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, 2021
Date of reporting period: March 31, 2021
Item 1. | Reports to Stockholders. |
March 31, 2021 SEMI-ANNUAL REPORT SEI Institutional International Trust ? International Equity Fund ? Emerging Markets Equity Fund ? International Fixed Income Fund ? Emerging Markets Debt Fund Paper copies of the Funds’ shareholder reports are no longer sent by mail, unless you specifically request them from the Funds or from your financial intermediary, such as a broker-dealer or bank. Shareholder reports are available online and you will be notified by mail each time a report is posted on the Funds’ website and provided with a link to access the report online. You may elect to receive all future reports in paper free of charge. If you invest through a ?nancial intermediary, you can contact your ?nancial 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 calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your ?nancial intermediary.
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Board of Trustees Considerations in Approving the Advisory Agreement | 88 |
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 Form N-PORT. The Trust’s Form N-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 recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
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 — 95.6% |
| |||||||
Argentina — 0.2% | ||||||||
MercadoLibre Inc * | 5,353 | $ | 7,880 | |||||
|
|
| ||||||
Australia — 2.6% | ||||||||
a2 Milk Co Ltd/The *(A) | 797,201 | 4,754 | ||||||
Australia & New Zealand Banking Group Ltd | 382,365 | 8,207 | ||||||
BlueScope Steel Ltd | 896,249 | 13,209 | ||||||
CSL Ltd | 52,223 | 10,527 | ||||||
CSR Ltd | 792,249 | 3,488 | ||||||
Fortescue Metals Group Ltd | 1,702,688 | 25,924 | ||||||
Harvey Norman Holdings Ltd | 298,181 | 1,301 | ||||||
National Australia Bank Ltd | 29,028 | 575 | ||||||
Nickel Mines Ltd | 729,737 | 681 | ||||||
Orora Ltd | 1,270,565 | 2,942 | ||||||
Rio Tinto Ltd | 205,172 | 17,307 | ||||||
Santos Ltd | 578,125 | 3,126 | ||||||
South32 Ltd | 7,692,615 | 16,464 | ||||||
Westpac Banking Corp | 447,956 | 8,328 | ||||||
|
|
| ||||||
116,833 | ||||||||
|
|
| ||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 72,724 | 3,277 | ||||||
Verbund AG, Cl A | 58,369 | 4,253 | ||||||
voestalpine AG | 21,087 | 876 | ||||||
|
|
| ||||||
8,406 | ||||||||
|
|
| ||||||
Belgium — 0.3% | ||||||||
Ageas SA/NV | 94,161 | 5,706 | ||||||
Etablissements Franz Colruyt NV | 96,938 | 5,795 | ||||||
|
|
| ||||||
11,501 | ||||||||
|
|
| ||||||
Brazil — 0.1% | ||||||||
Magazine Luiza SA | 1,124,100 | 4,000 | ||||||
|
|
| ||||||
Canada — 1.7% | ||||||||
Air Canada, Cl A * | 779,800 | 16,225 | ||||||
Alimentation Couche-Tard Inc, Cl B | 471,700 | 15,207 | ||||||
Canadian Pacific Railway Ltd | 33,591 | 12,741 | ||||||
Cascades Inc | 117,200 | 1,467 | ||||||
Constellation Software Inc/Canada | 300 | 419 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Empire Co Ltd, Cl A | 74,800 | $ | 2,332 | |||||
George Weston Ltd | 4,000 | 354 | ||||||
Intertape Polymer Group Inc | 98,500 | 2,194 | ||||||
Magna International Inc, Cl A | 104,900 | 9,237 | ||||||
Pason Systems Inc | 24,395 | 172 | ||||||
Royal Bank of Canada | 129,000 | 11,893 | ||||||
Stella-Jones Inc | 34,909 | 1,416 | ||||||
Transcontinental Inc, Cl A | 54,873 | 966 | ||||||
Viemed Healthcare Inc * | 48,900 | 497 | ||||||
|
|
| ||||||
75,120 | ||||||||
|
|
| ||||||
China — 0.4% | ||||||||
Baidu Inc ADR * | 13,661 | 2,972 | ||||||
Beijing Capital International Airport Co Ltd, Cl H * | 5,928,000 | 4,613 | ||||||
Shenzhou International Group Holdings Ltd | 254,000 | 5,263 | ||||||
Tencent Holdings Ltd | 91,200 | 7,156 | ||||||
|
|
| ||||||
20,004 | ||||||||
|
|
| ||||||
Denmark — 2.6% | ||||||||
Ambu A/S, Cl B | 150,825 | 7,100 | ||||||
AP Moller - Maersk A/S, Cl B | 6,827 | 15,897 | ||||||
Carlsberg AS, Cl B | 31,574 | 4,863 | ||||||
DSV PANALPINA A/S | 54,513 | 10,721 | ||||||
Genmab A/S * | 1,211 | 399 | ||||||
GN Store Nord AS | 39,637 | 3,128 | ||||||
H Lundbeck A/S | 91,125 | 3,121 | ||||||
Novo Nordisk A/S, Cl B | 724,708 | 49,217 | ||||||
Orsted AS | 60,720 | 9,831 | ||||||
Pandora A/S * | 44,074 | 4,733 | ||||||
Vestas Wind Systems A/S | 41,190 | 8,475 | ||||||
|
|
| ||||||
117,485 | ||||||||
|
|
| ||||||
Finland — 0.9% | ||||||||
Kesko Oyj, Cl B | 50,174 | �� | 1,538 | |||||
Kone Oyj, Cl B | 266,348 | 21,806 | ||||||
Neste Oyj | 146,007 | 7,767 | ||||||
Orion Oyj, Cl B | 248,353 | 9,974 | ||||||
Wartsila OYJ Abp, Cl B | 104,490 | 1,097 | ||||||
|
|
| ||||||
42,182 | ||||||||
|
|
| ||||||
France — 12.0% | ||||||||
Air Liquide SA | 138,660 | 22,701 | ||||||
Airbus SE * | 166,427 | 18,883 | ||||||
AXA SA | 672,226 | 18,081 | ||||||
BioMerieux | 23,803 | 3,035 | ||||||
BNP Paribas SA | 270,908 | 16,518 | ||||||
Bollore SA | 3,938,473 | 19,062 | ||||||
Carrefour SA | 1,387,355 | 25,184 | ||||||
Cie Generale des Etablissements Michelin | ||||||||
SCA, Cl B | 15,021 | 2,254 | ||||||
CNP Assurances | 30,143 | 574 | ||||||
Credit Agricole SA | 2,027,163 | 29,412 | ||||||
Criteo SA ADR *(A) | 60,571 | 2,104 | ||||||
Danone SA | 582,078 | 40,021 | ||||||
Engie SA | 1,660,201 | 23,620 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
International Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Eurofins Scientific SE | 56,468 | $ | 5,410 | |||||
Faurecia SE * | 3,052 | 162 | ||||||
Ipsen SA | 62,682 | 5,389 | ||||||
IPSOS | 18,645 | 706 | ||||||
L’Oreal SA | 26,153 | 10,045 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 18,728 | 12,504 | ||||||
Orange SA | 1,091,000 | 13,470 | ||||||
Pernod Ricard SA | 106,245 | 19,985 | ||||||
Publicis Groupe SA | 501,150 | 30,651 | ||||||
Rexel SA | 346,362 | 6,880 | ||||||
Sanofi | 531,690 | 52,647 | ||||||
Sartorius Stedim Biotech | 50,513 | 20,850 | ||||||
Schneider Electric SE | 67,153 | 10,280 | ||||||
Sodexo SA * | 166,500 | 16,003 | ||||||
Stellantis NV * | 1,473,319 | 26,112 | ||||||
Thales SA | 132,578 | 13,201 | ||||||
TOTAL SE (A) | 704,102 | 32,915 | ||||||
Ubisoft Entertainment SA * | 127,727 | 9,740 | ||||||
Valeo SA | 380,528 | 12,956 | ||||||
Vinci SA | 104,076 | 10,686 | ||||||
Vivendi SE | 238,120 | 7,836 | ||||||
Wendel SE | 20,343 | 2,532 | ||||||
|
|
| ||||||
542,409 | ||||||||
|
|
| ||||||
Germany — 7.8% | ||||||||
adidas AG | 74,417 | 23,282 | ||||||
BASF SE | 403,927 | 33,630 | ||||||
Bayer AG | 153,318 | 9,723 | ||||||
Bayerische Motoren Werke AG | 135,050 | 14,042 | ||||||
Carl Zeiss Meditec AG | 50,735 | 7,662 | ||||||
Continental AG * | 68,095 | 9,020 | ||||||
Daimler AG | 265,318 | 23,702 | ||||||
Deutsche Bank AG * | 1,094,167 | 13,102 | ||||||
Deutsche Boerse AG | 56,709 | 9,444 | ||||||
Deutsche Post AG | 38,384 | 2,108 | ||||||
Fresenius Medical Care AG & Co KGaA | 323,960 | 23,881 | ||||||
GEA Group AG | 34,116 | 1,401 | ||||||
Hamburger Hafen und Logistik AG | 14,977 | 332 | ||||||
Hella GmbH & Co KGaA * | 12,591 | 708 | ||||||
HelloFresh SE * | 8,665 | 648 | ||||||
Infineon Technologies AG | 466,568 | 19,826 | ||||||
KION Group AG | 259,527 | 25,683 | ||||||
Linde PLC | 33,762 | 9,480 | ||||||
Merck KGaA | 59,646 | 10,221 | ||||||
Rational AG | 1,204 | 937 | ||||||
Rheinmetall AG | 42,432 | 4,309 | ||||||
RWE AG | 481,016 | 18,893 | ||||||
SAP SE | 310,834 | 38,147 | ||||||
Siemens AG | 316,470 | 52,072 | ||||||
zooplus AG * | 6,412 | 1,835 | ||||||
|
|
| ||||||
354,088 | ||||||||
|
|
| ||||||
Hong Kong — 1.8% | ||||||||
AIA Group Ltd | 906,200 | 10,992 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Chaoda Modern Agriculture Holdings Ltd * | 2,440,000 | $ | 28 | |||||
Hong Kong Exchanges & Clearing Ltd | 289,869 | 17,054 | ||||||
Nine Dragons Paper Holdings Ltd | 410,000 | 600 | ||||||
Sands China Ltd * | 1,937,200 | 9,681 | ||||||
SJM Holdings Ltd * | 18,396,340 | 24,041 | ||||||
Techtronic Industries Co Ltd | 475,000 | 8,126 | ||||||
WH Group Ltd | 4,422,000 | 3,583 | ||||||
Wuxi Biologics Cayman Inc * | 451,598 | 5,655 | ||||||
|
|
| ||||||
79,760 | ||||||||
|
|
| ||||||
India — 0.2% | ||||||||
HDFC Bank Ltd ADR * | 127,814 | 9,930 | ||||||
|
|
| ||||||
Indonesia — 0.1% | ||||||||
Bank Mandiri Persero Tbk PT | 6,601,300 | 2,795 | ||||||
|
|
| ||||||
Ireland — 1.1% | ||||||||
Experian PLC | 255,301 | 8,795 | ||||||
ICON PLC * | 138,554 | 27,208 | ||||||
Ryanair Holdings PLC ADR * | 117,503 | 13,513 | ||||||
|
|
| ||||||
49,516 | ||||||||
|
|
| ||||||
Israel — 0.4% | ||||||||
Bank Hapoalim BM * | 99,292 | 774 | ||||||
Bank Leumi Le-Israel BM * | 1,653,944 | 10,911 | ||||||
Bezeq The Israeli Telecommunication Corp Ltd * | 619,676 | 664 | ||||||
Check Point Software Technologies Ltd *(A) | 53,327 | 5,971 | ||||||
FIBI Holdings Ltd | 15,684 | 493 | ||||||
First International Bank Of Israel Ltd * | 48,240 | 1,347 | ||||||
|
|
| ||||||
20,160 | ||||||||
|
|
| ||||||
Italy — 2.4% | ||||||||
Assicurazioni Generali SpA | 397,365 | 7,967 | ||||||
Banca Mediolanum SpA | 299,871 | 2,837 | ||||||
Buzzi Unicem SpA | 48,769 | 1,271 | ||||||
CNH Industrial NV | 926,438 | 14,367 | ||||||
De’ Longhi SpA | 14,333 | 580 | ||||||
DiaSorin SpA | 20,052 | 3,224 | ||||||
Enel SpA | 2,100,812 | 20,970 | ||||||
Ferrari NV | 41,832 | 8,769 | ||||||
FinecoBank Banca Fineco SpA * | 504,594 | 8,276 | ||||||
La Doria SpA | 11,016 | 233 | ||||||
Mediaset SpA *(A) | 360,579 | 1,040 | ||||||
Moncler SpA | 104,755 | 6,017 | ||||||
Stellantis NV * | 179,252 | 3,178 | ||||||
Tenaris SA | 305,956 | 3,456 | ||||||
UniCredit SpA | 2,676,728 | 28,355 | ||||||
UnipolSai Assicurazioni SpA | 96,751 | 291 | ||||||
|
|
| ||||||
110,831 | ||||||||
|
|
| ||||||
Japan — 17.6% | ||||||||
77 Bank Ltd/The | 67,964 | 960 | ||||||
Advantest Corp | 140,100 | 12,273 | ||||||
AEON Financial Service Co Ltd | 122,100 | 1,641 | ||||||
Ajinomoto Co Inc | 129,700 | 2,659 | ||||||
Asahi Group Holdings Ltd | 288,200 | 12,167 | ||||||
ASKUL Corp | 50,500 | 1,933 |
2 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Bandai Namco Holdings Inc | 41,000 | $ | 2,929 | |||||
Bridgestone Corp | 401,900 | 16,276 | ||||||
Brother Industries Ltd | 17,500 | 388 | ||||||
Canon Inc | 63,800 | 1,445 | ||||||
Canon Marketing Japan Inc | 92,900 | 2,065 | ||||||
Capcom Co Ltd | 371,000 | 12,070 | ||||||
CyberAgent Inc | 554,800 | 10,007 | ||||||
Daikin Industries Ltd | 3,500 | 707 | ||||||
Daito Trust Construction Co Ltd | 87,000 | 10,101 | ||||||
Daiwa House Industry Co Ltd | 320,500 | 9,400 | ||||||
DeNA Co Ltd *(A) | 14,900 | 292 | ||||||
Denso Corp | 139,800 | 9,295 | ||||||
Disco Corp | 13,000 | 4,088 | ||||||
FANUC Corp | 88,700 | 21,019 | ||||||
Fujitsu Ltd | 227,000 | 32,869 | ||||||
Glory Ltd | 84,500 | 1,820 | ||||||
GungHo Online Entertainment Inc * | 48,700 | 963 | ||||||
H.U. Group Holdings Inc | 9,800 | 329 | ||||||
Hakuhodo DY Holdings Inc | 117,100 | 1,955 | ||||||
Hitachi Ltd | 644,967 | 29,207 | ||||||
Idemitsu Kosan Co Ltd | 52,500 | 1,356 | ||||||
Iida Group Holdings Co Ltd | 73,600 | 1,782 | ||||||
ITOCHU Corp (A) | 245,400 | 7,966 | ||||||
Japan Exchange Group Inc | 364,400 | 8,558 | ||||||
Japan Post Holdings Co Ltd | 256,600 | 2,291 | ||||||
Japan Post Insurance Co Ltd | 39,600 | 815 | ||||||
Kajima Corp | 40,100 | 570 | ||||||
Kao Corp | 222,300 | 14,712 | ||||||
KDDI Corp | 739,300 | 22,714 | ||||||
Keyence Corp | 17,500 | 7,961 | ||||||
Kinden Corp | 26,600 | 454 | ||||||
Kirin Holdings Co Ltd | 240,000 | 4,606 | ||||||
Kokuyo Co Ltd | 204,900 | 3,178 | ||||||
Konami Holdings Corp | 22,500 | 1,342 | ||||||
K’s Holdings Corp (A) | 252,100 | 3,470 | ||||||
Lawson Inc | 162,900 | 8,005 | ||||||
Mazda Motor Corp * | 57,400 | 469 | ||||||
Mebuki Financial Group Inc | 268,500 | 634 | ||||||
Mitsubishi Electric Corp | 1,023,600 | 15,623 | ||||||
Mitsubishi Estate Co Ltd | 169,900 | 2,971 | ||||||
Mitsubishi Gas Chemical Co Inc | 56,900 | 1,398 | ||||||
Mitsubishi Heavy Industries Ltd | 106,100 | 3,312 | ||||||
Mixi Inc | 114,700 | 2,875 | ||||||
Mizuno Corp | 41,500 | 817 | ||||||
MS&AD Insurance Group Holdings Inc (A) | 178,700 | 5,254 | ||||||
Murata Manufacturing Co Ltd | 335,000 | 26,806 | ||||||
Nexon Co Ltd | 370,025 | 12,022 | ||||||
Nihon Kohden Corp | 11,400 | 333 | ||||||
Nihon Unisys Ltd | 148,700 | 4,589 | ||||||
Nikon Corp | 513,800 | 4,813 | ||||||
Nintendo Co Ltd | 39,100 | 21,871 | ||||||
Nippon Telegraph & Telephone Corp (A) | 585,800 | 15,067 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Nitori Holdings Co Ltd | 84,100 | $ | 16,306 | |||||
Nitto Denko Corp | 61,600 | 5,274 | ||||||
Nomura Holdings Inc | 1,065,800 | 5,608 | ||||||
Okuwa Co Ltd | 54,000 | 591 | ||||||
Ono Pharmaceutical Co Ltd | 40,600 | 1,062 | ||||||
ORIX Corp (A) | 578,600 | 9,781 | ||||||
Otsuka Corp | 83,300 | 3,905 | ||||||
Panasonic Corp | 1,735,500 | 22,357 | ||||||
PeptiDream Inc * | 180,500 | 8,265 | ||||||
Persol Holdings Co Ltd | 132,800 | 2,601 | ||||||
Rakuten Group Inc * | 790,058 | 9,431 | ||||||
Recruit Holdings Co Ltd | 220,900 | 10,797 | ||||||
Rinnai Corp | 5,600 | 628 | ||||||
Ryohin Keikaku Co Ltd | 844,700 | 20,013 | ||||||
Sankyo Co Ltd | 141,700 | 3,761 | ||||||
Sanwa Holdings Corp | 178,600 | 2,342 | ||||||
SBI Holdings Inc/Japan (A) | 304,500 | 8,267 | ||||||
Secom Co Ltd | 133,700 | 11,268 | ||||||
Seiko Epson Corp | 16,100 | 262 | ||||||
Sekisui House Ltd | 187,700 | 4,033 | ||||||
Seven & i Holdings Co Ltd | 437,700 | 17,678 | ||||||
Sharp Corp/Japan (A) | 175,900 | 3,040 | ||||||
Shimamura Co Ltd | 57,400 | 6,634 | ||||||
Shimano Inc | 7,600 | 1,814 | ||||||
Shin-Etsu Chemical Co Ltd | 118,249 | 19,915 | ||||||
Shiseido Co Ltd | 106,600 | 7,160 | ||||||
SoftBank Group Corp | 52,200 | 4,408 | ||||||
Sompo Holdings Inc | 142,800 | 5,482 | ||||||
Sony Group Corp | 92,300 | 9,685 | ||||||
Sony Group Corp ADR | 192,614 | 20,419 | ||||||
Sumitomo Chemical Co Ltd | 126,100 | 654 | ||||||
Sumitomo Mitsui Financial Group Inc | 953,800 | 34,587 | ||||||
Sumitomo Rubber Industries Ltd | 96,700 | 1,142 | ||||||
Sysmex Corp | 62,000 | 6,691 | ||||||
T&D Holdings Inc | 507,800 | 6,553 | ||||||
Takeda Pharmaceutical Co Ltd | 682,800 | 24,624 | ||||||
TDK Corp | 24,500 | 3,399 | ||||||
Teijin Ltd | 138,800 | 2,395 | ||||||
TIS Inc | 160,400 | 3,834 | ||||||
Tokio Marine Holdings Inc | 48,400 | 2,306 | ||||||
Tokyo Electron Ltd | 23,042 | 9,757 | ||||||
Tomy Co Ltd | 133,700 | 1,216 | ||||||
Toshiba Corp | 152,700 | 5,168 | ||||||
TOTO Ltd | 7,900 | 486 | ||||||
Toyota Industries Corp | 222,378 | 19,843 | ||||||
Universal Entertainment * | 396,253 | 9,675 | ||||||
Yamada Holdings Co Ltd | 1,013,900 | 5,478 | ||||||
YA-MAN Ltd | 15,400 | 219 | ||||||
Z Holdings Corp | 1,395,200 | 6,952 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 3 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
International Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
ZOZO Inc | 113,700 | $ | 3,365 | |||||
|
|
| ||||||
798,623 | ||||||||
|
|
| ||||||
Jordan — 0.1% | ||||||||
Hikma Pharmaceuticals PLC | 151,774 | 4,766 | ||||||
|
|
| ||||||
Malta — 0.0% | ||||||||
BGP Holdings *(B) | 198,683 | – | ||||||
|
|
| ||||||
Mexico — 1.0% | ||||||||
Arca Continental SAB de CV | 2,744,250 | 13,479 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 333,370 | 25,113 | ||||||
Grupo Financiero Banorte SAB de CV, Cl O * | 940,583 | 5,298 | ||||||
|
|
| ||||||
43,890 | ||||||||
|
|
| ||||||
Netherlands — 6.1% | ||||||||
Adyen NV * | 2,993 | 6,696 | ||||||
Akzo Nobel NV | 429,782 | 48,128 | ||||||
ArcelorMittal SA | 186,356 | 5,395 | ||||||
ASML Holding NV | 72,618 | 44,125 | ||||||
ASR Nederland NV | 160,858 | 7,224 | ||||||
BE Semiconductor Industries NV | 19,785 | 1,661 | ||||||
Galapagos NV * | 20,801 | 1,616 | ||||||
ING Groep NV | 1,644,686 | 20,165 | ||||||
James Hardie Industries PLC *(A) | 162,307 | 4,925 | ||||||
Koninklijke Ahold Delhaize NV | 1,619,526 | 45,206 | ||||||
Koninklijke DSM NV | 52,904 | 8,972 | ||||||
Koninklijke Philips NV | 350,306 | 20,040 | ||||||
NN Group NV | 84,718 | 4,151 | ||||||
PostNL NV | 1,207,552 | 5,868 | ||||||
Prosus NV | 86,151 | 9,599 | ||||||
Randstad NV (A) | 209,833 | 14,792 | ||||||
RELX PLC | 184,504 | 4,645 | ||||||
Wolters Kluwer NV | 249,527 | 21,737 | ||||||
|
|
| ||||||
274,945 | ||||||||
|
|
| ||||||
New Zealand — 0.1% | ||||||||
Fisher & Paykel Healthcare Corp Ltd | 285,213 | 6,412 | ||||||
Fletcher Building Ltd * | 110,759 | 545 | ||||||
|
|
| ||||||
6,957 | ||||||||
|
|
| ||||||
Saudi Arabia — 0.1% | ||||||||
Al Rajhi Bank | 73,219 | 1,929 | ||||||
Bank AlBilad * | 80,939 | 760 | ||||||
Najran Cement Co | 184,956 | 1,133 | ||||||
Saudi Basic Industries Corp | 20,786 | 651 | ||||||
Saudi Industrial Investment Group | 50,600 | 438 | ||||||
Saudi Kayan Petrochemical Co * | 161,598 | 687 | ||||||
Tabuk Cement Co * | 46,961 | 248 | ||||||
Yamama Cement Co * | 38,899 | 344 | ||||||
|
|
| ||||||
6,190 | ||||||||
|
|
| ||||||
Singapore — 0.3% | ||||||||
DBS Group Holdings Ltd | 372,800 | 7,988 | ||||||
Hong Leong Finance Ltd | 40,309 | 74 | ||||||
Jardine Cycle & Carriage Ltd | 41,300 | 692 | ||||||
Oversea-Chinese Banking Corp Ltd | 301,900 | 2,640 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Wilmar International Ltd | 834,900 | $ | 3,368 | |||||
|
|
| ||||||
14,762 | ||||||||
|
|
| ||||||
South Africa — 0.1% | ||||||||
DataTec Ltd * | 100,188 | 177 | ||||||
Investec PLC | 416,323 | 1,274 | ||||||
MultiChoice Group | 112,112 | 979 | ||||||
|
|
| ||||||
2,430 | ||||||||
|
|
| ||||||
South Korea — 3.1% | ||||||||
APTC Co Ltd | 20,227 | 424 | ||||||
BNK Financial Group Inc | 691,155 | 4,146 | ||||||
Hana Financial Group Inc | 90,133 | 3,409 | ||||||
Kangwon Land Inc * | 968,073 | 21,641 | ||||||
KIWOOM Securities Co Ltd | 8,889 | 990 | ||||||
Kolon Industries Inc | 15,690 | 829 | ||||||
KT Corp ADR * | 100,388 | 1,249 | ||||||
LG Display Co Ltd * | 102,601 | 2,062 | ||||||
LG Electronics Inc | 112,632 | 14,928 | ||||||
Samsung Electronics Co Ltd | 468,367 | 33,687 | ||||||
SK Hynix Inc | 470,181 | 55,047 | ||||||
|
|
| ||||||
138,412 | ||||||||
|
|
| ||||||
Spain — 2.6% | ||||||||
Aena SME SA * | 85,425 | 13,885 | ||||||
Amadeus IT Group SA, Cl A * | 603,514 | 42,828 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 2,430,062 | 12,641 | ||||||
Banco Santander SA | 4,038,778 | 13,751 | ||||||
CaixaBank SA | 5,385,098 | 16,702 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 57,814 | 1,149 | ||||||
Iberdrola SA | 233,024 | 3,009 | ||||||
Laboratorios Farmaceuticos Rovi SA | 8,379 | 453 | ||||||
Siemens Gamesa Renewable Energy SA * | 362,947 | 14,077 | ||||||
|
|
| ||||||
118,495 | ||||||||
|
|
| ||||||
Sweden — 4.4% | ||||||||
Atlas Copco AB, Cl A | 138,631 | 8,455 | ||||||
Axfood AB | 66,076 | 1,583 | ||||||
Betsson AB * | 131,332 | 1,221 | ||||||
Byggmax Group AB | 122,242 | 1,069 | ||||||
Electrolux AB, Cl B (A) | 559,602 | 15,549 | ||||||
Epiroc AB, Cl A | 344,630 | 7,821 | ||||||
Essity AB, Cl B (A) | 580,634 | 18,379 | ||||||
Evolution Gaming Group AB | 69,742 | 10,290 | ||||||
Getinge AB, Cl B | 217,298 | 6,045 | ||||||
H & M Hennes & Mauritz AB, Cl B * | 485,580 | 10,961 | ||||||
Hexagon AB, Cl B | 47,279 | 4,370 | ||||||
Husqvarna AB, Cl B | 948,519 | 13,690 | ||||||
Kinnevik AB * | 149,095 | 7,263 | ||||||
NCC AB, Cl B | 45,776 | 774 | ||||||
Nordnet AB publ | 24,991 | 404 | ||||||
Sandvik AB | 572,727 | 15,678 | ||||||
Securitas AB, Cl B | 1,247,440 | 21,253 | ||||||
SKF AB, Cl B | 112,260 | 3,197 | ||||||
Svenska Cellulosa AB SCA, Cl B | 187,863 | 3,331 |
4 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Swedish Match AB | 203,548 | $ | 15,922 | |||||
Telefonaktiebolaget LM Ericsson, Cl B (A) | 1,483,840 | 19,671 | ||||||
Volvo AB, Cl B (A) | 476,547 | 12,077 | ||||||
|
|
| ||||||
199,003 | ||||||||
|
|
| ||||||
Switzerland — 10.6% | ||||||||
ABB Ltd | 631,356 | 19,159 | ||||||
Adecco Group AG | 173,578 | 11,737 | ||||||
Alcon Inc | 116,395 | 8,185 | ||||||
Cie Financiere Richemont SA, Cl A | 148,632 | 14,330 | ||||||
Coca-Cola HBC AG * | 940,060 | 29,961 | ||||||
Credit Suisse Group AG | 3,914,942 | 41,190 | ||||||
dormakaba Holding AG | 2,973 | 2,039 | ||||||
EMS-Chemie Holding AG | 5,829 | 5,227 | ||||||
Geberit AG | 11,736 | 7,502 | ||||||
Kuehne + Nagel International AG | 16,342 | 4,683 | ||||||
Logitech International SA | 140,308 | 14,780 | ||||||
Lonza Group AG | 29,622 | 16,631 | ||||||
Nestle SA | 314,242 | 35,172 | ||||||
Novartis AG | 728,586 | 62,528 | ||||||
Roche Holding AG | 246,124 | 79,879 | ||||||
Schindler Holding AG | 42,500 | 12,536 | ||||||
SFS Group AG | 2,834 | 354 | ||||||
Sika AG | 31,328 | 8,987 | ||||||
Sonova Holding AG * | 3,144 | 836 | ||||||
STMicroelectronics NV | 264,141 | 10,096 | ||||||
Swatch Group AG/The | 163,594 | 47,263 | ||||||
Tecan Group AG | 11,017 | 4,909 | ||||||
UBS Group AG | 1,194,621 | 18,577 | ||||||
Vifor Pharma AG | 34,188 | 4,673 | ||||||
Zurich Insurance Group AG | 43,295 | 18,557 | ||||||
|
|
| ||||||
479,791 | ||||||||
|
|
| ||||||
Taiwan — 1.8% | ||||||||
Arcadyan Technology Corp | 151,000 | 614 | ||||||
Asustek Computer Inc | 803,000 | 10,483 | ||||||
Chicony Electronics Co Ltd | 687,000 | 2,444 | ||||||
Chipmos Technologies Inc * | 953,000 | 1,478 | ||||||
Compal Electronics Inc | 5,851,000 | 5,475 | ||||||
eGalax_eMPIA Technology Inc | 175,000 | 396 | ||||||
Gigabyte Technology Co Ltd | 445,000 | 1,557 | ||||||
Global Mixed Mode Technology Inc | 91,000 | 662 | ||||||
Hon Hai Precision Industry Co Ltd | 3,797,000 | 16,501 | ||||||
Lite-On Technology Corp | 3,430,000 | 7,549 | ||||||
MediaTek Inc | 302,885 | 10,286 | ||||||
Novatek Microelectronics Corp | 233,000 | 4,695 | ||||||
Quanta Computer Inc | 156,000 | 536 | ||||||
Simplo Technology Co Ltd | 207,000 | 2,692 | ||||||
Sitronix Technology Corp | 173,000 | 1,449 | ||||||
Synnex Technology International Corp | 1,083,000 | 2,069 | ||||||
T3EX Global Holdings Corp | 1 | – |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 118,152 | $ | 13,975 | |||||
|
|
| ||||||
82,861 | ||||||||
|
|
| ||||||
Thailand — 0.0% | ||||||||
Krung Thai Bank PCL | 1,676,100 | 654 | ||||||
|
|
| ||||||
Turkey — 0.0% | ||||||||
Coca-Cola Icecek AS | 116,094 | 965 | ||||||
|
|
| ||||||
United Kingdom — 10.0% | ||||||||
Anglo American PLC | 589,833 | 23,132 | ||||||
Ashtead Group PLC | 152,383 | 9,097 | ||||||
AstraZeneca PLC | 15,877 | 1,587 | ||||||
Aviva PLC | 341,648 | 1,924 | ||||||
B&M European Value Retail SA | 1,255,693 | 9,144 | ||||||
Balfour Beatty PLC | 1,188,220 | 4,839 | ||||||
Barclays PLC | 17,306,853 | 44,394 | ||||||
BP PLC | 9,510,021 | 38,661 | ||||||
BP PLC ADR | 185,276 | 4,511 | ||||||
British American Tobacco PLC | 478,024 | 18,295 | ||||||
Compass Group PLC * | 636,312 | 12,831 | ||||||
Computacenter PLC | 62,379 | 2,040 | ||||||
Diageo PLC | 718,750 | 29,645 | ||||||
Evraz PLC | 1,669,026 | 13,310 | ||||||
Ferguson PLC | 65,258 | 7,804 | ||||||
Ferrexpo PLC | 524,939 | 2,713 | ||||||
GlaxoSmithKline PLC | 120,466 | 2,141 | ||||||
Glencore PLC * | 3,810,963 | 14,946 | ||||||
Hays PLC * | 1,779,388 | 3,670 | ||||||
HSBC Holdings PLC | 783,313 | 4,574 | ||||||
IG Group Holdings PLC | 186,542 | 2,319 | ||||||
Indivior PLC * | 285,595 | 500 | ||||||
International Consolidated Airlines Group SA * | 4,076,854 | 11,154 | ||||||
Investec PLC | 732,515 | 2,215 | ||||||
Kingfisher PLC | 1,588,549 | 6,976 | ||||||
Land Securities Group PLC | 285,600 | 2,719 | ||||||
Legal & General Group PLC | 1,373,942 | 5,291 | ||||||
London Stock Exchange Group PLC | 43,024 | 4,120 | ||||||
M&G PLC | 555,976 | 1,591 | ||||||
Naked Wines PLC * | 39,863 | 413 | ||||||
Next PLC * | 79,634 | 8,642 | ||||||
Ninety One PLC | 375,849 | 1,232 | ||||||
Pagegroup PLC * | 97,734 | 634 | ||||||
Plus500 Ltd | 120,450 | 2,327 | ||||||
Prudential PLC | 2,224,443 | 47,279 | ||||||
QinetiQ Group PLC | 196,336 | 856 | ||||||
Reckitt Benckiser Group PLC | 54,094 | 4,850 | ||||||
RELX PLC | 196,033 | 4,920 | ||||||
Rio Tinto PLC | 95,018 | 7,276 | ||||||
Rio Tinto PLC ADR (A) | 79,425 | 6,167 | ||||||
Rolls-Royce Holdings PLC * | 22,142,261 | 32,169 | ||||||
Royal Mail PLC | 729,803 | 5,081 | ||||||
Smith & Nephew PLC | 597,784 | 11,365 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 5 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
International Equity Fund (Concluded)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Unilever PLC | 295,296 | $ | 16,525 | |||||
Weir Group PLC/The * | 348,164 | 8,536 | ||||||
WH Smith PLC * | 360,726 | 8,944 | ||||||
|
|
| ||||||
453,359 | ||||||||
|
|
| ||||||
United States — 2.9% | ||||||||
Accenture PLC, Cl A | 75,877 | 20,961 | ||||||
Aon PLC, Cl A | 24,031 | 5,530 | ||||||
Aptiv PLC * | 59,138 | 8,155 | ||||||
ASML Holding NV, Cl G | 21,934 | 13,541 | ||||||
Atlassian Corp PLC, Cl A * | 64,239 | 13,539 | ||||||
GAN Ltd * | 35,423 | 645 | ||||||
GlaxoSmithKline PLC ADR (A) | 34,773 | 1,241 | ||||||
IHS Markit Ltd | 107,360 | 10,390 | ||||||
Inmode Ltd * | 12,047 | 872 | ||||||
Lululemon Athletica Inc * | 25,171 | 7,720 | ||||||
Mettler-Toledo International Inc * | 6,366 | 7,357 | ||||||
Nomad Foods Ltd * | 561,950 | 15,431 | ||||||
ResMed Inc | 47,889 | 9,291 | ||||||
Shopify Inc, Cl A * | 8,002 | 8,855 | ||||||
STERIS PLC | 35,273 | 6,719 | ||||||
|
|
| ||||||
130,247 | ||||||||
|
|
| ||||||
Total Common Stock | 4,329,250 | |||||||
|
|
| ||||||
PREFERRED STOCK — 0.7% |
| |||||||
Germany — 0.7% |
| |||||||
FUCHS PETROLUB SE (C) | 10,128 | 486 | ||||||
Sartorius AG (C) | 4,006 | 2,002 | ||||||
Schaeffler AG (C) | 106,067 | 945 | ||||||
Volkswagen AG (C) | 97,688 | 27,394 | ||||||
|
|
| ||||||
Total Preferred Stock | 30,827 | |||||||
|
|
| ||||||
EXCHANGE TRADED FUND — 0.1% |
| |||||||
United States — 0.1% |
| |||||||
iShares Trust iShares ESG Aware MSCI EAFE ETF | 50,810 | 3,857 | ||||||
|
|
| ||||||
Total Exchange Traded Fund | 3,857 | |||||||
|
|
| ||||||
Number of Rights | ||||||||
RIGHTS — 0.0% |
| |||||||
Taiwan — 0.0% |
| |||||||
Simplo Technology Co Ltd *‡‡ | 5,445 | – | ||||||
|
|
| ||||||
Total Rights | – | |||||||
|
|
|
Description | Shares | Market Value ($ Thousands) | ||||||
AFFILIATED PARTNERSHIP — 2.8% |
| |||||||
SEI Liquidity Fund, L.P. | 130,046,652 | $ | 130,079 | |||||
|
| |||||||
Total Affiliated Partnership | 130,079 | |||||||
|
| |||||||
CASH EQUIVALENT — 1.8% | ||||||||
SEI Daily Income Trust, Government Fund, Cl F 0.010%**† | 81,024,745 | 81,025 | ||||||
|
| |||||||
Total Cash Equivalent | 81,025 | |||||||
|
| |||||||
Total Investments in Securities — 101.0% (Cost $3,848,366) ($ Thousands) |
| $ | 4,575,038 | |||||
|
|
6 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
A list of the open futures contracts held by the Fund at March 31, 2021, is as follows:
Type of Contract | Number of Contracts Long | Expiration Date | Notional Amount (Thousands) | Value (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | |||||||||||||||
Euro STOXX 50 | 740 | Jun-2021 | $ | 33,290 | $ | 33,623 | $ | 442 | ||||||||||||
FTSE 100 Index | 134 | Jun-2021 | 12,374 | 12,349 | (33) | |||||||||||||||
Hang Seng Index | 31 | May-2021 | 5,634 | 5,646 | 12 | |||||||||||||||
SPI 200 Index | 74 | Jun-2021 | 9,582 | 9,534 | (39) | |||||||||||||||
TOPIX Index | 153 | Jun-2021 | 27,492 | 27,055 | (228) | |||||||||||||||
|
|
|
|
|
| |||||||||||||||
$ | 88,372 | $ | 88,207 | $ | 154 | |||||||||||||||
|
|
|
|
|
|
Percentages are based on Net Assets of $4,529,548 ($ Thousands).
* | Non-income producing security. |
** | The rate reported is the 7-day effective yield as of March 31, 2021. |
† | Investment in Affiliated Security (see Note 5). |
‡‡ | Expiration date not available. |
(A) | Certain securities or partial positions of certain securities are on loan at March 31, 2021 (See Note 9). The total market value of securities on loan at March 31, 2021 was $123,127 ($ Thousands). |
(B) | Level 3 security in accordance with fair value hierarchy. |
(C) | No interest rate available. |
(D) | This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of March 31, 2021 was $130,079 ($ Thousands). |
ADR — American Depositary Receipt
Cl — Class
EAFE — Europe, Australasia and Far East
ESG — Environmental, Social and Governance
ETF — Exchange-Traded Fund
FTSE— Financial Times Stock Exchange
L.P. — Limited Partnership
Ltd. — Limited
MSCI — Morgan Stanley Capital International
PLC — Public Limited Company
SPI — Share Price Index
TOPIX- Tokyo Price Index
The following is a list of the level of inputs used as of March 31, 2021, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):
Investments in Securities | Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | ||||||||||||
Common Stock | 4,328,476 | 774 | –^ | 4,329,250 | ||||||||||||
Preferred Stock | 30,827 | – | – | 30,827 | ||||||||||||
Exchange Traded Fund | 3,857 | – | – | 3,857 | ||||||||||||
Rights | – | – | – | – | ||||||||||||
Affiliated Partnership | – | 130,079 | – | 130,079 | ||||||||||||
Cash Equivalent | 81,025 | – | – | 81,025 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | 4,444,185 | 130,853 | – | 4,575,038 | ||||||||||||
|
|
|
|
|
|
|
|
Other Financial Instruments | Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | ||||||||||||
Futures Contracts* | ||||||||||||||||
Unrealized Appreciation | 454 | – | – | 454 | ||||||||||||
Unrealized Depreciation | (300) | – | – | (300) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | 154 | – | – | 154 | ||||||||||||
|
|
|
|
|
|
|
|
^One security with a market value of $0.
*Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
For the period ended March 31, 2021, there were no transfers in or out of Level 3.
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.
The following is a summary of the transactions with affiliates for the period ended March 31, 2021 ($ Thousands):
Security Description | Value 9/30/2020 | Purchases at Cost | Proceeds from Sales | Realized Loss | Change in Unrealized Appreciation | Value 3/31/2021 | Shares | Income | Capital Gains | |||||||||
SEI Liquidity Fund, L.P. | $94,836 | $288,796 | $(253,552) | $(1) | $— | $130,079 | 130,046,652 | $206 | $— | |||||||||
SEI Daily Income Trust, Government Fund, Cl F | 71,397 | 204,761 | (195,133) | — | — | 81,025 | 81,024,745 | 2 | — | |||||||||
|
|
|
|
|
|
|
| |||||||||||
Totals | $166,233 | $493,557 | $(448,685) | $(1) | $— | $211,104 | $208 | $— | ||||||||||
|
|
|
|
|
|
|
|
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 7 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Market Equity Fund
†Percentages based on total investments. Includes investments held as collateral for securities on loan (see Note 9).
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK — 95.5% | ||||||||
Argentina — 0.1% | ||||||||
Ternium SA ADR | 23,178 | $ | 900 | |||||
|
|
| ||||||
Austria — 0.1% | ||||||||
Erste Group Bank AG | 68,192 | 2,318 | ||||||
|
|
| ||||||
Brazil — 3.9% | ||||||||
Ambev SA | 391,200 | 1,062 | ||||||
Ambev SA ADR | 499,879 | 1,370 | ||||||
Arezzo Industria e Comercio SA | 158,900 | 1,978 | ||||||
B3 SA - Brasil Bolsa Balcao | 509,279 | 4,934 | ||||||
Banco Bradesco SA ADR * | 713,077 | 3,351 | ||||||
Banco do Brasil SA * | 633,013 | 3,425 | ||||||
Banco Santander Brasil SA | 233,600 | 1,645 | ||||||
Banco Santander Brasil SA ADR (A) | 108,700 | 766 | ||||||
BB Seguridade Participacoes SA | 255,493 | 1,098 | ||||||
CCR SA | 288,300 | 658 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo ADR * | 117,754 | 863 | ||||||
Cia Energetica de Minas Gerais ADR (A) | 366,493 | 832 | ||||||
Cosan SA | 365,400 | 5,894 | ||||||
CPFL Energia SA | 540,800 | 2,930 | ||||||
CSN Mineracao SA * | 4,088,792 | 6,652 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 313,998 | 1,372 | ||||||
Energisa SA | 430,138 | 3,448 | ||||||
Gerdau SA ADR | 752,533 | 4,018 | ||||||
Hapvida Participacoes e Investimentos SA | 278,758 | 733 | ||||||
Hypera SA * | 121,000 | 688 | ||||||
JBS SA | 199,967 | 1,067 | ||||||
Klabin SA * | 173,786 | 847 | ||||||
Lojas Renner SA | 72,200 | 544 | ||||||
Magazine Luiza SA | 162,635 | 579 | ||||||
Marfrig Global Foods SA | 1,105,800 | 3,437 | ||||||
Petroleo Brasileiro SA | 21,549 | 183 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Petroleo Brasileiro SA ADR | 588,973 | $ | 4,995 | |||||
Porto Seguro SA | 107,757 | 898 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 132,618 | 715 | ||||||
Rumo SA * | 1,287,837 | 4,598 | ||||||
SLC Agricola SA | 130,921 | 1,037 | ||||||
TIM SA/Brazil * | 1,090,800 | 2,455 | ||||||
TIM SA/Brazil ADR * | 42,119 | 478 | ||||||
Vale SA ADR, Cl B | 424,412 | 7,376 | ||||||
WEG SA | 50,550 | 671 | ||||||
|
|
| ||||||
77,597 | ||||||||
|
|
| ||||||
Canada — 1.0% | ||||||||
Endeavour Mining Corp | 57,098 | 1,151 | ||||||
First Quantum Minerals Ltd | 616,649 | 11,750 | ||||||
Ivanhoe Mines Ltd, Cl A * | 506,197 | 2,606 | ||||||
Pan American Silver Corp | 55,579 | 1,669 | ||||||
Parex Resources Inc * | 145,350 | 2,592 | ||||||
|
|
| ||||||
19,768 | ||||||||
|
|
| ||||||
Chile — 0.5% | ||||||||
Banco de Chile | 7,169,086 | 848 | ||||||
Banco Santander Chile ADR | 38,859 | 965 | ||||||
CAP SA | 41,742 | 678 | ||||||
Empresas CMPC SA | 518,376 | 1,669 | ||||||
Falabella SA | 595,123 | 2,710 | ||||||
Sociedad Quimica y Minera de Chile SA ADR | 69,396 | 3,683 | ||||||
|
|
| ||||||
10,553 | ||||||||
|
|
| ||||||
China — 23.5% | ||||||||
360 DigiTech Inc ADR * | 28,193 | 733 | ||||||
Agricultural Bank of China Ltd, Cl H | 12,095,000 | 4,838 | ||||||
Alibaba Group Holding Ltd * | 959,808 | 27,160 | ||||||
Alibaba Group Holding Ltd ADR * | 146,815 | 33,287 | ||||||
Anhui Conch Cement Co Ltd, Cl H | 1,176,500 | 7,650 | ||||||
ANTA Sports Products Ltd | 68,000 | 1,109 | ||||||
Baidu Inc ADR * | 37,651 | 8,191 | ||||||
Bank of China Ltd, Cl H | 14,556,000 | 5,542 | ||||||
Beijing Sinnet Technology Co Ltd, Cl A | 961,500 | 2,519 | ||||||
Bilibili Inc ADR * | 14,570 | 1,560 | ||||||
Bosideng International Holdings Ltd | 1,668,816 | 751 | ||||||
BYD Co Ltd, Cl H | 34,370 | 729 | ||||||
China Construction Bank Corp, Cl H | 14,140,328 | 11,895 | ||||||
China Lesso Group Holdings Ltd | 2,153,959 | 4,632 | ||||||
China Longyuan Power Group Corp Ltd, Cl H | 1,850,238 | 2,513 | ||||||
China Merchants Bank Co Ltd, Cl H | 1,175,267 | 8,972 | ||||||
China National Building Material Co Ltd, Cl H | 1,084,733 | 1,565 | ||||||
China National Medicines Corp Ltd, Cl A | 230,900 | 1,192 | ||||||
China Petroleum & Chemical Corp ADR | 31,609 | 1,667 | ||||||
China Shenhua Energy Co Ltd, Cl H | 673,500 | 1,388 | ||||||
China Vanke Co Ltd, Cl H | 260,600 | 1,021 | ||||||
Chongqing Zhifei Biological Products Co Ltd, Cl A | 139,000 | 3,658 | ||||||
Dongfeng Motor Group Co Ltd, Cl H | 3,090,647 | 2,870 |
8 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
ENN Energy Holdings Ltd | 444,400 | $ | 7,128 | |||||
Fosun International Ltd | 650,000 | 910 | ||||||
Fujian Green Pine Co Ltd, Cl A | 1,330,800 | 4,326 | ||||||
Gree Electric Appliances Inc of Zhuhai, Cl A | 438,400 | 4,193 | ||||||
Guangzhou R&F Properties Co Ltd | 1,439,200 | 1,899 | ||||||
Haier Smart Home Co Ltd, Cl A | 1,116,561 | 5,311 | ||||||
Haier Smart Home Co Ltd, Cl H | 1,476,526 | 5,907 | ||||||
Haitian International Holdings Ltd | 227,000 | 905 | ||||||
Hangzhou Robam Appliances Co Ltd, Cl A | 515,966 | 2,874 | ||||||
Huadong Medicine Co Ltd, Cl A | 154,100 | 867 | ||||||
Huazhu Group Ltd ADR * | 101,533 | 5,574 | ||||||
Industrial & Commercial Bank of China Ltd, Cl H | 19,157,068 | 13,750 | ||||||
iQIYI Inc ADR * | 124,200 | 2,064 | ||||||
JD.com Inc ADR * | 103,795 | 8,753 | ||||||
Jiangsu Changshu Rural Commercial Bank Co Ltd, Cl A | 2,492,074 | 2,889 | ||||||
Kweichow Moutai Co Ltd, Cl A | 9,400 | 2,881 | ||||||
KWG Group Holdings Ltd | 3,942,303 | 6,744 | ||||||
Longfor Group Holdings Ltd | 110,365 | 731 | ||||||
Lufax Holding Ltd ADR *(A) | 313,670 | 4,554 | ||||||
Momo Inc ADR * | 143,558 | 2,116 | ||||||
NARI Technology Co Ltd, Cl A | 1,422,383 | 6,757 | ||||||
NetEase Inc ADR | 139,206 | 14,374 | ||||||
New Oriental Education & Technology Group Inc ADR * | 301,840 | 4,226 | ||||||
NIO Inc ADR * | 58,872 | 2,295 | ||||||
Oppein Home Group Inc, Cl A | 67,454 | 1,622 | ||||||
PICC Property & Casualty Co Ltd, Cl H | 4,446,000 | 3,855 | ||||||
Pinduoduo Inc ADR * | 43,522 | 5,827 | ||||||
Ping An Insurance Group Co of China Ltd, Cl A | 991,400 | 11,903 | ||||||
Ping An Insurance Group Co of China Ltd, Cl H | 2,152,574 | 25,625 | ||||||
Poly Developments and Holdings Group Co Ltd, Cl A | 1,925,926 | 4,181 | ||||||
Sangfor Technologies Inc, Cl A | 123,391 | 4,650 | ||||||
Shenzhen Kangtai Biological Products Co Ltd, Cl A | 159,400 | 3,331 | ||||||
Shenzhou International Group Holdings Ltd | 46,086 | 955 | ||||||
Sichuan Kelun Pharmaceutical Co Ltd, Cl A | 802,898 | 2,706 | ||||||
Sinopec Engineering Group Co Ltd, Cl H | 1,053,462 | 581 | ||||||
Sinotruk Hong Kong Ltd | 956,903 | 2,868 | ||||||
Songcheng Performance Development Co Ltd, Cl A | 856,100 | 2,800 | ||||||
Suofeiya Home Collection Co Ltd, Cl A | 414,500 | 2,082 | ||||||
TAL Education Group ADR * | 11,049 | 595 | ||||||
Tencent Holdings Ltd | 959,636 | 75,295 | ||||||
Tingyi Cayman Islands Holding Corp | 498,000 | 915 | ||||||
Trip.com Group Ltd ADR * | 102,331 | 4,055 | ||||||
Tsingtao Brewery Co Ltd, Cl H | 234,000 | 2,074 | ||||||
Tuya Inc ADR *(A) | 27,026 | 571 | ||||||
Uni-President China Holdings Ltd | 2,972,000 | 3,616 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Vipshop Holdings Ltd ADR * | 273,023 | $ | 8,152 | |||||
Want Want China Holdings Ltd | 1,170,000 | 877 | ||||||
Weichai Power Co Ltd, Cl H | 2,186,000 | 5,399 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co Ltd, Cl A | 1,480,100 | 4,959 | ||||||
WUS Printed Circuit Kunshan Co Ltd, Cl A | 1,459,100 | 3,726 | ||||||
Wuxi Lead Intelligent Equipment Co Ltd, Cl A | 128,800 | 1,552 | ||||||
Xianhe Co Ltd, Cl A | 803,373 | 3,312 | ||||||
Yantai Jereh Oilfield Services Group Co Ltd, Cl A | 375,797 | 2,004 | ||||||
Yanzhou Coal Mining Co Ltd, Cl H | 832,000 | 985 | ||||||
Yifeng Pharmacy Chain Co Ltd, Cl A | 171,800 | 2,325 | ||||||
Yonghui Superstores Co Ltd, Cl A | 1,818,060 | 1,886 | ||||||
Yuan Longping High-tech Agriculture Co Ltd, Cl A * | 1,218,200 | 3,314 | ||||||
Yum China Holdings Inc | 22,289 | 1,320 | ||||||
Yunnan Baiyao Group Co Ltd, Cl A | 117,900 | 2,168 | ||||||
Zhejiang Expressway Co Ltd, Cl H | 3,236,000 | 2,868 | ||||||
Zhejiang Huayou Cobalt Co Ltd, Cl A | 289,613 | 3,037 | ||||||
Zhejiang Juhua Co Ltd, Cl A | 2,198,702 | 3,093 | ||||||
Zhejiang Weixing New Building Materials Co Ltd, Cl A | 486,686 | 1,875 | ||||||
Zhongsheng Group Holdings Ltd | 1,027,500 | 7,243 | ||||||
|
|
| ||||||
467,672 | ||||||||
|
|
| ||||||
Colombia — 0.0% | ||||||||
Grupo de Inversiones Suramericana SA | 97,780 | 577 | ||||||
|
|
| ||||||
Czech Republic — 0.2% | ||||||||
Moneta Money Bank AS | 1,151,608 | 4,296 | ||||||
|
|
| ||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 383,513 | 1,410 | ||||||
|
|
| ||||||
Germany — 0.2% | ||||||||
Delivery Hero SE * | 29,826 | 3,874 | ||||||
|
|
| ||||||
Greece — 0.3% | ||||||||
Alpha Bank AE * | 1,173,554 | 1,265 | ||||||
Eurobank Ergasias Services and Holdings SA * | 3,942,746 | 3,360 | ||||||
Hellenic Telecommunications Organization SA | 62,188 | 1,000 | ||||||
OPAP SA | 35,671 | 483 | ||||||
|
|
| ||||||
6,108 | ||||||||
|
|
| ||||||
Hong Kong — 9.9% | ||||||||
Alibaba Health Information Technology Ltd * | 1,468,000 | 4,154 | ||||||
A-Living Smart City Services Co Ltd, Cl H | 1,420,000 | 6,301 | ||||||
ASM Pacific Technology Ltd | 189,600 | 2,416 | ||||||
Beijing Enterprises Holdings Ltd | 731,500 | 2,583 | ||||||
Bilibili Inc, Cl Z * | 21,740 | 2,315 | ||||||
Chaoda Modern Agriculture Holdings Ltd * | 2,056,181 | 24 | ||||||
China Cinda Asset Management Co Ltd, Cl H | 3,753,000 | 782 | ||||||
China Education Group Holdings Ltd | 1,367,000 | 2,430 | ||||||
China Everbright Bank Co Ltd, Cl H | 1,922,470 | 838 | ||||||
China Gas Holdings Ltd | 758,600 | 3,108 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 9 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Market Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
China High Precision Automation Group Ltd * | 1,385,624 | $ | – | |||||
China Hongqiao Group Ltd | 841,000 | 1,123 | ||||||
China Medical System Holdings Ltd | 2,439,000 | 4,825 | ||||||
China Meidong Auto Holdings Ltd | 1,344,000 | 6,232 | ||||||
China Merchants Port Holdings Co Ltd | 1,016,000 | 1,558 | ||||||
China Resources Land Ltd | 1,956,000 | 9,472 | ||||||
China Resources Pharmaceutical Group Ltd | 1,481,000 | 924 | ||||||
China Southern Airlines Co Ltd, Cl H * | 3,990,000 | 2,956 | ||||||
China Taiping Insurance Holdings Co Ltd | 557,400 | 1,136 | ||||||
China Yongda Automobiles Services Holdings Ltd | 359,000 | 656 | ||||||
China Yuhua Education Corp Ltd | 962,000 | 754 | ||||||
Chinasoft International Ltd | 628,074 | 675 | ||||||
Country Garden Services Holdings Co Ltd | 1,084,801 | 10,995 | ||||||
CSPC Pharmaceutical Group Ltd | 1,112,400 | 1,345 | ||||||
Dali Foods Group Co Ltd | 1,269,000 | 721 | ||||||
Far East Horizon Ltd | 705,884 | 848 | ||||||
Galaxy Entertainment Group Ltd * | 814,800 | 7,336 | ||||||
Geely Automobile Holdings Ltd | 2,754,000 | 7,007 | ||||||
GF Securities Co Ltd, Cl H | 241,013 | 370 | ||||||
Greentown Management Holdings Co Ltd | 3,201,113 | 1,614 | ||||||
Guangdong Investment Ltd | 560,000 | 912 | ||||||
Guangzhou Automobile Group Co Ltd, Cl H | 2,700,000 | 2,268 | ||||||
Hong Kong Exchanges & Clearing Ltd | 105,900 | 6,231 | ||||||
Huatai Securities Co Ltd, Cl H | 992,600 | 1,522 | ||||||
Huazhu Group Ltd * | 13,200 | 711 | ||||||
Innovent Biologics Inc * | 64,656 | 656 | ||||||
JD Health International Inc * | 32,550 | 467 | ||||||
JD.com Inc, Cl A * | 258,900 | 10,723 | ||||||
JW Cayman Therapeutics Co Ltd * | 342,500 | 1,359 | ||||||
Kaisa Group Holdings Ltd | 1,557,000 | 769 | ||||||
Kingboard Holdings Ltd | 296,500 | 1,602 | ||||||
Kingboard Laminates Holdings Ltd | 2,610,000 | 5,647 | ||||||
Kuaishou Technology, Cl B * | 122,200 | 4,244 | ||||||
Kunlun Energy Co Ltd | 7,574,000 | 7,959 | ||||||
Lenovo Group Ltd | 4,002,659 | 5,694 | ||||||
Li Ning Co Ltd | 701,114 | 4,554 | ||||||
Lonking Holdings Ltd | 2,166,000 | 919 | ||||||
Meituan, Cl B * | 271,800 | 10,425 | ||||||
New Oriental Education & Technology Group Inc * | 156,500 | 2,140 | ||||||
Nine Dragons Paper Holdings Ltd | 1,970,896 | 2,885 | ||||||
Postal Savings Bank of China Co Ltd, Cl H | 6,430,000 | 4,805 | ||||||
Q Technology Group Co Ltd | 463,585 | 943 | ||||||
Sands China Ltd * | 516,000 | 2,579 | ||||||
Seazen Group Ltd | 712,000 | 875 | ||||||
Shanghai Pharmaceuticals Holding Co Ltd, Cl H | 1,516,500 | 2,977 | ||||||
Shenzhen International Holdings Ltd | 14,524 | 24 | ||||||
SITC International Holdings Co Ltd | 387,000 | 1,312 | ||||||
Sunny Optical Technology Group Co Ltd | 124,602 | 2,840 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Tianneng Power International Ltd (A) | 514,000 | $ | 970 | |||||
Topsports International Holdings Ltd | 1,616,000 | 2,407 | ||||||
Vinda International Holdings Ltd (A) | 343,000 | 1,158 | ||||||
WH Group Ltd | 5,261,000 | 4,263 | ||||||
Wuxi Biologics Cayman Inc * | 137,726 | 1,725 | ||||||
Xiaomi Corp, Cl B * | 597,951 | 1,980 | ||||||
Xinyi Glass Holdings Ltd | 682,000 | 2,228 | ||||||
Xinyi Solar Holdings Ltd | 4,442,000 | 7,302 | ||||||
Yadea Group Holdings Ltd | 520,000 | 1,154 | ||||||
Yuexiu Property Co Ltd | 2,654,273 | 601 | ||||||
Zoomlion Heavy Industry Science and Technology Co Ltd | 547,754 | 782 | ||||||
|
|
| ||||||
198,110 | ||||||||
|
|
| ||||||
Hungary — 1.0% | ||||||||
MOL Hungarian Oil & Gas PLC * | 100,460 | 729 | ||||||
OTP Bank Nyrt * | 164,808 | 7,058 | ||||||
Richter Gedeon Nyrt | 419,504 | 12,393 | ||||||
|
|
| ||||||
20,180 | ||||||||
|
|
| ||||||
India — 9.5% | ||||||||
Adani Green Energy Ltd * | 44,251 | 669 | ||||||
Ambuja Cements Ltd | 793,709 | 3,353 | ||||||
Apollo Hospitals Enterprise Ltd | 70,065 | 2,782 | ||||||
Apollo Tyres Ltd * | 424,689 | 1,299 | ||||||
Aurobindo Pharma Ltd | 83,856 | 1,011 | ||||||
Axis Bank Ltd * | 79,815 | 761 | ||||||
Bajaj Auto Ltd * | 33,363 | 1,675 | ||||||
Bharat Electronics Ltd | 542,788 | 929 | ||||||
Cipla Ltd/India * | 84,040 | 937 | ||||||
Colgate-Palmolive India Ltd | 39,272 | 838 | ||||||
Container Corp Of India Ltd | 226,938 | 1,856 | ||||||
Divi’s Laboratories Ltd * | 13,524 | 670 | ||||||
EPL Ltd | 881,676 | 2,848 | ||||||
GAIL India Ltd | 364,186 | 675 | ||||||
GMM Pfaudler Ltd | 25,956 | 1,529 | ||||||
Godrej Properties Ltd * | 85,618 | 1,647 | ||||||
Grasim Industries Ltd | 46,866 | 930 | ||||||
HCL Technologies Ltd | 841,472 | 11,309 | ||||||
HDFC Bank Ltd * | 391,080 | 7,989 | ||||||
HDFC Life Insurance Co Ltd * | 72,493 | 690 | ||||||
Hero MotoCorp Ltd | 112,758 | 4,493 | ||||||
Hindalco Industries Ltd | 379,893 | 1,698 | ||||||
Hindustan Petroleum Corp Ltd | 283,134 | 908 | ||||||
Hindustan Unilever Ltd | 10,862 | 361 | ||||||
Housing Development Finance Corp Ltd | 551,934 | 18,858 | ||||||
ICICI Bank Ltd * | 1,159,669 | 9,233 | ||||||
ICICI Bank Ltd ADR * | 560,918 | 8,992 | ||||||
ICICI Lombard General Insurance Co Ltd | 125,647 | 2,463 | ||||||
Indus Towers Ltd | 158,583 | 531 | ||||||
IndusInd Bank Ltd * | 463,916 | 6,056 | ||||||
Infosys Ltd | 279,073 | 5,222 | ||||||
Infosys Ltd ADR | 142,764 | 2,672 | ||||||
InterGlobe Aviation Ltd * | 102,918 | 2,297 |
10 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
ITC Ltd | 396,601 | $ | 1,185 | |||||
JM Financial Ltd | 394,379 | 456 | ||||||
Jubilant Foodworks Ltd * | 21,720 | 865 | ||||||
LIC Housing Finance Ltd | 194,234 | 1,138 | ||||||
Mahindra & Mahindra Ltd | 253,143 | 2,753 | ||||||
Manappuram Finance Ltd | 516,889 | 1,055 | ||||||
Motherson Sumi Systems Ltd * | 699,328 | 1,927 | ||||||
Oil & Natural Gas Corp Ltd | 1,027,423 | 1,435 | ||||||
Petronet LNG Ltd | 2,224,617 | 6,835 | ||||||
Power Grid Corp of India Ltd | 343,635 | 1,014 | ||||||
Reliance Industries Ltd | 729,805 | 17,001 | ||||||
SBI Cards & Payment Services Ltd | 239,216 | 3,037 | ||||||
Spandana Sphoorty Financial Ltd * | 115,304 | 956 | ||||||
State Bank of India * | 1,162,456 | 5,792 | ||||||
Strides Pharma Science Ltd | 123,345 | 1,425 | ||||||
Sun Pharmaceutical Industries Ltd | 191,219 | 1,563 | ||||||
Tata Consultancy Services Ltd | 319,427 | 13,884 | ||||||
Tech Mahindra Ltd | 237,879 | 3,226 | ||||||
Torrent Power Ltd | 333,564 | 1,934 | ||||||
TVS Motor Co Ltd | 156,379 | 1,251 | ||||||
UltraTech Cement Ltd | 50,193 | 4,626 | ||||||
United Breweries Ltd | 118,474 | 2,012 | ||||||
UPL Ltd | 128,283 | 1,126 | ||||||
Vedanta Ltd | 599,974 | 1,877 | ||||||
Wipro Ltd | 152,890 | 866 | ||||||
WNS Holdings Ltd ADR * | 17,029 | 1,234 | ||||||
|
|
| ||||||
188,654 | ||||||||
|
|
| ||||||
Indonesia — 1.0% | ||||||||
Astra International Tbk PT | 7,034,900 | 2,555 | ||||||
Bank Central Asia Tbk PT | 1,663,873 | 3,560 | ||||||
Bank Mandiri Persero Tbk PT | 2,115,387 | 895 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 28,688,530 | 8,691 | ||||||
Indofood Sukses Makmur Tbk PT | 4,170,200 | 1,895 | ||||||
Sarana Menara Nusantara Tbk PT | 9,335,000 | 707 | ||||||
Telkom Indonesia Persero Tbk PT | 5,535,800 | 1,303 | ||||||
United Tractors Tbk PT | 447,300 | 681 | ||||||
|
|
| ||||||
20,287 | ||||||||
|
|
| ||||||
Malaysia — 0.4% | ||||||||
Bursa Malaysia Bhd | 730,200 | 1,576 | ||||||
Frontken Corp Bhd | 707,402 | 867 | ||||||
Genting Bhd | 657,900 | 798 | ||||||
Hong Leong Bank Bhd | 174,400 | 786 | ||||||
Kossan Rubber Industries | 750,364 | 590 | ||||||
Petronas Gas Bhd | 110,657 | 427 | ||||||
Public Bank Bhd | 701,000 | 710 | ||||||
Telekom Malaysia Bhd | 451,805 | 668 | ||||||
VS Industry Bhd | 1,027,200 | 706 | ||||||
|
|
| ||||||
7,128 | ||||||||
|
|
| ||||||
Mexico — 1.6% | ||||||||
Alfa SAB de CV, Cl A | 913,169 | 529 | ||||||
America Movil SAB de CV ADR, Cl L | 103,692 | 1,408 | ||||||
Cemex SAB de CV ADR * | 1,448,137 | 10,093 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Fomento Economico Mexicano SAB de CV | 435,861 | $ | 3,281 | |||||
Gruma SAB de CV, Cl B | 66,510 | 787 | ||||||
Grupo Bimbo SAB de CV, Ser A | 237,189 | 497 | ||||||
Grupo Financiero Banorte SAB de CV, Cl O * | 1,162,800 | 6,550 | ||||||
Grupo Mexico SAB de CV, Ser B | 983,442 | 5,178 | ||||||
Kimberly-Clark de Mexico SAB de CV, Cl A | 453,870 | 776 | ||||||
Qualitas Controladora SAB de CV | 191,603 | 1,053 | ||||||
Wal-Mart de Mexico SAB de CV | 468,100 | 1,477 | ||||||
|
|
| ||||||
31,629 | ||||||||
|
|
| ||||||
Netherlands — 0.4% | ||||||||
InPost SA * | 182,575 | 2,997 | ||||||
Prosus NV | 43,933 | 4,895 | ||||||
|
|
| ||||||
7,892 | ||||||||
|
|
| ||||||
Norway — 0.1% | ||||||||
Yara International ASA | 43,109 | 2,246 | ||||||
|
|
| ||||||
Peru — 0.2% | ||||||||
Credicorp Ltd * | 28,946 | 3,953 | ||||||
|
|
| ||||||
Philippines — 0.1% | ||||||||
Globe Telecom Inc | 31,970 | 1,238 | ||||||
|
|
| ||||||
Poland — 0.7% | ||||||||
Allegro.eu SA * | 139,478 | 1,964 | ||||||
Cyfrowy Polsat SA | 128,694 | 964 | ||||||
Dino Polska SA * | 99,059 | 6,542 | ||||||
Polski Koncern Naftowy ORLEN SA | 171,182 | 2,753 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 557,169 | 849 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA * | 191,537 | 1,589 | ||||||
|
|
| ||||||
14,661 | ||||||||
|
|
| ||||||
Qatar — 0.3% | ||||||||
Commercial Bank PSQC/The | 1,569,940 | 2,091 | ||||||
Masraf Al Rayan QSC | 782,506 | 922 | ||||||
Ooredoo QPSC | 672,257 | 1,306 | ||||||
Qatar Gas Transport Co Ltd | 1,069,057 | 926 | ||||||
|
|
| ||||||
5,245 | ||||||||
|
|
| ||||||
Russia — 3.5% | ||||||||
Detsky Mir PJSC | 1,383,557 | 2,613 | ||||||
Gazprom PJSC ADR | 371,838 | 2,229 | ||||||
Inter RAO UES PJSC | 9,685,000 | 658 | ||||||
LUKOIL PJSC ADR | 253,996 | 20,522 | ||||||
Magnit GDR * | 180,382 | 2,548 | ||||||
Magnit PJSC GDR | 13,117 | 197 | ||||||
Mobile TeleSystems PJSC ADR | 576,648 | 4,809 | ||||||
Ozon Holdings PLC ADR *(A) | 21,378 | 1,199 | ||||||
Polyus PJSC | 9,913 | 1,836 | ||||||
Rosneft Oil Co PJSC | 691,933 | 5,231 | ||||||
Sberbank of Russia PJSC | 500,471 | 1,924 | ||||||
Sberbank of Russia PJSC ADR | 908,718 | 14,003 | ||||||
Surgutneftegas PJSC ADR | 229,937 | 1,040 | ||||||
X5 Retail Group NV GDR | 57,790 | 1,863 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 11 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Market Equity Fund (Continued)
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Yandex NV, Cl A * | 144,462 | $ | 9,254 | |||||
|
|
| ||||||
69,926 | ||||||||
|
|
| ||||||
Saudi Arabia — 0.9% | ||||||||
Advanced Petrochemical Co | 39,986 | 779 | ||||||
Al Rajhi Bank | 143,916 | 3,791 | ||||||
Arab National Bank | 133,500 | 743 | ||||||
Riyad Bank | 386,790 | 2,314 | ||||||
Sahara International Petrochemical Co | 137,842 | 812 | ||||||
Saudi Basic Industries Corp | 75,727 | 2,371 | ||||||
Saudi British Bank/The * | 89,099 | 626 | ||||||
SAUDI NATIONAL BANK | 270,416 | 3,829 | ||||||
Saudi Telecom Co | 55,549 | 1,878 | ||||||
|
|
| ||||||
17,143 | ||||||||
|
|
| ||||||
South Africa — 3.6% | ||||||||
Absa Group Ltd * | 148,252 | 1,266 | ||||||
African Rainbow Minerals Ltd | 42,322 | 797 | ||||||
Anglo American Platinum Ltd | 8,555 | 1,247 | ||||||
Bid Corp Ltd * | 151,589 | 2,936 | ||||||
Capitec Bank Holdings Ltd * | 34,264 | 3,295 | ||||||
Exxaro Resources Ltd | 87,967 | 1,036 | ||||||
FirstRand Ltd (A) | 2,057,314 | 7,192 | ||||||
Gold Fields Ltd | 158,441 | 1,475 | ||||||
Gold Fields Ltd ADR | 441,107 | 4,186 | ||||||
Impala Platinum Holdings Ltd | 97,797 | 1,813 | ||||||
Kumba Iron Ore Ltd | 45,492 | 1,875 | ||||||
Mr Price Group Ltd | 304,074 | 3,987 | ||||||
Naspers Ltd, Cl N | 92,995 | 22,242 | ||||||
Nedbank Group Ltd | 285,871 | 2,710 | ||||||
Old Mutual Ltd | 2,028,274 | 1,735 | ||||||
Sasol Ltd * | 45,055 | 646 | ||||||
Shoprite Holdings Ltd | 398,967 | 4,245 | ||||||
Sibanye Stillwater Ltd | 1,618,209 | 7,123 | ||||||
Vodacom Group Ltd | 152,991 | 1,308 | ||||||
Woolworths Holdings Ltd/South Africa * | 327,499 | 1,097 | ||||||
|
|
| ||||||
72,211 | ||||||||
|
|
| ||||||
South Korea — 14.2% | ||||||||
Amorepacific Corp | 5,009 | 1,144 | ||||||
Celltrion Healthcare Co Ltd * | 6,133 | 737 | ||||||
Celltrion Inc * | 2,731 | 783 | ||||||
CJ CheilJedang Corp | 17,650 | 6,410 | ||||||
CJ ENM Co Ltd | 56,182 | 7,064 | ||||||
CJ Logistics Corp * | 6,037 | 976 | ||||||
Com2uSCorp | 18,575 | 2,774 | ||||||
Coway Co Ltd | 72,615 | 4,203 | ||||||
DB HiTek Co Ltd | 15,206 | 756 | ||||||
DB Insurance Co Ltd | 27,627 | 1,155 | ||||||
Doosan Bobcat Inc * | 27,797 | 1,034 | ||||||
E-MART Inc | 30,904 | 4,669 | ||||||
Fila Holdings Corp | 18,884 | 720 | ||||||
GS Engineering & Construction Corp | 23,818 | 905 | ||||||
GS Holdings Corp | 41,787 | 1,444 | ||||||
Hana Financial Group Inc | 395,617 | 14,961 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Hankook Tire & Technology Co Ltd | 68,926 | $ | 2,987 | |||||
Hansol Chemical Co Ltd | 4,517 | 962 | ||||||
Hyosung TNC Corp | 1,925 | 975 | ||||||
Hyundai Glovis Co Ltd | 7,005 | 1,161 | ||||||
Hyundai Marine & Fire Insurance Co Ltd | 28,700 | 621 | ||||||
Hyundai Mobis Co Ltd | 29,553 | 7,625 | ||||||
Hyundai Motor Co | 8,016 | 1,544 | ||||||
Kakao Corp | 12,578 | 5,535 | ||||||
Kangwon Land Inc * | 34,449 | 770 | ||||||
KB Financial Group Inc | 103,315 | 5,130 | ||||||
Kia Corp | 74,303 | 5,443 | ||||||
Korea Gas Corp * | 24,162 | 719 | ||||||
Korea Investment Holdings Co Ltd | 13,803 | 1,044 | ||||||
Korea Petrochemical Ind Co Ltd | 11,844 | 3,406 | ||||||
Korea Shipbuilding & Offshore Engineering Co Ltd * | 8,684 | 1,024 | ||||||
Korea Zinc Co Ltd | 5,301 | 1,913 | ||||||
Kumho Petrochemical Co Ltd | 5,806 | 1,359 | ||||||
LG Chem Ltd | 15,372 | 10,934 | ||||||
LG Electronics Inc | 13,808 | 1,830 | ||||||
LG Household & Health Care Ltd | 573 | 795 | ||||||
LG Innotek Co Ltd | 4,185 | 760 | ||||||
Lotte Chemical Corp | 4,177 | 1,111 | ||||||
Lotte Shopping Co Ltd | 28,469 | 3,170 | ||||||
Mando Corp * | 45,761 | 2,661 | ||||||
Meritz Fire & Marine Insurance Co Ltd | 108,369 | 1,853 | ||||||
NAVER Corp | 22,946 | 7,644 | ||||||
NCSoft Corp | 15,283 | 11,789 | ||||||
NICE Information Service Co Ltd | 33,434 | 749 | ||||||
Orion Corp/Republic of Korea | 31,147 | 3,605 | ||||||
PI Advanced Materials Co Ltd | 47,511 | 1,919 | ||||||
POSCO | 20,611 | 5,828 | ||||||
POSCO ADR | 30,989 | 2,237 | ||||||
Posco International Corp | 47,262 | 841 | ||||||
Samsung Biologics Co Ltd * | 6,787 | 4,486 | ||||||
Samsung Electro-Mechanics Co Ltd | 28,895 | 4,787 | ||||||
Samsung Electronics Co Ltd | 1,188,893 | 85,510 | ||||||
Samsung SDI Co Ltd | 4,416 | 2,575 | ||||||
Shinhan Financial Group Co Ltd | 30,500 | 1,009 | ||||||
SK Hynix Inc | 224,762 | 26,314 | ||||||
SK Telecom Co Ltd | 21,191 | 5,149 | ||||||
Soulbrain Co Ltd/New | 6,528 | 1,671 | ||||||
WONIK IPS Co Ltd | 44,914 | 2,052 | ||||||
|
|
| ||||||
283,232 | ||||||||
|
|
| ||||||
Switzerland — 0.1% | ||||||||
Wizz Air Holdings Plc * | 25,746 | 1,713 | ||||||
|
|
| ||||||
Taiwan — 13.5% | ||||||||
Accton Technology Corp | 297,200 | 2,875 | ||||||
Acer Inc | 882,000 | 972 | ||||||
ASE Technology Holding Co Ltd | 193,552 | 729 | ||||||
Asia Cement Corp | 2,262,000 | 3,789 | ||||||
Asustek Computer Inc | 128,886 | 1,683 |
12 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) |
| |||||||
Chailease Holding Co Ltd | 1,426,804 | $ | 9,851 | |||||
Cheng Shin Rubber Industry Co Ltd | 502,000 | 848 | ||||||
Chicony Electronics Co Ltd | 244,000 | 868 | ||||||
Chunghwa Telecom Co Ltd | 907,000 | 3,544 | ||||||
Compal Electronics Inc | 1,734,000 | 1,623 | ||||||
CTBC Financial Holding Co Ltd | 8,327,000 | 6,450 | ||||||
Delta Electronics Inc | 661,000 | 6,672 | ||||||
Eva Airways Corp * | 1,552,000 | 854 | ||||||
Evergreen Marine Corp Taiwan Ltd | 520,000 | 829 | ||||||
Formosa Chemicals & Fibre Corp | 635,000 | 1,949 | ||||||
Formosa Plastics Corp | 216,000 | 765 | ||||||
Fubon Financial Holding Co Ltd | 4,440,477 | 8,839 | ||||||
Hon Hai Precision Industry Co Ltd | 1,084,000 | 4,711 | ||||||
Innolux Corp | 3,704,000 | 2,739 | ||||||
Keystone Microtech Corp | 162,000 | 1,956 | ||||||
Kinsus Interconnect Technology Corp | 732,000 | 2,873 | ||||||
LandMark Optoelectronics Corp | 241,000 | 2,280 | ||||||
Largan Precision Co Ltd | 41,000 | 4,613 | ||||||
Lite-On Technology Corp | 684,000 | 1,505 | ||||||
MediaTek Inc | 327,001 | 11,105 | ||||||
Mega Financial Holding Co Ltd | 615,000 | 688 | ||||||
Merida Industry Co Ltd | 229,000 | 2,801 | ||||||
Micro-Star International Co Ltd | 1,558,000 | 9,501 | ||||||
Nan Ya Plastics Corp | 640,000 | 1,790 | ||||||
Nien Made Enterprise Co Ltd | 105,000 | 1,465 | ||||||
Parade Technologies Ltd | 50,600 | 2,172 | ||||||
Phison Electronics Corp | 59,000 | 1,010 | ||||||
Pou Chen | 707,000 | 818 | ||||||
Powertech Technology Inc | 378,250 | 1,398 | ||||||
Quanta Computer Inc | 543,000 | 1,865 | ||||||
Realtek Semiconductor Corp | 67,053 | 1,161 | ||||||
Silergy Corp | 17,790 | 1,437 | ||||||
Simplo Technology Co Ltd | 74,000 | 962 | ||||||
SinoPac Financial Holdings Co Ltd | 2,082,000 | 938 | ||||||
Synnex Technology International Corp | 604,000 | 1,154 | ||||||
T3EX Global Holdings Corp | 444,000 | 859 | ||||||
Taishin Financial Holding Co Ltd | 2,039,000 | 958 | ||||||
Taiwan Semiconductor Manufacturing | ||||||||
Co Ltd | 5,662,278 | 116,488 | ||||||
Taiwan Semiconductor Manufacturing Co | ||||||||
Ltd ADR | 112,208 | 13,272 | ||||||
Tong Hsing Electronic Industries Ltd | 453,313 | 3,249 | ||||||
Tripod Technology Corp | 190,000 | 936 | ||||||
Uni-President Enterprises Corp | 2,662,000 | 6,811 | ||||||
United Microelectronics Corp | 1,146,272 | 2,017 | ||||||
Wiwynn Corp | 186,000 | 5,495 | ||||||
WPG Holdings Ltd | 817,250 | 1,398 | ||||||
Yageo Corp * | 114,000 | 2,209 | ||||||
Yuanta Financial Holding Co Ltd | 2,152,927 | 1,698 | ||||||
|
|
| ||||||
269,472 | ||||||||
|
|
| ||||||
Thailand — 1.7% | ||||||||
Airports of Thailand PCL | 582,800 | 1,287 |
Description | Shares | Market Value ($ Thousands) | ||||||
COMMON STOCK (continued) | ||||||||
Airports of Thailand PCL NVDR | 449,500 | $ | 993 | |||||
Bangkok Bank PCL | 359,100 | 1,448 | ||||||
Central Pattana PCL | 1,194,800 | 2,227 | ||||||
Charoen Pokphand Foods PCL NVDR (A) | 1,342,100 | 1,267 | ||||||
Chularat Hospital PCL NVDR | 7,040,338 | 658 | ||||||
CP ALL PCL | 1,008,100 | 2,234 | ||||||
Home Product Center PCL | 16,267,354 | 7,704 | ||||||
Kasikornbank NVDR | 230,200 | 1,068 | ||||||
Kasikornbank PCL | 144,600 | 671 | ||||||
Mega Lifesciences PCL NVDR (A) | 500,900 | 549 | ||||||
PTT Exploration & Production PCL NVDR | 334,100 | 1,219 | ||||||
PTT PCL NVDR | 4,330,828 | 5,682 | ||||||
RS PCL NVDR | 932,100 | 865 | ||||||
Siam Cement PCL/The | 158,300 | 2,021 | ||||||
Sri Trang Agro-Industry PCL NVDR | 393,300 | 588 | ||||||
Thai Beverage PCL | 3,986,450 | 2,196 | ||||||
Thai Union Group PCL, Cl F | 3,568,100 | 1,678 | ||||||
|
|
| ||||||
34,355 | ||||||||
|
|
| ||||||
Turkey — 0.3% | ||||||||
BIM Birlesik Magazalar AS | 71,697 | 612 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 386,070 | 712 | ||||||
Ford Otomotiv Sanayi AS | 27,679 | 646 | ||||||
Haci Omer Sabanci Holding AS | 629,042 | 654 | ||||||
KOC Holding AS | 300,637 | 705 | ||||||
Turk Telekomunikasyon AS | 642,472 | 526 | ||||||
Turkcell Iletisim Hizmetleri AS | 214,816 | 388 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 2,449,477 | 2,155 | ||||||
|
|
| ||||||
6,398 | ||||||||
|
|
| ||||||
United Arab Emirates — 0.3% | ||||||||
Aldar Properties PJSC | 1,774,459 | 1,817 | ||||||
Dubai Islamic Bank PJSC | 599,114 | 742 | ||||||
Emaar Properties PJSC | 3,483,689 | 3,357 | ||||||
|
|
| ||||||
5,916 | ||||||||
|
|
| ||||||
United Kingdom — 1.6% | ||||||||
Anglo American PLC | 82,161 | 3,231 | ||||||
Antofagasta PLC | 69,922 | 1,631 | ||||||
Fix Price Group Ltd GDR * | 365,888 | 3,586 | ||||||
Hochschild Mining PLC | 648,159 | 1,750 | ||||||
Kaspi.KZ JSC GDR | 64,460 | 4,580 | ||||||
KAZ Minerals PLC | 298,703 | 3,573 | ||||||
NAC Kazatomprom JSC GDR | 51,104 | 1,257 | ||||||
Network International Holdings PLC | 513,058 | 2,928 | ||||||
Polymetal International PLC | 124,961 | 2,447 | ||||||
Polyus PJSC GDR | 10,615 | 983 | ||||||
Rio Tinto PLC | 38,449 | 2,944 | ||||||
Tullow Oil PLC *(A) | 2,543,643 | 1,657 | ||||||
VTB Bank PJSC GDR | 516,412 | 563 | ||||||
|
|
| ||||||
31,130 | ||||||||
|
|
| ||||||
United States — 0.4% | ||||||||
Flex Ltd * | 110,071 | 2,015 | ||||||
Pagseguro Digital Ltd, Cl A * | 48,179 | 2,231 | ||||||
Southern Copper Corp | 22,231 | 1,509 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 13 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Market Equity Fund (Continued)
Description | Shares |
Market Value | ||||||
COMMON STOCK (continued) |
| |||||||
Star Bulk Carriers Corp * | 117,621 | $ | 1,727 | |||||
Vasta Platform Ltd, Cl A * | 98,815 | 973 | ||||||
|
|
| ||||||
8,455 | ||||||||
|
|
| ||||||
Vietnam — 0.3% | ||||||||
Hoa Phat Group JSC | 1,619,794 | 3,285 | ||||||
Vincom Retail JSC * | 1,724,445 | 2,444 | ||||||
|
|
| ||||||
5,729 | ||||||||
|
|
| ||||||
Total Common Stock | 1,901,976 | |||||||
|
|
| ||||||
PREFERRED STOCK — 2.1% |
| |||||||
Brazil — 0.7% | ||||||||
Banco Bradesco SA *(B) | 1,972,477 | 9,312 | ||||||
Centrais Eletricas Brasileiras SA, 4.880% | 88,200 | 541 | ||||||
Cia Paranaense de Energia, 2.720% | 1,495,770 | 1,892 | ||||||
Itau Unibanco Holding SA (B) | 265,983 | 1,317 | ||||||
Petroleo Brasileiro SA (B) | 61,700 | 265 | ||||||
|
|
| ||||||
13,327 | ||||||||
|
|
| ||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA (B) | 241,173 | 641 | ||||||
Sociedad Quimica y Minera de Chile SA, Cl B (B) | 48,091 | 2,578 | ||||||
|
|
| ||||||
3,219 | ||||||||
|
|
| ||||||
South Korea — 1.3% | ||||||||
Hyundai Motor Co (B) | 50,326 | 4,404 | ||||||
LG Chem Ltd (B) | 8,171 | 2,772 | ||||||
Samsung Electronics Co Ltd (B) | 299,551 | 19,322 | ||||||
|
|
| ||||||
26,498 | ||||||||
|
|
| ||||||
Total Preferred Stock (Cost $35,053) ($ Thousands) | 43,044 | |||||||
|
|
| ||||||
Number of Rights | ||||||||
RIGHTS — 0.0% | ||||||||
Chile — 0.0% | ||||||||
Sociedad Quimica y Minera de Chile SA, Expires 04/19/2021 * | 5,969 | 18 | ||||||
Hong Kong — 0.0% | ||||||||
China Resources Land *‡‡ | 11,200 | – | ||||||
KWG Group Holdings Ltd *‡‡ | 13,207 | – | ||||||
Shimao Group Holdings Ltd *‡‡ | 3,893 | 4 | ||||||
Taiwan — 0.0% | ||||||||
Simplo Technology Co Ltd *‡‡ | 1,414 | – | ||||||
|
|
| ||||||
Total Rights (Cost $—) ($ Thousands) | 22 | |||||||
|
|
|
Description | Number of Warrants |
Market Value ($ Thousands) | ||||||
WARRANT — 0.0% | ||||||||
Thailand — 0.0% | ||||||||
Minor International PCL, Expires 07/31/2023 * | 1 | $ | – | |||||
|
|
| ||||||
Total Warrant (Cost $—) ($ Thousands) | – | |||||||
|
|
| ||||||
Face Amount (Thousands) | ||||||||
DEBENTURE BOND — 0.0% |
| |||||||
Brazil — 0.0% | ||||||||
Vale, Ser 1997 | BRL | 8 | – | |||||
|
|
| ||||||
Total Debenture Bond | – | |||||||
|
|
| ||||||
Shares | ||||||||
AFFILIATED PARTNERSHIP — 0.7% |
| |||||||
SEI Liquidity Fund, L.P. | 13,160,287 | 13,167 | ||||||
|
|
| ||||||
Total Affiliated Partnership | 13,167 | |||||||
|
|
| ||||||
CASH EQUIVALENT — 1.4% |
| |||||||
SEI Daily Income Trust, Government Fund, Cl F | ||||||||
0.010%**† | 27,653,931 | 27,654 | ||||||
|
|
| ||||||
Total Cash Equivalent | 27,654 | |||||||
|
|
| ||||||
Total Investments in Securities — 99.7% |
| $ | 1,985,863 | |||||
|
|
|
14 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
A list of the open futures contracts held by the Fund at March 31, 2021, is as follows:
Type of Contract | Number of Contracts Long | Expiration Date | Notional Amount (Thousands) | Value (Thousands) | Unrealized Depreciation (Thousands) | |||||||||||||||
MSCI Emerging Markets | 346 | Jun-2021 | $ | 22,893 | $ | 22,879 | $ | (14) | ||||||||||||
|
|
|
|
|
|
|
|
|
Percentages are based on Net Assets of $1,992,032 ($ Thousands).
* | Non-income producing security. |
** | The rate reported is the 7-day effective yield as of March 31, 2021. |
† | Investment in Affiliated Security (see Note 5). |
‡‡ | Expiration date not available. |
(A) | Certain securities or partial positions of certain securities are on loan at March 31, 2021 (See Note 9). The total market value of securities on loan at March 31, 2021 was $12,784 ($ Thousands). |
(B) | No interest 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. The total market value of such securities as of March 31, 2021 was $13,167 ($ Thousands). |
ADR — American Depositary Receipt
BRL — Brazilian Real
Cl — Class
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
Ser — Series
The following is a list of the level of inputs used as of March 31, 2021, 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 | 1,896,854 | 5,122 | – | 1,901,976 | ||||||||||||
Preferred Stock | 43,044 | – | – | 43,044 | ||||||||||||
Rights | 22 | – | – | 22 | ||||||||||||
Warrant | – | – | – | – | ||||||||||||
Debenture Bond | – | – | – | – | ||||||||||||
Affiliated Partnership | – | 13,167 | – | 13,167 | ||||||||||||
Cash Equivalent | 27,654 | – | – | 27,654 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | 1,967,574 | 18,289 | – | 1,985,863 | ||||||||||||
|
|
|
|
|
|
|
|
Other Financial Instruments | Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | ||||||||||||
Futures Contracts* | ||||||||||||||||
Unrealized Depreciation | (14) | – | – | (14) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | (14) | – | – | (14) | ||||||||||||
|
|
|
|
|
|
|
|
*Futures contracts are valued at the unrealized depreciation on the instrument.
For the period ended March 31, 2021, 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.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 15 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Market Equity Fund (Concluded)
The following is a summary of the transactions with affiliates for the period ended March 31, 2021 ($ Thousands):
Security Description | Value 9/30/2020 | Purchases at Cost | Proceeds from Sales | Realized Gain/ (Loss) | Change in Unrealized Depreciation | Value 3/31/2021 | Shares | Income | Capital Gains | |||||||||
SEI Liquidity Fund, L.P. | $20,023 | $71,706 | $(78,559) | $— | $(3) | $13,167 | 13,160,287 | $149 | $— | |||||||||
SEI Daily Income Trust, Government Fund, Cl F | 27,199 | 133,777 | (133,322) | — | — | 27,654 | 27,653,931 | 1 | — | |||||||||
|
|
|
|
|
|
|
| |||||||||||
Totals | $47,222 | $205,483 | $(211,881) | $— | $(3) | $40,821 | $150 | $— | ||||||||||
|
|
|
|
|
|
|
|
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
16 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
International Fixed Income Fund
†Percentages based on total investments.
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS — 91.2% |
| |||||||||||
Argentina — 0.0% |
| |||||||||||
MercadoLibre Inc | ||||||||||||
2.375%, 01/14/2026 | $ | 200 | $ | 199 | ||||||||
|
|
| ||||||||||
Australia — 2.7% |
| |||||||||||
Australia & New Zealand Banking Group | ||||||||||||
4.500%, | 200 | 220 | ||||||||||
Australia & New Zealand Banking Group MTN | ||||||||||||
5.000%, 08/16/2023 | AUD | 750 | 632 | |||||||||
3.625%, 07/18/2022 | EUR | 300 | 371 | |||||||||
Australia Government Bond | ||||||||||||
4.750%, 04/21/2027 | AUD | 820 | 762 | |||||||||
4.500%, 04/21/2033 | 195 | 190 | ||||||||||
3.750%, 04/21/2037 | 1,463 | 1,336 | ||||||||||
3.250%, 04/21/2025 | 843 | 713 | ||||||||||
3.000%, 03/21/2047 | 2,513 | 2,036 | ||||||||||
2.750%, 04/21/2024 | 1,230 | 1,012 | ||||||||||
2.750%, 06/21/2035 | 1,243 | 1,016 | ||||||||||
2.750%, 05/21/2041 | 829 | 654 | ||||||||||
2.500%, 05/21/2030 | 923 | 755 | ||||||||||
2.250%, 05/21/2028 | 33 | 27 | ||||||||||
1.750%, 06/21/2051 | 972 | 592 | ||||||||||
BHP Billiton Finance | ||||||||||||
4.750%, VAR EUR Swap Annual 5 Yr+4.363%, 04/22/2076 | EUR | 101 | 119 | |||||||||
Commonwealth Bank of Australia MTN | ||||||||||||
3.000%, 05/03/2022 | 330 | 403 | ||||||||||
0.375%, 04/11/2024 | 455 | 547 | ||||||||||
Glencore Finance Europe MTN | ||||||||||||
1.625%, 01/18/2022 | 240 | 285 | ||||||||||
1.500%, 10/15/2026 | 120 | 148 | ||||||||||
National Australia Bank | ||||||||||||
5.000%, 03/11/2024 | AUD | 750 | 644 | |||||||||
National Australia Bank MTN | ||||||||||||
2.250%, 06/06/2025 | EUR | 206 | 268 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Westpac Banking MTN | ||||||||||||
1.250%, 01/14/2033 | EUR | 310 | $ | 404 | ||||||||
Westpac Banking Corp MTN | ||||||||||||
0.500%, 05/17/2024 | 885 | 1,069 | ||||||||||
|
|
| ||||||||||
14,203 | ||||||||||||
|
|
| ||||||||||
Austria — 1.3% |
| |||||||||||
JAB Holdings BV | ||||||||||||
1.000%, 12/20/2027 | 400 | 483 | ||||||||||
Republic of Austria Government Bond (A) | ||||||||||||
4.150%, 03/15/2037 | 326 | 623 | ||||||||||
3.650%, 04/20/2022 | 1,045 | 1,283 | ||||||||||
2.400%, 05/23/2034 | 110 | 169 | ||||||||||
2.100%, 09/20/2117 | 50 | 102 | ||||||||||
0.850%, 06/30/2120 | 9 | 10 | ||||||||||
0.750%, 10/20/2026 | 1,194 | 1,501 | ||||||||||
0.750%, 03/20/2051 | 515 | 641 | ||||||||||
0.000%, | 810 | 966 | ||||||||||
Republic of Austria Government Bond, Ser 97-6 | ||||||||||||
6.250%, 07/15/2027 | 525 | 880 | ||||||||||
|
|
| ||||||||||
6,658 | ||||||||||||
|
|
| ||||||||||
Belgium — 1.9% |
| |||||||||||
Ageas | ||||||||||||
1.875%, VAR Euribor 3 Month+3.100%, 11/24/2051 | 200 | 232 | ||||||||||
Anheuser-Busch InBev MTN | ||||||||||||
2.250%, 05/24/2029 | GBP | 205 | 293 | |||||||||
Anheuser-Busch InBev Worldwide | ||||||||||||
4.000%, 04/13/2028 | $ | 495 | 551 | |||||||||
Kingdom of Belgium Government Bond | ||||||||||||
4.250%, 03/28/2041 (A) | EUR | 470 | 946 | |||||||||
3.750%, 06/22/2045 | 259 | 516 | ||||||||||
3.000%, 06/22/2034 (A) | 346 | 558 | ||||||||||
2.600%, 06/22/2024 (A) | 243 | 316 | ||||||||||
1.700%, 06/22/2050 (A) | 321 | 468 | ||||||||||
1.600%, 06/22/2047 (A) | 351 | 498 | ||||||||||
1.000%, 06/22/2026 (A) | 370 | 469 | ||||||||||
1.000%, 06/22/2031 (A) | 490 | 638 | ||||||||||
0.900%, 06/22/2029 (A) | 533 | 685 | ||||||||||
0.800%, 06/22/2025 (A) | 263 | 327 | ||||||||||
0.500%, 10/22/2024 (A) | 267 | 326 | ||||||||||
0.200%, 10/22/2023 (A) | 1,050 | 1,261 | ||||||||||
0.000%, | 1,425 | 1,717 | ||||||||||
Kingdom of Belgium Government Bond, Ser 44 | ||||||||||||
5.000%, 03/28/2035 (A) | 64 | 125 | ||||||||||
|
|
| ||||||||||
9,926 | ||||||||||||
|
|
| ||||||||||
Brazil — 0.0% |
| |||||||||||
OEC Finance | ||||||||||||
7.125%, 12/26/2046 | $ | 152 | 24 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 17 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
International Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
4.375%, 10/25/2029 | $ | 103 | $ | 17 | ||||||||
|
|
| ||||||||||
41 | ||||||||||||
|
|
| ||||||||||
Canada — 7.2% |
| |||||||||||
Bank of Montreal | ||||||||||||
0.750%, 09/21/2022 | EUR | 235 | 281 | |||||||||
Bank of Montreal MTN | ||||||||||||
0.125%, 04/19/2021 | 280 | 329 | ||||||||||
Bank of Nova Scotia MTN | ||||||||||||
0.750%, 09/17/2021 | 570 | 674 | ||||||||||
Bell Canada MTN | ||||||||||||
4.700%, 09/11/2023 | CAD | 80 | 69 | |||||||||
Canada Housing Trust No. 1 (A) | ||||||||||||
2.250%, 12/15/2025 | 2,235 | 1,865 | ||||||||||
1.750%, 06/15/2022 | 2,465 | 1,997 | ||||||||||
Canadian Government Bond | ||||||||||||
5.750%, 06/01/2033 | 1,205 | 1,386 | ||||||||||
2.750%, 12/01/2048 | 400 | 374 | ||||||||||
2.750%, 12/01/2048 | 300 | 280 | ||||||||||
2.500%, 06/01/2024 | 1,546 | 1,308 | ||||||||||
2.250%, 06/01/2029 | 1,314 | 1,119 | ||||||||||
1.500%, 06/01/2023 | 107 | 87 | ||||||||||
1.500%, 06/01/2026 | 7,545 | 6,150 | ||||||||||
1.000%, 09/01/2022 | 525 | 423 | ||||||||||
1.000%, 06/01/2027 | 1,375 | 1,088 | ||||||||||
0.750%, 09/01/2021 | 655 | 523 | ||||||||||
0.500%, 09/01/2025 | 1,874 | 1,469 | ||||||||||
Canadian Imperial Bank of Commerce | ||||||||||||
0.239%, | EUR | 445 | 526 | |||||||||
Canadian Treasury Bill | ||||||||||||
0.082%, | CAD | 3,669 | 2,919 | |||||||||
Canadian When Issued Government Bond | ||||||||||||
2.000%, 12/01/2051 | 117 | 94 | ||||||||||
Cenovus Energy | ||||||||||||
5.375%, 07/15/2025 | $ | 35 | 39 | |||||||||
Export Development Canada MTN | ||||||||||||
2.400%, 06/07/2021 | AUD | 1,259 | 963 | |||||||||
Government of Canada | ||||||||||||
3.500%, 12/01/2045 | CAD | 158 | 164 | |||||||||
Husky Energy | ||||||||||||
4.400%, 04/15/2029 | $ | 169 | 180 | |||||||||
Ontario Teachers’ Finance Trust | ||||||||||||
0.500%, 05/06/2025 | EUR | 1,066 | 1,294 | |||||||||
Province of Alberta Canada MTN | ||||||||||||
1.000%, 11/15/2021 | GBP | 650 | 901 | |||||||||
Province of Ontario Canada | ||||||||||||
4.700%, 06/02/2037 | CAD | 1,355 | 1,383 | |||||||||
4.650%, 06/02/2041 | 540 | 560 | ||||||||||
2.800%, 06/02/2048 | 2,200 | 1,761 | ||||||||||
2.600%, 06/02/2025 | 1,614 | 1,359 | ||||||||||
2.400%, 06/02/2026 | 585 | 488 | ||||||||||
1.600%, 02/25/2031 | $ | 630 | 602 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Province of Ontario Canada MTN | ||||||||||||
0.250%, 12/15/2026 | GBP | 1,533 | $ | 2,054 | ||||||||
Province of Quebec Canada | ||||||||||||
6.250%, 06/01/2032 | CAD | 720 | 796 | |||||||||
3.500%, 12/01/2048 | 520 | 473 | ||||||||||
Province of Quebec Canada MTN | ||||||||||||
3.700%, 05/20/2026 | AUD | 568 | 483 | |||||||||
Rogers Communications | ||||||||||||
4.000%, 06/06/2022 | CAD | 165 | 136 | |||||||||
Suncor Energy MTN | ||||||||||||
3.100%, 11/26/2021 | 900 | 728 | ||||||||||
Toronto-Dominion Bank | ||||||||||||
0.000%, 02/09/2024 (B) | EUR | 490 | 583 | |||||||||
|
|
| ||||||||||
37,908 | ||||||||||||
|
|
| ||||||||||
Cayman Islands — 0.0% |
| |||||||||||
Odebrecht Holdco Finance Ltd | ||||||||||||
2.041%, 09/10/2058 (B) | $ | 311 | 8 | |||||||||
|
|
| ||||||||||
China — 7.6% |
| |||||||||||
Alibaba Group Holdings LLC | ||||||||||||
3.400%, 12/06/2027 | 260 | 279 | ||||||||||
China Development Bank | ||||||||||||
4.880%, 02/09/2028 | CNY | 10,600 | 1,746 | |||||||||
3.650%, 05/21/2029 | 18,120 | 2,767 | ||||||||||
3.480%, 01/08/2029 | 23,680 | 3,575 | ||||||||||
3.390%, 07/10/2027 | 9,530 | 1,441 | ||||||||||
3.230%, 01/10/2025 | 11,360 | 1,727 | ||||||||||
China Government Bond | ||||||||||||
3.810%, 09/14/2050 | 39,450 | 6,125 | ||||||||||
3.390%, 03/16/2050 | 11,370 | 1,629 | ||||||||||
3.280%, 12/03/2027 | 55,350 | 8,498 | ||||||||||
3.270%, 11/19/2030 | 22,180 | 3,407 | ||||||||||
3.020%, 10/22/2025 | 100 | 15 | ||||||||||
2.850%, 06/04/2027 | 12,510 | 1,871 | ||||||||||
2.680%, 05/21/2030 | 9,380 | 1,366 | ||||||||||
2.360%, 07/02/2023 | 18,330 | 2,767 | ||||||||||
1.990%, 04/09/2025 | 12,970 | 1,899 | ||||||||||
Prosus | ||||||||||||
3.680%, 01/21/2030 (A) | $ | 275 | 284 | |||||||||
Sinopec Group Overseas Development 2018 | ||||||||||||
2.700%, 05/13/2030 | 280 | 278 | ||||||||||
Tencent Holdings Ltd MTN | ||||||||||||
2.390%, 06/03/2030 | CNY | 285 | 275 | |||||||||
3.500%, 07/05/2024 | $ | 200 | 211 | |||||||||
|
|
| ||||||||||
40,160 | ||||||||||||
|
|
| ||||||||||
Colombia — 0.5% | ||||||||||||
Colombian TES | ||||||||||||
10.000%, 07/24/2024 | COP | 1,833,400 | 583 | |||||||||
7.750%, 09/18/2030 | 3,567,200 | 1,020 | ||||||||||
7.500%, 08/26/2026 | 1,100,600 | 324 |
18 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
7.250%, 10/18/2034 | COP | 164,600 | $ | 44 | ||||||||
7.000%, 05/04/2022 | 312,500 | 89 | ||||||||||
7.000%, 06/30/2032 | 968,800 | 256 | ||||||||||
6.000%, 04/28/2028 | 1,690,100 | 450 | ||||||||||
5.750%, 11/03/2027 | 176,100 | 47 | ||||||||||
|
|
| ||||||||||
2,813 | ||||||||||||
|
|
| ||||||||||
Czech Republic — 0.2% |
| |||||||||||
Czech Republic Government Bond | ||||||||||||
4.700%, 09/12/2022 | CZK | 7,470 | 355 | |||||||||
2.500%, 08/25/2028 | 14,630 | 691 | ||||||||||
|
|
| ||||||||||
1,046 | ||||||||||||
|
|
| ||||||||||
Denmark — 0.4% |
| |||||||||||
Danske Bank MTN | ||||||||||||
5.875%, VAR EUR Swap Annual 7 Yr+5.471% (C) | EUR | 344 | 420 | |||||||||
Kingdom of Denmark | ||||||||||||
4.500%, 11/15/2039 | DKK | 2,040 | 573 | |||||||||
1.500%, 11/15/2023 | 4,025 | 670 | ||||||||||
Kommunekredit MTN | ||||||||||||
0.125%, 09/26/2040 | EUR | 275 | 296 | |||||||||
Orsted | ||||||||||||
6.250%, VAR EUR Swap Annual 5 Yr+4.750%, 06/26/2099 | 210 | 277 | ||||||||||
|
|
| ||||||||||
2,236 | ||||||||||||
|
|
| ||||||||||
Egypt — 0.0% |
| |||||||||||
Egypt Government International Bond MTN | ||||||||||||
4.750%, | 170 | 207 | ||||||||||
|
|
| ||||||||||
Finland — 0.3% |
| |||||||||||
Finland Government | ||||||||||||
1.375%, 04/15/2047 | 130 | 189 | ||||||||||
0.000%, | 409 | 487 | ||||||||||
Government of Finland | ||||||||||||
0.875%, | 355 | 445 | ||||||||||
Nordea Kiinnitysluottopankki MTN | ||||||||||||
0.250%, 03/18/2026 | 480 | 582 | ||||||||||
|
|
| ||||||||||
1,703 | ||||||||||||
|
|
| ||||||||||
France — 6.5% |
| |||||||||||
BNP Paribas | ||||||||||||
6.750%, VAR USD Swap Semi 30/360 5 Yr Curr+4.916% (C) | $ | 340 | 353 | |||||||||
BNP Paribas MTN | ||||||||||||
3.375%, 01/23/2026 | GBP | 490 | 739 | |||||||||
2.875%, 10/01/2026 | EUR | 160 | 211 | |||||||||
1.250%, 03/19/2025 | 375 | 461 | ||||||||||
BNP Paribas Home Loan SFH | ||||||||||||
0.375%, 05/07/2025 | 400 | 485 | ||||||||||
BPCE | ||||||||||||
1.000%, | $ | 950 | 927 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
BPCE MTN | ||||||||||||
2.000%, 06/05/2025 | AUD | 440 | $ | 344 | ||||||||
1.125%, 01/18/2023 | EUR | 300 | 360 | |||||||||
BPCE SFH MTN | ||||||||||||
3.750%, 09/13/2021 | 200 | 239 | ||||||||||
Bpifrance | ||||||||||||
0.064%, | 600 | 711 | ||||||||||
Caisse d’Amortissement de la Dette Sociale | ||||||||||||
1.375%, | $ | 953 | 903 | |||||||||
Caisse Francaise de Financement Local MTN | ||||||||||||
3.000%, 10/02/2028 | EUR | 100 | 145 | |||||||||
0.500%, 01/19/2026 | 500 | 611 | ||||||||||
Cie de Financement Foncier | ||||||||||||
0.375%, 12/11/2024 | 300 | 363 | ||||||||||
Cie de Financement Foncier MTN | ||||||||||||
5.500%, 01/26/2027 | GBP | 387 | 670 | |||||||||
CNP Assurances | ||||||||||||
1.875%, 10/20/2022 | EUR | 200 | 242 | |||||||||
Credit Agricole | ||||||||||||
7.875%, VAR USD Swap Semi 30/360 5 Yr Curr+4.898% (C) | $ | 200 | 224 | |||||||||
Credit Agricole Assurances | ||||||||||||
4.750%, VAR EUR Swap Annual 5 Yr+5.350%, 09/27/2048 | EUR | 200 | 287 | |||||||||
Credit Agricole Home Loan SFH MTN | ||||||||||||
1.250%, 03/24/2031 | 300 | 395 | ||||||||||
0.250%, 02/23/2024 | 700 | 840 | ||||||||||
Dexia Credit Local MTN | ||||||||||||
0.625%, 02/03/2024 | 200 | 242 | ||||||||||
0.500%, 01/17/2025 | 300 | 364 | ||||||||||
0.000%, | 1,200 | 1,428 | ||||||||||
Electricite de France MTN | ||||||||||||
5.375%, VAR EUR Swap Annual 12 Yr+3.794% (C) | 200 | 267 | ||||||||||
4.000%, 11/12/2025 | 350 | 487 | ||||||||||
Elis SA | ||||||||||||
1.000%, 04/03/2025 | 100 | 115 | ||||||||||
Engie MTN | ||||||||||||
0.875%, 03/27/2024 | 300 | 363 | ||||||||||
0.375%, 02/28/2023 | 100 | 119 | ||||||||||
French Republic Government Bond OAT | ||||||||||||
5.750%, 10/25/2032 | 403 | 787 | ||||||||||
4.500%, 04/25/2041 | 369 | 769 | ||||||||||
4.000%, 10/25/2038 | 99 | 188 | ||||||||||
4.000%, | 195 | 446 | ||||||||||
2.750%, 10/25/2027 | 242 | 344 | ||||||||||
2.500%, 05/25/2030 | 238 | 347 | ||||||||||
1.750%, 05/25/2023 | 2,359 | 2,916 | ||||||||||
1.750%, | 60 | 87 | ||||||||||
1.750%, | 277 | 427 | ||||||||||
1.500%, | 1,035 | 1,451 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 19 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
International Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
0.750%, 05/25/2028 | EUR | 279 | $ | 353 | ||||||||
0.750%, 11/25/2028 | 277 | 351 | ||||||||||
0.500%, 05/25/2029 | 284 | 353 | ||||||||||
0.500%, | 1,380 | 1,589 | ||||||||||
0.000%, | 1,456 | 1,750 | ||||||||||
0.000%, | 1,007 | 1,198 | ||||||||||
0.000%, | 795 | 957 | ||||||||||
0.000%, | 297 | 354 | ||||||||||
0.000%, | 270 | 319 | ||||||||||
Orange MTN | ||||||||||||
2.500%, 03/01/2023 | 500 | 618 | ||||||||||
SNCF Reseau MTN | ||||||||||||
2.000%, 02/05/2048 | 300 | 425 | ||||||||||
SNCF Reseau EPIC MTN | ||||||||||||
5.500%, 12/01/2021 | GBP | 205 | 293 | |||||||||
4.250%, 10/07/2026 | EUR | 200 | 293 | |||||||||
2.250%, 12/20/2047 | 300 | 451 | ||||||||||
1.125%, 05/19/2027 | 300 | 380 | ||||||||||
1.125%, 05/25/2030 | 200 | 255 | ||||||||||
Societe Generale | ||||||||||||
4.250%, | $ | 325 | 352 | |||||||||
Societe Generale MTN | ||||||||||||
1.125%, 01/23/2025 | EUR | 100 | 121 | |||||||||
Societe Nationale SNCF | ||||||||||||
1.000%, 05/25/2040 | 400 | 473 | ||||||||||
SPCM SA | ||||||||||||
2.000%, 02/01/2026 | 117 | 140 | ||||||||||
Suez | ||||||||||||
2.875%, VAR EUR Swap Annual 5 Yr+2.504% (C) | 300 | 366 | ||||||||||
TOTAL MTN (C) | ||||||||||||
3.369%, VAR EUR Swap Annual 5 Yr+3.350% | 260 | 338 | ||||||||||
1.750%, VAR EUR Swap Annual 5 Yr+1.765% | 115 | 138 | ||||||||||
Total Capital International MTN | ||||||||||||
4.250%, 11/26/2021 | AUD | 640 | 499 | |||||||||
UNEDIC ASSEO MTN | ||||||||||||
1.250%, 05/25/2033 | EUR | 700 | 925 | |||||||||
WEA Finance LLC | ||||||||||||
2.875%, | $ | 285 | 283 | |||||||||
|
|
| ||||||||||
34,231 | ||||||||||||
|
|
| ||||||||||
Germany — 4.6% |
| |||||||||||
ADLER Group | ||||||||||||
3.250%, 08/05/2025 | EUR | 200 | 245 | |||||||||
Bundesrepublik Deutschland Bundesanleihe | ||||||||||||
4.000%, 01/04/2037 | 411 | 795 | ||||||||||
3.250%, 07/04/2042 | 954 | 1,878 | ||||||||||
1.250%, 08/15/2048 | 1,626 | 2,437 | ||||||||||
0.500%, 02/15/2026 | 138 | 172 | ||||||||||
0.281%, 08/15/2026 (B) | 915 | 1,112 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
0.250%, 02/15/2027 | EUR | 2,160 | $ | 2,667 | ||||||||
0.000%, 08/15/2030 (B) | 1,835 | 2,236 | ||||||||||
0.000%, 05/15/2035 (B) | 671 | 795 | ||||||||||
Cheplapharm Arzneimittel GmbH | ||||||||||||
3.500%, 02/11/2027 (A) | 191 | 228 | ||||||||||
Commerzbank MTN | ||||||||||||
4.000%, VAR EUR Swap Annual 5 Yr+4.350%, 12/05/2030 | 200 | 256 | ||||||||||
Daimler International Finance BV MTN | ||||||||||||
0.250%, 11/06/2023 | 430 | 509 | ||||||||||
Deutsche Bank NY | ||||||||||||
2.129%, VAR United States Secured Overnight Financing Rate+1.870%, 11/24/2026 | $ | 415 | 416 | |||||||||
Deutsche Telekom MTN | ||||||||||||
1.750%, 12/09/2049 | EUR | 100 | 121 | |||||||||
Deutsche Telekom International Finance BV MTN | ||||||||||||
0.625%, 04/03/2023 | 225 | 269 | ||||||||||
E.ON MTN | ||||||||||||
0.000%, 12/18/2023 (B) | 550 | 649 | ||||||||||
IHO Verwaltungs GmbH | ||||||||||||
3.625%, 05/15/2025 (A) | 175 | 209 | ||||||||||
Kreditanstalt fuer Wiederaufbau | ||||||||||||
2.600%, 06/20/2037 | JPY | 160,000 | 2,012 | |||||||||
0.500%, 09/15/2027 | EUR | 510 | 631 | |||||||||
0.125%, 06/07/2023 | 1,020 | 1,219 | ||||||||||
Kreditanstalt fuer Wiederaufbau MTN | ||||||||||||
0.000%, 09/30/2026 (B) | 1,744 | 2,095 | ||||||||||
Landwirtschaftliche Rentenbank MTN | ||||||||||||
0.625%, 05/18/2027 | 225 | 280 | ||||||||||
Merck Financial Services GmbH MTN | ||||||||||||
0.125%, 07/16/2025 | 400 | 474 | ||||||||||
Siemens |
| |||||||||||
1.200%, 03/11/2026 (A) | $ | 775 | 766 | |||||||||
Vertical Midco GmbH | ||||||||||||
4.375%, 07/15/2027 (A) | EUR | 240 | 296 | |||||||||
Volkswagen International Finance | ||||||||||||
1.125%, 10/02/2023 | 400 | 484 | ||||||||||
Volkswagen Leasing GmbH MTN | ||||||||||||
1.125%, 04/04/2024 | 520 | 630 | ||||||||||
WEPA Hygieneprodukte GmbH | ||||||||||||
2.875%, 12/15/2027 | 298 | 350 | ||||||||||
|
|
| ||||||||||
24,231 | ||||||||||||
|
|
| ||||||||||
Hungary — 0.2% |
| |||||||||||
Hungary Government Bond | ||||||||||||
3.000%, 06/26/2024 | HUF | 297,650 | 1,013 | |||||||||
|
|
| ||||||||||
Indonesia — 0.6% |
| |||||||||||
Indonesia Government International Bond | ||||||||||||
8.375%, 03/15/2034 | IDR | 20,797,000 | 1,566 | |||||||||
1.450%, 09/18/2026 | EUR | 300 | 363 |
20 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Indonesia Treasury Bond | ||||||||||||
7.500%, 06/15/2035 | IDR | 2,199,000 | $ | 154 | ||||||||
7.375%, 05/15/2048 | 7,641,000 | 523 | ||||||||||
7.000%, 09/15/2030 | 2,246,000 | 156 | ||||||||||
6.500%, 06/15/2025 | 2,408,000 | 170 | ||||||||||
6.500%, 02/15/2031 | 4,719,000 | 318 | ||||||||||
|
|
| ||||||||||
3,250 | ||||||||||||
|
|
| ||||||||||
Ireland — 0.5% |
| |||||||||||
AerCap Ireland Capital DAC | ||||||||||||
4.500%, 09/15/2023 | $ | 205 | 220 | |||||||||
CRH Funding MTN | ||||||||||||
1.875%, 01/09/2024 | EUR | 310 | 382 | |||||||||
Ireland Government Bond | ||||||||||||
5.400%, 03/13/2025 | 351 | 510 | ||||||||||
1.500%, 05/15/2050 | 250 | 351 | ||||||||||
1.100%, 05/15/2029 | 670 | 869 | ||||||||||
Smurfit Kappa Acquisitions ULC | ||||||||||||
2.875%, 01/15/2026 | 265 | 346 | ||||||||||
|
|
| ||||||||||
2,678 | ||||||||||||
|
|
| ||||||||||
Israel — 0.2% |
| |||||||||||
Israel Government Bond | ||||||||||||
5.500%, 01/31/2042 | ILS | 276 | 134 | |||||||||
4.250%, 03/31/2023 | 2,521 | 817 | ||||||||||
2.000%, 03/31/2027 | 925 | 299 | ||||||||||
|
|
| ||||||||||
1,250 | ||||||||||||
|
|
| ||||||||||
Italy — 5.6% |
| |||||||||||
Assicurazioni Generali MTN | ||||||||||||
5.500%, VAR Euribor 3 Month+5.350%, 10/27/2047 | EUR | 230 | 331 | |||||||||
Enel Finance International MTN | ||||||||||||
5.750%, 09/14/2040 | GBP | 145 | 293 | |||||||||
Eni | ||||||||||||
4.250%, | $ | 515 | 575 | |||||||||
FCA Bank MTN | ||||||||||||
1.000%, 11/15/2021 | EUR | 700 | 829 | |||||||||
Intesa Sanpaolo MTN | ||||||||||||
3.625%, 12/05/2022 | 200 | 251 | ||||||||||
2.125%, 05/26/2025 | 330 | 416 | ||||||||||
0.750%, 12/04/2024 | 350 | 420 | ||||||||||
Italy Buoni Poliennali Del Tesoro | ||||||||||||
5.000%, | 1,285 | 2,461 | ||||||||||
3.850%, | 393 | 697 | ||||||||||
3.750%, | 386 | 455 | ||||||||||
3.500%, | 211 | 312 | ||||||||||
3.100%, | 122 | 186 | ||||||||||
3.000%, 08/01/2029 | 1,609 | 2,282 | ||||||||||
2.800%, | 90 | 132 | ||||||||||
2.700%, | 55 | 80 | ||||||||||
2.450%, | 98 | 136 | ||||||||||
2.000%, 02/01/2028 | 381 | 500 | ||||||||||
1.850%, | 2,274 | 2,891 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
1.800%, | EUR | 247 | $ | 312 | ||||||||
1.700%, | 361 | 429 | ||||||||||
1.500%, | 1,183 | 1,397 | ||||||||||
1.350%, 04/15/2022 | 4,630 | 5,541 | ||||||||||
0.950%, 03/01/2023 | 449 | 541 | ||||||||||
0.950%, | 1,549 | 1,773 | ||||||||||
0.600%, | 1,730 | 2,013 | ||||||||||
0.500%, 02/01/2026 | 2,583 | 3,108 | ||||||||||
UniCredit MTN | ||||||||||||
6.572%, | $ | 350 | 365 | |||||||||
4.875%, VAR EUAMDB05+4.739%, 02/20/2029 | EUR | 220 | 283 | |||||||||
1.250%, VAR Euribor 3 Month+1.600%, 06/16/2026 | 460 | 557 | ||||||||||
|
|
| ||||||||||
29,566 | ||||||||||||
|
|
| ||||||||||
Japan — 16.4% |
| |||||||||||
Development Bank of Japan | ||||||||||||
2.300%, 03/19/2026 | JPY | 220,000 | 2,211 | |||||||||
Government of Japan 10 Year Bond | ||||||||||||
0.900%, 06/20/2022 | 859,850 | 7,877 | ||||||||||
0.400%, 06/20/2025 | 64,950 | 601 | ||||||||||
0.100%, 06/20/2026 | 74,300 | 679 | ||||||||||
0.100%, 03/20/2027 | 71,550 | 654 | ||||||||||
Government of Japan 20 Year Bond | ||||||||||||
1.900%, 09/20/2022 | 406,050 | 3,783 | ||||||||||
1.700%, 06/20/2033 | 1,207,550 | 12,915 | ||||||||||
1.400%, 09/20/2034 | 444,650 | 4,635 | ||||||||||
1.000%, 12/20/2035 | 50,000 | 498 | ||||||||||
0.700%, 03/20/2037 | 38,450 | 367 | ||||||||||
0.500%, 09/20/2036 | 451,400 | 4,190 | ||||||||||
0.200%, 06/20/2036 | 169,400 | 1,505 | ||||||||||
Government of Japan 20 Year Bond, Ser 140 | ||||||||||||
1.700%, 09/20/2032 | 91,350 | 970 | ||||||||||
Government of Japan 20 Year Bond, Ser 143 | ||||||||||||
1.600%, 03/20/2033 | 40,300 | 426 | ||||||||||
Government of Japan 20 Year Bond, Ser 144 | ||||||||||||
1.500%, 03/20/2033 | 87,200 | 912 | ||||||||||
Government of Japan 30 Year Bond | ||||||||||||
0.800%, 09/20/2047 | 709,500 | 6,710 | ||||||||||
0.300%, 06/20/2046 | 74,600 | 629 | ||||||||||
Government of Japan 30 Year Bond, Ser 29 | ||||||||||||
2.400%, 09/20/2038 | 119,300 | 1,442 | ||||||||||
Government of Japan 30 Year Bond, Ser 30 | ||||||||||||
2.300%, 03/20/2039 | 387,700 | 4,631 | ||||||||||
Government of Japan 30 Year Bond, Ser 33 | ||||||||||||
2.000%, 09/20/2040 | 212,700 | 2,470 | ||||||||||
Government of Japan 30 Year Bond, Ser 36 | ||||||||||||
2.000%, 03/20/2042 | 252,050 | 2,956 | ||||||||||
Government of Japan 30 Year Bond, Ser 37 | ||||||||||||
1.900%, 09/20/2042 | 166,850 | 1,933 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 21 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
International Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Government of Japan 30 Year Bond, Ser 38 | ||||||||||||
1.800%, 03/20/2043 | JPY | 207,550 | $ | 2,374 | ||||||||
Government of Japan 40 Year Bond | ||||||||||||
0.400%, 03/20/2056 | 331,950 | 2,740 | ||||||||||
Government of Japan 40 Year Bond, Ser 6 | ||||||||||||
1.900%, 03/20/2053 | 38,700 | 472 | ||||||||||
Japan Government Ten Year Bond | ||||||||||||
0.100%, 09/20/2027 | 297,250 | 2,715 | ||||||||||
0.100%, 03/20/2029 | 35,900 | 327 | ||||||||||
Japan Government Thirty Year Bond | ||||||||||||
0.600%, 09/20/2050 | 79,100 | 703 | ||||||||||
Japan Treasury Discount Bill | ||||||||||||
0.000%, | 1,273,650 | 11,528 | ||||||||||
Mitsubishi UFJ Financial Group | ||||||||||||
0.339%, 07/19/2024 | EUR | 250 | 297 | |||||||||
Mizuho Financial Group MTN | ||||||||||||
0.956%, 10/16/2024 | 385 | 467 | ||||||||||
Mizuho Financial Group Cayman 3 | ||||||||||||
4.600%, | $ | 450 | 492 | |||||||||
Nissan Motor | ||||||||||||
2.652%, 03/17/2026 | EUR | 165 | 210 | |||||||||
NTT Finance | ||||||||||||
1.162%, | $ | 345 | 340 | |||||||||
Takeda Pharmaceutical | ||||||||||||
1.125%, | EUR | 430 | 516 | |||||||||
0.750%, 07/09/2027 | 125 | 151 | ||||||||||
|
|
| ||||||||||
86,326 | ||||||||||||
|
|
| ||||||||||
Luxembourg — 0.1% |
| |||||||||||
Prologis International Funding II | ||||||||||||
2.375%, 11/14/2030 | 200 | 273 | ||||||||||
|
|
| ||||||||||
Malaysia — 1.3% |
| |||||||||||
Malaysia Government Bond | ||||||||||||
4.232%, 06/30/2031 | MYR | 635 | 161 | |||||||||
4.181%, 07/15/2024 | 3,360 | 855 | ||||||||||
4.048%, 09/30/2021 | 3,380 | 824 | ||||||||||
3.955%, 09/15/2025 | 3,440 | 874 | ||||||||||
3.885%, 08/15/2029 | 2,032 | 510 | ||||||||||
3.882%, 03/10/2022 | 568 | 140 | ||||||||||
3.828%, 07/05/2034 | 2,337 | 559 | ||||||||||
3.795%, 09/30/2022 | 3,430 | 849 | ||||||||||
3.502%, 05/31/2027 | 7,477 | 1,860 | ||||||||||
|
|
| ||||||||||
6,632 | ||||||||||||
|
|
| ||||||||||
Mexico — 1.7% |
| |||||||||||
Mexican Bonos | ||||||||||||
8.000%, 11/07/2047 | MXN | 15,967 | 800 | |||||||||
7.750%, 11/23/2034 | 3,714 | 191 | ||||||||||
7.750%, 11/13/2042 | 25,845 | 1,275 | ||||||||||
7.500%, 06/03/2027 | 6,124 | 319 | ||||||||||
5.750%, 03/05/2026 | 14,711 | 713 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Mexican Bonos, Ser M | ||||||||||||
6.500%, 06/10/2021 | MXN | 5,356 | $ | 263 | ||||||||
Mexican Bonos, Ser M20 | ||||||||||||
10.000%, 12/05/2024 | 38,190 | 2,132 | ||||||||||
8.500%, 05/31/2029 | 8,114 | 445 | ||||||||||
7.750%, 05/29/2031 | 19,502 | 1,016 | ||||||||||
Mexican Bonos, Ser M30 | ||||||||||||
10.000%, 11/20/2036 | 17,044 | 1,040 | ||||||||||
8.500%, 11/18/2038 | 2,546 | 137 | ||||||||||
Mexico Government International Bond | ||||||||||||
2.875%, 04/08/2039 | EUR | 280 | 335 | |||||||||
|
|
| ||||||||||
8,666 | ||||||||||||
|
|
| ||||||||||
Netherlands — 2.3% |
| |||||||||||
ABN AMRO Bank | ||||||||||||
4.750%, 07/28/2025 | $ | 305 | 341 | |||||||||
ABN AMRO Bank MTN | ||||||||||||
1.250%, 01/10/2033 | EUR | 300 | 398 | |||||||||
ASR Nederland | ||||||||||||
3.375%, VAR EUR Swap Annual 5 Yr+4.000%, 05/02/2049 | 255 | 335 | ||||||||||
BNG Bank MTN | ||||||||||||
0.250%, 02/22/2023 | 1,260 | 1,503 | ||||||||||
Cooperatieve Rabobank | ||||||||||||
3.250%, VAR EUR Swap Annual 5 Yr+3.702% (C) | 200 | 240 | ||||||||||
Cooperatieve Rabobank UA MTN | ||||||||||||
5.250%, 09/14/2027 | GBP | 195 | 323 | |||||||||
4.625%, 05/23/2029 | 130 | 211 | ||||||||||
1.250%, 05/31/2032 | EUR | 300 | 397 | |||||||||
Heineken MTN | ||||||||||||
1.000%, 05/04/2026 | 335 | 412 | ||||||||||
ING Groep | ||||||||||||
5.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.342% (C) | $ | 200 | 218 | |||||||||
Intertrust Group BV | ||||||||||||
3.375%, | EUR | 180 | 217 | |||||||||
Lincoln Financing SARL | ||||||||||||
3.625%, | 170 | 202 | ||||||||||
Nederlandse Waterschapsbank MTN | ||||||||||||
1.250%, 05/27/2036 | 281 | 371 | ||||||||||
0.625%, 01/18/2027 | 225 | 279 | ||||||||||
Netherlands Government Bond (A) | ||||||||||||
4.000%, 01/15/2037 | 166 | 316 | ||||||||||
2.500%, 01/15/2033 | 550 | 846 | ||||||||||
2.000%, 07/15/2024 | 345 | 441 | ||||||||||
0.500%, 07/15/2026 | 570 | 708 | ||||||||||
0.500%, 01/15/2040 | 382 | 477 | ||||||||||
0.250%, 07/15/2025 | 922 | 1,126 | ||||||||||
0.000%, | 914 | 1,079 | ||||||||||
0.000%, | 1,014 | 1,211 | ||||||||||
0.000%, | 330 | 350 |
22 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Q-Park Holding | ||||||||||
2.000%, 03/01/2027 | EUR | 122 | $ | 137 | ||||||
|
|
| ||||||||
12,138 | ||||||||||
|
|
| ||||||||
New Zealand — 0.9% | ||||||||||
New Zealand Government Bond | ||||||||||
5.500%, 04/15/2023 | NZD | 1,997 | 1,546 | |||||||
3.000%, 04/20/2029 | 345 | 269 | ||||||||
2.750%, 04/15/2025 | 1,289 | 975 | ||||||||
2.750%, 04/15/2037 | 80 | 59 | ||||||||
1.750%, 05/15/2041 | 437 | 263 | ||||||||
1.500%, 05/15/2031 | 1,643 | 1,116 | ||||||||
New Zealand Local Government Funding Agency Bond | ||||||||||
4.500%, 04/15/2027 | 479 | 390 | ||||||||
|
|
| ||||||||
4,618 | ||||||||||
|
|
| ||||||||
Norway — 0.8% | ||||||||||
DNB Bank | ||||||||||
6.500%, VAR USD Swap Semi 30/360 5 Yr Curr+5.080% (C) | $ | 355 | 368 | |||||||
Norway Government Bond (A) | ||||||||||
3.000%, 03/14/2024 | NOK | 2,516 | 314 | |||||||
2.000%, 05/24/2023 | 5,358 | 647 | ||||||||
2.000%, 04/26/2028 | 1,654 | 203 | ||||||||
1.750%, 02/17/2027 | 5,565 | 673 | ||||||||
1.750%, 09/06/2029 | 3,600 | 434 | ||||||||
1.500%, 02/19/2026 | 3,843 | 459 | ||||||||
1.375%, 08/19/2030 | 1,474 | 171 | ||||||||
1.250%, 09/17/2031 | 6,520 | 742 | ||||||||
|
|
| ||||||||
4,011 | ||||||||||
|
|
| ||||||||
Oman — 0.0% | ||||||||||
Oman Government International Bond | ||||||||||
6.250%, 01/25/2031 (A) | $ | 200 | 209 | |||||||
|
|
| ||||||||
Peru — 0.0% | ||||||||||
Volcan Cia Minera SAA | ||||||||||
4.375%, 02/11/2026 (A) | 21 | 22 | ||||||||
|
|
| ||||||||
Poland — 0.2% | ||||||||||
Republic of Poland Government Bond | ||||||||||
2.750%, 10/25/2029 | PLN | 1,493 | 419 | |||||||
2.500%, 07/25/2027 | 1,860 | 511 | ||||||||
|
|
| ||||||||
930 | ||||||||||
|
|
| ||||||||
Portugal — 0.5% | ||||||||||
Portugal Obrigacoes do Tesouro OT (A) | ||||||||||
4.100%, 04/15/2037 | EUR | 277 | 495 | |||||||
2.200%, 10/17/2022 | 775 | 951 | ||||||||
1.950%, 06/15/2029 | 199 | 270 | ||||||||
0.700%, 10/15/2027 | 735 | 910 | ||||||||
|
|
| ||||||||
2,626 | ||||||||||
|
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Romania — 0.1% | ||||||||||
Romania Government Bond | ||||||||||
3.650%, 07/28/2025 | RON | 1,540 | $ | 384 | ||||||
Romanian Government International Bond MTN | ||||||||||
1.375%, 12/02/2029 | EUR | 287 | 335 | |||||||
|
|
| ||||||||
719 | ||||||||||
|
|
| ||||||||
Saudi Arabia — 0.1% | ||||||||||
Saudi Government International Bond MTN | ||||||||||
2.375%, 10/26/2021 (A) | $ | 275 | 278 | |||||||
|
|
| ||||||||
Singapore — 1.9% | ||||||||||
Singapore Government Bond | ||||||||||
3.500%, 03/01/2027 | SGD | 1,341 | 1,125 | |||||||
3.375%, 09/01/2033 | 112 | 96 | ||||||||
3.125%, 09/01/2022 | 3,592 | 2,773 | ||||||||
3.000%, 09/01/2024 | 4,204 | 3,367 | ||||||||
2.875%, 07/01/2029 | 136 | 111 | ||||||||
2.750%, 07/01/2023 | 1,013 | 790 | ||||||||
2.750%, 04/01/2042 | 114 | 94 | ||||||||
2.750%, 03/01/2046 | 200 | 166 | ||||||||
2.250%, 08/01/2036 | 162 | 124 | ||||||||
2.125%, 06/01/2026 | 1,259 | 986 | ||||||||
Temasek Financial I MTN | ||||||||||
2.375%, 01/23/2023 (A) | $ | 495 | 513 | |||||||
|
|
| ||||||||
10,145 | ||||||||||
|
|
| ||||||||
Slovak Republic — 0.0% |
| |||||||||
Slovakia Government Bond | ||||||||||
3.375%, 11/15/2024 | EUR | 75 | 101 | |||||||
|
|
| ||||||||
Slovenia — 0.1% | ||||||||||
Slovenia Government Bond | ||||||||||
1.250%, 03/22/2027 | 556 | 717 | ||||||||
|
|
| ||||||||
South Africa — 0.1% | ||||||||||
Anglo American Capital MTN | ||||||||||
1.625%, 09/18/2025 | 220 | 274 | ||||||||
|
|
| ||||||||
South Korea — 0.9% | ||||||||||
Hyundai Capital Services MTN | ||||||||||
3.500%, 03/30/2022 | AUD | 680 | 530 | |||||||
Korea Treasury Bond | ||||||||||
3.000%, 09/10/2024 | KRW | 1,206,590 | 1,125 | |||||||
2.625%, 09/10/2035 | 240,610 | 225 | ||||||||
1.875%, 06/10/2029 | 401,030 | 353 | ||||||||
1.500%, 12/10/2026 | 994,000 | 868 | ||||||||
1.500%, 12/10/2030 | 1,178,530 | 994 | ||||||||
1.125%, 09/10/2025 | 665,210 | 577 | ||||||||
SK Hynix | ||||||||||
1.500%, 01/19/2026 (A) | $ | 285 | 280 | |||||||
|
|
| ||||||||
4,952 | ||||||||||
|
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 23 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
International Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Spain — 4.0% |
| |||||||||||
AYT Cedulas Cajas Global FTA | ||||||||||||
3.750%, 12/14/2022 | EUR | 600 | $ | 755 | ||||||||
Banco Bilbao Vizcaya Argentaria | ||||||||||||
2.250%, 06/12/2024 | 200 | 255 | ||||||||||
Banco de Sabadell | ||||||||||||
0.625%, VAR EUSA1+0.970%, 11/07/2025 | 400 | 472 | ||||||||||
Banco Santander | ||||||||||||
5.179%, 11/19/2025 | $ | 400 | 455 | |||||||||
2.749%, 12/03/2030 | 200 | 190 | ||||||||||
1.000%, 03/03/2022 | EUR | 400 | 476 | |||||||||
CaixaBank | ||||||||||||
1.250%, 01/11/2027 | 500 | 636 | ||||||||||
1.125%, 11/12/2026 | 300 | 362 | ||||||||||
CaixaBank MTN | ||||||||||||
1.375%, 06/19/2026 | 300 | 367 | ||||||||||
Gas Natural Fenosa Finance BV MTN | ||||||||||||
1.250%, 04/19/2026 | 300 | 371 | ||||||||||
Naturgy Finance BV | ||||||||||||
4.125%, VAR EUR Swap Annual 8 Yr+3.353% (C) | 200 | 247 | ||||||||||
Spain Government Bond | ||||||||||||
6.000%, 01/31/2029 | 80 | 138 | ||||||||||
4.700%, 07/30/2041 (A) | 478 | 950 | ||||||||||
3.450%, 07/30/2066 (A) | 272 | 511 | ||||||||||
2.700%, 10/31/2048 (A) | 419 | 666 | ||||||||||
2.350%, 07/30/2033 (A) | 523 | 749 | ||||||||||
1.950%, 07/30/2030 (A) | 104 | 142 | ||||||||||
1.850%, 07/30/2035 (A) | 135 | 184 | ||||||||||
1.600%, 04/30/2025 (A) | 209 | 265 | ||||||||||
1.500%, 04/30/2027 (A) | 393 | 509 | ||||||||||
1.400%, 04/30/2028 (A) | 635 | 821 | ||||||||||
1.250%, 10/31/2030 (A) | 1,575 | 2,022 | ||||||||||
1.200%, 10/31/2040 (A) | 1,140 | 1,394 | ||||||||||
1.000%, 10/31/2050 (A) | 221 | 243 | ||||||||||
0.800%, 07/30/2027 (A) | 3,099 | 3,850 | ||||||||||
0.800%, 07/30/2027 (A) | 353 | 439 | ||||||||||
0.600%, 10/31/2029 (A) | 116 | 142 | ||||||||||
0.500%, 04/30/2030 (A) | 188 | 227 | ||||||||||
0.000%, 05/31/2024 (B) | 1,355 | 1,613 | ||||||||||
0.000%, 01/31/2025 (B) | 973 | 1,160 | ||||||||||
Telefonica Europe | ||||||||||||
4.375%, VAR EUR Swap Annual 6 Yr+4.107% | 300 | 383 | ||||||||||
3.750%, VAR EUR Swap Annual 5 Yr+3.858% | 100 | 121 | ||||||||||
|
|
| ||||||||||
21,115 | ||||||||||||
|
|
| ||||||||||
Supra-National — 1.5% |
| |||||||||||
Asian Development Bank MTN | ||||||||||||
2.350%, 06/21/2027 | JPY | 290,000 | 3,032 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
European Financial Stability Facility MTN | ||||||||||
0.500%, 07/11/2025 | EUR | 695 | $ | 852 | ||||||
European Investment Bank | ||||||||||
1.900%, 01/26/2026 | JPY | 50,000 | 496 | |||||||
European Investment Bank MTN | ||||||||||
1.250%, 05/12/2025 | SEK | 13,180 | 1,573 | |||||||
0.250%, 10/14/2024 | EUR | 156 | 189 | |||||||
European Stability Mechanism MTN | ||||||||||
1.000%, 09/23/2025 | 570 | 714 | ||||||||
International Finance MTN | ||||||||||
2.375%, 07/19/2023 | CAD | 1,000 | 830 | |||||||
|
|
| ||||||||
7,686 | ||||||||||
|
|
| ||||||||
Sweden — 0.6% |
| |||||||||
Kommunivest I Sverige AB MTN | ||||||||||
1.000%, 10/02/2024 | SEK | 5,830 | 688 | |||||||
Nordea Bank Abp MTN | ||||||||||
6.125%, VAR USD Swap Semi 30/360 5 Yr Curr+3.388% (C) | $ | 200 | 217 | |||||||
Skandinaviska Enskilda Banken MTN | ||||||||||
0.250%, 06/20/2024 | EUR | 460 | 553 | |||||||
Stadshypotek MTN | ||||||||||
0.375%, 02/22/2023 | 485 | 579 | ||||||||
Swedbank | ||||||||||
5.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.134% (C) | $ | 200 | 214 | |||||||
Swedbank Hypotek | ||||||||||
0.375%, 03/11/2022 | EUR | 360 | 427 | |||||||
Sweden Government Bond | ||||||||||
0.125%, 05/12/2031 (A) | SEK | 4,810 | 536 | |||||||
|
|
| ||||||||
3,214 | ||||||||||
|
|
| ||||||||
Switzerland — 0.7% |
| |||||||||
Credit Suisse Group (C) | ||||||||||
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+4.600% | $ | 286 | 302 | |||||||
7.500%, VAR USD Swap Semi 30/360 5 Yr Curr+4.600% (A) | 200 | 212 | ||||||||
Credit Suisse Group Funding Guernsey MTN | ||||||||||
1.250%, 04/14/2022 | EUR | 295 | 351 | |||||||
Government of Switzerland | ||||||||||
2.000%, 04/28/2021 | CHF | 735 | 782 | |||||||
2.000%, 05/25/2022 | 75 | 82 | ||||||||
1.500%, 04/30/2042 | 408 | 573 | ||||||||
1.250%, 06/11/2024 | 405 | 458 | ||||||||
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 | 227 | |||||||
Tyco Electronics Group | ||||||||||
0.113%, 02/16/2029 | CHF | 308 | 349 |
24 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
UBS Group Funding Switzerland | ||||||||||
1.750%, 11/16/2022 | EUR | 427 | $ | 518 | ||||||
|
|
| ||||||||
3,854 | ||||||||||
|
|
| ||||||||
Thailand — 0.4% | ||||||||||
Thailand Government Bond | ||||||||||
4.875%, 06/22/2029 | THB | 16,455 | 654 | |||||||
4.675%, 06/29/2044 | 17,119 | 724 | ||||||||
3.650%, 12/17/2021 | 11,020 | 361 | ||||||||
3.625%, 06/16/2023 | 5,375 | 184 | ||||||||
3.300%, 06/17/2038 | 3,522 | 123 | ||||||||
2.125%, 12/17/2026 | 7,336 | 246 | ||||||||
|
|
| ||||||||
2,292 | ||||||||||
|
|
| ||||||||
Turkey — 0.1% | ||||||||||
Turkiye Vakiflar Bankasi TAO | ||||||||||
2.375%, 05/04/2021 | EUR | 265 | 310 | |||||||
|
|
| ||||||||
United Arab Emirates — 0.1% |
| |||||||||
DP World Crescent MTN | ||||||||||
4.848%, 09/26/2028 | $ | 265 | 296 | |||||||
|
|
| ||||||||
United Kingdom — 6.9% | ||||||||||
Barclays MTN | ||||||||||
4.000%, 06/26/2029 | AUD | 500 | 405 | |||||||
Barclays Bank MTN | ||||||||||
10.000%, 05/21/2021 | GBP | 180 | 251 | |||||||
BAT Capital | ||||||||||
4.906%, 04/02/2030 | $ | 105 | 120 | |||||||
BAT International Finance MTN | ||||||||||
2.250%, 09/09/2052 | GBP | 100 | 100 | |||||||
1.250%, 03/13/2027 | EUR | 333 | 403 | |||||||
BG Energy Capital MTN | ||||||||||
2.250%, 11/21/2029 | 400 | 540 | ||||||||
BP Capital Markets (C) | ||||||||||
4.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.036% | $ | 470 | 497 | |||||||
3.250%, VAR EUR Swap Annual 5 Yr+3.880% | EUR | 110 | 138 | |||||||
BP Capital Markets MTN | ||||||||||
1.117%, 01/25/2024 | 165 | 201 | ||||||||
0.831%, 11/08/2027 | 130 | 158 | ||||||||
Cadent Finance MTN | ||||||||||
2.750%, 09/22/2046 | GBP | 100 | 140 | |||||||
2.625%, 09/22/2038 | 100 | 140 | ||||||||
Centrica MTN | ||||||||||
4.375%, 03/13/2029 | 164 | 268 | ||||||||
CK Hutchison Finance 16 II | ||||||||||
0.875%, 10/03/2024 | EUR | 212 | 256 | |||||||
CK Hutchison Group Telecom Finance | ||||||||||
1.500%, 10/17/2031 | 330 | 406 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
CNH Industrial Finance Europe MTN | ||||||||||
2.875%, 05/17/2023 | EUR | 220 | $ | 274 | ||||||
1.750%, 09/12/2025 | 130 | 163 | ||||||||
CPUK Finance | ||||||||||
3.588%, 08/28/2025 | GBP | 215 | 318 | |||||||
DS Smith MTN | ||||||||||
1.375%, 07/26/2024 | EUR | 430 | 525 | |||||||
Gatwick Funding MTN | ||||||||||
5.250%, 01/23/2024 | GBP | 250 | 381 | |||||||
Heathrow Funding MTN | ||||||||||
2.750%, 08/09/2049 | 160 | 210 | ||||||||
1.875%, 05/23/2022 | EUR | 235 | 282 | |||||||
HSBC Holdings | ||||||||||
6.375%, VAR USD ICE Swap 11:00 NY 5 Yr+4.368% (C) | $ | 200 | 220 | |||||||
6.000%, VAR EUR Swap Annual 5 Yr+5.338% (C) | EUR | 200 | 256 | |||||||
3.000%, VAR BPSW1+1.650%, 07/22/2028 | GBP | 167 | 247 | |||||||
HSBC Holdings MTN | ||||||||||
6.000%, 03/29/2040 | 70 | 134 | ||||||||
Imperial Brands Finance | ||||||||||
0.500%, 07/27/2021 | EUR | 150 | 177 | |||||||
INEOS Quattro Finance 2 | ||||||||||
2.500%, | 235 | 276 | ||||||||
Natwest Group | ||||||||||
2.523%, VAR ICE LIBOR USD 3 Month+2.320% (C) | $ | 200 | 195 | |||||||
Northumbrian Water Finance | ||||||||||
6.875%, 02/06/2023 | GBP | 190 | 291 | |||||||
Rolls-Royce MTN | ||||||||||
0.875%, 05/09/2024 | EUR | 140 | 158 | |||||||
Santander UK Group Holdings PLC MTN | ||||||||||
3.625%, 01/14/2026 | GBP | 100 | 151 | |||||||
Santander UK PLC MTN | ||||||||||
4.250%, 04/12/2021 | EUR | 350 | 412 | |||||||
Sky PLC MTN | ||||||||||
2.250%, 11/17/2025 | 275 | 357 | ||||||||
Standard Chartered (A) | ||||||||||
1.722%, VAR ICE LIBOR USD 3 Month+1.510% (C) | $ | 500 | 467 | |||||||
1.456%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.000%, 01/14/2027 | 355 | 347 | ||||||||
Thames Water Utilities Finance MTN | ||||||||||
4.625%, 06/04/2046 | GBP | 155 | 293 | |||||||
United Kingdom Gilt | ||||||||||
5.000%, 03/07/2025 | 43 | 70 | ||||||||
4.500%, 12/07/2042 | 279 | 613 | ||||||||
4.250%, 03/07/2036 | 56 | 110 | ||||||||
4.250%, 09/07/2039 | 53 | 109 | ||||||||
4.250%, 12/07/2040 | 1,266 | 2,641 | ||||||||
4.250%, 12/07/2046 | 476 | 1,063 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 25 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
International Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
4.250%, 12/07/2049 | GBP | 108 | $ | 251 | ||||||
3.750%, 07/22/2052 | 80 | 178 | ||||||||
3.500%, 01/22/2045 | 902 | 1,781 | ||||||||
3.250%, 01/22/2044 | 457 | 862 | ||||||||
2.750%, 09/07/2024 | 806 | 1,209 | ||||||||
2.500%, 07/22/2065 | 1,197 | 2,336 | ||||||||
2.250%, 09/07/2023 | 19 | 28 | ||||||||
1.750%, 09/07/2022 | 2,090 | 2,954 | ||||||||
1.750%, 09/07/2037 | 74 | 110 | ||||||||
1.500%, 07/22/2047 | 194 | 274 | ||||||||
1.250%, 10/22/2041 | 79 | 107 | ||||||||
1.000%, 04/22/2024 | 52 | 74 | ||||||||
0.750%, 07/22/2023 | 3,010 | 4,215 | ||||||||
0.625%, 06/07/2025 | 52 | 73 | ||||||||
0.625%, 10/22/2050 | 770 | 867 | ||||||||
0.500%, 10/22/2061 | 828 | 860 | ||||||||
0.125%, 01/30/2026 | 1,858 | 2,532 | ||||||||
0.125%, 01/31/2028 | 460 | 614 | ||||||||
United Kingdom Gilt - Inflation Linked | ||||||||||
1.250%, 11/22/2027 | 266 | 478 | ||||||||
United Kingdom Treasury | ||||||||||
4.750%, 12/07/2038 | 51 | 110 | ||||||||
Vodafone Group MTN | ||||||||||
4.200%, 12/13/2027 | AUD | 490 | 412 | |||||||
Western Power Distribution West Midlands PLC | ||||||||||
3.875%, 10/17/2024 | GBP | 230 | 348 | |||||||
Wm Morrison Supermarkets MTN | ||||||||||
3.500%, 07/27/2026 | 225 | 345 | ||||||||
Zurich Finance PLC MTN | ||||||||||
6.625%, | 235 | 349 | ||||||||
|
|
| ||||||||
36,130 | ||||||||||
|
|
| ||||||||
United States — 9.2% | ||||||||||
AbbVie | ||||||||||
2.300%, 11/21/2022 | $ | 800 | 823 | |||||||
Air Lease | ||||||||||
3.625%, 04/01/2027 | 21 | 22 | ||||||||
Air Lease MTN | ||||||||||
2.875%, 01/15/2026 | 113 | 117 | ||||||||
Aircastle | ||||||||||
5.250%, | 261 | 284 | ||||||||
5.000%, 04/01/2023 | 4 | 4 | ||||||||
4.400%, 09/25/2023 | 50 | 53 | ||||||||
4.250%, 06/15/2026 | 4 | 4 | ||||||||
4.125%, 05/01/2024 | 22 | 23 | ||||||||
Alleghany | ||||||||||
3.625%, 05/15/2030 | 336 | 362 | ||||||||
Altria Group | ||||||||||
3.125%, 06/15/2031 | EUR | 310 | 419 | |||||||
2.200%, 06/15/2027 | 330 | 418 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
American Express (C) | ||||||||||
3.622%, VAR ICE LIBOR USD 3 Month+3.428% | $ | 14 | $ | 14 | ||||||
3.469%, VAR ICE LIBOR USD 3 Month+3.285% | 29 | 29 | ||||||||
American Honda Finance | ||||||||||
1.950%, 10/18/2024 | EUR | 159 | 200 | |||||||
0.350%, 08/26/2022 | 375 | 444 | ||||||||
American Tower | ||||||||||
1.300%, 09/15/2025 | $ | 535 | 533 | |||||||
Apple | ||||||||||
0.700%, 02/08/2026 | 880 | 863 | ||||||||
Ardagh Metal Packaging Finance USA | ||||||||||
2.000%, 09/01/2028 (A) | EUR | 250 | 294 | |||||||
AT&T | ||||||||||
2.875%, VAR EUAMDB05+3.140% (C) | 200 | 234 | ||||||||
1.800%, 09/05/2026 | 365 | 463 | ||||||||
1.650%, 02/01/2028 | $ | 870 | 841 | |||||||
1.600%, 05/19/2028 | EUR | 170 | 213 | |||||||
Aviation Capital Group | ||||||||||
1.950%, 01/30/2026 (A) | $ | 51 | 50 | |||||||
Aviation Capital Group | ||||||||||
5.500%, 12/15/2024 | 80 | 89 | ||||||||
4.375%, 01/30/2024 | 27 | 29 | ||||||||
3.875%, 05/01/2023 | 12 | 13 | ||||||||
3.500%, 11/01/2027 | 8 | 8 | ||||||||
Axalta Coating Systems LLC | ||||||||||
3.375%, 02/15/2029 (A) | 210 | 205 | ||||||||
Bank of America | ||||||||||
6.500%, VAR ICE LIBOR USD 3 Month+4.174% (C) | 67 | 75 | ||||||||
Bank of America MTN | ||||||||||
2.375%, 06/19/2024 | EUR | 835 | 1,057 | |||||||
Becton Dickinson | ||||||||||
1.213%, 02/12/2036 | $ | 129 | 151 | |||||||
0.632%, 06/04/2023 | 200 | 238 | ||||||||
Berkshire Hathaway | ||||||||||
0.625%, 01/17/2023 | EUR | 265 | 316 | |||||||
0.500%, 01/15/2041 | 170 | 178 | ||||||||
Berkshire Hathaway Finance | ||||||||||
2.625%, 06/19/2059 | GBP | 144 | 222 | |||||||
Boardwalk Pipelines | ||||||||||
4.800%, 05/03/2029 | $ | 119 | 131 | |||||||
Booking Holdings | ||||||||||
4.625%, 04/13/2030 | 80 | 93 | ||||||||
2.375%, 09/23/2024 | 355 | 450 | ||||||||
0.500%, 03/08/2028 | 110 | 130 | ||||||||
Boston Properties LP | ||||||||||
2.900%, 03/15/2030 | 195 | 197 | ||||||||
Bristol-Myers Squibb | ||||||||||
0.537%, 11/13/2023 | 950 | 950 |
26 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Broadcom | ||||||||||
5.000%, 04/15/2030 | $ | 185 | $ | 210 | ||||||
Capital One Financial | ||||||||||
1.650%, 06/12/2029 | EUR | 300 | 375 | |||||||
0.800%, 06/12/2024 | 291 | 350 | ||||||||
Carnival | ||||||||||
1.000%, 10/28/2029 | 316 | 285 | ||||||||
Charles Schwab | ||||||||||
5.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.971% (C) | $ | 395 | 438 | |||||||
0.750%, 03/18/2024 | 420 | 422 | ||||||||
Chubb INA Holdings | ||||||||||
1.550%, 03/15/2028 | EUR | 325 | 410 | |||||||
0.875%, 06/15/2027 | 115 | 140 | ||||||||
0.300%, 12/15/2024 | 190 | 225 | ||||||||
Citigroup | ||||||||||
4.289%, VAR ICE LIBOR USD 3 Month+4.095% (C) | $ | 210 | 209 | |||||||
4.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.597% (C) | 71 | 72 | ||||||||
2.666%, VAR United States Secured Overnight Financing Rate+1.146%, 01/29/2031 | 215 | 216 | ||||||||
Citigroup MTN | ||||||||||
0.750%, 10/26/2023 | EUR | 115 | 138 | |||||||
Comcast | ||||||||||
2.650%, 02/01/2030 | $ | 220 | 225 | |||||||
CyrusOne | ||||||||||
1.450%, 01/22/2027 | EUR | 154 | 182 | |||||||
Delta Airlines Inc | ||||||||||
4.500%, | $ | 125 | 133 | |||||||
DH Europe Finance II | ||||||||||
1.800%, 09/18/2049 | EUR | 105 | 131 | |||||||
Digital Dutch Finco BV | ||||||||||
0.625%, 07/15/2025 | 350 | 420 | ||||||||
Digital Euro Finco | ||||||||||
1.125%, 04/09/2028 | 510 | 617 | ||||||||
Discover Bank | ||||||||||
4.682%, VAR USD Swap Semi 30/360 5 Yr Curr+1.730%, 08/09/2028 | $ | 400 | 427 | |||||||
Emerson Electric | ||||||||||
0.375%, 05/22/2024 | EUR | 350 | 418 | |||||||
Enable Midstream Partners | ||||||||||
4.950%, 05/15/2028 | $ | 39 | 43 | |||||||
4.400%, 03/15/2027 | 214 | 231 | ||||||||
Exxon Mobil | ||||||||||
0.835%, 06/26/2032 | EUR | 600 | 701 | |||||||
FedEx | ||||||||||
0.700%, 05/13/2022 | 108 | 128 | ||||||||
Fidelity National Information Services | ||||||||||
0.625%, 12/03/2025 | 185 | 222 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
0.125%, 12/03/2022 | EUR | 500 | $ | 591 | ||||||
Fifth Third Bancorp | ||||||||||
4.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.215% (C) | $ | 65 | 69 | |||||||
GE Capital UK Funding Unlimited MTN | ||||||||||
6.250%, 05/05/2038 | GBP | 165 | 331 | |||||||
5.875%, 01/18/2033 | 160 | 298 | ||||||||
General Motors Financial | ||||||||||
0.850%, 02/26/2026 | EUR | 125 | 149 | |||||||
General Motors Financial MTN | ||||||||||
0.955%, 09/07/2023 | 275 | 329 | ||||||||
Gilead Sciences Inc | ||||||||||
0.750%, 09/29/2023 | $ | 725 | 726 | |||||||
Goldman Sachs Group | ||||||||||
0.627%, VAR United States Secured Overnight Financing Rate+0.538%, 11/17/2023 | 715 | 715 | ||||||||
Goldman Sachs Group MTN | ||||||||||
2.125%, 09/30/2024 | EUR | 885 | 1,112 | |||||||
1.625%, 07/27/2026 | 170 | 213 | ||||||||
Harley-Davidson Financial Services | ||||||||||
3.875%, 05/19/2023 | 110 | 139 | ||||||||
0.900%, 11/19/2024 | 335 | 400 | ||||||||
Hilton Domestic Operating | ||||||||||
3.625%, | $ | 215 | 209 | |||||||
Host Hotels & Resorts | ||||||||||
3.500%, 09/15/2030 | 200 | 200 | ||||||||
Intercontinental Exchange | ||||||||||
0.700%, 06/15/2023 | 535 | 537 | ||||||||
International Business Machines | ||||||||||
3.500%, 05/15/2029 | 275 | 299 | ||||||||
2.850%, 05/13/2022 | 990 | 1,018 | ||||||||
International Flavors & Fragrances | ||||||||||
1.800%, 09/25/2026 | EUR | 100 | 126 | |||||||
Interpublic Group of Cos Inc/The | ||||||||||
2.400%, 03/01/2031 | $ | 101 | 99 | |||||||
IQVIA | ||||||||||
2.875%, | EUR | 180 | 217 | |||||||
Johnson Controls International PLC | ||||||||||
1.375%, 02/25/2025 | 395 | 487 | ||||||||
JPMorgan Chase (C) | ||||||||||
7.900%, VAR ICE LIBOR USD 3 Month+3.470% | $ | 91 | 91 | |||||||
4.005%, VAR ICE LIBOR USD 3 Month+3.800% | 78 | 78 | ||||||||
3.522%, VAR ICE LIBOR USD 3 Month+3.320% | 46 | 46 | ||||||||
JPMorgan Chase MTN | ||||||||||
1.090%, VAR Euribor 3 Month+0.760%, 03/11/2027 | EUR | 660 | 808 | |||||||
Las Vegas Sands | ||||||||||
3.900%, 08/08/2029 | $ | 245 | 252 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 27 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
International Fixed Income Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Lear | ||||||||||
4.250%, 05/15/2029 | $ | 35 | $ | 39 | ||||||
3.500%, 05/30/2030 | 42 | 44 | ||||||||
Level 3 Financing | ||||||||||
3.750%, 07/15/2029 (A) | 150 | 147 | ||||||||
Levi Strauss & Co | ||||||||||
3.500%, | 47 | 45 | ||||||||
Liberty Mutual Group | ||||||||||
3.625%, VAR EUR Swap Annual 5 Yr+3.700%, 05/23/2059 | EUR | 300 | 359 | |||||||
Marriott International | ||||||||||
4.650%, 12/01/2028 | $ | 120 | 134 | |||||||
MassMutual Global Funding II MTN | ||||||||||
0.850%, 06/09/2023 (A) | 998 | 1,006 | ||||||||
Mattel Inc (A) | ||||||||||
3.750%, 04/01/2029 | 138 | 140 | ||||||||
3.375%, 04/01/2026 | 138 | 142 | ||||||||
Medtronic Global Holdings SCA | ||||||||||
1.375%, 10/15/2040 | EUR | 110 | 131 | |||||||
1.125%, 03/07/2027 | 400 | 495 | ||||||||
0.250%, 07/02/2025 | 115 | 137 | ||||||||
Metropolitan Life Global Funding I MTN | ||||||||||
1.950%, 01/13/2023 (A) | $ | 1,000 | 1,027 | |||||||
Mondelez International | ||||||||||
0.250%, 03/17/2028 | EUR | 470 | 549 | |||||||
Moody’s | ||||||||||
1.750%, 03/09/2027 | 375 | 480 | ||||||||
Morgan Stanley | ||||||||||
4.051%, VAR ICE LIBOR USD 3 Month+3.810% (C) | $ | 192 | 192 | |||||||
3.851%, VAR ICE LIBOR USD 3 Month+3.610% (C) | 23 | 23 | ||||||||
1.875%, 03/30/2023 | EUR | 330 | 404 | |||||||
Morgan Stanley MTN | ||||||||||
1.375%, 10/27/2026 | 360 | 449 | ||||||||
0.529%, VAR United States Secured Overnight Financing Rate+0.455%, 01/25/2024 | $ | 1,000 | 998 | |||||||
0.141%, VAR Euribor 3 Month+0.400%, 05/21/2021 | EUR | 850 | 1,000 | |||||||
National Grid North America MTN | ||||||||||
1.000%, 07/12/2024 | 300 | 364 | ||||||||
National Oil Well | ||||||||||
3.600%, 12/01/2029 | $ | 205 | 206 | |||||||
Netflix Inc | ||||||||||
3.625%, 05/15/2027 | 200 | 269 | ||||||||
Newell Brands Inc | ||||||||||
4.700%, 04/01/2026 | 140 | 155 | ||||||||
ONEOK | ||||||||||
6.350%, 01/15/2031 | 89 | 111 | ||||||||
Oracle | ||||||||||
3.650%, 03/25/2041 | 370 | 374 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Philip Morris International | ||||||||||
1.450%, 08/01/2039 | EUR | 115 | $ | 129 | ||||||
0.625%, 11/08/2024 | 285 | 341 | ||||||||
Philip Morris International MTN | ||||||||||
2.875%, 03/03/2026 | 170 | 226 | ||||||||
Pioneer Natural Resources | ||||||||||
2.150%, 01/15/2031 | $ | 196 | 184 | |||||||
Plains All American Pipeline | ||||||||||
4.500%, 12/15/2026 | 204 | 224 | ||||||||
3.550%, 12/15/2029 | 79 | 79 | ||||||||
PNC Financial Services Group | ||||||||||
6.750%, VAR ICE LIBOR USD 3 Month+3.678% (C) | 27 | 27 | ||||||||
2.200%, 11/01/2024 | 885 | 930 | ||||||||
PNC Funding | ||||||||||
3.300%, 03/08/2022 | 150 | 154 | ||||||||
Principal Life Global Funding II | ||||||||||
1.250%, 06/23/2025 (A) | 315 | 314 | ||||||||
Prudential Financial | ||||||||||
5.875%, VAR ICE LIBOR USD 3 Month+4.175%, 09/15/2042 | 199 | 210 | ||||||||
Ross Stores | ||||||||||
4.700%, 04/15/2027 | 265 | 301 | ||||||||
Schlumberger Finance France SAS | ||||||||||
1.000%, 02/18/2026 | EUR | 305 | 375 | |||||||
Simon International Finance SCA | ||||||||||
1.250%, 05/13/2025 | 134 | 165 | ||||||||
SLM | ||||||||||
4.200%, 10/29/2025 | $ | 165 | 173 | |||||||
Spirit Realty LP | ||||||||||
2.100%, 03/15/2028 | 355 | 345 | ||||||||
Starbucks Corp | ||||||||||
1.300%, 05/07/2022 | 350 | 354 | ||||||||
T-Mobile USA | ||||||||||
3.375%, 04/15/2029 | 138 | 139 | ||||||||
2.875%, 02/15/2031 | 77 | 74 | ||||||||
2.625%, 04/15/2026 | 131 | 133 | ||||||||
Toyota Motor Credit MTN | ||||||||||
0.625%, 11/21/2024 | EUR | 465 | 561 | |||||||
UnitedHealth Group | ||||||||||
1.250%, 01/15/2026 | $ | 175 | 175 | |||||||
US Bancorp | ||||||||||
3.727%, VAR ICE LIBOR USD 3 Month+3.486% (C) | 136 | 136 | ||||||||
US Bancorp MTN | ||||||||||
0.850%, 06/07/2024 | EUR | 226 | 273 | |||||||
Verizon Communications | ||||||||||
4.016%, 12/03/2029 | $ | 391 | 437 | |||||||
2.100%, 03/22/2028 | 445 | 447 | ||||||||
0.875%, 04/08/2027 | EUR | 175 | 214 | |||||||
Verizon Communications MTN | ||||||||||
4.750%, 02/17/2034 | GBP | 170 | 302 |
28 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
4.050%, 02/17/2025 | AUD | 680 | $ | 573 | ||||||
ViacomCBS | ||||||||||
3.700%, 06/01/2028 | $ | 180 | 195 | |||||||
Wells Fargo | ||||||||||
3.900%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.453% (C) | 132 | 133 | ||||||||
Wells Fargo MTN | ||||||||||
2.125%, 12/20/2023 | GBP | 345 | 491 | |||||||
2.000%, 04/27/2026 | EUR | 210 | 268 | |||||||
1.375%, 06/30/2022 | GBP | 195 | 271 | |||||||
0.500%, 04/26/2024 | EUR | 500 | 596 | |||||||
Welltower Inc | ||||||||||
4.500%, 12/01/2034 | GBP | 140 | 230 | |||||||
Western Union | ||||||||||
2.750%, 03/15/2031 | $ | 355 | 339 | |||||||
WPC Eurobond BV | ||||||||||
1.350%, 04/15/2028 | EUR | 405 | 491 | |||||||
|
|
| ||||||||
48,575 | ||||||||||
|
|
| ||||||||
Total Global Bonds (Cost $465,612) ($ Thousands) |
| 480,436 | ||||||||
|
|
| ||||||||
U.S. TREASURY OBLIGATIONS — 4.7% |
| |||||||||
U.S. Treasury Bill | ||||||||||
0.223%, 04/20/2021 (B) | $ | 14,556 | 14,556 | |||||||
U.S. Treasury Bond | ||||||||||
1.921%, 11/15/2050 (B) | 1,229 | 590 | ||||||||
U.S. Treasury Notes | ||||||||||
0.500%, 03/31/2025 | 94 | 93 | ||||||||
0.375%, 03/31/2022 | 1,081 | 1,084 | ||||||||
0.125%, 11/30/2022 | 8,322 | 8,320 | ||||||||
|
|
| ||||||||
Total U.S. Treasury Obligations |
| 24,643 | ||||||||
|
|
| ||||||||
MORTGAGE-BACKED SECURITIES — 0.2% |
| |||||||||
Agency Mortgage-Backed Obligation — 0.2% | ||||||||||
FHLMC Structured Agency Credit Risk Debt | ||||||||||
Notes, Ser 2016-HQA1, Cl M3 6.459%, VAR ICE LIBOR USD 1 Month+6.350%, 09/25/2028 | 192 | 205 | ||||||||
FHLMC Structured Agency Credit Risk Debt | ||||||||||
Notes, Ser 2017-DNA2, Cl M2 3.559%, VAR ICE LIBOR USD 1 Month+3.450%, 10/25/2029 | 470 | 487 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||
MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||
FNMA Connecticut Avenue Securities, Ser 2014-C04, Cl 2M2 | ||||||||||
5.109%, VAR ICE LIBOR USD 1 Month+5.000%, 11/25/2024 | $ | 135 | $ | 136 | ||||||
FNMA Connecticut Avenue Securities, Ser 2016-C04, Cl 1M2 | ||||||||||
4.359%, VAR ICE LIBOR USD 1 Month+4.250%, 01/25/2029 | 62 | 64 | ||||||||
FNMA Connecticut Avenue Securities, Ser 2016-C07, Cl 2M2 | ||||||||||
4.459%, VAR ICE LIBOR USD 1 Month+4.350%, 05/25/2029 | 85 | 88 | ||||||||
|
|
| ||||||||
980 | ||||||||||
|
|
| ||||||||
Non-Agency Mortgage-Backed Obligation — 0.0% |
| |||||||||
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A | ||||||||||
2.636%, 09/25/2034 (D) | 9 | 8 | ||||||||
JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1 | ||||||||||
2.444%, 12/25/2034 (D) | 25 | 26 | ||||||||
LSTAR Commercial Mortgage Trust, Ser 2016-4, Cl A2 | ||||||||||
2.579%, 03/10/2049 (A) | 139 | 142 | ||||||||
|
|
| ||||||||
176 | ||||||||||
|
|
| ||||||||
Total Mortgage-Backed Securities |
| 1,156 | ||||||||
|
|
| ||||||||
Total Investments in Securities — 96.1% |
| $ | 506,235 | |||||||
|
|
| ||||||||
Contracts | ||||||||||
PURCHASED SWAPTION* — 0.0% |
| |||||||||
Total Purchased Swaption (E) | 2,000,000 | $ | – | |||||||
|
|
| ||||||||
WRITTEN SWAPTION* — 0.0% |
| |||||||||
Total Written Swaption (E) (Premiums Received $4) ($ Thousands) | (2,000,000 | ) | $ | – | ||||||
|
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 29 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
International Fixed Income Fund (Continued)
A list of the OTC swaptions contracts held by the Fund at March 31, 2021, is as follows:
Number of Contracts/ | Value | |||||||||||||||||
Description | Counterparty | Notional Amount | Exercise Price | Expiration Date | (Thousands) | |||||||||||||
PURCHASED SWAPTION — 0.0% | ||||||||||||||||||
Put Swaptions | ||||||||||||||||||
Swaption* | Bank of America Merill Lynch | $ | 2,000,000 | $0.03 | 04/17/2021 | $ | — | |||||||||||
|
| |||||||||||||||||
WRITTEN SWAPTION — 0.0% | ||||||||||||||||||
Put Swaptions | ||||||||||||||||||
Swaption * | Bank of America Merill Lynch | (2,000,000 | ) | $0.04 | 04/17/2021 | $ | — | |||||||||||
|
|
A list of the open futures contracts held by the Fund at March 31, 2021, is as follows:
Type of Contract | Number of Contracts Long (Short) | Expiration Date | Notional Amount (Thousands) | Value (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | |||||||||||||||
Australian 3-Year Bond | 12 | Jun-2021 | $ | 1,082 | $ | 1,070 | $ | 1 | ||||||||||||
Australian 3-Year Bond | (17) | Jun-2021 | (1,534 | ) | (1,515 | ) | (1 | ) | ||||||||||||
Australian 10-Year Bond | (16) | Jun-2021 | (1,707 | ) | (1,683 | ) | (6 | ) | ||||||||||||
Australian 10-Year Bond | 6 | Jun-2021 | 642 | 631 | (3 | ) | ||||||||||||||
Canadian 5-Year Bond | (18) | Jun-2021 | (1,819 | ) | (1,803 | ) | 21 | |||||||||||||
Canadian 10-Year Bond | (36) | Jun-2021 | (4,064 | ) | (3,975 | ) | 99 | |||||||||||||
Canadian 10-Year Bond | 17 | Jun-2021 | 1,898 | 1,877 | (23 | ) | ||||||||||||||
Euro | (240) | Jun-2021 | (36,240 | ) | (35,226 | ) | 1,014 | |||||||||||||
Euro-Bob | 31 | Jun-2021 | 5,016 | 4,922 | 3 | |||||||||||||||
Euro-BTP | (4) | Jun-2021 | (715 | ) | (702 | ) | (6 | ) | ||||||||||||
Euro-Bund | 4 | Jun-2021 | 811 | 805 | 1 | |||||||||||||||
Euro-Bund | 68 | Jun-2021 | 13,966 | 13,689 | 8 | |||||||||||||||
Euro-Buxl | (5) | Jun-2021 | (1,233 | ) | (1,211 | ) | 6 | |||||||||||||
Euro-Buxl | 4 | Jun-2021 | 994 | 969 | (5 | ) | ||||||||||||||
Euro-OAT | 51 | Jun-2021 | 9,902 | 9,707 | 14 | |||||||||||||||
Euro-Schatz | (59) | Jun-2021 | (7,938 | ) | (7,773 | ) | (1 | ) | ||||||||||||
Japanese 10-Year Bond | 23 | Jun-2021 | 31,847 | 31,463 | 37 | |||||||||||||||
Japanese 10-Year Government Bond E-MINI | 8 | Jun-2021 | 1,109 | 1,093 | 1 | |||||||||||||||
Long Gilt 10-Year Bond | 3 | Jul-2021 | 544 | 528 | (7 | ) | ||||||||||||||
Long Gilt 10-Year Bond | (8) | Jul-2021 | (1,414 | ) | (1,408 | ) | 4 | |||||||||||||
Short-Term Euro-BTP | 24 | Jun-2021 | 3,275 | 3,192 | 5 | |||||||||||||||
U.S. 2-Year Treasury Note | (77) | Jul-2021 | (17,007 | ) | (16,996 | ) | 11 | |||||||||||||
U.S. 5-Year Treasury Note | (123) | Jul-2021 | (15,317 | ) | (15,178 | ) | 139 | |||||||||||||
U.S. 10-Year Treasury Note | (30) | Jun-2021 | (3,946 | ) | (3,928 | ) | 18 | |||||||||||||
U.S. 10-Year Treasury Note | 26 | Jun-2021 | 3,490 | 3,404 | (86 | ) | ||||||||||||||
U.S. Long Treasury Bond | (6) | Jun-2021 | (927 | ) | (928 | ) | – | |||||||||||||
U.S. Long Treasury Bond | 25 | Jun-2021 | 3,912 | 3,865 | (47 | ) | ||||||||||||||
U.S. Ultra Long Treasury Bond | (16) | Jun-2021 | (2,963 | ) | (2,900 | ) | 63 | |||||||||||||
Ultra 10-Year U.S. Treasury Note | (100) | Jun-2021 | (14,705 | ) | (14,369 | ) | 337 | |||||||||||||
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$ | (33,041 | ) | $ | (32,380 | ) | $ | 1,597 | |||||||||||||
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A list of the open forward foreign currency contracts held by the Fund at March 31, 2021, is as follows:
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Bank of America | 04/07/21 | USD | 16 | CHF | 15 | $ | — | |||||||||||||||||
Bank of America | 04/07/21 | SEK | 140 | USD | 17 | 1 | ||||||||||||||||||
Bank of America | 04/07/21 | USD | 290 | MXN | 6,040 | 5 |
30 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Bank of America | 04/07/21 | EUR | 1,180 | USD | 1,425 | $ | 38 | |||||||||||||||||
Bank of America | 04/07/21 | USD | 1,194 | EUR | 980 | (42 | ) | |||||||||||||||||
Bank of America | 04/15/21 | IDR | 8,093,212 | USD | 573 | 17 | ||||||||||||||||||
Bank of America | 04/22/21 | CNH | 1,757 | USD | 267 | — | ||||||||||||||||||
Bank of America | 05/06/21 | GBP | 1,413 | USD | 1,941 | (9 | ) | |||||||||||||||||
Bank of America | 05/20/21 | USD | 542 | JPY | 59,761 | (1 | ) | |||||||||||||||||
Barclays PLC | 04/05/21 | USD | 825 | BRL | 4,487 | (30 | ) | |||||||||||||||||
Barclays PLC | 04/07/21 | USD | 14 | NOK | 120 | — | ||||||||||||||||||
Barclays PLC | 04/07/21 | USD | 19 | NOK | 160 | — | ||||||||||||||||||
Barclays PLC | 04/07/21 | USD | 36 | JPY | 3,900 | (1 | ) | |||||||||||||||||
Barclays PLC | 04/07/21 | AUD | 55 | USD | 43 | 1 | ||||||||||||||||||
Barclays PLC | 04/07/21 | USD | 58 | NZD | 80 | (2 | ) | |||||||||||||||||
Barclays PLC | 05/06/21 | USD | 16 | CHF | 15 | — | ||||||||||||||||||
Barclays PLC | 04/07/21 | USD | 44 | CHF | 40 | (1 | ) | |||||||||||||||||
Barclays PLC | 04/07/21 | SGD | 25 | USD | 19 | — | ||||||||||||||||||
Barclays PLC | 04/07/21 | SGD | 50 | USD | 37 | — | ||||||||||||||||||
Barclays PLC | 04/07/21 | CNY | 110 | USD | 17 | — | ||||||||||||||||||
Barclays PLC | 04/07/21 | USD | 120 | AUD | 155 | (2 | ) | |||||||||||||||||
Barclays PLC | 04/07/21 | USD | 154 | EUR | 128 | (3 | ) | |||||||||||||||||
Barclays PLC | 04/07/21 | CAD | 85 | USD | 68 | 1 | ||||||||||||||||||
Barclays PLC | 04/07/21 | CAD | 85 | USD | 67 | (1 | ) | |||||||||||||||||
Barclays PLC | 04/07/21 | USD | 286 | ZAR | 4,380 | 10 | ||||||||||||||||||
Barclays PLC | 04/07/21 | NZD | 296 | USD | 217 | 10 | ||||||||||||||||||
Barclays PLC | 04/07/21 | NZD | 25 | USD | 17 | — | ||||||||||||||||||
Barclays PLC | 04/07/21 | EUR | 527 | USD | 627 | 8 | ||||||||||||||||||
Barclays PLC | 04/07/21 | USD | 682 | CAD | 860 | 2 | ||||||||||||||||||
Barclays PLC | 04/07/21 | USD | 20 | CAD | 25 | — | ||||||||||||||||||
Barclays PLC | 04/07/21 - 05/06/21 | USD | 626 | SEK | 5,459 | 1 | ||||||||||||||||||
Barclays PLC | 04/07/21 | USD | 105 | SEK | 894 | (2 | ) | |||||||||||||||||
Barclays PLC | 04/07/21 | USD | 896 | PLN | 3,559 | 6 | ||||||||||||||||||
Barclays PLC | 04/07/21 | USD | 1,242 | DKK | 7,862 | — | ||||||||||||||||||
Barclays PLC | 04/07/21 | NOK | 713 | USD | 84 | 1 | ||||||||||||||||||
Barclays PLC | 04/07/21 - 05/06/21 | NOK | 560 | USD | 65 | — | ||||||||||||||||||
Barclays PLC | 04/07/21 | USD | 1,333 | ILS | 4,438 | (2 | ) | |||||||||||||||||
Barclays PLC | 04/07/21 | ZAR | 2,190 | USD | 146 | (3 | ) | |||||||||||||||||
Barclays PLC | 04/07/21 | CHF | 2,525 | USD | 2,777 | 93 | ||||||||||||||||||
Barclays PLC | 04/07/21 | SEK | 340 | USD | 40 | 1 | ||||||||||||||||||
Barclays PLC | 04/07/21 - 05/06/21 | SEK | 5,459 | USD | 626 | (1 | ) | |||||||||||||||||
Barclays PLC | 04/07/21 - 05/06/21 | ILS | 8,876 | USD | 2,678 | 15 | ||||||||||||||||||
Barclays PLC | 04/07/21 | GBP | 12 | USD | 17 | — | ||||||||||||||||||
Barclays PLC | 05/06/21 | GBP | 16,641 | USD | 22,928 | (31 | ) | |||||||||||||||||
Barclays PLC | 04/07/21 | USD | 22,983 | GBP | 16,683 | 34 | ||||||||||||||||||
Barclays PLC | 04/07/21 | USD | 100 | GBP | 72 | (1 | ) | |||||||||||||||||
Barclays PLC | 04/07/21 | CZK | 25,007 | USD | 1,162 | 37 | ||||||||||||||||||
Barclays PLC | 04/07/21 - 05/17/21 | JPY | 1,282,850 | USD | 12,166 | 549 | ||||||||||||||||||
Barclays PLC | 05/06/21 | USD | 68 | TRY | 580 | — | ||||||||||||||||||
Barclays PLC | 05/06/21 | PLN | 3,559 | USD | 897 | (6 | ) | |||||||||||||||||
Barclays PLC | 05/06/21 | DKK | 7,862 | USD | 1,243 | — | ||||||||||||||||||
BMO Capital | 05/06/21 | USD | 360 | JPY | 39,500 | (3 | ) | |||||||||||||||||
BNP Paribas | 04/07/21 | USD | 422 | AUD | 545 | (7 | ) |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 31 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
International Fixed Income Fund (Continued)
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
BNP Paribas | 05/06/21 | USD | 161 | GBP | 117 | $ | — | |||||||||||||||||
BNP Paribas | 04/07/21 | USD | 1,432 | GBP | 1,024 | (19 | ) | |||||||||||||||||
BNP Paribas | 04/07/21 | USD | 2,099 | MYR | 8,712 | 3 | ||||||||||||||||||
BNP Paribas | 04/07/21 | USD | 2,115 | EUR | 1,741 | (69 | ) | |||||||||||||||||
BNP Paribas | 04/07/21 - 04/16/21 | MXN | 17,305 | USD | 830 | (15 | ) | |||||||||||||||||
BNP Paribas | 04/07/21 | MYR | 8,712 | USD | 2,150 | 48 | ||||||||||||||||||
BNP Paribas | 05/06/21 | MYR | 8,712 | USD | 2,097 | (8 | ) | |||||||||||||||||
BNP Paribas | 04/07/21 - 06/11/21 | EUR | 20,486 | USD | 24,497 | 389 | ||||||||||||||||||
BNP Paribas | 04/07/21 | HUF | 314,649 | USD | 1,045 | 24 | ||||||||||||||||||
BNP Paribas | 04/09/21 | GBP | 7,811 | USD | 10,642 | (134 | ) | |||||||||||||||||
BNP Paribas | 04/15/21 | SEK | 4,673 | USD | 567 | 31 | ||||||||||||||||||
BNP Paribas | 04/15/21 | NOK | 4,906 | USD | 568 | (7 | ) | |||||||||||||||||
BNP Paribas | 04/22/21 | CAD | 14,791 | USD | 11,654 | (116 | ) | |||||||||||||||||
BNP Paribas | 04/22/21 | CNH | 78,943 | USD | 12,171 | 157 | ||||||||||||||||||
BNP Paribas | 05/20/21 | JPY | 124,390 | USD | 1,144 | 18 | ||||||||||||||||||
BNP Paribas | 05/06/21 | JPY | 85,700 | USD | 776 | — | ||||||||||||||||||
BNP Paribas | 06/04/21 | AUD | 11,338 | USD | 8,649 | 13 | ||||||||||||||||||
BNP Paribas | 06/24/21 | PLN | 4,456 | USD | 1,137 | 7 | ||||||||||||||||||
Brown Brothers Harriman | 04/08/21 | USD | 684 | ZAR | 10,346 | 16 | ||||||||||||||||||
Brown Brothers Harriman | 04/08/21 | USD | 1,560 | CNY | 10,235 | 1 | ||||||||||||||||||
Brown Brothers Harriman | 04/08/21 | ZAR | 5,081 | USD | 349 | 5 | ||||||||||||||||||
Brown Brothers Harriman | 04/08/21 | ZAR | 5,235 | USD | 343 | (11 | ) | |||||||||||||||||
Brown Brothers Harriman | 04/09/21 | USD | 184 | GBP | 135 | 2 | ||||||||||||||||||
Brown Brothers Harriman | 04/09/21 | USD | 663 | GBP | 476 | (6 | ) | |||||||||||||||||
Brown Brothers Harriman | 04/15/21 | NOK | 121 | USD | 14 | — | ||||||||||||||||||
Brown Brothers Harriman | 04/22/21 | CNY | 1,390 | USD | 212 | — | ||||||||||||||||||
Brown Brothers Harriman | 05/06/21 | CHF | 375 | USD | 423 | 23 | ||||||||||||||||||
Brown Brothers Harriman | 05/06/21 | USD | 403 | CHF | 376 | (4 | ) | |||||||||||||||||
Brown Brothers Harriman | 05/20/21 | USD | 447 | JPY | 48,036 | (12 | ) | |||||||||||||||||
Brown Brothers Harriman | 05/21/21 | SGD | 38 | USD | 28 | — | ||||||||||||||||||
Brown Brothers Harriman | 05/27/21 | USD | 456 | NZD | 636 | (10 | ) | |||||||||||||||||
Brown Brothers Harriman | 05/27/21 | USD | 703 | EUR | 588 | (10 | ) | |||||||||||||||||
Brown Brothers Harriman | 05/27/21 | EUR | 1,097 | USD | 1,313 | 22 | ||||||||||||||||||
CIBC | 04/07/21 | USD | 637 | JPY | 67,800 | (23 | ) | |||||||||||||||||
CIBC | 04/07/21 | USD | 1,568 | CAD | 1,980 | 7 | ||||||||||||||||||
Citi | 04/15/21 | USD | 863 | IDR | 12,116,865 | (30 | ) | |||||||||||||||||
Citi | 04/22/21 | USD | 867 | KRW | 952,958 | (22 | ) | |||||||||||||||||
Citi | 05/20/21 | USD | 548 | COP | 2,032,163 | 5 | ||||||||||||||||||
Citigroup | 04/05/21 | BRL | 4,316 | USD | 773 | 8 | ||||||||||||||||||
Citigroup | 04/07/21 | USD | 14 | NOK | 120 | — | ||||||||||||||||||
Citigroup | 04/07/21 | USD | 34 | NOK | 290 | — | ||||||||||||||||||
Citigroup | 04/07/21 | NZD | 80 | USD | 58 | 2 | ||||||||||||||||||
Citigroup | 04/07/21 | NZD | 25 | USD | 17 | — | ||||||||||||||||||
Citigroup | 04/07/21 | USD | 145 | CNY | 947 | (1 | ) | |||||||||||||||||
Citigroup | 04/07/21 | USD | 38 | NZD | 55 | — | ||||||||||||||||||
Citigroup | 04/07/21 | USD | 110 | NZD | 155 | (2 | ) | |||||||||||||||||
Citigroup | 04/07/21 | CHF | 150 | USD | 164 | 5 | ||||||||||||||||||
Citigroup | 04/07/21 | GBP | 105 | USD | 146 | 1 | ||||||||||||||||||
Citigroup | 04/07/21 | GBP | 50 | USD | 69 | — |
32 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Citigroup | 04/07/21 | USD | 178 | CHF | 165 | $ | (3 | ) | ||||||||||||||||
Citigroup | 04/07/21 | USD | 204 | AUD | 262 | (4 | ) | |||||||||||||||||
Citigroup | 04/07/21 | USD | 226 | JPY | 24,600 | (4 | ) | |||||||||||||||||
Citigroup | 04/07/21 | USD | 231 | SEK | 1,970 | (5 | ) | |||||||||||||||||
Citigroup | 04/07/21 | USD | 290 | MXN | 6,265 | 16 | ||||||||||||||||||
Citigroup | 04/07/21 | USD | 573 | ZAR | 8,680 | 14 | ||||||||||||||||||
Citigroup | 04/07/21 | USD | 21 | GBP | 15 | — | ||||||||||||||||||
Citigroup | 04/07/21 - 04/09/21 | USD | 624 | GBP | 449 | (4 | ) | |||||||||||||||||
Citigroup | 04/07/21 - 05/06/21 | AUD | 666 | USD | 512 | 5 | ||||||||||||||||||
Citigroup | 04/07/21 | AUD | 40 | USD | 30 | — | ||||||||||||||||||
Citigroup | 04/07/21 - 05/06/21 | USD | 867 | CAD | 1,091 | 1 | ||||||||||||||||||
Citigroup | 04/07/21 | USD | 93 | CAD | 116 | — | ||||||||||||||||||
Citigroup | 04/07/21 | SEK | 1,020 | USD | 121 | 4 | ||||||||||||||||||
Citigroup | 04/07/21 | EUR | 153 | USD | 183 | 3 | ||||||||||||||||||
Citigroup | 05/06/21 | EUR | 1,171 | USD | 1,376 | (2 | ) | |||||||||||||||||
Citigroup | 04/07/21 | NOK | 920 | USD | 109 | 1 | ||||||||||||||||||
Citigroup | 04/07/21 | NOK | 440 | USD | 51 | — | ||||||||||||||||||
Citigroup | 04/07/21 | USD | 1,553 | EUR | 1,284 | (44 | ) | |||||||||||||||||
Citigroup | 04/07/21 | USD | 2,237 | SGD | 3,013 | 5 | ||||||||||||||||||
Citigroup | 04/07/21 | USD | 15 | SGD | 20 | — | ||||||||||||||||||
Citigroup | 04/07/21 | PLN | 3,559 | USD | 951 | 49 | ||||||||||||||||||
Citigroup | 04/07/21 | DKK | 7,862 | USD | 1,282 | 40 | ||||||||||||||||||
Citigroup | 04/07/21 | CNY | 2,256 | USD | 346 | 2 | ||||||||||||||||||
Citigroup | 05/06/21 | CNY | 10,229 | USD | 1,554 | (2 | ) | |||||||||||||||||
Citigroup | 04/07/21 | CAD | 178 | USD | 142 | 1 | ||||||||||||||||||
Citigroup | 04/07/21 - 05/06/21 | CAD | 16,274 | USD | 12,948 | (3 | ) | |||||||||||||||||
Citigroup | 05/06/21 | MXN | 44,332 | USD | 2,162 | 2 | ||||||||||||||||||
Citigroup | 04/07/21 | MXN | 50,372 | USD | 2,433 | (27 | ) | |||||||||||||||||
Citigroup | 04/07/21 | JPY | 5,952,531 | USD | 55,810 | 1,936 | ||||||||||||||||||
Citigroup | 04/08/21 | ZAR | 8,394 | USD | 567 | (1 | ) | |||||||||||||||||
Citigroup | 05/06/21 | SGD | 2,963 | USD | 2,200 | (6 | ) | |||||||||||||||||
Citigroup | 05/20/21 | COP | 2,035,348 | USD | 576 | 22 | ||||||||||||||||||
Credit Agricole | 05/06/21 | USD | 281 | EUR | 238 | (1 | ) | |||||||||||||||||
Deutsche Bank | 04/15/21 | USD | 705 | INR | 52,399 | 10 | ||||||||||||||||||
Goldman Sachs | 04/07/21 | USD | 280 | MXN | 6,040 | 15 | ||||||||||||||||||
Goldman Sachs | 04/07/21 | USD | 34 | TRY | 290 | 1 | ||||||||||||||||||
Goldman Sachs | 04/07/21 | USD | 260 | TRY | 2,100 | (7 | ) | |||||||||||||||||
Goldman Sachs | 04/07/21 - 05/06/21 | TRY | 2,680 | USD | 317 | (6 | ) | |||||||||||||||||
Goldman Sachs | 05/25/21 | USD | 985 | RUB | 73,505 | (18 | ) | |||||||||||||||||
HSBC | 04/07/21 | SGD | 5,426 | USD | 4,089 | 51 | ||||||||||||||||||
HSBC | 04/15/21 | INR | 31,438 | USD | 425 | (4 | ) | |||||||||||||||||
HSBC | 04/15/21 | IDR | 8,067,571 | USD | 568 | 14 | ||||||||||||||||||
HSBC | 05/05/21 | EUR | 13,438 | USD | 16,174 | 371 | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | NZD | 80 | USD | 57 | 1 | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | CHF | 95 | USD | 103 | 2 | ||||||||||||||||||
JPMorgan Chase Bank | 05/06/21 | USD | 28 | SEK | 240 | — | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 124 | SEK | 1,060 | (2 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 30 | AUD | 40 | — | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 166 | AUD | 215 | (2 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | GBP | 208 | USD | 289 | 2 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 33 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
International Fixed Income Fund (Continued)
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | GBP | 34 | USD | 47 | $ | — | |||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 17 | NZD | 25 | — | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 225 | NZD | 315 | (4 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 249 | CAD | 315 | 2 | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | SGD | 275 | USD | 207 | 2 | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 - 05/06/21 | USD | 234 | SGD | 315 | — | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 52 | SGD | 70 | — | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | AUD | 269 | USD | 209 | 4 | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 - 05/06/21 | AUD | 31 | USD | 24 | — | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 311 | CHF | 285 | (8 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 70 | GBP | 51 | 1 | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 291 | GBP | 209 | (3 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 374 | RON | 1,562 | (1 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | EUR | 374 | USD | 450 | 10 | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 - 05/06/21 | CAD | 343 | USD | 273 | — | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | CAD | 205 | USD | 162 | (1 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 747 | NOK | 6,444 | 8 | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 41 | NOK | 350 | — | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 851 | EUR | 710 | (16 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 2,143 | CNY | 13,919 | (20 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/07/21 - 05/06/21 | RON | 3,124 | USD | 761 | 15 | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | SEK | 3,231 | USD | 383 | 13 | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | NOK | 2,213 | USD | 261 | 1 | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | NOK | 9,906 | USD | 1,148 | (13 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/06/21 | USD | 14 | JPY | 1,500 | — | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | USD | 53,796 | JPY | 5,931,148 | (116 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | THB | 79,079 | USD | 2,611 | 80 | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | CNY | 145,047 | USD | 22,363 | 244 | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 - 05/06/21 | JPY | 5,929,848 | USD | 53,804 | 111 | ||||||||||||||||||
JPMorgan Chase Bank | 04/08/21 | ZAR | 8,356 | USD | 563 | (2 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/09/21 | USD | 1,078 | GBP | 793 | 15 | ||||||||||||||||||
JPMorgan Chase Bank | 04/12/21 - 04/22/21 | THB | 134,214 | USD | 4,383 | 88 | ||||||||||||||||||
JPMorgan Chase Bank | 04/14/21 | CAD | 1,201 | USD | 945 | (10 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/14/21 | USD | 2,091 | GBP | 1,513 | (3 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/14/21 - 04/15/21 | USD | 2,172 | NOK | 18,413 | (15 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/14/21 | AUD | 4,645 | USD | 3,581 | 44 | ||||||||||||||||||
JPMorgan Chase Bank | 04/14/21 | USD | 5,047 | SEK | 42,576 | (162 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/14/21 | CHF | 6,809 | USD | 7,331 | 93 | ||||||||||||||||||
JPMorgan Chase Bank | 04/14/21 | SGD | 10,183 | USD | 7,601 | 21 | ||||||||||||||||||
JPMorgan Chase Bank | 04/14/21 | SGD | 476 | USD | 353 | (1 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/14/21 | NZD | 14,317 | USD | 10,265 | 240 | ||||||||||||||||||
JPMorgan Chase Bank | 04/14/21 | EUR | 20,253 | USD | 24,174 | 365 | ||||||||||||||||||
JPMorgan Chase Bank | 04/14/21 | CNY | 27,310 | USD | 4,202 | 39 | ||||||||||||||||||
JPMorgan Chase Bank | 04/15/21 | USD | 569 | SEK | 4,771 | (22 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/15/21 | IDR | 3,945,381 | USD | 277 | 6 | ||||||||||||||||||
JPMorgan Chase Bank | 04/19/21 | KRW | 2,030,693 | USD | 1,787 | (12 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/21/21 | USD | 1,671 | RUB | 123,160 | (44 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/21/21 | MXN | 76,399 | USD | 3,665 | (61 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/21/21 | JPY | 2,083,088 | USD | 19,111 | 254 | ||||||||||||||||||
JPMorgan Chase Bank | 04/22/21 | USD | 546 | COP | 1,957,761 | (13 | ) |
34 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
JPMorgan Chase Bank | 04/22/21 | USD | 673 | CAD | 840 | $ | (5 | ) | ||||||||||||||||
JPMorgan Chase Bank | 04/22/21 | COP | 969,355 | USD | 261 | (2 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/22/21 | IDR | 37,900,065 | USD | 2,614 | 13 | ||||||||||||||||||
JPMorgan Chase Bank | 04/26/21 | ILS | 7,208 | USD | 2,191 | 28 | ||||||||||||||||||
JPMorgan Chase Bank | 05/06/21 | USD | 228 | THB | 7,140 | — | ||||||||||||||||||
Morgan Stanley | 04/07/21 | USD | 15 | SGD | 20 | — | ||||||||||||||||||
Morgan Stanley | 04/07/21 | USD | 35 | GBP | 25 | — | ||||||||||||||||||
Morgan Stanley | 04/07/21 | GBP | 40 | USD | 56 | 1 | ||||||||||||||||||
Morgan Stanley | 04/07/21 | CHF | 60 | USD | 64 | 1 | ||||||||||||||||||
Morgan Stanley | 04/07/21 | SGD | 80 | USD | 59 | — | ||||||||||||||||||
Morgan Stanley | 04/07/21 | USD | 87 | SEK | 740 | (2 | ) | |||||||||||||||||
Morgan Stanley | 04/07/21 | USD | 16 | CHF | 15 | — | ||||||||||||||||||
Morgan Stanley | 04/07/21 | USD | 97 | CHF | 90 | (1 | ) | |||||||||||||||||
Morgan Stanley | 04/07/21 | USD | 122 | EUR | 103 | (1 | ) | |||||||||||||||||
Morgan Stanley | 05/06/21 | USD | 15 | JPY | 1,700 | — | ||||||||||||||||||
Morgan Stanley | 04/07/21 - 05/06/21 | USD | 235 | JPY | 25,600 | (3 | ) | |||||||||||||||||
Morgan Stanley | 04/07/21 | USD | 28 | NZD | 40 | — | ||||||||||||||||||
Morgan Stanley | 04/07/21 | USD | 436 | NZD | 608 | (10 | ) | |||||||||||||||||
Morgan Stanley | 04/07/21 - 05/06/21 | USD | 364 | AUD | 479 | 1 | ||||||||||||||||||
Morgan Stanley | 04/07/21 | USD | 457 | AUD | 589 | (9 | ) | |||||||||||||||||
Morgan Stanley | 04/07/21 | USD | 1,018 | HUF | 314,649 | 3 | ||||||||||||||||||
Morgan Stanley | 04/07/21 | USD | 1,124 | CZK | 25,007 | 1 | ||||||||||||||||||
Morgan Stanley | 04/07/21 | USD | 1,218 | CAD | 1,543 | 10 | ||||||||||||||||||
Morgan Stanley | 04/07/21 | USD | 108 | CAD | 135 | (1 | ) | |||||||||||||||||
Morgan Stanley | 04/07/21 - 05/06/21 | USD | 1,344 | NOK | 11,504 | 5 | ||||||||||||||||||
Morgan Stanley | 04/07/21 - 05/27/21 | NZD | 2,471 | USD | 1,792 | 62 | ||||||||||||||||||
Morgan Stanley | 04/07/21 | AUD | 6,416 | USD | 4,976 | 89 | ||||||||||||||||||
Morgan Stanley | 05/06/21 | AUD | 5,872 | USD | 4,462 | (10 | ) | |||||||||||||||||
Morgan Stanley | 04/07/21 | NOK | 760 | USD | 90 | 1 | ||||||||||||||||||
Morgan Stanley | 04/07/21 - 05/06/21 | NOK | 11,914 | USD | 1,391 | (5 | ) | |||||||||||||||||
Morgan Stanley | 04/07/21 | CAD | 175 | USD | 140 | 1 | ||||||||||||||||||
Morgan Stanley | 04/07/21 - 05/06/21 | CAD | 17,397 | USD | 13,731 | (111 | ) | |||||||||||||||||
Morgan Stanley | 04/07/21 - 05/06/21 | USD | 21,179 | CNY | 139,307 | 63 | ||||||||||||||||||
Morgan Stanley | 04/07/21 - 04/22/21 | EUR | 21,213 | USD | 25,726 | 786 | ||||||||||||||||||
Morgan Stanley | 04/07/21 - 04/15/21 | SEK | 21,690 | USD | 2,598 | 109 | ||||||||||||||||||
Morgan Stanley | 04/07/21 | ZAR | 22,598 | USD | 1,512 | (17 | ) | |||||||||||||||||
Morgan Stanley | 04/07/21 - 05/06/21 | CNY | 139,307 | USD | 21,136 | (64 | ) | |||||||||||||||||
Morgan Stanley | 04/07/21 - 05/20/21 | JPY | 148,381 | USD | 1,397 | 53 | ||||||||||||||||||
Morgan Stanley | 04/15/21 | INR | 20,655 | USD | 279 | (3 | ) | |||||||||||||||||
Morgan Stanley | 04/27/21 | USD | 42 | TWD | 1,164 | (1 | ) | |||||||||||||||||
Morgan Stanley | 05/06/21 | CZK | 25,007 | USD | 1,124 | (2 | ) | |||||||||||||||||
Morgan Stanley | 05/06/21 | HUF | 314,649 | USD | 1,017 | (4 | ) | |||||||||||||||||
RBC | 04/07/21 | USD | 200 | EUR | 165 | (6 | ) | |||||||||||||||||
RBC | 04/07/21 | MXN | 225 | USD | 11 | — | ||||||||||||||||||
RBC | 04/07/21 | USD | 267 | GBP | 191 | (4 | ) | |||||||||||||||||
RBC | 04/07/21 - 05/06/21 | CAD | 4,013 | USD | 3,180 | (13 | ) | |||||||||||||||||
RBC | 05/06/21 | JPY | 143,833 | USD | 1,298 | (5 | ) | |||||||||||||||||
RBS | 04/22/21 | USD | 241 | CNH | 1,588 | — | ||||||||||||||||||
RBS | 04/22/21 | USD | 407 | CNH | 2,616 | (8 | ) | |||||||||||||||||
Societe Generale | 05/27/21 | EUR | 9,954 | USD | 11,899 | 187 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 35 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
International Fixed Income Fund (Concluded)
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Standard Chartered | 04/07/21 | USD | 431 | CNY | 2,808 | $ | (3 | ) | ||||||||||||||||
Standard Chartered | 04/07/21 - 05/06/21 | USD | 3,717 | EUR | 3,133 | (35 | ) | |||||||||||||||||
Standard Chartered | 04/15/21 | USD | 556 | IDR | 7,927,068 | (12 | ) | |||||||||||||||||
Standard Chartered | 04/22/21 | KRW | 949,834 | USD | 850 | 9 | ||||||||||||||||||
Standard Chartered | 04/22/21 | KRW | 643,565 | USD | 565 | (5 | ) | |||||||||||||||||
Standard Chartered | 05/06/21 | THB | 79,079 | USD | 2,528 | (2 | ) | |||||||||||||||||
State Street | 04/07/21 | EUR | 747 | USD | 898 | 20 | ||||||||||||||||||
State Street | 04/07/21 - 05/06/21 | GBP | 1,180 | USD | 1,634 | 6 | ||||||||||||||||||
State Street | 04/07/21 | SEK | 2,350 | USD | 278 | 9 | ||||||||||||||||||
State Street | 04/07/21 | JPY | 23,417 | USD | 220 | 8 | ||||||||||||||||||
TD Securities | 04/07/21 | CAD | 1,847 | USD | 1,460 | (9 | ) | |||||||||||||||||
TD Securities | 04/07/21 | GBP | 16,382 | USD | 22,833 | 231 | ||||||||||||||||||
TD Securities | 05/06/21 | USD | 732 | NZD | 1,048 | 2 | ||||||||||||||||||
TD Securities | 05/06/21 | NZD | 1,323 | USD | 924 | (2 | ) | |||||||||||||||||
UBS | 04/07/21 | USD | 932 | ZAR | 13,918 | 11 | ||||||||||||||||||
UBS | 04/07/21 | USD | 2,360 | CHF | 2,220 | (1 | ) | |||||||||||||||||
UBS | 04/07/21 | MXN | 6,040 | USD | 285 | (10 | ) | |||||||||||||||||
UBS | 04/07/21 - 05/06/21 | ZAR | 16,108 | USD | 1,074 | (12 | ) | |||||||||||||||||
UBS | 04/07/21 | USD | 55,855 | EUR | 47,581 | 71 | ||||||||||||||||||
UBS | 04/07/21 | EUR | 49,057 | USD | 59,588 | 1,926 | ||||||||||||||||||
UBS | 05/06/21 | EUR | 47,581 | USD | 55,890 | (66 | ) | |||||||||||||||||
UBS | 04/16/21 | USD | 548 | MXN | 11,328 | 5 | ||||||||||||||||||
UBS | 05/06/21 | CHF | 2,220 | USD | 2,362 | 1 | ||||||||||||||||||
Westpac Banking | 04/07/21 | GBP | 746 | USD | 1,041 | 12 | ||||||||||||||||||
Westpac Banking | 05/06/21 | NZD | 355 | USD | 247 | (2 | ) | |||||||||||||||||
|
|
| ||||||||||||||||||||||
$ | 7,801 | |||||||||||||||||||||||
|
|
|
A list of the open OTC swap agreements held by the Fund at March 31, 2021, 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 (Thousands) | |||||||||||||||||||||||||||
Deutsche Bank | | China 7-Day Reverse Repo Rate | | 2.985% | Quarterly | 06/03/2024 | CNY | �� | 23,220 | $ | 46 | $ | – | $ | 46 | |||||||||||||||||||||
Deutsche Bank | | China 7-Day Reverse Repo Rate | | 2.755% | Quarterly | 09/09/2024 | CNY | 31,000 | 25 | – | 25 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||
$ | 71 | $ | – | $ | 71 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
A list of the open centrally cleared swap agreements held by the Fund at March 31, 2021, 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) | ||||||||||||||||
BRL/CDI/1D/T247/0.00000 | 4.915% | Annually | 01/02/2023 | BRL | 9,678 | $ | (39 | ) | $ | – | $ | (39 | ) | |||||||||||
BRL/CDI/1D/T247/0.00000 | 4.94% | Annually | 01/02/2023 | BRL | 5,658 | (22 | ) | – | (22 | ) | ||||||||||||||
BRL/CDI/1D/T247/0.00000 | 4.945% | Annually | 01/02/2023 | BRL | 5,062 | (20 | ) | – | (20 | ) | ||||||||||||||
6-MONTH GBP - LIBOR | 5.635% | Semi-Annually | 02/28/2025 | GBP | 1,230 | 1 | – | 1 | ||||||||||||||||
1.6460% | 6-MONTH GBP - LIBOR | Semi-Annually | 10/03/2047 | GBP | 460 | (62 | ) | – | (62 | ) | ||||||||||||||
6-MONTH GBP - LIBOR | .385% | Semi-Annually | 07/20/2050 | GBP | 900 | (249 | ) | – | (249 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||
$ | (391 | ) | $ | – | $ | (391 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
36 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Percentages are based on Net Assets of $527,040 ($ Thousands). |
* | Non-income producing security. |
(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, 2021, the value of these securities amounted to $77,066 ($ Thousands), representing 14.6% of the Net Assets of the Fund. |
(B) | Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase. |
(C) | 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) | Refer to table below for details on Swaption Contracts. |
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
DAC — Designated Activity Company
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
INR — Indian Rupee
JPY — Japanese Yen
KRW — Korean Won
LIBOR — London Interbank Offered Rate
LLC — Limited Liability Company
L.P — Limited Partnership
Ltd. — Limited
MTN — Medium Term Note
MXN — Mexican Peso
MYR — Malaysian Ringgit
NOK — Norwegian Krone
NZD — New Zealand Dollar
PLC — Public Limited Company
PLN — Polish Zloty
RON — Romanian Leu
RUB — Russian Ruble
SEK — Swedish Krona
SGD — Singapore Dollar
Ser — Series
THB — Thai Bhat
TRY — Turkish Lira
TWD — Taiwan Dollar
ULC — Unlimited Liability Company
USD — U.S. Dollar
VAR — Variable Rate
ZAR — South African Rand
The following is a list of the level of inputs used as of March 31, 2021, 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 | – | 480,436 | – | 480,436 | ||||||||||||
U.S. Treasury Obligations | – | 24,643 | – | 24,643 | ||||||||||||
Mortgage-Backed Securities | – | 1,156 | – | 1,156 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Investments in Securities | – | 506,235 | – | 506,235 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other Financial Instruments | Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | ||||||||||||
Purchased Swaption | – | – | – | – | ||||||||||||
Written Swaption | – | – | – | – | ||||||||||||
Futures Contracts* | ||||||||||||||||
Unrealized Appreciation | 1,782 | – | – | 1,782 | ||||||||||||
Unrealized Depreciation | (185 | ) | – | – | (185 | ) | ||||||||||
Forwards Contracts* | ||||||||||||||||
Unrealized Appreciation | – | 9,566 | – | 9,566 | ||||||||||||
Unrealized Depreciation | – | (1,765 | ) | – | (1,765 | ) | ||||||||||
OTC Swaps | ||||||||||||||||
Interest Rate Swaps* | ||||||||||||||||
Unrealized Appreciation | – | 71 | – | 71 | ||||||||||||
Centrally Cleared Swaps | ||||||||||||||||
Interest Rate Swaps* | ||||||||||||||||
Unrealized Appreciation | – | 1 | – | 1 | ||||||||||||
Unrealized Depreciation | – | (392 | ) | – | (392 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Other Financial Instruments | 1,597 | 7,481 | – | 9,078 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
*Futures contracts, forwards contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instruments.
For the period ended March 31, 2021, 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 $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 37 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Markets Debt Fund
†Percentages based on total investments. Includes investments held as collateral for securities on loan (see Note 9).
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS — 94.6% |
| |||||||||
Angola — 0.9% | ||||||||||
Angolan Government International Bond | ||||||||||
9.375%, 05/08/2048 | $ | 2,800 | $ | 2,634 | ||||||
8.250%, 05/09/2028 | 1,085 | 1,039 | ||||||||
Angolan Government International Bond MTN | ||||||||||
9.125%, 11/26/2049 (A) | 670 | 622 | ||||||||
9.125%, 11/26/2049 | 409 | 380 | ||||||||
8.000%, 11/26/2029 | 2,005 | 1,879 | ||||||||
8.000%, 11/26/2029 (A) | 1,357 | 1,271 | ||||||||
Republic of Angola Via Avenir II BV MTN | ||||||||||
7.867%, VAR ICE LIBOR USD 6 Month+7.500%, 07/01/2023 | 3,457 | 3,344 | ||||||||
4.757%, VAR ICE LIBOR USD 6 Month+4.500%, 12/07/2023 | – | – | ||||||||
Republic of Angola Via Avenir Issuer II Ireland DAC | ||||||||||
6.927%, 02/19/2027 | 2,819 | 2,536 | ||||||||
|
|
| ||||||||
13,705 | ||||||||||
|
|
| ||||||||
Argentina — 1.2% | ||||||||||
Adecoagro | ||||||||||
6.000%, 09/21/2027 (A)(B) | 506 | 527 | ||||||||
Argentine Republic Government International Bond | ||||||||||
0.125%, 2.500%, 07/09/2021, 07/09/2041 (C) | 5,587 | 1,926 | ||||||||
0.125%, 2.000%, 07/09/2021, 01/09/2038 (C) | 3,706 | 1,356 | ||||||||
0.125%, 1.125%, 07/09/2021, 07/09/2035 (C) | 1,093 | 326 | ||||||||
0.125%, 1.125%, 07/09/2021, 07/09/2046 (C) | 4,726 | 1,456 | ||||||||
1.000%, 07/09/2029 | 9,003 | 3,238 | ||||||||
0.500%, 07/09/2029 | EUR | 13 | 5 | |||||||
0.125%, 0.500%, 07/09/2021, 07/09/2030 (C) | $ | 23,489 | 7,863 | |||||||
0.125%, 07/09/2030 (B) | EUR | 403 | 154 |
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Mercadolibre Inc | ||||||||||
3.125%, 01/14/2031 | $ | 651 | $ | 620 | ||||||
Provincia de Buenos Aires | ||||||||||
7.875%, 06/15/2027 | 350 | 134 | ||||||||
5.375%, 01/20/2023 | EUR | 620 | 251 | |||||||
Provincia de Cordoba | ||||||||||
3.000%, 12/10/2025 (A) | $ | 531 | 363 | |||||||
Rio Energy | ||||||||||
6.875%, 02/01/2025 (A)(B) | 285 | 192 | ||||||||
|
|
| ||||||||
18,411 | ||||||||||
|
|
| ||||||||
Armenia — 0.1% | ||||||||||
Republic of Armenia International Bond | ||||||||||
3.950%, 09/26/2029 | 758 | 716 | ||||||||
3.600%, 02/02/2031 (A) | 1,019 | 932 | ||||||||
3.600%, 02/02/2031 | 435 | 398 | ||||||||
|
|
| ||||||||
2,046 | ||||||||||
|
|
| ||||||||
Azerbaijan — 0.9% | ||||||||||
Republic of Azerbaijan International Bond | ||||||||||
5.125%, 09/01/2029 | 1,711 | 1,886 | ||||||||
Southern Gas Corridor CJSC | ||||||||||
6.875%, 03/24/2026 (A) | 1,437 | 1,699 | ||||||||
6.875%, 03/24/2026 | 4,525 | 5,351 | ||||||||
6.875%, 03/24/2026 (A) | 235 | 278 | ||||||||
State Oil of the Azerbaijan Republic | ||||||||||
6.950%, 03/18/2030 | 697 | 859 | ||||||||
6.950%, 03/18/2030 | 2,380 | 2,935 | ||||||||
|
|
| ||||||||
13,008 | ||||||||||
|
|
| ||||||||
Bahamas — 0.0% | ||||||||||
Bahamas Government International Bond | ||||||||||
8.950%, 10/15/2032 (A) | 527 | 561 | ||||||||
|
|
| ||||||||
Bahrain — 0.9% | ||||||||||
Bahrain Government International Bond | ||||||||||
6.750%, 09/20/2029 | 200 | 218 | ||||||||
6.125%, 08/01/2023 | 520 | 560 | ||||||||
5.625%, 09/30/2031 (A) | 741 | 731 | ||||||||
5.625%, 09/30/2031 | 462 | 456 | ||||||||
5.450%, 09/16/2032 | 773 | 746 | ||||||||
5.450%, 09/16/2032 (A) | 3,592 | 3,466 | ||||||||
Bahrain Government International Bond MTN (A) | ||||||||||
6.250%, 01/25/2051 | 1,141 | 1,058 | ||||||||
5.250%, 01/25/2033 | 2,284 | 2,170 | ||||||||
4.250%, 01/25/2028 | 597 | 592 | ||||||||
CBB International Sukuk Programme WLL | ||||||||||
3.950%, 09/16/2027 (A) | 679 | 686 | ||||||||
Oil and Gas Holding BSCC (A) | ||||||||||
8.375%, 11/07/2028 | 560 | 647 | ||||||||
7.625%, 11/07/2024 | 1,798 | 2,000 | ||||||||
|
|
| ||||||||
13,330 | ||||||||||
|
|
|
38 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Belarus — 0.4% | ||||||||||
Republic of Belarus International Bond | ||||||||||
7.625%, 06/29/2027 | $ | 1,754 | $ | 1,796 | ||||||
6.200%, 02/28/2030 | 1,234 | 1,143 | ||||||||
6.200%, 02/28/2030 (A) | 89 | 83 | ||||||||
Republic of Belarus Ministry of Finance | ||||||||||
6.378%, 02/24/2031 (A) | 604 | 558 | ||||||||
5.875%, 02/24/2026 | 1,432 | 1,371 | ||||||||
5.875%, 02/24/2026 (A) | 410 | 393 | ||||||||
|
|
| ||||||||
5,344 | ||||||||||
|
|
| ||||||||
Belize — 0.0% | ||||||||||
Belize Government International Bond | ||||||||||
5.000%, 02/20/2038 | 1,117 | 438 | ||||||||
|
|
| ||||||||
Benin — 0.0% | ||||||||||
Benin Government International Bond | ||||||||||
6.875%, 01/19/2052 | EUR | 158 | 186 | |||||||
|
|
| ||||||||
Bermuda — 0.2% | ||||||||||
Bermuda Government International Bond | ||||||||||
4.750%, 02/15/2029 | $ | 1,204 | 1,393 | |||||||
3.717%, 01/25/2027 | 1,521 | 1,650 | ||||||||
2.375%, 08/20/2030 | 221 | 216 | ||||||||
|
|
| ||||||||
3,259 | ||||||||||
|
|
| ||||||||
Brazil — 5.4% | ||||||||||
Brazil Letras do Tesouro Nacional (D) | ||||||||||
6.283%, 01/01/2024 | BRL | 43,000 | 6,199 | |||||||
3.369%, 01/01/2022 | 34,000 | 5,824 | ||||||||
2.575%, 07/01/2021 | 28,238 | 4,964 | ||||||||
Brazil Loan Trust 1 | ||||||||||
5.477%, 07/24/2023 (A) | $ | 873 | 906 | |||||||
5.477%, 07/24/2023 | 194 | 201 | ||||||||
Brazil Minas SPE via State of Minas Gerais | ||||||||||
5.333%, 02/15/2028 | 1,855 | 2,012 | ||||||||
5.333%, 02/15/2028 | 1,176 | 1,276 | ||||||||
5.333%, 02/15/2028 (A) | 157 | 170 | ||||||||
Brazil Notas do Tesouro Nacional, Serie B | ||||||||||
6.000%, 08/15/2026 | BRL | 1,000 | 698 | |||||||
6.000%, 05/15/2045 | 818 | 622 | ||||||||
6.000%, 08/15/2050 | 1,670 | 1,286 | ||||||||
Brazil Notas do Tesouro Nacional, Serie F | ||||||||||
10.000%, 01/01/2023 | 76,741 | 14,320 | ||||||||
10.000%, 01/01/2025 | 32,832 | 6,138 | ||||||||
10.000%, 01/01/2027 | 41,223 | 7,667 | ||||||||
10.000%, 01/01/2029 | 25,306 | 4,681 | ||||||||
10.000%, 01/01/2031 | 4,682 | 863 | ||||||||
Brazilian Government International Bond | ||||||||||
5.625%, 01/07/2041 | $ | 1,107 | 1,147 | |||||||
5.625%, 02/21/2047 | 709 | 720 | ||||||||
5.000%, 01/27/2045 | 2,338 | 2,213 | ||||||||
4.625%, 01/13/2028 | 618 | 653 |
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
3.875%, 06/12/2030 | $ | 8,833 | $ | 8,561 | ||||||
Centrais Eletricas Brasileiras | ||||||||||
4.625%, 02/04/2030 (A) | 226 | 226 | ||||||||
CSN Islands XI | ||||||||||
6.750%, 01/28/2028 (A) | 592 | 627 | ||||||||
CSN Resources | ||||||||||
7.625%, 04/17/2026 (A) | 530 | 563 | ||||||||
Gol Finance | ||||||||||
7.000%, 01/31/2025 (A)(B) | 998 | 816 | ||||||||
Guara Norte Sarl | ||||||||||
5.198%, 06/15/2034 | 550 | 539 | ||||||||
JBS Investments II GmbH | ||||||||||
5.750%, 01/15/2028 (A) | 466 | 491 | ||||||||
MV24 Capital BV | ||||||||||
6.748%, 06/01/2034 (A) | 659 | 684 | ||||||||
Nexa Resources | ||||||||||
5.375%, 05/04/2027 (A) | 2,591 | 2,824 | ||||||||
Petrobras Global Finance BV | ||||||||||
6.900%, 03/19/2049 | 841 | 921 | ||||||||
5.093%, 01/15/2030 | 256 | 266 | ||||||||
Suzano Austria GmbH (A) | ||||||||||
7.000%, 03/16/2047 | 399 | 514 | ||||||||
6.000%, 01/15/2029 | 288 | 339 | ||||||||
5.000%, 01/15/2030 | 494 | 547 | ||||||||
|
|
| ||||||||
80,478 | ||||||||||
|
|
| ||||||||
Cameroon — 0.0% | ||||||||||
Republic of Cameroon International Bond | ||||||||||
9.500%, 11/19/2025 (A) | 250 | 271 | ||||||||
9.500%, 11/19/2025 | 220 | 239 | ||||||||
|
|
| ||||||||
510 | ||||||||||
|
|
| ||||||||
Cayman Islands — 0.2% | ||||||||||
Bioceanico Sovereign Certificate Ltd | ||||||||||
2.471%, 06/05/2034 (D) | 1,983 | 1,483 | ||||||||
Neon Capital MTN | ||||||||||
2.015%, 01/06/2028 (E) | JPY | 286,072 | 2,100 | |||||||
|
|
| ||||||||
3,583 | ||||||||||
|
|
| ||||||||
Chile — 1.2% | ||||||||||
Banco de Credito e Inversiones | ||||||||||
3.500%, 10/12/2027 (A) | $ | 1,046 | 1,118 | |||||||
Bonos de la Tesoreria de la Republica en pesos | ||||||||||
2.800%, 10/01/2033 (A) | CLP | 990,000 | 1,225 | |||||||
Cencosud | ||||||||||
4.375%, 07/17/2027 (A) | $ | 1,819 | 2,008 | |||||||
Chile Government International Bond | ||||||||||
3.500%, 01/25/2050 | 1,274 | 1,294 | ||||||||
2.550%, 01/27/2032 | 2,209 | 2,225 | ||||||||
2.450%, 01/31/2031 | 2,777 | 2,784 | ||||||||
Empresa de Transporte de Pasajeros Metro | ||||||||||
3.650%, 05/07/2030 (A) | 217 | 235 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 39 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Markets Debt Fund (Continued)
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Empresa Nacional del Petroleo | ||||||||||
3.750%, 08/05/2026 | $ | 749 | $ | 787 | ||||||
Geopark | ||||||||||
6.500%, 09/21/2024 (A) | 492 | 509 | ||||||||
Nacional del Cobre de Chile | ||||||||||
5.625%, 10/18/2043 | 442 | 568 | ||||||||
4.375%, 02/05/2049 (A) | 506 | 559 | ||||||||
3.750%, 01/15/2031 (A) | 234 | 252 | ||||||||
3.700%, 01/30/2050 (A) | 1,216 | 1,216 | ||||||||
3.150%, 01/14/2030 | 500 | 518 | ||||||||
3.150%, 01/14/2030 (A) | 297 | 308 | ||||||||
3.000%, 09/30/2029 | 1,204 | 1,237 | ||||||||
3.000%, 09/30/2029 (A) | 442 | 454 | ||||||||
|
|
| ||||||||
17,297 | ||||||||||
|
|
| ||||||||
China — 4.4% | ||||||||||
Blossom Joy | ||||||||||
3.100%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.799% (F) | 202 | 204 | ||||||||
Charming Light Investments MTN | ||||||||||
4.375%, 12/21/2027 | 1,341 | 1,506 | ||||||||
China Government Bond | ||||||||||
3.810%, 09/14/2050 | CNY | 6,840 | 1,062 | |||||||
3.390%, 03/16/2050 | 8,350 | 1,196 | ||||||||
3.280%, 12/03/2027 | 55,590 | 8,535 | ||||||||
3.270%, 11/19/2030 | 22,100 | 3,394 | ||||||||
3.130%, 11/21/2029 | 6,500 | 983 | ||||||||
3.120%, 12/05/2026 | 9,040 | 1,381 | ||||||||
3.020%, 10/22/2025 | 43,500 | 6,638 | ||||||||
2.880%, 11/05/2023 | 25,000 | 3,818 | ||||||||
2.850%, 06/04/2027 | 41,980 | 6,278 | ||||||||
2.680%, 05/21/2030 | 44,390 | 6,464 | ||||||||
1.990%, 04/09/2025 | 60,830 | 8,904 | ||||||||
China Government International Bond | ||||||||||
3.250%, 10/19/2023 | $ | 1,192 | 1,277 | |||||||
0.550%, 10/21/2025 (A) | 1,150 | 1,122 | ||||||||
0.400%, 10/21/2023 (A) | 2,410 | 2,408 | ||||||||
China Minmetals (F) | ||||||||||
4.450%, VAR US Treas Yield Curve Rate T Note Const Mat 3 Yr+6.070% | 640 | 642 | ||||||||
3.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.717% | 2,047 | 2,088 | ||||||||
Chinalco Capital Holdings | ||||||||||
4.250%, 04/21/2022 (B) | 740 | 753 | ||||||||
4.100%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.788% (F) | 224 | 233 | ||||||||
Country Garden Holdings | ||||||||||
4.800%, 08/06/2030 | 407 | 426 |
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Dianjian Haiyu | ||||||||||
4.300% (F) | $ | 204 | $ | 213 | ||||||
Dianjian International Finance | ||||||||||
4.600%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.933% (F) | 303 | 315 | ||||||||
Huarong Finance 2017 | ||||||||||
4.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.773% (F) | 1,378 | 1,385 | ||||||||
Leader Goal International Ltd MTN | ||||||||||
4.250% (E)(F) | 212 | 218 | ||||||||
Meituan | ||||||||||
3.050%, 10/28/2030 | 204 | 198 | ||||||||
Minmetals Bounteous Finance BVI | ||||||||||
3.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.209% (F) | 805 | 824 | ||||||||
Powerchina Roadbridge Group British Virgin Islands | ||||||||||
3.080%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.256% (F) | 285 | 286 | ||||||||
Shimao Group Holdings | ||||||||||
5.600%, 07/15/2026 | 400 | 431 | ||||||||
Sinopec Group Overseas Development 2018 | ||||||||||
2.300%, 01/08/2031 (A) | 996 | 952 | ||||||||
Tencent Holdings LTD MTN | ||||||||||
3.240%, 06/03/2050 (A) | THB | 450 | 413 | |||||||
Wanda Properties International | ||||||||||
7.250%, 01/29/2024 (B) | $ | 600 | 586 | |||||||
|
|
| ||||||||
65,133 | ||||||||||
|
|
| ||||||||
Colombia — 5.2% | ||||||||||
Colombia Government International Bond | ||||||||||
3.875%, 02/15/2061 | 516 | 462 | ||||||||
3.125%, 04/15/2031 | 7,927 | 7,753 | ||||||||
3.000%, 01/30/2030 | 736 | 720 | ||||||||
Colombian TES | ||||||||||
10.000%, 07/24/2024 | COP | 24,024,400 | 6,370 | |||||||
7.750%, 09/18/2030 | 13,747,500 | 3,933 | ||||||||
7.500%, 08/26/2026 | 29,334,900 | 8,626 | ||||||||
7.250%, 10/18/2034 | 17,328,500 | 4,610 | ||||||||
7.000%, 05/04/2022 | 4,935,100 | 1,408 | ||||||||
7.000%, 06/30/2032 | 8,322,100 | 2,204 | ||||||||
6.250%, 11/26/2025 | 28,867,400 | 8,157 | ||||||||
6.000%, 04/28/2028 | 29,249,400 | 7,782 | ||||||||
5.750%, 11/03/2027 | 34,702,000 | 9,200 | ||||||||
3.000%, 03/25/2033 | 1,507,400 | 1,106 | ||||||||
Ecopetrol | ||||||||||
6.875%, 04/29/2030 | $ | 492 | 599 | |||||||
Empresas Publicas de Medellin ESP (A) | ||||||||||
8.375%, 11/08/2027 | COP | 2,351,000 | 651 |
40 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
7.625%, 09/10/2024 | COP | 3,116,000 | $ | 872 | ||||||
Financiera de Desarrollo Territorial Findeter | ||||||||||
7.875%, 08/12/2024 (A) | 1,127,000 | 327 | ||||||||
7.875%, 08/12/2024 | 884,000 | 257 | ||||||||
Grupo Aval | ||||||||||
4.375%, 02/04/2030 (A) | $ | 812 | 819 | |||||||
Republic of Colombia | ||||||||||
9.850%, 06/28/2027 | COP | 5,060,000 | 1,701 | |||||||
8.125%, 05/21/2024 | $ | 908 | 1,082 | |||||||
7.750%, 04/14/2021 | COP | 3,331,000 | 909 | |||||||
7.375%, 09/18/2037 | $ | 749 | 989 | |||||||
6.125%, 01/18/2041 | 2,014 | 2,385 | ||||||||
5.625%, 02/26/2044 | 132 | 150 | ||||||||
5.000%, 06/15/2045 | 1,184 | 1,259 | ||||||||
4.500%, 01/28/2026 | 581 | 637 | ||||||||
4.500%, 03/15/2029 | 1,506 | 1,642 | ||||||||
4.375%, 03/21/2023 | COP | 2,871,000 | 798 | |||||||
|
|
| ||||||||
77,408 | ||||||||||
|
|
| ||||||||
Costa Rica — 0.5% | ||||||||||
Costa Rica Government International Bond | ||||||||||
7.158%, 03/12/2045 | $ | 500 | 485 | |||||||
7.158%, 03/12/2045 | 3,473 | 3,367 | ||||||||
7.158%, 03/12/2045 (A) | 387 | 375 | ||||||||
7.000%, 04/04/2044 | 1,208 | 1,166 | ||||||||
7.000%, 04/04/2044 | 230 | 222 | ||||||||
6.125%, 02/19/2031 | 1,299 | 1,308 | ||||||||
4.375%, 04/30/2025 (B) | 393 | 389 | ||||||||
Instituto Costarricense de Electricidad | ||||||||||
6.375%, 05/15/2043 | 250 | 211 | ||||||||
|
|
| ||||||||
7,523 | ||||||||||
|
|
| ||||||||
Croatia — 0.1% | ||||||||||
Croatia Government International Bond | ||||||||||
2.750%, 01/27/2030 | EUR | 200 | 274 | |||||||
1.500%, 06/17/2031 | 650 | 804 | ||||||||
1.125%, 03/04/2033 | 452 | 531 | ||||||||
|
|
| ||||||||
1,609 | ||||||||||
|
|
| ||||||||
Czech Republic — 1.0% | ||||||||||
Czech Republic Government Bond | ||||||||||
2.750%, 07/23/2029 | CZK | 46,300 | 2,231 | |||||||
2.500%, 08/25/2028 | 18,330 | 866 | ||||||||
2.400%, 09/17/2025 | 99,550 | 4,656 | ||||||||
2.000%, 10/13/2033 | 8,000 | 355 | ||||||||
1.200%, 03/13/2031 | 61,360 | 2,556 | ||||||||
1.000%, 06/26/2026 | 16,430 | 717 | ||||||||
0.950%, 05/15/2030 | 68,410 | 2,835 | ||||||||
|
|
| ||||||||
14,216 | ||||||||||
|
|
| ||||||||
Dominican Republic — 1.6% |
| |||||||||
Dominican Republic International Bond | ||||||||||
11.250%, 02/05/2027 | DOP | 14,500 | 297 | |||||||
8.900%, 02/15/2023 (A) | 4,600 | 84 |
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
7.450%, 04/30/2044 (A) | $ | 687 | $ | 809 | ||||||
6.850%, 01/27/2045 | 2,091 | 2,311 | ||||||||
6.600%, 01/28/2024 | 656 | 738 | ||||||||
6.500%, 02/15/2048 | 3,121 | 3,297 | ||||||||
6.400%, 06/05/2049 | 806 | 843 | ||||||||
5.950%, 01/25/2027 | 259 | 291 | ||||||||
5.875%, 04/18/2024 (A) | 71 | 76 | ||||||||
5.875%, 01/30/2060 (A) | 1,065 | 1,019 | ||||||||
5.875%, 01/30/2060 | 2,782 | 2,661 | ||||||||
5.500%, 01/27/2025 | 949 | 1,041 | ||||||||
5.300%, 01/21/2041 (A) | 3,704 | 3,639 | ||||||||
4.875%, 09/23/2032 (A) | 641 | 654 | ||||||||
4.875%, 09/23/2032 | 424 | 432 | ||||||||
4.500%, 01/30/2030 (A) | 3,754 | 3,792 | ||||||||
4.500%, 01/30/2030 | 1,663 | 1,680 | ||||||||
|
|
| ||||||||
23,664 | ||||||||||
|
|
| ||||||||
Ecuador — 0.6% | ||||||||||
Ecuador Government International Bond | ||||||||||
8.587%, 07/31/2030 (D) | 1,273 | 509 | ||||||||
6.435%, 07/31/2030 (A)(D) | 1,916 | 767 | ||||||||
0.500%, 5.000%, 07/31/2021, | ||||||||||
07/31/2030 (A)(C) | 4,407 | 2,567 | ||||||||
0.500%, 5.000%, 07/31/2021, | ||||||||||
07/31/2030 (C) | 53 | 31 | ||||||||
0.500%, 5.000%, 07/31/2021, | ||||||||||
07/31/2035 (C) | 2,701 | 1,229 | ||||||||
0.500%, 5.000%, 07/31/2021, | ||||||||||
07/31/2035 (A)(C) | 8,667 | 3,943 | ||||||||
0.500%, 5.000%, 07/31/2021, | ||||||||||
07/31/2040 (A)(C) | 1,332 | 576 | ||||||||
|
|
| ||||||||
9,622 | ||||||||||
|
|
| ||||||||
Egypt — 3.5% | ||||||||||
Egypt Government Bond | ||||||||||
14.664%, 10/06/2030 | EGP | 4,750 | 300 | |||||||
14.556%, 10/13/2027 | 11,537 | 734 | ||||||||
14.406%, 07/07/2027 | 17,842 | 1,129 | ||||||||
14.382%, 01/12/2031 | 9,502 | 592 | ||||||||
14.292%, 01/05/2028 | 19,000 | 1,194 | ||||||||
14.196%, 07/07/2023 | 21,779 | 1,386 | ||||||||
14.060%, 01/12/2026 | 44,207 | 2,768 | ||||||||
Egypt Government International Bond | ||||||||||
18.000%, 11/06/2028 | 30,307 | 2,220 | ||||||||
17.700%, 08/07/2025 | 29,457 | 2,063 | ||||||||
16.300%, 04/09/2024 | 15,034 | 1,003 | ||||||||
16.100%, 05/07/2029 | 14,920 | 1,011 | ||||||||
15.900%, 07/02/2024 | 20,628 | 1,365 | ||||||||
8.875%, 05/29/2050 (A) | $ | 2,241 | 2,285 | |||||||
8.875%, 05/29/2050 | 300 | 306 | ||||||||
8.700%, 03/01/2049 (A) | 816 | 817 | ||||||||
8.700%, 03/01/2049 | 600 | 601 | ||||||||
7.903%, 02/21/2048 (A) | 1,061 | 997 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 41 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Markets Debt Fund (Continued)
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
7.903%, 02/21/2048 | $ | 400 | $ | 376 | ||||||
7.625%, 05/29/2032 (A) | 6,161 | 6,301 | ||||||||
7.625%, 05/29/2032 | 363 | 371 | ||||||||
Egypt Government International Bond MTN | ||||||||||
8.500%, 01/31/2047 | 3,680 | 3,657 | ||||||||
8.150%, 11/20/2059 (A) | 1,019 | 971 | ||||||||
8.150%, 11/20/2059 | 277 | 264 | ||||||||
7.500%, 02/16/2061 (A) | 1,930 | 1,744 | ||||||||
7.500%, 02/16/2061 | 565 | 511 | ||||||||
7.053%, 01/15/2032 (A) | 547 | 539 | ||||||||
6.375%, 04/11/2031 | EUR | 1,080 | 1,300 | |||||||
6.125%, 01/31/2022 (A) | $ | 385 | 395 | |||||||
5.875%, 02/16/2031 (A) | 990 | 927 | ||||||||
5.625%, 04/16/2030 | EUR | 1,205 | 1,407 | |||||||
5.625%, 04/16/2030 (A) | 111 | 130 | ||||||||
4.750%, 04/11/2025 | 457 | 556 | ||||||||
4.750%, 04/16/2026 | 670 | 812 | ||||||||
Egypt Treasury Bills (D) | ||||||||||
13.528%, 04/06/2021 | EGP | 87,225 | 5,546 | |||||||
12.499%, 07/06/2021 | 88,125 | 5,426 | ||||||||
|
|
| ||||||||
52,004 | ||||||||||
|
|
| ||||||||
El Salvador — 0.5% | ||||||||||
El Salvador Government International Bond | ||||||||||
9.500%, 07/15/2052 | $ | 1,729 | 1,837 | |||||||
8.250%, 04/10/2032 (A) | 200 | 207 | ||||||||
Republic of El Salvador | ||||||||||
8.625%, 02/28/2029 | 41 | 44 | ||||||||
8.250%, 04/10/2032 | 1,467 | 1,517 | ||||||||
7.750%, 01/24/2023 | 2,000 | 2,090 | ||||||||
7.625%, 02/01/2041 | 527 | 507 | ||||||||
7.125%, 01/20/2050 | 640 | 571 | ||||||||
5.875%, 01/30/2025 | 1,110 | 1,108 | ||||||||
|
|
| ||||||||
7,881 | ||||||||||
|
|
| ||||||||
Ethiopia — 0.0% | ||||||||||
Federal Democratic Republic of Ethiopia | ||||||||||
6.625%, 12/11/2024 (A) | 296 | 272 | ||||||||
|
|
| ||||||||
Gabon — 0.2% | ||||||||||
Gabon Government International Bond | ||||||||||
6.625%, 02/06/2031 (A) | 1,569 | 1,514 | ||||||||
Gabonese Republic | ||||||||||
6.375%, 12/12/2024 | 1,615 | 1,673 | ||||||||
|
|
| ||||||||
3,187 | ||||||||||
|
|
| ||||||||
Georgia — 0.0% | ||||||||||
Republic of Georgia | ||||||||||
6.875%, 04/12/2021 (A) | 66 | 66 | ||||||||
|
|
| ||||||||
Ghana — 1.3% | ||||||||||
Ghana Government International Bond | ||||||||||
24.750%, 07/19/2021 | GHS | – | – | |||||||
19.750%, 03/25/2024 | 5,311 | 962 |
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
19.000%, 11/02/2026 | GHS | 11,055 | $ | 1,923 | ||||||
10.750%, 10/14/2030 | $ | 2,104 | 2,618 | |||||||
8.950%, 03/26/2051 (A)(B) | 3,056 | 2,890 | ||||||||
8.875%, 05/07/2042 | 436 | 419 | ||||||||
8.750%, 03/11/2061 | 693 | 642 | ||||||||
8.750%, 03/11/2061 (A) | 364 | 337 | ||||||||
8.627%, 06/16/2049 (A) | 593 | 548 | ||||||||
8.625%, 04/07/2034 (A) | 1,175 | 1,149 | ||||||||
8.625%, 04/07/2034 | 292 | 287 | ||||||||
7.875%, 03/26/2027 (A) | 653 | 664 | ||||||||
7.875%, 02/11/2035 | 1,114 | 1,035 | ||||||||
7.750%, 04/07/2029 | 380 | 376 | ||||||||
7.625%, 05/16/2029 | 995 | 977 | ||||||||
7.625%, 05/16/2029 (A) | 1,470 | 1,443 | ||||||||
6.375%, 02/11/2027 (A) | 1,467 | 1,416 | ||||||||
Kosmos Energy | ||||||||||
7.125%, 04/04/2026 (A) | 182 | 176 | ||||||||
Republic of Ghana | ||||||||||
8.125%, 01/18/2026 (A) | 83 | 88 | ||||||||
Republic of Ghana Government Bonds | ||||||||||
20.750%, 03/06/2023 | GHS | 1,920 | 352 | |||||||
19.250%, 12/18/2023 | 5,450 | 977 | ||||||||
Tullow Oil | ||||||||||
7.000%, 03/01/2025 (A) | $ | 783 | 662 | |||||||
|
|
| ||||||||
19,941 | ||||||||||
|
|
| ||||||||
Guatemala — 0.3% | ||||||||||
Banco Industrial | ||||||||||
4.875%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.442%, 01/29/2031 (A) | 610 | 628 | ||||||||
Guatemala Government Bond | ||||||||||
6.125%, 06/01/2050 | 962 | 1,114 | ||||||||
5.375%, 04/24/2032 | 281 | 318 | ||||||||
4.900%, 06/01/2030 | 1,164 | 1,275 | ||||||||
4.500%, 05/03/2026 | 1,038 | 1,117 | ||||||||
|
|
| ||||||||
4,452 | ||||||||||
|
|
| ||||||||
Honduras — 0.1% | ||||||||||
Honduras Government International Bond | ||||||||||
6.250%, 01/19/2027 | 326 | 356 | ||||||||
5.625%, 06/24/2030 (A) | 736 | 769 | ||||||||
5.625%, 06/24/2030 | 299 | 313 | ||||||||
|
|
| ||||||||
1,438 | ||||||||||
|
|
| ||||||||
Hong Kong — 0.1% | ||||||||||
NWD | ||||||||||
4.125%, 07/18/2029 | 757 | 770 | ||||||||
|
|
| ||||||||
Hungary — 1.6% | ||||||||||
Hungary Government Bond | ||||||||||
6.750%, 10/22/2028 | HUF | 489,630 | 2,082 | |||||||
5.500%, 06/24/2025 | 500,750 | 1,877 | ||||||||
3.250%, 10/22/2031 | 1,044,790 | 3,587 |
42 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
3.000%, 06/26/2024 | HUF | 413,620 | $ | 1,408 | ||||||
3.000%, 10/27/2027 | 984,150 | 3,365 | ||||||||
3.000%, 08/21/2030 | 727,940 | 2,470 | ||||||||
2.750%, 12/22/2026 | 910,960 | 3,073 | ||||||||
2.500%, 10/24/2024 | 374,170 | 1,257 | ||||||||
2.250%, 04/20/2033 | 771,990 | 2,374 | ||||||||
1.500%, 04/22/2026 | 188,890 | 601 | ||||||||
Hungary Government International Bond | ||||||||||
5.750%, 11/22/2023 | $ | 66 | 75 | |||||||
1.750%, 06/05/2035 | EUR | 265 | 332 | |||||||
1.500%, 11/17/2050 | 255 | 283 | ||||||||
Republic of Hungary | ||||||||||
5.375%, 02/21/2023 | $ | 406 | 443 | |||||||
|
|
| ||||||||
23,227 | ||||||||||
|
|
| ||||||||
India — 0.2% | ||||||||||
Adani Electricity Mumbai | ||||||||||
3.949%, 02/12/2030 (A) | 540 | 544 | ||||||||
Export-Import Bank of India MTN (A) | ||||||||||
3.250%, 01/15/2030 | 1,060 | 1,054 | ||||||||
2.250%, 01/13/2031 | 415 | 378 | ||||||||
Network i2i | ||||||||||
5.650%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.277% (A)(F) | 275 | 291 | ||||||||
Power Finance MTN | ||||||||||
3.950%, 04/23/2030 (A) | 569 | 582 | ||||||||
Vedanta Resources | ||||||||||
7.125%, 05/31/2023 | 200 | 178 | ||||||||
6.375%, 07/30/2022 | 350 | 332 | ||||||||
Vedanta Resources Finance II | ||||||||||
13.875%, 01/21/2024 (A) | 286 | 308 | ||||||||
|
|
| ||||||||
3,667 | ||||||||||
|
|
| ||||||||
Indonesia — 7.2% | ||||||||||
Indonesia Asahan Aluminium Persero | ||||||||||
6.757%, 11/15/2048 | 257 | 320 | ||||||||
6.757%, 11/15/2048 (A) | 212 | 264 | ||||||||
5.800%, 05/15/2050 (A)(B) | 1,165 | 1,328 | ||||||||
5.710%, 11/15/2023 (A) | 618 | 681 | ||||||||
4.750%, 05/15/2025 (A) | 240 | 261 | ||||||||
Indonesia Government International Bond | ||||||||||
9.000%, 03/15/2029 | IDR | 42,750,000 | 3,346 | |||||||
8.750%, 05/15/2031 | 60,779,000 | 4,728 | ||||||||
8.500%, 10/12/2035 | $ | 1,969 | 3,077 | |||||||
8.375%, 03/15/2024 | IDR | 20,173,000 | 1,495 | |||||||
8.375%, 03/15/2034 | 121,065,000 | 9,117 | ||||||||
8.375%, 04/15/2039 | 72,056,000 | 5,293 | ||||||||
8.250%, 05/15/2029 | 68,743,000 | 5,159 | ||||||||
8.250%, 06/15/2032 | 12,030,000 | 896 | ||||||||
8.250%, 05/15/2036 | 66,108,000 | 4,878 | ||||||||
8.125%, 05/15/2024 | 76,235,000 | 5,632 | ||||||||
7.750%, 01/17/2038 | $ | 1,797 | 2,646 |
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
7.500%, 08/15/2032 | IDR | 26,770,000 | $ | 1,886 | ||||||
7.500%, 05/15/2038 | 58,662,000 | 4,056 | ||||||||
7.000%, 05/15/2022 | 40,233,000 | 2,867 | ||||||||
7.000%, 05/15/2027 | 63,129,000 | 4,514 | ||||||||
6.625%, 05/15/2033 | 24,323,000 | 1,626 | ||||||||
6.125%, 05/15/2028 | 9,066,000 | 605 | ||||||||
5.625%, 05/15/2023 | 1,885,000 | 132 | ||||||||
5.250%, 01/08/2047 (A) | $ | 170 | 205 | |||||||
4.750%, 02/11/2029 | 525 | 603 | ||||||||
4.350%, 01/08/2027 (A) | 206 | 231 | ||||||||
3.500%, 01/11/2028 | 2,300 | 2,464 | ||||||||
2.850%, 02/14/2030 | 1,797 | 1,829 | ||||||||
1.850%, 03/12/2031 | 884 | 848 | ||||||||
1.400%, 10/30/2031 | EUR | 495 | 584 | |||||||
1.100%, 03/12/2033 | 380 | 432 | ||||||||
0.900%, 02/14/2027 | 428 | 505 | ||||||||
Indonesia Government International Bond MTN | ||||||||||
5.250%, 01/17/2042 | $ | 2,985 | 3,567 | |||||||
5.125%, 01/15/2045 | 210 | 249 | ||||||||
4.625%, 04/15/2043 | 1,080 | 1,196 | ||||||||
3.850%, 07/18/2027 | 400 | 439 | ||||||||
3.750%, 06/14/2028 | EUR | 307 | 428 | |||||||
Indonesia Treasury Bond | ||||||||||
7.500%, 06/15/2035 | IDR | 18,373,000 | 1,290 | |||||||
7.500%, 04/15/2040 | 43,939,000 | 3,022 | ||||||||
7.000%, 09/15/2030 | 74,210,000 | 5,167 | ||||||||
6.500%, 06/15/2025 | 58,731,000 | 4,136 | ||||||||
6.500%, 02/15/2031 | 18,708,000 | 1,261 | ||||||||
5.500%, 04/15/2026 | 63,000,000 | 4,257 | ||||||||
Medco Bell Pte | ||||||||||
6.375%, 01/30/2027 (A) | $ | 466 | 467 | |||||||
Pertamina Persero (A) | ||||||||||
2.300%, 02/09/2031 (B) | 1,375 | 1,272 | ||||||||
1.400%, 02/09/2026 | 916 | 891 | ||||||||
Pertamina Persero MTN | ||||||||||
6.450%, 05/30/2044 | 529 | 655 | ||||||||
3.650%, 07/30/2029 (A) | 1,035 | 1,082 | ||||||||
Perusahaan Listrik Negara | ||||||||||
1.875%, 11/05/2031 (A) | EUR | 691 | 804 | |||||||
Perusahaan Listrik Negara MTN | ||||||||||
6.150%, 05/21/2048 (A) | $ | 657 | 799 | |||||||
6.150%, 05/21/2048 | 250 | 304 | ||||||||
4.375%, 02/05/2050 (A) | 265 | 266 | ||||||||
Perusahaan Penerbit SBSN Indonesia III | ||||||||||
4.325%, 05/28/2025 | 2,135 | 2,373 | ||||||||
Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN | ||||||||||
3.000%, 06/30/2030 | 565 | 555 | ||||||||
|
|
| ||||||||
106,988 | ||||||||||
|
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 43 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Markets Debt Fund (Continued)
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Iraq — 0.1% | ||||||||||
Iraq International Bond | ||||||||||
5.800%, 01/15/2028 | $ | 1,662 | $ | 1,569 | ||||||
|
|
| ||||||||
Israel — 0.9% | ||||||||||
Bank Leumi Le-Israel | ||||||||||
3.275%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+1.631%, 01/29/2031 (A) | 431 | 439 | ||||||||
Bank of Israel Bill—Makam | ||||||||||
0.000%, 06/02/2021 (D) | ILS | 17,184 | 5,153 | |||||||
Israel Treasury Bills MOF | ||||||||||
0.000%, 08/31/2021 (D) | 1,925 | 577 | ||||||||
Leviathan Bond (A) | ||||||||||
6.750%, 06/30/2030 | $ | 394 | 432 | |||||||
6.500%, 06/30/2027 | 959 | 1,048 | ||||||||
State of Israel | ||||||||||
4.500%, 04/03/2120 | 4,323 | 5,149 | ||||||||
|
|
| ||||||||
12,798 | ||||||||||
|
|
| ||||||||
Ivory Coast — 0.8% | ||||||||||
Ivory Coast Government International Bond | ||||||||||
6.875%, 10/17/2040 | EUR | 1,169 | 1,439 | |||||||
6.625%, 03/22/2048 | 2,469 | 2,926 | ||||||||
6.625%, 03/22/2048 | 481 | 570 | ||||||||
5.875%, 10/17/2031 | 1,929 | 2,392 | ||||||||
5.875%, 10/17/2031 (A) | 630 | 781 | ||||||||
5.750%, 12/31/2032 | $ | 990 | 988 | |||||||
5.250%, 03/22/2030 | EUR | 299 | 363 | |||||||
4.875%, 01/30/2032 (A) | 1,500 | 1,717 | ||||||||
4.875%, 01/30/2032 | 939 | 1,075 | ||||||||
|
|
| ||||||||
12,251 | ||||||||||
|
|
| ||||||||
Jordan — 0.2% | ||||||||||
Jordan Government International Bond | ||||||||||
7.375%, 10/10/2047 (A) | $ | 228 | 233 | |||||||
7.375%, 10/10/2047 | 141 | 144 | ||||||||
5.850%, 07/07/2030 (A) | 1,498 | 1,524 | ||||||||
4.950%, 07/07/2025 (A) | 1,030 | 1,057 | ||||||||
|
|
| ||||||||
2,958 | ||||||||||
|
|
| ||||||||
Kazakhstan — 1.4% | ||||||||||
Development Bank of Kazakhstan | ||||||||||
4.125%, 12/10/2022 | 770 | 800 | ||||||||
Kazakhstan Government International Bond | ||||||||||
4.875%, 10/14/2044 | 910 | 1,097 | ||||||||
4.875%, 10/14/2044 (A) | 318 | 383 | ||||||||
KazMunayGas National JSC | ||||||||||
6.375%, 10/24/2048 (A) | 1,587 | 2,026 | ||||||||
5.750%, 04/19/2047 (A) | 2,052 | 2,432 | ||||||||
5.750%, 04/19/2047 | 63 | 75 | ||||||||
5.375%, 04/24/2030 (A) | 984 | 1,164 | ||||||||
5.375%, 04/24/2030 | 3,728 | 4,411 | ||||||||
4.750%, 04/24/2025 (A) | 732 | 822 |
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
3.500%, 04/14/2033 (A) | $ | 2,472 | $ | 2,529 | ||||||
KazTransGas JSC | ||||||||||
4.375%, 09/26/2027 | 1,205 | 1,343 | ||||||||
4.375%, 09/26/2027 (A) | 932 | 1,039 | ||||||||
Tengizchevroil Finance International (A) | ||||||||||
3.250%, 08/15/2030 | 450 | 448 | ||||||||
2.625%, 08/15/2025 | 1,590 | 1,605 | ||||||||
|
|
| ||||||||
20,174 | ||||||||||
|
|
| ||||||||
Kenya — 0.3% | ||||||||||
Kenya Government International Bond | ||||||||||
8.250%, 02/28/2048 | 1,154 | 1,189 | ||||||||
8.250%, 02/28/2048 (A) | 654 | 673 | ||||||||
8.000%, 05/22/2032 | 1,007 | 1,068 | ||||||||
7.000%, 05/22/2027 | 1,394 | 1,479 | ||||||||
|
|
| ||||||||
4,409 | ||||||||||
|
|
| ||||||||
Kuwait — 0.1% | ||||||||||
Meglobal Canada ULC MTN | ||||||||||
5.875%, 05/18/2030 (A) | 222 | 267 | ||||||||
NBK Tier 1 Financing 2 4.500%, VAR USD Swap Semi 30/360 6 Yr Curr+2.832% (A)(F) | 513 | 533 | ||||||||
�� |
|
| ||||||||
800 | ||||||||||
|
|
| ||||||||
Lebanon — 0.2% | ||||||||||
Lebanon Government International Bond | ||||||||||
8.250%, 05/17/2034 (G) | 4,532 | 508 | ||||||||
8.200%, 05/17/2033 (G) | 2,700 | 303 | ||||||||
6.650%, 04/22/2024 (G) | 2,250 | 266 | ||||||||
6.000%, 01/27/2023 (G) | 560 | 65 | ||||||||
Lebanon Government International Bond MTN | ||||||||||
8.250%, 04/12/2021 (G) | 1,073 | 123 | ||||||||
7.000%, 03/20/2028 (G) | 1,850 | 204 | ||||||||
6.850%, 05/25/2029 (G) | 387 | 45 | ||||||||
6.650%, 02/26/2030 (G) | 1,225 | 140 | ||||||||
6.600%, 11/27/2026 (G) | 2,201 | 254 | ||||||||
6.400%, 05/26/2023 (G) | 1,555 | 180 | ||||||||
6.100%, 10/04/2022 (G) | 1,573 | 180 | ||||||||
6.100%, 10/04/2022 (G) | 569 | 65 | ||||||||
|
|
| ||||||||
2,333 | ||||||||||
|
|
| ||||||||
Luxembourg — 0.0% | ||||||||||
Millicom International Cellular | ||||||||||
6.250%, 03/25/2029 (A) | 403 | 448 | ||||||||
|
|
| ||||||||
Macau — 0.0% | ||||||||||
Studio City Finance (A) | ||||||||||
6.500%, 01/15/2028 | 371 | 397 | ||||||||
6.000%, 07/15/2025 | 142 | 150 | ||||||||
|
|
| ||||||||
547 | ||||||||||
|
|
|
44 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Macedonia — 0.0% | ||||||||||
North Macedonia Government International Bond | ||||||||||
1.625%, 03/10/2028 | EUR | 296 | $ | 339 | ||||||
|
|
| ||||||||
Malaysia — 5.9% | ||||||||||
1MDB Energy | ||||||||||
5.990%, 05/11/2022 | $ | 2,000 | 2,081 | |||||||
1MDB Global Investments | ||||||||||
4.400%, 03/09/2023 | 4,000 | 4,016 | ||||||||
4.400%, 03/09/2023 | 7,400 | 7,429 | ||||||||
Malaysia Government Bond | ||||||||||
5.248%, 09/15/2028 | MYR | 1,050 | 288 | |||||||
4.935%, 09/30/2043 | 2,200 | 565 | ||||||||
4.921%, 07/06/2048 | 1,768 | 450 | ||||||||
4.893%, 06/08/2038 | 800 | 207 | ||||||||
4.642%, 11/07/2033 | 500 | 128 | ||||||||
4.392%, 04/15/2026 | 3,480 | 904 | ||||||||
4.232%, 06/30/2031 | 1,200 | 304 | ||||||||
4.181%, 07/15/2024 | 4,186 | 1,065 | ||||||||
4.160%, 07/15/2021 | 20 | 5 | ||||||||
4.065%, 06/15/2050 | 1,019 | 231 | ||||||||
4.059%, 09/30/2024 | 8,576 | 2,178 | ||||||||
3.955%, 09/15/2025 | 30,212 | 7,675 | ||||||||
3.906%, 07/15/2026 | 16,152 | 4,106 | ||||||||
3.899%, 11/16/2027 | 3,026 | 769 | ||||||||
3.885%, 08/15/2029 | 27,330 | 6,866 | ||||||||
3.882%, 03/10/2022 | 4,459 | 1,095 | ||||||||
3.828%, 07/05/2034 | 26,509 | 6,346 | ||||||||
3.800%, 08/17/2023 | 31,953 | 7,986 | ||||||||
3.795%, 09/30/2022 | 3,200 | 792 | ||||||||
3.757%, 04/20/2023 | 14,611 | 3,639 | ||||||||
3.757%, 05/22/2040 | 10,132 | 2,287 | ||||||||
3.733%, 06/15/2028 | 12,719 | 3,190 | ||||||||
3.620%, 11/30/2021 | 18,334 | 4,477 | ||||||||
3.502%, 05/31/2027 | 7,185 | 1,787 | ||||||||
3.480%, 03/15/2023 | 9,914 | 2,452 | ||||||||
3.478%, 06/14/2024 | 6,160 | 1,537 | ||||||||
3.418%, 08/15/2022 | 10,450 | 2,569 | ||||||||
2.632%, 04/15/2031 | 5,059 | 1,152 | ||||||||
Malaysia Government Investment Issue | ||||||||||
4.369%, 10/31/2028 | 1,200 | 311 | ||||||||
4.119%, 11/30/2034 | 5,564 | 1,340 | ||||||||
4.070%, 09/30/2026 | 6,500 | 1,665 | ||||||||
Petronas Capital MTN | ||||||||||
4.550%, 04/21/2050 | $ | 1,497 | 1,771 | |||||||
4.550%, 04/21/2050 (A) | 563 | 666 | ||||||||
3.500%, 04/21/2030 (A) | 2,200 | 2,353 | ||||||||
Petronas Energy Canada MTN | ||||||||||
2.112%, 03/23/2028 (A) | 1,696 | 1,673 | ||||||||
|
|
| ||||||||
88,355 | ||||||||||
|
|
|
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Mauritius — 0.0% | ||||||||||
Liquid Telecommunications Financing | ||||||||||
8.500%, 07/13/2022 (A) | $ | 496 | $ | 504 | ||||||
|
|
| ||||||||
Mexico — 8.1% | ||||||||||
America Movil | ||||||||||
7.125%, 12/09/2024 | MXN | 18,110 | 900 | |||||||
Axtel | ||||||||||
6.375%, 11/14/2024 (A) | $ | 713 | 741 | |||||||
Banco Mercantil del Norte (A)(F) | ||||||||||
7.500%, VAR US Treas Yield Curve Rate T Note Const Mat 10 Yr+5.470% | 476 | 521 | ||||||||
6.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.967% | 609 | 635 | ||||||||
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 | 1,012 | ||||||||
3.800%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/2026 | 844 | 842 | ||||||||
Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santand | ||||||||||
5.375%, 04/17/2025 (A) | 414 | 465 | ||||||||
Cemex (A) | ||||||||||
5.450%, 11/19/2029 | 750 | 822 | ||||||||
3.875%, 07/11/2031 | 572 | 558 | ||||||||
Cometa Energia | ||||||||||
6.375%, 04/24/2035 (A) | 221 | 247 | ||||||||
Comision Federal de Electricidad | ||||||||||
7.350%, 11/25/2025 | MXN | 39,785 | 1,823 | |||||||
5.750%, 02/14/2042 (A) | $ | 500 | 543 | |||||||
4.750%, 02/23/2027 (A) | 458 | 502 | ||||||||
4.677%, 02/09/2051 (A) | 1,180 | 1,105 | ||||||||
3.348%, 02/09/2031 (A)(B) | 1,885 | 1,812 | ||||||||
FEL Energy VI Sarl | ||||||||||
5.750%, 12/01/2040 (A) | 191 | 196 | ||||||||
Grupo Televisa | ||||||||||
6.625%, 01/15/2040 | 511 | 655 | ||||||||
Industrias Penoles | ||||||||||
5.650%, 09/12/2049 (A) | 359 | 416 | ||||||||
Mexican Bonos | ||||||||||
8.000%, 11/07/2047 | MXN | 67,289 | 3,373 | |||||||
7.750%, 11/23/2034 | 40,670 | 2,088 | ||||||||
7.750%, 11/13/2042 | 94,377 | 4,656 | ||||||||
7.500%, 06/03/2027 | 111,231 | 5,790 | ||||||||
6.500%, 06/09/2022 | 8,698 | 434 | ||||||||
5.750%, 03/05/2026 | 87,650 | 4,247 | ||||||||
Mexican Bonos, Ser M20 | ||||||||||
10.000%, 12/05/2024 | 275,127 | 15,362 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 45 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Markets Debt Fund (Continued)
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
8.500%, 05/31/2029 | MXN | 46,705 | $ | 2,562 | ||||||
8.000%, 12/07/2023 | 30,252 | 1,576 | ||||||||
7.750%, 05/29/2031 | 95,213 | 4,958 | ||||||||
Mexican Bonos, Ser M30 | ||||||||||
8.500%, 11/18/2038 | 139,050 | 7,467 | ||||||||
Mexico Cetes (D) | ||||||||||
4.003%, 05/20/2021 | 548,578 | 2,666 | ||||||||
3.960%, 07/01/2021 | 349,787 | 1,692 | ||||||||
Mexico City Airport Trust | ||||||||||
5.500%, 07/31/2047 (A) | $ | 715 | 710 | |||||||
Mexico Government International Bond | ||||||||||
5.000%, 04/27/2051 | 1,632 | 1,761 | ||||||||
4.750%, 04/27/2032 | 508 | 566 | ||||||||
3.771%, 05/24/2061 | 2,608 | 2,295 | ||||||||
2.659%, 05/24/2031 | 4,188 | 3,947 | ||||||||
Mexico Government International Bond MTN | ||||||||||
5.750%, 10/12/2110 | 1,706 | 1,888 | ||||||||
4.750%, 03/08/2044 | 386 | 405 | ||||||||
3.750%, 04/19/2071 | 1,112 | 965 | ||||||||
Minera Mexico | ||||||||||
4.500%, 01/26/2050 (A) | 627 | 645 | ||||||||
Petroleos Mexicanos | ||||||||||
9.500%, 09/15/2027 | 169 | 202 | ||||||||
7.690%, 01/23/2050 (A) | 1,996 | 1,861 | ||||||||
7.690%, 01/23/2050 | 491 | 458 | ||||||||
7.470%, 11/12/2026 | MXN | 175,079 | 7,499 | |||||||
7.190%, 09/12/2024 | 108,672 | 4,974 | ||||||||
6.950%, 01/28/2060 | $ | 350 | 302 | |||||||
6.950%, 01/28/2060 (A) | 1,337 | 1,153 | ||||||||
6.875%, 10/16/2025 (A) | 1,478 | 1,603 | ||||||||
6.875%, 10/16/2025 | 435 | 472 | ||||||||
6.840%, 01/23/2030 | 2,693 | 2,733 | ||||||||
6.625%, 06/15/2035 | 4,363 | 4,145 | ||||||||
6.500%, 01/23/2029 (A) | 785 | 793 | ||||||||
6.490%, 01/23/2027 | 847 | 885 | ||||||||
6.350%, 02/12/2048 (A) | 430 | 358 | ||||||||
6.350%, 02/12/2048 | 678 | 565 | ||||||||
5.950%, 01/28/2031 | 1,948 | 1,870 | ||||||||
5.950%, 01/28/2031 (A) | 979 | 940 | ||||||||
5.950%, 01/28/2031 | 1,490 | 1,430 | ||||||||
5.625%, 01/23/2046 | 253 | 201 | ||||||||
5.350%, 02/12/2028 (A) | 779 | 757 | ||||||||
Petroleos Mexicanos MTN | ||||||||||
6.875%, 08/04/2026 | 713 | 763 | ||||||||
6.750%, 09/21/2047 | 1,609 | 1,380 | ||||||||
6.750%, 09/21/2047 | 553 | 474 | ||||||||
4.875%, 02/21/2028 | EUR | 755 | 880 | |||||||
|
|
| ||||||||
120,546 | ||||||||||
|
|
| ||||||||
Mongolia — 0.3% | ||||||||||
Development Bank of Mongolia | ||||||||||
7.250%, 10/23/2023 (A) | $ | 784 | 849 |
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Mongolia Government International Bond | ||||||||||
5.125%, 04/07/2026 | $ | 381 | $ | 407 | ||||||
Mongolia Government International Bond MTN | ||||||||||
8.750%, 03/09/2024 | 1,951 | 2,243 | ||||||||
5.125%, 12/05/2022 | 500 | 515 | ||||||||
|
|
| ||||||||
4,014 | ||||||||||
|
|
| ||||||||
Morocco — 0.2% | ||||||||||
Morocco Government International Bond | ||||||||||
4.000%, 12/15/2050 (A) | 1,575 | 1,394 | ||||||||
3.000%, 12/15/2032 (A) | 933 | 875 | ||||||||
3.000%, 12/15/2032 | 336 | 315 | ||||||||
2.375%, 12/15/2027 (A) | 745 | 721 | ||||||||
|
|
| ||||||||
3,305 | ||||||||||
|
|
| ||||||||
Mozambique — 0.2% | ||||||||||
Mozambique International Bond | ||||||||||
9.000%, 09/15/2023 (A) | 2,703 | 2,222 | ||||||||
|
|
| ||||||||
Netherlands — 0.0% | ||||||||||
VEON Holdings BV | ||||||||||
3.375%, 11/25/2027 (A) | 549 | 542 | ||||||||
|
|
| ||||||||
Nigeria — 0.8% | ||||||||||
IHS Netherlands Holdco | ||||||||||
8.000%, 09/18/2027 (A) | 299 | 321 | ||||||||
Nigeria Government International Bond | ||||||||||
9.248%, 01/21/2049 | 322 | 353 | ||||||||
8.747%, 01/21/2031 | 957 | 1,051 | ||||||||
8.747%, 01/21/2031 (A) | 535 | 588 | ||||||||
7.875%, 02/16/2032 (A) | 1,110 | 1,142 | ||||||||
7.875%, 02/16/2032 | 2,291 | 2,356 | ||||||||
7.696%, 02/23/2038 | 3,163 | 3,100 | ||||||||
7.696%, 02/23/2038 (A) | 601 | 589 | ||||||||
7.143%, 02/23/2030 | 682 | 695 | ||||||||
Nigeria Government International Bond MTN | ||||||||||
7.625%, 11/28/2047 | 263 | 255 | ||||||||
6.500%, 11/28/2027 (A) | 929 | 958 | ||||||||
6.500%, 11/28/2027 | 130 | 134 | ||||||||
|
|
| ||||||||
11,542 | ||||||||||
|
|
| ||||||||
Oman — 1.0% | ||||||||||
Oman Government International Bond | ||||||||||
7.375%, 10/28/2032 (A) | 1,682 | 1,865 | ||||||||
7.000%, 01/25/2051 (A) | 448 | 441 | ||||||||
7.000%, 01/25/2051 | 200 | 197 | ||||||||
6.750%, 10/28/2027 (A) | 3,535 | 3,899 | ||||||||
6.750%, 01/17/2048 | 2,879 | 2,742 | ||||||||
6.750%, 01/17/2048 (A) | 1,059 | 1,009 | ||||||||
6.250%, 01/25/2031 (A) | 1,747 | 1,826 | ||||||||
6.250%, 01/25/2031 | 242 | 253 | ||||||||
4.750%, 06/15/2026 | 900 | 923 |
46 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
3.625%, 06/15/2021 (B) | $ | 1,326 | $ | 1,328 | ||||||
Oman Government International Bond MTN | ||||||||||
4.875%, 02/01/2025 (A) | 717 | 747 | ||||||||
Oryx Funding Ltd | ||||||||||
5.800%, 02/03/2031 (A) | 204 | 211 | ||||||||
|
|
| ||||||||
15,441 | ||||||||||
|
|
| ||||||||
Pakistan — 0.5% | ||||||||||
Pakistan Government International Bond | ||||||||||
8.250%, 09/30/2025 (B) | 1,000 | 1,106 | ||||||||
7.875%, 03/31/2036 | 200 | 207 | ||||||||
6.875%, 12/05/2027 | 656 | 684 | ||||||||
Pakistan Government International Bond MTN (A) | ||||||||||
8.875%, 04/08/2051 | 231 | 240 | ||||||||
7.375%, 04/08/2031 | 1,094 | 1,116 | ||||||||
6.000%, 04/08/2026 | 2,690 | 2,734 | ||||||||
Third Pakistan International Sukuk | ||||||||||
5.500%, 10/13/2021 | 737 | 744 | ||||||||
|
|
| ||||||||
6,831 | ||||||||||
|
|
| ||||||||
Panama — 1.1% | ||||||||||
Aeropuerto Internacional de Tocumen | ||||||||||
6.000%, 11/18/2048 (A)(B) | 935 | 985 | ||||||||
5.625%, 05/18/2036 | 555 | 587 | ||||||||
AES Panama Generation Holdings SRL | ||||||||||
4.375%, 05/31/2030 (A) | 307 | 318 | ||||||||
Banco Nacional de Panama | ||||||||||
2.500%, 08/11/2030 (A) | 791 | 734 | ||||||||
Cable Onda | ||||||||||
4.500%, 01/30/2030 (A) | 208 | 221 | ||||||||
Empresa de Transmision Electrica | ||||||||||
5.125%, 05/02/2049 (A) | 635 | 700 | ||||||||
Panama Government International Bond | ||||||||||
4.500%, 04/16/2050 | 1 | 1 | ||||||||
2.252%, 09/29/2032 | 912 | 867 | ||||||||
Republic of Panama | ||||||||||
9.375%, 04/01/2029 | 804 | 1,175 | ||||||||
8.125%, 04/28/2034 | 478 | 676 | ||||||||
4.500%, 04/01/2056 | 2,482 | 2,708 | ||||||||
3.870%, 07/23/2060 | 3,711 | 3,660 | ||||||||
3.750%, 03/16/2025 | 1,109 | 1,208 | ||||||||
3.160%, 01/23/2030 | 1,816 | 1,888 | ||||||||
|
|
| ||||||||
15,728 | ||||||||||
|
|
| ||||||||
Papua New Guinea — 0.1% | ||||||||||
Papua New Guinea Government International Bond | ||||||||||
8.375%, 10/04/2028 (A) | 1,826 | 1,876 | ||||||||
8.375%, 10/04/2028 | 306 | 315 | ||||||||
|
|
| ||||||||
2,191 | ||||||||||
|
|
|
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) |
| |||||||||
Paraguay — 0.3% | ||||||||||
Paraguay Government International Bond | ||||||||||
6.100%, 08/11/2044 | $ | 1,010 | $ | 1,212 | ||||||
5.400%, 03/30/2050 | 571 | 644 | ||||||||
5.400%, 03/30/2050 (A) | 467 | 526 | ||||||||
4.950%, 04/28/2031 | 940 | 1,062 | ||||||||
2.739%, 01/29/2033 (A) | 474 | 455 | ||||||||
|
|
| ||||||||
3,899 | ||||||||||
|
|
| ||||||||
Peru — 2.6% | ||||||||||
Abengoa Transmision Sur | ||||||||||
6.875%, 04/30/2043 (A) | 265 | 354 | ||||||||
Fondo MIVIVIENDA | ||||||||||
7.000%, 02/14/2024 (A) | PEN | 3,704 | 1,100 | |||||||
Inkia Energy | ||||||||||
5.875%, 11/09/2027 (A) | $ | 359 | 377 | |||||||
Kallpa Generacion | ||||||||||
4.125%, 08/16/2027 (A) | 723 | 770 | ||||||||
Peru Government Bond | ||||||||||
5.350%, 08/12/2040 | PEN | 708 | 170 | |||||||
Peruvian Government International Bond | ||||||||||
8.200%, 08/12/2026 | 15 | 5 | ||||||||
8.200%, 08/12/2026 | 3,397 | 1,180 | ||||||||
6.950%, 08/12/2031 | 154 | 47 | ||||||||
6.950%, 08/12/2031 | 13,115 | 4,039 | ||||||||
6.900%, 08/12/2037 | 7,121 | 2,036 | ||||||||
6.850%, 02/12/2042 | 613 | 173 | ||||||||
6.550%, 03/14/2037 | $ | 309 | 418 | |||||||
6.350%, 08/12/2028 | PEN | 5,940 | 1,843 | |||||||
6.350%, 08/12/2028 | 1,570 | 487 | ||||||||
6.350%, 08/12/2028 (A) | 1,465 | 455 | ||||||||
6.350%, 08/12/2028 | 346 | 107 | ||||||||
6.150%, 08/12/2032 | 17,952 | 5,169 | ||||||||
5.940%, 02/12/2029 | 367 | 111 | ||||||||
5.700%, 08/12/2024 (A) | 4,932 | 1,493 | ||||||||
5.625%, 11/18/2050 | $ | 1,230 | 1,622 | |||||||
5.400%, 08/12/2034 | PEN | 4,002 | 1,036 | |||||||
3.550%, 03/10/2051 | $ | 878 | 853 | |||||||
2.783%, 01/23/2031 | 3,597 | 3,593 | ||||||||
2.780%, 12/01/2060 | 330 | 271 | ||||||||
1.250%, 03/11/2033 | EUR | 518 | 601 | |||||||
Petroleos del Peru | ||||||||||
5.625%, 06/19/2047 | $ | 1,993 | 2,092 | |||||||
5.625%, 06/19/2047 (A) | 4,053 | 4,255 | ||||||||
4.750%, 06/19/2032 | 1,843 | 1,950 | ||||||||
4.750%, 06/19/2032 (A) | 1,201 | 1,271 | ||||||||
Republic of Peru | ||||||||||
3.750%, 03/01/2030 | EUR | 200 | 289 | |||||||
|
|
| ||||||||
38,167 | ||||||||||
|
|
| ||||||||
Philippines — 0.8% | ||||||||||
Philippine Government International Bond | ||||||||||
5.000%, 01/13/2037 | $ | 180 | 221 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 47 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Markets Debt Fund (Continued)
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
3.900%, 11/26/2022 | PHP | 45,000 | $ | 941 | ||||||
3.750%, 01/14/2029 | $ | 1,245 | 1,380 | |||||||
3.700%, 03/01/2041 | 1,340 | 1,399 | ||||||||
3.000%, 02/01/2028 | 262 | 277 | ||||||||
2.950%, 05/05/2045 | 2,123 | 1,984 | ||||||||
2.650%, 12/10/2045 | 980 | 879 | ||||||||
2.457%, 05/05/2030 | 915 | 924 | ||||||||
1.648%, 06/10/2031 | 3,440 | 3,249 | ||||||||
|
|
| ||||||||
11,254 | ||||||||||
|
|
| ||||||||
Poland — 2.2% | ||||||||||
Republic of Poland Government Bond | ||||||||||
5.000%, 03/23/2022 | 2,281 | 2,381 | ||||||||
3.250%, 07/25/2025 | PLN | 6,568 | 1,846 | |||||||
2.750%, 04/25/2028 | 15,785 | 4,407 | ||||||||
2.750%, 10/25/2029 | 18,945 | 5,313 | ||||||||
2.500%, 01/25/2023 | 2,361 | 625 | ||||||||
2.500%, 04/25/2024 | 3,089 | 834 | ||||||||
2.500%, 07/25/2026 | 33,606 | 9,223 | ||||||||
2.500%, 07/25/2027 | 9,388 | 2,581 | ||||||||
2.250%, 04/25/2022 | 4,106 | 1,065 | ||||||||
1.250%, 10/25/2030 | 15,616 | 3,846 | ||||||||
0.750%, 04/25/2025 | 3,311 | 844 | ||||||||
|
|
| ||||||||
32,965 | ||||||||||
|
|
| ||||||||
Qatar — 1.3% | ||||||||||
Ooredoo International Finance MTN | ||||||||||
2.625%, 04/08/2031 (A) | $ | 363 | 359 | |||||||
Qatar Government International Bond | ||||||||||
5.103%, 04/23/2048 (A) | 782 | 988 | ||||||||
5.103%, 04/23/2048 | 567 | 717 | ||||||||
4.817%, 03/14/2049 (A) | 1,036 | 1,268 | ||||||||
4.817%, 03/14/2049 | 3,337 | 4,084 | ||||||||
4.400%, 04/16/2050 (A) | 662 | 768 | ||||||||
4.000%, 03/14/2029 (A) | 1,602 | 1,818 | ||||||||
4.000%, 03/14/2029 | 848 | 963 | ||||||||
3.750%, 04/16/2030 (A) | 5,248 | 5,865 | ||||||||
3.750%, 04/16/2030 | 367 | 410 | ||||||||
3.400%, 04/16/2025 | 654 | 710 | ||||||||
State of Qatar | ||||||||||
6.400%, 01/20/2040 (A) | 547 | 780 | ||||||||
|
|
| ||||||||
18,730 | ||||||||||
|
|
| ||||||||
Romania — 1.7% | ||||||||||
Government of Romania | ||||||||||
5.850%, 04/26/2023 | RON | 1,720 | 440 | |||||||
Government of Romania MTN | ||||||||||
6.125%, 01/22/2044 | $ | 398 | 504 | |||||||
Romania Government Bond | ||||||||||
4.850%, 04/22/2026 | RON | 1,945 | 512 | |||||||
4.750%, 10/11/2034 | 870 | 223 | ||||||||
4.400%, 09/25/2023 | 790 | 198 | ||||||||
4.150%, 01/26/2028 | 9,880 | 2,543 | ||||||||
4.000%, 10/25/2023 | 3,430 | 852 |
Description |
Face Amount | Market Value ($ Thousands) | ||||||||
GLOBAL BONDS (continued) | ||||||||||
3.650%, 07/28/2025 | RON | 17,295 | $ | 4,311 | ||||||
3.650%, 09/24/2031 | 5,510 | 1,346 | ||||||||
3.250%, 06/24/2026 | 2,360 | 578 | ||||||||
Romanian Government International Bond | ||||||||||
5.000%, 02/12/2029 | 8,095 | 2,202 | ||||||||
4.250%, 06/28/2023 | 2,730 | 679 | ||||||||
4.000%, 02/14/2051 (A) | $ | 314 | 303 | |||||||
3.000%, 02/14/2031 (A) | 1,224 | 1,223 | ||||||||
3.000%, 02/14/2031 | 114 | 114 | ||||||||
Romanian Government International Bond MTN | ||||||||||
6.750%, 02/07/2022 | 278 | 293 | ||||||||
6.125%, 01/22/2044 (A) | 468 | 593 | ||||||||
4.625%, 04/03/2049 | EUR | 1,568 | 2,265 | |||||||
4.625%, 04/03/2049 (A) | 350 | 507 | ||||||||
4.125%, 03/11/2039 | 822 | 1,126 | ||||||||
3.875%, 10/29/2035 | 330 | 448 | ||||||||
3.375%, 02/08/2038 (A) | 241 | 306 | ||||||||
3.375%, 01/28/2050 | 2,100 | 2,579 | ||||||||
2.500%, 02/08/2030 (A) | 657 | 821 | ||||||||
2.124%, 07/16/2031 | 158 | 190 | ||||||||
2.000%, 01/28/2032 | 600 | 707 | ||||||||
|
|
| ||||||||
25,863 | ||||||||||
|
|
| ||||||||
Russia — 5.6% | ||||||||||
Gazprom OAO Via Gaz Capital (A) | ||||||||||
5.150%, 02/11/2026 | $ | 2,673 | 2,925 | |||||||
4.950%, 02/06/2028 | 640 | 697 | ||||||||
Gazprom PJSC via Gaz Finance | ||||||||||
4.599%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.264% (A)(F) | 574 | 578 | ||||||||
Gtlk Europe Capital DAC | ||||||||||
4.650%, 03/10/2027 | 596 | 604 | ||||||||
GTLK Europe Capital DAC | ||||||||||
4.949%, 02/18/2026 | 968 | 1,018 | ||||||||
Rusal Capital DAC | ||||||||||
5.125%, 02/02/2022 | 860 | 866 | ||||||||
Russian Federal Bond - OFZ | ||||||||||
8.500%, 09/17/2031 | RUB | 176,982 | 2,609 | |||||||
8.150%, 02/03/2027 | 821,910 | 11,656 | ||||||||
7.950%, 10/07/2026 | 267,449 | 3,747 | ||||||||
7.700%, 03/23/2033 | 345,745 | 4,829 | ||||||||
7.700%, 03/16/2039 | 54,617 | 769 | ||||||||
7.650%, 04/10/2030 | 1,125 | 16 | ||||||||
7.250%, 05/10/2034 | 518,574 | 6,995 | ||||||||
7.100%, 10/16/2024 | 151,477 | 2,063 | ||||||||
7.050%, 01/19/2028 | 904,777 | 12,128 | ||||||||
7.000%, 08/16/2023 | 219,831 | 2,986 | ||||||||
6.900%, 05/23/2029 | 297,669 | 3,936 | ||||||||
6.000%, 10/06/2027 | 16,284 | 207 | ||||||||
Russian Federal Inflation Linked Bond | ||||||||||
2.500%, 07/17/2030 | 510,149 | 6,637 |
48 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Russian Foreign Bond - Eurobond | ||||||||||||
7.500%, 03/31/2030 | $ | 2 | $ | 2 | ||||||||
5.875%, 09/16/2043 | 3,000 | 3,796 | ||||||||||
5.250%, 06/23/2047 (B) | 1,000 | 1,186 | ||||||||||
5.100%, 03/28/2035 | 5,200 | 5,984 | ||||||||||
4.750%, 05/27/2026 (B) | 1,600 | 1,792 | ||||||||||
4.375%, 03/21/2029 (B) | 3,800 | 4,152 | ||||||||||
SCF Capital Designated Activity | ||||||||||||
5.375%, 06/16/2023 (A) | 529 | 560 | ||||||||||
Vnesheconombank Via VEB Finance | ||||||||||||
6.800%, 11/22/2025 | 580 | 680 | ||||||||||
6.800%, 11/22/2025 (A) | 150 | 176 | ||||||||||
|
|
| ||||||||||
83,594 | ||||||||||||
|
|
| ||||||||||
Saudi Arabia — 1.2% | ||||||||||||
Saudi Arabian Oil | ||||||||||||
3.500%, 11/24/2070 (A) | 3,963 | 3,504 | ||||||||||
3.500%, 11/24/2070 | 466 | 412 | ||||||||||
Saudi Arabian Oil MTN | ||||||||||||
4.250%, 04/16/2039 (A) | 1,397 | 1,504 | ||||||||||
4.250%, 04/16/2039 | 2,150 | 2,314 | ||||||||||
Saudi Government International Bond | ||||||||||||
5.250%, 01/16/2050 | 680 | 833 | ||||||||||
5.250%, 01/16/2050 (A) | 652 | 799 | ||||||||||
4.375%, 04/16/2029 (A) | 639 | 729 | ||||||||||
Saudi Government International Bond MTN | ||||||||||||
5.000%, 04/17/2049 (A) | 200 | 236 | ||||||||||
4.500%, 04/17/2030 (A) | 463 | 534 | ||||||||||
4.500%, 10/26/2046 | 580 | 637 | ||||||||||
3.250%, 10/26/2026 (A) | 1,884 | 2,026 | ||||||||||
3.250%, 10/22/2030 (B) | 1,834 | 1,930 | ||||||||||
3.250%, 10/22/2030 (A) | 762 | 802 | ||||||||||
2.250%, 02/02/2033 (A) | 899 | 846 | ||||||||||
|
|
| ||||||||||
17,106 | ||||||||||||
|
|
| ||||||||||
Senegal — 0.1% | ||||||||||||
Senegal Government International Bond | ||||||||||||
6.750%, 03/13/2048 | 1,463 | 1,390 | ||||||||||
6.250%, 07/30/2024 | 677 | 729 | ||||||||||
|
|
| ||||||||||
2,119 | ||||||||||||
|
|
| ||||||||||
Serbia — 0.7% | ||||||||||||
Serbia International Bond | ||||||||||||
3.125%, 05/15/2027 | EUR | 320 | 416 | |||||||||
2.125%, 12/01/2030 | $ | 517 | 476 | |||||||||
1.650%, 03/03/2033 | 270 | 308 | ||||||||||
1.500%, 06/26/2029 | EUR | 2,644 | 3,110 | |||||||||
Serbia Treasury Bonds | ||||||||||||
5.875%, 02/08/2028 | RSD | 155,320 | 1,883 | |||||||||
4.500%, 01/11/2026 | 211,800 | 2,326 | ||||||||||
4.500%, 08/20/2032 | 199,460 | 2,205 | ||||||||||
3.750%, 01/17/2022 | 28,610 | 292 | ||||||||||
|
|
| ||||||||||
11,016 | ||||||||||||
|
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
South Africa — 4.5% |
| |||||||||||
Eskom Holdings SOC | ||||||||||||
7.125%, 02/11/2025 | $ | 1,430 | $ | 1,473 | ||||||||
7.125%, 02/11/2025 (A) | 3,766 | 3,880 | ||||||||||
Eskom Holdings SOC MTN | ||||||||||||
8.450%, 08/10/2028 (A) | 471 | 511 | ||||||||||
7.500%, 09/15/2033 | ZAR | 35,200 | 1,696 | |||||||||
6.750%, 08/06/2023 | $ | 1,556 | 1,605 | |||||||||
6.750%, 08/06/2023 (A) | 1,329 | 1,371 | ||||||||||
6.350%, 08/10/2028 (A) | 322 | 340 | ||||||||||
Republic of South Africa | ||||||||||||
10.500%, 12/21/2026 | ZAR | 76,143 | 5,855 | |||||||||
9.000%, 01/31/2040 | 79,651 | 4,404 | ||||||||||
8.875%, 02/28/2035 | 46,669 | 2,682 | ||||||||||
8.750%, 01/31/2044 | 110,123 | 5,846 | ||||||||||
8.750%, 02/28/2048 | 158,717 | 8,423 | ||||||||||
8.500%, 01/31/2037 | 117,491 | 6,341 | ||||||||||
8.250%, 03/31/2032 | 27,309 | 1,598 | ||||||||||
8.000%, 01/31/2030 | 52,950 | 3,269 | ||||||||||
7.750%, 02/28/2023 | 7,161 | 506 | ||||||||||
7.000%, 02/28/2031 | 51,041 | 2,823 | ||||||||||
6.500%, 02/28/2041 | 16,423 | 692 | ||||||||||
6.300%, 06/22/2048 | $ | 964 | 944 | |||||||||
6.250%, 03/31/2036 | ZAR | 68,414 | 3,047 | |||||||||
5.875%, 09/16/2025 | $ | 790 | 871 | |||||||||
5.750%, 09/30/2049 | 4,550 | 4,187 | ||||||||||
5.650%, 09/27/2047 | 386 | 355 | ||||||||||
5.000%, 10/12/2046 | 357 | 307 | ||||||||||
4.850%, 09/27/2027 | 420 | 433 | ||||||||||
4.850%, 09/30/2029 | 1,696 | 1,705 | ||||||||||
Sasol Financing USA | ||||||||||||
4.375%, 09/18/2026 | 351 | 358 | ||||||||||
SASOL Financing USA | ||||||||||||
5.875%, 03/27/2024 | 442 | 469 | ||||||||||
Transnet SOC MTN | ||||||||||||
9.500%, 05/13/2021 (A) | ZAR | 6,760 | 457 | |||||||||
|
|
| ||||||||||
66,448 | ||||||||||||
|
|
| ||||||||||
South Korea — 0.2% | ||||||||||||
Export-Import Bank of Korea MTN | ||||||||||||
8.400%, 11/30/2021 | IDR | 22,400,000 | 1,567 | |||||||||
7.250%, 12/07/2024 | 700,000 | 51 | ||||||||||
Korea International Bond | ||||||||||||
1.000%, 09/16/2030 | $ | 791 | 726 | |||||||||
|
|
| ||||||||||
2,344 | ||||||||||||
|
|
| ||||||||||
Spain — 0.1% | ||||||||||||
AI Candelaria Spain SLU | ||||||||||||
7.500%, 12/15/2028 (A) | 975 | 1,099 | ||||||||||
|
|
| ||||||||||
Sri Lanka — 0.7% | ||||||||||||
Sri Lanka Government International Bond | ||||||||||||
7.850%, 03/14/2029 | 1,598 | 972 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 49 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Markets Debt Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
7.550%, 03/28/2030 | $ | 3,079 | $ | 1,873 | ||||||||
6.850%, 03/14/2024 | 512 | 326 | ||||||||||
6.850%, 11/03/2025 | 1,339 | 835 | ||||||||||
6.825%, 07/18/2026 (A) | 909 | 553 | ||||||||||
6.825%, 07/18/2026 | 500 | 304 | ||||||||||
6.750%, 04/18/2028 | 1,624 | 986 | ||||||||||
6.750%, 04/18/2028 (A) | 4,437 | 2,693 | ||||||||||
6.350%, 06/28/2024 (A) | 1,294 | 823 | ||||||||||
6.200%, 05/11/2027 | 1,186 | 720 | ||||||||||
5.875%, 07/25/2022 (A) | 308 | 239 | ||||||||||
5.750%, 04/18/2023 (A) | 1,031 | 699 | ||||||||||
5.750%, 04/18/2023 | 64 | 43 | ||||||||||
|
|
| ||||||||||
11,066 | ||||||||||||
|
|
| ||||||||||
Supra-National — 0.5% |
| |||||||||||
African Export-Import Bank MTN | ||||||||||||
3.994%, 09/21/2029 (A) | 363 | 381 | ||||||||||
Banque Ouest Africaine de Developpement (A) | ||||||||||||
5.000%, 07/27/2027 | 865 | 955 | ||||||||||
4.700%, 10/22/2031 | 683 | 728 | ||||||||||
2.750%, 01/22/2033 | EUR | 204 | 247 | |||||||||
European Bank for Reconstruction & Development MTN | ||||||||||||
6.450%, 12/13/2022 | IDR | 9,486,000 | 667 | |||||||||
Inter-American Development Bank MTN | ||||||||||||
7.875%, 03/14/2023 | 44,650,000 | 3,223 | ||||||||||
International Bank for Reconstruction & Development MTN | ||||||||||||
7.450%, 08/20/2021 | 10,914,700 | 755 | ||||||||||
|
|
| ||||||||||
6,956 | ||||||||||||
|
|
| ||||||||||
Tanzania — 0.0% | ||||||||||||
AngloGold Ashanti Holdings | ||||||||||||
3.750%, 10/01/2030 | $ | 229 | 231 | |||||||||
|
|
| ||||||||||
Thailand — 2.2% | ||||||||||||
Thailand Government Bond | ||||||||||||
5.670%, 03/13/2028 | THB | 3,000 | 122 | |||||||||
3.775%, 06/25/2032 | 181,773 | 6,802 | ||||||||||
3.650%, 06/20/2031 | 78,000 | 2,890 | ||||||||||
3.625%, 06/16/2023 | 30,000 | 1,027 | ||||||||||
3.400%, 06/17/2036 | 207,584 | 7,362 | ||||||||||
3.300%, 06/17/2038 | 79,072 | 2,768 | ||||||||||
2.875%, 12/17/2028 | 62,796 | 2,187 | ||||||||||
2.875%, 06/17/2046 | 3,431 | 110 | ||||||||||
2.400%, 12/17/2023 | 88,000 | 2,953 | ||||||||||
2.125%, 12/17/2026 | 15,000 | 504 | ||||||||||
1.875%, 06/17/2022 | 20,000 | 651 | ||||||||||
1.600%, 12/17/2029 | 7,000 | 221 | ||||||||||
1.600%, 06/17/2035 | 27,023 | 784 | ||||||||||
1.585%, 12/17/2035 | 20,515 | 588 | ||||||||||
1.450%, 12/17/2024 | 85,200 | 2,793 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
1.250%, 03/12/2028 | THB | 395 | $ | 12 | ||||||||
0.950%, 06/17/2025 | 31,000 | 995 | ||||||||||
|
|
| ||||||||||
32,769 | ||||||||||||
|
|
| ||||||||||
Trinidad & Tobago — 0.1% |
| |||||||||||
Trinidad & Tobago Government International Bond | ||||||||||||
4.375%, 01/16/2024 | $ | 1,287 | 1,348 | |||||||||
|
|
| ||||||||||
Tunisia — 0.2% | ||||||||||||
Banque Centrale de Tunisie | ||||||||||||
8.250%, 09/19/2027 | 337 | 310 | ||||||||||
5.750%, 01/30/2025 (A) | 493 | 429 | ||||||||||
Banque Centrale de Tunisie International Bond | ||||||||||||
6.375%, 07/15/2026 | EUR | 939 | 969 | |||||||||
5.625%, 02/17/2024 | 1,563 | 1,619 | ||||||||||
|
|
| ||||||||||
3,327 | ||||||||||||
|
|
| ||||||||||
Turkey — 1.8% | ||||||||||||
Export Credit Bank of Turkey (A) | ||||||||||||
6.125%, 05/03/2024 | $ | 247 | 244 | |||||||||
5.375%, 10/24/2023 | 1,033 | 1,011 | ||||||||||
5.000%, 09/23/2021 | 538 | 538 | ||||||||||
Hazine Mustesarligi Varlik Kiralama | ||||||||||||
5.800%, 02/21/2022 (A)(B) | 1,479 | 1,486 | ||||||||||
QNB Finansbank | ||||||||||||
6.875%, 09/07/2024 (A) | 613 | 632 | ||||||||||
TC Ziraat Bankasi MTN | ||||||||||||
5.125%, 05/03/2022 (A) | 1,063 | 1,058 | ||||||||||
Turkey Government Bond | ||||||||||||
12.600%, 10/01/2025 | TRY | 6,928 | 690 | |||||||||
11.700%, 11/13/2030 | 17,306 | 1,467 | ||||||||||
9.000%, 05/04/2022 | 3,294 | 363 | ||||||||||
Turkey Government International Bond | ||||||||||||
10.600%, 02/11/2026 | 13,916 | 1,264 | ||||||||||
7.250%, 12/23/2023 | $ | 1,061 | 1,093 | |||||||||
6.875%, 03/17/2036 | 2,482 | 2,350 | ||||||||||
6.375%, 10/14/2025 | 200 | 198 | ||||||||||
6.350%, 08/10/2024 | 294 | 294 | ||||||||||
6.000%, 01/14/2041 | 308 | 260 | ||||||||||
5.950%, 01/15/2031 | 4,026 | 3,645 | ||||||||||
5.875%, 06/26/2031 | 1,552 | 1,401 | ||||||||||
5.750%, 03/22/2024 | 200 | 198 | ||||||||||
5.750%, 05/11/2047 | 883 | 715 | ||||||||||
5.125%, 03/25/2022 | 375 | 376 | ||||||||||
5.125%, 02/17/2028 | 442 | 399 | ||||||||||
4.875%, 10/09/2026 | 1,017 | 936 | ||||||||||
4.750%, 01/26/2026 | 4,162 | 3,870 | ||||||||||
Turkiye Sise ve Cam Fabrikalari | ||||||||||||
6.950%, 03/14/2026 (A) | 500 | 534 | ||||||||||
Turkiye Vakiflar Bankasi TAO | ||||||||||||
6.500%, 01/08/2026 (A) | 379 | 363 |
50 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
Ulker Biskuvi Sanayi | ||||||||||||
6.950%, 10/30/2025 (A) | $ | 871 | $ | 913 | ||||||||
Yapi ve Kredi Bankasi MTN | ||||||||||||
5.850%, 06/21/2024 (A) | 429 | 417 | ||||||||||
|
|
| ||||||||||
26,715 | ||||||||||||
|
|
| ||||||||||
Ukraine — 2.4% | ||||||||||||
NAK Naftogaz Ukraine via Kondor Finance | ||||||||||||
7.625%, 11/08/2026 (A) | 990 | 1,005 | ||||||||||
7.125%, 07/19/2024 | EUR | 720 | 870 | |||||||||
Ukraine Government International Bond | ||||||||||||
17.000%, 05/11/2022 | UAH | 71,848 | 2,733 | |||||||||
16.000%, 08/11/2021 | 148,624 | 5,450 | ||||||||||
15.840%, 02/26/2025 | 66,553 | 2,612 | ||||||||||
9.750%, 11/01/2028 (A) | $ | 375 | 437 | |||||||||
9.750%, 11/01/2028 | 897 | 1,044 | ||||||||||
8.994%, 02/01/2024 | 1,128 | 1,251 | ||||||||||
7.750%, 09/01/2021 | 596 | 607 | ||||||||||
7.750%, 09/01/2022 | 222 | 234 | ||||||||||
7.750%, 09/01/2026 | 1,942 | 2,105 | ||||||||||
7.750%, 09/01/2026 (A) | 169 | 183 | ||||||||||
7.750%, 09/01/2027 (A) | 223 | 238 | ||||||||||
7.750%, 09/01/2027 | 2,052 | 2,193 | ||||||||||
7.375%, 09/25/2032 | 5,155 | 5,181 | ||||||||||
7.253%, 03/15/2033 | 2,823 | 2,808 | ||||||||||
7.253%, 03/15/2033 (A) | 1,087 | 1,081 | ||||||||||
6.750%, 06/20/2026 | EUR | 1,299 | 1,638 | |||||||||
4.375%, 01/27/2030 (A) | 961 | 1,034 | ||||||||||
3.000%, 05/31/2040 (A)(E) | $ | 2,206 | 2,272 | |||||||||
|
|
| ||||||||||
34,976 | ||||||||||||
|
|
| ||||||||||
United Arab Emirates — 1.6% |
| |||||||||||
Abu Dhabi Crude Oil Pipeline | ||||||||||||
4.600%, 11/02/2047 (A) | 3,268 | 3,685 | ||||||||||
4.600%, 11/02/2047 | 330 | 372 | ||||||||||
3.650%, 11/02/2029 (A) | 537 | 592 | ||||||||||
Abu Dhabi Government International Bond (A) | ||||||||||||
4.125%, 10/11/2047 | 824 | 929 | ||||||||||
3.125%, 09/30/2049 | 1,436 | 1,368 | ||||||||||
Abu Dhabi Government International Bond MTN | ||||||||||||
3.875%, 04/16/2050 | 460 | 499 | ||||||||||
3.125%, 04/16/2030 | 300 | 321 | ||||||||||
DAE Funding LLC | ||||||||||||
3.375%, 03/20/2028 (A) | 550 | 546 | ||||||||||
DP World MTN (A) | ||||||||||||
6.850%, 07/02/2037 | 210 | 271 | ||||||||||
5.625%, 09/25/2048 | 439 | 514 | ||||||||||
4.700%, 09/30/2049 | 134 | 140 | ||||||||||
DP World Crescent MTN | ||||||||||||
4.848%, 09/26/2028 | 475 | 530 |
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||||||
GLOBAL BONDS (continued) |
| |||||||||||
DP World Salaam | ||||||||||||
6.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.750% (F) | $ | 877 | $ | 943 | ||||||||
Emirate of Dubai Government International Bonds MTN | ||||||||||||
5.250%, 01/30/2043 | 490 | 529 | ||||||||||
Finance Department Government of Sharjah MTN (A) | ||||||||||||
4.000%, 07/28/2050 | 1,165 | 1,024 | ||||||||||
3.625%, 03/10/2033 | 660 | 651 | ||||||||||
Galaxy Pipeline Assets Bidco (A) | ||||||||||||
2.940%, 09/30/2040 | 4,215 | 4,064 | ||||||||||
2.625%, 03/31/2036 | 1,630 | 1,559 | ||||||||||
2.160%, 03/31/2034 | 1,970 | 1,908 | ||||||||||
MDC-GMTN BV MTN | ||||||||||||
4.500%, 11/07/2028 (A) | 1,346 | 1,558 | ||||||||||
MDGH - GMTN BV MTN | ||||||||||||
3.950%, 05/21/2050 | 200 | 213 | ||||||||||
3.700%, 11/07/2049 (A) | 711 | 726 | ||||||||||
Sharjah Sukuk Program MTN | ||||||||||||
3.854%, 04/03/2026 | 359 | 383 | ||||||||||
|
|
| ||||||||||
23,325 | ||||||||||||
|
|
| ||||||||||
United Kingdom — 0.2% | ||||||||||||
Standard Chartered Bank MTN (A) | ||||||||||||
8.375%, 10/18/2039 | IDR | 20,797,000 | 1,528 | |||||||||
8.250%, 05/18/2029 | 14,336,000 | 1,076 | ||||||||||
|
|
| ||||||||||
2,604 | ||||||||||||
|
|
| ||||||||||
United States — 0.5% | ||||||||||||
JPMorgan Chase Bank MTN (A) | ||||||||||||
7.500%, 06/15/2035 | 41,500,000 | 2,913 | ||||||||||
7.000%, 09/18/2030 (E) | 57,637,000 | 4,013 | ||||||||||
|
|
| ||||||||||
6,926 | ||||||||||||
|
|
| ||||||||||
Uruguay — 0.7% | ||||||||||||
Republic of Uruguay | ||||||||||||
4.375%, 12/15/2028 | UYU | 9,246 | 247 | |||||||||
Uruguay Government International Bond | ||||||||||||
9.875%, 06/20/2022 | 53,504 | 1,252 | ||||||||||
4.975%, 04/20/2055 | $ | 661 | 807 | |||||||||
4.375%, 10/27/2027 | 2,310 | 2,620 | ||||||||||
4.375%, 01/23/2031 | 4,567 | 5,287 | ||||||||||
|
|
| ||||||||||
10,213 | ||||||||||||
|
|
| ||||||||||
Uzbekistan — 0.1% | ||||||||||||
Republic of Uzbekistan Bond MTN | ||||||||||||
5.375%, 02/20/2029 | 833 | 910 | ||||||||||
4.750%, 02/20/2024 | 232 | 244 | ||||||||||
3.700%, 11/25/2030 (A) | 524 | 509 | ||||||||||
3.700%, 11/25/2030 | 232 | 225 | ||||||||||
|
|
| ||||||||||
1,888 | ||||||||||||
|
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 51 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Markets Debt Fund (Continued)
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
GLOBAL BONDS (continued) | ||||||||
Venezuela — 0.2% | ||||||||
Petroleos de Venezuela | ||||||||
9.750%, 05/17/2035 | $ | 1,000 | $ | 43 | ||||
9.000%, 11/17/2021 (B) | 4,300 | 187 | ||||||
6.000%, 05/16/2024 | 10,192 | 443 | ||||||
6.000%, 05/16/2024 | 7,785 | 339 | ||||||
6.000%, 11/15/2026 | 13,215 | 575 | ||||||
5.500%, 04/12/2037 | 1,740 | 76 | ||||||
5.375%, 04/12/2027 | 4,563 | 199 | ||||||
Venezuela Government International Bond | ||||||||
9.250%, 09/15/2027 | 2,300 | 236 | ||||||
9.250%, 05/07/2028 | 2,941 | 301 | ||||||
8.250%, 10/13/2024 | 3,304 | 335 | ||||||
7.750%, 10/13/2019 | 3,976 | 388 | ||||||
|
|
| ||||||
3,122 | ||||||||
|
|
| ||||||
Vietnam — 0.0% | ||||||||
Mong Duong Finance Holdings BV | ||||||||
5.125%, 05/07/2029 (A) | 535 | 538 | ||||||
|
|
|
Description | Face Amount (Thousands) | Market Value ($ Thousands) | ||||||
GLOBAL BONDS (continued) | ||||||||
Zambia — 0.1% | ||||||||
First Quantum Minerals (A) | ||||||||
7.500%, 04/01/2025 | $ | 404 | $ | 417 | ||||
6.875%, 03/01/2026 | 403 | 417 | ||||||
Zambia Government International Bond | ||||||||
5.375%, 09/20/2022 | 2,282 | 1,267 | ||||||
|
|
| ||||||
2,101 | ||||||||
|
|
| ||||||
Total Global Bonds | 1,407,780 | |||||||
|
|
| ||||||
Shares | ||||||||
AFFILIATED PARTNERSHIP — 2.2% |
| |||||||
SEI Liquidity Fund, L.P. | ||||||||
0.020% **†(H) | 32,648,024 | 32,656 | ||||||
|
|
| ||||||
Total Affiliated Partnership |
| 32,656 | ||||||
|
|
| ||||||
Total Investments in Securities — 96.8% |
| $ | 1,440,436 | |||||
|
|
|
A list of the open futures contracts held by the Fund at March 31, 2021, is as follows:
Type of Contract | Number of Contracts Long (Short) | Expiration Date | Notional Amount (Thousands) | Value (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | |||||||||||||||
Euro-Bob | (18 | ) | Jun-2021 | $ | (2,880 | ) | $ | (2,858 | ) | $ | 5 | |||||||||
Euro-Bund | (75 | ) | Jun-2021 | (15,544 | ) | (15,098 | ) | 48 | ||||||||||||
Euro-Buxl | (31 | ) | Jun-2021 | (7,837 | ) | (7,507 | ) | 142 | ||||||||||||
Korea 10-Year Bond | (25 | ) | Jun-2021 | (2,787 | ) | (2,785 | ) | 9 | ||||||||||||
R186 Bond Future | 1,632 | May-2021 | 13,093 | 12,979 | (379 | ) | ||||||||||||||
R2030 Bond Future | 362 | May-2021 | 2,298 | 2,284 | (82 | ) | ||||||||||||||
R2032 Bond Future | 812 | May-2021 | 4,855 | 4,791 | (159 | ) | ||||||||||||||
R2035 Bond Future | 631 | May-2021 | 3,695 | 3,687 | (114 | ) | ||||||||||||||
R2037 Bond Future | 328 | May-2021 | 1,822 | 1,815 | (59 | ) | ||||||||||||||
R2040 Bond Future | 229 | May-2021 | 1,321 | 1,300 | (45 | ) | ||||||||||||||
R213 Bond Future | 837 | May-2021 | 4,777 | 4,699 | (173 | ) | ||||||||||||||
U.S. 2-Year Treasury Note | 18 | Jul-2021 | 3,977 | 3,973 | (4 | ) | ||||||||||||||
U.S. 5-Year Treasury Note | (22 | ) | Jul-2021 | (2,721 | ) | (2,715 | ) | 6 | ||||||||||||
U.S. 10-Year Treasury Note | 86 | Jun-2021 | 11,394 | 11,261 | (133 | ) | ||||||||||||||
U.S. Long Treasury Bond | (1 | ) | Jun-2021 | (158 | ) | (155 | ) | 3 | ||||||||||||
U.S. Ultra Long Treasury Bond | 51 | Jun-2021 | 9,696 | 9,242 | (454 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
$ | 25,001 | $ | 24,913 | $ | (1,389 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
A list of the open forward foreign currency contracts held by the Fund at March 31, 2021, is as follows:
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Barclays PLC | 04/07/21 | USD | 1,251 | TRY | 9,513 | $ | (104 | ) |
52 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Barclays PLC | 04/07/21 - 06/22/21 | TRY | 36,420 | USD | 4,469 | $ | 143 | |||||||||||||||||
Barclays PLC | 06/16/21 | USD | 8,941 | PLN | 34,213 | (265 | ) | |||||||||||||||||
Barclays PLC | 06/16/21 - 06/22/21 | USD | 16,559 | TRY | 126,719 | (1,966 | ) | |||||||||||||||||
Barclays PLC | 06/16/21 | RUB | 236,491 | USD | 3,077 | (25 | ) | |||||||||||||||||
Citi | 04/22/21 | USD | 2,210 | KRW | 2,482,418 | (10 | ) | |||||||||||||||||
Citigroup | 04/30/21 - 06/16/21 | USD | 9,959 | KRW | 11,281,316 | 53 | ||||||||||||||||||
Citigroup | 04/05/21 | USD | 2,622 | KRW | 2,941,854 | (22 | ) | |||||||||||||||||
Citigroup | 04/06/21 - 06/30/21 | USD | 2,811 | EUR | 2,359 | (39 | ) | |||||||||||||||||
Citigroup | 04/06/21 - 06/16/21 | EUR | 13,437 | USD | 16,122 | 310 | ||||||||||||||||||
Citigroup | 04/08/21 | CNY | 4,257 | USD | 649 | (1 | ) | |||||||||||||||||
Citigroup | 04/08/21 | USD | 2,453 | INR | 181,373 | 25 | ||||||||||||||||||
Citigroup | 05/25/21 | USD | 2,687 | INR | 197,196 | (14 | ) | |||||||||||||||||
Citigroup | 04/09/21 - 05/10/21 | USD | 9,229 | TWD | 256,651 | (206 | ) | |||||||||||||||||
Citigroup | 04/16/21 - 06/16/21 | USD | 11,753 | RUB | 874,347 | (274 | ) | |||||||||||||||||
Citigroup | 06/16/21 | RUB | 44,250 | USD | 594 | 13 | ||||||||||||||||||
Citigroup | 04/16/21 - 06/16/21 | RUB | 153,362 | USD | 2,000 | (17 | ) | |||||||||||||||||
Citigroup | 04/19/21 | USD | 1,673 | CNY | 10,988 | 1 | ||||||||||||||||||
Citigroup | 04/19/21 | USD | 19,706 | CNY | 128,268 | (163 | ) | |||||||||||||||||
Citigroup | 05/05/21 - 06/17/21 | USD | 6,690 | ZAR | 100,895 | 77 | ||||||||||||||||||
Citigroup | 05/05/21 | USD | 1,352 | ZAR | 19,905 | (10 | ) | |||||||||||||||||
Citigroup | 05/05/21 | ZAR | 40,416 | USD | 2,728 | 2 | ||||||||||||||||||
Citigroup | 05/05/21 - 06/17/21 | ZAR | 61,441 | USD | 4,056 | (83 | ) | |||||||||||||||||
Citigroup | 05/10/21 | ILS | 1,175 | USD | 357 | 4 | ||||||||||||||||||
Citigroup | 05/10/21 | USD | 2,705 | ILS | 8,858 | (47 | ) | |||||||||||||||||
Citigroup | 05/20/21 - 07/15/21 | EGP | 57,459 | USD | 3,530 | (78 | ) | |||||||||||||||||
Citigroup | 05/28/21 | USD | 512 | VND | 11,779,137 | (2 | ) | |||||||||||||||||
Citigroup | 05/28/21 - 06/16/21 | THB | 125,342 | USD | 4,136 | 125 | ||||||||||||||||||
Citigroup | 06/02/21 | USD | 1,054 | BRL | 5,884 | (15 | ) | |||||||||||||||||
Citigroup | 06/16/21 | USD | 9,662 | MXN | 203,093 | 183 | ||||||||||||||||||
Citigroup | 06/04/21 | USD | 9,704 | MXN | 196,812 | (151 | ) | |||||||||||||||||
Citigroup | 06/16/21 | EUR | 325 | CZK | 8,506 | — | ||||||||||||||||||
Citigroup | 06/16/21 | USD | 1,079 | RON | 4,447 | (21 | ) | |||||||||||||||||
Citigroup | 06/16/21 | EUR | 5,551 | PLN | 24,964 | (204 | ) | |||||||||||||||||
Citigroup | 06/16/21 | USD | 5,896 | TRY | 45,886 | (608 | ) | |||||||||||||||||
Citigroup | 06/16/21 | PEN | 12,575 | USD | 3,380 | 35 | ||||||||||||||||||
Citigroup | 06/16/21 | USD | 6,426 | CLP | 4,749,575 | 192 | ||||||||||||||||||
Citigroup | 06/16/21 | USD | 8,979 | CLP | 6,421,025 | (32 | ) | |||||||||||||||||
Citigroup | 06/16/21 | USD | 17,007 | CZK | 372,773 | (222 | ) | |||||||||||||||||
Citigroup | 06/16/21 | HUF | 781,067 | EUR | 2,115 | (42 | ) | |||||||||||||||||
Citigroup | 06/16/21 | CLP | 956,463 | USD | 1,318 | (15 | ) | |||||||||||||||||
Citigroup | 06/16/21 | COP | 23,314,064 | USD | 6,512 | 173 | ||||||||||||||||||
Citigroup | 06/30/21 | RON | 2,125 | EUR | 432 | 3 | ||||||||||||||||||
Citigroup | 06/30/21 | JPY | 234,131 | USD | 2,145 | 24 | ||||||||||||||||||
Citigroup | 07/06/21 | PLN | 1,008 | EUR | 217 | (1 | ) | |||||||||||||||||
Citigroup | 10/06/21 | EUR | 580 | RON | 2,891 | — | ||||||||||||||||||
Goldman Sachs | 06/02/21 - 06/11/21 | USD | 3,059 | BRL | 17,435 | 17 | ||||||||||||||||||
Goldman Sachs | 04/05/21 | USD | 10,340 | BRL | 55,716 | (468 | ) | |||||||||||||||||
Goldman Sachs | 04/06/21 | USD | 2,026 | EUR | 1,701 | (27 | ) | |||||||||||||||||
Goldman Sachs | 04/06/21 | USD | 2,567 | AUD | 3,298 | (55 | ) | |||||||||||||||||
Goldman Sachs | 04/07/21 - 06/22/21 | USD | 4,603 | TRY | 34,813 | (467 | ) | |||||||||||||||||
Goldman Sachs | 04/09/21 | USD | 5,526 | TWD | 154,118 | (118 | ) |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 53 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Markets Debt Fund (Continued)
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
Goldman Sachs | 04/16/21 | USD | 3,759 | PEN | 13,576 | $ | (149 | ) | ||||||||||||||||
Goldman Sachs | 04/16/21 - 06/11/21 | USD | 5,209 | RUB | 388,213 | (96 | ) | |||||||||||||||||
Goldman Sachs | 04/16/21 - 06/16/21 | PEN | 49,960 | USD | 13,507 | 220 | ||||||||||||||||||
Goldman Sachs | 04/16/21 | RUB | 520,128 | USD | 6,995 | 120 | ||||||||||||||||||
Goldman Sachs | 06/16/21 | RUB | 94,207 | USD | 1,231 | (4 | ) | |||||||||||||||||
Goldman Sachs | 04/19/21 | CNY | 73,105 | USD | 11,216 | 77 | ||||||||||||||||||
Goldman Sachs | 06/16/21 | CNY | 4,454 | USD | 675 | — | ||||||||||||||||||
Goldman Sachs | 05/05/21 | ZAR | 32,557 | USD | 2,113 | (82 | ) | |||||||||||||||||
Goldman Sachs | 05/10/21 | USD | 2,704 | ILS | 8,858 | (45 | ) | |||||||||||||||||
Goldman Sachs | 05/10/21 | ILS | 19,113 | USD | 5,802 | 65 | ||||||||||||||||||
Goldman Sachs | 05/28/21 - 06/16/21 | TRY | 14,218 | USD | 1,649 | 3 | ||||||||||||||||||
Goldman Sachs | 06/16/21 | TRY | 16,407 | USD | 1,889 | (2 | ) | |||||||||||||||||
Goldman Sachs | 06/01/21 | USD | 2,531 | PHP | 123,507 | 6 | ||||||||||||||||||
Goldman Sachs | 06/03/21 | EUR | 5,202 | USD | 6,283 | 161 | ||||||||||||||||||
Goldman Sachs | 06/04/21 | MXN | 54,149 | USD | 2,656 | 27 | ||||||||||||||||||
Goldman Sachs | 06/04/21 - 06/16/21 | MXN | 92,662 | USD | 4,381 | (115 | ) | |||||||||||||||||
Goldman Sachs | 06/11/21 | USD | 1,753 | KRW | 1,971,690 | (3 | ) | |||||||||||||||||
Goldman Sachs | 06/11/21 | KRW | 150,001 | USD | 133 | — | ||||||||||||||||||
Goldman Sachs | 06/16/21 | USD | 578 | CZK | 12,840 | — | ||||||||||||||||||
Goldman Sachs | 06/16/21 | USD | 636 | RON | 2,628 | (11 | ) | |||||||||||||||||
Goldman Sachs | 06/16/21 | EUR | 1,185 | CZK | 31,053 | 3 | ||||||||||||||||||
Goldman Sachs | 06/16/21 | USD | 1,349 | THB | 42,210 | 1 | ||||||||||||||||||
Goldman Sachs | 06/16/21 | USD | 1,730 | MXN | 35,973 | 13 | ||||||||||||||||||
Goldman Sachs | 06/16/21 | USD | 5,531 | CNY | 36,175 | (44 | ) | |||||||||||||||||
Goldman Sachs | 06/16/21 | SGD | 15,817 | USD | 11,786 | 16 | ||||||||||||||||||
Goldman Sachs | 06/16/21 - 07/15/21 | EGP | 27,573 | USD | 1,690 | (21 | ) | |||||||||||||||||
Goldman Sachs | 06/16/21 | RON | 44,589 | USD | 10,879 | 267 | ||||||||||||||||||
Goldman Sachs | 06/16/21 | PHP | 357,250 | USD | 7,311 | (12 | ) | |||||||||||||||||
Goldman Sachs | 06/16/21 | COP | 21,542,305 | USD | 5,997 | 140 | ||||||||||||||||||
Goldman Sachs | 06/22/21 | USD | 1,237 | UAH | 35,674 | 433 | ||||||||||||||||||
Goldman Sachs | 06/30/21 | EUR | 1,707 | RON | 8,407 | (11 | ) | |||||||||||||||||
Goldman Sachs | 07/06/21 | PLN | 1,299 | EUR | 282 | 3 | ||||||||||||||||||
Goldman Sachs | 07/06/21 | EUR | 2,955 | PLN | 13,353 | (93 | ) | |||||||||||||||||
Goldman Sachs | 07/14/21 - 09/24/21 | USD | 1,965 | KZT | 852,398 | (19 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/05/21 | BRL | 4,475 | USD | 834 | 42 | ||||||||||||||||||
JPMorgan Chase Bank | 05/04/21 | USD | 8,574 | BRL | 49,516 | 185 | ||||||||||||||||||
JPMorgan Chase Bank | 04/05/21 | USD | 412 | BRL | 2,268 | (10 | ) | |||||||||||||||||
JPMorgan Chase Bank | 06/30/21 | USD | 512 | EUR | 436 | 1 | ||||||||||||||||||
JPMorgan Chase Bank | 04/06/21 - 06/03/21 | USD | 6,445 | EUR | 5,381 | (120 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/06/21 - 06/30/21 | EUR | 14,613 | USD | 17,470 | 276 | ||||||||||||||||||
JPMorgan Chase Bank | 04/07/21 | TRY | 17,336 | USD | 2,273 | 184 | ||||||||||||||||||
JPMorgan Chase Bank | 04/08/21 - 04/19/21 | USD | 6,367 | CNY | 41,348 | (62 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/12/21 | USD | 145 | CNY | 952 | 1 | ||||||||||||||||||
JPMorgan Chase Bank | 04/09/21 - 04/12/21 | USD | 17,176 | CNY | 111,497 | (177 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/12/21 - 04/22/21 | PEN | 11,616 | USD | 3,150 | 61 | ||||||||||||||||||
JPMorgan Chase Bank | 04/14/21 | USD | 5,716 | CLP | 4,137,060 | 44 | ||||||||||||||||||
JPMorgan Chase Bank | 04/14/21 - 04/22/21 | BRL | 35,589 | USD | 6,351 | 49 | ||||||||||||||||||
JPMorgan Chase Bank | 04/22/21 | BRL | 1,270 | USD | 220 | (5 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/14/21 - 04/30/21 | IDR | 277,507,918 | USD | 19,176 | 121 | ||||||||||||||||||
JPMorgan Chase Bank | 04/16/21 | USD | 2,815 | RUB | 211,106 | (25 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/16/21 | PEN | 4,896 | USD | 1,351 | 49 |
54 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
JPMorgan Chase Bank | 04/16/21 | RUB | 145,837 | USD | 1,943 | $ | 16 | |||||||||||||||||
JPMorgan Chase Bank | 04/19/21 - 04/21/21 | USD | 1,603 | TRY | 12,294 | (133 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/20/21 - 05/18/21 | USD | 8,332 | ZAR | 125,579 | 128 | ||||||||||||||||||
JPMorgan Chase Bank | 05/05/21 | USD | 2,649 | ZAR | 39,066 | (14 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/20/21 - 05/18/21 | ZAR | 221,025 | USD | 14,248 | (683 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/21/21 | USD | 180 | PEN | 668 | (3 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/21/21 | USD | 507 | PHP | 24,673 | 2 | ||||||||||||||||||
JPMorgan Chase Bank | 04/22/21 | USD | 141 | RUB | 10,767 | 1 | ||||||||||||||||||
JPMorgan Chase Bank | 04/21/21 | USD | 935 | RUB | 68,933 | (25 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/21/21 | USD | 1,654 | THB | 50,939 | (24 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/21/21 | CLP | 1,915,492 | USD | 2,677 | 10 | ||||||||||||||||||
JPMorgan Chase Bank | 04/22/21 | USD | 149 | COP | 557,427 | 3 | ||||||||||||||||||
JPMorgan Chase Bank | 04/22/21 | USD | 3,328 | KRW | 3,767,159 | 11 | ||||||||||||||||||
JPMorgan Chase Bank | 04/22/21 | USD | 141 | BRL | 809 | 2 | ||||||||||||||||||
JPMorgan Chase Bank | 04/22/21 | USD | 5,560 | BRL | 30,973 | (77 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/22/21 | RUB | 173,203 | USD | 2,356 | 69 | ||||||||||||||||||
JPMorgan Chase Bank | 04/22/21 | COP | 4,414,484 | USD | 1,231 | 29 | ||||||||||||||||||
JPMorgan Chase Bank | 04/22/21 | COP | 987,851 | USD | 267 | (2 | ) | |||||||||||||||||
JPMorgan Chase Bank | 04/26/21 - 06/14/21 | THB | 87,750 | USD | 2,830 | 22 | ||||||||||||||||||
JPMorgan Chase Bank | 04/30/21 | USD | 98 | IDR | 1,423,969 | — | ||||||||||||||||||
JPMorgan Chase Bank | 05/04/21 | USD | 1,739 | MYR | 7,037 | (39 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/10/21 | USD | 2,675 | TWD | 74,035 | (64 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/19/21 | USD | 90 | PLN | 359 | 1 | ||||||||||||||||||
JPMorgan Chase Bank | 05/19/21 | USD | 3,211 | PLN | 11,923 | (188 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/19/21 | USD | 4,974 | RON | 20,097 | (183 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/19/21 - 06/04/21 | USD | 3,000 | MXN | 62,856 | 55 | ||||||||||||||||||
JPMorgan Chase Bank | 06/04/21 | USD | 2,263 | MXN | 46,464 | (8 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/19/21 | PLN | 6,668 | USD | 1,790 | 99 | ||||||||||||||||||
JPMorgan Chase Bank | 05/19/21 | PLN | 463 | USD | 116 | (1 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/19/21 | MXN | 18,563 | USD | 913 | 11 | ||||||||||||||||||
JPMorgan Chase Bank | 05/19/21 | MXN | 61,939 | USD | 2,994 | (18 | ) | |||||||||||||||||
JPMorgan Chase Bank | 05/24/21 | USD | 833 | IDR | 12,242,894 | 4 | ||||||||||||||||||
JPMorgan Chase Bank | 05/24/21 | IDR | 35,378,308 | USD | 2,480 | 62 | ||||||||||||||||||
JPMorgan Chase Bank | 05/28/21 | USD | 818 | VND | 18,816,024 | (3 | ) | |||||||||||||||||
JPMorgan Chase Bank | 06/14/21 | USD | 1,824 | THB | 56,208 | (25 | ) | |||||||||||||||||
JPMorgan Chase Bank | 06/15/21 | USD | 112 | CZK | 2,461 | (1 | ) | |||||||||||||||||
JPMorgan Chase Bank | 06/15/21 | USD | 4,161 | HUF | 1,283,476 | — | ||||||||||||||||||
JPMorgan Chase Bank | 06/16/21 | USD | 311 | COP | 1,142,543 | — | ||||||||||||||||||
JPMorgan Chase Bank | 06/16/21 | COP | 1,326,392 | USD | 362 | 2 | ||||||||||||||||||
JPMorgan Chase Bank | 07/06/21 | EUR | 412 | PLN | 1,871 | (10 | ) | |||||||||||||||||
JPMorgan Chase Bank | 07/14/21 | USD | 686 | KZT | 295,404 | (2 | ) | |||||||||||||||||
JPMorgan Chase Bank | 07/22/21 | USD | 1,321 | UAH | 38,652 | 485 | ||||||||||||||||||
JPMorgan Chase Bank | 10/06/21 | EUR | 516 | RON | 2,575 | — | ||||||||||||||||||
Merrill Lynch | 06/16/21 | USD | 3,597 | MXN | 75,135 | 45 | ||||||||||||||||||
Merrill Lynch | 06/16/21 | USD | 8,947 | PLN | 34,213 | (271 | ) | |||||||||||||||||
Merrill Lynch | 06/16/21 | COP | 41,457,060 | USD | 11,554 | 282 | ||||||||||||||||||
Morgan Stanley | 04/05/21 | BRL | 7,256 | USD | 1,276 | (10 | ) | |||||||||||||||||
Morgan Stanley | 04/06/21 | EUR | 2,219 | USD | 2,652 | 44 | ||||||||||||||||||
Morgan Stanley | 04/06/21 | USD | 2,983 | EUR | 2,453 | (99 | ) | |||||||||||||||||
Morgan Stanley | 04/16/21 | RUB | 326,676 | USD | 4,364 | 47 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 55 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Markets Debt Fund (Continued)
Counterparty | Settlement Date | �� | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | |||||||||||||||||||
Morgan Stanley | 04/19/21 | USD | 411 | CNY | 2,667 | $ | (5 | ) | ||||||||||||||||
Morgan Stanley | 04/19/21 | CNY | 48,654 | USD | 7,460 | 47 | ||||||||||||||||||
Morgan Stanley | 04/19/21 | CNY | 2,367 | USD | 360 | — | ||||||||||||||||||
Morgan Stanley | 05/05/21 | USD | 1,218 | ZAR | 18,463 | 27 | ||||||||||||||||||
Morgan Stanley | 06/14/21 | USD | 618 | THB | 19,342 | 1 | ||||||||||||||||||
Morgan Stanley | 05/28/21 - 06/14/21 | USD | 844 | THB | 25,890 | (15 | ) | |||||||||||||||||
Morgan Stanley | 06/04/21 | USD | 245 | MXN | 5,133 | 4 | ||||||||||||||||||
Morgan Stanley | 06/04/21 | MXN | 54,682 | USD | 2,647 | (7 | ) | |||||||||||||||||
Morgan Stanley | 06/11/21 | INR | 123,884 | USD | 1,683 | 9 | ||||||||||||||||||
Morgan Stanley | 06/16/21 | CZK | 9,572 | EUR | 365 | (2 | ) | |||||||||||||||||
Morgan Stanley | 07/06/21 | PLN | 12,507 | EUR | 2,764 | 83 | ||||||||||||||||||
Morgan Stanley | 09/10/21 | PHP | 17,839 | USD | 362 | (1 | ) | |||||||||||||||||
Standard Bank | 04/06/21 | EUR | 580 | USD | 700 | 17 | ||||||||||||||||||
Standard Bank | 04/09/21 | TWD | 265,264 | USD | 9,301 | (8 | ) | |||||||||||||||||
Standard Bank | 05/05/21 | USD | 1,284 | ZAR | 19,517 | 32 | ||||||||||||||||||
Standard Bank | 05/05/21 | ZAR | 15,944 | USD | 1,055 | (21 | ) | |||||||||||||||||
Standard Bank | 06/02/21 | USD | 2,576 | BRL | 14,027 | (101 | ) | |||||||||||||||||
Standard Bank | 06/16/21 | USD | 622 | MXN | 12,896 | 3 | ||||||||||||||||||
Standard Bank | 06/04/21 | USD | 1,004 | MXN | 20,660 | (2 | ) | |||||||||||||||||
Standard Bank | 06/16/21 | USD | 3,184 | MYR | 13,136 | (16 | ) | |||||||||||||||||
Standard Bank | 06/16/21 | CNY | 4,520 | USD | 685 | (1 | ) | |||||||||||||||||
Standard Bank | 06/16/21 | USD | 8,772 | HUF | 2,697,005 | (27 | ) | |||||||||||||||||
Standard Bank | 06/16/21 | USD | 9,357 | TWD | 265,264 | 39 | ||||||||||||||||||
Standard Bank | 06/16/21 | IDR | 12,488,518 | USD | 858 | 6 | ||||||||||||||||||
Standard Bank | 07/15/21 | EGP | 41,916 | USD | 2,572 | (22 | ) | |||||||||||||||||
Standard Chartered | 04/05/21 | USD | 364 | BRL | 1,979 | (13 | ) | |||||||||||||||||
Standard Chartered | 04/05/21 | BRL | 4,975 | USD | 882 | — | ||||||||||||||||||
Standard Chartered | 04/08/21 | INR | 186,796 | USD | 2,543 | (10 | ) | |||||||||||||||||
Standard Chartered | 04/16/21 | USD | 280 | PEN | 1,023 | (9 | ) | |||||||||||||||||
Standard Chartered | 04/16/21 | USD | 3,625 | RUB | 270,939 | (44 | ) | |||||||||||||||||
Standard Chartered | 04/16/21 | RUB | 26,196 | USD | 344 | (2 | ) | |||||||||||||||||
Standard Chartered | 04/19/21 | USD | 3,924 | CNY | 25,497 | (40 | ) | |||||||||||||||||
Standard Chartered | 04/19/21 | USD | 4,547 | MYR | 18,750 | (20 | ) | |||||||||||||||||
Standard Chartered | 04/19/21 | CNY | 36,406 | USD | 5,580 | 33 | ||||||||||||||||||
Standard Chartered | 04/26/21 - 05/24/21 | IDR | 101,779,216 | USD | 7,106 | 130 | ||||||||||||||||||
Standard Chartered | 05/04/21 | MYR | 2,039 | USD | 496 | 3 | ||||||||||||||||||
Standard Chartered | 05/10/21 | TWD | 148,826 | USD | 5,383 | 134 | ||||||||||||||||||
Standard Chartered | 05/28/21 | THB | 3,055 | USD | 99 | 1 | ||||||||||||||||||
Standard Chartered | 06/01/21 | PHP | 135,047 | USD | 2,739 | (36 | ) | |||||||||||||||||
Standard Chartered | 06/11/21 | USD | 1,740 | CLP | 1,266,028 | 24 | ||||||||||||||||||
Standard Chartered | 06/16/21 | EUR | 814 | HUF | 300,593 | 17 | ||||||||||||||||||
State Street | 04/06/21 - 05/05/21 | USD | 1,994 | EUR | 1,692 | (6 | ) | |||||||||||||||||
State Street | 04/06/21 | AUD | 3,298 | USD | 2,529 | 17 | ||||||||||||||||||
State Street | 04/06/21 - 06/03/21 | EUR | 6,457 | USD | 7,683 | 90 | ||||||||||||||||||
State Street | 04/07/21 | EUR | 13,800 | USD | 17,003 | 783 | ||||||||||||||||||
State Street | 04/08/21 | CNY | 16,571 | USD | 2,541 | 15 | ||||||||||||||||||
State Street | 04/16/21 | USD | 8,352 | RUB | 629,013 | (38 | ) | |||||||||||||||||
State Street | 04/16/21 | PEN | 9,589 | USD | 2,605 | 56 | ||||||||||||||||||
State Street | 05/05/21 | ZAR | 11,487 | USD | 751 | (23 | ) |
56 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Counterparty | Settlement Date | Currency to Deliver (Thousands) | Currency to Receive (Thousands) | Unrealized Appreciation (Depreciation) (Thousands) | ||||||||||||||||||||
State Street | 06/04/21 | MXN | 26,373 | USD | 1,275 | $ | (6 | ) | ||||||||||||||||
State Street | 06/11/21 | USD | 1,681 | INR | 124,042 | (4 | ) | |||||||||||||||||
State Street | 06/11/21 | BRL | 9,204 | USD | 1,649 | 26 | ||||||||||||||||||
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| ||||||||||||||||||||||
$ | (2,265 | ) | ||||||||||||||||||||||
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|
|
A list of the open OTC swap agreements held by the Fund at March 31, 2021, 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) | |||||||||||||||||||||||||||
Goldman Sachs | | 3-MONTH MOSCOW PRIME OFFERED RATE - RUB | | 7.515% | Annually | 06/10/2021 | RUB | 1,020,770 | $ | 688 | $ | – | $ | 688 | ||||||||||||||||||||||
JPMorgan Chase | 1.3775% | 6-MONTH HUF -BUBOR | | Semi- Annually | 06/17/2021 | HUF | 654,998 | (26 | ) | – | (26 | ) | ||||||||||||||||||||||||
Goldman Sachs | 6-MONTH PLN - WIBOR | 2.208% | Annually | 11/16/2021 | PLN | 6,842 | 35 | – | 35 | |||||||||||||||||||||||||||
Citibank | 6-MONTH PLN - WIBOR | 2.431% | Annually | 12/14/2021 | PLN | 11,000 | 62 | – | 62 | |||||||||||||||||||||||||||
Goldman Sachs | | 3-MONTH MOSCOW PRIME OFFERED RATE - RUB | | 6.29% | Annually | 12/14/2021 | RUB | 535,000 | 153 | – | 153 | |||||||||||||||||||||||||
Goldman Sachs | 6-MONTH HUF - BUBOR | 1.265% | | Semi- Annually | 01/10/2022 | HUF | 1,537,322 | (25 | ) | – | (25 | ) | ||||||||||||||||||||||||
JPMorgan Chase | | 1-DAY-CLP - Sinacofi Chile Interbank Rate Avg | | 3.430% | | Semi- Annually | 05/10/2022 | CLP | 420,527 | 26 | – | 26 | ||||||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 5.900% | Monthly | 09/12/2022 | MXN | 75,956 | 58 | – | 58 | |||||||||||||||||||||||||||
Goldman Sachs | 1-DAY BRL - CETIP | 11.985% | Annually | 01/02/2023 | BRL | 3,000 | 278 | – | 278 | |||||||||||||||||||||||||||
Goldman Sachs | 1-DAY BRL - CETIP | 10.04% | Annually | 01/03/2023 | BRL | 5,012 | 350 | – | 350 | |||||||||||||||||||||||||||
Goldman Sachs | | 3-MONTH MOSCOW PRIME OFFERED RATE - RUB | | 7.072% | Annually | 04/02/2023 | RUB | 715,570 | 88 | – | 88 | |||||||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 6.355% | Monthly | 05/21/2025 | MXN | 23,145 | 21 | – | 21 | |||||||||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 6.205% | Monthly | 12/08/2025 | MXN | 16,624 | 7 | – | 7 | |||||||||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 6.165% | Monthly | 03/05/2026 | MXN | 47,200 | 13 | – | 13 | |||||||||||||||||||||||||||
JPMorgan Chase | 28-DAY MXN - TIIE | 6.13% | Monthly | 06/18/2026 | MXN | 40,000 | 3 | – | 3 | |||||||||||||||||||||||||||
Goldman Sachs | 28-DAY MXN - TIIE | 6.381% | Monthly | 09/16/2026 | MXN | 26,000 | 14 | – | 14 | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 1,745 | $ | – | $ | 1,745 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
Credit Default Swap | ||||||||||||||||||||||||||
Counterparty | Reference Entity/ Obligation | Buy/Sell Protection | (Pays)/ Receives Rate | Payment Frequency | Termination Date | Notional Amount (Thousands) | Value (Thousands) | Upfront Payments/ Receipts (Thousands) | Net Unrealized Appreciation (Thousands) | |||||||||||||||||
Goldman Sachs | Republic of Turkey | Buy | 1.00% | Quarterly | 12/20/2025 | $ | 2,142 | $ | 327 | $ | 219 | $ | 108 | |||||||||||||
|
|
|
|
|
|
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 57 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Markets Debt Fund (Continued)
A list of the open centrally cleared swap agreements held by the Fund at March 31, 2021, 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 (Depreciation) (Thousands) | ||||||||||||||||
6-MONTH CZK - PRIBOR | 2.1% | Annually | 09/30/2021 | CZK | 150,349 | $ | 56 | $ | – | $ | 56 | |||||||||||||
5.915% | 1-DAY COP-COLUMBIA IBR | Quarterly | 05/15/2029 | COP | 3,600,000 | (45 | ) | – | (45 | ) | ||||||||||||||
2.969% | 6-MONTH HUF - BUBOR | Semi-Annually | 02/08/2029 | HUF | 200,000 | – | – | – | ||||||||||||||||
28-DAY MXN - TIIE | 7.51% | Monthly | 04/20/2027 | MXN | 8,110 | 26 | – | 26 | ||||||||||||||||
7.4325% FIXED | 1-DAY BRL - CETIP | Annually | 01/04/2027 | BRL | 6,304 | 42 | – | 42 | ||||||||||||||||
28-DAY MXN - TIIE | 7.72% | Monthly | 12/03/2026 | MXN | 8,000 | 29 | – | 29 | ||||||||||||||||
1.13 % | 6-MONTH PLN - WIBOR | Semi-Annually | 03/16/2026 | PLN | 10,662 | 15 | – | 15 | ||||||||||||||||
1-DAY-CLP – Sinacofi Chile Interbank Rate Avg | .26% | Semi-Annually | 03/16/2026 | CLP | 1,623,158 | (32 | ) | – | (32 | ) | ||||||||||||||
1.1% | 6-MONTH THB BIBOR | Semi-Annually | 03/10/2026 | THB | 95,000 | 34 | – | 34 | ||||||||||||||||
0.995% | 6-MONTH THB BIBOR | Semi-Annually | 03/01/2026 | THB | 91,000 | 49 | – | 49 | ||||||||||||||||
1.32% FIXED | 6-MONTH CZK-PRIBOR | Semi-Annually | 02/10/2026 | CZK | 57,984 | 39 | – | 39 | ||||||||||||||||
1-DAY-CLP – Sinacofi Chile Interbank Rate Avg | .6325% | Semi-Annually | 01/12/2026 | CLP | 597,888 | (34 | ) | – | (34 | ) | ||||||||||||||
28-DAY MXN - TIIE | 4.85 FIXED | Monthly | 07/25/2025 | MXN | 6,144 | (12 | ) | – | (12 | ) | ||||||||||||||
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg | 1.16% | Semi-Annually | 06/23/2025 | CLP | 2,335,691 | (158 | ) | – | (158 | ) | ||||||||||||||
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg | .36% | Semi-Annually | 06/17/2025 | CLP | 1,931,133 | (107 | ) | – | (107 | ) | ||||||||||||||
0.644 FIXED | 6-MONTH PLN - WIBOR | Semi-Annually | 06/09/2025 | PLN | 11,248 | 53 | – | 53 | ||||||||||||||||
28-DAY MXN - TIIE | .45% FIXED | Monthly | 04/01/2025 | MXN | 27,064 | 31 | – | 31 | ||||||||||||||||
6-MONTH HUF - BUBOR | .725% | Annually | 03/25/2025 | HUF | 598,334 | (90 | ) | – | (90 | ) | ||||||||||||||
5.37 | 1-DAY COP- COLUMBIA IBR | Quarterly | 06/21/2029 | COP | 1,800,000 | (3 | ) | – | (3 | ) | ||||||||||||||
1-DAY BRL - CETIP | .455% | Annually | 01/02/2025 | BRL | 3,591 | (20 | ) | – | (20 | ) | ||||||||||||||
6.9225% | 28-DAY MXN - TIIE | Monthly | 08/31/2029 | MXN | 42,602 | (39 | ) | – | (39 | ) | ||||||||||||||
1.4925% | 6-MONTH CZK - PRIBOR | Semi-Annually | 11/18/2029 | CZK | 33,000 | (36 | ) | – | (36 | ) | ||||||||||||||
4.88 % | 1-DAY COP – COLUMBIA IBR | Quarterly | 03/16/2031 | COP | 4,263,045 | 56 | – | 56 | ||||||||||||||||
.42% | 6-MONTH HUF - BUBOR | Semi-Annually | 03/16/2031 | HUF | 219,577 | 19 | – | 19 | ||||||||||||||||
2.325% FIXED | 6-MONTH HUF - BUBOR | Semi-Annually | 02/24/2031 | HUF | 393,310 | 44 | – | 44 | ||||||||||||||||
1.495% FIXED | 3-MONTH KRW - KWDC | Quarterly | 02/19/2031 | KRW | 1,600,000 | 28 | – | 28 | ||||||||||||||||
1.3965% | 3-MONTH KRW - KWDC | Quarterly | 02/05/2031 | KRW | 1,600,000 | 40 | – | 40 | ||||||||||||||||
.605% | 6-MONTH HUF - BUBOR | Semi-Annually | 01/08/2031 | HUF | 85,022 | 25 | – | 25 | ||||||||||||||||
6-MONTH CZK-PRIBOR | 1.38 % | Annually | 11/13/2030 | CZK | 62,479 | (83 | ) | – | (83 | ) | ||||||||||||||
6-MONTH CZK-PRIBOR | .395% | Annually | 11/12/2030 | CZK | 62,500 | (81 | ) | – | (81 | ) | ||||||||||||||
1-DAY-CLP - Sinacofi Chile Interbank Rate Avg | .145% | Semi-Annually | 08/24/2030 | CLP | 444,725 | (66 | ) | – | (66 | ) | ||||||||||||||
.21% | 1-DAY COP- COLUMBIA IBR | Quarterly | 07/08/2030 | COP | 1,318,748 | 33 | – | 33 | ||||||||||||||||
% | 6-MONTH PLN - WIBOR | Semi-Annually | 06/12/2030 | PLN | 8,141 | 142 | – | 142 | ||||||||||||||||
.33% | 1-DAY-CLP - Sinacofi Chile | Semi-Annually | 06/05/2030 | CLP | ||||||||||||||||||||
Interbank Rate Avg | 830,041 | 25 | – | 25 | ||||||||||||||||||||
1-DAY COP - COLUMBIA IBR | 5.45% | Quarterly | 03/12/2030 | COP | 1,338,006 | (2 | ) | – | (2 | ) | ||||||||||||||
1-DAY COP - COLUMBIA IBR | 5.47% | Quarterly | 03/11/2030 | COP | 879,919 | (2 | ) | – | (2 | ) | ||||||||||||||
6-MONTH PLN - WIBOR | 1.75% | Annually | 02/26/2030 | PLN | 11,700 | (3 | ) | – | (3 | ) | ||||||||||||||
1.61% | 6-MONTH HUF - BUBOR | Semi-Annually | 01/17/2030 | HUF | 135,000 | 35 | – | 35 | ||||||||||||||||
1.81% | 6-MONTH CZK - PRIBOR | Semi-Annually | 01/17/2030 | CZK | 10,000 | (1 | ) | – | (1 | ) | ||||||||||||||
6.82% | 28-DAY MXN - TIIE | Monthly | 09/10/2029 | MXN | 33,993 | (19 | ) | – | (19 | ) | ||||||||||||||
2.48 % | 6-MONTH HUF-BUBOR | Semi-Annually | 03/17/2031 | HUF | 464,204 | 33 | – | 33 | ||||||||||||||||
1-DAY BRL - CETIP | 6.82% | Annually | 01/02/2025 | BRL | 3,362 | (18 | ) | – | (18 | ) | ||||||||||||||
1-DAY BRL - CETIP | .77 FIXED | Annually | 01/02/2025 | BRL | 4,102 | (24 | ) | – | (24 | ) | ||||||||||||||
1.28% | 6-MONTH HUF-BUBOR | Annually | 02/18/2023 | HUF | 2,000,000 | (15 | ) | – | (15 | ) | ||||||||||||||
1-DAY BRL - CETIP | .23 FIXED | Annually | 01/02/2023 | BRL | 5,579 | (2 | ) | – | (2 | ) | ||||||||||||||
1-DAY BRL - CETIP | .77 FIXED | Annually | 01/02/2023 | BRL | 6,361 | 7 | – | 7 |
58 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
Fund Pays | Fund Receives | Payment Frequency | Termination Date | Currency | Notional Amount (Thousands) | Value (Thousands) | Upfront Payments/ Receipts (Thousands) | Net Unrealized (Depreciation) (Thousands) | ||||||||||||||||
1-DAY BRL - CETIP | 9.255% | Annually | 01/02/2023 | BRL | 2,368 | $ | 18 | $ | – | $ | 18 | |||||||||||||
1-DAY BRL - CETIP | 5.655 | Annually | 01/02/2023 | BRL | 2,705 | (5) | – | (5) | ||||||||||||||||
1-DAY BRL - CETIP | 6.61% | Annually | 01/02/2023 | BRL | 4,693 | 3 | – | 3 | ||||||||||||||||
6.23% FIXED | 1-DAY BRL - CETIP | Annually | 01/02/2023 | BRL | 41,890 | 19 | – | 19 | ||||||||||||||||
1-DAY BRL - CETIP | 5.25% | Annually | 01/02/2023 | BRL | 11,519 | (35) | – | (35) | ||||||||||||||||
1-DAY BRL - CETIP | .43% | Annually | 01/02/2023 | BRL | 12,558 | 67 | – | 67 | ||||||||||||||||
28-DAY MXN - TIIE | 6.71% | Monthly | 07/07/2022 | MXN | 37,637 | 46 | – | 46 | ||||||||||||||||
28-DAY MXN - TIIE | 6.745% | Monthly | 06/23/2022 | MXN | 26,758 | 32 | – | 32 | ||||||||||||||||
1-DAY BRL - CETIP | .885 FIXED | Annually | 01/03/2022 | BRL | 15,625 | (34) | – | (34) | ||||||||||||||||
1-DAY BRL - CETIP | 2.99% | Annually | 01/03/2022 | BRL | 20,697 | (42) | – | (42) | ||||||||||||||||
1-DAY BRL - CETIP | 5.89% | Annually | 01/03/2022 | BRL | 27,057 | 44 | – | 44 | ||||||||||||||||
1.960% | 1-DAY-CLP - Sinacofi Chile Interbank Rate Avg | Semi- Annually | 12/12/2021 | CLP | 2,569,905 | (36) | – | (36) | ||||||||||||||||
6-MONTH PLN - WIBOR | 2.263% | Annually | 11/12/2021 | PLN | 7,000 | 22 | – | 22 | ||||||||||||||||
6-MONTH CZK - PRIBOR | 2.07% | Annually | 09/30/2021 | CZK | 121,000 | 45 | – | 45 | ||||||||||||||||
3-MONTH CZK - PRIBOR | 1.3825% | Annually | 03/22/2023 | CZK | 134,546 | – | – | 0 | ||||||||||||||||
1-DAY BRL - CETIP | .65% | Annually | 01/02/2025 | BRL | 12,389 | (142) | – | (142) | ||||||||||||||||
3-MONTH HUF - BUBOR | 1.623% FIXED | Annually | 03/22/2023 | HUF | 1,997,566 | (11) | – | (11) | ||||||||||||||||
28-DAY MXN - TIIE | .01% | Monthly | 11/22/2023 | MXN | 148,276 | (74) | – | (74) | ||||||||||||||||
6-MONTH HUF - BUBOR | 0.81% | Annually | 09/12/2024 | HUF | 75,000 | (8) | – | (8) | ||||||||||||||||
1.675% | 6-MONTH CZK - PRIBOR | Semi- Annually | 07/17/2024 | CZK | 21,146 | (10) | – | (10) | ||||||||||||||||
1.64 | 6-MONTH CZK - PRIBOR | Semi- Annually | 06/21/2024 | CZK | 14,000 | (6) | – | (6) | ||||||||||||||||
28-DAY MXN - TIIE | .47% | Monthly | 06/19/2024 | MXN | 95,833 | (44) | – | (44) | ||||||||||||||||
1.7 | 6-MONTH CZK - PRIBOR | Semi- Annually | 06/18/2024 | CZK | 140,000 | (71) | – | (71) | ||||||||||||||||
6-MONTH PLN - WIBOR | .65 FIXED | Annually | 03/26/2024 | PLN | 2,804 | (3) | – | (3) | ||||||||||||||||
6-MONTH PLN - WIBOR | .63 FIXED | Annually | 03/26/2024 | PLN | 3,196 | (3) | – | (3) | ||||||||||||||||
1.9865% | 6-MONTH PLN - WIBOR | Semi- Annually | 03/25/2024 | PLN | 14,396 | (132) | – | (132) | ||||||||||||||||
28-DAY MXN - TIIE | .1525% | Monthly | 02/22/2024 | MXN | 123,473 | (63) | – | (63) | ||||||||||||||||
0.65% | 6-MONTH HUF - WIBOR | Semi- Annually | 02/18/2024 | PLN | 17,365 | 8 | – | 8 | ||||||||||||||||
1-DAY BRL - CETIP | .99% | Annually | 01/02/2024 | BRL | 6,670 | (65) | – | (65) | ||||||||||||||||
1-DAY BRL - CETIP | 4.835% | Annually | 01/02/2024 | BRL | 21,544 | (223) | – | (223) | ||||||||||||||||
1-DAY BRL - CETIP | 5.715% | Annually | 01/02/2024 | BRL | 3,999 | (27) | – | (27) | ||||||||||||||||
1-DAY BRL - CETIP | .5 FIXED | Annually | 01/02/2024 | BRL | 4,808 | (17) | – | (17) | ||||||||||||||||
1-DAY BRL - CETIP | 5.9725% | Annually | 01/02/2024 | BRL | 5,677 | (33) | – | (33) | ||||||||||||||||
1-DAY BRL - CETIP | 5.56% | Annually | 01/02/2024 | BRL | 18,819 | (138) | – | (138) | ||||||||||||||||
1-DAY BRL - CETIP | .76% | Annually | 01/02/2024 | BRL | 8,953 | (58) | – | (58) | ||||||||||||||||
28-DAY MXN - TIIE | .55% FIXED | Monthly | 04/13/2023 | MXN | 52,615 | 23 | – | 23 | ||||||||||||||||
6-MONTH PLN - WIBOR | .663% | Annually | 03/25/2031 | PLN | 5,085 | (23) | – | (23) | ||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||
$ | (1,007) | $ | – | $ | (1,007) | |||||||||||||||||||
|
|
|
|
|
|
|
Credit Default Swap | ||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||
CDX.EM.34.V1 | Buy | 1.00 | % | Quarterly | 12/20/2025 | 10,731 | $ | 522 | $ | 650 | $ | (128 | ) |
Percentages are based on Net Assets of $1,488,780 ($ Thousands).
** The rate reported is the 7-day effective yield as of March 31, 2021.
† 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, 2021, the value of these securities amounted to $278,428 ($ Thousands), representing 18.7% of the Net Assets of the Fund.
(B) Certain securities or partial positions of certain securities are on loan at March 31, 2021 (See Note 9). The total market value of securities on loan at March 31, 2021 was $31,476 ($ Thousands). | (C) Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.
(D) Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase.
(E) 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.
(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. The total market value of such securities as of March 31, 2021 was $32,656 ($ Thousands). |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 59 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
Emerging Markets Debt Fund (Concluded)
AUD — Australian Dollar
BIBOR — Bangkok Interbank Offered 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
EUR — Euro
GHS — Ghanaian Cedi
HUF — Hungarian Forint
IBR — Interbank Rate
ICE— Intercontinental Exchange
IDR — Indonesian Rupiah
ILS — Israeli New Sheckels
INR — Indian Rupee
JPY — Japanese Yen
JSC — Joint-Stock Company
KRW — Korean Won
KZT — Kazakhstani Tenge
LIBOR— London Interbank Offered Rate
L.P. — Limited Partnership
LLC — Limited Liability Company
Ltd. — Limited
MTN — Medium Term Note
MXN — Mexican Peso
MYR — Malaysian Ringgit
PEN — Peruvian Nuevo Sol
PHP— Philippine Peso
PLC — Public Limited Company
PLN — Polish Zloty
PRIBOR— Prague Interbank Offered Rate
RON — Romanian Leu
RSD — Serbian Dinar
RUB — Russian Ruble
SGD — Singapore Dollar
Ser — Series
THB — Thai Bhat
TIIE — Interbank Equilibrium Interest Rate
TRY — Turkish Lira
TWD — Taiwan Dollar
UAH — Ukrainian Hryvnia
ULC — Unlimited Liability Company
USD — U.S. Dollar
UYU — Uruguayan Peso
WIBOR— Warsaw Interbank Offered Rate
VAR — Variable Rate
VND — Vietnamese Dong
ZAR — South African Rand
Investments in Securities | Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | ||||||||||||
Global Bonds | – | 1,407,780 | – | 1,407,780 | ||||||||||||
Affiliated Partnership | – | 32,656 | – | 32,656 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Investments in Securities | – | 1,440,436 | – | 1,440,436 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments | Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | ||||||||||||
Futures Contracts* | ||||||||||||||||
Unrealized Appreciation | 213 | – | – | 213 | ||||||||||||
Unrealized Depreciation | (1,602 | ) | – | – | (1,602 | ) | ||||||||||
Forwards Contracts* | ||||||||||||||||
Unrealized Appreciation | – | 6,975 | – | 6,975 | ||||||||||||
Unrealized Depreciation | – | (9,240 | ) | – | (9,240 | ) | ||||||||||
OTC Swaps | ||||||||||||||||
Credit Default Swaps* | ||||||||||||||||
Unrealized Appreciation | – | 108 | – | 108 | ||||||||||||
Interest Rate Swaps* | ||||||||||||||||
Unrealized Appreciation | – | 1,796 | – | 1,796 | ||||||||||||
Unrealized Depreciation | – | (51 | ) | – | (51 | ) | ||||||||||
Centrally Cleared Swaps | ||||||||||||||||
Credit Default Swaps* | ||||||||||||||||
Unrealized Depreciation | – | (128 | ) | – | (128 | ) | ||||||||||
Interest Rate Swaps* | ||||||||||||||||
Unrealized Appreciation | – | 1,188 | – | 1,188 | ||||||||||||
Unrealized Depreciation | – | (2,195 | ) | – | (2,195 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Other Financial Instruments | (1,389 | ) | (1,547 | ) | – | (2,936 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
* Futures contracts, forwards contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.
For the period ended March 31, 2021, 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, 2021 ($ Thousands):
Security Description | Value 9/30/2020 | Purchases at Cost | Proceeds from Sales | Realized Gain/ (Loss) | Change in Unrealized | Value 3/31/2021 | Shares | Income | Capital Gains | |||||||||
SEI Liquidity Fund, L.P. | $15,318 | $56,516 | $(39,178) | $— | $— | $32,656 | 32,648,024 | $27 | $— | |||||||||
|
|
|
|
|
|
|
|
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
60 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) ($ Thousands)
March 31, 2021
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value † | $ | 4,363,934* | $ | 1,945,042* | $ | 506,235 | $ | 1,407,780* | ||||||||
Affiliated investments, at value †† | 211,104 | 40,821 | – | 32,656 | ||||||||||||
Cash | 54,656 | 23,910 | 12,727 | 65,531 | ||||||||||||
Cash pledged as collateral for futures contracts | 6,745 | 2,182 | 561 | 4,872 | ||||||||||||
Cash pledged as collateral for swap contracts | – | – | 142 | – | ||||||||||||
Foreign currency, at value ††† | 5,492 | 3,893 | 1,022 | 2,829 | ||||||||||||
Receivable for fund shares sold | 3,586 | 3,922 | 417 | 1,449 | ||||||||||||
Receivable for investment securities sold | 2,336 | 8,126 | 1,266 | 9,396 | ||||||||||||
Dividends and interest receivable | 16,100 | 6,244 | 3,008 | 20,497 | ||||||||||||
Unrealized gain on forward foreign currency contracts | – | – | 9,566 | 6,975 | ||||||||||||
Unrealized gain on foreign spot currency contracts | – | – | 20 | 112 | ||||||||||||
Swap contracts, at value †††† | – | – | 71 | 2,123 | ||||||||||||
Swaptions purchased, at value ††††† | – | – | – | – | ||||||||||||
Foreign tax reclaim receivable | 14,219 | 86 | – | – | ||||||||||||
Receivable for variation margin | 76 | 192 | 146 | 258 | ||||||||||||
Prepaid expenses | 68 | 62 | 9 | 26 | ||||||||||||
Total Assets | 4,678,316 | 2,034,480 | 535,190 | 1,554,504 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable upon return on securities loaned | 130,059 | 13,160 | – | 32,648 | ||||||||||||
Payable for investment securities purchased | 9,388 | 9,839 | 5,660 | 20,382 | ||||||||||||
Payable for fund shares redeemed | 4,787 | 11,155 | 241 | 973 | ||||||||||||
Swap contracts, at value †††† | – | – | – | 51 | ||||||||||||
Swaptions written, at value ††††† | – | – | – | – | ||||||||||||
Payable for variation margin | 519 | – | 71 | 293 | ||||||||||||
Administration fees payable | 1,117 | 734 | 131 | 540 | ||||||||||||
Unrealized loss on foreign currency spot contracts | 1 | 9 | 6 | 293 | ||||||||||||
Unrealized loss on forward foreign currency contracts | – | – | 1,765 | 9,240 | ||||||||||||
Trustees fees payable | 5 | 2 | 1 | 2 | ||||||||||||
Chief compliance officer fees payable | 6 | 3 | 1 | 2 | ||||||||||||
Administrative servicing fees payable | 4 | – | – | – | ||||||||||||
Shareholder servicing fees payable | 584 | 394 | 96 | 295 | ||||||||||||
Investment advisory fees payable | 1,962 | 1,627 | 101 | 786 | ||||||||||||
Accrued expense payable | 336 | 217 | 77 | 219 | ||||||||||||
Accrued foreign capital gains tax on appreciated securities | – | 5,308 | – | – | ||||||||||||
Total Liabilities | 148,768 | 42,448 | 8,150 | 65,724 | ||||||||||||
Net Assets | $ | 4,529,548 | $ | 1,992,032 | $ | 527,040 | $ | 1,488,780 | ||||||||
† Cost of investments | $ | 3,637,271 | $ | 1,377,702 | $ | 491,511 | $ | 1,458,334 | ||||||||
†† Cost of affiliated investments | 211,095 | 40,816 | – | 32,653 | ||||||||||||
††† Cost of foreign currency | 5,483 | 3,878 | 1,040 | 2,815 | ||||||||||||
†††† Cost (premiums received) | – | – | – | 219 | ||||||||||||
††††† Cost (premiums received) | – | – | 14 | – | ||||||||||||
* Includes market value of securities on loan | 123,127 | 12,784 | – | 31,476 |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 61 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) ($ Thousands) (Concluded)
March 31, 2021
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) | $ 3,484,399 | $ 1,403,056 | $ 527,064 | $ 1,579,610 | ||||||||||||
Total distributable earnings/(loss) | 1,045,149 | 588,976 | (24) | (90,830) | ||||||||||||
Net Assets | $ 4,529,548 | $ 1,992,032 | $ 527,040 | $ 1,488,780 | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share — Class F | $ 13.19 | $ 14.92 | $ 10.37 | $ 10.03 | ||||||||||||
($4,144,621,899 ÷ | ($1,834,393,567 ÷ | ($457,825,886 ÷ | ($1,384,220,439 ÷ | |||||||||||||
314,132,568 shares) | 122,984,089 shares) | 44,170,283 shares) | 138,021,411 shares) | |||||||||||||
Net Asset Value, Offering and Redemption Price Per Share — Class I | $ 13.23 | N/A | N/A | N/A | ||||||||||||
($1,558,373 ÷ | ||||||||||||||||
117,806 shares) | ||||||||||||||||
Net Asset Value, Offering and Redemption Price Per Share — Class Y | $ 13.18 | $ 14.92 | $ 10.39 | $ 10.00 | ||||||||||||
($383,367,498 ÷ | ($157,638,071 ÷ | ($69,214,437 ÷ | ($104,559,772 ÷ | |||||||||||||
29,076,421 shares) | 10,567,552 shares) | 6,660,245 shares) | 10,457,100 shares) |
N/A — Not applicable. Share classes currently not offered.
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
62 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)
For the six months ended March 31, 2021
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends | $ | 46,254 | $ | 15,947 | $ | – | $ | – | ||||||||
Income from affiliated investments(1) | 2 | 1 | – | – | ||||||||||||
Interest Income | 2 | 2 | 3,524 | 40,314 | ||||||||||||
Security lending income — net(1)(2) | 206 | 149 | – | 27 | ||||||||||||
Less: foreign taxes withheld | (5,044) | (3,426) | – | (487) | ||||||||||||
Total Investment Income | 41,420 | 12,673 | 3,524 | 39,854 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 10,920 | 10,079 | 778 | 6,471 | ||||||||||||
Administration fees | 6,396 | 4,138 | 1,167 | 3,413 | ||||||||||||
Shareholder servicing fees — Class F | 4,944 | 2,208 | 562 | 1,772 | ||||||||||||
Shareholder servicing fees — Class I | 2 | – | – | – | ||||||||||||
Administrative servicing fees — Class I | 2 | – | – | – | ||||||||||||
Printing fees | 275 | 122 | 33 | 97 | ||||||||||||
Custodian/wire agent fees | 239 | 374 | 60 | 223 | ||||||||||||
Professional fees | 102 | 45 | 12 | 36 | ||||||||||||
Registration fees | 52 | 22 | 7 | 21 | ||||||||||||
Trustees’ fees | 46 | 21 | 6 | 17 | ||||||||||||
Chief compliance officer fees | 11 | 5 | 1 | 4 | ||||||||||||
Other expenses | 72 | 43 | 68 | 85 | ||||||||||||
Total Expenses | 23,061 | 17,057 | 2,694 | 12,139 | ||||||||||||
Less: | ||||||||||||||||
Waiver of investment advisory fees | – | (960) | (115) | (1,750) | ||||||||||||
Waiver of administration fees | – | – | (15) | (154) | ||||||||||||
Waiver of shareholder servicing fees — Class F | (40) | – | – | – | ||||||||||||
Net Expenses | 23,021 | 16,097 | 2,564 | 10,235 | ||||||||||||
Net Investment Income (Loss) | 18,399 | (3,424) | 960 | 29,619 | ||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investments | 392,320 | 202,642 | 4,891 | 13,183 | ||||||||||||
Affiliated investments | (1) | – | – | – | ||||||||||||
Futures contracts | 5,637 | 2,700 | (139) | 1,036 | ||||||||||||
Swap contracts | – | – | 8 | 1,542 | ||||||||||||
Foreign currency transactions | (689) | (490) | 5,886 | (4,222) | ||||||||||||
Forward foreign currency contracts | (146) | – | (7,533) | 4,127 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investments | 451,568 | 204,370 | (13,192) | (5,778) | ||||||||||||
Affiliated investments | – | (3) | – | – | ||||||||||||
Futures contracts | 1,129 | (480) | 1,224 | (988) | ||||||||||||
Swaption contracts | – | – | (14) | – | ||||||||||||
Swap contracts | – | – | (42) | (2,482) | ||||||||||||
Foreign capital gains tax on appreciated securities | – | (2,673) | – | – | ||||||||||||
Foreign currency translation of other assets and liabilities denominated in foreign currencies | (235) | (165) | (991) | (688) | ||||||||||||
Forward foreign currency contracts | – | – | 4,573 | 4,102 | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 867,982 | $ | 402,477 | $ | (4,369) | $ | 39,451 |
(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 $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 63 |
STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)
For the six months ended March 31, 2021 (Unaudited) and the year ended September 30, 2020
International Equity Fund | Emerging Markets Equity Fund | |||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | 18,399 | $ | 37,587 | $ | (3,424) | $ | 7,595 | ||||||||||||
Net realized gain (loss) on investments and futures contracts | 397,956 | 33,628 | 205,342 | (48,977) | ||||||||||||||||
Net realized loss on forward foreign currency contracts and foreign currency transactions | (835) | (39) | (490) | (944) | ||||||||||||||||
Net change in unrealized appreciation on investments and futures contracts | 452,697 | 47,305 | 203,887 | 183,373 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies | (235) | 892 | (165) | 80 | ||||||||||||||||
Net change in unrealized depreciation on foreign capital tax gains on appreciated securities | – | – | (2,673) | (2,067) | ||||||||||||||||
Net Increase in Net Assets Resulting from Operations | 867,982 | 119,373 | 402,477 | 139,060 | ||||||||||||||||
Distributions: | ||||||||||||||||||||
Class F | (39,497) | (67,877) | (9,485) | (18,642) | ||||||||||||||||
Class I | (11) | (25) | N/A | N/A | ||||||||||||||||
Class Y | (4,488) | (7,618) | (1,168) | (2,039) | ||||||||||||||||
Total Dividends | (43,996) | (75,520) | (10,653) | (20,681) | ||||||||||||||||
Capital Share Transactions: | ||||||||||||||||||||
Class F: | ||||||||||||||||||||
Proceeds from shares issued | 256,527 | 568,725 | 148,706 | 259,125 | ||||||||||||||||
Reinvestment of dividends & distributions | 36,357 | 62,626 | 8,760 | 17,191 | ||||||||||||||||
Cost of shares redeemed | (470,442) | (794,429) | (226,049) | (408,775) | ||||||||||||||||
Net Decrease from Class F Transactions | (177,558) | (163,078) | (68,583) | (132,459) | ||||||||||||||||
Class I: | ||||||||||||||||||||
Proceeds from shares issued | 56 | 491 | N/A | N/A | ||||||||||||||||
Reinvestment of dividends & distributions | 7 | 13 | N/A | N/A | ||||||||||||||||
Cost of shares redeemed | (149) | (1,060) | N/A | N/A | ||||||||||||||||
Net Decrease from Class I Transactions | (86) | (556) | N/A | N/A | ||||||||||||||||
Class Y: | ||||||||||||||||||||
Proceeds from shares issued | 18,821 | 72,880 | 13,291 | 30,639 | ||||||||||||||||
Reinvestment of dividends & distributions | 4,147 | 7,068 | 1,082 | 1,901 | ||||||||||||||||
Cost of shares redeemed | (39,554) | (118,964) | (22,815) | (51,350) | ||||||||||||||||
Net Decrease from Class Y Transactions | (16,586) | (39,016) | (8,442) | (18,810) | ||||||||||||||||
Net Decrease in Net Assets Derived from Capital Share Transactions | (194,230) | (202,650) | (77,025) | (151,269) | ||||||||||||||||
Net Increase (Decrease) in Net Assets | 629,756 | (158,797) | 314,799 | (32,890) | ||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of Period | 3,899,792 | 4,058,589 | 1,677,233 | 1,710,123 | ||||||||||||||||
End of Period | $ | 4,529,548 | $ | 3,899,792 | $ | 1,992,032 | $ | 1,677,233 | ||||||||||||
Capital Share Transactions: | ||||||||||||||||||||
Class F: | ||||||||||||||||||||
Shares issued | 20,569 | 56,479 | 10,325 | 23,437 | ||||||||||||||||
Reinvestment of distributions | 2,874 | 5,441 | 620 | 1,385 | ||||||||||||||||
Shares redeemed | (38,038) | (78,402) | (15,902) | (36,491) | ||||||||||||||||
Total Class F Transactions | (14,595) | (16,482) | (4,957) | (11,669) | ||||||||||||||||
Class I: | ||||||||||||||||||||
Shares issued | 5 | 51 | N/A | N/A | ||||||||||||||||
Reinvestment of distributions | 1 | 1 | N/A | N/A | ||||||||||||||||
Shares redeemed | (12) | (109) | N/A | N/A | ||||||||||||||||
Total Class I Transactions | (6) | (57) | N/A | N/A | ||||||||||||||||
Class Y: | ||||||||||||||||||||
Shares issued | 1,505 | 7,463 | 914 | 2,869 | ||||||||||||||||
Reinvestment of distributions | 328 | 615 | 77 | 153 | ||||||||||||||||
Shares redeemed | (3,156) | (12,369) | (1,582) | (4,844) | ||||||||||||||||
Total Class Y Transactions | (1,323) | (4,291) | (591) | (1,822) | ||||||||||||||||
Net Decrease in Shares Outstanding from Share Transactions | (15,924) | (20,830) | (5,548) | (13,491) |
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.
64 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 960 | $ | 1,679 | $ | 29,619 | $ | 62,597 | ||||||||||||
Net realized gain (loss) on investments, futures contracts and swap contracts | 4,760 | (346) | 15,761 | (5,032) | ||||||||||||||||
Net realized loss on forward foreign currency contracts and foreign currency transactions | (1,647) | (14,396) | (95) | (47,383) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, futures contracts, swaption contracts and swap contracts | (12,024) | 17,705 | (9,248) | (23,423) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies | 3,582 | (1,446) | 3,414 | (2,066) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (4,369) | 3,196 | 39,451 | (15,307) | ||||||||||||||||
Distributions: | ||||||||||||||||||||
Class F | (129) | (14,461) | (3,698) | (11,445) | ||||||||||||||||
Class Y | (20) | (2,410) | (594) | (1,066) | ||||||||||||||||
Total Dividends | (149) | (16,871) | (4,292) | (12,511) | ||||||||||||||||
Capital Share Transactions: | ||||||||||||||||||||
Class F: | ||||||||||||||||||||
Proceeds from shares issued | 53,441 | 80,130 | 113,552 | 207,358 | ||||||||||||||||
Reinvestment of dividends & distributions | 119 | 13,322 | 3,340 | 10,357 | ||||||||||||||||
Cost of shares redeemed | (37,595) | (87,928) | (140,346) | (300,839) | ||||||||||||||||
Net Increase (Decrease) from Class F Transactions | 15,965 | 5,524 | (23,454) | (83,124) | ||||||||||||||||
Class Y: | ||||||||||||||||||||
Proceeds from shares issued | 7,309 | 16,132 | 9,968 | 23,514 | ||||||||||||||||
Reinvestment of dividends & distributions | 18 | 2,180 | 552 | 985 | ||||||||||||||||
Cost of shares redeemed | (6,262) | (17,464) | (6,880) | (35,537) | ||||||||||||||||
Net Increase (Decrease) from Class Y Transactions | 1,065 | 848 | 3,640 | (11,038) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions | 17,030 | 6,372 | (19,814) | (94,162) | ||||||||||||||||
Net Increase (Decrease) in Net Assets | 12,512 | (7,303) | 15,345 | (121,980) | ||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of Period | 514,528 | 521,831 | 1,473,435 | 1,595,415 | ||||||||||||||||
End of Period | $ | 527,040 | $ | 514,528 | $ | 1,488,780 | $ | 1,473,435 | ||||||||||||
Capital Share Transactions: | ||||||||||||||||||||
Class F: | ||||||||||||||||||||
Shares issued | 5,105 | 7,694 | 11,051 | 21,356 | ||||||||||||||||
Reinvestment of distributions | 11 | 1,290 | 327 | 1,060 | ||||||||||||||||
Shares redeemed | (3,588) | (8,463) | (13,638) | (31,470) | ||||||||||||||||
Total Class F Transactions | 1,528 | 521 | (2,260) | (9,054) | ||||||||||||||||
Class Y: | ||||||||||||||||||||
Shares issued | 697 | 1,551 | 972 | 2,528 | ||||||||||||||||
Reinvestment of distributions | 2 | 211 | 55 | 102 | ||||||||||||||||
Shares redeemed | (597) | (1,687) | (670) | (3,816) | ||||||||||||||||
Total Class Y Transactions | 102 | 75 | 357 | (1,186) | ||||||||||||||||
Net Increase (Decrease) in Shares Outstanding from Share Transactions | 1,630 | 596 | (1,903) | (10,240) |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 65 |
For the six months ended March 31, 2021 (Unaudited) and the years or period ended September 30
For a Share Outstanding Throughout Each Year or Period
Net Asset Value, Beginning of Period | Net Investment | Net Realized and Unrealized Gains (Losses) on Investments(1) | Total from Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return† | Net Assets ($ 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) | ||||||||||||||||||||||||||||||||||||||
2021@ | $10.86 | $0.05 | $2.40 | $2.45 | $(0.12) | $– | $(0.12) | $13.19 | 22.64 | % | $4,144,622 | 1.08% | 1.08% | 1.08% | 0.83% | 62% | ||||||||||||||||||||||
2020 | 10.68 | 0.10 | 0.28 | 0.38 | (0.20) | – | (0.20) | 10.86 | 3.44 | 3,568,373 | 1.11 | 1.11 | 1.11 | 0.94 | 102 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||
2021@ | $10.87 | $0.03 | $2.42 | $2.45 | $(0.09) | $– | $(0.09) | $13.23 | 22.58 | % | $1,558 | 1.33% | 1.33% | 1.33% | 0.56% | 62% | ||||||||||||||||||||||
2020 | 10.68 | 0.07 | 0.28 | 0.35 | (0.16) | – | (0.16) | 10.87 | 3.19 | 1,350 | 1.36 | 1.36 | 1.36 | 0.63 | 102 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2021@ | $10.86 | $0.07 | $2.40 | $2.47 | $(0.15) | $– | $(0.15) | $13.18 | 22.82 | % | $383,368 | 0.83% | 0.83% | 0.83% | 1.08% | 62% | ||||||||||||||||||||||
2020 | 10.68 | 0.12 | 0.29 | 0.41 | (0.23) | – | (0.23) | 10.86 | 3.68 | 330,069 | 0.86 | 0.86 | 0.86 | 1.16 | 102 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||||||||||||||||||||||||
Class F(2) | ||||||||||||||||||||||||||||||||||||||
2021@ | $12.06 | $(0.03) | $2.97 | $2.94 | $(0.08) | $– | $(0.08) | $14.92 | 24.38 | % | $1,834,394 | 1.69%(7) | 1.69%(7) | 1.79%(8) | (0.38)% | 56% | ||||||||||||||||||||||
2020 | 11.21 | 0.05 | 0.93 | 0.98 | (0.13) | – | (0.13) | 12.06 | 8.75 | 1,542,551 | 1.71(7) | 1.71(7) | 1.81(8) | 0.43 | 90 | |||||||||||||||||||||||
2019 | 11.47 | 0.10 | (0.29) | (0.19) | (0.07) | – | (0.07) | 11.21 | (1.64) | 1,564,523 | 1.70(7) | 1.70(7) | 1.81(8) | 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(7) | 1.69(7) | 1.80(8) | 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(7) | 1.74(7) | 1.82(8) | 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)(7) | 1.76(4)(7) | 1.86(4),(8) | 0.59 | 79 | |||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2021@ | $12.07 | $(0.01) | $2.97 | $2.96 | $(0.11) | $– | $(0.11) | $14.92 | 24.55 | % | $157,638 | 1.44%(9) | 1.44%(9) | 1.54%(10) | (0.12)% | 56% | ||||||||||||||||||||||
2020 | 11.22 | 0.08 | 0.93 | 1.01 | (0.16) | – | (0.16) | 12.07 | 8.99 | 134,682 | 1.46(9) | 1.46(9) | 1.56(10) | 0.66 | 90 | |||||||||||||||||||||||
2019 | 11.49 | 0.14 | (0.31) | (0.17) | (0.10) | – | (0.10) | 11.22 | (1.44) | 145,600 | 1.45(9) | 1.45(9) | 1.56(10) | 1.25 | 89 | |||||||||||||||||||||||
2018 | 12.35 | 0.11 | (0.76) | (0.65) | (0.21) | – | (0.21) | 11.49 | (5.46) | 125,594 | 1.44(9) | 1.44(9) | 1.55(10) | 0.89 | 70 | |||||||||||||||||||||||
2017 | 10.11 | 0.10 | 2.24 | 2.34 | (0.10) | – | (0.10) | 12.35 | 23.46 | 125,400 | 1.49(9) | 1.49(9) | 1.57(10) | 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)(9) | 1.52(4)(9) | 1.62(4)(10) | 0.96 | 79 |
@ | For the six-month period ended March 31, 2021. 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% and 1.27% for 2019, 2018, 2017 and 2016. |
(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% and 1.52% for 2019, 2018, 2017 and 2016. |
(6) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 0.85%, 0.84%, 0.90% and 1.02% for 2019, 2018, 2017 and 2016. |
(7) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.69%, 1.71%, 1.70%, 1.69%, 1.74%, and 1.76% for 2021, 2020, 2019, 2018, 2017 and 2016. |
(8) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.79%, 1.81%, 1.81%, 1.80%, 1.82%, and 1.86% for 2021, 2020, 2019, 2018, 2017 and 2016. |
(9) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.44%, 1.46%, 1.45%, 1.44%, 1.49% and 1.52% for 2021, 2020, 2019, 2018, 2017 and 2016. |
(10) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.54%, 1.56% 1.56%, 1.55%, 1.58% and 1.62% for 2021, 2020, 2019, 2018, 2017 and 2016. |
Amounts designated as “–” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
66 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
FINANCIAL HIGHLIGHTS
For the six months ended March 31, 2021 (Unaudited) and the years or period ended September 30
For a Share Outstanding Throughout Each Year or Period
Net Asset Value, Beginning of Period | Net Investment | Net Realized and Unrealized Gains (Losses) on Investments(1) | Total from Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return† | Net Assets ($ 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) | ||||||||||||||||||||||||||||||||||||||
2021@ | $10.46 | $0.02 | $(0.11) | $(0.09) | $– | $–^ | $– | $10.37 | (0.83) | % | $457,826 | 1.02% | 1.02% | 1.07% | 0.34% | 35% | ||||||||||||||||||||||
2020 | 10.73 | 0.03 | 0.04 | 0.07 | (0.26) | (0.08) | (0.34) | 10.46 | 0.73 | 445,864 | 1.02 | 1.02 | 1.08 | 0.29 | 64 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2021@ | $10.47 | $0.03 | $(0.11) | $(0.08) | $– | $–^ | $– | $10.39 | (0.74) | % | $69,214 | 0.77% | 0.77% | 0.82% | 0.59% | 35% | ||||||||||||||||||||||
2020 | 10.75 | 0.06 | 0.03 | 0.09 | (0.29) | (0.08) | (0.37) | 10.47 | 0.88 | 68,664 | 0.77 | 0.77 | 0.83 | 0.54 | 64 | |||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||
2021@ | $9.80 | $0.20 | $0.06 | $0.26 | $(0.03) | $– | $(0.03) | $10.03 | 2.61 | % | $1,384,220 | 1.36% | 1.36% | 1.61% | 3.87% | 40% | ||||||||||||||||||||||
2020 | 9.93 | 0.40 | (0.45) | (0.05) | (0.08) | – | (0.08) | 9.80 | (0.53) | 1,374,566 | 1.36 | 1.36 | 1.61 | 4.07 | 95 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||
2021@ | $9.79 | $0.21 | $0.06 | $0.27 | $(0.06) | $– | $(0.06) | $10.00 | 2.74 | % | $104,560 | 1.11% | 1.11% | 1.36% | 4.12% | 40% | ||||||||||||||||||||||
2020 | 9.92 | 0.42 | (0.45) | (0.03) | (0.10) | – | (0.10) | 9.79 | (0.33) | 98,869 | 1.11 | 1.11 | 1.36 | 4.33 | 95 | |||||||||||||||||||||||
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 |
@ | For the six-month period ended March 31, 2021. 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% and 1.05% for 2019, 2018, 2017 and 2016. |
(4) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.07%, 1.07%, 1.08% and 1.11% for 2019, 2018, 2017 and 2016. |
(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% and 1.39% for 2019, 2018, 2017 and 2016. |
(10) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.62%, 1.61%, 1.63% and 1.65% for 2019, 2018, 2017 and 2016. |
(11) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.11%, 1.11%, 1.11% and 1.14% for 2019, 2018, 2017 and 2016. |
(12) | The expense ratio includes overdraft fees. Had this expense been excluded the ratios would have been 1.37%, 1.36%, 1.38% and 1.40% for 2019, 2018, 2017 and 2016. |
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, 2021 | 67 |
March 31, 2021 (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 an open-end investment company with four funds: International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (together the “Funds”) each of which are diversified Funds with the exception of the International Fixed Income Fund and the Emerging Markets Debt Fund. Each Fund’s prospectus provides a description of its investment goal, principal investment strategies and risks. The Trust is registered to offer Class F (formerly Class A) and Class Y shares of each of the Funds and Class I shares of the International Equity Fund.
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 — When valuing portfolio securities, a Fund values 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. A Fund values securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon
valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable Net Asset Value (“NAV”) per share, with the exception of ETFs, which are priced as equity securities. These open-end investment companies’ shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company’s NAV is determined. 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, a Fund will value the securities using a bid price from at least one independent broker.
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 Pricing Policies and Procedures (“Fair Value Procedures”) until an independent source can be secured. Debt securities held by a Fund with remaining maturities of 60 days or less will 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 the Fund would receive if it sold the instrument, and 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.
Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price. 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
68 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time the Fund calculates its NAV, the settlement price may not be available at the time at which a 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 a Sub-Adviser (“Sub-Adviser”), as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC or a Sub-Adviser, as applicable, will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify the Fair Value Pricing Committee (the “Committee”) if it receives such notification from SIMC or a Sub-Adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.
The Funds’ Fair Value Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board of Trustees (“Board”) or its designated committee. However, when the change would not materially affect the valuation of a Fund’s net assets or involve a material departure in pricing methodology from that of a Fund’s existing pricing agent or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board.
Securities for which market prices are not “readily available” are determined to be unreliable or cannot be valued using the methodologies described above are valued in accordance with 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 one member 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.
The International Equity and Emerging Markets Equity Funds use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by the International Equity and Emerging Markets Equity Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the 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 and Emerging Markets Equity Funds shall value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the vendor. Additionally, if a local market in which the International Equity or Emerging Markets Equity Funds own securities is closed for one or more days (scheduled or unscheduled) while the Fund is open, and if such securities in a Fund’s portfolio exceed the predetermined confidence interval discussed above, then such Fund shall value such securities based on the fair value prices provided by the vendor.
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
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 69 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021 (Unaudited)
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 a Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of the Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares.
A Significant Event may relate to a single issuer or to an entire market sector. If SIMC or a Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates NAV, it may request that a Committee meeting be called. In addition, with respect to certain securities, the Funds’ administrator performs price comparisons and price movement review (among other processes), to monitor the pricing data supplied by various sources. Any identified discrepancies are researched and subject to the procedures described above.
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, 2021 maximized the use of observable inputs and minimized the use of unobservable inputs.
For the six months ended March 31, 2021, there have been no significant changes to the inputs or the Trust’s fair valuation methodologies.
Security Transactions and Investment Income — Security transactions are recorded on the trade date. Cost used in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.
Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/ or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.
Amortization and accretion is calculated using the scientific interest method, which is not materially different from the effective interest method. Amortization of premiums and discounts is included in interest income.
Cash and Cash Equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash and cash equivalents on the Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.
Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other
70 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
operating expenses of the Trust are prorated to the Funds on the basis of relative daily net assets.
Classes —Class-specific expenses are borne by that class. Income, non-class specific expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets.
Foreign Currency Translation — The books and records of the Funds investing in international securities are maintained in U.S. dollars on the following basis:
(i) market value of investment securities, assets and liabilities at the current rate of exchange; and
(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.
The Funds do not isolate that portion of gains and losses on investments in investment securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of investment securities.
The Funds report certain foreign-currency-related transactions as components of realized gains for 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, 2021, 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, 2021, 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
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 71 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021 (Unaudited)
realized gain or loss. If an option/swaption is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.
The risk in writing a call option/swaption is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put option/swaption is a Fund may incur a loss if the market price of the security decreases and the option/swaption is exercised. The risk in purchasing an option/swaption is a Fund may pay a premium whether or not the option/swaption is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option/swaption contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.
Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open option/swaption contracts as of March 31, 2021, if applicable.
Swap Agreements — To the extent consistent with its investment objective and strategies, a Fund may invest in swap contracts as an efficient means to take and manage risk in the portfolio, including interest rate risk, credit risk and overall yield sensitivity. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“Centrally Cleared swaps”). Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit default swaps involve the periodic payment by a Fund or counterparty of interest based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the outstanding principal of the downgraded debt instrument. Total return swaps allow an investor to benefit from the
cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR (London Interbank Offered Rate) or some other form of index on the notional amount. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal to manage a Fund’s exposure to interest rates. Payments received or made are recorded as realized gains or losses. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. In connection with swap agreements, securities/cash may be set aside as collateral by the Fund’s custodian. A Fund may enter into swap agreements in order to, among other things, change the maturity or duration of the investment portfolio; protect a Fund’s value from changes in interest rates; or expose a Fund to a different security or market.
Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. Centrally cleared swaps are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for centrally cleared swaps are provided by an independent source. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of Centrally Cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.
Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Schedule of Investments or the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.
72 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
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, 2021, if applicable.
Delayed Delivery Transactions — A Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Fund will set aside liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security.
Loan Participations and Brady Bonds — To the extent consistent with its investment objective and strategies, a Fund may invest in U.S. dollar-denominated fixed-and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in a Fund having a contractual relationship only with the Lenders, not with the sovereign borrowers. The Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.
Certain debt obligations, customarily referred to as “Brady Bonds”, are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring
under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies.
Dividends and Distributions to Shareholders — The International Equity, Emerging Markets Equity and International Fixed Income Funds will distribute substantially all of their net investment income and all net realized capital gains, if any, at least annually. The Emerging Markets Debt Fund will distribute substantially all of its net investment income, if any, at least quarterly and all net realized gains, if any, at least annually. All dividends and distributions are recorded on ex-dividend date.
Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
Participation Notes (P-Notes) — To the extent consistent with its investment objective and strategies, a Fund may acquire P-Notes issued by participating banks or broker-dealers. P-Notes are participation interest notes that are designed to offer a return linked to a particular underlying equity, debt, currency or market. The P-Notes in which the Fund may invest will typically have a maturity of one year. When purchasing a P-Note, the posting of margin is not required because the full cost of the P-Note (plus commission) is paid at the time of purchase. When the P-Note matures, the issuer will pay to, or receive from, the purchaser the difference between the minimal value of the underlying instrument at the time of purchase and that instrument’s value at maturity. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies of foreign securities markets that they seek to replicate. In addition, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate. The holder of a participation note that is linked to a particular underlying security is entitled to receive any dividends paid in connection with an underlying security
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 73 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021 (Unaudited)
or instrument. However, the holder of a participation note does not receive voting rights as it would if it directly owned the underlying security or instrument. P-Notes are generally traded over-the-counter. P-Notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them and the counterparty. There is also counterparty risk associated with these investments because the Fund is relying on the creditworthiness of such counterparty and has no rights under a participation note against the issuer of the underlying security.
3. CREDIT DERIVATIVES
A Fund may use credit default swaps to reduce risk where a Fund has exposure to the issuer, or to take an active long or short position with respect to the likelihood of an event of default. The reference obligation of the swap can be a single issuer, a “basket” of issuers, or an index. The underlying referenced assets are corporate debt, sovereign debt and asset backed securities.
The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment 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.
74 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
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 | |||||||||||
Period Ended March 31, 2021 | Period Ended March 31, 2021 | |||||||||||
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 | $ | 72† | Net Assets — Unrealized depreciation on swaps contracts | $ | 392† | ||||||
Net Assets — Unrealized appreciation on futures contracts | 1,782* | Net Assets — Unrealized depreciation on futures contracts | 185* | |||||||||
Swaptions purchased, at value | — | Swaptions written, at value | — | |||||||||
Foreign exchange contracts | Unrealized gain on forward foreign currency contracts | 9,566 | Unrealized loss on forward foreign currency contracts | 1,765 | ||||||||
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Total derivatives not accounted for as hedging instruments | $ | 11,420 | $ | 2,342 | ||||||||
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Asset Derivatives | Liability Derivatives | |||||||||||
Period Ended March 31, 2021 | Period Ended March 31, 2021 | |||||||||||
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 | $ | 213* | Net Assets — Unrealized depreciation on futures contracts | $ | 1,602* | ||||||
Net Assets — Unrealized appreciation on swaps contracts | 2,984 | † | Net Assets — Unrealized depreciation on swaps contracts | 2,246 | † | |||||||
Credit Contracts | Net Assets — Unrealized appreciation on swaps contracts | 108 | † | Net Assets — Unrealized depreciation on futures contracts | 128 | † | ||||||
Foreign exchange contracts | Unrealized gain on forward foreign currency contracts | 6,975 | Unrealized loss on forward foreign currency contracts | 9,240 | ||||||||
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Total derivatives not accounted for as hedging instruments | $ | 10,280 | $ | 13,216 | ||||||||
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* | Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets & Liabilities. |
† | Includes cumulative appreciation/depreciation of swap contracts as reported in the Schedules of Investments. Market Value is reported within the Statements of Assets & Liabilities for OTC swap contracts that have paid premiums. For centrally cleared swap contracts current days variation margin is reported within the Statements of Assets & Liabilities. |
The effect of derivative instruments on the Statements of Operations for the six months ended March 31, 2021.
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 | $ | 406 | $ | — | $ | 108 | $ | 514 | ||||||||||||||||||||
Foreign exchange contracts | (545 | ) | (7,533 | ) | — | (8,078 | ) | |||||||||||||||||||||
Credit contracts | — | — | (100 | ) | (100 | ) | ||||||||||||||||||||||
Total | $ | (139 | ) | $ | (7,533 | ) | $ | 8 | $ | (7,664 | ) |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 75 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021 (Unaudited)
Derivatives Not Accounted for as Hedging Instruments | Futures | Forward Currency Contracts | Swaps | Total | ||||||||||||||||||||||||
Emerging Markets Debt Fund | ||||||||||||||||||||||||||||
Interest rate contracts | $ | 1,036 | $ | — | $ | 1,632 | $ | 2,668 | ||||||||||||||||||||
Foreign exchange contracts | — | 4,127 | 270 | 4,397 | ||||||||||||||||||||||||
Credit contracts | — | — | (360) | (360) | ||||||||||||||||||||||||
Total | $ | 1,036 | $ | 4,127 | $ | 1,542 | $ | 6,705 |
Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($ Thousands):
Derivatives Not Accounted for as Hedging Instruments | Swaptions | Futures | Forward Currency Contracts | Swaps | Total | |||||||||||||||||||||||||||||||
International Fixed Income Fund | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (14) | $ | 1,224 | $ | — | $ | (231) | $ | 979 | ||||||||||||||||||||||||||
Foreign exchange contracts | — | — | 4,573 | — | 4,573 | |||||||||||||||||||||||||||||||
Credit contracts | — | — | — | 189 | 189 | |||||||||||||||||||||||||||||||
Total | $ | (14) | $ | 1,224 | $ | 4,573 | $ | (42) | $ | 5,741 |
Derivatives Not Accounted for as Hedging Instruments | Futures | Forward Currency Contracts | Swaps | Total | ||||||||||||||||||||||||
Emerging Markets Debt Fund | ||||||||||||||||||||||||||||
Interest rate contracts | $ | (988) | $ | — | $ | (2,302) | $ | (3,290) | ||||||||||||||||||||
Credit contracts | — | — | 52 | 52 | ||||||||||||||||||||||||
Foreign exchange contracts | — | 4,102 | (232) | 3,870 | ||||||||||||||||||||||||
Total | $ | (988) | $ | 4,102 | $ | (2,482) | $ | 632 |
A Fund is subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.
Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in
a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets in the Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability in the Statement of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.
Customer Account Agreements and related addendums govern exchange traded derivatives transactions such as futures, options on futures, and centrally cleared swaps. Exchange traded derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (CFTC), or the applicable regulator. In the
76 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to
the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.
The following is a summary of the market value and variation margin of exchange-traded or centrally cleared financial derivative instruments of the Funds as of March 31, 2021 ($ 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 | $ 76 | $ — | $ 76 | $ 519 | $ — | $ 519 | ||||||||||||||||||||
Emerging Markets Equity Fund | 192 | — | 192 | — | — | — | ||||||||||||||||||||
International Fixed Income Fund | 142 | 4 | 146 | 69 | 2 | 71 | ||||||||||||||||||||
Emerging Markets Debt Fund | 139 | 119 | 258 | 143 | 150 | 293 |
Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2021 amounted to $6,745 ($ Thousands) for the International Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2021 amounted to $2,182 ($ Thousands) for the Emerging Markets Equity Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2021 amounted to $774 ($ Thousands) for the International Fixed Income Fund. Cash pledged as collateral for exchange-traded and centrally cleared derivative instruments as of March 31, 2021 amounted to $6,776 ($ Thousands) for the Emerging Markets Debt Fund.
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, 2021 ($ 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 | $ | 61 | $ | — | $ | 61 | $ | 52 | $ | — | $ | 52 | $ | 9 | $ | — | $ | 9 | ||||||||||||||||||||
Barclays PLC | 769 | — | 769 | 86 | — | 86 | 683 | — | 683 | |||||||||||||||||||||||||||||
BMO Capital | — | — | — | 3 | — | 3 | (3) | — | (3) | |||||||||||||||||||||||||||||
BNP Paribas | 690 | — | 690 | 375 | — | 375 | 315 | — | 315 | |||||||||||||||||||||||||||||
Brown Brothers Harriman | 69 | — | 69 | 53 | — | 53 | 16 | — | 16 | |||||||||||||||||||||||||||||
CIBC | 7 | — | 7 | 23 | — | 23 | (16) | — | (16) | |||||||||||||||||||||||||||||
Citi | 5 | — | 5 | 52 | — | 52 | (47) | — | (47) | |||||||||||||||||||||||||||||
Citigroup | 2,117 | — | 2,117 | 108 | — | 108 | 2,009 | — | 2,009 | |||||||||||||||||||||||||||||
Credit Agricole | — | — | — | 1 | — | 1 | (1) | — | (1) | |||||||||||||||||||||||||||||
Deutsche Bank | 10 | 71 | 81 | — | — | — | 81 | — | 81 | |||||||||||||||||||||||||||||
Goldman Sachs | 16 | — | 16 | 31 | — | 31 | (15) | — | (15) | |||||||||||||||||||||||||||||
HSBC | 436 | — | 436 | 4 | — | 4 | 432 | — | 432 | |||||||||||||||||||||||||||||
JPMorgan Chase Bank | 1,702 | — | 1,702 | 538 | — | 538 | 1,164 | — | 1,164 | |||||||||||||||||||||||||||||
Morgan Stanley | 1,186 | — | 1,186 | 244 | — | 244 | 942 | — | 942 | |||||||||||||||||||||||||||||
RBC | — | — | — | 28 | — | 28 | (28) | — | (28) | |||||||||||||||||||||||||||||
RBS | — | — | — | 8 | — | 8 | (8) | — | (8) |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 77 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021 (Unaudited)
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^ | |||||||||||||||||||||||||||||
Societe Generale | $ | 187 | $ | — | $ | 187 | $ | — | $ | — | $ | — | $ | 187 | $ | — | $ | 187 | ||||||||||||||||||||
Standard Chartered | 9 | — | 9 | 57 | — | 57 | (48) | — | (48) | |||||||||||||||||||||||||||||
State Street | 43 | — | 43 | — | — | — | 43 | — | 43 | |||||||||||||||||||||||||||||
TD Securities | 233 | — | 233 | 11 | — | 11 | 222 | — | 222 | |||||||||||||||||||||||||||||
UBS | 2,014 | — | 2,014 | 89 | — | 89 | 1,925 | — | 1,925 | |||||||||||||||||||||||||||||
Westpac Banking | 12 | — | 12 | 2 | — | 2 | 10 | — | 10 |
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 PLC | $ | 143 | $ | — | $ | 143 | $ | 2,360 | $ | — | $ | 2,360 | $ | (2,217) | $ | — | $ | (2,217) | ||||||||||||||||||||
Citi | — | — | — | 10 | — | 10 | (10) | — | (10) | |||||||||||||||||||||||||||||
Citibank | — | 62 | 62 | — | — | — | 62 | — | 62 | |||||||||||||||||||||||||||||
Citigroup | 1,220 | — | 1,220 | 2,267 | — | 2,267 | (1,047) | — | (1,047) | |||||||||||||||||||||||||||||
Goldman Sachs | 1,572 | 1,813 | 3,385 | 1,842 | 25 | 1,867 | 1,518 | — | 1,518 | |||||||||||||||||||||||||||||
JPMorgan Chase Bank | 2,025 | 29 | 2,054 | 1,902 | 26 | 1,928 | 126 | — | 126 | |||||||||||||||||||||||||||||
Merrill Lynch | 327 | — | 327 | 271 | — | 271 | 56 | — | 56 | |||||||||||||||||||||||||||||
Morgan Stanley | 262 | — | 262 | 139 | — | 139 | 123 | — | 123 | |||||||||||||||||||||||||||||
Standard Bank | 97 | — | 97 | 198 | — | 198 | (101) | — | (101) | |||||||||||||||||||||||||||||
Standard Chartered | 342 | — | 342 | 174 | — | 174 | 168 | — | 168 | |||||||||||||||||||||||||||||
State Street | 987 | — | 987 | 77 | — | 77 | 910 | — | 910 |
^ | Net Exposures represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. |
* | Excess collateral pledged is not shown for financial reporting purposes. |
No securities have been pledged or have been received as collateral for OTC financial derivative instruments as governed by ISDA Master Agreements as of March 31, 2021.
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, 2021 ($ Thousands):
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||
Futures Contracts: | ||||||||||||||||
Equity Contracts | ||||||||||||||||
Average Notional Balance Long | $ | 45,652 | $ | 25,719 | $ | – | $ | – | ||||||||
Ending Notional Balance Long | 88,372 | 22,893 | – | – | ||||||||||||
Interest Contracts | ||||||||||||||||
Average Notional Balance Long | – | – | 77,349 | 54,105 | ||||||||||||
Average Notional Balance Short | – | – | 67,080 | 28,939 | ||||||||||||
Ending Notional Balance Long | – | – | 78,489 | 56,928 | ||||||||||||
Ending Notional Balance Short | – | – | 75,291 | 31,927 | ||||||||||||
Currency Contracts | ||||||||||||||||
Average Notional Balance Short | – | – | 36,339 | – | ||||||||||||
Ending Notional Balance Short | – | – | 36,240 | – | ||||||||||||
Forward Foreign Currency Contracts: | ||||||||||||||||
Average Notional Balance Long | – | – | 756,261 | 706,428 | ||||||||||||
Average Notional Balance Short | – | – | 756,787 | 709,329 | ||||||||||||
Ending Notional Balance Long | – | – | 915,834 | 791,747 | ||||||||||||
Ending Notional Balance Short | – | – | 908,023 | 794,193 |
78 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
International Equity Fund | Emerging Markets Equity Fund | International Fixed Income Fund | Emerging Markets Debt Fund | |||||||||||||
Swaps: | ||||||||||||||||
Credit Contracts | ||||||||||||||||
Average Notional Balance Long | $ | – | $ | – | $ | – | $ | 11,802 | ||||||||
Average Notional Balance Short | – | – | 441 | – | ||||||||||||
Ending Notional Balance Long | – | – | – | 12,873 | ||||||||||||
Ending Notional Balance Short | – | – | 882 | – | ||||||||||||
Interest Contracts | ||||||||||||||||
Average Notional Balance | – | – | 13,645 | 243,642 | ||||||||||||
Ending Notional Balance | – | – | 15,460 | 235,562 | ||||||||||||
Foreign Exchange Contracts | ||||||||||||||||
Average Notional Balance Long | – | – | – | 1,114 | ||||||||||||
Options/Swaptions: | ||||||||||||||||
Interest | ||||||||||||||||
Average Notional Balance Long† | – | – | 9 | – | ||||||||||||
Average Notional Balance Short† | – | – | 2 | – | ||||||||||||
Ending Notional Balance Long† | – | – | 18 | – | ||||||||||||
Ending Notional Balance Short† | – | – | 4 | – |
† | Represents cost. |
5. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUB-ADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory, Administration and Distribution Agreements — SIMC serves as investment adviser (the “Adviser”) to each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each fund.
SEI Investments Global Funds Services (the “Administrator”) provides administrative and transfer agency services to the Funds for annual fees, based on the average daily net assets of each fund.
SEI Investments Distribution Co. (the “Distributor”) is the distributor of the shares of the Funds. The Funds have adopted a shareholder services plan and agreement (the Service Plan) with respect to Class F (formerly Class A) and Class I Shares that allows such shares to pay service providers a fee, based on average daily net assets of each respective Class of Shares, in connection with the ongoing servicing of shareholder accounts owning such shares. The International Equity Fund has also adopted an administrative services plan and agreement (the Administrative Service Plan) with respect to Class I
Shares that allows such Shares to pay service providers a fee, based on average daily net assets of the Class I Shares, in connection with ongoing administrative services for shareholder accounts owning such Shares.
The Service Plan and Administrative Service Plan provide that shareholder service fees and administrative service fees, respectively, on Class F (formerly Class A) and Class I Shares will be paid to the Distributor, which may then be used by the Distributor to compensate financial intermediaries for providing shareholder services and administrative services, as applicable, with respect to the Shares.
The Adviser, Administrator and/or Distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, 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 | Administrative | Voluntary Expense Limitation | |||||||||||||
International Equity Fund | ||||||||||||||||
Class F | 0.51% | 0.25% | — | 1.15% | ||||||||||||
Class I | 0.51% | 0.25% | 0.25% | 1.40% | ||||||||||||
Class Y | 0.51% | — | — | 0.90% |
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 79 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021 (Unaudited)
Advisory Fee | Shareholder Servicing Fee | Administrative Servicing Fee | Voluntary Expense Limitation | |||||||||||||||||||||||||
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, 2021, 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, 2022 and, unless earlier terminated, shall be automatically renewed for successive one-year periods thereafter. The agreement may be amended or terminated only with the consent of the Board of Trustees. |
N/A — Not applicable.
The following is a summary of annual fees payable to the Administrator:
First $1.5 Billion of Assets | Next $500 Million of Assets | Next $500 Million of Assets | Next $500 Million of Assets | Over $3 Billion of Assets | ||||||
International Equity Fund | 0.450% | 0.370% | 0.2900% | 0.210% | 0.130% | |||||
Emerging Markets Equity Fund | 0.450% | 0.370% | 0.2900% | 0.210% | 0.130% | |||||
International Fixed Income Fund | 0.450% | 0.370% | 0.2900% | 0.210% | 0.130% | |||||
Emerging Markets Debt Fund | 0.450% | 0.370% | 0.2900% | 0.210% | 0.130% |
Investment Sub-Advisory Agreements — As of March 31, 2021, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:
Investment Sub-Adviser |
International Equity Fund
Acadian Asset Management LLC
Causeway Capital Management LLC
Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust INTECH Investment Management LLC
JO Hambro Capital Management Limited Lazard Asset Management LLC
WCM Investment Management LLC
Emerging Markets Equity Fund
JO Hambro Capital Management Limited KBI Global Investors (North America) Ltd.
Neuberger Berman Investment Advisers LLC Qtron Investments LLC
Robeco Institutional Asset Management US Inc. RWC Asset Advisors (US) LLC
International Fixed Income Fund
AllianceBernstein L.P.
Colchester Global Investors Ltd.
Wellington Management Company, LLP
Emerging Markets Debt Fund
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 investment sub-advisory agreements, each sub-adviser receives a fee, paid by SIMC.
Brokerage Commissions Paid to Affiliates — The Distributor may receive compensation on fund transactions effected for the Trust in accordance with the rules of the Securities and Exchange Commission (“SEC”). Accordingly, it is expected that fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules require that such commissions not exceed usual and customary commissions.
There were no such commissions for the six months ended March 31, 2021.
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, 2021 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.
80 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
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, 2021, 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, 2021, 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 | $— | $— | $12,020 | $— | ||||||||||||
Other | 2,611,548 | 1,044,346 | 166,546 | 519,398 | ||||||||||||
Sales | ||||||||||||||||
U.S. Government | — | — | 4,075 | 1,679 | ||||||||||||
Other | 2,805,697 | 1,132,914 | 163,956 | 560,186 |
7. FEDERAL TAX INFORMATION:
It is each Fund’s intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required.
The Funds may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital and distributable earnings, as appropriate, in the period that the differences arise.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 81 |
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021 (Unaudited)
The tax character of dividends and distributions declared during the last two years were as follows:
Ordinary Income | Long-term Capital Gain | Total | ||||||||||||||
($ Thousands) | ($ Thousands) | ($ Thousands) | ||||||||||||||
International Equity Fund | 2020 | $ | 75,520 | $ | — | $ | 75,520 | |||||||||
2019 | 59,119 | — | 59,119 | |||||||||||||
Emerging Markets Equity Fund | 2020 | 20,681 | — | 20,681 | ||||||||||||
2019 | 10,587 | — | 10,587 | |||||||||||||
International Fixed Income Fund | 2020 | 16,125 | 746 | 16,871 | ||||||||||||
2019 | 18,958 | 2,360 | 21,318 | |||||||||||||
Emerging Markets Debt Fund | 2020 | 12,511 | — | 12,511 | ||||||||||||
2019 | 26,300 | — | 26,300 |
As of September 30, 2020, the components of Distributable Earnings (Accumulated Losses) were as follows:
Undistributed Ordinary Income ($ Thousands) | Undistributed Long-Term Capital Gain ($ Thousands) | Capital Loss | Post October | Late Year Ordinary Losses ($ Thousands) | Unrealized Appreciation (Depreciation) ($ Thousands) | Other Temporary Differences ($ Thousands) | Total Distributable Earnings (Accumulated Losses) ($ Thousands) | |||||||||||||||||||||||||
International Equity Fund | $ | 43,972 | $ | — | $ | (29,194) | $ | — | $ | — | $ | 206,384 | $ | 1 | $ | 221,163 | ||||||||||||||||
Emerging Markets Equity Fund | 10,009 | — | (83,070) | (44,681) | — | 314,897 | (3) | 197,152 | ||||||||||||||||||||||||
International Fixed Income Fund | — | — | (418) | (388) | (7,367) | 26,026 | (13,359) | 4,494 | ||||||||||||||||||||||||
Emerging Markets Debt Fund | — | — | (23,012) | (6,212) | (16,663) | (60,729) | (19,373) | (125,989) |
Post-October losses represent losses realized on investment transactions from November 1, 2019 through September 30, 2020 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 the year ended September 30, 2020, the International Equity Fund and Emerging Markets Debt Fund utilized capital loss carryforwards to offset capital gains of $52,104 and $2,327 ($ Thousands), respectively.
For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains.
The Funds have capital losses carried forward as follows:
Short-Term | Long-Term | Total Capital Loss Carryforwards | ||||||||||||||
($ Thousands) | ($ Thousands) | ($ Thousands) | ||||||||||||||
International Equity Fund | $(29,194) | $— | $(29,194) | |||||||||||||
Emerging Markets Equity Fund | (73,672) | (9,398) | (83,070) | |||||||||||||
International Fixed Income Fund | (2) | (416) | (418) | |||||||||||||
Emerging Markets Debt Fund | — | (23,012) | (23,012) |
For Federal income tax purposes, the cost of securities owned at September 30, 2020, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in derivatives, passive foreign investment companies and wash sales which cannot be used for Federal income tax purposes in the
current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at March 31, 2021, was as follows:
Federal Tax Cost | Appreciated Securities | Depreciated Securities | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
($ Thousands) | ($ Thousands) | ($ Thousands) | ($ Thousands) | |||||||||||||
International Equity Fund | $ | 3,848,366 | $ | 774,281 | $ | (47,609 | ) | $ | 726,672 | |||||||
Emerging Markets Equity Fund | 1,418,518 | 593,846 | (26,501 | ) | 567,345 | |||||||||||
International Fixed Income Fund | 491,511 | 21,248 | (6,524 | ) | 14,724 | |||||||||||
Emerging Markets Debt Fund | 1,490,987 | 42,469 | (93,020 | ) | (50,551 | ) |
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, 2021, 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,
82 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
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 a Fund’s investments in active positions in currencies and securities or other investments denominated in, and/or receiving revenues in, foreign currencies and the Fund’s active management of its currency exposures, the Fund 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 Fund would be adversely affected. Due to the Fund’s active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.
Economic Risks of Global Health Events — Global health events and pandemics, such as COVID-19, have the ability to affect—quickly, drastically and substantially the economies of many nations, states, individual companies and the markets in general and can cause disruptions that cannot necessarily be foreseen. The spread of COVID-19 around the world in 2020 resulted in a substantial number of nations implementing social distancing measures, quarantines, and the shutdown of non-essential businesses and governmental services. Further, it has caused significant volatility in U.S. and international markets. The impact of the outbreak may be short term or may last for an extended period of time.
Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional
risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.
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 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. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In 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
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 83 |
NOTES TO FINANCIAL STATEMENTS (Concluded)
March 31, 2021 (Unaudited)
volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund 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, 2021 ($ Thousands):
Securities at Value | Cash Collateral Received(1) | Net Amount | ||||||||||
International Equity Fund | $ | 123,127 | $ | 123,127 | $ | — | ||||||
Emerging Markets Equity Fund | 12,784 | 12,784 | — | |||||||||
Emerging Markets Debt Fund | 31,476 | 31,476 | — |
(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. |
84 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
10. CONCENTRATION OF SHAREHOLDERS
SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of March 31, 2021, SPTC held of record the following:
Fund | Class F | Class I | Class Y | |||||||||
International Equity Fund | 96.44 | % | 37.56 | % | 46.81 | % | ||||||
Emerging Markets Equity Fund | 94.48 | % | — | % | 63.15 | % | ||||||
International Fixed Income Fund | 96.85 | % | — | % | 99.43 | % | ||||||
Emerging Markets Debt Fund | 98.02 | % | — | % | 52.37 | % |
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 July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling or inducing banks to submit London Inter-Bank Offered Rate (LIBOR) rates after 2021. On March 5, 2021, the ICE Benchmark Administration clarified that the publication of LIBOR on a representative basis will cease for the one-week and two-month U.S. dollar LIBOR settings immediately after December 31, 2021, and for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. The elimination of the LIBOR may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate (SOFR), which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for a Fund. The effect of any changes to, or discontinuation of, LIBOR on a Fund will vary depending on, among other things, (1) existing fallback or termination
provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on a Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.
12. SUBSEQUENT EVENTS
Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosure and/or adjustments were required to the financial statements as of March 31, 2021.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 85 |
DISCLOSURE OF FUND EXPENSES (Unaudited)
March 31, 2021
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, 2020 to March 31, 2021.
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 10/1/20 | Ending Account Value 3/31/21 | Annualized Expense Ratios | Expenses Period * | |||||||||||||
International Equity Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class F | $1,000.00 | $1,226.40 | 1.08 | % | $5.99 | |||||||||||
Class I | 1,000.00 | 1,225.80 | 1.33 | 7.38 | ||||||||||||
Class Y | 1,000.00 | 1,228.20 | 0.83 | 4.61 | ||||||||||||
Hypothetical 5% Return | ||||||||||||||||
Class F | $1,000.00 | $1,019.55 | 1.08 | % | $5.44 | |||||||||||
Class I | 1,000.00 | 1,018.30 | 1.33 | 6.69 | ||||||||||||
Class Y | 1,000.00 | 1,020.79 | 0.83 | 4.18 | ||||||||||||
Emerging Markets Equity Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class F | $1,000.00 | $1,243.80 | 1.69 | % | $9.45 | |||||||||||
Class Y | 1,000.00 | 1,245.50 | 1.44 | 8.06 | ||||||||||||
Hypothetical 5% Return | ||||||||||||||||
Class F | $1,000.00 | $1,016.51 | 1.69 | % | $8.50 | |||||||||||
Class Y | 1,000.00 | 1,017.75 | 1.44 | 7.24 |
Beginning Account Value 10/1/20 | Ending Account Value 3/31/21 | Annualized Expense Ratios | Expenses Period * | |||||||||||||
International Fixed Income Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class F | $ | 1,000.00 | $ | 991.70 | 1.02 | % | $ | 5.06 | ||||||||
Class Y | 1,000.00 | 992.60 | 0.77 | 3.83 | ||||||||||||
Hypothetical 5% Return | ||||||||||||||||
Class F | $ | 1,000.00 | $ | 1,019.85 | 1.02 | % | $ | 5.14 | ||||||||
Class Y | 1,000.00 | 1,021.09 | 0.77 | 3.88 | ||||||||||||
Emerging Markets Debt Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class F | $ | 1,000.00 | $ | 1,026.10 | 1.36 | % | $ | 6.87 | ||||||||
Class Y | 1,000.00 | 1,027.40 | 1.11 | 5.61 | ||||||||||||
Hypothetical 5% Return | ||||||||||||||||
Class F | $ | 1,000.00 | $ | 1,018.15 | 1.36 | % | $ | 6.84 | ||||||||
Class Y | 1,000.00 | 1,019.40 | 1.11 | 5.59 |
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). |
86 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)
March 31, 2021
Pursuant to Rule 22e-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 23, 2021, 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.
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 87 |
BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited)
SEI Institutional International Trust (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (each member, a “Trustee” and, collectively, the “Trustees” or the “Board”), the sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers’ skills and investment results in managing assets for specific asset classes, investment styles and strategies.
The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of 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 (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) 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 the case of the initial approval of a Sub-Advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required, pursuant to an exemptive order that has been granted to the Trust by the Securities and Exchange Commission. In connection with their consideration of such initial approvals and renewals, the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an investment advisory agreement.
Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.
Specifically, during the first half of the Trust’s fiscal year, the Board requested and received written materials from SIMC and certain Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Advisers, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data; (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Advisers’ expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indexes.
88 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
At the March 22-24, 2021 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, certain Sub-Advisory Agreements were either initially approved or, if the Sub-Advisory Agreement was already in effect (unless operating under an initial two-year term), renewed at a meeting of the Board held during the first half of the Trust’s fiscal year on December 8-9, 2020. In each case, the Board’s approval (or 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 the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and each Sub-Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support the renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or its affiliates.
Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered a report compiled by Broadridge, an independent third-party that was engaged to prepare an assessment of the Funds in connection with the renewal of the Advisory Agreement (the “Broadridge Report”). The Broadridge Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the approval or renewal of Sub-Advisory Agreements, the Board considered the performance of the Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of each Sub-Adviser was sufficient to support approval or renewal of the Sub-Advisory Agreement.
Fees. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense 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 any applicable cap, as well as SIMC’s contractual waiver of its management fee with respect to the Emerging Markets Equity Fund to prevent the management fee from exceeding a specified cap, and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for its distribution channels. In determining the appropriateness of fees, the Board also took into consideration the impact of fees incurred indirectly by the Funds as a result of investments into underlying funds, including funds from which SIMC or its affiliates earn fees. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are
SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 | 89 |
BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS
(Unaudited) (Concluded)
reasonable and supported renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.
Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the approval or renewal of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC’s advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of SIMC and the Sub-Advisers is reasonable and supported renewal of the Investment Advisory Agreements.
Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.
Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the approval or renewal, as applicable, of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
90 | SEI Institutional International Trust / Semi-Annual Report / March 31, 2021 |
SEI INSTITUTIONAL INTERNATIONAL TRUST / SEMI-ANNUAL REPORT / MARCH 31, 2021
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
Peter A. Rodriguez
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 (3/21)
Item 2. | Code of Ethics. |
Not applicable for semi-annual report.
Item 3. | Audit Committee Financial Expert. |
Not applicable for semi-annual report.
Item 4. | Principal Accountant Fees and Services. |
Not applicable for semi-annual report.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Schedule of Investments. |
The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the International Equity Fund, the Emerging Markets Equity Fund, the International Fixed Income Fund and the Emerging Markets Debt Fund are included as part of the report to shareholders filed under Item 1 of this form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
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, 2021
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, 2021 | ||||||
By | /s/ Peter A. Rodriguez | |||||
Peter A. Rodriguez, Controller & CFO |
Date: June 8, 2021