UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-05601
SEI Institutional International Trust
(Exact name of registrant as specified in charter)
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Address of principal executive offices)
Timothy D. Barto, Esq.
SEI Investments Co.
One Freedom Valley Drive
Oaks, PA 19456
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-610-676-1000
Date of fiscal year end: September 30, 2020
Date of reporting period: March 31, 2020
Item 1. | Reports to Stockholders. |
SEI
New ways.
New answers.®
March 31, 2020
SEMI-ANNUAL REPORT
SEI Institutional International Trust
International Equity Fund
Emerging Markets Equity Fund
International Fixed Income Fund
Emerging Markets Debt Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.
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Board of Trustees Considerations in Approving the Advisory Agreement | 90 |
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT. The Trust’s FormN-PORT reports are available on the Commission’s website at http://www.sec.gov.
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 recent12-month period ended June 30, is available (i) without charge, upon request, by calling1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
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 — 94.1% |
| |||||||
Argentina — 0.3% | ||||||||
MercadoLibre Inc * | 21,910 | $ | 10,705 | |||||
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| ||||||
Australia — 3.0% | ||||||||
a2 Milk Co Ltd * | 229,936 | 2,319 | ||||||
Aristocrat Leisure Ltd | 678,086 | 8,772 | ||||||
ASX Ltd | 35,377 | 1,671 | ||||||
Avita Medical Ltd * | 31,909,780 | 9,744 | ||||||
BlueScope Steel Ltd | 896,249 | 4,732 | ||||||
Cleanaway Waste Management Ltd | 177,021 | 184 | ||||||
Coca-Cola Amatil Ltd | 97,367 | 527 | ||||||
Cochlear Ltd | 79,211 | 9,031 | ||||||
Coles Group Ltd | 38,208 | 353 | ||||||
CSL Ltd | 122,974 | 21,955 | ||||||
CSR Ltd | 792,249 | 1,534 | ||||||
Fortescue Metals Group Ltd | 1,663,612 | 10,166 | ||||||
Goodman Group‡ | 52,146 | 388 | ||||||
Insurance Australia Group Ltd | 578,089 | 2,185 | ||||||
Lendlease Group | 88,345 | 557 | ||||||
Macquarie Group Ltd | 22,561 | 1,168 | ||||||
Magellan Financial Group Ltd | 23,120 | 605 | ||||||
Newcrest Mining Ltd | 333,344 | 4,685 | ||||||
Orica Ltd | 227,155 | 2,118 | ||||||
Orora Ltd | 1,315,053 | 1,940 | ||||||
Qantas Airways Ltd | 1,609,248 | 3,146 | ||||||
QBE Insurance Group Ltd | 322,265 | 1,705 | ||||||
REA Group Ltd | 10,255 | 481 | ||||||
Rio Tinto Ltd | 11,151 | 569 | ||||||
Santos Ltd | 142,476 | 294 | ||||||
SEEK Ltd | 59,646 | 538 | ||||||
Sonic Healthcare Ltd | 21,741 | 322 | ||||||
South32 Ltd | 3,623,948 | 3,852 | ||||||
Stockland‡ | 356,859 | 550 | ||||||
Sydney Airport | 131,247 | 448 | ||||||
Wesfarmers Ltd | 15,402 | 327 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Woolworths Group Ltd | 13,833 | $ | 297 | |||||
|
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| ||||||
97,163 | ||||||||
|
|
| ||||||
Austria — 0.8% | ||||||||
Avita Medical Ltd ADR * | 2,621,081 | 16,251 | ||||||
BAWAG Group AG | 306,746 | 8,615 | ||||||
Erste Group Bank AG | 23,438 | 434 | ||||||
Raiffeisen Bank International AG | 18,848 | 275 | ||||||
|
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| ||||||
25,575 | ||||||||
|
|
| ||||||
Belgium — 1.3% | ||||||||
Ageas | 507,695 | 20,896 | ||||||
Colruyt SA | 31,055 | 1,677 | ||||||
Groupe Bruxelles Lambert SA | 110,243 | 8,588 | ||||||
KBC Group NV | 70,688 | 3,217 | ||||||
UCB SA | 79,274 | 6,839 | ||||||
|
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| ||||||
41,217 | ||||||||
|
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Canada — 1.8% | ||||||||
Alimentation Couche-Tard Inc, Cl B | 172,708 | 4,022 | ||||||
Canadian Imperial Bank of Commerce | 68,379 | 3,939 | ||||||
Canadian Pacific Railway Ltd | 71,994 | 15,809 | ||||||
Constellation Software Inc/Canada | 500 | 449 | ||||||
Manulife Financial Corp | 938,875 | 11,656 | ||||||
Nutrien Ltd (A) | 249,400 | 8,430 | ||||||
Ovintiv Inc (A) | 86,764 | 235 | ||||||
Power Corp of Canada (A) | 70,900 | 1,128 | ||||||
Royal Bank of Canada | 56,100 | 3,436 | ||||||
Stantec Inc | 68,200 | 1,725 | ||||||
Sun Life Financial Inc | 140,300 | 4,462 | ||||||
Suncor Energy Inc | 162,533 | 2,565 | ||||||
|
|
| ||||||
57,856 | ||||||||
|
|
| ||||||
China — 1.7% | ||||||||
Alibaba Group Holding Ltd | 32,549 | 6,330 | ||||||
Baidu Inc * | 138,302 | 13,939 | ||||||
Beijing Capital International Airport Co Ltd, Cl H | 3,846,000 | 2,443 | ||||||
China Communications Services Corp Ltd, Cl H | 4,389,584 | 3,178 | ||||||
China Lesso Group Holdings Ltd | 696,000 | 913 | ||||||
Industrial & Commercial Bank of China Ltd, Cl H | 4,326,000 | 2,962 | ||||||
Sinopharm Group Co Ltd, Cl H | 1,081,014 | 2,427 | ||||||
Sinotruk Hong Kong Ltd | 153,254 | 254 | ||||||
STMicroelectronics NV | 136,067 | 2,932 | ||||||
Tencent Holdings Ltd | 311,200 | 15,318 | ||||||
Vipshop Holdings Ltd ADR * | 337,241 | 5,254 | ||||||
|
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| ||||||
55,950 | ||||||||
|
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Denmark — 1.7% | ||||||||
Carlsberg A/S, Cl B | 10,263 | 1,155 | ||||||
Coloplast A/S, Cl B | 10,614 | 1,534 | ||||||
DSV PANALPINA A/S (A) | 110,405 | 9,963 | ||||||
Genmab A/S * | 4,001 | 818 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Equity Fund(Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
GN Store Nord A/S | 34,583 | $ | 1,532 | |||||
H Lundbeck A/S (A) | 149,151 | 4,415 | ||||||
Novo Nordisk A/S, Cl B | 315,834 | 18,921 | ||||||
Orsted A/S | 35,892 | 3,488 | ||||||
ROCKWOOL International A/S, Cl B | 6,128 | 1,100 | ||||||
Scandinavian Tobacco Group A/S | 1,043,227 | 10,482 | ||||||
|
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53,408 | ||||||||
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Finland — 0.4% | ||||||||
Elisa Oyj, Cl A | 23,880 | 1,476 | ||||||
Fortum Oyj | 80,898 | 1,184 | ||||||
Kesko Oyj, Cl B | 6,141 | 348 | ||||||
Kone Oyj, Cl B | 5,149 | 291 | ||||||
Metso Oyj | 19,617 | 466 | ||||||
Neste Oyj | 25,502 | 860 | ||||||
Orion Oyj, Cl B | 139,836 | 5,678 | ||||||
UPM-Kymmene Oyj (A) | 55,198 | 1,505 | ||||||
Valmet Oyj | 18,845 | 368 | ||||||
Wartsila OYJ Abp, Cl B | 22,361 | 164 | ||||||
|
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12,340 | ||||||||
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France — 7.9% | ||||||||
AirFrance-KLM *(A) | 826,522 | 4,606 | ||||||
Air Liquide SA | 77,790 | 9,912 | ||||||
Airbus SE * | 26,720 | 1,741 | ||||||
Alstom SA * | 18,517 | 773 | ||||||
Amundi SA | 11,275 | 664 | ||||||
Arkema SA | 21,041 | 1,447 | ||||||
BNP Paribas SA | 540,611 | 16,199 | ||||||
Bollore SA | 2,335,240 | 6,407 | ||||||
Bouygues SA | 5,771 | 168 | ||||||
Capgemini SE | 72,548 | 6,065 | ||||||
Carrefour SA | 723,186 | 11,443 | ||||||
CGG SA * | 596,341 | 532 | ||||||
Covivio‡ | 7,765 | 440 | ||||||
Credit Agricole SA | 264,485 | 1,911 | ||||||
Criteo SA ADR * | 60,571 | 482 | ||||||
Danone SA | 135,312 | 8,669 | ||||||
Dassault Systemes SE | 245 | 36 | ||||||
Edenred | 46,418 | 1,937 | ||||||
Eiffage SA | 22,049 | 1,562 | ||||||
Engie SA | 497,808 | 5,110 | ||||||
EssilorLuxottica SA | 87,521 | 9,338 | ||||||
Eurofins Scientific SE | 881 | 434 | ||||||
Gecina SA‡ | 7,468 | 986 | ||||||
Hermes International | 6,416 | 4,402 | ||||||
ICADE‡ | 5,827 | 461 | ||||||
Ingenico Group SA | 11,181 | 1,169 | ||||||
Ipsen SA | 33,962 | 1,753 | ||||||
IPSOS | 18,645 | 388 | ||||||
Kering SA | 4,181 | 2,171 | ||||||
La Francaise des Jeux SAEM | 159,179 | 3,953 | ||||||
Legrand SA | 23,108 | 1,474 | ||||||
L’Oreal SA | 19,116 | 5,025 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 49,963 | $ | 18,445 | |||||
Nexans SA | 11,503 | 338 | ||||||
Pernod Ricard SA | 107,933 | 15,301 | ||||||
Peugeot SA | 447,567 | 5,927 | ||||||
Publicis Groupe SA | 244,069 | 6,962 | ||||||
Rexel SA | 311,140 | 2,308 | ||||||
Safran SA * | 41,686 | 3,638 | ||||||
Sanofi | 322,003 | 27,953 | ||||||
Sartorius Stedim Biotech | 24,246 | 4,849 | ||||||
Schneider Electric SE | 49,967 | 4,232 | ||||||
Suez | 74,531 | 756 | ||||||
Teleperformance | 40,384 | 8,385 | ||||||
Thales SA | 188,956 | 15,750 | ||||||
TOTAL SA | 370,534 | 14,109 | ||||||
Ubisoft Entertainment SA * | 89,328 | 6,526 | ||||||
Veolia Environnement SA | 58,473 | 1,243 | ||||||
Vinci SA | 7,556 | 622 | ||||||
Vivendi SA | 184,933 | 3,967 | ||||||
|
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252,969 | ||||||||
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Germany — 8.8% | ||||||||
Allianz SE | 165,436 | 28,353 | ||||||
BASF SE | 410,186 | 19,446 | ||||||
Bayer AG | 494,966 | 28,489 | ||||||
Beiersdorf AG | 18,600 | 1,881 | ||||||
Brenntag AG | 102,158 | 3,777 | ||||||
Carl Zeiss Meditec AG | 2,107 | 203 | ||||||
CTS Eventim AG & Co KGaA | 117,918 | 5,290 | ||||||
Delivery Hero SE * | 12,924 | 943 | ||||||
Deutsche Boerse AG | 41,989 | 5,758 | ||||||
Deutsche Lufthansa AG *(A) | 260,595 | 2,446 | ||||||
Deutsche Post AG | 974,888 | 26,377 | ||||||
Fresenius Medical Care AG & Co KGaA | 219,531 | 14,448 | ||||||
Gerresheimer AG | 107,800 | 6,817 | ||||||
Hamburger Hafen und Logistik AG | 11,628 | 162 | ||||||
Hannover Rueck SE | 11,244 | 1,610 | ||||||
Infineon Technologies AG | 949,857 | 13,602 | ||||||
LANXESS AG | 10,138 | 400 | ||||||
Linde PLC (A) | 83,080 | 14,505 | ||||||
MTU Aero Engines AG | 9,213 | 1,339 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 46,796 | 9,355 | ||||||
Puma SE | 16,640 | 984 | ||||||
QIAGEN NV * | 79,482 | 3,265 | ||||||
RWE AG | 136,805 | 3,569 | ||||||
SAP SE | 364,770 | 40,355 | ||||||
SAP SE ADR (A) | 68,469 | 7,566 | ||||||
Scout24 AG | 125,814 | 7,533 | ||||||
Siemens AG | 366,958 | 31,063 | ||||||
TAG Immobilien AG | 16,160 | 318 | ||||||
Talanx AG | 7,946 | 269 | ||||||
Uniper SE | 43,887 | 1,073 | ||||||
|
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281,196 | ||||||||
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|
2 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Greece — 0.0% | ||||||||
Aegean Airlines SA | 12,601 | $ | 57 | |||||
|
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Hong Kong — 2.3% | ||||||||
AIA Group Ltd | 2,112,000 | 19,028 | ||||||
ASM Pacific Technology Ltd | 61,800 | 572 | ||||||
Chaoda Modern Agriculture Holdings Ltd * | 2,440,000 | 15 | ||||||
China Merchants Port Holdings Co Ltd | 484,120 | 550 | ||||||
China Mobile Ltd | 1,982,315 | 14,838 | ||||||
CITIC Ltd | 629,084 | 659 | ||||||
CK Hutchison Holdings Ltd | 155,500 | 1,042 | ||||||
Country Garden Services Holdings Co Ltd | 402,000 | 1,623 | ||||||
Galaxy Entertainment Group Ltd * | 1,232,000 | 6,545 | ||||||
Hebei Construction Group Corp Ltd, Cl H (A) | 64,920 | 39 | ||||||
HK Electric Investments & HK Electric Investments Ltd | 472,000 | 453 | ||||||
HKT Trust & HKT Ltd | 686,000 | 931 | ||||||
Hong Kong & China Gas Co Ltd | 511,300 | 839 | ||||||
Hongkong Land Holdings Ltd | 279,500 | 1,049 | ||||||
Kingboard Holdings Ltd | 152,500 | 354 | ||||||
Logan Property Holdings Co Ltd | 214,000 | 329 | ||||||
NagaCorp Ltd | 286,000 | 290 | ||||||
Nine Dragons Paper Holdings Ltd | 1,683,000 | 1,528 | ||||||
Power Assets Holdings Ltd | 234,000 | 1,391 | ||||||
Samsonite International SA * | 3,606,211 | 3,395 | ||||||
SJM Holdings Ltd | 4,284,340 | 3,624 | ||||||
Sun Hung Kai Properties Ltd | 131,500 | 1,729 | ||||||
Swire Pacific Ltd, Cl A | 159,000 | 1,019 | ||||||
Techtronic Industries Co Ltd | 1,327,500 | 8,551 | ||||||
West China Cement Ltd | 3,132,000 | 486 | ||||||
Zoomlion Heavy Industry Science and Technology Co Ltd *(A) | 2,481,400 | 1,790 | ||||||
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72,669 | ||||||||
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India — 0.3% | ||||||||
HDFC Bank Ltd ADR | 241,379 | 9,283 | ||||||
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Ireland — 1.7% | ||||||||
CRH PLC | 178,160 | 4,848 | ||||||
Experian PLC | 647,592 | 17,869 | ||||||
Flutter Entertainment PLC * | 2,060 | 185 | ||||||
ICON PLC * | 114,110 | 15,519 | ||||||
Kerry Group PLC, Cl A | 63,741 | 7,346 | ||||||
Ryanair Holdings PLC ADR * | 183,935 | 9,765 | ||||||
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55,532 | ||||||||
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Israel — 1.6% | ||||||||
Azrieli Group Ltd | 6,589 | 381 | ||||||
Bank Hapoalim BM | 617,942 | 3,721 | ||||||
Bank LeumiLe-Israel BM | 2,060,381 | 11,399 | ||||||
Check Point Software Technologies Ltd * | 167,293 | 16,820 | ||||||
Elbit Systems Ltd | 4,487 | 579 | ||||||
First International Bank Of Israel Ltd | 23,055 | 563 | ||||||
Isracard Ltd | 30,550 | 82 | ||||||
Israel Discount Bank Ltd, Cl A | 106,911 | 317 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Mizrahi Tefahot Bank Ltd | 80,687 | $ | 1,510 | |||||
Nice Ltd * | 25,298 | 3,730 | ||||||
Nice Ltd ADR * | 82,009 | 11,773 | ||||||
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50,875 | ||||||||
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Italy — 2.3% | ||||||||
Assicurazioni Generali SpA | 246,217 | 3,343 | ||||||
Banca Mediolanum SpA | 52,461 | 267 | ||||||
Enel SpA | 220,673 | 1,532 | ||||||
ERG SpA | 52,417 | 938 | ||||||
EXOR NV | 115,844 | 6,020 | ||||||
Ferrari NV | 69,525 | 10,772 | ||||||
Fiat Chrysler Automobiles NV | 532,971 | 3,882 | ||||||
Hera SpA | 572,599 | 2,065 | ||||||
Intesa Sanpaolo SpA * | 80,831 | 132 | ||||||
Leonardo SpA | 800,327 | 5,298 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 115,653 | 637 | ||||||
Nexi SpA * | 316,515 | 4,109 | ||||||
Poste Italiane SpA | 89,045 | 754 | ||||||
PRADA SpA | 832,872 | 2,447 | ||||||
Recordati SpA | 212,736 | 8,964 | ||||||
Snam SpA | 22,842 | 106 | ||||||
Tenaris SA | 888,739 | 5,390 | ||||||
Terna Rete Elettrica Nazionale SpA | 50,537 | 319 | ||||||
UniCredit SpA * | 2,253,251 | 17,512 | ||||||
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74,487 | ||||||||
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Japan — 16.9% | ||||||||
77 Bank Ltd/The | 66,100 | 854 | ||||||
Advantest Corp | 54,400 | 2,146 | ||||||
AGC Inc/Japan | 35,700 | 873 | ||||||
Amada Holdings Co Ltd | 13,700 | 108 | ||||||
Arcland Sakamoto Co Ltd | 33,873 | 305 | ||||||
Asahi Group Holdings Ltd | 33,400 | 1,082 | ||||||
Bridgestone Corp | 136,600 | 4,173 | ||||||
Brother Industries Ltd | 12,100 | 183 | ||||||
Canon Marketing Japan Inc | 118,300 | 2,326 | ||||||
Capcom Co Ltd | 174,900 | 5,447 | ||||||
Casio Computer Co Ltd | 32,400 | 450 | ||||||
Chugai Pharmaceutical Co Ltd | 16,000 | 1,849 | ||||||
Coca-Cola Bottlers Japan Holdings Inc | 22,000 | 450 | ||||||
Credit Saison Co Ltd | 21,700 | 250 | ||||||
Dai Nippon Printing Co Ltd | 491,900 | 10,417 | ||||||
Dai-ichi Life Holdings Inc | 48,200 | 574 | ||||||
Daiichi Sankyo Co Ltd | 35,600 | 2,436 | ||||||
Daikin Industries Ltd | 52,300 | 6,336 | ||||||
Daito Trust Construction Co Ltd | 42,600 | 3,930 | ||||||
Daiwa House Industry Co Ltd | 262,200 | 6,477 | ||||||
Daiwa House REIT Investment Corp, Cl A | 341 | 831 | ||||||
Disco Corp | 5,200 | 1,024 | ||||||
East Japan Railway Co | 129,200 | 9,754 | ||||||
FANUC Corp | 130,600 | 17,534 | ||||||
Fast Retailing Co Ltd | 1,100 | 448 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 3 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Equity Fund(Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
FUJIFILM Holdings Corp | 225,900 | $ | 11,312 | |||||
Fujitsu Ltd | 129,000 | 11,656 | ||||||
Glory Ltd | 14,900 | 342 | ||||||
Hakuhodo DY Holdings Inc | 96,400 | 968 | ||||||
Haseko Corp | 563,400 | 5,997 | ||||||
Hikari Tsushin Inc | 3,100 | 519 | ||||||
Hirose Electric Co Ltd | 3,700 | 382 | ||||||
Hitachi Chemical Co Ltd | 17,600 | 748 | ||||||
Hitachi High-Tech Corp | 12,400 | 917 | ||||||
Hitachi Ltd | 228,500 | 6,600 | ||||||
Hitachi Metals Ltd | 43,500 | 456 | ||||||
Hoshizaki Corp | 11,000 | 823 | ||||||
Hoya Corp | 79,100 | 6,713 | ||||||
Hulic Co Ltd | 48,100 | 488 | ||||||
ITOCHU Corp | 172,900 | 3,556 | ||||||
Itochu Techno-Solutions Corp | 18,500 | 527 | ||||||
Itoki Corp | 12,000 | 35 | ||||||
Japan Airport Terminal Co Ltd | 8,600 | 331 | ||||||
Japan Post Bank Co Ltd (A) | 93,400 | 859 | ||||||
Japan Post Holdings Co Ltd | 313,900 | 2,448 | ||||||
Japan Prime Realty Investment Corp, Cl A‡ | 47 | 142 | ||||||
Japan Real Estate Investment Corp, Cl A‡ | 56 | 327 | ||||||
Kakaku.com Inc | 9,400 | 172 | ||||||
Kansai Paint Co Ltd | 29,000 | 552 | ||||||
Kao Corp | 43,000 | 3,506 | ||||||
KDDI Corp | 220,200 | 6,500 | ||||||
Keihan Holdings Co Ltd | 6,400 | 283 | ||||||
Keikyu Corp | 2,600 | 44 | ||||||
Keisei Electric Railway Co Ltd | 2,900 | 83 | ||||||
Keyence Corp | 49,500 | 15,894 | ||||||
Kintetsu Group Holdings Co Ltd | 16,300 | 752 | ||||||
Koito Manufacturing Co Ltd | 66,400 | 2,229 | ||||||
Kokuyo Co Ltd | 81,800 | 1,137 | ||||||
Komatsu Ltd | 751,800 | 12,256 | ||||||
Konami Holdings Corp | 116,700 | 3,558 | ||||||
Kurita Water Industries Ltd | 6,500 | 150 | ||||||
Kyowa Kirin Co Ltd | 12,400 | 276 | ||||||
LIXIL Group Corp | 49,500 | 612 | ||||||
M3 Inc | 76,900 | 2,256 | ||||||
Mabuchi Motor Co Ltd | 389,800 | 11,582 | ||||||
Marubeni Corp | 30,300 | 150 | ||||||
Marui Group Co Ltd | 30,900 | 514 | ||||||
MINEBEA MITSUMI Inc | 50,600 | 749 | ||||||
Mitsubishi Electric Corp | 139,400 | 1,712 | ||||||
Mitsubishi UFJ Financial Group Inc | 498,300 | 1,844 | ||||||
Mitsubishi UFJ Lease & Finance Co Ltd | 56,600 | 277 | ||||||
Mitsui & Co Ltd | 35,900 | 496 | ||||||
Mitsui OSK Lines Ltd | 6,800 | 109 | ||||||
Mixi Inc | 141,600 | 2,048 | ||||||
Mizuho Financial Group Inc | 1,864,800 | 2,126 | ||||||
Mizuno Corp | 17,000 | 293 | ||||||
Morinaga & Co Ltd/Japan | 140,500 | 5,740 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
MS&AD Insurance Group Holdings Inc | 580,300 | $ | 16,156 | |||||
Murata Manufacturing Co Ltd | 180,100 | 9,114 | ||||||
Nagoya Railroad Co Ltd | 1,200 | 34 | ||||||
NET One Systems Co Ltd | 11,800 | 243 | ||||||
NGK Insulators Ltd | 12,900 | 169 | ||||||
NH Foods Ltd | 12,200 | 422 | ||||||
Nihon M&A Center Inc | 192,700 | 5,257 | ||||||
Nihon Unisys Ltd | 155,500 | 4,152 | ||||||
Nikon Corp (A) | 159,500 | 1,456 | ||||||
Nintendo Co Ltd | 31,700 | 12,210 | ||||||
Nippon Building Fund Inc, Cl A | 84 | 561 | ||||||
Nippon Paint Holdings Co Ltd | 27,200 | 1,422 | ||||||
Nippon Prologis REIT Inc | 341 | 854 | ||||||
Nippon Shinyaku Co Ltd | 3,400 | 267 | ||||||
Nippon Telegraph & Telephone Corp | 491,100 | 11,720 | ||||||
Nippon Telegraph & Telephone Corp ADR | 840,932 | 19,863 | ||||||
Nitori Holdings Co Ltd | 2,500 | 337 | ||||||
Nomura Real Estate Holdings Inc | 16,600 | 268 | ||||||
Nomura Real Estate Master Fund Inc ‡ | 761 | 959 | ||||||
Nomura Research Institute Ltd | 57,000 | 1,203 | ||||||
North Pacific Bank Ltd | 143,900 | 271 | ||||||
NTT DOCOMO Inc | 317,600 | 9,887 | ||||||
Obic Co Ltd | 8,600 | 1,125 | ||||||
Olympus Corp | 19,400 | 281 | ||||||
Omron Corp | 22,100 | 1,132 | ||||||
Oracle Corp Japan * | 3,900 | 339 | ||||||
Oriental Land Co Ltd/Japan | 24,100 | 3,054 | ||||||
Orix JREIT Inc | 307 | 402 | ||||||
Otsuka Corp | 107,700 | 4,559 | ||||||
Panasonic Corp | 595,400 | 4,523 | ||||||
Persol Holdings Co Ltd | 218,200 | 2,187 | ||||||
Recruit Holdings Co Ltd | 108,700 | 2,815 | ||||||
Rohm Co Ltd | 203,700 | 11,062 | ||||||
Sanwa Holdings Corp | 536,500 | 4,163 | ||||||
SCSK Corp | 71,400 | 3,177 | ||||||
Secom Co Ltd | 27,800 | 2,305 | ||||||
Seiko Holdings Corp | 28,400 | 456 | ||||||
Sekisui House Ltd | 1,044,600 | 17,192 | ||||||
Seven & i Holdings Co Ltd | 391,500 | 12,998 | ||||||
Shimadzu Corp | 12,900 | 336 | ||||||
Shin-Etsu Chemical Co Ltd | 39,200 | 3,862 | ||||||
Shinsei Bank Ltd * | 28,300 | 375 | ||||||
Shionogi & Co Ltd | 78,600 | 3,857 | ||||||
Shiseido Co Ltd | 48,100 | 2,826 | ||||||
SMC Corp/Japan | 3,200 | 1,340 | ||||||
Sompo Holdings Inc | 139,900 | 4,314 | ||||||
Sony Corp | 64,900 | 3,839 | ||||||
Sony Corp ADR | 100,360 | 5,939 | ||||||
Sony Financial Holdings Inc | 31,700 | 534 | ||||||
SUMCO Corp | 46,400 | 587 | ||||||
Sumitomo Corp | 163,600 | 1,871 | ||||||
Sumitomo Mitsui Financial Group Inc | 558,200 | 13,398 |
4 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Sumitomo Mitsui Trust Holdings Inc | 417,322 | $ | 11,986 | |||||
Suzuki Motor Corp | 121,737 | 2,900 | ||||||
Taiyo Nippon Sanso Corp | 25,600 | 380 | ||||||
Takeda Pharmaceutical Co Ltd | 1,232,900 | 37,375 | ||||||
Takeda Pharmaceutical Co Ltd ADR | 83,793 | 1,272 | ||||||
Teijin Ltd | 19,600 | 330 | ||||||
Terumo Corp | 105,300 | 3,610 | ||||||
THK Co Ltd | 16,100 | 325 | ||||||
TIS Inc | 230,100 | 3,793 | ||||||
Tobu Railway Co Ltd | 21,800 | 761 | ||||||
Tokio Marine Holdings Inc | 35,500 | 1,624 | ||||||
Tokyo Electric Power Co Holdings Inc * | 695,800 | 2,426 | ||||||
Tokyo Electron Ltd | 34,700 | 6,494 | ||||||
Tokyu Fudosan Holdings Corp | 94,800 | 454 | ||||||
Tomy Co Ltd | 55,500 | 388 | ||||||
Toppan Printing Co Ltd | 158,000 | 2,406 | ||||||
Toyota Industries Corp | 17,100 | 817 | ||||||
Toyota Motor Corp | 88,600 | 5,313 | ||||||
Toyota Motor Corp ADR | 142,721 | 17,119 | ||||||
Tsuruha Holdings Inc | 5,900 | 778 | ||||||
United Urban Investment Corp | 196 | 194 | ||||||
Universal Entertainment * | 218,474 | 3,274 | ||||||
Wacoal Holdings Corp | 401,252 | 8,685 | ||||||
Welcia Holdings Co Ltd | 3,700 | 260 | ||||||
Yaskawa Electric Corp | 39,000 | 1,061 | ||||||
Z Holdings Corp | 84,600 | 271 | ||||||
|
|
| ||||||
540,272 | ||||||||
|
|
| ||||||
Malaysia — 0.0% | ||||||||
PIE Industrial BHD | 191,400 | 47 | ||||||
|
|
| ||||||
Malta — 0.0% | ||||||||
BGP Holdings (B) | 198,683 | — | ||||||
|
|
| ||||||
Mexico — 0.8% | ||||||||
Arca Continental SAB de CV | 1,571,480 | 6,414 | ||||||
Becle SAB de CV | 7,826,100 | 9,618 | ||||||
Grupo Financiero Banorte SAB de CV, Cl O | 675,320 | 1,871 | ||||||
Wal-Mart de Mexico SAB de CV | 3,360,200 | 8,005 | ||||||
|
|
| ||||||
25,908 | ||||||||
|
|
| ||||||
Netherlands — 4.6% | ||||||||
Aalberts NV | 13,050 | 306 | ||||||
Aegon NV | 126,229 | 316 | ||||||
AerCap Holdings NV * | 107,510 | 2,450 | ||||||
Akzo Nobel NV | 151,386 | 9,832 | ||||||
Altice Europe NV * | 132,765 | 512 | ||||||
Arcadis NV | 33,652 | 527 | ||||||
ASM International NV | 6,231 | 623 | ||||||
ASML Holding NV | 45,579 | 12,021 | ||||||
ASR Nederland NV | 180,815 | 4,518 | ||||||
Galapagos NV * | 6,914 | 1,373 | ||||||
Heineken Holding NV | 49,620 | 3,773 | ||||||
Heineken NV | 81,111 | 6,736 | ||||||
ING Groep NV * | 3,011,276 | 15,607 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
James Hardie Industries PLC | 86,796 | $ | 983 | |||||
Koninklijke Ahold Delhaize NV | 587,859 | 13,649 | ||||||
Koninklijke DSM NV | 89,594 | 10,109 | ||||||
Koninklijke KPN NV | 1,147,563 | 2,722 | ||||||
Koninklijke Philips NV | 328,341 | 13,170 | ||||||
NN Group NV | 30,043 | 798 | ||||||
NXP Semiconductors NV | 102,989 | 8,541 | ||||||
Randstad NV * | 111,039 | 3,866 | ||||||
Royal Dutch Shell PLC ADR, Cl B | 311,162 | 10,163 | ||||||
TKH Group NV | 6,353 | 175 | ||||||
Wolters Kluwer NV | 328,272 | 23,087 | ||||||
|
|
| ||||||
145,857 | ||||||||
|
|
| ||||||
New Zealand — 0.1% | ||||||||
Air New Zealand Ltd | 573,594 | 287 | ||||||
Fisher & Paykel Healthcare Corp Ltd | 110,254 | 1,974 | ||||||
Fletcher Building Ltd | 84,821 | 174 | ||||||
Meridian Energy Ltd | 161,299 | 385 | ||||||
|
|
| ||||||
2,820 | ||||||||
|
|
| ||||||
Norway — 2.0% | ||||||||
Adevinta ASA, Cl B * | 1,222,466 | 10,838 | ||||||
Atlantic Sapphire AS * | 3,511,187 | 30,062 | ||||||
DNB ASA | 38,779 | 430 | ||||||
Gjensidige Forsikring ASA (A) | 23,275 | 390 | ||||||
Kahoot! AS *(A) | 1,739,085 | 10,103 | ||||||
Mowi ASA | 393,671 | 5,869 | ||||||
Norway Royal Salmon ASA | 168,443 | 3,333 | ||||||
Vaccibody AS * | 365,753 | 2,786 | ||||||
|
|
| ||||||
63,811 | ||||||||
|
|
| ||||||
Portugal — 0.1% | ||||||||
EDP - Energias de Portugal SA | 317,966 | 1,264 | ||||||
Galp Energia SGPS SA, Cl B | 80,366 | 910 | ||||||
Jeronimo Martins SGPS SA | 67,748 | 1,217 | ||||||
|
|
| ||||||
3,391 | ||||||||
|
|
| ||||||
Russia — 0.0% | ||||||||
Tatneft PJSC ADR | 2,303 | 96 | ||||||
|
|
| ||||||
Singapore — 0.9% | ||||||||
City Developments Ltd | 1,883,900 | 9,545 | ||||||
DBS Group Holdings Ltd | 707,800 | 9,144 | ||||||
Hong Leong Finance Ltd | 68,524 | 102 | ||||||
Mapletree Commercial Trust | 490,000 | 626 | ||||||
Oversea-Chinese Banking Corp Ltd | 1,022,635 | 6,172 | ||||||
Singapore Exchange Ltd | 381,600 | 2,450 | ||||||
UOL Group Ltd | 90,600 | 418 | ||||||
Wilmar International Ltd | 126,700 | 287 | ||||||
|
|
| ||||||
28,744 | ||||||||
|
|
| ||||||
South Africa — 0.0% | ||||||||
DataTec Ltd | 100,188 | 155 | ||||||
Investec PLC (A) | 416,323 | 764 | ||||||
|
|
| ||||||
919 | ||||||||
|
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 5 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Equity Fund(Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
South Korea — 2.3% | ||||||||
BNK Financial Group Inc | 261,151 | $ | 948 | |||||
Daelim Industrial Co Ltd | 8,416 | 506 | ||||||
Doosan Infracore Co Ltd * | 146,354 | 375 | ||||||
Hotel Shilla Co Ltd (A) | 79,037 | 4,536 | ||||||
Kangwon Land Inc | 430,760 | 6,950 | ||||||
Kia Motors Corp | 10,621 | 226 | ||||||
KT Corp ADR * | 432,095 | 3,362 | ||||||
LG Electronics Inc | 40,173 | 1,578 | ||||||
LMS Co Ltd/South Korea | 43,525 | 334 | ||||||
LS Industrial Systems Co Ltd | 4,811 | 136 | ||||||
NCSoft Corp | 14,146 | 7,547 | ||||||
Samsung Electronics Co Ltd | 661,953 | 25,719 | ||||||
SK Telecom Co Ltd | 66,952 | 9,697 | ||||||
SK Telecom Co Ltd ADR | 787,189 | 12,807 | ||||||
|
|
| ||||||
74,721 | ||||||||
|
|
| ||||||
Spain — 1.1% | ||||||||
Amadeus IT Group SA, Cl A | 154,342 | 7,293 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 1,865,940 | 5,862 | ||||||
Banco Santander SA | 573,026 | 1,381 | ||||||
CaixaBank SA | 2,491,112 | 4,602 | ||||||
Cellnex Telecom SA * | 42,564 | 1,929 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 57,814 | 926 | ||||||
Endesa SA | 16,906 | 359 | ||||||
Ferrovial SA | 73,919 | 1,764 | ||||||
Grifols SA | 6,484 | 220 | ||||||
Indra Sistemas SA * | 333,121 | 2,732 | ||||||
Industria de Diseno Textil SA | 118,798 | 3,058 | ||||||
Unicaja Banco SA | 11,477,455 | 6,666 | ||||||
|
|
| ||||||
36,792 | ||||||||
|
|
| ||||||
Sweden — 1.7% | ||||||||
Assa Abloy AB, Cl B | 313,865 | 5,903 | ||||||
Atlas Copco AB, Cl A | 385,479 | 12,893 | ||||||
Atlas Copco AB, Cl B | 25,912 | 760 | ||||||
Axfood AB | 48,823 | 995 | ||||||
Betsson AB | 124,312 | 497 | ||||||
Elanders AB, Cl B | 3,872 | 17 | ||||||
Epiroc AB, Cl A | 111,449 | 1,096 | ||||||
Epiroc AB, Cl B | 72,504 | 714 | ||||||
Fastighets AB Balder, Cl B * | 30,596 | 1,101 | ||||||
Getinge AB, Cl B | 74,920 | 1,428 | ||||||
Hennes & Mauritz AB, Cl B * | 130,048 | 1,669 | ||||||
ICA Gruppen AB | 74,403 | 3,122 | ||||||
Industrivarden AB, Cl C | 10,159 | 198 | ||||||
Investor AB, Cl B | 23,128 | 1,054 | ||||||
Kinnevik AB * | 10,309 | 170 | ||||||
L E Lundbergforetagen AB, Cl B | 14,039 | 574 | ||||||
Millicom International Cellular SA | 107,816 | 3,027 | ||||||
NCC AB, Cl B * | 95,027 | 1,244 | ||||||
Sandvik AB | 41,778 | 587 | ||||||
Skanska AB, Cl B * | 59,364 | 897 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
SKF AB, Cl B (A) | 120,854 | $ | 1,656 | |||||
Swedbank AB, Cl A | 177,955 | 1,980 | ||||||
Swedish Match AB | 184,533 | 10,507 | ||||||
Tele2 AB, Cl B | 21,047 | 283 | ||||||
Trelleborg AB, Cl B | 60,510 | 649 | ||||||
Volvo AB, Cl B | 31,051 | 372 | ||||||
|
|
| ||||||
53,393 | ||||||||
|
|
| ||||||
Switzerland — 8.5% | ||||||||
ABB Ltd (A) | 977,229 | 16,950 | ||||||
Adecco Group AG | 268,035 | 10,509 | ||||||
Alcon Inc * | 241,307 | 12,295 | ||||||
Aryzta AG * | 2,336,902 | 837 | ||||||
Baloise Holding AG | 10,010 | 1,308 | ||||||
Barry Callebaut AG | 371 | 741 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 228 | 2,929 | ||||||
Cie Financiere Richemont SA | 198,527 | 10,723 | ||||||
Coca-Cola HBC AG | 257,760 | 5,520 | ||||||
Geberit AG | 16,334 | 7,122 | ||||||
Givaudan SA | 1,123 | 3,455 | ||||||
Julius Baer Group Ltd | 137,206 | 4,612 | ||||||
Kuehne + Nagel International AG | 665 | 91 | ||||||
Lonza Group AG | 15,145 | 6,258 | ||||||
Nestle SA | 166,174 | 16,913 | ||||||
Novartis AG | 557,944 | 45,690 | ||||||
Partners Group Holding AG | 9,411 | 6,492 | ||||||
Roche Holding AG | 163,856 | 52,792 | ||||||
SGS SA | 2,201 | 5,094 | ||||||
SIG Combibloc Group AG * | 415,398 | 6,219 | ||||||
Sika AG | 87,931 | 14,513 | ||||||
Sonova Holding AG | 43,135 | 7,702 | ||||||
Straumann Holding AG | 1,347 | 999 | ||||||
Swiss Life Holding AG | 21,253 | 7,190 | ||||||
Swiss Prime Site AG | 13,984 | 1,366 | ||||||
Swiss Re AG | 44,382 | 3,399 | ||||||
Swisscom AG (A) | 3,450 | 1,846 | ||||||
Tecan Group AG | 3,228 | 965 | ||||||
UBS Group AG | 1,527,143 | 14,131 | ||||||
Zurich Insurance Group AG | 10,822 | 3,800 | ||||||
|
|
| ||||||
272,461 | ||||||||
|
|
| ||||||
Taiwan — 1.1% | ||||||||
Chipmos Technologies Inc | 366,000 | 318 | ||||||
Foxconn Technology Co Ltd | 605,000 | 990 | ||||||
Global Mixed Mode Technology Inc | 91,000 | 302 | ||||||
Hon Hai Precision Industry Co Ltd | 857,000 | 1,972 | ||||||
Kindom Development Co Ltd | 432,000 | 326 | ||||||
Lite-On Technology Corp | 1,534,000 | 2,092 | ||||||
MediaTek Inc | 752,000 | 8,137 | ||||||
Mirle Automation Corp | 600,000 | 603 | ||||||
Pou Chen Corp | 412,000 | 350 | ||||||
Powertech Technology Inc | 198,000 | 558 | ||||||
Simplo Technology Co Ltd | 158,000 | 1,382 | ||||||
Sitronix Technology Corp | 173,000 | 665 |
6 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Supreme Electronics Co Ltd | 469,000 | $ | 470 | |||||
Synnex Technology International Corp | 1,030,000 | 1,267 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 305,065 | 14,579 | ||||||
Topco Scientific Co Ltd | 96,000 | 288 | ||||||
Zhen Ding Technology Holding Ltd | 84,000 | 258 | ||||||
|
|
| ||||||
34,557 | ||||||||
|
|
| ||||||
Turkey — 0.0% | ||||||||
Turkiye Halk Bankasi AS *(A) | 1,180,311 | 901 | ||||||
|
|
| ||||||
United Arab Emirates — 0.0% | ||||||||
Abu Dhabi Islamic Bank PJSC | 615,520 | 667 | ||||||
|
|
| ||||||
United Kingdom — 12.5% | ||||||||
3i Group PLC | 229,149 | 2,229 | ||||||
Admiral Group PLC | 3,028 | 84 | ||||||
Aggreko PLC | 53,260 | 319 | ||||||
Anglo American PLC | 86,624 | 1,516 | ||||||
Aon PLC/UK | 39,866 | 6,579 | ||||||
Ashtead Group PLC | 81,513 | 1,763 | ||||||
AstraZeneca PLC | 111,259 | 9,981 | ||||||
AVEVA Group PLC | 12,837 | 553 | ||||||
Aviva PLC | 1,889,436 | 6,213 | ||||||
BAE Systems PLC | 105,703 | 681 | ||||||
Balfour Beatty PLC | 2,561,222 | 6,783 | ||||||
Bank of Ireland Group PLC * | 2,640,047 | 4,942 | ||||||
Barclays PLC | 11,668,920 | 13,421 | ||||||
Barratt Developments PLC | 1,013,938 | 5,488 | ||||||
Bellway PLC | 20,548 | 547 | ||||||
Berkeley Group Holdings PLC | 29,760 | 1,324 | ||||||
BHP Group PLC | 365,309 | 5,642 | ||||||
BP PLC | 1,053,493 | 4,388 | ||||||
British American Tobacco PLC | 463,666 | 15,770 | ||||||
BT Group PLC, Cl A | 851,464 | 1,233 | ||||||
Bunzl PLC | 367,892 | 7,401 | ||||||
Compass Group PLC | 712,485 | 11,110 | ||||||
Computacenter PLC | 62,379 | 1,106 | ||||||
Crest Nicholson Holdings plc | 35,148 | 76 | ||||||
CRH PLC | 219,562 | 5,927 | ||||||
Croda International PLC | 17,639 | 927 | ||||||
DCC PLC | 104,564 | 6,583 | ||||||
Diageo PLC | 116,263 | 3,721 | ||||||
Dialog Semiconductor PLC * | 45,565 | 1,203 | ||||||
Electrocomponents PLC | 735,931 | 4,682 | ||||||
Evraz PLC | 990,183 | 2,816 | ||||||
Ferguson PLC | 211,380 | 13,062 | ||||||
Ferrexpo PLC | 524,939 | 766 | ||||||
Fevertree Drinks PLC | 283,292 | 4,251 | ||||||
GlaxoSmithKline PLC | 670,993 | 12,624 | ||||||
GVC Holdings PLC | 95,319 | 654 | ||||||
Halma PLC | 61,890 | 1,466 | ||||||
Hays PLC | 1,583,408 | 2,251 | ||||||
Inchcape PLC | 165,498 | 883 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Indivior PLC * | 568,551 | $ | 321 | |||||
Informa PLC | 11,652 | 63 | ||||||
InterContinental Hotels Group PLC | 7,815 | 335 | ||||||
International Consolidated Airlines Group SA | 630,131 | 1,659 | ||||||
Intertek Group PLC | 23,894 | 1,391 | ||||||
Investec PLC | 290,604 | 542 | ||||||
JD Sports Fashion PLC | 89,722 | 508 | ||||||
Johnson Matthey PLC | 166,491 | 3,682 | ||||||
Keywords Studios PLC | 360,076 | 6,417 | ||||||
Kingfisher PLC | 4,348,234 | 7,668 | ||||||
Kingspan Group PLC | 15,795 | 834 | ||||||
Legal & General Group PLC | 3,172,972 | 7,516 | ||||||
London Stock Exchange Group PLC | 156,497 | 14,055 | ||||||
M&G PLC | 758,648 | 1,060 | ||||||
Meggitt PLC | 151,845 | 544 | ||||||
Melrose Industries PLC | 3,650,312 | 4,089 | ||||||
Micro Focus International PLC | 382,051 | 1,883 | ||||||
National Grid PLC | 974,019 | 11,374 | ||||||
Ninety One PLC *(A) | 353,464 | 758 | ||||||
Pagegroup PLC | 128,208 | 578 | ||||||
Prudential PLC | 1,426,580 | 18,070 | ||||||
QinetiQ Group PLC | 171,097 | 682 | ||||||
Reckitt Benckiser Group PLC | 100,085 | 7,608 | ||||||
RELX PLC | 1,049,378 | 22,456 | ||||||
Rentokil Initial PLC * | 1,553,493 | 7,459 | ||||||
Rightmove PLC | 222,551 | 1,339 | ||||||
Rio Tinto PLC | 55,228 | 2,523 | ||||||
Rolls-Royce Holdings PLC | 2,440,600 | 10,237 | ||||||
Royal Bank of Scotland Group PLC | 5,568,954 | 7,704 | ||||||
RSA Insurance Group PLC | 56,868 | 295 | ||||||
Sage Group PLC/The | 75,999 | 555 | ||||||
Savills PLC | 16,830 | 171 | ||||||
Schroders PLC | 45,451 | 1,383 | ||||||
Segro PLC‡ | 191,650 | 1,811 | ||||||
Severn Trent PLC | 20,331 | 574 | ||||||
Smith & Nephew PLC | 811,804 | 14,337 | ||||||
Smiths Group PLC | 74,634 | 1,120 | ||||||
Smurfit Kappa Group PLC | 24,910 | 703 | ||||||
Spectris PLC | 125,288 | 3,765 | ||||||
Spirax-Sarco Engineering PLC | 11,027 | 1,110 | ||||||
Spirent Communications PLC | 67,806 | 173 | ||||||
SSE PLC | 320,300 | 5,181 | ||||||
SSP Group Plc | 130,608 | 496 | ||||||
St James’s Place PLC | 408,356 | 3,817 | ||||||
Standard Chartered PLC | 75,803 | 414 | ||||||
Standard Life Aberdeen PLC | 398,581 | 1,086 | ||||||
Tate & Lyle PLC | 228,715 | 1,848 | ||||||
Taylor Wimpey PLC * | 2,176,715 | 3,169 | ||||||
Tesco PLC | 7,409,478 | 20,869 | ||||||
Trainline PLC * | 594,225 | 2,492 | ||||||
Vistry Group PLC | 27,668 | 198 | ||||||
Vodafone Group PLC | 13,446,345 | 18,632 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 7 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Equity Fund(Concluded)
Description | Shares | Market Value | ||||||
COMMON STOCK (continued) |
| |||||||
WH Smith PLC | 58,146 | $ | 818 | |||||
|
| |||||||
399,337 | ||||||||
|
| |||||||
United States — 5.6% | ||||||||
Accenture PLC, Cl A | 90,161 | 14,720 | ||||||
ASML Holding NV, Cl G | 47,020 | 12,302 | ||||||
Atlassian Corp PLC, Cl A * | 14,196 | 1,949 | ||||||
Axis Capital Holdings Ltd | 308,388 | 11,919 | ||||||
Axonics Modulation Technologies Inc *(A) | 569,586 | 14,473 | ||||||
Biohaven Pharmaceutical Holding Co Ltd * | 198,015 | 6,738 | ||||||
Chubb Ltd | 91,686 | 10,241 | ||||||
Coca-Cola European Partners PLC | 83,416 | 3,131 | ||||||
Flex Ltd * | 1,018,773 | 8,532 | ||||||
Lululemon Athletica Inc * | 83,519 | 15,831 | ||||||
Mettler-Toledo International Inc * | 13,645 | 9,422 | ||||||
Microsoft Corp | 62,443 | 9,848 | ||||||
Nomad Foods Ltd * | 320,168 | 5,942 | ||||||
ResMed Inc | 102,618 | 15,115 | ||||||
Sensata Technologies Holding PLC * | 150,713 | 4,360 | ||||||
Shopify Inc, Cl A * | 32,990 | 13,754 | ||||||
STERIS PLC | 62,678 | 8,773 | ||||||
Visa Inc, Cl A | 24,812 | 3,998 | ||||||
Wix.com Ltd * | 78,946 | 7,959 | ||||||
|
| |||||||
179,007 | ||||||||
|
| |||||||
Total Common Stock | 3,014,983 | |||||||
|
| |||||||
PREFERRED STOCK — 1.7% |
| |||||||
Germany — 1.1% | ||||||||
Henkel AG & Co KGaA (C) | 86,879 | 6,947 | ||||||
Sartorius AG (C) | 4,708 | 1,138 | ||||||
Volkswagen AG (C) | 228,482 | 26,677 | ||||||
|
| |||||||
34,762 | ||||||||
|
| |||||||
South Korea — 0.6% | ||||||||
Hyundai Motor Co (C) | 132,660 | 5,598 | ||||||
Samsung Electronics Co Ltd (C) | 381,858 | 12,406 | ||||||
|
| |||||||
18,004 | ||||||||
|
| |||||||
Total Preferred Stock | 52,766 | |||||||
|
| |||||||
Number of Rights | ||||||||
RIGHTS — 0.0% | ||||||||
Taiwan — 0.0% | ||||||||
Simplo Technology Co Ltd *‡‡ | 5,445 | – | ||||||
|
| |||||||
Total Rights | – | |||||||
|
|
Description | Shares | Market Value ($ Thousands) | ||||||
AFFILIATED PARTNERSHIP — 2.0% |
| |||||||
SEI Liquidity Fund, L.P. | 64,574,382 | $ | 64,589 | |||||
|
| |||||||
Total Affiliated Partnership | 64,589 | |||||||
|
| |||||||
CASH EQUIVALENT — 1.0% |
| |||||||
SEI Daily Income Trust, Government Fund, | 32,820,846 | 32,821 | ||||||
|
| |||||||
Total Cash Equivalent | 32,821 | |||||||
|
| |||||||
Total Investments in Securities — 98.8% | $ | 3,165,159 | ||||||
|
|
8 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
A list of the open futures contracts held by the Fund at March 31, 2020, is as follows:
Type of Contract | Number of Contracts Long | Expiration Date | Notional Amount (Thousands) | Value (Thousands) | Unrealized Appreciation (Thousands) | |||||||||||||||
Euro STOXX 50 | 480 | Jun-2020 | $ | 12,430 | $ | 14,468 | $ | 1,765 | ||||||||||||
FTSE 100 Index | 100 | Jun-2020 | 5,644 | 6,988 | 852 | |||||||||||||||
Hang Seng Index | 11 | May-2020 | 1,681 | 1,683 | 3 | |||||||||||||||
SPI 200 Index | 55 | Jun-2020 | 3,654 | 4,300 | 419 | |||||||||||||||
TOPIX Index | 84 | Jun-2020 | 9,679 | 10,917 | 912 | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
$ | 33,088 | $ | 38,356 | $ | 3,951 | |||||||||||||||
|
|
|
|
|
|
|
|
|
Percentages are based on Net Assets of $3,202,897 ($ Thousands).
* | Non-income producing security. |
** | The rate reported is the7-day effective yield as of March 31, 2020. |
† | Investment in Affiliated Security (see Note 5). |
‡ | Real Estate Investment Trust. |
‡‡ | Expiration date not available. |
(A) | Certain securities or partial positions of certain securities are on loan at March 31, 2020 (See Note 9). The total market value of securities on loan at March 31, 2020 was $60,441 ($ Thousands). |
(B) | Level 3 security in accordance with fair value hierarchy. |
(C) | There is currently no rate available. |
(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 March 31, 2020 was $64,589 ($ Thousands). |
ADR — American Depositary Receipt
Cl — Class
FTSE — Financial Times and Stock Exchange
L.P. — Limited Partnership
Ltd. — Limited
PJSC — Public Joint-Stock Company
PLC — Public Limited Company
REIT — Real Estate investment Trust
SPI — Share Price Index
TOPIX — Tokyo Price Index
The following is a list of the level of inputs used as of March 31, 2020, 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 | 3,005,252 | 9,731 | –^ | 3,014,983 | ||||||||||||
Preferred Stock | 52,766 | – | – | 52,766 | ||||||||||||
Rights | – | – | – | – | ||||||||||||
Affiliated Partnership | – | 64,589 | – | 64,589 | ||||||||||||
Cash Equivalent | 32,821 | – | – | 32,821 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Investments in Securities | 3,090,839 | 74,320 | – | 3,165,159 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other Financial Instruments | Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | ||||||||||||
Futures Contracts* | ||||||||||||||||
Unrealized Appreciation | 3,951 | – | – | 3,951 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Other Financial Instruments | 3,951 | – | – | 3,951 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
^One security with a market value of $0.
*Futures contracts are valued at the unrealized appreciation on the instrument.
For the period ended March 31, 2020, there were no transfers in or out of Level 3.
For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.
The following is a summary of the transactions with affiliates for the period ended March 31, 2020 ($ Thousands):
Security Description | Value 9/30/2019 | Purchases at Cost | Proceeds from Sales | Realized Gain/ (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value 3/31/2020 | Shares | Income | Capital Gains | |||||||||
SEI Liquidity Fund, L.P. | $122,509 | $ 360,671 | $ (418,600) | $ — | $ 9 | $ 64,589 | 64,574,382 | $ 642 | $ — | |||||||||
SEI Daily Income Trust, Government Fund, Cl F | 83,730 | 101,256 | (152,165) | — | — | 32,821 | 32,820,846 | 409 | — | |||||||||
|
|
|
|
|
|
|
| |||||||||||
Totals | $ 206,239 | $ 461,927 | $ (570,765) | $ — | $ 9 | $ 97,410 | $ 1,051 | $ — | ||||||||||
|
|
|
|
|
|
|
|
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 9 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Market Equity Fund
†Percentages based on total investments. Includes investments held as collateral for securities on loan (see Note 9).
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK — 94.4% | ||||||||
Argentina — 0.4% | ||||||||
Arcos Dorados Holdings Inc, Cl A | 85,303 | $ | 285 | |||||
Cresud SACIF y A ADR *(A) | 49,542 | 172 | ||||||
IRSA Inversiones y Representaciones SA ADR * | 41,428 | 144 | ||||||
IRSA Propiedades Comerciales SA ADR | 2,512 | 18 | ||||||
MercadoLibre Inc * | 8,589 | 4,197 | ||||||
|
|
| ||||||
4,816 | ||||||||
|
|
| ||||||
Austria — 0.1% | ||||||||
Erste Group Bank AG | 66,143 | 1,226 | ||||||
IMMOFINANZ AG | 34,430 | 609 | ||||||
|
|
| ||||||
1,835 | ||||||||
|
|
| ||||||
Brazil — 4.6% | ||||||||
Ambev SA * | 569,800 | 1,305 | ||||||
Arezzo Industria e Comercio SA | 127,700 | 921 | ||||||
Atacadao SA * | 832,447 | 3,281 | ||||||
B2W Cia Digital * | 577,012 | 5,323 | ||||||
B3 SA - Brasil Bolsa Balcao | 601,820 | 4,134 | ||||||
Banco Bradesco SA ADR * | 937,094 | 3,805 | ||||||
Banco do Brasil SA * | 327,413 | 1,752 | ||||||
Banco Santander Brasil SA | 254,900 | 1,327 | ||||||
Banco Santander Brasil SA ADR (A) | 105,870 | 547 | ||||||
BK Brasil Operacao e Assessoria a | ||||||||
Restaurantes SA * | 306,243 | 543 | ||||||
BRF SA * | 483,253 | 1,407 | ||||||
BRF SA ADR * | 213,703 | 620 | ||||||
CCR SA | 440,900 | 1,011 | ||||||
Cia de Saneamento do Parana | 52,776 | 244 | ||||||
Cia Energetica de Minas Gerais ADR | 410,866 | 699 | ||||||
Cosan Ltd, Cl A * | 32,486 | 400 | ||||||
Cosan SA | 228,128 | 2,365 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 273,398 | $ | 764 | |||||
Duratex SA * | 457,300 | 817 | ||||||
Energisa SA | 455,268 | 3,354 | ||||||
Eneva SA * | 95,847 | 628 | ||||||
Gerdau SA ADR (A) | 389,070 | 743 | ||||||
Grupo SBF SA * | 169,275 | 789 | ||||||
Hypera SA * | 246,662 | 1,374 | ||||||
JBS SA | 152,080 | 596 | ||||||
Localiza Rent a Car SA | 182,490 | 924 | ||||||
Minerva SA/Brazil * | 128,998 | 198 | ||||||
Notre Dame Intermedica Participacoes SA | 262,177 | 2,258 | ||||||
Petrobras Distribuidora SA | 298,489 | 906 | ||||||
Petroleo Brasileiro SA | 21,549 | 118 | ||||||
Petroleo Brasileiro SA ADR * | 719,316 | 3,956 | ||||||
Porto Seguro SA | 130,188 | 1,112 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 111,107 | 512 | ||||||
Raia Drogasil SA | 23,506 | 459 | ||||||
Rumo SA * | 1,911,332 | 7,253 | ||||||
Telefonica Brasil SA ADR | 174,379 | 1,662 | ||||||
TIM Participacoes SA ADR * | 90,749 | 1,103 | ||||||
Transmissora Alianca de Energia Eletrica SA | 92,364 | 458 | ||||||
Vale SA ADR, Cl B * | 179,909 | 1,492 | ||||||
WEG SA | 44,522 | 287 | ||||||
YDUQS Part | 150,886 | 652 | ||||||
|
|
| ||||||
62,099 | ||||||||
|
|
| ||||||
Canada — 0.7% | ||||||||
First Quantum Minerals Ltd | 1,503,362 | 7,594 | ||||||
Pan American Silver Corp | 63,200 | 906 | ||||||
Parex Resources Inc * | 163,177 | 1,364 | ||||||
|
|
| ||||||
9,864 | ||||||||
|
|
| ||||||
Chile — 0.2% | ||||||||
Banco de Credito e Inversiones SA | 7,407 | 252 | ||||||
Cia Cervecerias Unidas SA ADR | 29,946 | 401 | ||||||
Enel Chile SA | 14,238,302 | 969 | ||||||
Latam Airlines Group SA ADR (A) | 37,504 | 99 | ||||||
Sociedad Quimica y Minera de Chile SA ADR (A) | 67,030 | 1,512 | ||||||
|
|
| ||||||
3,233 | ||||||||
|
|
| ||||||
China — 27.6% | ||||||||
Agricultural Bank of China Ltd, Cl H | 7,357,000 | 2,931 | ||||||
Alibaba Group Holding Ltd ADR * | 297,298 | 57,818 | ||||||
Angel Yeast Co Ltd, Cl A | 197,800 | 982 | ||||||
Anhui Conch Cement Co Ltd, Cl H | 1,119,664 | 7,760 | ||||||
Baidu Inc * | 39,692 | 4,001 | ||||||
Bank of China Ltd, Cl H | 10,379,000 | 3,967 | ||||||
Baozun Inc ADR *(A) | 70,559 | 1,971 | ||||||
BeiGene Ltd ADR * | 3,159 | 389 | ||||||
Beijing Sinnet Technology Co Ltd, Cl A | 1,164,995 | 3,895 | ||||||
Beijing Thunisoft Corp Ltd, Cl A | 333,714 | 1,209 |
10 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Bilibili Inc ADR *(A) | 103,892 | $ | 2,433 | |||||
Bosideng International Holdings Ltd | 1,744,741 | 406 | ||||||
China Coal Energy Co Ltd, Cl H | 688,012 | 191 | ||||||
China Communications Services Corp Ltd, Cl H | 281,227 | 204 | ||||||
China Construction Bank Corp, Cl H | 14,733,000 | 11,978 | ||||||
China Lesso Group Holdings Ltd | 471,000 | 618 | ||||||
China Life Insurance Co Ltd, Cl H | 1,070,000 | 2,100 | ||||||
China Merchants Bank Co Ltd, Cl H | 345,966 | 1,559 | ||||||
China National Building Material Co Ltd, Cl H | 1,178,000 | 1,285 | ||||||
China Oilfield Services Ltd, Cl H | 542,000 | 419 | ||||||
China Pacific Insurance Group Co Ltd, Cl H | 220,400 | 666 | ||||||
China Petroleum & Chemical Corp, Cl H | 2,330,000 | 1,150 | ||||||
China Railway Construction Corp Ltd, Cl H | 710,000 | 791 | ||||||
China Shenhua Energy Co Ltd, Cl H | 85,900 | 163 | ||||||
Chongqing Zhifei Biological Products Co Ltd, Cl A | 291,600 | 2,771 | ||||||
CITIC Securities Co Ltd, Cl H | 810,000 | 1,471 | ||||||
CRRC Corp Ltd | 3,932,408 | 1,997 | ||||||
Dongyue Group Ltd | 155,359 | 62 | ||||||
Focus Media Information Technology Co Ltd, Cl A | 8,433,795 | 5,244 | ||||||
Focused Photonics Hangzhou Inc, Cl A | 840,361 | 1,411 | ||||||
Gree Electric Appliances Inc of Zhuhai, Cl A * | 191,400 | 1,408 | ||||||
Hangzhou Robam Appliances Co Ltd, Cl A | 1,339,650 | 5,346 | ||||||
Han’s Laser Technology Industry Group Co Ltd, Cl A | 350,563 | 1,383 | ||||||
HLA Corp Ltd, Cl A | 1,703,053 | 1,517 | ||||||
Huaxin Cement Co Ltd, Cl A | 212,500 | 694 | ||||||
Industrial & Commercial Bank of China Ltd, Cl H | 25,416,419 | 17,401 | ||||||
JD.com Inc ADR * | 336,129 | 13,613 | ||||||
Jiangsu Changshu Rural Commercial Bank Co Ltd, Cl A | 1,900,074 | 1,822 | ||||||
Kingsoft Corp Ltd | 58,084 | 190 | ||||||
Kweichow Moutai Co Ltd, Cl A | 10,400 | 1,632 | ||||||
KWG Group Holdings Ltd | 1,607,000 | 2,277 | ||||||
Longfor Group Holdings Ltd | 213,000 | 1,039 | ||||||
Momo Inc ADR * | 224,416 | 4,868 | ||||||
NARI Technology Co Ltd, Cl A | 1,057,083 | 2,935 | ||||||
NetEase Inc ADR | 33,540 | 10,765 | ||||||
New Oriental Education & Technology Group Inc ADR * | 45,560 | 4,931 | ||||||
Offshore Oil Engineering | 3,604,839 | 2,485 | ||||||
PICC Property & Casualty Co Ltd, Cl H | 566,000 | 545 | ||||||
Ping An Insurance Group Co of China Ltd, Cl A | 60,100 | 586 | ||||||
Ping An Insurance Group Co of China Ltd, Cl H | 2,431,357 | 23,827 | ||||||
Sangfor Technologies Inc, Cl A | 82,793 | 1,837 | ||||||
Shenzhen Inovance Technology Co Ltd, Cl A | 476,900 | 1,730 | ||||||
Shenzhen Overseas Chinese Town Co Ltd, Cl A | 1,306,800 | 1,177 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Sichuan Kelun Pharmaceutical Co Ltd, Cl A | 522,100 | $ | 1,518 | |||||
SINA Corp/China * | 69,853 | 2,224 | ||||||
Sinopharm Group Co Ltd, Cl H | 2,512,381 | 5,640 | ||||||
Sinotruk Hong Kong Ltd | 1,246,500 | 2,067 | ||||||
Sohu.com Ltd ADR * | 83,408 | 520 | ||||||
Suofeiya Home Collection Co Ltd, Cl A | 1,117,700 | 2,845 | ||||||
TAL Education Group ADR * | 52,907 | 2,818 | ||||||
Tencent Holdings Ltd | 1,480,907 | 72,892 | ||||||
Tingyi Cayman Islands Holding Corp | 1,490,500 | 2,426 | ||||||
Trip.com Group Ltd ADR * | 193,622 | 4,541 | ||||||
Tsingtao Brewery Co Ltd, Cl H | 562,000 | 2,850 | ||||||
Uni-President China Holdings Ltd | 2,038,400 | 1,963 | ||||||
Vipshop Holdings Ltd ADR * | 57,945 | 903 | ||||||
Want Want China Holdings Ltd | 803,000 | 582 | ||||||
Weibo Corp ADR *(A) | 111,271 | 3,684 | ||||||
Weichai Power Co Ltd, Cl H | 1,176,806 | 1,883 | ||||||
Wens Foodstuffs Group Co Ltd | 840,683 | 3,812 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co Ltd, Cl A | 612,900 | 2,796 | ||||||
Wuliangye Yibin Co Ltd, Cl A | 207,400 | 3,370 | ||||||
Yantai Jereh Oilfield Services Group Co Ltd, Cl A | 257,274 | 807 | ||||||
Yanzhou Coal Mining Co Ltd, Cl H | 428,791 | 334 | ||||||
Yonghui Superstores Co Ltd, Cl A | 1,714,900 | 2,480 | ||||||
Yum China Holdings Inc | 13,071 | 557 | ||||||
Zhejiang Expressway Co Ltd, Cl H | 3,032,000 | 2,107 | ||||||
Zhejiang NHU Co Ltd, Cl A | 1,074,369 | 4,118 | ||||||
Zhejiang Weixing New Building Materials Co Ltd, Cl A | 782,085 | 1,211 | ||||||
Zhongsheng Group Holdings Ltd | 2,049,000 | 7,131 | ||||||
Zhuzhou CRRC Times Electric Co Ltd, Cl H | 644,600 | 1,904 | ||||||
ZTO Express Cayman Inc ADR * | 208,198 | 5,513 | ||||||
|
|
| ||||||
371,346 | ||||||||
|
|
| ||||||
Colombia — 0.3% | ||||||||
Bancolombia SA ADR, Cl R | 108,428 | 2,706 | ||||||
Ecopetrol SA | 586,703 | 281 | ||||||
Ecopetrol SA ADR | 38,523 | 366 | ||||||
Interconexion Electrica SA ESP | 80,724 | 333 | ||||||
|
|
| ||||||
3,686 | ||||||||
|
|
| ||||||
Cyprus — 0.1% | ||||||||
TCS Group Holding PLC GDR | 106,230 | 1,230 | ||||||
|
|
| ||||||
Czech Republic — 0.2% | ||||||||
Moneta Money Bank AS | 1,066,042 | 2,187 | ||||||
|
|
| ||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 525,769 | 1,959 | ||||||
|
|
| ||||||
Germany — 0.4% | ||||||||
Delivery Hero SE * | 69,810 | 5,093 | ||||||
|
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 11 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Market Equity Fund(Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Greece — 0.4% | ||||||||
Eurobank Ergasias Services and Holdings SA * | 4,111,724 | $ | 1,760 | |||||
Hellenic Telecommunications Organization SA | 43,068 | 518 | ||||||
Motor Oil Hellas Corinth Refineries SA | 80,016 | 989 | ||||||
National Bank of Greece SA * | 369,383 | 496 | ||||||
OPAP SA | 197,451 | 1,498 | ||||||
|
|
| ||||||
5,261 | ||||||||
|
|
| ||||||
Hong Kong — 8.3% | ||||||||
3SBio Inc * | 2,542,000 | 2,629 | ||||||
A-Living Services Co Ltd, Cl H | 1,475,937 | 7,118 | ||||||
ASM Pacific Technology Ltd | 291,600 | 2,700 | ||||||
BAIC Motor Corp Ltd, Cl H | 5,690,500 | 2,241 | ||||||
Beijing Enterprises Water Group Ltd | 4,074,000 | 1,588 | ||||||
Chaoda Modern Agriculture Holdings Ltd * | 2,056,181 | 13 | ||||||
China Aoyuan Group Ltd | 319,000 | 369 | ||||||
China Conch Venture Holdings Ltd | 550,500 | 2,454 | ||||||
China Everbright Bank Co Ltd, Cl H | 1,633,000 | 623 | ||||||
China Everbright International Ltd | 2,222,000 | 1,268 | ||||||
China Gas Holdings Ltd | 1,262,200 | 4,405 | ||||||
China High Precision Automation Group Ltd * | 1,385,624 | – | ||||||
China Medical System Holdings Ltd | 1,787,000 | 1,917 | ||||||
China Mengniu Dairy Co Ltd | 438,000 | 1,510 | ||||||
China Mobile Ltd | 1,267,909 | 9,490 | ||||||
China Mobile Ltd ADR | 96,201 | 3,624 | ||||||
China Overseas Grand Oceans Group Ltd | 215,637 | 125 | ||||||
China Resources Beer Holdings Co Ltd | 65,465 | 296 | ||||||
China Resources Cement Holdings Ltd | 902,000 | 1,072 | ||||||
China Resources Gas Group Ltd | 148,000 | 742 | ||||||
China Resources Land Ltd | 340,000 | 1,399 | ||||||
China State Construction International Holdings Ltd | 2,971,123 | 2,201 | ||||||
CITIC Ltd | 1,916,000 | 2,007 | ||||||
CNOOC Ltd | 9,338,462 | 9,966 | ||||||
Country Garden Services Holdings Co Ltd | 236,000 | 953 | ||||||
CSPC Pharmaceutical Group Ltd | 174,000 | 347 | ||||||
Ever Sunshine Lifestyle Services Group Ltd | 153,496 | 190 | ||||||
Far East Horizon Ltd | 221,884 | 179 | ||||||
Geely Automobile Holdings Ltd | 2,815,000 | 4,105 | ||||||
Genscript Biotech Corp * | 412,000 | 663 | ||||||
Haier Electronics Group Co Ltd | 747,000 | 1,998 | ||||||
Hisense Home Appliances Group Co Ltd, Cl H | 403,534 | 370 | ||||||
Huatai Securities Co Ltd, Cl H | 2,561,200 | 3,777 | ||||||
Kingboard Laminates Holdings Ltd | 637,000 | 581 | ||||||
Kunlun Energy Co Ltd | 672,000 | 392 | ||||||
Lee & Man Paper Manufacturing Ltd | 1,320,000 | 792 | ||||||
Li Ning Co Ltd | 723,000 | 2,091 | ||||||
Link REIT ‡ | 312,438 | 2,635 | ||||||
Livzon Pharmaceutical Group Inc, Cl H | 41,972 | 154 | ||||||
Logan Property Holdings Co Ltd | 3,465,672 | 5,319 | ||||||
Luye Pharma Group Ltd (A) | 1,121,500 | 544 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Meituan Dianping, Cl B * | 153,538 | $ | 1,842 | |||||
Midea Real Estate Holding Ltd | 360,019 | 889 | ||||||
Nine Dragons Paper Holdings Ltd | 2,169,000 | 1,968 | ||||||
Postal Savings Bank of China Co Ltd, Cl H | 1,139,000 | 694 | ||||||
Powerlong Real Estate Holdings Ltd | 259,416 | 152 | ||||||
Q Technology Group Co Ltd | 344,000 | 378 | ||||||
Shenzhen Expressway Co Ltd, Cl H | 406,000 | 412 | ||||||
Shimao Property Holdings Ltd | 484,000 | 1,693 | ||||||
Sino Biopharmaceutical Ltd | 414,000 | 543 | ||||||
SJM Holdings Ltd | 3,963,000 | 3,352 | ||||||
Sun Art Retail Group Ltd | 512,000 | 754 | ||||||
Sunac China Holdings Ltd | 519,987 | 2,396 | ||||||
Sunny Optical Technology Group Co Ltd | 480,100 | 6,397 | ||||||
Techtronic Industries Co Ltd | 338,925 | 2,183 | ||||||
Times China Holdings Ltd | 304,000 | 505 | ||||||
Times Neighborhood Holdings Ltd | 389 | – | ||||||
United Laboratories International Holdings Ltd/The | 216,602 | 174 | ||||||
Wuxi Biologics Cayman Inc * | 10,667 | 139 | ||||||
Xinyi Glass Holdings Ltd | 594,000 | 681 | ||||||
Yuexiu Transport Infrastructure Ltd | 302,305 | 184 | ||||||
ZhongAn Online P&C Insurance Co Ltd, Cl H *(A) | 216,100 | 710 | ||||||
Zoomlion Heavy Industry Science and Technology Co Ltd *(A) | 1,265,800 | 913 | ||||||
|
|
| ||||||
111,806 | ||||||||
|
|
| ||||||
Hungary — 0.5% | ||||||||
MOL Hungarian Oil & Gas PLC | 202,145 | 1,172 | ||||||
Richter Gedeon Nyrt | 319,804 | 6,016 | ||||||
|
|
| ||||||
7,188 | ||||||||
|
|
| ||||||
India — 7.8% | ||||||||
ACC Ltd | 44,777 | 573 | ||||||
Apollo Hospitals Enterprise Ltd | 87,101 | 1,312 | ||||||
Asian Paints Ltd | 14,349 | 316 | ||||||
Avanti Feeds Ltd | 36,031 | 140 | ||||||
Axis Bank Ltd | 105,839 | 530 | ||||||
Bharti Airtel Ltd * | 384,937 | 2,241 | ||||||
Dabur India Ltd | 87,003 | 517 | ||||||
DLF Ltd | 353,459 | 640 | ||||||
Dr Reddy’s Laboratories Ltd | 30,338 | 1,245 | ||||||
Dr Reddy’s Laboratories Ltd ADR | 20,928 | 844 | ||||||
Escorts Ltd | 128,948 | 1,128 | ||||||
Gujarat Gas Ltd | 70,485 | 215 | ||||||
HCL Technologies Ltd | 304,939 | 1,757 | ||||||
HDFC Bank Ltd | 229,554 | 2,607 | ||||||
HDFC Bank Ltd ADR | 76,200 | 2,931 | ||||||
Hero MotoCorp Ltd | 63,484 | 1,340 | ||||||
Hindustan Petroleum Corp Ltd | 90,966 | 228 | ||||||
Hindustan Unilever Ltd | 161,066 | 4,890 | ||||||
Housing Development Finance Corp Ltd | 328,432 | 7,058 | ||||||
ICICI Bank Ltd | 1,769,820 | 7,642 |
12 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
ICICI Bank Ltd ADR | 409,875 | $ | 3,484 | |||||
ICICI Lombard General Insurance Co Ltd | 142,341 | 2,036 | ||||||
Infosys Ltd | 396,103 | 3,318 | ||||||
Infosys Ltd ADR | 141,553 | 1,162 | ||||||
ITC Ltd | 2,022,480 | 4,577 | ||||||
JM Financial Ltd | 528,780 | 453 | ||||||
JSW Steel Ltd | 306,502 | 591 | ||||||
Mahindra & Mahindra Ltd | 235,240 | 886 | ||||||
Manappuram Finance Ltd | 286,462 | 359 | ||||||
Max Financial Services Ltd * | 199,081 | 1,001 | ||||||
Metropolis Healthcare Ltd | 66,204 | 1,124 | ||||||
Motherson Sumi Systems Ltd | 1,492,590 | 1,196 | ||||||
Mphasis Ltd | 144,959 | 1,274 | ||||||
Multi Commodity Exchange of India Ltd | 94,822 | 1,415 | ||||||
Muthoot Finance Ltd | 92,654 | 753 | ||||||
Nestle India Ltd | 3,125 | 674 | ||||||
Petronet LNG Ltd | 143,637 | 379 | ||||||
Power Finance Corp Ltd | 330,242 | 400 | ||||||
Power Grid Corp of India Ltd | 2,815,816 | 5,910 | ||||||
Reliance Industries Ltd | 666,581 | 9,848 | ||||||
Reliance Industries Ltd GDR | 400,326 | 12,263 | ||||||
SBI Cards & Payment Services Ltd * | 40,000 | 327 | ||||||
Shriram Transport Finance Co Ltd | 125,442 | 1,089 | ||||||
Spandana Sphoorty Financial Ltd * | 100,930 | 778 | ||||||
Tata Chemicals Ltd | 98,654 | 290 | ||||||
Tata Consultancy Services Ltd | 147,316 | 3,555 | ||||||
Tata Consumer Products Ltd | 138,378 | 538 | ||||||
Tech Mahindra Ltd | 67,039 | 503 | ||||||
Torrent Pharmaceuticals Ltd | 13,659 | 355 | ||||||
United Breweries Ltd | 16,584 | 201 | ||||||
United Spirits Ltd * | 302,561 | 1,931 | ||||||
UPL Ltd | 491,777 | 2,113 | ||||||
Wipro Ltd | 193,717 | 504 | ||||||
WNS Holdings Ltd ADR * | 8,529 | 367 | ||||||
Zee Entertainment Enterprises Ltd | 506,897 | 828 | ||||||
|
|
| ||||||
104,636 | ||||||||
|
|
| ||||||
Indonesia — 0.8% | ||||||||
Ace Hardware Indonesia Tbk PT | 21,839,900 | 1,739 | ||||||
Astra International Tbk PT | 2,666,800 | 636 | ||||||
Bank Central Asia Tbk PT | 672,667 | 1,137 | ||||||
Bank Mandiri Persero Tbk PT | 3,282,500 | 941 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 22,092,305 | 4,090 | ||||||
Bank Tabungan Pensiunan Nasional Syariah Tbk PT * | 744,630 | 98 | ||||||
Indofood Sukses Makmur Tbk PT | 1,322,677 | 514 | ||||||
Kalbe Farma Tbk PT | 4,622,600 | 339 | ||||||
Map Aktif Adiperkasa PT * | 3,611,900 | 433 | ||||||
Mitra Adiperkasa Tbk PT | 3,107,372 | 90 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 4,894,000 | 942 | ||||||
|
|
| ||||||
10,959 | ||||||||
|
|
|
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Luxembourg — 0.0% | ||||||||
Beijing Sinnet Technology Co Ltd * | 177,315 | $ | 598 | |||||
|
|
| ||||||
Malaysia — 0.6% | ||||||||
Gamuda Bhd | 732,700 | 476 | ||||||
Inari Amertron Bhd | 5,267,575 | 1,489 | ||||||
Kossan Rubber Industries | 336,100 | 399 | ||||||
Malayan Banking Bhd | 1,067,500 | 1,836 | ||||||
MISC Bhd | 374,875 | 643 | ||||||
RHB Bank Bhd | 2,173,700 | 2,348 | ||||||
UEM Sunrise Bhd * | 1,294,595 | 118 | ||||||
Westports Holdings Bhd | 487,600 | 379 | ||||||
|
|
| ||||||
7,688 | ||||||||
|
|
| ||||||
Mexico — 1.9% | ||||||||
Alfa SAB de CV, Cl A | 1,090,300 | 295 | ||||||
Alsea SAB de CV * | 641,367 | 411 | ||||||
America Movil SAB de CV ADR, Cl L | 232,246 | 2,736 | ||||||
Arca Continental SAB de CV | 90,800 | 371 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand ADR | 230,811 | 748 | ||||||
Cemex SAB de CV ADR | 97,023 | 206 | ||||||
Coca-Cola Femsa SAB de CV ADR | 36,445 | 1,466 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV ADR * | 7,929 | 27 | ||||||
Fibra Uno Administracion SA de CV | 847,615 | 673 | ||||||
Fomento Economico Mexicano SAB de CV | 497,929 | 3,061 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 9,067 | 549 | ||||||
Gruma SAB de CV, Cl B | 254,089 | 1,976 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV ADR | 1,644 | 44 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Cl B | 83,600 | 457 | ||||||
Grupo Aeroportuario del Sureste SAB de CV ADR | 4,203 | 396 | ||||||
Grupo Financiero Banorte SAB de CV, Cl O | 1,586,467 | 4,396 | ||||||
Grupo Mexico SAB de CV, Ser B | 872,984 | 1,637 | ||||||
Grupo Televisa SAB ADR | 361,941 | 2,099 | ||||||
Infraestructura Energetica Nova SAB de CV | 647,200 | 2,009 | ||||||
Kimberly-Clark de Mexico SAB de CV, Cl A | 227,796 | 350 | ||||||
Orbia Advance Corp SAB de CV | 263,081 | 293 | ||||||
Qualitas Controladora SAB de CV | 191,603 | 495 | ||||||
Wal-Mart de Mexico SAB de CV | 194,389 | 463 | ||||||
|
|
| ||||||
25,158 | ||||||||
|
|
| ||||||
Netherlands — 0.2% | ||||||||
Prosus NV * | 34,919 | 2,435 | ||||||
VEON Ltd ADR (A) | 189,007 | 285 | ||||||
|
|
| ||||||
2,720 | ||||||||
|
|
| ||||||
Panama — 0.1% | ||||||||
Copa Holdings SA, Cl A | 44,508 | 2,016 | ||||||
|
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 13 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Market Equity Fund(Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Peru — 0.5% | ||||||||
Cia de Minas Buenaventura SAA ADR | 86,784 | $ | 633 | |||||
Credicorp Ltd | 43,107 | 6,167 | ||||||
|
|
| ||||||
6,800 | ||||||||
|
|
| ||||||
Philippines — 0.7% | ||||||||
Ayala Corp | 78,070 | 713 | ||||||
Ayala Land Inc | 475,200 | 281 | ||||||
BDO Unibank Inc | 1,436,805 | 2,911 | ||||||
First Gen Corp | 783,754 | 254 | ||||||
Globe Telecom Inc | 39,532 | 1,499 | ||||||
GT Capital Holdings Inc | 96,334 | 768 | ||||||
International Container Terminal Services Inc | 746,418 | 1,089 | ||||||
Manila Electric Co | 7,282 | 32 | ||||||
Metropolitan Bank & Trust Co | 2,612,164 | 2,050 | ||||||
Security Bank Corp | 56,145 | 117 | ||||||
|
|
| ||||||
9,714 | ||||||||
|
|
| ||||||
Poland — 0.8% | ||||||||
Bank Polska Kasa Opieki SA | 44,408 | 598 | ||||||
Dino Polska SA * | 162,480 | 6,317 | ||||||
Grupa Lotos SA | 38,665 | 482 | ||||||
Polski Koncern Naftowy ORLEN SA | 31,231 | 417 | ||||||
Powszechny Zaklad Ubezpieczen SA | 422,755 | 3,173 | ||||||
Warsaw Stock Exchange | 9,323 | 78 | ||||||
|
|
| ||||||
11,065 | ||||||||
|
|
| ||||||
Portugal — 0.2% | ||||||||
Jeronimo Martins SGPS SA | 145,572 | 2,615 | ||||||
|
|
| ||||||
Qatar — 0.1% | ||||||||
Commercial Bank PSQC/The | 420,581 | 447 | ||||||
Masraf Al Rayan QSC | 429,595 | 432 | ||||||
Qatar Gas Transport Co Ltd | 555,980 | 318 | ||||||
Qatar International Islamic Bank QSC | 243,040 | 483 | ||||||
Qatar National Bank QPSC | 79,633 | 369 | ||||||
|
|
| ||||||
2,049 | ||||||||
|
|
| ||||||
Russia — 4.1% | ||||||||
Detsky Mir PJSC | 1,097,591 | 1,279 | ||||||
Gazprom PJSC | 389,260 | 904 | ||||||
Gazprom PJSC ADR | 684,066 | 3,130 | ||||||
LUKOIL PJSC ADR | 194,657 | 11,525 | ||||||
Mail.Ru Group Ltd GDR * | 152,809 | 2,292 | ||||||
MMC Norilsk Nickel PJSC ADR | 122,319 | 2,968 | ||||||
Mobile TeleSystems PJSC ADR | 50,436 | 383 | ||||||
Novatek PJSC GDR | 161 | 19 | ||||||
Rosneft Oil Co PJSC GDR | 493,780 | 2,004 | ||||||
Sberbank of Russia PJSC | 733,815 | 1,758 | ||||||
Sberbank of Russia PJSC ADR | 1,284,536 | 12,074 | ||||||
X5 Retail Group NV GDR | 91,029 | 2,435 | ||||||
Yandex NV, Cl A * | 412,743 | 14,054 | ||||||
|
|
| ||||||
54,825 | ||||||||
|
|
|
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Saudi Arabia — 0.3% | ||||||||
Al Rajhi Bank | 116,487 | $ | 1,662 | |||||
Samba Financial Group | 127,127 | 679 | ||||||
Saudi Arabian Fertilizer Co | 67,275 | 1,107 | ||||||
|
|
| ||||||
3,448 | ||||||||
|
|
| ||||||
South Africa — 2.4% | ||||||||
AngloGold Ashanti Ltd | 95,650 | 1,648 | ||||||
AngloGold Ashanti Ltd ADR (A) | 217,827 | 3,622 | ||||||
Bid Corp Ltd | 143,813 | 1,704 | ||||||
Bidvest Group Ltd/The | 37,174 | 303 | ||||||
Capitec Bank Holdings Ltd | 56,521 | 2,766 | ||||||
FirstRand Ltd | 746,949 | 1,680 | ||||||
Foschini Group Ltd/The | 89,572 | 338 | ||||||
Gold Fields Ltd ADR | 61,345 | 291 | ||||||
Impala Platinum Holdings Ltd | 68,124 | 288 | ||||||
JSE Ltd | 209,557 | 1,188 | ||||||
Liberty Holdings Ltd | 13,104 | 49 | ||||||
Mediclinic International PLC | 346,501 | 1,110 | ||||||
Mr Price Group Ltd | 211,182 | 1,342 | ||||||
Naspers Ltd, Cl N | 60,748 | 8,643 | ||||||
Old Mutual Ltd | 1,765,906 | 1,167 | ||||||
RMB Holdings Ltd | 470,376 | 1,294 | ||||||
SPAR Group Ltd/The | 61,431 | 625 | ||||||
Standard Bank Group Ltd | 623,944 | 3,502 | ||||||
Vodacom Group Ltd | 54,621 | 356 | ||||||
|
|
| ||||||
31,916 | ||||||||
|
|
| ||||||
South Korea — 12.9% | ||||||||
BGF retail Co Ltd | 10,985 | 1,187 | ||||||
Celltrion Inc * | 1,268 | 237 | ||||||
Com2uSCorp | 29,920 | 2,056 | ||||||
Coway Co Ltd | 64,235 | 3,045 | ||||||
Daelim Industrial Co Ltd | 5,821 | 350 | ||||||
DB HiTek Co Ltd | 45,969 | 810 | ||||||
Douzone Bizon Co Ltd | 26,125 | 1,725 | ||||||
GS Holdings Corp | 68,870 | 2,070 | ||||||
Hana Financial Group Inc | 63,958 | 1,205 | ||||||
Hotel Shilla Co Ltd | 31,731 | 1,821 | ||||||
Hyundai Department Store Co Ltd | 11,320 | 544 | ||||||
Hyundai Mobis Co Ltd | 5,530 | 765 | ||||||
Hyundai Motor Co | 5,519 | 399 | ||||||
Iljin Materials Co Ltd (A) | 31,001 | 789 | ||||||
Kakao Corp | 26,890 | 3,402 | ||||||
Kangwon Land Inc | 60,735 | 980 | ||||||
KB Financial Group Inc | 82,781 | 2,327 | ||||||
Kia Motors Corp | 60,132 | 1,276 | ||||||
Korea Zinc Co Ltd | 2,131 | 621 | ||||||
Kumho Petrochemical Co Ltd | 6,998 | 373 | ||||||
LG Chem Ltd | 15,301 | 3,802 | ||||||
LG Corp | 31,879 | 1,537 | ||||||
LG Electronics Inc | 20,421 | 802 | ||||||
LG Household & Health Care Ltd | 2,473 | 2,267 |
14 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
LG Innotek Co Ltd | 5,331 | $ | 491 | |||||
LG Uplus Corp | 75,644 | 666 | ||||||
Lotte Chilsung Beverage Co Ltd | 7,009 | 487 | ||||||
Lotte Confectionery Co Ltd | 2,614 | 226 | ||||||
Lotte Corp | 15,956 | 313 | ||||||
Mando Corp | 43,921 | 739 | ||||||
Medy-Tox Inc | 10,366 | 1,668 | ||||||
NAVER Corp | 44,981 | 6,235 | ||||||
NCSoft Corp | 21,805 | 11,632 | ||||||
Orion Corp/Republic of Korea | 46,613 | 4,388 | ||||||
POSCO ADR | 9,899 | 323 | ||||||
Samsung Biologics Co Ltd * | 8,291 | 3,257 | ||||||
Samsung Electro-Mechanics Co Ltd | 33,580 | 2,656 | ||||||
Samsung Electronics Co Ltd | 1,603,830 | 62,313 | ||||||
Samsung Engineering Co Ltd * | 29,493 | 241 | ||||||
Samsung Life Insurance Co Ltd | 14,133 | 496 | ||||||
Samsung SDI Co Ltd | 5,892 | 1,149 | ||||||
Shinhan Financial Group Co Ltd | 16,559 | 386 | ||||||
SK Hynix Inc | 336,518 | 22,771 | ||||||
SK Telecom Co Ltd | 57,999 | 8,401 | ||||||
SK Telecom Co Ltd ADR | 188,817 | 3,072 | ||||||
SKCKOLONPI Inc (A) | 42,991 | 913 | ||||||
S-Oil Corp | 33,040 | 1,540 | ||||||
WONIK IPS Co Ltd *(A) | 138,511 | 2,819 | ||||||
Woori Financial Group Inc | 297,963 | 1,859 | ||||||
|
|
| ||||||
173,431 | ||||||||
|
|
| ||||||
Switzerland — 0.1% | ||||||||
Wizz Air Holdings Plc * | 35,174 | 999 | ||||||
|
|
| ||||||
Taiwan — 12.3% | ||||||||
Accton Technology Corp | 887,200 | 4,720 | ||||||
Airtac International Group | 259,000 | 3,865 | ||||||
ASE Technology Holding Co Ltd | 840,372 | 1,622 | ||||||
Asia Cement Corp | 2,456,000 | 3,194 | ||||||
ASMedia Technology Inc | 14,000 | 351 | ||||||
Asustek Computer Inc | 64,862 | 439 | ||||||
Bizlink Holding Inc | 497,000 | 2,668 | ||||||
Catcher Technology Co Ltd | 610,040 | 3,927 | ||||||
Chailease Holding Co Ltd | 1,201,262 | 3,601 | ||||||
Chang Hwa Commercial Bank Ltd | 765,000 | 482 | ||||||
Chicony Electronics Co Ltd | 187,000 | 469 | ||||||
Chilisin Electronics Corp | 418,000 | 1,106 | ||||||
Chroma ATE Inc | 502,000 | 2,063 | ||||||
Chunghwa Telecom Co Ltd | 139,000 | 493 | ||||||
CTBC Financial Holding Co Ltd | 4,972,073 | 2,935 | ||||||
Elite Material Co Ltd | 450,400 | 1,570 | ||||||
eMemory Technology Inc | 172,200 | 1,338 | ||||||
Foxconn Technology Co Ltd | 32,880 | 54 | ||||||
Fubon Financial Holding Co Ltd | 1,709,000 | 2,121 | ||||||
Globalwafers Co Ltd | 218,000 | 2,407 | ||||||
Hiwin Technologies Corp | 531,019 | 3,496 | ||||||
Hon Hai Precision Industry Co Ltd | 2,285,003 | 5,257 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Huaku Development Co Ltd | 173,000 | $ | 473 | |||||
International Games System Co Ltd | 19,000 | 347 | ||||||
King Yuan Electronics Co Ltd | 275,887 | 276 | ||||||
LandMark Optoelectronics Corp | 201,000 | 1,718 | ||||||
Largan Precision Co Ltd | 11,446 | 1,430 | ||||||
Lite-On Technology Corp | 390,270 | 532 | ||||||
MediaTek Inc | 1,086,170 | 11,753 | ||||||
Mega Financial Holding Co Ltd | 536,000 | 502 | ||||||
Merida Industry Co Ltd | 365,000 | 1,333 | ||||||
Micro-Star International Co Ltd | 764,000 | 2,246 | ||||||
momo.com Inc | 29,000 | 367 | ||||||
Novatek Microelectronics Corp | 361,000 | 2,049 | ||||||
Parade Technologies Ltd | 253,600 | 5,404 | ||||||
Pegatron Corp | 260,000 | 500 | ||||||
Powertech Technology Inc | 838,000 | 2,361 | ||||||
President Chain Store Corp | 48,000 | 448 | ||||||
Radiant Opto-Electronics Corp | 123,000 | 318 | ||||||
Realtek Semiconductor Corp | 77,000 | 553 | ||||||
Silergy Corp | 52,890 | 1,723 | ||||||
Silicon Motion Technology Corp ADR | 100,595 | 3,688 | ||||||
Simplo Technology Co Ltd | 41,000 | 359 | ||||||
Sino-American Silicon Products Inc | 168,155 | 430 | ||||||
SinoPac Financial Holdings Co Ltd | 2,371,428 | 866 | ||||||
Standard Foods Corp | 175,333 | 353 | ||||||
Taiwan Business Bank | 1,510,986 | 483 | ||||||
Taiwan Cooperative Financial Holding Co Ltd | 556,000 | 336 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd | 5,965,276 | 54,009 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 192,983 | 9,223 | ||||||
Teco Electric and Machinery Co Ltd | 451,488 | 359 | ||||||
Topco Scientific Co Ltd | 115,000 | 345 | ||||||
Tripod Technology Corp | 111,000 | 349 | ||||||
Unimicron Technology Corp | 292,000 | 306 | ||||||
Uni-President Enterprises Corp | 1,898,000 | 4,121 | ||||||
United Integrated Services Co Ltd | 63,000 | 344 | ||||||
United Microelectronics Corp | 1,272,000 | 567 | ||||||
Win Semiconductors Corp | 416,681 | 3,567 | ||||||
Wistron Corp | 850,000 | 688 | ||||||
Wiwynn Corp | 21,752 | 503 | ||||||
Yageo Corp | 147,000 | 1,309 | ||||||
Yuanta Financial Holding Co Ltd | 1,540,229 | 791 | ||||||
|
|
| ||||||
165,507 | ||||||||
|
|
| ||||||
Thailand — 1.6% | ||||||||
Advanced Info Service PCL | 525,600 | 3,177 | ||||||
Advanced Info Service PCL NVDR | 90,700 | 553 | ||||||
Bangkok Bank PCL | 194,200 | 592 | ||||||
Central Retail Corp PCL | 2,190,337 | 1,859 | ||||||
Charoen Pokphand Foods PCL NVDR | 749,900 | 553 | ||||||
Com7 PCL | 1,251,400 | 592 | ||||||
CP ALL PCL | 1,111,900 | 2,060 | ||||||
Electricity Generating PCL NVDR | 61,300 | 431 | ||||||
Home Product Center PCL | 18,605,654 | 6,236 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 15 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Market Equity Fund(Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Minor International PCL NVDR | 2,591,664 | $ | 1,327 | |||||
PTT PCL | 1,245,600 | 1,156 | ||||||
Sino-Thai Engineering & Construction PCL NVDR | 117,356 | 40 | ||||||
Thai Beverage PCL | 4,431,850 | 1,873 | ||||||
Tipco Asphalt PCL NVDR | 667,177 | 349 | ||||||
Tisco Financial Group PCL NVDR | 184,834 | 392 | ||||||
TOA Paint Thailand PCL NVDR | 268,800 | 257 | ||||||
|
|
| ||||||
21,447 | ||||||||
|
|
| ||||||
Turkey — 0.9% | ||||||||
Akbank T.A.S. * | 1,353,933 | 1,145 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 99,325 | 258 | ||||||
Ford Otomotiv Sanayi AS | 70,869 | 528 | ||||||
KOC Holding AS | 219,059 | 447 | ||||||
Koza Altin Isletmeleri AS * | 38,580 | 358 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, Cl B *(A) | 138,326 | 701 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 124,885 | 310 | ||||||
Turk Hava Yollari AO *(A) | 1,099,900 | 1,505 | ||||||
Turk Telekomunikasyon AS | 333,361 | 339 | ||||||
Turkcell Iletisim Hizmetleri AS | 962,914 | 1,796 | ||||||
Turkcell Iletisim Hizmetleri AS ADR | 33,717 | 157 | ||||||
Turkiye Garanti Bankasi AS * | 3,034,976 | 3,740 | ||||||
Turkiye Sise ve Cam Fabrikalari AS (A) | 1,993,999 | 1,249 | ||||||
Ulker Biskuvi Sanayi AS | 51,136 | 152 | ||||||
|
|
| ||||||
12,685 | ||||||||
|
|
| ||||||
United Arab Emirates — 0.4% | ||||||||
Abu Dhabi Islamic Bank PJSC | 374,457 | 406 | ||||||
Air Arabia PJSC | 663,644 | 171 | ||||||
Aldar Properties PJSC | 3,375,987 | 1,411 | ||||||
DP World PLC | 81,184 | 1,216 | ||||||
Dubai Islamic Bank PJSC | 954,153 | 933 | ||||||
Emaar Properties PJSC * | 1,890,228 | 1,140 | ||||||
|
|
| ||||||
5,277 | ||||||||
|
|
| ||||||
United Kingdom — 0.9% | ||||||||
Anglo American PLC | 95,823 | 1,632 | ||||||
Etalon Group PLC GDR | 56,800 | 73 | ||||||
Halyk Savings Bank of Kazakhstan JSC GDR | 66,132 | 607 | ||||||
KAZ Minerals PLC | 968,332 | 4,186 | ||||||
Mail.Ru Group Ltd GDR * | 5,163 | 84 | ||||||
Network International Holdings PLC | 149,433 | 725 | ||||||
Novatek PJSC GDR | 9,906 | 1,137 | ||||||
Polymetal International PLC | 73,539 | 1,258 | ||||||
Polyus PJSC GDR (A) | 14,054 | 956 | ||||||
Rio Tinto PLC | 39,310 | 1,796 | ||||||
Tullow Oil PLC * | 2,382,934 | 302 | ||||||
|
|
| ||||||
12,756 | ||||||||
|
|
| ||||||
United States — 0.7% | ||||||||
Atlas Corp | 14,849 | 114 | ||||||
Cia Brasileira de Distribuicao ADR * | 59,064 | 745 | ||||||
JOYY Inc ADR * | 45,705 | 2,434 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Liberty Latin America Ltd, Cl C * | 97,722 | $ | 1,003 | |||||
Pagseguro Digital Ltd, | 149,224 | 2,885 | ||||||
Southern Copper Corp | 34,683 | 976 | ||||||
StoneCo Ltd, Cl A * | 52,100 | 1,134 | ||||||
|
|
| ||||||
9,291 | ||||||||
|
|
| ||||||
Vietnam — 0.2% | ||||||||
Hoa Phat Group JSC * | 1,883,862 | 1,335 | ||||||
Vincom Retail JSC | 1,273,675 | 1,019 | ||||||
|
|
| ||||||
2,354 | ||||||||
|
|
| ||||||
Total Common Stock |
| 1,271,557 | ||||||
|
|
| ||||||
PREFERRED STOCK — 0.9% |
| |||||||
Brazil — 0.5% | ||||||||
Alpargatas SA (B) | 45,510 | 206 | ||||||
Banco Bradesco SA (B) | 269,326 | 1,084 | ||||||
Centrais Eletricas Brasileiras SA (B) | 56,700 | 289 | ||||||
Cia de Transmissao de Energia Eletrica | 88,409 | 324 | ||||||
Cia Paranaense de | 51,677 | 537 | ||||||
Itau Unibanco Holding | 107,253 | 480 | ||||||
Itau Unibanco Holding SA | 295,930 | 1,329 | ||||||
Petroleo Brasileiro SA * (B) | 748,412 | 2,013 | ||||||
Petroleo Brasileiro SA ADR, Cl A | 52,498 | 283 | ||||||
Telefonica Brasil SA (B) | 51,299 | 489 | ||||||
|
|
| ||||||
7,034 | ||||||||
|
|
| ||||||
Chile — 0.0% | ||||||||
Embotelladora Andina | 191,928 | 427 | ||||||
|
|
| ||||||
Colombia — 0.0% | ||||||||
Grupo Aval Acciones y Valores SA (B) | 1,797,174 | 403 | ||||||
|
|
| ||||||
South Korea — 0.4% | ||||||||
Samsung Electronics Co | 146,446 | 4,758 | ||||||
|
|
| ||||||
Total Preferred Stock |
| 12,622 | ||||||
|
|
| ||||||
Number of Warrants | ||||||||
WARRANTS — 0.0% | ||||||||
Thailand — 0.0% | ||||||||
Minor International PCL, | ||||||||
Expires 09/30/2021 * | 162,947 | 7 | ||||||
|
|
| ||||||
Total Warrants |
| 7 | ||||||
|
|
|
16 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Number of Rights | Market Value ($ Thousands) | ||||||||||
RIGHTS — 0.0% |
| |||||||||||
Taiwan — 0.0% |
| |||||||||||
Simplo Technology Co Ltd‡‡ | 1,414 | $ | – | |||||||||
|
|
| ||||||||||
Total Rights |
| – | ||||||||||
|
|
| ||||||||||
Face Amount (Thousands) | ||||||||||||
DEBENTURE BOND — 0.0% |
| |||||||||||
Brazil — 0.0% | ||||||||||||
Vale, Ser 1997 | ||||||||||||
0.000% (C)(D) | BRL | 8 | – | |||||||||
|
|
| ||||||||||
Total Debenture Bond |
| – | ||||||||||
|
|
| ||||||||||
Shares | ||||||||||||
AFFILIATED PARTNERSHIP — 1.4% |
| |||||||||||
SEI Liquidity Fund, L.P. |
| |||||||||||
0.760% **†(E) | 18,727,637 | 18,766 | ||||||||||
|
|
| ||||||||||
Total Affiliated Partnership |
| 18,766 | ||||||||||
|
|
| ||||||||||
CASH EQUIVALENT — 1.7% |
| |||||||||||
SEI Daily Income Trust, Government Fund, Cl F |
| |||||||||||
0.290%**† | 22,132,430 | 22,132 | ||||||||||
|
|
| ||||||||||
Total Cash Equivalent |
| 22,132 | ||||||||||
|
|
| ||||||||||
Total Investments in Securities — 98.4% |
| $ | 1,325,084 | |||||||||
|
|
|
A list of the open futures contracts held by the Fund at March 31, 2020, is as follows:
Type of Contract | Number of Contracts Long | Expiration Date | Notional Amount (Thousands) | Value (Thousands) | Unrealized Appreciation (Thousands) | |||||||||||||||
MSCI Emerging Markets | 619 | Jun-2020 | $ | 24,112 | $ | 26,088 | $ | 1,976 | ||||||||||||
|
|
|
|
|
|
Percentages are based on Net Assets of $1,346,801 ($ Thousands).
* | Non-income producing security. |
** | The rate reported is the7-day effective yield as of March 31, 2020. |
† | Investment in Affiliated Security (see Note 5). |
‡ | Real Estate Investment Trust. |
‡‡ | Expiration date not available. |
(A) | Certain securities or partial positions of certain securities are on loan at March 31, 2020 (See Note 9). The total market value of securities on loan at March 31, 2020 was $17,779 ($ Thousands). |
(B) | There is currently no rate available. |
(C) | Perpetual security with no stated maturity date. |
(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 March 31, 2020 was $18,766 ($ Thousands). |
ADR — American Depositary Receipt
BRL — Brazilian Real
Cl — Class
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 17 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Market Equity Fund (Concluded)
GDR — Global Depositary Receipt
JSC — Joint-Stock Company
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
REIT — Real Estate investment Trust
Ser — Series
The following is a list of the level of inputs used as of March 31, 2020, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):
Investments in Securities | Level 1 ($) | Level 2 ($) | Level 3 ($)(1) | Total ($) | ||||||||||||
Common Stock | 1,237,066 | 34,491 | – | 1,271,557 | ||||||||||||
Preferred Stock | 12,622 | – | – | 12,622 | ||||||||||||
Warrants | – | 7 | – | 7 | ||||||||||||
Rights | –^ | – | – | – | ||||||||||||
Debenture Bond | – | –^ | – | – | ||||||||||||
Affiliated Partnership | – | 18,766 | – | 18,766 | ||||||||||||
Cash Equivalent | 22,132 | – | – | 22,132 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | | 1,271,820 | | 53,264 | – | 1,325,084 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
| ||||||||||||||||
Other Financial Instruments | Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | ||||||||||||
Futures Contracts* | ||||||||||||||||
Unrealized Appreciation | 1,976 | – | – | 1,976 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | 1,976 | – | – | 1,976 | ||||||||||||
|
|
|
|
|
|
|
|
^ One security with market value of $0.
* Futures contracts are valued at the unrealized appreciation on the instrument.
For the period ended March 31, 2020, there were no transfers in or out of Level 3.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.
The following is a summary of the transactions with affiliates for the period ended March 31, 2020 ($ Thousands):
Security Description | 9/30/2019 | Purchases at Cost | Proceeds from Sales | Realized Gain/ (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value 3/31/2020 | Shares | Income | Capital Gains | |||||||||
SEI Liquidity Fund, L.P. | $ 48,638 | $ 134,006 | $(163,909) | $ — | $ 31 | $ 18,766 | 18,727,637 | $ 170 | $ — | |||||||||
SEI Daily Income Trust, Government Fund, Cl F | 29,816 | 138,930 | (146,614) | — | — | 22,132 | 22,132,430 | 183 | — | |||||||||
|
|
|
|
|
|
|
| |||||||||||
Totals | $ 78,454 | $ 272,936 | $(310,523) | $ — | $ 31 | $ 40,898 | $ 353 | $ — | ||||||||||
|
|
|
|
|
|
|
|
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
18 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Fixed Income Fund
†Percentages based on total investments.
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS — 90.5% |
| |||||||||||
Australia — 1.5% |
| |||||||||||
Australia & New Zealand Banking Group | ||||||||||||
4.500%, 03/19/2024 (A) | $ | 200 | $ | 207 | ||||||||
Australia & New Zealand Banking Group MTN | ||||||||||||
5.000%, 08/16/2023 | AUD | 750 | 514 | |||||||||
3.625%, 07/18/2022 | EUR | 300 | 358 | |||||||||
Australia Government Bond | ||||||||||||
4.750%, 04/21/2027 | AUD | 820 | 648 | |||||||||
4.500%, 04/15/2020 | 185 | 113 | ||||||||||
4.500%, 04/21/2033 | 195 | 172 | ||||||||||
3.750%, 04/21/2037 | 393 | 329 | ||||||||||
3.000%, 03/21/2047 | 1,224 | 972 | ||||||||||
2.750%, 04/21/2024 | 1,230 | 826 | ||||||||||
2.750%, 05/21/2041 | 322 | 240 | ||||||||||
BHP Billiton Finance | ||||||||||||
4.750%, VAR EUR Swap Annual 5 Yr+4.363%, 04/22/2076 | EUR | 101 | 109 | |||||||||
Commonwealth Bank of Australia MTN | ||||||||||||
3.000%, 05/03/2022 | 330 | 386 | ||||||||||
0.375%, 04/11/2024 | 455 | 506 | ||||||||||
National Australia Bank | ||||||||||||
5.000%, 03/11/2024 | AUD | 750 | 524 | |||||||||
National Australia Bank MTN | ||||||||||||
2.250%, 06/06/2025 | EUR | 206 | 251 | |||||||||
Westpac Banking Corp MTN | ||||||||||||
1.500%, 03/24/2021 | 220 | 245 | ||||||||||
0.500%, 05/17/2024 | 885 | 988 | ||||||||||
|
|
| ||||||||||
7,388 | ||||||||||||
|
|
| ||||||||||
Austria — 1.2% |
| |||||||||||
JAB Holdings BV | ||||||||||||
1.250%, 05/22/2024 | 200 | �� | 220 | |||||||||
Republic of Austria Government Bond (A) | ||||||||||||
4.150%, 03/15/2037 | 326 | 586 | ||||||||||
3.650%, 04/20/2022 | 1,135 | 1,353 | ||||||||||
2.400%, 05/23/2034 | 110 | 157 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
2.100%, 09/20/2117 | EUR | 75 | $ | 139 | ||||||||
0.750%, 10/20/2026 | 749 | 873 | ||||||||||
0.750%, 03/20/2051 | 435 | 494 | ||||||||||
0.500%, 02/20/2029 | 885 | 1,017 | ||||||||||
0.000%, 07/15/2024 (E) | 765 | 852 | ||||||||||
Republic of Austria Government Bond,Ser 97-6 | ||||||||||||
6.250%, 07/15/2027 | 288 | 463 | ||||||||||
|
|
| ||||||||||
6,154 | ||||||||||||
|
|
| ||||||||||
Belgium — 2.0% |
| |||||||||||
Anheuser-Busch InBev MTN | ||||||||||||
2.250%, 05/24/2029 | GBP | 205 | 235 | |||||||||
1.500%, 03/17/2025 | EUR | 415 | 457 | |||||||||
1.125%, 07/01/2027 | 230 | 241 | ||||||||||
Anheuser-Busch InBev Finance | ||||||||||||
2.600%, 05/15/2024 | CAD | 550 | 380 | |||||||||
KBC Group | ||||||||||||
4.250%, VAR EUR Swap Annual 5 Yr+3.594% (B) | EUR | 200 | 172 | |||||||||
Kingdom of Belgium Government Bond | ||||||||||||
4.250%, 03/28/2041 (A) | 440 | 825 | ||||||||||
3.750%, 09/28/2020 (A) | 2,126 | 2,381 | ||||||||||
3.750%, 06/22/2045 | 229 | 428 | ||||||||||
3.000%, 06/22/2034 (A) | 346 | 521 | ||||||||||
1.700%, 06/22/2050 (A) | 320 | 434 | ||||||||||
1.600%, 06/22/2047 (A) | 310 | 410 | ||||||||||
1.000%, 06/22/2031 (A) | 490 | 589 | ||||||||||
0.800%, 06/22/2028 (A) | 487 | 572 | ||||||||||
0.500%, 10/22/2024 (A) | 1,100 | 1,249 | ||||||||||
0.000%, 10/22/2027 (E) | 865 | 950 | ||||||||||
Kingdom of Belgium Government Bond, Ser 44 | ||||||||||||
5.000%, 03/28/2035 (A) | 64 | 118 | ||||||||||
|
|
| ||||||||||
9,962 | ||||||||||||
|
|
| ||||||||||
Brazil — 0.2% |
| |||||||||||
Brazil Notas do Tesouro Nacional, Serie B | ||||||||||||
6.000%, 08/15/2050 | BRL | 1,203 | 953 | |||||||||
Odebrecht Finance | ||||||||||||
7.125%, 06/26/2042 (C) | $ | 280 | 11 | |||||||||
4.375%, 04/25/2025 (C) | 200 | 8 | ||||||||||
|
|
| ||||||||||
972 | ||||||||||||
|
|
| ||||||||||
Canada — 5.7% |
| |||||||||||
Bank of Montreal | ||||||||||||
0.750%, 09/21/2022 | EUR | 235 | 262 | |||||||||
Bank of Montreal MTN | ||||||||||||
0.125%, 04/19/2021 | 280 | 308 | ||||||||||
Bank of Nova Scotia MTN | ||||||||||||
0.750%, 09/17/2021 | 570 | 633 | ||||||||||
Bell Canada MTN | ||||||||||||
4.700%, 09/11/2023 | CAD | 80 | 59 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 19 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Canada Housing Trust No. 1 (A) | ||||||||||||
2.250%, 12/15/2025 | CAD | 2,235 | $ | 1,669 | ||||||||
1.750%, 06/15/2022 | 2,465 | 1,772 | ||||||||||
Canadian Government Bond | ||||||||||||
5.750%, 06/01/2033 | 1,205 | 1,347 | ||||||||||
5.000%, 06/01/2037 | 816 | 916 | ||||||||||
2.750%, 12/01/2048 | 400 | 376 | ||||||||||
2.750%, 12/01/2048 | 300 | 282 | ||||||||||
2.500%, 06/01/2024 | 1,761 | 1,334 | ||||||||||
2.250%, 06/01/2029 | 3,965 | 3,162 | ||||||||||
1.500%, 06/01/2026 | 7,545 | 5,575 | ||||||||||
1.000%, 09/01/2022 | 525 | 373 | ||||||||||
1.000%, 06/01/2027 | 1,375 | 989 | ||||||||||
0.750%, 09/01/2021 | 655 | 462 | ||||||||||
Canadian Imperial Bank of Commerce | ||||||||||||
0.239%, 07/25/2022 (E) | EUR | 445 | 489 | |||||||||
Export Development Canada MTN | ||||||||||||
2.400%, 06/07/2021 | AUD | 1,259 | 785 | |||||||||
Husky Energy | ||||||||||||
4.400%, 04/15/2029 | $ | 205 | 145 | |||||||||
Province of Manitoba Canada | ||||||||||||
3.850%, 12/01/2021 | CAD | 710 | 523 | |||||||||
Province of Ontario Canada | ||||||||||||
4.700%, 06/02/2037 | 1,355 | 1,252 | ||||||||||
4.650%, 06/02/2041 | 540 | 509 | ||||||||||
2.800%, 06/02/2048 | 2,200 | 1,614 | ||||||||||
2.600%, 06/02/2025 | 1,614 | 1,195 | ||||||||||
2.400%, 06/02/2026 | 585 | 430 | ||||||||||
Province of Ontario Canada MTN | ||||||||||||
1.650%, 06/08/2020 | JPY | 100,000 | 929 | |||||||||
Province of Quebec Canada | ||||||||||||
6.250%, 06/01/2032 | CAD | 720 | 732 | |||||||||
3.500%, 12/01/2048 | 520 | 434 | ||||||||||
Rogers Communications | ||||||||||||
4.000%, 06/06/2022 | 165 | 119 | ||||||||||
|
| |||||||||||
28,675 | ||||||||||||
|
| |||||||||||
China — 3.4% |
| |||||||||||
China Development Bank | ||||||||||||
4.880%, 02/09/2028 | CNY | 10,600 | 1,670 | |||||||||
3.480%, 01/08/2029 | 23,680 | 3,421 | ||||||||||
China Government Bond | ||||||||||||
3.860%, 07/22/2049 | 20,410 | 3,203 | ||||||||||
3.250%, 06/06/2026 | 57,800 | 8,461 | ||||||||||
Prosus | ||||||||||||
3.680%, 01/21/2030 (A) | $ | 275 | 249 | |||||||||
3.500%, 07/05/2024 | 200 | 200 | ||||||||||
|
| |||||||||||
17,204 | ||||||||||||
|
| |||||||||||
Colombia — 0.4% |
| |||||||||||
Colombian TES | ||||||||||||
10.000%, 07/24/2024 | COP | 1,833,400 | 512 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
7.750%, 09/18/2030 | COP | 2,160,100 | $ | 545 | ||||||||
7.500%, 08/26/2026 | 1,100,600 | 275 | ||||||||||
7.000%, 05/04/2022 | 521,100 | 133 | ||||||||||
7.000%, 06/30/2032 | 412,100 | 98 | ||||||||||
6.000%, 04/28/2028 | 1,112,100 | 253 | ||||||||||
|
|
| ||||||||||
1,816 | ||||||||||||
|
|
| ||||||||||
Czech Republic — 0.2% |
| |||||||||||
Czech Republic Government Bond | ||||||||||||
4.700%, 09/12/2022 | CZK | 7,470 | 325 | |||||||||
2.500%, 08/25/2028 | 14,630 | 629 | ||||||||||
|
|
| ||||||||||
954 | ||||||||||||
|
|
| ||||||||||
Denmark — 0.4% |
| |||||||||||
Danske Bank | ||||||||||||
3.875%, 09/12/2023 (A) | $ | 270 | 266 | |||||||||
Danske Bank MTN | ||||||||||||
5.875%, VAR EUR Swap Annual 7 Yr+5.471% (B) | EUR | 344 | 361 | |||||||||
Kingdom of Denmark | ||||||||||||
4.500%, 11/15/2039 | DKK | 2,040 | 557 | |||||||||
1.500%, 11/15/2023 | 4,025 | 634 | ||||||||||
Orsted | ||||||||||||
6.250%, VAR EUR Swap Annual 5 Yr+4.750%, 06/26/2099 | EUR | 210 | 252 | |||||||||
|
|
| ||||||||||
2,070 | ||||||||||||
|
|
| ||||||||||
Egypt — 0.0% |
| |||||||||||
Egypt Government International Bond MTN | ||||||||||||
4.750%, 04/11/2025 (A) | 170 | 162 | ||||||||||
|
|
| ||||||||||
Finland — 0.3% |
| |||||||||||
Finland Government Bond (A) | ||||||||||||
2.000%, 04/15/2024 | 482 | 582 | ||||||||||
1.375%, 04/15/2047 | 130 | 178 | ||||||||||
0.500%, 09/15/2029 | 445 | 514 | ||||||||||
|
|
| ||||||||||
1,274 | ||||||||||||
|
|
| ||||||||||
France — 7.5% |
| |||||||||||
BNP Paribas | ||||||||||||
3.375%, 01/09/2025 (A) | $ | 395 | 391 | |||||||||
BNP Paribas MTN | ||||||||||||
3.375%, 01/23/2026 | GBP | 490 | 616 | |||||||||
BPCE | ||||||||||||
5.150%, 07/21/2024 | $ | 310 | 327 | |||||||||
BPCE MTN | ||||||||||||
1.125%, 01/18/2023 | EUR | 300 | 323 | |||||||||
BPCE SFH MTN | ||||||||||||
3.750%, 09/13/2021 | 200 | 232 | ||||||||||
Bpifrance Financement | ||||||||||||
0.064%, 11/25/2022 (E) | 600 | 663 | ||||||||||
Caisse Francaise de Financement Local MTN | ||||||||||||
3.000%, 10/02/2028 | 100 | 136 | ||||||||||
0.500%, 01/19/2026 | 500 | 564 |
20 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Caisse Nationale de Reassurance Mutuelle Agricole Groupama | ||||||||||||
6.000%, 01/23/2027 | EUR | 400 | $ | 476 | ||||||||
Cie de Financement Foncier | ||||||||||||
0.375%, 12/11/2024 | 300 | 335 | ||||||||||
Cie de Financement Foncier MTN | ||||||||||||
5.500%, 01/26/2027 | GBP | 387 | 626 | |||||||||
CNP Assurances | ||||||||||||
4.500%, VAR Euribor 3 Month+4.600%, 06/10/2047 | EUR | 200 | 237 | |||||||||
1.875%, 10/20/2022 | 200 | 220 | ||||||||||
Credit Agricole Assurances | ||||||||||||
4.250%, VAR EUR Swap Annual 5 Yr+4.500% (B) | 100 | 111 | ||||||||||
Credit Agricole Home Loan SFH MTN | ||||||||||||
1.250%, 03/24/2031 | 300 | 364 | ||||||||||
0.250%, 02/23/2024 | 700 | 779 | ||||||||||
Dexia Credit Local MTN | ||||||||||||
0.625%, 02/03/2024 | 200 | 226 | ||||||||||
0.500%, 01/17/2025 | 300 | 338 | ||||||||||
Electricite de France MTN | ||||||||||||
5.375%, VAR EUR Swap Annual 12 Yr+3.794% (B) | 200 | 224 | ||||||||||
4.000%, 11/12/2025 | 350 | 446 | ||||||||||
2.250%, 04/27/2021 | 100 | 111 | ||||||||||
Engie | ||||||||||||
3.250%, VAR EUR Swap Annual 5 Yr+3.169% (B) | 500 | 541 | ||||||||||
Engie MTN | ||||||||||||
0.875%, 03/27/2024 | 300 | 329 | ||||||||||
0.375%, 02/28/2023 | 100 | 108 | ||||||||||
Europcar Mobility Group | ||||||||||||
4.000%, 04/30/2026 (A) | 170 | 84 | ||||||||||
French Republic Government Bond OAT | ||||||||||||
5.750%, 10/25/2032 | 403 | 750 | ||||||||||
4.500%, 04/25/2041 | 580 | 1,136 | ||||||||||
4.000%, 10/25/2038 | 345 | 617 | ||||||||||
4.000%, 04/25/2055 | 195 | 420 | ||||||||||
3.250%, 05/25/2045 | 2,061 | 3,603 | ||||||||||
1.750%, 05/25/2023 | 2,359 | 2,774 | ||||||||||
1.750%, 06/25/2039 (A) | 60 | 81 | ||||||||||
1.750%, 05/25/2066 (A) | 165 | 241 | ||||||||||
1.250%, 05/25/2034 | 800 | 995 | ||||||||||
0.750%, 05/25/2028 | 5,205 | 6,114 | ||||||||||
0.500%, 05/25/2029 | 1,359 | 1,566 | ||||||||||
0.000%, 03/25/2025 (E) | 306 | 341 | ||||||||||
0.000%, 02/25/2021 (E) | 2,055 | 2,264 | ||||||||||
0.000%, 05/25/2021 (E) | 1,685 | 1,860 | ||||||||||
0.000%, 05/25/2022 (E) | 868 | 964 | ||||||||||
Orange MTN | ||||||||||||
2.500%, 03/01/2023 | 500 | 575 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
2.375%, VAR EUR Swap Annual 5 Yr+2.359% (B) | EUR | 300 | $ | 318 | ||||||||
SNCF Reseau EPIC MTN | ||||||||||||
5.500%, 12/01/2021 | GBP | 205 | 274 | |||||||||
4.250%, 10/07/2026 | EUR | 200 | 279 | |||||||||
2.250%, 12/20/2047 | 300 | 419 | ||||||||||
1.125%, 05/19/2027 | 300 | 352 | ||||||||||
1.125%, 05/25/2030 | 200 | 238 | ||||||||||
Societe Generale | ||||||||||||
4.250%, 04/14/2025 (A) | $ | 325 | 316 | |||||||||
Societe Generale MTN | ||||||||||||
1.125%, 01/23/2025 | EUR | 100 | 105 | |||||||||
Suez | ||||||||||||
2.875%, VAR EUR Swap Annual 5 Yr+2.504% (B) | 300 | 315 | ||||||||||
TOTAL MTN | ||||||||||||
3.369%, VAR EUR Swap Annual 5 Yr+3.350% (B) | 260 | 289 | ||||||||||
Total Capital International MTN | ||||||||||||
4.250%, 11/26/2021 | AUD | 640 | 410 | |||||||||
UNEDIC ASSEO MTN | ||||||||||||
1.250%, 05/25/2033 | EUR | 700 | 851 | |||||||||
|
| |||||||||||
37,274 | ||||||||||||
|
| |||||||||||
Germany — 6.1% |
| |||||||||||
BMW Finance MTN | ||||||||||||
0.875%, 11/17/2020 | 585 | 641 | ||||||||||
0.454%, 01/29/2021 | JPY | 200,000 | 1,852 | |||||||||
Bundesobligation | ||||||||||||
0.000%, 10/18/2024 (E) | EUR | 4,771 | 5,396 | |||||||||
Bundesrepublik Deutschland Bundesanleihe | ||||||||||||
4.000%, 01/04/2037 | 411 | 778 | ||||||||||
3.250%, 07/04/2042 | 1,121 | 2,162 | ||||||||||
2.500%, 08/15/2046 | 931 | 1,703 | ||||||||||
0.500%, 02/15/2026 | 863 | 1,011 | ||||||||||
0.281%, 08/15/2026 (E) | 1,882 | 2,149 | ||||||||||
0.250%, 02/15/2027 | 2,160 | 2,513 | ||||||||||
0.250%, 02/15/2029 | 984 | 1,155 | ||||||||||
0.000%, 02/15/2030 (E) | 1,515 | 1,741 | ||||||||||
Bundesrepublik Deutschland Bundesanleihe, Ser 03 | ||||||||||||
4.750%, 07/04/2034 | 95 | 182 | ||||||||||
Cheplapharm Arzneimittel GmbH | ||||||||||||
3.500%, 02/11/2027 (A) | 191 | 192 | ||||||||||
Deutsche Telekom International Finance BV MTN | ||||||||||||
0.625%, 04/03/2023 | 330 | 359 | ||||||||||
IHO Verwaltungs GmbH | ||||||||||||
3.625%, 05/15/2025 (A) | 175 | 152 | ||||||||||
Kreditanstalt fuer Wiederaufbau | ||||||||||||
2.600%, 06/20/2037 | JPY | 160,000 | 2,149 | |||||||||
0.500%, 09/15/2027 | EUR | 510 | 584 | |||||||||
0.125%, 06/07/2023 | 1,135 | 1,262 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 21 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Kreditanstalt fuer Wiederaufbau MTN | ||||||||||||
3.750%, 05/29/2020 | NZD | 483 | $ | 288 | ||||||||
2.800%, 02/17/2021 | AUD | 1,230 | 766 | |||||||||
1.125%, 09/15/2032 | EUR | 500 | 614 | |||||||||
1.125%, 05/09/2033 | 220 | 271 | ||||||||||
Landwirtschaftliche Rentenbank MTN | ||||||||||||
0.625%, 05/18/2027 | 225 | 259 | ||||||||||
Volkswagen Bank GmbH MTN | ||||||||||||
0.625%, 09/08/2021 | 200 | 216 | ||||||||||
Volkswagen Financial Services | ||||||||||||
1.750%, 04/17/2020 | GBP | 630 | 781 | |||||||||
Volkswagen International Finance | ||||||||||||
1.125%, 10/02/2023 | EUR | 600 | 635 | |||||||||
Volkswagen Leasing GmbH MTN | ||||||||||||
1.125%, 04/04/2024 | 520 | 541 | ||||||||||
WEPA Hygieneprodukte GmbH (A) | ||||||||||||
2.875%, 12/15/2027 | 190 | 181 | ||||||||||
2.875%, 12/15/2027 | 108 | 104 | ||||||||||
|
| |||||||||||
30,637 | ||||||||||||
|
| |||||||||||
Guernsey — 0.1% |
| |||||||||||
Credit Suisse Group Funding Guernsey MTN | ||||||||||||
1.250%, 04/14/2022 | 295 | 316 | ||||||||||
|
| |||||||||||
Hungary — 0.1% |
| |||||||||||
Hungary Government Bond | ||||||||||||
3.000%, 06/26/2024 | HUF | 75,010 | 242 | |||||||||
|
| |||||||||||
Indonesia — 0.1% |
| |||||||||||
Indonesia Government International Bond | ||||||||||||
1.450%, 09/18/2026 | EUR | 300 | 301 | |||||||||
Indonesia Government International Bond MTN | ||||||||||||
2.150%, 07/18/2024 (A) | 200 | 215 | ||||||||||
|
| |||||||||||
516 | ||||||||||||
|
| |||||||||||
Ireland — 0.7% |
| |||||||||||
AIB Group MTN | ||||||||||||
4.263%, VAR ICE LIBOR USD 3 Month+1.874%, 04/10/2025 (A) | $ | 450 | 457 | |||||||||
Allied Irish Banks MTN | ||||||||||||
4.125%, VAR EUR Swap Annual 5 Yr+3.950%, 11/26/2025 | EUR | 177 | 192 | |||||||||
Bank of Ireland MTN | ||||||||||||
0.375%, 05/07/2022 | 555 | 617 | ||||||||||
CRH Funding MTN | ||||||||||||
1.875%, 01/09/2024 | 310 | 343 | ||||||||||
Europcar Mobility Group | ||||||||||||
4.125%, 11/15/2024 (A) | 100 | 51 | ||||||||||
Ireland Government Bond | ||||||||||||
5.400%, 03/13/2025 | 351 | 491 | ||||||||||
4.500%, 04/18/2020 | 205 | 225 | ||||||||||
1.500%, 05/15/2050 | 250 | 320 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
1.100%, 05/15/2029 | EUR | 670 | $ | 802 | ||||||||
|
| |||||||||||
3,498 | ||||||||||||
|
| |||||||||||
Israel — 0.2% |
| |||||||||||
Israel Government Bond | ||||||||||||
5.500%, 01/31/2042 | ILS | 276 | 128 | |||||||||
4.250%, 03/31/2023 | 2,521 | 792 | ||||||||||
2.000%, 03/31/2027 | 925 | 281 | ||||||||||
|
| |||||||||||
1,201 | ||||||||||||
|
| |||||||||||
Italy — 5.9% |
| |||||||||||
Assicurazioni Generali MTN | ||||||||||||
5.500%, VAR Euribor 3 Month+5.350%, 10/27/2047 | EUR | 230 | 274 | |||||||||
Enel | ||||||||||||
3.500%, VAR EUR Swap Annual 5 Yr+3.564%, 05/24/2080 | 175 | 185 | ||||||||||
Enel Finance International MTN | ||||||||||||
5.625%, 08/14/2024 | GBP | 160 | 225 | |||||||||
Eni | ||||||||||||
4.250%, 05/09/2029 (A) | $ | 515 | 498 | |||||||||
FCA Bank MTN | ||||||||||||
1.375%, 04/17/2020 | EUR | 900 | 987 | |||||||||
Intesa Sanpaolo MTN | ||||||||||||
5.017%, 06/26/2024 (A) | $ | 530 | 519 | |||||||||
3.625%, 12/05/2022 | EUR | 200 | 241 | |||||||||
Italy Buoni Poliennali Del Tesoro | ||||||||||||
5.000%, 09/01/2040 (A) | 1,393 | 2,207 | ||||||||||
3.750%, 05/01/2021 (A) | 386 | 440 | ||||||||||
3.500%, 03/01/2030 (A) | 961 | 1,244 | ||||||||||
3.350%, 03/01/2035 (A) | 1,904 | 2,475 | ||||||||||
3.100%, 03/01/2040 (A) | 975 | 1,220 | ||||||||||
3.000%, 08/01/2029 | 1,609 | 2,001 | ||||||||||
2.800%, 03/01/2067 (A) | 90 | 104 | ||||||||||
2.700%, 03/01/2047 (A) | 255 | 298 | ||||||||||
2.450%, 09/01/2033 (A) | 552 | 653 | ||||||||||
2.450%, 09/01/2050 (A) | 742 | 820 | ||||||||||
2.000%, 02/01/2028 | 894 | 1,035 | ||||||||||
1.350%, 04/01/2030 | 552 | 596 | ||||||||||
0.950%, 03/01/2023 | 1,530 | 1,698 | ||||||||||
0.900%, 08/01/2022 | 2,312 | 2,561 | ||||||||||
0.350%, 11/01/2021 | 2,605 | 2,859 | ||||||||||
0.350%, 02/01/2025 | 5,080 | 5,424 | ||||||||||
UniCredit MTN | ||||||||||||
6.572%, 01/14/2022 (A) | $ | 350 | 357 | |||||||||
4.875%, VAR EUAMDB05+4.739%, 02/20/2029 | EUR | 220 | 225 | |||||||||
Unione di Banche Italiane | ||||||||||||
1.000%, 01/27/2023 | 185 | 208 | ||||||||||
|
| |||||||||||
29,354 | ||||||||||||
|
| |||||||||||
Japan — 17.8% |
| |||||||||||
Development Bank of Japan | ||||||||||||
2.300%, 03/19/2026 | JPY | 220,000 | 2,312 |
22 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
1.050%, 06/20/2023 | JPY | 132,000 | $ | 1,262 | ||||||||
Government of Japan 2 Year Bond | ||||||||||||
0.100%, 04/01/2021 | 113,250 | 1,052 | ||||||||||
Government of Japan 10 Year Bond | ||||||||||||
0.900%, 06/20/2022 | 859,850 | 8,148 | ||||||||||
0.100%, 06/20/2026 | 74,300 | 698 | ||||||||||
0.100%, 03/20/2027 | 71,550 | 673 | ||||||||||
0.100%, 06/20/2027 | 125,400 | 1,181 | ||||||||||
Government of Japan 20 Year Bond | ||||||||||||
1.900%, 09/20/2022 | 406,050 | 3,950 | ||||||||||
1.700%, 06/20/2033 | 1,207,550 | 13,343 | ||||||||||
1.400%, 09/20/2034 | 444,650 | 4,783 | ||||||||||
1.000%, 12/20/2035 | 50,000 | 514 | ||||||||||
0.700%, 03/20/2037 | 92,700 | 914 | ||||||||||
0.500%, 09/20/2036 | 451,400 | 4,317 | ||||||||||
0.200%, 06/20/2036 | 169,400 | 1,546 | ||||||||||
Government of Japan 20 Year Bond, Ser 106 | ||||||||||||
2.200%, 09/20/2028 | 14,550 | 161 | ||||||||||
Government of Japan 20 Year Bond, Ser 128 | ||||||||||||
1.900%, 06/20/2031 | 17,150 | 190 | ||||||||||
Government of Japan 20 Year Bond, Ser 140 | ||||||||||||
1.700%, 09/20/2032 | 587,750 | 6,460 | ||||||||||
Government of Japan 20 Year Bond, Ser 143 | ||||||||||||
1.600%, 03/20/2033 | 58,550 | 639 | ||||||||||
Government of Japan 20 Year Bond, Ser 144 | ||||||||||||
1.500%, 03/20/2033 | 149,750 | 1,617 | ||||||||||
Government of Japan 30 Year Bond | ||||||||||||
0.800%, 09/20/2047 | 549,500 | 5,599 | ||||||||||
0.300%, 06/20/2046 | 134,250 | 1,213 | ||||||||||
Government of Japan 30 Year Bond, Ser 29 | ||||||||||||
2.400%, 09/20/2038 | 119,300 | 1,517 | ||||||||||
Government of Japan 30 Year Bond, Ser 30 | ||||||||||||
2.300%, 03/20/2039 | 423,250 | 5,346 | ||||||||||
Government of Japan 30 Year Bond, Ser 33 | ||||||||||||
2.000%, 09/20/2040 | 212,700 | 2,622 | ||||||||||
Government of Japan 30 Year Bond, Ser 36 | ||||||||||||
2.000%, 03/20/2042 | 252,050 | 3,150 | ||||||||||
Government of Japan 30 Year Bond, Ser 37 | ||||||||||||
1.900%, 09/20/2042 | 166,850 | 2,062 | ||||||||||
Government of Japan 30 Year Bond, Ser 38 | ||||||||||||
1.800%, 03/20/2043 | 259,650 | 3,169 | ||||||||||
Government of Japan 40 Year Bond | ||||||||||||
0.400%, 03/20/2056 | 328,900 | 3,015 | ||||||||||
Government of Japan 40 Year Bond, Ser 6 | ||||||||||||
1.900%, 03/20/2053 | 38,700 | 522 | ||||||||||
Government of Japan CPI Linked Bond | ||||||||||||
0.100%, 03/10/2026 | 259,503 | 2,403 | ||||||||||
Japan Government Two Year Bond | ||||||||||||
0.100%, 01/01/2022 | 320,250 | 2,979 | ||||||||||
Mitsubishi UFJ Financial Group | ||||||||||||
0.339%, 07/19/2024 | EUR | 250 | 255 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Mizuho Financial Group MTN | ||||||||||||
0.956%, 10/16/2024 | EUR | 385 | $ | 403 | ||||||||
Mizuho Financial Group Cayman 3 | ||||||||||||
4.600%, 03/27/2024 (A) | $ | 450 | 472 | |||||||||
Takeda Pharmaceutical | ||||||||||||
1.125%, 11/21/2022 (A) | EUR | 430 | 471 | |||||||||
|
| |||||||||||
88,958 | ||||||||||||
|
| |||||||||||
Luxembourg — 0.1% |
| |||||||||||
Enel Finance International MTN | ||||||||||||
5.750%, 09/14/2040 | GBP | 145 | 233 | |||||||||
Samsonite Finco SARL | ||||||||||||
3.500%, 05/15/2026 | EUR | 100 | 71 | |||||||||
|
| |||||||||||
304 | ||||||||||||
|
| |||||||||||
Malaysia — 1.2% |
| |||||||||||
Malaysia Government Bond | ||||||||||||
4.181%, 07/15/2024 | MYR | 3,360 | 812 | |||||||||
4.048%, 09/30/2021 | 3,380 | 802 | ||||||||||
3.955%, 09/15/2025 | 3,440 | 828 | ||||||||||
3.885%, 08/15/2029 | 2,032 | 490 | ||||||||||
3.882%, 03/10/2022 | 780 | 184 | ||||||||||
3.828%, 07/05/2034 | 1,675 | 393 | ||||||||||
3.795%, 09/30/2022 | 3,430 | 812 | ||||||||||
3.502%, 05/31/2027 | 6,800 | 1,597 | ||||||||||
3.441%, 02/15/2021 | 491 | 115 | ||||||||||
|
| |||||||||||
6,033 | ||||||||||||
|
| |||||||||||
Mexico — 1.7% |
| |||||||||||
Alfa | ||||||||||||
5.250%, 03/25/2024 (A) | $ | 205 | 192 | |||||||||
Mexican Bonos | ||||||||||||
8.000%, 06/11/2020 | MXN | 3,574 | 153 | |||||||||
8.000%, 11/07/2047 | 18,935 | 806 | ||||||||||
7.750%, 11/13/2042 | 17,510 | 729 | ||||||||||
7.500%, 06/03/2027 | 2,435 | 106 | ||||||||||
6.500%, 06/09/2022 | 30,338 | 1,296 | ||||||||||
5.750%, 03/05/2026 | 11,907 | 479 | ||||||||||
Mexican Bonos, Ser M | ||||||||||||
6.500%, 06/10/2021 | 5,356 | 228 | ||||||||||
Mexican Bonos, Ser M20 | ||||||||||||
10.000%, 12/05/2024 | 46,790 | 2,254 | ||||||||||
7.750%, 05/29/2031 | 28,570 | 1,249 | ||||||||||
Mexican Bonos, Ser M30 | ||||||||||||
10.000%, 11/20/2036 | 22,113 | 1,146 | ||||||||||
|
| |||||||||||
8,638 | ||||||||||||
|
| |||||||||||
Netherlands — 2.4% |
| |||||||||||
ABN AMRO Bank | ||||||||||||
5.750%, VAR EUR Swap Annual 5 Yr+5.452% (B) | EUR | 400 | 400 | |||||||||
4.750%, 07/28/2025 | $ | 305 | 305 | |||||||||
ABN AMRO Bank MTN | ||||||||||||
1.250%, 01/10/2033 | EUR | 300 | 365 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 23 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Akzo Nobel Sweden Finance MTN | ||||||||||||
2.625%, 07/27/2022 | EUR | 340 | $ | 389 | ||||||||
BNG Bank MTN | ||||||||||||
0.500%, 04/16/2025 | 225 | 255 | ||||||||||
Cooperatieve Rabobank UA | ||||||||||||
3.750%, 07/21/2026 | $ | 250 | 241 | |||||||||
3.250%, VAR EUR Swap Annual 5 Yr+3.702% (B) | EUR | 200 | 171 | |||||||||
Cooperatieve Rabobank UA MTN | ||||||||||||
5.250%, 09/14/2027 | GBP | 195 | 263 | |||||||||
4.625%, 05/23/2029 | 130 | 169 | ||||||||||
1.250%, 05/31/2032 | EUR | 300 | 365 | |||||||||
Heineken MTN | ||||||||||||
1.000%, 05/04/2026 | 335 | 363 | ||||||||||
ING Groep | ||||||||||||
5.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.342% (B) | $ | 200 | 173 | |||||||||
3.550%, 04/09/2024 | 325 | 327 | ||||||||||
Intertrust Group BV | ||||||||||||
3.375%, 11/15/2025 (A) | EUR | 180 | 188 | |||||||||
Lincoln Financing SARL | ||||||||||||
3.625%, 04/01/2024 (A) | 170 | 154 | ||||||||||
Nederlandse Waterschapsbank MTN | ||||||||||||
1.250%, 05/27/2036 | 281 | 352 | ||||||||||
0.625%, 01/18/2027 | 225 | 258 | ||||||||||
Netherlands Government Bond (A) | ||||||||||||
4.000%, 01/15/2037 | 389 | 715 | ||||||||||
2.750%, 01/15/2047 | 190 | 350 | ||||||||||
2.500%, 01/15/2033 | 550 | 810 | ||||||||||
2.000%, 07/15/2024 | 345 | 421 | ||||||||||
0.500%, 07/15/2026 | 570 | 663 | ||||||||||
0.500%, 01/15/2040 | 804 | 956 | ||||||||||
0.250%, 07/15/2025 | 922 | 1,053 | ||||||||||
0.250%, 07/15/2029 | 948 | 1,092 | ||||||||||
0.000%, 01/15/2022 (E) | 914 | 1,015 | ||||||||||
NXP BV | ||||||||||||
4.300%, 06/18/2029 (A) | $ | 190 | 195 | |||||||||
Q-Park Holding | ||||||||||||
2.000%, 03/01/2027 | EUR | 122 | 114 | |||||||||
|
| |||||||||||
12,122 | ||||||||||||
|
| |||||||||||
New Zealand — 2.1% | ||||||||||||
New Zealand Government Bond | ||||||||||||
6.000%, 05/15/2021 | NZD | 971 | 613 | |||||||||
5.500%, 04/15/2023 | 1,608 | 1,097 | ||||||||||
3.000%, 04/15/2020 | 1,055 | 626 | ||||||||||
3.000%, 04/20/2029 | 1,715 | 1,183 | ||||||||||
2.750%, 04/15/2025 | 9,865 | 6,437 | ||||||||||
New Zealand Local Government Funding Agency Bond | ||||||||||||
4.500%, 04/15/2027 | 479 | 339 | ||||||||||
|
| |||||||||||
10,295 | ||||||||||||
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Norway — 1.0% | ||||||||||||
DNB Bank | ||||||||||||
6.500%, VAR USD Swap Semi 30/360 5 Yr Curr+5.080% (B) | $ | 355 | $ | 319 | ||||||||
Equinor MTN | ||||||||||||
5.625%, 03/11/2021 | EUR | 216 | 248 | |||||||||
2.000%, 09/10/2020 | 285 | 314 | ||||||||||
Norway Government Bond (A) | ||||||||||||
3.000%, 03/14/2024 | NOK | 4,201 | 440 | |||||||||
2.000%, 05/24/2023 | 9,202 | 919 | ||||||||||
2.000%, 04/26/2028 | 6,757 | 703 | ||||||||||
1.750%, 02/17/2027 | 6,879 | 700 | ||||||||||
1.750%, 09/06/2029 | 5,806 | 598 | ||||||||||
1.500%, 02/19/2026 | 4,546 | 454 | ||||||||||
1.375%, 08/19/2030 | 1,510 | 151 | ||||||||||
|
| |||||||||||
4,846 | ||||||||||||
|
| |||||||||||
Poland — 0.2% | ||||||||||||
Republic of Poland Government Bond | ||||||||||||
2.750%, 10/25/2029 | PLN | 1,493 | 392 | |||||||||
2.500%, 07/25/2027 | 1,860 | 475 | ||||||||||
|
| |||||||||||
867 | ||||||||||||
|
| |||||||||||
Portugal — 0.9% | ||||||||||||
EDP - Energias de Portugal | ||||||||||||
4.496%, VAR EUR Swap Annual 5 Yr+4.287%, 04/30/2079 | EUR | 300 | 339 | |||||||||
EDP Finance MTN | ||||||||||||
2.000%, 04/22/2025 | 260 | 294 | ||||||||||
Portugal Obrigacoes do Tesouro OT (A) | ||||||||||||
5.650%, 02/15/2024 | 1,113 | 1,480 | ||||||||||
4.125%, 04/14/2027 | 640 | 872 | ||||||||||
4.100%, 04/15/2037 | 277 | 435 | ||||||||||
2.200%, 10/17/2022 | 775 | 898 | ||||||||||
1.950%, 06/15/2029 | 199 | 241 | ||||||||||
|
| |||||||||||
4,559 | ||||||||||||
|
| |||||||||||
Saudi Arabia — 0.1% | ||||||||||||
SABIC Capital II BV | ||||||||||||
4.000%, 10/10/2023 (A) | $ | 345 | 342 | |||||||||
Saudi Government International Bond MTN | ||||||||||||
2.375%, 10/26/2021 (A) | 275 | 271 | ||||||||||
|
| |||||||||||
613 | ||||||||||||
|
| |||||||||||
Singapore — 3.1% | ||||||||||||
Singapore Government Bond | ||||||||||||
3.500%, 03/01/2027 | SGD | 1,341 | 1,087 | |||||||||
3.125%, 09/01/2022 | 2,088 | 1,548 | ||||||||||
3.000%, 09/01/2024 | 5,560 | 4,241 | ||||||||||
2.875%, 07/01/2029 | 5,529 | 4,418 | ||||||||||
2.750%, 03/01/2046 | 200 | 172 | ||||||||||
2.375%, 07/01/2039 | 1,171 | 925 | ||||||||||
2.250%, 08/01/2036 | 250 | 193 | ||||||||||
2.125%, 06/01/2026 | 1,259 | 938 |
24 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
2.000%, 07/01/2020 | SGD | 2,081 | $ | 1,466 | ||||||||
1.250%, 10/01/2021 | 150 | 106 | ||||||||||
Temasek Financial I MTN | ||||||||||||
2.375%, 01/23/2023 (A) | $ | 495 | 505 | |||||||||
|
|
| ||||||||||
15,599 | ||||||||||||
|
|
| ||||||||||
Slovak Republic — 0.0% | ||||||||||||
Slovakia Government Bond | ||||||||||||
3.375%, 11/15/2024 | EUR | 75 | 95 | |||||||||
|
|
| ||||||||||
Slovenia — 0.1% | ||||||||||||
Slovenia Government Bond | ||||||||||||
1.250%, 03/22/2027 | 305 | 359 | ||||||||||
|
|
| ||||||||||
South Korea — 0.5% | ||||||||||||
Hyundai Capital Services MTN | ||||||||||||
3.500%, 03/30/2022 | AUD | 680 | 426 | |||||||||
Korea Treasury Bond | ||||||||||||
3.000%, 09/10/2024 | KRW | 1,254,790 | 1,105 | |||||||||
2.000%, 03/10/2049 | 361,670 | 318 | ||||||||||
1.500%, 12/10/2026 | 994,000 | 822 | ||||||||||
|
|
| ||||||||||
2,671 | ||||||||||||
|
|
| ||||||||||
Spain — 4.4% | ||||||||||||
Arena Luxembourg Finance | ||||||||||||
1.875%, 02/01/2028 | 175 | 163 | ||||||||||
Ayt Cedulas Cajas Global | ||||||||||||
3.750%, 12/14/2022 | EUR | 600 | 726 | |||||||||
Banco Bilbao Vizcaya Argentaria | ||||||||||||
5.875%, VAR EUR Swap Annual 5 Yr+5.660% (B) | 200 | 185 | ||||||||||
2.250%, 06/12/2024 | 200 | 241 | ||||||||||
Banco de Sabadell | ||||||||||||
0.875%, 11/12/2021 | 400 | 446 | ||||||||||
Banco Santander | ||||||||||||
5.250%, VAR EUR Swap Annual 5 Yr+4.999% (B) | 200 | 179 | ||||||||||
5.179%, 11/19/2025 | $ | 400 | 423 | |||||||||
1.000%, 03/03/2022 | EUR | 400 | 449 | |||||||||
CaixaBank | ||||||||||||
1.250%, 01/11/2027 | 500 | 589 | ||||||||||
Gas Natural Fenosa Finance BV MTN | ||||||||||||
1.250%, 04/19/2026 | 300 | 332 | ||||||||||
Instituto de Credito Oficial MTN | ||||||||||||
6.000%, 03/08/2021 | 180 | 209 | ||||||||||
Kutxabank | ||||||||||||
1.250%, 09/22/2025 | 300 | 350 | ||||||||||
Spain Government Bond | ||||||||||||
6.000%, 01/31/2029 | 104 | 167 | ||||||||||
5.750%, 07/30/2032 | 102 | 177 | ||||||||||
4.900%, 07/30/2040 (A) | 852 | 1,546 | ||||||||||
4.700%, 07/30/2041 (A) | 753 | 1,347 | ||||||||||
3.450%, 07/30/2066 (A) | 240 | 403 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
2.350%, 07/30/2033 (A) | EUR | 705 | $ | 913 | ||||||||
1.950%, 07/30/2030 (A) | 141 | 174 | ||||||||||
1.600%, 04/30/2025 (A) | 572 | 671 | ||||||||||
1.500%, 04/30/2027 (A) | 393 | 462 | ||||||||||
1.450%, 04/30/2029 (A) | 1,024 | 1,206 | ||||||||||
1.400%, 04/30/2028 (A) | 1,009 | 1,182 | ||||||||||
1.000%, 10/31/2050 (A) | 405 | 382 | ||||||||||
0.800%, 07/30/2027 (A) | 3,965 | 4,432 | ||||||||||
0.500%, 04/30/2030 (A) | 584 | 629 | ||||||||||
0.050%, 10/31/2021 | 852 | 939 | ||||||||||
0.000%, 04/30/2023 (E) | 2,335 | 2,558 | ||||||||||
Telefonica Europe BV | ||||||||||||
4.375%, VAR EUR Swap Annual 6 Yr+4.107% (B) | 300 | 320 | ||||||||||
|
| |||||||||||
21,800 | ||||||||||||
|
| |||||||||||
Supra-National — 3.4% |
| |||||||||||
Asian Development Bank MTN | ||||||||||||
2.350%, 06/21/2027 | JPY | 290,000 | 3,166 | |||||||||
European Financial Stability Facility MTN | ||||||||||||
1.800%, 07/10/2048 | EUR | 270 | 393 | |||||||||
0.500%, 07/11/2025 | 695 | 789 | ||||||||||
0.400%, 02/17/2025 | 1,695 | 1,912 | ||||||||||
0.200%, 04/28/2025 | 600 | 671 | ||||||||||
European Investment Bank | ||||||||||||
1.900%, 01/26/2026 | JPY | 397,500 | 4,142 | |||||||||
European Investment Bank MTN | ||||||||||||
1.250%, 05/12/2025 | SEK | 13,180 | 1,386 | |||||||||
1.000%, 03/14/2031 | EUR | 405 | 487 | |||||||||
0.250%, 10/14/2024 | 156 | 175 | ||||||||||
0.250%, 09/14/2029 | 745 | 835 | ||||||||||
European Stability Mechanism MTN | ||||||||||||
1.000%, 09/23/2025 | 570 | 667 | ||||||||||
European Union MTN | ||||||||||||
2.875%, 04/04/2028 | 575 | 781 | ||||||||||
International Bank for Reconstruction & Development MTN | ||||||||||||
2.800%, 01/13/2021 | AUD | 1,230 | 764 | |||||||||
International Finance MTN | ||||||||||||
2.375%, 07/19/2023 | CAD | 1,000 | 736 | |||||||||
|
| |||||||||||
16,904 | ||||||||||||
|
| |||||||||||
Sweden — 0.7% | ||||||||||||
Kommunivest I Sverige AB MTN | ||||||||||||
1.000%, 10/02/2024 | SEK | 5,830 | 604 | |||||||||
Skandinaviska Enskilda Banken MTN | ||||||||||||
5.750%, VAR USD Swap Semi 30/360 5 Yr Curr+3.850% (B) | $ | 465 | 462 | |||||||||
Svenska Handelsbanken | ||||||||||||
5.250%, VAR USD Swap Semi 30/360 5 Yr Curr+3.335% (B) | 325 | 306 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 25 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Swedbank | ||||||||||||
5.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.134% (B) | $ | 200 | $ | 175 | ||||||||
Swedbank Hypotek | ||||||||||||
0.375%, 03/11/2022 | EUR | 360 | 400 | |||||||||
Sweden Government Bond | ||||||||||||
3.500%, 06/01/2022 | SEK | 3,040 | 333 | |||||||||
3.500%, 03/30/2039 | 1,205 | 195 | ||||||||||
1.000%, 11/12/2026 | 1,725 | 189 | ||||||||||
Sweden Government Bond, Ser 1047 | ||||||||||||
5.000%, 12/01/2020 | 3,370 | 352 | ||||||||||
Vattenfall | ||||||||||||
3.000%, VAR EUR Swap Annual 5 Yr+2.511%, 03/19/2077 | EUR | 175 | 186 | |||||||||
Vattenfall MTN | ||||||||||||
6.250%, 03/17/2021 | 213 | 247 | ||||||||||
|
| |||||||||||
3,449 | ||||||||||||
|
| |||||||||||
Switzerland — 0.8% | ||||||||||||
Credit Suisse MTN | ||||||||||||
0.750%, 09/17/2021 | 220 | 245 | ||||||||||
Credit Suisse Group | ||||||||||||
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+4.600% (B) | $ | 286 | 263 | |||||||||
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+4.600% (A)(B) | 200 | 184 | ||||||||||
2.125%, VAR BPSW1+1.230%, 09/12/2025 | GBP | 250 | 293 | |||||||||
Government of Switzerland | ||||||||||||
2.000%, 04/28/2021 | CHF | 735 | 781 | |||||||||
2.000%, 05/25/2022 | 75 | 82 | ||||||||||
1.500%, 04/30/2042 | 408 | 577 | ||||||||||
1.250%, 06/11/2024 | 405 | 451 | ||||||||||
Swiss Re Finance Luxembourg | ||||||||||||
5.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.582%, 04/02/2049 (A) | $ | 200 | 204 | |||||||||
UBS MTN | ||||||||||||
4.750%, VAR EUR Swap Annual 5 Yr+3.400%, 02/12/2026 | EUR | 200 | 215 | |||||||||
UBS Group | ||||||||||||
6.875%, VAR USD Swap Semi 30/360 5 Yr Curr+4.590% (B) | $ | 200 | 190 | |||||||||
UBS Group Funding Switzerland | ||||||||||||
1.750%, 11/16/2022 | EUR | 427 | 466 | |||||||||
|
| |||||||||||
3,951 | ||||||||||||
|
| |||||||||||
Thailand — 0.4% | ||||||||||||
Thailand Government Bond | ||||||||||||
4.875%, 06/22/2029 | THB | 16,455 | 646 | |||||||||
4.675%, 06/29/2044 | 20,805 | 906 | ||||||||||
3.650%, 12/17/2021 | 11,020 | 352 | ||||||||||
3.625%, 06/16/2023 | 5,375 | 177 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
3.300%, 06/17/2038 | THB | 3,522 | $ | 129 | ||||||||
|
| |||||||||||
2,210 | ||||||||||||
|
| |||||||||||
Turkey — 0.1% | ||||||||||||
Turkiye Vakiflar Bankasi TAO | ||||||||||||
2.375%, 05/04/2021 | EUR | 265 | 279 | |||||||||
|
| |||||||||||
United Arab Emirates — 0.0% |
| |||||||||||
DP World Crescent MTN | ||||||||||||
4.848%, 09/26/2028 | $ | 265 | 242 | |||||||||
|
| |||||||||||
United Kingdom — 5.6% | ||||||||||||
Anglo American Capital MTN | ||||||||||||
1.625%, 09/18/2025 | EUR | 220 | 214 | |||||||||
Barclays Bank MTN | ||||||||||||
10.000%, 05/21/2021 | GBP | 180 | 237 | |||||||||
BAT International Finance MTN | ||||||||||||
1.250%, 03/13/2027 | EUR | 333 | 339 | |||||||||
BP Capital Markets MTN | ||||||||||||
1.526%, 09/26/2022 | 350 | 384 | ||||||||||
1.117%, 01/25/2024 | 165 | 180 | ||||||||||
Centrica MTN | ||||||||||||
4.375%, 03/13/2029 | GBP | 164 | 227 | |||||||||
4.250%, 09/12/2044 | 100 | 135 | ||||||||||
CK Hutchison Finance 16 II | ||||||||||||
0.875%, 10/03/2024 | EUR | 212 | 227 | |||||||||
CNH Industrial Finance Europe MTN | ||||||||||||
2.875%, 05/17/2023 | 220 | 250 | ||||||||||
Coca-Cola European Partners | ||||||||||||
2.375%, 05/07/2025 | 400 | 463 | ||||||||||
Diageo Finance MTN | ||||||||||||
0.250%, 10/22/2021 | 240 | 259 | ||||||||||
DS Smith MTN | ||||||||||||
1.375%, 07/26/2024 | 430 | 464 | ||||||||||
Gatwick Funding MTN | ||||||||||||
5.250%, 01/23/2024 | GBP | 250 | 336 | |||||||||
GlaxoSmithKline Capital | ||||||||||||
0.000%, 09/12/2020 (E) | EUR | 595 | 652 | |||||||||
Heathrow Funding MTN | ||||||||||||
2.750%, 08/09/2049 | GBP | 160 | 163 | |||||||||
1.875%, 05/23/2022 | EUR | 235 | 254 | |||||||||
HSBC Holdings | ||||||||||||
4.041%, VAR ICE LIBOR USD 3 Month+1.546%, 03/13/2028 | $ | 255 | 259 | |||||||||
3.000%, VAR BPSW1+1.650%, 07/22/2028 | GBP | 167 | 204 | |||||||||
HSBC Holdings MTN | ||||||||||||
6.000%, 03/29/2040 | 145 | 207 | ||||||||||
Imperial Brands Finance | ||||||||||||
0.500%, 07/27/2021 | EUR | 150 | 163 | |||||||||
Lloyds Banking Group | ||||||||||||
4.582%, 12/10/2025 | $ | 445 | 450 |
26 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Motion Bond | ||||||||||||
4.500%, 11/15/2027 | GBP | 245 | $ | 195 | ||||||||
Nationwide Building Society MTN | ||||||||||||
4.625%, 02/08/2021 | EUR | 550 | 628 | |||||||||
0.500%, 02/23/2024 | 225 | 252 | ||||||||||
Northumbrian Water Finance | ||||||||||||
6.875%, 02/06/2023 | GBP | 190 | 268 | |||||||||
Royal Bank of Scotland Group | ||||||||||||
3.770%, VAR ICE LIBOR USD 3 Month+2.320% (B) | $ | 200 | 165 | |||||||||
Santander UK Group Holdings PLC MTN | ||||||||||||
3.625%, 01/14/2026 | GBP | 100 | 128 | |||||||||
Santander UK PLC MTN | ||||||||||||
4.250%, 04/12/2021 | EUR | 350 | 401 | |||||||||
1.125%, 01/14/2022 | 330 | 362 | ||||||||||
Scottish Hydro Electric Transmission | ||||||||||||
2.250%, 09/27/2035 | 200 | 236 | ||||||||||
Severn Trent Utilities Finance MTN | ||||||||||||
3.625%, 01/16/2026 | GBP | 175 | 233 | |||||||||
Sky PLC MTN | ||||||||||||
6.000%, 05/21/2027 | 50 | 78 | ||||||||||
2.500%, 09/15/2026 | EUR | 205 | 245 | |||||||||
2.250%, 11/17/2025 | 275 | 322 | ||||||||||
Standard Chartered | ||||||||||||
3.280%, VAR ICE LIBOR USD 3 Month+1.510% (A)(B) | $ | 500 | 348 | |||||||||
Thames Water Utilities Finance MTN | ||||||||||||
4.625%, 06/04/2046 | GBP | 155 | 242 | |||||||||
Unilever NV | ||||||||||||
0.375%, 02/14/2023 | EUR | 220 | 241 | |||||||||
United Kingdom Gilt | ||||||||||||
4.500%, 12/07/2042 | GBP | 230 | 504 | |||||||||
4.250%, 12/07/2046 | 1,370 | 3,093 | ||||||||||
4.250%, 12/07/2049 | 108 | 255 | ||||||||||
3.750%, 07/22/2052 | 80 | 184 | ||||||||||
3.500%, 01/22/2045 | 848 | 1,680 | ||||||||||
3.250%, 01/22/2044 | 400 | 754 | ||||||||||
2.750%, 09/07/2024 | 200 | 276 | ||||||||||
2.500%, 07/22/2065 | 1,717 | 3,632 | ||||||||||
1.750%, 09/07/2022 | 654 | 842 | ||||||||||
1.500%, 07/22/2047 | 981 | 1,420 | ||||||||||
0.750%, 07/22/2023 | 2,170 | 2,744 | ||||||||||
0.625%, 06/07/2025 | 445 | 564 | ||||||||||
United Kingdom Gilt - Inflation Linked | ||||||||||||
1.250%, 11/22/2027 | 262 | 433 | ||||||||||
Western Power Distribution West Midlands PLC | ||||||||||||
5.750%, 04/16/2032 | 100 | 159 | ||||||||||
3.875%, 10/17/2024 | 230 | 305 | ||||||||||
Wm Morrison Supermarkets MTN | ||||||||||||
3.500%, 07/27/2026 | 225 | 290 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Zurich Finance PLC MTN | ||||||||||||
6.625% (B)(D) | GBP | 235 | $ | 299 | ||||||||
|
| |||||||||||
27,845 | ||||||||||||
|
| |||||||||||
United States — 7.9% | ||||||||||||
AbbVie | ||||||||||||
2.300%, 11/21/2022 (A) | $ | 800 | 801 | |||||||||
Allergan Funding | ||||||||||||
2.625%, 11/15/2028 | 100 | 113 | ||||||||||
Altria Group | ||||||||||||
2.200%, 06/15/2027 | EUR | 440 | 468 | |||||||||
AT&T | ||||||||||||
2.875%, VAR EUAMDB05+3.140% (B) | 200 | 196 | ||||||||||
1.800%, 09/05/2026 | 365 | 404 | ||||||||||
0.800%, 03/04/2030 | 310 | 299 | ||||||||||
Bank of America (B) | ||||||||||||
6.500%, VAR ICE LIBOR USD 3 Month+4.174% | $ | 67 | 71 | |||||||||
6.250%, VAR ICE LIBOR USD 3 Month+3.705% | 150 | 152 | ||||||||||
Bank of America MTN | ||||||||||||
2.375%, 06/19/2024 | EUR | 835 | 939 | |||||||||
1.625%, 09/14/2022 | 261 | 286 | ||||||||||
Baxter International MTN | ||||||||||||
0.400%, 05/15/2024 | 405 | 429 | ||||||||||
Becton Dickinson | ||||||||||||
0.632%, 06/04/2023 | $ | 200 | 214 | |||||||||
Berkshire Hathaway | ||||||||||||
0.625%, 01/17/2023 | EUR | 265 | 287 | |||||||||
Berkshire Hathaway Finance | ||||||||||||
2.625%, 06/19/2059 | GBP | 144 | 184 | |||||||||
Boardwalk Pipelines | ||||||||||||
4.800%, 05/03/2029 | $ | 119 | 89 | |||||||||
Broadcom | ||||||||||||
4.250%, 04/15/2026 (A) | 195 | 192 | ||||||||||
Capital One Financial | ||||||||||||
3.800%, 01/31/2028 | 130 | 127 | ||||||||||
0.800%, 06/12/2024 | EUR | 291 | 284 | |||||||||
Carnival | ||||||||||||
1.625%, 02/22/2021 | 180 | 150 | ||||||||||
1.000%, 10/28/2029 | 316 | 176 | ||||||||||
Carrier Global Corp | ||||||||||||
1.923%, 02/15/2023 (A) | 290 | 286 | ||||||||||
Catalent Pharma Solutions | ||||||||||||
2.375%, 03/01/2028 (A) | 119 | 120 | ||||||||||
Centene | ||||||||||||
4.250%, 12/15/2027 (A) | $ | 63 | 62 | |||||||||
Chubb INA Holdings | ||||||||||||
1.550%, 03/15/2028 | EUR | 325 | 342 | |||||||||
0.875%, 06/15/2027 | 115 | 116 | ||||||||||
0.300%, 12/15/2024 | 190 | 194 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 27 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Citigroup | ||||||||||||
5.950%, VAR ICE LIBOR USD 3 Month+3.905% (B) | $ | 185 | $ | 179 | ||||||||
2.040%, 09/16/2020 | JPY | 200,000 | 1,867 | |||||||||
1.750%, 10/23/2026 | GBP | 304 | 346 | |||||||||
0.457%, 02/18/2021 | JPY | 100,000 | 927 | |||||||||
Citigroup MTN | ||||||||||||
0.750%, 10/26/2023 | EUR | 365 | 388 | |||||||||
Clean Harbors | ||||||||||||
4.875%, | $ | 124 | 121 | |||||||||
Comcast | ||||||||||||
0.750%, 02/20/2032 | EUR | 180 | 177 | |||||||||
CyrusOne | ||||||||||||
1.450%, 01/22/2027 | 154 | 147 | ||||||||||
DH Europe Finance | ||||||||||||
1.700%, 01/04/2022 | 150 | 167 | ||||||||||
1.200%, 06/30/2027 | $ | 335 | 354 | |||||||||
DH Europe Finance II | ||||||||||||
0.450%, 03/18/2028 | 154 | 151 | ||||||||||
Digital Euro Finco | ||||||||||||
2.625%, 04/15/2024 | EUR | 175 | 199 | |||||||||
Ebay | ||||||||||||
3.600%, 06/05/2027 | $ | 130 | 134 | |||||||||
1.900%, 03/11/2025 | 139 | 131 | ||||||||||
Expedia Group Inc | ||||||||||||
5.000%, 02/15/2026 | 250 | 226 | ||||||||||
Exxon Mobil | ||||||||||||
4.327%, 03/19/2050 | 200 | 245 | ||||||||||
FedEx | ||||||||||||
0.700%, 05/13/2022 | EUR | 108 | 117 | |||||||||
Fidelity National Information Services | ||||||||||||
1.500%, 05/21/2027 | 400 | 426 | ||||||||||
0.625%, 12/03/2025 | 185 | 192 | ||||||||||
Ford Credit Canada | ||||||||||||
2.450%, 05/07/2020 | CAD | 1,600 | 1,116 | |||||||||
Ford Motor Credit MTN | ||||||||||||
3.021%, 03/06/2024 | EUR | 170 | 151 | |||||||||
1.744%, 07/19/2024 | 125 | 107 | ||||||||||
0.017%, VAR Euribor 3 Month+0.430%, 05/14/2021 | 750 | 774 | ||||||||||
GE Capital UK Funding Unlimited MTN | ||||||||||||
6.250%, 05/05/2038 | GBP | 165 | 242 | |||||||||
5.875%, 11/04/2020 | 500 | 630 | ||||||||||
5.875%, 01/18/2033 | 160 | 228 | ||||||||||
General Electric | ||||||||||||
0.875%, 05/17/2025 | EUR | 180 | 179 | |||||||||
General Motors Financial MTN | ||||||||||||
0.955%, 09/07/2023 | 540 | 492 | ||||||||||
General Motors Financial of Canada | ||||||||||||
3.080%, 05/22/2020 | CAD | 1,900 | 1,322 | |||||||||
Goldman Sachs Group | ||||||||||||
2.625%, 04/25/2021 | $ | 425 | 425 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Goldman Sachs Group MTN | ||||||||||||
2.000%, 07/27/2023 | EUR | 900 | $ | 988 | ||||||||
1.625%, 07/27/2026 | 170 | 181 | ||||||||||
International Business Machines | ||||||||||||
2.850%, 05/13/2022 | $ | 990 | 1,015 | |||||||||
International Business Machines MTN | ||||||||||||
0.875%, 01/31/2025 | EUR | 593 | 648 | |||||||||
International Game Technology PLC | ||||||||||||
3.500%, 07/15/2024 | $ | 170 | 144 | |||||||||
Johnson Controls International PLC | ||||||||||||
1.375%, 02/25/2025 | EUR | 395 | 424 | |||||||||
JPMorgan Chase MTN | ||||||||||||
1.090%, VAR Euribor 3 Month+0.760%, 03/11/2027 | 810 | 849 | ||||||||||
Lear | ||||||||||||
3.800%, 09/15/2027 | $ | 193 | 174 | |||||||||
3.500%, 05/30/2030 | 81 | 70 | ||||||||||
Liberty Mutual Group | ||||||||||||
3.625%, VAR EUR Swap Annual 5 Yr+3.700%, 05/23/2059 | EUR | 300 | 291 | |||||||||
Marriott International | ||||||||||||
4.650%, 12/01/2028 | $ | 120 | 105 | |||||||||
Mastercard | ||||||||||||
1.100%, 12/01/2022 | EUR | 445 | 494 | |||||||||
McKesson | ||||||||||||
0.625%, 08/17/2021 | 355 | 387 | ||||||||||
Medtronic Global Holdings SCA | ||||||||||||
1.125%, 03/07/2027 | 400 | 431 | ||||||||||
0.250%, 07/02/2025 | $ | 115 | 120 | |||||||||
Metropolitan Life Global Funding I MTN | ||||||||||||
1.950%, | 1,000 | 979 | ||||||||||
Molson Coors International | ||||||||||||
2.750%, 09/18/2020 | CAD | 1,105 | 773 | |||||||||
Moody’s | ||||||||||||
1.750%, 03/09/2027 | EUR | 265 | 302 | |||||||||
Morgan Stanley | ||||||||||||
1.875%, 03/30/2023 | 490 | 537 | ||||||||||
Morgan Stanley MTN | ||||||||||||
1.375%, 10/27/2026 | 360 | 375 | ||||||||||
0.000%, VAR Euribor 3 Month+0.400%, 05/21/2021 | 850 | 914 | ||||||||||
National Grid North America MTN | ||||||||||||
1.000%, 07/12/2024 | 300 | 329 | ||||||||||
National Oil Well | ||||||||||||
3.600%, 12/01/2029 | $ | 205 | 153 | |||||||||
Noble Energy | ||||||||||||
3.250%, 10/15/2029 | 205 | 120 | ||||||||||
Panther BF Aggregator 2 | ||||||||||||
4.375%, | EUR | 106 | 97 | |||||||||
Philip Morris International | ||||||||||||
0.625%, 11/08/2024 | 285 | 301 |
28 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Philip Morris International MTN | ||||||||||||
1.875%, 03/03/2021 | EUR | 300 | $ | 331 | ||||||||
PNC Financial Services Group | ||||||||||||
2.200%, 11/01/2024 | $ | 885 | 907 | |||||||||
PNC Funding | ||||||||||||
3.300%, 03/08/2022 | 150 | 152 | ||||||||||
Priceline Group | ||||||||||||
2.375%, 09/23/2024 | 355 | 390 | ||||||||||
Prologis | ||||||||||||
0.375%, 02/06/2028 | 300 | 297 | ||||||||||
0.250%, 09/10/2027 | 161 | 160 | ||||||||||
Prologis MTN | ||||||||||||
3.000%, 01/18/2022 | EUR | 115 | 130 | |||||||||
Prudential Financial | ||||||||||||
5.875%, VAR ICE LIBOR USD 3 Month+4.175%, 09/15/2042 | $ | 199 | 193 | |||||||||
Santander Holdings USA | ||||||||||||
3.700%, 03/28/2022 | 460 | 456 | ||||||||||
Seagate HDD Cayman | ||||||||||||
4.750%, 06/01/2023 | 6 | 6 | ||||||||||
4.750%, 01/01/2025 | 61 | 61 | ||||||||||
Sealed Air | ||||||||||||
4.000%, | 99 | 92 | ||||||||||
Silgan Holdings | ||||||||||||
2.250%, | EUR | 260 | 253 | |||||||||
Southern Co/The | ||||||||||||
2.750%, 06/15/2020 | $ | 700 | 701 | |||||||||
Sprint Spectrum | ||||||||||||
4.738%, 03/20/2025 (A) | 265 | 270 | ||||||||||
Starbucks | ||||||||||||
2.000%, 03/12/2027 | 210 | 198 | ||||||||||
Sysco Corp | ||||||||||||
5.650%, 04/01/2025 | 38 | 40 | ||||||||||
Toyota Motor Credit MTN | ||||||||||||
1.800%, 07/23/2020 | EUR | 115 | 127 | |||||||||
0.625%, 11/21/2024 | 465 | 494 | ||||||||||
US Bancorp MTN | ||||||||||||
0.850%, 06/07/2024 | 226 | 238 | ||||||||||
Verizon Communications | ||||||||||||
4.016%, 12/03/2029 | $ | 391 | 439 | |||||||||
0.875%, 04/08/2027 | EUR | 175 | 184 | |||||||||
Verizon Communications MTN | ||||||||||||
4.750%, 02/17/2034 | GBP | 170 | 254 | |||||||||
4.050%, 02/17/2025 | AUD | 680 | 450 | |||||||||
ViacomCBS | ||||||||||||
3.700%, 06/01/2028 | $ | 313 | 293 | |||||||||
3.500%, 01/15/2025 | 13 | 12 | ||||||||||
Walt Disney | ||||||||||||
3.350%, 03/24/2025 | 242 | 264 | ||||||||||
Wells Fargo | ||||||||||||
5.900%, VAR ICE LIBOR USD | 130 | 127 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Wells Fargo MTN | ||||||||||||
2.125%, 12/20/2023 | GBP | 345 | $ | 413 | ||||||||
2.000%, 04/27/2026 | EUR | 210 | 231 | |||||||||
1.375%, 06/30/2022 | GBP | 195 | 234 | |||||||||
Western Midstream Operating | ||||||||||||
4.050%, 02/01/2030 | $ | 415 | 181 | |||||||||
WPC Eurobond BV | ||||||||||||
1.350%, 04/15/2028 | EUR | 405 | 388 | |||||||||
ZF North America Capital | ||||||||||||
2.750%, 04/27/2023 | 200 | 200 | ||||||||||
|
| |||||||||||
39,508 | ||||||||||||
|
| |||||||||||
Total Global Bonds | 451,816 | |||||||||||
|
| |||||||||||
U.S. TREASURY OBLIGATIONS — 5.8% |
| |||||||||||
U.S. Treasury Bills | ||||||||||||
1.128%, 04/09/2020 (E) | $ | 28,664 | 28,664 | |||||||||
U.S. Treasury Inflation Protected Securities | ||||||||||||
0.750%, 07/15/2028 | 297 | 326 | ||||||||||
|
| |||||||||||
Total U.S. Treasury Obligations | 28,990 | |||||||||||
|
| |||||||||||
MORTGAGE-BACKED SECURITIES — 0.4% |
| |||||||||||
Agency Mortgage-Backed Obligation — 0.3% |
| |||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA1, Cl M2 | ||||||||||||
2.797%, VAR ICE LIBOR USD 1 Month+1.850%, 10/25/2027 | 180 | 175 | ||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, Cl M2 | ||||||||||||
3.547%, VAR ICE LIBOR USD 1 Month+2.600%, 12/25/2027 | 1 | 1 | ||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQA2, Cl M2 | ||||||||||||
3.747%, VAR ICE LIBOR USD 1 Month+2.800%, 05/25/2028 | 23 | 23 | ||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, Cl M2 | ||||||||||||
3.847%, VAR ICE LIBOR USD 1 Month+2.900%, 07/25/2028 | 25 | 26 | ||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-HQA1, Cl M3 | ||||||||||||
7.297%, VAR ICE LIBOR USD 1 Month+6.350%, 09/25/2028 | 249 | 246 | ||||||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA1, Cl M1 | ||||||||||||
2.147%, VAR ICE LIBOR USD 1 Month+1.200%, 07/25/2029 | 101 | 100 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 29 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Fixed Income Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
MORTGAGE-BACKED SECURITIES (continued) |
| |||||||
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA2, Cl M2 | ||||||||
4.397%, VAR ICE LIBOR USD 1 Month+3.450%, 10/25/2029 | $ | 470 | $ | 418 | ||||
FNMA Connecticut Avenue Securities,Ser 2014-C04, Cl 2M2 | ||||||||
5.947%, VAR ICE LIBOR USD 1 Month+5.000%, 11/25/2024 | 254 | 245 | ||||||
FNMA Connecticut Avenue Securities,Ser 2016-C04, Cl 1M2 | ||||||||
5.197%, VAR ICE LIBOR USD 1 Month+4.250%, 01/25/2029 | 88 | 83 | ||||||
FNMA Connecticut Avenue Securities,Ser 2016-C06, Cl 1M1 | ||||||||
2.247%, VAR ICE LIBOR USD 1 Month+1.300%, 04/25/2029 | 37 | 36 | ||||||
FNMA Connecticut Avenue Securities,Ser 2016-C07, Cl 2M2 | ||||||||
5.297%, VAR ICE LIBOR USD 1 Month+4.350%, 05/25/2029 | 118 | 113 | ||||||
|
| |||||||
1,466 | ||||||||
|
| |||||||
Non-Agency Mortgage-Backed Obligation — 0.1% |
| |||||||
Bear Stearns Adjustable Rate Mortgage Trust,Ser 2004-6, Cl 3A | ||||||||
4.606%, 09/25/2034 (D) | 10 | 9 | ||||||
COMM Mortgage Trust, Ser 2014-CCRE14, Cl A3 | ||||||||
3.955%, 02/10/2047 | 70 | 74 | ||||||
JPMorgan Mortgage Trust,Ser 2004-A5, Cl 3A1 | ||||||||
3.806%, 12/25/2034 (D) | 32 | 29 | ||||||
LSTAR Commercial Mortgage Trust,Ser 2016-4, Cl A2 | ||||||||
2.579%, 03/10/2049 (A) | 159 | 159 | ||||||
Wells Fargo Commercial Mortgage Trust,Ser 2015-C28, Cl A3 | ||||||||
3.290%, 05/15/2048 | 114 | 117 | ||||||
Wells Fargo Commercial Mortgage Trust,Ser 2015-C30, Cl A3 | ||||||||
3.411%, 09/15/2058 | 78 | 82 | ||||||
|
| |||||||
470 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities (Cost $2,059) ($ Thousands) | 1,936 | |||||||
|
| |||||||
Total Investments in Securities — 96.7% | $ | 482,742 | ||||||
|
|
30 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
A list of the open futures contracts held by the Fund at March 31, 2020, is as follows:
Type of Contract | Number of Contracts Long (Short) | Expiration Date | Notional Amount (Thousands) | Value (Thousands) | Unrealized Appreciation/ Depreciation (Thousands) | |||||||||||||||
Australian3-Year Bond | 12 | Jun-2020 | $ | 879 | $ | 860 | $ | 3 | ||||||||||||
Australian10-Year Bond | 18 | Jun-2020 | 1,590 | 1,659 | 20 | |||||||||||||||
Australian10-Year Bond | 18 | Jun-2020 | 1,608 | 1,659 | 28 | |||||||||||||||
Canadian5-Year Bond | (20) | Jun-2020 | (1,868 | ) | (1,794 | ) | (56 | ) | ||||||||||||
Canadian10-Year Bond | (52) | Jun-2020 | (5,473 | ) | (5,376 | ) | (90 | ) | ||||||||||||
Canadian10-Year Bond | 33 | Jun-2020 | 3,540 | 3,411 | 99 | |||||||||||||||
Euro | (240) | Jun-2020 | (34,239 | ) | (33,149 | ) | 1,090 | |||||||||||||
Euro-Bob | (23) | Jun-2020 | (3,488 | ) | (3,412 | ) | 25 | |||||||||||||
Euro-Bob | 3 | Jun-2020 | 447 | 445 | (1 | ) | ||||||||||||||
Euro-BTP | 10 | Jun-2020 | 1,654 | 1,552 | (83 | ) | ||||||||||||||
Euro-Bund | (10) | Jun-2020 | (1,936 | ) | (1,893 | ) | 21 | |||||||||||||
Euro-Bund | 22 | Jun-2020 | 4,290 | 4,164 | (60 | ) | ||||||||||||||
Euro-Buxl | (12) | Jun-2020 | (2,696 | ) | (2,764 | ) | (14 | ) | ||||||||||||
Euro-Buxl | 24 | Jun-2020 | 5,837 | 5,528 | (209 | ) | ||||||||||||||
Euro-OAT | (3) | Jun-2020 | (574 | ) | (550 | ) | 14 | |||||||||||||
Euro-OAT | 9 | Jun-2020 | 1,685 | 1,651 | (9 | ) | ||||||||||||||
Euro-Schatz | 28 | Jun-2020 | 3,506 | 3,447 | (6 | ) | ||||||||||||||
Japanese10-Year Bond | 23 | Jun-2020 | 34,551 | 32,505 | (721 | ) | ||||||||||||||
Japanese10-Year Government BondE-MINI | 5 | Jun-2020 | 737 | 707 | (9 | ) | ||||||||||||||
Japanese10-Year Government BondE-MINI | (5) | Jun-2020 | (746 | ) | (707 | ) | 10 | |||||||||||||
Long Gilt10-Year Bond | 41 | Jun-2020 | 6,747 | 6,924 | 51 | |||||||||||||||
Long Gilt10-Year Bond | 3 | Jun-2020 | 528 | 507 | – | |||||||||||||||
U.S.2-Year Treasury Note | 46 | Jul-2020 | 10,033 | 10,138 | 105 | |||||||||||||||
U.S.5-Year Treasury Note | (37) | Jul-2020 | (4,497 | ) | (4,638 | ) | (141 | ) | ||||||||||||
U.S.5-Year Treasury Note | (10) | Jul-2020 | (1,253 | ) | (1,254 | ) | (1 | ) | ||||||||||||
U.S.10-Year Treasury Note | 56 | Jun-2020 | 7,718 | 7,767 | 48 | |||||||||||||||
U.S.10-Year Treasury Note | 37 | Jun-2020 | 4,902 | 5,131 | 229 | |||||||||||||||
U.S. Ultra Long Treasury Bond | 1 | Jun-2020 | 221 | 222 | 1 | |||||||||||||||
U.S. Ultra Long Treasury Bond | 11 | Jun-2020 | 2,445 | 2,441 | (4 | ) | ||||||||||||||
Ultra10-Year U.S. Treasury Note | (17) | Jun-2020 | (2,482 | ) | (2,653 | ) | (171 | ) | ||||||||||||
|
|
|
|
|
|
| ||||||||||||||
$ | 33,666 | $ | 32,528 | $ | 169 | |||||||||||||||
|
|
|
|
|
|
|
A list of the open forward foreign currency contracts held by the Fund at March 31, 2020, is as follows: |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Bank of America | 04/03/20 | USD | 446 | ZAR | 7,005 | $ | (54 | ) | ||||||||||||||||
Bank of America | 04/03/20 | USD | 323 | EUR | 302 | 9 | ||||||||||||||||||
Bank of America | 04/03/20 | USD | 454 | EUR | 403 | (12 | ) | |||||||||||||||||
Bank of America | 04/03/20 | TRY | 874 | USD | 142 | 9 | ||||||||||||||||||
Bank of America | 04/03/20 | EUR | 1,035 | USD | 1,171 | 35 | ||||||||||||||||||
Bank of America | 04/03/20 | USD | 1,785 | JPY | 185,870 | (63 | ) | |||||||||||||||||
Bank of America | 04/03/20 | USD | 2,129 | SEK | 21,451 | 36 | ||||||||||||||||||
Bank of America | 04/03/20 - 04/30/20 | ZAR | 4,716 | USD | 289 | 26 | ||||||||||||||||||
Bank of America | 04/03/20 | USD | 11,265 | CNY | 80,148 | 36 | ||||||||||||||||||
Bank of America | 04/03/20 | JPY | 48,061 | USD | 464 | 19 | ||||||||||||||||||
Bank of America | 04/03/20 | JPY | 36,091 | USD | 328 | (6 | ) | |||||||||||||||||
Bank of America | 04/28/20 | CNY | 80,148 | USD | 11,268 | (57 | ) | |||||||||||||||||
Bank of America | 04/30/20 | SEK | 21,451 | USD | 2,131 | (37 | ) | |||||||||||||||||
Bank of America | 05/20/20 | RUB | 88,691 | USD | 1,282 | 155 | ||||||||||||||||||
Barclays PLC | 04/03/20 | USD | 144 | TRY | 919 | (4 | ) |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 31 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Fixed Income Fund(Continued)
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Barclays PLC | 04/03/20 | USD | 210 | SGD | 292 | $ | (6 | ) | ||||||||||||||||
Barclays PLC | 04/03/20 | USD | 32 | NZD | 57 | 2 | ||||||||||||||||||
Barclays PLC | 04/03/20 | USD | 199 | NZD | 322 | (9 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | USD | 146 | AUD | 247 | 6 | ||||||||||||||||||
Barclays PLC | 04/03/20 | USD | 116 | AUD | 184 | (3 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | USD | 83 | NOK | 904 | 3 | ||||||||||||||||||
Barclays PLC | 04/03/20 | USD | 186 | NOK | 1,826 | (12 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 | CHF | 317 | USD | 335 | 8 | ||||||||||||||||||
Barclays PLC | 04/03/20 | USD | 151 | CHF | 148 | 1 | ||||||||||||||||||
Barclays PLC | 04/03/20 | USD | 201 | CHF | 190 | (4 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | USD | 208 | SEK | 2,107 | 5 | ||||||||||||||||||
Barclays PLC | 04/03/20 | USD | 167 | SEK | 1,589 | (7 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | USD | 179 | JPY | 19,718 | 3 | ||||||||||||||||||
Barclays PLC | 04/03/20 | USD | 201 | JPY | 21,102 | (5 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | USD | 119 | CAD | 171 | 1 | ||||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | USD | 268 | CAD | 369 | (9 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | GBP | 256 | USD | 327 | 10 | ||||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | GBP | 192 | USD | 226 | (12 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | CAD | 252 | USD | 181 | 4 | ||||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | CAD | 213 | USD | 148 | (2 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 | NZD | 291 | USD | 182 | 9 | ||||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | NZD | 244 | USD | 142 | (3 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 | AUD | 179 | USD | 114 | 5 | ||||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | AUD | 553 | USD | 324 | (14 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | USD | 420 | GBP | 358 | 24 | ||||||||||||||||||
Barclays PLC | 04/03/20 | USD | 559 | GBP | 431 | (25 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | TRY | 1,682 | USD | 265 | 11 | ||||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | USD | 2,192 | MXN | 53,733 | 98 | ||||||||||||||||||
Barclays PLC | 04/03/20 | USD | 130 | MXN | 2,869 | (8 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 | NOK | 1,154 | USD | 118 | 8 | ||||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | NOK | 2,059 | USD | 187 | (9 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 | PLN | 3,560 | USD | 913 | 56 | ||||||||||||||||||
Barclays PLC | 04/30/20 | USD | 28 | EUR | 26 | — | ||||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | USD | 4,668 | EUR | 4,206 | (51 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 | EUR | 806 | USD | 899 | 14 | ||||||||||||||||||
Barclays PLC | 04/30/20 | EUR | 4,022 | USD | 4,355 | (62 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 - 05/14/20 | SEK | 22,437 | USD | 2,369 | 101 | ||||||||||||||||||
Barclays PLC | 04/03/20 | SEK | 1,334 | USD | 130 | (5 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 - 04/30/20 | MXN | 50,864 | USD | 2,064 | (96 | ) | |||||||||||||||||
Barclays PLC | 04/03/20 | JPY | 95,864 | USD | 921 | 33 | ||||||||||||||||||
Barclays PLC | 04/30/20 | JPY | 6,333 | USD | 58 | (1 | ) | |||||||||||||||||
Barclays PLC | 04/16/20 | CNH | 14,492 | USD | 2,086 | 42 | ||||||||||||||||||
Barclays PLC | 05/05/20 | EUR | 16,630 | USD | 18,360 | 93 | ||||||||||||||||||
Barclays PLC | 08/13/20 | USD | 281 | MYR | 1,166 | (9 | ) | |||||||||||||||||
BMO Capital | 04/03/20 | USD | 10,366 | JPY | �� | 1,117,470 | (14 | ) | ||||||||||||||||
BMO Capital | 04/03/20 | JPY | 8,226,109 | USD | 76,309 | 105 | ||||||||||||||||||
BNP Paribas | 04/03/20 | USD | 35 | MXN | 786 | (2 | ) | |||||||||||||||||
BNP Paribas | 04/03/20 | USD | 95 | AUD | 146 | (6 | ) | |||||||||||||||||
BNP Paribas | 04/03/20 | MXN | 773 | USD | 35 | 2 | ||||||||||||||||||
BNP Paribas | 04/30/20 | USD | 761 | NZD | 1,352 | 40 | ||||||||||||||||||
BNP Paribas | 04/03/20 | USD | 856 | NZD | 1,369 | (44 | ) | |||||||||||||||||
BNP Paribas | 04/03/20 - 06/11/20 | AUD | 6,873 | USD | 4,392 | 185 |
32 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
BNP Paribas | 04/03/20 - 04/24/20 | EUR | 38,185 | USD | 42,619 | $ | 701 | |||||||||||||||||
BNP Paribas | 04/03/20 - 04/30/20 | EUR | 282 | USD | 303 | (6 | ) | |||||||||||||||||
BNP Paribas | 04/09/20 | USD | 612 | JPY | 66,106 | — | ||||||||||||||||||
BNP Paribas | 04/16/20 | USD | 2,768 | CNH | 19,247 | (52 | ) | |||||||||||||||||
BNP Paribas | 04/16/20 | CNH | 4,086 | USD | 576 | — | ||||||||||||||||||
BNP Paribas | 04/30/20 | GBP | 607 | USD | 753 | — | ||||||||||||||||||
BNP Paribas | 04/30/20 | GBP | 720 | USD | 893 | (1 | ) | |||||||||||||||||
BNP Paribas | 04/30/20 | MYR | 8,712 | USD | 2,010 | (15 | ) | |||||||||||||||||
BNP Paribas | 04/30/20 | JPY | 37,800 | USD | 340 | (11 | ) | |||||||||||||||||
BNP Paribas | 05/05/20 | USD | 348 | IDR | 4,793,890 | (54 | ) | |||||||||||||||||
BNYMellon | 05/22/20 | CAD | 17,347 | USD | 12,084 | (112 | ) | |||||||||||||||||
Brown Brothers Harriman | 04/08/20 | USD | 64 | EUR | 60 | 1 | ||||||||||||||||||
Brown Brothers Harriman | 04/08/20 | USD | 1,380 | EUR | 1,222 | (38 | ) | |||||||||||||||||
Brown Brothers Harriman | 04/08/20 | EUR | 1,903 | USD | 2,106 | 17 | ||||||||||||||||||
Brown Brothers Harriman | 04/08/20 | EUR | 1,042 | USD | 1,138 | (6 | ) | |||||||||||||||||
Brown Brothers Harriman | 04/08/20 | ZAR | 6,764 | USD | 409 | 30 | ||||||||||||||||||
Brown Brothers Harriman | 04/09/20 | USD | 356 | JPY | 39,013 | 6 | ||||||||||||||||||
Brown Brothers Harriman | 04/16/20 | CNY | 12,933 | USD | 1,856 | 31 | ||||||||||||||||||
Brown Brothers Harriman | 05/14/20 | USD | 360 | NOK | 3,757 | (2 | ) | |||||||||||||||||
Brown Brothers Harriman | 05/14/20 | NOK | 3,959 | USD | 374 | (4 | ) | |||||||||||||||||
Brown Brothers Harriman | 05/15/20 | GBP | 303 | USD | 376 | — | ||||||||||||||||||
Brown Brothers Harriman | 05/15/20 | USD | 1,555 | GBP | 1,305 | 63 | ||||||||||||||||||
Brown Brothers Harriman | 05/15/20 | USD | 107 | GBP | 86 | (1 | ) | |||||||||||||||||
Brown Brothers Harriman | 06/11/20 | USD | 86 | AUD | 140 | — | ||||||||||||||||||
CIBC | 04/30/20 | USD | 4,602 | EUR | 4,269 | 86 | ||||||||||||||||||
Citigroup | 04/02/20 | BRL | 7,299 | USD | 1,509 | 102 | ||||||||||||||||||
Citigroup | 04/08/20 | EUR | 527 | USD | 583 | 5 | ||||||||||||||||||
Citigroup | 04/08/20 | USD | 2,132 | EUR | 1,913 | (33 | ) | |||||||||||||||||
Citigroup | 04/08/20 | ZAR | 10,895 | USD | 681 | 71 | ||||||||||||||||||
Citigroup | 04/09/20 | USD | 664 | JPY | 72,899 | 12 | ||||||||||||||||||
Citigroup | 05/05/20 | USD | 893 | BRL | 4,640 | — | ||||||||||||||||||
Citigroup | 05/15/20 | GBP | 9,663 | USD | 12,441 | 452 | ||||||||||||||||||
Citigroup | 05/20/20 | USD | 1,741 | RUB | 126,509 | (132 | ) | |||||||||||||||||
Citigroup | 06/11/20 | AUD | 7,754 | USD | 4,606 | (140 | ) | |||||||||||||||||
Citigroup | 04/03/20 | USD | 42 | NOK | 429 | (1 | ) | |||||||||||||||||
Citigroup | 04/03/20 - 04/30/20 | USD | 84 | CAD | 114 | (4 | ) | |||||||||||||||||
Citigroup | 04/03/20 | GBP | 52 | USD | 67 | 3 | ||||||||||||||||||
Citigroup | 04/03/20 - 04/30/20 | GBP | 62 | USD | 73 | (4 | ) | |||||||||||||||||
Citigroup | 04/03/20 | CHF | 102 | USD | 109 | 4 | ||||||||||||||||||
Citigroup | 04/03/20 | CHF | 14 | USD | 14 | — | ||||||||||||||||||
Citigroup | 04/03/20 | AUD | 65 | USD | 43 | 3 | ||||||||||||||||||
Citigroup | 04/03/20 | AUD | 59 | USD | 35 | (1 | ) | |||||||||||||||||
Citigroup | 04/30/20 | USD | 15 | AUD | 25 | — | ||||||||||||||||||
Citigroup | 04/03/20 | USD | 128 | AUD | 200 | (6 | ) | |||||||||||||||||
Citigroup | 04/03/20 - 04/30/20 | USD | 115 | SEK | 1,160 | 2 | ||||||||||||||||||
Citigroup | 04/03/20 | USD | 29 | SEK | 278 | (1 | ) | |||||||||||||||||
Citigroup | 04/03/20 | USD | 147 | MXN | 3,468 | 1 | ||||||||||||||||||
Citigroup | 04/03/20 - 04/30/20 | NZD | 74 | USD | 46 | 2 | ||||||||||||||||||
Citigroup | 04/03/20 | NZD | 113 | USD | 66 | (1 | ) | |||||||||||||||||
Citigroup | 04/03/20 - 04/30/20 | USD | 110 | GBP | 93 | 5 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 33 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Fixed Income Fund(Continued)
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Citigroup | 04/03/20 | USD | 77 | GBP | 60 | $ | (3 | ) | ||||||||||||||||
Citigroup | 04/03/20 - 04/30/20 | USD | 404 | EUR | 359 | (10 | ) | |||||||||||||||||
Citigroup | 04/03/20 | CAD | 610 | USD | 451 | 22 | ||||||||||||||||||
Citigroup | 04/30/20 | CAD | 46 | USD | 32 | — | ||||||||||||||||||
Citigroup | 04/03/20 | NOK | 590 | USD | 58 | 2 | ||||||||||||||||||
Citigroup | 04/03/20 | NOK | 134 | USD | 13 | — | ||||||||||||||||||
Citigroup | 04/03/20 | USD | 28 | NZD | 48 | 1 | ||||||||||||||||||
Citigroup | 04/03/20 | USD | 763 | NZD | 1,271 | (9 | ) | |||||||||||||||||
Citigroup | 04/03/20 | EUR | 3,033 | USD | 3,392 | 64 | ||||||||||||||||||
Citigroup | 04/03/20 - 04/08/20 | EUR | 1,080 | USD | 1,178 | (8 | ) | |||||||||||||||||
Citigroup | 04/03/20 - 04/30/20 | USD | 63 | JPY | 6,974 | 2 | ||||||||||||||||||
Citigroup | 04/03/20 | USD | 4,284 | JPY | 449,568 | (120 | ) | |||||||||||||||||
Citigroup | 04/03/20 | ILS | 4,438 | USD | 1,282 | 27 | ||||||||||||||||||
Citigroup | 04/03/20 | CZK | 25,007 | USD | 1,078 | 76 | ||||||||||||||||||
Citigroup | 04/03/20 | MXN | 45,755 | USD | 2,332 | 382 | ||||||||||||||||||
Citigroup | 04/03/20 - 04/30/20 | JPY | 75,591 | USD | 729 | 29 | ||||||||||||||||||
Citigroup | 04/30/20 | JPY | 1,582 | USD | 15 | — | ||||||||||||||||||
Citigroup | 04/30/20 | SEK | 326 | USD | 32 | (1 | ) | |||||||||||||||||
Credit Agricole | 04/30/20 | USD | 311 | SGD | 450 | 5 | ||||||||||||||||||
Credit Suisse First Boston | 04/08/20 | USD | 376 | ZAR | 6,687 | (2 | ) | |||||||||||||||||
Credit Suisse First Boston | 04/08/20 | USD | 1,481 | EUR | 1,386 | 40 | ||||||||||||||||||
Credit Suisse First Boston | 04/09/20 | USD | 651 | JPY | 71,193 | 9 | ||||||||||||||||||
Credit Suisse First Boston | 05/14/20 | SEK | 11,339 | USD | 1,143 | (3 | ) | |||||||||||||||||
Credit Suisse First Boston | 05/20/20 | USD | 1,301 | PLN | 5,352 | (12 | ) | |||||||||||||||||
Credit Suisse First Boston | 05/22/20 | USD | 861 | CAD | 1,211 | (10 | ) | |||||||||||||||||
Credit Suisse First Boston | 05/29/20 | USD | 1,289 | CHF | 1,238 | (4 | ) | |||||||||||||||||
Goldman Sachs | 04/03/20 | USD | 356 | NZD | 617 | 10 | ||||||||||||||||||
Goldman Sachs | 04/03/20 | USD | 374 | CHF | 361 | (1 | ) | |||||||||||||||||
Goldman Sachs | 04/03/20 | USD | 1,017 | TRY | 6,388 | (48 | ) | |||||||||||||||||
Goldman Sachs | 04/03/20 | USD | 1,156 | ZAR | 18,445 | (124 | ) | |||||||||||||||||
Goldman Sachs | 04/03/20 | CHF | 1,977 | USD | 2,050 | 7 | ||||||||||||||||||
Goldman Sachs | 04/03/20 | MXN | 2,761 | USD | 130 | 13 | ||||||||||||||||||
Goldman Sachs | 04/03/20 | ZAR | 9,344 | USD | 601 | 77 | ||||||||||||||||||
Goldman Sachs | 04/03/20 | TRY | 14,593 | USD | 2,324 | 110 | ||||||||||||||||||
Goldman Sachs | 04/03/20 | JPY | 60,600 | USD | 565 | 4 | ||||||||||||||||||
Goldman Sachs | 04/03/20 - 04/08/20 | EUR | 73,019 | USD | 80,523 | 401 | ||||||||||||||||||
Goldman Sachs | 04/09/20 | USD | 1,195 | JPY | 123,538 | (50 | ) | |||||||||||||||||
Goldman Sachs | 04/28/20 | CNY | 2,465 | USD | 347 | (2 | ) | |||||||||||||||||
Goldman Sachs | 04/30/20 | GBP | 640 | USD | 744 | (50 | ) | |||||||||||||||||
Goldman Sachs | 05/14/20 | NOK | 7,998 | USD | 837 | 75 | ||||||||||||||||||
Goldman Sachs | 06/04/20 | NZD | 2,214 | USD | 1,311 | — | ||||||||||||||||||
Goldman Sachs | 08/13/20 | MYR | 1,173 | USD | 286 | 12 | ||||||||||||||||||
HSBC | 04/03/20 | USD | 254 | NZD | 405 | (14 | ) | |||||||||||||||||
HSBC | 04/03/20 | SGD | 500 | USD | 359 | 8 | ||||||||||||||||||
HSBC | 04/03/20 | USD | 6,216 | JPY | 650,920 | (187 | ) | |||||||||||||||||
HSBC | 04/09/20 - 04/30/20 | JPY | 146,245 | USD | 1,333 | (22 | ) | |||||||||||||||||
HSBC | 04/16/20 | CNH | 22,954 | USD | 3,285 | 46 | ||||||||||||||||||
HSBC | 04/30/20 | EUR | 254 | USD | 280 | 1 | ||||||||||||||||||
HSBC | 04/30/20 | NZD | 1,018 | USD | 613 | 10 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | USD | 260 | MXN | 5,738 | (15 | ) |
34 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 317 | GBP | 266 | $ | 13 | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | USD | 397 | GBP | 310 | (12 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | USD | 741 | ZAR | 12,145 | (61 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 167 | NOK | 1,817 | 6 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | USD | 621 | NOK | 5,988 | (51 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | USD | 840 | PLN | 3,560 | 17 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 179 | CAD | 258 | 2 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 699 | CAD | 947 | (33 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 336 | SEK | 3,428 | 10 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | USD | 566 | SEK | 5,424 | (18 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 204 | AUD | 344 | 6 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 812 | AUD | 1,275 | (32 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 194 | CHF | 189 | 2 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 957 | CHF | 909 | (17 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | NZD | 531 | USD | 334 | 19 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | NZD | 639 | USD | 369 | (9 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | AUD | 877 | USD | 576 | 39 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | AUD | 445 | USD | 259 | (14 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 946 | NZD | 1,627 | 19 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 717 | NZD | 1,173 | (22 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | USD | 2,342 | THB | 76,749 | (3 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | CHF | 2,526 | USD | 2,639 | 24 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | CHF | 76 | USD | 78 | (1 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 2,337 | EUR | 2,160 | 34 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 2,052 | EUR | 1,832 | (42 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 1,870 | JPY | 203,654 | 19 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 2,606 | JPY | 275,890 | (50 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | GBP | 6,009 | USD | 7,682 | 231 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | GBP | 353 | USD | 420 | (17 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | EUR | 6,458 | USD | 7,251 | 164 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | EUR | 319 | USD | 349 | (1 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | USD | 8,308 | SGD | 11,964 | 95 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | USD | 38 | SGD | 53 | (1 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | NOK | 5,623 | USD | 590 | 54 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | NOK | 3,387 | USD | 303 | (19 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | SEK | 8,629 | USD | 893 | 22 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | SEK | 2,696 | USD | 266 | (7 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | SGD | 11,964 | USD | 8,312 | (96 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | CAD | 24,289 | USD | 18,099 | 1,033 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | CAD | 303 | USD | 210 | (3 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | ZAR | 26,571 | USD | 1,629 | 143 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | THB | 76,749 | USD | 2,428 | 89 | ||||||||||||||||||
JPMorgan Chase Bank | 04/30/20 | THB | 76,749 | USD | 2,338 | (2 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | JPY | 160,388 | USD | 1,528 | 42 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/30/20 | JPY | 31,567 | USD | 289 | (4 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/07/20 - 04/23/20 | AUD | 2,838 | USD | 1,683 | (54 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/09/20 | JPY | 122,254 | USD | 1,124 | (8 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/14/20 | USD | 1,241 | RUB | 92,285 | (61 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/16/20 - 04/17/20 | THB | 134,214 | USD | 4,245 | 154 | ||||||||||||||||||
JPMorgan Chase Bank | 04/22/20 | USD | 1,585 | IDR | 23,814,501 | (125 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/22/20 | IDR | 23,814,501 | USD | 1,390 | (69 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/23/20 | USD | 657 | MXN | 14,002 | (61 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/23/20 | USD | 2,597 | AUD | 4,296 | 33 | ||||||||||||||||||
JPMorgan Chase Bank | 04/24/20 | USD | 503 | EUR | 453 | (5 | ) |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 35 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Fixed Income Fund(Continued)
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
JPMorgan Chase Bank | 04/24/20 | GBP | 554 | USD | 662 | $ | (25 | ) | ||||||||||||||||
JPMorgan Chase Bank | 04/24/20 | USD | 879 | CAD | 1,210 | (29 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/24/20 | CAD | 3,863 | USD | 2,863 | 149 | ||||||||||||||||||
JPMorgan Chase Bank | 04/24/20 | USD | 840 | GBP | 696 | 23 | ||||||||||||||||||
JPMorgan Chase Bank | 04/24/20 | USD | 5,646 | GBP | 4,339 | (264 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/24/20 | CHF | 1,002 | USD | 1,055 | 17 | ||||||||||||||||||
JPMorgan Chase Bank | 04/24/20 | CHF | 5,807 | USD | 5,941 | (71 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/24/20 | SGD | 9,398 | USD | 6,771 | 167 | ||||||||||||||||||
JPMorgan Chase Bank | 04/24/20 | EUR | 21,995 | USD | 23,985 | (166 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/27/20 | USD | 70 | BRL | 354 | (2 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/27/20 | USD | 1,114 | COP | 4,560,995 | 8 | ||||||||||||||||||
JPMorgan Chase Bank | 04/27/20 | USD | 1,190 | MXN | 28,600 | 25 | ||||||||||||||||||
JPMorgan Chase Bank | 04/27/20 | USD | 1,990 | KRW | 2,470,823 | 39 | ||||||||||||||||||
JPMorgan Chase Bank | 04/27/20 | MXN | 61,775 | USD | 2,546 | (78 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/27/20 | KRW | 503,452 | USD | 416 | 3 | ||||||||||||||||||
JPMorgan Chase Bank | 04/27/20 | KRW | 509,437 | USD | 415 | (3 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/27/20 | JPY | 3,503,915 | USD | 31,919 | (588 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/30/20 | PLN | 3,560 | USD | 839 | (18 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/14/20 | USD | 775 | NOK | 8,072 | (6 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/22/20 | NZD | 705 | USD | 420 | 3 | ||||||||||||||||||
JPMorgan Chase Bank | 05/22/20 | NZD | 14,425 | USD | 8,160 | (383 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/26/20 | USD | 1,872 | PLN | 7,354 | (100 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/26/20 | NOK | 5,200 | USD | 496 | 1 | ||||||||||||||||||
JPMorgan Chase Bank | 05/26/20 | USD | 1,086 | NOK | 11,601 | 20 | ||||||||||||||||||
JPMorgan Chase Bank | 05/26/20 | USD | 4,194 | NOK | 39,295 | (447 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/26/20 | USD | 839 | SEK | 8,385 | 8 | ||||||||||||||||||
JPMorgan Chase Bank | 05/26/20 | USD | 6,849 | SEK | 66,258 | (148 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/26/20 | PLN | 8,670 | USD | 2,222 | 134 | ||||||||||||||||||
JPMorgan Chase Bank | 05/26/20 | HUF | 1,354,877 | USD | 4,398 | 266 | ||||||||||||||||||
Morgan Stanley | 04/03/20 | USD | 14 | SGD | 20 | — | ||||||||||||||||||
Morgan Stanley | 04/03/20 | USD | 233 | HUF | 76,500 | — | ||||||||||||||||||
Morgan Stanley | 04/30/20 | USD | 49 | CHF | 48 | 1 | ||||||||||||||||||
Morgan Stanley | 04/03/20 | USD | 204 | CHF | 194 | (4 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | USD | 146 | SEK | 1,488 | 4 | ||||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | USD | 156 | SEK | 1,517 | (3 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | CHF | 226 | USD | 239 | 5 | ||||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | CHF | 98 | USD | 100 | (1 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | USD | 166 | AUD | 282 | 7 | ||||||||||||||||||
Morgan Stanley | 04/03/20 | USD | 159 | AUD | 247 | (7 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 | AUD | 206 | USD | 136 | 10 | ||||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | AUD | 740 | USD | 435 | (18 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 | USD | 981 | CZK | 25,007 | 21 | ||||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | USD | 987 | ZAR | 16,418 | (68 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 | USD | 1,152 | DKK | 7,862 | 4 | ||||||||||||||||||
Morgan Stanley | 04/03/20 | USD | 1,224 | ILS | 4,438 | 31 | ||||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | USD | 547 | NOK | 5,856 | 10 | ||||||||||||||||||
Morgan Stanley | 04/03/20 | USD | 767 | NOK | 7,285 | (73 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | USD | 77 | NZD | 132 | 1 | ||||||||||||||||||
Morgan Stanley | 04/03/20 | USD | 1,307 | NZD | 2,117 | (52 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 | USD | 1,583 | TRY | 9,974 | (70 | ) |
36 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Morgan Stanley | 04/03/20 | TRY | 1,748 | USD | 283 | $ | 18 | |||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | USD | 1,992 | JPY | 214,843 | 2 | ||||||||||||||||||
Morgan Stanley | 04/03/20 | USD | 631 | JPY | 66,558 | (15 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | USD | 1,616 | EUR | 1,483 | 12 | ||||||||||||||||||
Morgan Stanley | 04/03/20 - 04/08/20 | USD | 3,653 | EUR | 3,223 | (115 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 | MXN | 11,043 | USD | 511 | 40 | ||||||||||||||||||
Morgan Stanley | 04/03/20 | SGD | 11,629 | USD | 8,376 | 208 | ||||||||||||||||||
Morgan Stanley | 04/03/20 | GBP | 378 | USD | 484 | 16 | ||||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | GBP | 11,884 | USD | 13,918 | (823 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | USD | 14,089 | GBP | 12,039 | 839 | ||||||||||||||||||
Morgan Stanley | 04/03/20 | USD | 192 | GBP | 151 | (5 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 | NOK | 8,263 | USD | 880 | 93 | ||||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | NOK | 6,649 | USD | 622 | (12 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | USD | 210 | CAD | 303 | 3 | ||||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | USD | 15,092 | CAD | 21,197 | (200 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 | DKK | 7,862 | USD | 1,167 | 11 | ||||||||||||||||||
Morgan Stanley | 04/30/20 | DKK | 7,862 | USD | 1,153 | (5 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 | ZAR | 18,539 | USD | 1,171 | 134 | ||||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | NZD | 19,161 | USD | 11,968 | 608 | ||||||||||||||||||
Morgan Stanley | 04/03/20 | NZD | 66 | USD | 38 | (1 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 - 05/07/20 | CAD | 22,332 | USD | 15,948 | 252 | ||||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | CAD | 197 | USD | 136 | (2 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 | SEK | 23,076 | USD | 2,421 | 92 | ||||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | SEK | 634 | USD | 63 | (1 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 - 04/30/20 | EUR | 35,122 | USD | 38,866 | 306 | ||||||||||||||||||
Morgan Stanley | 04/30/20 | EUR | 30 | USD | 33 | — | ||||||||||||||||||
Morgan Stanley | 04/03/20 | CNY | 80,148 | USD | 11,447 | 147 | ||||||||||||||||||
Morgan Stanley | 04/03/20 | JPY | 50,166 | USD | 471 | 6 | ||||||||||||||||||
Morgan Stanley | 04/03/20 - 04/09/20 | JPY | 71,067 | USD | 654 | (5 | ) | |||||||||||||||||
Morgan Stanley | 04/03/20 | HUF | 76,500 | USD | 252 | 20 | ||||||||||||||||||
Morgan Stanley | 04/30/20 | HUF | 76,500 | USD | 233 | — | ||||||||||||||||||
Morgan Stanley | 04/08/20 | USD | 711 | ZAR | 10,954 | (99 | ) | |||||||||||||||||
Morgan Stanley | 04/23/20 | USD | 668 | MXN | 13,577 | (91 | ) | |||||||||||||||||
Morgan Stanley | 04/23/20 | MXN | 27,687 | USD | 1,423 | 246 | ||||||||||||||||||
Morgan Stanley | 04/30/20 | ILS | 4,438 | USD | 1,225 | (32 | ) | |||||||||||||||||
Morgan Stanley | 04/30/20 | CZK | 25,007 | USD | 981 | (22 | ) | |||||||||||||||||
Morgan Stanley | 05/05/20 | BRL | 7,299 | USD | 1,456 | 52 | ||||||||||||||||||
Morgan Stanley | 05/21/20 | TWD | 46,215 | USD | 1,553 | 11 | ||||||||||||||||||
National Australia Capital Markets | 04/03/20 - 04/30/20 | USD | 9,090 | NZD | 15,567 | 137 | ||||||||||||||||||
National Australia Capital Markets | 04/03/20 - 04/30/20 | NZD | 15,567 | USD | 9,090 | (133 | ) | |||||||||||||||||
National Bank of Australia | 04/30/20 | USD | 9,390 | JPY | 1,018,158 | 57 | ||||||||||||||||||
National Bank of Australia | 04/30/20 | JPY | 4,002,384 | USD | 36,914 | (224 | ) | |||||||||||||||||
RBC | 04/30/20 | EUR | 367 | USD | 403 | — | ||||||||||||||||||
RBS | 04/08/20 | EUR | 459 | USD | 509 | 5 | ||||||||||||||||||
RBS | 05/20/20 | PLN | 5,352 | USD | 1,291 | 1 | ||||||||||||||||||
Standard Chartered | 04/03/20 | USD | 44 | CAD | 58 | (3 | ) | |||||||||||||||||
Standard Chartered | 04/08/20 | USD | 498 | EUR | 457 | 3 | ||||||||||||||||||
Standard Chartered | 04/09/20 | JPY | 123,207 | USD | 1,119 | (23 | ) | |||||||||||||||||
Standard Chartered | 05/05/20 | USD | 695 | IDR | 10,061,978 | (79 | ) | |||||||||||||||||
Standard Chartered | 05/05/20 | IDR | 4,784,731 | USD | 346 | 53 | ||||||||||||||||||
Standard Chartered | 05/14/20 | KRW | 802,190 | USD | 639 | (20 | ) |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 37 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Fixed Income Fund(Continued)
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Standard Chartered | 05/21/20 | USD | 1,538 | TWD | 46,482 | $ | 13 | |||||||||||||||||
State Street | 04/30/20 | USD | 137 | MXN | 3,468 | 11 | ||||||||||||||||||
State Street | 04/03/20 | USD | 396 | MXN | 8,607 | (29 | ) | |||||||||||||||||
State Street | 04/03/20 | USD | 627 | NZD | 1,039 | (12 | ) | |||||||||||||||||
State Street | 04/03/20 | ZAR | 2,288 | USD | 146 | 18 | ||||||||||||||||||
State Street | 04/30/20 | USD | 3,129 | JPY | 339,386 | 20 | ||||||||||||||||||
State Street | 04/03/20 | USD | 2,285 | JPY | 240,550 | (57 | ) | |||||||||||||||||
State Street | 04/03/20 - 04/30/20 | MXN | 13,165 | USD | 576 | 17 | ||||||||||||||||||
State Street | 04/30/20 | GBP | 178 | USD | 221 | — | ||||||||||||||||||
State Street | 04/30/20 | USD | 217 | SEK | 2,150 | 1 | ||||||||||||||||||
State Street | 04/30/20 | JPY | 1,334,128 | USD | 12,300 | (79 | ) | |||||||||||||||||
TD Securities | 04/03/20 | USD | 94 | GBP | 73 | (3 | ) | |||||||||||||||||
TD Securities | 04/03/20 | USD | 2,088 | CAD | 2,800 | (121 | ) | |||||||||||||||||
TD Securities | 04/03/20 | GBP | 5,664 | USD | 7,276 | 253 | ||||||||||||||||||
TD Securities | 04/03/20 | GBP | 182 | USD | 216 | (10 | ) | |||||||||||||||||
TD Securities | 04/03/20 - 04/30/20 | USD | 26,172 | JPY | 2,868,881 | 414 | ||||||||||||||||||
TD Securities | 04/03/20 - 04/30/20 | JPY | 2,868,881 | USD | 26,197 | (414 | ) | |||||||||||||||||
UBS | 04/03/20 | USD | 91 | GBP | 71 | (3 | ) | |||||||||||||||||
UBS | 04/03/20 | USD | 352 | NZD | 615 | 13 | ||||||||||||||||||
UBS | 04/03/20 | USD | 3,130 | AUD | 5,197 | 51 | ||||||||||||||||||
UBS | 04/03/20 - 04/30/20 | EUR | 64,578 | USD | 71,160 | 235 | ||||||||||||||||||
UBS | 04/08/20 | USD | 2,580 | EUR | 2,307 | (48 | ) | |||||||||||||||||
UBS | 04/30/20 | AUD | 5,281 | USD | 3,179 | (53 | ) | |||||||||||||||||
|
|
| ||||||||||||||||||||||
$ | 3,637 | |||||||||||||||||||||||
|
|
|
A list of the open OTC swap agreements held by the Fund at March 31, 2020, 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 Payments/ Receipts (Thousands) | Net Unrealized Depreciation (Thousands) | |||||||||||||||||||||
Citigroup | CMBX.NA.BBB.6 | Sell | 3.00% | Monthly | 05/11/2063 | $(600) | $ | (132) | $ | (45 | ) | $ | (87 | ) | ||||||||||||||||
Credit Suisse | CMBX.NA.BBB.6 | Sell | 3.00% | Monthly | 05/11/2063 | (127) | (28) | (9 | ) | (19 | ) | |||||||||||||||||||
Credit Suisse | CMBX.NA.BBB.6 | Sell | 3.00% | Monthly | 05/11/2063 | (134) | (30) | (8 | ) | (22 | ) | |||||||||||||||||||
Deutsche Bank | CMBX.NA.BBB.6 | Sell | 3.00% | Monthly | 05/11/2063 | (406) | (90) | (28 | ) | (62 | ) | |||||||||||||||||||
Goldman Sachs | CMBX.NA.BBB.6 | Sell | 3.00% | Monthly | 05/11/2063 | (1,345) | (297) | (162 | ) | (135 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
$ | (577) | $ | (252 | ) | $ | (325 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Interest Rate Swaps | ||||||||||||||||||||||||||||||||||||
Counterparty | Fund Pays | Fund Receives | Payment Frequency | Termination Date | Currency | Notional Amount (Thousands) | Value (Thousands) | Upfront Payments (Thousands) | Net Unrealized Appreciation (Thousands) | |||||||||||||||||||||||||||
Deutsche Bank | | China 7-Day Reverse Repo Rate | | 2.985% | Quarterly | 06/03/2024 | CNY | 23,220 | $ | 64 | $ | – | $ | 64 | ||||||||||||||||||||||
Deutsche Bank | | China7-Day Reverse Repo Rate | | 2.755% | Quarterly | 09/09/2024 | CNY | 31,000 | 77 | – | 77 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||
$ | 141 | $ | – | $ | 141 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
38 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
A list of the open centrally cleared swap agreements held by the Fund at March 31, 2020, is as follows:
Credit Default Swaps | ||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||
iTraxx Europe Series 32 | Sell | 1.00% | Quarterly | 12/20/2024 | (2,400 | ) | $ | (9 | ) | $ | 33 | $ | (42 | ) | ||||||||||||||||||
iTraxx Europe Series 32 | Sell | 5.00% | Quarterly | 12/20/2024 | (2,078 | ) | (80 | ) | 94 | (174 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
$ | (89 | ) | $ | 127 | $ | (216 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
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) | ||||||||||||||||
1.6460% | 6-MONTH GBP - LIBOR | Semi-Annually | 10/03/2047 | GBP | 460 | $ | (156 | ) | $ | – | $ | (156 | ) | |||||||||||
6-MONTH GBP - LIBOR | 0.6655% | Semi-Annually | 03/05/2050 | GBP | 200 | (34 | ) | – | (34 | ) | ||||||||||||||
China7-Day Reverse Repo Rate | 5.635% | Semi-Annually | 02/28/2025 | GBP | 1,230 | 3 | – | 3 | ||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||
$ | (187 | ) | $ | – | $ | (187 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
Percentages are based on Net Assets of $499,367 ($ 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 March 31, 2020, the value of these securities amounted to $66,740 ($ Thousands), representing 13.4% of the Net Assets of the Fund. |
(B) | Perpetual security with no stated maturity date. |
(C) | Security is in default on interest payment. |
(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) | Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase. |
AUD — Australian Dollar
BRL — Brazilian Real
CAD — Canadian Dollar
CHF — Swiss Franc
Cl — Class
CNH — Chinese Yuan Offshore
CNY — Chinese Yuan Onshore
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
IDR — Indonesian Rupiah
ILS — Israeli New Sheckels
JPY — Japanese Yen
KRW — Korean Won
LIBOR — London Interbank Offered Rate
MTN — Medium Term Note
MXN — Mexican Peso
MYR — Malaysian Ringgit
NOK — Norwegian Krone
NZD — New Zealand Dollar
PLC — Public Limited Company
PLN — Polish Zloty
RUB — Russian Ruble
SGD — Singapore Dollar
SEK — Swedish Krona
THB — Thai Bhat
TRY — Turkish Lira
TWD — Taiwan Dollar
USD — U.S. Dollar
VAR — Variable Rate
ZAR — South African Rand
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 39 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
International Fixed Income Fund(Concluded)
The following is a list of the level of inputs used as of March 31, 2020, 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 | – | 451,816 | – | 451,816 | ||||||||||||
U.S. Treasury Obligations | – | 28,990 | – | 28,990 | ||||||||||||
Mortgage-Backed Securities | – | 1,936 | – | 1,936 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | – | 482,742 | – | 482,742 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | ||||||||||||
Futures Contracts* | ||||||||||||||||
Unrealized Appreciation | 1,744 | – | – | 1,744 | ||||||||||||
Unrealized Depreciation | (1,575 | ) | – | – | (1,575 | ) | ||||||||||
Forwards Contracts* | ||||||||||||||||
Unrealized Appreciation | – | 11,869 | – | 11,869 | ||||||||||||
Unrealized Depreciation | – | (8,232 | ) | – | (8,232 | ) | ||||||||||
OTC Swaps | ||||||||||||||||
Credit Default Swaps* | ||||||||||||||||
Unrealized Depreciation | – | (325 | ) | – | (325 | ) | ||||||||||
Interest Rate Swaps* | ||||||||||||||||
Unrealized Appreciation | – | 141 | – | 141 | ||||||||||||
Centrally Cleared Swaps | ||||||||||||||||
Credit Default Swaps* | ||||||||||||||||
Unrealized Depreciation | – | (216 | ) | – | (216 | ) | ||||||||||
Interest Rate Swaps* | ||||||||||||||||
Unrealized Appreciation | – | 3 | – | 3 | ||||||||||||
Unrealized Depreciation | – | (190 | ) | – | (190 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | 169 | 3,050 | – | 3,219 | ||||||||||||
|
|
|
|
|
|
|
|
*Futures contracts, forwards contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.
For the period ended March 31, 2020, there were no transfers in or out of Level 3.
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 $0.
The accompanying notes are an integral part of the financial statements.
40 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Markets Debt Fund
†Percentages based on total investments. Includes investments held as collateral for securities on loan (see Note 9).
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS – 93.4% |
| |||||||||||
Albania — 0.0% |
| |||||||||||
Albania Government International Bond | ||||||||||||
3.500%, 10/09/2025 | EUR | 403 | $ | 461 | ||||||||
|
|
| ||||||||||
Angola — 0.8% | ||||||||||||
Angolan Government International Bond | ||||||||||||
9.500%, 11/12/2025 | $ | 2,676 | 1,105 | |||||||||
9.375%, 05/08/2048 | 4,772 | 1,861 | ||||||||||
9.375%, 05/08/2048 (A) | 217 | 85 | ||||||||||
8.250%, 05/09/2028 | 596 | 240 | ||||||||||
Angolan Government International Bond MTN | ||||||||||||
9.125%, 11/26/2049 (A) | 2,649 | 1,036 | ||||||||||
9.125%, 11/26/2049 | 861 | 337 | ||||||||||
8.000%, 11/26/2029 (A) | 1,357 | 550 | ||||||||||
8.000%, 11/26/2029 | 132 | 53 | ||||||||||
Republic of Angola Via Avenir II BV MTN | ||||||||||||
9.412%, VAR ICE LIBOR USD 6 Month+7.500%, 07/01/2023 | 4,281 | 4,630 | ||||||||||
6.388%, VAR ICE LIBOR USD 6 Month+4.500%, 12/07/2023 | 552 | 301 | ||||||||||
|
|
| ||||||||||
10,198 | ||||||||||||
|
|
| ||||||||||
Argentina — 1.2% | ||||||||||||
Adecoagro | ||||||||||||
6.000%, 09/21/2027 (A)(B) | 1,071 | 830 | ||||||||||
Argentina Treasury Bond | ||||||||||||
2.500%, 07/22/2021 | ARS | 256 | 8 | |||||||||
Argentine Republic Government International Bond | ||||||||||||
18.200%, 10/03/2021 | 5,928 | 43 | ||||||||||
7.820%, 12/31/2033 | EUR | 2,191 | 757 | |||||||||
7.820%, 12/31/2033 | 16,728 | 5,702 | ||||||||||
7.125%, 06/28/2117 | $ | 400 | 107 | |||||||||
6.875%, 04/22/2021 | 4,434 | 1,315 | ||||||||||
6.875%, 01/26/2027 | 1,264 | 354 | ||||||||||
5.875%, 01/11/2028 | 1,294 | 354 | ||||||||||
5.625%, 01/26/2022 | 591 | 173 | ||||||||||
5.250%, 01/15/2028 | EUR | 155 | 39 | |||||||||
5.000%, 01/15/2027 | 553 | 149 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
4.625%, 01/11/2023 | $ | 4,611 | $ | 1,342 | ||||||||
4.500%, 09/30/2020 | 1,507 | 731 | ||||||||||
3.380%, 4.740%, 10/31/2029, 12/31/2038 (D) | EUR | 7,800 | 2,222 | |||||||||
3.375%, 01/15/2023 | 680 | 187 | ||||||||||
Autonomous City of Buenos Aires Argentina | ||||||||||||
32.413%, VAR30-35d Argentina BADLAR Private Banks+3.250%, 03/29/2024 | ARS | 16,586 | 171 | |||||||||
Provincia de Buenos Aires | ||||||||||||
7.875%, 06/15/2027 | $ | 350 | 91 | |||||||||
5.375%, 01/20/2023 | EUR | 620 | 160 | |||||||||
Provincia de Cordoba | ||||||||||||
7.125%, 06/10/2021 (A) | $ | 531 | 344 | |||||||||
Rio Energy | ||||||||||||
6.875%, 02/01/2025 (A) | 1,040 | 400 | ||||||||||
YPF (A) | ||||||||||||
8.500%, 07/28/2025 | 1,050 | 542 | ||||||||||
6.950%, 07/21/2027 | 521 | 268 | ||||||||||
YPF MTN | ||||||||||||
44.438%, VAR30-35d Argentina BADLAR Private Banks+4.000%, 07/07/2020 | 368 | 74 | ||||||||||
|
|
| ||||||||||
16,363 | ||||||||||||
|
|
| ||||||||||
Armenia — 0.1% | ||||||||||||
Republic of Armenia International Bond | ||||||||||||
3.950%, 09/26/2029 | 758 | 668 | ||||||||||
|
|
| ||||||||||
Azerbaijan — 1.2% | ||||||||||||
Republic of Azerbaijan International Bond | ||||||||||||
5.125%, 09/01/2029 | 1,711 | 1,489 | ||||||||||
4.750%, 03/18/2024 | 400 | 389 | ||||||||||
Southern Gas Corridor CJSC | ||||||||||||
6.875%, 03/24/2026 (A) | 1,437 | 1,462 | ||||||||||
6.875%, 03/24/2026 (A) | 1,122 | 1,141 | ||||||||||
6.875%, 03/24/2026 | 6,045 | 6,151 | ||||||||||
State Oil of the Azerbaijan Republic | ||||||||||||
6.950%, 03/18/2030 | 2,110 | 2,084 | ||||||||||
State Oil of the Azerbaijan Republic MTN | ||||||||||||
4.750%, 03/13/2023 | 1,300 | 1,262 | ||||||||||
4.750%, 03/13/2023 | 2,353 | 2,285 | ||||||||||
|
|
| ||||||||||
16,263 | ||||||||||||
|
|
| ||||||||||
Bahrain — 0.6% | ||||||||||||
Bahrain Government International Bond | ||||||||||||
7.500%, 09/20/2047 | 670 | 544 | ||||||||||
7.000%, 01/26/2026 (A) | 295 | 279 | ||||||||||
7.000%, 10/12/2028 | 788 | 717 | ||||||||||
6.750%, 09/20/2029 (A) | 275 | 246 | ||||||||||
6.750%, 09/20/2029 | 200 | 179 | ||||||||||
6.125%, 08/01/2023 | 520 | 494 | ||||||||||
6.000%, 09/19/2044 (A) | 2,302 | 1,755 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 41 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Markets Debt Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
6.000%, 09/19/2044 | $ | 320 | $ | 244 | ||||||||
5.625%, | 1,826 | 1,506 | ||||||||||
5.625%, 09/30/2031 | 200 | 165 | ||||||||||
Oil and Gas Holding BSCC | ||||||||||||
8.375%, | 560 | 494 | ||||||||||
8.375%, 11/07/2028 | 547 | 482 | ||||||||||
7.625%, | 1,158 | 1,042 | ||||||||||
|
|
| ||||||||||
8,147 | ||||||||||||
|
|
| ||||||||||
Belarus — 0.1% | ||||||||||||
Republic of Belarus International Bond | ||||||||||||
7.625%, 06/29/2027 | 1,000 | 1,002 | ||||||||||
6.200%, 02/28/2030 | 358 | 324 | ||||||||||
|
|
| ||||||||||
1,326 | ||||||||||||
|
|
| ||||||||||
Belize — 0.0% | ||||||||||||
Belize Government International Bond | ||||||||||||
5.000%, 02/20/2038 | 1,117 | 567 | ||||||||||
|
|
| ||||||||||
Benin — 0.1% | ||||||||||||
Benin Government International Bond | ||||||||||||
5.750%, | EUR | 1,688 | 1,547 | |||||||||
|
|
| ||||||||||
Bermuda — 0.3% | ||||||||||||
Bermuda Government International Bond | ||||||||||||
4.854%, 02/06/2024 | $ | 868 | 879 | |||||||||
4.750%, 02/15/2029 | 1,204 | 1,216 | ||||||||||
3.717%, 01/25/2027 | 1,521 | 1,449 | ||||||||||
|
|
| ||||||||||
3,544 | ||||||||||||
|
|
| ||||||||||
Brazil — 5.4% | ||||||||||||
Banco Bradesco MTN | ||||||||||||
3.200%, | 1,167 | 1,071 | ||||||||||
Brazil Letras do Tesouro Nacional (E) | ||||||||||||
11.065%, 07/01/2021 | BRL | 5,000 | 921 | |||||||||
10.726%, 01/01/2022 | 8,000 | 1,436 | ||||||||||
Brazil Loan Trust 1 | ||||||||||||
5.477%, | $ | 1,230 | 1,286 | |||||||||
5.477%, 07/24/2023 | 217 | 226 | ||||||||||
Brazil Minas SPE via State of Minas Gerais | ||||||||||||
5.333%, 02/15/2028 | 1,205 | 1,208 | ||||||||||
5.333%, 02/15/2028 | 1,176 | 1,180 | ||||||||||
5.333%, | 202 | 202 | ||||||||||
Brazil Notas do Tesouro Nacional Serie F | ||||||||||||
10.000%, 01/01/2031 | BRL | 6,000 | 1,346 | |||||||||
Brazil Notas do Tesouro Nacional, Serie B | ||||||||||||
6.000%, 08/15/2020 | 2,318 | 1,485 | ||||||||||
6.000%, 05/15/2045 | 562 | 438 | ||||||||||
6.000%, 08/15/2050 | 1,124 | 890 | ||||||||||
Brazil Notas do Tesouro Nacional, Serie F | ||||||||||||
10.000%, 01/01/2021 | 22,386 | 4,522 | ||||||||||
10.000%, 01/01/2023 | 77,185 | 16,552 | ||||||||||
10.000%, 01/01/2025 | 32,832 | 7,144 | ||||||||||
10.000%, 01/01/2027 | 30,000 | 6,563 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
10.000%, 01/01/2029 | BRL | 19,890 | $ | 4,356 | ||||||||
Brazilian Government International Bond | ||||||||||||
6.000%, 04/07/2026 | $ | 801 | 909 | |||||||||
5.625%, 01/07/2041 | 360 | 369 | ||||||||||
5.000%, 01/27/2045 | 327 | 311 | ||||||||||
4.750%, 01/14/2050 | 2,856 | 2,616 | ||||||||||
4.500%, 05/30/2029 | 3,004 | 3,082 | ||||||||||
Centrais Eletricas Brasileiras | ||||||||||||
4.625%, | 226 | 200 | ||||||||||
CSN Islands XI | ||||||||||||
6.750%, | 592 | 379 | ||||||||||
CSN Resources (A) | ||||||||||||
7.625%, 02/13/2023 | 694 | 482 | ||||||||||
7.625%, 04/17/2026 | 763 | 497 | ||||||||||
Gol Finance | ||||||||||||
7.000%, | 998 | 434 | ||||||||||
Itau Unibanco Holding (A) | ||||||||||||
4.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.222% (F) | 650 | 536 | ||||||||||
2.900%, 01/24/2023 | 900 | 856 | ||||||||||
JBS Investments II GmbH | ||||||||||||
5.750%, | 466 | 452 | ||||||||||
Minerva Luxembourg | ||||||||||||
6.500%, | 741 | 675 | ||||||||||
MV24 Capital BV | ||||||||||||
6.748%, | 1,229 | 968 | ||||||||||
Nexa Resources | ||||||||||||
5.375%, | 2,891 | 2,235 | ||||||||||
Petrobras Global Finance BV | ||||||||||||
6.900%, 03/19/2049 | 2,296 | 2,230 | ||||||||||
5.999%, 01/27/2028 | 437 | 423 | ||||||||||
5.093%, 01/15/2030 | 256 | 232 | ||||||||||
Rumo Luxembourg Sarl | ||||||||||||
7.375%, 02/09/2024 | 750 | 750 | ||||||||||
7.375%, | 692 | 692 | ||||||||||
Suzano Austria GmbH (A) | ||||||||||||
7.000%, 03/16/2047 | 399 | 377 | ||||||||||
6.000%, 01/15/2029 | 688 | 642 | ||||||||||
5.000%, 01/15/2030 | 494 | 435 | ||||||||||
Votorantim Cimentos International | ||||||||||||
7.250%, 04/05/2041 | 740 | 745 | ||||||||||
|
|
| ||||||||||
72,353 | ||||||||||||
|
|
| ||||||||||
Cameroon — 0.0% | ||||||||||||
Republic of Cameroon International Bond | ||||||||||||
9.500%, | 324 | �� | 291 | |||||||||
|
|
| ||||||||||
Cayman Islands — 0.2% | ||||||||||||
Bioceanico Sovereign Certificate Ltd | ||||||||||||
2.592%, | 2,041 | 1,153 |
42 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Neon Capital MTN | ||||||||||||
215.437%, 01/06/2028 (C) | JPY | 326,989 | $ | 1,951 | ||||||||
|
|
| ||||||||||
3,104 | ||||||||||||
|
|
| ||||||||||
Chile — 2.2% | ||||||||||||
Banco de Credito e Inversiones | ||||||||||||
3.500%, | $ | 1,046 | 991 | |||||||||
Banco del Estado de Chile | ||||||||||||
2.704%, | 272 | 253 | ||||||||||
Bonos de la Tesoreria de la Republica en pesos | ||||||||||||
6.000%, 01/01/2043 | CLP | 3,160,000 | 4,711 | |||||||||
5.100%, 07/15/2050 | 75,000 | 100 | ||||||||||
5.000%, 03/01/2035 | 720,000 | 938 | ||||||||||
4.700%, | 2,925,000 | 3,751 | ||||||||||
4.500%, 03/01/2026 | 1,980,000 | 2,536 | ||||||||||
Cencosud | ||||||||||||
4.375%, | $ | 1,819 | 1,491 | |||||||||
Chile Government International Bond | ||||||||||||
3.500%, 01/25/2050 | 4,669 | 4,821 | ||||||||||
2.550%, 01/27/2032 | 1,777 | 1,772 | ||||||||||
Empresa Electrica Angamos | ||||||||||||
4.875%, | 2 | 2 | ||||||||||
Empresa Nacional del Petroleo | ||||||||||||
3.750%, | 1,811 | 1,684 | ||||||||||
Geopark | ||||||||||||
6.500%, | 492 | 279 | ||||||||||
Nacional del Cobre de Chile | ||||||||||||
5.625%, 10/18/2043 | 442 | 484 | ||||||||||
4.500%, | 2,281 | 2,354 | ||||||||||
4.375%, | 506 | 487 | ||||||||||
3.700%, | 349 | 297 | ||||||||||
3.625%, | 368 | 360 | ||||||||||
3.625%, | 353 | 345 | ||||||||||
3.150%, | 897 | 830 | ||||||||||
3.000%, | 1,006 | 927 | ||||||||||
|
|
| ||||||||||
29,413 | ||||||||||||
|
|
| ||||||||||
China — 1.5% | ||||||||||||
Alibaba Group Holding | ||||||||||||
4.200%, 12/06/2047 | 310 | 378 | ||||||||||
Charming Light Investments MTN | ||||||||||||
4.375%, | 1,341 | 1,458 | ||||||||||
China Government Bond | ||||||||||||
3.130%, 11/21/2029 | CNY | 6,500 | 959 | |||||||||
3.120%, 12/05/2026 | 9,040 | 1,318 | ||||||||||
2.940%, 10/17/2024 | 10,330 | 1,498 | ||||||||||
China Government International Bond | ||||||||||||
3.250%, 10/19/2023 | $ | 1,535 | 1,654 | |||||||||
1.875%, | 752 | 765 | ||||||||||
China Minmetals (F) | ||||||||||||
4.450%, VAR US Treas Yield Curve Rate T Note Const Mat 3 Yr+6.070% | 640 | 634 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
3.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.717% | $ | 2,047 | $ | 1,985 | ||||||||
Chinalco Capital Holdings | ||||||||||||
4.250%, | 740 | 718 | ||||||||||
4.100%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.788% (F) | 224 | 206 | ||||||||||
CNAC HK Finbridge | ||||||||||||
5.125%, 03/14/2028 | 1,227 | 1,338 | ||||||||||
4.625%, 03/14/2023 | 294 | 301 | ||||||||||
3.375%, 06/19/2024 | 292 | 285 | ||||||||||
Dianjian Haiyu | ||||||||||||
4.300% (F) | 204 | 196 | ||||||||||
Dianjian International Finance | ||||||||||||
4.600%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.933% (F) | 303 | 291 | ||||||||||
ENN Clean Energy International Investment | ||||||||||||
7.500%, 02/27/2021 | 475 | 439 | ||||||||||
HBIS Group Hong Kong | ||||||||||||
4.250%, 04/07/2020 | 684 | 677 | ||||||||||
Huarong Finance 2017 | ||||||||||||
4.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.773% (F) | 1,378 | 1,330 | ||||||||||
Leader Goal International Ltd MTN | ||||||||||||
4.250% (F) | 212 | 202 | ||||||||||
Minmetals Bounteous Finance BVI | ||||||||||||
3.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.209% (F) | 805 | 759 | ||||||||||
Sinopec Group Overseas Development 2018 | ||||||||||||
2.500%, 08/08/2024 | 3,010 | 2,999 | ||||||||||
Wanda Properties International | ||||||||||||
7.250%, 01/29/2024 | 400 | 290 | ||||||||||
|
|
| ||||||||||
20,680 | ||||||||||||
|
|
| ||||||||||
Colombia — 4.5% | ||||||||||||
Colombia Government International Bond | ||||||||||||
3.000%, 01/30/2030 | 3,469 | 3,165 | ||||||||||
Colombian TES | ||||||||||||
10.000%, 07/24/2024 | COP | 18,219,100 | 5,095 | |||||||||
7.750%, 09/18/2030 | 11,738,000 | 2,961 | ||||||||||
7.500%, 08/26/2026 | 31,166,400 | 7,786 | ||||||||||
7.250%, 10/18/2034 | 6,609,500 | 1,606 | ||||||||||
7.000%, 05/04/2022 | 18,296,600 | 4,663 | ||||||||||
7.000%, 06/30/2032 | 7,110,200 | 1,689 | ||||||||||
6.250%, 11/26/2025 | 31,502,600 | 7,457 | ||||||||||
6.000%, 04/28/2028 | 24,088,000 | 5,474 | ||||||||||
4.750%, 04/04/2035 | 1,170,600 | 996 | ||||||||||
Ecopetrol | ||||||||||||
5.875%, 09/18/2023 | $ | 537 | 532 | |||||||||
5.875%, 05/28/2045 | 420 | 372 | ||||||||||
Emgesa ESP | ||||||||||||
8.750%, 01/25/2021 | COP | 870,000 | 217 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 43 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Markets Debt Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Empresas Publicas de Medellin ESP (A) | ||||||||||||
8.375%, 11/08/2027 | COP | 1,760,000 | $ | 394 | ||||||||
7.625%, 09/10/2024 | 3,116,000 | 741 | ||||||||||
Financiera de Desarrollo Territorial Findeter | ||||||||||||
7.875%, 08/12/2024 (A) | 1,127,000 | 286 | ||||||||||
7.875%, 08/12/2024 | 884,000 | 224 | ||||||||||
Grupo Aval | ||||||||||||
4.375%, 02/04/2030 (A) | $ | 1,762 | 1,414 | |||||||||
Republic of Colombia | ||||||||||||
9.850%, 06/28/2027 | COP | 5,060,000 | 1,375 | |||||||||
8.125%, 05/21/2024 | $ | 1,127 | 1,300 | |||||||||
7.750%, 04/14/2021 | COP | 3,331,000 | 841 | |||||||||
7.375%, 09/18/2037 | $ | 749 | 932 | |||||||||
6.125%, 01/18/2041 | 1,584 | 1,821 | ||||||||||
5.625%, 02/26/2044 | 132 | 145 | ||||||||||
5.200%, 05/15/2049 | 1,924 | 2,017 | ||||||||||
5.000%, 06/15/2045 | 2,365 | 2,424 | ||||||||||
4.500%, 01/28/2026 | 1,468 | 1,486 | ||||||||||
4.500%, 03/15/2029 | 240 | 246 | ||||||||||
4.375%, 03/21/2023 | COP | 2,871,000 | 677 | |||||||||
4.000%, 02/26/2024 | $ | 965 | 977 | |||||||||
3.875%, 04/25/2027 | 1,037 | 1,021 | ||||||||||
|
|
| ||||||||||
60,334 | ||||||||||||
|
|
| ||||||||||
Costa Rica — 0.5% | ||||||||||||
Costa Rica Government International Bond | ||||||||||||
7.158%, 03/12/2045 | 2,468 | 1,974 | ||||||||||
7.158%, 03/12/2045 | 912 | 730 | ||||||||||
7.158%, 03/12/2045 (A) | 387 | 310 | ||||||||||
7.000%, 04/04/2044 | 1,208 | 967 | ||||||||||
7.000%, 04/04/2044 | 230 | 184 | ||||||||||
6.125%, 02/19/2031 | 1,557 | 1,316 | ||||||||||
4.375%, 04/30/2025 (B) | 662 | 544 | ||||||||||
4.250%, 01/26/2023 | 870 | 776 | ||||||||||
Instituto Costarricense de Electricidad | ||||||||||||
6.375%, 05/15/2043 | 250 | 152 | ||||||||||
|
|
| ||||||||||
6,953 | ||||||||||||
|
|
| ||||||||||
Croatia — 0.1% | ||||||||||||
Croatia Government International Bond | ||||||||||||
6.625%, 07/14/2020 | 258 | 259 | ||||||||||
2.750%, 01/27/2030 | EUR | 839 | 967 | |||||||||
|
|
| ||||||||||
1,226 | ||||||||||||
|
|
| ||||||||||
Czech Republic — 1.5% | ||||||||||||
Czech Republic Government Bond | ||||||||||||
4.200%, 12/04/2036 | CZK | 16,120 | 873 | |||||||||
2.750%, 07/23/2029 | 103,930 | 4,536 | ||||||||||
2.500%, 08/25/2028 | 41,920 | 1,804 | ||||||||||
2.400%, 09/17/2025 | 144,900 | 6,102 | ||||||||||
2.000%, 10/13/2033 | 44,060 | 1,801 | ||||||||||
1.000%, 06/26/2026 | 16,430 | 640 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
0.950%, 05/15/2030 | CZK | 122,330 | $ | 4,576 | ||||||||
|
|
| ||||||||||
20,332 | ||||||||||||
|
|
| ||||||||||
Dominican Republic — 1.3% |
| |||||||||||
Dominican Republic International Bond | ||||||||||||
11.250%, 02/05/2027 | DOP | 14,500 | 282 | |||||||||
8.900%, | 43,400 | 733 | ||||||||||
7.450%, | $ | 687 | 666 | |||||||||
6.850%, 01/27/2045 | 1,151 | 1,056 | ||||||||||
6.850%, | 479 | 440 | ||||||||||
6.600%, 01/28/2024 | 656 | 643 | ||||||||||
6.500%, 02/15/2048 | 3,120 | 2,746 | ||||||||||
6.400%, 06/05/2049 | 1,750 | 1,540 | ||||||||||
6.000%, 07/19/2028 | 516 | 485 | ||||||||||
5.950%, 01/25/2027 | 638 | 603 | ||||||||||
5.875%, | 71 | 70 | ||||||||||
5.875%, | 3,241 | 2,714 | ||||||||||
5.875%, 01/30/2060 | 1,742 | 1,459 | ||||||||||
5.500%, 01/27/2025 | 949 | 911 | ||||||||||
4.500%, | 3,240 | 2,819 | ||||||||||
|
|
| ||||||||||
17,167 | ||||||||||||
|
|
| ||||||||||
Ecuador — 0.6% | ||||||||||||
Ecuador Government International Bond | ||||||||||||
10.750%, 03/28/2022 | 3,286 | 1,015 | ||||||||||
10.750%, 01/31/2029 (A) | 4,412 | 1,246 | ||||||||||
10.750%, 01/31/2029 (A) | 2,792 | 789 | ||||||||||
10.750%, 01/31/2029 | 1,375 | 389 | ||||||||||
9.650%, | 206 | 54 | ||||||||||
9.650%, 12/13/2026 | 200 | 52 | ||||||||||
9.625%, 06/02/2027 | 777 | 210 | ||||||||||
9.500%, 03/27/2030 | 3,384 | 998 | ||||||||||
9.500%, | 1,489 | 439 | ||||||||||
8.875%, 10/23/2027 | 4,497 | 1,130 | ||||||||||
8.875%, | 245 | 61 | ||||||||||
7.950%, 06/20/2024 | 1,283 | 359 | ||||||||||
7.875%, 03/27/2025 | 943 | 265 | ||||||||||
7.875%, | 1,386 | 380 | ||||||||||
7.875%, 01/23/2028 | 2,771 | 760 | ||||||||||
|
|
| ||||||||||
8,147 | ||||||||||||
|
|
| ||||||||||
Egypt — 2.6% | ||||||||||||
Egypt Government Bond | ||||||||||||
14.217%, 10/15/2026 | EGP | 22,322 | 1,431 | |||||||||
Egypt Government International Bond | ||||||||||||
18.000%, 11/06/2028 | 30,307 | 2,308 | ||||||||||
17.700%, 08/07/2025 | 29,457 | 2,129 | ||||||||||
16.300%, 04/09/2024 | 15,034 | 1,023 | ||||||||||
16.100%, 05/07/2029 | 14,920 | 1,051 | ||||||||||
15.900%, 07/02/2024 | 19,208 | 1,295 | ||||||||||
14.800%, 01/30/2023 | 65,021 | 4,212 | ||||||||||
8.700%, | $ | 529 | 437 | |||||||||
7.903%, 02/21/2048 | 2,191 | 1,763 | ||||||||||
7.903%, | 421 | 339 |
44 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
5.577%, 02/21/2023 (A) | $ | 741 | $ | 685 | ||||||||
Egypt Government International Bond MTN | ||||||||||||
8.500%, 01/31/2047 | 4,772 | 3,898 | ||||||||||
8.500%, 01/31/2047 (A) | 147 | 120 | ||||||||||
8.150%, 11/20/2059 (A) | 789 | 639 | ||||||||||
8.150%, 11/20/2059 | 515 | 417 | ||||||||||
7.053%, 01/15/2032 | 4,054 | 3,276 | ||||||||||
6.375%, 04/11/2031 | EUR | 1,030 | 890 | |||||||||
6.375%, 04/11/2031 (A) | 2,354 | 2,035 | ||||||||||
6.125%, 01/31/2022 (A) | $ | 865 | 830 | |||||||||
5.625%, 04/16/2030 (A) | EUR | 2,155 | 1,798 | |||||||||
5.625%, 04/16/2030 | 3,322 | 2,771 | ||||||||||
4.750%, 04/11/2025 | 457 | 436 | ||||||||||
4.750%, 04/16/2026 | 1,269 | 1,193 | ||||||||||
|
|
| ||||||||||
34,976 | ||||||||||||
|
|
| ||||||||||
El Salvador — 0.4% | ||||||||||||
El Salvador Government International Bond | ||||||||||||
8.250%, 04/10/2032 (A) | $ | 326 | 297 | |||||||||
Republic of El Salvador | ||||||||||||
8.625%, 02/28/2029 (B) | 1,237 | 1,200 | ||||||||||
8.250%, 04/10/2032 | 700 | 637 | ||||||||||
7.750%, 01/24/2023 | 1,690 | 1,639 | ||||||||||
7.650%, 06/15/2035 | 499 | 424 | ||||||||||
7.625%, 02/01/2041 | 327 | 268 | ||||||||||
7.125%, 01/20/2050 | 640 | 493 | ||||||||||
5.875%, 01/30/2025 | 903 | 792 | ||||||||||
|
|
| ||||||||||
5,750 | ||||||||||||
|
|
| ||||||||||
Gabon — 0.1% | ||||||||||||
Gabon Government International Bond | ||||||||||||
6.625%, 02/06/2031 | 603 | 370 | ||||||||||
6.625%, 02/06/2031 (A) | 536 | 329 | ||||||||||
Gabonese Republic | ||||||||||||
6.950%, 06/16/2025 (A) | 465 | 309 | ||||||||||
|
|
| ||||||||||
1,008 | ||||||||||||
|
|
| ||||||||||
Georgia — 0.0% | ||||||||||||
Republic of Georgia | ||||||||||||
6.875%, 04/12/2021 (A) | 66 | 66 | ||||||||||
|
|
| ||||||||||
Ghana — 1.1% | ||||||||||||
Ghana Government International Bond | ||||||||||||
24.750%, 07/19/2021 | GHS | – | – | |||||||||
19.750%, 03/25/2024 | 5,311 | 866 | ||||||||||
19.000%, 11/02/2026 | 11,055 | 1,704 | ||||||||||
10.750%, 10/14/2030 | $ | 4,126 | 4,259 | |||||||||
8.950%, 03/26/2051 (A) | 2,294 | 1,607 | ||||||||||
8.750%, 03/11/2061 (A) | 1,113 | 772 | ||||||||||
8.750%, 03/11/2061 | 233 | 161 | ||||||||||
8.627%, 06/16/2049 (A) | 593 | 413 | ||||||||||
7.875%, 03/26/2027 | 899 | 663 | ||||||||||
7.875%, 03/26/2027 (A) | 771 | 569 | ||||||||||
7.875%, 02/11/2035 (A) | 1,897 | 1,335 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
7.875%, 02/11/2035 | $ | 285 | $ | 201 | ||||||||
6.375%, 02/11/2027 (A) | 2,040 | 1,494 | ||||||||||
Kosmos Energy | ||||||||||||
7.125%, 04/04/2026 (A) | 190 | 102 | ||||||||||
Republic of Ghana | ||||||||||||
8.125%, 01/18/2026 (A) | 83 | 65 | ||||||||||
Tullow Oil | ||||||||||||
7.000%, 03/01/2025 (A) | 1,016 | 254 | ||||||||||
|
|
| ||||||||||
14,465 | ||||||||||||
|
|
| ||||||||||
Guatemala — 0.1% | ||||||||||||
Comunicaciones Celulares Via Comcel Trust | ||||||||||||
6.875%, 02/06/2024 (A) | 390 | 378 | ||||||||||
Guatemala Government Bond | ||||||||||||
4.900%, 06/01/2030 | 1,292 | 1,237 | ||||||||||
|
|
| ||||||||||
1,615 | ||||||||||||
|
|
| ||||||||||
Honduras — 0.0% | ||||||||||||
Honduras Government International Bond | ||||||||||||
6.250%, 01/19/2027 | 326 | 284 | ||||||||||
6.250%, 01/19/2027 (B) | – | – | ||||||||||
|
|
| ||||||||||
284 | ||||||||||||
|
|
| ||||||||||
Hong Kong — 0.1% | ||||||||||||
NWD | ||||||||||||
4.125%, 07/18/2029 | 757 | 744 | ||||||||||
|
|
| ||||||||||
Hungary — 1.8% | ||||||||||||
Hungary Government Bond | ||||||||||||
6.750%, 10/22/2028 | HUF | 489,630 | 1,947 | |||||||||
6.375%, 03/29/2021 | $ | 2,228 | 2,310 | |||||||||
5.500%, 06/24/2025 | HUF | 648,990 | 2,345 | |||||||||
5.375%, 03/25/2024 | $ | 1 | 1 | |||||||||
3.000%, 06/26/2024 | HUF | 666,660 | 2,154 | |||||||||
3.000%, 10/27/2027 | 2,224,390 | 7,136 | ||||||||||
3.000%, 08/21/2030 | 609,200 | 1,892 | ||||||||||
2.750%, 12/22/2026 | 1,072,960 | 3,429 | ||||||||||
2.500%, 10/24/2024 | 827,300 | 2,618 | ||||||||||
|
|
| ||||||||||
23,832 | ||||||||||||
|
|
| ||||||||||
India — 0.2% | ||||||||||||
Adani Electricity Mumbai | ||||||||||||
3.949%, 02/12/2030 (A) | $ | 540 | 442 | |||||||||
Export-Import Bank of India MTN | ||||||||||||
3.250%, 01/15/2030 (A) | 1,060 | 931 | ||||||||||
Network i2i | ||||||||||||
5.650%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.277% (A)(F) | 324 | 261 | ||||||||||
Power Finance MTN | ||||||||||||
3.950%, 04/23/2030 (A) | 569 | 478 | ||||||||||
Vedanta Resources | ||||||||||||
8.250%, 06/07/2021 | 820 | 377 | ||||||||||
|
|
| ||||||||||
2,489 | ||||||||||||
|
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 45 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Markets Debt Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Indonesia — 6.8% | ||||||||||||
Indonesia Asahan Aluminium Persero | ||||||||||||
6.757%, 11/15/2048 | $ | 257 | $ | 273 | ||||||||
5.710%, 11/15/2023 (A) | 618 | 632 | ||||||||||
Indonesia Government International Bond | ||||||||||||
9.000%, 03/15/2029 | IDR | 61,750,000 | 3,986 | |||||||||
8.750%, 05/15/2031 | 60,779,000 | 3,796 | ||||||||||
8.500%, 10/12/2035 | $ | 2,024 | 2,901 | |||||||||
8.375%, 03/15/2024 | IDR | 60,173,000 | 3,836 | |||||||||
8.375%, 03/15/2034 | 142,065,000 | 8,623 | ||||||||||
8.375%, 04/15/2039 | 99,230,000 | 6,073 | ||||||||||
8.250%, 05/15/2029 | 61,031,000 | 3,796 | ||||||||||
8.250%, 06/15/2032 | 12,030,000 | 722 | ||||||||||
8.250%, 05/15/2036 | 72,516,000 | 4,321 | ||||||||||
8.125%, 05/15/2024 | 76,235,000 | 4,813 | ||||||||||
7.750%, 01/17/2038 | $ | 1,797 | 2,484 | |||||||||
7.500%, 08/15/2032 | IDR | 26,770,000 | 1,514 | |||||||||
7.500%, 05/15/2038 | 76,662,000 | 4,254 | ||||||||||
7.000%, 05/15/2022 | 40,233,000 | 2,510 | ||||||||||
7.000%, 05/15/2027 | 63,129,000 | 3,685 | ||||||||||
6.625%, 05/15/2033 | 24,323,000 | 1,280 | ||||||||||
6.125%, 05/15/2028 | 9,066,000 | 489 | ||||||||||
5.625%, 05/15/2023 | 3,267,000 | 194 | ||||||||||
5.250%, 01/08/2047 (A) | $ | 170 | 188 | |||||||||
4.750%, 02/11/2029 | 985 | 1,066 | ||||||||||
4.350%, 01/08/2027 (A) | 655 | 676 | ||||||||||
3.500%, 01/11/2028 | 1,526 | 1,500 | ||||||||||
2.850%, 02/14/2030 (B) | 287 | 278 | ||||||||||
1.400%, 10/30/2031 | EUR | 300 | 284 | |||||||||
0.900%, 02/14/2027 | 428 | 411 | ||||||||||
Indonesia Government International Bond MTN | ||||||||||||
5.250%, 01/17/2042 | $ | 3,120 | 3,554 | |||||||||
5.125%, 01/15/2045 | 410 | 457 | ||||||||||
4.750%, 01/08/2026 | 1,433 | 1,517 | ||||||||||
4.625%, 04/15/2043 | 1,228 | 1,304 | ||||||||||
4.125%, 01/15/2025 | 1,600 | 1,643 | ||||||||||
3.850%, 07/18/2027 | 1,420 | 1,430 | ||||||||||
Indonesia Treasury Bond | ||||||||||||
7.500%, 06/15/2035 | IDR | 30,000,000 | 1,722 | |||||||||
7.000%, 09/15/2030 | 12,216,000 | 700 | ||||||||||
6.500%, 06/15/2025 | 60,000,000 | 3,565 | ||||||||||
JPMorgan Chase Bank MTN (A) | ||||||||||||
8.375%, 04/19/2039 | 101,000 | 6 | ||||||||||
7.500%, 06/15/2035 | 41,500,000 | 2,383 | ||||||||||
Medco Bell Pte | ||||||||||||
6.375%, 01/30/2027 (A) | $ | �� | 466 | 270 | ||||||||
Pertamina Persero MTN | ||||||||||||
6.450%, 05/30/2044 | 789 | 860 | ||||||||||
4.700%, 07/30/2049 (A) | 244 | 227 | ||||||||||
4.150%, 02/25/2060 (A) | 1,089 | 897 | ||||||||||
3.650%, | 1,643 | 1,511 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Perusahaan Listrik Negara | ||||||||||||
1.875%, 11/05/2031 (A) | EUR | 691 | $ | 690 | ||||||||
Perusahaan Listrik Negara MTN | ||||||||||||
6.150%, 05/21/2048 (A) | $ | 657 | 710 | |||||||||
6.150%, 05/21/2048 | 250 | 270 | ||||||||||
4.375%, 02/05/2050 (A) | 265 | 236 | ||||||||||
Perusahaan Penerbit SBSN Indonesia III | ||||||||||||
4.325%, 05/28/2025 | 2,135 | 2,148 | ||||||||||
|
| |||||||||||
90,685 | ||||||||||||
|
| |||||||||||
Iraq — 0.1% | ||||||||||||
Iraq International Bond | ||||||||||||
5.800%, 01/15/2028 | 879 | 668 | ||||||||||
|
| |||||||||||
Israel — 0.7% | ||||||||||||
Bank LeumiLe-Israel | ||||||||||||
3.275%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+1.631%, 01/29/2031 (A) | 1,457 | 1,354 | ||||||||||
State of Israel | ||||||||||||
4.500%, 04/03/2120 | 1,840 | 1,840 | ||||||||||
3.875%, 07/03/2050 | 3,174 | 3,174 | ||||||||||
2.750%, 07/03/2030 | 2,886 | 2,886 | ||||||||||
2.500%, 01/15/2030 | 463 | 466 | ||||||||||
|
| |||||||||||
9,720 | ||||||||||||
|
| |||||||||||
Ivory Coast — 0.8% | ||||||||||||
Ivory Coast Government International Bond | ||||||||||||
6.875%, 10/17/2040 | EUR | 2,322 | 2,172 | |||||||||
6.625%, 03/22/2048 (B) | 1,552 | 1,438 | ||||||||||
6.625%, 03/22/2048 | 271 | 251 | ||||||||||
6.375%, 03/03/2028 (A) | $ | 139 | 127 | |||||||||
6.125%, 06/15/2033 | 646 | 562 | ||||||||||
5.875%, 10/17/2031 | EUR | 1,379 | 1,290 | |||||||||
5.875%, 10/17/2031 (A) | 2,429 | 2,272 | ||||||||||
5.750%, 12/31/2032 | $ | 1,317 | 1,182 | |||||||||
5.750%, 12/31/2032 | 490 | 440 | ||||||||||
5.250%, 03/22/2030 | EUR | 1,278 | 1,199 | |||||||||
5.125%, 06/15/2025 | 371 | 389 | ||||||||||
|
| |||||||||||
11,322 | ||||||||||||
|
| |||||||||||
Jamaica — 0.2% | ||||||||||||
Government of Jamaica | ||||||||||||
7.875%, 07/28/2045 | $ | 2,228 | 2,384 | |||||||||
|
| |||||||||||
Jordan — 0.1% | ||||||||||||
Jordan Government International Bond | ||||||||||||
7.375%, 10/10/2047 (A) | 1,629 | 1,364 | ||||||||||
7.375%, 10/10/2047 | 693 | 581 | ||||||||||
|
| |||||||||||
1,945 | ||||||||||||
|
| |||||||||||
Kazakhstan — 1.3% | ||||||||||||
Development Bank of Kazakhstan | ||||||||||||
4.125%, 12/10/2022 | 770 | 755 |
46 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Kazakhstan Government International Bond | ||||||||||||
4.875%, 10/14/2044 | $ | 764 | $ | 859 | ||||||||
Kazakhstan Government International Bond MTN | ||||||||||||
6.500%, 07/21/2045 | 330 | 430 | ||||||||||
KazMunayGas National JSC | ||||||||||||
6.375%, 10/24/2048 (A) | 2,522 | 2,497 | ||||||||||
5.750%, 04/19/2047 (A) | 3,012 | 2,987 | ||||||||||
5.750%, 04/19/2047 | 63 | 62 | ||||||||||
5.375%, 04/24/2030 (A) | 1,834 | 1,797 | ||||||||||
5.375%, 04/24/2030 | 2,560 | 2,509 | ||||||||||
4.750%, 04/24/2025 (A) | 732 | 729 | ||||||||||
3.875%, 04/19/2022 | 2,577 | 2,475 | ||||||||||
KazTransGas JSC | ||||||||||||
4.375%, 09/26/2027 | 2,251 | 2,018 | ||||||||||
4.375%, 09/26/2027 (A) | 932 | 836 | ||||||||||
|
|
| ||||||||||
17,954 | ||||||||||||
|
|
| ||||||||||
Kenya — 0.5% | ||||||||||||
Kenya Government International Bond | ||||||||||||
8.250%, 02/28/2048 | 660 | 605 | ||||||||||
8.250%, 02/28/2048 (A) | 654 | 599 | ||||||||||
8.000%, 05/22/2032 | 1,872 | 1,717 | ||||||||||
8.000%, 05/22/2032 (A) | 728 | 668 | ||||||||||
7.250%, 02/28/2028 (A) | 842 | 778 | ||||||||||
7.000%, 05/22/2027 (B) | 1,250 | 1,150 | ||||||||||
7.000%, 05/22/2027 (A) | 671 | 617 | ||||||||||
6.875%, 06/24/2024 | 473 | 449 | ||||||||||
6.875%, 06/24/2024 (A) | 289 | 274 | ||||||||||
|
|
| ||||||||||
6,857 | ||||||||||||
|
|
| ||||||||||
Kuwait — 0.1% | ||||||||||||
Kuwait International Government Bond | ||||||||||||
3.500%, 03/20/2027 | 218 | 226 | ||||||||||
2.750%, 03/20/2022 | 645 | 649 | ||||||||||
NBK Tier 1 Financing 2 | ||||||||||||
4.500%, VAR USD Swap Semi 30/360 6 Yr Curr+2.832% (A)(F) | 513 | 482 | ||||||||||
|
|
| ||||||||||
1,357 | ||||||||||||
|
|
| ||||||||||
Lebanon — 0.2% | ||||||||||||
Lebanon Government International Bond | ||||||||||||
8.250%, 05/17/2034 (G) | 3,822 | 612 | ||||||||||
8.200%, 05/17/2033 (G) | 2,700 | 433 | ||||||||||
6.650%, 04/22/2024 (G) | 2,250 | 405 | ||||||||||
6.000%, 01/27/2023 (G) | 560 | 104 | ||||||||||
Lebanon Government International Bond MTN | ||||||||||||
8.250%, 04/12/2021 (G) | 1,073 | 198 | ||||||||||
7.000%, 03/20/2028 (G) | 2,432 | 390 | ||||||||||
6.650%, 02/26/2030 (G) | 1,225 | 221 | ||||||||||
6.600%, 11/27/2026 (G) | 588 | 106 | ||||||||||
6.400%, 05/26/2023 (G) | 1,555 | 286 | ||||||||||
6.100%, 10/04/2022 (G) | 1,573 | 283 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
6.100%, 10/04/2022 (G) | $ | 569 | $ | 102 | ||||||||
|
|
| ||||||||||
3,140 | ||||||||||||
|
|
| ||||||||||
Luxembourg — 0.1% | ||||||||||||
Ecuador Social Bond Sarl | ||||||||||||
2.866%, 01/30/2035 (A)(E) | 1,819 | 455 | ||||||||||
Millicom International Cellular | ||||||||||||
6.250%, 03/25/2029 (A) | 449 | 402 | ||||||||||
|
|
| ||||||||||
857 | ||||||||||||
|
|
| ||||||||||
Malaysia — 4.6% | ||||||||||||
1MDB Energy | ||||||||||||
5.990%, 05/11/2022 | 2,000 | 2,007 | ||||||||||
1MDB Global Investments | ||||||||||||
4.400%, 03/09/2023 | 1,000 | 865 | ||||||||||
4.400%, 03/09/2023 | 6,200 | 5,363 | ||||||||||
Malaysia Government Bond | ||||||||||||
5.248%, 09/15/2028 | MYR | 1,050 | 273 | |||||||||
4.935%, 09/30/2043 | 2,200 | 566 | ||||||||||
4.921%, 07/06/2048 | 1,768 | 459 | ||||||||||
4.893%, 06/08/2038 | 800 | 206 | ||||||||||
4.642%, 11/07/2033 | 1,700 | 429 | ||||||||||
4.392%, 04/15/2026 | 3,480 | 855 | ||||||||||
4.232%, 06/30/2031 | 6,200 | 1,500 | ||||||||||
4.181%, 07/15/2024 | 4,186 | 1,012 | ||||||||||
4.160%, 07/15/2021 | 4,917 | 1,161 | ||||||||||
4.059%, 09/30/2024 | 8,000 | 1,930 | ||||||||||
3.955%, 09/15/2025 | 21,783 | 5,244 | ||||||||||
3.906%, 07/15/2026 | 16,152 | 3,869 | ||||||||||
3.899%, 11/16/2027 | 2,500 | 597 | ||||||||||
3.889%, 07/31/2020 | 2,796 | 650 | ||||||||||
3.885%, 08/15/2029 | 24,833 | 5,985 | ||||||||||
3.882%, 03/10/2022 | 5,848 | 1,382 | ||||||||||
3.828%, 07/05/2034 | 120 | 28 | ||||||||||
3.800%, 08/17/2023 | 30,074 | 7,168 | ||||||||||
3.795%, 09/30/2022 | 3,200 | 758 | ||||||||||
3.757%, 04/20/2023 | 13,915 | 3,300 | ||||||||||
3.757%, 05/22/2040 | 1,500 | 333 | ||||||||||
3.733%, 06/15/2028 | 12,719 | 2,997 | ||||||||||
3.620%, 11/30/2021 | 18,334 | 4,308 | ||||||||||
3.502%, 05/31/2027 | 1,050 | 247 | ||||||||||
3.480%, 03/15/2023 | 2,858 | 674 | ||||||||||
3.478%, 06/14/2024 | 6,160 | 1,454 | ||||||||||
3.418%, 08/15/2022 | 10,450 | 2,440 | ||||||||||
Malaysia Government Investment Issue | ||||||||||||
4.369%, 10/31/2028 | 1,200 | 294 | ||||||||||
4.070%, 09/30/2026 | 6,500 | 1,569 | ||||||||||
Malaysia Sukuk Global | ||||||||||||
3.179%, 04/27/2026 | $ | 1,777 | 1,845 | |||||||||
|
|
| ||||||||||
61,768 | ||||||||||||
|
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 47 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Markets Debt Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Mauritius — 0.0% | ||||||||||||
Liquid Telecommunications Financing | ||||||||||||
8.500%, 07/13/2022 (A) | $ | 836 | $ | 610 | ||||||||
|
| |||||||||||
Mexico — 7.8% | ||||||||||||
America Movil | ||||||||||||
7.125%, 12/09/2024 | MXN | 18,110 | 739 | |||||||||
Axtel | ||||||||||||
6.375%, 11/14/2024 (A) | $ | 713 | 589 | |||||||||
Banco Mercantil del Norte (A)(F) | ||||||||||||
7.500%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr+5.470% | 476 | 362 | ||||||||||
6.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.967% | 609 | 464 | ||||||||||
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) | 1,015 | 917 | ||||||||||
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026 | 844 | 762 | ||||||||||
Cemex | ||||||||||||
7.750%, 04/16/2026 | 670 | 603 | ||||||||||
5.450%, 11/19/2029 (A) | 750 | 612 | ||||||||||
Cometa Energia | ||||||||||||
6.375%, 04/24/2035 (A) | 688 | 623 | ||||||||||
Comision Federal de Electricidad | ||||||||||||
7.350%, 11/25/2025 | MXN | 39,785 | 1,572 | |||||||||
5.750%, 02/14/2042 (A) | $ | 500 | 465 | |||||||||
4.750%, 02/23/2027 (A) | 458 | 424 | ||||||||||
Industrias Penoles | ||||||||||||
5.650%, 09/12/2049 (A) | 359 | 314 | ||||||||||
Mexican Bonos | ||||||||||||
8.000%, 11/07/2047 | MXN | 60,700 | 2,584 | |||||||||
7.750%, 11/23/2034 | 39,185 | 1,703 | �� | |||||||||
7.750%, 11/13/2042 | 94,898 | 3,953 | ||||||||||
7.500%, 06/03/2027 | 212,568 | 9,209 | ||||||||||
6.500%, 06/09/2022 | 12,008 | 513 | ||||||||||
5.750%, 03/05/2026 | 87,650 | 3,530 | ||||||||||
Mexican Bonos, Ser M20 | ||||||||||||
10.000%, 12/05/2024 | 318,932 | 15,362 | ||||||||||
8.500%, 05/31/2029 | 53,545 | 2,463 | ||||||||||
8.000%, 12/07/2023 | 19,699 | 881 | ||||||||||
7.750%, 05/29/2031 | 151,863 | 6,637 | ||||||||||
Mexican Bonos, Ser M30 | ||||||||||||
8.500%, 11/18/2038 | 65,591 | 2,955 | ||||||||||
Mexican Udibonos | ||||||||||||
4.000%, 11/15/2040 | 37,716 | 1,668 | ||||||||||
4.000%, 11/03/2050 | 40,013 | 1,782 | ||||||||||
Mexico City Airport Trust | ||||||||||||
5.500%, 07/31/2047 (A) | $ | 715 | 583 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Mexico Government International Bond | ||||||||||||
4.500%, 04/22/2029 | $ | 2,486 | $ | 2,548 | ||||||||
3.250%, 04/16/2030 | 2,640 | 2,482 | ||||||||||
Mexico Government International Bond MTN | ||||||||||||
5.750%, 10/12/2110 | 3,176 | 3,291 | ||||||||||
4.750%, 03/08/2044 | 386 | 388 | ||||||||||
Minera Mexico | ||||||||||||
4.500%, 01/26/2050 (A) | 627 | 525 | ||||||||||
Petroleos Mexicanos | ||||||||||||
9.500%, 09/15/2027 | 169 | 146 | ||||||||||
7.690%, 01/23/2050 (A) | 5,158 | 3,559 | ||||||||||
7.470%, 11/12/2026 | MXN | 175,079 | 5,646 | |||||||||
7.190%, 09/12/2024 | 108,672 | 3,683 | ||||||||||
6.950%, 01/28/2060 | $ | 338 | 226 | |||||||||
6.950%, 01/28/2060 (A) | 9,965 | 6,677 | ||||||||||
6.840%, 01/23/2030 (A) | 2,571 | 1,860 | ||||||||||
6.625%, 06/15/2035 | 3,100 | 2,125 | ||||||||||
6.500%, 03/13/2027 | 709 | 523 | ||||||||||
6.500%, 01/23/2029 (A) | 785 | 567 | ||||||||||
6.500%, 01/23/2029 | 2,295 | 1,658 | ||||||||||
6.350%, 02/12/2048 (A) | 742 | 464 | ||||||||||
6.350%, 02/12/2048 | 678 | 424 | ||||||||||
5.950%, 01/28/2031 (A) | 1,869 | 1,296 | ||||||||||
5.625%, 01/23/2046 | 468 | 290 | ||||||||||
5.350%, 02/12/2028 (A) | 1,079 | 753 | ||||||||||
4.500%, 01/23/2026 | 2,720 | 1,981 | ||||||||||
Petroleos Mexicanos MTN | ||||||||||||
6.750%, 09/21/2047 | 553 | 360 | ||||||||||
4.875%, 02/21/2028 | EUR | 755 | 596 | |||||||||
|
| |||||||||||
104,337 | ||||||||||||
|
| |||||||||||
Mongolia — 0.4% | ||||||||||||
Development Bank of Mongolia | ||||||||||||
7.250%, 10/23/2023 (A) | $ | 784 | 659 | |||||||||
Mongolia Government International Bond | ||||||||||||
5.625%, 05/01/2023 | 2,087 | 1,857 | ||||||||||
Mongolia Government International Bond MTN | ||||||||||||
8.750%, 03/09/2024 | 1,951 | 1,853 | ||||||||||
Trade & Development Bank of Mongolia MTN | ||||||||||||
9.375%, 05/19/2020 (A) | 355 | 337 | ||||||||||
9.375%, 05/19/2020 | 350 | 333 | ||||||||||
|
| |||||||||||
5,039 | ||||||||||||
|
| |||||||||||
Morocco — 0.1% | ||||||||||||
Morocco Government International Bond | ||||||||||||
1.500%, 11/27/2031 | EUR | 1,121 | 1,082 | |||||||||
|
| |||||||||||
Mozambique — 0.2% | ||||||||||||
Mozambique International Bond | ||||||||||||
5.000%, 09/15/2031 (A) | $ | 3,120 | 2,341 | |||||||||
|
|
48 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Namibia — 0.0% | ||||||||||||
Namibia International Bonds | ||||||||||||
5.250%, 10/29/2025 | $ | 379 | $ | 325 | ||||||||
|
|
| ||||||||||
Netherlands — 0.0% | ||||||||||||
Minejesa Capital BV | ||||||||||||
5.625%, 08/10/2037 (A) | 96 | 84 | ||||||||||
|
|
| ||||||||||
Nigeria — 0.9% | ||||||||||||
IHS Netherlands Holdco | ||||||||||||
8.000%, 09/18/2027 (A) | 510 | 418 | ||||||||||
Nigeria Government International Bond | ||||||||||||
9.248%, 01/21/2049 | 912 | 642 | ||||||||||
8.747%, 01/21/2031 | 1,719 | 1,234 | ||||||||||
8.747%, 01/21/2031 (A) | 1,582 | 1,136 | ||||||||||
7.875%, 02/16/2032 (A) | 2,110 | 1,477 | ||||||||||
7.875%, 02/16/2032 | 1,803 | 1,262 | ||||||||||
7.696%, 02/23/2038 (B) | 4,684 | 3,148 | ||||||||||
7.696%, 02/23/2038 (A) | 601 | 404 | ||||||||||
7.143%, 02/23/2030 (A) | 1,324 | 914 | ||||||||||
Nigeria Government International Bond MTN | ||||||||||||
6.500%, | 2,480 | 1,710 | ||||||||||
6.500%, 11/28/2027 | 230 | 159 | ||||||||||
|
|
| ||||||||||
12,504 | ||||||||||||
|
|
| ||||||||||
Oman — 0.7% | ||||||||||||
Oman Government International Bond | ||||||||||||
6.750%, 01/17/2048 | 4,256 | 2,809 | ||||||||||
6.750%, 01/17/2048 (A) | 808 | 533 | ||||||||||
6.500%, 03/08/2047 | 957 | 625 | ||||||||||
6.500%, 03/08/2047 (A) | 482 | 315 | ||||||||||
5.625%, 01/17/2028 (A) | 1,357 | 970 | ||||||||||
4.750%, 06/15/2026 | 900 | 643 | ||||||||||
3.625%, 06/15/2021 | 1,326 | 1,220 | ||||||||||
Oman Government International Bond MTN (A) | ||||||||||||
6.000%, 08/01/2029 | 1,091 | 782 | ||||||||||
4.875%, 02/01/2025 | 1,274 | 990 | ||||||||||
|
|
| ||||||||||
8,887 | ||||||||||||
|
|
| ||||||||||
Pakistan — 0.2% | ||||||||||||
Pakistan Government International Bond | ||||||||||||
8.250%, 09/30/2025 (B) | 1,000 | 872 | ||||||||||
8.250%, 09/30/2025 (A) | 714 | 622 | ||||||||||
7.875%, 03/31/2036 (B) | 200 | 173 | ||||||||||
6.875%, 12/05/2027 | 1,578 | 1,305 | ||||||||||
|
|
| ||||||||||
2,972 | ||||||||||||
|
|
| ||||||||||
Panama — 0.8% | ||||||||||||
Aeropuerto Internacional de Tocumen | ||||||||||||
6.000%, 11/18/2048 (A) | 672 | 726 | ||||||||||
5.625%, 05/18/2036 | 555 | 566 | ||||||||||
Cable Onda | ||||||||||||
4.500%, 01/30/2030 (A) | 208 | 183 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Empresa de Transmision Electrica | ||||||||||||
5.125%, 05/02/2049 (A) | $ | 635 | $ | 635 | ||||||||
Republic of Panama | ||||||||||||
9.375%, 04/01/2029 | 1,004 | 1,422 | ||||||||||
8.125%, 04/28/2034 | 478 | 633 | ||||||||||
4.500%, 04/01/2056 | 4,248 | 4,599 | ||||||||||
3.160%, 01/23/2030 | 2,099 | 2,099 | ||||||||||
|
| |||||||||||
10,863 | ||||||||||||
|
| |||||||||||
Papua New Guinea — 0.3% |
| |||||||||||
Papua New Guinea Government International Bond | ||||||||||||
8.375%, 10/04/2028 | 531 | 472 | ||||||||||
8.375%, 10/04/2028 (A) | 3,374 | 3,003 | ||||||||||
|
| |||||||||||
3,475 | ||||||||||||
|
| |||||||||||
Paraguay — 0.2% | ||||||||||||
Paraguay Government International Bond | ||||||||||||
6.100%, 08/11/2044 | 1,010 | 1,060 | ||||||||||
5.400%, 03/30/2050 | 571 | 571 | ||||||||||
5.000%, 04/15/2026 | 885 | 894 | ||||||||||
5.000%, 04/15/2026 | 385 | 389 | ||||||||||
|
| |||||||||||
2,914 | ||||||||||||
|
| |||||||||||
Peru — 3.5% | ||||||||||||
Abengoa Transmision Sur | ||||||||||||
6.875%, 04/30/2043 (A) | 267 | 343 | ||||||||||
Fondo MIVIVIENDA | ||||||||||||
7.000%, 02/14/2024 (A) | PEN | 3,704 | 1,147 | |||||||||
Inkia Energy | ||||||||||||
5.875%, 11/09/2027 (A) | $ | 359 | 315 | |||||||||
Kallpa Generacion | ||||||||||||
4.125%, 08/16/2027 (A) | 723 | 650 | ||||||||||
Lima Metro Line 2 Finance | ||||||||||||
4.350%, 04/05/2036 (A) | 1,486 | 1,401 | ||||||||||
Peru Government Bond | ||||||||||||
5.350%, 08/12/2040 (A) | PEN | 708 | 197 | |||||||||
Peru LNG Srl | ||||||||||||
5.375%, 03/22/2030 (A) | $ | 754 | 452 | |||||||||
Peruvian Government International Bond | ||||||||||||
8.200%, 08/12/2026 | PEN | 9,942 | 3,595 | |||||||||
8.200%, 08/12/2026 | 963 | 348 | ||||||||||
8.200%, 08/12/2026 | 8,208 | 2,968 | ||||||||||
6.950%, 08/12/2031 | 25,774 | 8,541 | ||||||||||
6.950%, 08/12/2031 | 154 | 51 | ||||||||||
6.900%, 08/12/2037 | 7,121 | 2,367 | ||||||||||
6.900%, 08/12/2037 | 2,480 | 824 | ||||||||||
6.850%, 02/12/2042 | 613 | 199 | ||||||||||
6.550%, 03/14/2037 | $ | 309 | 449 | |||||||||
6.350%, 08/12/2028 | PEN | 1,570 | 505 | |||||||||
6.350%, 08/12/2028 | 5,940 | 1,910 | ||||||||||
6.350%, 08/12/2028 | 346 | 111 | ||||||||||
6.350%, 08/12/2028 (A) | 1,465 | 471 | ||||||||||
6.150%, 08/12/2032 (A) | 21,790 | 6,761 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 49 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Markets Debt Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
5.940%, 02/12/2029 (A) | PEN | 367 | $ | 115 | ||||||||
5.700%, 08/12/2024 (A) | 4,932 | 1,626 | ||||||||||
5.625%, 11/18/2050 (B) | $ | 158 | 235 | |||||||||
5.400%, 08/12/2034 (A) | PEN | 4,002 | 1,152 | |||||||||
5.350%, 08/12/2040 | 7,330 | 2,042 | ||||||||||
2.844%, 06/20/2030 | $ | 2,867 | 3,028 | |||||||||
Petroleos del Peru | ||||||||||||
5.625%, 06/19/2047 | 2,272 | 2,059 | ||||||||||
5.625%, 06/19/2047 (A) | 366 | 332 | ||||||||||
4.750%, 06/19/2032 | 1,843 | 1,677 | ||||||||||
4.750%, 06/19/2032 (A) | 1,201 | 1,093 | ||||||||||
|
| |||||||||||
46,964 | ||||||||||||
|
| |||||||||||
Philippines — 0.3% | ||||||||||||
Philippine Government International Bond | ||||||||||||
4.000%, 01/15/2021 | 232 | 234 | ||||||||||
3.900%, 11/26/2022 | PHP | 45,000 | 880 | |||||||||
3.750%, 01/14/2029 | $ | 1,872 | 2,071 | |||||||||
3.700%, 02/02/2042 | 702 | 770 | ||||||||||
|
| |||||||||||
3,955 | ||||||||||||
|
| |||||||||||
Poland — 2.7% | ||||||||||||
Republic of Poland Government Bond | ||||||||||||
5.000%, 03/23/2022 | 2,784 | 2,964 | ||||||||||
2.750%, 04/25/2028 | PLN | 21,486 | 5,551 | |||||||||
2.750%, 10/25/2029 | 17,794 | 4,676 | ||||||||||
2.500%, 01/25/2023 | 16,804 | 4,220 | ||||||||||
2.500%, 04/25/2024 | 6,060 | 1,539 | ||||||||||
2.500%, 07/25/2026 | 26,843 | 6,856 | ||||||||||
2.500%, 07/25/2027 | 13,716 | 3,500 | ||||||||||
2.250%, 04/25/2022 | 13,055 | 3,228 | ||||||||||
2.000%, 04/25/2021 | 912 | 222 | ||||||||||
1.750%, 07/25/2021 | 5,000 | 1,219 | ||||||||||
1.555%, 07/25/2020 (E) | 10,140 | 2,434 | ||||||||||
|
| |||||||||||
36,409 | ||||||||||||
|
| |||||||||||
Qatar — 1.1% | ||||||||||||
Qatar Government International Bond | ||||||||||||
5.750%, 01/20/2042 (A) | $ | 574 | 739 | |||||||||
5.103%, 04/23/2048 | 782 | 948 | ||||||||||
5.103%, 04/23/2048 (A) | 694 | 842 | ||||||||||
4.817%, 03/14/2049 (A) | 795 | 937 | ||||||||||
4.817%, 03/14/2049 | 5,681 | 6,691 | ||||||||||
4.000%, 03/14/2029 | 1,904 | 2,036 | ||||||||||
4.000%, 03/14/2029 (A) | 2,833 | 3,029 | ||||||||||
|
| |||||||||||
15,222 | ||||||||||||
|
| |||||||||||
Romania — 1.6% | ||||||||||||
Government of Romania | ||||||||||||
5.850%, 04/26/2023 | RON | 1,720 | 412 | |||||||||
Romania Government Bond | ||||||||||||
4.850%, 04/22/2026 | 13,365 | 3,109 | ||||||||||
4.400%, 09/25/2023 | 7,500 | 1,725 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Romanian Government International Bond | ||||||||||||
5.800%, 07/26/2027 | RON | 3,950 | $ | 970 | ||||||||
5.125%, 06/15/2048 | $ | 838 | 863 | |||||||||
5.000%, 02/12/2029 | RON | 9,575 | 2,189 | |||||||||
4.500%, 06/17/2024 | 14,875 | 3,416 | ||||||||||
4.250%, 06/28/2023 | 2,730 | 624 | ||||||||||
4.000%, 10/27/2021 | 10,545 | 2,407 | ||||||||||
Romanian Government International Bond MTN | ||||||||||||
4.625%, 04/03/2049 | EUR | 278 | 322 | |||||||||
4.125%, 03/11/2039 | 1,908 | 2,088 | ||||||||||
3.875%, 10/29/2035 | 330 | 375 | ||||||||||
3.375%, 02/08/2038 | 973 | 1,020 | ||||||||||
3.375%, 01/28/2050 | 1,660 | 1,624 | ||||||||||
2.124%, 07/16/2031 | 158 | 159 | ||||||||||
2.000%, 01/28/2032 | 380 | 373 | ||||||||||
|
| |||||||||||
21,676 | ||||||||||||
|
| |||||||||||
Russia — 6.7% | ||||||||||||
Gazprom OAO Via Gaz Capital | ||||||||||||
5.150%, | $ | 2,673 | 2,792 | |||||||||
Gtlk Europe Capital DAC | ||||||||||||
4.650%, 03/10/2027 | 596 | 515 | ||||||||||
GTLK Europe Capital DAC | ||||||||||||
4.949%, 02/18/2026 | 968 | 881 | ||||||||||
GTLK Europe DAC | ||||||||||||
5.950%, 07/19/2021 | 470 | 462 | ||||||||||
Rusal Capital DAC | ||||||||||||
5.125%, 02/02/2022 | 860 | 802 | ||||||||||
Russian Federal Bond - OFZ | ||||||||||||
8.500%, 09/17/2031 | RUB | 176,982 | 2,591 | |||||||||
8.150%, 02/03/2027 | 827,610 | 11,544 | ||||||||||
7.950%, 10/07/2026 | 688,722 | 9,447 | ||||||||||
7.750%, 09/16/2026 | 68,909 | 937 | ||||||||||
7.700%, 03/23/2033 | 582,650 | 8,076 | ||||||||||
7.700%, 03/16/2039 | 21,712 | 303 | ||||||||||
7.650%, 04/10/2030 | 49,309 | 676 | ||||||||||
7.250%, 05/10/2034 | 690,546 | 9,235 | ||||||||||
7.100%, 10/16/2024 | 170,937 | 2,237 | ||||||||||
7.050%, 01/19/2028 | 953,320 | 12,516 | ||||||||||
7.000%, 08/16/2023 | 384,668 | 5,010 | ||||||||||
6.900%, | 334,404 | 4,359 | ||||||||||
Russian Foreign Bond - Eurobond | ||||||||||||
7.500%, 03/31/2030 | $ | 2 | 2 | |||||||||
5.875%, 09/16/2043 | 2,200 | 2,728 | ||||||||||
5.250%, 06/23/2047 (B) | 1,000 | 1,210 | ||||||||||
5.100%, 03/28/2035 (A) | 600 | 693 | ||||||||||
5.100%, 03/28/2035 (B) | – | – | ||||||||||
4.750%, 05/27/2026 (B) | – | – | ||||||||||
4.375%, 03/21/2029 (B) | 8,600 | 9,185 | ||||||||||
4.250%, 06/23/2027 | 800 | 837 | ||||||||||
SCF Capital Designated Activity | ||||||||||||
5.375%, 06/16/2023 (A) | 729 | 731 |
50 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Vnesheconombank Via VEB Finance | ||||||||||||
6.902%, 07/09/2020 | $ | 1,310 | $ | 1,308 | ||||||||
6.800%, 11/22/2025 | 580 | 613 | ||||||||||
6.800%, 11/22/2025 (A) | 150 | 159 | ||||||||||
|
| |||||||||||
89,849 | ||||||||||||
|
| |||||||||||
Saudi Arabia — 1.2% | ||||||||||||
Acwa Power Management And Investments One | ||||||||||||
5.950%, 12/15/2039 (A) | 1,742 | 1,568 | ||||||||||
Saudi Arabian Oil MTN | ||||||||||||
4.250%, 04/16/2039 | 1,330 | 1,317 | ||||||||||
4.250%, 04/16/2039 (A) | 2,330 | 2,307 | ||||||||||
2.875%, 04/16/2024 | 660 | 641 | ||||||||||
Saudi Government International Bond | ||||||||||||
5.250%, | 326 | 365 | ||||||||||
Saudi Government International Bond MTN | ||||||||||||
5.000%, 04/17/2049 (A) | 1,013 | 1,093 | ||||||||||
5.000%, 04/17/2049 | 803 | 867 | ||||||||||
4.500%, 10/26/2046 (A) | 958 | 970 | ||||||||||
4.500%, 10/26/2046 | 580 | 588 | ||||||||||
3.750%, 01/21/2055 (A) | 3,525 | 3,245 | ||||||||||
2.750%, 02/03/2032 (A) | 2,850 | 2,622 | ||||||||||
|
| |||||||||||
15,583 | ||||||||||||
|
| |||||||||||
Senegal — 0.2% | ||||||||||||
Senegal Government International Bond | ||||||||||||
6.750%, 03/13/2048 | 460 | 377 | ||||||||||
6.250%, 07/30/2024 (B) | 877 | 820 | ||||||||||
6.250%, 05/23/2033 (A) | 151 | 135 | ||||||||||
4.750%, 03/13/2028 | EUR | 1,135 | 1,122 | |||||||||
|
| |||||||||||
2,454 | ||||||||||||
|
| |||||||||||
Serbia — 0.9% | ||||||||||||
Republic of Serbia | ||||||||||||
7.250%, 09/28/2021 | $ | 697 | 728 | |||||||||
7.250%, 09/28/2021 (A) | 200 | 209 | ||||||||||
Serbia International Bond | ||||||||||||
1.500%, 06/26/2029 | EUR | 3,154 | 3,158 | |||||||||
Serbia Treasury Bonds | ||||||||||||
5.875%, 02/08/2028 | RSD | 203,510 | 2,277 | |||||||||
4.500%, 01/11/2026 | 211,800 | 2,162 | ||||||||||
4.500%, 08/20/2032 | 177,880 | 1,836 | ||||||||||
3.750%, 01/17/2022 | 159,400 | 1,521 | ||||||||||
|
| |||||||||||
11,891 | ||||||||||||
|
| |||||||||||
South Africa — 4.0% | ||||||||||||
Eskom Holdings SOC | ||||||||||||
7.125%, 02/11/2025 (A) | $ | 2,085 | 1,500 | |||||||||
7.125%, 02/11/2025 | 1,430 | 1,029 | ||||||||||
5.750%, 01/26/2021 | 665 | 562 | ||||||||||
5.750%, 01/26/2021 (A) | 298 | 252 | ||||||||||
Eskom Holdings SOC MTN | ||||||||||||
8.450%, | 471 | 327 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
7.500%, 09/15/2033 | ZAR | 35,200 | $ | 1,260 | ||||||||
6.750%, | $ | 1,556 | 1,156 | |||||||||
6.750%, | 1,329 | 987 | ||||||||||
6.350%, | 322 | 274 | ||||||||||
Republic of South Africa | ||||||||||||
10.500%, 12/21/2026 | ZAR | 201,057 | 11,486 | |||||||||
9.000%, 01/31/2040 | 83,611 | 3,679 | ||||||||||
8.875%, 02/28/2035 | 47,614 | 2,141 | ||||||||||
8.750%, 01/31/2044 | 76,319 | 3,230 | ||||||||||
8.750%, 02/28/2048 | 152,378 | 6,395 | ||||||||||
8.500%, 01/31/2037 | 112,001 | 4,740 | ||||||||||
8.000%, 01/31/2030 | 7,409 | 340 | ||||||||||
7.000%, 02/28/2031 | 51,041 | 2,102 | ||||||||||
6.500%, 02/28/2041 | 16,423 | 546 | ||||||||||
6.300%, | $ | 964 | 766 | |||||||||
6.250%, 03/31/2036 | ZAR | 68,414 | 2,329 | |||||||||
5.875%, | $ | 1,460 | 1,400 | |||||||||
5.875%, 06/22/2030 | 1,402 | 1,220 | ||||||||||
5.750%, 09/30/2049 | 3,787 | 2,746 | ||||||||||
5.650%, 09/27/2047 | 386 | 285 | ||||||||||
5.000%, 10/12/2046 | 357 | 246 | ||||||||||
4.875%, 04/14/2026 | 300 | 267 | ||||||||||
4.850%, 09/27/2027 | 420 | 368 | ||||||||||
4.850%, 09/30/2029 | 1,675 | 1,371 | ||||||||||
SASOL Financing USA | ||||||||||||
5.875%, 03/27/2024 | 442 | 186 | ||||||||||
Transnet SOC MTN | ||||||||||||
9.500%, | ZAR | 6,760 | 383 | |||||||||
|
| |||||||||||
53,573 | ||||||||||||
|
| |||||||||||
South Korea — 0.3% | ||||||||||||
Export-Import Bank of Korea MTN | ||||||||||||
8.400%, 11/30/2021 | IDR | 22,400,000 | 1,389 | |||||||||
7.250%, 12/07/2024 | 700,000 | 42 | ||||||||||
Korea International Bond | ||||||||||||
2.500%, 06/19/2029 | $ | 1,183 | 1,243 | |||||||||
2.000%, 06/19/2024 | 1,026 | 1,051 | ||||||||||
|
| |||||||||||
3,725 | ||||||||||||
|
| |||||||||||
Spain — 0.1% | ||||||||||||
AI Candelaria Spain SLU | ||||||||||||
7.500%, | 975 | 724 | ||||||||||
|
| |||||||||||
Sri Lanka — 0.9% | ||||||||||||
Sri Lanka Government International Bond | ||||||||||||
7.850%, 03/14/2029 | 1,598 | 927 | ||||||||||
7.550%, 03/28/2030 | 839 | 462 | ||||||||||
6.850%, 03/14/2024 | 512 | 323 | ||||||||||
6.850%, 11/03/2025 | 1,339 | 790 | ||||||||||
6.825%, | 1,584 | 935 | ||||||||||
6.825%, 07/18/2026 | 500 | 295 | ||||||||||
6.750%, | 5,224 | 3,030 | ||||||||||
6.750%, 04/18/2028 | 1,052 | 610 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 51 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Markets Debt Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
6.350%, | $ | 1,294 | $ | 776 | ||||||||
6.250%, 07/27/2021 | 1,834 | 1,210 | ||||||||||
6.200%, 05/11/2027 | 1,262 | 732 | ||||||||||
5.875%, | 308 | 203 | ||||||||||
5.750%, | 1,031 | 701 | ||||||||||
5.750%, 04/18/2023 | 995 | 677 | ||||||||||
|
| |||||||||||
11,671 | ||||||||||||
|
| |||||||||||
Supra-National — 0.5% | ||||||||||||
African Export-Import Bank MTN | ||||||||||||
3.994%, | 363 | 342 | ||||||||||
Banque Ouest Africaine de Developpement (A) | ||||||||||||
5.000%, 07/27/2027 | 865 | 811 | ||||||||||
4.700%, 10/22/2031 | 683 | 621 | ||||||||||
European Bank for Reconstruction & Development MTN | ||||||||||||
9.250%, 12/02/2020 | IDR | 9,210,000 | 567 | |||||||||
European Investment Bank MTN | ||||||||||||
8.500%, 09/17/2024 | ZAR | 9,200 | 556 | |||||||||
Inter-American Development Bank MTN | ||||||||||||
7.875%, 03/14/2023 | IDR | 50,880,000 | 3,186 | |||||||||
International Bank for Reconstruction & Development MTN | ||||||||||||
7.450%, 08/20/2021 | 10,914,700 | 675 | ||||||||||
|
| |||||||||||
6,758 | ||||||||||||
|
| |||||||||||
Thailand — 3.2% | ||||||||||||
Thailand Government Bond | ||||||||||||
5.670%, 03/13/2028 | THB | 3,000 | 120 | |||||||||
4.875%, 06/22/2029 | 4,047 | 159 | ||||||||||
3.775%, 06/25/2032 | 228,074 | 8,540 | ||||||||||
3.650%, 06/20/2031 | 84,500 | 3,049 | ||||||||||
3.625%, 06/16/2023 | 55,000 | 1,816 | ||||||||||
3.400%, 06/17/2036 | 212,056 | 7,915 | ||||||||||
3.300%, 06/17/2038 | 62,930 | 2,310 | ||||||||||
2.875%, 12/17/2028 | 243,342 | 8,262 | ||||||||||
2.875%, 06/17/2046 | 3,431 | 114 | ||||||||||
2.550%, 06/26/2020 | 5,000 | 153 | ||||||||||
2.400%, 12/17/2023 | 88,000 | 2,817 | ||||||||||
2.125%, 12/17/2026 | 52,817 | 1,698 | ||||||||||
1.875%, 06/17/2022 | 20,000 | 623 | ||||||||||
1.600%, 12/17/2029 | 16,631 | 514 | ||||||||||
1.600%, 06/17/2035 | 86,023 | 2,582 | ||||||||||
1.450%, 12/17/2024 | 53,200 | 1,650 | ||||||||||
|
| |||||||||||
42,322 | ||||||||||||
|
| |||||||||||
Trinidad & Tobago — 0.1% |
| |||||||||||
Trinidad & Tobago Government International Bond | ||||||||||||
4.375%, 01/16/2024 | $ | 1,553 | 1,436 | |||||||||
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Tunisia — 0.2% | ||||||||||||
Banque Centrale de Tunisie International Bond | ||||||||||||
6.375%, 07/15/2026 | EUR | 472 | $ | 420 | ||||||||
5.750%, | $ | 646 | 513 | |||||||||
5.625%, 02/17/2024 | EUR | 1,650 | 1,489 | |||||||||
|
| |||||||||||
2,422 | ||||||||||||
|
| |||||||||||
Turkey — 3.5% | ||||||||||||
Export Credit Bank of Turkey (A) | ||||||||||||
6.125%, 05/03/2024 | $ | 247 | 211 | |||||||||
5.375%, 10/24/2023 | 1,033 | 909 | ||||||||||
5.000%, 09/23/2021 | 538 | 518 | ||||||||||
Export Credit Bank of Turkey MTN | ||||||||||||
5.375%, | 896 | 882 | ||||||||||
Hazine Mustesarligi Varlik Kiralama | ||||||||||||
5.800%, | 2,770 | 2,686 | ||||||||||
Mersin Uluslararasi Liman Isletmeciligi | ||||||||||||
5.375%, | 235 | 212 | ||||||||||
QNB Finansbank | ||||||||||||
6.875%, | 613 | 567 | ||||||||||
Republic of Turkey | ||||||||||||
4.875%, 04/16/2043 | 1,708 | 1,187 | ||||||||||
TC Ziraat Bankasi | ||||||||||||
5.125%, 05/03/2022 | 1,063 | 967 | ||||||||||
4.750%, 04/29/2021 | 561 | 539 | ||||||||||
Turkey Government International Bond | ||||||||||||
16.200%, 06/14/2023 | TRY | 20,814 | 3,466 | |||||||||
12.200%, 01/18/2023 | 10,717 | 1,622 | ||||||||||
11.000%, 03/02/2022 | 28,809 | 4,297 | ||||||||||
10.700%, 02/17/2021 | 3,800 | 576 | ||||||||||
10.700%, 08/17/2022 | 21,356 | 3,143 | ||||||||||
9.500%, 01/12/2022 | 8,243 | 1,204 | ||||||||||
9.200%, 09/22/2021 | 5,522 | 817 | ||||||||||
8.500%, 09/14/2022 | 3,864 | 543 | ||||||||||
7.625%, 04/26/2029 | $ | 1,443 | 1,375 | |||||||||
7.250%, 12/23/2023 | 1,717 | 1,678 | ||||||||||
7.100%, 03/08/2023 | TRY | 37,884 | 5,030 | |||||||||
6.875%, 03/17/2036 | $ | 1,757 | 1,550 | |||||||||
6.125%, 10/24/2028 | 1,172 | 1,031 | ||||||||||
6.000%, 01/14/2041 | 308 | 241 | ||||||||||
5.750%, 03/22/2024 | 683 | 636 | ||||||||||
5.750%, 05/11/2047 | 1,506 | 1,107 | ||||||||||
5.250%, 03/13/2030 | 4,535 | 3,668 | ||||||||||
5.125%, 02/17/2028 | 242 | 203 | ||||||||||
4.875%, | 1,017 | 859 | ||||||||||
4.250%, 03/13/2025 | 2,902 | 2,479 | ||||||||||
4.250%, 04/14/2026 | 338 | 281 | ||||||||||
3.000%, 08/02/2023 | TRY | 10,722 | 1,667 | |||||||||
Turkiye Garanti Bankasi | ||||||||||||
6.125%, VAR USD Swap Semi 30/360 5 Yr Curr+4.220%, 05/24/2027 (A) | $ | 656 | 522 |
52 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Turkiye Sise ve Cam Fabrikalari | ||||||||||||
6.950%, 03/14/2026 | $ | 500 | $ | 455 | ||||||||
Yapi ve Kredi Bankasi MTN | ||||||||||||
5.850%, | 429 | 379 | ||||||||||
|
| |||||||||||
47,507 | ||||||||||||
|
| |||||||||||
Ukraine — 3.4% | ||||||||||||
Government of Ukraine | ||||||||||||
7.750%, 09/01/2023 | 905 | 846 | ||||||||||
Metinvest BV | ||||||||||||
8.500%, 04/23/2026 | 702 | 493 | ||||||||||
7.750%, | 1,524 | 1,014 | ||||||||||
MHP Lux | ||||||||||||
6.250%, | 353 | 275 | ||||||||||
NAK Naftogaz Ukraine via Kondor Finance | ||||||||||||
7.625%, | 1,880 | 1,523 | ||||||||||
7.125%, 07/19/2024 | EUR | 720 | 648 | |||||||||
Ukraine Government International Bond | ||||||||||||
17.000%, 05/11/2022 | UAH | 71,848 | 2,429 | |||||||||
16.000%, 08/11/2021 | 148,624 | 5,072 | ||||||||||
15.840%, 02/26/2025 | 66,553 | 2,075 | ||||||||||
15.700%, 01/20/2021 (A) | 48,000 | 1,672 | ||||||||||
9.750%, 11/01/2028 | $ | 4,017 | 3,899 | |||||||||
8.994%, 02/01/2024 | 1,687 | 1,559 | ||||||||||
8.994%, | 155 | 143 | ||||||||||
7.750%, 09/01/2020 | 656 | 641 | ||||||||||
7.750%, 09/01/2021 | 1,448 | 1,390 | ||||||||||
7.750%, 09/01/2022 | 1,030 | 973 | ||||||||||
7.750%, | 266 | 249 | ||||||||||
7.750%, 09/01/2025 | 200 | 181 | ||||||||||
7.750%, | 1,361 | 1,235 | ||||||||||
7.750%, 09/01/2026 | 5,681 | 5,212 | ||||||||||
7.750%, | 1,008 | 925 | ||||||||||
7.750%, 09/01/2027 | 624 | 570 | ||||||||||
7.750%, | 1,485 | 1,356 | ||||||||||
7.375%, 09/25/2032 | 2,869 | 2,596 | ||||||||||
7.375%, | 564 | 511 | ||||||||||
6.750%, | EUR | 751 | 729 | |||||||||
6.750%, 06/20/2026 | 939 | 911 | ||||||||||
4.375%, | 1,094 | 960 | ||||||||||
3.304%, | $ | 2,206 | 1,605 | |||||||||
0.000%, | 5,133 | 3,735 | ||||||||||
Ukreximbank Via Biz Finance | ||||||||||||
9.625%, | 713 | 659 | ||||||||||
|
| |||||||||||
46,086 | ||||||||||||
|
| |||||||||||
United Arab Emirates — 1.4% |
| |||||||||||
Abu Dhabi Crude Oil Pipeline | ||||||||||||
4.600%, 11/02/2047 | 1,064 | 1,060 | ||||||||||
4.600%, | 3,268 | 3,255 | ||||||||||
3.650%, | 1,994 | 1,950 | ||||||||||
Abu Dhabi Government International Bond | ||||||||||||
4.125%, | 824 | 892 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
3.125%, 09/30/2049 (A) | $ | 3,256 | $ | 3,028 | ||||||||
3.125%, 09/30/2049 | 400 | 372 | ||||||||||
2.500%, 09/30/2029 (A) | 2,193 | 2,130 | ||||||||||
DP World MTN (A) | ||||||||||||
6.850%, 07/02/2037 (B) | 432 | 407 | ||||||||||
5.625%, 09/25/2048 | 1,556 | 1,299 | ||||||||||
4.700%, 09/30/2049 | 282 | 217 | ||||||||||
Emirate of Dubai Government International Bonds MTN | ||||||||||||
5.250%, 01/30/2043 | 490 | 455 | ||||||||||
MDC-GMTN BV MTN | ||||||||||||
4.500%, 11/07/2028 (A) | 1,346 | 1,416 | ||||||||||
4.500%, 11/07/2028 | 1,225 | 1,288 | ||||||||||
MDGH - GMTN BV MTN | ||||||||||||
3.700%, 11/07/2049 (A) | 711 | 658 | ||||||||||
Sharjah Sukuk Program MTN | ||||||||||||
3.854%, 04/03/2026 | 359 | 354 | ||||||||||
|
| |||||||||||
18,781 | ||||||||||||
|
| |||||||||||
United Kingdom — 0.3% |
| |||||||||||
Standard Chartered Bank MTN (A) | ||||||||||||
8.375%, 10/18/2039 | IDR | 20,797,000 | 1,273 | |||||||||
8.250%, 05/17/2029 | 40,930,000 | 2,546 | ||||||||||
|
| |||||||||||
3,819 | ||||||||||||
|
| |||||||||||
Uruguay — 1.0% | ||||||||||||
Republic of Uruguay | ||||||||||||
5.100%, 06/18/2050 | $ | 1,191 | 1,347 | |||||||||
Uruguay Government International Bond | ||||||||||||
9.875%, 06/20/2022 | UYU | 42,797 | 928 | |||||||||
8.500%, 03/15/2028 | 8,397 | 156 | ||||||||||
4.975%, 04/20/2055 | $ | 961 | 1,091 | |||||||||
4.375%, 10/27/2027 | 3,536 | 3,815 | ||||||||||
4.375%, 01/23/2031 | 5,085 | 5,524 | ||||||||||
4.125%, 11/20/2045 | 346 | 353 | ||||||||||
|
| |||||||||||
13,214 | ||||||||||||
|
| |||||||||||
Uzbekistan — 0.1% | ||||||||||||
Republic of Uzbekistan Bond MTN | ||||||||||||
5.375%, 02/20/2029 | 983 | 964 | ||||||||||
4.750%, 02/20/2024 | 632 | 618 | ||||||||||
|
| |||||||||||
1,582 | ||||||||||||
|
| |||||||||||
Venezuela — 0.3% | ||||||||||||
Petroleos de Venezuela | ||||||||||||
9.750%, 05/17/2035 (G) | 1,000 | 60 | ||||||||||
9.000%, 11/17/2021 (B)(G) | 4,300 | 258 | ||||||||||
6.000%, 05/16/2024 (G) | 10,192 | 612 | ||||||||||
6.000%, 05/16/2024 (G) | 7,785 | 467 | ||||||||||
6.000%, | 13,215 | 793 | ||||||||||
5.500%, 04/12/2037 (G) | 1,740 | 104 | ||||||||||
5.375%, 04/12/2027 (G) | 4,563 | 274 | ||||||||||
Venezuela Government International Bond | ||||||||||||
9.250%, 09/15/2027 (G) | 2,300 | 207 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 53 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Markets Debt Fund(Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
GLOBAL BONDS (continued) |
| |||||||
9.250%, 05/07/2028 (G) | $ | 2,941 | $ | 265 | ||||
8.250%, 10/13/2024 (G) | 3,304 | 297 | ||||||
7.750%, 10/13/2019 (G) | 3,976 | 358 | ||||||
|
| |||||||
3,695 | ||||||||
|
| |||||||
Vietnam — 0.0% | ||||||||
Mong Duong Finance Holdings BV |
| |||||||
5.125%, 05/07/2029 (A) | 692 | 583 | ||||||
|
| |||||||
Zambia — 0.2% | ||||||||
First Quantum Minerals (A) |
| |||||||
7.500%, 04/01/2025 | 412 | 343 | ||||||
6.875%, 03/01/2026 | 411 | 330 | ||||||
Zambia Government International Bond |
| |||||||
8.500%, 04/14/2024 (A) | 1,139 | 454 | ||||||
5.375%, 09/20/2022 | 1,695 | 703 | ||||||
5.375%, 09/20/2022 (A) | 794 | 330 | ||||||
|
| |||||||
2,160 | ||||||||
|
| |||||||
Total Global Bonds |
| 1,252,464 | ||||||
|
| |||||||
Shares | ||||||||
AFFILIATED PARTNERSHIP — 3.8% |
| |||||||
SEI Liquidity Fund, L.P. | ||||||||
0.760%**†(H) | 50,583,929 | 50,592 | ||||||
|
| |||||||
Total Affiliated Partnership |
| 50,592 | ||||||
|
| |||||||
Total Investments in Securities — 97.2% (Cost $1,540,388) ($ Thousands) |
| $ | 1,303,056 | |||||
|
| |||||||
Contracts | ||||||||
PURCHASED OPTION*(I) — 0.0% |
| |||||||
Total Purchased Option | 26,834,317 | $ | 25 | |||||
|
|
A list of the open option contracts held by the Fund at March 31, 2020, is as follows:
Description | Number of Contracts | Notional Amount (Thousands)^ | Exercise Price | Expiration Date | Value (Thousands) | |||||||||||||||
PURCHASED OPTION — 0.0% | ||||||||||||||||||||
Call Options | ||||||||||||||||||||
September 2020, USD Call HKD Put* | 26,834,317 | $ | 279 | $ | 7.85 | 9/19/2020 | $ | 25 | ||||||||||||
|
|
|
| |||||||||||||||||
Total Purchased Option | $ | 279 | $ | 25 | ||||||||||||||||
|
|
|
|
^Represents cost.
54 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
A list of the open futures contracts held by the Fund at March 31, 2020, is as follows:
Type of Contract | Number of Contracts Long (Short) | Expiration Date | Notional Amount (Thousands) | Value (Thousands) | Unrealized Appreciation/ Depreciation (Thousands) | |||||||||||||||
Euro-Bund | (86) | Jun-2020 | $ | (16,748 | ) | $ | (16,279 | ) | $ | 156 | ||||||||||
Euro-Buxl | (17) | Jun-2020 | (4,122 | ) | (3,915 | ) | 122 | |||||||||||||
Korea10-Year Bond | 13 | Jun-2020 | 1,406 | 1,405 | (4 | ) | ||||||||||||||
Korea3-Year Bond | 49 | Jun-2020 | 4,392 | 4,482 | (3 | ) | ||||||||||||||
R023 Bond Future | 579 | May-2020 | 4,113 | 3,352 | (10 | ) | ||||||||||||||
R186 Bond Future | 1,003 | May-2020 | 7,944 | 5,993 | (540 | ) | ||||||||||||||
R2032 Bond Future | 506 | May-2020 | 3,184 | 2,275 | (357 | ) | ||||||||||||||
R2035 Bond Future | 937 | May-2020 | 6,024 | 4,307 | (672 | ) | ||||||||||||||
R2037 Bond Future | 423 | May-2020 | 2,593 | 1,857 | (286 | ) | ||||||||||||||
R2040 Bond Future | 474 | May-2020 | 2,989 | 2,154 | (316 | ) | ||||||||||||||
R208 Bond Future | 114 | May-2020 | 788 | 655 | 10 | |||||||||||||||
R213 Bond Future | 811 | May-2020 | 4,758 | 3,409 | (521 | ) | ||||||||||||||
U.S.10-Year Treasury Note | 107 | Jun-2020 | 14,283 | 14,840 | 557 | |||||||||||||||
U.S. Ultra Long Treasury Bond | 44 | Jun-2020 | 8,911 | 9,763 | 852 | |||||||||||||||
|
|
|
|
|
| |||||||||||||||
$ | 40,515 | $ | 34,298 | $ | (1,012 | ) | ||||||||||||||
|
|
|
|
|
|
A list of the open forward foreign currency contracts held by the Fund at March 31, 2020, is as follows:
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Barclays PLC | 06/17/20 | USD | 19,670 | CNY | 138,139 | $ | (181 | ) | ||||||||||||||||
Barclays PLC | 06/17/20 | TWD | 295,543 | USD | 9,639 | (259 | ) | |||||||||||||||||
Citigroup | 04/02/20 | BRL | 8,969 | USD | 1,774 | 45 | ||||||||||||||||||
Citigroup | 04/02/20 - 04/06/20 | EUR | 4,731 | RON | 22,728 | (31 | ) | |||||||||||||||||
Citigroup | 04/02/20 - 06/02/20 | USD | 6,455 | BRL | 30,241 | (642 | ) | |||||||||||||||||
Citigroup | 04/03/20 - 06/03/20 | USD | 6,992 | EUR | 6,251 | (129 | ) | |||||||||||||||||
Citigroup | 04/03/20 - 06/17/20 | EUR | 12,996 | USD | 14,559 | 279 | ||||||||||||||||||
Citigroup | 04/06/20 | RON | 1,854 | EUR | 384 | — | ||||||||||||||||||
Citigroup | 04/06/20 | EUR | 3,913 | PLN | 16,635 | (288 | ) | |||||||||||||||||
Citigroup | 04/09/20 - 06/17/20 | USD | 16,962 | THB | 540,760 | (474 | ) | |||||||||||||||||
Citigroup | 04/15/20 | USD | 2,709 | INR | 193,704 | (155 | ) | |||||||||||||||||
Citigroup | 04/20/20 | TWD | 83,659 | USD | 2,799 | 23 | ||||||||||||||||||
Citigroup | 04/21/20 | EUR | 3,105 | CZK | 78,691 | (255 | ) | |||||||||||||||||
Citigroup | 04/21/20 | PLN | 2,462 | EUR | 567 | 30 | ||||||||||||||||||
Citigroup | 04/21/20 | PLN | 4,944 | EUR | 1,084 | (1 | ) | |||||||||||||||||
Citigroup | 04/21/20 | CZK | 18,353 | EUR | 669 | (1 | ) | |||||||||||||||||
Citigroup | 04/21/20 | HUF | 1,022,971 | EUR | 3,046 | 229 | ||||||||||||||||||
Citigroup | 04/21/20 | HUF | 153,926 | EUR | 427 | (1 | ) | |||||||||||||||||
Citigroup | 04/22/20 - 05/04/20 | IDR | 127,959,842 | USD | 8,907 | 1,065 | ||||||||||||||||||
Citigroup | 05/21/20 - 01/27/21 | EGP | 18,014 | USD | 1,081 | 16 | ||||||||||||||||||
Citigroup | 04/23/20 - 05/28/20 | EGP | 83,963 | USD | 5,156 | (115 | ) | |||||||||||||||||
Citigroup | 04/30/20 | USD | 309 | NGN | 126,782 | 5 | ||||||||||||||||||
Citigroup | 04/30/20 | USD | 1,385 | NGN | 548,462 | (25 | ) | |||||||||||||||||
Citigroup | 06/17/20 | USD | 2,634 | MXN | 64,545 | 87 | ||||||||||||||||||
Citigroup | 05/06/20 - 06/17/20 | USD | 11,222 | MXN | 249,133 | (686 | ) | |||||||||||||||||
Citigroup | 05/06/20 - 06/17/20 | USD | 27,943 | ZAR | 461,137 | (2,326 | ) | |||||||||||||||||
Citigroup | 05/06/20 | MXN | 20,991 | USD | 1,095 | 204 | ||||||||||||||||||
Citigroup | 05/06/20 | MXN | 14,793 | USD | 608 | (20 | ) | |||||||||||||||||
Citigroup | 06/17/20 | USD | 3,392 | ILS | 12,384 | 125 | ||||||||||||||||||
Citigroup | 05/11/20 | USD | 5,894 | ILS | 20,093 | (201 | ) |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 55 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Markets Debt Fund(Continued)
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Citigroup | 05/11/20 | ILS | 20,093 | USD | 5,861 | $ | 168 | |||||||||||||||||
Citigroup | 05/13/20 - 06/17/20 | TRY | 28,954 | USD | 4,653 | 331 | ||||||||||||||||||
Citigroup | 06/17/20 | TRY | 4,503 | USD | 668 | (1 | ) | |||||||||||||||||
Citigroup | 06/02/20 | BRL | 8,695 | USD | 1,918 | 248 | ||||||||||||||||||
Citigroup | 06/17/20 | USD | 491 | PEN | 1,753 | 18 | ||||||||||||||||||
Citigroup | 06/17/20 | USD | 1,195 | RON | 5,158 | (29 | ) | |||||||||||||||||
Citigroup | 06/17/20 | USD | 398 | IDR | 6,614,950 | 3 | ||||||||||||||||||
Citigroup | 06/17/20 | USD | 1,984 | IDR | 32,517,734 | (11 | ) | |||||||||||||||||
Citigroup | 06/17/20 | USD | 6,606 | CLP | 5,521,102 | (113 | ) | |||||||||||||||||
Citigroup | 06/17/20 | USD | 7,176 | PLN | 28,158 | (394 | ) | |||||||||||||||||
Citigroup | 06/17/20 | CNY | 13,847 | USD | 1,962 | 8 | ||||||||||||||||||
Citigroup | 06/17/20 | PLN | 16,090 | USD | 4,225 | 350 | ||||||||||||||||||
Citigroup | 06/17/20 | PLN | 4,315 | USD | 1,038 | (1 | ) | |||||||||||||||||
Citigroup | 06/17/20 | THB | 22,775 | USD | 694 | — | ||||||||||||||||||
Citigroup | 06/17/20 | PEN | 32,162 | USD | 9,312 | (24 | ) | |||||||||||||||||
Citigroup | 06/17/20 | ZAR | 97,287 | USD | 5,585 | 190 | ||||||||||||||||||
Citigroup | 06/17/20 | ZAR | 19,717 | USD | 1,093 | (1 | ) | |||||||||||||||||
Citigroup | 06/17/20 | INR | 428,264 | USD | 5,486 | (96 | ) | |||||||||||||||||
Citigroup | 06/17/20 | HUF | 280,405 | USD | 928 | 73 | ||||||||||||||||||
Citigroup | 06/17/20 | HUF | 171,690 | USD | 523 | (1 | ) | |||||||||||||||||
Citigroup | 06/17/20 | CLP | 328,684 | USD | 393 | 6 | ||||||||||||||||||
Citigroup | 06/17/20 | CLP | 796,177 | USD | 921 | (15 | ) | |||||||||||||||||
Citigroup | 06/17/20 | COP | 13,294,263 | USD | 3,680 | 419 | ||||||||||||||||||
Citigroup | 06/25/20 | JPY | 232,621 | USD | 2,099 | (64 | ) | |||||||||||||||||
Citigroup | 08/26/20 | UGX | 1,014,028 | USD | 245 | (14 | ) | |||||||||||||||||
Citigroup | 12/07/20 | USD | 338 | UYU | 13,787 | (39 | ) | |||||||||||||||||
Goldman Sachs | 04/02/20 - 07/02/20 | USD | 13,332 | BRL | 65,468 | (763 | ) | |||||||||||||||||
Goldman Sachs | 04/02/20 | RON | 17,186 | EUR | 3,559 | 3 | ||||||||||||||||||
Goldman Sachs | 04/03/20 | EUR | 500 | USD | 560 | 11 | ||||||||||||||||||
Goldman Sachs | 04/03/20 | EUR | 532 | USD | 573 | (11 | ) | |||||||||||||||||
Goldman Sachs | 04/03/20 | USD | 1,374 | EUR | 1,268 | 18 | ||||||||||||||||||
Goldman Sachs | 04/03/20 | USD | 615 | EUR | 551 | (10 | ) | |||||||||||||||||
Goldman Sachs | 04/03/20 - 06/17/20 | THB | 154,387 | USD | 4,839 | 133 | ||||||||||||||||||
Goldman Sachs | 04/06/20 | EUR | 8,690 | PLN | 37,243 | (569 | ) | |||||||||||||||||
Goldman Sachs | 04/06/20 - 04/21/20 | PLN | 22,713 | EUR | 5,261 | 305 | ||||||||||||||||||
Goldman Sachs | 04/13/20 | USD | 1,499 | INR | 112,053 | (21 | ) | |||||||||||||||||
Goldman Sachs | 04/13/20 | INR | 103,402 | USD | 1,384 | 20 | ||||||||||||||||||
Goldman Sachs | 06/17/20 | INR | 52,009 | USD | 668 | (10 | ) | |||||||||||||||||
Goldman Sachs | 04/15/20 | BRL | 9,621 | USD | 2,195 | 342 | ||||||||||||||||||
Goldman Sachs | 04/27/20 | USD | 2,353 | SGD | 3,352 | 3 | ||||||||||||||||||
Goldman Sachs | 04/16/20 | USD | 2,545 | SGD | 3,617 | (4 | ) | |||||||||||||||||
Goldman Sachs | 04/20/20 | USD | 2,761 | TWD | 83,659 | 15 | ||||||||||||||||||
Goldman Sachs | 04/20/20 | USD | 2,766 | CLP | 2,229,269 | (149 | ) | |||||||||||||||||
Goldman Sachs | 06/17/20 | USD | 369 | COP | 1,510,637 | 1 | ||||||||||||||||||
Goldman Sachs | 04/20/20 - 06/17/20 | USD | 4,292 | COP | 15,614,688 | (454 | ) | |||||||||||||||||
Goldman Sachs | 04/21/20 | EUR | 3,584 | CZK | 93,218 | (199 | ) | |||||||||||||||||
Goldman Sachs | 04/21/20 | CZK | 28,862 | EUR | 1,041 | (14 | ) | |||||||||||||||||
Goldman Sachs | 04/24/20 | KRW | 1,387,113 | USD | 1,117 | (22 | ) | |||||||||||||||||
Goldman Sachs | 04/27/20 | SGD | 3,222 | USD | 2,229 | (35 | ) | |||||||||||||||||
Goldman Sachs | 04/27/20 | PHP | 6,624 | USD | 130 | — |
56 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Goldman Sachs | 04/30/20 - 07/29/20 | NGN | 2,164,387 | USD | 5,665 | $ | 510 | |||||||||||||||||
Goldman Sachs | 05/04/20 - 06/17/20 | USD | 2,491 | IDR | 41,435,627 | 30 | ||||||||||||||||||
Goldman Sachs | 05/04/20 | USD | 2,749 | IDR | 39,138,972 | (351 | ) | |||||||||||||||||
Goldman Sachs | 05/05/20 - 06/19/20 | USD | 3,101 | THB | 97,253 | (136 | ) | |||||||||||||||||
Goldman Sachs | 05/06/20 | USD | 10,248 | ZAR | 164,685 | (1,071 | ) | |||||||||||||||||
Goldman Sachs | 05/06/20 | USD | 1,276 | MXN | 31,111 | 44 | ||||||||||||||||||
Goldman Sachs | 05/06/20 - 06/17/20 | USD | 15,408 | MXN | 315,428 | (2,060 | ) | |||||||||||||||||
Goldman Sachs | 05/06/20 | TRY | 27,386 | USD | 4,484 | 367 | ||||||||||||||||||
Goldman Sachs | 05/06/20 | MXN | 86,423 | USD | 4,029 | 364 | ||||||||||||||||||
Goldman Sachs | 05/06/20 | MXN | 7,708 | USD | 326 | (1 | ) | |||||||||||||||||
Goldman Sachs | 05/06/20 - 06/17/20 | ZAR | 212,392 | USD | 13,154 | 1,321 | ||||||||||||||||||
Goldman Sachs | 05/14/20 | USD | 1,187 | RUB | 93,525 | 3 | ||||||||||||||||||
Goldman Sachs | 05/14/20 | USD | 12,910 | RUB | 803,002 | (2,690 | ) | |||||||||||||||||
Goldman Sachs | 05/14/20 | RUB | 364,255 | USD | 5,520 | 885 | ||||||||||||||||||
Goldman Sachs | 05/14/20 - 06/17/20 | RUB | 116,756 | USD | 1,466 | (17 | ) | |||||||||||||||||
Goldman Sachs | 06/05/20 | USD | 649 | KZT | 262,222 | (78 | ) | |||||||||||||||||
Goldman Sachs | 06/17/20 | USD | 3,818 | CZK | 89,677 | (217 | ) | |||||||||||||||||
Goldman Sachs | 06/17/20 | USD | 3,995 | PLN | 15,657 | (223 | ) | |||||||||||||||||
Goldman Sachs | 06/17/20 | COP | 18,009,488 | USD | 4,517 | 100 | ||||||||||||||||||
Goldman Sachs | 06/17/20 | COP | 2,513,798 | USD | 615 | (2 | ) | |||||||||||||||||
Goldman Sachs | 06/18/20 | PEN | 7,517 | USD | 2,154 | (28 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/06/20 | EUR | 276 | RON | 1,335 | — | ||||||||||||||||||
JPMorgan Chase Bank | 04/02/20 | EUR | 2,187 | RON | 10,499 | (15 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | USD | 2,765 | KRW | 3,414,434 | 40 | ||||||||||||||||||
JPMorgan Chase Bank | 04/20/20 - 04/24/20 | USD | 3,867 | KRW | 4,669,143 | (32 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | USD | 1,392 | EUR | 1,292 | 26 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | USD | 7,290 | EUR | 6,578 | (72 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 | EUR | 18,033 | USD | 20,180 | 392 | ||||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/09/20 | THB | 129,556 | USD | 4,125 | 176 | ||||||||||||||||||
JPMorgan Chase Bank | 06/19/20 | THB | 57,534 | USD | 1,752 | (2 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/03/20 - 04/20/20 | KRW | 9,774,170 | USD | 8,163 | 135 | ||||||||||||||||||
JPMorgan Chase Bank | 04/06/20 | RON | 14,171 | EUR | 2,947 | 17 | ||||||||||||||||||
JPMorgan Chase Bank | 04/14/20 | USD | 487 | PHP | 24,673 | (3 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/14/20 - 04/21/20 | USD | 6,255 | CLP | 5,197,618 | (152 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/14/20 - 06/17/20 | USD | 13,170 | KRW | 15,720,848 | (250 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/14/20 - 04/22/20 | PEN | 15,488 | USD | 4,438 | (65 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/14/20 - 06/02/20 | BRL | 52,266 | USD | 11,414 | 1,365 | ||||||||||||||||||
JPMorgan Chase Bank | 04/14/20 - 04/16/20 | RUB | 610,739 | USD | 9,099 | 1,296 | ||||||||||||||||||
JPMorgan Chase Bank | 04/14/20 - 06/17/20 | COP | 25,643,344 | USD | 6,642 | 348 | ||||||||||||||||||
JPMorgan Chase Bank | 04/14/20 - 04/23/20 | IDR | 150,856,849 | USD | 10,404 | 1,157 | ||||||||||||||||||
JPMorgan Chase Bank | 04/24/20 | IDR | 60,080,887 | USD | 3,647 | (36 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/15/20 | USD | 10,517 | BRL | 44,920 | (1,864 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/15/20 | INR | 29,470 | USD | 382 | (7 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/16/20 | USD | 2,423 | TWD | 72,652 | (14 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/16/20 | USD | 1,098 | RUB | 88,819 | 36 | ||||||||||||||||||
JPMorgan Chase Bank | 04/16/20 | USD | 2,560 | RUB | 184,115 | (209 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/16/20 - 04/27/20 | USD | 5,996 | BRL | 29,283 | (358 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/16/20 | CNY | 16,642 | USD | 2,340 | (9 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/16/20 - 04/17/20 | THB | 102,328 | USD | 3,236 | 118 | ||||||||||||||||||
JPMorgan Chase Bank | 04/16/20 | KRW | 5,540,032 | USD | 4,342 | (209 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/17/20 | USD | 4,326 | TRY | 26,793 | (277 | ) |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 57 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Markets Debt Fund(Continued)
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
JPMorgan Chase Bank | 04/20/20 | CLP | 2,233,260 | USD | 2,814 | $ | 192 | |||||||||||||||||
JPMorgan Chase Bank | 04/21/20 | EUR | 2,289 | PLN | 10,032 | (97 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/21/20 | EUR | 5,101 | HUF | 1,728,814 | (336 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/21/20 | EGP | 47,000 | USD | 2,889 | (81 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/21/20 | CZK | 63,403 | EUR | 2,426 | 122 | ||||||||||||||||||
JPMorgan Chase Bank | 04/22/20 - 04/24/20 | USD | 8,327 | THB | 270,554 | (80 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/22/20 - 05/06/20 | ZAR | 208,448 | USD | 12,714 | 1,083 | ||||||||||||||||||
JPMorgan Chase Bank | 04/27/20 | SGD | 3,175 | USD | 2,168 | (63 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/04/20 | MYR | 1,679 | USD | 404 | 14 | ||||||||||||||||||
JPMorgan Chase Bank | 05/04/20 | USD | 1,713 | IDR | 23,901,224 | (248 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/04/20 | IDR | 24,559,810 | USD | 1,762 | 258 | ||||||||||||||||||
JPMorgan Chase Bank | 05/04/20 | IDR | 2,521,103 | USD | 154 | (1 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/05/20 - 06/19/20 | USD | 4,525 | THB | 142,268 | (187 | ) | |||||||||||||||||
JPMorgan Chase Bank | 06/03/20 - 06/25/20 | USD | 3,836 | EUR | 3,534 | 50 | ||||||||||||||||||
JPMorgan Chase Bank | 05/05/20 - 06/03/20 | USD | 2,975 | EUR | 2,637 | (76 | ) | |||||||||||||||||
JPMorgan Chase Bank | 06/03/20 - 06/25/20 | EUR | 13,146 | USD | 14,678 | 221 | ||||||||||||||||||
JPMorgan Chase Bank | 05/05/20 - 06/25/20 | EUR | 22,547 | USD | 24,285 | (527 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/06/20 | USD | 302 | TRY | 1,967 | (6 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/06/20 - 05/20/20 | USD | 2,397 | MXN | 59,912 | 140 | ||||||||||||||||||
JPMorgan Chase Bank | 05/20/20 | USD | 1,649 | MXN | 34,701 | (180 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/06/20 - 05/19/20 | USD | 4,414 | ZAR | 75,715 | (199 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/06/20 | TRY | 15,389 | USD | 2,310 | (4 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/06/20 - 05/20/20 | MXN | 124,459 | USD | 6,552 | 1,282 | ||||||||||||||||||
JPMorgan Chase Bank | 05/20/20 | MXN | 918 | USD | 38 | — | ||||||||||||||||||
JPMorgan Chase Bank | 05/14/20 | USD | 4,229 | RUB | 288,110 | (562 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/14/20 | RUB | 239,058 | USD | 3,206 | 164 | ||||||||||||||||||
JPMorgan Chase Bank | 05/20/20 | USD | 6,807 | RON | 30,003 | (15 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/20/20 - 06/17/20 | USD | 13,408 | PLN | 52,541 | (752 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/20/20 | PLN | 21,458 | USD | 5,560 | 392 | ||||||||||||||||||
JPMorgan Chase Bank | 05/29/20 | USD | 2,377 | CNY | 16,878 | 6 | ||||||||||||||||||
JPMorgan Chase Bank | 06/05/20 | USD | 2,086 | KZT | 843,403 | (250 | ) | |||||||||||||||||
JPMorgan Chase Bank | 06/05/20 | KZT | 558,344 | USD | 1,400 | 185 | ||||||||||||||||||
JPMorgan Chase Bank | 06/17/20 | USD | 1,165 | ILS | 4,283 | 51 | ||||||||||||||||||
JPMorgan Chase Bank | 06/17/20 | USD | 1,550 | CLP | 1,295,210 | (27 | ) | |||||||||||||||||
JPMorgan Chase Bank | 06/17/20 | USD | 365 | IDR | 6,246,638 | 14 | ||||||||||||||||||
JPMorgan Chase Bank | 06/17/20 | USD | 1,489 | IDR | 24,375,920 | (10 | ) | |||||||||||||||||
JPMorgan Chase Bank | 06/17/20 | USD | 1,975 | HUF | 581,607 | (201 | ) | |||||||||||||||||
JPMorgan Chase Bank | 06/17/20 | USD | 2,392 | COP | 9,209,986 | (133 | ) | |||||||||||||||||
JPMorgan Chase Bank | 06/17/20 | USD | 2,959 | CZK | 66,101 | (305 | ) | |||||||||||||||||
JPMorgan Chase Bank | 06/17/20 | CZK | 63,640 | USD | 2,811 | 256 | ||||||||||||||||||
JPMorgan Chase Bank | 06/17/20 | PHP | 222,803 | USD | 4,324 | 1 | ||||||||||||||||||
JPMorgan Chase Bank | 06/17/20 | COP | 3,203,838 | USD | 766 | (20 | ) | |||||||||||||||||
JPMorgan Chase Bank | 06/18/20 | USD | 2,215 | PEN | 7,895 | 76 | ||||||||||||||||||
JPMorgan Chase Bank | 06/18/20 | PEN | 3,758 | USD | 1,102 | 10 | ||||||||||||||||||
JPMorgan Chase Bank | 06/18/20 | PEN | 1,387 | USD | 392 | (11 | ) | |||||||||||||||||
JPMorgan Chase Bank | 08/27/20 | USD | 631 | UAH | 16,250 | 127 | ||||||||||||||||||
JPMorgan Chase Bank | 10/19/20 | USD | 208 | UYU | 7,800 | (36 | ) | |||||||||||||||||
Standard Bank | 04/03/20 | EUR | 2,135 | USD | 2,378 | 36 | ||||||||||||||||||
Standard Bank | 04/03/20 | EUR | 797 | USD | 855 | (20 | ) | |||||||||||||||||
Standard Bank | 04/03/20 | USD | 564 | EUR | 526 | 13 |
58 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Standard Bank | 04/03/20 - 06/03/20 | USD | 7,426 | EUR | 6,623 | $ | (158 | ) | ||||||||||||||||
Standard Bank | 04/30/20 | USD | 384 | NGN | 156,802 | 4 | ||||||||||||||||||
Standard Bank | 05/06/20 | ZAR | 54,782 | USD | 3,702 | 649 | ||||||||||||||||||
Standard Bank | 06/02/20 | USD | 1,253 | BRL | 5,682 | (162 | ) | |||||||||||||||||
Standard Bank | 06/17/20 | USD | 2,298 | SGD | 3,302 | 24 | ||||||||||||||||||
Standard Bank | 06/17/20 | USD | 3,367 | IDR | 50,307,642 | (316 | ) | |||||||||||||||||
Standard Bank | 06/17/20 | SGD | 17,926 | USD | 12,753 | 142 | ||||||||||||||||||
Standard Bank | 06/17/20 | INR | 98,244 | USD | 1,270 | (10 | ) | |||||||||||||||||
Standard Bank | 06/17/20 | TWD | 37,347 | USD | 1,251 | — | ||||||||||||||||||
Standard Bank | 06/17/20 | TWD | 113,172 | USD | 3,767 | (23 | ) | |||||||||||||||||
Standard Bank | 09/09/20 | UGX | 3,256,313 | USD | 775 | (56 | ) | |||||||||||||||||
Standard Chartered | 04/02/20 - 06/02/20 | USD | 16,702 | BRL | 72,247 | (2,803 | ) | |||||||||||||||||
Standard Chartered | 04/06/20 | PLN | 13,744 | EUR | 3,203 | 206 | ||||||||||||||||||
Standard Chartered | 04/13/20 - 05/04/20 | MYR | 60,432 | USD | 14,612 | 581 | ||||||||||||||||||
Standard Chartered | 05/04/20 | MYR | 1,178 | USD | 268 | (6 | ) | |||||||||||||||||
Standard Chartered | 04/16/20 | USD | 408 | TWD | 12,244 | (2 | ) | |||||||||||||||||
Standard Chartered | 04/16/20 | USD | 5,206 | CNY | 36,506 | (53 | ) | |||||||||||||||||
Standard Chartered | 04/16/20 | TWD | 84,730 | USD | 2,832 | 23 | ||||||||||||||||||
Standard Chartered | 04/21/20 | EUR | 6,269 | PLN | 27,003 | (380 | ) | |||||||||||||||||
Standard Chartered | 04/21/20 | CZK | 66,684 | EUR | 2,632 | 217 | ||||||||||||||||||
Standard Chartered | 04/22/20 | USD | 5,358 | IDR | 73,597,313 | (846 | ) | |||||||||||||||||
Standard Chartered | 05/04/20 | USD | 3,793 | MYR | 16,423 | 27 | ||||||||||||||||||
Standard Chartered | 05/04/20 | IDR | 38,744,798 | USD | 2,801 | 427 | ||||||||||||||||||
Standard Chartered | 05/05/20 | THB | 11,343 | USD | 362 | 16 | ||||||||||||||||||
Standard Chartered | 05/13/20 | TRY | 17,725 | USD | 2,896 | 236 | ||||||||||||||||||
Standard Chartered | 05/14/20 | USD | 830 | RUB | 51,659 | (172 | ) | |||||||||||||||||
Standard Chartered | 06/19/20 | PHP | 154,829 | USD | 2,955 | (48 | ) | |||||||||||||||||
State Street | 04/03/20 | USD | 14,458 | EUR | 13,312 | 148 | ||||||||||||||||||
State Street | 05/05/20 | USD | 21,020 | EUR | 19,035 | (110 | ) | |||||||||||||||||
State Street | 04/16/20 | SGD | 3,740 | USD | 2,669 | 41 | ||||||||||||||||||
State Street | 04/20/20 | COP | 9,518,000 | USD | 2,807 | 465 | ||||||||||||||||||
State Street | 05/06/20 | MXN | 196,154 | USD | 10,242 | 1,921 | ||||||||||||||||||
State Street | 05/14/20 | USD | 567 | RUB | 44,592 | — | ||||||||||||||||||
State Street | 05/14/20 | RUB | 24,688 | USD | 342 | 27 | ||||||||||||||||||
State Street | 06/17/20 | USD | 1,223 | CLP | 1,048,981 | 11 | ||||||||||||||||||
|
| |||||||||||||||||||||||
$ | (5,513 | ) | ||||||||||||||||||||||
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 59 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Markets Debt Fund(Continued)
A list of the open OTC swap agreements held by the Fund at March 31, 2020, 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 | 0.6925% | 6-MONTH HUF - BUBOR | Semi-Annually | 04/20/2020 | HUF | 1,750,000 | $ | (36 | ) | $ | – | $ | (36 | ) | ||||||||||||||||||||||
Goldman Sachs | 1-DAY BRL - CETIP | 12.725% | Annually | 01/04/2021 | BRL | 10,608 | 735 | – | 735 | |||||||||||||||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 9.61% | Annually | 01/04/2021 | BRL | 4,626 | 139 | – | 139 | |||||||||||||||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 10.89% | Annually | 01/04/2021 | BRL | 170 | 6 | – | 6 | |||||||||||||||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 10.04% | Annually | 01/04/2021 | BRL | 3,557 | 120 | – | 120 | |||||||||||||||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 9.275% | Annually | 01/04/2021 | BRL | 5,815 | 158 | – | 158 | |||||||||||||||||||||||||||
JPMorgan Chase | 1-DAY BRL - CETIP | 8.87% | Annually | 01/04/2021 | BRL | 8,089 | 195 | – | 195 | |||||||||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 5.37% | Monthly | 03/17/2021 | MXN | 46,500 | (9 | ) | – | (9 | ) | |||||||||||||||||||||||||
3-MONTH MOSCOW PRIME | ||||||||||||||||||||||||||||||||||||
Goldman Sachs | OFFERED RATE - RUB | 7.515% | Annually | 06/10/2021 | RUB | 1,020,770 | 88 | – | 88 | |||||||||||||||||||||||||||
JPMorgan Chase | 1.3775% | 6-MONTH HUF - BUBOR | Semi-Annually | 06/17/2021 | HUF | 654,998 | (44 | ) | – | (44 | ) | |||||||||||||||||||||||||
Goldman Sachs | 6-MONTH PLN - WIBOR | 2.208% | Annually | 11/16/2021 | PLN | 6,842 | 51 | – | 51 | |||||||||||||||||||||||||||
Citigroup | 6-MONTH PLN - WIBOR | 2.431% | Annually | 12/14/2021 | PLN | 11,000 | 91 | – | 91 | |||||||||||||||||||||||||||
3-MONTH MOSCOW PRIME | ||||||||||||||||||||||||||||||||||||
Goldman Sachs | OFFERED RATE - RUB | 6.29% | Annually | 12/14/2021 | RUB | 535,000 | (44 | ) | – | (44 | ) | |||||||||||||||||||||||||
Goldman Sachs | 6-MONTH HUF - BUBOR | 1.265% | Semi-Annually | 01/10/2022 | HUF | 1,537,322 | (76 | ) | – | (76 | ) | |||||||||||||||||||||||||
3-MONTH MOSCOW PRIME | ||||||||||||||||||||||||||||||||||||
Goldman Sachs | OFFERED RATE - RUB | 8.11% | Quarterly | 03/23/2022 | RUB | 715,570 | 174 | – | 174 | |||||||||||||||||||||||||||
| 1-DAY-CLP - SINACOFI CHILE | | ||||||||||||||||||||||||||||||||||
JPMorgan Chase | INTERBANK RATE AVG | 3.430% | Semi-Annually | 05/10/2022 | CLP | 420,527 | 31 | – | 31 | |||||||||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 5.900% | Monthly | 09/12/2022 | MXN | 75,956 | 9 | – | 9 | |||||||||||||||||||||||||||
Goldman Sachs | 6-MONTH HUF - BUBOR | 0.8385% | Annually | 09/21/2022 | HUF | 1,390,000 | 38 | – | 38 | |||||||||||||||||||||||||||
Goldman Sachs | 1-DAY BRL - CETIP | 11.985% | Annually | 01/02/2023 | BRL | 3,000 | 283 | – | 283 | |||||||||||||||||||||||||||
Goldman Sachs | 1-DAY BRL - CETIP | 10.04% | Annually | 01/03/2023 | BRL | 5,012 | 352 | – | 352 | |||||||||||||||||||||||||||
China7-Day Reverse Repo | ||||||||||||||||||||||||||||||||||||
Citigroup | Rate | 2.7614% | Quarterly | 07/05/2024 | CNY | 99,768 | 270 | – | 270 | |||||||||||||||||||||||||||
China7-Day Reverse Repo | ||||||||||||||||||||||||||||||||||||
Goldman Sachs | Rate | 2.77% | Quarterly | 07/05/2024 | CNY | 25,760 | 71 | – | 71 | |||||||||||||||||||||||||||
China 7-Day Reverse Repo | ||||||||||||||||||||||||||||||||||||
Goldman Sachs | Rate | 2.894% | Quarterly | 10/14/2024 | CNY | 12,730 | 55 | – | 55 | |||||||||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 6.355% | Monthly | 05/21/2025 | MXN | 23,145 | (2 | ) | – | (2 | ) | |||||||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 6.205% | Monthly | 12/08/2025 | MXN | 16,624 | (11 | ) | – | (11 | ) | |||||||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 6.165% | Monthly | 03/05/2026 | MXN | 47,200 | (41 | ) | – | (41 | ) | |||||||||||||||||||||||||
JPMorgan Chase | 28-DAY MXN - TIIE | 6.13% | Monthly | 06/18/2026 | MXN | 40,000 | (43 | ) | – | (43 | ) | |||||||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 6.381% | Monthly | 09/16/2026 | MXN | 26,000 | (16 | ) | – | (16 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||
$ | 2,544 | $ | – | $ | 2,544 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
60 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
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 (Depreciation) (Thousands) | |||||||||||||||
JPMorgan Chase | Argentina | Sell | 5.00% | Quarterly | 06/20/2023 | $(1,895) | $(1,391) | $ | 101 | $ | (1,491 | ) | ||||||||||||
|
|
|
|
|
|
Cross Currency Swaps | ||||||||||||||||||||||||||||||||||||
Counterparty | Fund Pays | Fund Receives | Payment Frequency | Termination Date | Currency | Notional Amount (Thousands) | Value (Thousands) | Upfront Payment (Thousands) | Net Unrealized Appreciation (Thousands) | |||||||||||||||||||||||||||
JPMorgan Chase | 12.90% | 3-MONTH USD – LIBOR | Quarterly | 10/07/2025 | TRY | 3,070 | $ | 48 | $ | – | $ | 48 | ||||||||||||||||||||||||
JPMorgan Chase | 11.065% | 3-MONTH USD – LIBOR | Quarterly | 12/07/2025 | TRY | 2,351 | 139 | – | 139 | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 187 | $ | – | $ | 187 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
A list of the open centrally cleared swap agreements held by the Fund at March 31, 2020, 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) | ||||||||||||||||
1-DAY-CLP - SINACOFI CHILE | 1.71% | Annually | 11/07/2020 | CLP | ||||||||||||||||||||
INTERBANK RATE AVG | 15,170,000 | $ | 132 | $ | – | $ | 132 | |||||||||||||||||
China 7-Day Reverse Repo Rate | 2.7475% | Quarterly | 07/05/2024 | CNY | 20,500 | 66 | – | 66 | ||||||||||||||||
1.675% | 6-MONTH CZK - PRIBOR | Semi-Annually | 07/17/2024 | CZK | 21,146 | (32) | – | (32 | ) | |||||||||||||||
28-DAYMXN - TIIE | 6.75 | Monthly | 08/26/2024 | MXN | 60,739 | 55 | – | 55 | ||||||||||||||||
6-MONTHHUF - BUBOR | 0.81% | Annually | 09/12/2024 | HUF | 75,000 | (1) | – | (1 | ) | |||||||||||||||
1.37% | 6-MONTH HUF - BUBOR | Annually | 02/17/2025 | HUF | 460,000 | 30 | – | 30 | ||||||||||||||||
6-MONTH HUF BUBOR | 1.35% | Annually | 02/18/2025 | HUF | 460,000 | 26 | – | 26 | ||||||||||||||||
5.08125% | INR - MIBOR | Semi-Annually | 02/25/2025 | INR | 541,829 | 21 | – | 21 | ||||||||||||||||
5.0975% | INR - MIBOR | Semi-Annually | 02/26/2025 | INR | 270,915 | 8 | – | 8 | ||||||||||||||||
1.005% | 6-MONTH HUF - BUBOR | Annually | 03/06/2025 | HUF | 900,000 | 4 | – | 4 | ||||||||||||||||
.62 FIXED | 28-DAYMXN - TIIE | Monthly | 03/21/2025 | MXN | 19,328 | 10 | – | 10 | ||||||||||||||||
.725% | 6-MONTH HUF - BUBOR | Annually | 03/25/2025 | HUF | 765,000 | (27) | – | (27 | ) | |||||||||||||||
28-DAYMXN - TIIE | 7.72% | Monthly | 12/03/2026 | MXN | 8,000 | 20 | – | 20 | ||||||||||||||||
28-DAYMXN - TIIE | 7.51% | Monthly | 04/20/2027 | MXN | 8,110 | 16 | – | 16 | ||||||||||||||||
2.969% | 6-MONTH HUF - BUBOR | Semi-Annually | 02/08/2029 | HUF | 200,000 | (29) | – | (29 | ) | |||||||||||||||
1.64 | 6-MONTH CZK - PRIBOR | Semi-Annually | 06/21/2024 | CZK | 14,000 | (20) | – | (20 | ) | |||||||||||||||
5.915% | 1-DAY COP - COLUMBIA IBR | Quarterly | 05/15/2029 | COP | 3,600,000 | (33) | – | (33 | ) | |||||||||||||||
3-MONTHZAR - JIBAR | 8.49% | Quarterly | 07/18/2029 | ZAR | 10,000 | (45) | – | (45 | ) | |||||||||||||||
6.94 | 28-DAYMXN - TIIE | Monthly | 08/20/2029 | MXN | 35,892 | 2 | – | 2 | ||||||||||||||||
6.9225% | 28-DAYMXN - TIIE | Monthly | 08/31/2029 | MXN | 42,602 | 5 | – | 5 | ||||||||||||||||
6.82% | 28-DAYMXN - TIIE | Monthly | 09/10/2029 | MXN | 33,993 | 15 | – | 15 | ||||||||||||||||
1.4925% | 6-MONTH CZK - PRIBOR | Semi-Annually | 11/18/2029 | CZK | 33,000 | 100 | – | 100 | ||||||||||||||||
1-DAY-CLP - SINACOFI CHILE | 3.045% | Semi-Annually | 11/29/2029 | CLP | ||||||||||||||||||||
INTERBANK RATE AVG | 610,398 | 23 | – | 23 | ||||||||||||||||||||
1.805% | 6-MONTH PLN - WIBOR | Semi-Annually | 12/17/2029 | PLN | 11,500 | 194 | – | 194 | ||||||||||||||||
1-DAY-CLP - SINACOFI CHILE | 3.075% | Semi-Annually | 01/08/2030 | CLP | ||||||||||||||||||||
INTERBANK RATE AVG | 165,659 | 7 | – | 7 | ||||||||||||||||||||
1.81% | 6-MONTH CZK - PRIBOR | Semi-Annually | 01/17/2030 | CZK | 10,000 | (42) | – | (42 | ) | |||||||||||||||
1.61% | 6-MONTH HUF - BUBOR | Semi-Annually | 01/17/2030 | HUF | 135,000 | 17 | – | 17 | ||||||||||||||||
6-MONTH PLN - WIBOR | 1.75% | Annually | 02/26/2030 | PLN | 11,700 | 182 | – | 182 | ||||||||||||||||
1-DAYCOP - COLUMBIA IBR | 5.4% | Quarterly | 03/11/2030 | COP | 2,751,828 | 8 | – | 8 | ||||||||||||||||
1-DAYCOP - COLUMBIA IBR | 5.47% | Quarterly | 03/11/2030 | COP | 879,919 | 1 | – | 1 | ||||||||||||||||
1-DAY COP - COLUMBIA IBR | 5.45% | Quarterly | 03/12/2030 | COP | 1,338,006 | 3 | – | 3 | ||||||||||||||||
5.37 | 1-DAY COP - COLUMBIA IBR | Quarterly | 06/21/2029 | COP | 1,800,000 | 2 | – | 2 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 61 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2020
Emerging Markets Debt Fund(Concluded)
Fund Pays | Fund Receives | Payment Frequency | Termination Date | Currency | Notional Amount (Thousands) | Value (Thousands) | Upfront Payments/ Receipts (Thousands) | Net Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||||||
1-DAY-CLP - SINACOFI CHILE | 2.59% | Semi-Annually | 03/19/2030 | CLP | ||||||||||||||||||||||||||||
INTERBANK RATE AVG | 588,237 | $ | (9) | $ | – | $ | (9 | ) | ||||||||||||||||||||||||
1.7 | | 6-MONTH CZK - PRIBOR | | Semi-Annually | 06/18/2024 | CZK | 140,000 | (218) | – | (218 | ) | |||||||||||||||||||||
.63 FIXED | 6-MONTHPLN - WIBOR | Annually | 03/26/2024 | PLN | 3,196 | (5) | – | (5 | ) | |||||||||||||||||||||||
8.09% | 28-DAYMXN - TIIE | Monthly | 01/28/2021 | MXN | 133,260 | (105) | – | (105 | ) | |||||||||||||||||||||||
8.125% | 28-DAYMXN - TIIE | Monthly | 01/28/2021 | MXN | 60,000 | (48) | – | (48 | ) | |||||||||||||||||||||||
8.145% | 28-DAYMXN - TIIE | Monthly | 01/28/2021 | MXN | 136,359 | (110) | – | (110 | ) | |||||||||||||||||||||||
6-MONTHCZK - PRIBOR | 2.1% | Annually | 09/30/2021 | CZK | 150,349 | 122 | – | 122 | ||||||||||||||||||||||||
6-MONTHCZK - PRIBOR | 2.07% | Annually | 09/30/2021 | CZK | 121,000 | 98 | – | 98 | ||||||||||||||||||||||||
6-MONTHCZK - PRIBOR | 2.225% | Annually | 11/11/2021 | CZK | 40,000 | 38 | – | 38 | ||||||||||||||||||||||||
6-MONTHPLN - WIBOR | 2.263% | Annually | 11/12/2021 | PLN | 7,000 | 39 | – | 39 | ||||||||||||||||||||||||
1-DAYCOP - COLUMBIA IBR | 4.9% | Annually | 11/18/2021 | COP | 26,994,329 | 88 | – | 88 | ||||||||||||||||||||||||
6-MONTHCZK - PRIBOR | 2.135% | Annually | 11/18/2021 | CZK | 155,000 | 138 | – | 138 | ||||||||||||||||||||||||
1-DAYCOP - COLUMBIA IBR | 4.81% | Annually | 11/19/2021 | COP | 29,005,671 | 88 | – | 88 | ||||||||||||||||||||||||
1.960% | | 1-DAY-CLP - SINACOFI CHILE | | Semi-Annually | 12/12/2021 | CLP | ||||||||||||||||||||||||||
INTERBANK RATE AVG | 2,569,905 | (66) | – | (66 | ) | |||||||||||||||||||||||||||
1-DAYBRL - CETIP | 5.89% | Annually | 01/03/2022 | BRL | 27,057 | 155 | – | 155 | ||||||||||||||||||||||||
1-DAYBRL - CETIP | 6.2325% | Annually | 01/03/2022 | BRL | 8,733 | 59 | – | 59 | ||||||||||||||||||||||||
1-DAYBRL - CETIP | 6.24% | Annually | 01/03/2022 | BRL | 14,709 | 99 | – | 99 | ||||||||||||||||||||||||
.65 FIXED | 6-MONTHPLN - WIBOR | Annually | 03/26/2024 | PLN | 2,804 | (4) | – | (4 | ) | |||||||||||||||||||||||
6-MONTHCZK - PRIBOR | 1.46% | Semi-Annually | 03/12/2022 | CZK | 316,571 | (113) | – | (113 | ) | |||||||||||||||||||||||
28-DAYMXN - TIIE | 6.71% | Monthly | 07/07/2022 | MXN | 37,637 | 32 | – | 32 | ||||||||||||||||||||||||
1-DAYBRL - CETIP | 6.475% | Annually | 01/02/2023 | BRL | 16,116 | 89 | – | 89 | ||||||||||||||||||||||||
1-DAYBRL - CETIP | 5.58% | Annually | 01/02/2023 | BRL | 6,504 | 10 | – | 10 | ||||||||||||||||||||||||
1-DAYBRL - CETIP | 5.25% | Annually | 01/02/2023 | BRL | 11,519 | 1 | – | 1 | ||||||||||||||||||||||||
1-DAYBRL - CETIP | 6.61% | Annually | 01/02/2023 | BRL | 4,693 | 29 | – | 29 | ||||||||||||||||||||||||
1-DAYBRL - CETIP | 5.655 | Annually | 01/02/2023 | BRL | 2,705 | 5 | – | 5 | ||||||||||||||||||||||||
1-DAYBRL - CETIP | 11.475% | Annually | 01/02/2023 | BRL | 3,524 | 90 | – | 90 | ||||||||||||||||||||||||
1-DAYBRL - CETIP | 9.255% | Annually | 01/02/2023 | BRL | 2,368 | 41 | – | 41 | ||||||||||||||||||||||||
.77 FIXED | 1-DAYBRL - CETIP | Annually | 01/02/2023 | BRL | 6,361 | 43 | – | 43 | ||||||||||||||||||||||||
1-DAYBRL - CETIP | 5.49% | Annually | 01/02/2023 | BRL | 20,741 | 25 | – | 25 | ||||||||||||||||||||||||
.23 FIXED | 1-DAYBRL - CETIP | Annually | 01/02/2023 | BRL | 5,579 | 25 | – | 25 | ||||||||||||||||||||||||
1-DAYBRL - CETIP | 5.7225 | Annually | 01/02/2023 | BRL | 16,762 | 37 | – | 37 | ||||||||||||||||||||||||
.5 FIXED | 1-DAYBRL - CETIP | Annually | 01/02/2024 | BRL | 4,808 | 13 | – | 13 | ||||||||||||||||||||||||
1.9865% | 6-MONTH PLN - WIBOR | Semi-Annually | 03/25/2024 | PLN | 14,396 | (162) | – | (162 | ) | |||||||||||||||||||||||
28-DAYMXN - TIIE | 6.745% | Monthly | 06/23/2022 | MXN | 26,758 | 24 | – | 24 | ||||||||||||||||||||||||
1-DAY-CLP - SINACOFI CHILE | 2.59% | Semi-Annually | 03/19/2030 | CLP | ||||||||||||||||||||||||||||
INTERBANK RATE AVG | 614,727 | (10) | – | (10 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 1,256 | $ | – | $ | 1,256 | |||||||||||||||||||||||||||
|
|
|
|
|
|
Percentages are based on Net Assets of $1,340,754 ($ Thousands). |
* | Non-income producing security. |
** | The rate reported is the7-day effective yield as of March 31, 2020. |
† | 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 March 31, 2020, the value of these securities amounted to $228,081 ($ Thousands), representing 17.0% of the Net Assets of the Fund. |
(B) | Certain securities or partial positions of certain securities are on loan at March 31, 2020 (See Note 9). The total market value of securities on loan at March 31, 2020 was $47,785 ($ Thousands). |
(C) | 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. |
(D) | Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date. |
(E) | Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase. |
(F) | Perpetual security with no stated maturity date. |
(G) | Security is in default on interest payment. |
(H) | This security was purchased with cash collateral held from securities on loan (See Note 9). The total market value of such securities as of March 31, 2020 was $50,592 ($ Thousands). |
(I) | Refer to table below for details on Options Contracts. |
ARS — Argentine Peso
BADLAR— Buenos Aires Deposits of Large Amount Rate
BRL — Brazilian Real
BUBOR— Budapest Interbank Offered Rate
CETIP— Central of Custody and Financial Settlement of Securities
CLP — Chilean Peso
CNY — Chinese Yuan Onshore
COP — Colombian Peso
CZK — Czech Koruna
DAC — Designated Activity Company
DOP — Dominican Peso
EGP — Egyptian Pound
62 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
EUR — Euro
GHS — Ghana Cedi
HKD — Hong Kong Dollar
HUF — Hungarian Forint
IBR — Interbank Rate
ICE— Intercontinental Exchange
IDR — Indonesian Rupiah
INR — Indian Rupee
ILS — Israeli New Sheckels
JIBAR — Johannesburg Interbank Agreed Rate
JPY — Japanese Yen
JSC — Joint-Stock Company
KRW — Korean Won
KZT - Kazakhstani Tenge
LIBOR— London Interbank Offered Rate
L.P. — Limited Partnership
Ltd. — Limited
MIBOR — Mumbai Interbank Offered Rate
MTN — Medium Term Note
MXN — Mexican Peso
MYR — Malaysian Ringgit
NGN — Nigerian Naira
PEN — Peruvian Nuevo Sol
PHP— Philippine Peso
PLN — Polish Zloty
PRIBOR— Prague Interbank Offered Rate
RON — Romanian Leu
RSD — Serbian Dinar
RUB — Russian Ruble
SGD — Singapore Dollar
THB — Thai Bhat
TIIE — Interbank Equilibrium Interest Rate
TRY — Turkish Lira
TWD — Taiwan Dollar
UAH — Ukrainian Hryvnia
UGX — Ugandan Shilling
USD — U.S. Dollar
UYU — Uruguayan Peso
WIBOR— Warsaw Interbank Offered Rate
VAR — Variable Rate
ZAR — South African Rand
The following is a list of the level of inputs used as of March 31, 2020, 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 | – | 1,252,464 | – | 1,252,464 | ||||||||||||
Affiliated Partnership | – | 50,592 | – | 50,592 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | – | 1,303,056 | – | 1,303,056 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments | Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | ||||||||||||
Purchased Options | – | 25 | – | 25 | ||||||||||||
Futures Contracts* | ||||||||||||||||
Unrealized Appreciation | 1,697 | – | – | 1,697 | ||||||||||||
Unrealized Depreciation | (2,709 | ) | – | – | (2,709 | ) | ||||||||||
Forwards Contracts* | ||||||||||||||||
Unrealized Appreciation | – | 23,361 | – | 23,361 | ||||||||||||
Unrealized Depreciation | – | (28,874 | ) | – | (28,874 | ) | ||||||||||
OTC Swaps | ||||||||||||||||
Credit Default Swaps* | ||||||||||||||||
Unrealized Depreciation | – | (1,491 | ) | – | (1,491 | ) | ||||||||||
Interest Rate Swaps* | ||||||||||||||||
Unrealized Appreciation | – | 2,866 | – | 2,866 | ||||||||||||
Unrealized Depreciation | – | (322 | ) | – | (322 | ) | ||||||||||
Cross Currency Swaps* | ||||||||||||||||
Unrealized Appreciation | – | 187 | – | 187 | ||||||||||||
Centrally Cleared Swaps | ||||||||||||||||
Interest Rate Swaps* | ||||||||||||||||
Unrealized Appreciation | – | 2,335 | – | 2,335 | ||||||||||||
Unrealized Depreciation | – | (1,079 | ) | – | (1,079 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | (1,012 | ) | (2,992 | ) | – | (4,004 | ) | |||||||||
|
|
|
|
|
|
|
|
* Futures contracts, forwards contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.
For the period ended March 31, 2020, there were no transfers in or out of Level 3.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.
The following is a summary of the transactions with affiliates for the period ended March 31, 2020 ($ Thousands):
Security Description | 9/30/2019 | Purchases at Cost | Proceeds from Sales | Realized Gain/ (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value 3/31/2020 | Shares | Income | Capital Gains | |||||||||
SEI Liquidity Fund, L.P. | $87,228 | $202,496 | $(239,142) | $— | $10 | $50,592 | 50,583,929 | $107 | $— | |||||||||
|
|
|
|
|
|
|
|
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 63 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) ($ Thousands)
March 31, 2020
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value† | $ | 3,067,749 | * | $ | 1,284,186 | * | $ | 482,742 | $ | 1,252,464 | * | |||||
Affiliated investments, at value†† | 97,410 | 40,898 | – | 50,592 | ||||||||||||
Cash | 72,524 | 30,002 | 10,271 | 62,014 | ||||||||||||
Cash pledged as collateral for futures contracts | 5,617 | 4,265 | 675 | 6,026 | ||||||||||||
Foreign currency, at value††† | 1,437 | 2,818 | 3,650 | 10,362 | ||||||||||||
Receivable for fund shares sold | 2,841 | 1,141 | 247 | 776 | ||||||||||||
Receivable for investment securities sold | 15,811 | 20,165 | 2,411 | 17,178 | ||||||||||||
Dividends and interest receivable | 13,183 | 4,552 | 3,052 | 22,219 | ||||||||||||
Unrealized gain on forward foreign currency contracts | – | – | 11,869 | 23,361 | ||||||||||||
Unrealized gain on foreign spot currency contracts | 5 | – | 310 | 294 | ||||||||||||
Swap contracts, at value†††† | – | – | 141 | 3,053 | ||||||||||||
Options purchased, at value††††† | – | – | – | 25 | ||||||||||||
Foreign tax reclaim receivable | 11,428 | 140 | – | – | ||||||||||||
Receivable for variation margin | 347 | 239 | 151 | 1,209 | ||||||||||||
Prepaid expenses | 25 | 17 | 3 | 15 | ||||||||||||
Total Assets | 3,288,377 | 1,388,423 | 515,522 | 1,449,588 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable upon return on securities loaned | 64,576 | 18,727 | – | 50,587 | ||||||||||||
Payable for investment securities purchased | 11,758 | 18,697 | 5,687 | 23,402 | ||||||||||||
Payable for fund shares redeemed | 5,713 | 1,363 | 435 | 1,987 | ||||||||||||
Swap contracts, at value†††† | – | – | 577 | 1,713 | ||||||||||||
Payable for variation margin | 170 | – | 313 | 316 | ||||||||||||
Administration fees payable | 978 | 549 | 193 | 521 | ||||||||||||
Unrealized loss on foreign currency spot contracts | – | 1 | 425 | 62 | ||||||||||||
Unrealized loss on forward foreign currency contracts | – | – | 8,232 | 28,874 | ||||||||||||
Chief compliance officer fees payable | 5 | 2 | 1 | 2 | ||||||||||||
Administrative servicing fees payable | 4 | – | – | – | ||||||||||||
Shareholder servicing fees payable | 417 | 281 | 94 | 287 | ||||||||||||
Investment advisory fees payable | 1,437 | 1,168 | 99 | 763 | ||||||||||||
Accrued expense payable | 422 | 302 | 99 | 320 | ||||||||||||
Accrued foreign capital gains tax on appreciated securities | – | 532 | – | – | ||||||||||||
Total Liabilities | 85,480 | 41,622 | 16,155 | 108,834 | ||||||||||||
Net Assets | $ | 3,202,897 | $ | 1,346,801 | $ | 499,367 | $ | 1,340,754 | ||||||||
† Cost of investments | $ | 3,487,947 | $ | 1,340,030 | $ | 489,656 | $ | 1,489,804 | ||||||||
††Cost of affiliated investments | 97,395 | 40,860 | – | 50,584 | ||||||||||||
†††Cost of foreign currency | 1,592 | 2,804 | 3,624 | 10,149 | ||||||||||||
††††Cost (premiums paid) | – | – | 252 | 101 | ||||||||||||
††††† Cost of purchased options | – | – | – | 279 | ||||||||||||
* Includes market value of securities on loan | 60,441 | 17,779 | – | 47,785 |
64 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
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) | $ 3,831,456 | $ 1,562,956 | $ 518,690 | $ 1,657,006 | ||||||||||||
Total distributable loss | (628,559) | (216,155) | (19,323) | (316,252) | ||||||||||||
Net Assets | $ 3,202,897 | $ 1,346,801 | $ 499,367 | $ 1,340,754 | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share — Class F | $ 8.57 | $ 9.20 | $ 10.18 | $ 8.57 | ||||||||||||
($2,921,231,471 | ÷ | ($1,232,705,596 | ÷ | ($432,785,077 | ÷ | ($1,249,830,779 | ÷ | |||||||||
340,690,808 shares) | 133,981,115 shares) | 42,529,939 shares) | 145,851,973 shares) | |||||||||||||
Net Asset Value, Offering and Redemption Price Per Share — Class I | $ 8.60 | N/A | N/A | N/A | ||||||||||||
($1,255,624 | ÷ | |||||||||||||||
146,076 shares) | ||||||||||||||||
Net Asset Value, Offering and Redemption Price Per Share — Class Y | $ 8.57 | $ 9.20 | $ 10.18 | $ 8.56 | ||||||||||||
($280,409,929 | ÷ | ($114,095,106 | ÷ | ($66,581,529 | ÷ | ($90,922,988 | ÷ | |||||||||
32,734,661 shares) | 12,403,212 shares) | 6,542,070 shares) | 10,626,530 shares) |
N/A — Not applicable. Share classes currently not offered.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 65 |
STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)
For the six months ended March 31, 2020
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends | $ | 38,741 | $ | 13,552 | $ | – | $ | – | ||||||||
Income from affiliated investments(1) | 409 | 183 | – | – | ||||||||||||
Interest Income | 479 | 172 | 3,434 | 46,810 | ||||||||||||
Security lending income — net(1)(2) | 642 | 170 | – | 107 | ||||||||||||
Less: foreign taxes withheld | (4,121) | (1,729) | (63) | (671) | ||||||||||||
Total Investment Income | 36,150 | 12,348 | 3,371 | 46,246 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 10,394 | 9,221 | 777 | 6,821 | ||||||||||||
Administration fees | 6,279 | 3,843 | 1,166 | 3,564 | ||||||||||||
Shareholder servicing fees — Class F | 4,680 | 2,011 | 561 | 1,867 | ||||||||||||
Shareholder servicing fees — Class I | 2 | – | – | – | ||||||||||||
Administrative servicing fees — Class I | 2 | – | – | – | ||||||||||||
Printing fees | 247 | 106 | 31 | 96 | ||||||||||||
Custodian/wire agent fees | 203 | 354 | 51 | 258 | ||||||||||||
Professional fees | 121 | 50 | 15 | 48 | ||||||||||||
Trustees’ fees | 41 | 18 | 5 | 16 | ||||||||||||
Registration fees | 23 | 10 | 3 | 9 | ||||||||||||
Chief compliance officer fees | 11 | 5 | 1 | 4 | ||||||||||||
Other expenses | 86 | 41 | 66 | 85 | ||||||||||||
Total Expenses | 22,089 | 15,659 | 2,676 | 12,768 | ||||||||||||
Less: | ||||||||||||||||
Waiver of investment advisory fees | – | (878) | (115) | (1,845) | ||||||||||||
Waiver of administration fees | – | – | – | (131) | ||||||||||||
Waiver of shareholder servicing fees — Class F | (37) | – | – | – | ||||||||||||
Net Expenses | 22,052 | 14,781 | 2,561 | 10,792 | ||||||||||||
Net Investment Income (Loss) | 14,098 | (2,433) | 810 | 35,454 | ||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments | (97,688) | (35,758) | 1,237 | (1,213) | ||||||||||||
Futures contracts | (2,996) | (1,544) | (1,245) | 282 | ||||||||||||
Swap contracts | – | – | 33 | 1,258 | ||||||||||||
Foreign currency transactions | (620) | (498) | (709) | (17,321) | ||||||||||||
Forward foreign currency contracts | – | – | 9,090 | (6,079) | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
| |||||||||||||||
Investments | (645,667) | (236,748) | (16,820) | (218,517) | ||||||||||||
Affiliated investments | 9 | 31 | – | 10 | ||||||||||||
Futures contracts | 2,602 | 2,816 | (340) | (389) | ||||||||||||
Option contracts | – | – | – | (101) | ||||||||||||
Swap contracts | – | – | (478) | 1,446 | ||||||||||||
Foreign capital gains tax on appreciated securities | – | 36 | – | – | ||||||||||||
Foreign currency translation of other assets and liabilities denominated in foreign currencies | (87) | (149) | (81) | (872) | ||||||||||||
Forward foreign currency contracts | – | – | (2,132) | (1,766) | ||||||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (730,349) | $ | (274,247) | $ | (10,635) | $ | (207,808) |
(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 $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 66 |
STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)
For the six months ended March 31, 2020 (Unaudited) and the year ended September 30, 2019
International Equity Fund | Emerging Markets Equity Fund | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | 14,098 | $ | 78,036 | $ | (2,433) | $ | 16,194 | ||||||||||||
Net realized loss on investments and futures contracts | (100,684) | (92,628) | (37,302) | (72,504) | ||||||||||||||||
Net realized loss on forward foreign currency contracts and foreign currency transactions | (620) | (1,944) | (498) | (1,474) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and futures contracts | (643,056) | (191,554) | (233,901) | 26,765 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies | (87) | (332) | (149) | 6 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on foreign capital tax gains on appreciated securities | – | | – | | 36 | (145) | ||||||||||||||
Net (Decrease) in Net Assets Resulting from Operations | (730,349) | (208,422) | (274,247) | (31,158) | ||||||||||||||||
Distributions: | ||||||||||||||||||||
Class F | (67,877) | (53,543) | (18,642) | (9,542) | ||||||||||||||||
Class I | (25) | (25) | N/A | N/A | ||||||||||||||||
Class Y | (7,618) | (5,551) | (2,039) | (1,045) | ||||||||||||||||
Total Dividends | (75,520) | (59,119) | (20,681) | (10,587) | ||||||||||||||||
Capital Share Transactions: | ||||||||||||||||||||
Class F: | ||||||||||||||||||||
Proceeds from shares issued | 301,249 | 581,641 | 142,019 | 262,961 | ||||||||||||||||
Reinvestment of dividends & distributions | 62,626 | 49,614 | 17,191 | 8,884 | ||||||||||||||||
Cost of shares redeemed | (396,393) | (720,379) | (221,577) | (337,016) | ||||||||||||||||
Net Decrease from Class F Transactions | (32,518) | (89,124) | (62,367) | (65,171) | ||||||||||||||||
Class I: | ||||||||||||||||||||
Proceeds from shares issued | 221 | 398 | N/A | N/A | ||||||||||||||||
Reinvestment of dividends & distributions | 13 | 15 | N/A | N/A | ||||||||||||||||
Cost of shares redeemed | (555) | (960) | N/A | N/A | ||||||||||||||||
Net Decrease from Class I Transactions | (321) | (547) | N/A | N/A | ||||||||||||||||
Class Y: | ||||||||||||||||||||
Proceeds from shares issued | 34,229 | 107,012 | 15,028 | 50,713 | ||||||||||||||||
Reinvestment of dividends & distributions | 7,068 | 5,135 | 1,901 | 971 | ||||||||||||||||
Cost of shares redeemed | (58,281) | (68,972) | (22,956) | (29,199) | ||||||||||||||||
Net Increase (Decrease) from Class Y Transactions | (16,984) | 43,175 | (6,027) | 22,485 | ||||||||||||||||
Net Decrease in Net Assets Derived from Capital Share Transactions | (49,823) | (46,496) | (68,394) | (42,686) | ||||||||||||||||
Net Decrease in Net Assets | (855,692) | (314,037) | (363,322) | (84,431) | ||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of Period | 4,058,589 | 4,372,626 | 1,710,123 | 1,794,554 | ||||||||||||||||
End of Period | $ | 3,202,897 | $ | 4,058,589 | $ | 1,346,801 | $ | 1,710,123 | ||||||||||||
Capital Share Transactions: | ||||||||||||||||||||
Class F: | ||||||||||||||||||||
Shares issued | 29,304 | 55,772 | 12,574 | 23,647 | ||||||||||||||||
Reinvestment of distributions | 5,441 | 5,278 | 1,385 | 859 | ||||||||||||||||
Shares redeemed | (39,264) | (69,493) | (19,588) | (30,383) | ||||||||||||||||
Total Class F Transactions | (4,519) | (8,443) | (5,629) | (5,877) | ||||||||||||||||
Class I: | ||||||||||||||||||||
Shares issued | 22 | 38 | N/A | N/A | ||||||||||||||||
Reinvestment of distributions | 1 | 2 | N/A | N/A | ||||||||||||||||
Shares redeemed | (58) | (93) | N/A | N/A | ||||||||||||||||
Total Class I Transactions | (35) | (53) | N/A | N/A | ||||||||||||||||
Class Y: | ||||||||||||||||||||
Shares issued | 3,462 | 10,480 | 1,375 | 4,578 | ||||||||||||||||
Reinvestment of distributions | 615 | 547 | 153 | 94 | ||||||||||||||||
Shares redeemed | (6,032) | (6,631) | (2,106) | (2,626) | ||||||||||||||||
Total Class Y Transactions | (1,955) | 4,396 | (578) | 2,046 | ||||||||||||||||
Net Decrease in Shares Outstanding from Share Transactions | (6,509) | (4,100) | (6,207) | (3,831) |
N/A — Not applicable. Share classes currently not offered.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 67 |
STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands) (Concluded)
For the six months ended March 31, 2020 (Unaudited) and the year ended September 30, 2019
International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 810 | $ | 2,207 | $ | 35,454 | $ | 77,900 | ||||||||||||
Net realized gain (loss) on investments, futures contracts and swap contracts | 25 | 4,840 | 327 | (8,302) | ||||||||||||||||
Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions | 8,381 | 11,720 | (23,400) | (48,917) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, futures contracts, option contracts and swap contracts | (17,638) | 21,837 | (217,551) | 111,211 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies | (2,213) | 3,144 | (2,638) | (3,018) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (10,635) | 43,748 | (207,808) | 128,874 | ||||||||||||||||
Distributions: | ||||||||||||||||||||
Class F | (14,462) | (19,278) | (9,422) | (24,016) | ||||||||||||||||
Class Y | (2,410) | (2,040) | (851) | (2,284) | ||||||||||||||||
Total Dividends | (16,872) | (21,318) | (10,273) | (26,300) | ||||||||||||||||
Capital Share Transactions: | ||||||||||||||||||||
Class F: | ||||||||||||||||||||
Proceeds from shares issued | 36,426 | 76,574 | 108,798 | 224,174 | ||||||||||||||||
Reinvestment of dividends & distributions | 13,322 | 17,932 | 8,533 | 21,787 | ||||||||||||||||
Cost of shares redeemed | (45,378) | (100,729) | (147,635) | (308,307) | ||||||||||||||||
Net Increase (Decrease) from Class F Transactions | 4,370 | (6,223) | (30,304) | (62,346) | ||||||||||||||||
Class Y: | ||||||||||||||||||||
Proceeds from shares issued | 6,651 | 28,909 | 12,309 | 30,730 | ||||||||||||||||
Reinvestment of dividends & distributions | 2,180 | 1,813 | 786 | 2,127 | ||||||||||||||||
Cost of shares redeemed | (8,158) | (7,009) | (19,371) | (42,670) | ||||||||||||||||
Net Increase (Decrease) from Class Y Transactions | 673 | 23,713 | (6,276) | (9,813) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions | 5,043 | 17,490 | (36,580) | (72,159) | ||||||||||||||||
Net Increase (Decrease) in Net Assets | (22,464) | 39,920 | (254,661) | 30,415 | ||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of Period | 521,831 | 481,911 | 1,595,415 | 1,565,000 | ||||||||||||||||
End of Period | $ | 499,367 | $ | 521,831 | $ | 1,340,754 | $ | 1,595,415 | ||||||||||||
Capital Share Transactions: | ||||||||||||||||||||
Class F: | ||||||||||||||||||||
Shares issued | 3,482 | 7,424 | 10,935 | 23,304 | ||||||||||||||||
Reinvestment of distributions | 1,290 | 1,798 | 843 | 2,186 | ||||||||||||||||
Shares redeemed | (4,363) | (9,831) | (15,261) | (32,215) | ||||||||||||||||
Total Class F Transactions | 409 | (609) | (3,483) | (6,725) | ||||||||||||||||
Class Y: | ||||||||||||||||||||
Shares issued | 634 | 2,797 | 1,313 | 3,226 | ||||||||||||||||
Reinvestment of distributions | 211 | 182 | 78 | 214 | ||||||||||||||||
Shares redeemed | (786) | (677) | (2,050) | (4,425) | ||||||||||||||||
Total Class Y Transactions | 59 | 2,302 | (659) | (985) | ||||||||||||||||
Net Increase (Decrease) in Shares Outstanding from Share Transactions | 468 | 1,693 | (4,142) | (7,710) |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
68 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
For the six months ended March 31, 2020 (Unaudited) and the years or period ended September 30
For a Share Outstanding Throughout Each Year or Period
Net Asset Value, Beginning of Period | Net Investment | Net Realized and Unrealized Gains (Losses) on Investments(1) | Total from | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return† | Net Assets End of Thousands) | Ratio of Net Expenses to Average Net Assets* | Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Including Waivers)** | 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) | ||||||||||||||||||||||||||||||||||||||
2020@ | $10.68 | $0.04 | $(1.95) | $(1.91) | $(0.20) | $– | $(0.20) | $8.57 | (18.28 | )% | $2,921,231 | 1.10% | 1.10% | 1.10% | 0.66% | 39% | ||||||||||||||||||||||
2019 | 11.38 | 0.20 | (0.75) | (0.55) | (0.15) | – | (0.15) | 10.68 | (4.63 | ) | 3,686,195 | 1.10(3) | 1.10(3) | 1.10(3) | 1.92 | 73 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||
2020@ | $10.68 | $0.02 | $(1.94) | $(1.92) | $(0.16) | $– | $(0.16) | $8.60 | (18.36 | )% | $1,256 | 1.35% | 1.35% | 1.35% | 0.38% | 39% | ||||||||||||||||||||||
2019 | 11.37 | 0.17 | (0.74) | (0.57) | (0.12) | – | (0.12) | 10.68 | (4.90 | ) | 1,932 | 1.35(5) | 1.35(5) | 1.35(5) | 1.61 | 73 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2020@ | $10.68 | $0.05 | $(1.93) | $(1.88) | $(0.23) | $– | $(0.23) | $8.57 | (18.19 | )% | $280,410 | 0.85% | 0.85% | 0.85% | 0.90% | 39% | ||||||||||||||||||||||
2019 | 11.39 | 0.23 | (0.76) | (0.53) | (0.18) | – | (0.18) | 10.68 | (4.43 | ) | 370,462 | 0.85(6) | 0.85(6) | 0.85(6) | 2.24 | 73 | ||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||
2020@ | $11.21 | $(0.02) | $(1.86) | $(1.88) | $(0.13) | $– | $(0.13) | $9.20 | (17.04 | )% | $1,232,706 | 1.71% | 1.71% | 1.81% | (0.30)% | 39% | ||||||||||||||||||||||
2019 | 11.47 | 0.10 | (0.29) | (0.19) | (0.07) | – | (0.07) | 11.21 | (1.64 | ) | 1,564,523 | 1.70(8) | 1.70(8) | 1.81(9) | 0.92 | 89 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2020@ | $11.22 | $– | $(1.86) | $(1.86) | $(0.16) | $– | $(0.16) | $9.20 | (16.92 | )% | $114,095 | 1.46% | 1.46% | 1.56% | (0.05)% | 39% | ||||||||||||||||||||||
2019 | 11.49 | 0.14 | (0.31) | (0.17) | (0.10) | – | (0.10) | 11.22 | (1.44 | ) | 145,600 | 1.45(10) | 1.45(10) | 1.56(11) | 1.25 | 89 | ||||||||||||||||||||||
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 |
@ | For thesix-month period ended March 31, 2020. All ratios for the period have been annualized. |
† | Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
* | Includes Fees Paid Indirectly, if applicable. See Note 5 in Notes to Financial Statements |
** | See Note 5 in Notes to Financial Statements. |
(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 converted to Class F Shares of the same Fund. |
(3) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.10%, 1.09%, 1.15%, 1.27% and 1.24% for 2019, 2018, 2017, 2016 and 2015. |
(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 1.35%, 1.34%, 1.40%, 1.52% and 1.49% for 2019, 2018, 2017, 2016 and 2015. |
(6) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.85%, 0.84%, 0.90%, 1.02% and 0.99% for 2019, 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 1.70%, 1.69%, 1.74%, 1.76% and 1.71% for 2019, 2018, 2017, 2016 and 2015. |
(9) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.81%, 1.80%, 1.82%, 1.86% and 1.71% for 2019, 2018, 2017, 2016 and 2015. |
(10) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.45%, 1.44%, 1.49%, 1.52% and 1.46% for 2019, 2018, 2017, 2016 and 2015. |
(11) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.56%, 1.55%, 1.58%, 1.62% and 1.46% for 2019, 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 / Semi-Annual Report / March 31, 2020 | 69 |
FINANCIAL HIGHLIGHTS
For the six months ended March 31, 2020 (Unaudited) and the years or period ended September 30
For a Share Outstanding Throughout Each Year or Period
Net Asset Value, Beginning of Period | Net Investment | Net Realized and Unrealized Gains (Losses) on Investments(1) | Total from | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return† | Net Assets End of Thousands) | Ratio of Net Expenses to Average Net Assets* | Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Including Waivers)** | 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 Fixed Income Fund | ||||||||||||||||||||||||||||||||||||||
Class F(2) | ||||||||||||||||||||||||||||||||||||||
2020@ | $10.73 | $0.01 | $(0.22) | $(0.21) | $ (0.26) | $(0.08) | $(0.34) | $10.18 | (1.97 | )% | $432,785 | 1.02% | 1.02% | 1.07% | 0.28% | 27% | ||||||||||||||||||||||
2019 | 10.27 | 0.04 | 0.88 | 0.92 | (0.40) | (0.06) | (0.46) | 10.73 | 9.28 | 452,150 | 1.02(3) | 1.02(3) | 1.07(4) | 0.42 | 58 | |||||||||||||||||||||||
2018 | 10.13 | 0.07 | 0.07 | 0.14 | – | – | – | 10.27 | 1.38 | 438,908 | 1.02(3) | 1.02(3) | 1.07(4) | 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(3) | 1.02(3) | 1.08(4) | 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(3)(5) | 1.05(3)(5) | 1.11(4)(5) | 0.98 | 106 | |||||||||||||||||||||||
2015 | 10.98 | 0.11 | 0.11 | 0.22 | (0.82) | – | (0.82) | 10.38 | 2.02 | 495,957 | 1.02(3) | 1.02(3) | 1.07(4) | 1.00 | 78 | |||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2020@ | $10.75 | $0.03 | $(0.23) | $ (0.20) | $ (0.29) | $(0.08) | $(0.37) | $10.18 | (1.91 | )% | $66,582 | 0.77% | 0.77% | 0.82% | 0.53% | 27% | ||||||||||||||||||||||
2019 | 10.29 | 0.07 | 0.88 | 0.95 | (0.43) | (0.06) | (0.49) | 10.75 | 9.54 | 69,681 | 0.77(6) | 0.77(6) | 0.82(7) | 0.66 | 58 | |||||||||||||||||||||||
2018 | 10.12 | 0.09 | 0.08 | 0.17 | – | – | – | 10.29 | 1.68 | 43,003 | 0.77(6) | 0.77(6) | 0.82(7) | 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(6) | 0.77(6) | 0.83(7) | 0.94 | 113 | ||||||||||||||||||||||
2016(8) | 10.45 | 0.12 | 0.55 | 0.67 | (0.60) | (0.02) | (0.62) | 10.50 | 6.79 | 12,901 | 0.80(5)(6) | 0.80(5)(6) | 0.87(5)(7) | 1.23 | 106 | |||||||||||||||||||||||
Emerging Markets Debt Fund | ||||||||||||||||||||||||||||||||||||||
Class F(2) | ||||||||||||||||||||||||||||||||||||||
2020@ | $9.93 | $0.22 | $(1.52) | $(1.30) | $ (0.06) | $– | $(0.06) | $8.57 | (13.16 | )% | $1,249,831 | 1.36% | 1.36% | 1.61% | 4.41% | 52% | ||||||||||||||||||||||
2019 | 9.30 | 0.47 | 0.32 | 0.79 | (0.16) | – | (0.16) | 9.93 | 8.51 | 1,483,467 | 1.36(9) | 1.36(9) | 1.62(10) | 4.93 | 114 | |||||||||||||||||||||||
2018 | 10.55 | 0.51 | (1.19) | (0.68) | (0.57) | – | (0.57) | 9.30 | (6.81 | ) | 1,451,128 | 1.36(9) | 1.36(9) | 1.61(10) | 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(9) | 1.36(9) | 1.63(10) | 5.06 | 79 | |||||||||||||||||||||||
2016 | 8.66 | 0.49 | 0.93 | 1.42 | – | – | – | 10.08 | 16.40 | 1,453,586 | 1.39(5)(9) | 1.39(5)(9) | 1.65(5)(10) | 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(9) | 1.36(9) | 1.61(10) | 4.91 | 71 | ||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2020@ | $9.92 | $0.23 | $(1.51) | $(1.28) | $ (0.08) | $– | $(0.08) | $8.56 | (13.06 | )% | $90,923 | 1.11% | 1.11% | 1.36% | 4.66% | 52% | ||||||||||||||||||||||
2019 | 9.28 | 0.50 | 0.32 | 0.82 | (0.18) | – | (0.18) | 9.92 | 8.84 | 111,948 | 1.11(11) | 1.11(11) | 1.37(12) | 5.18 | 114 | |||||||||||||||||||||||
2018 | 10.57 | 0.53 | (1.18) | (0.65) | (0.64) | – | (0.64) | 9.28 | (6.57 | ) | 113,872 | 1.11(11) | 1.11(11) | 1.36(12) | 5.34 | 80 | ||||||||||||||||||||||
2017 | 10.12 | 0.53 | 0.17 | 0.70 | (0.25) | – | (0.25) | 10.57 | 7.18 | 108,361 | 1.11(11) | 1.11(11) | 1.38(12) | 5.31 | 79 | |||||||||||||||||||||||
2016 | 8.67 | 0.52 | 0.93 | 1.45 | – | – | – | 10.12 | 16.72 | 100,566 | 1.14(5)(11) | 1.14(5)(11) | 1.40(5)(12) | 5.55 | 86 | |||||||||||||||||||||||
2015(13) | 9.63 | 0.37 | (1.28) | (0.91) | (0.05) | – | (0.05) | 8.67 | (9.48 | ) | 78,383 | 1.11(11) | 1.11(11) | 1.36(12) | 5.24 | 71 |
@ | For thesix-month period ended March 31, 2020. All ratios for the period have been annualized. |
† | Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
* | Includes Fees Paid Indirectly, if applicable. See Note 5 in Notes to Financial Statements |
** | See Note 5 in Notes to Financial Statements. |
(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 converted to Class F Shares of the same Fund. |
(3) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.02%, 1.02%, 1.02%, 1.05% and 1.02% for 2019, 2018, 2017, 2016 and 2015. |
(4) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.07%, 1.07%, 1.08%, 1.11% and 1.07% for 2019, 2018, 2017, 2016 and 2015. |
(5) | The expense ratio includes proxy expenses outside the cap. |
(6) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.77%, 0.77%, 0.77% and 0.80% for 2019, 2018, 2017 and 2016. |
(7) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.82%, 0.82%, 0.83% and 0.87% for 2019, 2018, 2017 and 2016. |
(8) | Commenced operations on October 30, 2015. All ratios for the period have been annualized. |
(9) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.37%, 1.36%, 1.36%, 1.39% and 1.36% for 2019, 2018, 2017, 2016 and 2015. |
(10) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.62%, 1.61%, 1.63%, 1.65% and 1.61% for 2019, 2018, 2017, 2016 and 2015. |
(11) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.11%, 1.11%, 1.11%, 1.14% and 1.11% for 2019, 2018, 2017, 2016 and 2015. |
(12) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.37%, 1.36%, 1.38%, 1.40% and 1.36% for 2019, 2018, 2017, 2016 and 2015. |
(13) | Commenced operations on December 31, 2014. All ratios for the period have been annualized. |
Amounts designated as “–” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
70 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
March 31, 2020 (Unaudited)
1. ORGANIZATION
SEI Institutional International Trust (the “Trust”) was organized as a Massachusetts business trust under a Declaration of Trust dated June 30, 1988.
The Trust is registered under the Investment Company Act of 1940, as amended, as anopen-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.
2. SIGNIFICANT ACCOUNTING POLICIES
The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).
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 byopen-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
SEI Insititution International Trust / Semi-Annual Report /March 31, 2020 | 71 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020 (Unaudited)
time a Fund calculates its Net Asset Value (“NAV”), the settlement price may not be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.
Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using 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 aSub-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 aSub-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 aSub-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 designatedsub-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 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 aSub-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
72 | SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 |
methodologies (involving, generally, tracking valuation correlations between the U.S. market and eachnon-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 thenon-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.
In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy has been established to maximize the use of the observable market data and minimize the use of unobservable inputs and to establish classification of the fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:
Level 1 — quoted prices in active markets for identical investments
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include
Level 1 or Level 2 inputs as components of the overall fair value measurement.
The valuation techniques used by the Funds to measure fair value during the six months ended March 31, 2020 maximized the use of observable inputs and minimized the use of unobservable inputs.
For the six months ended March 31, 2020, 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 theex-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.
SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 | 73 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020 (Unaudited)
The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.
Forward Foreign Currency Contracts— To the extent consistent with its investment objective and strategies, a Fund may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions, 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 March 31, 2020, if applicable.
Futures Contracts— To the extent consistent with its investment objective and strategies, the Funds may purchase futures contracts to gain exposure to market changes, which may be more efficient or cost effective than actually buying the securities. To the extent consistent with its investment objective and strategies, a Fund may utilize futures contracts for tactical hedging purposes as well as to enhance the Funds’ returns and may also utilize futures contracts to efficiently assist in managing the Funds’ duration and yield curve exposure. Upon entering into such a contract, a Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is held. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.
Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying
securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.
Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of March 31, 2020, 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
74 | SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 |
Investments for details regarding open option/swaption contracts as of March 31, 2020, if applicable.
Swap Agreements— To the extent consistent with its investment objective and strategies, a Fund may invest in swap contracts as an efficient means to take and manage risk in the portfolio, including interest rate risk, credit risk and overall yield sensitivity. A swap agreement is atwo-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 theover-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 aremarked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. Centrally cleared swaps are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for centrally cleared swaps are provided by an independent source. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of Centrally Cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.
Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Schedule of Investments or the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.
Counterparty risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. Refer to each Fund’s Schedule of Investments for details regarding open swap contracts as of March 31, 2020, 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-
SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 | 75 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020 (Unaudited)
issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security.
Loan Participations and Brady Bonds— To the extent consistent with its investment objective and strategies, a Fund may invest in U.S. dollar-denominated fixed- and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in a Fund having a contractual relationship only with the Lenders, not with the sovereign borrowers. 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 ofset-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 onex-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 fiscalyear-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 acquireP-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. TheP-Notes in which the Fund may invest will typically have a maturity of one year. When purchasing aP-Note, the posting of margin is not required because the full cost of theP-Note (plus commission) is paid at the time of purchase. When theP-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 inP-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 ofP-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 tradedover-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.
76 | SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 |
The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event for corporate or sovereign reference obligations means bankruptcy, failure to pay, obligation acceleration, repudiation/moratorium or restructuring. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down.
If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.
If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are 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 March 31, 2020, the International Fixed Income Fund and the Emerging Markets Debt Fund are the sellers (“providing protection”) on a total notional amount of $7.1 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 | $ | — | $ | — | $ | (576,453) | $ | (88,665 | ) | $ | (665,118) | |||||||||||||||||||||||||
Maximum potential amount of future payments | — | — | 2,612,000 | 4,477,600 | 7,089,600 | |||||||||||||||||||||||||||||||
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 | — | — | — | — | — |
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 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
101-200 | — | — | 2,400,000 | — | — | 2,400,000 | ||||||||||||||||||
201-300 | — | — | — | — | — | — | ||||||||||||||||||
301-400 | — | — | — | — | — | — | ||||||||||||||||||
>401 | — | — | 2,077,600 | — | 2,612,000 | 4,689,600 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 4,477,600 | $ | — | $ | 2,612,000 | $ | 7,089,600 |
* | 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. |
(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. |
SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 | 77 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020 (Unaudited)
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 | $ | — | $ | (1,390,604 | ) | $ | — | $ | — | $ | (1,390,604) | |||||||||||||||||||||||||||||
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 | — | — | — | — | — |
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 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
101-200 | — | — | — | — | — | — | ||||||||||||||||||
201-300 | — | — | — | — | — | — | ||||||||||||||||||
301-400 | — | — | — | — | — | — | ||||||||||||||||||
>400 | — | — | 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. |
(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. |
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 period end was as follows ($ Thousand):
Asset Derivatives | Liability Derivatives | |||||||||||
Six months ended March 31, 2020 | Six months ended March 31, 2020 | |||||||||||
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 swaps contracts | $ | 144† | Net Assets — Unrealized depreciation on swaps contracts | $ | 190† | ||||||
Net Assets — Unrealized appreciation on futures contracts | 1,744* | Net Assets — Unrealized depreciation on futures contracts | 1,575* | |||||||||
Credit Contracts | Net Assets — Unrealized appreciation on swaps contracts | —† | Net Assets — Unrealized depreciation on swap contracts | 541† | ||||||||
Foreign exchange contracts | Unrealized gain on forward foreign currency contracts | 11,869 | Unrealized loss on forward foreign currency contracts | 8,232 | ||||||||
|
|
|
| |||||||||
Total derivatives not accounted for as hedging instruments | $ 13,757 | $ 10,538 | ||||||||||
|
|
|
|
78 | SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 |
Asset Derivatives | Liability Derivatives | |||||||||||
Six months ended March 31, 2020 | Six months ended March 31, 2020 | |||||||||||
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 | $ | 1,697 | * | Net Assets — Unrealized depreciation on futures contracts | $ | 2,709 | * | ||||
Net Assets — Unrealized appreciation on swap contracts | 5,201 | † | Net Assets — Unrealized depreciation on swap contracts | 1,401 | † | |||||||
Credit Contracts | Net Assets — Unrealized appreciation on swap contracts | — | † | Net Assets — Unrealized depreciation on swap contracts | 1,491 | † | ||||||
Foreign exchange contracts | Unrealized gain on forward foreign currency contracts | 23,361 | Unrealized loss on forward foreign currency contracts | 28,874 | ||||||||
Net Assets — Unrealized appreciation on swap contracts | 187 | † | Net Assets — Unrealized depreciation on swap contracts | — | ||||||||
Options Purchased, at value | 25 | Options Written, at value | — | |||||||||
|
|
|
| |||||||||
Total derivatives not accounted for as hedging instruments | $ | 30,471 | $ | 34,475 | ||||||||
|
|
|
|
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets & Liabilities. |
† | Includes cumulative appreciation/depreciation of swap contracts as reported in the Schedules of Investments. Market Value is reported within the Statements of Assets & Liabilities for OTC swap contracts that have paid premiums. For centrally cleared swap contracts current days variation margin is reported within the Statements of Assets & Liabilities. |
The effect of derivative instruments on the Statements of Operations for the six months ended March 31, 2020.
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 | $ | (684) | $ | — | $ | — | $ | (684) | ||||||||||||||||||||
Foreign exchange contracts | (561) | 9,090 | — | 8,529 | ||||||||||||||||||||||||
Credit contracts | — | — | 33 | 33 | ||||||||||||||||||||||||
Total | $ | (1,245) | $ | 9,090 | $ | 33 | $ | 7,878 | ||||||||||||||||||||
Derivatives Not Accounted for as Hedging Instruments | Futures | Forward Currency Contracts | Swaps | Total | ||||||||||||||||||||||||
Emerging Markets Debt Fund | ||||||||||||||||||||||||||||
Interest rate contracts | $ | 282 | $ | — | $ | 1,258 | $ | 1,540 | ||||||||||||||||||||
Foreign exchange contracts | — | (6,079) | — | (6,079) | ||||||||||||||||||||||||
Total | $ | 282 | $ | (6,079) | $ | 1,258 | $ | (4,539) | ||||||||||||||||||||
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 | $ | (187) | $ | — | $ | — | $ | (187) | ||||||||||||||||||||
Foreign exchange contracts | (153) | (2,132) | — | (2,285) | ||||||||||||||||||||||||
Credit contracts | — | — | (478) | (478) | ||||||||||||||||||||||||
Total | $ | (340) | $ | (2,132) | $ | (478) | $ | (2,950) |
SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 | 79 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020 (Unaudited)
Derivatives Not Accounted for as Hedging Instruments | Options | Futures | Forward Currency Contracts | Swaps | Total | |||||||||||||||||||||||||||||||
Emerging Markets Debt Fund | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | (389) | $ | — | $ | 1,446 | $ | 1,057 | ||||||||||||||||||||||||||
Foreign exchange contracts | (101) | — | (1,766) | — | (1,867) | |||||||||||||||||||||||||||||||
Total | $ | (101) | $ | (389) | $ | (1,766) | $ | 1,446 | $ | (810) |
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 atpre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash
are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets in the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability in the Statement of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.
Customer Account Agreements and related addendums govern exchange traded derivatives transactions such as futures, options on futures, and centrally cleared swaps. Exchange traded derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (CFTC), or the applicable regulator. In the US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.
The following is a summary of the market value and variation margin of exchange-traded or centrally cleared financial derivative instruments of the Funds as of March 31, 2020 ($ 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 | $ | 347 | $ | — | $ | 347 | $ | 170 | $ | — | $ | 170 | ||||||||||||||||
Emerging Markets Equity Fund | 239 | — | 239 | — | — | — | ||||||||||||||||||||||
International Fixed Income Fund | 151 | — | 151 | 313 | — | 313 | ||||||||||||||||||||||
Emerging Markets Debt Fund | 1,209 | — | 1,209 | 316 | — | 316 |
Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2020 amounted to $5,617 ($ Thousands) for the International Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2020 amounted to $4,265 ($ Thousands) for the Emerging Markets Equity Fund. Cash
pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2020 amounted to $675 ($ Thousands) for the International Fixed Income Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2020 amounted to $6,026 ($ Thousands) for the Emerging Markets Debt Fund.
80 | SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 |
International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by a Fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under
the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.
The following is a summary by derivative type of the market value of OTC financial derivative instruments and collateral (received)/pledged as of March 31, 2020 ($ Thousands):
Financial Derivative Assets | Financial Derivative Liabilities | |||||||||||||||||||||||||||||||||||||
International Fixed Income Fund | Forward Foreign Currency Contracts | Swap Agreements | Total Over the Counter | Forward Foreign Currency Contracts | Swap Agreements | Total Over the Counter | Net Market Value of OTC Derivatives | Collateral (Received)/ Pledged* | Net Exposures^ | |||||||||||||||||||||||||||||
Bank of America | $ | 325 | $ | – | $ | 325 | $ | 229 | $ | – | $ | 229 | $ | 96 | $ | – | $ | 96 | ||||||||||||||||||||
Barclays | 537 | – | 537 | 356 | – | 356 | 181 | – | 181 | |||||||||||||||||||||||||||||
BMO Capital Markets | 105 | – | 105 | 14 | – | 14 | 91 | – | 91 | |||||||||||||||||||||||||||||
BNP Paribas | 928 | – | 928 | 191 | – | 191 | 737 | – | 737 | |||||||||||||||||||||||||||||
BNY Mellon | – | – | – | 112 | – | 112 | (112 | ) | – | (112 | ) | |||||||||||||||||||||||||||
Brown Brothers Harriman | 148 | – | 148 | 51 | – | 51 | 97 | – | 97 | |||||||||||||||||||||||||||||
CIBC | 86 | – | 86 | – | – | – | 86 | – | 86 | |||||||||||||||||||||||||||||
Citigroup | 1,267 | – | 1,267 | 474 | 132 | 606 | 661 | 142 | 803 | |||||||||||||||||||||||||||||
Credit Agricole | 5 | – | 5 | – | – | – | 5 | – | 5 | |||||||||||||||||||||||||||||
Credit Suisse | 49 | – | 49 | 31 | 58 | 89 | (40 | ) | – | (40 | ) | |||||||||||||||||||||||||||
Deutsche Bank | – | 141 | 141 | – | 90 | 90 | 51 | – | 51 | |||||||||||||||||||||||||||||
Goldman Sachs | 709 | – | 709 | 275 | 297 | 572 | 137 | 533 | 670 | |||||||||||||||||||||||||||||
HSBC | 65 | – | 65 | 223 | – | 223 | (158 | ) | – | (158 | ) | |||||||||||||||||||||||||||
JPMorgan Chase Bank | 3,133 | – | 3,133 | 3,241 | – | 3,241 | (108 | ) | – | (108 | ) | |||||||||||||||||||||||||||
Morgan Stanley | 3,210 | – | 3,210 | 1,724 | – | 1,724 | 1,486 | – | 1,486 | |||||||||||||||||||||||||||||
National Australia Capital Markets | 137 | – | 137 | 133 | – | 133 | 4 | – | 4 | |||||||||||||||||||||||||||||
National Bank of Australia | 57 | – | 57 | 224 | – | 224 | (167 | ) | – | (167 | ) | |||||||||||||||||||||||||||
RBS | 6 | – | 6 | – | – | – | 6 | – | 6 | |||||||||||||||||||||||||||||
Standard Chartered | 69 | – | 69 | 125 | – | 125 | (56 | ) | – | (56 | ) | |||||||||||||||||||||||||||
State Street | 67 | – | 67 | 177 | – | 177 | (110 | ) | – | (110 | ) | |||||||||||||||||||||||||||
TD Securities | 667 | – | 667 | 548 | – | 548 | 119 | – | 119 | |||||||||||||||||||||||||||||
UBS | 299 | – | 299 | 104 | – | 104 | 195 | – | 195 | |||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||
Financial Derivative Assets | Financial Derivative Liabilities | |||||||||||||||||||||||||||||||||||||
Emerging Markets Debt Fund | Forward Foreign Currency Contracts | Swap Agreements | Total Over the Counter | Forward Foreign Currency Contracts | Swap Agreements | Total Over the Counter | Net Market Value of OTC Derivatives | Collateral (Received)/ Pledged* | Net Exposures^ | |||||||||||||||||||||||||||||
Barclays | $ | – | $ | – | $ | – | $ | 440 | $ | – | $ | 440 | $ | (440 | ) | $ | – | $ | (440 | ) | ||||||||||||||||||
Citigroup | 3,922 | 361 | 4,283 | 6,153 | – | 6,153 | (1,870 | ) | – | (1,870 | ) | |||||||||||||||||||||||||||
Goldman Sachs | 4,475 | 1,856 | 6,331 | 9,135 | 199 | 9,334 | (3,003 | ) | 3,084 | 81 | ||||||||||||||||||||||||||||
JPMorgan Chase Bank | 9,750 | 836 | 10,586 | 7,981 | 1,514 | 9,495 | 1,091 | – | 1,091 | |||||||||||||||||||||||||||||
Standard Bank | 868 | – | 868 | 745 | – | 745 | 123 | – | 123 | |||||||||||||||||||||||||||||
Standard Chartered Bank | 1,733 | – | 1,733 | 4,310 | – | 4,310 | (2,577 | ) | – | (2,577 | ) | |||||||||||||||||||||||||||
State Street | 2,613 | – | 2,613 | 110 | – | 110 | 2,503 | – | 2,503 | |||||||||||||||||||||||||||||
^ | 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. |
SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 | 81 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020 (Unaudited)
No securities have been pledged or have been received as collateral for OTC financial derivative instruments as governed by ISDA Master Agreements as of March 31, 2020.
The following table discloses the volume of the Funds’ futures contracts, forward foreign currency contracts and swap activity during the six months ended March 31, 2020 ($ Thousands):
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||
Futures Contracts: | ||||||||||||||||
Equity Contracts | ||||||||||||||||
Average Notional Balance Long | $ | 53,434 | $ | 23,823 | $ | – | $ | – | ||||||||
Average Notional Balance Short | – | – | – | – | ||||||||||||
Ending Notional Balance Long | 33,088 | 24,112 | – | – | ||||||||||||
Interest Contracts | ||||||||||||||||
Average Notional Balance Long | – | – | 89,963 | 64,028 | ||||||||||||
Average Notional Balance Short | – | – | 37,815 | 24,606 | ||||||||||||
Ending Notional Balance Long | – | – | 92,920 | 61,383 | ||||||||||||
Ending Notional Balance Short | – | – | 20,516 | 20,870 | ||||||||||||
Currency Contracts | ||||||||||||||||
Average Notional Balance Short | – | – | 33,875 | – | ||||||||||||
Ending Notional Balance Short | – | – | 34,239 | – | ||||||||||||
Forward Foreign Currency Contracts: | ||||||||||||||||
Average Notional Balance Long | – | – | 886,077 | 771,626 | ||||||||||||
Average Notional Balance Short | – | – | 887,304 | 773,684 | ||||||||||||
Ending Notional Balance Long | – | – | 1,180,249 | 922,506 | ||||||||||||
Ending Notional Balance Short | – | – | 1,176,727 | 927,784 | ||||||||||||
Swaps: | ||||||||||||||||
Credit Contracts | ||||||||||||||||
Average Notional Balance Short | – | – | 5,931 | 1,895 | ||||||||||||
Ending Notional Balance Short | – | – | 7,090 | 1,895 | ||||||||||||
Interest Contracts | ||||||||||||||||
Average Notional Balance | – | – | 9,190 | 261,525 | ||||||||||||
Ending Notional Balance | – | – | 9,988 | 259,286 | ||||||||||||
Foreign Exchange Contracts | ||||||||||||||||
Average Notional Balance | – | – | – | 5,421 | ||||||||||||
Ending Notional Balance | – | – | – | 5,421 | ||||||||||||
Options: | ||||||||||||||||
Currency | ||||||||||||||||
Average Notional Balance Long† | – | – | – | 279 | ||||||||||||
Ending Notional Balance Long† | – | – | – | 279 |
† Represents cost.
5. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENTSUB-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
82 | SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 |
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,
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 limitations for each Fund:
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, 2020, 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, 2021 and, unless earlier terminated, shall be automatically renewed for successiveone-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% |
InvestmentSub-Advisory Agreements— As of March 31, 2020, SIMC has entered into InvestmentSub-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
Lazard Asset Management LLC
Neuberger Berman Investment Advisers LLC
NWQ Investment Management Company, LLC
WCM Investment Management LLC
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
Qtron Investments LLC
RWC Asset Advisors (US) LLC
International Fixed Income Fund
AllianceBernstein L.P.
Colchester Global Investors Ltd.
Wellington Management Company, LLP
SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 | 83 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020 (Unaudited)
Emerging Markets Debt Fund
Colchester Global Investors Ltd.
Marathon Asset Management, L.P.
Neuberger Berman Investment Advisers LLC
Ninety One UK Ltd.
Stone Harbor Investment Partners LP
Under the investmentsub-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.
Such commissions for the six months ended March 31, 2020 were as follows ($ Thousands):
International Equity Fund | $ | 79 | ||
Emerging Markets Equity Fund | 132 |
Fees Paid Indirectly— The Funds may direct certain fund trades to the Distributor who pays a portion of the Fund’s expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, and the effect on the Fund’s expense ratio, as a percentage of the Fund’s average daily net assets for the six months ended March 31, 2020 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. As of and during the six months ended March 31, 2020, the Trust has not participated in the Program.
6. INVESTMENT TRANSACTIONS
The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments, during the six months ended March 31, 2020, were as follows:
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||
($ Thousands) | ($ Thousands) | ($ Thousands) | ($ Thousands) | |||||||||||||
Purchases | ||||||||||||||||
U.S. Government | $– | $– | $2,367 | $– | ||||||||||||
Other | 1,561,377 | 653,764 | 126,200 | 795,255 | ||||||||||||
Sales | ||||||||||||||||
U.S. Government | – | – | 9,193 | – | ||||||||||||
Other | 1,667,257 | 770,253 | 128,248 | 846,188 |
7. FEDERAL TAX INFORMATION:
It is each Fund’s intention to continue to qualify as a regulated investment company under Subchapter M
of the Internal Revenue Code and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required.
84 | SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 |
The Funds may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.
Dividends from net investment income and distributions from net realized capital gains are determined in
accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited topaid-in capital and distributable earnings, as appropriate, in the period that the differences arise.
The tax character of dividends and distributions declared during the last two years were as follows:
Ordinary Income | Long-term Capital Gain | Total | ||||||||||||||
($ Thousands) | ($ Thousands) | ($ Thousands) | ||||||||||||||
International Equity Fund | 2019 | $ | 59,119 | $ | — | $ | 59,119 | |||||||||
2018 | 56,617 | — | 56,617 | |||||||||||||
Emerging Markets Equity Fund | 2019 | 10,587 | — | 10,587 | ||||||||||||
2018 | 26,095 | — | 26,095 | |||||||||||||
International Fixed Income Fund | 2019 | 18,958 | 2,360 | 21,318 | ||||||||||||
2018 | — | — | — | |||||||||||||
Emerging Markets Debt Fund | 2019 | 26,300 | — | 26,300 | ||||||||||||
2018 | 89,091 | — | 89,091 |
As of September 30, 2019, the components of Distributable Earnings (Accumulated Losses) were as follows:
Undistributed Ordinary Income ($ Thousands) | Undistributed Long-Term Capital Gain ($ Thousands) | Capital Loss | Post October Losses ($ Thousands) | Late Year Ordinary Losses ($ Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | Other Temporary Differences ($ Thousands) | Total Distributable Earnings (Accumulated Losses) ($ Thousands) | |||||||||||||||||||||||||
International Equity Fund | $ | 75,809 | $ | — | $ | (81,302 | ) | $ | — | $ | — | $ | 182,801 | $ | 2 | $ | 177,310 | |||||||||||||||
Emerging Markets Equity Fund | 18,779 | — | (77,642 | ) | — | — | 137,641 | (5 | ) | 78,773 | ||||||||||||||||||||||
International Fixed Income Fund | 10,053 | 747 | — | — | — | 8,009 | (10,625 | ) | 8,184 | |||||||||||||||||||||||
Emerging Markets Debt Fund | 5,477 | — | (25,339 | ) | — | (20,515 | ) | (33,460 | ) | (24,334 | ) | (98,171 | ) |
Post-October losses represent losses realized on investment transactions from November 1, 2018 through September 30, 2019 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, 2019, the Funds did not have any capital losses eligible to be carried forward.
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 inpre-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.
Short-Term | Long-Term | Total Capital Loss | ||||||||||
($ Thousands) | ($ Thousands) | ($ Thousands) | ||||||||||
International Equity Fund | $(81,302 | ) | $— | $(81,302 | ) | |||||||
Emerging Markets Equity Fund | (69,842 | ) | (7,800 | ) | (77,642 | ) | ||||||
Emerging Markets Debt Fund | (160 | ) | (25,179 | ) | (25,339 | ) |
* This table should be used in conjunction with the capital loss carryforwards table.
For Federal income tax purposes, the cost of securities owned at September 30, 2019, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in derivatives, passive foreign investment companies and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at March 31, 2020, was as follows:
SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 | 85 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2020 (Unaudited)
Federal Tax Cost | Appreciated Securities | Depreciated Securities | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
($ Thousands) | ($ Thousands) | ($ Thousands) | ($ Thousands) | |||||||||||||
International Equity Fund | $ | 3,585,342 | $ | 276,950 | $ | (697,133 | ) | $ | (420,183 | ) | ||||||
Emerging Markets Equity Fund | 1,380,890 | 196,339 | (252,145 | ) | (55,806 | ) | ||||||||||
International Fixed Income Fund | 489,656 | 12,444 | (19,358 | ) | (6,914 | ) | ||||||||||
Emerging Markets Debt Fund | 1,540,388 | 14,998 | (252,330 | ) | (237,332 | ) |
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of March 31, 2020, 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.
To the extent consistent with its Investment Strategy, a Fund may have one of more of the following principal risks:
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. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Funds acquire.
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— As a result of the Funds’ investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Funds will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Funds would be adversely affected. 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.
Economic Risks of Global Health Events— Global health events and pandemics, such as theCOVID-19 disease that is caused by theSARS-CoV-2 coronavirus, have the ability to affect—quickly, drastically and substantially—global, national and regional financial and commercial and residential real estate markets, industries, sectors, the economic forces of supply and demand for commodities, good and services, labor markets, and credit and banking markets, and can substantially strain health care systems, government infrastructure and stability, and social structures and behaviors. The coronavirus, in particular, has resulted in enhanced health screenings, healthcare service preparation and delivery, increased strain on hospital resources and staff, increased demand for and strain on government medical resources, disruptions to supply chains and customer activity, lower consumer spending in certain sectors, closing ofnon-essential businesses, rapid increases in unemployment, government economic stimulus measures, social distancing, bans on large social gatherings and travel, border closings,shelter-in-place orders, quarantines, cancellations, school closings and a significant portion of the workforce working from home, as well as general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, is having an unprecedented impact on the economies of many nations, individual companies and the market in general and could cause further disruptions that cannot necessarily be foreseen. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems, lack of stable government structures and insufficient government funding, and health crises may exacerbate otherpre-existing political, social and economic risks in certain countries.
Foreign Investment/Emerging Markets Risk— The risk thatnon-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
86 | SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 |
Funds invest. 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.
Market Risk— The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. The prices of the Funds’ 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 Funds’ fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. 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. In response to these events, the Funds’ value may fluctuate and/or the Funds may experience increased redemptions from shareholders, which may impact the Funds’ liquidity or force the Funds to sell securities into a declining or illiquid market.
Mortgage-Backed Securities Risk— Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Funds’ actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Funds’ expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancing and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted
average lives of mortgage-backed securities held or acquired by the Funds.
Please refer to each Fund’s current prospectus for additional disclosure regarding the risks associated with investing in the Funds. The foregoing is not intended to be a complete discussion of the risks associated with the investment strategies of the Funds.
9. SECURITIES LENDING
A Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust’s Board of Trustees. These loans may not exceed 33 1/3% of the total asset value of a Fund (including the loan collateral). No Fund will lend portfolio securities to its Adviser,sub-adviser or their affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash. Collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral between 102% and 105% of the market value of borrowed securities for domestic and foreign securities, respectively. However, due to market 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 March 31, 2020
($ Thousands):
SEI Insititution International Trust / Semi-Annual Report /March 31, 2020 | 87 |
NOTES TO FINANCIAL STATEMENTS (Concluded)
March 31, 2020 (Unaudited)
Securities Loaned at Value | Cash Collateral Received(1) | Net Amount | ||||||||||
International Equity Fund | $ | 60,441 | $ | 60,441 | $ | — | ||||||
Emerging Markets Equity Fund | 17,779 | 17,779 | — | |||||||||
Emerging Markets Debt Fund | 47,785 | 47,785 | — |
(1) | Excess collateral received in connection with the above securities lending transactions is not shown for financial reporting purposes. See each Fund’s Schedule of Investments for the total collateral received. |
10. | CONCENTRATION OF SHAREHOLDERS |
SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of March 31, 2020, SPTC held of record the following:
Fund | Class F | Class I | Class Y | |||||||||
International Equity Fund | 96.53% | 43.73% | 45.02% | |||||||||
Emerging Markets Equity Fund | 93.73% | —% | 63.06% | |||||||||
International Fixed Income Fund | 96.54% | —% | 99.61% | |||||||||
Emerging Markets Debt Fund | 97.86% | —% | 49.81% |
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 |
On August 17, 2018, the SEC adopted amendments to RegulationS-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statement of Assets & Liabilities. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statement of Changes in Net Assets. The amounts presented in the current Statement of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately.
In July 2017, the Financial Conduct Authority, the United Kingdom’s financial regulatory body, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR very likely will cease to be published after that time. Various financial industry groups have begun planning for that transition, whether through market wide protocols,
fallback contractual provisions, bespoke negotiations or amendments or otherwise, but there are obstacles to converting certain securities and transactions to a new benchmark. Transition planning is at an early stage, and neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies, resulting in prolonged adverse market conditions for the Fund. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. All of the aforementioned may adversely affect the Fund’s performance or NAV.
12. NEW ACCOUNTING PRONOUNCEMENTS
In August 2018, the FASB issued Accounting Standards Update2018-13, 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.
13. SUBSEQUENT EVENTS
Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosure and/or adjustments were required to the financial statements as of March 31, 2020.
88 | SEI Insititution International Trust / Semi-Annual Report / March 31, 2020 |
DISCLOSURE OF FUND EXPENSES (Unaudited)
March 31, 2020
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 October 1, 2019 to March 31, 2020.
The table on this page illustrates your fund’s costs in two ways:
•Actual fund return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.
You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period”.
•Hypothetical 5% return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.
NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.
Beginning Account Value 10/1/19 | Ending Account Value 3/31/20 | Annualized Expense Ratios | Expenses Paid During Period * | |||||||||||||
International Equity Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class F | $ | 1,000.00 | $ | 817.20 | 1.10 | % | $5.00 | |||||||||
Class I | 1,000.00 | 816.40 | 1.35 | 6.13 | ||||||||||||
Class Y | 1,000.00 | 818.10 | 0.85 | 3.86 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class F | $ | 1,000.00 | $ | 1,019.50 | 1.10 | % | $5.55 | |||||||||
Class I | 1,000.00 | 1,018.25 | 1.35 | 6.81 | ||||||||||||
Class Y | 1,000.00 | 1,020.75 | 0.85 | 4.29 | ||||||||||||
Emerging Markets Equity Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class F | $ | 1,000.00 | $ | 829.60 | 1.71 | % | $7.82 | |||||||||
Class Y | 1,000.00 | 830.80 | 1.46 | 6.68 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class F | $ | 1,000.00 | $ | 1,016.45 | 1.71 | % | $8.62 | |||||||||
Class Y | 1,000.00 | 1,017.70 | 1.46 | 7.36 |
Beginning Account Value 10/1/19 | Ending Account Value 3/31/20 | Annualized Expense Ratios | Expenses Paid During Period * | |||||||||||||
International Fixed Income Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class F | $ | 1,000.00 | $ | 980.30 | 1.02 | % | $5.05 | |||||||||
Class Y | 1,000.00 | 980.90 | 0.77 | 3.81 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class F | $ | 1,000.00 | $ | 1,019.90 | 1.02 | % | $5.15 | |||||||||
Class Y | 1,000.00 | 1,021.15 | 0.77 | 3.89 | ||||||||||||
Emerging Markets Debt Fund |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class F | $ | 1,000.00 | $ | 868.40 | 1.36 | % | $6.35 | |||||||||
Class Y | 1,000.00 | 869.40 | 1.11 | 5.19 | ||||||||||||
Hypothetical 5% Return |
| |||||||||||||||
Class F | $ | 1,000.00 | $ | 1,018.20 | 1.36 | % | $6.86 | |||||||||
Class Y | 1,000.00 | 1,019.45 | 1.11 | 5.60 |
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect theone-half year period shown). |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 | 89 |
BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY ANDSUB-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 which SIMC provides investment advisory services to the series of the Trust (the “Funds”). Pursuant to separatesub-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 (each member, a “Trustee” and, collectively, the “Trustees” or the “Board”), thesub-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. TheSub-Advisers are also responsible for managing their employees who provide services to the Funds. TheSub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively theSub-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 a Fund’s Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and 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 such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In connection with their consideration of such initial approvals and renewals, the Funds’ Trustees must request and evaluate, and SIMC and theSub-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 theSub-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 theSub-Advisers, including information about SIMC’s and theSub-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 theSub-Advisers.
Specifically, during the first half of the Trust’s fiscal year, the Board requested and received written materials from SIMC and certainSub-Advisers regarding: (i) the quality of SIMC’s and theSub-Advisers’ investment management and other services; (ii) SIMC’s and theSub-Advisers’ investment management personnel; (iii) SIMC’s and theSub-Advisers’ operations and financial condition; (iv) SIMC’s and theSub-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 thesub-advisory fees that SIMC pays theSub-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 theSub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and theSub-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 theSub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and theSub-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 March23-25, 2020 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, certainSub-Advisory Agreements were renewed at a meeting of the Board held during the first half of the Trust’s fiscal year on December3-4, 2019. In each case, the
90 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
Board’s renewal was based on its consideration and evaluation of the factors described above, as discussed at the meeting 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 theSub-Advisers to the Funds and the resources of SIMC and theSub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and eachSub-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 theSub-Advisers to the Funds and the resources of SIMC and theSub-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 othernon-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 renewal ofSub-Advisory Agreements, the Board considered the performance of theSub-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 eachSub-Adviser was sufficient to support the renewal of theSub-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 ratios 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 and its affiliates voluntary waivers of management and other fees to prevent total Fund operating expenses from exceeding certain amounts, as well as SIMC’s contractual waiver of its management fee with respect to the Emerging Markets Equity Fund to prevent total Fund operating expenses from exceeding specified caps, 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 fornon-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 toSub-Advisers, the Board took into account the fact that theSub-Advisers are compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliatedSub-Adviser reflects an arms-length negotiation between theSub-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 theSub-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 / Semi-Annual Report / March 31, 2020 | 91 |
BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY ANDSUB-ADVISORY AGREEMENTS (Unaudited) (Concluded)
Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and theSub-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 theSub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliatedSub-Adviser reflects an arms-length negotiation between theSub-Adviser and SIMC. In connection with the renewal of eachSub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to theSub-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 theSub-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 afund-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 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 wasall-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.
Review of Liquidity Risk Management Program
Pursuant to Rule22e-4 under the 1940 Act, the Trust, on behalf of the Funds, has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Program is overseen by the SIMC Liquidity Risk Oversight Committee, and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund.
At a meeting of the Board held on March 24, 2020, the Trustees received a report from the SIMC Liquidity Risk Oversight Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation. The SIMC Liquidity Risk Oversight Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since the Program was implemented on December 1, 2018. The SIMC Liquidity Risk Oversight Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The SIMC Liquidity Risk Oversight Committee further noted that no material changes have been made to the Program since its implementation.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.
92 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2020 |
SEI INSTITUTIONAL INTERNATIONAL TRUST / SEMI-ANNUAL REPORT / MARCH 31, 2020
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
Christine Reynolds
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 and Secretary
David F. McCann
Vice President and Assistant Secretary
Aaron Buser
Vice President and Assistant Secretary
Stephen G. MacRae
Vice President
Bridget E. Sudall
Anti-Money Laundering Compliance Officer and Privacy Officer
Investment Adviser
SEI Investments Management Corporation
Administrator
SEI Investments Global Funds Services
Distributor
SEI Investments Distribution Co.
Legal Counsel
Morgan, Lewis & Bockius LLP
Independent Registered Public Accounting Firm
KPMG LLP
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.
For more information call
1 800 DIAL SEI
(1 800 342 5734)
1 Freedom Valley Drive, P.O. Box 1100, Oaks, PA 19456
SEI-F-031 (3/20)
Item 2. | Code of Ethics. |
Not applicable for semi-annual report.
Item 3. | Audit Committee Financial Expert. |
Not applicable for semi-annual report.
Item 4. | Principal Accountant Fees and Services. |
Not applicable for semi-annual report.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable for semi-annual report.
Item 6. | Schedule of Investments. |
The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the International Equity Fund, the Emerging Markets Equity Fund, the International Fixed Income Fund and the Emerging Markets Debt Fund are included as part of the report to shareholders filed under Item 1 of this form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
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. 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) Not applicable for semi-annual report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SEI Institutional International Trust | ||||
By | /s/ Robert A. Nesher | |||
Robert A. Nesher, President & CEO |
Date: June 8, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By | /s/ Robert A. Nesher | |||
Robert A. Nesher, President & CEO |
Date: June 8, 2020
By | /s/ Peter A. Rodriguez | |||
Peter A. Rodriguez, Controller & CFO |
Date: June 8, 2020