SEC Info - Sei Institutional International Trust

Sei Institutional International Trust – ‘N-CSRS’ for 3/31/17

Sei Institutional International Trust – ‘N-CSRS’ for 3/31/17

On: Friday, 6/9/17, at 2:26pm ET · Effective: 6/9/17 · For: 3/31/17 · Accession #: 1193125-17-199714 · File #: 811-05601

Previous ‘N-CSRS’: ‘N-CSRS’ on 6/9/16 for 3/31/16 · Next: ‘N-CSRS’ on 6/8/18 for 3/31/18 · Latest: ‘N-CSRS’ on 6/8/23 for 3/31/23

Certified Semi-Annual Shareholder Report by a Management Investment Company — Form N-CSR
Filing Table of Contents

N-CSRS — Sei Institutional International Trust
Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

On: Friday, 6/9/17, at 2:26pm ET · Effective: 6/9/17 · For: 3/31/17 · Accession #: 1193125-17-199714 · File #: 811-05601

Previous ‘N-CSRS’: ‘N-CSRS’ on 6/9/16 for 3/31/16 · Next: ‘N-CSRS’ on 6/8/18 for 3/31/18 · Latest: ‘N-CSRS’ on 6/8/23 for 3/31/23

Certified Semi-Annual Shareholder Report by a Management Investment Company — Form N-CSRFiling Table of Contents

N-CSRS — Sei Institutional International TrustDocument Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Certified Semi-Annual Shareholder Report by a Management Investment Company — Form N-CSR
Filing Table of Contents

N-CSRS — Sei Institutional International Trust
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
		Alternative Formats (Word, et al.) Board of Trustees Considerations in Approving the Advisory Agreement Disclosure of Fund Expenses Financial Highlights Notes to Financial Statements Statements of Assets and Liabilities Statements of Changes in Net Assets Statements of Operations
1	1st Page - Filing Submission
"	Statements of Assets and Liabilities
"	Statements of Operations
"	Statements of Changes in Net Assets
"	Financial Highlights
"	Notes to Financial Statements
"	Disclosure of Fund Expenses
"	Board of Trustees Considerations in Approving the Advisory Agreement

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarter of each fiscal year on Form N-Q within sixty days after the end of the period. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.

LOGO


Description	Shares		Market Value ($ Thousands)

COMMON STOCK — 92.8%

Argentina — 0.0%
Ternium ADR		23,969	$	626


Australia — 2.2%
AGL Energy		41,278		830
Alumina (A)		384,235		525
Aristocrat Leisure		649,640		8,906
Australian Stock Exchange		31,909		1,229
Bendigo & Adelaide Bank		80,796		748
BHP Billiton		69,885		1,282
BlueScope Steel		77,109		721
Brambles		259,356		1,850
Challenger		94,687		906
CIMIC Group		16,152		443
Cochlear		40,486		4,177
Commonwealth Bank of Australia		43,425		2,846
CSL		162,702		15,556
CSR		178,014		612
Dexus Property Group ‡		155,424		1,158
Downer EDI		267,999		1,184
Fortescue Metals Group		1,317,843		6,263
Insurance Australia Group		1,782,098		8,225
Macquarie Group		12,881		886
Newcrest Mining		1,612		27
Origin Energy		166,017		893
OZ Minerals		280,742		1,677
Qantas Airways		2,343,806		6,955
Ramsay Health Care		13,909		742
Rio Tinto		72,429		3,341
South32		3,470,262		7,306
Transurban Group		19,024		169
Treasury Wine Estates		106,696		995

				80,452


Austria — 0.4%
ANDRITZ		115,145		5,774
BUWOG		5,363		136


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Immobilien Anlagen		32,000	$	705
Lenzing		9,552		1,610
OMV (A)		122,744		4,842
Raiffeisen International Bank Holding (A)		19,258		436
voestalpine		18,117		715

				14,218


Belgium — 0.8%
Ageas (A)		414,728		16,253
AGFA-Gevaert*		70,231		345
Bekaert		19,586		961
Colruyt		4,784		235
Groupe Bruxelles Lambert		127,550		11,609
Solvay		3,675		450
Umicore		15,059		860

				30,713


Brazil — 0.4%
Ambev ADR		1,358,313		7,824
Embraer		1,546,800		8,453

				16,277


Canada — 3.6%
Alimentation Couche-Tard, CI B		158,500		7,140
Bank of Montreal		55,900		4,163
Cameco (A)		641,748		7,104
Canadian Imperial Bank of Commerce (A)		105,200		9,045
Canadian Natural Resources		322,116		10,562
Canadian Pacific Railway		162,894		23,894
Cogeco Communications		10,970		585
Constellation Software		10,360		5,077
Encana		1,325,349		15,483
Entertainment One		106,941		327
Gildan Activewear		331,528		8,932
High Liner Foods		9,000		122
Home Capital Group, CI B (A)		155,100		3,027
Lucara Diamond		63,300		147
Manulife Financial		459,500		8,128
Peyto Exploration & Development (A)		172,800		3,544
Rogers Sugar		30,600		143
Royal Bank of Canada		128,200		9,314
Suncor Energy		214,090		6,554
Toronto-Dominion Bank		146,400		7,312

				130,603


China — 1.5%
Alibaba Group Holding ADR*		73,000		7,872
Baidu ADR*		124,200		21,427
Ctrip.com International ADR*		171,044		8,407
STMicroelectronics (A)		520,327		7,975
Tencent Holdings		329,400		9,443

				55,124


Denmark — 2.0%
AP Moeller - Maersk, Cl A		394		637


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
AP Moeller - Maersk, CI B		363	$	604
Chr Hansen Holding		114,661		7,382
Coloplast, CI B		113,705		8,905
Danske Bank		72,333		2,471
Dfds		14,922		823
DSV		4,851		252
Genmab*		9,015		1,741
H Lundbeck		80,392		3,739
ISS		508,389		19,282
Nets *(B)		289,160		4,679
Novozymes, CI B		176,056		6,999
Scandinavian Tobacco Group (B)		621,247		10,892
Vestas Wind Systems		58,873		4,801

				73,207


Finland — 0.8%
Cargotec, CI B		31,119		1,544
Fortum		64,738		1,027
Lemminkainen		1,680		33
Metso		22,064		670
Neste		174,794		6,835
Orion, CI B (A)		80,198		4,192
Outokumpu (A)		176,459		1,725
Sampo, CI A		763		36
Stora Enso, CI R		417,405		4,946
UPM-Kymmene (A)		233,171		5,492
Wartsila, CI B		59,017		3,166

				29,666


France — 8.2%
Air France-KLM*		193,338		1,468
Air Liquide (A)		47,417		5,432
Altamir		3,992		62
Arkema (A)		98,587		9,751
Atos		46,652		5,786
BNP Paribas		197,772		13,206
Boiron		1,900		174
Carrefour		692,722		16,374
Christian Dior		10,501		2,446
Cie de St.-Gobain		19,507		1,004
Cie Generale des Etablissements-Michelin, CI B		1,337		163
CNP Assurances		106,230		2,168
Dassault Systemes		3,331		289
Edenred		7,090		168
Eiffage		1,381		108
Elior Group (B)		181,785		4,134
Engie		1,558,361		22,134
Essilor International		61,595		7,504
Eurofins Scientific (A)		30,856		13,460
Gecina^‡		4,042		550
Hermes International		17,685		8,400
Ipsen		38,728		3,884
IPSOS		18,645		580


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Kering		3,830	$	993
Les Nouveaux Constructeurs		1,757		83
L’Oreal		4,919		948
LVMH Moet Hennessy Louis Vuitton (A)		42,144		9,279
Natixis (A)		44,184		273
Nexans		40,628		2,112
Nexity		18,692		921
Pernod Ricard		56,550		6,708
Peugeot (A)		488,541		9,863
Publicis Groupe (A)		212,988		14,923
Remy Cointreau		3,259		320
Rexel (A)		223,796		4,074
Sanofi		359,574		32,543
Schneider Electric		414,145		30,400
Societe Generale		218,116		11,093
Sodexo		57,883		6,825
SPIE		256,385		6,201
Thales		122,867		11,914
Total		299,097		15,168
UBISOFT Entertainment*		6,237		267
Valeo (A)		183,163		12,230
Vetoquinol		569		32
Vinci		14,733		1,171
Wendel		1,468		187

				297,773


Germany — 6.0%
Adidas		67,542		12,880
Allianz		56,855		10,560
AURELIUS Equity Opportunities & KGaA (A)		18,543		807
BASF		221,657		22,029
Brenntag		89,867		5,051
Continental		30,765		6,762
Covestro (B)		15,837		1,222
CTS Eventim & KGaA		73,230		2,842
Deutsche Bank (A)		185,987		3,213
Deutsche Boerse		119,477		11,008
Deutsche Lufthansa		372,047		6,048
Deutsche Post		36,876		1,266
Deutsche Wohnen		24,086		795
Eckert & Ziegler		1,376		39
Elmos Semiconductor		5,581		134
Evonik Industries		50,860		1,663
Fresenius		12,328		993
GEA Group		277,185		11,811
Gerresheimer		20,399		1,620
Hannover Rueck		41,355		4,784
HeidelbergCement		20,296		1,905
Heidelberger Druckmaschinen *(A)		275,287		689
Hella KGaA Hueck		271,831		12,073
Henkel		4,200		468
Hochtief		52,812		8,752
Indus Holding		58,792		3,809


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Infineon Technologies		150,578	$	3,083
K+S (A)		15,393		359
Kloeckner		76,510		829
Koenig & Bauer		17,940		1,128
LANXESS		28,450		1,914
Linde		34,995		5,843
Merck		48,652		5,557
METRO		4,927		158
OSRAM Licht		17,749		1,115
SAP		255,430		25,129
SAP ADR (A)		119,500		11,731
Siemens		117,622		16,153
Suedzucker		26,401		664
Talanx		174,150		6,157
TUI		240,719		3,335

				216,378


Hong Kong — 2.4%
AIA Group		1,667,700		10,515
ASM Pacific Technology		39,000		530
Bank of East Asia		69,000		285
BOC Hong Kong Holdings		572,000		2,337
Chaoda Modern Agriculture*		2,440,000		63
China Merchants Holdings International		1,977,338		5,788
China Mobile		1,999,740		21,885
CLP Holdings		151,500		1,584
CNOOC		13,537,000		16,165
Galaxy Entertainment Group		947,000		5,185
Hang Lung Group		155,000		661
Henderson Land Development		978,938		6,065
Hysan Development		44,000		200
Jardine Strategic Holdings		17,900		752
Melco Crown Entertainment ADR		31,487		584
MTR		217,500		1,222
New World Development		912,000		1,122
PCCW		1,564,000		922
Samsonite International		1,623,900		5,913
Techtronic Industries		935,000		3,784
Wharf Holdings		96,000		824
Wheelock		159,000		1,257

				87,643


India — 0.2%
HDFC Bank ADR		114,184		8,589


Indonesia — 0.0%
Telekomunikasi Indonesia Persero		1,858,000		576


Ireland — 0.5%
CRH		91,071		3,221
Experian		686,418		13,974

				17,195


Israel — 1.2%
Bank Hapoalim		567,547		3,452


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Bank Leumi Le-Israel*		1,459,025	$	6,435
Bezeq Israeli Telecommunication		3,292,090		5,903
Check Point Software Technologies*		152,019		15,606
Elbit Systems		1,693		193
Israel Discount Bank, CI A*		194,179		456
Mizrahi Tefahot Bank		101,887		1,725
Shufersal		86,120		417
Teva Pharmaceutical Industries ADR		241,152		7,739

				41,926


Italy — 3.2%
Autogrill		77,690		774
Azimut Holding		268,640		4,692
Brembo		184,134		13,658
Buzzi Unicem		617,198		15,843
CNH Industrial		46,065		445
Enel		985,553		4,653
EXOR		93,427		4,844
Ferrari		20,122		1,501
Fiat Chrysler Automobiles*		1,843,061		20,205
Luxottica Group		109,261		6,048
Prima Industrie		4,259		110
Prysmian		38,153		1,011
Recordati		168,413		5,723
Saras		692,920		1,327
Tenaris		1,024,549		17,610
UniCredit		1,128,033		17,434

				115,878


Japan — 16.4%
77 Bank		190,000		822
Adastria		56,400		1,404
Air Water		24,500		451
Alps Electric		13,700		388
Amada Holdings		66,600		760
Arcland Sakamoto		33,400		401
Asahi Breweries		146,900		5,547
Asahi Glass		1,024,000		8,289
Asahi Kasei		185,000		1,793
Bandai Namco Holdings		40,800		1,219
Benesse		42,700		1,334
Brother Industries		38,800		810
Canon Marketing Japan		122,200		2,428
Central Japan Railway		21,200		3,451
Ci:z Holdings		4,700		139
Dai Nippon Printing		973,000		10,478
Daikin Industries		106,700		10,710
Daikyo		1,001,000		1,985
Daito Trust Construction		62,200		8,538
Daiwa House Industry		165,400		4,744
Daiwa House Investment, CI A^‡		27		70
Daiwa Securities Group		157,000		955
East Japan Railway		228,500		19,879
Fanuc		5,100		1,044


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Fuji Film Holdings		262,900	$	10,258
Fujitsu		1,404,000		8,579
Fujitsu General		170,000		3,356
Furukawa Electric		115,200		4,135
Hamamatsu Photonics		11,500		331
Haseko		51,000		551
Hirose Electric		1,300		180
Hisamitsu Pharmaceutical		9,200		525
Hitachi		2,956,000		15,983
Hitachi Chemical		17,100		473
Hitachi Construction Machinery		17,700		441
Hitachi High-Technologies		9,800		399
Hitachi Metals		30,500		428
Hoshizaki		2,700		212
Idemitsu Kosan		14,400		500
IHI		214,000		674
Isuzu Motors		74,600		986
Itochu		36,400		516
Japan Airlines		591,600		18,720
Japan Tobacco		307,400		9,981
JGC		22,200		385
JSR		10,200		172
JXTG Holdings		137,700		676
Kansai Paint		414,500		8,790
Kao		94,900		5,198
KDDI		826,200		21,665
Keikyu		76,000		833
Keyence		63,500		25,405
Koito Manufacturing		321,310		16,696
Komatsu		519,500		13,527
Konami Holdings		130,900		5,551
Kose		27,300		2,467
Kuraray		55,200		836
Kyocera		8,100		451
Lion		157,000		2,821
M3		100		2
Mabuchi Motor		249,600		14,045
Makita		43,800		1,533
Marubeni		326,600		2,009
Maruha Nichiro		37,200		1,125
McDonald’s Holdings Japan (A)		9,900		289
Mebuki Financial Group		102,400		409
Mitsubishi		26,900		581
Mitsubishi Chemical Holdings (A)		417,500		3,227
Mitsubishi Electric		168,400		2,413
Mitsubishi Gas Chemical (A)		139,200		2,888
Mitsui Chemicals		241,000		1,190
Mitsui Home		15,000		84
Mitsui OSK Lines		204,000		641
Mixi		64,900		3,122
Mochida Pharmaceutical		6,000		445
Morinaga Milk Industry		124,000		919


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
MS&AD Insurance Group Holdings		532,000	$	16,901
Musashi		1,700		26
Nabtesco		135,300		3,582
Nexon		49,800		791
NH Foods		42,000		1,127
Nidec		21,000		1,997
Nikon		526,500		7,626
Nippon Building Fund, CI A^‡		62		339
Nippon Electric Glass		65,000		393
Nippon Light Metal Holdings		279,100		614
Nippon Paint Holdings		26,200		911
Nippon Prologis^‡		65		141
Nippon Soda		151,000		833
Nippon Suisan Kaisha		87,900		438
Nippon Telegraph & Telephone		94,000		4,009
Nippon Telegraph & Telephone ADR		415,638		17,806
Nissan Chemical Industries		22,200		645
Nitori Holdings		10,500		1,326
NOK		7,100		165
Nomura Real Estate Master Fund^‡		571		885
North Pacific Bank		190,500		721
NTT Data		42,100		1,995
Oenon Holdings		44,000		98
Okasan Securities Group		117,000		713
Omron		175,200		7,681
Otsuka Holdings		35,700		1,609
Panasonic (A)		665,600		7,514
Pigeon		437,464		13,957
Plenus (A)		26,400		584
Pola Orbis Holdings		187,500		4,521
Prima Meat Packers		84,000		371
Recruit Holdings		44,000		2,243
Resona Holdings		74,100		398
Rohm		164,900		10,951
Saizeriya		46,400		1,165
Santen Pharmaceutical		438,000		6,336
Sawada Holdings		7,300		67
SBI Holdings		31,900		444
Sega Sammy Holdings		109,400		1,465
Seiko Epson		33,200		698
Sekisui Chemical		79,800		1,340
Sekisui House		612,600		10,066
Seven & I Holdings		244,700		9,579
Shimano		300		44
Shin-Etsu Chemical		12,700		1,099
Shionogi		173,300		8,939
SMC		27,300		8,065
Sompo Holdings		11,600		425
Sony		59,200		2,001
Stanley Electric		24,700		704
Start Today		34,600		765
Subaru		13,500		495


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Sumitomo		119,600	$	1,607
Sumitomo Dainippon Pharma		23,600		389
Sumitomo Heavy Industries		88,000		613
Sumitomo Mitsui Financial Group		191,600		6,955
Sumitomo Mitsui Trust Holdings (A)		354,122		12,267
Sumitomo Rubber Industries		24,600		419
Suruga Bank		10,500		221
Suzuken		28,000		917
Suzuki Motor		28,900		1,199
Sysmex		97,500		5,906
T&D Holdings		37,800		548
Taiheiyo Cement		139,000		464
Teijin (A)		36,400		686
Temp Holdings (A)		955,422		17,783
Terumo		26,500		919
THK		19,000		478
TIS		53,400		1,357
Tochigi Bank		65,000		299
Toho Gas		42,000		297
Tokyo Electric Power Holdings*		459,200		1,797
Tokyo Electron		30,700		3,349
Tokyo Gas		195,000		887
Toppan Printing		42,000		428
Topre (A)		271,800		7,066
Toshiba (A)		622,000		1,347
Tosoh		211,000		1,852
TOTO		27,700		1,045
Toyota Motor		154,900		8,399
Toyota Motor ADR (A)		145,233		15,775
Toyota Tsusho		55,300		1,672
Trend Micro		92,000		4,087
Ube Industries (A)		2,153,000		4,850
Wacoal Holdings		837,704		10,329
Warabeya Nichiyo		13,300		308
Yamaha Motor		20,300		488
Yamazaki Baking		78,200		1,607
Yaskawa Electric		49,600		994
Yokogawa Electric		44,700		703
Yokohama Rubber		8,200		160

				593,337


Luxembourg — 0.1%
APERAM (A)		61,933		3,103


Malaysia — 0.1%
Malaysian Pacific Industries		35,200		92
Petronas Chemicals Group		640,800		1,115
Tenaga Nasional		522,600		1,620

				2,827


Malta — 0.0%
BGP Holdings*		198,683		—


Mexico — 0.5%
Alfa, CI A		4,914,400		7,137


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Cemex ADR*		142,445	$	1,292
Wal-Mart de Mexico		3,527,100		8,090

				16,519


Netherlands — 6.3%
ABN AMRO Group (B)		37,546		914
Aegon (A)		275,834		1,408
AerCap Holdings*		145,500		6,689
Akzo Nobel		347,848		28,919
Altice* (A)		36,053		818
ArcelorMittal (A)		1,022,987		8,628
ASML Holding		111,501		14,835
ASR Nederland*		24,787		709
Heineken (A)		59,042		5,039
Heineken Holding		31,125		2,482
ING Groep (A)		1,572,562		23,833
James Hardie Industries		40,272		632
Koninklijke Ahold Delhaize		350,451		7,519
Koninklijke DSM		270,062		18,316
Koninklijke Philips		280,447		9,038
NXP Semiconductors*		51,000		5,278
Randstad Holding		49,193		2,846
Refresco Group (B)		544,986		8,324
RELX		60,078		1,115
Royal Dutch Shell, CI A		523,963		13,794
Royal Dutch Shell, CI B		959,247		26,203
Royal Dutch Shell ADR, CI B (A)		271,852		15,177
Unilever		252,536		12,579
Van Lanschot, CI A		5,128		123
Wolters Kluwer		349,635		14,571

				229,789


New Zealand — 0.1%
Air New Zealand		576,315		991
Fisher & Paykel Healthcare		56,167		381
Fletcher Building		103,159		600
Meridian Energy		70,121		137

				2,109


Norway — 1.1%
Aker Solutions		1,277,183		7,695
DNB		386,379		6,123
Gjensidige Forsikring		29,721		453
Marine Harvest		74,812		1,140
Norsk Hydro		1,221,183		7,089
Salmar		25,847		557
Solon Eiendom* (A)		1		—
Statoil		323,066		5,518
Telenor		710,780		11,826

				40,401


Poland — 0.0%
Emperia Holding*		3,171		60


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)

Portugal — 0.1%
Galp Energia, CI B		76,698	$	1,167
Jeronimo Martins		109,128		1,957

				3,124


Russia — 0.2%
Severstal GDR		33,696		485
Yandex, CI A*		265,148		5,815

				6,300


Singapore — 0.9%
CapitaLand		69,200		180
CapitaLand Commercial Trust^‡		93,000		103
City Developments		1,935,100		14,126
DBS Group Holdings		471,900		6,552
Hong Leong Finance		56,400		109
Oversea-Chinese Banking		1,250,700		8,700
SATS		124,500		435
Singapore Airlines		133,700		963
Sunningdale Tech		120,900		143
Wilmar International		190,400		481

				31,792


South Africa — 0.1%
Investec		649,100		4,425
Sappi		124,207		844

				5,269


South Korea — 2.9%
Amorepacific		19,152		4,804
Cosmax (A)		133,657		16,255
KT ADR		490,614		8,257
LG Display ADR		309,560		4,216
Samsung Electronics		18,947		34,902
SK Innovation		4,098		610
SK Telecom		88,559		19,956
SK Telecom ADR		675,621		17,012

				106,012


Spain — 1.9%
Acciona		14,734		1,184
ACS Actividades de Construccion y Servicios		295,899		10,094
Aena (B)		13,208		2,095
Almirall		61,743		1,005
Amadeus IT Holding, CI A		34,734		1,767
Banco Bilbao Vizcaya Argentaria		401,573		3,122
Banco Santander		129,475		796
Bankinter		131,920		1,111
CaixaBank		2,618,171		11,282
Endesa		413,544		9,744
Iberdrola		437,004		3,134
Industria de Diseno Textil		123,060		4,349
Mapfre		3,950,024		13,583
Mediaset Espana Comunicacion		108,849		1,407
Repsol		230,141		3,563


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Tecnicas Reunidas		27,721	$	1,095

				69,331


Sweden — 1.6%
Alfa Laval		560,061		10,607
Atlas Copco, CI A (A)		135,229		4,791
Atlas Copco, CI B		8,471		270
Boliden		148,734		4,448
Bonava, CI B		39,765		583
Electrolux, CI B		215,288		6,007
Granges		59,798		549
Husqvarna, CI B		20,924		184
Investor, CI B		51,365		2,170
L E Lundbergforetagen, CI B		3,318		226
Lundin Petroleum*		17,928		365
NCC, CI B		39,765		987
Nordea Bank		657,928		7,539
Oriflame Holding		64,368		2,585
Saab, CI B		29,956		1,269
Sandvik		247,903		3,718
Skanska, CI B		55,947		1,322
Swedbank, CI A (A)		12,589		293
Telefonaktiebolaget LM Ericsson ADR (A)		1,643,012		10,910
Volvo, CI B		38,470		570

				59,393


Switzerland — 8.3%
ABB		1,123,119		26,290
Actelion		20,502		5,790
Adecco Group		189,733		13,487
Aryzta		242,744		7,797
Cie Financiere Richemont		291,385		23,056
Emmi		1,144		780
EMS-Chemie Holding		1,356		790
Galenica		1,138		1,201
Geberit		4,349		1,876
Givaudan (A)		5,921		10,671
Julius Baer Group		120,784		6,033
LafargeHolcim		3,024		179
Lonza Group		48,950		9,262
Nestle		312,126		23,964
Novartis		377,772		28,061
Pargesa Holding		5,201		368
Partners Group Holding		15,547		8,364
Roche Holding		164,774		42,109
Schindler Holding		11,553		2,224
SGS		8,041		17,167
Sika		356		2,138
Sonova Holding		48,240		6,694
Swiss Life Holding		34,371		11,098
Swiss Prime Site		6,233		549
Swiss Re		54,105		4,862
Tecan Group		3,617		579
UBS Group		1,730,804		27,654


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Wolseley		24,751	$	1,554
Zurich Insurance Group		57,556		15,376

				299,973


Taiwan — 0.5%
Hon Hai Precision Industry		2,968,764		8,904
Taiwan Semiconductor Manufacturing ADR		278,971		9,161

				18,065


Turkey — 0.1%
Eregli Demir ve Celik Fabrikalari		761,858		1,234
Tupras Turkiye Petrol Rafinerileri		47,600		1,179
Turkiye Is Bankasi, CI C		286,373		521
Turkiye Vakiflar Bankasi Tao, CI D (A)		758,569		1,117

				4,051


United Kingdom — 13.9%
3i Group		360,582		3,379
Anglo American		204,431		3,117
Aon		85,000		10,089
Ashtead Group		658,640		13,614
Associated British Foods (A)		95,811		3,122
AstraZeneca		410,797		25,235
AstraZeneca ADR		128,719		4,008
Aviva		2,976,539		19,801
BAE Systems		57,418		461
Balfour Beatty (A)		1,913,216		6,445
Bank of Ireland*		40,985,000		10,192
Barclays		8,280,532		23,308
BHP Billiton		124,463		1,921
BP		756,510		4,328
BP ADR		175,984		6,075
British American Tobacco		421,743		27,951
Bunzl		335,540		9,734
Carnival		264,068		15,117
Cobham (A)		3,644,739		6,062
Compass Group		1,083,611		20,406
DCC		67,380		5,919
Diageo		305,358		8,719
Fresnillo		33,094		644
Genus		21,832		471
GKN		95,952		436
GlaxoSmithKline		1,083,104		22,476
Glencore		932,877		3,653
Hays		812,170		1,594
Howden Joinery Group		1,083,485		5,876
HSBC Holdings		2,555,241		20,798
Imperial Brands		12,787		618
Imperial Brands ADR		12,508		618
Inchcape		57,618		606
Indivior		326,107		1,313
InterContinental Hotels Group		16,336		798
Intertek Group		22,782		1,121
JD Sports Fashion		95,690		461


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Johnson Matthey		24,052	$	926
Just Eat*		646,717		4,577
Legal & General Group		592,960		1,834
Lloyds Banking Group		27,881,074		23,122
Mitie Group (A)		1,662,416		4,613
Mondi		161,841		3,900
National Grid		83,146		1,054
Persimmon		59,633		1,561
Prudential		1,197,322		25,243
QinetiQ Group		319,745		1,115
Reckitt Benckiser Group		160,592		14,631
RELX		635,519		12,429
Rio Tinto		21,492		863
Royal Bank of Scotland Group*		5,800,199		17,559
RSA Insurance Group		39,613		290
Sage Group		25,565		202
Schroders (A)		93,884		3,557
Smiths Group		77,306		1,565
Spectris		190,354		5,946
SSE		590,774		10,904
St. James’s Place		419,367		5,569
Subsea 7 (A)		254,669		3,938
TalkTalk Telecom Group (A)		1,733,855		4,109
Tate & Lyle		229,068		2,190
Tesco (A)		5,739,106		13,320
Travis Perkins (A)		877,490		16,613
Unilever		28,406		1,399
Virgin Money Holdings UK		1,878,893		7,532
Vodafone Group		5,365,472		13,962
Weir Group		36,657		879
Wm Morrison Supermarkets (A)		60,144		180
Worldpay Group (B)		1,290,870		4,768
WPP		113,897		2,495

				503,331


United States — 4.3%
Accenture, CI A		94,638		11,345
Alphabet, CI C*		9,188		7,622
Axis Capital Holdings		203,039		13,610
Barracuda Networks*		330,301		7,633
Chubb		96,239		13,113
Core Laboratories (A)		77,017		8,897
Facebook, CI A*		52,952		7,522
Flextronics International*		671,017		11,273
Frontline (A)		927,791		6,253
ICON*		137,168		10,935
International Game Technology		188,391		4,465
Jazz Pharmaceuticals*		56,189		8,155
JPMorgan Chase		48,557		4,265
Lazard, CI A		145,116		6,674
Luxoft Holding, CI A*		108,269		6,772
Mobileye*		29,500		1,811
Nielsen Holdings		142,500		5,887


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Sensata Technologies Holding*		122,400	$	5,345
STMicroelectronics, CI Y		68,837		1,064
TE Connectivity		70,200		5,233
Tower Semiconductor*		66,020		1,522
Yelp, CI A*		153,662		5,033

				154,429

Total Common Stock (Cost $3,127,807) ($ Thousands)				3,366,059


PREFERRED STOCK —1.8%

Brazil — 0.1%
Metalurgica Gerdau, CI A*		1,058,100		1,666


Germany — 1.2%
Henkel		68,030		8,739
Porsche		24,088		1,318
Volkswagen		236,730		34,586

				44,643


South Korea — 0.5%
Hyundai Motor		99,732		8,856
Samsung Electronics		6,339		9,086

				17,942

Total Preferred Stock (Cost $65,130) ($ Thousands)				64,251


	Number of Rights

RIGHTS — 0.0%

Australia — 0.0%
Downer EDI, Expires 04/14/2017*		107,200		1

Total Rights (Cost $—) ($ Thousands)				1


	Shares

AFFILIATED PARTNERSHIP — 6.8%
SEI Liquidity Fund, L.P.
0.870% **^†(C)		247,246,351		247,242

Total Affiliated Partnership (Cost $247,247) ($ Thousands)				247,242


Description	Shares		Market Value ($ Thousands)

CASH EQUIVALENT — 2.8%
SEI Daily Income Trust, Government Fund, CI F 0.530%**^†		101,769,053	$	101,769

Total Cash Equivalent (Cost $101,769) ($ Thousands)				101,769

Total Investments — 104.2% (Cost $3,541,953) ($ Thousands)			$	3,779,322

A list of the open futures contracts held by the Fund at March 31, 2017, is as follows:


Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation (Depreciation) ($Thousands)
DJ Euro Stoxx 50 Index		1,114		Jun-2017	$	1,112
FTSE 100 Index		253		Jun-2017		(46	)
Hang Seng Index		33		Apr-2017		(50	)
SPI 200 Index		93		Jun-2017		210
Topix Index		207		Jun-2017		(686	)

					$	540

Percentages are based on Net Assets of $3,627,802 ($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of March 31, 2017.

^†

Investment in Affiliated Security (see Note 5).

^‡

Real Estate Investment Trust.

(A)

This security or a partial position of this security is on loan at March 31, 2017 (see Note 9). The total market value of securities on loan at March 31, 2017 was $224,401 ($ Thousands).

(B)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2017, the value of these securities amounted to $37,028 ($ Thousands), representing 1.0% of the Net Assets of the Fund.

(C)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of March 31, 2017 was $247,242 ($ Thousands).

ADR — American Depositary Receipt

CI — Class

DJ — Dow Jones

FTSE — Financial Times and Stock Exchange

GDR — Global Depositary Receipt

L.P. — Limited Partnership

SPI — Share Price Index

The following is a list of the level of inputs used as of March 31, 2017, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):


Investments in Securities	Level 1			Level 2		Level 3		Total
Common Stock	$	3,366,059		$	—	$	—	$	3,366,059
Preferred Stock		64,251			—		—		64,251
Right		1			—		—		1
Affiliated Partnership		—			247,242		—		247,242
Cash Equivalent		101,769			—		—		101,769

Total Investments in Securities	$	3,532,080		$	247,242	$	—	$	3,779,322


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	1,322		$	—	$	—	$	1,322
Unrealized Depreciation		(782	)		—		—		(782	)

Total Other Financial Instruments	$	540		$	—	$	—	$	540

Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For the six months ended March 31, 2017, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded.

For the six months ended March 31, 2017, there were no transfers between Level 2 and Level 3 assets and liabilities.

For more information on valuation inputs, see Note 2 - Significant Accounting Policies in Notes to Financial Statements.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

LOGO


Description	Shares		Market Value ($ Thousands)

COMMON STOCK — 92.1%

Argentina — 0.5%
Arcos Dorados Holdings, CI A*		240,500	$	1,936
Cresud SACIF y A ADR*		84,609		1,698
IRSA Inversiones y Representaciones ADR*		75,700		1,855
YPF ADR		153,686		3,732

				9,221


Austria — 0.2%
Erste Group Bank		93,408		3,050


Brazil — 6.4%
Ambev		244,700		1,401
Ambev ADR		508,383		2,928
B2W Cia Digital*		1,129,490		4,393
Banco Bradesco ADR*		1,128,219		11,553
Banco do Brasil*		238,300		2,530
Banco Santander Brasil ADR (A)		42,901		378
BM&FBovespa*		811,900		4,933
Braskem ADR		96,810		1,970
BRF ADR*		182,300		2,233
BTG Pactual Group*		86,495		527
CCR		1,129,347		6,420
Cia Energetica de Minas Gerais ADR		891,446		2,933
Cielo		286,276		2,559
Cosan Industria e Comercio		358,563		4,376
Cyrela Brazil Realty Empreendimentos e Participacoes		276,900		1,163
EDP - Energias do Brasil		148,951		652
Energisa		361,800		2,541
Gerdau ADR		275,032		949
Hypermarcas		466,460		4,261
JBS		214,000		692
Kroton Educacional		514,600		2,151
Lojas Renner		391,700		3,430


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Mahle-Metal Leve		75,100	$	512
MRV Engenharia e Participacoes		629,400		2,857
Multiplus		64,600		737
Petroleo Brasileiro ADR*		1,111,941		10,775
Porto Seguro		93,000		844
Qualicorp		145,700		911
Rumo*		1,923,186		5,185
Sao Martinho		179,400		975
Smiles		57,800		1,155
Sul America		278,369		1,464
Telefonica Brasil ADR		542,840		8,061
TIM Participacoes ADR		333,600		5,331
Totvs		54,679		480
Ultrapar Participacoes		63,500		1,430
Vale ADR, CI B*		247,917		2,355
WEG		97,600		535

				108,580


Canada — 0.5%
First Quantum Minerals		609,147		6,454
Parex Resources*		118,807		1,510
SEMAFO*		451,739		1,358

				9,322


Chile — 0.7%
Banco Santander Chile		19,521,854		1,220
Centros Comerciales Sudamericanos		597,926		1,831
Cia Cervecerias Unidas ADR (A)		57,991		1,466
Embotelladora Andina ADR, CI B		10,559		247
Enel Americas ADR		186,171		1,934
Enel Generacion Chile		557,757		418
SACI Falabella		376,290		3,154
Sociedad Quimica y Minera de Chile ADR		41,400		1,423

				11,693


China — 17.4%
AAC Technologies Holdings (A)		143,633		1,681
Agile Property Holdings		910,000		788
Agricultural Bank of China		13,619,932		6,274
Air China		2,286,366		1,850
Alibaba Group Holding ADR* (A)		338,884		36,542
Angang Steel (A)		6,238,684		4,439
Anhui Conch Cement (A)		1,762,000		5,986
ANTA Sports Products (A)		675,069		1,868
Baidu ADR*		107,465		18,540
Bank of China		15,707,105		7,801
Bank of Communications (A)		985,000		765
Beijing Capital International Airport		1,102,000		1,319
Changyou.com ADR*		108,600		3,045
China Communications Services		1,376,000		901
China Construction Bank		18,147,379		14,594
China Life Insurance		450,000		1,381
China Longyuan Power Group		509,292		396
China Merchants Bank (A)		511,576		1,353


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
China National Building Material		6,191,000	$	3,983
China Petroleum & Chemical		6,332,839		5,134
China Railway Construction (A)		1,209,000		1,714
China Telecom		3,486,000		1,700
China Vanke (A)		522,424		1,412
Chongqing Rural Commercial Bank		1,692,098		1,143
CITIC Securities		2,103,467		4,331
Ctrip.com International ADR*		198,433		9,753
Datang International Power Generation*		1,490,000		449
Dongfeng Motor Group		2,588,000		2,907
Great Wall Motor		1,387,000		1,579
Guangzhou R&F Properties		2,072,942		3,238
Huaneng Power International		746,000		498
Industrial & Commercial Bank of China		36,120,868		23,611
JD.com ADR*		144,374		4,491
KWG Property Holding		441,370		320
Longfor Properties		716,000		1,177
NetEase ADR		8,737		2,481
New Oriental Education & Technology Group ADR*		58,879		3,555
PetroChina		606,000		444
PetroChina ADR		64,303		4,710
PICC Property & Casualty		2,751,700		4,242
Ping An Insurance Group of China		2,158,300		12,081
SINA*		204,280		14,733
Sino-Ocean Group Holding		2,698,000		1,267
Sinopec Engineering Group		2,243,500		2,304
Sinopec Shanghai Petrochemical		1,334,000		740
Sinopharm Group		325,053		1,508
Sinotrans		785,758		367
Sohu.com*		171,500		6,745
TAL Education Group ADR*		24,030		2,561
Tencent Holdings		1,517,435		43,503
Tingyi Cayman Islands Holding (A)		2,254,000		2,831
TravelSky Technology		1,394,000		3,293
Tsingtao Brewery (A)		288,000		1,327
Uni-President China Holdings		3,953,400		2,783
Vipshop Holdings ADR*		272,731		3,638
Want Want China Holdings (A)		1,690,000		1,170
Weibo ADR*(A)		36,330		1,896
Weichai Power (A)		132,000		233
Xtep International Holdings		586,000		231
Zhejiang Expressway		1,354,000		1,770
Zijin Mining Group* (A)		892,000		331

				297,707


Colombia — 0.3%
Almacenes Exito		119,859		634
Bancolombia ADR, CI R (A)		92,799		3,700
Cementos Argos		163,518		667
Cemex Latam Holdings*		254,900		934

				5,935


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)

Czech Republic — 0.3%
CEZ		14,429	$	249
Komercni Banka		68,250		2,539
Moneta Money Bank *(B)		600,554		2,039

				4,827


Egypt — 0.2%
Commercial International Bank Egypt SAE GDR		911,421		3,992


Greece — 0.2%
Eurobank Ergasias*		3,278,510		2,016
National Bank of Greece*		8,609,353		2,219

				4,235


Hong Kong — 7.0%
BAIC Motor (B)		270,500		307
Beijing Enterprises Holdings		612,700		3,169
Brilliance China Automotive Holdings (A)		5,120,593		8,566
Chaoda Modern Agriculture*		2,056,181		53
China Cinda Asset Management		4,306,000		1,673
China Conch Venture Holdings (A)		766,500		1,505
China Everbright		1,210,000		2,441
China Everbright Bank (A)		2,696,000		1,318
China Everbright International (A)		3,642,100		4,902
China High Precision Automation Group*		1,385,624		—
China Medical System Holdings		4,733,200		8,393
China Mengniu Dairy (A)		1,358,000		2,813
China Mobile		1,428,541		15,634
China Mobile ADR		111,540		6,160
China Overseas Land & Investment (A)		596,000		1,703
China Power International Development		1,188,000		442
China Resources Power Holdings		1,772,000		3,197
China State Construction International Holdings (A)		7,223,181		12,919
China Taiping Insurance Holdings (A)		899,582		2,179
CIFI Holdings Group		1,004,000		390
CNOOC (A)		2,673,607		3,193
Fuyao Glass Industry Group (A)(B)		485,576		1,684
Galaxy Entertainment Group* (A)		926,548		5,073
Geely Automobile Holdings		725,000		1,110
Guangzhou Automobile Group		1,094,000		1,751
Haier Electronics Group		1,379,300		3,159
Huaneng Renewables		790,000		273
Lee & Man Paper Manufacturing		1,372,960		1,049
Minth Group		344,350		1,387
Orient Overseas International*		135,000		721
People’s Insurance Group of China		4,001,000		1,658
Shanghai Industrial Holdings		791,000		2,326
Shimao Property Holdings		2,139,701		3,398
Sino Biopharmaceutical		2,061,700		1,698
Skyworth Digital Holdings (A)		611,676		403
SMI Holdings Group (A)		9,480,000		903
Sun Art Retail Group (A)		1,165,021		1,091
Sunny Optical Technology Group (A)		836,007		6,110


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Techtronic Industries		694,000	$	2,809
Tianneng Power International		1,382,000		1,256
Yuexiu Property		1,497,499		254

				119,070


Hungary — 0.3%
Magyar Telekom*		142,287		236
MOL Hungarian Oil & Gas		14,829		1,017
OTP Bank		47,765		1,339
Richter Gedeon Nyrt		141,232		3,214

				5,806


India — 8.5%
Adani Ports & Special Economic Zone		577,315		3,019
Apollo Tyres		159,628		513
Aurobindo Pharma		330,298		3,435
Axis Bank		698,449		5,279
Bank of Baroda*		390,791		1,041
Bharat Financial Inclusion*		94,612		1,178
Bharat Petroleum		171,078		1,712
Cairn India		735,850		3,466
Cummins India		231,979		3,392
Dabur India		591,637		2,527
Dewan Housing Finance		523,515		2,960
Glenmark Pharmaceuticals		418,359		5,490
Grasim Industries		36,705		593
HCL Technologies		565,449		7,617
HDFC Bank ADR		76,135		5,727
Hindustan Petroleum		344,521		2,789
Hindustan Unilever		61,536		864
Hindustan Zinc		260,209		1,157
Housing Development Finance		174,850		4,045
ICICI Bank ADR		869,011		7,474
IFCI*		2,060,942		941
Indiabulls Housing Finance		161,203		2,477
Indian Oil		260,038		1,550
Infosys		411,918		6,485
Infosys ADR (A)		103,311		1,632
ITC		411,268		1,775
L&T Technology Services (B)		36,200		434
Maruti Udyog		3,931		364
NCC		1,333,116		1,682
NHPC		1,617,096		802
NTPC		427,308		1,092
Oil & Natural Gas		637,365		1,816
Oil India		32,450		167
Parag Milk Foods* (B)		361,110		1,268
Petronet LNG		523,177		3,248
PNB Housing Finance* (B)		22,300		409
Power Finance		848,588		1,907
Power Grid Corp of India		1,069,379		3,249
Prestige Estates Projects		532,735		1,784
Reliance Industries		215,763		4,389


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Reliance Industries GDR (B)		414,382	$	16,700
Rural Electrification		1,345,008		3,749
SH Kelkar (B)		384,504		1,755
Shriram Transport Finance		284,828		4,729
Tata Chemicals		191,289		1,764
Tata Consultancy Services		172,870		6,474
Tata Global Beverages		128,273		297
Tata Motors ADR		82,648		2,946
Tech Mahindra		30,097		213
Vedanta		632,026		2,676
Zee Entertainment Enterprises		238,645		1,968

				145,020


Indonesia — 2.4%
Adaro Energy		7,933,400		1,042
AKR Corporindo		1,756,300		824
Astra International		9,244,100		5,983
Bank Central Asia		3,876,600		4,815
Bank Negara Indonesia Persero		4,974,000		2,417
Bank Rakyat Indonesia Persero		8,086,461		7,874
Gudang Garam		451,000		2,218
Matahari Department Store		3,954,900		3,910
Sumber Alfaria Trijaya		33,071,700		1,291
Surya Citra Media		4,329,000		877
Tambang Batubara Bukit Asam		1,688,200		1,672
Telekomunikasi Indonesia Persero		9,879,982		3,062
United Tractors		2,278,082		4,530

				40,515


Italy — 0.1%
Prada		375,500		1,578


Jordan — 0.1%
Hikma Pharmaceuticals		103,219		2,557


Kashmiri — 0.1%
Advanced Process Systems* (A)		43,081		1,073


Malaysia — 0.4%
AirAsia		1,489,100		1,057
AMMB Holdings		356,900		375
CIMB Group Holdings		895,800		1,127
Inari Amertron		4,324,350		1,993
MISC BHD		248,600		411
Sunway		248,747		183
UEM Sunrise		2,512,095		721
Westports Holdings		708,300		648

				6,515


Mexico — 4.0%
America Movil, Ser L		1,172,674		828
America Movil ADR, CI L (A)		199,935		2,833
Cemex ADR*		458,048		4,155
Coca-Cola Femsa ADR (A)		104,495		7,492
Fibra Uno Administracion^‡		387,800		659


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Fomento Economico Mexicano		565,600	$	4,992
Fomento Economico Mexicano ADR		59,822		5,295
Gentera		457,600		751
Gruma, CI B		66,441		933
Grupo Aeroportuario del Sureste, CI B		33,625		579
Grupo Bimbo, Ser A		821,205		2,030
Grupo Financiero Banorte, CI O		1,984,244		11,351
Grupo Financiero Santander Mexico ADR		259,078		2,339
Grupo GICSA*		1,882,200		1,264
Grupo Mexico, Ser B		1,614,831		4,816
Grupo Televisa ADR		176,225		4,571
Industrias Bachoco ADR		5,760		312
Infraestructura Energetica Nova		533,700		2,535
Inmobiliaria Vesta		1,467,900		2,025
Kimberly-Clark de Mexico, CI A		683,500		1,475
Megacable Holdings		140,500		545
Nemak (B)		406,500		449
Unifin Financiera		564,300		1,435
Wal-Mart de Mexico		1,816,695		4,167

				67,831


Pakistan — 0.0%
United Bank		144,488		314


Peru — 0.7%
Cia de Minas Buenaventura ADR		364,687		4,391
Credicorp		50,871		8,307

				12,698


Philippines — 0.9%
Aboitiz Equity Ventures		296,380		440
Ayala		159,380		2,684
BDO Unibank		1,802,846		4,225
Cebu Air		201,950		378
Globe Telecom		7,585		307
Metropolitan Bank & Trust		1,683,930		2,685
Pilipinas Shell Petroleum*		1,311,900		1,883
Puregold Price Club		994,118		866
SM Investments		71,450		992
Universal Robina		471,400		1,536
Vista Land & Lifescapes		2,371,200		240

				16,236


Poland — 0.4%
Energa (A)		335,626		900
KGHM Polska Miedz		22,099		646
PGE Polska Grupa Energetyczna		425,042		1,223
Polski Koncern Naftowy Orlen		23,448		592
Powszechna Kasa Oszczednosci Bank Polski*		179,196		1,450
Powszechny Zaklad Ubezpieczen		181,723		1,596

				6,407


Portugal — 0.3%
Galp Energia, CI B		197,173		3,000


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Jeronimo Martins		94,278	$	1,691

				4,691


Qatar — 0.1%
Ooredoo QSC		28,777		764
United Development		64,728		350

				1,114


Romania — 0.1%
Banca Transilvania		1,467,014		917


Russia — 5.6%
Alrosa PAO		831,300		1,343
Detsky Mir		952,100		1,487
Etalon Group GDR		56,800		215
Gazprom ADR		2,093,413		9,384
LUKOIL ADR		281,629		14,933
Magnit GDR		135,371		5,171
Mail.Ru Group GDR*		98,428		2,175
MegaFon GDR		131,661		1,542
MMC Norilsk Nickel ADR		193,728		3,045
Mobile TeleSystems ADR		314,315		3,467
Novatek GDR		19,402		2,415
Novolipetsk Steel GDR		333,909		6,645
Rosneft Oil GDR		653,942		3,721
Sberbank of Russia ADR		1,591,439		18,351
Severstal GDR (A)		140,054		2,010
Sistema GDR		113,760		1,018
Surgutneftegas ADR		182,558		934
X5 Retail Group GDR*		396,591		13,345
Yandex, CI A*		216,762		4,754

				95,955


South Africa — 4.4%
African Rainbow Minerals		117,317		832
AngloGold Ashanti ADR		58,100		626
Aspen Pharmacare Holdings		163,631		3,353
AVI		117,257		866
Barclays Africa Group		167,633		1,744
Barloworld		80,000		712
Bid		141,785		2,746
Bidvest Group		52,067		597
Capitec Bank Holdings		38,444		2,183
DataTec		74,779		288
Exxaro Resources		95,512		840
FirstRand (A)		1,662,837		5,749
Foschini Group		44,056		508
Harmony Gold Mining ADR		488,151		1,196
JSE		190,400		1,830
Kumba Iron Ore* (A)		78,698		1,191
Liberty Holdings (A)		174,481		1,409
Life Healthcare Group Holdings (A)		1,178,881		2,549
Massmart Holdings		62,160		631
MMI Holdings		271,382		463


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Mondi		75,358	$	1,801
MTN Group		36,753		334
Murray & Roberts Holdings		339,186		390
Naspers, CI N		78,023		13,471
Nedbank Group		236,200		4,254
Petra Diamonds*		819,583		1,366
Sappi		240,199		1,632
Sasol		134,948		3,931
Shoprite Holdings		31,605		456
Sibanye Gold		575,825		1,233
SPAR Group		46,842		609
Standard Bank Group (A)		448,799		4,811
Steinhoff International Holdings		160,132		766
Telkom		513,684		2,874
Truworths International		191,966		1,240
Tsogo Sun Holdings		331,499		683
Vodacom Group		218,983		2,482
Wilson Bayly Holmes-Ovcon		45,758		550
Woolworths Holdings		241,346		1,258

				74,454


South Korea — 13.4%
Amorepacific (A)		3,000		752
BGF retail		46,040		4,323
CJ CGV (A)		41,053		2,757
Com2uSCorp (A)		23,510		2,546
Coway (A)		102,811		8,844
DGB Financial Group (A)		155,002		1,504
Dongbu Insurance (A)		37,665		2,156
Doosan Bobcat		64,065		2,102
E-MART (A)		13,546		2,489
Hana Financial Group (A)		72,607		2,399
Hankook Tire (A)		5,515		269
Hanssem		19,170		3,771
Hyosung		34,639		4,197
Hyundai Development (A)		10,153		369
Hyundai Engineering & Construction		10,079		446
Hyundai Marine & Fire Insurance (A)		133,797		4,187
Hyundai Mobis		1,244		267
Hyundai Motor		29,206		4,113
Industrial Bank of Korea		61,728		673
Kangwon Land		152,325		5,203
KB Financial Group		24,433		1,071
KB Financial Group ADR*		60,897		2,678
KB Insurance (A)		15,130		365
KCC		8,106		2,566
KEPCO Plant Service & Engineering (A)		23,332		1,302
Kia Motors (A)		44,209		1,465
Korea Aerospace Industries (A)		56,866		2,929
Korea Electric Power		66,761		2,773
Korea Gas*		10,513		423
KT ADR*		74,353		1,251
KT&G		42,123		3,672


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
LG (A)		33,866	$	2,126
LG Chem		17,130		4,503
LG Display		62,986		1,704
LG Electronics (A)		32,055		1,946
LG Uplus		354,460		4,533
Lotte Chemical		5,161		1,710
Lotte Chilsung Beverage (A)		1,985		2,512
Lotte Confectionery		16,137		2,771
LS Cable (A)		17,025		977
Mando (A)		14,543		3,375
Meritz Fire & Marine Insurance (A)		21,334		305
NAVER		8,647		6,611
NCSoft		13,620		3,715
Orion (A)		4,854		2,908
Partron		134,870		1,387
Poongsan (A)		18,069		632
POSCO		23,268		6,055
Posco Daewoo (A)		62,786		1,339
Samsung Electronics		31,376		57,797
Samsung Engineering*		81,900		941
Samsung Life Insurance		25,835		2,507
SFA Engineering (A)		46,888		3,036
Shinhan Financial Group		77,169		3,216
SK Holdings		14,865		3,237
SK Hynix		308,716		13,941
SK Innovation		13,118		1,953
SK Telecom		15,224		3,431
SK Telecom ADR		345,820		8,708
S-Oil (A)		7,204		647
SPC Samlip (A)		10,522		2,070
Vieworks (A)		28,381		1,637
Woori Bank (A)		166,570		1,936

				228,028


Taiwan — 11.3%
Accton Technology		1,099,400		2,424
Advanced Ceramic X		167,600		1,646
Advanced Semiconductor Engineering		6,414,333		8,192
Airtac International Group		245,266		2,413
Asia Cement		537,000		542
Asustek Computer		177,000		1,750
AU Optronics		4,264,000		1,665
Catcher Technology		658,040		6,506
Cathay Financial Holding		2,304,000		3,698
Chailease Holding		1,073,404		2,508
Cheng Shin Rubber Industry		340,000		703
China Life Insurance		800,000		791
Chipbond Technology		321,000		513
Compal Electronics		2,646,000		1,727
Delta Electronics		1,629,100		8,725
Eclat Textile		442,006		4,428
Elite Material		526,300		2,047
eMemory Technology		169,200		2,395


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Farglory Land Development		369,043	$	499
FLEXium Interconnect		682,000		2,371
Formosa Chemicals & Fibre		390,000		1,213
Formosa Plastics		272,000		811
Foxconn Technology		737,570		2,248
Fubon Financial Holding*		2,405,000		3,923
General Interface Solution Holding		201,000		964
Highwealth Construction		633,100		1,112
Hiwin Technologies		338,502		2,125
Hon Hai Precision Industry		4,595,303		13,782
Hota Industrial Manufacturing		1,189,251		4,978
Hotai Motor		105,000		1,230
Hu Lane Associate		332,500		1,655
Innolux		1,297,000		536
Inventec		2,105,000		1,578
Kingpak Technology		257,110		1,470
King’s Town Bank		424,000		421
Kinsus Interconnect Technology		21,000		56
Largan Precision		23,446		3,694
Lite-On Technology		1,881,936		3,244
MediaTek		937,100		6,640
Merry Electronics		348,000		1,869
Micro-Star International		417,000		970
Nan Ya Plastics		201,000		476
Nanya Technology		888,000		1,416
Parade Technologies		282,600		3,283
Pegatron		918,000		2,717
Phison Electronics		332,000		2,982
Powertech Technology		536,000		1,560
Shin Kong Financial Holding		5,495,000		1,603
Silicon Motion Technology ADR (A)		26,540		1,241
Taiwan Semiconductor Manufacturing		6,391,717		39,813
Taiwan Semiconductor Manufacturing ADR		363,909		11,951
Vanguard International Semiconductor		648,000		1,234
Win Semiconductors		1,003,622		4,465
Wistron		8,069,771		7,394
WPG Holdings		1,743,000		2,189
Yuanta Financial Holding		3,422,000		1,444

				193,830


Thailand — 1.7%
Bangkok Bank Foreign		376,600		2,038
CP Seven Eleven PCL		967,300		1,661
IRPC (A)		14,255,300		2,136
Kiatnakin Bank NVDR		277,482		561
Krung Thai Bank NVDR (A)		2,986,900		1,773
Land and Houses PCL NVDR		7,299,533		2,071
PTT		237,150		2,671
PTT NVDR		82,300		927
PTT Global Chemical		1,225,100		2,612
Siam Cement		125,900		1,979
Siam Commercial Bank		519,700		2,465
Star Petroleum Refining NVDR		291,085		111


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Supalai NVDR (A)		130,142	$	95
Thai Oil		2,060,600		4,527
Thai Union Group NVDR (A)		1,365,046		850
Thanachart Capital NVDR		662,100		930
Tisco Financial Group		276,600		578
Tisco Financial Group NVDR		287,700		601

				28,586


Turkey — 1.7%
Akbank		2,463,428		5,770
Anadolu Efes Biracilik Ve Malt Sanayii		192,588		1,048
Arcelik		175,848		1,094
Aselsan Elektronik Sanayi Ve Ticaret		527,543		2,461
Emlak Konut Gayrimenkul Yatirim Ortakligi*^‡		2,612,414		2,080
Eregli Demir ve Celik Fabrikalari		15,902		26
Ford Otomotiv Sanayi		99,529		973
KOC Holding		107,066		451
TAV Havalimanlari Holding		223,643		890
Tekfen Holding (A)		333,215		791
Tofas Turk Otomobil Fabrikasi		265,385		1,984
Tupras Turkiye Petrol Rafinerileri		66,429		1,645
Turkcell Iletisim Hizmetleri		350,026		1,151
Turkcell Iletisim Hizmetleri ADR* (A)		114,135		945
Turkiye Garanti Bankasi		1,034,456		2,517
Turkiye Is Bankasi, CI C (A)		1,994,961		3,632
Turkiye Sise ve Cam Fabrikalari		442,368		507
Ulker Biskuvi Sanayi		373,314		1,892

				29,857


United Arab Emirates — 0.9%
Abu Dhabi Commercial Bank		435,745		808
Air Arabia		99,333		29
Aldar Properties		2,385,344		1,468
Dubai Investments		1,989,470		1,322
Dubai Islamic Bank		2,268,249		3,460
Emaar Properties		3,538,201		7,040
First Gulf Bank		184,940		650

				14,777


United Kingdom — 0.6%
Anglo American*		114,826		1,747
Kazakhmys*		326,506		1,857
RusHydro ADR		995,764		1,613
Tullow Oil*		1,526,848		4,468

				9,685


United States — 0.4%
Freeport-McMoRan*		140,190		1,873
Globant*		36,080		1,313
Momo ADR*		26,772		912
VEON ADR		307,600		1,255


Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
ZTO Express Cayman ADR *(A)		107,370	$	1,406

				6,759

Total Common Stock (Cost $1,462,942) ($ Thousands)				1,572,835

	Number of Participation Notes

PARTICIPATION NOTES — 2.3%

China — 0.6%
Hangzhou Hikvi, Expires 08/01/2017*		248,000		1,145
Hangzhou Hikvi, Expires 08/01/2017*		1,325,193		6,119
Wuliangye Yibin, Expires 06/29/2020*		452,500		2,822

				10,086


India — 0.7%
Britannia Industries, Expires 05/03/2021*		29,680		1,542
Mahindra & Mahindra Financial Services, Expires 03/12/2018*		780,015		3,783
Tata Motors, Expires 06/25/2020*		669,173		4,799
Zee Entertainment Enterprises, Expires 09/03/2019*		194,847		1,607

				11,731


Luxembourg — 0.1%
Merrill Lynch International, Expires 12/20/2020*		186,361		2,039


Saudi Arabia — 0.3%
Al Tayyar Travel Group, Expires 03/05/2018*		147,364		1,197
HBSC Bank Savola Group, Expires 01/24/2020*		284,680		3,096

				4,293


Switzerland — 0.3%
CITIC Securities, Expires 10/22/2019*		676,727		1,581
Goertek, Expires 09/14/2021*		725,400		3,583

				5,164


United States — 0.2%
Motherson Sumi Systems, Expires 09/21/2021*		719,773		4,122


Vietnam — 0.1%
Hoa Phat Group, Expires 07/24/2018*		1,114,537		1,482

Total Participation Notes (Cost $36,111) ($ Thousands)				38,917

	Shares


PREFERRED STOCK — 2.1%

Brazil — 1.9%
Banco Bradesco*		232,520		2,364
Banco do Estado do Rio Grande do Sul*		153,100		729


Description	Shares		Market Value ($ Thousands)


PREFERRED STOCK (continued)
Braskem		104,300	$	1,047
Cia Brasileira de Distribuicao		37,200		706
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		118,000		2,266
Cia Energetica de Minas Gerais		243,300		797
Cia Paranaense de Energia		176,800		1,805
Itau Unibanco Holding		603,796		7,227
Itau Unibanco Holding ADR		392,354		4,736
Itausa - Investimentos Itau		688,510		2,071
Petroleo Brasileiro ADR, CI A*		337,939		3,116
Suzano Papel e Celulose, CI A		446,900		1,865
Telefonica Brasil		131,400		1,927
Vale ADR, CI B*		175,105		1,572

				32,228


Colombia — 0.1%
Banco Davivienda		182,659		1,888
Bancolombia		40,841		405

				2,293


South Korea — 0.1%
Samsung Electronics		1,301		1,865

Total Preferred Stock (Cost $35,113) ($ Thousands)				36,386


EXCHANGE TRADED FUND — 0.2%

United States — 0.2%
iShares MSCI Emerging Markets ETF		83,486		3,289

Total Exchange Traded Fund (Cost $3,233) ($ Thousands)				3,289

	Number of Rights

RIGHTS — 0.0%

Brazil — 0.0%
B2W Cia Digital, Expires 04/17/2017*		362,794		162


South Africa — 0.0%
Life Healthcare Group Holdings, Expires 04/13/2017*		403,373		136

Total Rights (Cost $—) ($ Thousands)				298


Description		Face Amount (Thousands)		Market Value ($ Thousands)


DEBENTURE BOND — 0.0%

Brazil — 0.0%
Vale, Ser 1997
0.000%, 09/30/2049 (C)	BRL		8	$	—

Total Debenture Bond (Cost $—) ($ Thousands)					—

		Shares

AFFILIATED PARTNERSHIP — 8.4%
SEI Liquidity Fund, L.P.
0.870%**^† (D)			143,182,439		143,182

Total Affiliated Partnership (Cost $143,183) ($ Thousands)					143,182


CASH EQUIVALENT — 0.6%
SEI Daily Income Trust, Government Fund, CI F 0.530%**^†			10,578,358		10,578

Total Cash Equivalent (Cost $10,578) ($ Thousands)					10,578

Total Investments — 105.7% (Cost $1,691,160) ($ Thousands)				$	1,805,485

Percentages are based on Net Assets of $1,707,498 ($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of March 31, 2017.

^†

Investment in Affiliated Security (see Note 5).

^‡

Real Estate Investment Trust.

(A)

This security or a partial position of this security is on loan at March 31, 2017 (see Note 9). The total market value of securities on loan at March 31, 2017 was $155,100 ($ Thousands).

(B)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2017, the value of these securities amounted to $25,045 ($ Thousands), representing 1.5% of the Net Assets of the Fund.

(C)

Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2017.

(D)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of March 31, 2017 was $143,182 ($ Thousands).

ADR — American Depositary Receipt

BRL — Brazilian Real

CI — Class

ETF — Exchange Traded Fund

GDR — Global Depositary Receipt

L.P. — Limited Partnership

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

Ser — Series

The following is a list of the level of inputs used as of March 31, 2017, in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,572,835	$	—	$	—	$	1,572,835
Participation Notes		—		38,917		—		38,917
Preferred Stock		36,386		—		—		36,386
Exchange Traded Fund		3,289		—		—		3,289
Rights		298		—		—		298
Affiliated Partnership		—		143,182		—		143,182
Cash Equivalent		10,578		—		—		10,578

Total Investments in Securities	$	1,623,386	$	182,099	$	—	$	1,805,485

For the six months ended March 31, 2017, there were no transfers between Level 2 and Level 3 assets and liabilities.

For more information on valuation inputs, see Note 2—Significant Accounting Policies in Notes to Financial Statements.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

LOGO


Description		Face Amount (Thousands)		Market Value ($ Thousands)


GLOBAL BONDS — 88.9%

Angola — 0.1%
Republic of Angola Via Northern Lights III
7.000%, 08/17/2019	$		241	$	248


Argentina — 0.5%
Argentine Bonos del Tesoro
16.000%, 10/17/2023	ARS		9,727		654
15.500%, 10/17/2026			9,510		643
Provincia de Buenos Aires
9.125%, 03/16/2024	$		170		189
Provincia de Cordoba
7.125%, 06/10/2021 (A)			280		290
Republic of Argentina
5.625%, 01/26/2022 (A)			266		272
5.000%, 01/15/2027	EUR		115		115

					2,163


Australia — 3.6%
Australia & New Zealand Banking Group MTN
3.625%, 07/18/2022			300		378
Australia Government Bond
5.750%, 07/15/2022	AUD		1,765		1,580
4.750%, 04/21/2027			3,670		3,300
Commonwealth Bank of Australia MTN
1.375%, 01/22/2019	EUR		560		617
Government of Australia
4.500%, 04/15/2020	AUD		270		222
4.500%, 04/21/2033			285		256
4.250%, 04/21/2026			2,070		1,781
3.750%, 04/21/2037			2,978		2,416
2.750%, 04/21/2024			1,785		1,384
Government of Australia, Ser 122
5.250%, 03/15/2019			2,000		1,627


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

Government of Australia, Ser 124
5.750%, 05/15/2021	AUD		2,350	$	2,050
Queensland Treasury, Ser 17
6.000%, 09/14/2017			780		607
Westpac Banking MTN
1.500%, 03/24/2021	EUR		220		249
1.375%, 04/17/2020			230		257

					16,724


Austria — 0.5%
Republic of Austria
4.150%, 03/15/2037 (A)			115		189
3.650%, 04/20/2022 (A)			290		371
3.150%, 06/20/2044 (A)			280		421
1.950%, 06/18/2019 (A)			280		316
1.150%, 10/19/2018 (A)			300		330
0.750%, 10/20/2026 (A)			707		771

					2,398


Bahrain — 0.1%
Bahrain Government International Bond
7.000%, 10/12/2028	$		265		277


Belgium — 1.4%
Anheuser-Busch InBev MTN
2.750%, 03/17/2036	EUR		95		108
2.000%, 03/17/2028			435		486
1.500%, 03/17/2025			55		61
0.875%, 03/17/2022			560		614
Kingdom of Belgium
3.750%, 06/22/2045			233		359
3.000%, 06/22/2034 (A)			350		472
1.600%, 06/22/2047 (A)			450		453
1.000%, 06/22/2031 (A)			710		737
0.800%, 06/22/2025 (A)			715		783
0.800%, 06/22/2027 (A)			875		932
Kingdom of Belgium, Ser 44
5.000%, 03/28/2035 (A)			244		415
Kingdom of Belgium, Ser 58
3.750%, 09/28/2020 (A)			496		609
Kingdom of Belgium, Ser 69
1.250%, 06/22/2018			545		596

					6,625


Brazil — 0.9%
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 08/15/2050	BRL		795		832
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2021			7,835		2,481
Minerva Luxembourg
6.500%, 09/20/2026 (A)	$		290		283
Odebrecht Finance
4.375%, 04/25/2025			200		72


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

Petrobras Global Finance
8.375%, 05/23/2021	$		185	$	209
Rumo Luxembourg Sarl
7.375%, 02/09/2024 (A)			375		385

					4,262


Canada — 5.6%
Bank of Nova Scotia MTN
0.750%, 09/17/2021	EUR		570		628
Bell Canada
3.350%, 06/18/2019	CAD		29		23
Bell Canada MTN
4.700%, 09/11/2023			80		67
3.250%, 06/17/2020			95		74
Canada Housing Trust No. 1
3.800%, 06/15/2021 (A)			2,465		2,028
Canadian Government Bond
2.750%, 12/01/2048			525		432
2.500%, 06/01/2024			3,520		2,829
CDP Financial
4.400%, 11/25/2019 (A)	$		850		902
Export Development Canada MTN
2.400%, 06/07/2021	AUD		1,259		952
Government of Canada
5.750%, 06/01/2033	CAD		460		515
5.000%, 06/01/2037			565		609
4.000%, 06/01/2041			882		862
3.500%, 12/01/2045			1,010		937
1.750%, 09/01/2019			505		387
1.500%, 06/01/2026			1,605		1,189
0.750%, 03/01/2021			3,395		2,519
0.750%, 09/01/2021			955		706
Muskrat Falls
3.630%, 06/01/2029 (A)			340		281
National Bank of Canada
1.500%, 03/25/2021	EUR		345		391
Province of British Columbia
3.250%, 12/18/2021	CAD		1,150		927
2.250%, 03/01/2019			575		442
Province of Manitoba Canada
3.850%, 12/01/2021			710		584
Province of Ontario Canada
3.500%, 06/02/2024			870		712
3.450%, 06/02/2045			355		278
2.600%, 06/02/2025			1,614		1,240
2.400%, 06/02/2026			585		439
1.950%, 01/27/2023			1,000		753
Province of Ontario Canada MTN
1.875%, 05/21/2024	EUR		150		176
Province of Quebec Canada
3.500%, 12/01/2045	CAD		420		331
3.000%, 09/01/2023			850		677
2.750%, 09/01/2025			2,175		1,690


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

2.500%, 04/20/2026	$		195	$	190
Rogers Communications
4.000%, 06/06/2022	CAD		165		134
Royal Bank of Canada
1.625%, 08/04/2020	EUR		290		328
Toronto-Dominion Bank MTN
0.375%, 01/12/2021			345		374
Yamana Gold
4.950%, 07/15/2024	$		286		287

					25,893


China — 0.1%
Sinopec Group Overseas Development
2.625%, 10/17/2020	EUR		240		275


Colombia — 0.3%
Colombian TES
7.000%, 05/04/2022	COP		2,678,900		956
Ecopetrol
7.375%, 09/18/2043	$		121		130
5.875%, 05/28/2045			109		99
Republic of Colombia MTN
3.875%, 03/22/2026	EUR		150		184

					1,369


Czech Republic — 0.1%
Government of Czech Republic
4.700%, 09/12/2022	CZK		4,150		204
Government of Czech Republic, Ser 51
4.000%, 04/11/2017			8,050		319

					523


Denmark — 0.7%
Danske Bank
3.875%, 10/04/2023 (B)	EUR		375		422
3.500%, 04/16/2018			155		172
2.000%, 09/08/2021 (A)	$		360		350
Danske Bank MTN (B)
5.875%, 10/29/2049	EUR		344		396
5.375%, 09/29/2021	GBP		170		224
Kingdom of Denmark
4.500%, 11/15/2039	DKK		1,300		315
4.000%, 11/15/2017			1,600		237
1.500%, 11/15/2023			5,850		922

					3,038


Dominican Republic — 0.1%
Dominican Republic
5.950%, 01/25/2027 (A)	$		381		389


Egypt — 0.1%
Egypt Government International Bond MTN
7.500%, 01/31/2027 (A)			282		299


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)


Finland — 0.1%
Government of Finland
2.625%, 07/04/2042 (A)	EUR		195	$	277
1.500%, 04/15/2023 (A)			340		397

					674


France — 4.6%
Air Liquide Finance MTN
0.750%, 06/13/2024			300		322
BNP Paribas
5.019%, 12/31/2049 (B)			250		268
BNP Paribas MTN
2.250%, 01/11/2027			355		369
BPCE
5.250%, 04/16/2029	GBP		100		137
1.750%, 11/29/2019	EUR		600		675
Caisse Centrale du Credit Immobilier de France MTN
1.125%, 04/22/2019			100		110
Caisse de Refinancement de l’Habitat
3.500%, 04/25/2017			350		375
Caisse Francaise de Financement Local MTN
4.875%, 07/03/2017			220		238
3.625%, 02/26/2018			63		70
Casino Guichard Perrachon MTN
4.407%, 08/06/2019			700		814
Credit Agricole MTN
4.125%, 01/10/2027 (A)	$		275		273
Danone MTN
0.709%, 11/03/2024	EUR		100		105
Dexia Credit Local MTN
2.000%, 01/22/2021			200		228
1.625%, 10/29/2018			565		621
1.375%, 09/18/2019			500		554
0.625%, 01/21/2022			1,550		1,680
Electricite de France
6.500%, 01/26/2019 (A)	$		250		269
Elis
3.000%, 04/30/2022			250		275
Europcar Groupe
5.750%, 06/15/2022	EUR		145		163
France Government Bond OAT
0.250%, 11/25/2020			450		489
0.000%, 05/25/2020			1,590		1,716
0.000%, 05/25/2021			2,115		2,271
French Republic Government Bond OAT
1.750%, 06/25/2039 (A)			85		91
1.750%, 05/25/2066 (A)			70		64
0.000%, 05/25/2022			653		694
Government of France
4.000%, 10/25/2038			505		763
3.250%, 05/25/2045			2,040		2,779
2.500%, 05/25/2030			1,875		2,298


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

1.750%, 05/25/2023	EUR		800	$	931
Loxam SAS
7.000%, 07/23/2022			150		170
4.250%, 04/15/2024			190		203
RCI Banque MTN
1.250%, 06/08/2022			200		216
Societe Generale
5.922%, 04/05/2017 (A) (B)	$		180		180
Societe Generale MTN
3.250%, 01/12/2022 (A)			550		543
Synlab Bondco
6.250%, 07/01/2022 (A)	EUR		160		184
Valeo MTN
1.625%, 03/18/2026			100		109

					21,247


Germany — 5.3%
Allianz
5.625%, 10/17/2042 (B)			200		256
Bundesobligation
0.250%, 10/11/2019			2,849		3,122
Bundesrepublik Deutschland
6.250%, 01/04/2030			770		1,411
4.000%, 01/04/2037			2,555		4,303
2.500%, 07/04/2044			717		1,023
2.500%, 08/15/2046			989		1,424
0.250%, 02/15/2027			1,195		1,269
0.000%, 08/15/2026			5,847		6,105
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/2031			470		832
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/2034			280		495
Bundesrepublik Deutschland, Ser 07
4.250%, 07/04/2039			415		742
Daimler MTN
0.750%, 05/11/2023			315		340
Deutsche Bank MTN
1.500%, 01/20/2022			200		217
E.ON International Finance MTN
6.000%, 10/30/2019	GBP		300		422
Kreditanstalt fuer Wiederaufbau
3.375%, 08/30/2017	CHF		370		376
Kreditanstalt fuer Wiederaufbau MTN
2.800%, 02/17/2021	AUD		1,230		947
RWE Finance, Ser E MTN
6.250%, 06/03/2030	GBP		125		215
Volkswagen Financial Services MTN
1.750%, 08/21/2017			230		288
Volkswagen Leasing GmbH MTN
2.625%, 01/15/2024	EUR		325		379

					24,166


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)


Guernsey — 0.1%
Credit Suisse Group Funding Guernsey MTN
1.250%, 04/14/2022	EUR		245	$	266


Indonesia — 0.3%
Indonesia Government International Bond MTN
2.875%, 07/08/2021			730		834
Republic of Indonesia MTN
4.750%, 01/08/2026	$		350		372

					1,206


Ireland — 0.9%
AIB Mortgage Bank MTN
0.625%, 07/27/2020	EUR		305		334
Allied Irish Banks MTN
4.125%, 11/26/2025 (B)			177		198
Ardagh Packaging Finance
4.125%, 05/15/2023 (A)			245		277
Bank of Ireland Mortgage Bank
1.750%, 03/19/2019			450		499
0.500%, 01/20/2020			305		332
Bank of Ireland MTN
4.250%, 06/11/2024 (B)			220		246
Ireland Government Bond
4.500%, 10/18/2018			345		396
4.500%, 04/18/2020			300		367
3.400%, 03/18/2024			185		237
1.000%, 05/15/2026			395		423
0.800%, 03/15/2022			300		333
Ryanair
1.125%, 08/15/2023			470		504

					4,146


Israel — 0.1%
Israel Government Bond
4.250%, 03/31/2023	ILS		1,241		399
Teva Pharmaceutical Finance Netherlands II
1.125%, 10/15/2024	EUR		220		223

					622


Italy — 7.5%
Assicurazioni Generali MTN
7.750%, 12/12/2042 (B)			300		387
Buoni Poliennali Del Tesoro
4.000%, 02/01/2037			555		687
Buzzi Unicem
2.125%, 04/28/2023			300		330
Enel Finance International MTN
1.966%, 01/27/2025			400		448
FCA Bank MTN
2.875%, 01/26/2018			210		229
2.625%, 04/17/2019			350		391
Intesa Sanpaolo MTN
5.017%, 06/26/2024 (A)	$		200		188


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

1.125%, 03/04/2022	EUR		1,750	$	1,873
Italy Buoni Poliennali Del Tesoro
5.500%, 11/01/2022			3,255		4,271
5.000%, 08/01/2034			335		463
5.000%, 09/01/2040			1,000		1,381
4.750%, 09/01/2044 (A)			350		473
4.000%, 09/01/2020			2,355		2,818
3.750%, 05/01/2021			561		674
3.750%, 09/01/2024			1,265		1,535
3.500%, 03/01/2030 (A)			1,290		1,528
3.250%, 09/01/2046 (A)			105		112
2.700%, 03/01/2047 (A)			807		773
2.500%, 12/01/2024			625		699
2.000%, 12/01/2025			1,975		2,108
1.600%, 06/01/2026			536		550
1.350%, 04/15/2022			5,297		5,742
1.250%, 12/01/2026			3,255		3,217
0.750%, 01/15/2018			720		776
0.450%, 06/01/2021			1,026		1,088
0.350%, 11/01/2021			381		399
0.300%, 10/15/2018			700		753
LKQ Italia Bondco
3.875%, 04/01/2024			109		123
UniCredit MTN
6.950%, 10/31/2022			231		290
Unione di Banche Italiane
1.000%, 01/27/2023			185		204

					34,510


Japan — 21.6%
Government of Japan 10 Year Bond
1.500%, 12/20/2017	JPY		261,200		2,373
0.900%, 06/20/2022			748,750		7,074
0.800%, 09/20/2023			476,050		4,513
0.300%, 12/20/2024			281,100		2,584
0.100%, 06/20/2026			514,900		4,646
Government of Japan 10 Year Bond, Ser 314
1.100%, 03/20/2021			351,700		3,313
Government of Japan 20 Year Bond
1.700%, 06/20/2033			571,950		6,163
1.400%, 09/20/2034			558,000		5,762
1.000%, 12/20/2035			50,000		482
0.500%, 09/20/2036			520,050		4,563
0.200%, 06/20/2036			130,000		1,081
Government of Japan 20 Year Bond, Ser 106
2.200%, 09/20/2028			46,600		516
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/2029			30,900		342
Government of Japan 20 Year Bond, Ser 128
1.900%, 06/20/2031			55,000		603
Government of Japan 20 Year Bond, Ser 140
1.700%, 09/20/2032			877,850		9,440


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

Government of Japan 20 Year Bond, Ser 143
1.600%, 03/20/2033	JPY		213,700	$	2,273
Government of Japan 20 Year Bond, Ser 144
1.500%, 03/20/2033			146,650		1,538
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/2027			297,300		3,237
Government of Japan 30 Year Bond
0.300%, 06/20/2046			81,200		630
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/2038			85,400		1,028
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/2039			221,750		2,640
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/2040			127,000		1,453
Government of Japan 30 Year Bond, Ser 38
1.800%, 03/20/2043			377,400		4,209
Government of Japan 40 Year Bond
0.400%, 03/20/2056			210,000		1,544
Government of Japan 40 Year Bond, Ser 6
1.900%, 03/20/2053			22,400		261
Government of Japan 5 Year Bond
0.300%, 09/20/2018			274,650		2,484
0.200%, 06/20/2019			514,950		4,662
0.100%, 12/20/2019			607,750		5,496
0.100%, 03/20/2020			470,550		4,258
Japanese Government CPI Linked Bond
0.100%, 03/10/2024			282,072		2,640
0.100%, 03/10/2025			51,844		489
0.100%, 03/10/2026			737,335		6,978

					99,275


Kazakhstan — 0.1%
Tengizchevroil Finance International
4.000%, 08/15/2026 (A)	$		385		369


Luxembourg — 0.1%
Altice Financing MTN
5.250%, 02/15/2023	EUR		235		268
Holcim Finance Luxembourg MTN
1.375%, 05/26/2023			110		120

					388


Mexico — 1.8%
Mexican Bonos
8.000%, 06/11/2020	MXN		58,346		3,199
7.750%, 11/13/2042			11,690		642
5.750%, 03/05/2026			4,023		195
5.750%, 03/05/2026			13,152		639
Mexican Bonos, Ser M
6.500%, 06/10/2021			5,356		281
Mexican Bonos, Ser M20
10.000%, 12/05/2024			19,807		1,237


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

Mexican Bonos, Ser M30
10.000%, 11/20/2036	MXN		1,235	$	83
Petroleos Mexicanos MTN
5.125%, 03/15/2023	EUR		425		502
4.625%, 09/21/2023 (A)	$		87		88
1.875%, 04/21/2022	EUR		380		393
United Mexican States MTN
4.125%, 01/21/2026	$		650		668
1.625%, 03/06/2024	EUR		416		441

					8,368


Morocco — 0.1%
Kingdom of Morocco
4.500%, 10/05/2020			370		443


Netherlands — 2.1%
ABN AMRO Bank MTN
7.125%, 07/06/2022			376		515
2.875%, 06/30/2025 (B)			1,000		1,125
2.875%, 01/18/2028 (B)			200		227
Achmea MTN
6.000%, 04/04/2043 (B)			210		249
Cooperatieve Centrale Raiffeisen-
Boerenleenbank BA
2.500%, 05/26/2026 (B)			260		291
Cooperatieve Rabobank UA MTN
5.250%, 09/14/2027	GBP		195		283
ING Bank MTN
6.875%, 05/29/2023 (B)			337		446
ING Groep
3.150%, 03/29/2022	$		330		331
Kingdom of Netherlands
4.000%, 01/15/2037 (A)	EUR		95		158
3.750%, 01/15/2042 (A)			60		102
2.750%, 01/15/2047 (A)			50		74
2.000%, 07/15/2024 (A)			625		761
1.250%, 01/15/2019 (A)			485		537
0.500%, 07/15/2026 (A)			1,500		1,614
0.250%, 01/15/2020			340		372
0.250%, 07/15/2025 (A)			223		238
0.250%, 07/15/2025 (A)			699		745
Koninklijke KPN MTN
0.625%, 04/09/2025			300		305
MARB BondCo
7.000%, 03/15/2024 (A)	$		282		280
NN Group
4.625%, 04/08/2044 (B)	EUR		125		143
Petrobras Global Finance
6.125%, 01/17/2022	$		54		57
Rabobank Capital Funding Trust IV
5.556%, 12/31/2019 (B)	GBP		153		202
Shell International Finance
2.000%, 11/15/2018	$		560		562


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

Teva Pharmaceutical Finance Netherlands II
1.875%, 03/31/2027	EUR		260	$	266

					9,883


New Zealand — 1.8%
New Zealand Government Bond
6.000%, 05/15/2021	NZD		4,780		3,797
5.500%, 04/15/2023			2,420		1,943
3.000%, 04/15/2020			1,535		1,093
2.500%, 09/20/2035			1,661		1,212
Westpac Securities MTN
0.875%, 06/24/2019	EUR		100		110

					8,155


Norway — 0.5%
Government of Norway
3.750%, 05/25/2021 (A)	NOK		4,910		637
2.000%, 05/24/2023 (A)			7,820		954
Kommunalbanken MTN
1.000%, 03/15/2018 (A)	$		800		797

					2,388


Panama — 0.1%
Carnival
1.875%, 11/07/2022			390		440


Poland — 1.2%
Republic of Poland
3.250%, 07/25/2025	PLN		3,687		928
2.500%, 07/25/2018			710		181
2.500%, 07/25/2026			2,160		507
2.500%, 07/25/2027			8,475		1,956
Republic of Poland MTN
1.500%, 01/19/2026	EUR		400		443
Republic of Poland, Ser 1019
5.500%, 10/25/2019	PLN		1,520		415
Republic of Poland, Ser 1021
5.750%, 10/25/2021			3,490		993

					5,423


Portugal — 0.2%
EDP Finance BV MTN
2.000%, 04/22/2025	EUR		370		394
1.875%, 09/29/2023			500		542

					936


Qatar — 0.0%
Qatar Government International Bond
3.250%, 06/02/2026	$		200		199


Romania — 0.0%
Romanian Government International Bond
MTN
2.875%, 05/26/2028	EUR		150		165


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)


Russia — 0.2%
Russian Federal Bond — OFZ
7.600%, 04/14/2021	RUB		45,465	$	800


Saudi Arabia — 0.1%
Saudi Government International Bond MTN
2.375%, 10/26/2021 (A)	$		275		270


Singapore — 0.4%
Government of Singapore
4.000%, 09/01/2018	SGD		495		368
3.125%, 09/01/2022			275		210
3.000%, 09/01/2024			859		653
Lincoln Finance
6.875%, 04/15/2021	EUR		275		314
Temasek Financial I MTN
2.375%, 01/23/2023 (A)	$		495		487

					2,032


Slovak Republic — 0.0%
Slovakia Government Bond
3.375%, 11/15/2024	EUR		110		142


Slovenia —0.0%
Slovenia Government Bond
1.500%, 03/25/2035			206		200


South Africa — 0.7%
Eskom Holdings SOC
5.750%, 01/26/2021	$		200		201
Republic of South Africa
10.500%, 12/21/2026	ZAR		11,229		926
8.750%, 02/28/2048			16,902		1,140
8.000%, 01/31/2030			13,975		945
4.300%, 10/12/2028	$		200		188

					3,400


South Korea — 1.2%
Korea Treasury Bond
4.250%, 06/10/2021	KRW		1,977,140		1,941
4.000%, 12/10/2031			465,320		504
3.750%, 12/10/2033			190,350		204
3.500%, 03/10/2024			269,870		264
3.250%, 09/10/2018			520,990		477
3.000%, 09/10/2024			186,630		177
2.750%, 03/10/2018			511,230		463
2.750%, 12/10/2044			593,940		572
1.500%, 12/10/2026			1,006,140		848

					5,450


Spain — 3.9%
Ayt Cedulas Cajas Global
4.750%, 05/25/2027	EUR		400		568
3.750%, 12/14/2022			600		759


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

Banco de Sabadell
0.875%, 11/12/2021	EUR		400	$	440
Banco Popular Espanol
3.750%, 01/22/2019			100		114
2.125%, 10/08/2019			100		113
Bankia
4.125%, 03/24/2036			200		275
0.875%, 01/21/2021			300		330
BBVA International Preferred SAU
5.919%, 10/18/2008 (B)	$		335		335
CaixaBank
0.000%, 01/09/2018 (B)	EUR		200		214
Cirsa Funding Luxembourg
5.875%, 05/15/2023			165		185
5.750%, 05/15/2021			100		114
Ferrovial Emisiones MTN
3.375%, 06/07/2021			475		569
Gas Natural Fenosa Finance MTN
1.375%, 01/19/2027			200		211
Government of Spain
6.000%, 01/31/2029			465		717
5.500%, 04/30/2021 (A)			780		1,016
4.700%, 07/30/2041 (A)			464		672
4.200%, 01/31/2037 (A)			475		643
2.900%, 10/31/2046 (A)			1,003		1,072
2.750%, 10/31/2024 (A)			591		704
1.950%, 07/30/2030 (A)			120		127
1.600%, 04/30/2025 (A)			241		264
1.500%, 04/30/2027 (A)			450		474
1.400%, 01/31/2020			885		986
1.300%, 10/31/2026 (A)			3,580		3,745
0.750%, 07/30/2021			367		401
0.400%, 04/30/2022			1,020		1,086
Iberdrola Finanzas MTN
1.000%, 03/07/2024			100		108
Kutxabank
1.250%, 09/22/2025			300		331
Santander Consumer Finance MTN
0.900%, 02/18/2020			300		326
Santander Issuances SAU MTN
3.250%, 04/04/2026			300		334
Telefonica Emisiones MTN
5.375%, 02/02/2018	GBP		185		240
Telefonica Emisiones SAU MTN
1.460%, 04/13/2026	EUR		300		316

					17,789


Supra-National — 0.5%
European Investment Bank
1.900%, 01/26/2026	JPY		50,000		526
European Investment Bank MTN
1.250%, 05/12/2025	SEK		7,500		851


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

International Bank for Reconstruction & Development MTN
2.800%, 01/13/2021	AUD		1,230	$	948

					2,325


Sweden — 0.6%
Kingdom of Sweden
3.500%, 03/30/2039	SEK		545		83
1.500%, 11/13/2023			2,575		313
1.000%, 11/12/2026			1,270		148
Kingdom of Sweden, Ser 1047
5.000%, 12/01/2020			3,700		495
Kingdom of Sweden, Ser 1052
4.250%, 03/12/2019			5,275		647
Nordea Bank MTN
4.000%, 03/29/2021	EUR		255		311
Skandinaviska Enskilda Banken
1.690%, 09/13/2019 (A) (B)	$		200		200
Stadshypotek MTN
4.250%, 10/10/2017	AUD		600		462
Vattenfall
3.000%, 03/19/2077 (B)	EUR		175		173

					2,832


Switzerland — 1.2%
Credit Suisse Group
7.500%, 12/11/2048 (A) (B)	$		270		293
4.282%, 01/09/2028 (A)			250		249
Dufry Finance
4.500%, 08/01/2023			220		252
Government of Switzerland
3.500%, 04/08/2033	CHF		310		473
3.000%, 05/12/2019			160		173
2.000%, 04/28/2021			1,070		1,187
2.000%, 05/25/2022			110		125
1.500%, 04/30/2042			300		386
1.250%, 06/11/2024			585		652
LafargeHolcim Finance US
3.500%, 09/22/2026 (A)	$		200		193
UBS Group
5.750%, 12/29/2049 (B)	EUR		340		393
UBS Group Funding Jersey
4.125%, 09/24/2025 (A)	$		220		224
1.750%, 11/16/2022	EUR		427		478
1.500%, 11/30/2024			325		351

					5,429


Thailand — 0.3%
Thailand Government Bond
4.875%, 06/22/2029	THB		16,300		569
4.675%, 06/29/2044			1,800		63
3.650%, 12/17/2021			16,020		499


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

3.625%, 06/16/2023	THB		7,815	$	245

					1,376


Turkey — 0.2%
Export Credit Bank of Turkey MTN
5.375%, 02/08/2021	$		290		292
Turkey Government International Bond
5.125%, 05/18/2020	EUR		415		485
Turkiye Vakiflar Bankasi TAO
2.375%, 05/04/2021			185		195

					972


United Kingdom — 10.2%
Anglian Water Services Financing
6.875%, 08/21/2023	GBP		230		381
Arqiva Financing MTN
4.040%, 06/30/2020			220		294
Aviva MTN
3.375%, 12/04/2045 (B)	EUR		280		302
Barclays
8.000%, 12/15/2049 (B)			340		394
Barclays Bank MTN
10.000%, 05/21/2021	GBP		180		289
Barclays MTN
2.625%, 11/11/2025 (B)	EUR		260		280
1.875%, 03/23/2021			260		289
BAT International Finance MTN
5.375%, 06/29/2017			425		461
0.875%, 10/13/2023			625		663
BP Capital Markets MTN
2.177%, 09/28/2021			245		283
Canary Wharf Finance II
6.455%, 04/22/2030	GBP		14		26
5.952%, 01/22/2035			20		32
Coventry Building Society MTN
4.625%, 04/19/2018			230		300
Delphi Automotive
1.500%, 03/10/2025	EUR		620		669
FCE Bank MTN
1.615%, 05/11/2023			510		557
HBOS Capital Funding
6.461%, 11/30/2049 (B)	GBP		115		152
Heathrow Funding MTN
6.000%, 03/20/2020			100		142
1.875%, 05/23/2022	EUR		750		855
HSBC Holdings
6.000%, 12/29/2049 (B)			345		397
HSBC Holdings MTN
3.000%, 06/30/2025			425		492
Imperial Brands Finance
0.500%, 07/27/2021			150		160
Imperial Tobacco Finance MTN
3.375%, 02/26/2026			400		494


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

International Game Technology
4.750%, 02/15/2023	$		160	$	185
Lecta
6.500%, 08/01/2023 (A)			113		126
Lloyds Bank MTN
1.375%, 09/08/2022			420		468
1.000%, 11/19/2021			300		329
Lloyds Banking Group
6.375%, 06/27/2049 (B)			355		398
Mondi Finance MTN
1.500%, 04/15/2024			500		545
Nationwide Building Society MTN
4.625%, 02/08/2021			550		692
4.125%, 03/20/2023 (B)			295		326
0.500%, 10/29/2019			345		373
Northumbrian Water Finance
6.875%, 02/06/2023	GBP		190		307
Royal Bank of Scotland Group
7.640%, 09/29/2017 (B)	$		200		186
Royal Bank of Scotland Group MTN
2.500%, 03/22/2023	EUR		260		288
Royal Bank of Scotland MTN
5.500%, 03/23/2020			675		831
3.875%, 10/19/2020			123		150
Santander UK
6.222%, 05/29/2049 (B)	GBP		170		208
Santander UK MTN
4.250%, 04/12/2021	EUR		350		437
1.125%, 01/14/2022			330		361
Sky MTN
1.500%, 09/15/2021			355		393
Standard Chartered
2.549%, 01/30/2049 (A) (B)	$		500		418
Standard Chartered MTN
4.000%, 10/21/2025 (B)	EUR		170		193
TSB Banking Group MTN
5.750%, 05/06/2026 (B)	GBP		104		138
United Kingdom Gilt
4.500%, 12/07/2042			1,500		2,944
4.250%, 12/07/2027			125		205
4.250%, 06/07/2032			2,500		4,300
4.250%, 06/07/2032			110		189
3.750%, 07/22/2052			115		225
3.500%, 01/22/2045			970		1,674
3.250%, 01/22/2044			1,045		1,717
2.500%, 07/22/2065			1,657		2,723
2.000%, 09/07/2025			3,038		4,131
1.750%, 07/22/2019			1,655		2,147
1.500%, 01/22/2021			875		1,144
1.250%, 07/22/2018			281		357
0.500%, 07/22/2022			2,213		2,760


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

United Kingdom Treasury
4.750%, 12/07/2030	GBP		1,035	$	1,841
4.250%, 03/07/2036			360		641
4.250%, 09/07/2039			1,070		1,963
4.250%, 12/07/2040			500		929
4.250%, 12/07/2046			280		553
Virgin Media Secured Finance MTN
11.000%, 01/15/2021 (C)			300		436
Wales & West Utilities Finance
6.250%, 11/30/2021			240		369
Western Power Distribution West Midlands
3.875%, 10/17/2024			230		327

					46,839


United States — 6.8%
21st Century Fox America
4.500%, 02/15/2021	$		75		80
Adient Global Holdings
3.500%, 08/15/2024 (A)	EUR		110		118
Aetna
2.800%, 06/15/2023	$		250		248
2.750%, 11/15/2022			40		40
Altria Group
4.750%, 05/05/2021			180		195
4.250%, 08/09/2042			265		258
American Express Credit
0.625%, 11/22/2021	EUR		367		396
American International Group
2.049%, 03/15/2067 (B)	GBP		150		176
Amgen
1.250%, 02/25/2022			550		606
Anthem
4.650%, 01/15/2043	$		110		112
2.300%, 07/15/2018			150		151
AT&T
2.400%, 03/15/2024	EUR		400		461
Bank of America MTN
5.500%, 11/22/2021	GBP		225		325
2.375%, 06/19/2024	EUR		835		968
1.625%, 09/14/2022			261		291
0.221%, 09/14/2018 (B)			375		402
Becton Dickinson
1.900%, 12/15/2026			160		176
1.000%, 12/15/2022			121		131
Berkshire Hathaway
0.625%, 01/17/2023			485		520
0.500%, 03/13/2020			570		617
Carnival
1.625%, 02/22/2021			180		201
CenturyLink
7.500%, 04/01/2024	$		130		137
Charter Communications Operating
4.908%, 07/23/2025			375		396


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

Citigroup MTN
1.500%, 10/26/2028	EUR		1,400	$	1,453
0.750%, 10/26/2023			735		773
Coca-Cola
1.100%, 09/02/2036			145		140
DH Europe Finance
1.700%, 01/04/2022			535		607
Discovery Communications
1.900%, 03/19/2027			140		144
Dover MTN
2.125%, 12/01/2020			267		304
FedEx
1.000%, 01/11/2023			560		604
GE Capital European Funding Unlimited MTN
2.250%, 07/20/2020			1,300		1,489
General Electric
1.875%, 05/28/2027			300		345
General Motors Financial MTN
0.955%, 09/07/2023			445		467
Goldman Sachs Group
2.625%, 04/25/2021	$		425		424
Goldman Sachs Group MTN
3.000%, 02/12/2031	EUR		926		1,072
2.000%, 07/27/2023			900		1,020
1.625%, 07/27/2026			825		880
Hertz Holdings Netherlands
4.125%, 10/15/2021			160		171
4.125%, 10/15/2021 (A)			114		121
Hess
4.300%, 04/01/2027	$		488		479
Honeywell International
1.300%, 02/22/2023			520		579
HSBC Holdings
2.950%, 05/25/2021			375		377
JPMorgan Chase
3.200%, 06/15/2026			175		170
JPMorgan Chase MTN
0.820%, 05/30/2017 (B)	GBP		100		125
Liberty Mutual Finance Europe DAC
1.750%, 03/27/2024 (A)	EUR		343		372
Mastercard
1.100%, 12/01/2022			445		491
McKesson
1.500%, 11/17/2025			278		300
0.625%, 08/17/2021			355		380
Molson Coors Brewing
1.250%, 07/15/2024			1,710		1,827
Morgan Stanley
1.875%, 03/30/2023			490		552
Morgan Stanley MTN
1.750%, 03/11/2024			325		361
1.750%, 01/30/2025			830		916


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)

1.375%, 10/27/2026	EUR		360	$	375
National Capital Trust I (B)
5.620%, 12/17/2018 (A)	GBP		35		46
5.620%, 09/29/2049			150		196
Nordea Bank MTN
2.250%, 05/27/2021 (A)	$		425		419
Odebrecht Finance
7.125%, 06/26/2042			280		101
Parker-Hannifin
1.125%, 03/01/2025 (A)	EUR		125		134
Philip Morris International MTN
2.875%, 03/03/2026			335		411
1.875%, 03/03/2021			300		341
PNC Bank
2.700%, 11/01/2022	$		445		441
PNC Funding
3.300%, 03/08/2022			150		155
Priceline Group
2.375%, 09/23/2024			111		127
1.800%, 03/03/2027			321		338
Prologis International Funding II MTN
2.875%, 04/04/2022	EUR		220		259
Prudential Financial
5.625%, 06/15/2043 (B)	$		125		134
Republic Services
4.750%, 05/15/2023			155		170
Seagate HDD Cayman
4.750%, 06/01/2023			17		17
4.750%, 01/01/2025			123		121
Societe Generale MTN
2.500%, 04/08/2021 (A)			500		493
Southern Power
1.850%, 06/20/2026	EUR		100		105
Telefonica Emisiones SAU
5.213%, 03/08/2047	$		228		231
Thermo Fisher Scientific
1.500%, 12/01/2020			426		473
0.750%, 09/12/2024			155		161
United Technologies
1.125%, 12/15/2021			390		432
Vale Overseas
5.875%, 06/10/2021			25		27
Valeant Pharmaceuticals International
4.500%, 05/15/2023 (A)	EUR		170		134
Wells Fargo Bank MTN
5.250%, 08/01/2023	GBP		350		521
Wells Fargo MTN
4.600%, 04/01/2021	$		75		81
1.625%, 06/02/2025	EUR		525		579
1.375%, 10/26/2026	EUR		175		187

					31,157

Total Global Bonds (Cost $423,402) ($ Thousands)					408,765


Description		Face Amount (Thousands)		Market Value ($ Thousands)


U.S. TREASURY OBLIGATIONS — 3.7%
U.S. Treasury Bills
0.541%, 06/29/2017 (D)	$		15,000	$	14,973
U.S. Treasury Inflation Indexed Bonds
0.250%, 01/15/2025			1,943		1,926

Total U.S. Treasury Obligations (Cost $16,941) ($ Thousands)					16,899


MORTGAGE-BACKED SECURITIES — 3.2%

Agency Mortgage-Backed Obligations — 0.4%
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2014-DN1, CI M1
1.778%, 02/25/2024 (B)			38		38
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2014-HQ2, CI M1
2.228%, 09/25/2024 (B)			87		87
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA1, CI M2
2.832%, 10/25/2027 (B)			490		501
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-DNA2, CI M2
3.378%, 12/25/2027 (B)			164		168
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQ2, CI M1
1.878%, 05/25/2025 (B)			102		102
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2015-HQA2, CI M2
3.782%, 05/25/2028 (B)			257		265
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, CI M2
3.325%, 07/25/2028 (B)			276		287
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-HQA1, CI M3
7.128%, 09/25/2028 (B)			250		296
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA1, CI M1
2.182%, 07/25/2029 (B)			372		373

					2,117


Non-Agency Mortgage-Backed Obligations — 2.8%
Banc of America Commercial Mortgage, Ser 2015-UBS7, CI A4
3.705%, 09/15/2048			180		187


Description	Face Amount (Thousands)		Market Value ($ Thousands)

MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, CI 3A
3.183%, 09/25/2034 (B)	$	35	$	34
Bear Stearns Commercial Mortgage Securities, Ser 2006-PW13, CI AJ
5.611%, 09/11/2041 (B)		20		20
Citigroup Commercial Mortgage Trust, Ser 2012-GC8, CI A4
3.024%, 09/10/2045		125		128
Citigroup Commercial Mortgage Trust, Ser 2014-GC19, CI D
4.901%, 03/10/2047 (A)(B)		20		17
Citigroup Commercial Mortgage Trust, Ser 2015-GC29, CI A3
2.935%, 04/10/2048		30		30
Citigroup Commercial Mortgage Trust, Ser 2015-GC29, CI A4
3.192%, 04/10/2048		15		15
Citigroup Commercial Mortgage Trust, Ser 2015-GC31, CI A4
3.762%, 06/10/2048		175		182
Citigroup Commercial Mortgage Trust, Ser 2015-GC35, CI A4
3.818%, 11/10/2048		55		57
Citigroup Commercial Mortgage Trust, Ser 2016-GC36, CI A5
3.616%, 02/10/2049		150		154
Citigroup Mortgage Loan Trust, Ser 2005-2, CI 1A4
2.971%, 05/25/2035 (B)		342		319
COMM Mortgage Trust, Ser 2008-LS1, CI A4B
6.094%, 12/10/2049 (B)		79		79
COMM Mortgage Trust, Ser 2012-CR4, CI A3
2.853%, 10/15/2045		130		131
COMM Mortgage Trust, Ser 2012-CR5, CI A3
2.540%, 12/10/2045		125		125
COMM Mortgage Trust, Ser 2012-CRE4, CI XA, IO
1.898%, 10/15/2045 (B)		167		11
COMM Mortgage Trust, Ser 2012-LC4, CI A4
3.288%, 12/10/2044		120		124
COMM Mortgage Trust, Ser 2013-CCRE9, CI A4
4.238%, 07/10/2045 (B)		90		97
COMM Mortgage Trust, Ser 2013-CR10, CI A4
4.210%, 08/10/2046 (B)		80		86
COMM Mortgage Trust, Ser 2013-CR6, CI A4
3.101%, 03/10/2046		135		137
COMM Mortgage Trust, Ser 2013-CR6, CI D
4.170%, 03/10/2046 (A)(B)		515		467
COMM Mortgage Trust, Ser 2013-CR7, CI XA, IO
1.398%, 03/10/2046 (B)		975		51
COMM Mortgage Trust, Ser 2013-CR8, CI A4
3.334%, 06/10/2046		205		211


Description	Face Amount (Thousands)		Market Value ($ Thousands)

MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust, Ser 2013-CR9, CI A3
4.022%, 07/10/2045	$	50	$	53
COMM Mortgage Trust, Ser 2013-LC13, CI A5
4.205%, 09/10/2023		65		70
COMM Mortgage Trust, Ser 2014-CCRE14, CI A3
3.955%, 02/10/2047		70		74
COMM Mortgage Trust, Ser 2014-CR19, CI A5
3.796%, 08/10/2047		85		89
COMM Mortgage Trust, Ser 2014-CR21, CI A3
3.528%, 12/10/2047		75		77
COMM Mortgage Trust, Ser 2014-UBS2, CI A5
3.961%, 03/10/2047		60		63
COMM Mortgage Trust, Ser 2014-UBS4, CI A5
3.694%, 08/10/2047		165		170
COMM Mortgage Trust, Ser 2015-3BP, CI A
3.178%, 02/10/2035 (A)		100		100
COMM Mortgage Trust, Ser 2015-CR23, CI A4
3.497%, 05/10/2048		80		81
COMM Mortgage Trust, Ser 2015-CR24, CI A5
3.696%, 08/10/2048		90		93
COMM Mortgage Trust, Ser 2015-DC1, CI A5
3.350%, 02/10/2048		155		156
COMM Mortgage Trust, Ser 2015-LC19, CI A4
3.183%, 02/10/2048		70		70
COMM Mortgage Trust, Ser 2015-PC1, CI A4
3.620%, 07/10/2050		50		51
COMM Mortgage Trust, Ser 2016-DC2, CI A5
3.765%, 02/10/2049		195		201
Commercial Mortgage Pass-Through Certificates, Ser 2008-C1, CI A3
6.061%, 02/15/2041 (B)		30		31
Commercial Mortgage Pass-Through Certificates, Ser 2012-CR3, CI A3
2.822%, 10/15/2045		70		70
Commercial Mortgage Pass-Through Certificates, Ser 2014-CR14, CI XA, IO
0.833%, 02/10/2047 (B)		681		22
Credit Suisse Commercial Mortgage Trust, Ser 2007-C3, CI A4
5.638%, 06/15/2039 (B)		20		20
Credit Suisse First Boston Mortgage Securities, Ser 2005-C2, CI AMFX
4.877%, 04/15/2037		22		21
CSAIL Commercial Mortgage Trust, Ser 2015- C2, CI XA, IO
0.877%, 06/15/2057 (B)		534		26
CSAIL Commercial Mortgage Trust, Ser 2015- C3, CI D
3.508%, 08/15/2048 (B)		75		55
CSAIL Commercial Mortgage Trust, Ser 2015- C3, CI A3
3.447%, 08/15/2048		85		86


Description	Face Amount (Thousands)		Market Value ($ Thousands)

MORTGAGE-BACKED SECURITIES (continued)

CSAIL Commercial Mortgage Trust, Ser 2015-C4, CI A4
3.808%, 11/15/2048	$	155	$	160
CSAIL Commercial Mortgage Trust, Ser 2016-C5, CI XA, IO
1.056%, 11/15/2048 (B)		995		61
CSAIL Commercial Mortgage Trust, Ser 2016-C7, CI A5
3.502%, 11/15/2049		205		207
CSAIL Commercial Mortgage Trust, Ser C1, CI XA, IO
0.956%, 04/15/2050 (B)		1,460		79
FNMA Connecticut Avenue Securities, Ser 2013-C01, CI M1
2.982%, 10/25/2023 (B)		41		42
FNMA Connecticut Avenue Securities, Ser 2014-C01, CI M1
2.378%, 01/25/2024 (B)		319		322
FNMA Connecticut Avenue Securities, Ser 2014-C02, CI 2M1
1.728%, 05/25/2024 (B)		4		4
FNMA Connecticut Avenue Securities, Ser 2016-C02, CI 1M1
2.588%, 09/25/2028 (B)		362		367
FNMA Connecticut Avenue Securities, Ser 2016-C04, CI 1M2
5.232%, 01/25/2029 (B)		95		101
FNMA Connecticut Avenue Securities, Ser 2016-C05, CI 2M1
2.128%, 01/25/2029 (B)		149		150
FNMA Connecticut Avenue Securities, Ser 2016-C06, CI 1M1
2.078%, 04/25/2029 (B)		596		601
FNMA Connecticut Avenue Securities, Ser 2016-C07, CI 2M2
5.332%, 04/25/2029 (B)		153		162
FNMA Connecticut Avenue Securities, Ser 2017-C01, CI 1M1
2.282%, 07/25/2029 (B)		252		253
GE Commercial Mortgage Trust, Ser 2007-C1, CI AM
5.606%, 12/10/2049 (B)		35		35
GS Mortgage Securities II, Ser 2007-GG10, CI A4
5.865%, 08/10/2045 (B)		51		51
GS Mortgage Securities II, Ser 2012-ALOH, CI A
3.551%, 04/10/2034 (A)		100		105
GS Mortgage Securities II, Ser 2015-GC30, CI A4
3.382%, 05/10/2050		160		162
GS Mortgage Securities Trust, Ser 2011-GC5, CI XA, IO
1.365%, 08/10/2044 (A)(B)		335		16


Description	Face Amount (Thousands)		Market Value ($ Thousands)

MORTGAGE-BACKED SECURITIES (continued)

GS Mortgage Securities Trust, Ser 2013-GC13, CI XA, IO
0.205%, 07/10/2046 (B)	$	2,771	$	16
GS Mortgage Securities Trust, Ser 2014-GC18, CI A4
4.074%, 01/10/2047		175		185
GS Mortgage Securities Trust, Ser 2014-GC20, CI D
4.867%, 04/10/2047 (A) (B)		80		60
GSR Mortgage Loan Trust, Ser 2005-AR1, CI 4A1
2.789%, 01/25/2035 (B)		91		88
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, CI A3A1
3.538%, 09/15/2047		185		189
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C23, CI XA, IO
0.843%, 09/15/2047 (B)		975		34
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C27, CI A4
3.179%, 02/15/2048		25		25
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C28, CI A3
2.912%, 10/15/2048		200		196
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-C1, CI A4
5.716%, 02/15/2051		32		33
JPMorgan Chase Commercial Mortgage Securities, Ser 2008-C2, CI A4FL
2.381%, 02/12/2051 (B)		304		295
JPMorgan Chase Commercial Mortgage Securities, Ser 2008-C2, CI A4
6.068%, 02/12/2051		27		27
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-C8, CI A3
2.829%, 10/15/2045		135		136
JPMorgan Chase Commercial Mortgage Securities, Ser 2012-LC9, CI A5
2.840%, 12/15/2047		135		136
JPMorgan Chase Commercial Mortgage Securities, Ser 2014-INN, CI A
1.832%, 06/15/2029 (A) (B)		130		130
JPMorgan Mortgage Trust, Ser 2004-A5, CI 3A1
2.993%, 12/25/2034 (B)		71		71
LB-UBS Commercial Mortgage Trust, Ser 2008-C1, CI A2
6.120%, 04/15/2041 (B)		37		38
LSTAR Commercial Mortgage Trust, Ser 2016-4, CI A2
2.458%, 03/10/2049 (A)		159		154
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C5, CI A4
3.176%, 08/15/2045		40		41


Description		Face Amount (Thousands)		Market Value ($ Thousands)

MORTGAGE-BACKED SECURITIES (continued)

Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C6, CI A4
2.858%, 11/15/2045	$		100	$	101
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C10, CI A4
4.083%, 07/15/2046 (B)			175		187
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C12, CI A4
4.259%, 10/15/2046 (B)			65		70
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C13, CI A3
3.766%, 11/15/2046			130		136
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C19, CI A4
3.526%, 12/15/2047			55		56
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, CI A4
3.249%, 02/15/2048			65		65
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C26, CI XA, IO
1.119%, 10/15/2048 (B)			134		9
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C31, CI A5
3.102%, 11/15/2049			175		172
Morgan Stanley Capital I Trust, Ser 2006-T21, CI D
5.333%, 10/12/2052 (A)(B)			15		11
Morgan Stanley Capital I Trust, Ser 2006-T21, CI E
5.333%, 10/12/2052 (A)(B)			10		4
Morgan Stanley Capital I Trust, Ser 2008-TOP29, CI D
6.293%, 01/11/2043 (A)(B)			35		35
Morgan Stanley Capital I Trust, Ser 2012-C4, CI A4
3.244%, 03/15/2045			140		144
Morgan Stanley Capital I Trust, Ser 2016-UB12, CI A4
3.596%, 12/15/2049			50		51
Morgan Stanley Capital I Trust, Ser 2016-UB12, CI A3
3.337%, 12/15/2049			155		156
Morgan Stanley Re-REMIC Trust, Ser 2010-GG10, CI A4A
6.009%, 08/15/2045 (A)(B)			13		13
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, CI A1
3.872%, 01/05/2043 (A)(B)			135		131
TAGUS-Sociedade de Titularizacao de Creditos, Ser 2014-2, CI SNR
2.980%, 02/16/2018	EUR		150		162


Description	Face Amount (Thousands)		Market Value ($ Thousands)

MORTGAGE-BACKED SECURITIES (continued)

UBS-Barclays Commercial Mortgage Trust, Ser 2012-C3, CI A4
3.091%, 08/10/2049	$	40	$	41
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C5, CI A4
3.185%, 03/10/2046		130		133
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C6, CI A4
3.244%, 04/10/2046		165		169
UBS-Barclays Commercial Mortgage Trust, Ser 2013-C6, CI A3
2.971%, 04/10/2046		70		71
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, CI A3
3.290%, 05/15/2048		175		176
Wells Fargo Commercial Mortgage Trust, Ser 2015-C29, CI A4
3.637%, 06/15/2048		180		185
Wells Fargo Commercial Mortgage Trust, Ser 2015-C30, CI A3
3.410%, 09/15/2058		165		167
Wells Fargo Commercial Mortgage Trust, Ser 2015-LC22, CI A4
3.839%, 09/15/2058		170		177
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS1, CI D
4.103%, 05/15/2048 (B)		65		54
Wells Fargo Commercial Mortgage Trust, Ser 2016-C32, CI A4
3.560%, 01/15/2059		170		173
WFRBS Commercial Mortgage Trust, Ser 2012-C10, CI A3
2.875%, 12/15/2045		195		196
WFRBS Commercial Mortgage Trust, Ser 2012-C6, CI D
5.579%, 04/15/2045 (A)(B)		55		55
WFRBS Commercial Mortgage Trust, Ser 2012-C8, CI A3
3.001%, 08/15/2045		20		20
WFRBS Commercial Mortgage Trust, Ser 2012-C9, CI A3
2.870%, 11/15/2045		170		172
WFRBS Commercial Mortgage Trust, Ser 2014-C20, CI A5
3.995%, 05/15/2047		100		105
WFRBS Commercial Mortgage Trust, Ser 2014-C24, CI A5
3.607%, 11/15/2047		75		77
WFRBS Commercial Mortgage Trust, Ser C19, CI A5
4.101%, 03/15/2047		160		170


Description	Face Amount (Thousands)		Market Value ($ Thousands)

MORTGAGE-BACKED SECURITIES (continued)
WFRBS Commerical Mortgage Trust, Ser 2013-C15, CI A3
3.881%, 08/15/2046	$	70	$	74

				12,791

Total Mortgage-Backed Securities (Cost $14,999) ($ Thousands)				14,908


CORPORATE OBLIGATIONS — 0.4%

United States — 0.4%
CenturyLink
6.450%, 06/15/2021		144		153
CNA Financial
7.250%, 11/15/2023		110		133
Cox Communications
2.950%, 06/30/2023 (A)		127		121
Diamond 1 Finance
5.450%, 06/15/2023 (A)		240		259
Hewlett Packard Enterprise
4.900%, 10/15/2025 (A)		350		364
Nabors Industries
5.500%, 01/15/2023 (A)		187		191
Navient MTN
5.500%, 01/15/2019		248		257
Pioneer Natural Resources
4.450%, 01/15/2026		75		79
Seagate
4.875%, 03/01/2024		85		84
Sprint Spectrum
3.360%, 09/20/2021 (A)		246		245

				1,886

Total Corporate Obligations (Cost $1,824) ($ Thousands)				1,886

Total Investments — 96.2% (Cost $457,166) ($ Thousands)			$	442,458

A list of the open futures contracts held by the Fund at March 31, 2017, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
3 Month EURIBOR		(8	)		Mar-2019	$	(1	)
30 Day Federal Funds Futures		(8	)		Jan-2018		—
Australian 10-Year Bond		6			Jun-2017		—
Australian 3-Year Bond		68			Jun-2017		23
C$ Currency		(180	)		Jun-2017		(210	)
Canadian 10-Year Bond		10			Jun-2017		5
Euro-Bob		(10	)		Jun-2017		31
Euro-BTP		(1	)		Jun-2017		—
Euro-Bund		7			Jun-2017		(8	)
Euro-Buxl 30 Year Bond		—			Jun-2017		(1	)
Euro-OAT 10 Year Bond		13			Jun-2017		10
Euro-Schatz		27			Jun-2017		(2	)
Japanese 10-Year Bond		2			Jun-2017		—
Japanese 10-Year Bond E-MINI		90			Jun-2017		(1	)
Long Gilt 10-Year Bond		(3	)		Jun-2017		—
U.S. 10-Year Treasury Note		(178	)		Jun-2017		(86	)
U.S. 2-Year Treasury Note		(38	)		Jun-2017		(15	)
U.S. 5-Year Treasury Note		91			Jun-2017		16
U.S. Long Treasury Bond		2			Jun-2017		4
U.S. Ultra Long Treasury Bond		(31	)		Jun-2017		(54	)
Ultra 10-Year U.S. Treasury Bond		(15	)		Jun-2017		(15	)

						$	(304	)

A list of the open forward foreign currency contracts held by the Fund at March 31, 2017, is as follows:


Settlement Date		Currency to Deliver (Thousands)			Currency To Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
04/03/17	USD		93	SGD		130	$	—
04/03/17	USD		112	MXN		2,250		7
04/03/17	USD		91	NZD		130		—
04/03/17	USD		92	NZD		130		(1	)
04/03/17-05/08/17	USD		183	NOK		1,560		(1	)
04/03/17	USD		92	KRW		103,710		1
04/03/17	USD		449	KRW		501,564		(1	)
04/03/17	USD		448	CHF		450		1
05/08/17-05/08/17	USD		680	CHF		675		(4	)
05/08/17	ILS		1,368	USD		379		1
04/03/17	ILS		1,368	USD		373		(3	)
05/08/17	SGD		1,201	USD		862		2
04/03/17-05/08/17	SGD		1,897	USD		1,353		(5	)
04/03/17-04/06/17	USD		994	AUD		1,320		12
04/03/17-05/08/17	USD		2,106	AUD		2,751		(9	)
04/03/17-05/08/17	USD		2,113	SEK		19,042		20
05/08/17-05/08/17	USD		3,003	SEK		26,426		(38	)
05/08/17-05/08/17	CHF		3,458	USD		3,488		25
04/03/17	CHF		2,929	USD		2,918		(8	)
05/08/17-05/08/17	DKK		5,719	USD		829		5
04/03/17	DKK		1,331	USD		190		(2	)
04/03/17-05/11/17	USD		5,908	JPY		666,871		82
05/08/17-05/11/17	USD		1,316	JPY		145,368		(9	)
04/03/17-05/08/17	USD		1,905	CAD		2,555		12
04/03/17-05/08/17	USD		5,805	CAD		7,637		(78	)


Settlement Date		Currency to Deliver (Thousands)			Currency To Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
04/03/17-05/18/17	USD		12,035	GBP		9,714	$	119
04/03/17-05/08/17	NZD		23,098	USD		16,362		224
04/03/17	NZD		130	USD		90		(1	)
05/08/17-05/08/17	PLN		5,292	USD		1,351		15
04/03/17-05/11/17	PLN		18,511	USD		4,545		(127	)
04/03/17-05/08/17	NOK		23,108	USD		2,737		45
04/03/17-04/03/17	NOK		780	USD		91		—
05/05/17	CZK		13,857	USD		561		8
04/03/17	CZK		13,857	USD		543		(5	)
04/03/17-04/12/17	USD		9,029	EUR		8,493		56
04/03/17-05/08/17	USD		31,981	EUR		29,739		(138	)
04/03/17-05/24/17	ZAR		42,783	USD		3,340		168
04/03/17-05/08/17	AUD		27,184	USD		20,828		99
04/03/17-05/08/17	AUD		22,349	USD		16,892		(155	)
04/03/17-05/08/17	CAD		36,790	USD		27,905		316
04/07/17-05/08/17	CAD		13,637	USD		10,197		(33	)
05/08/17-05/08/17	SEK		15,243	USD		1,732		21
04/03/17-05/11/17	SEK		38,299	USD		4,264		(31	)
04/03/17-04/03/17	MXN		2,250	USD		120		—
04/03/17-05/08/17	MXN		56,086	USD		2,884		(87	)
05/08/17-05/08/17	GBP		12,508	USD		15,675		25
04/03/17-05/18/17	GBP		47,096	USD		58,184		(732	)
04/03/17-05/08/17	THB		62,626	USD		1,809		(14	)
04/03/17-05/08/17	EUR		143,972	USD		155,751		1,613
04/03/17-05/08/17	EUR		123,235	USD		130,912		(905	)
05/08/17-05/08/17	KRW		4,133,627	USD		3,717		17
04/03/17-05/18/17	KRW		7,160,953	USD		6,328		(78	)
05/08/17-05/08/17	JPY		7,756,193	USD		70,089		374
04/03/17-05/11/17	JPY		12,208,267	USD		108,430		(1,164	)
04/04/17	USD		1,814	BRL		5,807		15
05/03/17	BRL		10,604	USD		3,361		41
04/04/17	BRL		16,411	USD		5,124		(45	)
04/05/17-05/08/17	USD		793	DKK		5,537		4
05/08/17	USD		192	DKK		1,331		(1	)
04/11/17	USD		926	TRY		3,444		18
04/11/17-04/11/17	USD		2,766	INR		182,052		38
05/08/17	MXN		12,062	USD		643		6
04/26/17-04/26/17	MXN		42,646	USD		2,071		(186	)
04/28/17	USD		997	RUB		59,411		51
05/05/17	RUB		46,713	USD		827		4
04/28/17-04/28/17	RUB		31,031	USD		525		(22	)
05/19/17	USD		944	IDR		12,665,842		4
05/19/17	IDR		12,558,567	USD		931		(9	)
06/09/17	USD		1,436	CZK		35,397		(20	)
06/14/17-06/16/17	USD		241	ARS		4,100		18

							$	(445	)

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2017, is as follows:


Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
ANZ	$	(2,646	)	$	2,719	$	73
Bank of America		(4,575	)		4,571		(4	)
Bank of Montreal		(6	)		6		—
Barclays PLC		(46,931	)		46,580		(351	)
BIC		(12,431	)		12,470		39
BNP Paribas		(26,379	)		26,782		403
Brown Brothers Harriman		(14,122	)		14,245		123
BT Brokerage		(2,225	)		2,246		21
Citigroup		(151,596	)		150,528		(1,068	)
Credit Suisse First Boston		(10,009	)		10,022		13
Deutsche Bank		(3,320	)		3,361		41
Goldman Sachs		(28,830	)		28,692		(138	)
HSBC		(52,585	)		52,702		117
JPMorgan Chase Bank		(126,047	)		126,624		577
Montgomery/Bank of America		(93,391	)		93,617		226
Morgan Stanley		(5,126	)		5,138		12
National Australia Capital Markets		(70	)		68		(2	)
National Bank of Australia		(118,353	)		117,827		(526	)
RBC		(2,890	)		2,815		(75	)
Royal Bank of Scotland		(7,095	)		7,001		(94	)
Societe Generale		(385	)		381		(4	)
Standard Chartered		(5,216	)		5,198		(18	)
State Street		(52,499	)		52,727		228
TD Securities		(824	)		823		(1	)
UBS		(10,807	)		10,770		(37	)

						$	(445	)

A list of the open OTC swap agreements held by the Fund at March 31, 2017, is as follows:

Percentages are based on Net Assets of $459,950 ($ Thousands).

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2017, the value of these securities amounted to $40,751 ($ Thousands), representing 8.9% of the Net Assets of the Fund.

(B)

Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2017.

(C)

Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on March 31, 2017. The coupon on a step bond changes on a specified date.

(D)

The rate reported is the effective yield at the time of purchase.

ARS — Argentine Peso

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CI — Class

COP — Colombian Peso

CPI — Consumer Price Index

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

EURIBOR — Euro London Interbank Offered Rate

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GBP — British Pound Sterling

IDR — Indonesian Rupiah

INR — Indian Rupee

ILS — Israeli New Sheckels

IO — Interest Only — face amount represents notional amount.

JPY — Japanese Yen

KRW — Korean Won

MTN — Medium Term Note

MXN — Mexican Peso

NOK — Norwegian Krone

NZD — New Zealand Dollar

OTC — Over the Counter

PLC — Public Limited Company

PLN — Polish Zloty

REMIC — Real Estate Mortgage Investment Conduit

RUB — Russian Ruble

SGD — Singapore Dollar

SEK — Swedish Krona

Ser — Series

THB — Thai Bhat

TRY — Turkish Lira

USD — United States Dollar

ZAR — South African Rand

The following is a list of the level of inputs used as of March 31, 2017, 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	$	—	$	408,765	$	—	$	408,765
U.S. Treasury Obligations		—		16,899		—		16,899
Mortgage-Backed Securities		—		14,908		—		14,908
Corporate Obligations		—		1,886		—		1,886

Total Investments in Securities	$	—	$	442,458	$	—	$	442,458


Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	89		$	—		$	—	$	89
Unrealized Depreciation		(393	)		—			—		(393	)
Forwards Contracts *
Unrealized Appreciation		—			3,467			—		3,467
Unrealized Depreciation		—			(3,912	)		—		(3,912	)
OTC Swaps
Credit Default Swaps *
Unrealized Depreciation		—			(119	)		—		(119	)

Total Other Financial Instruments	$	(304	)	$	(564	)	$	—	$	(868	)

* Futures contracts, forwards contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For the six months ended March 31, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2017, there were no transfers between Level 2 and Level 3 assets and liabilities.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

LOGO


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS — 93.4%

Angola — 0.1%
Angolan Government International Bond
9.500%, 11/12/2025	$		1,407	$	1,449


Argentina — 5.3%
Argentina Bonar Bonds (A)
23.306%, 03/01/2020	ARS		20,078		1,462
22.912%, 10/09/2017			2,158		150
22.875%, 03/01/2018			7,683		510
Argentina Treasury Bond
2.500%, 07/22/2021			6,000		471
Argentine Bonad Bonds
2.400%, 03/18/2018	$		1,568		1,542
Argentine Bonos del Tesoro
22.750%, 03/05/2018	ARS		13,700		926
21.200%, 09/19/2018			24,176		1,654
18.200%, 10/03/2021			21,053		1,471
15.500%, 10/17/2026			57,569		3,895
Cablevision
6.500%, 06/15/2021 (B)	$		214		226
City of Buenos Aires Argentina
22.438%, 03/29/2024 (A)	ARS		10,891		708
7.500%, 06/01/2027 (B)	$		969		1,003
Pampa Energia
7.500%, 01/24/2027 (B)			343		348
Petrobras Argentina
7.375%, 07/21/2023 (B)			270		282
Provincia de Buenos Aires
9.950%, 06/09/2021 (B)			1,240		1,411
7.875%, 06/15/2027			2,090		2,116
Provincia de Cordoba
7.125%, 06/10/2021 (B)			531		550
Provincia del Chaco Argentina
9.375%, 08/18/2024			1,025		992
Republic of Argentina
8.280%, 12/31/2033			3,141		3,298
8.280%, 12/31/2033			3,141		3,353
7.820%, 12/31/2033	EUR		16,020		18,102
7.820%, 12/31/2033			8,377		9,370


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
7.125%, 07/06/2036	$		1,107	$	1,072
6.875%, 04/22/2021			165		177
6.875%, 01/26/2027 (B)			6,765		6,860
6.250%, 04/22/2019			150		158
6.250%, 04/22/2019			85		90
5.625%, 01/26/2022 (B)			1,057		1,082
5.000%, 01/15/2027	EUR		5,404		5,397
4.191%, 12/15/2035 (A)			18,827		1,989
3.380%, 03/31/2019 (C)			7,360		4,755
3.043%, 12/15/2035 (A)	$		1,203		118
2.500%, 03/31/2019 (C) (D)			475		299
2.260%, 03/31/2019 (C)	EUR		564		364
YPF MTN
23.854%, 07/07/2020 (A)	$		368		410

					76,611


Armenia — 0.1%
Republic of Armenia
7.150%, 03/26/2025 (B)			1,998		2,139


Azerbaijan — 1.5%
Republic of Azerbaijan
4.750%, 03/18/2024 (B)			4,410		4,439
Southern Gas Corridor
6.875%, 03/24/2026 (B)			1,437		1,576
6.875%, 03/24/2026			3,379		3,705
6.875%, 03/24/2026			2,325		2,549
State Oil of the Azerbaijan Republic
6.950%, 03/18/2030			963		1,015
6.950%, 03/18/2030			5,176		5,479
State Oil of the Azerbaijan Republic MTN
4.750%, 03/13/2023			2,923		2,835
4.750%, 03/13/2023			200		194

					21,792


Bahrain — 0.1%
Bahrain Government International Bond
7.000%, 10/12/2028			679		708
7.000%, 10/12/2028 (B)			641		669

					1,377


Belize — 0.1%
Belize Government International Bond
5.000%, 02/20/2034 (C)			2,637		1,714


Bermuda — 0.3%
Government of Bermuda
4.854%, 02/06/2024			2,580		2,716
3.717%, 01/25/2027			1,521		1,464

					4,180


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Brazil — 8.4%
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/2019 (B)	$		660	$	706
Braskem Finance
5.750%, 04/15/2021			1,797		1,898
Brazil Letras do Tesouro Nacional (E)
15.050%, 01/01/2019	BRL		88,654		23,848
14.857%, 01/01/2020			18,000		4,399
0.000%, 07/01/2020			19,000		4,420
Brazil Loan Trust 1
5.477%, 07/24/2023 (B)	$		1,420		1,442
5.477%, 07/24/2023			300		303
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/2028			1,176		1,165
5.333%, 02/15/2028			4,590		4,544
5.333%, 02/15/2028 (B)			224		221
Brazil Notas do Tesouro Nacional, Serie B
6.000%, 08/15/2022	BRL		4,000		3,912
6.000%, 05/15/2035			1,000		1,046
Brazil Notas do Tesouro Nacional, Serie F
10.000%, 01/01/2021			48,208		15,264
10.000%, 01/01/2023			22,174		6,998
10.000%, 01/01/2025			41,681		13,127
10.000%, 01/01/2027			32,642		10,254
Brazilian Government International Bond
6.000%, 04/07/2026 (F)	$		7,401		8,045
5.625%, 02/21/2047			720		698
BRF
4.750%, 05/22/2024			1,000		964
Cosan Luxembourg
7.000%, 01/20/2027 (B)			253		262
ESAL GmbH
6.250%, 02/05/2023 (B)			156		156
Federal Republic of Brazil
8.250%, 01/20/2034			3,341		4,164
5.625%, 01/07/2041			596		579
2.625%, 01/05/2023			293		272
GTL Trade Finance
5.893%, 04/29/2024 (B)			149		149
JBS Investments GmbH
7.250%, 04/03/2024			426		441
JBS USA LUX
7.250%, 06/01/2021			111		114
Klabin Finance
5.250%, 07/16/2024			790		793
Marfrig Holdings Europe
8.000%, 06/08/2023			1,100		1,149
Minerva Luxembourg
6.500%, 09/20/2026			1,401		1,369
6.500%, 09/20/2026 (B)			858		838


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Petrobras Global Finance
8.750%, 05/23/2026	$		2,156	$	2,496
Petrobras International Finance
6.875%, 01/20/2040			1,540		1,466
5.375%, 01/27/2021			1,800		1,848
Rumo Luxembourg
7.375%, 02/09/2024 (B)			898		923
Ultrapar International
5.250%, 10/06/2026			330		328
Vale Overseas
6.250%, 08/10/2026			2,449		2,660

					123,261


Cameroon — 0.3%
Republic of Cameroon International Bond
9.500%, 11/19/2025			3,725		4,220


Chile — 0.6%
Banco del Estado de Chile
4.125%, 10/07/2020 (B)			270		285
4.125%, 10/07/2020			30		31
Banco del Estado de Chile MTN
3.875%, 02/08/2022 (B)			230		238
Bonos de la Tesoreria de la Republica en pesos
6.000%, 01/01/2020	CLP		80,000		131
4.500%, 02/28/2021			350,000		550
Empresa de Transporte de Pasajeros Metro
5.000%, 01/25/2047 (B)	$		2,365		2,475
Empresa Electrica Angamos
4.875%, 05/25/2029 (B)			1,323		1,329
Empresa Nacional del Petroleo
4.375%, 10/30/2024			200		204
3.750%, 08/05/2026 (B)			387		375
3.750%, 08/05/2026			640		619
Nacional del Cobre de Chile
6.150%, 10/24/2036			592		691
4.500%, 09/16/2025 (B)			726		764
Republic of Chile
5.500%, 08/05/2020	CLP		323,000		514

					8,206


China — 0.2%
Sinopec Group Overseas Development
4.375%, 10/17/2023	$		539		570
3.500%, 05/03/2026 (B)			1,762		1,740

					2,310


Colombia — 6.2%
Bogota Distrito Capital
9.750%, 07/26/2028 (B)	COP		8,820,000		3,205
9.750%, 07/26/2028			370,000		134
Colombian TES
11.000%, 07/24/2020			13,543,500		5,360
10.000%, 07/24/2024			16,556,200		6,862


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
7.750%, 09/18/2030	COP		1,040,700	$	389
7.500%, 08/26/2026			40,295,600		14,692
7.000%, 05/04/2022			56,550,600		20,192
6.000%, 04/28/2028			18,090,300		5,879
5.000%, 11/21/2018			18,962,600		6,464
4.750%, 04/04/2035			1,096,600		1,108
Ecopetrol
7.375%, 09/18/2043	$		280		300
5.875%, 05/28/2045			745		678
5.375%, 06/26/2026			1,742		1,782
Emgesa ESP
8.750%, 01/25/2021	COP		870,000		307
Empresas Publicas de Medellin ESP
8.375%, 02/01/2021			3,962,000		1,383
7.625%, 09/10/2024 (B)			3,116,000		1,042
Financiera de Desarrollo Territorial Findeter
7.875%, 08/12/2024 (B)			1,127,000		380
7.875%, 08/12/2024			884,000		299
Republic of Colombia
11.750%, 02/25/2020	$		322		406
10.375%, 01/28/2033			360		538
9.850%, 06/28/2027 (F)	COP		3,803,000		1,666
9.850%, 06/28/2027			1,257,000		551
8.125%, 05/21/2024	$		824		1,049
7.750%, 04/14/2021	COP		3,331,000		1,217
7.375%, 09/18/2037	$		2,626		3,351
6.125%, 01/18/2041			3,194		3,641
4.500%, 01/28/2026			636		671
4.375%, 07/12/2021			4,179		4,430
4.375%, 03/21/2023	COP		1,089,000		343
4.375%, 03/21/2023			1,782,000		561
4.000%, 02/26/2024	$		1,856		1,910

					90,790


Costa Rica — 1.3%
Banco Nacional de Costa Rica
6.250%, 11/01/2023 (B)			753		776
5.875%, 04/25/2021 (B)			597		607
Instituto Costarricense de Electricidad
6.950%, 11/10/2021			400		421
6.375%, 05/15/2043			250		210
Republic of Costa Rica
7.158%, 03/12/2045 (B)			1,237		1,259
7.158%, 03/12/2045			3,436		3,496
7.158%, 03/12/2045			4,436		4,514
7.000%, 04/04/2044			2,387		2,405
7.000%, 04/04/2044 (B)			4,191		4,222
4.375%, 04/30/2025			702		660

					18,570


Croatia — 1.1%
Government of Croatia
6.625%, 07/14/2020			4,003		4,393


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
6.375%, 03/24/2021	$		1,490	$	1,646
6.375%, 03/24/2021 (B)			4,053		4,479
6.000%, 01/26/2024 (B)			1,993		2,207
5.875%, 07/09/2018	EUR		150		172
5.500%, 04/04/2023	$		200		215
3.000%, 03/11/2025	EUR		2,690		2,928

					16,040


Dominican Republic — 1.5%
Dominican Republic
15.950%, 06/04/2021	DOP		3,800		96
11.500%, 05/10/2024			55,000		1,226
11.000%, 01/05/2018			6,320		136
11.000%, 07/30/2021 (B)			53,760		1,152
9.040%, 01/23/2018	$		242		250
8.625%, 04/20/2027			1,332		1,571
7.500%, 05/06/2021			404		446
7.450%, 04/30/2044 (B)			1,972		2,179
7.450%, 04/30/2044			451		496
7.450%, 04/30/2044			610		671
6.875%, 01/29/2026			1,273		1,394
6.850%, 01/27/2045 (B)			3,708		3,829
6.850%, 01/27/2045			1,200		1,239
6.850%, 01/27/2045			400		413
6.600%, 01/28/2024			656		711
5.950%, 01/25/2027			476		486
5.950%, 01/25/2027 (B) (F)			2,206		2,253
5.875%, 04/18/2024 (B)			536		561
5.500%, 01/27/2025			1,070		1,087
5.500%, 01/27/2025			1,721		1,749

					21,945


Ecuador — 0.7%
EP PetroEcuador via Noble Sovereign Funding I
6.787%, 09/24/2019 (A)			346		346
Republic of Ecuador
10.750%, 03/28/2022 (B)			991		1,048
10.500%, 03/24/2020			658		697
10.500%, 03/24/2020 (B)			450		477
9.650%, 12/13/2026 (B)			1,844		1,909
7.950%, 06/20/2024			6,802		6,394

					10,871


Egypt — 0.6%
Egypt Government International Bond MTN
8.500%, 01/31/2047			4,173		4,486
7.500%, 01/31/2027			3,078		3,267
6.125%, 01/31/2022			497		517
6.125%, 01/31/2022 (B)			361		375

					8,645


El Salvador — 0.8%
Republic of El Salvador
8.625%, 02/28/2029			1,636		1,689


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
8.250%, 04/10/2032	$		222	$	220
7.750%, 01/24/2023			1,740		1,771
7.650%, 06/15/2035 (F)			2,017		1,875
7.650%, 06/15/2035			974		906
7.625%, 02/01/2041			1,520		1,397
7.375%, 12/01/2019			1,021		1,048
7.375%, 12/01/2019			226		232
6.375%, 01/18/2027			863		772
6.375%, 01/18/2027 (B)			1,401		1,254
5.875%, 01/30/2025 (B)			704		627
5.875%, 01/30/2025			210		188
5.875%, 01/30/2025			200		179

					12,158


Ethiopia — 0.0%
Federal Democratic Republic of Ethiopia
6.625%, 12/11/2024 (B)			510		489


Gabon — 0.4%
Gabonese Republic
8.200%, 12/12/2017			282		290
6.950%, 06/16/2025 (B)			554		541
6.375%, 12/12/2024			4,990		4,821

					5,652


Georgia — 0.0%
Republic of Georgia
6.875%, 04/12/2021 (B)			663		733


Ghana — 0.6%
Republic of Ghana
24.750%, 07/19/2021			3,864		1,022
24.500%, 04/22/2019			1,926		476
24.000%, 09/09/2019			964		238
10.750%, 10/14/2030			5,240		6,153
10.750%, 10/14/2030 (B)			1,287		1,511

					9,400


Guatemala — 0.1%
Comcel Trust
6.875%, 02/06/2024 (B)			590		612
Comcel Trust via Comunicaciones Celulares
6.875%, 02/06/2024			350		363

					975


Honduras — 0.1%
Honduras Government International Bond
6.250%, 01/19/2027 (B)			490		496
6.250%, 01/19/2027			326		330

					826


Hong Kong — 0.0%
Studio City
7.250%, 11/30/2021 (B)			139		148


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Hungary — 1.5%
Magyar Export-Import Bank
4.000%, 01/30/2020 (B)	$		925	$	945
Republic of Hungary
7.625%, 03/29/2041			5,960		8,649
6.750%, 10/22/2028	HUF		932,610		4,235
5.750%, 11/22/2023	$		1,754		1,982
5.500%, 06/24/2025	HUF		138,870		565
3.000%, 06/26/2024			1,700,000		5,941

					22,317


India — 0.0%
Vedanta Resources
8.250%, 06/07/2021 (B)	$		28		30


Indonesia — 9.3%
Indo Energy Finance II
6.375%, 01/24/2023			1,090		1,035
Indonesia Treasury Bond
8.750%, 05/15/2031	IDR		67,036,000		5,584
8.250%, 07/15/2021			10,611,000		836
Listrindo Capital
4.950%, 09/14/2026	$		350		341
Majapahit Holding
7.875%, 06/29/2037			300		385
7.875%, 06/29/2037 (B)			205		263
7.750%, 01/20/2020			894		1,008
Pelabuhan Indonesia III
4.875%, 10/01/2024			1,659		1,738
Pertamina Persero
6.500%, 05/27/2041 (B)			380		425
6.000%, 05/03/2042 (B)			935		990
6.000%, 05/03/2042			340		360
5.250%, 05/23/2021 (B)			921		988
4.875%, 05/03/2022 (B)			220		233
Pertamina Persero MTN
6.450%, 05/30/2044 (B)			665		750
6.450%, 05/30/2044			439		498
5.625%, 05/20/2043			2,692		2,765
5.625%, 05/20/2043 (B)			1,434		1,473
5.625%, 05/20/2043			300		308
Perusahaan Listrik Negara MTN
5.250%, 10/24/2042			580		577
Republic of Indonesia
12.800%, 06/15/2021	IDR		210,000		19
11.000%, 09/15/2025			3,200,000		299
9.000%, 03/15/2029			187,712,000		15,604
8.500%, 10/12/2035	$		925		1,335
8.375%, 03/15/2024	IDR		236,319,000		18,868
8.375%, 09/15/2026			93,384,000		7,603
8.375%, 03/15/2034			95,294,000		7,559
8.250%, 06/15/2032			17,369,000		1,324
8.250%, 05/15/2036			67,070,000		5,318


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
7.750%, 01/17/2038	$		291	$	403
7.750%, 01/17/2038			1,853		2,564
7.000%, 05/15/2022	IDR		122,580,000		9,254
7.000%, 05/15/2027			10,300,000		769
6.625%, 05/15/2033			35,776,000		2,424
6.625%, 02/17/2037	$		1,384		1,702
6.125%, 05/15/2028	IDR		26,020,000		1,762
5.625%, 05/15/2023			65,735,000		4,616
4.875%, 05/05/2021	$		945		1,010
3.375%, 07/30/2025	EUR		6,680		7,629
Republic of Indonesia MTN
11.625%, 03/04/2019	$		80		95
11.625%, 03/04/2019 (B)			975		1,153
11.625%, 03/04/2019			1,049		1,240
6.750%, 01/15/2044 (B)			183		235
5.875%, 01/15/2024			2,876		3,261
5.875%, 01/15/2024			6,050		6,861
5.875%, 01/15/2024 (B)			888		1,007
5.250%, 01/17/2042			692		740
5.125%, 01/15/2045 (B)			217		230
4.750%, 01/08/2026 (B)			2,389		2,544
4.750%, 01/08/2026			1,219		1,298
4.125%, 01/15/2025			1,074		1,101
4.125%, 01/15/2025			1,331		1,365
3.750%, 06/14/2028	EUR		1,100		1,259
3.375%, 04/15/2023 (B)	$		1,939		1,937

					134,945


Iraq — 0.4%
Republic of Iraq
5.800%, 01/15/2028			6,282		5,539


Ivory Coast — 1.0%
Ivory Coast Government Bond
6.375%, 03/03/2028 (B)			2,562		2,508
5.750%, 12/31/2032			3,972		3,684
5.750%, 12/31/2032			3,413		3,166
5.750%, 12/31/2032 (C)			4,594		4,261
5.375%, 07/23/2024 (B)			1,265		1,202

					14,821


Jamaica — 0.1%
Digicel Group
8.250%, 09/30/2020			1,072		921
7.125%, 04/01/2022 (B)			236		184
Jamaica Government International Bond
8.000%, 03/15/2039			659		755

					1,860


Jordan — 0.1%
Jordan Government International Bond
5.750%, 01/31/2027			1,016		996


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Kazakhstan — 1.0%
Development Bank of Kazakhstan
4.125%, 12/10/2022	$		770	$	762
KazAgro National Management Holding JSC MTN
4.625%, 05/24/2023			3,087		3,022
4.625%, 05/24/2023 (B)			349		342
Kazakhstan Temir Zholy Finance
6.950%, 07/10/2042 (B)			250		263
KazMunayGas National MTN
6.375%, 04/09/2021 (B)			1,660		1,822
6.375%, 04/09/2021			2,329		2,556
Republic of Kazakhstan
6.375%, 10/06/2020 (B)			400		432
Republic of Kazakhstan MTN
6.500%, 07/21/2045			3,663		4,340
5.125%, 07/21/2025 (B)			685		744

					14,283


Kenya — 0.2%
Kenya Government International Bond
6.875%, 06/24/2024			1,453		1,446
6.875%, 06/24/2024 (B)			1,413		1,406
5.875%, 06/24/2019 (B)			805		834

					3,686


Malaysia — 3.1%
1MDB Energy
5.990%, 05/11/2022			1,000		1,080
1MDB Global Investments
4.400%, 03/09/2023			9,600		8,808
Malaysia Government Bond
5.248%, 09/15/2028	MYR		1,050		254
4.935%, 09/30/2043			2,200		501
4.392%, 04/15/2026			7,081		1,617
4.378%, 11/29/2019			5,218		1,200
4.254%, 05/31/2035			1,827		393
4.240%, 02/07/2018			9,200		2,094
4.232%, 06/30/2031			9,200		2,018
4.181%, 07/15/2024			4,186		949
4.160%, 07/15/2021			20		5
4.012%, 09/15/2017			6,420		1,456
3.955%, 09/15/2025			12,020		2,669
3.892%, 03/15/2027			1,369		296
3.800%, 08/17/2023			23,695		5,281
3.795%, 09/30/2022			3,500		784
3.759%, 03/15/2019			8,099		1,839
3.659%, 10/15/2020			1,419		320
3.654%, 10/31/2019			7,740		1,747
3.620%, 11/30/2021			7,443		1,664
3.580%, 09/28/2018			1,157		262
3.502%, 05/31/2027			1,050		222
3.492%, 03/31/2020			1,420		319


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
3.480%, 03/15/2023	MYR		2,858	$	628
3.418%, 08/15/2022			4,289		945
3.314%, 10/31/2017			9,200		2,079
3.260%, 03/01/2018			9,170		2,070
Malaysia Government Investment Issue
4.070%, 09/30/2026			11,606		2,584
Petronas Capital MTN
3.500%, 03/18/2025 (B)	$		1,011		1,027

					45,111


Mexico — 10.0%
Alfa
6.875%, 03/25/2044			1,750		1,785
America Movil
7.125%, 12/09/2024	MXN		18,110		909
6.000%, 06/09/2019			12,420		635
Banco Nacional de Comercio Exterior SNC(A)
3.800%, 08/11/2026 (B)	$		1,852		1,815
3.800%, 08/11/2026			536		525
Cemex
7.750%, 04/16/2026 (B)			216		243
6.125%, 05/05/2025 (B)			115		123
5.700%, 01/11/2025 (B)			208		216
Comision Federal de Electricidad
7.350%, 11/25/2025	MXN		39,785		1,921
5.750%, 02/14/2042 (B)	$		500		494
4.875%, 01/15/2024 (B)			237		244
4.750%, 02/23/2027 (B)			1,016		1,019
Elementia
5.500%, 01/15/2025			670		671
Fermaca Enterprises S de RL
6.375%, 03/30/2038 (B)			616		632
Mexican Bonos
7.750%, 11/23/2034	MXN		92,281		5,071
7.750%, 11/13/2042			79,410		4,362
6.500%, 06/09/2022			66,406		3,461
5.750%, 03/05/2026			59,120		2,873
5.000%, 12/11/2019			127,973		6,507
4.750%, 06/14/2018			801		42
Mexican Bonos, Ser M
6.500%, 06/10/2021			240,504		12,609
Mexican Bonos, Ser M10
8.500%, 12/13/2018			202,872		11,074
Mexican Bonos, Ser M20
10.000%, 12/05/2024			163,595		10,218
8.500%, 05/31/2029			70,532		4,137
8.000%, 12/07/2023			11,575		648
7.750%, 05/29/2031			129,320		7,136
Mexican Bonos, Ser M30
10.000%, 11/20/2036			70,263		4,715
8.500%, 11/18/2038			66,465		3,928
Mexico Government International Bond
4.350%, 01/15/2047	$		1,539		1,416


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
4.150%, 03/28/2027	$		3,918	$	3,984
Petroleos Mexicanos
9.500%, 09/15/2027			169		208
7.650%, 11/24/2021	MXN		8,440		424
7.470%, 11/12/2026			90,489		4,173
7.190%, 09/12/2024			101,382		4,761
6.625%, 06/15/2035	$		4,931		5,079
6.625%, 06/15/2038			2,088		2,124
6.500%, 03/13/2027 (B)			4,264		4,587
6.500%, 06/02/2041			1,709		1,702
6.375%, 02/04/2021			326		354
6.375%, 01/23/2045			807		787
6.000%, 03/05/2020			335		359
5.625%, 01/23/2046			749		670
5.500%, 01/21/2021			18		19
5.500%, 06/27/2044			589		520
4.875%, 01/24/2022			271		279
4.875%, 01/18/2024			175		177
4.770%, 03/11/2022 (A) (B)			1,396		1,501
Petroleos Mexicanos MTN
6.875%, 08/04/2026 (B)			131		145
6.875%, 08/04/2026			5,612		6,229
6.750%, 09/21/2047			1,007		1,022
6.375%, 01/23/2045 (B)			806		786
4.875%, 02/21/2028	EUR		3,822		4,211
4.625%, 09/21/2023 (B)	$		1,185		1,192
4.250%, 01/15/2025			2,450		2,359
2.750%, 04/21/2027	EUR		350		331
Petroloes Mexicanos MTN
5.625%, 01/23/2046 (B)	$		800		715
Sixsigma Networks Mexico
8.250%, 11/07/2021 (B)			465		460
Trust F/1401
6.950%, 01/30/2044			1,920		1,942
United Mexican States
5.750%, 10/12/2110			1,998		1,988
4.600%, 01/23/2046			1,837		1,759
4.000%, 10/02/2023			138		142
United Mexican States MTN
5.550%, 01/21/2045			869		939
4.750%, 03/08/2044			425		413
4.125%, 01/21/2026			73		75

					145,845


MN — 0.1%
Mongolia Government International Bond MTN
8.750%, 03/09/2024			1,449		1,579


Mongolia — 0.1%
Mongolia Government Bond MTN
10.875%, 04/06/2021 (B)			1,205		1,387
Trade & Development Bank of Mongolia MTN
9.375%, 05/19/2020 (B)			355		379


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
9.375%, 05/19/2020	$		350	$	374

					2,140


Montenegro — 0.0%
Republic of Montenegro
5.750%, 03/10/2021 (B)	EUR		551		623


Morocco — 0.6%
Morocco Government International Bond
3.500%, 06/19/2024			3,580		4,135
OCP
6.875%, 04/25/2044	$		1,325		1,422
5.625%, 04/25/2024 (B)			2,205		2,348
4.500%, 10/22/2025 (B)			288		284

					8,189


Namibia — 0.2%
Namibia International Bonds 5.250%, 10/29/2025 (B)			2,346		2,363


Netherlands — 0.1%
MARB BondCo
7.000%, 03/15/2024 (B)			169		168
Marfrig Holdings Europe
8.000%, 06/08/2023 (B)			470		491
VTR Finance
6.875%, 01/15/2024			400		416

					1,075


Nigeria — 0.1%
Nigeria Government International Bond
7.875%, 02/16/2032			1,431		1,492
7.875%, 02/16/2032 (B)			228		237

					1,729


Oman — 0.3%
Oman Government International Bond
6.500%, 03/08/2047 (B)			1,620		1,709
6.500%, 03/08/2047			676		713
5.375%, 03/08/2027			659		689
3.875%, 03/08/2022			862		871

					3,982


Pakistan — 0.2%
Pakistan Government International Bond
8.250%, 09/30/2025			2,126		2,373


Panama — 0.4%
Panama Notas del Tesoro
4.875%, 02/05/2021			562		590
Republic of Panama
9.375%, 01/16/2023			560		721
9.375%, 04/01/2029			630		923
8.125%, 04/28/2034			2,028		2,687
4.300%, 04/29/2053			130		123


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
4.000%, 09/22/2024	$		521	$	544

					5,588


Paraguay — 0.2%
Republic of Paraguay
6.100%, 08/11/2044 (B)			906		972
5.000%, 04/15/2026			656		682
4.700%, 03/27/2027			209		211
Telefonica Celular del Paraguay
6.750%, 12/13/2022			200		206
6.750%, 12/13/2022			200		206

					2,277


Peru — 2.1%
Abengoa Transmision Sur
6.875%, 04/30/2043 (B)			273		291
Fondo MIVIVIENDA
7.000%, 02/14/2024 (B)	PEN		3,704		1,163
Peru Enhanced Pass-Through Finance(E)
4.995%, 06/02/2025 (B)	$		1,000		820
1.229%, 05/31/2018			40		39
1.227%, 05/31/2018 (B)			109		107
Peru Government Bond
6.900%, 08/12/2037	PEN		5,404		1,776
6.850%, 02/12/2042			1,721		556
6.350%, 08/12/2028			2,895		905
Republic of Peru
8.200%, 08/12/2026			14,008		5,080
6.950%, 08/12/2031			6,696		2,209
6.950%, 08/12/2031			7,012		2,314
6.850%, 02/12/2042			991		320
6.714%, 02/12/2055			719		221
6.550%, 03/14/2037	$		1,239		1,600
6.350%, 08/12/2028	PEN		2,061		645
6.350%, 08/12/2028 (B)			7,925		2,478
5.700%, 08/12/2024 (B)			5,999		1,892
5.700%, 08/12/2024			285		90
3.750%, 03/01/2030	EUR		6,608		8,131

					30,637


Philippines — 0.1%
Republic of Philippines
3.900%, 11/26/2022	PHP		45,000		869


Poland — 3.3%
Republic of Poland
5.250%, 10/25/2020	PLN		20,418		5,635
4.000%, 10/25/2023			20,178		5,369
3.250%, 07/25/2025			35,686		8,984
2.750%, 08/25/2023			6,498		1,791
2.500%, 07/25/2026			24,618		5,779
2.500%, 07/25/2027			5,323		1,229
1.750%, 07/25/2021			36,428		8,829
1.567%, 10/25/2018 (E)			11,880		2,912


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
1.500%, 04/25/2020	PLN		12,676	$	3,120
0.000%, 07/25/2017 (E)			4,630		1,163
Republic of Poland, Ser 0922
5.750%, 09/23/2022			12,209		3,512

					48,323


Qatar — 0.6%
Ooredoo International Finance MTN
7.875%, 06/10/2019	$		665		741
State of Qatar
9.750%, 06/15/2030			2,637		4,186
6.400%, 01/20/2040			2,588		3,303

					8,230


Romania — 0.9%
Government of Romania
5.850%, 04/26/2023	RON		14,130		3,799
4.750%, 02/24/2025			13,780		3,487
3.500%, 12/19/2022			4,415		1,057
Government of Romania MTN
6.750%, 02/07/2022	$		1,230		1,426
6.750%, 02/07/2022 (B)			919		1,066
6.125%, 01/22/2044			300		369
3.875%, 10/29/2035	EUR		900		1,014
2.875%, 05/26/2028			740		812
2.750%, 10/29/2025			730		824

					13,854


Russia — 6.9%
Credit Bank of Moscow Via CBOM Finance
5.875%, 11/07/2021 (B)	$		1,116		1,152
Evraz Group
8.250%, 01/28/2021			1,000		1,119
Gazprom OAO Via Gaz Capital
4.250%, 04/06/2024	GBP		1,660		2,089
3.125%, 11/17/2023	EUR		1,890		2,078
Republic of Serbia
7.250%, 09/28/2021	$		4,931		5,621
Ritekro
14.669%, 11/07/2022 (E) (G) (H)			914		457
Russian Federal Bond - OFZ
8.150%, 02/03/2027	RUB		194,743		3,545
7.750%, 09/16/2026			917,682		16,133
7.600%, 04/14/2021			487,263		8,575
7.600%, 07/20/2022			556,688		9,804
7.500%, 03/15/2018			139,947		2,456
7.050%, 01/19/2028			308,944		5,150
7.000%, 01/25/2023			263,765		4,507
7.000%, 08/16/2023			300,364		5,099
6.800%, 12/11/2019			602,520		10,361
6.700%, 05/15/2019			236,124		4,064
6.500%, 12/03/2014 (C)			22,770		381
6.400%, 05/27/2020			18,800		319
6.200%, 01/31/2018			145,934		2,533


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Russian Foreign Bond - Eurobond
4.875%, 09/16/2023	$		2,400	$	2,572
4.875%, 09/16/2023 (B)			800		858
Russian Railways via RZD Capital
7.487%, 03/25/2031	GBP		1,300		1,951
Sberbank of Russia Via SB Capital
5.500%, 02/26/2024 (A) (B)	$		2,292		2,357
Vnesheconombank Via VEB Finance
6.902%, 07/09/2020			3,893		4,271
6.800%, 11/22/2025			2,924		3,264
6.800%, 11/22/2025 (B)			150		167
5.450%, 11/22/2017 (B)			400		408

					101,291


Saudi Arabia — 0.2%
Saudi Government International Bond MTN
4.500%, 10/26/2046			1,087		1,072
3.250%, 10/26/2026			1,275		1,239

					2,311


Senegal — 0.0%
Republic of Senegal
8.750%, 05/13/2021 (B)			540		612
8.750%, 05/13/2021			90		102

					714


Serbia — 0.3%
Republic of Serbia
7.250%, 09/28/2021 (B)			832		949
4.875%, 02/25/2020			2,715		2,814

					3,763


Slovenia — 0.5%
Slovenia Government International Bond
5.850%, 05/10/2023			2,300		2,639
5.250%, 02/18/2024			4,825		5,416

					8,055


South Africa — 4.9%
Eskom Holdings
7.125%, 02/11/2025			1,750		1,767
7.125%, 02/11/2025 (B)			951		960
Republic of South Africa
10.500%, 12/21/2026	ZAR		201,223		16,593
8.875%, 02/28/2035			14,830		1,040
8.750%, 01/31/2044			20,346		1,371
8.750%, 02/28/2048			37,845		2,553
8.500%, 01/31/2037			124,633		8,325
8.250%, 03/31/2032			105,495		7,130
8.000%, 01/31/2030			160,312		10,848
7.250%, 01/15/2020			931		69
7.000%, 02/28/2031			103,711		6,361
6.750%, 03/31/2021			3,663		263
6.500%, 02/28/2041			39,901		2,101
6.250%, 03/31/2036			78,799		4,177


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
5.875%, 09/16/2025 (F)	$		3,859	$	4,152
4.875%, 04/14/2026			334		335
4.300%, 10/12/2028			2,621		2,460
Transnet SOC MTN
9.500%, 05/13/2021 (B)	ZAR		13,360		946

					71,451


Sri Lanka — 1.0%
Republic of Sri Lanka
6.850%, 11/03/2025	$		4,839		5,005
6.850%, 11/03/2025 (B)			908		939
6.825%, 07/18/2026 (B)			909		939
6.825%, 07/18/2026			3,900		4,031
6.250%, 10/04/2020			533		561
6.250%, 07/27/2021			853		898
5.875%, 07/25/2022 (B)			2,445		2,509

					14,882


Supra-National — 0.3%
European Investment Bank MTN
8.500%, 09/17/2024	ZAR		9,200		676
7.200%, 07/09/2019	IDR		31,560,000		2,385
Inter-American Development Bank MTN
7.350%, 09/12/2018			20,140,000		1,527

					4,588


Suriname — 0.0%
Republic of Suriname
9.250%, 10/26/2026 (B)	$		497		495


Thailand — 1.2%
Thailand Government Bond
5.670%, 03/13/2028	THB		3,000		110
4.875%, 06/22/2029			22,000		768
3.875%, 06/13/2019			68,000		2,074
3.850%, 12/12/2025			61,664		1,969
3.650%, 12/17/2021			117,200		3,652
3.625%, 06/16/2023			148,077		4,635
3.400%, 06/17/2036			58,500		1,733
2.550%, 06/26/2020			40,000		1,192
2.125%, 12/17/2026			42,000		1,163
1.875%, 06/17/2022			15,000		430

					17,726


Trinidad & Tobago — 0.0%
Trinidad Generation UnLtd
5.250%, 11/04/2027 (B)	$		489		487


Tunisia — 0.2%
Banque Centrale de Tunisie
5.750%, 01/30/2025 (B)			1,928		1,856
5.625%, 02/17/2024	EUR		700		748

					2,604


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Turkey — 6.2%
Export Credit Bank of Turkey
5.875%, 04/24/2019 (B)	$		200	$	207
5.375%, 10/24/2023 (B)			1,033		1,013
5.000%, 09/23/2021 (B)			538		531
Export Credit Bank of Turkey MTN
5.375%, 02/08/2021 (B)			896		901
Hazine Mustesarligi
5.004%, 04/06/2023			1,221		1,221
KOC Holding
5.250%, 03/15/2023			1,840		1,863
Republic of Turkey
10.700%, 02/17/2021	TRY		19,572		5,321
10.600%, 02/11/2026			32,961		8,988
10.500%, 01/15/2020			3,143		856
10.400%, 03/27/2019			2,060		559
10.400%, 03/20/2024			2,250		607
9.500%, 01/12/2022			10,823		2,820
9.400%, 07/08/2020			29,131		7,651
9.200%, 09/22/2021			10,575		2,724
9.000%, 07/24/2024			16,629		4,183
8.800%, 11/14/2018			9,824		2,607
8.500%, 07/10/2019			3,658		956
8.500%, 09/14/2022			16,848		4,185
8.300%, 06/20/2018			4,251		1,130
8.000%, 03/12/2025			2,113		497
7.400%, 02/05/2020			30,131		7,554
7.375%, 02/05/2025	$		1,151		1,305
7.100%, 03/08/2023	TRY		6,560		1,510
7.000%, 03/11/2019	$		784		838
7.000%, 06/05/2020			2,190		2,390
6.875%, 03/17/2036			2,028		2,198
6.750%, 04/03/2018			1,374		1,427
6.750%, 05/30/2040			1,889		2,019
6.625%, 02/17/2045			1,220		1,299
6.250%, 09/26/2022			2,410		2,573
6.000%, 03/25/2027			6,996		7,267
6.000%, 01/14/2041			115		114
5.750%, 03/22/2024			333		346
5.125%, 03/25/2022			2,063		2,099
4.875%, 10/09/2026			710		683
4.875%, 04/16/2043			673		577
4.250%, 04/14/2026			2,171		2,010
3.000%, 08/02/2023	TRY		7,198		2,022
TC Ziraat Bankasi
4.250%, 07/03/2019 (B)	$		940		937
TC Ziraat Bankasi MTN
4.750%, 04/29/2021 (B)			561		550
Turk Telekomunikasyon
4.875%, 06/19/2024			1,750		1,684

					90,222


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
Ukraine — 2.6%
Government of Ukraine
7.750%, 09/01/2019 (B)	$		714	$	728
7.750%, 09/01/2020 (B)			8,757		8,740
7.750%, 09/01/2021 (B)			5,132		5,055
7.750%, 09/01/2022 (B)			7,053		6,773
7.750%, 09/01/2023 (B)			2,119		2,002
7.750%, 09/01/2024			1,350		1,262
7.750%, 09/01/2024 (B)			2,221		2,077
7.750%, 09/01/2025			300		278
7.750%, 09/01/2025 (B)			3,033		2,805
7.750%, 09/01/2026 (B)			625		574
7.750%, 09/01/2026			4,082		3,748
7.750%, 09/01/2027 (B)			523		480
7.750%, 09/01/2027			690		633
0.000%, 05/31/2040 (A) (B)			1,406		520
Ukreximbank Via Biz Finance
9.625%, 04/27/2022 (B)			1,711		1,716

					37,391


United Arab Emirates — 0.3%
DP World MTN
6.850%, 07/02/2037			1,800		2,078
MAF Global Securities (A)
7.125%, 10/29/2049			1,040		1,098
5.500%, 12/29/2049			870		870

					4,046


United Kingdom — 0.1%
Tullow Oil
6.250%, 04/15/2022			519		485
Vedanta Resources
6.375%, 07/30/2022 (B)			464		467

					952


Uruguay — 0.8%
Republic of Uruguay
5.100%, 06/18/2050			3,469		3,335
4.375%, 10/27/2027			3,623		3,782
4.125%, 11/20/2045			346		305
Republic of Uruguay PIK
7.875%, 01/15/2033			3,244		4,248

					11,670


Venezuela — 1.0%
Petroleos de Venezuela
6.000%, 05/16/2024			9,165		3,355
6.000%, 05/16/2024			7,785		2,849
6.000%, 11/15/2026			3,365		1,178
5.500%, 04/12/2037			1,552		528
5.375%, 04/12/2027			4,105		1,412
Republic of Venezuela
13.625%, 08/15/2018			1,716		1,433
13.625%, 08/15/2018			144		112


Description		Face Amount (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS (continued)
9.375%, 01/13/2034	$		3,061	$	1,377
7.750%, 10/13/2019			1,974		1,106
7.650%, 04/21/2025			3,131		1,299

					14,649


Vietnam — 0.1%
Vietnam Government International Bond
4.800%, 11/19/2024			1,000		1,019


Zambia — 0.4%
Republic of Zambia
8.970%, 07/30/2027			1,848		1,931
8.970%, 07/30/2027 (B)			112		117
8.500%, 04/14/2024			2,419		2,489
8.500%, 04/14/2024 (B)			116		120
5.375%, 09/20/2022			968		883
5.375%, 09/20/2022 (B)			105		96

					5,636

Total Global Bonds (Cost $1,374,950) ($ Thousands)					1,361,717


LOAN PARTICIPATIONS — 0.2%

Singapore — 0.0%
Morton Bay
6.220%, 12/31/2013 (G) (H)			3,158		—


Venezuela — 0.2%
Bolivarian Republic of Venezuela
6.250%, 01/10/2018			2,100		2,139

Total Loan Participations (Cost $5,258) ($ Thousands)					2,139

		Shares

COMMON STOCK — 0.0%
Pacific Exploration and Production*			17,891		556

Total Common Stock (Cost $2,928) ($ Thousands)					556


Description	Shares		Market Value ($ Thousands)
AFFILIATED PARTNERSHIP —0.8%
SEI Liquidity Fund, L.P.
0.870%**† (I)		12,022,981	$	12,024

Total Affiliated Partnership (Cost $12,023) ($ Thousands)				12,024

Total Investments — 94.4% (Cost $1,395,159) ($ Thousands)			$	1,376,436

A list of the open futures contracts held by the Fund at March 31, 2017, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date	Unrealized Appreciation (Depreciation) ($ Thousands)
Euro-Bund		(178	)	Jun-2017	$	(105	)
Euro-Buxl 30 Year Bond		(38	)	Jun-2017		(78	)
JSE Bond Future R186		470		May-2017		(28	)
JSE Bond Future R2030		598		May-2017		(24	)
JSE Bond Future R2035		283		May-2017		(31	)
JSE Bond Future R2037		269		May-2017		(32	)
JSE Bond Future R207		205		May-2017		7
JSE Bond Future R208		352		May-2017		18
Korea 3-Year Bond		199		Jun-2017		13
Long Gilt 10-Year Bond		(21	)	Jun-2017		(12	)
U.S. 10-Year Treasury Note		64		Jun-2017		(39	)
U.S. 5-Year Treasury Note		(104	)	Jun-2017		10
U.S. Ultra Long Treasury Bond		(7	)	Jun-2017		(1	)

					$	(302	)

A list of the open forward foreign currency contracts held by the Fund at March 31, 2017, is as follows:


Settlement Date	Currency to Deliver (Thousands)			Currency To Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
04/03/17-06/28/17		USD	14,476		MYR	64,518	$	69
06/28/17		USD	674		MYR	2,991		(2	)
04/03/17-06/28/17		MYR	29,728		USD	6,697		(15	)
04/04/17-06/02/17		USD	20,255		BRL	65,592		316
04/04/17-06/02/17		USD	16,596		BRL	52,423		(192	)
04/05/17-06/21/17		USD	24,696		EUR	23,344		286
04/05/17-06/21/17		USD	31,735		EUR	29,413		(241	)
04/05/17-06/21/17		EUR	29,228		USD	31,528		234
04/05/17-06/21/17		EUR	58,875		USD	62,149		(846	)
04/07/17-06/21/17		USD	39,061		MXN	787,541		2,486
06/21/17		MXN	78,400		USD	4,133		20
04/07/17-06/21/17		MXN	508,694		USD	26,164		(681	)
04/10/17-04/21/17		USD	7,251		CLP	4,828,346		39
04/10/17-04/21/17		USD	7,326		CLP	4,835,250		(26	)
04/10/17-05/03/17		TRY	60,399		USD	15,770		(706	)
04/10/17-06/21/17		CLP	8,098,175		USD	12,518		318
04/11/17-06/02/17		BRL	83,352		USD	26,462		505
04/12/17-04/28/17		BRL	12,200		USD	3,799		(28	)
04/12/17-05/04/17		EUR	18,984		PLN	82,771		573


Settlement Date	Currency to Deliver (Thousands)			Currency To Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
04/12/17		EUR	2,657		PLN	11,229	$	(8	)
04/12/17-05/04/17		PLN	27,841		EUR	6,453		(120	)
04/17/17-06/21/17		USD	8,177		PEI	26,888		53
04/17/17		USD	520		PEI	1,689		(1	)
04/18/17		EUR	3,101		HUF	959,022		6
04/18/17		EUR	3,440		HUF	1,060,328		(7	)
04/18/17		HUF	123,611		EUR	401		1
04/19/17-06/21/17		USD	15,001		ARS	243,488		378
04/20/17-07/19/17		USD	28,604		RUB	1,754,035		2,137
06/21/17		USD	4,389		RUB	251,431		(7	)
04/20/17-07/19/17		RUB	3,861,050		USD	64,422		(3,308	)
04/21/17-05/08/17		USD	5,660		INR	379,712		186
04/21/17-06/21/17		USD	34,183		THB	1,199,152		704
06/20/17-06/20/17		USD	956		THB	32,850		(1	)
06/01/17		COP	978,863		USD	338		2
04/21/17-06/01/17		COP	42,471,421		USD	14,402		(179	)
04/21/17-05/23/17		IDR	183,913,958		USD	13,390		(388	)
04/24/17-04/24/17		USD	6,490		RON	27,424		(43	)
04/24/17-04/24/17		USD	8,351		HUF	2,381,224		(95	)
04/24/17		USD	2,676		ZAR	37,000		75
06/07/17-06/21/17		USD	12,312		ZAR	161,090		(449	)
04/24/17-06/21/17		USD	25,753		PLN	104,050		507
04/24/17-05/03/17		USD	22,478		TRY	85,550		841
05/03/17-06/21/17		USD	5,798		TRY	21,372		(51	)
04/24/17-06/21/17		ZAR	358,822		USD	27,343		854
04/24/17		HUF	680,400		USD	2,388		29
04/24/17		HUF	404,586		USD	1,400		(3	)
04/25/17-07/20/17		USD	17,395		IDR	235,157,778		163
05/23/17-07/20/17		USD	1,750		IDR	23,450,315		(2	)
04/28/17		PHP	138,825		USD	2,767		5
04/28/17		PHP	144,748		USD	2,876		(4	)
06/16/17-06/16/17		EUR	3,635		RON	16,593		5
05/02/17		EUR	6,676		RON	30,174		(53	)
05/10/17-06/21/17		USD	7,799		PHP	395,115		29
05/15/17		USD	2,498		SGD	3,476		(9	)
05/15/17-06/23/17		USD	20,740		KRW	23,063,075		(84	)
05/15/17-06/21/17		SGD	25,473		USD	18,081		(165	)
06/23/17		KRW	2,053,530		USD	1,842		3
05/15/17-06/21/17		KRW	21,761,340		USD	19,208		(281	)
05/22/17		USD	2,687		TWD	80,918		(19	)
05/22/17-05/22/17		TWD	165,687		USD	5,415		(50	)
05/31/17		THB	35,140		USD	1,006		(16	)
06/01/17-06/21/17		USD	20,688		COP	60,928,265		151
06/21/17		GBP	1,630		USD	1,996		(45	)
07/06/17-07/06/17		CAD	3,637		USD	2,719		(12	)
08/07/17		USD	2,389		CZK	58,700		(29	)
09/20/17		RON	13,960		USD	3,277		(16	)
09/20/17-09/20/17		RON	57,023		EUR	12,542		79
03/21/18		USD	4,376		EGP	84,890		8
10/18/17-01/17/18		USD	4,657		EGP	79,907		(447	)
10/31/17-11/14/17		USD	6,121		CNH	43,795		150
10/31/17-11/14/17		CNH	62,086		USD	8,943		51
12/20/17-12/20/17		CNY	137,374		USD	19,423		(146	)

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2017, is as follows:


Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Barclays PLC	$	(17,386	)	$	17,261	$	(125	)
Citigroup		(297,499	)		296,243		(1,256	)
Goldman Sachs		(241,566	)		243,865		2,299
HSBC		(24,730	)		25,217		487
JPMorgan Chase Bank		(276,248	)		276,505		257
Standard Bank		(57,118	)		57,122		4
Standard Chartered		(8,700	)		9,485		785

						$	2,451

A list of the open OTC swap agreements held by the Fund at March 31, 2017, is as follows:

Percentages are based on Net Assets of $1,457,878 ($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of March 31, 2017.

†

Investment in Affiliated Security (see Note 5).

(A)

Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2017.

(B)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2017, the value of these securities amounted to $179,819 ($ Thousands), representing 12.3% of the Net Assets of the Fund.

(C)

Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on March 31, 2017. The coupon on a step bond changes on a specified date.

(D)

Security is in default on interest payment.

(E)

The rate reported is the effective yield at the time of purchase.

(F)

This security or a partial position of this security is on loan at March 31, 2017 (see Note 9). The total market value of securities on loan at March 31, 2017 was $11,513 ($ Thousands).

(G)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of March 31, 2017 was $457 ($ Thousands) and represented 0.0% of the Net Assets of the Fund.

(H)

Securities considered illiquid. The total value of such securities as of March 31, 2017 was $457 ($ Thousands) and represented 0.0% of the Net Assets of the Fund.

(I)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of March 31, 2017 was $12,024 ($ Thousands).

ARS — Argentine Peso

BROIS — BRL CETIP

BRL — Brazilian Real

BUBOR — Budapest Interbank Offered Rate

CAD — Canadian Dollar

CDI — Average One-Day Interbank Deposit Rate

CETIP — Central of Custody and Financial Settlement of Securities

CLP — Chilean Peso

CNH — Chinese Offshore Spot

CNY — Chinese Yuan

COP — Colombian Peso

CLOIS — CLP Sinacofi Chile Interbank Rate Average

CZK — Czech Koruna

DOP — Dominican Peso

EGP — Egyptian Pound

EUR — Euro

FBIL — Board of Financial Benchmarks India

GBP — British Pound Sterling

HUF — Hungarian Forint

IBR — Interbank Rate

IDR — Indonesian Rupiah

INR — Indian Rupee

KLIBOR — Kuala Lumpur Interbank Offered Rate

KRW — Korean Won

KWCDC — KRW Certificate of Deposit Rate

L.P. — Limited Partnership

LIBOR — London Interbank Offered Rate

MIBOR — Mumbai Interbank Offered Rate

MTN — Medium Term Note

MXIBOR — Mexican Interbank Offered Rate

MXN — Mexican Peso

MYR — Malaysian Ringgit

OTC — Over the Counter

PEI — Peruvian Inti

PEN — Peruvian Inca

PHP — Philippine Peso

PIK — Payment-in-Kind

PLC — Public Limited Company

PLN — Polish Zloty

PRIBOR — Prague Interbank Offered Rate

RON — Romanian Leu

RUB — Russian Ruble

SGD — Singapore Dollar

Ser — Series

THB — Thai Bhat

TIIE — Equilibrium Interbank Offered Rate

TRY — Turkish Lira

TWD — Taiwan Dollar

USD — United States Dollar

WIBOR — Warsaw Interbank Offer Rate

ZAR — South African Rand

The following is a list of the level of inputs used as of March 31, 2017, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):



Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Global Bonds	$	—	$	1,359,331	$	2,386	$	1,361,717
Loan Participations		—		2,139		—		2,139
Common Stock		556		—		—		556
Affiliated Partnership		—		12,024		—		12,024

Total Investments in Securities	$	556	$	1,373,494	$	2,386	$	1,376,436



Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	102		$	—		$	—	$	102
Unrealized Depreciation		(404	)		—			—		(404	)
Forwards Contracts*
Unrealized Appreciation		—			11,284			—		11,284
Unrealized Depreciation		—			(8,833	)		—		(8,833	)
OTC Swaps
Interest Rate Swaps*
Unrealized Appreciation		—			2,335			—		2,335
Unrealized Depreciation		—			(2,898	)		—		(2,898	)
Credit Default Swaps*
Unrealized Appreciation		—			25			—		25
Cross Currency Swaps*
Unrealized Depreciation		—			(34	)		—		(34	)
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation		—			245			—		245

Total Other Financial Instruments	$	(302	)	$	2,124		$	—	$	1,822

(1)

Of the $2,386 ($ Thousands) in Level 3 securities as of March 31, 2017, $2,386 ($ Thousands) or 0.2% as a percent of net assets are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs are required for those Level 3 securities that are not valued by third party pricing vendors or broker quotes. A reconciliation of Level 3 investments is presented when the Fund has significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.

Futures contracts, forwards contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For the six months ended March 31, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended March 31, 2017, there were no transfers between Level 2 and Level 3 assets and liabilities.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

For the six months ended March 31, 2017 (Unaudited) and the years ended September 30

1. ORGANIZATION

SEI Institutional International Trust (the “Trust”) was organized as a Massachusetts business trust under a Declaration of Trust dated June 30, 1988.

The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with four funds: International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (together the “Funds”) each of which are diversified Funds with the exception of the International Fixed Income Fund and the Emerging Markets Debt Fund. The Trust’s prospectuses provide a description of each Fund’s investment goal, principal strategies and risks. The Trust is registered to offer Class F (formerly Class A) and Class Y shares of each of the Funds and Class I shares of the International Equity Fund.

Effective January 31, 2017, Class A Shares of the Funds converted to Class F Shares of the same Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds.

Use of Estimates — The Funds are investment companies in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Therefore, the Funds follow the accounting and reporting guidelines for investment companies. The preparation of financial statements, in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. The Funds value securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect

the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of ETFs, which are priced as equity securities. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, the Funds will value the securities using a bid price from at least one independent broker. If such prices are not readily available or cannot be valued using the methodologies described above, the Funds will value the security using the Funds’ Fair Value Pricing Policies and Procedures (“Fair Value Procedures”), as described below.

On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Funds’ Fair Value Procedures until a price from an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less may be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or lower than the price a Fund would receive if it sold the instrument. Further, the value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer-specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.

Futures and swaps cleared through a central clearing house (“centrally cleared swaps”) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time a Fund calculates its NAV, the settlement price may

not be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SEI Investments Management Corporation (“SIMC”) or a Sub-Adviser (“Sub-Adviser”), as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC or a Sub-Adviser, as applicable, will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify the Fair Value Pricing Committee (the “Committee”) if it receives such notification from SIMC or a Sub-Adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

The Funds’ Fair Value Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board of Trustees (“Board”) or its designated sub-committee. However, when the change would not materially affect valuation of a Fund’s net assets or involve a material departure in pricing methodology from that of the Fund’s existing pricing agent or pricing methodology, approval may be obtained at the next regularly scheduled meeting of the Board.

Securities for which market prices are not readily available, for which market prices are determined to be unreliable, or which cannot be valued using the methodologies described above are valued in accordance with the Fair Value Procedures established by the Board. The Funds’ Fair Value Procedures are implemented through the Committee designated by the Board. The Committee is currently composed of two members of the Board, as well as representatives from SIMC and its affiliates. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: (i) the security’s trading has been halted or suspended, (ii) the security has been delisted from a national exchange, (iii) the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open, or (iv) the security’s primary pricing source is not

able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the facts giving rise to the need to fair value, (ii) the last trade price, (iii) the performance of the market or the issuer’s industry, (iv) the liquidity of the security, (v) the size of the holding in a Fund, or (vi) any other appropriate information.

The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its Net Asset Value (“NAV”). The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a “Significant Event”), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security’s last close and the time that the Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of the Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares.

A Significant Event may relate to a single issuer or to an entire market sector. If SIMC or a Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate NAV, it may request that a Committee meeting be called. In addition, the Funds use several processes, with respect to certain securities to monitor the pricing data supplied by various sources, including price comparisons and price movements. Any identified discrepancies are researched and subject to the procedures described above.

The International Equity Fund and Emerging Markets Equity Fund also use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by these Funds based on certain factors and methodologies (involving, generally, tracking valuation

correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the International Equity Fund and Emerging Markets Equity Fund will value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy has been established to maximize the use of the observable market data and minimize the use of unobservable inputs and to establish classification of the fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 — quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

The valuation techniques used by the Funds to measure fair value during the six months ended March 31, 2017 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the six months ended March 31, 2017, there have been no significant changes to the inputs or the Trust’s fair valuation methodologies.

Security Transactions and Investment Income — Security transactions are recorded on the trade date. Cost used in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.

Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/ or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.

Amortization and accretion is calculated using the scientific interest method, which is not materially different from the effective interest method. Amortization of premiums and discounts is included in interest income.

Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Trust are prorated to the Funds on the basis of relative daily net assets.

Classes — Class-specific expenses are borne by that class. Income, non-class specific expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets.

Foreign Currency Translation — The books and records of the Funds investing in international securities are maintained in U.S. dollars on the following basis:

(i) market value of investment securities, assets and liabilities at the current rate of exchange; and

(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

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, 2017, 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, 2017, if applicable.

Options/Swaptions Written/Purchased — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in financial options/swaptions contracts for the purpose of hedging its existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in fair market value caused by changes in prevailing market interest rates. A Fund may also invest in financial option/swaption contracts to enhance its returns. When the Fund writes or purchases an option/swaption, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option/swaption written or purchased. Premiums received or paid from writing or purchasing options/ swaptions which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option/swaption is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

The risk in writing a call option/swaption is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put option/swaption is a Fund may incur a loss if the market price of the security decreases and the option/swaption is exercised. The risk in purchasing an option/swaption is a Fund may pay a premium whether or not the option/swaption is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option/swaption contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open option/swaption contracts as of March 31, 2017, 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.

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, 2017, 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 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

If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

As of March 31, 2017, the International Fixed Income Fund is the seller (“providing protection”) on a total notional amount of $2.2 million. The notional amounts of the swaps are not recorded in the financial statements; however the notional amounts approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund was the seller of protection and a credit event were to occur. Those credit default swaps (“CDS”) for which the Fund is providing protection at balance sheet date are summarized as follows:

The credit spread disclosed above for each reference obligation where the Fund is the seller of protection is a representation of the current payment/performance risk of the swap.

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 March 31, 2017 was as follows:

The effect of derivative instruments on the Statements of Operations for the six months ended March 31, 2017.

Amount of realized gain or (loss) on derivatives recognized in income ($ Thousands):

Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($ Thousands):

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

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, 2017, ($ Thousands):

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, 2017 ($ Thousands):

The following table discloses the volume of the Fund’s futures contracts, forward foreign currency contracts and swap activity during the period ended March 31, 2017 ($ Thousands):

5. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUB-ADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory, Administration and Distribution Agreements — SIMC serves as investment adviser (the “Adviser”) to each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each fund.

SEI Investments Global Funds Services (the “Administrator”) provides administrative and transfer agency services to the Funds for annual fees, based on the average daily net assets of each fund.

SEI Investments Distribution Co. (“SIDCo.”) is the distributor of the shares of the Funds. The Funds have adopted a shareholder services plan and agreement (the Service Plan) with respect to Class F 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 and Class I Shares will be paid to SIDCo., which may then be used by SIDCo. to compensate financial intermediaries for providing shareholder services and administrative services, as applicable, with respect to the Shares.

The Adviser, Administrator and/or Distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, Trustees fees and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at a specified level. The voluntary waivers by the Funds’ Adviser, Administrator and/or Distributor are limited to the Funds’ direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (AFFE). The waivers are voluntary and the Funds’ Adviser, Administrator and/or Distributor may discontinue all or part of any of these waivers at any time.

The following is a summary of annual fees payable to the Adviser, Administrator and Distributor and the contractual and voluntary expense limitation for each Fund:

Investment Sub-Advisory Agreements — As of March 31, 2017, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:

Investment Sub-Adviser

International Equity Fund

Acadian Asset Management LLC

Blackcrane Capital, LLC

Causeway Capital Management LLC

INTECH Investment Management LLC

Neuberger Berman Investment Advisers LLC

NWQ Investment Management Company, LLC

WCM Investment Management

Emerging Markets Equity Fund

Delaware Investment Fund Advisers, a series of

Delaware Management Business Trust

J O Hambro Capital Management Limited

KBI Global Investors (North America) Ltd

Lazard Asset Management LLC

Neuberger Berman Investment Advisers LLC

PanAgora Asset Management, Inc.

RWC Asset Advisors (US) LLC

International Fixed Income Fund

AllianceBernstein L.P.

Wellington Management Company, LLP

Emerging Markets Debt Fund

Investec Asset Management Ltd.

Neuberger Berman Investment Advisers LLC

Stone Harbor Investment Partners LP

Under the investment sub-advisory agreements, each

sub-adviser receives an annual fee, paid by SIMC.

Brokerage Commissions Paid to Affiliates — The Distributor may receive compensation on fund transactions effected for the Trust in accordance with the rules of the Securities and Exchange Commission

(“SEC”). Accordingly, it is expected that fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules require that such commissions not exceed usual and customary commissions. There were no such commissions for the six months ended March 31, 2017.

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, 2017 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.

The following is summary of the transactions with affiliates for the six months ended March 31, 2017 ($ Thousands):

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. For the six months ended March 31, 2017, the Trust had not participated in the Program.

The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments and futures, during the six months ended March 31, 2017, were as follows:

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, undistributed net investment income or accumulated net realized gain, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions declared during the last two years were as follows:

As of September 30, 2016, the components of Distributable Earnings (Accumulated Losses) were as follows:

Post-October losses represent losses realized on investment transactions from November 1, 2015 through September 30, 2016 that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains as follows:


	Expires 2017 ($ Thousands)		Expires 2018 ($ Thousands)		Total Capital Loss Carryforward 9/30/16 ($ Thousands)
International Equity Fund	$	19,275	$	690,357	$	709,632
Emerging Markets Equity Fund		—		10,206		10,206

Under the Regulated Investment Company Modernization Act of 2010, Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in

pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.


	Short-Term ($ Thousands)		Long-Term ($ Thousands)		Total Capital Loss Carryforwards 9/30/2016* ($ Thousands)
International Equity Fund	$	61,715	$	29,967	$	91,682
Emerging Markets Equity Fund		34,589		92,876		127,465
Emerging Markets Debt Fund		10,382		27,513		37,895

This table should be used in conjunction with the capital loss carryforwards table.

For Federal income tax purposes, the cost of securities owned at September 30, 2016, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in partnerships, passive foreign investment companies and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at March 31, 2017, was as follows:


	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
International Equity Fund	$	3,541,953	$	362,276	$	(124,907	)	$	237,369
Emerging Markets Equity Fund		1,691,160		222,300		(107,975	)		114,325
International Fixed Income Fund		457,166		5,155		(19,863	)		(14,708	)
Emerging Markets Debt Fund		1,395,159		54,223		(72,946	)		(18,723	)

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, 2017, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

8. CONCENTRATION/RISKS

In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, management believes that, based on experience, the risk of loss from such claims is considered remote.

The following descriptions provide additional information about some of the risks of investing in the Funds:

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Currency Risk — To the extent a Fund takes positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

Fixed Income Market Risk — The prices of a Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

Interest Rate Risk — The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government Securities, in which the Fund invests. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly.

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

Please refer to each Fund’s current prospectus for additional disclosure regarding the risks associated with investing in the Funds. The foregoing is not intended to be a complete discussion of the risks associated with the investment strategies of the Funds.

9. SECURITIES LENDING

A Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust’s Board of Trustees. These loans may not exceed 33 1/3% of the total asset value of a Fund (including the loan collateral). No Fund will lend portfolio securities to its Adviser, sub-adviser or their affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash. Collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral between 102% and 105% of the market value of borrowed securities for domestic and foreign securities, respectively. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that a Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities.

Cash collateral received in connection with securities lending is invested in short-term investments by the lending agent. These investments may include the SEI Liquidity Fund, L.P., and the Fund bears all of the gains and losses on such investment. There is no guarantee that these investments will not lose value.

The following is a summary of securities lending agreements held by certain Funds which would be subject to offset as of March 31, 2017 ($ Thousands):


	Securities Loaned at Value		Cash Collateral Received⁽¹⁾		Net Amount
International Equity Fund	$	224,401	$	224,401	$	—
Emerging Markets Equity Fund		155,100		155,100		—
Emerging Markets Debt Fund		11,513		11,513		—

(1)

Excess collateral received in connection with the above securities lending transactions is not shown for financial reporting purposes. See each Fund’s Schedule of Investments for the total collateral received.

10. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of March 31, 2017, SPTC held of record the following:


Fund	Class F⁽¹⁾			Class I			Class Y
International Equity Fund		97.45	%		53.18	%		28.17	%
Emerging Markets Equity Fund		91.31	%		—			48.70	%
International Fixed Income Fund		96.79	%		—			99.94	%
Emerging Markets Debt Fund		97.69	%		—			30.16	%

(1)

Effective January 31, 2017, Class A Shares were converted to Class F Shares of the same Fund.

SPTC is not a direct service provider to the SEI Funds. However, SPTC performs a role in the comprehensive investment solution that SEI provides to investors. SPTC holds shares in the Funds as custodian for shareholders that are clients of independent registered investment advisers, financial planners, bank trust departments and other financial advisers. SPTC maintains omnibus accounts at the Fund’s transfer agent.

11. REGULATORY MATTERS

In October 2016, the Securities and Exchange Commission (the “SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule which introduces two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are consistent with the Funds’ current financial statement presentation and expects that the Funds will be able to comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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, 2017.

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.

• 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 10/1/16		Ending Account Value 3/31/17		Annualized Expense Ratios			Expenses Paid During Period*
International Equity Fund
Actual Fund Return
Class F⁽¹⁾	$	1,000.00	$	1,059.30		1.20	%	$	6.16
Class I		1,000.00		1,058.00		1.45			7.44
Class Y		1,000.00		1,060.50		0.95			4.88
Hypothetical 5% Return
Class F⁽¹⁾	$	1,000.00	$	1,018.95		1.20	%	$	6.04
Class I		1,000.00		1,017.70		1.45			7.29
Class Y		1,000.00		1,020.19		0.95			4.78
Emerging Markets Equity Fund
Actual Fund Return
Class F⁽¹⁾	$	1,000.00	$	1,068.10		1.74	%	$	8.97
Class Y		1,000.00		1,069.70		1.49			7.69
Hypothetical 5% Return
Class F⁽¹⁾	$	1,000.00	$	1,016.26		1.74	%	$	8.75
Class Y		1,000.00		1,017.50		1.49			7.49


	Beginning Account Value 10/1/16		Ending Account Value 3/31/17		Annualized Expense Ratios			Expenses Paid During Period*
International Fixed Income Fund
Actual Fund Return
Class F⁽¹⁾	$	1,000.00	$	979.90		1.02	%	$	5.03
Class Y		1,000.00		980.60		0.77			3.80
Hypothetical 5% Return
Class F⁽¹⁾	$	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⁾	$	1,000.00	$	1,001.70		1.36	%	$	6.79
Class Y		1,000.00		1,002.40		1.11			5.54
Hypothetical 5% Return
Class F⁽¹⁾	$	1,000.00	$	1,018.15		1.36	%	$	6.84
Class Y		1,000.00		1,019.40		1.11			5.59

BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited)

SEI Institutional International Trust (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”). Pursuant to the Advisory Agreement, SIMC is responsible for the investment advisory services provided to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (the “Board”), the sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers’ skills and investment results in managing assets for specific asset classes, investment styles and strategies.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of, as well as the continuation of, the Funds’ Investment Advisory Agreements be specifically approved: (i) by the vote of the Board or by a vote of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval(s). In connection with their consideration of such approval(s), the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an Investment Advisory Agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, during the course of the Trust’s fiscal year, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Advisers, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data; (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Advisers’ expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indices.

At the March 28-29, 2017 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 meetings of the Board held during the course of the Trust’s fiscal year on December 6-7, 2016 and March 28-29, 2017. In each case, the Board’s approval (or renewal) was based on its consideration and evaluation of the

BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Concluded)

factors described above, as discussed at the meetings and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and each Sub- Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support the renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non- investment advisory services provided to the Funds by SIMC and/or its affiliates.

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered a report compiled by Broadridge, an independent third-party that was engaged to prepare an assessment of the Funds in connection with the renewal of the Advisory Agreement (the “Broadridge Report”). The Broadridge Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the approval or renewal of Sub-Advisory Agreements, the Board considered the performance of the Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of each Sub-Adviser was sufficient to support approval or renewal of the Sub-Advisory Agreement.

Fees. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratio in comparison to those of the Funds’ respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various fee levels, actual management fees, and actual total expenses for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC’s contractual waiver of its management fee with respect to the Emerging Markets Equity Fund and its voluntary waiver of management and other fees to prevent total Fund operating expenses from exceeding a specified cap and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for its distribution channels. In determining the appropriateness of fees, the Board also took into consideration the impact of fees incurred indirectly by the Funds as a result of investments into underlying funds, including funds from which SIMC or its affiliates earn fees. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

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 their affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the approval or renewal, as applicable, of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Susan Cote

Hubert L. Harris, Jr.

Officers

Robert A. Nesher

President and Chief Executive Officer

James J. Hoffmayer

Controller and Chief Financial Officer

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

David F. McCann

Vice President, Assistant Secretary

Aaron Buser

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Bridget E. Sudall

Anti-Money Laundering Compliance Officer

Privacy Officer

Glenn Kurdziel

Assistant Controller

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)

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.

The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Registrant’s Board of Trustees (the “Board”). Pursuant to the Committee’s Charter, adopted on June 18, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)) as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), as amended, are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), also accompany this filing as an exhibit.

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.

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.



Schedule of Investments			1

Statements of Assets and Liabilities			48

Statements of Operations			50

Statements of Changes in Net Assets			51

Financial Highlights			53

Notes to Financial Statements			55

Disclosure of Fund Expenses			72

Board of Trustees Considerations in Approving the Advisory Agreement			73


SEI Institutional International Trust / Semi-Annual Report / March 31, 2017			1


Credit Default Swaps
Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pays)/Receives Rate	Termination Date	Notional Amount (Thousands)			Net Unrealized Depreciation ($ Thousands)
Credit Suisse	Cmbx.Na.Bb.6	SELL	5.00	5/11/63		(370	)	$	(12	)
Credit Suisse	Cmbx.Na.Bb.6	SELL	5.00	5/11/63		(240	)		(18	)
Credit Suisse	Cmbx.Na.Bb.6	SELL	5.00	5/11/63		(130	)		(9	)
Credit Suisse	Cmbx.Na.Bbb-.6	SELL	3.00	5/11/63		(373	)		(20	)
Credit Suisse	Cmbx.Na.Bbb-.6	SELL	3.00	5/11/63		(127	)		(7	)
Credit Suisse	Cmbx.Na.Bbb-.6	SELL	3.00	5/11/63		(134	)		(8	)
Credit Suisse	Cmbx.Na.Bbb-.6	SELL	3.00	5/11/63		(460	)		(23	)
Deutsche Bank	Cmbx.Na.Bbb-.6	SELL	3.00	5/11/63		(406	)		(22	)

								$	(119	)


Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date		Currency		Notional Amount (Thousands)		Net Unrealized Appreciation (Depreciation) ($ Thousands)
Citibank	6-Month INR - MIBOR	6.495%		03/30/22		INR		26,000	$	—
Citibank	0.35%	6-Month CZK - PRIBOR		06/27/21		CZK		15,000		6
Goldman Sachs	1.16%	6-Month CZK - PRIBOR		02/22/27		CZK		20,000		76
Goldman Sachs	6-Month PZL - WIBOR	2.87%		12/16/26		PZL		13,000		32
Goldman Sachs	28-DAY MXN - TIIE	6.38%		09/16/26		MXN		26,000		(101	)
Goldman Sachs	COP Overnight Interbank Reference Rate	7.23%		05/04/26		COP		3,031,228		(93	)
Goldman Sachs	28-Day MXN - TIIE	6.17%		03/05/26		MXN		47,200		(210	)
Goldman Sachs	28-Day MXN - TIIE	6.21%		12/08/25		MXN		16,624		(69	)
Goldman Sachs	28-Day MXN - TIIE	6.36%		05/21/25		MXN		23,145		(79	)
Goldman Sachs	3.45%	6-Month HUF - BUBOR		05/11/25		HUF		800,000		(361	)
Goldman Sachs	1-Year BRL-CDI	10.89%		01/03/23		BRL		5,012		86
Goldman Sachs	1-Day BRL - CETIP	11.99%		01/02/23		BRL		3,000		117
Goldman Sachs	28-Day MXN - TIIE	5.90%		09/12/22		MXN		75,956		(248	)
Goldman Sachs	6-Month PRIBOR - CZK	0.8725%		03/09/22		CZK		25,000		(10	)
Goldman Sachs	6.70%	1-Day FBIL Overnight Mumbai MIBOR		03/06/22		INR		430,000		(60	)
Goldman Sachs	7-Day China Fixing Repo Rates	3.63%		01/23/22		CNY		20,000		22
Goldman Sachs	6-Month HUF - BUBOR	1.27%		01/10/22		HUF		1,537,322		(21	)
Goldman Sachs	1.39%	3-Month KRW - KWCDC		11/04/21		KRW		14,000,000		182
Goldman Sachs	0.33%	6-Month CZK - PRIBOR		09/01/21		CZK		40,000		22
Goldman Sachs	0.38%	6-Month CZK - PRIBOR		08/02/21		CZK		30,000		13
Goldman Sachs	0.45%	6-Month CZK - PRIBOR		05/24/21		CZK		30,000		6
Goldman Sachs	28-Day MXN - TIIE	5.37%		03/17/21		MXN		46,500		(157	)
Goldman Sachs	1-Day BRL-CDI	12.73%		01/04/21		BRL		10,608		419
Goldman Sachs	0.57%	6-Month CZK - PRIBOR		12/16/20		CZK		90,000		2
Goldman Sachs	0.42%	6-Month CZK - PRIBOR		10/23/20		CZK		42,000		10
Goldman Sachs	0.59%	6-Month CZK - PRIBOR		03/13/20		CZK		25,000		(2	)
Goldman Sachs	1-Day BRL - CETIP	13.39%		01/02/19		BRL		14,395		340
Goldman Sachs	1-Day BRL - CETIP	13.42%		01/02/19		BRL		19,336		460
Goldman Sachs	3-Month KRW - KWCDC	1.32%		11/04/18		KRW		37,500,000		(119	)
Goldman Sachs	1-Year BRL-CDI	11.81%		01/02/18		BRL		9,833		53
Goldman Sachs	1-Year BRL-CDI	11.98%		01/02/18		BRL		3,338		19
Goldman Sachs	1-Day BRL - CETIP	12.86%		01/02/18		BRL		35,816		272
JPMorgan Chase Bank	0.94%	6-Month CZK - PRIBOR		11/14/26		CZK		20,000		5
JPMorgan Chase Bank	28-Day MXN - TIIE	6.13%		06/18/26		MXN		40,000		(189	)
JPMorgan Chase Bank	4.29%	6-Month HUF - BUBOR		08/04/24		HUF		300,000		(202	)
JPMorgan Chase Bank	3.55%	1-Day CLP CLOIS		04/04/22		CLP		2,299,234		(7	)
JPMorgan Chase Bank	6.69%	1-Day FBIL Overnight Mumbai MIBOR		03/14/22		INR		430,000		(56	)
JPMorgan Chase Bank	7-Day China Fixing Repo Rates	3.90%		02/13/22		CNY		20,000		(15	)
JPMorgan Chase Bank	0.73%	6-Month CZK - PRIBOR		02/10/22		CZK		20,000		(2	)
JPMorgan Chase Bank	6-Month PZL - WIBOR	2.43%		12/14/21		PZL		11,000		19
JPMorgan Chase Bank	6-Month PZL - WIBOR	2.42%		12/12/21		PZL		3,300		5
JPMorgan Chase Bank	0.36%	6-Month CZK - PRIBOR		09/29/21		CZK		20,000		10
JPMorgan Chase Bank	1.38%	6-Month HUF - BUBOR		06/17/21		HUF		654,998		(54	)
JPMorgan Chase Bank	0.39%	6-Month CZK - PRIBOR		04/04/21		CZK		25,000		7
JPMorgan Chase Bank	0.30%	6-Month CZK - PRIBOR		02/26/21		CZK		61,000		31


	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Assets:
Investments, at value†	$	3,430,311	*	$	1,651,725	*	$	442,458		$	1,364,412	*
Affiliated investments, at value††		349,011			153,760			—			12,024
Cash		76,913			27,719			13,433			74,907
Cash pledged as collateral for forward foreign currency contracts, futures contracts and swap contracts		6,118			—			1,353			5,014
Foreign currency, at value†††		—			4,756			—			—
Receivable for fund shares sold		5,783			3,484			364			1,156
Receivable for investment securities sold		6,603			23,806			38,022			10,656
Dividends and interest receivable		11,247			4,775			3,476			22,471
Unrealized gain on forward foreign currency contracts		—			—			3,467			11,284
Unrealized gain on foreign spot currency contracts		27			8			192			194
Swap contracts, at value††††		—			—			—			2,334
Foreign tax reclaim receivable		7,038			110			—			—
Receivable for variation margin		179			—			40			76
Prepaid expenses		44			17			5			16
Total Assets		3,893,274			1,870,160			502,810			1,504,544
Liabilities:
Payable upon return on securities loaned		247,248			143,184			—			12,023
Payable for investment securities purchased		8,056			9,143			35,835			18,301
Payable for fund shares redeemed		3,729			6,560			354			1,186
Swap contracts, at value††††		—			—			342			3,013
Foreign currency payable to custodian, at value†††		2,036			—			35			1,055
Payable for variation margin		480			—			81			408
Administration fees payable		1,007			635			176			553
Unrealized loss on foreign currency spot contracts		9			18			1,833			42
Unrealized loss on forward foreign currency contracts		—			—			3,912			8,833
Chief compliance officer fees payable		3			2			1			2
Administrative servicing fees payable		4			—			—			—
Shareholder servicing fees payable		956			339			92			286
Investment advisory fees payable		1,535			1,385			85			666
Accrued expense payable		409			378			114			298
Accrued foreign capital gains tax on appreciated securities		—			1,018			—			—
Total Liabilities		265,472			162,662			42,860			46,666
Net Assets	$	3,627,802		$	1,707,498		$	459,950		$	1,457,878
† Cost of investments	$	3,192,937		$	1,537,399		$	457,166		$	1,383,136
†† Cost of affiliated investments		349,016			153,761			—			12,023
††† Cost of foreign currency		(2,039	)		4,768			(37	)		(1,123	)
†††† Cost (premiums paid)		—			—			223			107
* Includes market value of securities on loan		224,401			155,100			—			11,513


	International Equity Fund						Emerging Markets Equity Fund
	2017			2016			2017			2016
Operations:
Net investment income (loss)	$	11,451		$	38,810		$	(2,394	)	$	8,804
Net realized gain (loss) on investments and futures contracts		43,550			(89,758	)		48,321			(78,102	)
Net realized loss on forward foreign currency contracts and foreign currency transactions		(2,276	)		(1,906	)		(515	)		(1,081	)
Net change in unrealized appreciation on investments and futures contracts		162,688			202,774			63,916			354,258
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(33	)		49			173			52
Net change in unrealized appreciation (depreciation) on foreign capital tax gains on appreciated securities		—			5			249			(1,097	)
Net Increase in Net Assets Resulting from Operations		215,380			149,974			109,750			282,834
Dividends and Distributions to Shareholders:
Net investment income:
Class F⁽¹⁾		(35,403	)		(27,578	)		(11,400	)		(10,995	)
Class I		(34	)		(54	)		N/A			N/A
Class Y		(3,118	)		(1,652	)		(816	)		(481	)
Total Dividends and Distributions		(38,555	)		(29,284	)		(12,216	)		(11,476	)
Capital Share Transactions:
Class F:⁽¹⁾
Proceeds from shares issued		802,401			578,672			165,457			351,777
Reinvestment of dividends & distributions		32,564			25,415			10,641			10,181
Cost of shares redeemed		(349,306	)		(553,805	)		(181,289	)		(427,796	)
Net Increase (Decrease) from Class F Transactions		485,659			50,282			(5,191	)		(65,838	)
Class I:
Proceeds from shares issued		387			3,755			N/A			N/A
Reinvestment of dividends & distributions		16			23			N/A			N/A
Cost of shares redeemed		(803	)		(4,492	)		N/A			N/A
Net Decrease from Class I Transactions		(400	)		(714	)		N/A			N/A
Class Y:
Proceeds from shares issued		80,047			59,717			21,018			31,024
Reinvestment of dividends & distributions		3,059			1,652			788			481
Cost of shares redeemed		(20,210	)		(32,774	)		(11,829	)		(18,477	)
Net Increase from Class Y Transactions		62,896			28,595			9,977			13,028
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		548,155			78,163			4,786			(52,810	)
Net Increase in Net Assets		724,980			198,853			102,320			218,548
Net Assets:
Beginning of Period		2,902,822			2,703,969			1,605,178			1,386,630
End of Period	$	3,627,802		$	2,902,822		$	1,707,498		$	1,605,178
Undistributed (Distributions in Excess of) Net Investment Income Included in Net Assets at End of Period	$	8,228		$	35,332		$	(8,713	)	$	5,897
Capital Share Transactions:
Class F:⁽¹⁾
Shares issued		85,200			62,276			16,447			40,420
Reinvestment of distributions		3,517			2,678			1,136			1,181
Shares redeemed		(36,796	)		(60,234	)		(18,058	)		(48,860	)
Total Class F Transactions		51,921			4,720			(475	)		(7,259	)
Class I:
Shares issued		41			401			N/A			N/A
Reinvestment of distributions		2			2			N/A			N/A
Shares redeemed		(85	)		(491	)		N/A			N/A
Total Class I Transactions		(42	)		(88	)		N/A			N/A
Class Y:
Shares issued		8,562			6,756			2,149			3,926
Reinvestment of distributions		330			174			84			56
Shares redeemed		(2,106	)		(3,548	)		(1,173	)		(2,044	)
Total Class Y Transactions		6,786			3,382			1,060			1,938
Net Increase (Decrease) in Shares Outstanding from Share Transactions		58,665			8,014			585			(5,321	)


	International Fixed Income Fund⁽¹⁾						Emerging Markets Debt Fund
	2017			2016			2017			2016
Operations:
Net investment income	$	1,487		$	4,946		$	36,019		$	76,337
Net realized gain (loss) on investments, futures contracts and swap contracts		(116	)		5,692			6,180			(5,758	)
Net realized gain (loss) on forward foreign currency contracts and foreign currency transactions		15,942			(16,154	)		(26,114	)		(76,847	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts and swap contracts		(26,083	)		44,171			(18,285	)		227,720
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(1,646	)		(3,295	)		3,692			(948	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(10,416	)		35,360			1,492			220,504
Dividends and Distributions to Shareholders:
Net investment income:
Class F⁽²⁾		(7,649	)		(27,071	)		(19,725	)		—
Class Y		(502	)		(1	)		(1,654	)		—
Net realized gains:
Class F⁽²⁾		(4,277	)		(812	)		—			—
Class Y		(232	)		—			—			—
Total Dividends and Distributions		(12,660	)		(27,884	)		(21,379	)		—
Capital Share Transactions:
Class F:⁽²⁾
Proceeds from shares issued		34,180			102,110			202,628			381,535
Reinvestment of dividends & distributions		10,886			25,432			17,802			—
Cost of shares redeemed		(86,258	)		(133,070	)		(296,489	)		(360,386	)
Net Increase (Decrease) from Class F Transactions		(41,192	)		(5,528	)		(76,059	)		21,149
Class Y:
Proceeds from shares issued		14,197			17,670			22,406			29,615
Reinvestment of dividends & distributions		715			—			1,603			—
Cost of shares redeemed		(752	)		(5,517	)		(24,337	)		(23,066	)
Net Increase (Decrease) from Class Y Transactions		14,160			12,153			(328	)		6,549
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		(27,032	)		6,625			(76,387	)		27,698
Net Increase (Decrease) in Net Assets		(50,108	)		14,101			(96,274	)		248,202
Net Assets:
Beginning of Period		510,058			495,957			1,554,152			1,305,950
End of Period	$	459,950		$	510,058		$	1,457,878		$	1,554,152
Distributions in Excess of Net Investment Income Included in Net Assets at End of Period	$	(23,615	)	$	(16,951	)	$	(13,318	)	$	(27,958	)
Capital Share Transactions:
Class F:⁽²⁾
Shares issued		3,381			9,984			20,836			41,702
Reinvestment of distributions		1,084			2,578			1,904			—
Shares redeemed		(8,509	)		(13,033	)		(30,229	)		(39,212	)
Total Class F Transactions		(4,044	)		(471	)		(7,489	)		2,490
Class Y:
Shares issued		1,393			1,784			2,338			3,391
Reinvestment of distributions		71			—			171			—
Shares redeemed		(75	)		(556	)		(2,446	)		(2,494	)
Total Class Y Transactions		1,389			1,228			63			897
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(2,655	)		757			(7,426	)		3,387


	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			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 End of Period ($ 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⁾
2017@	$	9.58	$	0.03		$	0.53		$	0.56		$	(0.11	)	$	—		$	(0.11	)	$	10.03		5.93	%	$	3,379,111		1.20	%⁽³⁾		1.20	%⁽³⁾		1.20	%⁽³⁾		0.68	%		34	%
2016		9.16		0.13			0.39			0.52			(0.10	)		—			(0.10	)		9.58		5.63			2,729,786		1.27	⁽³⁾⁽⁴⁾		1.27	⁽³⁾⁽⁴⁾		1.28	⁽³⁾⁽⁴⁾		1.36			45
2015		9.94		0.10			(0.69	)		(0.59	)		(0.19	)		—			(0.19	)		9.16		(5.98	)		2,568,634		1.24	⁽³⁾		1.24	⁽³⁾		1.24	⁽³⁾		1.04			68
2014		9.71		0.18			0.18			0.36			(0.13	)		—			(0.13	)		9.94		3.66			2,682,482		1.24	⁽³⁾		1.24	⁽³⁾		1.24	⁽³⁾		1.78			60
2013		8.19		0.13			1.53			1.66			(0.14	)		—			(0.14	)		9.71		20.47			2,350,201		1.25	⁽³⁾		1.25	⁽³⁾		1.25	⁽³⁾		1.50			47
2012		7.29		0.14			0.92			1.06			(0.16	)		—			(0.16	)		8.19		14.76			1,842,851		1.26	⁽³⁾		1.26	⁽³⁾		1.26	⁽³⁾		1.75			56
Class I
2017@	$	9.55	$	0.02		$	0.53		$	0.55		$	(0.08	)	$	—		$	(0.08	)	$	10.02		5.80	%	$	4,136		1.45	%⁽⁵⁾		1.45	%⁽⁵⁾		1.45	%⁽⁵⁾		0.35	%		34	%
2016		9.15		0.10			0.38			0.48			(0.08	)		—			(0.08	)		9.55		5.27			4,341		1.52	⁽⁴⁾⁽⁵⁾		1.52	⁽⁴⁾⁽⁵⁾		1.52	⁽⁴⁾⁽⁵⁾		1.09			45
2015		9.92		0.08			(0.69	)		(0.61	)		(0.16	)		—			(0.16	)		9.15		(6.18	)		4,956		1.49	⁽⁵⁾		1.49	⁽⁵⁾		1.49	⁽⁵⁾		0.76			68
2014		9.70		0.15			0.17			0.32			(0.10	)		—			(0.10	)		9.92		3.33			5,342		1.49	⁽⁵⁾		1.49	⁽⁵⁾		1.49	⁽⁵⁾		1.48			60
2013		8.18		0.11			1.52			1.63			(0.11	)		—			(0.11	)		9.70		20.19			5,953		1.50	⁽⁵⁾		1.50	⁽⁵⁾		1.50	⁽⁵⁾		1.21			47
2012		7.28		0.12			0.91			1.03			(0.13	)		—			(0.13	)		8.18		14.37			5,271		1.51	⁽⁵⁾		1.51	⁽⁵⁾		1.51	⁽⁵⁾		1.48			56
Class Y
2017@	$	9.59	$	0.05		$	0.52		$	0.57		$	(0.13	)	$	—		$	(0.13	)	$	10.03		6.05	%	$	244,555		0.95	%⁽⁶⁾		0.95	%⁽⁶⁾		0.95	%⁽⁶⁾		0.95	%		34	%
2016		9.18		0.16			0.37			0.53			(0.12	)		—			(0.12	)		9.59		5.77			168,721		1.02	⁽⁴⁾⁽⁶⁾		1.02	⁽⁴⁾⁽⁶⁾		1.03	⁽⁴⁾⁽⁶⁾		1.70			45
2015⁽⁷⁾		9.39		0.13			(0.34	)		(0.21	)		—			—			—			9.18		(2.24	)		130,379		1.00	⁽⁶⁾		1.00	⁽⁶⁾		1.00	⁽⁶⁾		1.72			68
Emerging Markets Equity Fund
Class F⁽²⁾
2017@	$	10.09	$	(0.02	)	$	0.70		$	0.68		$	(0.08	)	$	—		$	(0.08	)	$	10.69		6.81	%	$	1,619,715		1.74	%⁽⁸⁾		1.74	%⁽⁸⁾		1.83	%⁽⁹⁾		(0.32	)%		32	%
2016		8.43		0.05			1.68			1.73			(0.07	)		—			(0.07	)		10.09		20.66			1,532,960		1.76	⁽⁴⁾⁽⁸⁾		1.76	⁽⁴⁾⁽⁸⁾		1.86	⁽⁴⁾⁽⁹⁾		0.59			79
2015		10.76		0.07			(2.29	)		(2.22	)		(0.11	)		—			(0.11	)		8.43		(20.78	)		1,342,618		1.72	⁽⁸⁾		1.72	⁽⁸⁾		1.82	⁽⁹⁾		0.67			67
2014		10.53		0.06			0.22			0.28			(0.05	)		—			(0.05	)		10.76		2.68			1,958,078		1.96	⁽⁸⁾		1.96	⁽⁸⁾		2.02	⁽⁹⁾		0.58			59
2013		10.25		0.06			0.28			0.34			(0.06	)		—			(0.06	)		10.53		3.29			1,413,683		1.96	⁽⁸⁾		1.96	⁽⁸⁾		2.04	⁽⁹⁾		0.52			78
2012		9.00		0.05			1.23			1.28			(0.03	)		—			(0.03	)		10.25		14.21			899,730		1.97	⁽⁸⁾		1.97	⁽⁸⁾		2.07	⁽⁹⁾		0.49			93
Class Y
2017@	$	10.11	$	—		$	0.69		$	0.69		$	(0.10	)	$	—		$	(0.10	)	$	10.70		6.97	%	$	87,783		1.49	%⁽¹⁰⁾		1.49	%⁽¹⁰⁾		1.58	%⁽¹¹⁾		(0.03	)%		32	%
2016		8.45		0.09			1.66			1.75			(0.09	)		—			(0.09	)		10.11		20.95			72,218		1.52	^(4)(10)		1.52	^(4)(10)		1.62	^(4)(11)		0.96			79
2015⁽⁷⁾		10.08		0.10			(1.73	)		(1.63	)		—			—			—			8.45		(16.17	)		44,012		1.47	⁽¹⁰⁾		1.47	⁽¹⁰⁾		1.57	⁽¹¹⁾		1.33			67
International Fixed Income Fund
Class F⁽²⁾
2017@	$	10.51	$	0.03		$	(0.24	)	$	(0.21	)	$	(0.17	)	$	(0.10	)	$	(0.27	)	$	10.03		(2.01	)%	$	433,756		1.02	%⁽¹²⁾		1.02	%⁽¹²⁾		1.09	%⁽¹³⁾		0.61	%		63	%
2016		10.38		0.10			0.62			0.72			(0.57	)		(0.02	)		(0.59	)		10.51		7.32			497,157		1.05	^(4)(12)		1.05	^(4)(12)		1.11	^(4)(13)		0.98			106
2015		10.98		0.11			0.11			0.22			(0.82	)		—			(0.82	)		10.38		2.02			495,957		1.02	⁽¹²⁾		1.02	⁽¹²⁾		1.07	⁽¹³⁾		1.00			78
2014		10.42		0.14			0.48			0.62			(0.06	)		—			(0.06	)		10.98		5.96			523,784		1.02	⁽¹²⁾		1.02	⁽¹²⁾		1.20	⁽¹³⁾		1.32			104
2013		10.82		0.14			(0.06	)		0.08			(0.48	)⁽¹⁴⁾		—			(0.48	)		10.42		0.77			473,382		1.02	⁽¹²⁾		1.02	⁽¹²⁾		1.20	⁽¹³⁾		1.37			86
2012		10.44		0.17			0.48			0.65			(0.27	)		—			(0.27	)		10.82		6.34			491,793		1.02	⁽¹²⁾		1.02	⁽¹²⁾		1.21	⁽¹³⁾		1.60			103
Class Y
2017@	$	10.50	$	0.04		$	(0.24	)	$	(0.20	)	$	(0.20	)	$	(0.10	)	$	(0.30	)	$	10.00		(1.94	)%	$	26,194		0.77	%⁽¹⁵⁾		0.77	%⁽¹⁵⁾		0.84	%⁽¹⁶⁾		0.87	%		63	%
2016⁽¹⁷⁾		10.45		0.12			0.55			0.67			(0.60	)		(0.02	)		(0.62	)		10.50		7.51			12,901		0.80	^(4)(15)		0.80	^(4)(15)		0.87	^(4)(16)		1.23			106
Emerging Markets Debt Fund
Class F⁽²⁾
2017@	$	10.08	$	0.25		$	(0.24	)	$	0.01		$	(0.15	)	$	—		$	(0.15	)	$	9.94		0.17	%	$	1,358,268		1.36	%⁽¹⁸⁾		1.36	%⁽¹⁸⁾		1.64	%⁽¹⁹⁾		5.11	%		41	%
2016		8.66		0.49			0.93			1.42			—			—			—			10.08		16.40			1,453,586		1.39	^(4)(18)		1.39	^(4)(18)		1.65	^(4)(19)		5.30			86
2015		10.20		0.47			(1.81	)		(1.34	)		(0.19	)		(0.01	)		(0.20	)		8.66		(13.35	)		1,227,567		1.36	⁽¹⁸⁾		1.36	⁽¹⁸⁾		1.61	⁽¹⁹⁾		4.91			71
2014		10.38		0.49			(0.29	)		0.20			(0.31	)		(0.07	)		(0.38	)		10.20		1.90			1,345,731		1.36	⁽¹⁸⁾		1.36	⁽¹⁸⁾		1.80	⁽¹⁹⁾		4.73			92
2013		12.07		0.47			(1.02	)		(0.55	)		(0.68	)		(0.46	)		(1.14	)		10.38		(5.19	)		1,182,296		1.36	⁽¹⁸⁾		1.36	⁽¹⁸⁾		1.81	⁽¹⁹⁾		4.20			90
2012		10.81		0.55			1.36			1.91			(0.63	)		(0.02	)		(0.65	)		12.07		18.48			1,165,102		1.36	⁽¹⁸⁾		1.36	⁽¹⁸⁾		1.80	⁽¹⁹⁾		4.85			102
Class Y
2017@	$	10.12	$	0.26		$	(0.25	)	$	0.01		$	(0.17	)	$	—		$	(0.17	)	$	9.96		0.24	%	$	99,610		1.11	%⁽²⁰⁾		1.11	%⁽²⁰⁾		1.39	%⁽²¹⁾		5.35	%		41	%
2016		8.67		0.52			0.93			1.45			—			—			—			10.12		16.72			100,565		1.14	^(4)(20)		1.14	^(4)(20)		1.40	^(4)(21)		5.55			86
2015⁽⁷⁾		9.63		0.37			(1.28	)		(0.91	)		(0.05	)		—			(0.05	)		8.67		(9.48	)		78,383		1.11	⁽²⁰⁾		1.11	⁽²⁰⁾		1.36	⁽²¹⁾		5.24			71


International Fixed Income Fund Written Credit Derivative Contracts	Single Name CDS				CDS Index
Reference Asset	Corp US$		Sovereign US$		ABS US$			Corp US$		Total
Fair value of written credit derivatives	$	—	$	—	$	(341,577	)	$	—	$	(341,577	)
Maximum potential amount of future payments		—		—		2,240,000			—		2,240,000
Recourse provisions with the third parties any amounts paid under the credit derivative (including any purchased credit protection)		—		—		—			—		—
Collateral held by the Partnership or other third parties which the Partnership can obtain upon occurrence of triggering event		—		—		—			—		—


Maximum Potential Amount of Future Payments by Contract Term
	0-6 Months		6-12 Months		1-5 Years		5-10 Years		>10 Years		Total
Current credit spread* on underlying (in basis points)(1)
0-100	$	—	$	—	$	—	$	—	$	—	$	—
>-101		—		—		—		—		2,240,000		2,240,000
Total	$	—	$	—	$	—	$	—	$	2,240,000	$	2,240,000


Derivatives Not Accounted for as Hedging Instruments	Futures			Forward Currency Contracts		Swaps		Total
International Fixed Income Fund
Interest rate contracts	$	562		$	—	$	25	$	587
Foreign exchange contracts		1,690			28,793		—		30,483
Credit contracts		—			—		41		41
Equity contracts		(46	)		—		—		(46	)
Total	$	2,206		$	28,793	$	66	$	31,065


	Financial Derivatives Assets						Financial Derivatives Liabilities
	Variation Margin Asset						Variation Margin Liability
Fund	Futures		Swap Agreements		Total		Futures		Swap Agreements		Total
International Equity Fund	$	179	$	—	$	179	$	480	$	—	$	480
International Fixed Income Fund		40		—		40		81		—		81
Emerging Markets Debt Fund		56		20		76		408		—		408


	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^{^}
ANZ	$	73	$	—	$	73	$	—	$	—	$	—	$	73		$	—		$	73
Bank of America		18		—		18		22		—		22		(4	)		—			(4	)
Barclays PLC		—		—		—		351		—		351		351			—			351
BIC		94		—		94		55		—		55		39			—			39
BNP Paribas		408		—		408		5		—		5		403			—			403
Brown Brothers Harriman		171		—		171		48		—		48		123			—			123
BT Brokerage		27		—		27		6		—		6		21			—			21
Citigroup		383		—		383		1,451		—		1,451		(1,068	)		—			(1,068	)
Credit Suisse		—		—		—		—		97		97		(97	)		—			(97	)
Credit Suisse First Boston		23		—		23		10		—		10		13			—			13
Deutsche Bank		41		—		41		—		22		22		19			—			19
Goldman Sachs		265		—		265		403		—		403		(138	)		138	*		—
HSBC		174		—		174		57		—		57		117			—			117
JPMorgan Chase Bank		1,009		—		1,009		432		—		432		577			—			577
Montgomery/Bank of America		258		—		258		32		—		32		226			—			226
Morgan Stanley		24		—		24		12		—		12		12			—			12


	Financial Derivative Assets						Financial Derivative Liabilities
	Forward						Forward
	Foreign				Total		Foreign				Total		Net Market			Collateral
	Currency		Swap		Over the		Currency		Swap		Over the		Value of OTC			(Received)/		Net
International Fixed Income Fund	Contracts		Agreements		Counter		Contracts		Agreements		Counter		Derivatives			Pledged		Exposures^
National Australia Capital Markets	$	—	$	—	$	—	$	2	$	—	$	2	$	(2	)	$	—	$	(2	)
National Bank of Australia		131		—		131		657		—		657		526			—		526
RBC		8		—		8		83		—		83		(75	)		—		(75	)
Royal Bank of Scotland		4		—		4		98		—		98		(94	)		—		(94	)
Societe Generale		—		—		—		4		—		4		(4	)		—		(4	)
Standard Chartered		13		—		13		31		—		31		(18	)		—		(18	)
State Street		321		—		321		93		—		93		228			—		228
TD Securities		1		—		1		2		—		2		(1	)		—		(1	)
UBS		21		—		21		58		—		58		(37	)		—		(37	)
Total	$	3,467	$	—	$	3,467	$	3,912	$	119	$	4,031

	Financial Derivative Assets						Financial Derivative Liabilities
	Forward						Forward
	Foreign				Total		Foreign				Total		Net Market			Collateral
	Currency		Swap		Over the		Currency		Swap		Over the		Value of OTC			(Received)/		Net
Emerging Markets Debt Fund	Contracts		Agreements		Counter		Contracts		Agreements		Counter		Derivatives			Pledged		Exposures^
Barclays PLC	$	—	$	—	$	—	$	125	$	—	$	125	$	(125	)	$	—	$	(125	)
Citibank		—		6		6		—		—		—		6			—		6
Citigroup		2,595		—		2,595		3,851		—		3,851		(1,256	)		—		(1,256	)
Goldman Sachs		4,229		2,307		6,536		1,930		1,530		3,460		5,000			—		5,000
HSBC		487		—		487		—		—		—		487			—		487
JPMorgan Chase Bank		2,705		292		2,997		2,448		1,402		3,850		5,000			—		5,000
Standard Bank		483		—		483		479		—		479		4			—		4
Standard Chartered		785		—		785		—		—		—		785			—		785
Total	$	11,284	$	2,605	$	13,889	$	8,833	$	2,932	$	11,765


	International Equity Fund		International Fixed Income Fund		Emerging Markets Debt Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long	$	117,890	$	—	$	—
Ending Notional Balance Long		105,391		—		—
Interest Rate Contracts
Average Notional Balance Long		—		45,998		52,038
Average Notional Balance Short		—		57,669		51,834
Ending Notional Balance Long		—		54,890		56,328
Ending Notional Balance Short		—		60,237		66,596
Foreign Exchange Contracts
Average Notional Balance Short		—		24,597		—
Ending Notional Balance Short		—		23,915		—
Forward Foreign Currency Contracts:
Average Notional Balance Long		—		765,326		1,012,208
Average Notional Balance Short		—		768,153		1,014,135
Ending Notional Balance Long		—		1,059,403		965,619
Ending Notional Balance Short		—		1,057,317		968,221


	Advisory Fee			Shareholder Servicing Fee			Administrative Servicing Fee			Voluntary Expense Limitations
International Equity Fund
Class F⁽¹⁾		0.505	%		0.25	%		—			1.24	%
Class I		0.505	%		0.25	%		0.25	%		1.49	%
Class Y		0.505	%		—			—			1.00	%
Emerging Markets Equity Fund*
Class F⁽¹⁾		1.05	%		0.25	%		—			N/A
Class Y		1.05	%		—			—			N/A
International Fixed Income Fund
Class F⁽¹⁾		0.30	%		0.25	%		—			1.02	%
Class Y		0.30	%		—			—			0.77	%
Emerging Markets Debt Fund


	Previous Contractual Fees			Administrative Fees as of January 1, 2017
	9/30/16 to 12/31/16			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	%		0.450	%		0.370	%		0.2900	%		0.210	%		0.130	%
Emerging Markets Equity Fund		0.450	%		0.450	%		0.370	%		0.2900	%		0.210	%		0.130	%
International Fixed Income Fund		0.450	%		0.450	%		0.370	%		0.2900	%		0.210	%		0.130	%
Emerging Markets Debt Fund		0.450	%		0.450	%		0.370	%		0.2900	%		0.210	%		0.130	%


Security Description	Value at 9/30/2016			Purchases at Cost			Proceeds from Sales				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Value 3/31/2017			Dividend Income
SEI Liquidity Fund, L.P.		$	284,416		$	681,153		$	(718,321	)		$	(5	)		$	(1	)		$	247,242		$	933
SEI Daily Income Trust, Government Fund, Class F			34,929			538,346			(471,506	)			—				—				101,769			182

Totals		$	319,345		$	1,219,499		$	(1,189,827	)		$	(5	)		$	(1	)		$	349,011		$	1,115

Emerging Markets Equity Fund
Security Description	Value at 9/30/2016			Purchases at Cost			Proceeds from Sales				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Value 3/31/2017			Dividend Income
SEI Liquidity Fund, L.P.		$	245,981		$	283,735		$	(386,532	)		$	(1	)		$	(1	)		$	143,182		$	660
SEI Daily Income Trust, Government Fund, Class F			6,665			66,566			(62,653	)			—				—				10,578			17

Totals		$	252,646		$	350,301		$	(449,185	)		$	(1	)		$	(1	)		$	153,760		$	677

Emerging Markets Debt Fund
Security Description	Value at 9/30/2016			Purchases at Cost			Proceeds from Sales				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Value 3/31/2017			Dividend Income
SEI Liquidity Fund, L.P.		$	36,124		$	79,027		$	(103,128	)		$	—			$	1			$	12,024		$	72


	International Equity Fund ($ Thousands)		Emerging Markets Equity Fund ($ Thousands)		International Fixed Income Fund ($ Thousands)		Emerging Markets Debt Fund ($ Thousands)
Purchases
U.S. Government	$	—	$	—	$	66,525	$	118,131
Other		1,530,151		493,499		212,432		397,776
Sales
U.S. Government		—		—		35,161		85,853
Other		1,061,272		535,790		263,857		530,269


		Ordinary Income ($ Thousands)		Long-term Capital Gain ($ Thousands)		Total ($ Thousands)
International Equity Fund	2016	$	29,284	$	—	$	29,284
	2015		52,509		—		52,509
Emerging Markets Equity Fund	2016		11,476		—		11,476
	2015		18,640		—		18,640
International Fixed Income Fund	2016		27,843		41		27,884
	2015		38,714		—		38,714
Emerging Markets Debt Fund	2016		—		—		—
	2015		27,003		550		27,553

SEI Institutional International Trust

/s/ Robert A. Nesher

Robert A. Nesher,

President & CEO


	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post October Losses ($ Thousands)		Late Year Ordinary Losses ($ Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Accumulated Losses ($ Thousands)
International Equity Fund	$	38,542	$	—	$	(801,314	)	$	—	$	—		$	51,148		$	(420	)	$	(712,044	)
Emerging Markets Equity Fund		12,421		—		(137,671	)		—		—			12,821			(2	)		(112,431	)
International Fixed Income Fund		2,957		—		—			—		(3,557	)		9,542			(13,279	)		(4,337	)
Emerging Markets Debt Fund		7,701		—		(37,895	)		—		—			(5,964	)		(35,533	)		(71,691	)

This ‘N-CSRS’ Filing	Date	Other Filings

	1/31/18
	9/30/17
	8/1/17
Filed on / Effective on:	6/9/17
For Period End:	3/31/17	NSAR-A
	1/31/17	485BPOS, 497K
	1/1/17
	9/30/16	24F-2NT, N-CSR, NSAR-B
	11/1/15
	10/30/15
	12/31/14	N-Q
	12/22/10
	6/18/04
		List all Filings