | 23,400 | 416 | ||||||
ITOCHU Corp (B) | 257,700 | 4,719 | ||||||
Japan Airlines Co Ltd | 514,400 | 18,495 | ||||||
Japan Post Holdings Co Ltd | 189,200 | 2,252 | ||||||
Japan Tobacco Inc | 307,400 | 8,027 | ||||||
JFE Holdings Inc | 6,900 | 158 | ||||||
JXTG Holdings Inc | 611,400 | 4,620 | ||||||
Kakaku.com | 12,000 | 235 | ||||||
Kansai Paint Co Ltd (B) | 384,600 | 7,090 | ||||||
Kao Corp | 116,500 | 9,409 | ||||||
KDDI Corp | 1,005,800 | 27,796 | ||||||
Keihan Holdings | 5,300 | 203 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Keisei Electric Railway Co Ltd | 13,200 | $ | 465 | |||||
Keyence Corp | 56,300 | 32,704 | ||||||
Kikkoman Corp | 28,700 | 1,708 | ||||||
Kirin Holdings Co Ltd | 146,900 | 3,765 | ||||||
Kobayashi Pharmaceutical Co Ltd | 5,100 | 375 | ||||||
Kohnan Shoji Co Ltd | 33,900 | 857 | ||||||
Koito Manufacturing Co Ltd (B) | 205,610 | 13,504 | ||||||
Kokuyo Co Ltd | 85,700 | 1,544 | ||||||
Konami Holdings Corp (B) | 112,600 | 4,411 | ||||||
Kose Corp | 54,400 | 10,369 | ||||||
K’s Holdings Corp | 154,800 | 1,874 | ||||||
Kura Corp | 7,900 | 513 | ||||||
M3 Inc | 25,400 | 576 | ||||||
Mabuchi Motor Co Ltd | 392,200 | 15,832 | ||||||
Marubeni Corp | 114,300 | 1,047 | ||||||
Marui Group | 8,700 | 215 | ||||||
Mazda Motor | 24,000 | 288 | ||||||
McDonald’s Holdings Co Japan Ltd | 10,600 | 466 | ||||||
Medipal Holdings Corp | 12,600 | 263 | ||||||
Mitsubishi Chemical Holdings Corp | 247,600 | 2,371 | ||||||
Mitsubishi Corp | 41,400 | 1,276 | ||||||
Mitsubishi Gas Chemical Co Inc | 159,800 | 3,403 | ||||||
Mitsui & Co Ltd | 13,300 | 237 | ||||||
Mitsui Engineering & Shipbuilding * | 11,000 | 198 | ||||||
Mixi Inc | 128,300 | 3,079 | ||||||
Mizuno Corp | 23,400 | 589 | ||||||
Mochida Pharmaceutical Co Ltd | 6,000 | 496 | ||||||
Morinaga Milk Industry Co Ltd | 8,700 | 236 | ||||||
MS&AD Insurance Group Holdings Inc | 572,800 | 19,133 | ||||||
Nabtesco Corp * | 188,700 | 5,017 | ||||||
NET One Systems | 573,600 | 13,776 | ||||||
NGK Spark Plug (B) | 20,100 | 586 | ||||||
Nidec Corp (B) | 17,900 | 2,576 | ||||||
Nihon Unisys Ltd | 69,200 | 1,786 | ||||||
Nikon Corp | 363,400 | 6,831 | ||||||
Nippon Express Co Ltd | 4,200 | 276 | ||||||
Nippon Soda Co Ltd | 6,800 | 209 | ||||||
Nippon Telegraph & Telephone Corp | 118,200 | 5,341 | ||||||
Nippon Telegraph & Telephone Corp ADR | 439,238 | 19,785 | ||||||
Nissan Chemical Corp | 17,200 | 909 | ||||||
Nisshin Seifun Group Inc | 34,500 | 756 | ||||||
Nitori Holdings Co Ltd | 3,100 | 445 | ||||||
North Pacific Bank Ltd | 232,900 | 789 | ||||||
NTT Data Corp | 295,200 | 4,088 | ||||||
Obic Co Ltd | 11,700 | 1,107 | ||||||
Oji Holdings Corp | 147,000 | 1,068 | ||||||
Omron Corp | 97,100 | 4,103 | ||||||
Oracle Corp Japan | 5,400 | 435 | ||||||
Oriental Land Co Ltd/Japan | 41,100 | 4,299 | ||||||
Otsuka Corp | 35,500 | 1,325 | ||||||
Outsourcing Inc *(B) | 1,018,500 | 14,948 | ||||||
Panasonic Corp | 629,800 | 7,338 |
18 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Pola Orbis Holdings Inc | 16,000 | $ | 585 | |||||
Recruit Holdings Co Ltd | 178,600 | 5,963 | ||||||
Ricoh | 119,400 | 1,282 | ||||||
Rohm Co Ltd | 183,900 | 13,406 | ||||||
Rohto Pharmaceutical Co Ltd | 16,000 | 562 | ||||||
Ryohin Keikaku Co Ltd | 5,200 | 1,547 | ||||||
Saizeriya Co Ltd | 59,600 | 1,165 | ||||||
Sanwa Shutter | 275,600 | 3,283 | ||||||
Sawada Holdings Co Ltd | 3,700 | 36 | ||||||
SBI Holdings Inc/Japan | 22,900 | 712 | ||||||
Seiko Holdings Corp (B) | 28,400 | 800 | ||||||
Sekisui House Ltd | 743,400 | 11,339 | ||||||
Seven & i Holdings Co Ltd | 263,600 | 11,743 | ||||||
Shimadzu | 9,600 | 301 | ||||||
Shimamura | 1,900 | 180 | ||||||
Shionogi & Co Ltd | 151,800 | 9,922 | ||||||
Shiseido Co Ltd | 44,200 | 3,424 | ||||||
Showa Corp | 45,600 | 701 | ||||||
Showa Shell Sekiyu KK | 31,600 | 670 | ||||||
SMC Corp/Japan | 27,900 | 8,931 | ||||||
SoftBank Group | 2,800 | 283 | ||||||
Sojitz Corp | 122,300 | 441 | ||||||
Sompo Holdings Inc | 327,200 | 13,940 | ||||||
Sony Corp | 140,000 | 8,586 | ||||||
Sony Financial Holdings Inc | 19,100 | 421 | ||||||
Square Enix Holdings Co Ltd | 18,200 | 753 | ||||||
Sumitomo Corp | 191,000 | 3,186 | ||||||
Sumitomo Dainippon Pharma Co Ltd (B) | 89,600 | 2,058 | ||||||
Sumitomo Metal Mining Co Ltd | 42,500 | 1,491 | ||||||
Sumitomo Mitsui Financial Group Inc | 303,900 | 12,270 | ||||||
Sumitomo Mitsui Trust Holdings Inc | 380,822 | 15,677 | ||||||
Suzuken Co Ltd/Aichi Japan | 41,000 | 1,946 | ||||||
Suzuki Motor Corp | 4,900 | 281 | ||||||
Sysmex Corp | 107,800 | 9,282 | ||||||
Taisei Corp | 9,300 | 424 | ||||||
Taisho Pharmaceutical Holdings | 2,200 | 269 | ||||||
Takeda Pharmaceutical Co Ltd (B) | 602,700 | 25,793 | ||||||
TDK | 3,400 | 371 | ||||||
Terumo Corp | 8,700 | 515 | ||||||
TIS Inc | 69,000 | 3,450 | ||||||
Tochigi Bank Ltd/The | 65,000 | 217 | ||||||
Tokyo Electric Power Co Holdings Inc * | 845,200 | 4,152 | ||||||
Tokyo Electron Ltd | 14,000 | 1,924 | ||||||
Tokyu Fudosan Holdings Corp (B) | 100,200 | 699 | ||||||
TOTO Ltd (B) | 8,900 | 369 | ||||||
Toyota Motor Corp | 107,600 | 6,721 | ||||||
Toyota Motor Corp ADR (B) | 148,433 | 18,458 | ||||||
Tsuruha Holdings Inc | 7,100 | 874 | ||||||
Ube Industries Ltd | 204,000 | 5,550 | ||||||
Valqua | 16,800 | 472 | ||||||
Wacoal Holdings Corp | 418,852 | 12,021 | ||||||
Yamaha Corp | 20,900 | 1,108 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Yamaha Motor Co Ltd | 9,100 | $ | 255 | |||||
Yamato Holdings Co Ltd | 27,100 | 832 | ||||||
Yamazaki Baking Co Ltd | 71,100 | 1,423 | ||||||
Yaskawa Electric Corp | 49,600 | 1,474 | ||||||
ZOZO | 162,100 | 4,909 | ||||||
|
|
| ||||||
731,806 | ||||||||
|
|
| ||||||
Malaysia — 0.0% | ||||||||
Malayan Banking Bhd | 176,000 | 416 | ||||||
Petronas Dagangan Bhd | 59,400 | 377 | ||||||
Tenaga Nasional Bhd | 154,600 | 578 | ||||||
|
|
| ||||||
1,371 | ||||||||
|
|
| ||||||
Malta — 0.0% | ||||||||
BGP Holdings *(C) | 198,683 | – | ||||||
|
|
| ||||||
Mexico — 0.4% | ||||||||
Alfa SAB de CV, CI A | 5,363,760 | 6,901 | ||||||
Grupo Aeroportuario del Centro Norte Sab, CI B | 102,856 | 736 | ||||||
Mexichem SAB de CV | 445,540 | 1,526 | ||||||
Wal-Mart de Mexico SAB de CV | 3,487,100 | 10,587 | ||||||
|
|
| ||||||
19,750 | ||||||||
|
|
| ||||||
Netherlands — 6.5% | ||||||||
ABN AMRO Group NV | 81,140 | 2,210 | ||||||
Aegon NV (B) | 824,301 | 5,350 | ||||||
AerCap Holdings NV * | 190,563 | 10,961 | ||||||
Akzo Nobel NV | 270,988 | 25,350 | ||||||
ASML Holding NV | 99,268 | 18,552 | ||||||
ASR Nederland NV | 213,849 | 10,199 | ||||||
Heineken Holding NV | 95,314 | 8,635 | ||||||
Heineken NV | 84,366 | 7,914 | ||||||
ING Groep NV | 2,073,697 | 26,938 | ||||||
Koninklijke Ahold Delhaize NV | 630,963 | 14,474 | ||||||
Koninklijke DSM NV | 205,604 | 21,789 | ||||||
Koninklijke KPN | 542,463 | 1,431 | ||||||
Koninklijke Philips NV | 318,925 | 14,534 | ||||||
Koninklijke Volkerwessels NV | 31,666 | 666 | ||||||
NN Group NV | 138,344 | 6,175 | ||||||
NXP Semiconductors NV | 194,530 | 16,632 | ||||||
RELX | 79,579 | 1,673 | ||||||
Royal Dutch Shell PLC, CI A | 782,036 | 26,864 | ||||||
Royal Dutch Shell PLC, Cl B | 761,760 | 26,712 | ||||||
Royal Dutch Shell PLC ADR, CI B (B) | 278,352 | 19,743 | ||||||
Unilever NV | 53,876 | 3,001 | ||||||
Wolters Kluwer NV | 245,042 | 15,278 | ||||||
|
|
| ||||||
285,081 | ||||||||
|
|
| ||||||
New Zealand — 0.1% | ||||||||
a2 Milk * | 59,747 | 446 | ||||||
Air New Zealand Ltd | 813,826 | 1,667 | ||||||
Fisher & Paykel Healthcare Corp Ltd | 107,525 | 1,073 | ||||||
|
|
| ||||||
3,186 | ||||||||
|
|
|
SEI Institutional International Trust / Annual Report / September 30, 2018 |
19 |
SCHEDULE OF INVESTMENTS
September 30, 2018
International Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Norway — 1.8% | ||||||||
Aker BP ASA | 19,131 | $ | 812 | |||||
Aker Solutions ASA * | 1,623,185 | 11,541 | ||||||
Atlantic Sapphire * | 600,694 | 4,278 | ||||||
Equinor ASA | 231,170 | 6,515 | ||||||
Leroy Seafood Group | 76,357 | 623 | ||||||
Marine Harvest ASA | 1,221,540 | 28,284 | ||||||
Northern Drilling Ltd * | 596,449 | 5,581 | ||||||
Salmar ASA | 21,271 | 1,061 | ||||||
Telenor ASA | 691,287 | 13,506 | ||||||
Yara International ASA | 134,182 | 6,586 | ||||||
|
|
| ||||||
78,787 | ||||||||
|
|
| ||||||
Poland — 0.0% | ||||||||
Polish Oil & Gas * | 442,292 | 776 | ||||||
|
|
| ||||||
Portugal — 0.2% | ||||||||
Altri SGPS SA | 55,465 | 532 | ||||||
Galp Energia SGPS SA, Cl B | 401,083 | 7,962 | ||||||
|
|
| ||||||
8,494 | ||||||||
|
|
| ||||||
Russia — 0.1% | ||||||||
Severstal PJSC GDR | 19,075 | 317 | ||||||
Tatneft PJSC ADR | 64,767 | 4,955 | ||||||
|
|
| ||||||
5,272 | ||||||||
|
|
| ||||||
Singapore — 1.0% | ||||||||
CapitaLand Commercial Trust ‡ | 324,100 | 422 | ||||||
City Developments Ltd | 1,905,900 | 12,707 | ||||||
DBS Group Holdings Ltd | 946,100 | 18,066 | ||||||
Genting Singapore Ltd | 466,300 | 362 | ||||||
Hong Leong Finance Ltd | 111,300 | 209 | ||||||
Oversea-Chinese Banking Corp Ltd | 991,300 | 8,300 | ||||||
Singapore Airlines Ltd | 123,800 | 883 | ||||||
Singapore Exchange Ltd | 381,600 | 2,058 | ||||||
United Overseas Bank Ltd | 23,600 | 468 | ||||||
|
|
| ||||||
43,475 | ||||||||
|
|
| ||||||
South Africa — 0.1% | ||||||||
Investec PLC (B) | 416,323 | 2,935 | ||||||
Reunert Ltd | 92,931 | 499 | ||||||
|
|
| ||||||
3,434 | ||||||||
|
|
| ||||||
South Korea — 2.2% | ||||||||
BNK Financial Group Inc | 155,928 | 1,209 | ||||||
Daelim Industrial Co Ltd | 4,671 | 348 | ||||||
KT Corp ADR | 490,614 | 7,285 | ||||||
LG Electronics Inc | 15,243 | 976 | ||||||
Samsung Electronics Co Ltd | 704,018 | 29,481 | ||||||
SK Hynix Inc | 111,732 | 7,363 | ||||||
SK Innovation Co Ltd | 15,122 | 2,931 | ||||||
SK Telecom Co Ltd | 97,374 | 24,755 | ||||||
SK Telecom Co Ltd ADR | 742,654 | 20,705 | ||||||
|
|
| ||||||
95,053 | ||||||||
|
|
|
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Spain — 1.4% | ||||||||
ACS Actividades de Construccion y Servicios SA | 254,165 | $ | 10,828 | |||||
Aena SME SA | 5,404 | 938 | ||||||
Amadeus IT Group SA, Cl A | 122,766 | 11,410 | ||||||
Bankinter SA | 112,267 | 1,034 | ||||||
CaixaBank SA | 2,035,083 | 9,308 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 35,441 | 911 | ||||||
Ence Energia y Celulosa SA | 261,506 | 2,658 | ||||||
Industria de Diseno Textil SA | 126,549 | 3,838 | ||||||
International Consolidated Airlines Group SA | 125,812 | 1,082 | ||||||
Liberbank * | 516,746 | 289 | ||||||
Naturgy Energy Group | 12,298 | 336 | ||||||
Red Electrica Corp SA | 37,961 | 795 | ||||||
Repsol SA | 159,626 | 3,183 | ||||||
Unicaja Banco SA (A) | 10,026,905 | 16,363 | ||||||
|
|
| ||||||
62,973 | ||||||||
|
|
| ||||||
Sweden — 1.9% | ||||||||
Assa Abloy AB, Cl B | 564,508 | 11,340 | ||||||
Atlas Copco AB, Cl A | 296,202 | 8,533 | ||||||
Atlas Copco AB, Cl B | 37,264 | 994 | ||||||
Axfood | 48,823 | 913 | ||||||
Betsson | 203,606 | 1,568 | ||||||
Boliden AB | 17,511 | 488 | ||||||
Epiroc AB, CI A * | 93,879 | 1,048 | ||||||
Epiroc AB,CI B * | 73,261 | 754 | ||||||
Hexagon AB, Cl B | 193,135 | 11,315 | ||||||
ICA Gruppen (B) | 74,403 | 2,359 | ||||||
Lundin Petroleum AB | 32,570 | 1,246 | ||||||
Millicom International Cellular SA | 305,675 | 17,547 | ||||||
Oriflame Holding AG | 51,427 | 1,315 | ||||||
Peab | 62,088 | 568 | ||||||
Sandvik AB | 330,677 | 5,866 | ||||||
Swedbank AB, CI A | 221,202 | 5,480 | ||||||
Swedish Match AB | 118,489 | 6,062 | ||||||
Swedish Orphan Biovitrum AB * | 225,722 | 6,599 | ||||||
Tele2 AB, CI B | 44,007 | 529 | ||||||
|
|
| ||||||
84,524 | ||||||||
|
|
| ||||||
Switzerland — 7.2% | ||||||||
ABB Ltd | 1,196,387 | 28,403 | ||||||
Adecco Group AG | 229,653 | 12,117 | ||||||
Aryzta AG *(B) | 303,980 | 2,907 | ||||||
Baloise Holding AG | 8,304 | 1,273 | ||||||
Barry Callebaut AG | 371 | 706 | ||||||
Chocoladefabriken Lindt & Sprungli | 47 | 708 | ||||||
Cie Financiere Richemont SA | 258,304 | 21,155 | ||||||
Clariant AG | 42,437 | 1,110 | ||||||
Coca-Cola HBC AG | 6,830 | 233 | ||||||
Flughafen Zurich AG | 1,667 | 339 | ||||||
Givaudan SA | 8,654 | 21,378 |
20 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Julius Baer Group Ltd | 196,290 | $ | 9,869 | |||||
Kuehne + Nagel International AG | 3,263 | 519 | ||||||
Lonza Group AG | 41,142 | 14,110 | ||||||
Nestle SA | 149,589 | 12,530 | ||||||
Novartis AG | 429,070 | 37,074 | ||||||
Pargesa Holding SA | 8,307 | 670 | ||||||
Partners Group Holding AG | 14,814 | 11,807 | ||||||
Roche Holding AG | 227,432 | 55,356 | ||||||
Schindler Holding AG | 809 | 202 | ||||||
SGS SA | 3,743 | 9,902 | ||||||
SIG Combibloc Group * | 233,910 | 2,694 | ||||||
Sika AG | 81,540 | 11,929 | ||||||
Sonova Holding AG | 39,210 | 7,840 | ||||||
Straumann Holding AG | 1,600 | 1,209 | ||||||
Swatch Group AG/The | 498 | 199 | ||||||
Swatch Group Registered | 2,285 | 179 | ||||||
Swiss Life Holding AG | 39,998 | 15,233 | ||||||
Swiss Re AG | 44,382 | 4,116 | ||||||
Swisscom AG | 3,342 | 1,524 | ||||||
Tecan Group AG | 3,617 | 860 | ||||||
Temenos Group | 5,323 | 867 | ||||||
Transocean Ltd * | 1,021,160 | 14,245 | ||||||
UBS Group AG | 479,596 | 7,610 | ||||||
Vifor Pharma AG | 9,178 | 1,599 | ||||||
Zurich Insurance Group AG | 6,103 | 1,938 | ||||||
|
|
| ||||||
314,410 | ||||||||
|
|
| ||||||
Taiwan — 0.6% | ||||||||
China Development Financial Holding Corp | 5,091,000 | 1,901 | ||||||
Chong Hong Construction Co Ltd | 130,000 | 331 | ||||||
L.M. Development Co Ltd | 12,000 | 17 | ||||||
Machvision Inc | 36,000 | 436 | ||||||
MediaTek Inc | 787,000 | 6,354 | ||||||
Simplo Technology Co Ltd | 189,000 | 1,297 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 316,585 | 13,980 | ||||||
|
|
| ||||||
24,316 | ||||||||
|
|
| ||||||
Thailand — 0.1% | ||||||||
Bangchak Corp PCL | 989,000 | 1,078 | ||||||
PTT Exploration & Production PCL | 306,200 | 1,468 | ||||||
|
|
| ||||||
2,546 | ||||||||
|
|
| ||||||
Turkey — 0.1% | ||||||||
Akbank T.A.S. | 2,286,164 | 2,634 | ||||||
Turk Hava Yollari AO * | 179,464 | 570 | ||||||
|
|
| ||||||
3,204 | ||||||||
|
|
| ||||||
United Kingdom — 14.2% | ||||||||
3i Group PLC | 236,385 | 2,901 | ||||||
Abcam PLC | 103,162 | 1,926 | ||||||
Admiral Group PLC | 5,637 | 153 | ||||||
Anglo American PLC (B) | 111,202 | 2,499 | ||||||
Antofagasta PLC | 14,239 | 159 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Aon PLC | 75,147 | $ | 11,556 | |||||
Ashtead Group PLC | 298,980 | 9,501 | ||||||
AstraZeneca PLC | 301,876 | 23,474 | ||||||
Aviva PLC | 2,686,713 | 17,150 | ||||||
Balfour Beatty PLC | 2,483,272 | 8,876 | ||||||
Bank of Ireland Group PLC | 1,743,248 | 13,505 | ||||||
Barclays PLC | 11,098,418 | 24,862 | ||||||
Barratt Developments PLC | 28,610 | 212 | ||||||
Berkeley Group Holdings PLC | 20,913 | 1,003 | ||||||
BHP Billiton PLC | 361,305 | 7,874 | ||||||
BP PLC | 3,598,046 | 27,650 | ||||||
BP PLC ADR | 181,995 | 8,390 | ||||||
British American Tobacco PLC | 578,712 | 27,051 | ||||||
British Land | 25,721 | 207 | ||||||
Bunzl PLC | 396,563 | 12,479 | ||||||
Burberry Group PLC | 120,238 | 3,159 | ||||||
Carnival PLC | 276,860 | 17,200 | ||||||
Cobham PLC * | 7,539,418 | 11,479 | ||||||
Compass Group PLC | 1,582,374 | 35,203 | ||||||
Computacenter PLC | 62,379 | 1,030 | ||||||
CRH PLC | 188,190 | 6,165 | ||||||
Croda International PLC | 26,496 | 1,797 | ||||||
DCC PLC | 63,735 | 5,789 | ||||||
Diageo PLC | 281,386 | 9,977 | ||||||
easyJet PLC | 30,728 | 526 | ||||||
Evraz PLC | 551,309 | 4,073 | ||||||
Ferguson PLC | 318,117 | 27,027 | ||||||
Games Workshop Group PLC | 7,754 | 383 | ||||||
Genus PLC | 13,935 | 434 | ||||||
GlaxoSmithKline PLC | 1,103,978 | 22,124 | ||||||
Hargreaves Lansdown PLC | 48,139 | 1,403 | ||||||
Hays PLC | 1,583,408 | 4,212 | ||||||
Howden Joinery Group PLC | 144,818 | 885 | ||||||
HSBC Holdings PLC | 174,885 | 1,528 | ||||||
IMI PLC | 498,171 | 7,127 | ||||||
Inchcape PLC | 127,876 | 1,116 | ||||||
Indivior PLC * | 326,107 | 783 | ||||||
InterContinental Hotels Group PLC | 23,094 | 1,440 | ||||||
Intertek Group PLC | 30,747 | 2,002 | ||||||
Investec PLC | 407,105 | 2,865 | ||||||
J Sainsbury | 48,276 | 203 | ||||||
JD Sports Fashion PLC | 95,690 | 573 | ||||||
Johnson Matthey PLC | 46,600 | 2,165 | ||||||
Kingfisher PLC | 3,183,244 | 10,710 | ||||||
Legal & General Group PLC | 1,144,962 | 3,915 | ||||||
Lloyds Banking Group PLC | 29,837,549 | 23,062 | ||||||
London Stock Exchange Group PLC | 190,968 | 11,421 | ||||||
Micro Focus International PLC | 551,985 | 10,290 | ||||||
Mondi PLC | 180,298 | 4,947 | ||||||
NMC Health | 17,596 | 779 | ||||||
Pagegroup PLC | 91,024 | 679 | ||||||
Pearson PLC | 136,252 | 1,581 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
21 |
SCHEDULE OF INVESTMENTS
September 30, 2018
International Equity Fund (Concluded)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Persimmon PLC | 59,929 | $ | 1,848 | |||||
Prudential PLC | 1,518,168 | 34,834 | ||||||
QinetiQ Group PLC | 319,745 | 1,193 | ||||||
Reckitt Benckiser Group PLC | 121,519 | 11,118 | ||||||
RELX PLC | 766,895 | 16,161 | ||||||
Rolls-Royce Holdings PLC | 1,179,862 | 15,192 | ||||||
Royal Bank of Scotland Group PLC | 5,800,199 | 18,909 | ||||||
Royal Mail PLC | 150,459 | 936 | ||||||
RSA Insurance Group PLC | 197,746 | 1,483 | ||||||
Schroders PLC | 108,400 | 4,375 | ||||||
Segro PLC ‡ | 191,650 | 1,594 | ||||||
Sky PLC | 44,043 | 993 | ||||||
Spectris PLC | 136,515 | 4,224 | ||||||
SSE PLC | 1,259,117 | 18,817 | ||||||
SSP Group Plc | 137,139 | 1,296 | ||||||
St James’s Place PLC | 605,805 | 9,038 | ||||||
Stagecoach Group | 137,645 | 281 | ||||||
Tate & Lyle PLC | 322,683 | 2,873 | ||||||
Taylor Wimpey PLC | 564,507 | 1,265 | ||||||
Tesco PLC | 5,259,051 | 16,446 | ||||||
Thomas Cook Group PLC | 535,508 | 404 | ||||||
Vodafone Group PLC | 6,732,675 | 14,443 | ||||||
|
|
| ||||||
619,203 | ||||||||
|
|
| ||||||
United States — 5.0% |
| |||||||
Accenture PLC, Cl A | 93,566 | 15,925 | ||||||
Atlassian, CI A * | 17,637 | 1,696 | ||||||
Axis Capital Holdings Ltd | 337,488 | 19,476 | ||||||
Chubb Ltd | 95,146 | 12,715 | ||||||
Core Laboratories NV (B) | 125,569 | 14,545 | ||||||
Facebook Inc, CI A * | 64,060 | 10,535 | ||||||
Flex Ltd * | 843,202 | 11,063 | ||||||
ICON PLC * | 205,801 | 31,642 | ||||||
Luxoft Holding Inc, CI A * | 171,818 | 8,136 | ||||||
Mettler-Toledo International Inc * | 20,000 | 12,180 | ||||||
Microsoft Corp | 81,886 | 9,365 | ||||||
Nice Ltd ADR * | 39,465 | 4,517 | ||||||
Nomad Foods Ltd * | 258,875 | 5,245 | ||||||
Norwegian Cruise Line Holdings * | 147,866 | 8,492 | ||||||
nVent Electric PLC | 301,821 | 8,197 | ||||||
Sensata Technologies Holding PLC * | 215,213 | 10,664 | ||||||
Shopify Inc, CI A *(B) | 85,235 | 14,018 | ||||||
Tower Semiconductor Ltd * | 190,100 | 4,136 | ||||||
UBS Group AG (B) | 1,099,814 | 17,300 | ||||||
|
|
| ||||||
219,847 | ||||||||
|
|
| ||||||
Total Common Stock |
| 4,055,464 |
| |||||
|
|
|
Description | Shares | Market Value ($ Thousands) | ||||||
PREFERRED STOCK — 1.6% | ||||||||
Brazil — 0.0% | ||||||||
Braskem SA | 83,100 | $ | 1,213 | |||||
|
|
| ||||||
Germany — 1.1% | ||||||||
Henkel AG & Co KGaA | 60,780 | 7,134 | ||||||
Sartorius | 6,052 | 983 | ||||||
Volkswagen AG | 222,007 | 39,091 | ||||||
|
|
| ||||||
47,208 | ||||||||
|
|
| ||||||
South Korea — 0.5% | ||||||||
Hyundai Motor Co | 99,732 | 7,040 | ||||||
Samsung Electronics Co Ltd | 398,400 | 13,594 | ||||||
|
|
| ||||||
20,634 | ||||||||
|
|
| ||||||
Total Preferred Stock | 69,055 | |||||||
|
|
| ||||||
AFFILIATED PARTNERSHIP — 5.7% | ||||||||
SEI Liquidity Fund, L.P. | 248,892,942 | 248,878 | ||||||
|
|
| ||||||
Total Affiliated Partnership | 248,878 | |||||||
|
|
| ||||||
CASH EQUIVALENT — 3.5% | ||||||||
SEI Daily Income Trust, Government Fund, CI F | ||||||||
1.850%**† | 153,815,769 | 153,816 | ||||||
|
|
| ||||||
(Cost $153,816) ($ Thousands) | 153,816 | |||||||
|
|
| ||||||
Total Investments in Securities — 103.5% | $ | 4,527,213 | ||||||
|
|
|
22 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
A list of the open futures contracts held by the Fund at September 30, 2018, is as follows:
Type of Contract | Number of Contracts Long (Short) | Expiration Date | Notional Amount (Thousands) | Value (Thousands) | Unrealized Appreciation/ (Depreciation) (Thousands) | |||||||||||||||
DJ Euro Stoxx 50 Index | 1,587 | Dec-2018 | $ | 62,058 | $ | 62,432 | $ | 876 | ||||||||||||
FTSE 100 Index | 356 | Dec-2018 | 34,078 | 34,756 | 975 | |||||||||||||||
Hang Seng Index | 24 | Oct-2018 | 4,245 | 4,275 | 38 | |||||||||||||||
SPI 200 Index | 144 | Dec-2018 | 16,115 | 16,134 | 78 | |||||||||||||||
TOPIX Index | 270 | Dec-2018 | 40,825 | 43,203 | 3,121 | |||||||||||||||
|
|
|
|
|
| |||||||||||||||
$ | 157,321 | $ | 160,800 | $ | 5,088 | |||||||||||||||
|
|
|
|
|
|
For the year ended September 30, 2018, the total amount of all futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the year.
Percentages are based on Net Assets of $4,372,626 ($ Thousands). |
* | Non-income producing security. |
** | Rate shown is the 7-day effective yield as of September 30, 2018. |
† | Investment in Affiliated Security (see Note 5). |
‡ | Real Estate Investment Trust. |
(A) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2018, the value of these securities amounted to $60,763 ($ Thousands), representing 1.39% of the Net Assets of the Fund. |
(B) | Certain securities or partial positions of certain securities are on loan at September 30, 2018 (see Note 9). The total market value of securities on loan at September 30, 2018 was $163,269 ($ Thousands). |
(C) | Level 3 security in accordance with fair value hierarchy. |
(D) | This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2018 was $248,878 ($ Thousands). |
ADR — American Depositary Receipt
Cl — Class
CV — Convertible Security
DJ — Dow Jones
FTSE — Financial Times and Stock Exchange
GDR — Global Depositary Receipt
L.P. — Limited Partnership
Ltd. — Limited
PJSC — Public Joint-Stock Company
PLC — Public Limited Company
SPI — Share Price Index
TOPIX — Tokyo Price Index
The following is a list of the level of inputs used as of September 30, 2018, 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 | $ | 4,055,464 | $ | – | $ | – | $ | 4,055,464 | ||||||||
Preferred Stock | 69,055 | – | – | 69,055 | ||||||||||||
Affiliated Partnership | – | 248,878 | – | 248,878 | ||||||||||||
Cash Equivalent | 153,816 | – | – | 153,816 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 4,278,335 | $ | 248,878 | $ | – | $ | 4,527,213 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts * | ||||||||||||||||
Unrealized Appreciation | $ | 5,088 | $ | — | $ | — | $ | 5,088 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | 5,088 | $ | — | $ | — | $ | 5,088 | ||||||||
|
|
|
|
|
|
|
|
*Futures contracts are valued at the unrealized appreciation on the instrument.
For the year ended September 30, 2018, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded.
For the year ended September 30, 2018, 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 $0.
The following is a summary of the transactions with affiliates for the year ended September 30, 2018 ($ Thousands):
Security Description | Value at 9/30/2017 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation | Value 9/30/2018 | Income | |||||||||||||||||||||
SEI Liquidity Fund, L.P. | $131,091 | $1,236,605 | $(1,118,801) | $2 | $(19) | $248,878 | $1,844 | |||||||||||||||||||||
SEI Daily Income Trust, Government Fund, Cl F | 106,620 | 253,976 | (206,780) | — | — | 153,816 | 1,797 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Totals | $ 237,711 | $ 1,490,581 | $ (1,325,581) | $ 2 | $ (19) | $ 402,694 | $ 3,641 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Annual Report / September 30, 2018 |
23 |
SCHEDULE OF INVESTMENTS
September 30, 2018
Emerging Market Equity Fund
†Percentages based on total investments. Includes investments held as collateral for securities on loan (see Note 9).
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK — 91.3% | ||||||||
Argentina — 0.5% | ||||||||
Arcos Dorados Holdings Inc, Cl A | 219,600 | $ | 1,373 | |||||
Cresud SACIF y A ADR | 81,909 | 1,160 | ||||||
IRSA Inversiones y Representaciones SA ADR (A) | 73,300 | 1,242 | ||||||
MercadoLibre Inc * | 1,613 | 549 | ||||||
Tenaris SA ADR | 122,760 | 4,115 | ||||||
|
|
| ||||||
8,439 | ||||||||
|
|
| ||||||
Austria — 0.2% | ||||||||
Erste Group Bank AG * | 73,701 | 3,063 | ||||||
|
|
| ||||||
Brazil — 5.1% | ||||||||
Ambev SA | 388,700 | 1,791 | ||||||
Ambev SA ADR | 378,819 | 1,731 | ||||||
Atacadao Distribuicao Comercio e Industria Ltda * | 948,300 | 3,517 | ||||||
Azul SA ADR * | 77,026 | 1,370 | ||||||
B2W Cia Digital * | 1,288,084 | 8,873 | ||||||
B3 SA - Brasil Bolsa Balcao * | 671,100 | 3,932 | ||||||
Banco Bradesco SA ADR * | 835,500 | 5,915 | ||||||
Banco do Brasil SA * | 267,900 | 1,972 | ||||||
Banco Santander Brasil SA | 110,100 | 983 | ||||||
Banco Santander Brasil SA ADR | 166,189 | 1,464 | ||||||
BK Brasil Operacao e Assessoria a Restaurantes SA * | 698,917 | 2,368 | ||||||
BRF SA ADR *(A) | 265,400 | 1,454 | ||||||
CCR SA | 219,200 | 461 | ||||||
Cielo SA | 389,400 | 1,190 | ||||||
Cosan SA | 257,500 | 2,083 | ||||||
CVC Brasil Operadora e Agencia de Viagens SA | 285,300 | 3,065 | ||||||
Duratex SA * | 1,053,100 | 2,379 | ||||||
EDP - Energias do Brasil SA | 15,700 | 50 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Energisa SA | 592,114 | $ | 4,544 | |||||
Engie Brasil Energia SA | 127,700 | 1,137 | ||||||
Estacio Participacoes SA | 88,400 | 553 | ||||||
Hapvida Participacoes e Investimentos | 442,778 | 2,661 | ||||||
Hypera SA * | 195,460 | 1,394 | ||||||
IRB Brasil Resseguros S/A | 30,600 | 507 | ||||||
JBS SA | 396,600 | 929 | ||||||
Kroton Educacional SA | 624,400 | 1,770 | ||||||
Localiza Rent a Car SA * | 234,700 | 1,344 | ||||||
Magazine Luiza SA | 60,185 | 1,854 | ||||||
MRV Engenharia e Participacoes SA | 178,300 | 545 | ||||||
Notre Dame Intermedica Participacoes | 434,900 | 2,863 | ||||||
Petrobras Distribuidora SA | 376,774 | 1,837 | ||||||
Petroleo Brasileiro SA ADR | 555,301 | 6,703 | ||||||
Porto Seguro SA | 39,300 | 585 | ||||||
Rumo SA * | 1,619,436 | 6,054 | ||||||
SLC Agricola SA | 13,700 | 208 | ||||||
Telefonica Brasil SA ADR | 150,400 | 1,463 | ||||||
TIM Participacoes SA ADR | 199,998 | 2,898 | ||||||
Ultrapar Participacoes SA | 47,900 | 447 | ||||||
Vale SA ADR, CI B | 485,436 | 7,204 | ||||||
|
|
| ||||||
92,098 | ||||||||
|
|
| ||||||
Canada — 0.9% |
| |||||||
First Quantum Minerals Ltd | 1,058,659 | 12,048 | ||||||
Pan American Silver Corp | 79,086 | 1,167 | ||||||
Parex Resources Inc * | 128,102 | 2,175 | ||||||
Yamana Gold Inc | 458,688 | 1,142 | ||||||
|
|
| ||||||
16,532 | ||||||||
|
|
| ||||||
Chile — 0.4% |
| |||||||
Cencosud SA | 571,134 | 1,354 | ||||||
Cia Cervecerias Unidas SA ADR | 52,991 | 1,478 | ||||||
Embotelladora Andina SA ADR, Cl B | 10,559 | 242 | ||||||
Empresas COPEC SA | 128,461 | 1,979 | ||||||
SACI Falabella | 228,763 | 1,857 | ||||||
Sociedad Quimica y Minera de Chile SA ADR (A) | 24,500 | 1,120 | ||||||
|
|
| ||||||
8,030 | ||||||||
|
|
| ||||||
China — 19.5% |
| |||||||
AAC Technologies Holdings Inc | 152,633 | 1,586 | ||||||
Agile Group Holdings Ltd | 1,258,000 | 1,778 | ||||||
Agricultural Bank of China Ltd, Cl H | 13,438,932 | 6,595 | ||||||
Air China Ltd, Cl H | 1,306,000 | 1,262 | ||||||
Alibaba Group Holding Ltd ADR * | 244,040 | 40,208 | ||||||
Angang Steel Co Ltd, Cl H (A) | 6,434,000 | 5,756 | ||||||
Anhui Conch Cement Co Ltd, Cl H | 1,143,500 | 6,905 | ||||||
ANTA Sports Products Ltd | 591,069 | 2,836 | ||||||
Baidu Inc ADR * | 122,085 | 27,918 | ||||||
Bank of China Ltd, Cl H | 7,393,105 | 3,288 | ||||||
Bank of Hangzhou Co Ltd | 271,413 | 308 | ||||||
BeiGene Ltd ADR * | 5,546 | 955 |
24 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Beijing Capital International Airport Co Ltd, Cl H | 504,000 | $ | 613 | |||||
Changyou.com Ltd ADR * | 98,500 | 1,300 | ||||||
China Construction Bank Corp, Cl H | 20,864,379 | 18,238 | ||||||
China Grand Automotive Services Co Ltd | 311,200 | 292 | ||||||
China Longyuan Power Group Corp Ltd, Cl H | 2,543,000 | 2,138 | ||||||
China Merchants Bank Co Ltd, Cl H | 549,076 | 2,231 | ||||||
China Molybdenum Co Ltd, Cl H (A) | 1,917,000 | 804 | ||||||
China National Building Material Co Ltd, | 6,390,585 | 5,676 | ||||||
China Pacific Insurance Group Co Ltd, | 123,600 | 477 | ||||||
China Petroleum & Chemical Corp, Cl H | 7,068,000 | 7,082 | ||||||
China Railway Group Ltd, Cl H | 661,000 | 655 | ||||||
China Vanke Co Ltd, Cl H | 875,500 | 2,898 | ||||||
Chongqing Rural Commercial Bank Co Ltd, CI H | 1,356,612 | 742 | ||||||
CITIC Securities Co Ltd, Cl H | 3,416,146 | 6,077 | ||||||
Country Garden Holdings Co Ltd | 650,000 | 820 | ||||||
CRRC Corp Ltd | 1,767,225 | 1,615 | ||||||
Ctrip.com International Ltd ADR *(A) | 90,837 | 3,376 | ||||||
Daqin Railway Co Ltd | 358,700 | 429 | ||||||
Dongfeng Motor Group Co Ltd, Cl H | 1,156,000 | 1,191 | ||||||
Foshan Haitian Flavouring & Food Co Ltd | 42,267 | 487 | ||||||
Fosun International Ltd | 210,500 | 371 | ||||||
Guangzhou R&F Properties Co Ltd | 1,220,000 | 2,242 | ||||||
Hangzhou Hikvision Digital Technology Co Ltd | 340,000 | 1,420 | ||||||
Huaneng Power International Inc, Cl H | 2,044,000 | 1,345 | ||||||
Industrial & Commercial Bank of China Ltd, CI H | 37,539,868 | 27,442 | ||||||
JD.com Inc ADR * | 88,492 | 2,309 | ||||||
Jiangsu Expressway Co Ltd, Cl H | 226,000 | 290 | ||||||
Kingsoft Corp Ltd | 894,000 | 1,705 | ||||||
Kweichow Moutai Co Ltd | 12,200 | 1,294 | ||||||
Lens Technology Co Ltd | 1,488,500 | 2,137 | ||||||
Longfor Group Holdings Ltd | 259,500 | 670 | ||||||
Luzhou Laojiao Co Ltd | 12,000 | 83 | ||||||
Momo Inc ADR * | 63,734 | 2,792 | ||||||
NetEase Inc ADR | 15,043 | 3,434 | ||||||
New Oriental Education & Technology Group Inc ADR * | 62,591 | 4,632 | ||||||
Ninestar Corp | 35,250 | 132 | ||||||
PetroChina Co Ltd, Cl H | 480,000 | 389 | ||||||
PICC Property & Casualty Co Ltd, Cl H | 1,321,000 | 1,560 | ||||||
Ping An Insurance Group Co of China Ltd, CI H | 2,177,357 | 22,122 | ||||||
Shenzhou International Group Holdings Ltd | 42,000 | 539 | ||||||
SINA Corp/China * | 100,500 | 6,983 | ||||||
Sinopec Engineering Group Co Ltd, Cl H | 1,917,000 | 2,190 | ||||||
Sinopec Shanghai Petrochemical Co Ltd, Cl H | 7,434,000 | 4,541 | ||||||
Sinopharm Group Co Ltd, Cl H | 554,400 | 2,714 | ||||||
Sinotrans Ltd, CI H | 875,000 | 357 | ||||||
Sinotruk Hong Kong Ltd (A) | 344,500 | 750 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Sohu.com Ltd ADR *(A) | 147,600 | $ | 2,934 | |||||
Tencent Holdings Ltd | 1,348,325 | 55,691 | ||||||
Tingyi Cayman Islands Holding Corp | 2,164,000 | 3,977 | ||||||
TravelSky Technology Ltd, Cl H | 303,000 | 788 | ||||||
Tsingtao Brewery Co Ltd, Cl H | 340,000 | 1,599 | ||||||
Uni-President China Holdings Ltd | 3,804,400 | 4,060 | ||||||
Vipshop Holdings Ltd ADR * | 349,875 | 2,183 | ||||||
Want Want China Holdings Ltd | 1,904,000 | 1,603 | ||||||
Weibo Corp ADR * | 54,243 | 3,967 | ||||||
Weichai Power Co Ltd, Cl H | 1,274,000 | 1,579 | ||||||
XCMG Construction Machinery Co Ltd | 473,399 | 272 | ||||||
Zhejiang Expressway Co Ltd, Cl H | 1,008,000 | 839 | ||||||
Zhejiang Huace Film & TV Co Ltd | 2,129,129 | 2,964 | ||||||
Zhuzhou CRRC Times Electric Co Ltd, Cl H | 1,785,147 | 10,198 | ||||||
Zijin Mining Group Co Ltd, Cl H | 4,598,000 | 1,769 | ||||||
ZTO Express Cayman Inc ADR * | 295,161 | 4,891 | ||||||
|
|
| ||||||
350,293 | ||||||||
|
|
| ||||||
Colombia — 0.3% |
| |||||||
Bancolombia SA ADR, Cl R | 88,105 | 3,676 | ||||||
Ecopetrol SA | 842,571 | 1,143 | ||||||
Ecopetrol SA ADR | 22,583 | 608 | ||||||
|
|
| ||||||
5,427 | ||||||||
|
|
| ||||||
Czech Republic — 0.3% |
| |||||||
CEZ AS | 125,198 | 3,192 | ||||||
Komercni banka as | 68,435 | 2,808 | ||||||
|
|
| ||||||
6,000 | ||||||||
|
|
| ||||||
Egypt — 0.2% | ||||||||
Commercial International Bank Egypt SAE GDR | 762,988 | 3,479 | ||||||
|
|
| ||||||
Greece — 0.3% |
| |||||||
Eurobank Ergasias SA * | 4,267,059 | 3,216 | ||||||
National Bank of Greece SA * | 1,032,951 | 2,100 | ||||||
|
|
| ||||||
5,316 | ||||||||
|
|
| ||||||
Hong Kong — 8.3% |
| |||||||
A-Living Services Co Ltd, Cl H *(B) | 25,750 | 40 | ||||||
ASM Pacific Technology Ltd | 298,100 | 3,036 | ||||||
Beijing Enterprises Water Group Ltd | 4,400,000 | 2,345 | ||||||
Brilliance China Automotive Holdings Ltd | 4,090,184 | 6,618 | ||||||
Chaoda Modern Agriculture Holdings Ltd * | 2,056,181 | 24 | ||||||
China Conch Venture Holdings Ltd | 1,172,500 | 4,091 | ||||||
China Everbright International Ltd (A) | 5,360,100 | 4,631 | ||||||
China Everbright Ltd | 1,108,000 | 1,985 | ||||||
China Gas Holdings Ltd | 420,600 | 1,191 | ||||||
China High Precision Automation Group | 1,385,624 | – | ||||||
China Medical System Holdings Ltd | 4,769,200 | 6,631 | ||||||
China Mengniu Dairy Co Ltd * | 2,181,541 | 7,263 | ||||||
China Mobile Ltd | 925,541 | 9,125 | ||||||
China Mobile Ltd ADR | 206,385 | 10,098 | ||||||
China Resources Cement Holdings Ltd | 238,000 | 277 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
25 |
SCHEDULE OF INVESTMENTS
September 30, 2018
Emerging Market Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
China Resources Power Holdings Co Ltd | 316,000 | $ | 559 | |||||
China State Construction International Holdings Ltd | 5,343,923 | 5,648 | ||||||
China Taiping Insurance Holdings Co Ltd | 951,591 | 3,338 | ||||||
China Traditional Chinese Medicine Holdings Co Ltd | 2,746,000 | 1,867 | ||||||
China Travel International Investment Hong Kong Ltd | 992,000 | 319 | ||||||
CIMC Enric Holdings Ltd | 1,926,000 | 2,009 | ||||||
CITIC Ltd | 3,668,000 | 5,466 | ||||||
CNOOC Ltd | 8,254,607 | 16,351 | ||||||
CSPC Pharmaceutical Group Ltd | 896,000 | 1,903 | ||||||
Genscript Biotech Corp * | 588,000 | 993 | ||||||
Guangdong Investment Ltd | 430,000 | 764 | ||||||
Guangzhou Automobile Group Co Ltd, | 1,325,200 | 1,468 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd, Cl H | 86,000 | 307 | ||||||
Haier Electronics Group Co Ltd | 1,351,100 | 3,669 | ||||||
Hua Hong Semiconductor Ltd (B) | 413,000 | 890 | ||||||
Huatai Securities Co Ltd, Cl H (B) | 2,437,600 | 3,495 | ||||||
Lee & Man Paper Manufacturing Ltd | 1,584,000 | 1,470 | ||||||
Li Ning Co Ltd * | 1,494,500 | 1,413 | ||||||
Nine Dragons Paper Holdings Ltd | 1,384,000 | 1,496 | ||||||
People’s Insurance Co Group of China Ltd/ The, Cl H | 3,911,000 | 1,759 | ||||||
Postal Savings Bank of China Co Ltd, | 1,251,000 | 788 | ||||||
Sands China Ltd | 567,263 | 2,570 | ||||||
Semiconductor Manufacturing International Corp *(A) | 5,852,397 | 6,312 | ||||||
Shandong Weigao Group Medical Polymer Co Ltd, Cl H | 2,416,000 | 2,387 | ||||||
Shanghai Pharmaceuticals Holding Co Ltd, CI H | 119,000 | 297 | ||||||
Shimao Property Holdings Ltd | 1,273,000 | 3,176 | ||||||
Sino Biopharmaceutical Ltd | 5,579,800 | 5,206 | ||||||
SJM Holdings Ltd | 1,991,000 | 1,842 | ||||||
Sun Art Retail Group Ltd | 1,064,000 | 1,384 | ||||||
Sunny Optical Technology Group Co Ltd | 593,678 | 6,851 | ||||||
Techtronic Industries Co Ltd | 819,500 | 5,237 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co Ltd, Cl H (B) | 49,000 | 204 | ||||||
Yuexiu Property Co Ltd | 2,320,000 | 415 | ||||||
|
|
| ||||||
149,208 | ||||||||
|
|
| ||||||
Hungary — 0.4% | ||||||||
MOL Hungarian Oil & Gas PLC | 258,749 | 2,788 | ||||||
OTP Bank Nyrt | 102,329 | 3,792 | ||||||
|
|
| ||||||
6,580 | ||||||||
|
|
| ||||||
India — 8.4% | ||||||||
Adani Ports & Special Economic Zone Ltd | 425,030 | 1,928 | ||||||
APS Holdings Corp * | 1 | – | ||||||
Ashok Leyland Ltd | 750,163 | 1,233 | ||||||
Aurobindo Pharma Ltd | 25,060 | 257 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Axis Bank Ltd * | 315,666 | $ | 2,670 | |||||
Bajaj Auto Ltd | 151,864 | 5,630 | ||||||
Bharat Forge Ltd | 164,453 | 1,364 | ||||||
Bharat Heavy Electricals Ltd | 225,218 | 213 | ||||||
Britannia Industries Ltd | 4,843 | 389 | ||||||
Can Fin Homes Ltd | 39,500 | 130 | ||||||
Cipla Ltd/India | 269,285 | 2,430 | ||||||
CreditAccess Grameen Ltd * | 171,093 | 693 | ||||||
Cummins India Ltd | 232,629 | 2,160 | ||||||
Dabur India Ltd | 397,380 | 2,340 | ||||||
Dewan Housing Finance Corp Ltd | 426,225 | 1,617 | ||||||
Escorts Ltd | 86,624 | 731 | ||||||
Exide Industries Ltd | 378,602 | 1,386 | ||||||
Godrej Consumer Products Ltd | 49,989 | 530 | ||||||
HCL Technologies Ltd | 193,360 | 2,902 | ||||||
HDFC Bank Ltd | 123,547 | 3,419 | ||||||
HDFC Bank Ltd ADR | 44,781 | 4,214 | ||||||
Hindalco Industries Ltd | 590,815 | 1,872 | ||||||
Hindustan Petroleum Corp Ltd | 28,534 | 99 | ||||||
Hindustan Unilever Ltd | 235,723 | 5,230 | ||||||
Housing Development Finance Corp Ltd | 398,472 | 9,644 | ||||||
ICICI Bank Ltd | 1,380,083 | 5,817 | ||||||
ICICI Bank Ltd ADR | 591,882 | 5,025 | ||||||
Indian Oil Corp Ltd | 58,273 | 123 | ||||||
Infosys Ltd | 840,173 | 8,461 | ||||||
Infosys Ltd ADR (A) | 56,734 | 577 | ||||||
JM Financial Ltd | 528,780 | 631 | ||||||
JSW Steel Ltd | 45,472 | 239 | ||||||
Kotak Mahindra Bank Ltd | 42,203 | 665 | ||||||
Larsen & Toubro Ltd | 116,458 | 2,044 | ||||||
Mahindra & Mahindra Ltd | 163,551 | 1,942 | ||||||
Maruti Suzuki India Ltd | 9,652 | 978 | ||||||
Motherson Sumi Systems Ltd | 390,122 | 1,382 | ||||||
Muthoot Finance Ltd | 50,970 | 284 | ||||||
National Aluminium Co Ltd | 408,948 | 342 | ||||||
NCC Ltd/India | 497,469 | 501 | ||||||
Nestle India Ltd | 2,113 | 283 | ||||||
NMDC Ltd * | 176,884 | 276 | ||||||
Oil & Natural Gas Corp Ltd | 61,455 | 150 | ||||||
Power Grid Corp of India Ltd | 1,072,884 | 2,788 | ||||||
Prestige Estates Projects Ltd | 181,899 | 527 | ||||||
Reliance Capital Ltd | 96,977 | 378 | ||||||
Reliance Industries Ltd | 705,392 | 12,241 | ||||||
Reliance Industries Ltd GDR (B) | 660,566 | 22,690 | ||||||
SH Kelkar & Co Ltd (B) | 385,654 | 1,086 | ||||||
Shriram Transport Finance Co Ltd | 219,692 | 3,488 | ||||||
Sobha Ltd | 11,445 | 63 | ||||||
Sun Pharmaceutical Industries Ltd | 226,300 | 1,946 | ||||||
Tata Chemicals Ltd | 194,563 | 1,858 | ||||||
Tata Consultancy Services Ltd | 352,321 | 10,613 | ||||||
Tata Global Beverages Ltd | 119,745 | 386 | ||||||
Tata Motors Ltd * | 125,327 | 387 |
26 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Tech Mahindra Ltd | 182,096 | $ | 1,873 | |||||
United Spirits Ltd * | 394,190 | 2,797 | ||||||
Vedanta Ltd | 1,017,849 | 3,262 | ||||||
Wipro Ltd | 102,239 | 457 | ||||||
Yes Bank Ltd | 367,762 | 932 | ||||||
|
|
| ||||||
150,573 | ||||||||
|
|
| ||||||
Indonesia — 1.2% |
| |||||||
Adaro Energy Tbk PT | 6,247,100 | 769 | ||||||
Astra International Tbk PT | 8,564,600 | 4,224 | ||||||
Bank Negara Indonesia Persero Tbk PT | 3,796,500 | 1,885 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 27,268,705 | 5,764 | ||||||
Matahari Department Store Tbk PT | 4,459,000 | 2,072 | ||||||
Perusahaan Gas Negara Persero Tbk | 8,235,100 | 1,244 | ||||||
Surya Citra Media Tbk PT | 6,332,400 | 797 | ||||||
United Tractors Tbk PT | 2,034,097 | 4,505 | ||||||
|
|
| ||||||
21,260 | ||||||||
|
|
| ||||||
Italy — 0.1% |
| |||||||
PRADA SpA | 376,600 | 1,805 | ||||||
|
|
| ||||||
Luxembourg — 0.2% |
| |||||||
National Commercial Bank * | 234,190 | 2,734 | ||||||
|
|
| ||||||
Malaysia — 0.7% |
| |||||||
AirAsia Group Bhd | 1,045,900 | 799 | ||||||
Genting Bhd | 117,900 | 222 | ||||||
Inari Amertron Bhd | 5,020,275 | 2,766 | ||||||
Malayan Banking Bhd | 931,100 | 2,203 | ||||||
Petronas Chemicals Group Bhd | 267,600 | 605 | ||||||
Petronas Dagangan Bhd | 394,700 | 2,504 | ||||||
Sime Darby Bhd | 1,322,700 | 834 | ||||||
Tenaga Nasional Bhd | 249,100 | 931 | ||||||
Top Glove Corp Bhd | 80,800 | 208 | ||||||
UEM Sunrise Bhd | 2,293,195 | 460 | ||||||
Westports Holdings Bhd | 1,622,500 | 1,490 | ||||||
|
|
| ||||||
13,022 | ||||||||
|
|
| ||||||
Mexico — 3.5% |
| |||||||
Alfa SAB de CV, CI A | 239,500 | 308 | ||||||
America Movil SAB de CV, Ser L | 1,172,174 | 943 | ||||||
America Movil SAB de CV ADR, CI L | 90,435 | 1,452 | ||||||
Arca Continental SAB de CV | 51,900 | 335 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand ADR | 236,478 | 1,835 | ||||||
Cemex SAB de CV ADR * | 158,083 | 1,113 | ||||||
Coca-Cola Femsa SAB de CV ADR | 92,838 | 5,685 | ||||||
Fomento Economico Mexicano SAB de CV | 441,085 | 4,367 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 52,157 | 5,162 | ||||||
Gruma SAB de CV, Cl B | 203,780 | 2,593 | ||||||
Grupo Aeroportuario del Sureste SAB de CV ADR | 10,596 | 2,174 | ||||||
Grupo Financiero Banorte SAB de CV, | 1,880,666 | 13,616 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Grupo GICSA SA de CV * | 652,401 | $ | 312 | |||||
Grupo Mexico SAB de CV, Ser B | 715,500 | 2,061 | ||||||
Grupo Televisa SAB ADR | 140,825 | 2,498 | ||||||
Industrias Bachoco SAB de CV ADR | 5,760 | 311 | ||||||
Infraestructura Energetica Nova SAB de | 614,619 | 3,057 | ||||||
Megacable Holdings SAB de CV | 107,700 | 556 | ||||||
Mexichem SAB de CV | 1,430,672 | 4,902 | ||||||
Wal-Mart de Mexico SAB de CV | 3,053,694 | 9,271 | ||||||
|
|
| ||||||
62,551 | ||||||||
|
|
| ||||||
Netherlands — 0.1% |
| |||||||
SBM Offshore NV | 65,402 | 1,184 | ||||||
VEON Ltd ADR (A) | 201,860 | 586 | ||||||
|
|
| ||||||
1,770 | ||||||||
|
|
| ||||||
Panama — 0.2% |
| |||||||
Copa Holdings SA, CIA | 41,401 | 3,305 | ||||||
|
|
| ||||||
Peru — 0.8% |
| |||||||
Cia de Minas Buenaventura SAA ADR | 153,600 | 2,060 | ||||||
Credicorp Ltd | 55,961 | 12,484 | ||||||
|
|
| ||||||
14,544 | ||||||||
|
|
| ||||||
Philippines — 0.5% |
| |||||||
Ayala Corp | 62,230 | 1,069 | ||||||
BDO Unibank Inc | 934,535 | 2,072 | ||||||
Cebu Air Inc | 201,950 | 262 | ||||||
DMCI Holdings Inc | 1,750,500 | 369 | ||||||
Globe Telecom Inc | 21,975 | 895 | ||||||
GT Capital Holdings Inc | 91,095 | 1,382 | ||||||
Manila Electric Co | 130,950 | 824 | ||||||
Metropolitan Bank & Trust Co | 2,197,830 | 2,725 | ||||||
|
|
| ||||||
9,598 | ||||||||
|
|
| ||||||
Poland — 1.1% |
| |||||||
Dino Polska SA *(B) | 195,007 | 5,269 | ||||||
Energa SA * | 175,242 | 372 | ||||||
Grupa Lotos SA | 33,334 | 679 | ||||||
PLAY Communications SA (B) | 276,243 | 1,508 | ||||||
Polski Koncern Naftowy ORLEN SA | 106,640 | 2,922 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 328,991 | 3,829 | ||||||
Powszechny Zaklad Ubezpieczen SA | 543,187 | 5,850 | ||||||
|
|
| ||||||
20,429 | ||||||||
|
|
| ||||||
Portugal — 0.3% |
| |||||||
Galp Energia SGPS SA, Cl B | 259,779 | 5,157 | ||||||
Jeronimo Martins SGPS SA | 37,709 | 555 | ||||||
|
|
| ||||||
5,712 | ||||||||
|
|
| ||||||
Qatar — 0.1% |
| |||||||
Industries Qatar QSC | 3,831 | 131 | ||||||
Ooredoo QPSC | 25,934 | 492 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
27 |
SCHEDULE OF INVESTMENTS
September 30, 2018
Emerging Market Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Qatar National Bank QPSC | 6,071 | $ | 295 | |||||
|
|
| ||||||
918 | ||||||||
|
|
| ||||||
Russia — 4.9% |
| |||||||
Detsky Mir PJSC | 952,100 | 1,352 | ||||||
Gazprom PJSC ADR | 1,173,390 | 5,849 | ||||||
LUKOIL PJSC ADR | 336,566 | 25,764 | ||||||
Mail.Ru Group Ltd GDR * | 133,635 | 3,628 | ||||||
Mobile TeleSystems PJSC ADR | 213,744 | 1,823 | ||||||
Novatek PJSC GDR | 568 | 101 | ||||||
Novolipetsk Steel PJSC GDR | 22,907 | 618 | ||||||
Rosneft Oil Co PJSC GDR | 518,764 | 3,895 | ||||||
Sberbank of Russia PJSC | 776,669 | 2,411 | ||||||
Sberbank of Russia PJSC ADR (A) | 1,819,537 | 22,925 | ||||||
Surgutneftegas PJSC ADR | 73,763 | 306 | ||||||
X5 Retail Group NV GDR | 269,802 | 6,098 | ||||||
Yandex NV, CI A * | 410,497 | 13,501 | ||||||
|
|
| ||||||
88,271 | ||||||||
|
|
| ||||||
South Africa — 4.0% |
| |||||||
Absa Group Ltd | 15,754 | 169 | ||||||
African Rainbow Minerals Ltd | 28,491 | 259 | ||||||
AngloGold Ashanti Ltd ADR | 56,300 | 483 | ||||||
Barloworld Ltd | 213,841 | 1,861 | ||||||
Bid Corp Ltd | 142,180 | 2,963 | ||||||
Capitec Bank Holdings Ltd (A) | 58,152 | 4,209 | ||||||
Exxaro Resources Ltd | 72,086 | 740 | ||||||
FirstRand Ltd (A) | 1,382,479 | 6,630 | ||||||
Foschini Group Ltd/The | 167,069 | 2,047 | ||||||
Imperial Holdings Ltd | 122,597 | 1,516 | ||||||
JSE Ltd | 233,412 | 2,626 | ||||||
Kumba Iron Ore Ltd | 47,312 | 1,073 | ||||||
Liberty Holdings Ltd | 133,234 | 1,062 | ||||||
Mondi Ltd | 46,298 | 1,271 | ||||||
MTN Group Ltd | 138,954 | 860 | ||||||
Naspers Ltd, Cl N | 65,710 | 14,170 | ||||||
Nedbank Group Ltd | 35,681 | 667 | ||||||
Old Mutual Ltd | 526,877 | 1,128 | ||||||
Petra Diamonds Ltd *(A) | 1,391,641 | 686 | ||||||
Pick n Pay Stores Ltd | 273,194 | 1,328 | ||||||
Resilient REIT Ltd | 91,275 | 375 | ||||||
RMB Holdings Ltd (A) | 609,176 | 3,407 | ||||||
Sanlam Ltd | 110,106 | 616 | ||||||
Sasol Ltd | 133,416 | 5,162 | ||||||
SPAR Group Ltd/The | 135,075 | 1,758 | ||||||
Standard Bank Group Ltd (A) | 740,568 | 9,158 | ||||||
Truworths International Ltd | 434,847 | 2,566 | ||||||
Vodacom Group Ltd | 96,688 | 860 | ||||||
Wilson Bayly Holmes-Ovcon Ltd | 45,758 | 497 | ||||||
Woolworths Holdings Ltd/South Africa | 220,337 | 772 | ||||||
|
|
| ||||||
70,919 | ||||||||
|
|
| ||||||
South Korea — 14.1% |
| |||||||
Com2uSCorp | 29,218 | 3,861 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Coway Co Ltd | 87,683 | $ | 6,861 | |||||
DB Insurance Co Ltd | 69,760 | 4,578 | ||||||
Dentium Co Ltd | 24,476 | 2,218 | ||||||
Doosan Bobcat Inc (A) | 119,554 | 4,354 | ||||||
Grand Korea Leisure Co Ltd (A) | 12,299 | 277 | ||||||
Hana Financial Group Inc | 93,210 | 3,744 | ||||||
Hankook Tire Co Ltd | 5,443 | 246 | ||||||
HDC Hyundai Development Co-Engineering & Construction, CI E * | 6,621 | 304 | ||||||
Hotel Shilla Co Ltd (A) | 7,401 | 724 | ||||||
Hyosung Advanced Materials Corp * | 1 | – | ||||||
Hyosung TNC Co Ltd * | 2 | – | ||||||
Hyundai Engineering & Construction Co Ltd | 90,814 | 5,526 | ||||||
Hyundai Marine & Fire Insurance Co Ltd | 98,393 | 3,721 | ||||||
Hyundai Motor Co | 29,180 | 3,407 | ||||||
Industrial Bank of Korea | 60,155 | 827 | ||||||
Kangwon Land Inc | 46,656 | 1,207 | ||||||
KB Financial Group Inc | 84,019 | 4,105 | ||||||
KB Financial Group Inc ADR | 55,597 | 2,684 | ||||||
KCC Corp | 5,190 | 1,586 | ||||||
Kia Motors Corp | 65,339 | 2,068 | ||||||
Korea Aerospace Industries Ltd *(A) | 109,449 | 3,463 | ||||||
Korea Electric Power Corp | 34,707 | 918 | ||||||
Korea Investment Holdings Co Ltd | 4,680 | 321 | ||||||
KT&G Corp | 33,581 | 3,148 | ||||||
LG Chem Ltd | 15,303 | 5,042 | ||||||
LG Corp | 38,923 | 2,548 | ||||||
LG Household & Health Care Ltd (A) | 2,531 | 2,911 | ||||||
LG Uplus Corp | 238,701 | 3,938 | ||||||
Lotte Chemical Corp (A) | 9,541 | 2,391 | ||||||
Lotte Chilsung Beverage Co Ltd (A) | 1,241 | 1,557 | ||||||
Lotte Confectionery Co Ltd | 4,626 | 753 | ||||||
Lotte Corp *(A) | 28,243 | 1,454 | ||||||
Lotte Shopping Co Ltd | 3,930 | 742 | ||||||
LS Industrial Systems Co Ltd | 30,520 | 2,053 | ||||||
Mando Corp (A) | 73,758 | 2,294 | ||||||
NAVER Corp | 4,119 | 2,659 | ||||||
NCSoft Corp (A) | 31,644 | 12,623 | ||||||
Netmarble Corp (A)(B) | 13,630 | 1,413 | ||||||
NH Investment & Securities Co Ltd | 117,994 | 1,521 | ||||||
OCI Co Ltd | 10,540 | 1,045 | ||||||
Orange Life Insurance Ltd (B) | 94,971 | 2,920 | ||||||
Orion Corp/Republic of Korea (A) | 32,023 | 3,046 | ||||||
Partron Co Ltd (A) | 204,225 | 1,381 | ||||||
POSCO | 13,623 | 3,617 | ||||||
Samsung Electronics Co Ltd | 1,635,666 | 68,494 | ||||||
Samsung Engineering Co Ltd *(A) | 416,749 | 7,251 | ||||||
Samsung Life Insurance Co Ltd (A) | 25,014 | 2,194 | ||||||
Samsung SDI Co Ltd | 7,326 | 1,707 | ||||||
Samsung SDS Co Ltd | 5,780 | 1,204 | ||||||
SFA Engineering Corp (A) | 60,300 | 1,990 | ||||||
SK Holdings Co Ltd | 2,848 | 737 |
28 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
SK Hynix Inc (A) | 349,144 | $ | 23,009 | |||||
SK Innovation Co Ltd | 20,658 | 4,004 | ||||||
SK Telecom Co Ltd | 55,589 | 14,132 | ||||||
SK Telecom Co Ltd ADR | 345,820 | 9,641 | ||||||
SKCKOLONPI Inc | 31,475 | 1,334 | ||||||
Ssangyong Cement Industrial Co Ltd (A) | 36,047 | 210 | ||||||
Woori Bank | 27,382 | 417 | ||||||
|
|
| ||||||
252,380 | ||||||||
|
|
| ||||||
Switzerland — 0.0% |
| |||||||
Wizz Air Holdings Plc *(B) | 23,365 | 877 | ||||||
|
|
| ||||||
Taiwan — 9.7% |
| |||||||
Accton Technology Corp | 1,132,200 | 3,152 | ||||||
Acer Inc | 1,165,000 | 963 | ||||||
Advanced Ceramic X Corp | 122,900 | 833 | ||||||
Airtac International Group | 253,681 | 2,484 | ||||||
ASE Technology Holding Co Ltd | 881,372 | 2,150 | ||||||
ASMedia Technology Inc | 109,000 | 1,917 | ||||||
Asustek Computer Inc | 119,000 | 1,029 | ||||||
AU Optronics Corp | 4,270,000 | 1,804 | ||||||
Catcher Technology Co Ltd | 955,040 | 10,510 | ||||||
Cathay Financial Holding Co Ltd | 2,764,584 | 4,754 | ||||||
Chailease Holding Co Ltd | 465,892 | 1,633 | ||||||
China Development Financial Holding Corp | 4,226,000 | 1,578 | ||||||
Chipbond Technology Corp | 178,000 | 344 | ||||||
Chlitina Holding Ltd | 159,000 | 1,203 | ||||||
Compal Electronics Inc | 2,721,000 | 1,689 | ||||||
CTBC Financial Holding Co Ltd | 1,631,000 | 1,229 | ||||||
Cub Elecparts Inc | 3 | – | ||||||
Eclat Textile Co Ltd | 162,000 | 2,006 | ||||||
Elite Advanced Laser Corp | 677,776 | 1,503 | ||||||
Elite Material Co Ltd | 885,400 | 2,494 | ||||||
eMemory Technology Inc | 163,200 | 1,550 | ||||||
Feng TAY Enterprise Co Ltd | 252,000 | 1,552 | ||||||
First Financial Holding Co Ltd | 1,539,954 | 1,049 | ||||||
Formosa Chemicals & Fibre Corp | 1,019,000 | 4,272 | ||||||
Formosa Plastics Corp | 297,000 | 1,138 | ||||||
Fubon Financial Holding Co Ltd | 1,229,000 | 2,085 | ||||||
Gigabyte Technology Co Ltd | 58,000 | 91 | ||||||
Globalwafers Co Ltd | 191,000 | 2,105 | ||||||
Hiwin Technologies Corp | 175,421 | 1,451 | ||||||
Hon Hai Precision Industry Co Ltd | 2,992,607 | 7,763 | ||||||
Hota Industrial Manufacturing Co Ltd | 1 | – | ||||||
Hu Lane Associate Inc | 79,200 | 245 | ||||||
Inventec Corp | 3,534,000 | 3,171 | ||||||
Largan Precision Co Ltd | 16,446 | 1,958 | ||||||
MediaTek Inc | 2,074,079 | 16,744 | ||||||
Merida Industry Co Ltd | 352,000 | 1,649 | ||||||
Nanya Technology Corp | 890,000 | 1,693 | ||||||
Parade Technologies Ltd | 204,600 | 3,116 | ||||||
President Chain Store Corp | 95,000 | 1,115 | ||||||
Silicon Motion Technology Corp ADR | 77,010 | 4,135 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Taiwan Semiconductor Manufacturing Co Ltd | 6,107,717 | $ | 52,510 | |||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 304,393 | 13,442 | ||||||
Uni-President Enterprises Corp | 691,000 | 1,804 | ||||||
United Microelectronics Corp | 2,328,000 | 1,231 | ||||||
Walsin Lihwa Corp | 602,000 | 405 | ||||||
Wistron Corp | 2,353,236 | 1,534 | ||||||
Yuanta Financial Holding Co Ltd | 4,278,000 | 2,256 | ||||||
|
|
| ||||||
173,339 | ||||||||
|
|
| ||||||
Thailand — 2.2% |
| |||||||
Advanced Info Service PCL | 416,300 | 2,587 | ||||||
Amata Corp PCL | 1,274,500 | 950 | ||||||
Bangkok Bank PCL | 744,800 | 4,836 | ||||||
Central Pattana PCL | 888,600 | 2,281 | ||||||
CP ALL PCL (A) | 1,631,000 | 3,480 | ||||||
CP ALL PCL NVDR | 1,365,110 | 2,913 | ||||||
Home Product Center PCL | 7,206,200 | 3,521 | ||||||
KCE Electronics PCL | 590,500 | 771 | ||||||
Minor International PCL NVDR | 3,728,747 | 4,727 | ||||||
PTT Exploration & Production PCL | 583,100 | 2,795 | ||||||
PTT Global Chemical PCL NVDR | 805,800 | 2,024 | ||||||
PTT PCL | 1,874,800 | 3,145 | ||||||
PTT PCL NVDR | 1,580,700 | 2,652 | ||||||
Star Petroleum Refining PCL NVDR | 555,500 | 256 | ||||||
Thai Oil PCL | 406,886 | 1,113 | ||||||
Thai Oil PCL NVDR | 354,500 | 970 | ||||||
Thanachart Capital PCL NVDR | 239,000 | 397 | ||||||
Tisco Financial Group PCL | 136,500 | 354 | ||||||
|
|
| ||||||
39,772 | ||||||||
|
|
| ||||||
Turkey — 0.6% |
| |||||||
Akbank T.A.S. | 1,615,550 | 1,861 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 175,824 | 617 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,331,081 | 2,444 | ||||||
Haci Omer Sabanci Holding AS | 119,545 | 152 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, Cl B (B) | 168,906 | 1,008 | ||||||
Sok Marketler Ticaret AS * | 1,098,866 | 1,622 | ||||||
TAV Havalimanlari Holding AS | 332,048 | 1,729 | ||||||
Turk Hava Yollari AO * | 24,159 | 77 | ||||||
Turkcell Iletisim Hizmetleri AS | 286,281 | 550 | ||||||
Turkcell Iletisim Hizmetleri AS ADR | 104,235 | 502 | ||||||
Turkiye Garanti Bankasi AS | 236,490 | 304 | ||||||
|
|
| ||||||
10,866 | ||||||||
|
|
| ||||||
United Arab Emirates — 0.4% |
| |||||||
Abu Dhabi Commercial Bank PJSC | 345,359 | 745 | ||||||
Dubai Investments PJSC | 1,369,222 | 700 | ||||||
Dubai Islamic Bank PJSC | 1,011,730 | 1,485 | ||||||
Emaar Properties PJSC | 2,909,076 | 3,923 | ||||||
|
|
| ||||||
6,853 | ||||||||
|
|
| ||||||
United Kingdom — 1.3% |
| |||||||
Anglo American PLC (A) | 136,647 | 3,088 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
29 |
SCHEDULE OF INVESTMENTS
September 30, 2018
Emerging Market Equity Fund (Concluded)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Etalon Group PLC GDR | 56,800 | $ | 133 | |||||
KAZ Minerals PLC | 686,669 | 4,921 | ||||||
Magnitogorsk Iron & Steel Works PJSC GDR | 68,189 | 705 | ||||||
Mail.Ru Group Ltd GDR * | 17,965 | 485 | ||||||
Novatek PJSC GDR | 15,339 | 2,822 | ||||||
Tullow Oil PLC * | 2,766,678 | 9,500 | ||||||
Vivo Energy PLC (B) | 707,939 | 1,192 | ||||||
|
|
| ||||||
22,846 | ||||||||
|
|
| ||||||
United States — 0.4% | ||||||||
Corp America Airports SA * | 195,416 | 1,669 | ||||||
Liberty Latin America Ltd, Cl C * | 129,512 | 2,672 | ||||||
Pagseguro Digital Ltd, CI A * | 125,451 | 3,471 | ||||||
|
|
| ||||||
7,812 | ||||||||
|
|
| ||||||
Vietnam — 0.1% | ||||||||
Vincom Retail JSC * | 1,331,000 | 2,391 | ||||||
|
|
| ||||||
Total Common Stock | 1,639,012 | |||||||
|
|
| ||||||
EXCHANGE TRADED FUND — 2.6% | ||||||||
United States — 2.6% | ||||||||
iShares MSCI Emerging Markets ETF | 1,081,755 | 46,429 | ||||||
|
|
| ||||||
Total Exchange Traded Fund | 46,429 | |||||||
|
|
| ||||||
PREFERRED STOCK — 2.2% | ||||||||
Brazil — 1.4% | ||||||||
Banco Bradesco SA * | 191,689 | 1,372 | ||||||
Banco do Estado do Rio Grande do Sul SA | 77,000 | 287 | ||||||
Braskem SA | 24,200 | 353 | ||||||
Cia Brasileira de Distribuicao * | 27,500 | 599 | ||||||
Cia Brasileira de Distribuicao ADR | 107,800 | 2,315 | ||||||
Itau Unibanco Holding SA | 516,796 | 5,711 | ||||||
Itau Unibanco Holding SA ADR | 328,654 | 3,608 | ||||||
Itausa - Investimentos Itau SA | 599,911 | 1,511 | ||||||
Lojas Americanas SA * | 864,349 | 3,422 | ||||||
Petroleo Brasileiro SA * | 388,147 | 2,051 | ||||||
Petroleo Brasileiro SA ADR, CI A * | 212,141 | 2,219 | ||||||
Telefonica Brasil SA | 216,200 | 2,120 | ||||||
|
|
| ||||||
25,568 | ||||||||
|
|
| ||||||
Colombia — 0.1% | ||||||||
Banco Davivienda SA | 45,419 | 523 | ||||||
Grupo Aval Acciones y Valores SA | 1,466,661 | 576 | ||||||
|
|
| ||||||
1,099 | ||||||||
|
|
| ||||||
South Korea — 0.7% | ||||||||
Samsung Electronics Co Ltd | 359,084 | 12,253 | ||||||
|
|
|
Description | Shares | Market Value ($ Thousands) | ||||||
PREFERRED STOCK (continued) | ||||||||
Total Preferred Stock | $ | 38,920 | ||||||
|
|
| ||||||
Number of Participation Notes | ||||||||
PARTICIPATION NOTES — 1.3% | ||||||||
China — 0.3% | ||||||||
Han’s Laser, Expires 04/09/2019 * | 828,350 | 5,095 | ||||||
Ping An Insurance, Expires 09/23/2019 * | 115,800 | 1,152 | ||||||
|
|
| ||||||
6,247 | ||||||||
|
|
| ||||||
India — 0.0% | ||||||||
Motherson Sumi Systems Ltd, | 155,000 | 549 | ||||||
|
|
| ||||||
Luxembourg — 0.1% | ||||||||
Hoa Phat Group JSC, | 827,736 | 1,483 | ||||||
|
|
| ||||||
Saudi Arabia — 0.1% | ||||||||
HBSC Bank Savola Group, | 177,564 | 1,425 | ||||||
|
|
| ||||||
Switzerland — 0.7% | ||||||||
Hangzhou Kikvi, Expires 08/12/2019 * | 1,862,989 | 7,794 | ||||||
Maanshan Iron, Expires 09/18/2019 * | 2,928,488 | 1,743 | ||||||
Spring Airline, Expires 06/03/2019 * | 572,000 | 2,983 | ||||||
|
|
| ||||||
12,520 | ||||||||
|
|
| ||||||
Vietnam — 0.1% | ||||||||
Hoa Phat Group JSC, Expires 07/24/2018 * | 579,083 | 1,038 | ||||||
|
|
| ||||||
Total Participation Notes | 23,262 | |||||||
|
|
| ||||||
Face Amount (Thousands) | ||||||||
DEBENTURE BOND — 0.0% | ||||||||
Brazil — 0.0% | ||||||||
Vale, Ser 1997 | ||||||||
0.000%, 09/30/2049 (D) | BRL | 8 | – | |||||
|
|
| ||||||
Total Debenture Bond | – | |||||||
|
| �� |
30 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Shares | Market Value ($ Thousands) | ||||||
AFFILIATED PARTNERSHIP — 3.7% | ||||||||
SEI Liquidity Fund, L.P. | ||||||||
2.170% **†(E) | 66,696,615 | $ | 66,697 | |||||
|
|
| ||||||
Total Affiliated Partnership | 66,697 | |||||||
|
|
| ||||||
CASH EQUIVALENT — 0.7% | ||||||||
SEI Daily Income Trust, Government Fund, CI F | ||||||||
1.850%**† | 12,932,281 | 12,932 | ||||||
|
|
| ||||||
(Cost $12,932) ($ Thousands) | 12,932 | |||||||
|
|
| ||||||
Total Investments in Securities — 101.8% | $ | 1,827,252 | ||||||
|
|
|
Percentages are based on Net Assets of $1,794,554 ($ Thousands).
* | Non-income producing security. |
** | Rate shown is the 7-day effective yield as of September 30, 2018. |
† | Investment in Affiliated Security (see Note 5). |
(A) | Certain securities or partial positions of certain securities are on loan at September 30, 2018 (see Note 9). The total market value of securities on loan at September 30, 2018 was $61,593 ($ Thousands). |
(B) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2018, the value of these securities amounted to $46,041 ($ Thousands), representing 2.57% of the Net Assets of the Fund. |
(C) | Level 3 security in accordance with fair value hierarchy. |
(D) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
(E) | This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2018 was $66,697 ($ Thousands). |
ADR — American Depositary Receipt
BRL — Brazilian Real
Cl — Class
ETF — Exchange-Traded Fund
GDR — Global Depositary Receipt
JSC — Joint-Stock Company
JSE — Johannesburg Stock Exchange
L.P. — Limited Partnership
Ltd. — Limited
MSCI — Morgan Stanley Capital International
NVDR — Non-Voting Depositary Receipt
PJSC — Public Joint-Stock Company
PLC — Public Limited Company
Ser — Series
The following is a list of the level of inputs used as of September 30, 2018, in valuing the Fund’s investments carried at value ($ Thousands):
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 1,639,012 | $ | – | $ | – | $ | 1,639,012 | ||||||||
Exchange Traded Fund | 46,429 | – | – | 46,429 | ||||||||||||
Preferred Stock | 38,920 | – | – | 38,920 | ||||||||||||
Participation Notes | – | 23,262 | – | 23,262 | ||||||||||||
Debenture Bond | – | – | – | – | ||||||||||||
Affiliated Partnership | – | 66,697 | – | 66,697 | ||||||||||||
Cash Equivalent | 12,932 | – | – | 12,932 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Investments in Securities | $ | 1,737,293 | $ | 89,959 | $ | – | $ | 1,827,252 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended September 30, 2018, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded.
For the year ended September 30, 2018, 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 $0.
The following is a summary of the transactions with affiliates for the year ended September 30, 2018 ($ Thousands):
Security Description | Value at 9/30/2017 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 9/30/2018 | Income | |||||||||||||||||||||
SEI Liquidity Fund, L.P. | $ 154,588 | $ 322,158 | $ (410,046) | $ (3) | $ — | $ 66,697 | $ 1,048 | |||||||||||||||||||||
SEI Daily Income Trust, Government Fund, Cl F | 7,827 | 216,620 | (211,515) | — | — | 12,932 | 157 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Totals | $ 162,415 | $ 538,778 | $ (621,561) | $ (3) | $ — | $ 79,629 | $ 1,205 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Annual Report / September 30, 2018 |
31 |
SCHEDULE OF INVESTMENTS
September 30, 2018
International Fixed Income Fund
†Percentages based on total investments.
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS — 91.5% | ||||||||||
Argentina — 0.1% | ||||||||||
Argentina POM Politica Monetaria | ||||||||||
43.077%, VAR Argentina Central Bank 7D Repo Ref Rate+0.000%, 06/21/2020 | ARS | 3,576 | $ | 103 | ||||||
Argentine Bonos del Tesoro | ||||||||||
16.000%, 10/17/2023 | 7,121 | 143 | ||||||||
Provincia de Buenos Aires | ||||||||||
9.125%, 03/16/2024 | $ | 170 | 157 | |||||||
|
|
| ||||||||
403 | ||||||||||
|
|
| ||||||||
Australia — 2.2% | ||||||||||
Australia & New Zealand Banking Group MTN | ||||||||||
5.000%, 08/16/2023 | AUD | 750 | 591 | |||||||
3.625%, 07/18/2022 | EUR | 300 | 393 | |||||||
Australia Government Bond | ||||||||||
5.500%, 04/21/2023 | AUD | 1,675 | 1,382 | |||||||
4.750%, 04/21/2027 | 820 | 690 | ||||||||
4.500%, 04/15/2020 | 540 | 405 | ||||||||
4.500%, 04/21/2033 | 195 | 169 | ||||||||
4.250%, 04/21/2026 | 1,425 | 1,151 | ||||||||
3.750%, 04/21/2037 | 393 | 315 | ||||||||
3.000%, 03/21/2047 | 1,520 | 1,068 | ||||||||
2.750%, 04/21/2024 | 1,230 | 907 | ||||||||
Australia Government Bond, | ||||||||||
5.250%, 03/15/2019 | 625 | 459 | ||||||||
Australia Government Bond, | ||||||||||
5.750%, 05/15/2021 | 2,583 | 2,044 | ||||||||
National Australia Bank | ||||||||||
5.000%, 03/11/2024 | 750 | 593 | ||||||||
Westpac Banking Corp MTN | ||||||||||
1.500%, 03/24/2021 | EUR | 220 | 265 | |||||||
|
|
| ||||||||
10,432 | ||||||||||
|
|
| ||||||||
Austria — 1.7% | ||||||||||
JAB Holdings BV | ||||||||||
1.250%, 05/22/2024 | 400 | 468 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Republic of Austria Government Bond | ||||||||||
4.150%, 03/15/2037 (A) | EUR | 406 | $ | 707 | ||||||
3.650%, 04/20/2022 (A) | 290 | 383 | ||||||||
3.150%, 06/20/2044 (A) | 475 | 772 | ||||||||
2.100%, 09/20/2117 (A) | 75 | 96 | ||||||||
1.950%, 06/18/2019 (A) | 1,870 | 2,210 | ||||||||
1.150%, 10/19/2018 (A) | 205 | 238 | ||||||||
0.750%, 10/20/2026 (A) | 1,912 | 2,263 | ||||||||
0.083%, 07/15/2023 (A)(B) | 360 | 418 | ||||||||
Republic of Austria Government Bond, Ser 97-6 | ||||||||||
6.250%, 07/15/2027 | 288 | 497 | ||||||||
|
|
| ||||||||
8,052 | ||||||||||
|
|
| ||||||||
Belgium — 2.1% | ||||||||||
Anheuser-Busch InBev MTN | ||||||||||
2.250%, 05/24/2029 | GBP | 205 | 252 | |||||||
1.500%, 03/17/2025 | EUR | 415 | 497 | |||||||
Kingdom of Belgium Government Bond | ||||||||||
3.750%, 09/28/2020 (A) | 2,126 | 2,677 | ||||||||
3.750%, 06/22/2045 | 387 | 654 | ||||||||
3.000%, 06/22/2034 (A) | 620 | 897 | ||||||||
1.900%, 06/22/2038 (A) | 200 | 249 | ||||||||
1.600%, 06/22/2047 (A) | 310 | 350 | ||||||||
1.000%, 06/22/2031 (A) | 1,149 | 1,322 | ||||||||
0.800%, 06/22/2025 (A) | 493 | 588 | ||||||||
0.800%, 06/22/2027 (A) | 785 | 919 | ||||||||
0.800%, 06/22/2028 (A) | 340 | 394 | ||||||||
Kingdom of Belgium Government Bond, Ser 44 | ||||||||||
5.000%, 03/28/2035 (A) | 64 | 115 | ||||||||
Kingdom of Belgium Government Bond, Ser 65 | ||||||||||
4.250%, 09/28/2022 | 790 | 1,079 | ||||||||
|
|
| ||||||||
9,993 | ||||||||||
|
|
| ||||||||
Brazil — 0.6% | ||||||||||
Brazil Notas do Tesouro Nacional, Serie B | ||||||||||
6.000%, 08/15/2050 | BRL | 1,490 | 1,173 | |||||||
Brazil Notas do Tesouro Nacional, Serie F | ||||||||||
10.000%, 01/01/2021 | 3,533 | 895 | ||||||||
Minerva Luxembourg | ||||||||||
6.500%, 09/20/2026 (A) | $ | 290 | 271 | |||||||
Odebrecht Finance | ||||||||||
7.125%, 06/26/2042 | 280 | 97 | ||||||||
4.375%, 04/25/2025 | 200 | 64 | ||||||||
Petrobras Global Finance BV | ||||||||||
5.999%, 01/27/2028 | 215 | 198 | ||||||||
|
|
| ||||||||
2,698 | ||||||||||
|
|
| ||||||||
Canada — 7.5% | ||||||||||
Bank of Montreal MTN | ||||||||||
0.125%, 04/19/2021 | EUR | 280 | 326 |
32 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Bank of Nova Scotia MTN | ||||||||||
0.750%, 09/17/2021 | EUR | 570 | $ | 675 | ||||||
Bell Canada MTN | ||||||||||
4.700%, 09/11/2023 | CAD | 80 | 65 | |||||||
3.250%, 06/17/2020 | 95 | 74 | ||||||||
Canada Housing Trust No. 1 | ||||||||||
3.800%, 06/15/2021 (A) | 4,830 | 3,870 | ||||||||
2.250%, 12/15/2025 (A) | 2,235 | 1,673 | ||||||||
1.750%, 06/15/2022 (A) | 2,465 | 1,855 | ||||||||
Canadian Government Bond | ||||||||||
1.000%, 06/01/2027 | 1,375 | 946 | ||||||||
Canadian Imperial Bank of Commerce | ||||||||||
0.239%, 07/25/2022 (B) | EUR | 445 | 512 | |||||||
CDP Financial | ||||||||||
4.400%, 11/25/2019 (A) | $ | 850 | 864 | |||||||
Export Development Canada MTN | ||||||||||
2.400%, 06/07/2021 | AUD | 1,259 | 911 | |||||||
Government of Canada | ||||||||||
5.750%, 06/01/2033 | CAD | 1,205 | 1,308 | |||||||
2.750%, 12/01/2048 | 400 | 331 | ||||||||
2.500%, 06/01/2024 | 1,043 | 813 | ||||||||
1.750%, 09/01/2019 | 6,755 | 5,212 | ||||||||
1.500%, 06/01/2026 (C) | 5,970 | 4,326 | ||||||||
1.000%, 09/01/2022 | 1,455 | 1,071 | ||||||||
0.750%, 09/01/2021 | 955 | 708 | ||||||||
National Bank of Canada | ||||||||||
1.500%, 03/25/2021 | EUR | 345 | 416 | |||||||
Province of British Columbia Canada | ||||||||||
3.250%, 12/18/2021 | CAD | 1,150 | 910 | |||||||
Province of Manitoba Canada | ||||||||||
3.850%, 12/01/2021 | 710 | 571 | ||||||||
Province of Ontario Canada | ||||||||||
4.700%, 06/02/2037 | 1,355 | 1,261 | ||||||||
4.650%, 06/02/2041 | 540 | 511 | ||||||||
2.800%, 06/02/2048 | 2,200 | 1,563 | ||||||||
2.600%, 06/02/2025 | 1,614 | 1,226 | ||||||||
2.400%, 06/02/2026 | 585 | 435 | ||||||||
Province of Quebec Canada | ||||||||||
6.250%, 06/01/2032 | 720 | 745 | ||||||||
3.500%, 12/01/2048 | 520 | 426 | ||||||||
Province of Quebec Canada MTN | ||||||||||
3.700%, 05/20/2026 | AUD | 540 | 402 | |||||||
Rogers Communications | ||||||||||
4.000%, 06/06/2022 | CAD | 165 | 131 | |||||||
Royal Bank of Canada | ||||||||||
1.625%, 08/04/2020 | EUR | 530 | 636 | |||||||
0.125%, 03/11/2021 | 560 | 653 | ||||||||
Toronto-Dominion Bank MTN | ||||||||||
0.375%, 01/12/2021 | 345 | 405 | ||||||||
Yamana Gold Inc | ||||||||||
4.950%, 07/15/2024 | $ | 286 | 282 | |||||||
|
|
| ||||||||
36,113 | ||||||||||
|
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Colombia — 0.4% | ||||||||||
Colombian TES | ||||||||||
10.000%, 07/24/2024 | COP | 1,940,600 | $ | 769 | ||||||
7.750%, 09/18/2030 | 2,160,100 | 767 | ||||||||
7.500%, 08/26/2026 | 1,100,600 | 389 | ||||||||
|
|
| ||||||||
1,925 | ||||||||||
|
|
| ||||||||
Czech Republic — 0.1% | ||||||||||
Czech Republic Government Bond | ||||||||||
4.700%, 09/12/2022 | CZK | 7,470 | 374 | |||||||
2.500%, 08/25/2028 | 6,710 | 311 | ||||||||
|
|
| ||||||||
685 | ||||||||||
|
|
| ||||||||
Denmark — 0.5% | ||||||||||
Danske Bank | ||||||||||
3.875%, 09/12/2023 (A) | $ | 270 | 264 | |||||||
3.875%, VAR EUR Swap Annual 5 Yr+2.625%, 10/04/2023 | EUR | 375 | 436 | |||||||
2.000%, 09/08/2021 (A) | $ | 360 | 341 | |||||||
Danske Bank MTN | ||||||||||
5.875%, VAR EUR Swap Annual 5 Yr+5.471%, 10/29/2049 | EUR | 344 | 407 | |||||||
Kingdom of Denmark | ||||||||||
4.500%, 11/15/2039 | DKK | 2,040 | 544 | |||||||
1.500%, 11/15/2023 | 4,025 | 677 | ||||||||
|
|
| ||||||||
2,669 | ||||||||||
|
|
| ||||||||
Finland — 0.2% | ||||||||||
Government of Finland | ||||||||||
2.625%, 07/04/2042 (A) | EUR | 135 | 206 | |||||||
1.500%, 04/15/2023 (A) | 235 | 292 | ||||||||
0.500%, 09/15/2027 (A) | 535 | 615 | ||||||||
|
|
| ||||||||
1,113 | ||||||||||
|
|
| ||||||||
France — 7.3% | ||||||||||
BNP Paribas | ||||||||||
7.625%, VAR USD Swap Semi 30/360 5 Year Curr+6.314%, 12/29/2049 (A) | $ | 240 | 252 | |||||||
4.625%, 03/13/2027 (A) | 380 | 375 | ||||||||
BPCE | ||||||||||
5.250%, 04/16/2029 | GBP | 200 | 295 | |||||||
0.550%, 07/10/2019 | JPY | 200,000 | 1,768 | |||||||
0.411%, VAR ICE LIBOR JPY 3 Month+0.450%, 12/13/2018 | 200,000 | 1,761 | ||||||||
BPCE MTN | ||||||||||
1.125%, 01/18/2023 | EUR | 300 | 350 | |||||||
BPCE SFH | ||||||||||
1.750%, 11/29/2019 | 600 | 714 | ||||||||
BPCE SFH MTN | ||||||||||
3.750%, 09/13/2021 | 200 | 258 | ||||||||
Bpifrance Financement | ||||||||||
0.064%, 11/25/2022 (B) | 600 | 692 | ||||||||
Caisse Francaise de Financement Local MTN | ||||||||||
3.000%, 10/02/2028 | 100 | 138 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
33 |
SCHEDULE OF INVESTMENTS
September 30, 2018
International Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Caisse Nationale de Reassurance Mutuelle Agricole Groupama | ||||||||||
6.000%, 01/23/2027 | EUR | 200 | $ | 279 | ||||||
CNP Assurances | ||||||||||
4.500%, VAR Euribor 3 Month+4.600%, 06/10/2047 | 200 | 255 | ||||||||
Credit Agricole | ||||||||||
6.500%, VAR EUR Swap Annual 5 Yr+5.120%, 12/31/2049 | 276 | 351 | ||||||||
Credit Agricole MTN | ||||||||||
1.875%, 12/20/2026 | 200 | 234 | ||||||||
Credit Agricole Assurances | ||||||||||
4.750%, VAR EUR Swap Annual 5 Yr+5.350%, 09/27/2048 | 300 | 382 | ||||||||
Dexia Credit Local MTN | ||||||||||
2.000%, 01/22/2021 | 200 | 244 | ||||||||
0.625%, 01/21/2022 | 1,550 | 1,835 | ||||||||
Electricite de France MTN | ||||||||||
5.500%, 03/27/2037 | GBP | 200 | 320 | |||||||
5.375%, VAR EUR Swap Annual 12 Yr+3.794%, 12/12/2049 | EUR | 200 | 251 | |||||||
4.000%, 11/12/2025 | 350 | 486 | ||||||||
Engie MTN | ||||||||||
0.875%, 03/27/2024 | 300 | 351 | ||||||||
0.375%, 02/28/2023 | 100 | 115 | ||||||||
French Republic Government Bond OAT | ||||||||||
5.750%, 10/25/2032 | 403 | 757 | ||||||||
4.000%, 10/25/2038 | 345 | 590 | ||||||||
3.500%, 04/25/2020 | 680 | 839 | ||||||||
3.250%, 05/25/2045 | 1,730 | 2,749 | ||||||||
1.750%, 05/25/2023 | 2,690 | 3,380 | ||||||||
1.750%, 06/25/2039 (A) | 60 | 74 | ||||||||
1.750%, 05/25/2066 (A) | 165 | 185 | ||||||||
1.250%, 05/25/2036 (A) | 960 | 1,106 | ||||||||
0.050%, 03/25/2023 (B) | 485 | 564 | ||||||||
0.000%, 02/25/2020 (B) | 1,990 | 2,328 | ||||||||
0.000%, 05/25/2020 (B) | 2,513 | 2,942 | ||||||||
0.000%, 05/25/2021 (B) | 1,685 | 1,974 | ||||||||
0.000%, 05/25/2022 (B) | 868 | 1,015 | ||||||||
La Financiere Atalian | ||||||||||
4.000%, 05/15/2024 | 160 | 179 | ||||||||
Loxam SAS | ||||||||||
6.000%, 04/15/2025 (A) | 150 | 186 | ||||||||
Orange MTN | ||||||||||
2.500%, 03/01/2023 | 500 | 631 | ||||||||
RCI Banque MTN | ||||||||||
0.375%, 07/10/2019 | 450 | 525 | ||||||||
SNCF Reseau | ||||||||||
1.125%, 05/25/2030 | 200 | 231 | ||||||||
SNCF Reseau EPIC | ||||||||||
5.500%, 12/01/2021 | GBP | 205 | 301 | |||||||
1.125%, 05/19/2027 | EUR | 300 | 357 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Societe Generale | ||||||||||
6.750%, VAR EUR Swap Annual 5 Yr+5.538%, 10/07/2166 | EUR | 242 | $ | 303 | ||||||
0.552%, 06/13/2019 | JPY | 100,000 | 882 | |||||||
Total Capital International MTN | ||||||||||
4.250%, 11/26/2021 | AUD | 640 | 483 | |||||||
UNEDIC ASSEO MTN | ||||||||||
0.300%, 11/04/2021 | EUR | 600 | 705 | |||||||
|
|
| ||||||||
34,992 | ||||||||||
|
|
| ||||||||
Germany — 4.8% | ||||||||||
Bayer Capital BV | ||||||||||
1.500%, 06/26/2026 | 100 | 116 | ||||||||
BMW Finance MTN | ||||||||||
0.454%, 01/29/2021 | JPY | 200,000 | 1,770 | |||||||
Bundesrepublik Deutschland | ||||||||||
4.000%, 01/04/2037 | EUR | 1,135 | 2,026 | |||||||
3.250%, 07/04/2042 | 2,025 | 3,500 | ||||||||
2.500%, 07/04/2044 | 552 | 856 | ||||||||
2.500%, 08/15/2046 | 130 | 204 | ||||||||
0.500%, 02/15/2026 | 977 | 1,161 | ||||||||
0.500%, 02/15/2028 | 345 | 404 | ||||||||
0.281%, 08/15/2026 (B) | 1,882 | 2,144 | ||||||||
0.250%, 02/15/2027 | 2,160 | 2,498 | ||||||||
Bundesrepublik Deutschland, | ||||||||||
5.500%, 01/04/2031 | 120 | 221 | ||||||||
Bundesrepublik Deutschland, | ||||||||||
4.750%, 07/04/2034 | 95 | 176 | ||||||||
Deutsche Telekom International Finance BV MTN | ||||||||||
0.625%, 04/03/2023 | 330 | 384 | ||||||||
E.ON International Finance MTN | ||||||||||
6.000%, 10/30/2019 | GBP | 300 | 410 | |||||||
innogy Finance BV MTN | ||||||||||
4.750%, 01/31/2034 | 100 | 152 | ||||||||
1.000%, 04/13/2025 | EUR | 170 | 195 | |||||||
Kreditanstalt fuer Wiederaufbau | ||||||||||
2.600%, 06/20/2037 | JPY | 65,000 | 788 | |||||||
0.500%, 09/15/2027 | EUR | 510 | 581 | |||||||
0.125%, 06/07/2023 | 1,695 | 1,972 | ||||||||
Kreditanstalt fuer Wiederaufbau MTN | ||||||||||
3.750%, 05/29/2020 | NZD | 1,110 | 754 | |||||||
2.800%, 02/17/2021 | AUD | 1,230 | 898 | |||||||
1.125%, 09/15/2032 | EUR | 500 | 583 | |||||||
Volkswagen Bank GmbH MTN | ||||||||||
0.625%, 09/08/2021 | 200 | 233 | ||||||||
Volkswagen International Finance | ||||||||||
5.125%, VAR EUR Swap Annual 10 Yr+3.350%, 09/04/2166 | 265 | 337 | ||||||||
1.125%, 10/02/2023 | 600 | 696 | ||||||||
|
|
| ||||||||
23,059 | ||||||||||
|
|
|
34 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Guernsey — 0.1% | ||||||||||
Credit Suisse Group Funding Guernsey MTN | ||||||||||
1.250%, 04/14/2022 | EUR | 570 | $ | 673 | ||||||
|
|
| ||||||||
Hungary — 0.1% | ||||||||||
Republic of Hungary | ||||||||||
3.000%, 06/26/2024 | HUF | 75,010 | 272 | |||||||
|
|
| ||||||||
Indonesia — 0.0% | ||||||||||
Republic of Indonesia MTN | ||||||||||
2.150%, 07/18/2024 (A) | EUR | 200 | 235 | |||||||
|
|
| ||||||||
Ireland — 1.3% | ||||||||||
Allied Irish Banks MTN | ||||||||||
4.125%, VAR EUR Swap Annual 5 Yr+3.950%, 11/26/2025 | 177 | 218 | ||||||||
Bank of Ireland | ||||||||||
7.375%, VAR EUR Swap Annual 5 Yr+6.956%, 12/29/2049 | 300 | 377 | ||||||||
1.750%, 03/19/2019 | 450 | 528 | ||||||||
Bank of Ireland MTN | ||||||||||
0.375%, 05/07/2022 | 555 | 650 | ||||||||
CRH Finance DAC MTN | ||||||||||
1.375%, 10/18/2028 | 170 | 190 | ||||||||
CRH Funding MTN | ||||||||||
1.875%, 01/09/2024 | 310 | 378 | ||||||||
Europcar Mobility Group | ||||||||||
4.125%, 11/15/2024 (A) | 100 | 115 | ||||||||
Ireland Government Bond | ||||||||||
4.500%, 04/18/2020 | 205 | 256 | ||||||||
4.400%, 06/18/2019 | 600 | 721 | ||||||||
3.400%, 03/18/2024 | 125 | 170 | ||||||||
2.400%, 05/15/2030 | 92 | 121 | ||||||||
2.000%, 02/18/2045 | 265 | 322 | ||||||||
1.000%, 05/15/2026 | 1,579 | 1,875 | ||||||||
0.900%, 05/15/2028 | 215 | 248 | ||||||||
0.800%, 03/15/2022 | 205 | 245 | ||||||||
|
|
| ||||||||
6,414 | ||||||||||
|
|
| ||||||||
Israel — 0.4% | ||||||||||
Israel Electric MTN | ||||||||||
4.250%, 08/14/2028 (A) | $ | 265 | 251 | |||||||
Israel Government Bond - Fixed | ||||||||||
4.250%, 03/31/2023 | ILS | 2,521 | 801 | |||||||
2.000%, 03/31/2027 | 925 | 254 | ||||||||
Teva Pharmaceutical Finance Netherlands II | ||||||||||
1.125%, 10/15/2024 | EUR | 220 | 228 | |||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||||
6.000%, 04/15/2024 | $ | 200 | 203 | |||||||
|
|
| ||||||||
1,737 | ||||||||||
|
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Italy — 5.6% | ||||||||||
Assicurazioni Generali MTN | ||||||||||
5.500%, VAR Euribor 3 Month+5.350%, 10/27/2047 | EUR | 330 | $ | 406 | ||||||
Buoni Poliennali Del Tesoro | ||||||||||
4.000%, 02/01/2037 | 130 | 163 | ||||||||
Cooperativa Muratori & Cementisti-CMC di Ravenna SC | ||||||||||
6.000%, 02/15/2023 (A) | 110 | 71 | ||||||||
Enel | ||||||||||
5.000%, VAR EUR Swap Annual 5 Yr+3.648%, 01/15/2075 | 105 | 128 | ||||||||
Enel Finance International MTN | ||||||||||
5.625%, 08/14/2024 | GBP | 160 | 239 | |||||||
1.000%, 09/16/2024 | EUR | 225 | 257 | |||||||
FCA Bank MTN | ||||||||||
2.625%, 04/17/2019 | 350 | 412 | ||||||||
Intesa Sanpaolo | ||||||||||
7.750%, VAR EUR Swap Annual 5 Yr+7.192%, 07/11/2166 | 400 | 498 | ||||||||
Intesa Sanpaolo MTN | ||||||||||
3.500%, 01/17/2022 | 200 | 246 | ||||||||
Italy Buoni Poliennali Del Tesoro | ||||||||||
5.500%, 11/01/2022 | 690 | 902 | ||||||||
5.000%, 08/01/2034 | 230 | 320 | ||||||||
5.000%, 08/01/2039 | 430 | 599 | ||||||||
5.000%, 09/01/2040 | 590 | 819 | ||||||||
4.750%, 09/01/2044 (A) | 140 | 191 | ||||||||
3.750%, 05/01/2021 | 386 | 472 | ||||||||
3.750%, 09/01/2024 | 870 | 1,071 | ||||||||
3.500%, 03/01/2030 (A) | 2,750 | 3,271 | ||||||||
3.450%, 03/01/2048 (A) | 750 | 834 | ||||||||
2.800%, 03/01/2067 (A) | 90 | 86 | ||||||||
2.500%, 11/15/2025 | 2,255 | 2,559 | ||||||||
2.450%, 09/01/2033 (A) | 1,017 | 1,066 | ||||||||
2.050%, 08/01/2027 | 660 | 713 | ||||||||
2.000%, 02/01/2028 | 1,095 | 1,173 | ||||||||
1.450%, 05/15/2025 | 544 | 583 | ||||||||
1.350%, 04/15/2022 | 4,108 | 4,663 | ||||||||
0.950%, 03/01/2023 | 1,530 | 1,681 | ||||||||
0.700%, 05/01/2020 | 1,545 | 1,784 | ||||||||
0.350%, 06/15/2020 | 1,390 | 1,596 | ||||||||
Unione di Banche Italiane | ||||||||||
1.000%, 01/27/2023 | 185 | 215 | ||||||||
|
|
| ||||||||
27,018 | ||||||||||
|
|
| ||||||||
Japan — 17.7% | ||||||||||
Development Bank of Japan | ||||||||||
2.300%, 03/19/2026 | JPY | 80,000 | 814 | |||||||
1.050%, 06/20/2023 | 90,000 | 829 | ||||||||
Government of Japan 5 Year Bond | ||||||||||
0.100%, 12/20/2019 | 549,500 | 4,851 | ||||||||
0.100%, 03/20/2020 | 410,800 | 3,628 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
35 |
SCHEDULE OF INVESTMENTS
September 30, 2018
International Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Government of Japan 10 Year Bond | ||||||||||
0.900%, 06/20/2022 | JPY | 859,850 | $ | 7,846 | ||||||
0.100%, 06/20/2026 | 457,750 | 4,047 | ||||||||
0.100%, 03/20/2027 | 168,150 | 1,484 | ||||||||
0.100%, 06/20/2027 | 153,700 | 1,355 | ||||||||
Government of Japan 20 Year Bond | ||||||||||
1.900%, 09/20/2022 | 583,400 | 5,538 | ||||||||
1.700%, 06/20/2033 | 1,220,450 | 12,758 | ||||||||
1.400%, 09/20/2034 | 444,650 | 4,480 | ||||||||
1.000%, 12/20/2035 | 50,000 | 475 | ||||||||
0.700%, 03/20/2037 | 52,300 | 470 | ||||||||
0.500%, 09/20/2036 | 459,900 | 4,009 | ||||||||
0.200%, 06/20/2036 | 169,400 | 1,403 | ||||||||
Government of Japan 20 Year Bond, Ser 106 | ||||||||||
2.200%, 09/20/2028 | 46,600 | 494 | ||||||||
Government of Japan 20 Year Bond, Ser 128 | ||||||||||
1.900%, 06/20/2031 | 55,000 | 582 | ||||||||
Government of Japan 20 Year Bond, Ser 140 | ||||||||||
1.700%, 09/20/2032 | 729,400 | 7,605 | ||||||||
Government of Japan 20 Year Bond, Ser 143 | ||||||||||
1.600%, 03/20/2033 | 58,550 | 604 | ||||||||
Government of Japan 20 Year Bond, Ser 144 | ||||||||||
1.500%, 03/20/2033 | 149,750 | 1,526 | ||||||||
Government of Japan 30 Year Bond | ||||||||||
0.800%, 09/20/2047 | 397,850 | 3,438 | ||||||||
0.300%, 06/20/2046 | 134,250 | 1,024 | ||||||||
Government of Japan 30 Year Bond, Ser 29 | ||||||||||
2.400%, 09/20/2038 | 85,400 | 997 | ||||||||
Government of Japan 30 Year Bond, Ser 30 | ||||||||||
2.300%, 03/20/2039 | 295,100 | 3,404 | ||||||||
Government of Japan 30 Year Bond, Ser 33 | ||||||||||
2.000%, 09/20/2040 | 127,000 | 1,409 | ||||||||
Government of Japan 30 Year Bond, Ser 38 | ||||||||||
1.800%, 03/20/2043 | 259,650 | 2,805 | ||||||||
Government of Japan 40 Year Bond | ||||||||||
0.400%, 03/20/2056 | 304,100 | 2,171 | ||||||||
Government of Japan 40 Year Bond, Ser 6 | ||||||||||
1.900%, 03/20/2053 | 15,400 | 172 | ||||||||
Government of Japan CPI Linked Bond | ||||||||||
0.100%, 03/10/2026 | 344,567 | 3,155 | ||||||||
Japan Treasury Discount Bill | ||||||||||
0.000%, 11/12/2018 (B) | 152,350 | 1,341 | ||||||||
Mizuho Financial Group MTN | ||||||||||
0.956%, 10/16/2024 | EUR | 385 | 444 | |||||||
|
|
| ||||||||
85,158 | ||||||||||
|
|
| ||||||||
Kazakhstan — 0.1% | ||||||||||
Tengizchevroil Finance International | ||||||||||
4.000%, 08/15/2026 (A) | $ | 385 | 364 | |||||||
|
|
| ||||||||
Luxembourg — 0.1% | ||||||||||
Arena Luxembourg Finance SarI | ||||||||||
2.875%, 11/01/2024 | EUR | 165 | 192 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Enel Finance International MTN | ||||||||||
5.750%, 09/14/2040 | GBP | 145 | $ | 236 | ||||||
INEOS Finance | ||||||||||
2.125%, 11/15/2025 (A) | EUR | 100 | 113 | |||||||
Samsonite Finco SARL | ||||||||||
3.500%, 05/15/2026 | 100 | 113 | ||||||||
|
|
| ||||||||
654 | ||||||||||
|
|
| ||||||||
Malaysia — 1.0% | ||||||||||
Malaysia Government Bond | ||||||||||
5.734%, 07/30/2019 | MYR | 2,233 | 550 | |||||||
4.181%, 07/15/2024 | 3,360 | 821 | ||||||||
4.048%, 09/30/2021 | 3,380 | 826 | ||||||||
3.955%, 09/15/2025 | 3,440 | 829 | ||||||||
3.882%, 03/10/2022 | 780 | 190 | ||||||||
3.795%, 09/30/2022 | 3,430 | 830 | ||||||||
3.654%, 10/31/2019 | 1,771 | 429 | ||||||||
3.441%, 02/15/2021 | 787 | 190 | ||||||||
|
|
| ||||||||
4,665 | ||||||||||
|
|
| ||||||||
Mexico — 1.8% | ||||||||||
Mexican Bonos | ||||||||||
8.000%, 06/11/2020 | MXN | 23,696 | 1,271 | |||||||
7.500%, 06/03/2027 | 2,435 | 127 | ||||||||
6.500%, 06/09/2022 | 22,900 | 1,175 | ||||||||
5.750%, 03/05/2026 | 11,907 | 562 | ||||||||
Mexican Bonos, Ser M | ||||||||||
6.500%, 06/10/2021 | 6,746 | 350 | ||||||||
Mexican Bonos, Ser M20 | ||||||||||
10.000%, 12/05/2024 | 48,700 | 2,886 | ||||||||
7.750%, 05/29/2031 | 28,570 | 1,495 | ||||||||
Mexican Bonos, Ser M30 | ||||||||||
10.000%, 11/20/2036 | 11,460 | 725 | ||||||||
|
|
| ||||||||
8,591 | ||||||||||
|
|
| ||||||||
Netherlands — 2.9% | ||||||||||
ABN AMRO Bank | ||||||||||
5.750%, VAR EUR Swap Annual 5 Yr+5.452%, 12/31/2049 | EUR | 400 | 492 | |||||||
Aegon MTN | ||||||||||
6.625%, 12/16/2039 | GBP | 165 | 318 | |||||||
Constellium | ||||||||||
4.250%, 02/15/2026 (A) | EUR | 100 | 118 | |||||||
Cooperatieve Rabobank UA | ||||||||||
6.625%, VAR EUR Swap Annual 5 Yr+6.697%, 12/29/2049 | 200 | 257 | ||||||||
2.500%, VAR EUR Swap Annual 5 Yr+1.400%, 05/26/2026 | 260 | 315 | ||||||||
0.557%, 12/19/2018 | JPY | 100,000 | 881 | |||||||
Cooperatieve Rabobank UA MTN | ||||||||||
5.250%, 09/14/2027 | GBP | 195 | 290 | |||||||
4.625%, 05/23/2029 | 130 | 185 | ||||||||
ING Bank | ||||||||||
5.800%, 09/25/2023 (A) | $ | 315 | 332 |
36 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
ING Groep | ||||||||||
3.150%, 03/29/2022 | $ | 330 | $ | 322 | ||||||
Kingdom of Netherlands | ||||||||||
4.000%, 01/15/2037 (A) | EUR | 855 | 1,511 | |||||||
3.750%, 01/15/2042 (A) | 40 | 73 | ||||||||
2.750%, 01/15/2047 (A) | 190 | 309 | ||||||||
2.500%, 01/15/2033 (A) | 550 | 783 | ||||||||
2.000%, 07/15/2024 (A) | 345 | 445 | ||||||||
1.250%, 01/15/2019 (A) | 335 | 391 | ||||||||
0.500%, 07/15/2026 (A) | 570 | 670 | ||||||||
0.250%, 01/15/2020 (A) | 3,195 | 3,753 | ||||||||
0.250%, 07/15/2025 (A) | 922 | 1,073 | ||||||||
MARB BondCo PLC | ||||||||||
7.000%, 03/15/2024 (A) | $ | 282 | 267 | |||||||
Minejesa Capital BV | ||||||||||
4.625%, 08/10/2030 | 300 | 275 | ||||||||
Netherlands Government Bond | ||||||||||
0.080%, 01/15/2024 (A)(B) | EUR | 500 | 579 | |||||||
Shell International Finance | ||||||||||
2.000%, 11/15/2018 | $ | 560 | 560 | |||||||
|
|
| ||||||||
14,199 | ||||||||||
|
|
| ||||||||
New Zealand — 2.2% | ||||||||||
New Zealand Government Bond | ||||||||||
5.500%, 04/15/2023 | NZD | 7,159 | 5,465 | |||||||
3.000%, 04/15/2020 | 5,164 | 3,488 | ||||||||
3.000%, 04/20/2029 | 380 | 261 | ||||||||
2.750%, 04/15/2025 | 461 | 315 | ||||||||
New Zealand Government Inflation Linked Bond | ||||||||||
2.000%, 09/20/2025 | 610 | 457 | ||||||||
New Zealand Local Government Funding Agency Bond | ||||||||||
4.500%, 04/15/2027 | 1,100 | 793 | ||||||||
|
|
| ||||||||
10,779 | ||||||||||
|
|
| ||||||||
Norway — 0.3% | ||||||||||
DNB Bank | ||||||||||
6.500%, VAR USD Swap Semi 30/360 5 Year Curr+5.080%, 12/29/2049 | $ | 355 | 364 | |||||||
DNB Boligkreditt MTN | ||||||||||
3.875%, 06/16/2021 | EUR | 390 | 501 | |||||||
Norway Government Bond | ||||||||||
2.000%, 05/24/2023 (A) | NOK | 2,680 | 336 | |||||||
1.750%, 02/17/2027 (A) | 2,085 | 253 | ||||||||
|
|
| ||||||||
1,454 | ||||||||||
|
|
| ||||||||
Poland — 1.5% | ||||||||||
Republic of Poland Government Bond | ||||||||||
4.000%, 10/25/2023 | PLN | 2,498 | 723 | |||||||
3.250%, 07/25/2025 | 1,890 | 522 | ||||||||
2.750%, 04/25/2028 | 2,820 | 735 | ||||||||
2.500%, 01/25/2023 | 2,706 | 736 | ||||||||
2.500%, 07/25/2026 | 2,560 | 665 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
2.000%, 04/25/2021 | PLN | 5,958 | $ | 1,625 | ||||||
1.500%, 04/25/2020 | 1,100 | 299 | ||||||||
0.670%, 11/15/2018 | JPY | 200,000 | 1,762 | |||||||
Republic of Poland Government Bond, Ser 1019 | ||||||||||
5.500%, 10/25/2019 | PLN | 1,045 | 296 | |||||||
|
|
| ||||||||
7,363 | ||||||||||
|
|
| ||||||||
Portugal — 0.6% | ||||||||||
EDP - Energias de Portugal | ||||||||||
5.375%, VAR EUR Swap Annual 5 Yr+5.043%, 09/16/2075 | EUR | 200 | 251 | |||||||
EDP Finance MTN | ||||||||||
2.000%, 04/22/2025 | 370 | 442 | ||||||||
Portugal Obrigacoes do Tesouro OT | ||||||||||
4.125%, 04/14/2027 (A) | 640 | 884 | ||||||||
4.100%, 04/15/2037 (A) | 145 | 204 | ||||||||
2.200%, 10/17/2022 (A) | 775 | 964 | ||||||||
|
|
| ||||||||
2,745 | ||||||||||
|
|
| ||||||||
Saudi Arabia — 0.1% | ||||||||||
Saudi Government International Bond MTN | ||||||||||
2.375%, 10/26/2021 (A) | $ | 275 | 265 | |||||||
|
|
| ||||||||
Singapore — 1.6% | ||||||||||
Medco Platinum Road Pte | ||||||||||
6.750%, 01/30/2025 | 310 | 292 | ||||||||
Singapore Government Bond | ||||||||||
3.500%, 03/01/2027 | SGD | 1,040 | 821 | |||||||
3.125%, 09/01/2022 | 2,255 | 1,712 | ||||||||
3.000%, 09/01/2024 | 2,649 | 2,009 | ||||||||
2.250%, 08/01/2036 | 250 | 168 | ||||||||
2.000%, 07/01/2020 | 3,260 | 2,389 | ||||||||
Temasek Financial I MTN | ||||||||||
2.375%, 01/23/2023 (A) | $ | 495 | 475 | |||||||
|
|
| ||||||||
7,866 | ||||||||||
|
|
| ||||||||
Slovak Republic — 0.0% | ||||||||||
Slovakia Government Bond | ||||||||||
3.375%, 11/15/2024 | EUR | 75 | 102 | |||||||
|
|
| ||||||||
Slovenia — 0.1% | ||||||||||
Slovenia Government Bond | ||||||||||
1.250%, 03/22/2027 | 305 | 362 | ||||||||
|
|
| ||||||||
South Korea — 0.4% | ||||||||||
Hyundai Capital Services MTN | ||||||||||
3.500%, 03/30/2022 | AUD | 680 | 492 | |||||||
Korea Treasury Bond | ||||||||||
3.000%, 09/10/2024 | KRW | 884,000 | 829 | |||||||
1.500%, 12/10/2026 | 994,000 | 840 | ||||||||
|
|
| ||||||||
2,161 | ||||||||||
|
|
|
SEI Institutional International Trust / Annual Report / September 30, 2018 |
37 |
SCHEDULE OF INVESTMENTS
September 30, 2018
International Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Spain — 4.1% | ||||||||||
Ayt Cedulas Cajas Global | ||||||||||
3.750%, 12/14/2022 | EUR | 600 | $ | 795 | ||||||
Banco Bilbao Vizcaya Argentaria | ||||||||||
8.875%, VAR EUR Swap Annual 5 Yr+9.177%, 12/29/2049 | 200 | 259 | ||||||||
5.875%, VAR EUR Swap Annual 5 Yr+5.779%, 08/24/2166 | 200 | 236 | ||||||||
Banco de Sabadell | ||||||||||
0.875%, 11/12/2021 | 400 | 474 | ||||||||
Banco Santander | ||||||||||
6.750%, VAR EUR Swap Annual 5 Yr+6.803%, 07/25/2166 | 200 | 250 | ||||||||
Banco Santander MTN | ||||||||||
3.250%, 04/04/2026 | 300 | 363 | ||||||||
Bankia | ||||||||||
0.875%, 01/21/2021 | 300 | 355 | ||||||||
CaixaBank | ||||||||||
6.750%, VAR EUR Swap Annual 5 Yr+6.498%, 12/31/2049 | 200 | 251 | ||||||||
1.250%, 01/11/2027 | 500 | 590 | ||||||||
Ferrovial Emisiones MTN | ||||||||||
3.375%, 06/07/2021 | 475 | 596 | ||||||||
Gas Natural Fenosa Finance BV | ||||||||||
3.375%, VAR EUR Swap Annual 9 Yr+3.079%, 12/29/2049 | 100 | 116 | ||||||||
Gas Natural Fenosa Finance BV MTN | ||||||||||
1.250%, 04/19/2026 | 300 | 342 | ||||||||
Government of Spain | ||||||||||
4.900%, 07/30/2040 (A) | 705 | 1,188 | ||||||||
4.700%, 07/30/2041 (A) | 319 | 526 | ||||||||
3.450%, 07/30/2066 (A) | 110 | 147 | ||||||||
2.900%, 10/31/2046 (A) | 365 | 457 | ||||||||
2.750%, 10/31/2024 (A) | 406 | 526 | ||||||||
1.950%, 04/30/2026 (A) | 3,850 | 4,736 | ||||||||
1.950%, 07/30/2030 (A) | 85 | 101 | ||||||||
1.600%, 04/30/2025 (A) | 168 | 204 | ||||||||
1.500%, 04/30/2027 (A) | 1,275 | 1,503 | ||||||||
1.400%, 04/30/2028 (A) | 357 | 413 | ||||||||
0.450%, 10/31/2022 | 175 | 204 | ||||||||
0.400%, 04/30/2022 | 700 | 818 | ||||||||
0.050%, 01/31/2021 | 1,396 | 1,624 | ||||||||
Iberdrola Finanzas MTN | ||||||||||
1.000%, 03/07/2025 | 500 | 581 | ||||||||
Instituto de Credito Oficial MTN | ||||||||||
6.000%, 03/08/2021 | 180 | 239 | ||||||||
Kutxabank | ||||||||||
1.250%, 09/22/2025 | 300 | 358 | ||||||||
Santander Consumer Finance MTN | ||||||||||
0.900%, 02/18/2020 | 300 | 353 | ||||||||
Spain Government Bond | ||||||||||
2.350%, 07/30/2033 (A) | 362 | 441 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Telefonica Emisiones SAU MTN | ||||||||||
1.528%, 01/17/2025 | EUR | 500 | $ | 587 | ||||||
|
|
| ||||||||
19,633 | ||||||||||
|
|
| ||||||||
Supra-National — 3.7% | ||||||||||
Asian Development Bank MTN | ||||||||||
2.350%, 06/21/2027 | JPY | 140,000 | 1,473 | |||||||
European Financial Stability Facility MTN | ||||||||||
1.800%, 07/10/2048 | EUR | 540 | 651 | |||||||
1.700%, 02/13/2043 | 340 | 406 | ||||||||
0.500%, 07/11/2025 | 695 | 807 | ||||||||
0.200%, 04/28/2025 | 600 | 684 | ||||||||
0.125%, 10/17/2023 | 2,200 | 2,544 | ||||||||
European Investment Bank | ||||||||||
1.900%, 01/26/2026 | JPY | 129,100 | 1,291 | |||||||
European Investment Bank MTN | ||||||||||
6.000%, 08/06/2020 | AUD | 2,737 | 2,112 | |||||||
1.250%, 05/12/2025 | SEK | 7,500 | 862 | |||||||
1.000%, 03/14/2031 | EUR | 405 | 468 | |||||||
0.250%, 10/14/2024 | 1,725 | 1,994 | ||||||||
0.250%, 09/14/2029 | 745 | 802 | ||||||||
European Stability Mechanism MTN | ||||||||||
1.000%, 09/23/2025 | 570 | 684 | ||||||||
European Union MTN | ||||||||||
2.875%, 04/04/2028 | 575 | 798 | ||||||||
International Bank for Reconstruction & Development MTN | ||||||||||
3.500%, 01/22/2021 | NZD | 1,120 | 762 | |||||||
2.800%, 01/13/2021 | AUD | 1,230 | 899 | |||||||
International Finance MTN | ||||||||||
2.375%, 07/19/2023 | CAD | 1,000 | 763 | |||||||
|
|
| ||||||||
18,000 | ||||||||||
|
|
| ||||||||
Sweden — 1.1% | ||||||||||
Intrum Justitia | ||||||||||
2.750%, 07/15/2022 (A) | EUR | 330 | 371 | |||||||
Nordea Bank Abp | ||||||||||
0.425%, 05/28/2019 | JPY | 100,000 | 882 | |||||||
Nordea Bank Abp MTN | ||||||||||
3.500%, VAR EUR Swap Annual 5 Yr+3.003%, 03/12/2167 | EUR | 370 | 406 | |||||||
Skandinaviska Enskilda Banken | ||||||||||
2.904%, VAR ICE LIBOR USD 3 Month+0.570%, 09/13/2019 (A) | $ | 200 | 201 | |||||||
Skandinaviska Enskilda Banken MTN | ||||||||||
5.750%, VAR USD Swap Semi 30/360 5 Year Curr+3.850%, 11/29/2049 | 465 | 468 | ||||||||
Stadshypotek MTN | ||||||||||
0.625%, 11/10/2021 | EUR | 530 | 627 | |||||||
Svenska Handelsbanken | ||||||||||
5.250%, VAR USD Swap Semi 30/360 5 Year Curr+3.335%, 12/29/2049 | $ | 325 | 320 |
38 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Swedbank | ||||||||||
6.000%, VAR USD Swap Semi 30/360 5 Year Curr+4.106%, 03/17/2166 | $ | 200 | $ | 202 | ||||||
Sweden Government Bond | ||||||||||
3.500%, 06/01/2022 | SEK | 3,040 | 388 | |||||||
3.500%, 03/30/2039 | 375 | 59 | ||||||||
1.000%, 11/12/2026 | 1,725 | 202 | ||||||||
Sweden Government Bond, | ||||||||||
5.000%, 12/01/2020 | 3,370 | 424 | ||||||||
Sweden Government Bond, | ||||||||||
4.250%, 03/12/2019 | 3,630 | 417 | ||||||||
Vattenfall | ||||||||||
3.000%, VAR EUR Swap Annual 5 Yr+2.511%, 03/19/2077 | EUR | 175 | 199 | |||||||
|
|
| ||||||||
5,166 | ||||||||||
|
|
| ||||||||
Switzerland — 1.3% | ||||||||||
Aquarius & Investments for Swiss Reinsurance | ||||||||||
6.375%, VAR USD Swap Semi 30/360 5 Year Curr+5.210%, 09/01/2024 | $ | 340 | 347 | |||||||
Credit Suisse | ||||||||||
0.285%, 12/18/2018 | JPY | 200,000 | 1,761 | |||||||
Credit Suisse MTN | ||||||||||
0.750%, 09/17/2021 | EUR | 220 | 261 | |||||||
Credit Suisse Group | ||||||||||
7.500%, VAR USD Swap Semi 30/360 5 Year Curr+4.598%, | $ | 270 | 284 | |||||||
7.500%, VAR USD Swap Semi 30/360 5 Year Curr+4.600%, | 200 | 206 | ||||||||
Government of Switzerland | ||||||||||
3.000%, 05/12/2019 | CHF | 110 | 115 | |||||||
2.000%, 04/28/2021 | 735 | 803 | ||||||||
2.000%, 05/25/2022 | 75 | 84 | ||||||||
1.500%, 04/30/2042 | 305 | 374 | ||||||||
1.250%, 06/11/2024 | 405 | 451 | ||||||||
LafargeHolcim Sterling Finance Netherlands BV MTN | ||||||||||
3.000%, 05/12/2032 | GBP | 350 | 420 | |||||||
Swiss Reinsurance via ELM | ||||||||||
2.600%, VAR Euribor 6 Month+3.050%, 09/01/2166 | EUR | 220 | 261 | |||||||
UBS MTN | ||||||||||
4.750%, VAR EUR Swap Annual 5 Yr+3.400%, 02/12/2026 | 200 | 252 | ||||||||
UBS Group Funding Switzerland | ||||||||||
4.125%, 09/24/2025 (A) | $ | 220 | 218 | |||||||
1.750%, 11/16/2022 | EUR | 427 | 517 | |||||||
|
|
| ||||||||
6,354 | ||||||||||
|
|
| ||||||||
Thailand — 0.3% | ||||||||||
Thailand Government Bond | ||||||||||
4.875%, 06/22/2029 | THB | 11,215 | 407 | |||||||
4.675%, 06/29/2044 | 16,575 | 619 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
3.650%, 12/17/2021 | THB | 11,020 | $ | 356 | ||||||
3.625%, 06/16/2023 | 5,375 | 176 | ||||||||
|
|
| ||||||||
1,558 | ||||||||||
|
|
| ||||||||
Turkey — 0.1% | ||||||||||
Turkiye Vakiflar Bankasi TAO | ||||||||||
2.375%, 05/04/2021 | EUR | 265 | 293 | |||||||
|
|
| ||||||||
United Arab Emirates — 0.1% | ||||||||||
DP World | ||||||||||
2.375%, 09/25/2026 (A) | 295 | 341 | ||||||||
|
|
| ||||||||
United Kingdom — 9.1% | ||||||||||
Anglian Water Services Financing | ||||||||||
6.875%, 08/21/2023 | GBP | 230 | 370 | |||||||
Anglo American Capital MTN | ||||||||||
1.625%, 09/18/2025 | EUR | 220 | 247 | |||||||
Arqiva Financing MTN | ||||||||||
4.040%, 06/30/2020 | GBP | 220 | 296 | |||||||
Aviva MTN | ||||||||||
3.875%, VAR EUR Swap Annual 5 Yr+3.480%, 07/03/2044 | EUR | 121 | 148 | |||||||
3.375%, VAR Euribor 3 Month+3.550%, 12/04/2045 | 515 | 603 | ||||||||
Barclays MTN | ||||||||||
3.125%, 01/17/2024 | GBP | 235 | 305 | |||||||
2.000%, VAR EUR Swap Annual 5 Yr+1.900%, 02/07/2028 | EUR | 375 | 417 | |||||||
1.500%, 04/01/2022 | 590 | 697 | ||||||||
Barclays Bank MTN | ||||||||||
10.000%, 05/21/2021 | GBP | 180 | 277 | |||||||
BAT International Finance MTN | ||||||||||
1.250%, 03/13/2027 | EUR | 333 | 367 | |||||||
BG Energy Capital MTN | ||||||||||
5.000%, 11/04/2036 | GBP | 100 | 173 | |||||||
BP Capital Markets MTN | ||||||||||
1.117%, 01/25/2024 | EUR | 165 | 196 | |||||||
Centrica MTN | ||||||||||
4.375%, 03/13/2029 | GBP | 164 | 239 | |||||||
4.250%, 09/12/2044 | 100 | 146 | ||||||||
CK Hutchison Finance 16 II | ||||||||||
0.875%, 10/03/2024 | EUR | 212 | 241 | |||||||
CNH Industrial Finance Europe MTN | ||||||||||
2.875%, 05/17/2023 | 220 | 275 | ||||||||
Coca-Cola European Partners | ||||||||||
2.375%, 05/07/2025 | 400 | 501 | ||||||||
Delphi Automotive | ||||||||||
1.500%, 03/10/2025 | 420 | 483 | ||||||||
DS Smith MTN | ||||||||||
1.375%, 07/26/2024 | 430 | 492 | ||||||||
EC Finance | ||||||||||
2.375%, 11/15/2022 (A) | 100 | 116 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
39 |
SCHEDULE OF INVESTMENTS
September 30, 2018
International Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
FCE Bank MTN | ||||||||||
1.615%, 05/11/2023 | EUR | 165 | $ | 192 | ||||||
Gatwick Funding MTN | ||||||||||
5.250%, 01/23/2024 | GBP | 250 | 373 | |||||||
HBOS Capital Funding | ||||||||||
6.461%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+2.850%, 11/29/2049 | 115 | 151 | ||||||||
Heathrow Funding MTN | ||||||||||
2.750%, 08/09/2049 | 160 | 183 | ||||||||
1.875%, 05/23/2022 | EUR | 750 | 913 | |||||||
HSBC Holdings | ||||||||||
6.750%, 09/11/2028 | GBP | 350 | 574 | |||||||
6.000%, VAR EUR Swap Annual 5 Yr+5.338%, 12/29/2049 | EUR | 345 | 444 | |||||||
Imperial Brands Finance | ||||||||||
0.500%, 07/27/2021 | 150 | 175 | ||||||||
InterContinental Hotels Group MTN | ||||||||||
3.750%, 08/14/2025 | GBP | 174 | 239 | |||||||
International Game Technology | ||||||||||
4.750%, 02/15/2023 | EUR | 160 | 200 | |||||||
Lecta | ||||||||||
6.500%, 08/01/2023 (A) | 113 | 135 | ||||||||
Legal & General Group MTN | ||||||||||
5.375%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+4.580%, 10/27/2045 | GBP | 135 | 186 | |||||||
Lloyds Banking Group MTN | ||||||||||
1.750%, VAR EUR Swap Annual 5 Yr+1.300%, 09/07/2028 | EUR | 230 | 259 | |||||||
1.000%, 11/09/2023 | 280 | 319 | ||||||||
National Westminster Bank MTN | ||||||||||
3.875%, 10/19/2020 | 123 | 154 | ||||||||
Nationwide Building Society MTN | ||||||||||
4.625%, 02/08/2021 | 550 | 708 | ||||||||
2.000%, VAR EUR Swap Annual 5 Yr+1.500%, 07/25/2029 | 230 | 261 | ||||||||
Next | ||||||||||
3.625%, 05/18/2028 | GBP | 190 | 246 | |||||||
Northumbrian Water Finance | ||||||||||
6.875%, 02/06/2023 | 190 | 297 | ||||||||
5.625%, 04/29/2033 | 70 | 118 | ||||||||
Rio Tinto Finance MTN | ||||||||||
4.000%, 12/11/2029 | 124 | 184 | ||||||||
2.875%, 12/11/2024 | EUR | 290 | 377 | |||||||
Royal Bank of Scotland Group | ||||||||||
4.706%, VAR ICE LIBOR USD 3 Month+2.320%, 09/29/2017 | $ | 200 | 188 | |||||||
Royal Bank of Scotland Group MTN | ||||||||||
2.500%, 03/22/2023 | EUR | 465 | 565 | |||||||
Santander UK Group Holdings PLC MTN | ||||||||||
3.625%, 01/14/2026 | GBP | 100 | 133 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Santander UK PLC | ||||||||||
6.222%, VAR ICE LIBOR GBP 3 Month+1.130%, 05/24/2167 | GBP | 170 | $ | 220 | ||||||
Santander UK PLC MTN | ||||||||||
4.250%, 04/12/2021 | EUR | 350 | 450 | |||||||
1.125%, 01/14/2022 | 330 | 390 | ||||||||
Severn Trent Utilities Finance MTN | ||||||||||
3.625%, 01/16/2026 | GBP | 175 | 242 | |||||||
Sky PLC MTN | ||||||||||
6.000%, 05/21/2027 | 50 | 81 | ||||||||
2.250%, 11/17/2025 | EUR | 275 | 340 | |||||||
SSE PLC MTN | ||||||||||
0.875%, 09/06/2025 | 395 | 446 | ||||||||
Standard Chartered | ||||||||||
3.849%, VAR ICE LIBOR USD 3 Month+1.510%, 01/29/2049 (A) | $ | 500 | 416 | |||||||
Standard Chartered MTN | ||||||||||
5.125%, 06/06/2034 | GBP | 100 | 138 | |||||||
3.625%, 11/23/2022 | EUR | 160 | 201 | |||||||
Thames Water Utilities Cayman Finance MTN | ||||||||||
4.625%, 06/04/2046 | GBP | 155 | 242 | |||||||
Unilever NV | ||||||||||
0.375%, 02/14/2023 | EUR | 220 | 255 | |||||||
United Kingdom Gilt | ||||||||||
4.750%, 12/07/2030 | GBP | 115 | 201 | |||||||
4.500%, 12/07/2042 | 230 | 450 | ||||||||
4.250%, 12/07/2027 | 95 | 154 | ||||||||
4.250%, 06/07/2032 | 1,720 | 2,933 | ||||||||
4.250%, 03/07/2036 | 435 | 772 | ||||||||
4.250%, 09/07/2039 | 370 | 679 | ||||||||
4.250%, 12/07/2040 | 100 | 186 | ||||||||
4.250%, 12/07/2046 | 1,185 | 2,323 | ||||||||
3.750%, 09/07/2020 | 631 | 869 | ||||||||
3.750%, 09/07/2021 | 945 | 1,333 | ||||||||
3.750%, 07/22/2052 | 80 | 153 | ||||||||
3.500%, 01/22/2045 | 1,445 | 2,487 | ||||||||
3.250%, 01/22/2044 | 400 | 658 | ||||||||
2.750%, 09/07/2024 | 200 | 283 | ||||||||
2.500%, 07/22/2065 | 1,295 | 2,071 | ||||||||
1.750%, 07/22/2019 | 1,860 | 2,444 | ||||||||
1.625%, 10/22/2028 | 229 | 300 | ||||||||
1.500%, 01/22/2021 | 1,450 | 1,918 | ||||||||
1.500%, 07/22/2047 | 130 | 154 | ||||||||
1.250%, 07/22/2027 | 1,015 | 1,298 | ||||||||
0.750%, 07/22/2023 | 2,170 | 2,774 | ||||||||
Virgin Media Finance MTN | ||||||||||
4.500%, 01/15/2025 | EUR | 121 | 144 | |||||||
Wales & West Utilities Finance PLC | ||||||||||
6.250%, 11/30/2021 | GBP | 240 | 357 | |||||||
Western Power Distribution West Midlands PLC | ||||||||||
5.750%, 04/16/2032 | 100 | 167 |
40 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
3.875%, 10/17/2024 | GBP | 230 | $ | 324 | ||||||
Wm Morrison Supermarkets MTN | ||||||||||
3.500%, 07/27/2026 | 225 | 308 | ||||||||
Yorkshire Water Services Odsal Finance | ||||||||||
6.588%, 02/21/2023 | 195 | 303 | ||||||||
Zurich Finance PLC MTN | ||||||||||
6.625%, 10/30/2049 (D) | 235 |
| 343 |
| ||||||
|
|
| ||||||||
43,970 | ||||||||||
|
|
| ||||||||
United States — 6.3% | ||||||||||
AbbVie | ||||||||||
1.375%, 05/17/2024 | EUR | 220 | 259 | |||||||
American International Group | ||||||||||
2.503%, VAR ICE LIBOR GBP 3 Month+1.705%, 03/15/2067 | GBP | 100 | 118 | |||||||
Antero Resources | ||||||||||
5.125%, 12/01/2022 | $ | 260 | 264 | |||||||
AT&T | ||||||||||
5.000%, 03/01/2021 | 550 | 569 | ||||||||
1.800%, 09/05/2026 | EUR | 720 | 837 | |||||||
Bank of America MTN | ||||||||||
2.375%, 06/19/2024 | 835 | 1,041 | ||||||||
1.625%, 09/14/2022 | 261 | 316 | ||||||||
1.379%, VAR Euribor 3 Month+1.030%, 02/07/2025 | 165 | 193 | ||||||||
Bausch Health | ||||||||||
4.500%, 05/15/2023 (A) | 170 | 195 | ||||||||
Belden | ||||||||||
3.375%, 07/15/2027 | 127 | 145 | ||||||||
3.375%, 07/15/2027 | 100 | 114 | ||||||||
Berkshire Hathaway | ||||||||||
0.625%, 01/17/2023 | 265 | 310 | ||||||||
0.500%, 03/13/2020 | 225 | 263 | ||||||||
BWAY Holding Co | ||||||||||
4.750%, 04/15/2024 (A) | 175 | 208 | ||||||||
Carnival | ||||||||||
1.625%, 02/22/2021 | 180 | 216 | ||||||||
Chubb INA Holdings | ||||||||||
1.550%, 03/15/2028 | 325 | 376 | ||||||||
Citigroup | ||||||||||
2.040%, 09/16/2020 | JPY | 200,000 | 1,823 | |||||||
Citigroup MTN | ||||||||||
0.750%, 10/26/2023 | EUR | 735 | 844 | |||||||
Crown European Holdings | ||||||||||
2.875%, 02/01/2026 (A) | 100 | 114 | ||||||||
2.250%, 02/01/2023 (A) | 160 | 190 | ||||||||
CVS Health Corp | ||||||||||
4.300%, 03/25/2028 | $ | 265 | 263 | |||||||
3.125%, 03/09/2020 | 835 | 835 | ||||||||
Dell International | ||||||||||
6.020%, 06/15/2026 (A) | 77 | 82 | ||||||||
5.450%, 06/15/2023 (A) | 124 | 131 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Discovery Communications | ||||||||||
2.500%, 09/20/2024 | GBP | 255 | $ | 324 | ||||||
Dover MTN | ||||||||||
2.125%, 12/01/2020 | EUR | 267 | 323 | |||||||
Fidelity National Information Services | ||||||||||
0.400%, 01/15/2021 | 284 | 331 | ||||||||
Ford Credit Canada MTN | ||||||||||
2.939%, 02/19/2019 | CAD | 1,200 | 929 | |||||||
Ford Motor Credit MTN | ||||||||||
0.111%, VAR Euribor 3 Month+0.430%, 05/14/2021 | EUR | 750 | 863 | |||||||
GE Capital UK Funding Unlimited MTN | ||||||||||
6.250%, 05/05/2038 | GBP | 165 | 302 | |||||||
General Electric | ||||||||||
1.500%, 05/17/2029 | EUR | 170 | 189 | |||||||
General Motors Financial MTN | ||||||||||
0.955%, 09/07/2023 | 540 | 614 | ||||||||
Goldman Sachs Group | ||||||||||
2.625%, 04/25/2021 | $ | 425 | 416 | |||||||
Goldman Sachs Group MTN | ||||||||||
2.000%, 07/27/2023 | EUR | 900 | 1,091 | |||||||
1.625%, 07/27/2026 | 170 | 196 | ||||||||
Halfmoon Parent | ||||||||||
4.125%, 11/15/2025 (A) | $ | 136 | 135 | |||||||
3.750%, 07/15/2023 (A) | 105 | 105 | ||||||||
Hess | ||||||||||
4.300%, 04/01/2027 | 333 | 323 | ||||||||
IHS Markit | ||||||||||
4.750%, 08/01/2028 | 102 | 102 | ||||||||
4.125%, 08/01/2023 | 326 | 326 | ||||||||
4.000%, 03/01/2026 (A) | 85 | 81 | ||||||||
Kinder Morgan Energy Partners | ||||||||||
4.300%, 05/01/2024 | 330 | 333 | ||||||||
Mallinckrodt International Finance | ||||||||||
5.750%, 08/01/2022 (A) | 37 | 34 | ||||||||
4.875%, 04/15/2020 (A) | 137 | 136 | ||||||||
Mastercard | ||||||||||
1.100%, 12/01/2022 | EUR | 445 | 531 | |||||||
McKesson | ||||||||||
3.125%, 02/17/2029 | GBP | 135 | 172 | |||||||
0.625%, 08/17/2021 | EUR | 355 | 416 | |||||||
Moody’s | ||||||||||
1.750%, 03/09/2027 | 265 | 316 | ||||||||
Morgan Stanley | ||||||||||
1.875%, 03/30/2023 | 490 | 595 | ||||||||
Morgan Stanley MTN | ||||||||||
2.625%, 03/09/2027 | GBP | 295 | 376 | |||||||
1.375%, 10/27/2026 | EUR | 360 | 408 | |||||||
0.081%, VAR Euribor 3 Month+0.400%, 05/21/2021 | 850 | 987 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
41 |
SCHEDULE OF INVESTMENTS
September 30, 2018
International Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
National Capital Trust I | ||||||||||
5.620%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+1.930%, 12/17/2166 | GBP | 150 | $ | 197 | ||||||
5.620%, VAR UK Govt Bonds 5 Year Note Generic Bid Yield+1.930%, | 35 | 46 | ||||||||
National Grid North America MTN | ||||||||||
1.000%, 07/12/2024 | EUR | 300 | 347 | |||||||
Nordea Bank Abp MTN | ||||||||||
2.250%, 05/27/2021 (A) | $ | 425 | 412 | |||||||
Philip Morris International | ||||||||||
0.625%, 11/08/2024 | EUR | 285 | 322 | |||||||
Philip Morris International MTN | ||||||||||
1.875%, 03/03/2021 | 300 | 363 | ||||||||
PNC Funding | ||||||||||
3.300%, 03/08/2022 | $ | 150 | 149 | |||||||
Priceline Group | ||||||||||
2.375%, 09/23/2024 | 355 | 441 | ||||||||
QEP Resources | ||||||||||
5.250%, 05/01/2023 | 108 | 105 | ||||||||
Quintiles IMS | ||||||||||
2.875%, 09/15/2025 | EUR | 220 | 252 | |||||||
Santander Holdings USA | ||||||||||
3.700%, 03/28/2022 | $ | 460 | 454 | |||||||
Seagate HDD Cayman | ||||||||||
4.875%, 03/01/2024 | 85 | 84 | ||||||||
4.750%, 06/01/2023 | 17 | 17 | ||||||||
4.750%, 01/01/2025 | 123 | 118 | ||||||||
Sigma Finance Netherlands BV | ||||||||||
4.875%, 03/27/2028 (A) | 200 | 196 | ||||||||
SM Energy | ||||||||||
6.625%, 01/15/2027 | 125 | 129 | ||||||||
Southern Co/The | ||||||||||
2.750%, 06/15/2020 | 700 | 693 | ||||||||
Sprint Spectrum | ||||||||||
4.738%, 03/20/2025 (A) | 265 | 265 | ||||||||
Tenet Healthcare | ||||||||||
4.375%, 10/01/2021 | 110 | 110 | ||||||||
Terraform Global Operating | ||||||||||
6.125%, 03/01/2026 (A) | 55 | 53 | ||||||||
Toyota Motor Credit MTN | ||||||||||
0.625%, 11/21/2024 | EUR | 465 | 533 | |||||||
United Technologies Corp | ||||||||||
3.950%, 08/16/2025 | $ | 85 | 85 | |||||||
1.250%, 05/22/2023 | EUR | 225 | 267 | |||||||
1.150%, 05/18/2024 | 164 | 191 | ||||||||
US Bancorp MTN | ||||||||||
0.850%, 06/07/2024 | 701 | 808 | ||||||||
Verizon Communications | ||||||||||
3.500%, 11/01/2021 | $ | 590 | 592 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Verizon Communications MTN | ||||||||||
4.750%, 02/17/2034 | GBP | 170 | $ | 256 | ||||||
4.050%, 02/17/2025 | AUD | 680 | 495 | |||||||
Wells Fargo & Co MTN | ||||||||||
2.000%, 04/27/2026 | EUR | 210 | 253 | |||||||
1.375%, 06/30/2022 | GBP | 195 | 248 | |||||||
Wells Fargo Bank MTN | ||||||||||
5.250%, 08/01/2023 | 350 | 511 | ||||||||
Western Digital Corp | ||||||||||
4.750%, 02/15/2026 | $ | 328 | 317 | |||||||
WPC Eurobond BV | ||||||||||
2.125%, 04/15/2027 | EUR | 380 | 436 | |||||||
|
|
| ||||||||
30,405 | ||||||||||
|
|
| ||||||||
Uruguay — 0.0% | ||||||||||
Republic of Uruguay | ||||||||||
9.875%, 06/20/2022 (A) | UYU | 3,181 | 95 | |||||||
8.500%, 03/15/2028 (A) | 2,325 | 61 | ||||||||
|
|
| ||||||||
156 | ||||||||||
|
|
| ||||||||
Total Global Bonds | 441,087 | |||||||||
|
|
| ||||||||
U.S. TREASURY OBLIGATIONS — 3.3% |
| |||||||||
U.S. Treasury Bill | ||||||||||
2.130%, 12/13/2018 (B) | $ | 13,546 | 13,488 | |||||||
U.S. Treasury Bond STRIPS (B) | ||||||||||
3.040%, 08/15/2045 | 1,070 | 455 | ||||||||
2.927%, 11/15/2045 | 1,030 | 434 | ||||||||
U.S. Treasury Inflation Protected Securities | ||||||||||
1.250%, 07/15/2020 | 1,170 | 1,183 | ||||||||
|
|
| ||||||||
Total U.S. Treasury Obligations | 15,560 | |||||||||
|
|
| ||||||||
MORTGAGE-BACKED SECURITIES — 0.9% |
| |||||||||
Agency Mortgage-Backed Obligation — 0.4% |
| |||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA1, CI M2 | ||||||||||
4.066%, VAR ICE LIBOR USD 1 Month+1.850%, 10/25/2027 | 430 | 438 | ||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, CI M2 | ||||||||||
4.816%, VAR ICE LIBOR USD 1 Month+2.600%, 12/25/2027 | 74 | 76 | ||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQA2, CI M2 | ||||||||||
5.016%, VAR ICE LIBOR USD 1 Month+2.800%, 05/25/2028 | 128 | 131 |
42 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, CI M2 | ||||||||||
5.116%, VAR ICE LIBOR USD 1 Month+2.900%, 07/25/2028 | $ | 228 | $ | 234 | ||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-HQA1, CI M3 | ||||||||||
8.566%, VAR ICE LIBOR USD 1 Month+6.350%, 09/25/2028 | 250 | 307 | ||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA1, CI M1 | ||||||||||
3.416%, VAR ICE LIBOR USD 1 Month+1.200%, 07/25/2029 | 307 | 310 | ||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA2, CI M2 | ||||||||||
5.666%, VAR ICE LIBOR USD 1 Month+3.450%, 10/25/2029 | 470 | 518 | ||||||||
|
|
| ||||||||
2,014 | ||||||||||
|
|
| ||||||||
Non-Agency Mortgage-Backed Obligation — 0.5% |
| |||||||||
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A | ||||||||||
4.750%, 09/25/2034 (D) | 13 | 13 | ||||||||
COMM Mortgage Trust, Ser 2013-CR8, Cl A4 | ||||||||||
3.334%, 06/10/2046 | 81 | 80 | ||||||||
COMM Mortgage Trust, Ser 2014-CCRE14, Cl A3 | ||||||||||
3.955%, 02/10/2047 | 70 | 72 | ||||||||
Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, Cl AMFX | ||||||||||
4.877%, 04/15/2037 | 12 | 12 | ||||||||
FNMA Connecticut Avenue Securities, Ser 2013-C01, CI M1 | ||||||||||
4.216%, VAR ICE LIBOR USD 1 Month+2.000%, 10/25/2023 | 3 | 3 | ||||||||
FNMA Connecticut Avenue Securities, Ser 2014-C01, Cl M1 | ||||||||||
3.816%, VAR ICE LIBOR USD 1 Month+1.600%, 01/25/2024 | 112 | 112 | ||||||||
FNMA Connecticut Avenue Securities, Ser 2014-C04, CI 2M2 | ||||||||||
7.216%, VAR ICE LIBOR USD 1 Month+5.000%, 11/25/2024 | 359 | 405 | ||||||||
FNMA Connecticut Avenue Securities, Ser 2016-C02, CI 1M1 | ||||||||||
4.366%, VAR ICE LIBOR USD 1 Month+2.150%, 09/25/2028 | 64 | 64 | ||||||||
FNMA Connecticut Avenue Securities, Ser 2016-C04, CI 1M2 | ||||||||||
6.466%, VAR ICE LIBOR USD 1 Month+4.250%, 01/25/2029 | 95 | 107 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||
FNMA Connecticut Avenue Securities, Ser 2016-C05, CI 2M1 | ||||||||||
3.566%, VAR ICE LIBOR USD 1 Month+1.350%, 01/25/2029 | $ | 39 | $ | 39 | ||||||
FNMA Connecticut Avenue Securities, Ser 2016-C06, CI 1M1 | ||||||||||
3.516%, VAR ICE LIBOR USD 1 Month+1.300%, 04/25/2029 | 402 | 405 | ||||||||
FNMA Connecticut Avenue Securities, Ser 2016-C07, CI 2M2 | ||||||||||
6.566%, VAR ICE LIBOR USD 1 Month+4.350%, 05/25/2029 | 153 | 172 | ||||||||
FNMA Connecticut Avenue Securities, Ser 2017-C01, CI 1M1 | ||||||||||
3.516%, VAR ICE LIBOR USD 1 Month+1.300%, 07/25/2029 | 151 | 152 | ||||||||
GSR Mortgage Loan Trust, Ser 2005-AR1, CI 4A1 | ||||||||||
3.030%, 01/25/2035 (D) | 52 | 50 | ||||||||
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, Cl A3 | ||||||||||
2.829%, 10/15/2045 | 125 | 122 | ||||||||
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1 | ||||||||||
4.128%, 12/25/2034 (D) | 48 | 49 | ||||||||
LSTAR Commercial Mortgage Trust, Ser 2016-4, CI A2 | ||||||||||
2.579%, 03/10/2049 (A) | 159 | 153 | ||||||||
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl D | ||||||||||
5.304%, 10/12/2052 (A)(D) | 15 | 1 | ||||||||
Morgan Stanley Capital I Trust, Ser 2006-T21, Cl E | ||||||||||
5.304%, 10/12/2052 (A)(D) | 10 | 1 | ||||||||
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, CI A4 | ||||||||||
3.185%, 03/10/2046 | 100 | 99 | ||||||||
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, CI A3 | ||||||||||
3.290%, 05/15/2048 | 120 | 118 | ||||||||
Wells Fargo Commercial Mortgage Trust, Ser 2015-C30, CI A3 | ||||||||||
3.411%, 09/15/2058 | 80 | 79 | ||||||||
|
|
| ||||||||
2,308 | ||||||||||
|
|
| ||||||||
Total Mortgage-Backed Securities | 4,322 | |||||||||
|
|
| ||||||||
Total Investments in Securities — 95.7% | $ | 460,969 | ||||||||
|
|
|
SEI Institutional International Trust / Annual Report / September 30, 2018 |
43 |
SCHEDULE OF INVESTMENTS
September 30, 2018
International Fixed Income Fund (Continued)
A list of the open futures contracts held by the Fund at September 30, 2018, is as follows:
Type of Contract | Number of Contracts Long (Short) | Expiration Date | Notional Amount (Thousands) | Value (Thousands) | Unrealized Appreciation/ (Depreciation) (Thousands) | |||||||||||||||
Australian 3-Year Bond | 24 | Dec-2018 | $ | 1,913 | $ | 1,932 | $ | (3 | ) | |||||||||||
Australian 10-Year Bond | 29 | Dec-2018 | 2,691 | 2,704 | (14 | ) | ||||||||||||||
Australian 10-Year Bond | (3) | Dec-2018 | (279 | ) | (280 | ) | 1 | |||||||||||||
Canadian 10-Year Bond | 11 | Dec-2018 | 1,136 | 1,129 | (11 | ) | ||||||||||||||
Canadian 10-Year Bond | (25) | Dec-2018 | (2,581 | ) | (2,565 | ) | 30 | |||||||||||||
Euro | (240) | Dec-2018 | (35,147 | ) | (35,046 | ) | 101 | |||||||||||||
Euro-Bob | (72) | Dec-2018 | (11,010 | ) | (10,930 | ) | 70 | |||||||||||||
Euro-Bob | (2) | Dec-2018 | (306 | ) | (304 | ) | (1 | ) | ||||||||||||
Euro-BTP | 5 | Dec-2018 | 718 | 719 | 1 | |||||||||||||||
Euro-Bund | 36 | Dec-2018 | 6,678 | 6,640 | (72 | ) | ||||||||||||||
Euro-Bund | (6) | Dec-2018 | (1,116 | ) | (1,107 | ) | 2 | |||||||||||||
Euro-Buxl 30 Year Bond | 9 | Dec-2018 | 1,856 | 1,822 | (30 | ) | ||||||||||||||
Euro-Buxl 30 Year Bond | (7) | Dec-2018 | (1,441 | ) | (1,417 | ) | 21 | |||||||||||||
Euro-OAT | 52 | Dec-2018 | 9,217 | 9,123 | (80 | ) | ||||||||||||||
Euro-OAT | (13) | Dec-2018 | (2,309 | ) | (2,281 | ) | 20 | |||||||||||||
Euro-Schatz | (24) | Dec-2018 | (3,139 | ) | (3,116 | ) | 1 | |||||||||||||
Euro-Schatz | 14 | Dec-2018 | 1,827 | 1,818 | (3 | ) | ||||||||||||||
Japanese 10-Year Bond | 18 | Dec-2018 | 24,293 | 23,785 | (32 | ) | ||||||||||||||
Japanese 10-Year Bond E-MINI | (32) | Dec-2018 | (4,337 | ) | (4,228 | ) | 6 | |||||||||||||
Japanese 10-Year Bond E-MINI | 24 | Dec-2018 | 3,247 | 3,171 | (5 | ) | ||||||||||||||
Long Gilt 10-Year Bond | (27) | Dec-2018 | (4,246 | ) | (4,258 | ) | 43 | |||||||||||||
Long Gilt 10-Year Bond | 1 | Dec-2018 | 159 | 158 | – | |||||||||||||||
U.S. 2-Year Treasury Note | 62 | Dec-2018 | 13,073 | 13,066 | (7 | ) | ||||||||||||||
U.S. 5-Year Treasury Note | (147) | Dec-2018 | (16,554 | ) | (16,534 | ) | 20 | |||||||||||||
U.S. 10-Year Treasury Note | (82) | Dec-2018 | (9,734 | ) | (9,740 | ) | (6 | ) | ||||||||||||
U.S. 10-Year Treasury Note | 5 | Dec-2018 | 600 | 594 | (6 | ) | ||||||||||||||
U.S. Ultra Long Treasury Bond | 4 | Dec-2018 | 616 | 617 | 1 | |||||||||||||||
Ultra 10-Year U.S. Treasury Note | (47) | Dec-2018 | (5,998 | ) | (5,922 | ) | 76 | |||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
$ | (30,173 | ) | $ | (30,450 | ) | $ | 123 | |||||||||||||
|
|
|
|
|
|
|
|
|
A list of the open forward foreign currency contracts held by the Fund at September 30, 2018, is as follows:
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) |
Unrealized Appreciation | ||||||||||||||||
ANZ | 10/11/18 | USD | 1,297 | NZD | 1,967 | $ | 7 | |||||||||||||
ANZ | 10/11/18 | AUD | 11,430 | USD | 8,314 | 44 | ||||||||||||||
ANZ | 10/18/18 | EUR | 10,406 | USD | 11,948 | (154 | ) | |||||||||||||
Bank of America | 10/04/18 | GBP | 24,094 | USD | 31,319 | (103 | ) | |||||||||||||
Bank of America | 10/04/18 | EUR | 27,630 | USD | 32,296 | 199 | ||||||||||||||
Bank of America | 11/05/18 | USD | 79 | JPY | 8,880 | – | ||||||||||||||
Bank of America | 11/05/18 | SEK | 693 | USD | 79 | 1 | ||||||||||||||
Barclays PLC | 10/04/18 | USD | 488 | EUR | 419 | (1 | ) | |||||||||||||
Barclays PLC | 10/04/18 | USD | 1,034 | CAD | 1,350 | 10 | ||||||||||||||
Barclays PLC | 10/04/18 | CAD | 16,098 | USD | 12,336 | (119 | ) | |||||||||||||
Barclays PLC | 10/04/18 | JPY | 54,300 | USD | 491 | 13 | ||||||||||||||
Barclays PLC | 10/12/18 - 11/05/18 | GBP | 21,521 | USD | 28,153 | 54 | ||||||||||||||
Barclays PLC | 12/13/18 | USD | 677 | INR | 47,117 | (35 | ) |
44 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) |
Unrealized Appreciation | ||||||||||||||||
BNP Paribas | 10/04/18 - 11/05/18 | AUD | 706 | USD | 509 | $ | (1 | ) | ||||||||||||
BNP Paribas | 10/04/18 | CHF | 1,838 | USD | 1,887 | 5 | ||||||||||||||
BNP Paribas | 10/04/18 | JPY | 5,603,472 | USD | 50,669 | 1,328 | ||||||||||||||
BNP Paribas | 10/11/18 | USD | 1,223 | EUR | 1,040 | (14 | ) | |||||||||||||
BNP Paribas | 10/12/18 | GBP | 12,850 | USD | 16,910 | 147 | ||||||||||||||
BNP Paribas | 11/05/18 | CZK | 16,323 | USD | 739 | 3 | ||||||||||||||
Brown Brothers Harriman | 10/04/18 | USD | 745 | JPY | 81,535 | (27 | ) | |||||||||||||
Brown Brothers Harriman | 10/04/18 | JPY | 38,773 | USD | 345 | 4 | ||||||||||||||
Brown Brothers Harriman | 10/11/18 | AUD | 994 | USD | 716 | (4 | ) | |||||||||||||
Brown Brothers Harriman | 10/11/18 | EUR | 2,419 | USD | 2,809 | (2 | ) | |||||||||||||
Brown Brothers Harriman | 10/12/18 | TRY | 57 | USD | 9 | (1 | ) | |||||||||||||
Brown Brothers Harriman | 10/19/18 | MXN | 13,254 | USD | 685 | (21 | ) | |||||||||||||
BT Brokerage | 10/04/18 | EUR | 5,785 | USD | 6,758 | 38 | ||||||||||||||
BT Brokerage | 10/04/18 | HUF | 74,958 | USD | 270 | 1 | ||||||||||||||
BT Brokerage | 10/04/18 | JPY | 2,801,316 | USD | 25,329 | 662 | ||||||||||||||
CIBC | 11/05/18 | USD | 263 | EUR | 226 | – | ||||||||||||||
CIBC | 11/05/18 | USD | 330 | JPY | 37,350 | – | ||||||||||||||
CIBC | 11/05/18 | USD | 430 | GBP | 329 | – | ||||||||||||||
Citigroup | 10/02/18 | USD | 1,356 | BRL | 5,507 | 23 | ||||||||||||||
Citigroup | 10/04/18 | GBP | 40 | USD | 53 | – | ||||||||||||||
Citigroup | 10/04/18 | GBP | 70 | USD | 91 | (1 | ) | |||||||||||||
Citigroup | 10/04/18 | USD | 60 | EUR | 52 | – | ||||||||||||||
Citigroup | 10/04/18 | USD | 122 | EUR | 105 | – | ||||||||||||||
Citigroup | 10/04/18 - 10/12/18 | USD | 1,415 | GBP | 1,097 | 16 | ||||||||||||||
Citigroup | 10/10/18 | CAD | 20,012 | USD | 15,510 | 25 | ||||||||||||||
Citigroup | 10/04/18 | CAD | 79 | USD | 61 | – | ||||||||||||||
Citigroup | 10/04/18 | JPY | 54,300 | USD | 489 | 11 | ||||||||||||||
Citigroup | 10/04/18 | JPY | 72,714 | EUR | 554 | 3 | ||||||||||||||
Citigroup | 10/12/18 | USD | 365 | CLP | 244,583 | 6 | ||||||||||||||
Citigroup | 10/12/18 | COP | 1,443,474 | USD | 473 | (13 | ) | |||||||||||||
Citigroup | 10/25/18 | USD | 683 | SGD | 929 | (2 | ) | |||||||||||||
Citigroup | 11/05/18 | USD | 58 | AUD | 81 | – | ||||||||||||||
Citigroup | 11/05/18 | SGD | 1,084 | USD | 793 | (1 | ) | |||||||||||||
Citigroup | 11/05/18 | NOK | 5,280 | USD | 648 | (1 | ) | |||||||||||||
Citigroup | 11/05/18 | AUD | 7,513 | USD | 5,424 | (12 | ) | |||||||||||||
Citigroup | 11/05/18 | HUF | 74,958 | USD | 270 | – | ||||||||||||||
Citigroup | 12/07/18 | UYU | 5,086 | USD | 148 | (2 | ) | |||||||||||||
Citigroup | 12/13/18 | USD | 674 | INR | 47,050 | (33 | ) | |||||||||||||
Credit Suisse First Boston | 10/04/18 | USD | 343 | JPY | 37,787 | (10 | ) | |||||||||||||
Credit Suisse First Boston | 10/04/18 | USD | 1,867 | EUR | 1,587 | (24 | ) | |||||||||||||
Credit Suisse First Boston | 10/12/18 | USD | 736 | GBP | 565 | 1 | ||||||||||||||
Credit Suisse First Boston | 11/05/18 | CHF | 1,838 | USD | 1,891 | 2 | ||||||||||||||
Credit Suisse First Boston | 11/15/18 | USD | 673 | NOK | 5,456 | (2 | ) | |||||||||||||
Credit Suisse First Boston | 11/15/18 | USD | 700 | NOK | 5,705 | 2 | ||||||||||||||
Credit Suisse First Boston | 12/13/18 | JPY | 78,354 | USD | 693 | – | ||||||||||||||
Deutsche Bank | 10/11/18 | EUR | 18,044 | USD | 21,180 | 208 | ||||||||||||||
Deutsche Bank | 11/05/18 | USD | 1,352 | BRL | 5,507 | 24 | ||||||||||||||
Goldman Sachs | 10/04/18 | JPY | 412,567 | USD | 3,786 | 153 | ||||||||||||||
HSBC | 10/04/18 | EUR | 502 | USD | 586 | 2 | ||||||||||||||
HSBC | 10/04/18 | USD | 586 | JPY | 65,160 | (12 | ) |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
45 |
SCHEDULE OF INVESTMENTS
September 30, 2018
International Fixed Income Fund (Continued)
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) |
Unrealized Appreciation | ||||||||||||||||
HSBC | 10/04/18 | GBP | 376 | USD | 492 | $ | 2 | |||||||||||||
HSBC | 10/04/18 | GBP | 750 | USD | 972 | (6 | ) | |||||||||||||
HSBC | 10/04/18 | USD | 1,223 | EUR | 1,050 | (3 | ) | |||||||||||||
HSBC | 10/04/18 | CAD | 4,004 | USD | 3,083 | (15 | ) | |||||||||||||
HSBC | 10/04/18 | JPY | 174,129 | USD | 1,578 | 45 | ||||||||||||||
HSBC | 10/12/18 | USD | 669 | CLP | 445,105 | 6 | ||||||||||||||
HSBC | 10/25/18 | SGD | 947 | USD | 690 | (4 | ) | |||||||||||||
HSBC | 11/05/18 | PLN | 6,640 | USD | 1,800 | (3 | ) | |||||||||||||
HSBC | 12/13/18 | INR | 43,507 | USD | 596 | 3 | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 - 11/05/18 | USD | 165 | SEK | 1,467 | 1 | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 - 11/05/18 | USD | 88 | SEK | 775 | (1 | ) | |||||||||||||
JPMorgan Chase Bank | 10/04/18 - 11/05/18 | USD | 215 | AUD | 300 | 2 | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 | USD | 79 | AUD | 109 | – | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 | USD | 129 | CAD | 169 | 2 | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 | USD | 170 | CAD | 219 | – | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 | CAD | 101 | USD | 78 | – | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 - 11/05/18 | CAD | 272 | USD | 210 | (1 | ) | |||||||||||||
JPMorgan Chase Bank | 10/04/18 - 11/05/18 | USD | 208 | GBP | 161 | 2 | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 | USD | 322 | GBP | 245 | (2 | ) | |||||||||||||
JPMorgan Chase Bank | 10/04/18 | USD | 729 | NOK | 6,040 | 13 | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 | ILS | 937 | USD | 260 | 2 | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 | GBP | 698 | USD | 922 | 12 | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 | GBP | 387 | USD | 503 | (2 | ) | |||||||||||||
JPMorgan Chase Bank | 10/04/18 - 11/05/18 | USD | 145 | EUR | 125 | 1 | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 - 11/05/18 | USD | 1,365 | EUR | 1,171 | (5 | ) | |||||||||||||
JPMorgan Chase Bank | 10/04/18 - 11/05/18 | EUR | 3,113 | USD | 3,636 | 17 | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 | EUR | 716 | USD | 831 | (1 | ) | |||||||||||||
JPMorgan Chase Bank | 10/04/18 | CZK | 3,829 | USD | 172 | – | ||||||||||||||
JPMorgan Chase Bank | 11/05/18 | USD | 68 | JPY | 7,668 | – | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 - 11/05/18 | USD | 4,209 | JPY | 472,042 | (48 | ) | |||||||||||||
JPMorgan Chase Bank | 10/04/18 - 11/05/18 | SEK | 2,461 | USD | 280 | 2 | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 | SEK | 2,005 | USD | 222 | (3 | ) | |||||||||||||
JPMorgan Chase Bank | 10/04/18 | PLN | 6,640 | USD | 1,809 | 8 | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 | AUD | 190 | USD | 138 | 1 | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 - 11/05/18 | AUD | 7,391 | USD | 5,341 | (6 | ) | |||||||||||||
JPMorgan Chase Bank | 10/04/18 - 11/05/18 | NOK | 2,381 | USD | 293 | 1 | ||||||||||||||
JPMorgan Chase Bank | 10/04/18 - 11/05/18 | NOK | 9,484 | USD | 1,144 | (21 | ) | |||||||||||||
JPMorgan Chase Bank | 10/04/18 - 10/11/18 | NZD | 9,975 | USD | 6,651 | 38 | ||||||||||||||
JPMorgan Chase Bank | 10/17/18 | NZD | 18,714 | USD | 12,189 | (216 | ) | |||||||||||||
JPMorgan Chase Bank | 10/04/18 | THB | 52,611 | USD | 1,609 | (18 | ) | |||||||||||||
JPMorgan Chase Bank | 10/04/18 - 11/05/18 | JPY | 94,906 | USD | 850 | 13 | ||||||||||||||
JPMorgan Chase Bank | 10/12/18 | USD | 631 | GBP | 487 | 5 | ||||||||||||||
JPMorgan Chase Bank | 10/17/18 | USD | 3,787 | GBP | 2,902 | (1 | ) | |||||||||||||
JPMorgan Chase Bank | 10/12/18 | COP | 784,017 | USD | 258 | (6 | ) | |||||||||||||
JPMorgan Chase Bank | 10/17/18 | CAD | 560 | USD | 426 | (8 | ) | |||||||||||||
JPMorgan Chase Bank | 10/17/18 | USD | 2,641 | SEK | 23,865 | 46 | ||||||||||||||
JPMorgan Chase Bank | 10/17/18 | CHF | 2,986 | USD | 3,073 | 12 | ||||||||||||||
JPMorgan Chase Bank | 10/17/18 - 11/15/18 | USD | 4,800 | NOK | 39,978 | 114 | ||||||||||||||
JPMorgan Chase Bank | 10/17/18 | PLN | 7,535 | USD | 2,025 | (20 | ) | |||||||||||||
JPMorgan Chase Bank | 10/17/18 | SGD | 8,672 | USD | 6,297 | (53 | ) | |||||||||||||
JPMorgan Chase Bank | 10/17/18 | AUD | 9,977 | USD | 7,085 | (134 | ) | |||||||||||||
JPMorgan Chase Bank | 10/26/18 | EUR | 9,222 | USD | 10,856 | 125 |
46 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) |
Unrealized Appreciation | ||||||||||||||||
JPMorgan Chase Bank | 10/17/18 | EUR | 14,765 | USD | 17,147 | $ | (22 | ) | ||||||||||||
JPMorgan Chase Bank | 10/17/18 | HUF | 993,394 | USD | 3,551 | (22 | ) | |||||||||||||
JPMorgan Chase Bank | 10/25/18 | USD | 678 | COP | 2,053,103 | 14 | ||||||||||||||
JPMorgan Chase Bank | 10/25/18 | USD | 1,685 | CLP | 1,149,590 | 59 | ||||||||||||||
JPMorgan Chase Bank | 10/25/18 | BRL | 8,851 | USD | 2,127 | (86 | ) | |||||||||||||
JPMorgan Chase Bank | 10/25/18 | MXN | 29,119 | USD | 1,535 | (16 | ) | |||||||||||||
JPMorgan Chase Bank | 10/25/18 | TWD | 71,746 | USD | 2,339 | (20 | ) | |||||||||||||
JPMorgan Chase Bank | 10/25/18 | THB | 114,930 | USD | 3,536 | (21 | ) | |||||||||||||
JPMorgan Chase Bank | 10/25/18 | KRW | 1,835,000 | USD | 1,643 | (12 | ) | |||||||||||||
JPMorgan Chase Bank | 10/25/18 | JPY | 2,503,340 | USD | 22,439 | 360 | ||||||||||||||
JPMorgan Chase Bank | 11/05/18 | CHF | 28 | USD | 29 | – | ||||||||||||||
JPMorgan Chase Bank | 11/05/18 | USD | 91 | CHF | 89 | – | ||||||||||||||
JPMorgan Chase Bank | 11/15/18 | EUR | 599 | NOK | 5,740 | 8 | ||||||||||||||
Morgan Stanley | 10/04/18 | USD | 570 | CAD | 740 | 2 | ||||||||||||||
Morgan Stanley | 10/04/18 - 11/05/18 | USD | 867 | JPY | 97,165 | (11 | ) | |||||||||||||
Morgan Stanley | 10/04/18 | SGD | 1,424 | USD | 1,044 | 2 | ||||||||||||||
Morgan Stanley | 10/04/18 | USD | 2,050 | GBP | 1,570 | (3 | ) | |||||||||||||
Morgan Stanley | 10/04/18 - 11/05/18 | ILS | 6,983 | USD | 1,927 | 3 | ||||||||||||||
Morgan Stanley | 10/04/18 | CZK | 12,494 | USD | 567 | 4 | ||||||||||||||
Morgan Stanley | 11/05/18 | SEK | 17,283 | USD | 1,954 | 5 | ||||||||||||||
Morgan Stanley | 10/04/18 - 11/15/18 | SEK | 21,830 | USD | 2,413 | (45 | ) | |||||||||||||
Morgan Stanley | 10/11/18 | EUR | 341 | AUD | 552 | 4 | ||||||||||||||
Morgan Stanley | 11/05/18 | NZD | 6,583 | USD | 4,357 | (6 | ) | |||||||||||||
Morgan Stanley | 11/05/18 | DKK | 7,862 | USD | 1,229 | 1 | ||||||||||||||
Morgan Stanley | 11/05/18 | EUR | 335 | USD | 391 | 1 | ||||||||||||||
Morgan Stanley | 11/05/18 | EUR | 58,227 | USD | 67,660 | (150 | ) | |||||||||||||
RBC | 10/04/18 | EUR | 20 | USD | 24 | – | ||||||||||||||
RBC | 10/04/18 | USD | 4,940 | EUR | 4,202 | (59 | ) | |||||||||||||
RBC | 10/04/18 - 11/05/18 | MXN | 99,886 | USD | 5,232 | (94 | ) | |||||||||||||
RBC | 11/05/18 | USD | 129 | CAD | 168 | 1 | ||||||||||||||
RBC | 11/05/18 | CAD | 18,012 | USD | 13,858 | (90 | ) | |||||||||||||
RBS | 11/06/18 | EUR | 20,250 | USD | 23,718 | 134 | ||||||||||||||
Standard Chartered | 11/15/18 | USD | 1,383 | KRW | 1,540,480 | 7 | ||||||||||||||
Standard Chartered | 11/15/18 | KRW | 769,449 | USD | 685 | (9 | ) | |||||||||||||
Standard Chartered | 12/11/18 | TWD | 40,697 | USD | 1,330 | (14 | ) | |||||||||||||
Standard Chartered | 12/13/18 | USD | 675 | INR | 49,800 | 3 | ||||||||||||||
State Street | 10/04/18 | USD | 437 | EUR | 375 | (1 | ) | |||||||||||||
State Street | 10/04/18 | JPY | 4,633 | USD | 42 | 1 | ||||||||||||||
State Street | 10/04/18 | USD | 5,092 | GBP | 3,887 | (23 | ) | |||||||||||||
State Street | 10/04/18 | EUR | 27,551 | USD | 32,112 | 107 | ||||||||||||||
State Street | 11/05/18 | GBP | 212 | USD | 277 | – | ||||||||||||||
TD Securities | 10/04/18 | USD | 1 | CAD | 1 | – | ||||||||||||||
TD Securities | 10/04/18 | USD | 69 | EUR | 59 | (1 | ) | |||||||||||||
TD Securities | 10/04/18 | EUR | 2,848 | USD | 3,332 | 24 | ||||||||||||||
UBS | 10/04/18 | EUR | 32 | USD | 37 | – | ||||||||||||||
UBS | 10/04/18 | USD | 249 | SGD | 340 | – | ||||||||||||||
UBS | 10/04/18 | DKK | 7,862 | USD | 1,237 | 12 | ||||||||||||||
UBS | 10/11/18 | EUR | 783 | USD | 896 | (14 | ) | |||||||||||||
UBS | 10/12/18 | AUD | 957 | GBP | 522 | (11 | ) | |||||||||||||
UBS | 10/12/18 | GBP | 1,590 | USD | 2,086 | 11 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
47 |
SCHEDULE OF INVESTMENTS
September 30, 2018
International Fixed Income Fund (Concluded)
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) |
Unrealized Appreciation | ||||||||||||||||
UBS | 10/12/18 | GBP | 624 | USD | 810 | $ | (3 | ) | ||||||||||||
$ | 2,323 | |||||||||||||||||||
A list of the open OTC swap agreements held by the Fund at September 30, 2018, is as follows:
Credit Default Swaps | ||||||||||||||||||||||||
Counterparty | Reference Entity/ Obligation | Buy/Sell Protection | (Pays)/Receives Rate | Payment Frequency | Termination Date | Notional Amount (Thousands) | Value (Thousands) | Upfront (Thousands) | Net Unrealized Appreciation (Depreciation) (Thousands) | |||||||||||||||
Credit Suisse | CMBX.NA.BB.6 | Sell | 5.00% | Monthly | 05/11/2063 | $(370) | $ | (77 | ) | $ | (61 | ) | $ | (16 | ) | |||||||||
Credit Suisse | CMBX.NA.BB.6 | Sell | 5.00% | Monthly | 05/11/2063 | (240) | (50 | ) | (30 | ) | (20 | ) | ||||||||||||
Credit Suisse | CMBX.NA.BB.6 | Sell | 5.00% | Monthly | 05/11/2063 | (130) | (27 | ) | (17 | ) | (10 | ) | ||||||||||||
Credit Suisse | CMBX.NA.BBB.6 | Sell | 3.00% | Monthly | 05/11/2063 | (373) | (44 | ) | (27 | ) | (17 | ) | ||||||||||||
Credit Suisse | CMBX.NA.BBB.6 | Sell | 3.00% | Monthly | 05/11/2063 | (127) | (15 | ) | (9 | ) | (6 | ) | ||||||||||||
Credit Suisse | CMBX.NA.BBB.6 | Sell | 3.00% | Monthly | 05/11/2063 | (134) | (15 | ) | (8 | ) | (7 | ) | ||||||||||||
Credit Suisse | CMBX.NA.BBB.6 | Sell | 3.00% | Monthly | 05/11/2063 | (460) | (54 | ) | (34 | ) | (20 | ) | ||||||||||||
Deutsche Bank | CMBX.NA.BBB.6 | Sell | 3.00% | Monthly | 05/11/2063 | (406) | (48 | ) | (29 | ) | (19 | ) | ||||||||||||
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$ | (330 | ) | $ | (215 | ) | $ | (115 | ) | ||||||||||||||||
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|
|
A list of the open centrally cleared swap agreements held by the Fund at September 30, 2018, is as follows:
Credit Default Swap | ||||||||||||||||||||||||||||||||
Reference Entity/ Obligation | Buy/Sell Protection | (Pays)/Receives Rate | Payment Frequency | Termination Date | Notional Amount (Thousands) | Value (Thousands) | Upfront Payments/ (Thousands) | Net Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||||||
ITRAXX Europe Series 28 | Sell | 1.00% | Quarterly | 12/20/2022 | EUR | (5,360 | ) | $ | 134 | $ | 135 | $ | (1) | |||||||||||||||||||
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| ||||||||||||||||||||||||
$ | 134 | $ | 135 | $ | (1) | |||||||||||||||||||||||||||
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|
|
|
|
Percentages are based on Net Assets of $481,911 ($ Thousands). |
(A) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2018, the value of these securities amounted to $62,534 ($ Thousands), representing 12.98% of the Net Assets of the Fund. |
(B) | Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase. |
(C) | Security, or portion thereof, has been pledged as collateral on open futures contracts. |
(D) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
AUD — Australian Dollar
BRL — Brazilian Real
CAD — Canadian Dollar
CHF — Swiss Franc
Cl — Class
CLP — Chilean Peso
COP — Colombian Peso
CZK — Czech Koruna
DKK — Danish Krone
EUR — Euro
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GBP — British Pound Sterling
HUF — Hungarian Forint
ICE — Intercontinental Exchange
ILS — Israeli New Sheckels
INR — Indian Rupee
JPY — Japanese Yen
KRW — Korean Won
L.P. — Limited Partnership
MTN — Medium Term Note
MXN — Mexican Peso
MYR — Malaysian Ringgit
NOK — Norwegian Krone
NZD — New Zealand Dollar
PLC — Public Limited Company
PLN — Polish Zloty
SGD — Singapore Dollar
SEK — Swedish Krona
Ser — Series
STRIPS — Separately Traded Registered Interest and Principal Securities
THB — Thai Bhat
TRY — Turkish Lira
TWD — Taiwan Dollar
USD — United States Dollar
UYU — Uruguayan Peso
VAR — Variable Rate
48 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
The following is a list of the level of inputs used as of September 30, 2018, 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 | $ | – | $ | 441,087 | $ | – | $ | 441,087 | ||||||||
U.S. Treasury Obligations | – | 15,560 | – | 15,560 | ||||||||||||
Mortgage-Backed Securities | – | 4,322 | – | 4,322 | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||
Total Investments in Securities | $ | – | $ | 460,969 | $ | – | $ | 460,969 | ||||||||
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|
|
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts * | ||||||||||||||||
Unrealized Appreciation | $ | 394 | $ | — | $ | — | $ | 394 | ||||||||
Unrealized Depreciation | (270) | — | — | (270) | ||||||||||||
Forwards Contracts * | ||||||||||||||||
Unrealized Appreciation | — | 4,228 | — | 4,228 | ||||||||||||
Unrealized Depreciation | — | (1,905) | — | (1,905) | ||||||||||||
OTC Swaps | ||||||||||||||||
Credit Default Swaps * | ||||||||||||||||
Unrealized Depreciation | — | (115) | — | (115) | ||||||||||||
Centrally Cleared Swaps | ||||||||||||||||
Credit Default Swaps * | ||||||||||||||||
Unrealized Depreciation | — | (1) | — | (1) | ||||||||||||
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| |||||
Total Other Financial Instruments | $ | 124 | $ | 2,207 | $ | — | $ | 2,331 | ||||||||
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|
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|
|
|
|
|
|
|
*Futures contracts, forwards contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.
For the year ended September 30, 2018, there were no transfers between Level 1 and Level 2 assets and liabilities.
For the year ended September 30, 2018, 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 $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Annual Report / September 30, 2018 |
49 |
SCHEDULE OF INVESTMENTS
September 30, 2018
Emerging Markets Debt Fund
†Percentages based on total investments. Includes investments held as collateral for securities on loan (see Note 9).
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS — 90.5% | ||||||||||
Angola — 0.7% | ||||||||||
Angolan Government International Bond | ||||||||||
9.375%, 05/08/2048 | $ | 2,550 | $ | 2,692 | ||||||
8.250%, 05/09/2028 (A) | 989 | 1,022 | ||||||||
8.250%, 05/09/2028 | 1,923 | 1,986 | ||||||||
Republic of Angola Via Avenir II BV MTN | ||||||||||
10.009%, VAR ICE LIBOR USD 6 Month+7.500%, 07/01/2023 | 4,066 | 4,534 | ||||||||
|
|
| ||||||||
10,234 | ||||||||||
|
|
| ||||||||
Argentina — 5.2% | ||||||||||
Adecoagro | ||||||||||
6.000%, 09/21/2027 (A) | 785 | 689 | ||||||||
Agua y Saneamientos Argentinos | ||||||||||
6.625%, 02/01/2023 | 1,230 | 971 | ||||||||
Argentina Treasury Bill | ||||||||||
0.000%, 10/12/2018 (B) | ARS | 5,948 | 162 | |||||||
Argentina Treasury Bond | ||||||||||
2.500%, 07/22/2021 | 6,000 | 222 | ||||||||
Argentine Bonos del Tesoro | ||||||||||
18.200%, 10/03/2021 | 21,053 | 413 | ||||||||
Argentine Republic Government International Bond | ||||||||||
8.280%, 12/31/2033 | $ | 1,655 | 1,493 | |||||||
8.280%, 12/31/2033 | 1,262 | 1,117 | ||||||||
7.820%, 12/31/2033 | EUR | 8,150 | 8,917 | |||||||
7.820%, 12/31/2033 | 18,952 | 20,945 | ||||||||
7.500%, 04/22/2026 | $ | 5,755 | 5,130 | |||||||
6.875%, 04/22/2021 | 1,028 | 982 | ||||||||
6.875%, 01/26/2027 | 1,031 | 876 | ||||||||
6.875%, 01/11/2048 | 3,034 | 2,336 | ||||||||
6.250%, 04/22/2019 | 5,200 | 5,208 | ||||||||
5.875%, 01/11/2028 | 2,003 | 1,585 | ||||||||
5.625%, 01/26/2022 | 614 | 553 | ||||||||
5.000%, 01/15/2027 | EUR | 2,585 | 2,404 | |||||||
4.625%, 01/11/2023 | $ | 304 | 257 | |||||||
2.260%, 12/31/2038 | EUR | 14,905 | 10,193 | |||||||
2.260%, 3.38%, 3/31/2019, 12/31/2038 (C) | 564 | 386 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Autonomous City of Buenos Aires Argentina | ||||||||||
46.591%, VAR 30-35d Argentina BADLAR Private Banks+3.250%, 03/29/2024 | ARS | 48,886 | $ | 1,043 | ||||||
46.591%, VAR 30-35d Argentina BADLAR Private Banks+3.250%, 03/29/2024 | 17,544 | 374 | ||||||||
45.036%, VAR 30-35d Argentina BADLAR Private Banks+3.750%, 02/22/2028 | 10,166 | 227 | ||||||||
Banco Central de la Republica Argentina | ||||||||||
47.922%, 11/21/2018 (B) | 174,019 | 3,926 | ||||||||
Bonos De La Nacion Argentina | ||||||||||
4.500%, 06/21/2019 | $ | 1,463 | 1,430 | |||||||
Bonos de la Nacion Argentina con Ajuste por CER | ||||||||||
4.000%, 03/06/2020 | ARS | 35,000 | 1,009 | |||||||
4.000%, 03/06/2020 | 8,400 | 242 | ||||||||
3.750%, 02/08/2019 | 33,185 | 1,013 | ||||||||
Bonos de la Nacion Argentina En Moneda Dua | ||||||||||
4.500%, 02/13/2020 | $ | 1,507 | 1,424 | |||||||
Pampa Energia | ||||||||||
7.500%, 01/24/2027 (A) | 343 | 303 | ||||||||
7.375%, 07/21/2023 (A) | 270 | 251 | ||||||||
Provincia de Buenos Aires | ||||||||||
7.875%, 06/15/2027 | 2,762 | 2,297 | ||||||||
5.375%, 01/20/2023 | EUR | 620 | 605 | |||||||
Provincia de Cordoba | ||||||||||
7.125%, 06/10/2021 | $ | 600 | 558 | |||||||
7.125%, 06/10/2021 (A) | 531 | 494 | ||||||||
Provincia del Chaco Argentina | ||||||||||
9.375%, 08/18/2024 | 654 | 504 | ||||||||
Rio Energy | ||||||||||
6.875%, 02/01/2025 (A) | 1,471 | 1,214 | ||||||||
Transportadora de Gas del Sur | ||||||||||
6.750%, 05/02/2025 (A) | 238 | 228 | ||||||||
YPF MTN | ||||||||||
36.750%, VAR 30-35d Argentina BADLAR Private Banks+4.000%, 07/07/2020 | 368 | 158 | ||||||||
|
|
| ||||||||
82,139 | ||||||||||
|
|
| ||||||||
Azerbaijan — 1.2% | ||||||||||
Republic of Azerbaijan | ||||||||||
4.750%, 03/18/2024 | 700 | 710 | ||||||||
Southern Gas Corridor | ||||||||||
6.875%, 03/24/2026 (A) | 1,437 | 1,596 | ||||||||
6.875%, 03/24/2026 | 8,050 | 8,937 | ||||||||
State Oil of the Azerbaijan Republic | ||||||||||
6.950%, 03/18/2030 | 2,810 | 3,039 | ||||||||
State Oil of the Azerbaijan Republic MTN | ||||||||||
4.750%, 03/13/2023 | 2,240 | 2,247 |
50 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
4.750%, 03/13/2023 | $ | 2,923 | $ | 2,933 | ||||||
|
|
| ||||||||
19,462 | ||||||||||
|
|
| ||||||||
Bahrain — 0.0% | ||||||||||
Bahrain Government International Bond | ||||||||||
7.000%, 10/12/2028 (A) | 641 | 635 | ||||||||
|
|
| ||||||||
Belarus — 0.1% | ||||||||||
Republic of Belarus International Bond | ||||||||||
7.625%, 06/29/2027 | 1,040 | 1,109 | ||||||||
|
|
| ||||||||
Belize — 0.1% | ||||||||||
Belize Government International Bond | ||||||||||
0.000%, 02/20/2034 | 2,637 | 1,292 | ||||||||
|
|
| ||||||||
Bermuda — 0.3% | ||||||||||
Government of Bermuda | ||||||||||
4.854%, 02/06/2024 | 2,580 | 2,689 | ||||||||
3.717%, 01/25/2027 | 1,521 | 1,446 | ||||||||
|
|
| ||||||||
4,135 | ||||||||||
|
|
| ||||||||
Brazil — 6.6% | ||||||||||
Banco Nacional de Desenvolvimento Economico e Social | ||||||||||
6.500%, 06/10/2019 (A) | 660 | 673 | ||||||||
Brazil Letras do Tesouro | ||||||||||
16.298%, 01/01/2019 | BRL | 41,355 | 10,192 | |||||||
11.925%, 01/01/2020 | 14,000 | 3,173 | ||||||||
10.726%, 01/01/2022 | 8,000 | 1,452 | ||||||||
10.506%, 07/01/2021 | 29,000 | 5,599 | ||||||||
8.754%, 07/01/2020 | 45,155 | 9,744 | ||||||||
8.172%, 04/01/2020 | 8,000 | 1,770 | ||||||||
Brazil Loan Trust 1 | ||||||||||
5.477%, 07/24/2023 (A) | $ | 1,664 | 1,677 | |||||||
5.477%, 07/24/2023 | 235 | 237 | ||||||||
Brazil Minas SPE via State of Minas Gerais | ||||||||||
5.333%, 02/15/2028 | 1,176 | 1,126 | ||||||||
5.333%, 02/15/2028 | 4,581 | 4,386 | ||||||||
5.333%, 02/15/2028 (A) | 224 | 215 | ||||||||
Brazil Notas do Tesouro Nacional, Serie F | ||||||||||
10.000%, 01/01/2021 | BRL | 87,158 | 22,074 | |||||||
10.000%, 01/01/2023 | 55,309 | 13,512 | ||||||||
10.000%, 01/01/2025 | 7,481 | 1,777 | ||||||||
10.000%, 01/01/2027 | 6,000 | 1,391 | ||||||||
10.000%, 01/01/2029 | 1,032 | 239 | ||||||||
Brazilian Government International Bond | ||||||||||
4.625%, 01/13/2028 | $ | 2,125 | 1,945 | |||||||
Cosan Luxembourg | ||||||||||
7.000%, 01/20/2027 (A) | 253 | 249 | ||||||||
CSN Resources | ||||||||||
6.500%, 07/21/2020 | 1,000 | 969 | ||||||||
ESAL GmbH | ||||||||||
6.250%, 02/05/2023 (A) | 821 | 814 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Federal Republic of Brazil | ||||||||||
8.250%, 01/20/2034 | $ | 748 | $ | 877 | ||||||
Gol Finance | ||||||||||
7.000%, 01/31/2025 (A) | 1,720 | 1,389 | ||||||||
JBS Investments GmbH | ||||||||||
7.750%, 10/28/2020 | 720 | 735 | ||||||||
7.250%, 04/03/2024 | 1,034 | 1,052 | ||||||||
Klabin Finance | ||||||||||
5.250%, 07/16/2024 | 790 | 764 | ||||||||
Marfrig Holdings Europe BV | ||||||||||
8.000%, 06/08/2023 | 1,100 | 1,104 | ||||||||
Minerva Luxembourg | ||||||||||
6.500%, 09/20/2026 (A) | 2,293 | 2,147 | ||||||||
6.500%, 09/20/2026 | 1,401 | 1,311 | ||||||||
Nexa Resources | ||||||||||
5.375%, 05/04/2027 (A) | 2,891 | 2,809 | ||||||||
Petrobras Global Finance BV | ||||||||||
7.375%, 01/17/2027 | 1,958 | 1,983 | ||||||||
6.250%, 03/17/2024 | 2,199 | 2,203 | ||||||||
Rumo Luxembourg | ||||||||||
7.375%, 02/09/2024 (A) | 898 | 917 | ||||||||
Suzano Austria GmbH | ||||||||||
6.000%, 01/15/2029 (A) | 688 | 691 | ||||||||
Swiss Insured Brazil Power Finance Sarl | ||||||||||
9.850%, 07/16/2032 (A) | BRL | 6,802 | 1,571 | |||||||
|
|
| ||||||||
102,767 | ||||||||||
|
|
| ||||||||
Cameroon — 0.1% | ||||||||||
Republic of Cameroon International Bond | ||||||||||
9.500%, 11/19/2025 (A) | $ | 1,861 | 1,959 | |||||||
|
|
| ||||||||
Chile — 0.9% | ||||||||||
Banco de Credito e Inversiones | ||||||||||
3.500%, 10/12/2027 (A) | 1,256 | 1,146 | ||||||||
Bonos de la Tesoreria de la Republica | ||||||||||
6.000%, 01/01/2020 | CLP | 80,000 | 127 | |||||||
6.000%, 01/01/2043 | 1,635,000 | 2,812 | ||||||||
5.000%, 03/01/2035 | 155,000 | 236 | ||||||||
4.700%, 09/01/2030 (A) | 135,000 | 205 | ||||||||
4.500%, 02/28/2021 | 350,000 | 541 | ||||||||
4.000%, 03/01/2023 (A) | 120,000 | 182 | ||||||||
Cencosud | ||||||||||
4.375%, 07/17/2027 (A) | $ | 1,819 | 1,651 | |||||||
Empresa de Transporte de Pasajeros Metro | ||||||||||
5.000%, 01/25/2047 (A) | 2,000 | 2,015 | ||||||||
Empresa Electrica Angamos | ||||||||||
4.875%, 05/25/2029 (A) | 1,323 | 1,309 | ||||||||
Empresa Nacional del Petroleo | ||||||||||
4.500%, 09/14/2047 (A) | 332 | 298 | ||||||||
4.375%, 10/30/2024 | 200 | 200 | ||||||||
3.750%, 08/05/2026 | 2,290 | 2,179 | ||||||||
3.750%, 08/05/2026 (A) | 387 | 368 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
51 |
SCHEDULE OF INVESTMENTS
September 30, 2018
Emerging Markets Debt Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Geopark | ||||||||||
6.500%, 09/21/2024 (A) | $ | 492 | $ | 495 | ||||||
Republic of Chile | ||||||||||
5.500%, 08/05/2020 | CLP | 323,000 | 504 | |||||||
|
|
| ||||||||
14,268 | ||||||||||
|
|
| ||||||||
China — 1.1% | ||||||||||
Alibaba Group Holding | ||||||||||
4.200%, 12/06/2047 | $ | 310 | 283 | |||||||
Charming Light Investments MTN | ||||||||||
4.375%, 12/21/2027 | 1,600 | 1,510 | ||||||||
China Minmetals | ||||||||||
4.450%, VAR US Treas Yield Curve Rate T Note Const Mat 3 Yr+6.070%, 05/13/2021 | 640 | 631 | ||||||||
3.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.717%, 05/13/2166 | 2,297 | 2,124 | ||||||||
Chinalco Capital Holdings | ||||||||||
4.250%, 04/21/2022 | 740 | 712 | ||||||||
CNAC HK Finbridge | ||||||||||
5.125%, 03/14/2028 | 780 | 784 | ||||||||
4.625%, 03/14/2023 | 294 | 296 | ||||||||
Country Garden Holdings Co Ltd | ||||||||||
4.750%, 07/25/2022 | 1,220 | 1,131 | ||||||||
4.750%, 01/17/2023 | 972 | 888 | ||||||||
Dianjian International Finance | ||||||||||
4.600%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.933%, 09/13/2166 | 303 | 289 | ||||||||
HBIS Group Hong Kong | ||||||||||
4.250%, 04/07/2020 | 684 | 669 | ||||||||
Huarong Finance | ||||||||||
4.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.773%, 12/29/2049 | 1,588 | 1,523 | ||||||||
Industrial & Commercial Bank of China | ||||||||||
6.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.382%, 12/29/2049 | 1,270 | 1,287 | ||||||||
Leader Goal International Ltd | ||||||||||
4.250%, 07/19/2166 | 212 | 202 | ||||||||
Longfor Group Holdings | ||||||||||
4.500%, 01/16/2028 | 592 | 533 | ||||||||
Sinopec Group Overseas Development | ||||||||||
3.250%, 09/13/2027 (A) | 1,388 | 1,275 | ||||||||
Tsinghua Unic | ||||||||||
5.375%, 01/31/2023 | 1,530 | 1,308 | ||||||||
Vanke Real Estate Hong Kong MTN | ||||||||||
3.975%, 11/09/2027 | 1,185 | 1,069 | ||||||||
|
|
| ||||||||
16,514 | ||||||||||
|
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Colombia — 5.2% | ||||||||||
Bogota Distrito Capital | ||||||||||
9.750%, 07/26/2028 (A) | COP | 7,785,000 | $ | 2,825 | ||||||
9.750%, 07/26/2028 | 370,000 | 134 | ||||||||
Colombian TES | ||||||||||
11.000%, 07/24/2020 | 5,128,900 | 1,899 | ||||||||
10.000%, 07/24/2024 | 29,992,500 | 11,889 | ||||||||
7.750%, 09/18/2030 | 1,040,700 | 369 | ||||||||
7.500%, 08/26/2026 | 30,375,100 | 10,724 | ||||||||
7.000%, 09/11/2019 | 17,456,100 | 6,017 | ||||||||
7.000%, 05/04/2022 | 40,600,800 | 14,205 | ||||||||
7.000%, 06/30/2032 | 3,443,600 | 1,134 | ||||||||
6.250%, 11/26/2025 | 12,322,300 | 4,082 | ||||||||
4.750%, 04/04/2035 | 1,951,000 | 1,956 | ||||||||
Emgesa ESP | ||||||||||
8.750%, 01/25/2021 | 870,000 | 307 | ||||||||
Empresas Publicas de Medellin ESP | ||||||||||
8.375%, 02/01/2021 | 3,962,000 | 1,343 | ||||||||
8.375%, 11/08/2027 (A) | 1,760,000 | 563 | ||||||||
7.625%, 09/10/2024 (A) | 3,116,000 | 1,005 | ||||||||
Financiera de Desarrollo Territorial Findeter | ||||||||||
7.875%, 08/12/2024 (A) | 1,127,000 | 388 | ||||||||
7.875%, 08/12/2024 | 884,000 | 305 | ||||||||
Republic of Colombia | ||||||||||
9.850%, 06/28/2027 | 3,803,000 | 1,585 | ||||||||
9.850%, 06/28/2027 | 1,257,000 | 524 | ||||||||
8.125%, 05/21/2024 | $ | 550 | 660 | |||||||
7.750%, 04/14/2021 | COP | 3,331,000 | 1,175 | |||||||
7.375%, 09/18/2037 | $ | 1,091 | 1,375 | |||||||
6.125%, 01/18/2041 | 3,194 | 3,617 | ||||||||
6.000%, 04/28/2028 | COP | 17,838,400 | 5,635 | |||||||
5.000%, 06/15/2045 | $ | 3,257 | 3,254 | |||||||
4.500%, 01/28/2026 | 1,636 | 1,667 | ||||||||
4.375%, 07/12/2021 | 1,350 | 1,374 | ||||||||
4.375%, 03/21/2023 | COP | 1,782,000 | 570 | |||||||
4.375%, 03/21/2023 | 1,089,000 | 349 | ||||||||
|
|
| ||||||||
80,930 | ||||||||||
|
|
| ||||||||
Costa Rica — 1.1% | ||||||||||
Banco Nacional de Costa Rica | ||||||||||
6.250%, 11/01/2023 (A) | $ | 753 | 743 | |||||||
5.875%, 04/25/2021 (A) | 597 | 593 | ||||||||
Instituto Costarricense de Electricidad | ||||||||||
6.950%, 11/10/2021 | 400 | 403 | ||||||||
6.375%, 05/15/2043 | 250 | 195 | ||||||||
Republic of Costa Rica | ||||||||||
7.158%, 03/12/2045 (A) | 1,237 | 1,085 | ||||||||
7.158%, 03/12/2045 | 3,436 | 3,013 | ||||||||
7.158%, 03/12/2045 | 6,634 | 5,817 | ||||||||
7.000%, 04/04/2044 | 2,387 | 2,092 | ||||||||
7.000%, 04/04/2044 | 2,108 | 1,848 | ||||||||
7.000%, 04/04/2044 (A) | 956 | 838 |
52 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
5.625%, 04/30/2043 | $ | 300 | $ | 231 | ||||||
|
|
| ||||||||
16,858 | ||||||||||
|
|
| ||||||||
Croatia — 1.1% | ||||||||||
Croatia Government International Bond | ||||||||||
6.625%, 07/14/2020 | 700 | 735 | ||||||||
6.000%, 01/26/2024 | 5,322 | 5,782 | ||||||||
6.000%, 01/26/2024 (A) | 200 | 217 | ||||||||
3.000%, 03/11/2025 | EUR | 3,564 | 4,471 | |||||||
3.000%, 03/20/2027 | 1,860 | 2,286 | ||||||||
2.750%, 01/27/2030 | 2,169 | 2,541 | ||||||||
2.700%, 06/15/2028 | 1,196 | 1,414 | ||||||||
|
|
| ||||||||
17,446 | ||||||||||
|
|
| ||||||||
Czech Republic — 1.1% | ||||||||||
Czech Republic Government Bond | ||||||||||
4.200%, 12/04/2036 | CZK | 28,000 | 1,518 | |||||||
2.750%, 07/23/2029 | 25,920 | 1,219 | ||||||||
2.500%, 08/25/2028 | 41,920 | 1,942 | ||||||||
2.400%, 09/17/2025 | 59,820 | 2,748 | ||||||||
2.000%, 10/13/2033 | 18,820 | 795 | ||||||||
1.500%, 10/29/2019 | 63,310 | 2,852 | ||||||||
0.703%, 07/17/2019 (B) | 134,450 | 5,994 | ||||||||
|
|
| ||||||||
17,068 | ||||||||||
|
|
| ||||||||
Dominican Republic — 1.4% | ||||||||||
Dominican Republic International Bond | ||||||||||
11.250%, 02/05/2027 | DOP | 14,500 | 300 | |||||||
7.450%, 04/30/2044 | $ | 1,900 | 2,023 | |||||||
7.450%, 04/30/2044 (A) | 1,395 | 1,486 | ||||||||
6.875%, 01/29/2026 | 2,000 | 2,135 | ||||||||
6.875%, 01/29/2026 | 443 | 473 | ||||||||
6.850%, 01/27/2045 | 830 | 840 | ||||||||
6.850%, 01/27/2045 (A) | 2,488 | 2,519 | ||||||||
6.850%, 01/27/2045 | 400 | 405 | ||||||||
6.600%, 01/28/2024 | 656 | 691 | ||||||||
6.500%, 02/15/2048 | 3,171 | 3,108 | ||||||||
6.000%, 07/19/2028 (A) | 1,817 | 1,848 | ||||||||
6.000%, 07/19/2028 | 1,381 | 1,404 | ||||||||
5.950%, 01/25/2027 | 2,613 | 2,661 | ||||||||
5.875%, 04/18/2024 (A) | 71 | 73 | ||||||||
5.500%, 01/27/2025 | 1,249 | 1,254 | ||||||||
5.500%, 01/27/2025 | 179 | 180 | ||||||||
|
|
| ||||||||
21,400 | ||||||||||
|
|
| ||||||||
Ecuador — 1.5% | ||||||||||
Ecuador Government International Bond | ||||||||||
10.500%, 03/24/2020 | 273 | 284 | ||||||||
9.650%, 12/13/2026 | 779 | 776 | ||||||||
9.650%, 12/13/2026 (A) | 660 | 657 | ||||||||
9.625%, 06/02/2027 | 777 | 768 | ||||||||
8.875%, 10/23/2027 | 6,646 | 6,305 | ||||||||
8.875%, 10/23/2027 (A) | 574 | 544 | ||||||||
8.750%, 06/02/2023 | 2,261 | 2,263 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
7.950%, 06/20/2024 | $ | 3,912 | $ | 3,739 | ||||||
7.875%, 01/23/2028 | 2,434 | 2,190 | ||||||||
7.875%, 01/23/2028 (A) | 5,451 | 4,904 | ||||||||
Petroamazonas EP | ||||||||||
4.625%, 02/16/2020 (A) | 380 | 375 | ||||||||
4.625%, 11/06/2020 (A) | 1,055 | 1,018 | ||||||||
|
|
| ||||||||
23,823 | ||||||||||
|
|
| ||||||||
Egypt — 3.4% | ||||||||||
Egypt Government International Bond | ||||||||||
14.800%, 01/30/2023 | EGP | 73,250 | 3,591 | |||||||
7.903%, 02/21/2048 (A) | $ | 2,945 | 2,805 | |||||||
6.588%, 02/21/2028 (A)(D) | 1,291 | 1,233 | ||||||||
5.577%, 02/21/2023 (A) | 1,445 | 1,401 | ||||||||
Egypt Government International Bond MTN | ||||||||||
8.500%, 01/31/2047 (A) | 3,166 | 3,173 | ||||||||
8.500%, 01/31/2047 | 9,055 | 9,074 | ||||||||
7.500%, 01/31/2027 (A) | 1,702 | 1,732 | ||||||||
7.500%, 01/31/2027 (D) | 1,413 | 1,438 | ||||||||
6.125%, 01/31/2022 (A) | 1,194 | 1,194 | ||||||||
5.625%, 04/16/2030 (A) | EUR | 1,968 | 2,140 | |||||||
5.625%, 04/16/2030 | 3,322 | 3,612 | ||||||||
4.750%, 04/16/2026 | 2,311 | 2,570 | ||||||||
Egypt Treasury Bills (B) | ||||||||||
18.922%, 02/05/2019 | EGP | 13,000 | 680 | |||||||
17.389%, 10/30/2018 | 323,975 | 17,844 | ||||||||
|
|
| ||||||||
52,487 | ||||||||||
|
|
| ||||||||
El Salvador — 0.1% | ||||||||||
Republic of El Salvador | ||||||||||
8.250%, 04/10/2032 (A) | $ | 126 | 128 | |||||||
7.750%, 01/24/2023 | 2,020 | 2,107 | ||||||||
|
|
| ||||||||
2,235 | ||||||||||
|
|
| ||||||||
Gabon — 0.1% | ||||||||||
Gabonese Republic | ||||||||||
6.950%, 06/16/2025 (A) | 2,012 | 1,927 | ||||||||
6.375%, 12/12/2024 (A) | 41 | 38 | ||||||||
|
|
| ||||||||
1,965 | ||||||||||
|
|
| ||||||||
Georgia — 0.0% | ||||||||||
Republic of Georgia | ||||||||||
6.875%, 04/12/2021 (A) | 421 | 440 | ||||||||
|
|
| ||||||||
Ghana — 0.9% | ||||||||||
Ghana Government Bond | ||||||||||
10.750%, 10/14/2030 | 6,475 | 8,053 | ||||||||
10.750%, 10/14/2030 (A) | 244 | 303 | ||||||||
8.627%, 06/16/2049 | 2,467 | 2,467 | ||||||||
7.625%, 05/16/2029 (D) | 2,023 | 2,025 | ||||||||
Tullow Oil | ||||||||||
7.000%, 03/01/2025 (A) | 660 | 644 | ||||||||
|
|
| ||||||||
13,492 | ||||||||||
|
|
|
SEI Institutional International Trust / Annual Report / September 30, 2018 |
53 |
SCHEDULE OF INVESTMENTS
September 30, 2018
Emerging Markets Debt Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Guatemala — 0.0% | ||||||||||
Comunicaciones Celulares Via Comcel Trust | ||||||||||
6.875%, 02/06/2024 (A) | $ | 390 | $ | 399 | ||||||
|
|
| ||||||||
Honduras — 0.0% | ||||||||||
Honduras Government International Bond | ||||||||||
6.250%, 01/19/2027 | 326 | 335 | ||||||||
|
|
| ||||||||
Hungary — 1.7% | ||||||||||
Republic of Hungary | ||||||||||
7.625%, 03/29/2041 | 5,308 | 7,404 | ||||||||
5.500%, 06/24/2025 | HUF | 609,080 | 2,511 | |||||||
3.000%, 06/26/2024 | 884,280 | 3,212 | ||||||||
3.000%, 10/27/2027 | 2,411,270 | 8,281 | ||||||||
2.750%, 12/22/2026 | 752,070 | 2,565 | ||||||||
1.750%, 10/26/2022 | 730,360 | 2,578 | ||||||||
|
|
| ||||||||
26,551 | ||||||||||
|
|
| ||||||||
India — 0.1% | ||||||||||
Vedanta Resources | ||||||||||
8.250%, 06/07/2021 | $ | 820 | 845 | |||||||
|
|
| ||||||||
Indonesia — 7.0% | ||||||||||
Eterna Capital Pte | ||||||||||
8.000%, 12/11/2022 | 227 | 218 | ||||||||
7.500%, 12/11/2022 | 503 | 508 | ||||||||
Indika Energy Capital II | ||||||||||
6.875%, 04/10/2022 | 45 | 45 | ||||||||
Indika Energy Capital III | ||||||||||
5.875%, 11/09/2024 | 330 | 310 | ||||||||
5.875%, 11/09/2024 | 236 | 221 | ||||||||
Indo Energy Finance II | ||||||||||
6.375%, 01/24/2023 | 1,585 | 1,549 | ||||||||
Indonesia Treasury Bond | ||||||||||
8.750%, 05/15/2031 | IDR | 75,616,000 | 5,201 | |||||||
8.375%, 03/15/2034 | 95,294,000 | 6,270 | ||||||||
8.250%, 05/15/2029 | 8,000,000 | 547 | ||||||||
8.250%, 05/15/2036 | 66,134,000 | 4,323 | ||||||||
7.500%, 08/15/2032 | 37,830,000 | 2,348 | ||||||||
7.500%, 05/15/2038 | 116,892,000 | 7,052 | ||||||||
Perusahaan Listrik Negara MTN | ||||||||||
6.150%, 05/21/2048 (A) | $ | 857 | 890 | |||||||
5.450%, 05/21/2028 (A) | 462 | 475 | ||||||||
Perusahaan Penerbit SBSN Indonesia III | ||||||||||
4.400%, 03/01/2028 | 573 | 561 | ||||||||
Republic of Indonesia | ||||||||||
11.000%, 09/15/2025 | IDR | 3,200,000 | 247 | |||||||
9.000%, 03/15/2029 | 139,572,000 | 9,801 | ||||||||
8.500%, 10/12/2035 | $ | 1,179 | 1,615 | |||||||
8.500%, 10/12/2035 | 525 | 719 | ||||||||
8.375%, 03/15/2024 | IDR | 138,717,000 | 9,374 | |||||||
8.375%, 09/15/2026 | 31,281,000 | 2,114 | ||||||||
8.250%, 06/15/2032 | 24,199,000 | 1,587 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
7.750%, 01/17/2038 | $ | 1,797 | $ | 2,354 | ||||||
7.000%, 05/15/2022 | IDR | 121,630,000 | 7,971 | |||||||
7.000%, 05/15/2027 | 78,640,000 | 4,882 | ||||||||
6.625%, 05/15/2033 | 50,461,000 | 2,897 | ||||||||
6.125%, 05/15/2028 | 90,163,000 | 5,246 | ||||||||
5.625%, 05/15/2023 | 87,051,000 | 5,304 | ||||||||
4.350%, 01/11/2048 | $ | 469 | 430 | |||||||
Republic of Indonesia MTN | ||||||||||
11.625%, 03/04/2019 | 2,324 | 2,410 | ||||||||
11.625%, 03/04/2019 (A) | 975 | 1,011 | ||||||||
11.625%, 03/04/2019 | 80 | 83 | ||||||||
5.875%, 01/15/2024 | 2,876 | 3,084 | ||||||||
5.875%, 01/15/2024 | 4,575 | 4,905 | ||||||||
5.250%, 01/17/2042 | 2,366 | 2,411 | ||||||||
5.125%, 01/15/2045 (A) | 1,670 | 1,673 | ||||||||
4.750%, 01/08/2026 | 1,044 | 1,058 | ||||||||
4.125%, 01/15/2025 | 1,331 | 1,309 | ||||||||
3.750%, 06/14/2028 | EUR | 2,104 | 2,676 | |||||||
3.375%, 04/15/2023 (A) | $ | 1,939 | 1,885 | |||||||
Star Energy Geothermal Wayang Windu | ||||||||||
6.750%, 04/24/2033 | 1,968 | 1,862 | ||||||||
|
|
| ||||||||
109,426 | ||||||||||
|
|
| ||||||||
Iraq — 0.3% | ||||||||||
Iraq International Bond | ||||||||||
5.800%, 01/15/2028 | 4,493 | 4,253 | ||||||||
|
|
| ||||||||
Israel — 0.0% | ||||||||||
Israel Electric MTN | ||||||||||
4.250%, 08/14/2028 (A) | 697 | 661 | ||||||||
|
|
| ||||||||
Ivory Coast — 1.3% | ||||||||||
Ivory Coast Government International Bond | ||||||||||
6.625%, 03/22/2048 | EUR | 2,259 | 2,447 | |||||||
6.375%, 03/03/2028 (A) | $ | 1,851 | 1,786 | |||||||
6.375%, 03/03/2028 | 1,125 | 1,086 | ||||||||
6.125%, 06/15/2033 (A) | 1,500 | 1,369 | ||||||||
5.750%, 12/31/2032 | 2,181 | 2,062 | ||||||||
5.750%, 12/31/2032 | 3,413 | 3,227 | ||||||||
5.750%, 12/31/2032 | 2,716 | 2,567 | ||||||||
5.250%, 03/22/2030 (D) | EUR | 2,503 | 2,758 | |||||||
5.125%, 06/15/2025 | 1,541 | 1,801 | ||||||||
5.125%, 06/15/2025 (A) | 930 | 1,087 | ||||||||
|
|
| ||||||||
20,190 | ||||||||||
|
|
| ||||||||
Jamaica — 0.0% | ||||||||||
Digicel Group | ||||||||||
7.125%, 04/01/2022 (A) | $ | 337 | 221 | |||||||
Government of Jamaica | ||||||||||
6.750%, 04/28/2028 | 200 | 217 | ||||||||
|
|
| ||||||||
438 | ||||||||||
|
|
|
54 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Jordan — 0.4% | ||||||||||
Jordan Government International Bond | ||||||||||
7.375%, 10/10/2047 (A) | $ | 1,601 | $ | 1,505 | ||||||
7.375%, 10/10/2047 | 2,684 | 2,523 | ||||||||
5.750%, 01/31/2027 | 2,200 | 2,082 | ||||||||
|
|
| ||||||||
6,110 | ||||||||||
|
|
| ||||||||
Kazakhstan — 1.1% | ||||||||||
Development Bank of Kazakhstan | ||||||||||
4.125%, 12/10/2022 | 770 | 759 | ||||||||
KazAgro National Management Holding JSC MTN | ||||||||||
4.625%, 05/24/2023 (A) | 349 | 344 | ||||||||
KazMunayGas National JSC | ||||||||||
6.375%, 10/24/2048 (A) | 720 | 755 | ||||||||
5.750%, 04/19/2047 (A) | 2,652 | 2,612 | ||||||||
5.750%, 04/19/2047 | 263 | 259 | ||||||||
5.375%, 04/24/2030 (A) | 1,834 | 1,864 | ||||||||
5.375%, 04/24/2030 | 2,300 | 2,337 | ||||||||
4.750%, 04/24/2025 (A) | 950 | 959 | ||||||||
KazTransGas JSC | ||||||||||
4.375%, 09/26/2027 (A) | 932 | 887 | ||||||||
Nostrum Oil & Gas Finance BV | ||||||||||
7.000%, 02/16/2025 (A) | 441 | 388 | ||||||||
Republic of Kazakhstan MTN | ||||||||||
6.500%, 07/21/2045 | 4,350 | 5,354 | ||||||||
|
|
| ||||||||
16,518 | ||||||||||
|
|
| ||||||||
Kenya — 0.4% | ||||||||||
Kenya Government International Bond | ||||||||||
8.250%, 02/28/2048 | 2,683 | 2,589 | ||||||||
7.250%, 02/28/2028 (A) | 1,418 | 1,379 | ||||||||
6.875%, 06/24/2024 (A) | 543 | 545 | ||||||||
6.875%, 06/24/2024 | 473 | 474 | ||||||||
5.875%, 06/24/2019 (A) | 805 | 813 | ||||||||
|
|
| ||||||||
5,800 | ||||||||||
|
|
| ||||||||
Lebanon — 0.9% | ||||||||||
Lebanon Government International Bond | ||||||||||
6.850%, 03/23/2027 | 1,322 | 1,037 | ||||||||
6.650%, 04/22/2024 | 5,061 | 4,183 | ||||||||
Lebanon Government International Bond MTN | ||||||||||
6.650%, 11/03/2028 | 10,222 | 7,744 | ||||||||
6.650%, 02/26/2030 | 177 | 132 | ||||||||
6.600%, 11/27/2026 | 760 | 594 | ||||||||
|
|
| ||||||||
13,690 | ||||||||||
|
|
| ||||||||
Luxembourg — 0.1% | ||||||||||
Rede D’Or Finance S.A.R.L. | ||||||||||
4.950%, 01/17/2028 | 2,328 | 2,008 | ||||||||
|
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Malaysia — 2.5% | ||||||||||
1MDB Energy | ||||||||||
5.990%, 05/11/2022 | $ | 1,000 | $ | 1,020 | ||||||
1MDB Global Investments | ||||||||||
4.400%, 03/09/2023 | 8,600 | 8,118 | ||||||||
Gohl Capital | ||||||||||
4.250%, 01/24/2027 | 1,150 | 1,096 | ||||||||
Malaysia Government Bond | ||||||||||
5.248%, 09/15/2028 | MYR | 1,050 | 270 | |||||||
4.935%, 09/30/2043 | 2,200 | 537 | ||||||||
4.392%, 04/15/2026 | 7,081 | 1,737 | ||||||||
4.254%, 05/31/2035 | 1,827 | 419 | ||||||||
4.232%, 06/30/2031 | 6,200 | 1,464 | ||||||||
4.181%, 07/15/2024 | 4,186 | 1,023 | ||||||||
4.160%, 07/15/2021 | 20 | 5 | ||||||||
4.059%, 09/30/2024 | 8,000 | 1,941 | ||||||||
3.955%, 09/15/2025 | 7,520 | 1,811 | ||||||||
3.899%, 11/16/2027 | 2,500 | 593 | ||||||||
3.892%, 03/15/2027 | 1,369 | 324 | ||||||||
3.800%, 08/17/2023 | 20,495 | 4,948 | ||||||||
3.659%, 10/15/2020 | 1,419 | 344 | ||||||||
3.654%, 10/31/2019 | 4,500 | 1,090 | ||||||||
3.620%, 11/30/2021 | 4,891 | 1,182 | ||||||||
3.502%, 05/31/2027 | 1,050 | 242 | ||||||||
3.492%, 03/31/2020 | 26,554 | 6,419 | ||||||||
3.480%, 03/15/2023 | 2,858 | 680 | ||||||||
3.418%, 08/15/2022 | 4,289 | 1,024 | ||||||||
Malaysia Government Investment Issue | ||||||||||
4.070%, 09/30/2026 | 11,606 | 2,792 | ||||||||
|
|
| ||||||||
39,079 | ||||||||||
|
|
| ||||||||
Mauritius — 0.1% | ||||||||||
Liquid Telecommunications Financing | ||||||||||
8.500%, 07/13/2022 (A) | $ | 1,286 | 1,314 | |||||||
|
|
| ||||||||
Mexico — 9.9% | ||||||||||
Alfa | ||||||||||
6.875%, 03/25/2044 | 1,750 | 1,803 | ||||||||
America Movil | ||||||||||
7.125%, 12/09/2024 | MXN | 18,110 | 881 | |||||||
6.000%, 06/09/2019 | 12,420 | 651 | ||||||||
Axtel | ||||||||||
6.375%, 11/14/2024 (A) | $ | 480 | 474 | |||||||
Banco Inbursa Institucion De Banca Multiple Grupo Financiero Inbursa | ||||||||||
4.375%, 04/11/2027 (A) | 573 | 539 | ||||||||
Banco Nacional de Comercio Exterior SNC | ||||||||||
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026 (A) | 1,852 | 1,806 | ||||||||
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026 | 2,836 | 2,765 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
55 |
SCHEDULE OF INVESTMENTS
September 30, 2018
Emerging Markets Debt Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Cemex | ||||||||||
7.750%, 04/16/2026 | $ | 670 | $ | 732 | ||||||
Cometa Energia | ||||||||||
6.375%, 04/24/2035 (A) | 1,156 | 1,135 | ||||||||
Comision Federal de Electricidad | ||||||||||
7.350%, 11/25/2025 | MXN | 39,785 | 1,921 | |||||||
5.750%, 02/14/2042 (A) | $ | 500 | 494 | |||||||
4.750%, 02/23/2027 (A) | 658 | 649 | ||||||||
Elementia | ||||||||||
5.500%, 01/15/2025 | 670 | 637 | ||||||||
Mexican Bonos | ||||||||||
7.750%, 11/13/2042 | MXN | 98,500 | 5,069 | |||||||
7.500%, 06/03/2027 | 311,539 | 16,211 | ||||||||
6.500%, 06/09/2022 | 98,000 | 5,030 | ||||||||
5.750%, 03/05/2026 | 87,650 | 4,134 | ||||||||
5.750%, 03/05/2026 | 206,700 | 9,750 | ||||||||
5.000%, 12/11/2019 | 105,663 | 5,464 | ||||||||
Mexican Bonos, Ser M | ||||||||||
6.500%, 06/10/2021 | 46,219 | 2,396 | ||||||||
Mexican Bonos, Ser M20 | ||||||||||
10.000%, 12/05/2024 | 313,265 | 18,567 | ||||||||
8.000%, 12/07/2023 | 138,703 | 7,490 | ||||||||
Mexican Bonos, Ser M30 | ||||||||||
8.500%, 11/18/2038 | 28,699 | 1,596 | ||||||||
Mexico Cetes | ||||||||||
7.970%, 12/06/2018 (B) | 600,000 | 3,161 | ||||||||
Mexico City Airport Trust | ||||||||||
5.500%, 07/31/2047 (A) | $ | 2,551 | 2,277 | |||||||
Mexico Government International Bond | ||||||||||
4.600%, 02/10/2048 | 520 | 489 | ||||||||
Petroleos Mexicanos | ||||||||||
9.500%, 09/15/2027 | 169 | 205 | ||||||||
7.470%, 11/12/2026 | MXN | 155,079 | 7,049 | |||||||
7.190%, 09/12/2024 | 163,872 | 7,561 | ||||||||
6.625%, 06/15/2035 | $ | 4,931 | 4,899 | |||||||
6.625%, 06/15/2038 | 2,088 | 2,005 | ||||||||
6.500%, 03/13/2027 | 1,076 | 1,099 | ||||||||
6.500%, 03/13/2027 | 3,624 | 3,702 | ||||||||
6.375%, 01/23/2045 | 807 | 747 | ||||||||
6.350%, 02/12/2048 | 1,118 | 1,024 | ||||||||
6.350%, 02/12/2048 (A) | 742 | 680 | ||||||||
5.625%, 01/23/2046 | 489 | 415 | ||||||||
5.350%, 02/12/2028 (A) | 5,972 | 5,629 | ||||||||
4.500%, 01/23/2026 | 2,443 | 2,284 | ||||||||
4.250%, 01/15/2025 | 1,575 | 1,487 | ||||||||
Petroleos Mexicanos MTN | ||||||||||
6.750%, 09/21/2047 | 3,002 | 2,864 | ||||||||
6.750%, 09/21/2047 | 2,927 | 2,793 | ||||||||
6.750%, 09/21/2047 (A) | 73 | 70 | ||||||||
6.375%, 01/23/2045 (A) | 806 | 746 | ||||||||
4.875%, 02/21/2028 | EUR | 3,822 | 4,648 | |||||||
4.625%, 09/21/2023 (A) | $ | 1,185 | 1,174 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
4.250%, 01/15/2025 | $ | 2,450 | $ | 2,313 | ||||||
United Mexican States MTN | ||||||||||
5.750%, 10/12/2110 | 5,236 | 5,270 | ||||||||
|
|
| ||||||||
154,785 | ||||||||||
|
|
| ||||||||
Mongolia — 0.7% | ||||||||||
Mongolia Government International Bond | ||||||||||
5.625%, 05/01/2023 | 5,095 | 4,942 | ||||||||
Mongolia Government International Bond MTN | ||||||||||
10.875%, 04/06/2021 (A) | 1,205 | 1,354 | ||||||||
8.750%, 03/09/2024 | 3,150 | 3,445 | ||||||||
5.125%, 12/05/2022 | 438 | 419 | ||||||||
Trade & Development Bank of Mongolia MTN | ||||||||||
9.375%, 05/19/2020 (A) | 355 | 376 | ||||||||
9.375%, 05/19/2020 | 350 | 371 | ||||||||
|
|
| ||||||||
10,907 | ||||||||||
|
|
| ||||||||
Montenegro — 0.0% | ||||||||||
Montenegro Government International Bond | ||||||||||
3.375%, 04/21/2025 | EUR | 563 | 649 | |||||||
|
|
| ||||||||
Morocco — 0.2% | ||||||||||
OCP | ||||||||||
6.875%, 04/25/2044 | $ | 1,325 | 1,416 | |||||||
5.625%, 04/25/2024 (A) | 1,900 | 1,951 | ||||||||
|
|
| ||||||||
3,367 | ||||||||||
|
|
| ||||||||
Netherlands — 0.1% | ||||||||||
Marfrig Holdings Europe BV | ||||||||||
8.000%, 06/08/2023 (A) | 470 | 472 | ||||||||
Petrobras Global Finance BV | ||||||||||
5.750%, 02/01/2029 | 2,025 | 1,808 | ||||||||
|
|
| ||||||||
2,280 | ||||||||||
|
|
| ||||||||
Nigeria — 1.2% | ||||||||||
Nigeria Government International Bond | ||||||||||
7.875%, 02/16/2032 | 5,382 | 5,498 | ||||||||
7.875%, 02/16/2032 (A) | 488 | 498 | ||||||||
7.696%, 02/23/2038 | 1,314 | 1,286 | ||||||||
7.143%, 02/23/2030 (A) | 2,525 | 2,463 | ||||||||
7.143%, 02/23/2030 | 811 | 791 | ||||||||
Nigeria Government International Bond MTN | ||||||||||
7.625%, 11/28/2047 (A) | 1,686 | 1,613 | ||||||||
6.500%, 11/28/2027 (A) | 4,082 | 3,927 | ||||||||
6.500%, 11/28/2027 (D) | 3,470 | 3,339 | ||||||||
|
|
| ||||||||
19,415 | ||||||||||
|
|
| ||||||||
Oman — 1.3% | ||||||||||
Oman Government International Bond | ||||||||||
6.750%, 01/17/2048 (A) | 1,164 | 1,132 | ||||||||
6.750%, 01/17/2048 | 3,119 | 3,034 | ||||||||
6.500%, 03/08/2047 (A) | 2,100 | 1,995 | ||||||||
6.500%, 03/08/2047 | 1,556 | 1,478 | ||||||||
5.625%, 01/17/2028 (A) | 1,076 | 1,057 |
56 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
5.625%, 01/17/2028 | $ | 6,824 | $ | 6,705 | ||||||
5.375%, 03/08/2027 (A) | 690 | 670 | ||||||||
4.750%, 06/15/2026 (A) | 237 | 225 | ||||||||
4.125%, 01/17/2023 (A) | 555 | 541 | ||||||||
3.875%, 03/08/2022 | 1,066 | 1,040 | ||||||||
3.625%, 06/15/2021 (D) | 1,326 | 1,296 | ||||||||
Oztel Holdings SPC | ||||||||||
6.625%, 04/24/2028 (A) | 1,237 | 1,239 | ||||||||
|
|
| ||||||||
20,412 | ||||||||||
|
|
| ||||||||
Pakistan — 0.2% | ||||||||||
Pakistan Government International Bond | ||||||||||
8.250%, 09/30/2025 (D) | 1,000 | 1,041 | ||||||||
8.250%, 09/30/2025 (A) | 714 | 743 | ||||||||
7.875%, 03/31/2036 | 200 | 187 | ||||||||
6.875%, 12/05/2027 (A) | 1,438 | 1,364 | ||||||||
6.875%, 12/05/2027 | 526 | 499 | ||||||||
|
|
| ||||||||
3,834 | ||||||||||
|
|
| ||||||||
Panama — 0.1% | ||||||||||
Republic of Panama | ||||||||||
9.375%, 04/01/2029 | 630 | 893 | ||||||||
8.125%, 04/28/2034 | 478 | 639 | ||||||||
|
|
| ||||||||
1,532 | ||||||||||
|
|
| ||||||||
Papua New Guinea — 0.1% | ||||||||||
Papua New Guinea Government International Bond | ||||||||||
8.375%, 10/04/2028 (A) | 1,287 | 1,303 | ||||||||
8.375%, 10/04/2028 | 1,046 | 1,059 | ||||||||
|
|
| ||||||||
2,362 | ||||||||||
|
|
| ||||||||
Paraguay — 0.1% | ||||||||||
Paraguay Government International Bond | ||||||||||
6.100%, 08/11/2044 | 1,010 | 1,055 | ||||||||
6.100%, 08/11/2044 (A) | 221 | 231 | ||||||||
5.600%, 03/13/2048 | 241 | 240 | ||||||||
Telefonica Celular del Paraguay | ||||||||||
6.750%, 12/13/2022 | 200 | 204 | ||||||||
6.750%, 12/13/2022 | 200 | 204 | ||||||||
|
|
| ||||||||
1,934 | ||||||||||
|
|
| ||||||||
Peru — 1.1% | ||||||||||
Abengoa Transmision Sur | ||||||||||
6.875%, 04/30/2043 (A) | 273 | 302 | ||||||||
Fondo MIVIVIENDA | ||||||||||
7.000%, 02/14/2024 (A) | PEN | 3,704 | 1,208 | |||||||
Kallpa Generacion | ||||||||||
4.125%, 08/16/2027 (A) | $ | 723 | 669 | |||||||
Peru LNG Srl | ||||||||||
5.375%, 03/22/2030 (A) | 754 | 751 | ||||||||
Petroleos del Peru | ||||||||||
5.625%, 06/19/2047 (A) | 366 | 364 | ||||||||
4.750%, 06/19/2032 (A) | 613 | 594 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Republic of Peru | ||||||||||
8.200%, 08/12/2026 | PEN | 8,849 | $ | 3,168 | ||||||
6.950%, 08/12/2031 | 4,795 | 1,587 | ||||||||
6.950%, 08/12/2031 | 2,240 | 741 | ||||||||
6.900%, 08/12/2037 | 2,094 | 674 | ||||||||
6.900%, 08/12/2037 | 1,343 | 432 | ||||||||
6.850%, 02/12/2042 | 613 | 195 | ||||||||
6.350%, 08/12/2028 | 1,570 | 501 | ||||||||
6.350%, 08/12/2028 (A) | 1,465 | 467 | ||||||||
6.350%, 08/12/2028 | 346 | 110 | ||||||||
6.150%, 08/12/2032 (A) | 7,495 | 2,313 | ||||||||
5.700%, 08/12/2024 (A) | 4,932 | 1,560 | ||||||||
3.750%, 03/01/2030 | EUR | 1,463 | 2,025 | |||||||
|
|
| ||||||||
17,661 | ||||||||||
|
|
| ||||||||
Philippines — 0.0% | ||||||||||
Republic of Philippines | ||||||||||
3.900%, 11/26/2022 | PHP | 45,000 | 779 | |||||||
|
|
| ||||||||
Poland — 2.4% | ||||||||||
Republic of Poland Government Bond | ||||||||||
4.000%, 10/25/2023 | PLN | 476 | 138 | |||||||
3.250%, 07/25/2025 | 13,521 | 3,736 | ||||||||
2.750%, 08/25/2023 | 6,642 | 2,014 | ||||||||
2.750%, 04/25/2028 | 34,047 | 8,870 | ||||||||
2.500%, 01/25/2023 | 16,804 | 4,572 | ||||||||
2.500%, 07/25/2026 | 17,501 | 4,544 | ||||||||
2.250%, 04/25/2022 | 10,212 | 2,778 | ||||||||
2.000%, 04/25/2021 | 912 | 249 | ||||||||
1.750%, 07/25/2021 | 14,130 | 3,822 | ||||||||
1.554%, 07/25/2020 (B) | 11,300 | 2,981 | ||||||||
0.927%, 10/25/2018 (B) | 11,574 | 3,136 | ||||||||
Republic of Poland Government Bond, Ser 0922 | ||||||||||
5.750%, 09/23/2022 | 2,096 | 643 | ||||||||
|
|
| ||||||||
37,483 | ||||||||||
|
|
| ||||||||
Qatar — 0.2% | ||||||||||
Ooredoo International Finance MTN | ||||||||||
3.750%, 06/22/2026 | $ | 750 | 714 | |||||||
Qatar Government International Bond | ||||||||||
5.103%, 04/23/2048 | 1,003 | 1,043 | ||||||||
4.500%, 04/23/2028 | 1,526 | 1,571 | ||||||||
|
|
| ||||||||
3,328 | ||||||||||
|
|
| ||||||||
Romania — 0.9% | ||||||||||
Romanian Government International Bond | ||||||||||
5.800%, 07/26/2027 | RON | 14,080 | 3,753 | |||||||
4.250%, 06/28/2023 | 16,055 | 3,978 | ||||||||
3.500%, 12/19/2022 | 1,220 | 295 | ||||||||
3.400%, 03/08/2022 | 9,000 | 2,181 | ||||||||
3.250%, 04/29/2024 | 3,720 | 872 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
57 |
SCHEDULE OF INVESTMENTS
September 30, 2018
Emerging Markets Debt Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Romanian Government International Bond MTN | ||||||||||
3.875%, 10/29/2035 | EUR | 1,430 | $ | 1,682 | ||||||
2.500%, 02/08/2030 | 935 | 1,033 | ||||||||
|
|
| ||||||||
13,794 | ||||||||||
|
|
| ||||||||
Russia — 3.7% | ||||||||||
Credit Bank of Moscow Via CBOM Finance | ||||||||||
5.875%, 11/07/2021 (A) | $ | 1,116 | 1,081 | |||||||
GTH Finance BV | ||||||||||
7.250%, 04/26/2023 | 406 | 422 | ||||||||
6.250%, 04/26/2020 | 580 | 589 | ||||||||
GTLK Europe DAC | ||||||||||
5.950%, 07/19/2021 | 470 | 460 | ||||||||
Petropavlovsk | ||||||||||
8.125%, 11/14/2022 (A) | 730 | 547 | ||||||||
Ritekro (E) | ||||||||||
10.490%, 11/07/2022 (B) | 914 | 675 | ||||||||
Rusal Capital DAC | ||||||||||
5.125%, 02/02/2022 | 860 | 559 | ||||||||
Russian Federal Bond - OFZ | ||||||||||
8.500%, 09/17/2031 | RUB | 43,633 | 667 | |||||||
8.150%, 02/03/2027 | 699,720 | 10,544 | ||||||||
7.750%, 09/16/2026 | 325,541 | 4,802 | ||||||||
7.700%, 03/23/2033 | 98 | 1 | ||||||||
7.600%, 07/20/2022 | 46,640 | 704 | ||||||||
7.050%, 01/19/2028 | 1,121,118 | 15,680 | ||||||||
7.000%, 08/16/2023 | 300,364 | 4,404 | ||||||||
6.961%, 11/24/2021 | 22,770 | 339 | ||||||||
Russian Foreign Bond - Eurobond | ||||||||||
7.500%, 03/31/2030 | $ | 595 | 656 | |||||||
5.875%, 09/16/2043 | 2,200 | 2,380 | ||||||||
5.625%, 04/04/2042 | 800 | 841 | ||||||||
5.250%, 06/23/2047 | 3,200 | 3,066 | ||||||||
4.750%, 05/27/2026 | 2,600 | 2,596 | ||||||||
4.250%, 06/23/2027 | 1,000 | 959 | ||||||||
Sberbank of Russia Via SB Capital | ||||||||||
5.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.023%, 02/26/2024 (A)(D) | 2,292 | 2,281 | ||||||||
SCF Capital Designated Activity | ||||||||||
5.375%, 06/16/2023 (A) | 729 | 705 | ||||||||
VEON Holdings BV | ||||||||||
7.504%, 03/01/2022 | 290 | 310 | ||||||||
Vnesheconombank Via VEB Finance | ||||||||||
6.902%, 07/09/2020 | 1,310 | 1,316 | ||||||||
6.800%, 11/22/2025 | 580 | 568 | ||||||||
6.800%, 11/22/2025 (A) | 150 | 147 | ||||||||
|
|
| ||||||||
57,299 | ||||||||||
|
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Saudi Arabia — 0.1% | ||||||||||
Saudi Government International Bond MTN | ||||||||||
4.500%, 04/17/2030 | $ | 1,811 | $ | 1,819 | ||||||
|
|
| ||||||||
Senegal — 0.5% | ||||||||||
Senegal Government International Bond | ||||||||||
6.750%, 03/13/2048 (D) | 3,774 | 3,374 | ||||||||
6.250%, 05/23/2033 | 2,400 | 2,235 | ||||||||
6.250%, 05/23/2033 (A) | 910 | 848 | ||||||||
4.750%, 03/13/2028 | EUR | 1,383 | 1,551 | |||||||
|
|
| ||||||||
8,008 | ||||||||||
|
|
| ||||||||
Serbia — 0.6% | ||||||||||
Republic of Serbia | ||||||||||
7.250%, 09/28/2021 | $ | 8,125 | 8,845 | |||||||
7.250%, 09/28/2021 (A) | 200 | 218 | ||||||||
4.875%, 02/25/2020 | 200 | 203 | ||||||||
|
|
| ||||||||
9,266 | ||||||||||
|
|
| ||||||||
South Africa — 6.2% | ||||||||||
Eskom Holdings SOC | ||||||||||
7.125%, 02/11/2025 | 2,583 | 2,480 | ||||||||
7.125%, 02/11/2025 (A) | 951 | 913 | ||||||||
5.750%, 01/26/2021 | 1,883 | 1,831 | ||||||||
Eskom Holdings SOC MTN | ||||||||||
7.500%, 09/15/2033 | ZAR | 35,200 | 1,858 | |||||||
6.750%, 08/06/2023 | $ | 2,344 | 2,251 | |||||||
6.350%, 08/10/2028 (A) | 322 | 321 | ||||||||
Republic of South Africa | ||||||||||
10.500%, 12/21/2026 | ZAR | 253,336 | 19,390 | |||||||
9.000%, 01/31/2040 | 100,359 | 6,526 | ||||||||
8.875%, 02/28/2035 | 62,275 | 4,095 | ||||||||
8.750%, 01/31/2044 | 59,952 | 3,773 | ||||||||
8.750%, 02/28/2048 | 152,507 | 9,582 | ||||||||
8.500%, 01/31/2037 | 42,699 | 2,681 | ||||||||
8.250%, 03/31/2032 | 56,921 | 3,617 | ||||||||
8.000%, 01/31/2030 | 80,170 | 5,116 | ||||||||
7.250%, 01/15/2020 | 20,500 | 1,442 | ||||||||
7.000%, 02/28/2031 | 114,021 | 6,606 | ||||||||
6.500%, 02/28/2041 | 39,901 | 1,965 | ||||||||
6.300%, 06/22/2048 | $ | 320 | 310 | |||||||
6.250%, 03/31/2036 | ZAR | 200,387 | 10,086 | |||||||
5.875%, 09/16/2025 (D) | $ | 911 | 926 | |||||||
5.875%, 06/22/2030 | 1,402 | 1,394 | ||||||||
5.650%, 09/27/2047 | 1,616 | 1,474 | ||||||||
4.875%, 04/14/2026 | 3,200 | 3,050 | ||||||||
4.850%, 09/27/2027 | 2,950 | 2,775 | ||||||||
4.300%, 10/12/2028 | 1,396 | 1,252 | ||||||||
SASOL Financing USA | ||||||||||
6.500%, 09/27/2028 | 687 | 696 | ||||||||
5.875%, 03/27/2024 | 442 | 450 |
58 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Transnet SOC MTN | ||||||||||
9.500%, 05/13/2021 (A) | ZAR | 13,360 | $ | 921 | ||||||
|
|
| ||||||||
97,781 | ||||||||||
|
|
| ||||||||
South Korea — 0.1% | ||||||||||
Korea Housing Finance | ||||||||||
3.000%, 10/31/2022 (A) | $ | 908 | 880 | |||||||
|
|
| ||||||||
Sri Lanka — 1.2% | ||||||||||
Republic of Sri Lanka | ||||||||||
6.825%, 07/18/2026 (A) | 909 | 892 | ||||||||
6.250%, 07/27/2021 | 853 | 854 | ||||||||
6.200%, 05/11/2027 | 1,093 | 1,025 | ||||||||
5.875%, 07/25/2022 (A) | 1,755 | 1,724 | ||||||||
Sri Lanka Government International Bond | ||||||||||
11.750%, 06/15/2027 | LKR | 236,000 | 1,438 | |||||||
11.500%, 12/15/2021 | 200,000 | 1,220 | ||||||||
11.500%, 08/01/2026 | 6,000 | 36 | ||||||||
6.850%, 11/03/2025 | $ | 1,669 | 1,647 | |||||||
6.825%, 07/18/2026 | 500 | 491 | ||||||||
6.750%, 04/18/2028 | 2,140 | 2,065 | ||||||||
6.750%, 04/18/2028 (A) | 3,756 | 3,624 | ||||||||
6.250%, 07/27/2021 (D) | 981 | 983 | ||||||||
5.875%, 07/25/2022 | 989 | 972 | ||||||||
5.750%, 04/18/2023 (A) | 1,077 | 1,048 | ||||||||
|
|
| ||||||||
18,019 | ||||||||||
|
|
| ||||||||
Supra-National — 0.4% | ||||||||||
Banque Ouest Africaine de Developpement | ||||||||||
5.000%, 07/27/2027 (A) | 865 | 833 | ||||||||
European Investment Bank MTN | ||||||||||
8.500%, 09/17/2024 | ZAR | 9,200 | 645 | |||||||
7.200%, 07/09/2019 | IDR | 31,560,000 | 2,082 | |||||||
Inter-American Development Bank MTN | ||||||||||
7.875%, 03/14/2023 | 50,880,000 | 3,344 | ||||||||
|
|
| ||||||||
6,904 | ||||||||||
|
|
| ||||||||
Thailand — 1.6% | ||||||||||
Bank of Thailand Bill (B) | ||||||||||
1.458%, 03/14/2019 | THB | 24,500 | 753 | |||||||
1.456%, 02/28/2019 | 48,785 | 1,500 | ||||||||
1.422%, 12/06/2018 | 46,365 | 1,430 | ||||||||
1.266%, 12/06/2018 | 61,000 | 1,882 | ||||||||
1.256%, 11/29/2018 | 45,215 | 1,395 | ||||||||
1.171%, 10/04/2018 | 58,180 | 1,799 | ||||||||
PTTEP Treasury Center | ||||||||||
4.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.177%, 12/18/2166 (A) | $ | 652 | 653 | |||||||
Thailand Government Bond | ||||||||||
5.670%, 03/13/2028 | THB | 3,000 | 115 | |||||||
4.875%, 06/22/2029 | 22,000 | 798 | ||||||||
3.875%, 06/13/2019 | 68,000 | 2,134 | ||||||||
3.775%, 06/25/2032 | 17,000 | 561 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
3.650%, 06/20/2031 | THB | 84,500 | $ | 2,774 | ||||||
3.625%, 06/16/2023 | 55,000 | 1,799 | ||||||||
3.400%, 06/17/2036 | 94,500 | 2,976 | ||||||||
2.875%, 12/17/2028 | 17,000 | 528 | ||||||||
2.875%, 06/17/2046 | 3,431 | 98 | ||||||||
2.550%, 06/26/2020 | 40,000 | 1,250 | ||||||||
2.125%, 12/17/2026 | 15,000 | 445 | ||||||||
1.875%, 06/17/2022 | 57,000 | 1,740 | ||||||||
|
|
| ||||||||
24,630 | ||||||||||
|
|
| ||||||||
Tunisia — 0.3% | ||||||||||
Banque Centrale de Tunisie International Bond | ||||||||||
5.750%, 01/30/2025 | $ | 2,482 | 2,184 | |||||||
5.625%, 02/17/2024 | EUR | 1,850 | 2,100 | |||||||
|
|
| ||||||||
4,284 | ||||||||||
|
|
| ||||||||
Turkey — 4.9% | ||||||||||
Export Credit Bank of Turkey | ||||||||||
6.125%, 05/03/2024 (A) | $ | 547 | 490 | |||||||
5.875%, 04/24/2019 (A) | 200 | 197 | ||||||||
5.375%, 10/24/2023 (A) | 1,033 | 914 | ||||||||
5.000%, 09/23/2021 (A) | 538 | 494 | ||||||||
Export Credit Bank of Turkey MTN | ||||||||||
5.375%, 02/08/2021 (A) | 896 | 842 | ||||||||
Hazine Mustesarligi Varlik Kiralama | ||||||||||
5.004%, 04/06/2023 | 1,221 | 1,143 | ||||||||
KOC Holding | ||||||||||
5.250%, 03/15/2023 | 2,300 | 2,155 | ||||||||
Republic of Turkey | ||||||||||
7.375%, 02/05/2025 | 4,106 | 4,146 | ||||||||
6.875%, 03/17/2036 | 1,020 | 928 | ||||||||
6.000%, 01/14/2041 | 3,548 | 2,922 | ||||||||
5.750%, 03/22/2024 | 333 | 313 | ||||||||
5.125%, 03/25/2022 | 573 | 544 | ||||||||
4.875%, 10/09/2026 | 2,502 | 2,143 | ||||||||
4.875%, 04/16/2043 | 1,030 | 751 | ||||||||
4.250%, 04/14/2026 | 1,028 | 861 | ||||||||
TC Ziraat Bankasi | ||||||||||
4.250%, 07/03/2019 (A) | 940 | 909 | ||||||||
TC Ziraat Bankasi MTN | ||||||||||
5.125%, 05/03/2022 (A) | 1,063 | 929 | ||||||||
5.125%, 09/29/2023 (A) | 655 | 558 | ||||||||
4.750%, 04/29/2021 (A) | 561 | 501 | ||||||||
Turk Telekomunikasyon | ||||||||||
4.875%, 06/19/2024 | 1,750 | 1,527 | ||||||||
Turkey Government Bond | ||||||||||
16.200%, 06/14/2023 | TRY | 10,635 | 1,536 | |||||||
12.400%, 03/08/2028 | 7,087 | 920 | ||||||||
12.200%, 01/18/2023 | 34,983 | 4,324 | ||||||||
11.000%, 03/02/2022 | 34,649 | 4,262 | ||||||||
11.000%, 02/24/2027 | 17,861 | 2,075 | ||||||||
10.700%, 02/17/2021 | 6,560 | 830 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
59 |
SCHEDULE OF INVESTMENTS
September 30, 2018
Emerging Markets Debt Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
10.700%, 08/17/2022 | TRY | 26,936 | $ | 3,195 | ||||||
10.600%, 02/11/2026 | 13,409 | 1,527 | ||||||||
10.500%, 08/11/2027 | 73,346 | 8,461 | ||||||||
10.400%, 03/20/2024 | 2,250 | 272 | ||||||||
9.500%, 01/12/2022 | 13,693 | 1,634 | ||||||||
9.400%, 07/08/2020 | 22,531 | 2,963 | ||||||||
9.200%, 09/22/2021 | 9,387 | 1,142 | ||||||||
9.000%, 07/24/2024 | 9,803 | 1,186 | ||||||||
8.500%, 09/14/2022 | 4,534 | 488 | ||||||||
7.400%, 02/05/2020 | 10,971 | 1,491 | ||||||||
7.100%, 03/08/2023 | 17,230 | 1,775 | ||||||||
7.000%, 06/05/2020 | $ | 665 | 672 | |||||||
3.000%, 08/02/2023 | TRY | 8,631 | 1,409 | |||||||
Turkey Government International Bond | ||||||||||
7.000%, 03/11/2019 | $ | 784 | 788 | |||||||
6.125%, 10/24/2028 | 3,113 | 2,804 | ||||||||
5.750%, 05/11/2047 | 1,386 | 1,080 | ||||||||
5.125%, 02/17/2028 | 5,184 | 4,406 | ||||||||
Turkiye Garanti Bankasi | ||||||||||
6.125%, VAR USD Swap Semi 30/360 5 Year | 1,170 | 977 | ||||||||
Turkiye Is Bankasi MTN | ||||||||||
6.125%, 04/25/2024 | 1,080 | 894 | ||||||||
Turkiye Vakiflar Bankasi TAO MTN | ||||||||||
5.750%, 01/30/2023 | 324 | 277 | ||||||||
Yapi ve Kredi Bankasi MTN | ||||||||||
6.100%, 03/16/2023 | 1,225 | 1,078 | ||||||||
5.850%, 06/21/2024 (A) | 429 | 368 | ||||||||
|
|
| ||||||||
76,101 | ||||||||||
|
|
| ||||||||
Ukraine — 2.2% | ||||||||||
Metinvest BV | ||||||||||
7.750%, 04/23/2023 (A) | 607 | 582 | ||||||||
Ukraine Government International Bond | ||||||||||
7.750%, 09/01/2020 (A) | 477 | 481 | ||||||||
7.750%, 09/01/2021 (A) | 2,950 | 2,972 | ||||||||
7.750%, 09/01/2022 (A) | 262 | 261 | ||||||||
7.750%, 09/01/2023 (A) | 1,023 | 1,004 | ||||||||
7.750%, 09/01/2024 | 1,283 | 1,243 | ||||||||
7.750%, 09/01/2025 (A) | 2,785 | 2,649 | ||||||||
7.750%, 09/01/2026 | 2,175 | 2,042 | ||||||||
7.750%, 09/01/2026 (A) | 3,174 | 2,981 | ||||||||
7.750%, 09/01/2027 (D) | 3,723 | 3,458 | ||||||||
7.750%, 09/01/2027 (A) | 2,888 | 2,682 | ||||||||
7.375%, 09/25/2032 (A) | 7,159 | 6,216 | ||||||||
2.966%, 05/31/2040 (F) | 975 | 512 | ||||||||
2.868%, 05/31/2040 (A)(F) | 9,386 | 4,926 | ||||||||
Ukreximbank Via Biz Finance | ||||||||||
9.625%, 04/27/2022 (A) | 1,711 | 1,741 | ||||||||
|
|
| ||||||||
33,750 | ||||||||||
|
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
United Arab Emirates — 0.2% | ||||||||||
Abu Dhabi Crude Oil Pipeline | ||||||||||
4.600%, 11/02/2047 (A) | $ | 1,248 | $ | 1,215 | ||||||
4.600%, 11/02/2047 | 330 | 321 | ||||||||
3.650%, 11/02/2029 (A) | 1,247 | 1,182 | ||||||||
MAF Global Securities | ||||||||||
5.500%, VAR USD Swap Semi 30/360 5 Year Curr+3.476%, 12/29/2049 | 870 | 829 | ||||||||
|
|
| ||||||||
3,547 | ||||||||||
|
|
| ||||||||
United Kingdom — 0.0% | ||||||||||
MARB BondCo | ||||||||||
6.875%, 01/19/2025 (A) | 269 | 250 | ||||||||
Vedanta Resources | ||||||||||
6.375%, 07/30/2022 (A) | 216 | 208 | ||||||||
6.125%, 08/09/2024 (A) | 301 | 280 | ||||||||
|
|
| ||||||||
738 | ||||||||||
|
|
| ||||||||
Uruguay — 0.9% | ||||||||||
Republic of Uruguay | ||||||||||
9.875%, 06/20/2022 (A) | UYU | 31,830 | 951 | |||||||
8.500%, 03/15/2028 (A) | 65,160 | 1,709 | ||||||||
7.625%, 03/21/2036 | $ | 4,950 | 6,678 | |||||||
5.100%, 06/18/2050 | 1,264 | 1,289 | ||||||||
4.125%, 11/20/2045 | 346 | 321 | ||||||||
Uruguay Government International Bond | ||||||||||
9.875%, 06/20/2022 | UYU | 8,520 | 255 | |||||||
4.375%, 10/27/2027 | $ | 2,237 | 2,278 | |||||||
Uruguay Monetary Regulation Bill | ||||||||||
10.132%, 02/08/2019 (B) | UYU | 17,100 | 498 | |||||||
|
|
| ||||||||
13,979 | ||||||||||
|
|
| ||||||||
Venezuela — 0.7% | ||||||||||
Petroleos de Venezuela | ||||||||||
9.750%, 05/17/2035 (D)(G) | $ | 1,000 | 235 | |||||||
9.000%, 11/17/2021 (D)(G) | 4,300 | 989 | ||||||||
6.000%, 05/16/2024 (G)(H) | 8,092 | 1,770 | ||||||||
6.000%, 05/16/2024 (G) | 7,785 | 1,702 | ||||||||
6.000%, 11/15/2026 (G)(H) | 10,066 | 2,164 | ||||||||
5.500%, 04/12/2037 (G) | 740 | 163 | ||||||||
5.375%, 04/12/2027 (G) | 4,364 | 945 | ||||||||
Republic of Venezuela | ||||||||||
9.250%, 09/15/2027 (G) | 2,300 | 625 | ||||||||
8.250%, 10/13/2024 (G) | 2,160 | 576 | ||||||||
7.750%, 10/13/2019 (G) | 6,270 | 1,641 | ||||||||
|
|
| ||||||||
10,810 | ||||||||||
|
|
| ||||||||
Zambia — 0.3% | ||||||||||
Republic of Zambia | ||||||||||
8.970%, 07/30/2027 | 4,401 | 3,125 | ||||||||
8.500%, 04/14/2024 (A) | 1,254 | 894 | ||||||||
5.375%, 09/20/2022 (A) | 105 | 73 |
60 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
Zambia Government International Bond | ||||||||||
5.375%, 09/20/2022 (D) | $ | 642 | $ | 448 | ||||||
|
|
| ||||||||
4,540 | ||||||||||
|
|
| ||||||||
Total Global Bonds | 1,417,152 | |||||||||
|
|
| ||||||||
U.S. TREASURY OBLIGATION — 1.4% | ||||||||||
U.S. Treasury Bill | ||||||||||
2.221%, 02/07/2019 (B) | 21,863 | 21,686 | ||||||||
|
|
| ||||||||
Total U.S. Treasury Obligation | 21,686 | |||||||||
|
|
| ||||||||
Shares | ||||||||||
AFFILIATED PARTNERSHIP — 2.0% | ||||||||||
SEI Liquidity Fund, L.P. | ||||||||||
2.170% **†(I) | 30,589,075 | 30,585 | ||||||||
|
|
| ||||||||
Total Affiliated Partnership | 30,585 | |||||||||
|
|
| ||||||||
Total Investments in Securities — 93.9% | $ | 1,469,423 | ||||||||
|
|
|
A list of the open futures contracts held by the Fund at September 30, 2018, is as follows:
Type of Contract | Number of Contracts Long (Short) | Expiration Date | Notional Amount (Thousands) | Value (Thousands) | Unrealized Appreciation/ (Depreciation) (Thousands) | |||||||||||||||
Euro-Bund | (223) | Dec-2018 | $ | (41,682) | $ | (41,129) | $ | 445 | ||||||||||||
Euro-Bund | (48) | Dec-2018 | (8,959) | (8,853) | 91 | |||||||||||||||
Euro-Buxl 30 Year Bond | (27) | Dec-2018 | (5,555) | (5,467) | 74 | |||||||||||||||
JSE Bond Future R2035 | 799 | Nov-2018 | 5,261 | 5,336 | 8 | |||||||||||||||
JSE Bond Future R2040 | 930 | Nov-2018 | 6,135 | 6,192 | (19) | |||||||||||||||
JSE Bond Future R209 | (70) | Nov-2018 | (380) | (355) | 6 | |||||||||||||||
U.S. 5-Year Treasury Note | 59 | Dec-2018 | 6,689 | 6,636 | (53) | |||||||||||||||
U.S. 10-Year Treasury Note | 215 | Dec-2018 | 25,833 | 25,538 | (295) | |||||||||||||||
U.S. Ultra Long Treasury Bond | 12 | Dec-2018 | 1,916 | 1,851 | (65) | |||||||||||||||
|
|
|
|
|
| |||||||||||||||
$ | (10,742) | $ | (10,251) | $ | 192 | |||||||||||||||
|
|
|
|
|
|
A list of the open forward foreign currency contracts held by the Fund at September 30, 2018, is as follows:
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Citigroup | 10/02/18 | USD | 1,757 | BRL | 7,258 | $ | 61 | |||||||||||||||||
Citigroup | 12/11/18 | USD | 2,157 | BRL | 9,066 | 101 | ||||||||||||||||||
Citigroup | 10/02/18 | USD | 5,140 | BRL | 19,902 | (156 | ) |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
61 |
SCHEDULE OF INVESTMENTS
September 30, 2018
Emerging Markets Debt Fund (Continued)
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Citigroup | 10/02/18 | BRL | 10,838 | USD | 2,859 | $ | 145 | |||||||||||||||||
Citigroup | 10/02/18 - 12/04/18 | BRL | 44,337 | USD | 10,698 | (366) | ||||||||||||||||||
Citigroup | 10/02/18 - 11/27/18 | ARS | 207,378 | USD | 6,192 | 1,259 | ||||||||||||||||||
Citigroup | 10/02/18 | ARS | 26,218 | USD | 639 | (4) | ||||||||||||||||||
Citigroup | 10/03/18 - 12/19/18 | USD | 12,709 | PLN | 47,212 | 123 | ||||||||||||||||||
Citigroup | 11/09/18 | USD | 4,030 | PLN | 14,686 | (42) | ||||||||||||||||||
Citigroup | 10/03/18 - 01/15/19 | EUR | 26,487 | PLN | 114,526 | 171 | ||||||||||||||||||
Citigroup | 10/03/18 - 11/05/18 | USD | 1,159 | EUR | 999 | 3 | ||||||||||||||||||
Citigroup | 10/03/18 - 12/19/18 | USD | 42,938 | EUR | 36,460 | (463) | ||||||||||||||||||
Citigroup | 10/03/18 - 12/19/18 | EUR | 44,149 | USD | 51,899 | 500 | ||||||||||||||||||
Citigroup | 10/03/18 - 12/05/18 | EUR | 17,701 | USD | 20,557 | (98) | ||||||||||||||||||
Citigroup | 10/03/18 | PLN | 102,852 | EUR | 23,883 | (161) | ||||||||||||||||||
Citigroup | 10/05/18 - 04/03/19 | USD | 7,226 | MXN | 144,288 | 290 | ||||||||||||||||||
Citigroup | 10/05/18 - 12/19/18 | USD | 12,180 | CLP | 8,144,910 | 178 | ||||||||||||||||||
Citigroup | 10/05/18 - 04/03/19 | MXN | 206,598 | USD | 10,765 | (153) | ||||||||||||||||||
Citigroup | 10/11/18 | ZAR | 9,392 | USD | 711 | 47 | ||||||||||||||||||
Citigroup | 10/09/18 - 12/19/18 | ZAR | 138,149 | USD | 9,301 | (409) | ||||||||||||||||||
Citigroup | 10/10/18 - 12/19/18 | USD | 22,641 | THB | 741,976 | 361 | ||||||||||||||||||
Citigroup | 12/19/18 | USD | 7,976 | THB | 240,529 | (516) | ||||||||||||||||||
Citigroup | 10/11/18 - 12/19/18 | USD | 4,234 | ZAR | 62,997 | 187 | ||||||||||||||||||
Citigroup | 10/11/18 - 03/01/19 | RON | 39,064 | EUR | 8,249 | (59) | ||||||||||||||||||
Citigroup | 10/19/18 | USD | 3,331 | CZK | 73,706 | (8) | ||||||||||||||||||
Citigroup | 10/23/18 - 11/23/18 | USD | 6,482 | ARS | 247,389 | (719) | ||||||||||||||||||
Citigroup | 10/25/18 | USD | 11,519 | COP | 33,594,778 | (199) | ||||||||||||||||||
Citigroup | 10/26/18 | IDR | 11,461,146 | USD | 767 | – | ||||||||||||||||||
Citigroup | 10/29/18 | USD | 3,058 | TWD | 93,600 | 22 | ||||||||||||||||||
Citigroup | 10/29/18 | EUR | 3,790 | HUF | 1,229,786 | 16 | ||||||||||||||||||
Citigroup | 11/05/18 | THB | 104,700 | USD | 3,207 | (35) | ||||||||||||||||||
Citigroup | 11/06/18 - 12/19/18 | USD | 24,987 | RUB | 1,740,524 | 1,435 | ||||||||||||||||||
Citigroup | 11/09/18 | USD | 1,220 | RON | 4,829 | (16) | ||||||||||||||||||
Citigroup | 11/09/18 | USD | 6,146 | KRW | 6,859,300 | 42 | ||||||||||||||||||
Citigroup | 11/16/18 | KRW | 3,312,376 | USD | 2,927 | (61) | ||||||||||||||||||
Citigroup | 12/19/18 | GBP | 3,250 | USD | 4,249 | (4) | ||||||||||||||||||
Citigroup | 12/19/18 | PLN | 3,355 | USD | 912 | (1) | ||||||||||||||||||
Citigroup | 12/19/18 | USD | 4,533 | GBP | 3,440 | (31) | ||||||||||||||||||
Citigroup | 12/19/18 | USD | 5,165 | PEN | 17,170 | 27 | ||||||||||||||||||
Citigroup | 12/19/18 | USD | 7,627 | TRY | 51,640 | 544 | ||||||||||||||||||
Citigroup | 12/19/18 | EUR | 8,581 | CZK | 219,070 | (110) | ||||||||||||||||||
Citigroup | 12/19/18 | USD | 10,819 | SGD | 14,819 | 50 | ||||||||||||||||||
Citigroup | 12/19/18 | ILS | 32,358 | USD | 8,858 | (99) | ||||||||||||||||||
Citigroup | 12/19/18 | RUB | 394,760 | USD | 5,619 | (361) | ||||||||||||||||||
Citigroup | 12/19/18 - 01/09/19 | TWD | 563,066 | USD | 18,524 | (105) | ||||||||||||||||||
Citigroup | 12/19/18 | PHP | 1,112,578 | USD | 20,403 | (63) | ||||||||||||||||||
Citigroup | 01/23/19 | HUF | 94,994 | EUR | 292 | (2) | ||||||||||||||||||
Citigroup | 03/01/19 - 03/07/19 | EUR | 8,381 | RON | 40,358 | 180 | ||||||||||||||||||
Goldman Sachs | 12/04/18 - 01/15/19 | USD | 11,849 | BRL | 48,411 | 186 | ||||||||||||||||||
Goldman Sachs | 10/02/18 | USD | 3,305 | BRL | 12,662 | (134) | ||||||||||||||||||
Goldman Sachs | 10/02/18 | BRL | 670 | USD | 179 | 11 | ||||||||||||||||||
Goldman Sachs | 10/02/18 - 01/15/19 | BRL | 66,146 | USD | 16,093 | (419) | ||||||||||||||||||
Goldman Sachs | 10/03/18 | EUR | 2,693 | USD | 3,154 | 26 | ||||||||||||||||||
Goldman Sachs | 10/03/18 - 12/19/18 | USD | 11,308 | EUR | 9,537 | (175) | ||||||||||||||||||
Goldman Sachs | 10/03/18 | EUR | 19,536 | PLN | 84,318 | 182 |
62 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Goldman Sachs | 10/03/18 | PLN | 23,376 | EUR | 5,402 | $ | (67) | |||||||||||||||||
Goldman Sachs | 10/09/18 | CNY | 19,622 | USD | 2,860 | 9 | ||||||||||||||||||
Goldman Sachs | 10/10/18 - 11/23/18 | ARS | 220,341 | USD | 5,276 | 144 | ||||||||||||||||||
Goldman Sachs | 10/11/18 - 03/07/19 | EUR | 1,361 | RON | 6,401 | 5 | ||||||||||||||||||
Goldman Sachs | 10/11/18 | RON | 12,224 | EUR | 2,620 | (2) | ||||||||||||||||||
Goldman Sachs | 10/11/18 - 12/19/18 | USD | 13,362 | ZAR | 202,430 | 853 | ||||||||||||||||||
Goldman Sachs | 10/11/18 | USD | 2,660 | ZAR | 35,511 | (154) | ||||||||||||||||||
Goldman Sachs | 10/11/18 | ZAR | 10,021 | USD | 744 | 36 | ||||||||||||||||||
Goldman Sachs | 10/11/18 - 12/19/18 | ZAR | 74,952 | USD | 5,041 | (239) | ||||||||||||||||||
Goldman Sachs | 10/15/18 | PHP | 149,820 | USD | 2,760 | (11) | ||||||||||||||||||
Goldman Sachs | 10/18/18 | MYR | 2,437 | USD | 600 | 11 | ||||||||||||||||||
Goldman Sachs | 10/24/18 | USD | 969 | ARS | 29,609 | (266) | ||||||||||||||||||
Goldman Sachs | 10/25/18 - 12/19/18 | COP | 52,961,403 | USD | 17,259 | (565) | ||||||||||||||||||
Goldman Sachs | 10/29/18 | EUR | 373 | HUF | 120,529 | – | ||||||||||||||||||
Goldman Sachs | 10/29/18 - 01/23/19 | HUF | 1,970,446 | EUR | 6,058 | (42) | ||||||||||||||||||
Goldman Sachs | 11/06/18 | USD | 4,549 | RUB | 309,117 | 156 | ||||||||||||||||||
Goldman Sachs | 11/06/18 | RUB | 45,754 | USD | 693 | (4) | ||||||||||||||||||
Goldman Sachs | 11/09/18 - 12/19/18 | KRW | 16,602,812 | USD | 14,850 | (134) | ||||||||||||||||||
Goldman Sachs | 11/19/18 | USD | 6,986 | CLP | 4,614,925 | 19 | ||||||||||||||||||
Goldman Sachs | 11/29/18 - 04/03/19 | MXN | 406,452 | USD | 21,155 | (308) | ||||||||||||||||||
Goldman Sachs | 12/19/18 | USD | 1,962 | PEN | 6,536 | 15 | ||||||||||||||||||
Goldman Sachs | 12/05/18 | USD | 627 | PEN | 2,073 | – | ||||||||||||||||||
Goldman Sachs | 12/07/18 | TRY | 14,127 | USD | 2,092 | (161) | ||||||||||||||||||
Goldman Sachs | 12/07/18 - 12/19/18 | USD | 16,027 | TRY | 105,870 | 782 | ||||||||||||||||||
Goldman Sachs | 12/19/18 | USD | 1,273 | IDR | 19,885,630 | 44 | ||||||||||||||||||
Goldman Sachs | 12/19/18 | USD | 3,976 | COP | 12,336,170 | 175 | ||||||||||||||||||
Goldman Sachs | 12/20/18 | EUR | 5,724 | CZK | 152,011 | 193 | ||||||||||||||||||
Goldman Sachs | 12/19/18 | EUR | 11,085 | CZK | 283,225 | (133) | ||||||||||||||||||
Goldman Sachs | 12/19/18 | USD | 28,045 | PLN | 104,158 | 277 | ||||||||||||||||||
Goldman Sachs | 12/19/18 | RON | 53,650 | USD | 13,388 | 21 | ||||||||||||||||||
Goldman Sachs | 12/19/18 | CZK | 96,258 | USD | 4,364 | 4 | ||||||||||||||||||
Goldman Sachs | 12/19/18 | CZK | 64,371 | EUR | 2,519 | 30 | ||||||||||||||||||
Goldman Sachs | 12/20/18 | CZK | 165,445 | EUR | 6,354 | (65) | ||||||||||||||||||
Goldman Sachs | 12/19/18 | INR | 359,390 | USD | 4,866 | (27) | ||||||||||||||||||
Goldman Sachs | 12/19/18 | IDR | 36,312,240 | USD | 2,398 | (7) | ||||||||||||||||||
Goldman Sachs | 01/16/19 | USD | 3,610 | EGP | 68,960 | 138 | ||||||||||||||||||
Goldman Sachs | 01/16/19 | EGP | 68,960 | USD | 3,666 | (83) | ||||||||||||||||||
Goldman Sachs | 01/31/19 | USD | 1,579 | KZT | 564,909 | (62) | ||||||||||||||||||
Goldman Sachs | 04/03/19 | USD | 480 | MXN | 9,228 | – | ||||||||||||||||||
JPMorgan Chase Bank | 10/02/18 | USD | 354 | BRL | 1,388 | (6) | ||||||||||||||||||
JPMorgan Chase Bank | 10/02/18 | USD | 6,076 | BRL | 24,974 | 177 | ||||||||||||||||||
JPMorgan Chase Bank | 11/05/18 | BRL | 10,810 | USD | 2,705 | 5 | ||||||||||||||||||
JPMorgan Chase Bank | 10/02/18 - 12/04/18 | BRL | 83,994 | USD | 20,152 | (826) | ||||||||||||||||||
JPMorgan Chase Bank | 10/03/18 | EUR | 508 | PLN | 2,186 | 4 | ||||||||||||||||||
JPMorgan Chase Bank | 10/03/18 | PLN | 997 | EUR | 232 | (1) | ||||||||||||||||||
JPMorgan Chase Bank | 10/03/18 - 11/09/18 | EUR | 7,260 | USD | 8,516 | 61 | ||||||||||||||||||
JPMorgan Chase Bank | 11/09/18 | EUR | 21,672 | USD | 25,176 | (71) | ||||||||||||||||||
JPMorgan Chase Bank | 11/09/18 | USD | 0 | EUR | 0 | – | ||||||||||||||||||
JPMorgan Chase Bank | 10/03/18 - 11/09/18 | USD | 32,167 | EUR | 27,509 | (212) | ||||||||||||||||||
JPMorgan Chase Bank | 10/04/18 | USD | 4,207 | INR | 306,236 | 16 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
63 |
SCHEDULE OF INVESTMENTS
September 30, 2018
Emerging Markets Debt Fund (Continued)
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
JPMorgan Chase Bank | 10/04/18 | INR | 306,207 | USD | 4,298 | $ | 75 | |||||||||||||||||
JPMorgan Chase Bank | 10/05/18 | USD | 3,029 | CLP | 2,007,968 | 16 | ||||||||||||||||||
JPMorgan Chase Bank | 10/05/18 | USD | 2,681 | CLP | 1,767,622 | (1) | ||||||||||||||||||
JPMorgan Chase Bank | 10/05/18 - 04/03/19 | MXN | 263,277 | USD | 13,321 | (443) | ||||||||||||||||||
JPMorgan Chase Bank | 10/09/18 | USD | 2,857 | CNY | 19,622 | (5) | ||||||||||||||||||
JPMorgan Chase Bank | 10/11/18 | ZAR | 50,011 | USD | 3,682 | 152 | ||||||||||||||||||
JPMorgan Chase Bank | 10/09/18 - 10/11/18 | ZAR | 113,019 | USD | 7,513 | (465) | ||||||||||||||||||
JPMorgan Chase Bank | 10/10/18 - 10/23/18 | USD | 3,319 | ARS | 102,356 | (858) | ||||||||||||||||||
JPMorgan Chase Bank | 10/12/18 - 10/25/18 | USD | 8,815 | COP | 26,705,001 | 182 | ||||||||||||||||||
JPMorgan Chase Bank | 10/16/18 - 11/05/18 | USD | 7,091 | THB | 234,451 | 168 | ||||||||||||||||||
JPMorgan Chase Bank | 11/05/18 | USD | 398 | THB | 12,856 | (1) | ||||||||||||||||||
JPMorgan Chase Bank | 10/16/18 - 11/05/18 | THB | 129,273 | USD | 3,906 | (95) | ||||||||||||||||||
JPMorgan Chase Bank | 12/19/18 | USD | 2,284 | CZK | 53,938 | 159 | ||||||||||||||||||
JPMorgan Chase Bank | 10/19/18 | USD | 3,754 | CZK | 82,804 | (20) | ||||||||||||||||||
JPMorgan Chase Bank | 10/19/18 - 04/03/19 | USD | 22,321 | MXN | 428,761 | 362 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/19 | USD | 2,387 | MXN | 45,502 | (21) | ||||||||||||||||||
JPMorgan Chase Bank | 10/25/18 | COP | 4,523,035 | USD | 1,472 | (52) | ||||||||||||||||||
JPMorgan Chase Bank | 10/26/18 | IDR | 54,316,914 | USD | 3,634 | 1 | ||||||||||||||||||
JPMorgan Chase Bank | 10/26/18 | IDR | 8,549,557 | USD | 571 | (1) | ||||||||||||||||||
JPMorgan Chase Bank | 10/29/18 | EUR | 1,576 | HUF | 509,807 | 1 | ||||||||||||||||||
JPMorgan Chase Bank | 10/31/18 - 12/07/18 | TRY | 91,621 | USD | 13,129 | (1,497) | ||||||||||||||||||
JPMorgan Chase Bank | 10/31/18 | RUB | 263,477 | USD | 3,955 | (57) | ||||||||||||||||||
JPMorgan Chase Bank | 11/05/18 | EUR | 1,479 | USD | 1,744 | 22 | ||||||||||||||||||
JPMorgan Chase Bank | 11/06/18 | USD | 4,464 | RUB | 304,337 | 168 | ||||||||||||||||||
JPMorgan Chase Bank | 11/09/18 | USD | 456 | PLN | 1,660 | (5) | ||||||||||||||||||
JPMorgan Chase Bank | 11/09/18 | USD | 2,399 | RON | 9,508 | (30) | ||||||||||||||||||
JPMorgan Chase Bank | 11/09/18 | CNY | 19,622 | USD | 2,852 | 3 | ||||||||||||||||||
JPMorgan Chase Bank | 11/13/18 | USD | 3,003 | SGD | 4,100 | 2 | ||||||||||||||||||
JPMorgan Chase Bank | 11/13/18 | SGD | 4,113 | USD | 3,014 | (1) | ||||||||||||||||||
JPMorgan Chase Bank | 11/20/18 | ARS | 84,427 | USD | 2,011 | 71 | ||||||||||||||||||
JPMorgan Chase Bank | 11/23/18 | ARS | 21,118 | USD | 494 | 10 | ||||||||||||||||||
JPMorgan Chase Bank | 12/04/18 | USD | 497 | IDR | 7,591,980 | 7 | ||||||||||||||||||
JPMorgan Chase Bank | 12/04/18 | USD | 242 | IDR | 3,642,237 | – | ||||||||||||||||||
JPMorgan Chase Bank | 12/04/18 | IDR | 589,523 | USD | 39 | (1) | ||||||||||||||||||
JPMorgan Chase Bank | 12/04/18 | KRW | 3,191,178 | USD | 2,865 | (15) | ||||||||||||||||||
JPMorgan Chase Bank | 12/05/18 | USD | 3,293 | PEN | 10,971 | 26 | ||||||||||||||||||
JPMorgan Chase Bank | 12/19/18 | EUR | 7,585 | CZK | 200,890 | 230 | ||||||||||||||||||
JPMorgan Chase Bank | 12/19/18 | TWD | 191,740 | USD | 6,252 | (85) | ||||||||||||||||||
JPMorgan Chase Bank | 12/19/18 | INR | 359,390 | USD | 4,925 | 32 | ||||||||||||||||||
JPMorgan Chase Bank | 12/20/18 | EUR | 252 | CZK | 6,586 | 4 | ||||||||||||||||||
JPMorgan Chase Bank | 12/20/18 | EUR | 2,436 | CZK | 62,333 | (25) | ||||||||||||||||||
JPMorgan Chase Bank | 03/07/19 | RON | 13,500 | EUR | 2,821 | (38) | ||||||||||||||||||
Standard Bank | 10/02/18 - 12/04/18 | MYR | 63,396 | USD | 15,536 | 211 | ||||||||||||||||||
Standard Bank | 12/03/18 | MYR | 12,200 | USD | 2,944 | (7) | ||||||||||||||||||
Standard Bank | 10/02/18 | TWD | 371,326 | USD | 12,186 | 25 | ||||||||||||||||||
Standard Bank | 10/29/18 | TWD | 91,294 | USD | 2,998 | (6) | ||||||||||||||||||
Standard Bank | 10/23/18 | USD | 674 | MYR | 2,800 | 3 | ||||||||||||||||||
Standard Bank | 10/31/18 | USD | 818 | IDR | 12,274,200 | 3 | ||||||||||||||||||
Standard Bank | 12/19/18 | USD | 5,375 | IDR | 80,652,870 | (32) | ||||||||||||||||||
Standard Bank | 12/04/18 | IDR | 5,285,166 | USD | 355 | 4 |
64 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Standard Bank | 12/19/18 | USD | 3,356 | COP | 10,406,190 | $ | 146 | |||||||||||||||||
Standard Bank | 12/19/18 | USD | 9,996 | SGD | 13,690 | 44 | ||||||||||||||||||
Standard Bank | 12/19/18 | KRW | 6,381,220 | USD | 5,674 | (88) | ||||||||||||||||||
State Street | 10/02/18 | USD | 4,564 | BRL | 17,888 | (84) | ||||||||||||||||||
State Street | 10/02/18 | BRL | 9,406 | USD | 2,408 | 52 | ||||||||||||||||||
State Street | 10/03/18 | EUR | 18,750 | USD | 21,753 | (26) | ||||||||||||||||||
State Street | 04/03/19 | USD | 3,052 | MXN | 63,544 | 251 | ||||||||||||||||||
State Street | 04/03/19 | MXN | 29,392 | USD | 1,409 | (118) | ||||||||||||||||||
|
| |||||||||||||||||||||||
$ | (740) | |||||||||||||||||||||||
|
|
A list of the open OTC swap agreements held by the Fund at September 30, 2018, is as follows:
Interest Rate Swaps | ||||||||||||||||||||||||||
Counterparty | Fund Pays | Fund Receives | Payment Frequency | Termination Date | Currency | Notional Amount (Thousands) | Value (Thousands) | Upfront Payments (Thousands) | Net Unrealized Appreciation (Depreciation) (Thousands) | |||||||||||||||||
JPMorgan Chase | 0.845% | 6-MONTH HUF - BUBOR | Semi-Annually | 10/10/2019 | HUF | 3,000,000 | $ | (119 | ) | $ | – | $ | (119 | ) | ||||||||||||
Goldman Sachs | 1-DAY BRL - CETIP | 9.73% | Annually | 01/02/2020 | BRL | 4,194 | 19 | – | 19 | |||||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 9.61% | Annually | 01/02/2020 | BRL | 3,480 | 44 | – | 44 | |||||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 9.07% | Annually | 01/02/2020 | BRL | 5,738 | 73 | – | 73 | |||||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 11.46% | Annually | 01/02/2020 | BRL | 3,649 | 39 | – | 39 | |||||||||||||||||
Goldman Sachs | 0.52% | 3-MONTH HUF - BUBOR | Annually | 01/18/2020 | HUF | 9,000,000 | (109 | ) | – | (109 | ) | |||||||||||||||
Goldman Sachs | 3-MONTH MosPrime - RUB | 6.78% | Annually | 02/22/2020 | RUB | 1,080,956 | (396 | ) | – | (396 | ) | |||||||||||||||
Goldman Sachs | 0.585% | 6-MONTH CZK - PRIBOR | Semi-Annually | 03/13/2020 | CZK | 25,000 | 21 | – | 21 | |||||||||||||||||
Goldman Sachs | 3-MONTH MosPrime - RUB | 6.53% | Annually | 03/27/2020 | RUB | 1,400,000 | (573 | ) | – | (573 | ) | |||||||||||||||
JPMorgan Chase | 0.6925% | 6-MONTH HUF - BUBOR | Semi-Annually | 04/20/2020 | HUF | 1,750,000 | (2 | ) | – | (2 | ) | |||||||||||||||
JPMorgan Chase | 1-DAY COP - COLIBR | 5.43% | Annually | 07/17/2020 | COP | 13,194,199 | 9 | – | 9 | |||||||||||||||||
Goldman Sachs | 1-DAY BRL - CETIP | 12.725% | Annually | 01/04/2021 | BRL | 10,608 | 260 | – | 260 | |||||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 10.89% | Annually | 01/04/2021 | BRL | 170 | 1 | – | 1 | |||||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 10.04% | Annually | 01/04/2021 | BRL | 3,557 | 10 | – | 10 | |||||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 9.275% | Annually | 01/04/2021 | BRL | 5,815 | (9 | ) | – | (9 | ) | |||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 8.87% | Annually | 01/04/2021 | BRL | 8,089 | (31 | ) | – | (31 | ) | |||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 9.18% | Annually | 01/04/2021 | BRL | 3,419 | (7 | ) | – | (7 | ) | |||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 8.66% | Annually | 01/04/2021 | BRL | 3,303 | (16 | ) | – | (16 | ) | |||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 9.61% | Annually | 01/04/2021 | BRL | 4,626 | 1 | – | 1 | |||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 5.37% | Monthly | 03/17/2021 | MXN | 46,500 | (146 | ) | – | (146 | ) | |||||||||||||||
JPMorgan Chase | 1.3775% | 6-MONTH HUF - BUBOR | Semi-Annually | 06/17/2021 | HUF | 654,998 | (7 | ) | – | (7 | ) | |||||||||||||||
JPMorgan Chase | 6-MONTH PZL - WIBOR | 2.42% | Annually | 12/12/2021 | PLN | 3,300 | 23 | – | 23 | |||||||||||||||||
Citibank | 6-MONTH PZL - WIBOR | 2.431% | Annually | 12/14/2021 | PLN | 11,000 | 77 | – | 77 | |||||||||||||||||
Goldman Sachs | 6-MONTH HUF - BUBOR | 1.265% | Semi-Annually | 01/10/2022 | HUF | 1,537,322 | 18 | – | 18 | |||||||||||||||||
Goldman Sachs | 0.8725% | 6-MONTH CZK - PRIBOR | Semi-Annually | 03/09/2022 | CZK | 25,000 | 51 | – | 51 | |||||||||||||||||
JPMorgan Chase | 1-DAY CLP - CHILIBOR | 3.430% | Semi-Annually | 05/10/2022 | CLP | 420,527 | (6 | ) | – | (6 | ) | |||||||||||||||
JPMorgan Chase | 0.955% | 6-MONTH CZK - PRIBOR | Semi-Annually | 05/17/2022 | CZK | 28,773 | 60 | – | 60 | |||||||||||||||||
JPMorgan Chase | 1-DAY CLP - CHILIBOR | 3.410% | Semi-Annually | 07/11/2022 | CLP | 900,000 | (15 | ) | – | (15 | ) | |||||||||||||||
Goldman Sachs | 1-DAY COP - COLIBR | 5.443% | Quarterly | 09/07/2022 | COP | 2,205,023 | 4 | – | 4 | |||||||||||||||||
Citibank | 1.165% | 6-MONTH CZK - PRIBOR | Semi-Annually | 09/08/2022 | CZK | 43,406 | 90 | – | 90 | |||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 5.900% | Monthly | 09/12/2022 | MXN | 75,956 | (282 | ) | – | (282 | ) | |||||||||||||||
JPMorgan Chase | 1-DAY COP - COLIBR | 5.30% | Quarterly | 09/19/2022 | COP | 9,500,000 | (7 | ) | – | (7 | ) | |||||||||||||||
Goldman Sachs | 6-MONTH HUF - BUBOR | 0.8385% | Annually | 09/21/2022 | HUF | 1,390,000 | (199 | ) | – | (199 | ) | |||||||||||||||
JPMorgan Chase | 1-DAY COP - COLIBR | 5.38% | Quarterly | 09/25/2022 | COP | 5,391,885 | (2 | ) | – | (2 | ) | |||||||||||||||
Goldman Sachs | 3-MONTH COP - COLIBR | 5.23% | Quarterly | 11/28/2022 | COP | 2,149,850 | (3 | ) | – | (3 | ) | |||||||||||||||
Goldman Sachs | 1-DAY BRL - CETIP | 11.985% | Annually | 01/02/2023 | BRL | 3,000 | 36 | – | 36 | |||||||||||||||||
Goldman Sachs | 1-DAY BRL - CETIP | 10.04% | Annually | 01/03/2023 | BRL | 5,012 | (16 | ) | – | (16 | ) | |||||||||||||||
Goldman Sachs | 1-DAY COP - COLIBR | 5.595% | Quarterly | 07/06/2023 | COP | 3,186,193 | 5 | – | 5 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
65 |
SCHEDULE OF INVESTMENTS
September 30, 2018
Emerging Markets Debt Fund (Continued)
Counterparty | Fund Pays | Fund Receives | Payment Frequency | Termination Date | Currency | Notional Amount (Thousands) | Value (Thousands) | Upfront Payments (Thousands) | Net Unrealized Appreciation (Depreciation) (Thousands) | |||||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 6.355% | Monthly | 05/21/2025 | MXN | 23,145 | $ | (109) | $ | – | $ | (109) | ||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 6.205% | Monthly | 12/08/2025 | MXN | 16,624 | (92) | – | (92) | |||||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 6.165% | Monthly | 03/05/2026 | MXN | 47,200 | (276) | – | (276) | |||||||||||||||||||||||
JPMorgan Chase | 28-DAY MXN - TIIE | 6.13% | Monthly | 06/18/2026 | MXN | 40,000 | (248) | – | (248) | |||||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 6.381% | Monthly | 09/16/2026 | MXN | 26,000 | (145) | – | (145) | |||||||||||||||||||||||
JPMorgan Chase | 1-DAY CLP - CHILIBOR | 3.45% | Semi-Annually | 06/02/2027 | CLP | 937,139 | (15) | – | (15) | |||||||||||||||||||||||
Goldman Sachs | 8.024% | 3-MONTH ZAR - JIBAR | Quarterly | 05/18/2028 | ZAR | 51,000 | 103 | – | 104 | |||||||||||||||||||||||
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$ | (1,886) | $ | – | $ | (1,885) | |||||||||||||||||||||||||||
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|
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Credit Default Swap | ||||||||||||||||||||||||
Counterparty | Reference Entity/Obligation | Buy/Sell Protection | (Pays)/Receives Rate | Payment Frequency | Termination Date | Notional Amount (Thousands) | Value (Thousands) | Upfront Payments/ Receipts (Thousands) | Net Unrealized Appreciation (Depreciation) (Thousands) | |||||||||||||||
JPMorgan Chase | Argentina | Sell | 5.00% | Quarterly | 06/20/2023 | $(1,895) | $(48) | $ | 148 | $ | (196) | |||||||||||||
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Cross Currency Swaps | ||||||||||||||||||||||||||||||||||||
Counterparty | Fund Pays | Fund Receives | Payment Frequency | Termination Date | Currency | Notional Amount (Thousands) | Value (Thousands) | Upfront Payment (Thousands) | Net Unrealized Appreciation (Depreciation) (Thousands) | |||||||||||||||||||||||||||
JPMorgan Chase | 3-MONTH USD - LIBOR | 29.52% | Annually | 03/11/2020 | USD | $78,803 | $ | 265 | $ | – | $ | 265 | ||||||||||||||||||||||||
JPMorgan Chase | 22.94% | 3-MONTH USD - LIBOR | Quarterly | 03/11/2024 | TRY | 4,437 | (273) | – | (273) | |||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||
$ | (8) | $ | – | $ | (8) | |||||||||||||||||||||||||||||||
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A list of the open centrally cleared swap agreements held by the Fund at September 30, 2018, is as follows:
Interest Rate Swaps | ||||||||||||||||||||||||
Fund Pays | Fund Receives | Payment Frequency | Termination Date | Currency | Notional Amount (Thousands) | Value (Thousands) | Upfront Payments/ Receipts (Thousands) | Net Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||
0.5275% | 3-MONTH HUF - BUBOR | Annually | 02/05/2020 | HUF | 1,000,000 | $ | (13 | ) | $ | – | $ | (13 | ) | |||||||||||
2.439% | 6-MONTH HUF - BUBOR | Semi-Annually | 06/08/2028 | HUF | 220,205 | 39 | – | 39 | ||||||||||||||||
2.379% | 6-MONTH HUF - BUBOR | Semi-Annually | 06/07/2028 | HUF | 279,795 | 54 | – | 54 | ||||||||||||||||
3.061% | 6-MONTH PZL - WIBOR | Semi-Annually | 05/21/2028 | PLN | 6,500 | (24 | ) | – | (24 | ) | ||||||||||||||
1.94% | 6-MONTH CZK - PRIBOR | Semi-Annually | 02/26/2028 | CZK | 14,000 | 27 | – | 27 | ||||||||||||||||
1.70% | 6-MONTH HUF - BUBOR | Semi-Annually | 01/22/2028 | HUF | 455,025 | 173 | – | 173 | ||||||||||||||||
2.76% | 6-MONTH PZL - WIBOR | Semi-Annually | 07/03/2027 | PLN | 1,700 | 5 | – | 5 | ||||||||||||||||
28-DAY MXN - TIIE | 7.51% | Monthly | 04/20/2027 | MXN | 8,110 | (17 | ) | – | (17 | ) | ||||||||||||||
28-DAY MXN - TIIE | 7.915% | Monthly | 01/22/2027 | MXN | 41,115 | (27 | ) | – | (27 | ) | ||||||||||||||
28-DAY MXN - TIIE | 7.72% | Monthly | 12/03/2026 | MXN | 8,000 | (10 | ) | – | (10 | ) | ||||||||||||||
28-DAY MXN - TIIE | 7.815% | Monthly | 02/20/2025 | MXN | 25,000 | (12 | ) | – | (12 | ) | ||||||||||||||
1-DAY BRL - CETIP | 11.45% | Annually | 01/02/2025 | BRL | 4,453 | (2 | ) | – | (2 | ) | ||||||||||||||
1-DAY BRL - CETIP | 12.34% | Annually | 01/02/2025 | BRL | 5,215 | 33 | – | 33 | ||||||||||||||||
28-DAY MXN - TIIE | 7.35% | Monthly | 10/25/2024 | MXN | 22,000 | (35 | ) | – | (35 | ) | ||||||||||||||
28-DAY MXN - TIIE | 7.605% | Monthly | 03/07/2024 | MXN | 53,000 | (42 | ) | – | (42 | ) | ||||||||||||||
1.73% | 6-MONTH CZK - PRIBOR | Semi-Annually | 03/26/2023 | CZK | 19,260 | 25 | – | 25 | ||||||||||||||||
1-DAY BRL - CETIP | 11.475% | Annually | 01/02/2023 | BRL | 3,524 | 12 | – | 12 | ||||||||||||||||
1-DAY BRL - CETIP | 10.9% | Annually | 01/02/2023 | BRL | 10,996 | (2 | ) | – | (2 | ) | ||||||||||||||
1-DAY BRL - CETIP | 9.255% | Annually | 01/02/2023 | BRL | 2,368 | (27 | ) | – | (27 | ) | ||||||||||||||
28-DAY MXN - TIIE | 6.71% | Monthly | 07/07/2022 | MXN | 130,137 | (267 | ) | – | (267 | ) | ||||||||||||||
28-DAY MXN - TIIE | 6.745% | Monthly | 06/23/2022 | MXN | 26,758 | (53 | ) | – | (53 | ) | ||||||||||||||
28-DAY MXN - TIIE | 7.575% | Monthly | 01/28/2022 | MXN | 67,966 | (31 | ) | – | (31 | ) | ||||||||||||||
6-MONTH PZL - WIBOR | 2.505% | Annually | 01/10/2022 | PLN | 22,509 | 53 | – | 53 | ||||||||||||||||
1-DAY BRL - CETIP | 9.46% | Annually | 01/03/2022 | BRL | 13,267 | (69 | ) | – | (69 | ) |
66 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
Fund Pays | Fund Receives | Payment Frequency | Termination Date | Currency | Notional Amount (Thousands) | Value (Thousands) | Upfront Payments/ Receipts (Thousands) | Net Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||||||
6-MONTH HUF - BUBOR | 1.65% | Annually | 09/10/2020 | HUF | 4,500,000 | $ | 16 | $ | – | $ | 16 | |||||||||||||||||||||
3-MONTH PLN - WIBOR | 2.024% | Annually | 03/12/2020 | PLN | 120,000 | 44 | – | 44 | ||||||||||||||||||||||||
2.70% | 6-MONTH HUF - BUBOR | Semi-Annually | 06/13/2028 | HUF | 453,115 | 43 | – | 43 | ||||||||||||||||||||||||
3.043% | 6-MONTH PZL - WIBOR | Semi-Annually | 09/27/2028 | PLN | 3,000 | (4) | – | (4) | ||||||||||||||||||||||||
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$ | (111) | $ | – | $ | (111) | |||||||||||||||||||||||||||
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For the year ended September 30, 2018 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 year.
Percentages are based on Net Assets of $1,565,000 ($ Thousands). |
** | Rate shown is the 7-day effective yield as of September 30, 2018. |
† | Investment in Affiliated Security (see Note 5). |
(A) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2018, the value of these securities amounted to $199,275 ($ Thousands), representing 12.7% of the Net Assets of the Fund. |
(B) | Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase. |
(C) | Step Bonds — Represents the current rate, the step rate, the step date and the final maturity date. |
(D) | Certain securities or partial positions of certain securities are on loan at September 30, 2018 (see Note 9). The total market value of securities on loan at September 30, 2018 was $29,593 ($ Thousands). |
(E) | Level 3 security in accordance with fair value hierarchy. |
(F) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
(G) | Security is in default on interest payment. |
(H) | Securities considered illiquid. The total value of such securities as of September 30, 2018 was $3,934 ($ Thousands) and represented 0.2% of the Net Assets of the Fund. |
(I) | This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2018 was $30,585 ($ Thousands). |
ARS — Argentine Peso
BADLAR — Buenos Aires Deposits of Large Amount Rate
BRL — Brazilian Real
BROIS — Overnight Brazil CETIP Interbank Deposit
BUBOR — Budapest Interbank Offered Rate
CDI — Average One-Day Interbank Deposit Rate
CETIP — Central of Custody and Financial Settlement of Securities
CHILIBOR — Chile Interbank Offered Rate
Cl — Class
CLOIS — CLP Sinacofi Chile Interbank Rate Average
CLP — Chilean Peso
CNY — Chinese Yuan Onshore
COLIBR — Colombia Interbank Overnight Rate
COP — Colombian Peso
CZK — Czech Koruna
DOP — Dominican Peso
EGP — Egyptian Pound
EUR — Euro
GBP — British Pound Sterling
HUF — Hungarian Forint
ICE — Intercontinental Exchange
IDR — Indonesian Rupiah
INR — Indian Rupee
ILS — Israeli New Sheckels
JIBAR — Johannesburg Interbank Agreed Rate
JSC — Joint-Stock Company
JSE — Johannesburg Stock Exchange
KRW — Korean Won
KZT — Kazakhstani Tenge
L.P. — Limited Partnership
LIBOR — London Interbank Offered Rate
LKR — Sri Lankan Rupee
MosPrime — Moscow Prime Offered Rate
MTN — Medium Term Note
MXN — Mexican Peso
MYR — Malaysian Ringgit
PEN — Peruvian Nuevo Sol
PHP — Philippine Peso
PLC — Public Limited Company
PLN — Polish Zloty
PRIBOR — Prague Interbank Offered Rate
RON — Romanian Leu
RUB — Russian Ruble
Ser — Series
SGD — Singapore Dollar
THB — Thai Bhat
THE — Equilibrium Interbank Offered Rate
TRY — Turkish Lira
TWD — Taiwan Dollar
USD — United States Dollar
UYU — Uruguayan Peso
VAR — Variable Rate
WIBOR — Warsaw Interbank Offered Rate
ZAR — South African Rand
The following is a list of the level of inputs used as of September 30, 2018, 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 | $ | – | $ | 1,416,477 | $ | 675 | $ | 1,417,152 | ||||||||
U.S. Treasury Obligation | – | 21,686 | – | 21,686 | ||||||||||||
Affiliated Partnership | – | 30,585 | – | 30,585 | ||||||||||||
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Total Investments in Securities | $ | – | $ | 1,468,748 | $ | 675 | $ | 1,469,423 | ||||||||
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Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts * | ||||||||||||||||
Unrealized Appreciation | $ | 624 | $ | – | $ | – | $ | 624 | ||||||||
Unrealized Depreciation | (432) | – | – | (432) | ||||||||||||
Forwards Contracts * | ||||||||||||||||
Unrealized Appreciation | – | 11,752 | – | 11,752 | ||||||||||||
Unrealized Depreciation | – | (12,492) | – | (12,492) | ||||||||||||
OTC Swaps | ||||||||||||||||
Interest Rate Swaps * | ||||||||||||||||
Unrealized Appreciation | – | 944 | – | 944 | ||||||||||||
Unrealized Depreciation | – | (2,829) | – | (2,829) |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
67 |
SCHEDULE OF INVESTMENTS
September 30, 2018
Emerging Markets Debt Fund (Concluded)
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Credit Default Swaps * | ||||||||||||||||
Unrealized Depreciation | $ | — | $ | (196) | $ | — | $ | (196) | ||||||||
Cross Currency Swaps * | ||||||||||||||||
Unrealized Appreciation | — | 265 | — | 265 | ||||||||||||
Unrealized Depreciation | — | (273) | — | (273) | ||||||||||||
Centrally Cleared Swaps | ||||||||||||||||
Interest Rate Swaps * | ||||||||||||||||
Unrealized Appreciation | — | 524 | — | 524 | ||||||||||||
Unrealized Depreciation | — | (635) | — | (635) | ||||||||||||
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Total Other Financial Instruments | $ | 192 | $ | (2,940) | $ | — | $ | (2,748) | ||||||||
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(1) Of the $675 ($ Thousands) in Level 3 securities as of September 30, 2018, $675 ($ 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 swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.
For the year ended September 30, 2018, there were no transfers between Level 1 and Level 2 assets and liabilities.
For the year ended September 30, 2018, 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 $0.
The following is a summary of the transactions with affiliates for the year ended September 30, 2018 ($ Thousands):
Security Description | Value at 9/30/2017 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 9/30/2018 | Income | |||||||||||||||||||||
SEI Liquidity Fund, L.P. | $ 14,597 | $ 104,814 | $ (88,820) | $ — | $ (6) | $ 30,585 | $ 111 | |||||||||||||||||||||
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Totals | $ 14,597 | $ 104,814 | $ (88,820) | $ — | $ (6) | $ 30,585 | $ 111 | |||||||||||||||||||||
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The accompanying notes are an integral part of the financial statements.
68 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)
September 30, 2018
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Investments, at value † | $ | 4,124,519* | $ | 1,747,623* | $ | 460,969 | $ | 1,438,838* | ||||||||||||||||||||||||
Affiliated investments, at value †† | 402,694 | 79,629 | – | 30,585 | ||||||||||||||||||||||||||||
Cash | 80,824 | 32,929 | 14,188 | 89,320 | ||||||||||||||||||||||||||||
Cash pledged as collateral for forward foreign currency contracts | – | – | 960 | 4,800 | ||||||||||||||||||||||||||||
Cash pledged as collateral for futures contracts | 7,830 | – | 393 | 2,014 | ||||||||||||||||||||||||||||
Cash pledged as collateral for swap contracts | – | – | – | 1,289 | ||||||||||||||||||||||||||||
Foreign currency, at value ††† | 956 | – | 691 | 10,783 | ||||||||||||||||||||||||||||
Receivable for fund shares sold | 2,729 | 2,655 | 367 | 1,110 | ||||||||||||||||||||||||||||
Receivable for investment securities sold | 12,184 | 8,284 | 230 | 20,961 | ||||||||||||||||||||||||||||
Dividends and interest receivable | 8,284 | 3,245 | 2,988 | 20,992 | ||||||||||||||||||||||||||||
Unrealized gain on forward foreign currency contracts | – | – | 4,228 | 11,752 | ||||||||||||||||||||||||||||
Unrealized gain on foreign spot currency contracts | 17 | 2 | 288 | 85 | ||||||||||||||||||||||||||||
Due from broker | – | – | 754 | 231 | ||||||||||||||||||||||||||||
Swap contracts, at value †††† | – | – | – | 1,209 | ||||||||||||||||||||||||||||
Foreign tax reclaim receivable | 8,750 | 144 | – | – | ||||||||||||||||||||||||||||
Receivable for variation margin | 434 | – | 234 | 21 | ||||||||||||||||||||||||||||
Prepaid expenses | – | 16 | – | 13 | ||||||||||||||||||||||||||||
Total Assets | 4,649,221 | 1,874,527 | 486,290 | 1,634,003 | ||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Payable upon return on securities loaned | 248,894 | 66,696 | – | 30,592 | ||||||||||||||||||||||||||||
Payable for investment securities purchased | 19,657 | 6,342 | 1,301 | 19,128 | ||||||||||||||||||||||||||||
Payable for fund shares redeemed | 2,941 | 2,989 | 176 | 1,044 | ||||||||||||||||||||||||||||
Swap contracts, at value †††† | – | – | 330 | 3,151 | ||||||||||||||||||||||||||||
Foreign currency payable to custodian, at value ††† | – | 528 | – | – | ||||||||||||||||||||||||||||
Payable for variation margin | 1,033 | – | 96 | 362 | ||||||||||||||||||||||||||||
Administration fees payable | 1,053 | 632 | 177 | 553 | ||||||||||||||||||||||||||||
Unrealized loss on foreign currency spot contracts | 35 | 2 | 88 | 234 | ||||||||||||||||||||||||||||
Unrealized loss on forward foreign currency contracts | – | – | 1,905 | 12,492 | ||||||||||||||||||||||||||||
Trustees fees payable | 6 | 2 | 1 | 2 | ||||||||||||||||||||||||||||
Chief compliance officer fees payable | 5 | 2 | 1 | 2 | ||||||||||||||||||||||||||||
Administrative servicing fees payable | 4 | – | – | – | ||||||||||||||||||||||||||||
Shareholder servicing fees payable | 698 | 335 | 90 | 289 | ||||||||||||||||||||||||||||
Investment advisory fees payable | 1,793 | 1,501 | 118 | 760 | ||||||||||||||||||||||||||||
Other payables | – | 4 | – | 43 | ||||||||||||||||||||||||||||
Accrued expense payable | 476 | 518 | 96 | 351 | ||||||||||||||||||||||||||||
Accrued foreign capital gains tax on appreciated securities | – | 422 | – | – | ||||||||||||||||||||||||||||
Total Liabilities | 276,595 | 79,973 | 4,379 | 69,003 | ||||||||||||||||||||||||||||
Net Assets | $ | 4,372,626 | $ | 1,794,554 | $ | 481,911 | $ | 1,565,000 | ||||||||||||||||||||||||
† Cost of investments | $ | 3,711,214 | $ | 1,594,317 | $ | 472,509 | $ | 1,566,591 | ||||||||||||||||||||||||
†† Cost of affiliated investments | 402,709 | 79,629 | – | 30,589 | ||||||||||||||||||||||||||||
††† Cost of foreign currency | 955 | (516) | 688 | 10,880 | ||||||||||||||||||||||||||||
†††† Cost (Premiums paid (received)) | – | – | (80) | 148 | ||||||||||||||||||||||||||||
* Includes market value of securities on loan | 237,782 | 61,593 | – | 29,593 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
69 |
STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands) (Concluded)
September 30, 2018
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) | $ | 3,927,775 | $ | 1,674,036 | $ | 496,157 | $ | 1,765,745 | ||||||||||||||||||
Undistributed (distributions in excess of) net investment income | 48,291 | 1,589 | (4,667) | (40,703) | ||||||||||||||||||||||
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency contracts and swap contracts | (21,807) | (33,941) | 283 | (29,174) | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 413,290 | 153,306 | (11,540) | (127,757) | ||||||||||||||||||||||
Net unrealized appreciation on futures contracts | 5,088 | – | 124 | 192 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies | (11) | (14) | 1,670 | (1,103) | ||||||||||||||||||||||
Net unrealized depreciation on swap contracts | – | – | (116) | (2,200) | ||||||||||||||||||||||
Accumulated foreign capital gains tax on appreciated securities | – | (422) | – | – | ||||||||||||||||||||||
Net Assets | $ | 4,372,626 | $ | 1,794,554 | $ | 481,911 | $ | 1,565,000 | ||||||||||||||||||
Net Asset Value, Offering and Redemption Price Per Share — Class F | $ | 11.38 | $ | 11.47 | $ | 10.27 | $ | 9.30 | ||||||||||||||||||
| ($4,024,987,529 ÷ 353,653,709 shares) | | ($1,668,959,903 ÷ 145,487,103 shares) |
| ($438,907,628 ÷ 42,728,982 shares) |
| ($1,451,127,749 ÷ 156,060,478 shares) |
| ||||||||||||||||||
Net Asset Value, Offering and Redemption Price Per Share — Class I | $ | 11.37 | N/A | N/A | N/A | |||||||||||||||||||||
| ($2,662,238 ÷ 234,081 shares) | | ||||||||||||||||||||||||
Net Asset Value, Offering and Redemption Price Per Share — Class Y | $ | 11.39 | $ | 11.49 | $ | 10.29 | $ | 9.28 | ||||||||||||||||||
| ($344,976,569 ÷ 30,294,056 shares) | | ($125,594,206 ÷ 10,934,847 shares) |
| ($43,003,329 ÷ 4,180,703 shares) |
| ($113,872,472 ÷ 12,270,971 shares) |
|
N/A — Not applicable. Share classes currently not offered.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
70 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
STATEMENTS OF OPERATIONS ($ Thousands)
For the year ended September 30, 2018
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||||||||||||||||||
Investment Income: |
| |||||||||||||||||||||||||||||||
Dividends | $ | 110,759 | $ | 48,304 | $ | – | $ | – | ||||||||||||||||||||||||
Dividends from affiliated investments(1) | 1,797 | 157 | – | – | ||||||||||||||||||||||||||||
Interest Income | 2,577 | 626 | 7,819 | 103,140 | ||||||||||||||||||||||||||||
Security lending income — net(1)(2) | 1,844 | 1,048 | – | 111 | ||||||||||||||||||||||||||||
Less: foreign taxes withheld | (11,712) | (5,029) | (18) | (1,056) | ||||||||||||||||||||||||||||
Total Investment Income | 105,265 | 45,106 | 7,801 | 102,195 | ||||||||||||||||||||||||||||
Expenses: |
| |||||||||||||||||||||||||||||||
Investment advisory fees | 21,836 | 20,597 | 1,396 | 13,477 | ||||||||||||||||||||||||||||
Administration fees | 12,821 | 8,435 | 2,094 | 7,066 | ||||||||||||||||||||||||||||
Shareholder servicing fees — Class F | 9,969 | 4,580 | 1,060 | 3,683 | ||||||||||||||||||||||||||||
Shareholder servicing fees — Class I | 7 | – | – | – | ||||||||||||||||||||||||||||
Administrative servicing fees — Class I | 7 | – | – | – | ||||||||||||||||||||||||||||
Printing fees | 484 | 207 | 49 | 168 | ||||||||||||||||||||||||||||
Custodian/wire agent fees | 420 | 887 | 96 | 514 | ||||||||||||||||||||||||||||
Professional fees | 210 | 43 | 23 | 71 | ||||||||||||||||||||||||||||
Registration fees | 101 | 39 | 11 | 51 | ||||||||||||||||||||||||||||
Trustees’ fees | 72 | 33 | 8 | 27 | ||||||||||||||||||||||||||||
Chief compliance officer fees | 15 | 7 | 2 | 5 | ||||||||||||||||||||||||||||
Other expenses | 208 | 102 | 124 | 152 | ||||||||||||||||||||||||||||
Total Expenses | 46,150 | 34,930 | 4,863 | 25,214 | ||||||||||||||||||||||||||||
Less: |
| |||||||||||||||||||||||||||||||
Waiver of investment advisory fees | – | (2,117) | (232) | (3,861) | ||||||||||||||||||||||||||||
Waiver of administration fees | – | – | – | (51) | ||||||||||||||||||||||||||||
Waiver of shareholder servicing fees — Class F | (80) | – | – | – | ||||||||||||||||||||||||||||
Fees paid indirectly | – | (8) | – | – | ||||||||||||||||||||||||||||
Net Expenses | 46,070 | 32,805 | 4,631 | 21,302 | ||||||||||||||||||||||||||||
Net Investment Income | 59,195 | 12,301 | 3,170 | 80,893 | ||||||||||||||||||||||||||||
Net Realized Gain (Loss) on: |
| |||||||||||||||||||||||||||||||
Investments | 194,081 | 26,799 | 373 | (2,560) | ||||||||||||||||||||||||||||
Affiliated investments | 2 | (3) | – | – | ||||||||||||||||||||||||||||
Futures contracts | 4,812 | – | 3,481 | (714) | ||||||||||||||||||||||||||||
Swap contracts | – | – | 278 | 3,375 | ||||||||||||||||||||||||||||
Foreign currency transactions | (1,351) | (1,413) | 15,798 | (23,921) | ||||||||||||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
| |||||||||||||||||||||||||||||||
Investments | (171,779) | (138,602) | (16,434) | (163,167) | ||||||||||||||||||||||||||||
Affiliated investments | (19) | – | – | (6) | ||||||||||||||||||||||||||||
Futures contracts | 2,443 | – | (297) | (437) | ||||||||||||||||||||||||||||
Swap contracts | – | – | 67 | (4,447) | ||||||||||||||||||||||||||||
Foreign capital gains tax on appreciated securities | – | 178 | – | – | ||||||||||||||||||||||||||||
Foreign currency translation of other assets and liabilities denominated in foreign currencies | (177) | (12) | (91) | 605 | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 87,207 | $ | (100,752) | $ | 6,345 | $ | (110,379) |
(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 $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Annual Report / September 30, 2018 |
71 |
STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)
For the years ended September 30,
International Equity Fund | Emerging Markets Equity Fund | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 59,195 | $ | 46,422 | $ | 12,301 | $ | 10,064 | ||||||||
Net realized gain on investments and futures contracts | 198,895 | 116,693 | 26,796 | 120,195 | ||||||||||||
Net realized loss on forward foreign currency contracts and foreign currency transactions | (1,351) | (411) | (1,413) | (396) | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments and futures contracts | (169,355) | 512,512 | (138,602) | 241,499 | ||||||||||||
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies | (177) | 413 | (12) | (16) | ||||||||||||
Net change in unrealized appreciation on foreign capital tax gains on appreciated securities | — | — | 178 | 667 | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 87,207 | 675,629 | (100,752) | 372,013 | ||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class F | (51,106) | (35,403) | (24,002) | (11,400) | ||||||||||||
Class I | (29) | (34) | N/A | N/A | ||||||||||||
Class Y | (5,482) | (3,118) | (2,093) | (816) | ||||||||||||
Total Dividends and Distributions | (56,617) | (38,555) | (26,095) | (12,216) | ||||||||||||
Capital Share Transactions: | ||||||||||||||||
Class F: | ||||||||||||||||
Proceeds from shares issued | 756,783 | 1,137,139 | 339,824 | 332,975 | ||||||||||||
Reinvestment of dividends & distributions | 47,452 | 32,564 | 22,506 | 10,641 | ||||||||||||
Cost of shares redeemed | (603,276) | (694,561) | (396,610) | (395,178) | ||||||||||||
Net Increase (Decrease) from Class F Transactions | 200,959 | 475,142 | (34,280) | (51,562) | ||||||||||||
Class I: | ||||||||||||||||
Proceeds from shares issued | 445 | 585 | N/A | N/A | ||||||||||||
Reinvestment of dividends & distributions | 17 | 16 | N/A | N/A | ||||||||||||
Cost of shares redeemed | (787) | (2,586) | N/A | N/A | ||||||||||||
Net Decrease from Class I Transactions | (325) | (1,985) | N/A | N/A | ||||||||||||
Class Y: | ||||||||||||||||
Proceeds from shares issued | 63,040 | 152,319 | 27,272 | 56,280 | ||||||||||||
Reinvestment of dividends & distributions | 5,170 | 3,059 | 1,938 | 788 | ||||||||||||
Cost of shares redeemed | (45,309) | (49,930) | (19,938) | (24,072) | ||||||||||||
Net Increase from Class Y Transactions | 22,901 | 105,448 | 9,272 | 32,996 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions | 223,535 | 578,605 | (25,008) | (18,566) | ||||||||||||
Net Increase (Decrease) in Net Assets | 254,125 | 1,215,679 | (151,855) | 341,231 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of Year | 4,118,501 | 2,902,822 | 1,946,409 | 1,605,178 | ||||||||||||
End of Year | $ | 4,372,626 | $ | 4,118,501 | $ | 1,794,554 | $ | 1,946,409 | ||||||||
Undistributed Net Investment Income Included in Net Assets at End of Year | $ | 48,291 | $ | 43,508 | $ | 1,589 | $ | 9,162 | ||||||||
Capital Share Transactions: | ||||||||||||||||
Class F: | ||||||||||||||||
Shares issued | 65,585 | 116,607 | 27,336 | 31,049 | ||||||||||||
Reinvestment of distributions | 4,098 | 3,517 | 1,764 | 1,136 | ||||||||||||
Shares redeemed | (52,335) | (68,912) | (31,382) | (36,420) | ||||||||||||
Total Class F Transactions | 17,348 | 51,212 | (2,282) | (4,235) | ||||||||||||
Class I: | ||||||||||||||||
Shares issued | 38 | 60 | N/A | N/A | ||||||||||||
Reinvestment of distributions | 2 | 2 | N/A | N/A | ||||||||||||
Shares redeemed | (68) | (254) | N/A | N/A | ||||||||||||
Total Class I Transactions | (28) | (192) | N/A | N/A | ||||||||||||
Class Y: | ||||||||||||||||
Shares issued | 5,473 | 15,234 | 2,190 | 5,141 | ||||||||||||
Reinvestment of distributions | 447 | 330 | 152 | 84 | ||||||||||||
Shares redeemed | (3,898) | (4,883) | (1,562) | (2,216) | ||||||||||||
Total Class Y Transactions | 2,022 | 10,681 | 780 | 3,009 | ||||||||||||
Net Increase (Decrease) in Shares Outstanding from Share Transactions | 19,342 | 61,701 | (1,502) | (1,226) |
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.
72 |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 3,170 | $ | 3,187 | $ | 80,893 | $ | 74,480 | ||||||||
Net realized gain (loss) on investments, futures contracts and swap contracts | 4,132 | (1,868) | 101 | 14,403 | ||||||||||||
Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions | 15,798 | (4,226) | (23,921) | (26,694) | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments, futures contracts and swap contracts | (16,664) | (5,820) | (168,057) | 39,359 | ||||||||||||
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies | (91) | 3,023 | 605 | (996) | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,345 | (5,704) | (110,379) | 100,552 | ||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class F | – | (7,649) | (82,188) | (27,727) | ||||||||||||
Class Y | – | (502) | (6,903) | (2,409) | ||||||||||||
Net realized gains: | ||||||||||||||||
Class F | – | (4,277) | – | – | ||||||||||||
Class Y | – | (232) | – | – | ||||||||||||
Total Dividends and Distributions | – | (12,660) | (89,091) | (30,136) | ||||||||||||
Capital Share Transactions: | ||||||||||||||||
Class F: | ||||||||||||||||
Proceeds from shares issued | 86,729 | 63,281 | 336,208 | 339,041 | ||||||||||||
Reinvestment of dividends & distributions | – | 10,886 | 74,710 | 25,042 | ||||||||||||
Cost of shares redeemed | (69,108) | (137,899) | (233,447) | (423,845) | ||||||||||||
Net Increase (Decrease) from Class F Transactions | 17,621 | (63,732) | 177,471 | (59,762) | ||||||||||||
Class Y: | ||||||||||||||||
Proceeds from shares issued | 10,342 | 26,673 | 28,991 | 39,682 | ||||||||||||
Reinvestment of dividends & distributions | – | 715 | 6,442 | 2,335 | ||||||||||||
Cost of shares redeemed | (5,961) | (1,786) | (15,406) | (39,851) | ||||||||||||
Net Increase from Class Y Transactions | 4,381 | 25,602 | 20,027 | 2,166 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions | 22,002 | (38,130) | 197,498 | (57,596) | ||||||||||||
Net Increase (Decrease) in Net Assets | 28,347 | (56,494) | (1,972) | 12,820 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of Year | 453,564 | 510,058 | 1,566,972 | 1,554,152 | ||||||||||||
End of Year | $ | 481,911 | $ | 453,564 | $ | 1,565,000 | $ | 1,566,972 | ||||||||
Distributions in Excess of Net Investment Income Included in Net Assets | $ | (4,667) | $ | (25,881) | $ | (40,703) | $ | (7,385) | ||||||||
Capital Share Transactions: | ||||||||||||||||
Class F: | ||||||||||||||||
Shares issued | 8,460 | 6,257 | 33,864 | 34,114 | ||||||||||||
Reinvestment of distributions | – | 1,084 | 7,328 | 2,623 | ||||||||||||
Shares redeemed | (6,748) | (13,617) | (23,439) | (42,597) | ||||||||||||
Total Class F Transactions | 1,712 | (6,276) | 17,753 | (5,860) | ||||||||||||
Class Y: | ||||||||||||||||
Shares issued | 1,010 | 2,630 | 2,913 | 4,007 | ||||||||||||
Reinvestment of distributions | – | 71 | 633 | 244 | ||||||||||||
Shares redeemed | (582) | (176) | (1,528) | (3,932) | ||||||||||||
Total Class Y Transactions | 428 | 2,525 | 2,018 | 319 | ||||||||||||
Net Increase (Decrease) in Shares Outstanding from Share Transactions | 2,140 | (3,751) | 19,771 | (5,541) |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Annual Report / September 30, 2018 |
73 |
For the years or period ended September 30
For a Share Outstanding Throughout Each Year or Period
Net Asset Value, Beginning of Year | Net Investment Income (Loss)(1) | Net Realized on | Total from | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and Distributions | Net Asset Value, End of Year | Total Return† | Net Assets End of Year ($ Thousands) | Ratio of Net Expenses to Average Net Assets* | Ratio of Expenses Net Assets Paid Indirectly | Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Waivers)** | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate† | ||||||||||||||||||||||||||||||||||||||||
International Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class F(2) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | $11.29 | $0.16 | $0.08 | $0.24 | $(0.15) | $– | $(0.15) | $11.38 | 2.11 | % | $4,024,987 | 1.09%(3) | 1.09%(3) | 1.09%(3) | 1.35% | 40% | ||||||||||||||||||||||||||||||||||||||
2017 | 9.58 | 0.13 | 1.69 | 1.82 | (0.11) | – | (0.11) | 11.29 | 19.23 | 3,795,858 | 1.15(3) | 1.15(3) | 1.15(3) | 1.27 | 57 | |||||||||||||||||||||||||||||||||||||||
2016 | 9.16 | 0.13 | 0.39 | 0.52 | (0.10) | – | (0.10) | 9.58 | 5.63 | 2,729,762 | 1.27(3)(4) | 1.27(3)(4) | 1.28(3)(4) | 1.36 | 45 | |||||||||||||||||||||||||||||||||||||||
2015 | 9.94 | 0.10 | (0.69) | (0.59) | (0.19) | – | (0.19) | 9.16 | (5.98) | 2,568,634 | 1.24(3) | 1.24(3) | 1.24(3) | 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(3) | 1.24(3) | 1.24(3) | 1.78 | 60 | |||||||||||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | $11.27 | $0.12 | $0.09 | $0.21 | $(0.11) | $– | $(0.11) | $11.37 | 1.86 | % | $2,662 | 1.34%(5) | 1.34%(5) | 1.34%(5) | 1.06% | 40% | ||||||||||||||||||||||||||||||||||||||
2017 | 9.55 | 0.10 | 1.70 | 1.80 | (0.08) | – | (0.08) | 11.27 | 19.00 | 2,954 | 1.40(5) | 1.40(5) | 1.40(5) | 0.96 | 57 | |||||||||||||||||||||||||||||||||||||||
2016 | 9.15 | 0.10 | 0.38 | 0.48 | (0.08) | – | (0.08) | 9.55 | 5.27 | 4,341 | 1.52(4)(5) | 1.52(4)(5) | 1.52(4)(5) | 1.09 | 45 | |||||||||||||||||||||||||||||||||||||||
2015 | 9.92 | 0.08 | (0.69) | (0.61) | (0.16) | – | (0.16) | 9.15 | (6.18) | 4,956 | 1.49(5) | 1.49(5) | 1.49(5) | 0.76 | 68 | |||||||||||||||||||||||||||||||||||||||
2014 | 9.70 | 0.15 | 0.17 | 0.32 | (0.10) | – | (0.10) | 9.92 | 3.33 | 5,342 | 1.49(5) | 1.49(5) | 1.49(5) | 1.48 | 60 | |||||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | $11.31 | $0.18 | $0.09 | $0.27 | $(0.19) | $– | $(0.19) | $11.39 | 2.40 | % | $344,977 | 0.84%(6) | 0.84%(6) | 0.84%(6) | 1.60% | 40% | ||||||||||||||||||||||||||||||||||||||
2017 | 9.59 | 0.16 | 1.69 | 1.85 | (0.13) | – | (0.13) | 11.31 | 19.59 | 319,689 | 0.90(6) | 0.90(6) | 0.90(6) | 1.53 | 57 | |||||||||||||||||||||||||||||||||||||||
2016 | 9.18 | 0.16 | 0.37 | 0.53 | (0.12) | – | (0.12) | 9.59 | 5.77 | 168,719 | 1.02(4)(6) | 1.02(4)(6) | 1.03(4)(6) | 1.70 | 45 | |||||||||||||||||||||||||||||||||||||||
2015(7) | 9.39 | 0.13 | (0.34) | (0.21) | – | – | – | 9.18 | (2.24) | 130,379 | 1.00(6) | 1.00(6) | 1.00(6) | 1.72 | 68 | |||||||||||||||||||||||||||||||||||||||
Emerging Markets Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class F(2) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | $12.32 | $0.08 | $(0.77) | $(0.69) | $(0.16) | $– | $(0.16) | $11.47 | (5.71) | % | $1,668,960 | 1.69%(8) | 1.69%(8) | 1.80%(9) | 0.61% | 70% | ||||||||||||||||||||||||||||||||||||||
2017 | 10.09 | 0.07 | 2.24 | 2.31 | (0.08) | – | (0.08) | 12.32 | 23.10 | 1,821,009 | 1.74(8) | 1.74(8) | 1.82(9) | 0.65 | 66 | |||||||||||||||||||||||||||||||||||||||
2016 | 8.43 | 0.05 | 1.68 | 1.73 | (0.07) | – | (0.07) | 10.09 | 20.66 | 1,532,960 | 1.76(4)(8) | 1.76(4)(8) | 1.86(4)(9) | 0.59 | 79 | |||||||||||||||||||||||||||||||||||||||
2015 | 10.76 | 0.07 | (2.29) | (2.22) | (0.11) | – | (0.11) | 8.43 | (20.78) | 1,342,618 | 1.72(8) | 1.72(8) | 1.82(9) | 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(8) | 1.96(8) | 2.02(9) | 0.58 | 59 | |||||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | $12.35 | $0.11 | $(0.76) | $(0.65) | $(0.21) | $– | $(0.21) | $11.49 | (5.46) | % | $125,594 | 1.44%(10) | 1.44%(10) | 1.55%(11) | 0.89% | 70% | ||||||||||||||||||||||||||||||||||||||
2017 | 10.11 | 0.10 | 2.24 | 2.34 | (0.10) | – | (0.10) | 12.35 | 23.46 | 125,400 | 1.49(10) | 1.49(10) | 1.57(11) | 0.93 | 66 | |||||||||||||||||||||||||||||||||||||||
2016 | 8.45 | 0.09 | 1.66 | 1.75 | (0.09) | – | (0.09) | 10.11 | 20.95 | 72,218 | 1.52(4)(10) | 1.52(4)(10) | 1.62(4)(11) | 0.96 | 79 | |||||||||||||||||||||||||||||||||||||||
2015(7) | 10.08 | 0.10 | (1.73) | (1.63) | – | – | – | 8.45 | (16.17) | 44,012 | 1.47(10) | 1.47(10) | 1.57(11) | 1.33 | 67 | |||||||||||||||||||||||||||||||||||||||
International Fixed Income Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class F(2) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | $10.13 | $0.07 | $0.07 | $0.14 | $– | $– | $– | $10.27 | 1.38 | % | $438,908 | 1.02%(12) | 1.02%(12) | 1.07%(13) | 0.66% | 71% | ||||||||||||||||||||||||||||||||||||||
2017 | 10.51 | 0.07 | (0.18) | (0.11) | (0.17) | (0.10) | (0.27) | 10.13 | (1.03) | 415,582 | 1.02(12) | 1.02(12) | 1.08(13) | 0.66 | 113 | |||||||||||||||||||||||||||||||||||||||
2016 | 10.38 | 0.10 | 0.62 | 0.72 | (0.57) | (0.02) | (0.59) | 10.51 | 7.32 | 497,157 | 1.05(4)(12) | 1.05(4)(12) | 1.11(4)(13) | 0.98 | 106 | |||||||||||||||||||||||||||||||||||||||
2015 | 10.98 | 0.11 | 0.11 | 0.22 | (0.82) | – | (0.82) | 10.38 | 2.02 | 495,957 | 1.02(12) | 1.02(12) | 1.07(13) | 1.00 | 78 | |||||||||||||||||||||||||||||||||||||||
2014 | 10.42 | 0.14 | 0.48 | 0.62 | (0.06) | – | (0.06) | 10.98 | 5.96 | 523,784 | 1.02(12) | 1.02(12) | 1.20(13) | 1.32 | 104 | |||||||||||||||||||||||||||||||||||||||
Class Y |
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2018 | $10.12 | $0.09 | $0.08 | $0.17 | $– | $– | $– | $10.29 | 1.68 | % | $43,003 | 0.77%(14) | 0.77%(14) | 0.82%(15) | 0.91% | 71% | ||||||||||||||||||||||||||||||||||||||
2017 | 10.50 | 0.09 | (0.17) | (0.08) | (0.20) | (0.10) | (0.30) | 10.12 | (0.76) | 37,982 | 0.77(14) | 0.77(14) | 0.83(15) | 0.94 | 113 | |||||||||||||||||||||||||||||||||||||||
2016(16) | 10.45 | 0.12 | 0.55 | 0.67 | (0.60) | (0.02) | (0.62) | 10.50 | 6.79 | 12,901 | 0.80(4)(14) | 0.80(4)(14) | 0.87(4)(15) | 1.23 | 106 | |||||||||||||||||||||||||||||||||||||||
Emerging Markets Debt Fund |
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Class F(2) |
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2018 | $10.55 | $0.51 | $(1.19) | $(0.68) | $(0.57) | $– | $(0.57) | $9.30 | (6.81) | % | $1,451,128 | 1.36%(17) | 1.36%(17) | 1.61%(18) | 5.08% | 80% | ||||||||||||||||||||||||||||||||||||||
2017 | 10.08 | 0.51 | 0.17 | 0.68 | (0.21) | – | (0.21) | 10.55 | 6.93 | 1,458,611 | 1.36(17) | 1.36(17) | 1.63(18) | 5.06 | 79 | |||||||||||||||||||||||||||||||||||||||
2016 | 8.66 | 0.49 | 0.93 | 1.42 | – | – | – | 10.08 | 16.40 | 1,453,586 | 1.39(4)(17) | 1.39(4)(17) | 1.65(4)(18) | 5.30 | 86 | |||||||||||||||||||||||||||||||||||||||
2015 | 10.20 | 0.47 | (1.81) | (1.34) | (0.19) | (0.01) | (0.20) | 8.66 | (13.35) | 1,227,567 | 1.36(17) | 1.36(17) | 1.61(18) | 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(17) | 1.36(17) | 1.80(18) | 4.73 | 92 | |||||||||||||||||||||||||||||||||||||||
Class Y |
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2018 | $10.57 | $0.53 | $(1.18) | $(0.65) | $(0.64) | $– | $(0.64) | $9.28 | (6.57) | % | $113,872 | 1.11%(19) | 1.11%(19) | 1.36%(20) | 5.34% | 80% | ||||||||||||||||||||||||||||||||||||||
2017 | 10.12 | 0.53 | 0.17 | 0.70 | (0.25) | – | (0.25) | 10.57 | 7.18 | 108,361 | 1.11(19) | 1.11(19) | 1.38(20) | 5.31 | 79 | |||||||||||||||||||||||||||||||||||||||
2016 | 8.67 | 0.52 | 0.93 | 1.45 | – | – | – | 10.12 | 16.72 | 100,566 | 1.14(4)(19) | 1.14(4)(19) | 1.40(4)(20) | 5.55 | 86 | |||||||||||||||||||||||||||||||||||||||
2015(7) | 9.63 | 0.37 | (1.28) | (0.91) | (0.05) | – | (0.05) | 8.67 | (9.48) | 78,383 | 1.11(19) | 1.11(19) | 1.36(20) | 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. |
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SEI Institutional International Trust / Annual Report / September 30, 2018 |
** | See Note 5 in Notes to Financial Statements. |
(1) | Per share net investment income and net realized and unrealized gains (losses) calculated using average shares. |
(2) | Effective January 31, 2017, Class A Shares were renamed as Class F Shares. |
(3) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.09%, 1.15%, 1.27%, 1.24% and 1.24% for 2018, 2017, 2016, 2015 and 2014. |
(4) | The expense ratio includes proxy expenses outside the cap. |
(5) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.34%, 1.40%, 1.52%, 1.49% and 1.49% for 2018, 2017, 2016, 2015 and 2014. |
(6) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.84%, 0.90%, 1.02% and 0.99% for 2018, 2017, 2016 and 2015. |
(7) | Commenced operations on December 31, 2014. All ratios for the period have been annualized. |
(8) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.69%, 1.74%, 1.76%, 1.71% and 1.96% for 2018, 2017, 2016, 2015 and 2014. |
(9) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.80%, 1.82%, 1.86%, 1.71% and 2.02% for 2018, 2017, 2016, 2015 and 2014. |
(10) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.44%, 1.49%, 1.52% and 1.46% for 2018, 2017, 2016 and 2015. |
(11) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.55%, 1.58%, 1.62% and 1.46% for 2018, 2017, 2016 and 2015. |
(12) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.02%, 1.02%, 1.05%, 1.02% and 1.02% for 2018, 2017, 2016, 2015 and 2014. |
(13) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.07%, 1.08%, 1.11%, 1.07% and 1.20% for 2018, 2017, 2016, 2015 and 2014. |
(14) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.77%, 0.77% and 0.80% for 2018, 2017 and 2016. |
(15) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.82%, 0.83% and 0.87% for 2018, 2017 and 2016. |
(16) | Commenced operations on October 30, 2015. All ratios for the period have been annualized. |
(17) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.36%, 1.36%, 1.39%, 1.36% and 1.36% for 2018, 2017, 2016, 2015 and 2014. |
(18) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.61%, 1.63%, 1.65%, 1.61% and 1.80% for 2018, 2017, 2016, 2015 and 2014. |
(19) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.11%, 1.11%, 1.14% and 1.11% for 2018, 2017, 2016 and 2015. |
(20) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.36%, 1.38%, 1.40% and 1.36% for 2018, 2017, 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 / Annual Report / September 30, 2018 |
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September 30, 2018
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. Each Fund’s prospectus provides a description of its investment goal, principal investment strategies and risks. The Trust is registered to offer Class F (formerly Class A) and Class Y shares of each of the Funds and Class I shares of the International Equity Fund.
Effective January 31, 2017, Class A Shares were renamed as Class F Shares.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds.
Use of Estimates — The Funds are investment companies in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Therefore, the Funds follow the accounting and reporting guidelines for investment companies. The preparation of financial statements, in conformity with 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
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SEI Insititution International Trust / Annual Report / September 30, 2018 |
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.
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 its 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
SEI Insititution International Trust / Annual Report / September 30, 2018 |
77 |
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2018
correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular 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 year ended September 30, 2018 maximized the use of observable inputs and minimized the use of unobservable inputs.
For the year ended September 30, 2018, 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 investment securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of investment securities.
The Funds report certain foreign-currency-related transactions as components of realized gains for
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SEI Insititution International Trust / Annual Report / September 30, 2018 |
financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.
Forward Foreign Currency Contracts — To the extent consistent with its investment objective and strategies, a Fund may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions, 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 year are recognized as ordinary income or loss for federal income tax purposes. The Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.
Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open forward foreign currency contracts as of September 30, 2018, 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 September 30, 2018, if applicable.
Options/Swaptions Written/Purchased — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in financial options/swaptions contracts for the purpose of hedging its existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in fair market value caused by changes in prevailing market interest rates. A Fund may also invest in financial option/swaption contracts to enhance its returns. When the Fund writes or purchases an option/swaption, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option/swaption written or purchased. Premiums received or paid from writing or purchasing options/ swaptions which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option/swaption is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.
The risk in writing a call option/swaption is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put option/swaption is a Fund may incur a loss if the market price of the security decreases and the option/swaption is exercised. The risk in purchasing an option/swaption is a Fund may pay a premium whether or not the option/swaption is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option/swaption contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.
Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open option/swaption contracts as of September 30, 2018, if applicable.
SEI Insititution International Trust / Annual Report / September 30, 2018 |
79 |
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2018
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 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 September 30, 2018, 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
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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. The 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.
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.
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
SEI Insititution International Trust / Annual Report / September 30, 2018 |
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NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2018
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 writedown.
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 calculated 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.
As of September 30, 2018, the International Fixed Income Fund and the Emerging Markets Debt Fund are the sellers (“providing protection”) on a total notional amount of $2.2 million and $1.9 million, respectively. The notional amounts of the swaps are not recorded in the financial statements; however the notional amounts approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund was the seller of protection and a credit event were to occur. Those credit default swaps (“CDS”) for which the Funds are providing protection at balance sheet date are summarized as follows:
International Fixed Income Fund
| ||||||||||||||||||||
Written Credit Derivative Contracts | Single Name CDS | CDS Index | ||||||||||||||||||
Reference Asset | Corp US$ | Sovereign US$ | ABS US$ | Corp US$ | Total | |||||||||||||||
Fair value of written credit derivatives | $ — | $ — | $ (330,410) | $ 134,281 | $ (196,129) | |||||||||||||||
Maximum potential amount of future payments | — | — | 2,240,000 | 6,225,609 | 8,465,609 | |||||||||||||||
Recourse provisions with the third parties any amounts paid under the credit derivative (including any purchased credit protection) | — | — | — | — | — | |||||||||||||||
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)(1) | ||||||||||||||||||||||||||||||
0-100 | $ — | $ — | $ | 6,225,609 | $ — | $ | — | $ | 6,225,609 | |||||||||||||||||||||
>101 | — | — | — | — | 2,240,000 | 2,240,000 | ||||||||||||||||||||||||
Total | $ — | $ — | $ | 6,225,609 | $ — | $ 2,240,000 | $ | 8,465,609 |
* | 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. |
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Emerging Markets Debt 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 | $ — | $ (48,389) | $ — | $ — | $ (48,389) | |||||||||||||||
Maximum potential amount of future payments | — | 1,894,629 | — | — | 1,894,629 | |||||||||||||||
Recourse provisions with the third parties any amounts paid under the credit derivative (including any purchased credit protection) | — | — | — | — | — | |||||||||||||||
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)(1) | ||||||||||||||||||||||||||||||
0-100 | $ — | $ — | $ | — | $ — | $ — | $ | — | ||||||||||||||||||||||
>101 | — | — | 1,894,629 | — | — | 1,894,629 | ||||||||||||||||||||||||
Total | $ — | $ — | $ | 1,894,629 | $ — | $ — | $ | 1,894,629 |
* | 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 year. For Funds that held derivatives throughout the year 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 year end was as follows:
Asset Derivatives | Liability Derivatives | |||||||||||
Year ended September 30, 2018 ($ Thousands) | Year ended September 30, 2018 ($ 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 | $ | 394* | Net Assets — Unrealized depreciation on futures contracts | $ | 270* | ||||||
Credit contracts | Net Assets – Unrealized appreciation on swap contracts | —† | Net Assets — Unrealized depreciation on swap contracts | 116† | ||||||||
Foreign exchange contracts | Unrealized gain on forward foreign currency contracts | 4,228 | Unrealized loss on forward foreign currency contracts | 1,905 | ||||||||
Total derivatives not accounted for as hedging instruments | $ | 4,622 | $ | 2,291 |
SEI Insititution International Trust / Annual Report / September 30, 2018 |
83 |
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2018
Asset Derivatives | Liability Derivatives | |||||||||||
Year ended September 30, 2018 ($ Thousands) | Year ended September 30, 2018 ($ 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 | $ | 624* | Net Assets — Unrealized depreciation on futures contracts | $ | 432* | ||||||
Net Assets — Unrealized appreciation on swap contracts | 1,468† | Net Assets — Unrealized depreciation on swap contracts | 3,464† | |||||||||
Credit Contracts | Net Assets — Unrealized appreciation on swap contracts | —† | Net Assets — Unrealized depreciation on swap contracts | 196† | ||||||||
Foreign exchange contracts | Unrealized gain on forward foreign currency contracts | 11,752 | Unrealized loss on forward foreign currency contracts | 12,492 | ||||||||
Net Assets — Unrealized appreciation on swap contracts | 265† | Net Assets — Unrealized depreciation on swap contracts | 273† | |||||||||
Total derivatives not accounted for as hedging instruments | $ | 14,109 | $ | 16,857 |
* | 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 year ended September 30, 2018.
Amount of realized gain or (loss) 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 | $ | 1,067 | $ | — | $ | 110 | $ | 1,177 | ||||||||
Foreign exchange contracts | 2,434 | 16,398 | — | 18,832 | ||||||||||||
Credit contracts | — | — | 168 | 168 | ||||||||||||
Equity contracts | (20) | — | — | (20) | ||||||||||||
Total | $ | 3,481 | $ | 16,398 | $ | 278 | $ | 20,157 | ||||||||
Derivatives Not Accounted for as Hedging Instruments | Futures | Forward Currency Contracts | Swaps | Total | ||||||||||||
Emerging Markets Debt Fund | ||||||||||||||||
Interest rate contracts | $ | (714) | $ | — | $ | 2,748 | $ | 2,034 | ||||||||
Foreign exchange contracts | — | 2,944 | 530 | 3,474 | ||||||||||||
Credit contracts | — | — | 97 | 97 | ||||||||||||
Total | $ | (714) | $ | 2,944 | $ | 3,375 | $ | 5,605 | ||||||||
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 | $ | (297) | $ | — | $ | — | $ | (297) | ||||||||
Foreign exchange contracts | — | (29) | — | (29) | ||||||||||||
Credit contracts | — | — | 67 | 67 | ||||||||||||
Total | $ | (297) | $ | (29) | $ | 67 | $ | (259) |
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SEI Insititution International Trust / Annual Report / September 30, 2018 |
Derivatives Not Accounted for as Hedging Instruments | Futures | Forward Currency Contracts | Swaps | Total | ||||||||||||||||
Emerging Markets Debt Fund | ||||||||||||||||||||
Interest rate contracts | $ | (437) | $ | — | $ | (4,303) | $ | (4,740) | ||||||||||||
Foreign exchange contracts | — | 915 | 89 | 1,004 | ||||||||||||||||
Credit contracts | — | — | (233) | (233) | ||||||||||||||||
Total | $ | (437) | $ | 915 | $ | (4,447) | $ | (3,969) |
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 $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash
are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets in the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability in the Statement of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.
Customer Account Agreements and related addendums govern exchange traded derivatives transactions such as futures, options on futures, and centrally cleared swaps. Exchange traded derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (CFTC), or the applicable regulator. In the US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.
The following is a summary of the market value and variation margin of exchange-traded or centrally cleared financial derivative instruments of the Funds as of September 30, 2018, ($ 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 | $ | 434 | $ | — | $ | 434 | $ | 1,033 | $ | — | $ | 1,033 | ||||||||||||||||
International Fixed Income Fund | 234 | — | 234 | 94 | 2 | 96 | ||||||||||||||||||||||
Emerging Markets Debt Fund | 10 | 11 | 21 | 298 | 64 | 362 |
Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2018 amounted to $7,830 ($ Thousands) for the International Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2018 amounted to $393 ($ Thousands) for the International Fixed Income
Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of September 30, 2018 amounted to $3,303 ($ Thousands) for the Emerging Markets Debt Fund.
International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes
SEI Insititution International Trust / Annual Report / September 30, 2018 |
85 |
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2018
(“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.
The following is a summary by derivative type of the market value of OTC financial derivative instruments and collateral (received)/pledged as of September 30, 2018 ($ Thousands):
Financial Derivative Assets | Financial Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||
International Fixed Income Fund | Forward Foreign | Swap Agreements | Total Over the Counter | Forward Foreign | Swap Agreements | Total Counter | Net Market Value of OTC Derivatives | Collateral (Received)/ Pledged* | Net Exposures^ | |||||||||||||||||||||||||||||||||
ANZ | $ | 51 | $ | — | $ | 51 | $ | 154 | $ | — | $ | 154 | $ | (103) | $ | — | $ | (103) | ||||||||||||||||||||||||
Bank of America | 199 | — | 199 | 103 | — | 103 | 96 | — | 96 | |||||||||||||||||||||||||||||||||
Barclays | 77 | — | 77 | 155 | — | 155 | (78) | — | (78) | |||||||||||||||||||||||||||||||||
BNP Paribas | 1,483 | — | 1,483 | 15 | — | 15 | 1,468 | — | 1,468 | |||||||||||||||||||||||||||||||||
Brown Brothers Harriman | 4 | — | 4 | 55 | — | 55 | (51) | — | (51) | |||||||||||||||||||||||||||||||||
BT Brokerage | 701 | — | 701 | — | — | — | 701 | — | 701 | |||||||||||||||||||||||||||||||||
CIBC | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Citigroup | 84 | — | 84 | 67 | — | 67 | 17 | — | 17 | |||||||||||||||||||||||||||||||||
Credit Suisse | 5 | — | 5 | 36 | 96 | 132 | (127) | 260 | 133 | |||||||||||||||||||||||||||||||||
Deutsche Bank | 232 | — | 232 | — | 19 | 19 | 213 | — | 213 | |||||||||||||||||||||||||||||||||
Goldman Sachs | 153 | — | 153 | — | — | — | 153 | — | 153 | |||||||||||||||||||||||||||||||||
HSBC | 58 | — | 58 | 44 | — | 44 | 14 | — | 14 | |||||||||||||||||||||||||||||||||
JPMorgan Chase Bank | 857 | — | 857 | 744 | — | 744 | 113 | 700 | 813 | |||||||||||||||||||||||||||||||||
Morgan Stanley | 21 | — | 21 | 213 | — | 213 | (192) | — | (192) | |||||||||||||||||||||||||||||||||
RBC | 1 | — | 1 | 242 | — | 242 | (241) | — | (241) | |||||||||||||||||||||||||||||||||
Royal Bank of Scotland | 134 | — | 134 | — | — | — | 134 | — | 134 | |||||||||||||||||||||||||||||||||
Standard Chartered | 10 | — | 10 | 23 | — | 23 | (13) | — | (13) | |||||||||||||||||||||||||||||||||
State Street | 108 | — | 108 | 24 | — | 24 | 84 | — | 84 | |||||||||||||||||||||||||||||||||
TD Securities | 24 | — | 24 | 1 | — | 1 | 23 | — | 23 | |||||||||||||||||||||||||||||||||
UBS
| 24 | — | 24 | 29 | — | 29 | (5) | — | (5) | |||||||||||||||||||||||||||||||||
Financial Derivative Assets | Financial Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||
Emerging Markets Debt Fund | Forward Foreign | Swap Agreements | Total Over the Counter | Forward Foreign | Swap Agreements | Total Counter | Net Market Value of OTC Derivatives | Collateral (Received)/ Pledged* | Net Exposures^ | |||||||||||||||||||||||||||||||||
Citibank | $ | — | $ | 167 | $ | 167 | $ | — | $ | — | $ | — | $ | 167 | $ | — | $ | 167 | ||||||||||||||||||||||||
Citigroup | 5,743 | — | 5,743 | 4,241 | — | 4,241 | 1,502 | — | 1,502 | |||||||||||||||||||||||||||||||||
Goldman Sachs | 3,319 | 518 | 3,837 | 3,056 | 2,345 | 5,401 | (1,564) | — | (1,564) | |||||||||||||||||||||||||||||||||
JPMorgan Chase Bank | 1,951 | 525 | 2,476 | 4,832 | 954 | 5,786 | (3,310) | — | (3,310) | |||||||||||||||||||||||||||||||||
Standard Bank | 435 | — | 435 | 132 | — | 132 | 303 | — | 303 | |||||||||||||||||||||||||||||||||
State Street | 304 | — | 304 | 230 | — | 230 | 74 | — | 74 |
^ | 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. |
* | Excess collateral pledged is not shown for financial reporting purposes. |
No securities have been pledged or have been received as collateral for OTC financial derivative instruments as governed by ISDA Master Agreements as of September 30, 2018.
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The following table discloses the volume of the Fund’s futures contracts, forward foreign currency contracts and swap activity during the period ended September 30, 2018 ($ Thousands):
International Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | ||||||||||
Futures Contracts: | ||||||||||||
Equity Contracts | ||||||||||||
Average Notional Balance Long | $ | 142,103 | $ | — | $ | — | ||||||
Ending Notional Balance Long | 157,321 | — | — | |||||||||
Interest Contracts | ||||||||||||
Average Notional Balance Long | — | 67,546 | 37,165 | |||||||||
Average Notional Balance Short | — | 80,783 | 94,061 | |||||||||
Ending Notional Balance Long | — | 68,024 | 45,834 | |||||||||
Ending Notional Balance Short | — | 63,973 | 56,576 | |||||||||
Currency Contracts | ||||||||||||
Average Notional Balance Short | — | 32,350 | — | |||||||||
Ending Notional Balance Short | — | 35,147 | — | |||||||||
Forward Foreign Currency Contracts: | ||||||||||||
Average Notional Balance Long | — | 729,395 | 3,176,975 | |||||||||
Average Notional Balance Short | — | 727,908 | 3,179,447 | |||||||||
Ending Notional Balance Long | — | 780,241 | 1,241,532 | |||||||||
Ending Notional Balance Short | — | 777,718 | 1,242,421 | |||||||||
Swaps: Credit Contracts | ||||||||||||
Average Notional Balance Long | — | 132 | — | |||||||||
Average Notional Balance Short | — | 8,660 | 989 | |||||||||
Ending Notional Balance Short | — | 6,855 | 1,895 | |||||||||
Interest Contracts | ||||||||||||
Average Notional Balance Long | — | 8,179 | 308,327 | |||||||||
Average Notional Balance Short | — | 8,179 | 308,327 | |||||||||
Ending Notional Balance Long | — | — | 257,861 | |||||||||
Ending Notional Balance Short | — | — | 257,861 | |||||||||
Foreign Exchange Contracts | ||||||||||||
Average Notional Balance Long | — | — | 16,955 | |||||||||
Average Notional Balance Short | — | — | 16,978 | |||||||||
Ending Notional Balance Long | — | — | 17,555 | |||||||||
Ending Notional Balance Short | — | — | 30,859 |
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. (the “Distributor”) 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 F (formerly 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 F (formerly Class A) and Class I Shares will be paid to the Distributor, which may then be used by the Distributor 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,
SEI Insititution International Trust / Annual Report / September 30, 2018 |
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NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2018
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 and Distributor and the contractual and voluntary expense limitation for each Fund will be as follows:
Advisory Fee | Shareholder Servicing Fee | Administrative Servicing Fee | Voluntary Expense Limitation | |||||||||||||
International Equity Fund | ||||||||||||||||
Class F | 0.505% | 0.25% | — | 1.15% | ||||||||||||
Class I | 0.505% | 0.25% | 0.25% | 1.40% | ||||||||||||
Class Y | 0.505% | — | — | 0.90% | ||||||||||||
Emerging Markets Equity Fund* | ||||||||||||||||
Class F | 1.05% | 0.25% | — | N/A | ||||||||||||
Class Y | 1.05% | — | — | N/A | ||||||||||||
International Fixed Income Fund | ||||||||||||||||
Class F | 0.30% | 0.25% | — | 1.02% | ||||||||||||
Class Y | 0.30% | — | — | 0.77% | ||||||||||||
Emerging Markets Debt Fund | ||||||||||||||||
Class F | 0.85% | 0.25% | — | 1.36% | ||||||||||||
Class Y | 0.85% | — | — | 1.11% |
* | Renewed as of January 31, 2018, SIMC has contractually agreed to waive its advisory fee as necessary to keep the advisory fee paid by the Fund during its fiscal year from exceeding 0.95%. This fee waiver agreement shall remain in effect until January 31, 2019 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.
The following is a summary of annual fees payable to the Administrator:
First $1.5 Billion of Assets | Next $500 Million of Assets | Next $500 Million of Assets | Next $500 Million of Assets | Over $3 Billion of Assets | ||||||||||||||||
International Equity Fund | 0.450% | 0.370 | % | 0.2900 | % | 0.210 | % | 0.130% | ||||||||||||
Emerging Markets Equity Fund | 0.450% | 0.370 | % | 0.2900 | % | 0.210 | % | 0.130% | ||||||||||||
International Fixed Income Fund | 0.450% | 0.370 | % | 0.2900 | % | 0.210 | % | 0.130% | ||||||||||||
Emerging Markets Debt Fund | 0.450% | 0.370 | % | 0.2900 | % | 0.210 | % | 0.130% |
Investment Sub-Advisory Agreements — As of
September 30, 2018, 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
INTECH Investment Management LLC
Neuberger Berman Investment Advisers LLC
NWQ Investment Management Company, LLC
WCM Investment Management
Emerging Markets Equity Fund
Delaware Investment Fund Advisers, a series of
Macquarie Investment Management Business Trust
J O Hambro Capital Management Limited
KBI Global Investors (North America) Ltd.
Lazard Asset Management LLC
Neuberger Berman Investment Advisers LLC
PanAgora Asset Management, Inc.
RWC Asset Advisors (US) LLC
International Fixed Income Fund
AllianceBernstein L.P.
Colchester Global Investors Ltd.
Wellington Management Company, LLP
Emerging Markets Debt Fund
Investec Asset Management Ltd.
Neuberger Berman Investment Advisers LLC
Stone Harbor Investment Partners LP
Under the investment sub-advisory agreements, each sub-adviser receives a 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.
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SEI Insititution International Trust / Annual Report / September 30, 2018 |
There were no such commissions for the year ended September 30, 2018.
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 year ended September 30, 2018 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 Government 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.
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 year ended September 30, 2018, the Trust had not participated in the Program.
Other — The Distribution Agreement between the Distributor and the Trust provides that the Distributor may receive compensation on fund transactions effected for the Trust in accordance with 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. SEC rules require that such commissions not exceed usual and customary commissions.
Such commissions for the year ended September 30, 2018 were as follows ($ Thousands):
Emerging Markets Equity Fund | $ | 11 | ||
|
|
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 year ended September 30, 2018, were as follows:
International Equity Fund ($ Thousands) | Emerging Markets Equity Fund(1) ($ Thousands) | International Fixed Income Fund ($ Thousands) | Emerging Markets Debt Fund ($ Thousands) | |||||||||||||
Purchases | ||||||||||||||||
U.S. Government | $— | $— | $129,389 | $506,699 | ||||||||||||
Other | 1,848,328 | 1,332,894 | 197,606 | 667,478 | ||||||||||||
Sales | ||||||||||||||||
U.S. Government | — | — | 106,250 | 487,922 | ||||||||||||
Other | 1,656,408 | 1,375,955 | 192,587 | 587,205 |
(1) | Includes 17a-7 related transactions of $(12,527) ($ Thousands). |
7. FEDERAL TAX INFORMATION:
It is each Fund’s intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required.
The Funds may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.
SEI Insititution International Trust / Annual Report / September 30, 2018 |
89 |
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2018
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.
Accordingly, the following permanent differences, primarily attributable to different treatment for gains and losses on paydowns of mortgage and asset-backed
securities for tax purposes, investments in swaps, investments in passive foreign investment companies, distribution reclassification, REIT income reclassification and foreign currency transactions have been reclassified to/from the following accounts as of September 30, 2018:
Paid-in- ($ Thousands) | Accumulated Gain/(Loss) | Undistributed Net Investment Income ($ Thousands) | ||||||||||
International Equity Fund | $(489,231) | $ | 487,026 | $ | 2,205 | |||||||
Emerging Markets Equity Fund | – | (6,221) | 6,221 | |||||||||
International Fixed Income Fund | (2,011) | (16,033) | 18,044 | |||||||||
Emerging Markets Debt Fund | – | 25,120 | (25,120) |
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 | 2018 | $ | 56,617 | $ | — | $ | 56,617 | |||||||||
2017 | 38,555 | — | 38,555 | |||||||||||||
Emerging Markets Equity Fund | 2018 | 26,095 | — | 26,095 | ||||||||||||
2017 | 12,216 | — | 12,216 | |||||||||||||
International Fixed Income Fund | 2018 | — | — | — | ||||||||||||
2017 | 11,706 | 954 | 12,660 | |||||||||||||
Emerging Markets Debt Fund | 2018 | 89,091 | — | 89,091 | ||||||||||||
2017 | 30,136 | — | 30,136 |
As of September 30, 2018, the components of Distributable Earnings (Accumulated Losses) were as follows:
| ||||||||||||||||||||||||||||||||
Undistributed Ordinary | Undistributed Long-Term Capital Gain ($ Thousands) | Capital Loss Carryforwards | Post October | Late Year Ordinary Losses ($ Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | Other Temporary Differences ($ Thousands) | Total Distributable Earnings (Accumulated Losses) ($ Thousands) | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
International Equity Fund | $ | 58,980 | $ | — | $ | — | $ | — | $ | — | $ | 385,869 | $ | 2 | $ | 444,851 | ||||||||||||||||
Emerging Markets Equity Fund | 9,156 | — | — | (6,818 | ) | — | 118,182 | (2 | ) | 120,518 | ||||||||||||||||||||||
International Fixed Income Fund | — | 1,868 | — | — | — | (14,094 | ) | (2,020 | ) | (14,246 | ) | |||||||||||||||||||||
Emerging Markets Debt Fund | — | — | (18,571 | ) | — | (30,026 | ) | (140,851 | ) | (11,297 | ) | (200,745 | ) |
Post-October losses represent losses realized on investment transactions from November 1, 2017 through September 30, 2018 that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.
For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. For the year ended September 30, 2018, the Funds did not have any capital losses eligible to be carried forward.
During the year ended September 30, 2018, the International Equity Fund, the Emerging Markets Equity Fund and the Emerging Markets Debt Fund utilized capital loss carryforwards to offset capital gains of $195,360, $32,097 and $4,970 ($ Thousands), respectively. The International Equity Fund had expired capital losses in the amount of $489,231 ($ Thousands) for the year ended September 30, 2018.
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.
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SEI Insititution International Trust / Annual Report / September 30, 2018 |
Short-Term ($ Thousands) | Long-Term ($ Thousands) | Total Capital Loss Carryforwards | ||||||||||
Emerging Markets Debt Fund | $3,829 | $14,742 | $18,571 |
* This table should be used in conjunction with the capital loss carryforwards table.
For Federal income tax purposes, the cost of securities owned at September 30, 2018, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in partnerships, derivatives, passive foreign investment companies and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at September 30, 2018, was as follows:
Federal Tax Cost ($ Thousands) | Appreciated Securities ($ Thousands) | Depreciated ($ Thousands) | Net Unrealized Appreciation/ (Depreciation) ($ Thousands) | |||||||||||||
International Equity Fund | $ | 4,302,144 | $ | 581,716 | $ | (195,847) | $ | 385,869 | ||||||||
Emerging Markets Equity Fund | 1,709,070 | 280,413 | (162,231) | 118,182 | ||||||||||||
International Fixed Income Fund | 445,160 | 5,165 | (19,259) | (14,094) | ||||||||||||
Emerging Markets Debt Fund | 1,596,981 | 13,709 | (154,560) | (140,851) |
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of September 30, 2018, 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
SEI Insititution International Trust / Annual Report / September 30, 2018 |
91 |
NOTES TO FINANCIAL STATEMENTS (Concluded)
September 30, 2018
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 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 restricted from recovering the loaned securities or disposing of the collateral for the loan which could give rise to loss because of adverse market actions expenses and/or delays in connection with the disposition of the underlying securities.
Cash collateral received in connection with securities lending is invested in eligible securities by the lending agent. These investments may include the SEI Liquidity Fund, L.P. (“Liquidity Fund”) and the Fund bears its pro rata portion of the Liquidity Fund’s expenses and is subject to the risk of loss in the underlying investments of the Liquidity Fund 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 September 30, 2018
($ Thousands):
Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | ||||||||||||||||||||||||||||
International Equity Fund | $ | 237,782 | $ | 237,782 | $ | — | ||||||||||||||||||||||||
Emerging Markets Equity Fund | 61,593 | 61,593 | — | |||||||||||||||||||||||||||
Emerging Markets Debt Fund | 29,593 | 29,593 | — |
(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 September 30, 2018, SPTC held of record the following:
Fund | Class F | Class I | Class Y | |||||
International Equity Fund | 96.69% | 46.25% | 37.15% | |||||
Emerging Markets Equity Fund | 93.12% | —% | 54.99% | |||||
International Fixed Income Fund | 97.05% | —% | 99.40% | |||||
Emerging Markets Debt Fund | 97.77% | —% | 37.36% |
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. | REGULATORY MATTERS |
In August 2018, The FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. At this time, management is currently evaluating the impact of this new guidance on the financial statements and disclosures.
12. | 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 September 30, 2018.
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SEI Insititution International Trust / Annual Report / September 30, 2018 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees
SEI Institutional International Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of SEI Institutional International Trust, comprised of the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund, and Emerging Markets Debt Fund (collectively, the “Funds”), as of September 30, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of September 30, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2018, by correspondence with custodians, transfer agents, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more SEI Funds investment companies since 2005.
Philadelphia, Pennsylvania
November 29, 2018
SEI Institutional International Trust / Annual Report / September 30, 2018 |
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TRUSTEES AND OFFICERS OF THE TRUST (Unaudited)
The following chart lists Trustees and Officers as of September 30, 2018.
Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of positions in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust’s Statement of Additional Information (“SAI’’) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-800-342-5734.
Name, Address, and Age | Position(s) Held with Trusts | Term of Office and | Principal Occupation(s) During Past Five Years | Number of Complex Overseen | Other Directorships Held by Trustee | |||||
INTERESTED TRUSTEES
| ||||||||||
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 72 yrs. old | Chairman of the Board of Trustees* | since 1995 | Currently performs various services on behalf of SEI for which Mr. Nesher is compensated. | 102 | Vice Chairman of The Advisors’ Inner Circle Fund III and Winton Diversified Opportunities Fund since 2014. Vice Chairman of Gallery Trust since 2015. President and Director of SEI Structured Credit Fund, LP. Director of SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Multi-Strategy Funds PLC, SEI Global Nominee Ltd and SEI Investments—Unit Trust Management (UK) Limited. President, Director and Chief Executive Officer of SEI AIpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 1989 to 2016. Vice Chairman of O’Connor EQUUS (closed-end investment company) from 2014 to 2016. Vice Chairman of Winton Series Trust from 2014 to 2017. Vice Chairman of The Advisors’ Inner Circle Fund III, Winton Diversified Opportunities Fund (closed-end investment company), Gallery Trust, Schroder Series Trust and Schroder Global Series Trust. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, and the KP Funds. President, Chief Executive Officer and Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, Adviser Managed Trust, The New Covenant Funds and SEI Catholic Values Trust. | |||||
William M. Doran One Freedom Valley Drive Oaks, PA 19456 78 yrs. old | Trustee* | since 1995 | Self-employed consultant since 2003. Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003, counsel to the Trust, SEI, SIMC, the Administrator and the Distributor. | 102 | Director of SEI since 1974; Secretary of SEI since 1978. Director of SEI Investments Distribution Co. since 2003. Director of SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Investments (Asia) Limited, SEI Global Nominee Ltd. and SEI Investments—Unit Trust Management (UK) Limited. Trustee of SEI Liquid Asset Trust from 1982 to 2016. Trustee of O’Connor EQUUS from 2014 to 2016. Trustee of Winton Series Trust from 2014 to 2017. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The Advisors’ Inner Circle Fund III, Winton Diversified Opportunities Fund, Gallery Trust, Schroder Series Trust, Schroder Global Series Trust, Bishop Street Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, Adviser Managed Trust, New Covenant Funds, The KP Funds and SEI Catholic Values Trust. | |||||
TRUSTEES | ||||||||||
George J. Sullivan Jr. One Freedom Valley Drive, Oaks, PA 19456 75 yrs. old | Trustee | since 1996 | Retired since January 2012. Self-Employed Consultant, Newfound Consultants Inc. April 1997-December 2011. | 102 | Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 1996 to 2016. Member of the independent review committee for SEI’s Canadian-registered mutual funds from 2011 to 2017. Trustee/Director of State Street Navigator Securities Lending Trust from 1996 to 2017. Trustee/Director of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, Adviser Managed Trust, New Covenant Funds, The KP Funds and SEI Catholic Values Trust. |
* | Messrs. Nesher and Doran are Trustees who may be deemed as “interested” persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with SIMC and the Trust’s Distributor. |
1 | Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust |
2 | The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust and New Covenant Funds. |
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SEI Institutional International Trust / Annual Report / September 30, 2018 |
Name, Address, and Age | Position(s) Held with Trusts | Term of Office and | Principal Occupation(s) During Past Five Years | Number of Fund Complex Overseen by Trustee2 | Other Directorships Held by Trustee | |||||
TRUSTEES (continued) | ||||||||||
Nina Lesavoy One Freedom Valley Drive, Oaks, PA 19456 61 yrs. old | Trustee | since 2003 | Founder and Managing Director, Avec Capital (strategic fundraising firm) since 2008. Managing Director, Cue Capital (strategic fundraising firm) from March 2002-March 2008. | 102 | Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2003 to 2016. Trustee/Director of SEI Structured Credit Fund, L.P., SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust. | |||||
James M. Williams One Freedom Valley Drive, Oaks, PA 19456 70 yrs. old | Trustee | since 2004 | Vice President and Chief Investment Officer, J. Paul Getty Trust, Non-Profit Foundation for Visual Arts, since December 2002. President, Harbor Capital Advisors and Harbor Mutual Funds, 2000-2002. Director of SEI Alpha Strategy Portfolios, L.P. from 2007 to 2013. Manager, Pension Asset Management, Ford Motor Company, 1997-1999. | 102 | Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013, Trustee of SEI Liquid Asset Trust from 2004 to 2016. Trustee/Director of Ariel Mutual Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, SEI Insurance Products Trust, Adviser Managed Trust and SEI Catholic Values Trust. | |||||
Mitchell A. Johnson One Freedom Valley Drive, Oaks, PA 19456 76 yrs. old | Trustee | since 2007 | Retired Private Investor since 1994. | 102 | Director, Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2007 to 2016. Trustee of the Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, SEI Insurance Products Trust, Adviser Managed Trust, The KP Funds and SEI Catholic Values Trust. | |||||
Hubert L. Harris, Jr. One Freedom Valley Drive, Oaks, PA 19456 75 yrs. old | Trustee | since 2008 | Retired since December 2005. Owner of Harris Plantation, Inc. since 1995. Chief Executive Officer of Harris CAPM, a consulting asset and property management entity. Chief Executive Officer, INVESCO North America, August 2003-December 2005. Chief Executive Officer and Chair of the Board of Directors, AMVESCAP Retirement, Inc., January 1998- August 2003. | 102 | Director of AMVESCAP PLC from 1993-2004. Served as a director of a bank holding company, 2003-2009. Director, Aaron’s Inc., 2012-present. President and CEO of Oasis Ornamentals LLC since 2011. Member of the Board of Councilors of the Carter Center (nonprofit corporation) and served on the board of other non-profit organizations. Director of SEI Alpha Strategy Portfolios, LP from 2008 to 2013. Trustee of Liquid Asset Trust from 2008 to 2016. Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust. | |||||
Susan C. Cote One Freedom Valley Drive Oaks, PA 19456 63 years old | Trustee | since 2016 | Retired since July 2015. Americas Director of Asset Management, Ernst & Young LLP from 2006-2013. Global Asset Management Assurance Leader, Ernest & Young LLP from 2006-2015. Partner Ernest & Young LLP from 1997-2015. Prudential, 1983-1997. Member of the Ernst & Young LLP Retirement Investment Committee, Treasurer and Chair of Finance, Investment and Audit Committee of the New York Women’s Foundation. | 102 | Trustee of SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, SEI Insurance Products Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust. | |||||
James B. Taylor One Freedom Valley Drive Oaks, PA 19456 67 years old | Trustee | since 2018 | Retired since December 2017. Chief Investment Officer at Georgia Teach Foundation from 2008 to 2017. Chief Investment Officer at Delta Air Lines from 1983 to 2007. Member of the Investment Committee at the Institute of Electrical and Electronic Engineers from 1999 to 2004. President, Vice President and Treasurer at Southern Benefits Conference from 1998 to 2000. | 102 | Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. |
1 | Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust. |
2 | The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust and New Covenant Funds. |
SEI Institutional International Trust / Annual Report / September 30, 2018 |
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TRUSTEES AND OFFICERS OF THE TRUST (Unaudited) (Concluded)
Name Address, and Age | Position(s) Held with Trusts | Term of Office and | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee2 | Other Directorships Held by Trustee | |||||
OFFICERS | ||||||||||
Robert A. Nesher One Freedom Valley Drive, 72 yrs. old | President and CEO | since 2005 | Currently performs various services on behalf of SEI for which Mr. Nesher is compensated. | N/A | N/A | |||||
James J. Hoffmayer Valley Drive 45 yrs. old | Controller and Chief Financial Officer | since 2016 | Senior Director, Funds Accounting and Fund Administration, SEI Investments Global Funds Services (since September 2016); Senior Director of Fund Administration, SEI Investments Global Funds Services (since October 2014). Director of Financial Reporting, SEI Investments Global Funds Services (November 2004 - October 2014). | N/A | N/A | |||||
Glenn R. Kurdziel One Freedom Valley Drive 44 yrs. old | Assistant Controller | since 2017 | Assistant Controller, Funds Accounting, SEI Investments Global Funds Services (March 2017); Senior Manager, Funds Accounting, SEI Investments Global Funds Services since 2005. | N/A | N/A | |||||
Russell Emery 55 yrs. old | Chief Compliance Officer | since 2006 | Chief Compliance Officer of SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Tax Exempt Trust, The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds since March 2006. Chief Compliance Officer of SEI Liquid Asset Trust from 2006 to 2016. Chief Compliance Officer of SEI Structured Credit Fund, LP since June 2007. Chief Compliance Officer of Adviser Managed Trust since December 2010. Chief Compliance Officer of SEI AIpha Strategy Portfolios, LP from 2007 to 2013. Chief Compliance Officer of New Covenant Funds since February 2012. Chief Compliance Officer of SEI Insurance Products Trust and The KP Funds since 2013. Chief Compliance Officer of O’Connor EQUUS from 2014 to 2016. Chief Compliance Officer of The Advisors’ Inner Circle Fund III and Winton Diversified Opportunities Fund since 2014. Chief Compliance Officer of Winton Series Trust from 2014 to 2017. Chief Compliance Officer of SEI Catholic Values Trust and Gallery Trust since 2015. Chief Compliance Officer of Schroder Series Trust and Schroder Global Series Trust since 2017. | N/A | N/A | |||||
Timothy D Barto 50 yrs. old | Vice President and Secretary | since 2002 | Vice President and Secretary of SEI Institutional Transfer Agent, Inc. since 2009. General Counsel and Secretary of SIMC and the Administrator since 2004. Vice President of SIMC and the Administrator since 1999. Vice President and Assistant Secretary of SEI since 2001. | N/A | N/A | |||||
Aaron Buser One Freedom 47 yrs. old | Vice President and Assistant Secretary | since 2008 | Vice President and Assistant Secretary of SEI Institutional Transfer Agent, Inc. since 2009. Vice President and Assistant Secretary of SIMC since 2007. Attorney Stark & Stark (law firm), March 2004-July 2007. | N/A | N/A | |||||
David F. McCann 42 yrs. old | Vice President and Assistant Secretary | since 2009 | Vice President and Assistant Secretary of SEI Institutional Transfer Agent, Inc. since 2009. Vice President and Assistant Secretary of SIMC since 2008. Attorney, Drinker Biddle & Reath, LLP (law firm), May 2005 - October 2008. | N/A | N/A | |||||
Stephen G. MacRae Oaks, PA 19456 50 yrs. old | Vice President | since 2012 | Director of Global Investment Product Management, January 2004 - to present. | N/A | N/A | |||||
Bridget E. Sudall 37 yrs. old | Anti-Money Laundering Compliance Officer and Privacy Officer | since 2015 | Anti-Money Laundering Compliance Officer and Privacy Officer (since 2015), Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, April 2011-March 2015, Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, July 2007-April 2011. | N/A | N/A |
1 | Each trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust. |
2 | The Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust and New Covenant Funds. |
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SEI Institutional International Trust / Annual Report / September 30, 2018 |
DISCLOSURE OF FUND EXPENSES (Unaudited)
September 30, 2018
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 4/1/18 | Ending Account Value 9/30/18 | Annualized Expense Ratios | Expenses Paid During Period * | |||||||||||||
International Equity Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class F | $1,000.00 | $991.30 | 1.08% | $5.39 | ||||||||||||
Class I | 1,000.00 | 989.60 | 1.33 | 6.63 | ||||||||||||
Class Y | 1,000.00 | 992.80 | 0.83 | 4.15 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class F | $1,000.00 | $1,019.65 | 1.08% | $5.47 | ||||||||||||
Class I | 1,000.00 | 1,018.40 | 1.33 | 6.73 | ||||||||||||
Class Y | 1,000.00 | 1,020.91 | 0.83 | 4.20 | ||||||||||||
Emerging Markets Equity Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class F | $1,000.00 | $875.60 | 1.67% | $7.85 | ||||||||||||
Class Y | 1,000.00 | 877.40 | 1.42 | 6.68 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class F | $1,000.00 | $1,016.70 | 1.67% | $8.44 | ||||||||||||
Class Y | 1,000.00 | 1,017.95 | 1.42 | 7.18 |
Beginning Account Value 4/1/18 | Ending Account Value 9/30/18 | Annualized Expense Ratios | Expenses Paid During Period * | |||||||||||||
International Fixed Income Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class F | $ | 1,000.00 | $998.10 | 1.02% | $5.11 | |||||||||||
Class Y | 1,000.00 | 999.00 | 0.77 | 3.86 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class F | $ | 1,000.00 | $ | 1,019.95 | 1.02% | $5.16 | ||||||||||
Class Y | 1,000.00 | 1,021.21 | 0.77 | 3.90 | ||||||||||||
Emerging Markets Debt Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class F | $ | 1,000.00 | $905.10 | 1.36% | $6.50 | |||||||||||
Class Y | 1,000.00 | 906.60 | 1.11 | 5.31 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class F | $ | 1,000.00 | $ | 1,018.25 | 1.36% | $6.88 | ||||||||||
Class Y | 1,000.00 | 1,019.50 | 1.11 | 5.62 |
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).
SEI Institutional International Trust / Annual Report / September 30, 2018 |
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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 indexes.
At the March 27 – 28, 2018 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 meetings of the Board held during the course of the Trust’s fiscal year on December 5–6, 2017, June 26–27, 2018 and September 11–12, 2018. In each case, the Board’s approval (or renewal) was based on its consideration
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SEI Institutional International Trust / Annual Report / September 30, 2018 |
and evaluation of the factors described above, as discussed at the meetings and at prior meetings. 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 the 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 indexes/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 that 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 indexes/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 asset levels, actual management fees (including transfer agent expenses), 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 SIMC’s and its affiliates voluntary waiver of management and other fees with respect to the International Equity, Emerging Markets Debt and International Fixed Income Funds 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 its 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.
SEI Institutional International Trust / Annual Report / September 30, 2018 |
99 |
BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Concluded)
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 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 its 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.
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SEI Institutional International Trust / Annual Report / September 30, 2018 |
NOTICE TO SHAREHOLDERS (Unaudited)
For shareholders who do not have a September 30, 2018, taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2018, taxable year end, please consult your tax adviser as to the pertinence of this notice.
For the fiscal year ended September 30, 2018, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:
(A) Return of | (B) Long Term | (C) Ordinary | (D) Total | (E) Dividends | (F) Qualifying for QDI) (2) | (G) U.S. | (H) Interest | (I) Short-Term | ||||||||||
International Equity Fund | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 97.03% | 0.00% | 0.27% | 0.00% | |||||||||
Emerging Markets Equity Fund | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 79.13% | 0.00% | 0.00% | 0.00% | |||||||||
International Fixed Income Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||
Emerging Markets Debt Fund | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.11% | 0.00% |
The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2018, the amount of foreign source income and foreign tax credit are as follows:
Fund | Foreign Source Income | Foreign Tax Pass Through | ||||||
International Equity | $ | 51,280,616 | $ | 6,967,992 | ||||
Emerging Markets Equity | 13,648,839 | 4,720,927 |
(1) | “Dividends Received Deduction” represent dividends which qualify for the corporate dividends received deduction. |
(2) | “Qualifying Dividend Income” represent qualifying dividends as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. It is the intention of the Fund to designate the max amount permitted by law. |
(3) | “U.S. Government Interest” represent the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut or New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income. |
(4) | The percentage in this column represents the amount of “Interest Related Dividend” is reflected as a percentage of ordinary income distribution. Interest related dividends is exempted from U.S. withholding tax when paid to foreign investors. |
(5) | The percentage of this column represents the amount of “Short Term Capital Gain Dividend” is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors. |
Items (A), (B), (C) and (D) are based on the percentage of each fund’s total distribution.
Items (E) and (F) are based on the percentage of “Ordinary Income Distributions.”
Item (G) is based on the percentage of gross income of each Fund.
Item (H) is based on the percentage of net investment income distributions.
Item (I) is based on the percentage of short-term capital gains distributions.
Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.
SEI Institutional International Trust / Annual Report / September 30, 2018 |
101 |
SEI INSTITUTIONAL INTERNATIONAL TRUST / ANNUAL REPORT / SEPTEMBER 30, 2018
Robert A. Nesher, Chairman
Trustees
William M. Doran
George J. Sullivan, Jr.
Nina Lesavoy
James M. Williams
Mitchell A. Johnson
Hubert L. Harris, Jr.
Susan C. Cote
James B. Taylor
Officers
Robert A. Nesher
President and Chief Executive Officer
James J. Hoffmayer
Controller and Chief Financial Officer
Glenn R. Kurdziel
Assistant Controller
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-018 (9/18)
Item 2. | Code of Ethics. |
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer and any person that performs a similar function.
Item 3. | Audit Committee Financial Expert. |
(a)(1) The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has three Audit Committee financial experts serving on its audit committee.
(a) (2) The audit committee financial experts are Susan C. Cote, George J. Sullivan, Jr. and Hubert L. Harris, Jr. Ms. Cote and Messrs. Sullivan and Harris are independent as defined in Form N-CSR Item 3 (a) (2).
Item 4. | Principal Accountant Fees and Services. |
Fees billed by KPMG LLP (“KPMG”) related to the Registrant.
KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:
Fiscal 2018
| Fiscal 2017
| |||||||||||||
All fees and services to the Registrant approved | All fees and services to service affiliates that were pre- approved | All other fees and services to service affiliates that require pre- approval | All fees and services to the Registrant that were pre- approved | All fees and services to approved | All other fees approval | |||||||||
(a) | Audit Fees(1)
| $204,460 | $0 | N/A | $198,500 | $0 | N/A | |||||||
(b) | Audit- Related Fees | $0 | $0 | $0 | $0 | $0 | $0 | |||||||
(c) | Tax Fees
| $0 | $0 | $0 | $0 | $0 | $0 | |||||||
(d) | All Other Fees(2)
| $0 | $372,077 | $0 | $0 | $356,074 | $0 |
Notes:
(1) | Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. |
(2) | See Item 4(g) for a description of the services comprising the fees disclosed under this category. |
(e)(1) The Registrant’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Service Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved. In any instance where services require pre-approval, the Audit
Committee will consider whether such services are consistent with SEC rules on auditor independence and whether the provision of such services would compromise the auditor’s independence.
The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The Registrant’s CFO will determine whether such services (1) require specific pre-approval, (2) are included within the list of services that have received the general pre-approval of the Audit Committee; or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise.
Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.
Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.
The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor.
All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees (or the manner of their determination) to be paid to the independent auditor for those services.
In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.
(e)(2) Percentage of fees billed pursuant to waiver of pre-approval requirement were as follows:
Fiscal 2018 | Fiscal 2017 | |||
Audit-Related Fees
| 0%
| 0%
| ||
Tax Fees
| 0%
| 0%
| ||
All Other Fees
| 0%
| 0%
|
(f) Not Applicable.
(g)(1) The aggregate non-audit fees billed by KPMG for the fiscal years 2018 and 2017 were $372,077 and $356,074, respectively. Non-audit fees consist of a service organization controls report review of fund accounting and administration operations, and an attestation report in accordance with Rule 17Ad-13.
(h) During the past fiscal year, Registrant’s principal accountant provided certain non-audit services to Registrant’s investment adviser or to entities controlling, controlled by, or under common control with Registrant’s investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of Registrant’s Board of Trustees reviewed and considered these non-audit services provided by Registrant’s principal accountant to Registrant’s affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments |
The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund, and 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. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees on the Board. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s Charter, adopted on June 18th 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 Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the last 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. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Items 13. | Exhibits. |
(a)(1) Code of Ethics attached hereto.
(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 1940 Act, as amended (17 CFR 270.30a-2(a)), are filed herewith.
(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an exhibit.
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: December 7, 2018
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: December 7, 2018
By: | /s/ James J. Hoffmayer | |||||
James J. Hoffmayer | ||||||
Controller & CFO |
Date: December 7, 2018