SEI Institutional International Trust

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Trust’s Form N-Q is 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.

I. Objective:

The International Equity Fund (the “Fund”) seeks long-term capital appreciation.

II. Multi-Manager Approach Statement:

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corp. (SIMC). The Fund utilizes the following sub-advisers as of September 30, 2010: Acadian Asset Management LLC, Causeway Capital Management LLC, INTECH Investment Management LLC, Neuberger Berman Management LLC, Quantitative Management Associates LLC, Schroder Investment Management North America LLC and Tradewinds Global Investors LLC. For the year ended September 30, 2010, Neuberger Berman Management LLC and Schroder Investment Management North America LLC were added to the Fund; AXA Rosenberg Investment Management LLC, Declaration Management & Research LLC, McKinley Capital Management, Inc, Principal Global Investors LLC and Wellington Management Company LLP were terminated.

III. Market Commentary:

For the year ended September 30, 2010, it was a rollercoaster ride for the global equity markets, which generated a small gain by the end of September 30, 2010. In late 2009, global markets continued to gain positive momentum from the economic recovery. However, since the beginning of 2010, slower growth in China, weakness in Europe and sovereign-debt concerns put pressure on stocks around the globe. This resulted into a downward trajectory for the global equities during the second quarter. In the third quarter, positive economic reports from China and generally positive results from the European bank stress tests eased investors’ concerns about a double-dip recession. Global equities posted strong gains, particularly in September. For the one-year period, emerging markets decoupled from their developed counterparts, continuing to lead the global market. Within the developed markets, Pacific Basin ex-Japan and the U.K. did much better than Europe & Middle East Ex-U.K. and Japan. Countries with sovereign-debt concerns (such as Greece, Ireland, Italy, and Spain) posted negative double-digit returns. From a sector perspective, Consumer Staples and Materials did very well, while the Financials, Utilities and Energy sectors lagged behind. Growth stocks and smaller companies performed relatively better for the year ended September 30, 2010.

IV. Return vs. Benchmark:

For the year ended September 30, 2010, the Fund’s Class A Shares outperformed the MSCI EAFE Index (the “Index”), returning 5.84% versus the Index return of 3.27%.

V. Fund Attribution:

Fund performance was primarily driven by strong stock selection. Holdings in the Financials sector added the most value. Stock selection in cyclical sectors, such as Consumer Discretionary, Industrials and Materials, was positive. The only negative area was within a few holdings that were pharmaceutical companies and several holdings that were telecommunications companies. Regionally, both allocation and stock selection helped the performance. The Fund’s overweight allocation to emerging markets benefitted performance, as emerging markets outpaced developed regions during the time period. Stock selection in Europe & Middle East ex-U.K. was most beneficial, followed by positions in the U.K. and Pacific Basin ex-Japan.

International Equity Fund

AVERAGE ANNUAL TOTAL RETURN¹


	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A		5.84%		(15.24)%		(2.27)%		(0.60)%		3.03%
Class I		5.45%		(15.45)%		(2.51)%		(0.82)%		2.78%

Comparison of Change in the Value of a $100,000 Investment in the International Equity Fund, Class A and Class I, versus the MSCI EAFE Index

LOGO

For the period ended September 30, 2010. Past performance is no indication of future performance. Class I Shares were offered beginning on January 4, 2002. Class A Shares were offered beginning December 20, 1989. Class I Shares performance for the period prior to January 4, 2002 is performance derived from the performance of the Class A Shares. The performance of Class I Shares may be lower than the performance of Class A Shares because of different distribution fees paid by Class I shareholders. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective:

The Emerging Markets Equity Fund (the “Fund”) seeks capital appreciation.

II. Multi-Manager Approach Statement:

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corp. (SIMC). The Fund utilizes the following sub-advisers as of September 30, 2010: Artisan Partners Limited Partnership, JO Hambro Capital Management Limited, Lazard Asset Management LLC, Neuberger Berman Management LLC, PanAgora Asset Management, Inc and The Boston Company Asset Management LLC. For the year ended September 30, 2010, Lazard Asset Management LLC and Neuberger Berman Management LLC were added to the Fund; AllianceBernstein L.P., AXA Rosenberg Investment Management LLC and Rexiter Capital Management Limited were terminated.

III. Market Commentary:

For the year ended September 30, 2010, emerging markets equities continued to lead the world market, although the ride was not a smooth one. Before the end of 2009, emerging markets decoupled from their developed counterparts and attracted inflows from investors seeking growth. However, since the beginning of 2010, slower growth in China, weakness in Europe and sovereign-debt concerns put pressure on stocks around the globe, including those within emerging markets. Therefore, emerging markets experienced a correction during the second quarter, but continued to show resilience, holding up much better than developed markets amid heightened market volatility. In the third quarter, positive economic reports from China and generally positive results from the European bank stress tests eased investors’ concerns about a double-dip recession. As a result, emerging markets rebounded with other stocks around the globe. For the one-year period, smaller emerging countries led their bigger peers, with countries such as Chile, Colombia, Thailand, Indonesia and Turkey posting very strong performance. On the other hand, larger countries, such as Brazil, China and Korea, lagged the index.

IV. Return vs. Benchmark:

For the year ended September 30, 2010, the Fund underperformed the MSCI Emerging Markets Index (Gross) (the “Index”), returning 18.93% versus the Index return of 20.54%.

V. Fund Attribution:

For the year ended September 30, 2010, the Fund had negative relative performance from stock selection. Stock selection in Information Technology and Consumer Staples detracted from Fund performance. In contrast, stock selection in Financials was very strong and contributed positively. The sector allocation was slightly negative, mainly due to the Fund’s underweights to Consumer Staples and Materials. Stock selection in Asia, especially in China and India, was very strong. However, holdings in Russia and South Africa offset some of the positive contributions from Asian names. An overweight to Thailand and Turkey helped performance, but was offset by the negative impact from underweights to Malaysia, Colombia and Chile.

Emerging Markets Equity Fund

AVERAGE ANNUAL TOTAL RETURN¹


	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A		18.93%		(2.64)%		9.77%		10.85%		6.29%

Comparison of Change in the Value of a $100,000 Investment in the

Emerging Markets Equity Fund, versus the MSCI Emerging Markets Index (Gross)

LOGO

For the period ended September 30, 2010. Past performance is no indication of future performance. Class A Shares were offered beginning January 17, 1995. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective and Strategy

The International Fixed Income Fund (the “Fund”) seeks to provide capital appreciation and current income.

II. Multi-Manager Approach

The Fund uses a multi-manager approach, relying upon a number of sub-advisers with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (“SIMC”). The Fund utilized the following sub-advisers as of September 30, 2010: AllianceBernstein L.P., Fidelity International Investment Advisors (UK) Limited (delegates to Fidelity International Investment Advisors), UBS Global Asset Management (Americas) Inc. and Wellington Management Company, LLP. For the one-year period ending September 30, 2010, Wellington Management Company, LLP was added to the Fund, while BlackRock Financial Management, Inc. was terminated.

III. Market Commentary

The year ended September 30, 2010 was characterized by a continuation of risk-seeking, which was a continuation of what was seen in the second and third quarters of 2009. However, the last quarter of 2009 demonstrated more nuanced risk-seeking, with investors focusing on securities that were positioned higher in the capital structure. Spreads were relatively static during the first quarter of 2010, but experienced significant widening during the second quarter, as investors worried about structural issues within peripheral Europe, particularly Greece. Standard and Poor’s downgraded Greek debt to junk status, and market participants began to fear a contagion beyond Greece that might spread to Italy, Portugal, Spain and Ireland, thereby impacting the sustainability of the eurozone. Massive loan packages and stabilization tools from the International Monetary Fund and the European Union failed initially to stem the widening. Although equity markets were supported, sovereigns continued to trade wider, and bank debt weakened on fears that sovereign deterioration would impact the balance sheets of financial institutions. Any significant tightening did not became apparent until after the release European bank stress test results in July, which showed bank balance sheets to be more resilient than some had expected. As concerns over Europe dissipated, the market once again focused on growth potential. The emerging markets and core European economies showed clear signs of growth, while the U.S. and U.K. lagged.

The euro proved to be the weakest currency. Covered bonds (traditionally a safe harbor for investors) ended the period wider, partly reflecting sovereign and financial distress, and partly reflecting investors’ focus on sectors with relatively higher yields, such as commercial mortgage-backed securities (CMBS), which was the strongest performing sector globally.

IV. Return vs. Benchmark

For the year ended September 30, 2010, the Fund outperformed the Barclays Capital Global Aggregate ex-USD Index, Hedged (the “Index”), returning 7.97% versus the Index return of 5.55%.

V. Fund Attribution

Despite spread volatility the fund benefited from overweights in CMBS and lower tier financials as well as an underweight in the Euro. The fund utilized FX forwards to trade currency more efficiently and this had a modest positive impact on performance. The CMBS performance was one of the strongest drivers of return as this asset class tightened by 200 bps over the period. The fund has substantially reduced this overweight over the course of 2010 and currently shows a 2% MV overweight but a spread duration underweight pointing to the fact that the fund owns better quality bonds than the index. The fund remains overweight corporate but neutral spread duration. The Fund utilized credit default swaps to synthetically and efficiently gain exposure to the corporate index. This proved to be a more efficient way to gain and reduce exposure to the corporate index and successfully reduced transaction costs in the fund. Duration and curve positioning had a positive impact on performance over the year. Treasury futures were utilized to efficiently assist in managing the Fund’s duration and yield curve exposure.

International Fixed Income Fund

AVERAGE ANNUAL TOTAL RETURN¹


	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A		7.97%		4.50%		2.81%		5.25%		4.78%

Comparison of Change in the Value of a $100,000 Investment in the International Fixed Income Fund, versus the Barclays Capital Global Aggregate ex-USD Index, Hedged

LOGO

For the period ended September 30, 2010. Past performance is no indication of future performance. Class A Shares were offered beginning September 1, 1993. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective:

The Emerging Markets Debt Fund (the “Fund”) seeks to maximize total return.

II. Multi-Manager Approach Statement:

III. Market Commentary:

After returning 29% in the calendar year of 2009 (its strongest annual return since 1996), emerging-markets debt carried its momentum into 2010. It has continued to not only post strong positive returns, but also to do so with less volatility than the broader equity markets. Absolute performance has been highly correlated to U.S. Treasuries, and spreads tightened by only 35 basis points during the one-year period to 303 basis points. Yields on external debt have fallen from 6.59% to near-record lows of 5.52%, yet still remain relatively attractive versus other fixed-income asset classes.

The fundamentals of emerging markets debt remain strong and are supported by various factors. Stable and rising commodity prices, rising foreign-currency reserves, declining debt levels and less political turbulence have all contributed to a favorable outlook for the asset class. These factors have contributed to a substantial increase in credit-rating upgrades, with only a handful of downgrades during the last 12 months. A lower interest-rate environment in the G3 countries (Colombia, Venezuela and Mexico), as well as within local emerging-market economies, has benefited both external and local bond markets. Positive surprises to economic growth across the broader emerging-markets universe have been supportive, while election results and unorthodox policy changes have recently been conducted in more democratic ways with less violence and protests. As a result, these events have not rattled markets as they have in the past.

In addition to solid fundamentals, technical factors greatly contributed to performance for the period. The ability of emerging markets to

weather the credit crisis of 2008 better than other spread sectors caught the attention of both new and existing investors. As a result, inflows into the asset class amounted to $78 billion for the period. Inflows are rising and becoming increasingly diversified, especially with more instrument selection coming from the growing local and corporate sectors of the market. With historically high inflows of money into emerging-markets debt, emerging-market issuers took advantage of lower financing rates and issued record amounts of bonds to meet the rising demand. In the first nine months of 2010, emerging-market issuers raised $210 billion via new external-debt issuance, most of which has been sold by corporate entities rather than by sovereign governments. With approximately $45 billion still in the pipeline for the remainder of the year, technicals are still expected to remain a key driver of performance going forward. The proceeds of these sales will be used for various purposes, including deficit funding, refinancing and infrastructure and development projects.

IV. Return vs. Benchmark:

For the year ended September 30, 2010, the Fund outperformed the JP Morgan EMBI Global Diversified Index (the “Index”), returning 18.78% versus the Index return of 16.09%.

V. Fund Attribution:

An overweight to Argentina contributed to positive relative performance. After a period of uncertainty about the government’s willingness and ability to make payments, Argentina executed various debt swaps and saw very strong participation of its defaulted debt swap; the country now considers the problem to be resolved. The country’s strong growth and short-term debt profile were much improved, and bonds rallied as a result. Security selection in local assets in Colombia and Brazil also benefited relative performance. Overall, the broader group of emerging-market currencies appreciated against the dollar. Within Colombia and Brazil, local rates and foreign-currency exchange benefited from a prolonged lower interest-rate environment in the developed world, as well as record amounts of foreign capital flows into their respective economies, strong gross domestic product growth and a broad improvement of fundamentals. Security selection in Russia also added to positive performance, as the Fund’s positioning returned 18.78% versus the benchmark’s return of 16.09%. This was largely due to trading in what appeared to be a volatile Russian yield curve, as well as an allocation to corporate debt that benefited from both strong technicals and fundamentals.

An overweight in Venezuela, which benefited the Fund during the prior calendar year, detracted from performance during the one-year period. The country’s negative growth, a broken foreign-currency regime that has led to oversupply of dollar bonds as a funding mechanism, high inflation and a devaluation of the currency, all contributed to poor returns. On a positive note, security selection in the short end of the yield curve mitigated the Fund’s underperformance. An underweight to smaller countries like Jamaica and Belize detracted from relative performance, as the Fund managers remained underweight to the sovereign bonds. Although the bonds posted strong returns during the period with some assistance from the International Monetary Fund, the risk/reward opportunities were less attractive in the smaller, less-liquid names and more attractive in other countries.

Forward and swap contracts were used in the Fund for the year ended September 30, 2010 as a way to hedge particular positions, gain exposure to additional areas of the market or provide liquidity with the goal of more efficient portfolio management. The use of derivatives did not have a significant impact on Fund performance.

Emerging Markets Debt Fund

AVERAGE ANNUAL TOTAL RETURN¹


	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A		18.78%		9.93%		9.70%		13.17%		11.13%

LOGO


Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)


COMMON STOCK — 93.8%

Argentina — 0.1%
Other Securities		0.1	%			$	960


Australia — 5.5%
Australia & New Zealand Banking Group (A)		0.7			549,252		12,593
BHP Billiton		0.6			319,628		12,042
BHP Billiton ADR		0.3			68,600		5,236
Rio Tinto (A)		0.6			146,932		10,922
Other Securities		3.3					63,988

							104,781


Austria — 0.4%
Other Securities		0.4					7,181


Belgium — 1.4%
InBev		0.8			244,174		14,384
Other Securities		0.6					12,119

							26,503


Brazil — 1.2%
Other Securities		1.2					23,243


Canada — 3.1%
Other Securities		3.1					59,494


Chile — 0.6%
Other Securities		0.6					11,251


China — 1.4%
Other Securities		1.4					26,824


Denmark — 1.2%
Novo Nordisk, Cl B (A)		0.6			105,199		10,455
Other Securities		0.6					12,717

							23,172


Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)


Finland — 1.0%
Other Securities		1.0	%			$	19,064


France — 7.0%
BNP Paribas		0.9			250,923		17,871
Sanofi-Aventis		0.6			163,647		10,919
Schneider Electric		1.0			145,910		18,527
Vivendi		0.5			347,069		9,500
Other Securities		4.0					76,408

							133,225


Germany — 7.6%
Allianz		0.5			85,339		9,658
BASF		0.5			139,079		8,783
Fresenius Medical Care (A)		0.7			222,258		13,747
Linde		0.7			101,540		13,236
Siemens		0.6			108,486		11,468
Other Securities		4.6					88,093

							144,985


Greece — 0.0%
Other Securities		0.0					569


Hong Kong — 3.2%
Swire Pacific, Cl A		0.5			663,000		9,130
Other Securities		2.7					52,450

							61,580


India — 0.7%
Other Securities		0.7					12,391


Ireland — 0.5%
Experian		0.5			909,223		9,929
Other Securities		0.0					143

							10,072


Israel — 0.9%
Teva Pharmaceutical Industries ADR		0.5			191,385		10,096
Other Securities		0.4					6,546

							16,642


Italy — 1.4%
Other Securities		1.4					26,540


Japan — 16.3%
Fujitsu		0.5			1,265,000		8,874
Hitachi		0.5			1,919,000		8,384
Honda Motor		0.7			358,300		12,708
Jupiter Telecommunications		0.5			8,245		8,883
Mitsubishi		0.5			413,000		9,794
Nippon Electric Glass		0.6			761,700		10,376
Nippon Telegraph & Telephone		0.5			226,700		9,891


Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)

Sony		0.6	%		356,400	$	11,011
Unicharm		0.6			272,100		10,944
Other Securities		11.3					219,031

							309,896


Jersey — 0.3%
Other Securities		0.3					6,559


Macau — 0.1%
Other Securities		0.1					1,491


Malta — 0.0%
Other Securities		0.0					—


Mexico — 0.0%
Other Securities		0.0					751


Netherlands — 6.3%
ING Groep		0.7			1,235,901		12,840
Koninklijke Ahold		0.5			686,995		9,274
Royal Dutch Shell, Cl A (A)		1.0			625,298		18,922
Royal Dutch Shell, Cl B		0.3			172,194		5,039
Unilever (A)		1.0			648,732		19,418
Other Securities		2.8					53,948

							119,441


New Zealand — 0.1%
Other Securities		0.1					1,241


Norway — 1.2%
DnB (A)		0.9			1,216,617		16,630
Other Securities		0.3					6,564

							23,194


Portugal — 0.2%
Other Securities		0.2					3,667


Russia — 0.0%
Other Securities		0.0					81


Singapore — 1.3%
Other Securities		1.3					24,923


South Africa — 0.3%
Other Securities		0.3					6,299


South Korea — 1.4%
Hyundai Mobis		0.6			48,023		10,824
Other Securities		0.8					16,284

							27,108


Spain — 0.7%
Other Securities		0.7					13,268


Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)


Sweden — 2.1%
Other Securities		2.1	%			$	39,757


Switzerland — 7.2%
Credit Suisse Group		0.6			280,287		12,050
Givaudan (A)		0.5			8,615		8,853
Nestle		1.0			364,940		19,555
Novartis		1.3			445,803		25,714
Roche Holding		0.7			92,399		12,692
SGS		0.5			5,457		8,870
Other Securities		2.6					50,415

							138,149


Taiwan — 0.1%
Other Securities		0.1					2,570


Thailand — 0.4%
Other Securities		0.4					7,481


Turkey — 0.5%
Turkiye Garanti Bankasi		0.5			1,487,244		8,637


United Kingdom — 17.5%
AstraZeneca		0.8			295,276		15,045
BG Group		0.7			781,593		13,776
BHP Billiton		0.1			30,089		960
BP		0.6			1,607,284		10,835
Cairn Energy*		0.8			2,009,947		14,367
Kingfisher		0.7			3,700,508		13,657
Lloyds Banking Group		0.7			10,787,035		12,599
Rio Tinto		1.2			376,155		22,056
Sage Group		0.7			3,197,942		13,924
Tesco		0.7			2,032,508		13,580
Unilever		0.2			130,866		3,797
Vodafone Group		1.5			11,739,263		29,061
Other Securities		8.8					170,523

							334,180


United States — 0.6%
Other Securities		0.6					10,569

Total Common Stock (Cost $1,603,925) ($ Thousands)							1,787,739


PREFERRED STOCK — 0.8%

Brazil — 0.5%
Other Securities		0.5					9,347


Germany — 0.3%
Other Securities		0.3					5,983

Total Preferred Stock (Cost $13,781) ($ Thousands)							15,330


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)/Shares			Market Value ($ Thousands)


WARRANTS — 0.3%

India — 0.3%
Other Securities		0.3	%				$	5,113

Total Warrants (Cost $3,790) ($ Thousands)								5,113


RIGHTS — 0.0%

France — 0.0%
Other Securities		0.0						58

Total Rights (Cost $0) ($ Thousands)								58


TIME DEPOSITS — 1.5%

United States — 1.5%
Brown Brothers Harriman
5.150%, 10/01/09		0.0			ZAR	2		2
3.683%, 10/01/09		0.0			AUD	34		34
2.200%, 10/01/09		0.0			NZD	—		—
1.100%, 10/01/09		0.0			NOK	120		120
0.229%, 10/01/09		0.0			CAD	6		6
0.100%, 10/01/09		0.0			SEK	28		28
0.100%, 10/01/09		0.0			EUR	67		67
0.060%, 10/01/09		0.0			GBP	392		392
0.050%, 10/01/09		0.0			DKK	7		7
0.030%, 10/01/09		1.5				27,288		27,288
0.010%, 10/01/09		0.0			HKD	113		113
0.010%, 10/01/09		0.0			JPY	210		210
0.010%, 10/01/09		0.0			SGD	2		2
0.005%, 10/01/09		0.0			CHF	240		240

Total Time Deposits (Cost $28,509) ($ Thousands)								28,509


U.S. TREASURY OBLIGATIONS — 0.4%
Other Securities		0.4						8,322

Total U.S. Treasury Obligations (Cost $8,321) ($ Thousands)								8,322


AFFILIATED PARTNERSHIP — 12.3%

United States — 12.3%
SEI Liquidity Fund, L.P., 0.230%†** (B)		12.3				237,168,032		234,788

Total Affiliated Partnership (Cost $237,168) ($ Thousands)								234,788


Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)


CASH EQUIVALENT — 2.9%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.150%†		2.9	%		55,357,345	$	55,357

Total Cash Equivalent (Cost $55,357) ($ Thousands)							55,357

Total Investments — 112.0% (Cost $1,950,851) ($ Thousands)††						$	2,135,216

A summary of the open futures contracts held by the Fund at September 30, 2010, is as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		625		Dec-2010	$	(448	)
FTSE 100 Index		205		Dec-2010		(71	)
Hang Seng Index		18		Oct-2010		1
Nikkei 225 Index		22		Dec-2010		36
SPI 200 Index		55		Dec-2010		(85	)
Topix Index		159		Dec-2010		150

					$	(417	)

For the period ended September 30, 2010, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

Percentages are based on a Net Assets of $1,906,661 ($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of September 30, 2010.

†

Affiliated security.

(1)

In U.S. dollars unless otherwise indicated.

(A)

This security or a partial position of this security is on loan at September 30, 2010. The total market value of securities on loan at September 30, 2010 was $226,047 ($ Thousands) (See Note 9).

(B)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of September 30, 2010 was $234,788 ($ Thousands).

††

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest unaffiliated issuers and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all other securities owned by the Fund. In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 342-5734; and (ii) on the SEC’s website at http://www.sec.gov.

ADR — American Depositary Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

DKK — Danish Krone

EUR — Euro

GBP — British Pound Sterling

HKD — Hong Kong Dollar

JPY — Japanese Yen

L.P. — Limited Partnership

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krona

SGD — Singapore Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2010 in valuing the Fund’s investments carried at value ($ Thousands):

For the year ended September 30, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

LOGO


Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)


COMMON STOCK — 91.2%

Argentina — 0.5%
Other Securities		0.5	%			$	4,458


Australia — 0.0%
Other Securities		0.0					378


Brazil — 10.6%
OGX Petroleo e Gas Participacoes*		0.4			262,600		3,413
Petroleo Brasileiro		1.1			545,545		9,844
Petroleo Brasileiro ADR (A)		0.6			165,487		6,002
Totvs		0.4			51,972		3,948
Vale ADR, Cl B		0.8			238,456		7,457
Vale		0.7			197,352		6,088
Other Securities		6.6					62,518

							99,270


Canada — 0.6%
Pacific Rubiales Energy*		0.4			135,639		3,825
Other Securities		0.2					2,074

							5,899


Chile — 0.8%
Other Securities		0.8					7,896


China — 11.7%
Bank of China, Cl H		0.6			10,325,268		5,413
China Coal Energy, Cl H		0.2			1,160,000		1,919
China Communications Services, Cl H		0.1			1,700,000		1,007
China Construction Bank, Cl H		0.8			8,424,537		7,379
China Life Insurance, Cl H		0.1			233,793		923
China Petroleum & Chemical ADR (A)		0.2			23,984		2,117


Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)

China Railway Construction, Cl H		0.1	%		671,500	$	903
China Railway Group, Cl H		0.2			2,060,000		1,613
China Shenhua Energy		0.2			486,500		2,012
Dongfeng Motor Group, Cl H		0.2			831,280		1,700
Industrial & Commercial Bank of China		0.8			9,830,959		7,320
Maanshan Iron & Steel, Cl H		0.1			1,568,000		980
PetroChina ADR (A)		0.1			11,290		1,314
PetroChina, Cl H		0.4			3,268,208		3,801
Tencent Holdings		0.4			153,404		3,351
Yanzhou Coal Mining, Cl H		0.1			488,000		1,197
Zhejiang Expressway, Cl H		0.1			787,922		743
Other Securities		7.0					65,329

							109,021


Cyprus — 0.3%
Other Securities		0.3					2,345


Czech Republic — 0.3%
Other Securities		0.3					2,409


Egypt — 0.5%
Other Securities		0.5					4,457


Hong Kong — 5.9%
China Merchants Holdings International (A)		0.1			232,000		843
China Mobile ADR (A)		0.2			35,900		1,836
China Mobile		1.3			1,220,861		12,494
China Resources Power Holdings		0.1			417,800		898
China State Construction International Holdings		0.2			3,591,820		2,165
CNOOC		0.9			4,210,238		8,157
Cosco International Holdings		0.0			528,000		316
Other Securities		3.1					28,079

							54,788


Hungary — 0.3%
Other Securities		0.3					2,604


India — 7.6%
Allahabad Bank		0.1			153,850		795
Andhra Bank		0.1			317,317		1,128
Bank		0.0			10,693		165
Bank of Baroda		0.2			118,770		2,306
Bank of India		0.3			234,558		2,701
Canara Bank		0.1			86,748		1,126
Engineers India		0.1			69,970		544
India Cements		0.4			1,365,531		3,522
Mahanagar Telephone Nigam*		0.1			507,220		699
Oil & Natural Gas		0.4			114,703		3,584
Reliance Industries		0.4			166,530		3,659
Shipping Corporation of India		0.0			18,531		67
Union Bank of India		0.0			23,238		201


Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)

Other Securities		5.4	%			$	50,826

							71,323


Indonesia — 3.0%
Astra International		0.5			701,070		4,454
Bank Negara Indonesia Persero		0.1			1,740,500		717
Bank Rakyat Indonesia		0.5			4,399,844		4,930
International Nickel Indonesia		0.1			977,000		534
Perusahaan Gas Negara		0.4			8,260,448		3,563
Semen Gresik Persero		0.1			860,500		954
Telekomunikasi Indonesia		0.2			2,266,097		2,336
Other Securities		1.1					10,813

							28,301


Israel — 0.4%
Other Securities		0.4					4,176


Kazakhstan — 0.5%
Other Securities		0.5					4,346


Malaysia — 1.9%
Other Securities		1.9					17,579


Mexico — 3.7%
America Movil ADR, Ser L		0.6			101,317		5,403
America Movil, Ser L		0.4			1,552,669		4,173
Grupo Financiero Banorte, Cl O		0.6			1,345,068		5,131
Telefonos de Mexico ADR, Ser L (A)		0.1			31,707		473
Urbi Desarrollos Urbanos*		0.4			1,682,347		3,543
Other Securities		1.6					16,000

							34,723


Netherlands — 0.1%
Other Securities		0.1					1,407


Nigeria — 0.1%
Other Securities		0.1					784


Panama — 0.2%
Other Securities		0.2					1,898


Peru — 0.0%
Other Securities		0.0					285


Philippines — 0.8%
Other Securities		0.8					7,253


Poland — 0.8%
Other Securities		0.8					7,208


Russia — 6.3%
Lukoil ADR (A)		0.9			144,187		8,175
OAO Gazprom ADR		1.3			598,174		12,556


Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)

Rosneft Oil GDR		0.5	%		714,989	$	4,769
VTB Bank GDR		0.4			651,016		3,747
Other Securities		3.2					29,327

							58,574


South Africa — 6.5%
ABSA Group (A)		0.3			124,800		2,398
MTN Group		0.8			415,930		7,514
Sasol		0.6			116,252		5,215
Standard Bank Group		0.6			327,721		5,216
Other Securities		4.2					40,275

							60,618


South Korea — 11.4%
LG Electronics		0.6			64,999		5,478
POSCO		0.7			13,616		6,162
Samsung Electronics		2.7			37,450		25,520
Samsung Engineering		0.4			25,400		3,386
Samsung Fire & Marine Insurance		0.4			21,036		3,597
Shinhan Financial Group		0.7			181,600		6,952
Shinsegae		0.5			8,098		4,268
Other Securities		5.4					51,243

							106,606


Sweden — 0.2%
Other Securities		0.2					1,917


Taiwan — 9.4%
Chinatrust Financial Holding		0.5			7,258,460		4,577
Hon Hai Precision Industry		0.7			1,836,586		6,907
MediaTek		0.5			341,851		4,804
Taiwan Semiconductor Manufacturing		1.2			5,395,524		10,708
Taiwan Semiconductor Manufacturing ADR		0.2			221,526		2,246
Other Securities		6.3					58,758

							88,000


Thailand — 2.3%
Other Securities		2.3					21,330


Turkey — 3.1%
Tupras Turkiye Petrol Rafine		0.4			137,471		3,707
Turk Sise ve Cam Fabrikalari*		0.4			2,071,572		3,695
Turkiye Garanti Bankasi		0.5			756,193		4,391
Other Securities		1.8					17,309

							29,102


United Arab Emirates — 0.0%
Other Securities		0.0					359


United Kingdom — 1.1%
Other Securities		1.1					10,502


Description	Percentage of Net Assets (%)			Shares		Market Value ($ Thousands)


United States — 0.3%
Other Securities		0.3	%			$	3,195

Total Common Stock (Cost $691,835) ($ Thousands)							853,011


PREFERRED STOCK — 5.4%

Brazil — 5.4%
Itau Unibanco Holding ADR		0.7			271,495		6,565
Petroleo Brasileiro, Cl Preference		0.3			169,042		2,732
Petroleo Brasileiro Sponsored ADR, Cl A (A)		0.9			270,691		8,884
Vale ADR, Cl B (A)		0.6			210,855		5,851
Vale, Cl A		0.2			72,031		1,971
Other Securities		2.7					24,436

Total Preferred Stock (Cost $34,206) ($ Thousands)							50,439


EXCHANGE TRADED FUNDS — 0.8%

United States — 0.8%
iShares MSCI Emerging Markets Index Fund		0.7			158,500		7,096
Other Securities		0.1					922

Total Exchange Traded Funds (Cost $7,831) ($ Thousands)							8,018


DEBENTURE BOND — 0.0%

Brazil — 0.0%
Vale, Ser 1997
0.000%, 09/30/49 (B)		0.0			8		—

Total Debenture Bond (Cost $0) ($ Thousands)							—


RIGHTS — 0.0%

Taiwan — 0.0%
Other Securities		0.0					8

Total Rights (Cost $0) ($ Thousands)							8


CASH EQUIVALENT — 0.4%
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.150%†**		0.4			4,006,186		4,006

Total Cash Equivalent (Cost $4,006) ($ Thousands)							4,006


Description	Percentage of Net Assets (%)		Face Amount (1) (Thousands)/ Shares			Market Value ($ Thousands)

TIME DEPOSITS — 1.7%

United States — 1.7%
Brown Brothers Harriman
5.150%, 10/01/09		0.0		ZAR	1,662	$	238
0.100%, 10/01/09		0.0		EUR	45		62
0.060%, 10/01/09		0.0		GBP	23		35
0.030%, 10/01/09		1.6			14,951		14,951
0.010%, 10/01/09		0.1		HKD	4,089		527
0.010%, 10/01/09		0.0		SGD	2		2

Total Time Deposits (Cost $15,815) ($ Thousands)							15,815


AFFILIATED PARTNERSHIP — 7.0%

United States — 7.0%
SEI Liquidity Fund, L.P., 0.230%†** (C)		7.0			66,171,117		65,120

Total Affiliated Partnership (Cost $66,171) ($ Thousands)							65,120

Total Investments — 106.5% (Cost $819,864) ($ Thousands)††						$	996,417

Percentages are based on a Net Assets of $935,583 ($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of September 30, 2010.

†

Affiliated security.

(1)

In U.S. dollars unless otherwise indicated.

(A)

This security or a partial position of this security is on loan at September 30, 2010. The total market value of securities on loan at September 30, 2010 was $64,438 ($ Thousands) (See Note 9).

(B)

Variable Rate Security — The rate reported on the Summary Schedule of Investments is the rate in effect as of September 30, 2010.

(C)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of September 30, 2010 was $65,120 ($ Thousands).

††

ADR — American Depositary Receipt

Cl — Class

EUR — Euro

GBP — British Pound Sterling

GDR — Global Depositary Receipt

HKD — Hong Kong Dollar

L.P. — Limited Partnership

MSCI — Morgan Stanley Capital International

Ser — Series

SGD — Singapore Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2010 in valuing the Fund’s investments carried at value ($ Thousands):

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):

For the period ended September 30, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

LOGO


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)


GLOBAL BONDS — 89.1%

Australia — 1.6%
Other Securities		1.6	%				$	8,246


Austria — 0.3%
Other Securities		0.3						1,545


Belgium — 1.4%
Kingdom of Belgium, Ser 44
5.000%, 03/28/35		0.1				325		542
Kingdom of Belgium, Ser 48
4.000%, 03/28/22		0.6				2,100		3,070
Kingdom of Belgium, Ser 56
3.500%, 03/28/15		0.2				750		1,086
Kingdom of Belgium, Ser 58
3.750%, 09/28/20		0.1				325		467
Other Securities		0.4						1,723

								6,888


Bermuda — 0.0%
Other Securities		0.0						256


Brazil — 0.3%
Other Securities		0.3						1,611


Canada — 4.0%
Export Development Canada MTN
2.375%, 03/19/12		0.2			USD	800		822
Government of Canada
5.750%, 06/01/33		0.3				1,300		1,744
5.000%, 06/01/37		0.6				2,200		2,761
5.000%, 06/01/14		0.9				4,350		4,733
4.500%, 06/01/15		0.3				1,550		1,685
4.000%, 06/01/16		0.5				2,438		2,613
3.750%, 06/01/12		0.3				1,510		1,530
3.500%, 06/01/13		0.2				830		851
Other Securities		0.7						3,656

								20,395


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)		Market Value ($ Thousands)


Chile — 0.1%
Other Securities		0.1	%			$	758


Colombia — 0.1%
Other Securities		0.1					747


Croatia — 0.1%
Other Securities		0.1					459


Czech Republic — 0.1%
Other Securities		0.1					320


Denmark — 0.9%
Other Securities		0.9					4,605


Finland — 0.2%
Other Securities		0.2					885


France — 11.2%
Caisse d’Amortissement de la Dette Sociale MTN
4.500%, 09/04/13		0.8			2,600		3,861
3.250%, 04/25/13		0.2			550		787
EDF
6.500%, 01/26/19 (A)		0.1			250		305
Government of France
5.000%, 10/25/16		0.1			350		558
4.750%, 04/25/35		0.9			2,655		4,529
4.500%, 04/25/41		0.3			875		1,474
4.250%, 04/25/19		0.1			290		449
4.000%, 04/25/13		0.3			1,200		1,758
3.750%, 10/25/19		0.1			325		485
3.750%, 04/25/21		0.7			2,300		3,424
3.500%, 04/25/20		2.5			8,605		12,572
3.000%, 10/25/15		1.5			5,200		7,504
Societe Financement de l’Economie Francaise
2.125%, 01/30/12 (A)		0.5			2,430		2,479
Other Securities		3.1					16,251

							56,436


Germany — 13.5%
Bundesobligation
1.750%, 10/09/15		0.3			1,200		1,659
Bundesobligation, Ser 152
3.500%, 04/12/13		0.1			350		509
Bundesrepublik Deutschland
5.625%, 01/04/28		0.6			1,650		3,104
3.000%, 07/04/20		3.4			11,800		17,215
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/31		0.0			100		190
2.750%, 01/22/15		0.3			1,000		1,651
2.250%, 03/07/14		0.1			370		603


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)

Bundesrepublik Deutschland, Ser 02
5.000%, 01/04/12		0.0	%			125	$	180
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/34		0.5				1,460		2,613
Bundesrepublik Deutschland, Ser 04
3.750%, 01/04/15		1.5				5,100		7,649
Bundesrepublik Deutschland, Ser 05
3.500%, 01/04/16		0.2				700		1,047
Bundesrepublik Deutschland, Ser 06
3.750%, 01/04/17		0.7				2,250		3,425
Bundesrepublik Deutschland, Ser 07
4.250%, 07/04/39		0.0				100		173
Bundesrepublik Deutschland, Ser 08
4.750%, 07/04/40		0.4				1,155		2,158
4.250%, 07/04/18		0.1				125		197
Bundesrepublik Deutschland, Ser 09
3.250%, 01/04/20		0.3				1,115		1,651

Bundesschatzanweisungen
2.250%, 12/10/10		2.5				9,200		12,598
0.500%, 06/15/12		0.2				550		747
Kreditanstalt fuer Wiederaufbau
5.375%, 01/29/14		0.3			GBP	950		1,680
4.375%, 10/11/13		0.3				1,050		1,556
3.875%, 01/21/19		0.3				1,075		1,615
3.375%, 08/30/17		0.1			CHF	370		431
Landwirtschaftliche Rentenbank
3.250%, 03/12/14		0.2				550		792
Other Securities		1.1						4,668

								68,111


Ireland — 1.2%
Government of Ireland
5.000%, 10/18/20		0.6				2,500		2,998
Other Securities		0.6						3,162

								6,160


Italy — 4.0%
Italy Buoni Poliennali Del Tesoro
5.000%, 09/01/40		0.4				1,475		2,095
4.500%, 03/01/19		0.1				225		326
4.250%, 09/01/19		0.4				1,400		1,993
4.250%, 10/15/12		0.4				1,360		1,938
4.250%, 02/01/15		0.5				1,750		2,541


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)		Market Value ($ Thousands)

4.000%, 09/01/20		1.2	%		4,480	$	6,209
3.500%, 06/01/14		0.3			1,100		1,550
Other Securities		0.7					3,510

							20,162


Japan — 17.1%
Government of Japan 10 Year Bond, Ser 286
1.800%, 06/20/17		0.1			46,100		602
Government of Japan 10 Year Bond, Ser 288
1.700%, 09/20/17		3.2			1,232,950		16,028
Government of Japan 10 Year Bond, Ser 296
1.500%, 09/20/18		0.5			202,500		2,593
Government of Japan 10 Year Bond, Ser 298
1.300%, 12/20/18		1.6			642,700		8,095
Government of Japan 10 Year Bond, Ser 301
1.500%, 06/20/19		0.6			235,300		2,999
Government of Japan 10 Year Bond, Ser 308
1.300%, 06/20/20		1.5			605,000		7,517
Government of Japan 20 Year Bond, Ser 109
1.900%, 03/20/29		0.6			256,000		3,192
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/29		1.8			710,000		9,126
Government of Japan 20 Year Bond, Ser 120
1.600%, 06/20/30		0.0			19,050		224
Government of Japan 20 Year Bond, Ser 48
2.500%, 12/21/20		0.8			289,450		3,974
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/27		1.8			704,650		9,113

Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/38		0.3			103,250		1,390
Government of Japan 5 Year Bond, Ser 63
1.200%, 03/20/12		1.5			634,350		7,711
Government of Japan 5 Year Bond, Ser 79
0.700%, 12/20/13		1.8			758,650		9,237
Government of Japan CPI Linked Bond, Ser 10
1.100%, 12/10/16		0.7			276,000		3,286
Other Securities		0.3					1,151

							86,238


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)


Jersey — 0.1%
Other Securities		0.1	%				$	353


Malaysia — 0.2%
Other Securities		0.2						797


Mexico — 0.3%
Other Securities		0.3						1,500


Netherlands — 5.6%
ABN Amro Bank MTN
3.750%, 07/15/14		0.2				750		1,083
0.725%, 01/17/17 (B)		0.2			USD	950		821
Government of Netherlands
4.500%, 07/15/17		0.5				1,500		2,356
4.000%, 07/15/16		0.5				1,700		2,590
4.000%, 07/15/18		0.4				1,355		2,078
4.000%, 01/15/37		0.1				200		324
3.500%, 07/15/20		0.1				360		533
3.250%, 07/15/15		0.2				520		762
Other Securities		3.4						17,783

								28,330


New Zealand — 0.5%
Other Securities		0.5						2,280


Norway — 0.6%
Other Securities		0.6						3,208


Poland — 0.5%
Other Securities		0.5						2,457


Portugal — 0.1%
Other Securities		0.1						578


Russia — 0.4%
Other Securities		0.4						2,149


Singapore — 0.7%
Government of Singapore
4.000%, 09/01/18		0.5				2,645		2,350
Other Securities		0.2						1,061

								3,411


South Africa — 0.2%
Other Securities		0.2						805


Spain — 1.8%
Government of Spain
4.750%, 07/30/14		0.3				925		1,351
4.700%, 07/30/41		0.2				665		864
4.600%, 07/30/19		0.1				485		691
4.000%, 04/30/20		0.5				1,950		2,648
3.300%, 10/31/14		0.1				475		657


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)

Instituto de Credito Oficial
2.375%, 03/04/13 (A)		0.0	%		USD	200	$	199
Other Securities		0.6						2,863

								9,273


Supra-National — 1.0%
European Investment Bank MTN
3.500%, 04/15/16		0.6			EUR	1,975		2,895
Other Securities		0.4						2,199

								5,094


Sweden — 2.0%
Kingdom of Sweden, Ser 1041
6.750%, 05/05/14		0.4				11,895		2,066
Kingdom of Sweden, Ser 1049
4.500%, 08/12/15		0.8				23,950		3,956
Kingdom of Sweden, Ser 1052
4.250%, 03/12/19		0.1				2,000		337
Other Securities		0.7						3,597

								9,956


Switzerland — 1.2%
Other Securities		1.2						6,044


United Kingdom — 11.4%
Barclays Bank MTN
14.000%, 06/15/19 (B)		0.0				100		197
6.750%, 05/22/19		0.1			USD	350		416
6.750%, 01/16/23 (B)		0.1				350		590
5.000%, 09/22/16		0.2			USD	705		771
4.500%, 03/04/19 (B)		0.0			EUR	125		174
Barclays Bank, Ser E MTN
4.875%, 12/29/49 (B)		0.0			EUR	200		230
Chester Asset Receivables, Ser A
6.125%, 10/15/10		0.6			EUR	2,160		2,952
EDF Energy Networks EPN MTN
6.000%, 11/12/36		0.1				160		285
Royal Bank of Scotland MTN
6.934%, 04/09/18		0.1			EUR	300		442
5.750%, 05/21/14		0.1			EUR	250		366
United Kingdom Treasury
4.750%, 12/07/38		1.0				2,665		4,819
4.750%, 12/07/30		0.3				800		1,435
4.500%, 03/07/19		1.0				2,700		4,802
4.500%, 12/07/42		0.1				335		584
4.250%, 06/07/32		0.4				1,080		1,814
4.250%, 12/07/49		0.0				85		143
4.250%, 03/07/36		0.1				375		626
4.250%, 09/07/39		0.3				1,025		1,711
4.000%, 03/07/22		0.1				250		422
4.000%, 09/07/16		0.6				1,665		2,904


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)

United Kingdom Treasury, Ser 2002-
5.000%, 09/07/14		0.1	%			240	$	430
Other Securities		6.1						31,393

								57,506


United States — 6.4%
BA Covered Bond Issuer MTN
4.125%, 04/05/12		0.9			EUR	3,100		4,324
Citigroup
5.500%, 04/11/13		0.1				500		536
4.250%, 02/25/30 (B)		0.3			EUR	1,350		1,501
Other Securities		5.1						26,075

								32,436

Total Global Bonds (Cost $419,434) ($ Thousands)								449,999


MORTGAGE-BACKED SECURITIES — 3.6%

Non-Agency Mortgage-Backed Obligation — 3.6%
Citigroup Commercial Mortgage Trust, Ser 2007-C6, Cl A4
5.887%, 06/10/17 (B)		0.2				1,140		1,220
Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4
6.294%, 12/10/49 (B)		0.1				405		435
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4
5.110%, 05/25/35 (B)		0.3				1,467		1,250
Gracechurch Mortgage Financing, Ser 2006-1, Cl C3
1.164%, 11/20/56 (B) (C)		0.1			EUR	250		332
Gracechurch Mortgage Financing, Ser 2007-1X, Cl 3A2
0.994%, 11/20/56 (B)		0.5				1,900		2,551
Other Securities		2.4						12,550

Total Mortgage-Backed Securities (Cost $19,301) ($ Thousands)								18,338


CORPORATE OBLIGATIONS — 2.8%

United States — 2.8%
Citigroup
4.750%, 05/19/15		0.1				240		253
Other Securities		2.7						14,033

Total Corporate Obligations (Cost $13,217) ($ Thousands)								14,286


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)


ASSET-BACKED SECURITIES — 1.8%
Automotive — 0.6%
Other Securities		0.6	%				$	2,706

Credit Card — 0.5%
Citibank Credit Card Issuance Trust, Ser A4, Cl A4
5.375%, 04/11/11		0.5			EUR	1,900		2,631


Mortgage Related Securities — 0.2%
Other Securities		0.2						1,137

Other Asset-Backed Securities — 0.5%
Lambda Finance, Ser 2005-1X, Cl A2
1.139%, 11/15/29 (B) (C)		0.1				366		489
Other Securities		0.4						1,966

								2,455

Total Asset-Backed Securities (Cost $8,567) ($ Thousands)								8,929


U.S. TREASURY OBLIGATIONS — 1.6%
U.S. Treasury Bonds
3.500%, 02/15/39		0.0				75		73
U.S. Treasury Notes
4.500%, 11/15/15		0.3				1,100		1,276
2.000%, 11/30/13		0.9				4,300		4,477
Other Securities		0.4						2,088

Total U.S. Treasury Obligations (Cost $7,666) ($ Thousands)								7,914


TIME DEPOSITS — 1.5%
United States — 1.5%
Brown Brothers Harriman
5.150%, 10/01/09		0.0			ZAR	6		1
3.683%, 10/01/09		0.0			AUD	28		27
2.200%, 10/01/09		0.0			NZD	3		3
1.100%, 10/01/09		0.0			NOK	1		—
0.229%, 10/01/09		0.0			CAD	56		54
0.100%, 10/01/09		0.1			EUR	304		415
0.100%, 10/01/09		0.0			SEK	2		—
0.060%, 10/01/09		0.0			GBP	113		178
0.050%, 10/01/09		0.0			DKK	21		4
0.030%, 10/01/09		1.4				6,795		6,795
0.010%, 10/01/09		0.0			HKD	2		—
0.010%, 10/01/09		0.0			JPY	4,069		49

Total Time Deposits (Cost $7,526) ($ Thousands)								7,526

Total Investments — 100.4% (Cost $475,711) ($ Thousands)††							$	506,992

A summary of the outstanding forward foreign currency contracts held by the Fund at September 30, 2010, is as follows:


Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($Thousands)
10/1/10		USD	869		COP	1,565,764	$	—
10/1/10-10/29/10		COP	2,348,645		USD	1,297		(7	)
10/4/10		USD	221		BRL	377		2
10/4/10-11/3/10		BRL	754		USD	433		(11	)
10/5/10		USD	5,835		PLN	17,050		20
10/5/10-12/15/10		CAD	27,236		USD	26,215		(309	)
10/5/10-12/15/10		EUR	303,407		USD	395,248		(18,841	)
10/5/10-12/15/10		GBP	51,518		USD	80,335		(820	)
10/5/10-12/15/10		JPY	10,183,126		USD	121,773		(196	)
10/5/10-12/15/10		MXN	27,899		USD	2,157		(63	)
10/5/10-12/15/10		NOK	20,676		USD	3,388		(132	)
10/5/10-12/15/10		PLN	23,405		USD	7,484		(547	)
10/5/10-12/15/10		SEK	56,806		USD	7,802		(632	)
10/5/10-12/15/10		USD	10,141		CAD	10,662		243
10/5/10-12/15/10		USD	155,147		EUR	114,529		1,200
10/5/10-12/15/10		USD	27,771		GBP	17,649		38
10/5/10-12/15/10		USD	31,156		JPY	2,603,932		17
10/5/10-12/15/10		USD	842		MXN	10,584		2
10/5/10-12/15/10		USD	5,282		NOK	32,545		261
10/5/10-12/15/10		USD	3,758		SEK	27,124		269
10/8/10		CHF	1,639		EUR	1,257		39
10/8/10		EUR	2,532		CHF	3,282		(98	)
10/8/10-12/15/10		CHF	13,263		USD	13,445		(143	)
10/8/10-12/15/10		DKK	12,260		USD	2,121		(125	)
10/20/10		NOK	9,707		SEK	11,344		29
10/26/10-12/15/10		AUD	19,405		USD	17,999		(643	)
10/26/10-12/15/10		USD	16,849		AUD	18,095		547
11/18/10-12/15/10		USD	3,642		KRW	4,182,857		34
12/1/10		CHF	26,410		NOK	163,677		813
12/1/10		GBP	12,172		EUR	14,870		1,119
12/1/10		GBP	7,060		JPY	935,408		88
12/1/10		NOK	161,144		CHF	26,410		(382	)
12/2/10-12/15/10		NZD	5,853		USD	4,266		(14	)
12/15/10		CZK	5,583		USD	287		(24	)
12/15/10		MYR	1,001		USD	321		(2	)
12/15/10		SGD	4,699		USD	3,508		(66	)
12/15/10		USD	299		CHF	300		9
12/15/10		USD	2,089		NZD	2,869		8
12/15/10		USD	645		SGD	860		9
12/15/10		ZAR	4,016		USD	545		(25	)

							$	(18,333	)

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at September 30, 2010, is as follows:


Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America	$	(66,706	)	$	65,680	$	(1,026	)
Barclays PLC		(113,856	)		111,871		(1,985	)
BNP Paribas		(85,772	)		81,277		(4,495	)
Brown Brothers Harriman		(14,261	)		13,385		(876	)
Citigroup		(67,914	)		67,324		(590	)
Credit Suisse First Boston		(49,249	)		48,571		(678	)
Deutsche Bank		(142,037	)		133,014		(9,023	)
Goldman Sachs		(31,793	)		32,960		1,167
HSBC		(5,256	)		5,485		229
JPMorgan Chase Bank		(326,368	)		325,674		(694	)
Morgan Stanley		(13,090	)		12,667		(423	)
National Australia Bank		(10,628	)		11,255		627
Northern Trust		(295	)		296		1
RBC Capital		(329	)		326		(3	)
Royal Bank of Scotland		(3,855	)		3,842		(13	)
SEB		(54,498	)		54,930		432
Standard Bank		(1,240	)		1,266		26
State Street		(50,620	)		50,663		43
UBS		(18,620	)		18,168		(452	)
Westpac Banking		(10,960	)		10,360		(600	)

						$	(18,333	)

A summary of the open futures contracts held by the Fund at September 30, 2010, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Australian 10-Year Bond		(15	)		Dec-2010	$	(9	)
Australian 3-Year Bond		8			Dec-2010		(1	)
Canadian 10-Year Treasury Note		11			Dec-2010		9
Euro-Bobl		(3	)		Dec-2010		1
Euro-Bund 10-Year Bond		(10	)		Dec-2010		—
Euro-Buxl 30 Year Bond		(5	)		Dec-2010		(20	)
Euro-Schatz		71			Dec-2010		(31	)
Japanese 10-Year Bond		5			Dec-2010		112
Long Gilt 10-Year Bond		27			Dec-2010		18
U.S. 10-Year Treasury Note		(104	)		Dec-2010		(169	)
U.S. 2-Year Treasury Note		(65	)		Dec-2010		(25	)
U.S. 5-Year Treasury Note		(112	)		Dec-2010		(43	)
U.S. Long Treasury Bond		(13	)		Dec-2010		(13	)
U.S. Long Treasury Bond		28			Dec-2010		56
U.S. Ultra Long Treasury Bond		2			Dec-2010		1

						$	(114	)

For the year ended September 30, 2010, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

A summary of outstanding swap agreements held by the Fund at September 30, 2010, is as follows:

Percentages are based on a Net Assets of $505,081 ($ Thousands).

(1)

In local currency unless otherwise indicated

(A)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

(B)

Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2010.

(C)

Securities considered illiquid. The total market value of such securities as of September 30, 2010 was $7,504 ($ Thousands) and represented 1.5% of Net Assets (Unaudited in regards to illiquid status).

††

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

COP —Colombian Peso

CPI — Consumer Price Index

CZK — Czech Koruna

DKK — Danish Krone

EURIBOR — Euro London Interbank Offered Rate

EUR — Euro

GBP — British Pound Sterling

HKD — Hong Kong Dollar

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLN — Polish Zloty

SEK — Swedish Krona

Ser — Series

SGD — Singapore Dollars

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2010 in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	449,994	$	5	$	449,999
Mortgage-Backed Securities		—		18,338		—		18,338
Corporate Obligations		—		14,286		—		14,286
Asset-Backed Securities		—		8,929		—		8,929
U.S. Treasury Obligations		—		7,914		—		7,914
Time Deposits		—		7,526		—		7,526

Total Investments in Securities	$	—	$	506,987	$	5	$	506,992


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Future Contracts*	$	(114	)	$	—	$	—	$	(114	)
Forwards Contracts		(18,333	)		—		—		(18,333	)
Credit Default Swap		—			43		—		43
Interest Rate Swaps		—			1,223		—		1,223

Total Other Financial Instruments	$	(18,447	)	$	1,266	$	—	$	(17,181	)

Future contracts and forward contracts are valued at the net unrealized appreciation/(depreciation) on the instrument.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):


	Global Bonds
Beginning balance as of October 1, 2009	$	5
Accrued discounts/premiums		—
Realized gain/(loss)		(10	)
Change in unrealized appreciation/(depreciation)		10
Net purchases/sales		—
Net transfer in and/or out of Level 3		—

Ending balance as of September 30, 2010	$	5

For the period ended September 30, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

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

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

LOGO


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)


GLOBAL BONDS — 90.8%

Argentina — 3.6%
Republic of Argentina
8.750%, 06/02/17		0.2	%			2,311	$	2,230
8.280%, 12/31/33 (A)		0.2				2,383		1,924
8.280%, 12/31/33		0.5				5,024		4,177
7.820%, 12/31/33 (A)		0.4			EUR	4,219		4,118
7.820%, 12/31/33		0.3			EUR	3,166		3,058
7.820%, 12/31/33		0.2			EUR	2,115		2,043
7.000%, 10/03/15		0.4				4,414		3,887
7.000%, 09/12/13		0.2				2,011		1,886
5.830%, 12/31/33 (A)		0.1			ARS	1,504		588
3.117%, 12/15/35 (A)		0.2				11,360		1,357
2.500%, 03/31/19 (B)		0.2				5,390		2,188
0.000%, 08/03/12 (A)		0.2				6,355		1,446
Other Securities		0.5						4,654

								33,556


Bahrain — 0.1%
Other Securities		0.1						1,273


Barbados — 0.5%
Other Securities		0.5						4,219


Belize — 0.0%
Other Securities		0.0						346


Bosnia and Herzegovina — 0.1%
Other Securities		0.1						1,123


Brazil — 9.0%
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/19 (C)		0.2				1,875		2,163
5.500%, 07/12/20 (C)		0.1				500		539
Federal Republic of Brazil
11.000%, 08/17/40		0.8				5,444		7,540
10.125%, 05/15/27		0.5				2,955		4,758


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)

10.000%, 01/01/21		0.1	%			2,530	$	1,336
8.875%, 04/15/24		0.4				2,370		3,478
8.750%, 02/04/25		0.1				598		877
8.250%, 01/20/34		0.6				4,060		5,907
7.125%, 01/20/37		0.2				1,735		2,282
6.000%, 01/17/17		0.4				2,863		3,335
5.875%, 01/15/19		0.4				3,567		4,182
5.625%, 01/07/41		0.1				1,250		1,372
4.875%, 01/22/21		0.0				200		220
Nota Do Tesouro Nacional
10.000%, 01/01/14		1.1			BRL	18,260		10,235
10.000%, 01/01/17		0.4			BRL	7,200		3,922
10.000%, 01/01/21		1.0			BRL	17,840		9,402
6.000%, 05/15/15		0.7			BRL	5,500		6,149
6.000%, 08/15/20		0.2			BRL	1,600		1,895
Other Securities		1.7						14,632

								84,224


Chile — 0.7%
Other Securities		0.7						6,671


China — 0.2%
Other Securities		0.2						1,407


Colombia — 4.2%
Bogota Distrio Capital
9.750%, 07/26/28 (C)		0.8			COP	9,020,000		6,991
Ecopetrol
7.625%, 07/23/19 (C)		0.1				500		605
Republic of Colombia
11.750%, 02/25/20		0.3				1,895		2,975
10.375%, 01/28/33		0.0				150		241
8.125%, 05/21/24		0.3				2,200		2,954
7.375%, 09/18/37		1.5				10,250		13,504
7.375%, 03/18/19		0.5				3,720		4,706
7.375%, 01/27/17		0.5				4,057		5,000
6.125%, 01/18/41		0.2				1,675		1,918

								38,894


Croatia — 0.8%
Government of Croatia
6.625%, 07/14/20 (C) (D)		0.5				4,718		5,101
Other Securities		0.3						2,710

								7,811


Czech Republic — 0.1%
Other Securities		0.1						608


Dominican Republic — 0.1%
Other Securities		0.1						1,239


Ecuador — 0.1%
Other Securities		0.1						501


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)


Egypt — 0.3%
Other Securities		0.3	%				$	2,646


El Salvador — 0.9%
Republic of El Salvador
7.650%, 06/15/35		0.5				4,386		4,770
Other Securities		0.4						3,304

								8,074


Georgia — 0.4%
Other Securities		0.4						3,804


Germany — 0.1%
Other Securities		0.1						1,188


Ghana — 0.2%
Other Securities		0.2						1,486


Hong Kong — 0.5%
Other Securities		0.5						4,651


Hungary — 0.2%
Other Securities		0.2						1,615


India — 0.1%
Other Securities		0.1						980


Indonesia — 6.2%
Indosat Palapa
7.375%, 07/29/20 (C)		0.2				1,552		1,711
Majapahit Holding
8.000%, 08/07/19		0.0				150		182
8.000%, 08/07/19 (C)		0.1				650		786
7.875%, 06/29/37 (C) (E)		0.0				355		440
7.750%, 10/17/16		0.1				750		874
7.750%, 01/20/20		0.0				150		179
7.750%, 01/20/20 (C)		0.0				450		540
7.250%, 10/17/11		0.1				650		683
Republic of Indonesia
12.800%, 06/17/21		0.3			IDR	15,584,000		2,388
11.625%, 03/04/19		0.7				4,070		6,309
11.625%, 03/04/19 (C)		0.3				2,125		3,294
11.500%, 09/15/19		0.1			IDR	6,300,000		882
11.000%, 11/15/20		0.2			IDR	14,300,000		1,987
10.375%, 05/04/14		0.2				1,500		1,896
9.500%, 06/15/15		0.4			IDR	28,945,000		3,546
8.500%, 10/12/35		0.5				3,250		4,737
8.500%, 10/12/35		0.1				550		802
7.750%, 01/17/38		1.3				8,579		11,732
7.750%, 01/17/38 (C)		0.0				300		411
7.750%, 01/17/38		0.0				300		410
7.500%, 01/15/16		0.1				650		791
7.250%, 04/20/15		0.0				130		154
6.875%, 01/17/18		0.3				2,100		2,536


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)

6.875%, 01/17/18 (C)		0.2	%			1,400	$	1,690
6.875%, 03/09/17		0.2				1,289		1,557
6.750%, 03/10/14 (C)		0.1				550		624
6.750%, 03/10/14		0.1				950		1,078
6.625%, 02/17/37		0.3				2,100		2,550
5.875%, 03/13/20 (C)		0.2				1,774		2,047
Other Securities		0.1						1,291

								58,107


Iraq — 1.2%
Republic of Iraq
5.800%, 01/15/28		1.2				12,919		11,110


Ivory Coast — 0.2%
Other Securities		0.2						1,839


Jamaica — 0.3%
Other Securities		0.3						2,727


Kazakhstan — 3.8%
BTA Bank JSC
10.750%, 01/01/13 (B) (C)		0.1				744		857
0.000%, 07/01/20 (A) (C)		0.0				3,491		222
Kazkommerts International
8.700%, 04/07/14 (A)		0.1				1,300		1,137
8.500%, 04/16/13		0.2				1,650		1,621
8.000%, 11/03/15		0.2				1,900		1,781
7.875%, 04/07/14		0.1				750		712
7.500%, 11/29/16 (E)		0.3				3,050		2,718
6.875%, 02/13/17		0.1			EUR	450		554
6.250%, 05/20/15		0.1				923		997
Kazkommertsbank MTN
12.850%, 12/18/12		0.1				600		619
KazMunaiGaz Finance Sub
11.750%, 01/23/15 (C)		0.4				3,023		3,824
11.750%, 01/23/15		0.0				350		443
9.125%, 07/02/18 (C)		0.4				2,935		3,588
9.125%, 07/02/18		0.4				2,779		3,401
8.375%, 07/02/13		0.4				3,000		3,319
7.000%, 05/05/20		0.0				150		165
7.000%, 05/05/20 (C)		0.3				2,514		2,772
Republic of Kazakhstan
6.375%, 10/06/20		0.1				1,070		1,070
Other Securities		0.5						5,430

								35,230


Lebanon — 0.0%
Other Securities		0.0						120


Lithuania — 0.8%
Other Securities		0.8						6,974


Malaysia — 3.2%
Government of Malaysia
3.835%, 08/12/15		0.4			MYR	10,610		3,526


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)

3.741%, 02/27/15		0.4	%		MYR	10,560	$	3,489
Malaysia Sukuk Global
3.928%, 06/04/15 (C)		0.1				400		423
Petroliam Nasional
7.625%, 10/15/26		0.1				925		1,253
Petronas Capital
7.875%, 05/22/22		1.1				7,405		10,101
5.250%, 08/12/19		0.0				350		391
5.250%, 08/12/19 (C)		1.1				8,945		9,991
Other Securities		0.0						340

								29,514


Mexico — 9.2%
Mexican Bonos, Ser M10
8.000%, 12/17/15		0.5			MXN	55,070		4,843
7.250%, 12/15/16		0.1			MXN	10,700		916
Mexican Bonos, Ser M20
10.000%, 12/05/24		0.4			MXN	36,900		3,918
Mexican Bonos, Ser MI10
9.500%, 12/18/14		0.1			MXN	10,161		934
Mexican Bonos
8.500%, 12/13/18		0.5			MXN	49,400		4,563
8.000%, 06/11/20		0.2			MXN	21,570		1,951
NII Capital
10.000%, 08/15/16		0.5				4,259		4,845
Pemex Finance
9.150%, 11/15/18		0.2				1,595		2,118
Pemex Project Funding Master Trust
6.625%, 06/15/35		0.0				450		492
5.750%, 03/01/18		0.2				1,505		1,649
Petroleos Mexicanos
8.000%, 05/03/19		0.1				850		1,054
6.625%, 06/15/35 (C)		0.2				2,096		2,290
6.000%, 03/05/20 (C)		0.0				450		497
5.500%, 01/21/21		0.0				450		479
United Mexican States
8.300%, 08/15/31		1.5				9,574		13,667
8.125%, 12/30/19		0.1				550		744
6.625%, 03/03/15		0.2				1,650		1,939
6.050%, 01/11/40		0.3				2,290		2,633
5.950%, 03/19/19		0.2				1,300		1,526
5.625%, 01/15/17		1.2				9,596		10,978
5.125%, 01/15/20		0.1				750		838
United Mexican States, Ser A MTN
8.000%, 09/24/22		0.9				5,963		8,229
6.750%, 09/27/34		0.3				2,648		3,290
Other Securities		1.4						11,640

								86,033


Nigeria — 0.1%
Other Securities		0.1						1,235


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)


Oman — 0.1%
Other Securities		0.1	%				$	450


Pakistan — 0.5%
Other Securities		0.5						4,491


Panama — 2.1%
Republic of Panama
9.375%, 01/16/23		0.1				560		778
9.375%, 04/01/29		1.0				6,038		9,147
8.875%, 09/30/27		0.1				700		1,017
8.125%, 04/28/34		0.1				820		1,103
7.250%, 03/15/15		0.2				1,573		1,880
6.700%, 01/26/36		0.5				4,161		5,108
5.200%, 01/30/20		0.1				444		494

								19,527


Peru — 2.6%
Republic of Peru
8.750%, 11/21/33		1.0				6,321		9,403
8.375%, 05/03/16		0.1				600		759
7.350%, 07/21/25		1.0				6,845		8,881
7.125%, 03/30/19		0.2				1,293		1,619
6.550%, 03/14/37		0.0				345		418
Other Securities		0.3						3,010

								24,090


Philippines — 5.1%
Republic of the Philippines
10.625%, 03/16/25		0.7				3,835		6,174
9.500%, 02/02/30		0.5				2,950		4,525
8.875%, 03/17/15		0.0				300		383
8.375%, 06/17/19		0.3				1,945		2,594
8.250%, 01/15/14		0.1				450		539
8.000%, 01/15/16		0.4				2,950		3,732
7.750%, 01/14/31		0.8				5,723		7,612
7.500%, 09/25/24		1.6				11,209		14,684
6.375%, 10/23/34		0.4				3,518		4,098
4.000%, 01/15/21		0.0				300		298
Other Securities		0.3						2,885

								47,524


Poland — 2.0%
Republic of Poland
6.375%, 07/15/19		1.1				8,860		10,439
Republic of Poland, Ser 0415
5.500%, 04/25/15		0.4			PLN	11,360		3,951
Republic of Poland, Ser 1019
5.500%, 10/25/19		0.3			PLN	6,420		2,216
Other Securities		0.2						1,979

								18,585


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)


Qatar — 1.3%
Government of Qatar
9.750%, 06/15/30		0.1	%			425	$	674
6.400%, 01/20/40 (C)		0.1				710		845
5.250%, 01/20/20 (C)		0.5				4,450		4,895
Qtel International Finance
7.875%, 06/10/19		0.3				2,300		2,783
6.500%, 06/10/14 (C)		0.0				350		393
Other Securities		0.3						2,310

								11,900


Russia — 8.1%
Gaz Capital
8.625%, 04/28/34		0.2				1,215		1,543
6.510%, 03/07/22 (C)		0.1				636		677
RSHB Capital
9.000%, 06/11/14		0.1				750		862
7.750%, 05/29/18		0.1				650		731
7.175%, 05/16/13		0.0				100		108
6.299%, 05/15/17		0.0				100		104
Russian Federal Bond — OFZ MTN
11.200%, 12/17/14		0.2			RUB	42,300		1,616
10.550%, 07/08/11		0.2			RUB	49,500		1,698
Russian Federation Registered
12.750%, 06/24/28		0.7				3,410		6,206
7.500%, 03/31/30 (B)		3.9				30,762		36,736
Russian Foreign Bond — Eurobond
5.000%, 04/29/20 (C)		0.2				1,700		1,771
3.625%, 04/29/15		0.0				300		302
RZD Capital MTN
5.739%, 04/03/17		0.0				400		421
Vnesheconombank Via VEB Finance
6.902%, 07/09/20 (C)		0.4				3,185		3,483
VTB Capital
6.875%, 05/29/18		0.6				4,850		5,123
6.609%, 10/31/12 (C)		0.2				1,300		1,373
6.250%, 06/30/35		0.0				381		391
Other Securities		1.2						12,172

								75,317


Saudi Arabia — 0.1%
Other Securities		0.1						1,216


Singapore — 0.3%
Other Securities		0.3						3,102


South Africa — 1.8%
Republic of South Africa
8.500%, 06/23/17		0.1				860		1,101
6.875%, 05/27/19		0.3				2,177		2,661


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)		Market Value ($ Thousands)

6.500%, 06/02/14		0.3	%		2,195	$	2,497
5.875%, 05/30/22		0.3			2,300		2,645
5.500%, 03/09/20		0.2			1,550		1,732
Other Securities		0.6					6,205

							16,841


South Korea — 0.3%
Other Securities		0.3					2,769


Sri Lanka — 0.1%
Other Securities		0.1					845


Supra-National — 0.1%
Other Securities		0.1					904


Thailand — 0.2%
Other Securities		0.2					1,950


Trinidad & Tobago — 0.4%
Other Securities		0.4					3,958


Tunisia — 0.3%
Other Securities		0.3					2,744


Turkey — 4.5%
Republic of Turkey
11.875%, 01/15/30		0.2			1,150		2,033
9.500%, 01/15/14		0.1			500		605
8.000%, 02/14/34		0.3			2,050		2,675
7.500%, 07/14/17		0.1			1,000		1,213
7.500%, 11/07/19		0.5			3,630		4,465
7.375%, 02/05/25		0.4			2,820		3,469
7.250%, 03/15/15		0.1			850		997
7.250%, 03/05/38		0.4			2,840		3,401
7.000%, 03/11/19		0.1			650		773
7.000%, 09/26/16		0.1			1,138		1,343
7.000%, 06/05/20		0.1			570		683
6.875%, 03/17/36		0.6			4,870		5,661
6.750%, 05/30/40		0.7			5,683		6,479
6.750%, 04/03/18		0.4			3,350		3,919
5.625%, 03/30/21		0.2			2,000		2,180
Other Securities		0.2					1,882

							41,778


Ukraine — 4.0%
Biz Finance for Ukreximbank
8.375%, 04/27/15		0.1			1,250		1,280
Credit Suisse First Boston International for CJSC The EXIM of Ukraine
8.000%, 11/06/15 (E)		0.1			750		675
7.650%, 09/07/11 (E)		0.0			500		508
6.800%, 10/04/12		0.1			750		746
Government of Ukraine
7.750%, 09/23/20 (C)		0.1			790		793


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)			Market Value ($ Thousands)

7.650%, 06/11/13		0.3	%			2,420	$	2,511
7.650%, 06/11/13		0.0				250		259
6.875%, 09/23/15 (C)		0.3				3,301		3,309
6.750%, 11/14/17		0.1				850		831
6.580%, 11/21/16		0.2				1,500		1,465
6.580%, 11/21/16 (C)		0.2				1,940		1,891
3.200%, 12/19/10 (C)		0.8			JPY	660,000		7,843
NAK Naftogaz Ukraine
9.500%, 09/30/14		1.0				8,573		9,286
Other Securities		0.7						6,168

								37,565


United Arab Emirates — 2.3%
Jafz Sukuk
3.741%, 11/27/12 (A)		0.6			AED	22,400		5,295
Other Securities		1.7						16,364

								21,659


Uruguay — 2.6%
Republic of Uruguay PIK
7.875%, 01/15/33		0.4				2,800		3,674
Republic of Uruguay
9.250%, 05/17/17		0.4				3,075		4,059
8.000%, 11/18/22		1.5				10,604		13,626
7.625%, 03/21/36		0.3				2,095		2,703
6.875%, 09/28/25		0.0				401		482

								24,544


Venezuela — 4.7%
Government of Venezuela
13.625%, 08/15/18		0.2				2,100		1,974
13.625%, 08/15/18		0.0				144		135
10.750%, 09/19/13		0.0				400		377
9.375%, 01/13/34		0.2				2,230		1,516
9.250%, 05/07/28		0.3				3,665		2,483
9.250%, 09/15/27		0.3				3,720		2,725
9.000%, 05/07/23		0.6				8,806		6,032
8.500%, 10/08/14		0.6				7,236		6,078
8.250%, 10/13/24		0.3				4,155		2,699
7.750%, 10/13/19		0.1				2,075		1,395
7.650%, 04/21/25		0.3				4,170		2,544
7.000%, 03/31/38		0.0				100		57
7.000%, 12/01/18		0.0				230		152
6.000%, 12/09/20		0.1				1,130		664
5.750%, 02/26/16		0.1				1,363		946
Petroleos de Venezuela
5.500%, 04/12/37		0.2				3,400		1,564
5.375%, 04/12/27		0.6				11,279		5,442
5.250%, 04/12/17		0.6				8,915		5,171
5.000%, 10/28/15		0.1				1,500		863
4.900%, 10/28/14		0.1				1,475		949

								43,766


Description	Percentage of Net Assets (%)			Face Amount (1) (Thousands)/Shares		Market Value ($ Thousands)


Vietnam — 0.1%
Other Securities		0.1	%			$	1,318

Total Global Bonds (Cost $744,776) ($ Thousands)							846,048


LOAN PARTICIPATIONS — 2.5%

Angola — 0.2%
Other Securities		0.2					1,490


Cambodia — 0.2%
Other Securities		0.2					1,943


Georgia — 0.0%
Other Securities		0.0					227


Indonesia — 0.4%
Other Securities		0.4					3,729


Mexico — 0.2%
Other Securities		0.2					2,406


Russia — 0.2
Other Securities		0.2					1,836


Singapore — 1.3%
Connect International PIK
0.000%, 08/31/11 (E) (F)		1.0			9,161		8,943
Other Securities		0.3					3,193

							12,136

Total Loan Participations (Cost $25,955) ($ Thousands)							23,767


CONVERTIBLE BONDS — 0.8%
Other Securities		0.8					7,785

Total Convertible Bonds (Cost $7,190) ($ Thousands)							7,785


WARRANTS — 0.0%

Russia — 0.0%
Other Securities		0.0					—

Total Warrants (Cost $78) ($ Thousands)							—


AFFILIATED PARTNERSHIP — 0.2%

United States — 0.2%
SEI Liquidity Fund, L.P.,
0.230% †* (G)		0.2			2,136,503		1,885

Total Affiliated Partnership (Cost $2,137) ($ Thousands)							1,885


Description	Percentage of Net Assets (%)		Face Amount (1) (Thousands)			Market Value ($ Thousands)

TIME DEPOSITS — 4.8%

United States — 4.8%
Brown Brothers Harriman
0.100%, 10/01/09		0.0		EUR	144	$	197
0.030%, 10/01/09		4.8			44,262		44,262

Total Time Deposits (Cost $44,459) ($ Thousands)							44,459

Total Investments — 99.1% (Cost $824,595) ($ Thousands)††						$	923,944

A summary of the outstanding forward foreign currency contracts held by the Fund at September 30, 2010, is as follows:


Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($Thousands)
10/1/10		USD	7,835		JPY	656,287	$	21
10/1/10-10/13/10		INR	37,002		USD	796		(26	)
10/1/10-10/25/10		USD	9,353		EUR	6,985		183
10/1/10-10/29/10		EUR	21,519		USD	28,396		(977	)
10/1/10-10/29/10		JPY	1,316,784		USD	15,689		(77	)
10/1/10-12/1/10		USD	6,477		INR	304,179		275
10/4/10		USD	3,340		BRL	5,699		24
10/4/10-11/3/10		BRL	11,398		USD	6,662		(46	)
10/12/10		KRW	6,720,924		USD	5,718		(178	)
10/12/10		USD	5,598		KRW	6,720,924		298
10/13/10		MXN	21,388		USD	1,635		(71	)
10/13/10		USD	1,671		MXN	21,388		35
10/25/10		PLN	17,376		USD	5,770		(190	)
11/23/10		RUB	23,647		USD	759		(12	)
11/23/10		USD	764		RUB	23,647		7
11/23/10-5/20/11		CNY	33,465		USD	4,965		(61	)
11/23/10-8/9/11		USD	8,262		CNY	55,247		88

							$	(707	)

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at September 30, 2010, is as follows:


Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Barclays PLC	$	(3,828	)	$	3,714	$	(114	)
Citigroup		(14,054	)		14,090		36
Goldman Sachs		(2,244	)		2,312		68
HSBC		(33,812	)		33,753		(59	)
JPMorgan Chase Bank		(51,296	)		50,884		(412	)
Morgan Stanley		(5,960	)		5,770		(190	)
Royal Bank of Canada		(3,364	)		3,340		(24	)
UBS		(771	)		759		(12	)

						$	(707	)

A summary of the open futures contracts held by the Fund at September 30, 2010, is as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Unrealized Depreciation ($ Thousands)
U.S. Ultra Long Treasury Bond		10		Dec-2010	$	(3	)

A summary of outstanding swap agreements held by the fund at September 30, 2010, is as follows:

The following is a summary of the inputs used as of September 30, 2010 in valuing the Fund’s investments carried at value ($ Thousands):

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):

For the period ended September 30, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

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 operations of the Trust commenced on December 20, 1989.

The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with five funds: International Equity Fund, Tax-Managed International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (together the “Funds”). The Trust’s prospectuses provide a description of each Fund’s investment objective, and strategies. The Trust is registered to offer Class A shares of each of the Funds, Class G shares of the International Equity, Emerging Markets Equity and Emerging Markets Debt Funds, and Class I shares of the International Equity Fund.

As of September 30, 2010, the Tax-Managed International Equity Fund and the Class G shares had not yet commenced operations.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Use of Estimates — The preparation of financial statements, in conformity with U.S. generally accepted accounting principles (“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 are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. 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. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Trust’s Board of Trustees (the “Board”). The Trust’s Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; or 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.

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. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the adviser or sub-adviser of a Fund 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 Fund calculates net asset value, it may request that a Committee meeting be called. In addition, the Fund’s administrator monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the administrator, the administrator notifies the adviser or sub-adviser for any Fund holding the relevant securities that such limits have been exceeded. In such event, the adviser or sub-adviser makes the determination whether a Committee Meeting should be called based on the information provided.

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 GAAP, Fair Value is defined as the price that the Fund would receive upon selling an investment in a timely 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)

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, warrants, swaps and forward contracts. The Fund may use a systematic fair valuation model provided by an independent pricing service to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the NYSE. These are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. For certain collateralized debt obligations, corporate obligations, mortgage backed securities, auction rate preferred securities, loan participations and swaps where

observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

The Fund adopted Financial Accounting Standards Board — Accounting Standards Update “Fair Value Measurements and Disclosures” (the “Update”), effective September 30, 2010. This Update applies to the Fund’s disclosures about transfers in and out of Level 1 and Level 2 of the fair value hierarchy and the reasons for the transfers. Disclosures about the valuation techniques and inputs used to measure fair value for investments that fall in either Level 2 or Level 3 fair value hierarchy are summarized under the Level 2 and Level 3 categories listed above. There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during the period.

The valuation techniques used by the Funds to measure fair value during the year ended September 30, 2010 maximized the use of observable inputs and minimized the use of unobservable inputs. For the year ended September 30, 2010, 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 approximates the effective interest method over the holding period of the security. Amortization of premiums and discounts is included in interest income.

Repurchase Agreements — Securities pledged as collateral for repurchase agreements are held by each Fund’s custodian bank until the repurchase date of the repurchase agreement. The Funds also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until the repurchase date of the repurchase agreement. Provisions of the repurchase agreements and the Trust’s policies require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. If the counterparty defaults and the value of the collateral declines, or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited.

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 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 or Summary Schedule of Investments for details regarding open forward foreign currency contracts as of September 30, 2010, if applicable.

Futures Contracts — The Funds may purchase future 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. In addition, the International Fixed Income Fund and the Emerging Markets Debt Fund may 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 or Summary Schedule of Investments for details regarding open futures contracts as of September 30, 2010, if applicable.

Equity-Linked Warrants — To the extent consistent with its Investment Objective and Strategies, the Funds each may invest in equity-linked warrants. These Funds purchase the equity-linked warrants from a broker, who in turn purchases shares in the local market and issues a call warrant hedged on the underlying holding. If the Fund exercises its call and closes its position, the shares are sold and the warrant redeemed with the proceeds. Each warrant represents one share of the underlying stocks, therefore the price, performance and liquidity of the warrant are all directly linked to the underlying stock. The warrants can be redeemed for 100% of the value of the underlying stock, less transaction costs. In addition to the market risk of the underlying holding, these Funds bear additional counterparty risk to the issuing broker. There is currently no active trading market for equity-linked warrants.

Swap Agreements — A Fund’s investments in swap contracts is mainly used 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. 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. Net payments of interest are recorded as realized gains or losses.

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. See Note 3 for further details.

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 or Summary Schedule of Investments for details regarding open swap contracts as of September 30, 2010, if applicable.

Options Written/Purchased — A Fund may invest in financial options contracts to add return or to hedge their existing portfolio securities, or

securities that the Fund intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. When the Fund writes or purchases an option, 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 written or purchased. Premiums received or paid from purchasing or writing options 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 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 is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has 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 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 could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Schedule of Investments or Summary Schedule of Investments for details regarding open option agreements as of September 30, 2010, if applicable.

Delayed Delivery Transactions — A Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Fund will set aside liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security.

Loan Participations and Brady Bonds — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in U.S. dollar-denominated fixed- and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign

entity and one or more financial institutions (“Lenders”). The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in a Fund having a contractual relationship only with the Lenders, not with the sovereign borrowers. This Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.

Certain debt obligations, customarily referred to as “Brady Bonds,” are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies.

Illiquid Securities — A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of the Funds. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed.

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 some 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.

3. CREDIT DERIVATIVES

A Fund enters into credit default swaps to simulate long and short bond positions that are either unavailable or considered to be less attractively priced in the bond market. A Fund uses these swaps to reduce risk where a Fund has exposure to the issuer, or to take an active long or short position with respect to the likelihood of an event of default. The reference obligation of the swap can be a single issuer, a “basket” of issuers, or an index. The underlying referenced assets are corporate debt, sovereign debt and asset backed securities.

The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event for corporate or sovereign reference obligations means bankruptcy, failure to pay, obligation acceleration, repudiation/moratorium or restructuring. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down.

If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.

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

Certain Funds are party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the counter derivative and foreign exchange contracts, entered into by the Trust on behalf of a Fund and the counterparty.

As of September 30, 2010, the International Fixed Income Fund is the seller (“providing protection”) on a total notional amount of $0.35 million. The notional amounts of the swaps are not recorded in the financial statements. 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 Summary Schedule of Investments or Schedule of Investments and the Statement of Operations. The fair value of derivative instruments as of September 30, 2010 was as follows:

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2010 is as follows:

Amount of realized Gain or (Loss) on Derivatives Recognized in Income ($ Thousands):

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income ($ Thousands):

expense limitations adopted by the Administrator as presented below. In the event that the total annual expenses of a Fund, after reflecting a waiver of all fees by the Administrator, exceed the specific limitation, the Administrator has agreed to bear such excess. Any such waiver is voluntary and may be terminated at any time at the Administrator’s sole discretion. At September 30, 2010, there were no such waivers in each Fund.


	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Class A		1.28	%*†		1.96	%†		1.02	%†		1.36	%†
Class I		1.53	%*†		—			—			—

* The expense cap excludes interest expense on reverse repurchase agreements.

† The expense cap excludes proxy and overdraft fees.

Investment Advisory Agreement — SEI Investments Management Corporation (“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. SIMC has voluntarily agreed to waive a portion of its fee for the International Equity, Emerging Markets Equity and Emerging Markets Debt Funds so that the total annual expenses of each Fund, exclusive of short sale expenses and acquired fund fee expenses, will not exceed certain voluntary expense limitations adopted by SIMC. These waivers may be terminated at any time. For the International Fixed Income Fund, SIMC has contractually agreed to waive fees or reimburse expenses until the later of (i) two years after the effective date of the Expense Limitation Agreement, or (ii) January 31, 2012 in order to keep total annual fund operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes and extraordinary expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.02%.

Accordingly, the advisory fee and contractual or voluntary expense limitations for each Fund are as follows:


	Advisory Fees			Voluntary Expense Limitations			Contractual Expense Limitations
International Equity Fund, Class A		0.505	%		1.280	%		—	%
International Equity Fund, Class I		0.505	%		1.530	%		—	%
Emerging Markets Equity Fund		1.050	%		1.960	%		—	%
International Fixed Income Fund*		0.300	%		—	%		1.020	%
Emerging Markets Debt Fund		0.850	%		1.360	%		—	%

*	Prior to March 1, 2010, the Advisory Fee for the International Fixed Income Fund was 0.150%.

With respect to the International Fixed Income Fund from October 1, 2009 until February 28, 2010, SIMC received an advisory fee of 0.15% of the Fund’s average daily net assets. At a meeting of the International Fixed Income Fund’s shareholders held on February 18, 2010, the shareholders of the Fund approved an increase in the advisory fee paid to SIMC by the Fund. As a result, effective March 1, 2010, SIMC receives an investment advisory fee from the Fund of 0.30%.

As of September 30, 2010, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:

Investment Sub-Adviser

International Equity Fund

Acadian Asset Management LLC

Causeway Capital Management LLC

INTECH Investment Management LLC

Neuberger Berman Management LLC

Quantitative Management Associates LLC

Schroder Investment Management North America, Inc.

Tradewinds Global Investors LLC

Emerging Markets Equity Fund

Artisan Partners Limited Partnership

JO Hambro Capital Management Limited

Lazard Asset Management LLC

Neuberger Berman Management LLC

PanAgora Asset Management, Inc.

The Boston Company Asset Management LLC

International Fixed Income Fund

AllianceBernstein L.P.

Fidelity International Investment Advisors (UK) Limited (delegates to Fidelity International Investment Advisors)

UBS Global Asset Management (Americas) Inc.

Wellington Management Company, LLP

Emerging Markets Debt Fund

Ashmore Investment Management Limited

ING Investment Management Advisors, B.V.

Stone Harbor Investment Partners LP

Under the investment sub-advisory agreements, each party receives an annual fee, paid by SIMC.

Distribution Agreement — SEI Investments Distribution Co. (the “Distributor”), a wholly owned subsidiary of SEI Investments Company (“SEI”) and a registered broker-dealer, acts as the Distributor of the shares of the Trust under an amended and restated Distribution Agreement dated September 16, 2002. The Trust has adopted plans under which firms, including the Distributor, that provide shareholder and administrative services may receive compensation therefrom. Such plans provide fees payable to the Distributor equal to the following amounts, calculated as a percentage of the average daily net assets attributable to each particular class of each respective fund.


	Shareholder Servicing Fees			Administrative Servicing Fees
International Equity Fund
Class A		0.25	%		—
Class I		0.25	%		0.25	%
Emerging Markets Equity Fund
Class A		0.25	%		—
International Fixed Income Fund
Class A		0.25	%		—
Emerging Markets Debt Fund
Class A		0.25	%		—

The Distribution Agreement between the Distributor and the Trust provides that the Distributor may receive compensation on fund transactions effected for the Trust in accordance with 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. For the year ended September 30, 2010, the Distributor received no brokerage commissions.

Under both the Shareholder Servicing Plan and Administrative Service Plan, the Distributor may retain as profit any difference between the fee it receives and the amount it pays to third parties.

However, the Distributor has also voluntarily agreed to waive its fee so that the total annual expenses of each Fund will not exceed certain expense limitations as agreed upon by the Distributor as presented above.

For the year ended September 30, 2010, the Distributor retained 100% of both shareholder servicing fees, less the waiver, and administration servicing fees.

Investment in Affiliated Securities — The Funds may invest excess cash in the SEI Daily Income Trust Prime Obligation Fund, an affiliated money market fund. Additionally, the Funds may invest cash collateral from the securities lending program in the SEI Liquidity Fund L.P., also an affiliated fund.

Payment to Affiliates — Certain Officers and Trustees of the Trust are also Officers and/or Trustees of the Administrator or the Distributor. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings.

The Administrator or the Distributor pays compensation of Officers and affiliated Trustees.

Other — A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Adviser, sub-advisers and service providers as required by SEC regulations. The CCO’s services have been approved by and are reviewed annually by the Board.

Fees Paid Indirectly — The Funds may direct certain fund trades to the Distributor who pays a portion of the Fund’s expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, and the effect on the Fund’s expense ratio, as a percentage of the Fund’s average daily net assets for the year ended September 30, 2010, can be found on the Statement of Operations and Financial Highlights, respectively.

Other Affiliated Transactions — During the year ended September 30, 2010, the Administrator made a capital contribution (the “Contribution”) of $1,166 ($ Thousands) to the Emerging Markets Debt Fund. The Contribution represents a reimbursement for losses

incurred by the Emerging Markets Debt Fund in connection with an NAV error during the year. The Contribution is included in Proceeds from Shares Issued on the Statement of Changes in Net Assets. The

Contribution did not have a significant impact on the Emerging Market Debt Fund’s total return.

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments and futures, during the year ended September 30, 2010, were as follows:


	Purchases ($ Thousands)		Sales and Maturities ($ Thousands)
International Equity Fund
US Government	$	45,565	$	83,633
Other		2,574,737		2,735,796
Emerging Markets Equity Fund
US Government		—		—
Other		712,921		823,057
International Fixed Income Fund
US Government		5,127		14,196
Other		615,713		596,403
Emerging Markets Debt Fund
US Government		—		—
Other		562,436		519,853

7. FEDERAL TAX INFORMATION:

It is each Fund’s intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required.

The Funds may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.

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

Accordingly, the following permanent differences have been reclassified to/from the following accounts as of September 30, 2010:


	Undistributed Net Investment Income ($ Thousands)			Accumulated Realized Loss ($ Thousands)			Paid-in- Capital ($ Thousands)
International Equity Fund	$	(120	)	$	120		$	—
Emerging Markets Equity Fund		2,096			(2,095	)		(1	)
International Fixed Income Fund		28,337			(28,139	)		(198	)
Emerging Markets Debt Fund		2,878			(2,878	)		—

These reclassifications had no impact on the net assets or net asset value per share of the Funds.

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


		Ordinary Income ($ Thousands)		Long-Term Capital Gain ($ Thousands)		Return of Capital ($ Thousands)		Totals ($ Thousands)
International Equity Fund	2010	$	—	$	—	$	—	$	—
	2009		41,285		—		—		41,285
Emerging Markets Equity Fund	2010		5,546		—		—		5,546
	2009		10,171		154,332		—		164,503
International Fixed Income Fund	2010		5,034		—		7		5,041
	2009		57,885		—		—		57,885
Emerging Markets Debt Fund	2010		67,778		—		—		67,778
	2009		60,833		—		—		60,833

As of September 30, 2010, the components of Distributable Earnings (Accumulated Losses) were as follows:


	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post October Gains (Losses) ($ Thousands)
International Equity Fund	$	28,277	$	—	$	(1,146,124	)	$	—
Emerging Markets Equity Fund		8,166		—		(132,853	)		—
International Fixed Income Fund		—		—		(24,006	)		(685	)
Emerging Markets Debt Fund		10,618		—		(25,853	)		—


	Post October Currency Losses ($ Thousands)			Unrealized Appreciation ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Accumulated Gains (Losses) ($ Thousands)
International Equity Fund	$	(2,614	)	$	135,522		$	(113	)	$	(985,052	)
Emerging Markets Equity Fund		(127	)		137,949			(3	)		13,132
International Fixed Income Fund		—			(2,017	)		18,147			(8,561	)
Emerging Markets Debt Fund		—			65,669			—			50,434

Post-October losses represent losses realized on investment transactions from November 1, 2009 through September 30, 2010, that, in accordance with Federal income tax regulations, the Funds defer and treat as having arisen in the following fiscal year. For Federal income tax purposes, capital carryforwards may be carried forward and applied against future capital gains as follows:


	Expires 2015 ($ Thousands)		Expires 2017 ($ Thousands)		Expires 2018 ($ Thousands)		Total Capital Loss Carryforward 09/30/10 ($ Thousands)
International Equity Fund	$	—	$	432,652	$	713,472	$	1,146,124
Emerging Markets Equity Fund		—		33,118		99,735		132,853
International Fixed Income Fund		3,797		1,563		18,646		24,006
Emerging Markets Debt Fund		—		14,696		11,157		25,853

For tax purposes, the losses in the Funds can be carried forward for a maximum of eight years to offset any net realized capital gains.

The Federal tax cost, aggregate gross unrealized appreciation and depreciation on investments of each Fund, at September 30, 2010 is as follows:


	Federal Tax Cost ($ Thousands)		Aggregate Gross Unrealized Appreciation ($ Thousands)		Aggregate Gross Unrealized Depreciation ($ Thousands)			Net Unrealized Appreciation ($ Thousands)
International Equity Fund	$	1,999,520	$	223,086	$	(87,390	)	$	135,696
Emerging Markets Equity Fund		858,226		198,727		(60,536	)		138,191
International Fixed Income Fund		491,253		37,971		(22,232	)		15,739
Emerging Markets Debt Fund		857,826		113,536		(47,418	)		66,118

Management has analyzed the Funds’ tax position taken on federal income tax returns for all open tax years and has concluded that as of September 30, 2010, 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

Each Fund invests in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. The market values of the International Fixed Income and Emerging Markets Debt Funds’ investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. Also, the ability of the issuers of debt securities held by the International Fixed Income Fund and Emerging Markets Debt Fund to meet their obligations may be affected by economic and political developments in a specific country, industry or region.

Certain securities held by the Funds are valued on the basis of a price provided by a principal market maker. The prices provided by the principal market makers are estimates that may differ from the value that would be realized if the securities were sold. At September 30, 2010, the total value of these securities represented approximately 4% of the net assets of the Emerging Markets Debt Fund.

In the normal course of business, the Funds enter into contracts that provide general indemnifications by the Fund to the counterparty to

the contract. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, Management believes that based on experience, the risk of loss from such claims is considered remote.

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.

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no disclosures and/or adjustments were required to the Financial Statements.

We have audited the accompanying statements of assets and liabilities, including the summary schedules of investments, of the SEI Institutional International Trust comprising the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (collectively, the “Funds”) as of September 30, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2010, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the funds comprising SEI Institutional International Trust as of September 30, 2010, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of portfolios in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-800-342-5734.

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 4/1/10		Ending Account Value 9/30/10		Annualized Expense Ratios			Expenses Paid During Period*
International Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,023.30		1.27	%	$	6.45
Class I	$	1,000.00	$	1,022.10		1.52	%	$	7.71
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.70		1.27	%	$	6.43
Class I	$	1,000.00	$	1,017.44		1.52	%	$	7.69
Emerging Markets Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	1,073.40		1.96	%	$	10.21
Hypothetical 5% Return
Class A	$	1,000.00	$	1,015.22		1.96	%	$	9.92


	Beginning Account Value 4/1/10		Ending Account Value 9/30/10		Annualized Expense Ratios			Expenses Paid During Period*
International Fixed Income Fund
Actual Fund Return
Class A	$	1,000.00	$	1,048.00		1.13	%	$	5.82
Hypothetical 5% Return
Class A	$	1,000.00	$	1,019.38		1.13	%	$	5.74
Emerging Markets Debt Fund
Actual Fund Return
Class A	$	1,000.00	$	1,099.10		1.36	%	$	7.17
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.24		1.36	%	$	6.89

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

Board of Trustees Considerations in Approving the Funds’ Investment 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 oversees the investment advisory services provided to the series of the Trust (the “Funds”) and may manage the cash portion of the Funds’ assets. Pursuant to separate sub-advisory agreements (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”) with SIMC, and under the supervision of SIMC and the Trust’s Board of Trustees (the “Board”), the Sub-Advisers are responsible for the day-to-day investment management of all or a discrete portion of the assets of the Funds. The Sub-Advisers also are responsible for managing their employees who provide services to these 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 must be specifically approved: (i) by the vote of the Board of Trustees 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. In connection with their consideration of such approvals, 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 (“SEC”) 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 Trust’s Board of Trustees calls and holds meetings each year that are dedicated to considering whether to renew the 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. The Board also receives extensive data provided by third parties. This information is 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 Fund counsel and independent counsel to the Independent Trustees 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 session outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (a) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (b) SIMC’s and the Sub-Advisers’ investment management personnel; (c) SIMC’s and the Sub-Advisers’ operations and financial condition; (d) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that SIMC and the Sub-Advisers charge the Funds compared with the fees each charge to comparable mutual funds; (f) the Funds’ overall fees and operating expenses compared with similar mutual funds; (g) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (h) SIMC’s and the Sub-Advisers’ compliance systems; (i) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (j) SIMC’s and the Sub-Advisers’ reputation, expertise and resources in domestic and/or international financial markets; and (k) the Funds’ performance compared with similar mutual funds.

At the May 12, 2010, June 22-23, 2010 and September 14-15, 2010 meetings of the Board of Trustees, the Trustees, including a majority of the Independent Trustees, approved the Investment Advisory Agreements and approved the selection of SIMC and the Sub-Advisers to act in their respective capacities for the Funds. The Board’s approval was based on its consideration and evaluation of a variety of specific factors discussed at the meetings and at prior meetings, including:

Nature, Extent and Quality of Services. The Board of Trustees 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 the Sub-Advisers’ personnel, experience, track record and compliance program. The Trustees found the level of SIMC’s professional staff and culture of compliance satisfactory. 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 supported renewal of the Investment Advisory Agreements.

Fund Performance. The Board of Trustees considered Fund performance in determining whether to renew the Investment Advisory Agreements. Specifically, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indices/benchmarks, in light of total return, yield and market trends. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In evaluating performance, the Trustees considered both market risk and shareholder risk expectations for the Funds. The Trustees found Fund performance satisfactory, and where performance was below the benchmark, the Trustees were satisfied that appropriate steps were being taken. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds supported renewal of the Investment Advisory Agreements.

Fund Expenses. 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 other comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in the Funds’ respective peer groups. The Trustees further considered the fact that the comparative fee analysis either showed that the various fees were below average or that there was a reasonable basis for the fee level. Finally, the Trustees considered the effects of SIMC’s voluntary waiver of management and other fees and the Sub-Advisers’ fees to prevent total Fund expenses from exceeding a specified cap and that SIMC and the Sub-Advisers, through waivers, have maintained the Funds’ net operating expenses at competitive levels for their respective distribution channels. 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.

Profitability. With regard to profitability, the Trustees considered all compensation flowing to SIMC and the Sub-Adviser and their affiliates, directly or indirectly. The Trustees considered whether the varied levels of compensation and profitability under the Investment Advisory Agreements and other service agreements were reasonable and justified in light of the quality of all services

Board of Trustees Considerations in Approving the Funds’ Investment Advisory and Sub-Advisory Agreements (Unaudited) (Continued)

rendered to the Funds by SIMC and the Sub-Advisers and their affiliates. The Trustees found that profitability was reasonable and that the margin was not increasing despite growth in assets. When considering the profitability of the Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC, and not by the Funds directly, and such compensation with respect to any Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of SIMC and the Sub-Advisers are reasonable and supported renewal of the Investment Advisory Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale and whether those 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. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, unanimously approved the continuation 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 their deliberations, the Trustees did not identify any particular information that was all-important or controlling.

At a special meeting held on February 18, 2010, the shareholders of the SIT International Fixed Income Fund (the "Fund"), voted on the proposal listed below. The results of the voting were as follows:

For shareholders that do not have a September 30, 2010 taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2010 taxable year end, please consult your tax advisor as to the pertinence of this notice.

For the fiscal year ended September 30, 2010 the Funds of the SEI Institutional International Trust are designating the following items with regard to distributions paid during the year:

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2010, the amount of foreign source income and foreign tax credit are as follows:

Items (A), (B) and (C) are based on the percentage of each fund’s total distribution.

Items (D) and (E) are based on the percentage of “Ordinary Income Distributions.”

Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.

Robert A. Nesher, Chairman

Trustees

William M. Doran

James M. Storey

George J. Sullivan, Jr.

Rosemarie B. Greco

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Officers

Robert A. Nesher

President and Chief Executive Officer

Stephen F. Panner

Controller and Chief Financial Officer

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

James Ndiaye

Vice President, Assistant Secretary

Aaron Buser

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

John J. McCue

Vice President

Andrew S. Decker

Anti-Money Laundering Compliance Officer

Keri E. Rohn

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KMPG 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 SEI 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 Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

(a) (1) The Registrant’s Board of Trustees has determined that the Registrant has at least two audit committee financial experts serving on the audit committee.

(a) (2) The audit committee financial experts are George J. Sullivan, Jr. and Hubert L. Harris, Jr. Mrrs. Sullivan and Harris are independent as defined in Form N-CSR Item 3 (a) (2).

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2010 and 2009 as follows:

(e) (1) The Registrant’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services: (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules and whether the provision of such services would impair the auditor’s independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.

(e) (2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

(g) (1) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2010 and 2009 were $369,000 and $269,900, respectively. Non-audit fees consist of SAS No. 70 review of fund accounting and administration operations, attestation report in accordance with Rule 17Ad-13, and agreed upon procedures report over certain internal controls related to compliance with federal securities laws and regulations and tax compliance and consulting services.

(h) During the past fiscal year, Registrant’s principal accountant provided certain non-audit services to Registrant’s investment adviser or to entities controlling, controlled by, or under common control with Registrant’s investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of Registrant’s Board of Trustees reviewed and considered these non-audit services provided by Registrant’s principal accountant to Registrant’s affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.


Description	Shares		Market Value ($ Thousands)

COMMON STOCK — 93.8%

Argentina — 0.1%
Grupo Financiero Galicia ADR*		39,505	$	394
Telecom Argentina ADR		8,200		174
Tenaris		20,430		392

				960


Australia — 5.5%
Abacus Property Group (A)		282,825		119
AGL Energy		10,025		157
Alumina		31,190		55
Amcor		1,148,517		7,239
Asciano Group		180,796		289
Australia & New Zealand Banking Group (B)		549,252		12,593
Australian Worldwide Exploration*		122,998		185
AXA Asia Pacific Holdings		99,066		493
Beach Energy (B)		520,405		343
Bendigo and Adelaide Bank		29,859		265
BHP Billiton ADR		68,600		5,236
BHP Billiton		319,628		12,042
Caltex Australia		375,542		4,360
CFS Retail Property Trust (A)(B)		23,047		42
Coca-Cola Amatil (B)		360,842		4,186
Cochlear		16,794		1,142
Commonwealth Bank of Australia		97,185		4,815
Computershare		26,837		253
CSL		3,813		122
Dexus Property Group (A)(B)		559,734		463
Flight Centre		1,000		22
Fortescue Metals Group*(B)		458,863		2,315
Foster’s Group		194,248		1,153
Goodman Fielder		29,700		38
Goodman Group (A)(B)		449,873		281
GPT Group (A)		235,044		669
Hillgrove Resources (B)		156,973		48
Intoll Group		537,136		775
John Fairfax Holdings (B)		660,562		937
Leighton Holdings		967		31
MacArthur Coal (B)		24,884		283
Mount Gibson Iron*		15,600		26
National Australia Bank (B)		45,656		1,120
Newcrest Mining (B)		180,778		6,944
OneSteel (B)		680,386		1,930
Orica		35,203		876
Origin Energy		5,254		81
OZ Minerals		757,392		1,067
Qantas Airways		223,230		603
Rio Tinto (B)		146,932		10,922
Santos (B)		431,565		5,353
Sonic Healthcare		12,566		134
SP AusNet, Cl Miscellaneous (B)		881,589		734
Stockland (A)		556,839		2,070
Straits Resources		108,715		195
STW Communications Group		54,125		43
Suncorp-Metway		45,776		399
TABCORP Holdings		48,330		328
Tatts Group (B)		42,100		97
Telstra		66,600		169
Transurban Group		101,085		486
Wesfarmers (B)		84,817		2,705


Description	Shares		Market Value ($ Thousands)

Westfield Group (A)		132,462	$	1,572
Westpac Banking		149,963		3,374
Whitehaven Coal		2,900		17
Woodside Petroleum		500		21
Woolworths		91,823		2,564

				104,781


Austria — 0.4%
IMMOFINANZ (B)		373,552		1,394
OMV		19,277		723
Vienna Insurance Group		87,600		4,716
Voestalpine		9,444		348

				7,181


Belgium — 1.4%
Ageas (B)		695,531		1,994
Colruyt (B)		22,009		5,826
Delhaize Group (B)		16,043		1,165
Dexia*		16,569		73
D’ieteren		601		337
InBev		244,174		14,384
KBC Groep		45,868		2,061
Solvay (B)		3,200		342
Umicore (B)		7,417		321

				26,503


Brazil — 1.2%
Amil Participacoes		541,704		5,202
Anhanguera Educacional Participacoes		228,397		4,044
Banco Santander Brasil ADR		362,300		4,989
Centrais Eletricas Brasileiras ADR		82,158		1,056
Petroleo Brasileiro ADR		93,600		3,395
Porto Seguro		357,600		4,557

				23,243


Canada — 3.1%
Alimentation Couche Tard, Cl B		8,800		197
Bankers Petroleum*		493,900		3,914
Brookfield Properties		69,100		1,083
Canadian Natural Resources		43,800		1,520
Cascades		13,400		83
Celestica*		13,500		114
Cenovus Energy		140,800		4,061
Domtar		28,380		1,833
Eldorado Gold		444,300		8,238
First Quantum Minerals		50,094		3,821
Garda World Security, Cl A*		10,200		86
Gildan Activewear*		8,000		226
Magna International, Cl A		20,900		1,720
Nexen		—		—
Niko Resources		69,832		6,893
Onex		68,600		1,933
Pacific Rubiales Energy*		225,200		6,351
QLT*		10,800		68
Research In Motion*		59,062		2,876
Silver Wheaton*		259,500		6,931
Suncor Energy		229,100		7,481
TELUS, Cl A		1		—
Toronto-Dominion Bank		900		65

				59,494


Description	Shares		Market Value ($ Thousands)

Chile — 0.6%
Banco Santander Chile ADR		35,789	$	3,455
Enersis ADR		50,271		1,182
Sociedad Quimica y Minera de Chile ADR (B)		137,100		6,614

				11,251


China — 1.4%
Agricultural Bank of China, Cl H*		12,588,000		6,518
Bank of China, Cl H		8,266,000		4,334
China Minsheng Banking, Cl H		675,000		604
Ctrip.com International ADR*		116,497		5,563
Dongfeng Motor Group, Cl H		662,000		1,354
Ping An Insurance Group of China, Cl H		803,500		8,197
Qingling Motors, Cl H		794,000		254

				26,824


Denmark — 1.2%
AP Moller - Maersk, Cl A (B)		41		334
AP Moller - Maersk, Cl B (B)		55		461
Carlsberg, Cl B		35,221		3,678
Coloplast, Cl B (B)		16,837		2,016
H Lundbeck		7,881		139
Novo Nordisk, Cl B (B)		105,199		10,455
Novozymes, Cl B (B)		6,949		885
TrygVesta (B)		86,430		5,204

				23,172


Finland — 1.0%
Elisa, Cl A		2,579		59
Fortum		87,816		2,301
Kemira		2,097		29
Kesko, Cl B		12,882		605
Kone, Cl B (B)		73,328		3,794
Metso (B)		24,860		1,141
Nokia (B)		17,200		173
Nokian Renkaat		5,215		179
Orion, Cl B		51,044		1,021
Pohjola Bank, Cl A		24,538		299
Sampo, Cl A (B)		56,707		1,534
Stora Enso, Cl R		553,929		5,483
UPM-Kymmene		51,066		876
Wartsila, Cl B (B)		24,028		1,570

				19,064


France — 7.0%
Air Liquide		630		77
Alcatel-Lucent		1,103,225		3,720
Alstom		7,504		383
Arkema		32,825		1,682
BNP Paribas		250,923		17,871
Bureau Veritas		19,498		1,363
Casino Guichard Perrachon		3,667		336
Christian Dior		10,700		1,401
Cie de Saint-Gobain		19,104		851
Cie Generale d’Optique Essilor International		2,533		175
CNP Assurances		192,269		3,576
Compagnie Generale de Geophysique*		894		20
Credit Agricole		40,000		626


Description	Shares		Market Value ($ Thousands)

Dassault Systemes		6,891	$	508
Eurazeo		1,982		133
Eutelsat Communications		125,723		4,806
France Telecom		50,622		1,095
GDF Suez		221,226		7,931
Gecina (A)		3,797		451
Groupe Danone		3,816		229
Groupe Eurotunnel		9,171		78
Hermes International		1,712		391
Ipsen		141,513		4,698
JC Decaux		13,048		345
Lagardere SCA		3,683		144
Legrand		17,303		586
L’Oreal		6,512		733
LVMH Moet Hennessy Louis Vuitton		17,449		2,563
Michelin, Cl B (B)		14,406		1,098
Natixis		438,993		2,517
Pernod-Ricard		1,752		147
Peugeot		148,310		4,994
PPR		3,527		572
Publicis Groupe		10,777		513
Renault		41,495		2,138
Rhodia		12,407		298
Safran		73,768		2,077
Sanofi-Aventis		163,647		10,919
Schneider Electric		145,910		18,527
SES		8,514		205
Societe BIC		2,499		201
Societe Generale		58,287		3,362
Sodexho Alliance		113,563		7,380
Technip		5,292		426
Total		81,170		4,189
Valeo		11,798		547
Vallourec		68,786		6,843
Vivendi		347,069		9,500

				133,225


Germany — 7.6%
Adidas		84,585		5,244
Allianz		85,339		9,658
Aurubis (B)		8,700		415
BASF		139,079		8,783
Bayer		1,208		84
Bayerische Motoren Werke (B)		15,541		1,091
Beiersdorf		426		26
Celesio (B)		4,000		87
Commerzbank (B)		83,523		693
Continental (B)		15,809		1,230
DaimlerChrysler (B)		67,182		4,261
Deutsche Bank (B)		127,233		6,973
Deutsche Boerse (B)		99,263		6,633
Deutsche Lufthansa		104,653		1,927
Deutsche Post		119,127		2,164
Deutsche Telekom (B)		493,286		6,758
E.ON		138,450		4,088
Fresenius (B)		5,109		410
Fresenius Medical Care (B)		222,258		13,747
GEA Group		263,657		6,600
Hannover Rueckversicherung		54,736		2,521
Henkel KGaA		25,418		1,153
Infineon Technologies*(B)		789,210		5,474


Description	Shares		Market Value ($ Thousands)

Linde		101,540	$	13,236
MAN		10,322		1,127
Merck KGaA		6,910		581
MTU Aero Engines Holding		2,200		126
RWE		26,505		1,793
SAP ADR		102,900		5,074
SAP		24,865		1,232
Siemens		108,486		11,468
Suedzucker (B)		31,798		712
ThyssenKrupp		218,011		7,119
Tognum		274,471		6,127
TUI (B)		179,984		2,205
Volkswagen		1,066		118
Wacker Chemie		701		129
Wincor Nixdorf		60,006		3,918

				144,985


Greece — 0.0%
Coca Cola Hellenic Bottling		9,600		254
Public Power		20,231		315

				569


Hong Kong — 3.2%
ASM Pacific Technology		92,800		827
BOC Hong Kong Holdings (B)		138,500		439
Cathay Pacific Airways		887,000		2,405
Champion REIT (A)		67,000		35
Cheung Kong Holdings		84,000		1,272
China Mobile		498,000		5,097
China Mobile ADR		105,600		5,399
CLP Holdings		439,500		3,507
DMX Technologies Group*		475,000		157
First Pacific		526,000		478
Genting Singapore*		925,000		1,308
Get Nice Holdings		1,558,000		102
Great Eagle Holdings		15,000		46
Guoco Group		5,000		55
Hang Lung Group		55,000		359
Hang Lung Properties		55,000		269
Hong Kong & China Gas		141,000		357
HongKong Electric Holdings		65,000		395
Hongkong Land Holdings		206,000		1,279
Hutchison Telecommunications Hong Kong Holdings		802,000		221
Hutchison Whampoa		418,000		3,898
Hysan Development		90,000		322
Jardine Matheson Holdings		2,400		108
Jardine Strategic Holdings		284,752		7,631
Johnson Electric Holdings		88,500		47
Kerry Properties		658,000		3,577
Li & Fung		196,000		1,102
Link REIT (A)		43,000		127
New World Development		78,000		157
Orient Overseas International		280,000		2,233
PCCW		1,361,000		493
RCG Holdings*		39,556		22
Shangri-La Asia		38,000		86
SJM Holdings		60,000		68
Sun Hung Kai Properties		252,000		4,350
Swire Pacific, Cl A		663,000		9,130
Television Broadcasts		19,000		108
Wharf Holdings		232,000		1,491


Description	Shares		Market Value ($ Thousands)

Wheelock		693,000	$	2,317
Yue Yuen Industrial Holdings		82,500		306

				61,580


India — 0.7%
State Bank of India GDR		32,694		4,685
Tata Motors ADR (B)		302,056		7,706

				12,391


Ireland — 0.5%
Allied Irish Banks ADR		73,784		105
Experian		909,223		9,929
Kerry Group, Cl A		1,090		38

				10,072


Israel — 0.9%
Bezeq Israeli Telecommunication (C)		29,241		73
Delek Group (C)		240		66
Discount Investment (C)		1,347		27
First International Bank of Israel*(C)		4,400		65
Israel*(C)		103		99
Israel Chemicals (C)		13,120		185
Israel Discount Bank, Cl A*(C)		30,000		59
Makhteshim-Agan Industries (C)		807,793		3,012
Mizrahi Tefahot Bank (C)		6,000		56
Teva Pharmaceutical Industries ADR		191,385		10,096
Teva Pharmaceutical Industries (C)		54,439		2,904

				16,642


Italy — 1.4%
Enel		1,548,299		8,265
Engineering Ingegneria Informatica (B)		2,148		61
ENI (B)		93,448		2,020
Mediaset		588,424		4,177
Parmalat		1,757,692		4,516
Saipem		15,965		640
Snam Rete Gas		94,386		479
Telecom Italia		4,752,861		6,235
Terna Rete Elettrica Nazionale		34,499		147

				26,540


Japan — 16.3%
77 Bank		235,000		1,190
Aeon		332,100		3,562
Aeon Mall		6,400		155
Aichi Bank		400		25
Aisan Industry		1,000		8
Aisin Seiki		23,700		739
Ajinomoto		3,000		29
Alfresa Holdings		15,400		656
All Nippon Airways		132,000		488
Amada		23,000		158
Aoyama Trading		1,300		21
Aozora Bank		69,000		102
Arc Land Sakamoto		7,300		86
Arnest One		43,800		482
Asahi Breweries		61,400		1,227
Asahi Glass		210,000		2,139


Description	Shares		Market Value ($ Thousands)

Asahi Kasei		263,000	$	1,448
Asics		8,000		82
Astellas Pharma		122,000		4,403
Autobacs Seven		5,600		214
Bridgestone		424,100		7,722
Brother Industries		268,700		3,316
Calsonic Kansei		3,000		9
Canon		38,100		1,776
Cawachi		500		9
Central Japan Railway		480		3,528
Century Tokyo Leasing		200		2
Chiba Bank		69,000		402
Chubu Electric Power		20,800		514
Chuetsu Pulp & Paper		18,000		32
Citizen Holdings		25,200		151
Coca-Cola Central Japan		100		1
Coca-Cola West		12,900		217
Cosmo Oil		414,000		1,080
CREATE SD HOLDINGS		600		13
Credit Saison		7,000		94
Daicel Chemical Industries		266,000		1,789
Daido Steel		214,000		1,040
Daihatsu Motor		38,000		508
Dai-ichi Life Insurance		156		188
Daiichikosho		11,500		179
Daikyo		429,000		580
Dainippon Sumitomo Pharma		7,700		64
Daito Trust Construction		6,700		400
Daiwa House Industry		194,000		1,951
Dena		126,000		3,965
Denki Kagaku Kogyo		58,000		249
Denso		46,500		1,378
Dentsu (B)		26,300		609
East Japan Railway		9,300		561
EDION		77,800		571
Eisai		11,900		416
Elpida Memory*(B)		27,500		316
Exedy		900		27
Faith		378		29
FamilyMart		8,000		287
Fanuc		30,800		3,919
Fast Retailing		1,900		267
Fuji Electric Holdings		519,000		1,361
Fuji Film Holdings		118,600		3,925
Fuji Heavy Industries		487,000		3,101
Fuji Media Holdings		1,588		2,021
Fuji Soft		8,800		135
Fujikura		8,000		40
Fujishoji		42		37
Fujitec		4,000		20
Fujitsu		1,265,000		8,874
Fukuoka Financial Group		65,000		260
Fukuyama Transporting		1,000		5
Funai Electric		3,900		114
Gunma Bank		22,000		115
Hajime Construction (B)		6,100		168
Hakuhodo DY Holdings		980		47
Hamamatsu Photonics		1,300		42
Hanwa		78,000		306
Heiwado		1,100		13
Hino Motors		326,000		1,573
Hisamitsu Pharmaceutical		4,400		180


Description	Shares		Market Value ($ Thousands)

Hitachi		1,919,000	$	8,384
Hitachi Capital		2,100		29
Hitachi Construction Machinery		4,800		104
Hitachi Metals		7,000		82
Hokkaido Electric Power		6,500		129
Honda Motor		358,300		12,708
Hosiden		21,600		195
Hoya		7,400		180
Idemitsu Kosan		16,600		1,423
IHI		370,000		709
Iida Home Max		34,800		271
Inpex		64		301
Isuzu Motors		339,000		1,307
Itochu		94,800		867
Itochu-Shokuhin		1,900		66
Iyo Bank		4,000		32
J Front Retailing		16,000		74
Japan Real Estate Investment, Cl A (A)		14		127
Japan Retail Fund Investment, Cl A (A)		211		297
Japan Tobacco		92		306
JFE Holdings		2,900		89
JFE Shoji Holdings		52,000		212
JS Group		51,000		999
JTEKT		6,900		64
Jupiter Telecommunications		8,245		8,883
Justsystems*		13,900		40
JX Holdings		543,360		3,148
Kajima		18,000		43
Kaneka		9,000		54
Kansai Electric Power		2,200		53
Kawasaki Kisen Kaisha		661,000		2,485
KDDI		1,247		5,963
Keihin		100		2
Keihin Electric Express Railway		33,000		319
Kewpie		22,900		296
Keyence		1,300		283
Kirin Brewery		19,000		270
Kita-Nippon Bank		1,700		43
Kobe Steel		620,000		1,455
Kohnan Shoji		700		8
Koito Manufacturing		1,000		15
Komatsu		15,300		355
Konica Minolta Holdings		15,000		146
Kose		1,000		24
K’s Holdings		32,100		738
Kuraray		118,000		1,489
Kyocera		17,900		1,691
Kyudenko		9,000		49
Lintec		1,100		24
Makita		140,700		4,458
Marubeni		1,036,000		5,853
Marudai Food		3,000		9
Marui		39,000		292
Maruichi Steel Tube		20,300		389
Matsushita Electric Industrial		29,800		403
Matsushita Electric Works		19,000		252
McDonald’s Holdings Japan		6,500		156
Mediceo Paltac Holdings		68,600		871
MEIJI Holdings		3,800		179
Mikuni Coca-Cola Bottling		900		8


Description	Shares		Market Value ($ Thousands)

Millea Holdings		10,000	$	270
Mimasu Semiconductor Industry		700		7
Minebea		39,000		201
Miraca Holdings		29,300		1,036
Mitsubishi		413,000		9,794
Mitsubishi Chemical Holdings		467,000		2,370
Mitsubishi Electric		215,000		1,848
Mitsubishi Gas Chemical		71,000		412
Mitsubishi Materials		68,000		195
Mitsubishi UFJ Financial Group		789,200		3,675
Mitsubishi UFJ Lease & Finance		8,150		286
Mitsui		371,600		5,525
Mitsui Chemicals		878,000		2,365
Mitsui Home		10,000		45
Mitsui Mining & Smelting		397,000		1,136
Mitsui OSK Lines		191,000		1,200
Mitsui Sumitomo Insurance Group Holdings		1,300		30
Mitsui Trust Holdings		176,000		584
Mizuho Financial Group		2,222,200		3,245
Murata Manufacturing		5,500		290
Nafco		300		5
Nagase		22,000		249
Namco Bandai Holdings		6,500		60
NEC Mobiling		400		11
NEC Networks & System Integration		26,800		339
Neturen		700		5
NGK Spark Plug		13,000		174
NHK Spring		55,000		455
Nidec		15,600		1,386
Nihon Kohden		10,000		206
Nikon		8,300		154
Nintendo		3,400		849
Nippo		4,000		27
Nippon Beet Sugar Manufacturing		4,000		9
Nippon Electric Glass		761,700		10,376
Nippon Express		46,000		175
Nippon Meat Packers		134,000		1,639
Nippon Paper Group		74,900		1,873
Nippon Shokubai		24,000		209
Nippon Steel		45,000		153
Nippon Steel Trading		4,000		12
Nippon Telegraph & Telephone		226,700		9,891
Nippon Yusen		143,000		585
Nishi-Nippon City Bank		444,000		1,270
Nissan Motor		413,300		3,607
Nissan Shatai		3,000		22
Nisshin Fudosan		13,200		76
Nisshin Steel		518,000		924
Nisshinbo Industries		5,000		50
Nitori Holdings		6,400		535
Nitto Denko		29,300		1,145
NOK		13,600		237
Noritsu Koki		6,500		39
NSK		138,000		935
NTT Data		563		1,779
NTT DoCoMo		109		181
Obayashi		76,000		302
Obic		710		134
Odakyu Electric Railway		13,000		120
OJI Paper		70,000		309


Description	Shares		Market Value ($ Thousands)

Okuwa		2,000	$	18
Olympus		1,800		47
Omron		38,700		878
Oracle Japan		7,700		366
Oriental Land		9,900		922
ORIX		15,520		1,185
Osaka Steel		800		12
Rakuten		164		120
Rengo		6,000		39
Resona Holdings (B)		235,800		2,114
Ricoh		17,000		240
Rinnai		3,000		176
Riso Kagaku		500		7
Saizeriya		37,500		722
Sakai Chemical Industry		3,000		13
San-Ai Oil		3,000		13
Sanki Engineering		19,000		138
Sankyo		97,700		5,169
Sapporo Hokuyo Holdings		633,000		2,925
Sega Sammy Holdings		78,500		1,199
Seiko Epson		5,200		79
Seino Transportation		80,000		484
Sekisui Chemical		1,326,000		8,016
Sekisui Jushi		2,000		20
Seven & I Holdings		6,300		148
Sharp		7,000		70
Shimadzu		16,000		123
Shimano		6,200		328
Shinmaywa Industries		3,000		11
Shinsei Bank (B)		1,239,000		875
Shiseido		55,200		1,238
Sintokogio		1,200		9
SMC		5,800		764
Softbank		99,600		3,256
Sohgo Security Services		29,500		305
Sojitz		459,700		825
Sony		356,400		11,011
Sony Financial Holdings		157		511
Sumikin Bussan		4,000		8
Sumitomo		366,100		4,715
Sumitomo Chemical		29,000		127
Sumitomo Electric Industries		224,200		2,732
Sumitomo Heavy Industries		63,000		324
Sumitomo Metal Mining		106,000		1,618
Sumitomo Mitsui Financial Group		93,400		2,719
Sumitomo Rubber Industries		7,400		72
Suzuken		800		26
Sysmex		6,100		423
T&D Holdings		6,100		127
Tachi-S, Cl S		11,200		152
Taisei		28,000		58
Taisho Pharmaceutical		2,000		40
Taiyo Yuden		1,000		12
Takashimaya		46,000		355
Takata		1,500		38
Takeda Pharmaceutical		73,200		3,360
Takefuji (B)		—		—
Tanabe Seiyaku		26,000		423
TDK		9,500		529
Teijin		29,000		96
Terumo		1,000		53
THK		3,900		73


Description	Shares		Market Value ($ Thousands)

Toho Gas		31,000	$	153
Tohoku Electric Power		2,700		60
Tokai Rika		2,000		34
Tokai Rubber Industries		1,700		18
Tokyo Broadcasting System		4,000		51
Tokyo Electric Power		19,100		466
Tokyo Electron		19,500		977
Tokyo Energy & Systems		6,000		42
Tokyo Gas		427,000		1,937
Tokyo Style		3,000		23
Tokyo Tekko		24,000		51
Tomy		15,200		122
Toppan Printing		42,000		328
Torii Pharmaceutical		600		11
Toshiba		11,000		53
Toshiba TEC		110,000		403
Tosoh		130,000		350
Totetsu Kogyo		9,000		53
TOTO		17,000		116
Toyo Ink Manufacturing		30,000		118
Toyo Securities		37,000		55
Toyota Auto Body		18,900		288
Toyota Industries		14,400		384
Toyota Motor		32,100		1,152
Toyota Tsusho		157,700		2,322
Tsubakimoto Chain		4,000		16
Unicharm		272,100		10,944
Unipres		14,300		236
UNY		11,800		93
USS		5,680		424
Valor		1,100		8
Warabeya Nichiyo		5,200		58
Watabe Wedding		6,395		67
West Japan Railway		49		176
Yahoo! Japan		2,229		770
Yakult Honsha		3,900		120
Yamada Denki		15,530		963
Yamaha		4,600		53
Yamaha Motor		17,300		260
Yaskawa Electric		8,000		64
Yodogawa Steel Works		4,000		17
Yokohama Rubber		86,000		431
Yurtec		1,000		4
Zeon		89,000		737

				309,896


Jersey — 0.3%
Informa (B)		884,588		5,839
Randgold Resources (B)		7,171		720

				6,559


Macau — 0.1%
Sands China*		338,400		610
Wynn Macau*(B)		509,600		881

				1,491


Malta — 0.0%
BGP Holdings*(D)		198,683		—


Description	Shares		Market Value ($ Thousands)

Mexico — 0.0%
Telefonos de Mexico ADR, Ser L		50,300	$	751


Netherlands — 6.3%
Aegon		173,025		1,038
Akzo Nobel		134,149		8,288
ASML Holding		121,319		3,629
Boskalis Westminster		13,348		561
CSM (B)		3,000		88
European Aeronautic Defence and Space (B)		160,193		4,001
Fugro (B)		107,895		7,105
Heineken (B)		34,141		1,773
Heineken Holding		7,799		342
ING Groep		1,235,901		12,840
Koninklijke Ahold		686,995		9,274
Koninklijke DSM (B)		104,787		5,376
Koninklijke KPN (B)		528,844		8,191
Koninklijke Philips Electronics		170,978		5,382
Koninklijke Vopak (B)		8,808		421
Mediq		12,474		216
Randstad Holding		8,581		390
Reed Elsevier		9,185		116
Royal Dutch Shell, Cl A (B)		625,298		18,922
Royal Dutch Shell, Cl B		172,194		5,039
TNT		261,297		7,031
Unilever (B)		648,732		19,418

				119,441


New Zealand — 0.1%
Fletcher Building		21,555		128
Telecom of New Zealand		749,011		1,113

				1,241


Norway — 1.2%
DnB (B)		1,216,617		16,630
Marine Harvest (B)		1,215,649		1,064
Seadrill (B)		33,929		984
Statoil (B)		106,608		2,234
Telenor		145,100		2,282

				23,194


Portugal — 0.2%
Banco Espirito Santo		90,413		419
Energias de Portugal		586,236		2,012
Jeronimo Martins SGPS		92,265		1,236

				3,667


Russia — 0.0%
Surgutneftegas ADR		8,414		81


Singapore — 1.3%
CapitaCommercial Trust (A)		48,000		54
CapitaMalls Asia		29,400		48
City Developments		23,000		223
DBS Group Holdings		373,000		3,993
Fraser and Neave		358,000		1,769
GuocoLeisure		296,000		151
Jardine Cycle & Carriage		28,000		837


Description	Shares		Market Value ($ Thousands)

Keppel		60,000	$	410
Keppel Land		145,000		447
K-REIT Asia (A)		6,000		6
Oversea-Chinese Banking		716,000		4,817
SembCorp Industries		32,000		106
SembCorp Marine		69,000		206
SIA Engineering		15,000		52
Singapore Airlines		136,000		1,687
Singapore Press Holdings		118,000		381
Singapore Technologies Engineering		270,000		690
Suntec Real Estate Investment Trust, Cl REIT (A)		45,000		52
United Overseas Bank		58,000		808
UOL Group		441,000		1,552
Wilmar International		85,000		388
Yangzijiang Shipbuilding Holdings		4,668,000		6,246

				24,923


South Africa — 0.3%
MTN Group		348,657		6,299


South Korea — 1.4%
Hyundai Mobis		48,023		10,824
LG Display ADR		12,441		217
Samsung Electronics		11,631		7,926
Samsung SDI		21,732		2,973
Shinhan Financial Group		135,000		5,168

				27,108


Spain — 0.7%
Abengoa		3,178		81
Banco Bilbao Vizcaya Argentaria		42,277		572
Banco Popular Espanol (B)		4,388		28
Banco Santander Central Hispano		201,699		2,565
Caja de Ahorros del Mediterraneo		12,489		120
Construcciones y Auxiliar de Ferrocarriles		180		92
Criteria Caixacorp		39,484		208
Enagas		13,012		264
Gas Natural		103,046		1,538
Inditex		36,491		2,903
Repsol		77,253		1,993
Telefonica		117,092		2,904

				13,268


Sweden — 2.1%
Alfa Laval		52,302		918
Assa Abloy, Cl B (B)		52,981		1,338
Atlas Copco, Cl A		104,794		2,026
Atlas Copco, Cl B		52,943		933
Boliden		4,773		72
Electrolux, Ser B (B)		170,985		4,217
Elekta, Cl B (B)		71,200		2,581
Getinge, Cl B (B)		39,573		926
Hennes & Mauritz, Cl B		10,927		396
Hexagon, Cl B		3,700		80
Industrivarden, Cl C		69,706		984
Kinnevik Investment, Cl B		42,693		905
Millicom International Cellular (B)		8,744		835
Modern Times Group, Cl B		8,150		609


Description	Shares		Market Value ($ Thousands)

NCC, Cl B		11,223	$	230
Nordea Bank (B)		273,003		2,848
Ratos, Cl B (B)		17,729		613
Sandvik (B)		30,744		472
Scania, Cl B		76,900		1,700
Skandinaviska Enskilda Banken, Cl A (B)		222,370		1,651
Skanska, Cl B (B)		48,196		884
SKF, Cl B (B)		67,662		1,558
Svenska Cellulosa, Cl B		116,377		1,772
Svenska Handelsbanken, Cl A (B)		198,552		6,517
Swedbank (B)		57,933		804
Swedish Match (B)		30,580		817
Tele2, Cl B (B)		53,199		1,118
Telefonaktiebolaget LM Ericsson, Cl B (B)		18,838		207
TeliaSonera (B)		112,489		913
Trelleborg, Cl B		12,000		111
Volvo, Cl B		49,085		722

				39,757


Switzerland — 7.2%
ABB		5,824		123
Adecco (B)		2,755		145
Aryzta		4,058		179
Clariant (B)		130,850		1,925
Compagnie Financiere Richemont		108,156		5,238
Credit Suisse Group		280,287		12,050
Elektrizitaets-Gesellschaft Laufenburg		56		41
Geberit		3,229		578
Givaudan (B)		8,615		8,853
Helvetia Holding		400		140
Holcim (B)		5,320		344
Julius Baer Group		24,655		376
Kuehne & Nagel International (B)		3,292		398
Lonza Group		821		70
Nestle		364,940		19,555
Novartis		445,803		25,714
Roche Holding		92,399		12,692
Schindler Holding		18,476		1,991
SGS		5,457		8,870
Sika		370		687
Sonova Holding		8,498		1,044
STMicroelectronics (B)		374,342		2,868
Sulzer		70,207		8,192
Swatch Group (B)		36,714		4,439
Swiss Life Holding		8,698		996
Swiss Reinsurance		10,857		479
Swisscom		2,992		1,214
UBS		435,734		7,439
Xstrata		397,378		7,627
Zehnder Group		33		66
Zurich Financial Services		16,187		3,816

				138,149


Taiwan — 0.1%
AU Optronics ADR		29,071		304
United Microelectronics ADR		815,018		2,266

				2,570


Description	Shares		Market Value ($ Thousands)

Thailand — 0.4%
Kasikornbank		1,849,800	$	7,481


Turkey — 0.5%
Turkiye Garanti Bankasi		1,487,244		8,637


United Kingdom — 17.5%
3i Group		588,927		2,659
Admiral Group		35,516		932
Aggreko		44,293		1,096
AMEC		495,977		7,706
Amlin		1,125,043		7,114
Anglo American		45,841		1,824
Antofagasta		361,417		7,039
ARM Holdings		222,370		1,374
Associated British Foods		141,299		2,336
AstraZeneca		295,276		15,045
Autonomy*		7,778		222
Aviva (B)		613,272		3,855
Babcock International Group		98,569		885
BAE Systems		914,516		4,933
Balfour Beatty		36,000		152
Barclays		1,586,754		7,491
BG Group		781,593		13,776
BHP Billiton		30,089		960
BP		1,607,284		10,835
British Airways		13,836		53
British American Tobacco		145,086		5,429
British Sky Broadcasting Group		58,998		656
BT Group, Cl A		980,915		2,164
Bunzl		34,430		412
Burberry Group		83,784		1,373
Cairn Energy*		2,009,947		14,367
Cape		75,818		413
Carillion		16,000		79
Carnival		16,686		658
Centrica		256,689		1,309
Cobham		71,983		262
Colt Group*		39,726		74
Compass Group		332,071		2,776
Davis Service Group (B)		44,500		282
Devro		35,193		139
Diageo		216,840		3,745
DS Smith		44,990		106
easyJet*		7,420		43
Eurasian Natural Resources		2,220		32
Firstgroup		41,523		237
Fresnillo		24,163		473
GlaxoSmithKline		308,182		6,092
Hamworthy		16,122		92
Home Retail Group		103,712		337
HSBC Holdings (B)		1,136,283		11,592
ICAP		281,488		1,914
IG Group Holdings		83,046		651
Imperial Tobacco Group		141,378		4,226
Inchcape		8,000		39
Inmarsat		59,050		617
Intercontinental Hotels Group		80,358		1,439
Intermediate Capital Group (B)		47,178		222


Description	Shares		Market Value ($ Thousands)

International Power		654,044	$	3,999
Intertek Group		3,100		89
Investec		260,997		2,091
J Sainsbury		59,491		366
Johnson Matthey		2,345		65
Kazakhmys		11,754		269
Kingfisher		3,700,508		13,657
Legal & General Group		1,184,304		1,932
Lloyds Banking Group		10,787,035		12,599
Logica		4,000		8
Millennium & Copthorne Hotels		14,007		115
Next		103,404		3,611
Old Mutual		109,078		239
Pearson		135,954		2,111
Petrofac		47,107		1,019
Prudential		236,516		2,372
Reckitt Benckiser Group		46,559		2,569
Reed Elsevier		703,587		5,965
Rexam		208,434		1,008
Rio Tinto		376,155		22,056
Rolls-Royce Group		839,646		7,985
Royal & Sun Alliance Insurance Group		333,785		688
Royal Bank of Scotland Group*		5,815,306		4,326
SABMiller		77,205		2,476
Sage Group		3,197,942		13,924
Schroders		15,589		353
Serco Group		41,268		400
Severn Trent		33,981		702
Shire		93,082		2,103
Smith & Nephew		400,898		3,667
Smiths Group		56,053		1,077
Standard Chartered (B)		33,018		950
Standard Life		116,801		426
Tate & Lyle		47,679		351
Tesco		2,032,508		13,580
Thomas Cook Group (B)		45,746		124
Travis Perkins (B)		172,355		2,291
Tullett Prebon (B)		100,349		628
Tullow Oil		290,345		5,829
Unilever		130,866		3,797
United Utilities Group		56,537		511
Vedanta Resources (B)		17,413		594
Vodafone Group		11,739,263		29,061
Whitbread		21,734		556
Willis Group Holdings		172,400		5,313
WM Morrison Supermarkets		238,526		1,111
WPP		241,430		2,680

				334,180


United States — 0.6%
Advance America Cash Advance Centers		35,103		141
AmeriCredit*		59,512		1,456
Calamos Asset Management, Cl A		18,335		211
Capital One Financial		35,922		1,421
Cardtronics*		13,842		214
Clearwater Paper*		5,500		418
Eli Lilly		142,901		5,220
Glatfelter		12,915		157
Hill-Rom Holdings		19,653		705
JPMorgan Chase		6,137		234


Description	Shares/Face Amount (Thousands) (1)		Market Value ($ Thousands)

Magellan Health Services*		4,580	$	216
NGP Capital Resources		9,600		87
RAIT Financial Trust*(A)		54,016		89

				10,569

Total Common Stock (Cost $1,603,925) ($ Thousands)				1,787,739


PREFERRED STOCK — 0.8%

Brazil — 0.5%
Itau Unibanco Holding ADR		254,200		6,147
NET Servicos de Comunicacao ADR*		245,600		3,200

				9,347


Germany — 0.3%
Bayerische Motoren Werke (B)		2,757		129
Draegerwerk		2,624		240
Fresenius		10,735		868
Henkel (B)		65,621		3,530
ProSiebenSat.1 Media		7,966		191
Volkswagen		8,485		1,025

				5,983

Total Preferred Stock (Cost $13,781) ($ Thousands)				15,330


WARRANTS — 0.3%

India — 0.3%
Shriram Transport Finance, Expires 2014*		297,745		5,113

Total Warrants (Cost $3,790) ($ Thousands)				5,113


RIGHTS — 0.0%

France — 0.0%
Michelin, Expires 10/15/10 (B)		21		58

Total Rights (Cost $0) ($ Thousands)				58


TIME DEPOSITS — 1.5%

United States — 1.5%
Brown Brothers Harriman
5.150%, 10/01/09	ZAR	2		2
3.683%, 10/01/09	AUD	34		34
2.200%, 10/01/09	NZD	—		—
1.100%, 10/01/09	NOK	120		120
0.229%, 10/01/09	CAD	6		6
0.100%, 10/01/09	SEK	28		28
0.100%, 10/01/09	EUR	67		67
0.060%, 10/01/09	GBP	392		392
0.050%, 10/01/09	DKK	7		7
0.030%, 10/01/09		27,288		27,288
0.010%, 10/01/09	HKD	113		113
0.010%, 10/01/09	JPY	210		210
0.010%, 10/01/09	SGD	2		2
0.005%, 10/01/09	CHF	240		240

Total Time Deposits (Cost $28,509) ($ Thousands)				28,509


Description	Face Amount (Thousands) (1)/ Shares		Market Value ($ Thousands)

U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bill
0.157%, 12/16/10 (E)(F)		8,324		8,322

Total U.S. Treasury Obligations (Cost $8,321) ($ Thousands)				8,322


AFFILIATED PARTNERSHIP — 12.3%

United States — 12.3%
SEI Liquidity Fund, L.P.,
0.230%†**(G)		237,168,032		234,788

Total Affiliated Partnership (Cost $237,168) ($ Thousands)				234,788


CASH EQUIVALENT — 2.9%

United States — 2.9%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.150%†**		55,357,345		55,357

Total Cash Equivalent (Cost $55,357) ($ Thousands)				55,357

Total Investments — 112.0% (Cost $1,950,851) ($ Thousands)			$	2,135,216

A summary of the open futures contracts held by the Fund at September 30, 2010, is as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		625		Dec-2010	$	(448	)
FTSE 100 Index		205		Dec-2010		(71	)
Hang Seng Index		18		Oct-2010		1
Nikkei 225 Index		22		Dec-2010		36
SPI 200 Index		55		Dec-2010		(85	)
Topix Index		159		Dec-2010		150

					$	(417	)

Percentages are based on a Net Assets of $1,906,661($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of September 30, 2010.

†

Affiliated security.

(1)

In U.S. dollars unless otherwise indicated.

(A)

Real Estate Investments Trust.

(B)

This security or a partial position of this security is on loan at September 30, 2010. The total market value of securities on loan at September 30, 2010 was $226,047 ($ Thousands) (See Note 9).

(C)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of September 30, 2010 was $6,546 ($ Thousands) and represented 0.3% of Net Assets.

(D)

Securities considered illiquid. The total market value of such securities as of September 30, 2010 was $0 ($ Thousands) and represented 0.0% of Net Assets.

(E)

Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(F)

Security, or portion thereof, has been pledged as collateral on open futures contracts.

(G)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of September 30, 2010 was $234,788 ($ Thousands).

ADR — American Depositary Receipt

ARM — Adjustable Rate Mortgage

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

DKK — Danish Krone

EUR — Euro

GBP — British Pound Sterling

GDR — Global Depositary Receipt

HKD — Hong Kong Dollar

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

L.P. — Limited Partnership

NOK — Norwegian Krone

NZD — New Zealand Dollar

REIT — Real Estate Investment Trust

SEK — Swedish Krona

Ser — Series

SGD — Singapore Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2010 in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,787,739	$	—	$	—	$	1,787,739
Preferred Stock		15,330		—		—		15,330
Warrants		—		5,113		—		5,113
Rights		58		—		—		58
Time Deposits		—		28,509		—		28,509
U.S. Treasury Obligations		—		8,322		—		8,322
Affiliated Partnership		—		234,788		—		234,788
Cash Equivalent		55,357		—		—		55,357

Total Investments in Securities	$	1,858,484	$	278,732	$	—	$	2,135,216


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Future Contracts*	$	(417	)	$	—	$	—	$	(417	)

Total Other Financial Instruments	$	(417	)	$	—	$	—	$	(417	)

Future contracts are valued at the net unrealized appreciation/(depreciation) on the instrument.

For the year ended September 30, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

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

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


Description	Shares		Market Value ($ Thousands)

COMMON STOCK — 91.2%

Argentina — 0.5%
Tenaris ADR (A)		69,804	$	2,682
Ternium ADR (A)		54,400		1,776

				4,458


Australia — 0.0%
Centamin Egypt*		135,562		378


Brazil — 10.6%
Banco Bradesco ADR (A)		121,883		2,484
Banco do Brasil		134,252		2,527
Banco Santander Brasil		53,410		723
Banco Santander Brasil ADR		227,350		3,131
BM&F Bovespa		362,117		3,027
BR Malls Participacoes		44,882		370
BR Properties		164,700		1,585
Brasil Telecom*		15,380		134
Centrais Eletricas Brasileiras		47,380		600
Cia de Saneamento Basico do Estado de Sao Paulo		9,669		216
Cia de Saneamento de Minas Gerais		102,000		1,558
Cia Energetica de Minas Gerais ADR (A)		59,289		972
Cia Hering		33,300		1,446
Cielo		324,753		2,799
Cosan, Cl A		28,400		329
Cosan Industria e Comercio		55,684		820
Cyrela Brazil Realty		111,867		1,576
Diagnosticos da America		117,866		1,396
EDP - Energias do Brasil		28,723		615
Empresa Brasileira de Aeronautica		158,600		1,106
Empresa Brasileira de Aeronautica ADR (A)		35,050		995
Equatorial Energia		13,523		82
Eternit		26,655		148
Fibria Celulose*		20,925		359
Fibria Celulose ADR*(A)		74,884		1,295
Fleury		126,000		1,561
Gafisa ADR (A)		16,600		257
Gerdau ADR		79,901		1,087
Grendene		211,522		1,074
Hypermarcas*		140,125		2,147
Iguatemi Empresa de Shopping Centers		73,900		1,650
JBS		366,600		1,577
Julio Simoes Logistica*		163,500		806
Light		5,079		65
Localiza Rent a Car		50,988		849
Lojas Renner		55,100		1,870
M Dias Branco		2,928		72
MMX Mineracao e Metalicos*		254,800		1,949
MRV Engenharia e Participacoes		186,732		1,791
Multiplan Empreendimentos Imobiliarios		5,300		113
OGX Petroleo e Gas Participacoes*		262,600		3,413
PDG Realty Empreendimentos e Participacoes		274,719		3,262
Petroleo Brasileiro		545,545		9,844


Description	Shares		Market Value ($ Thousands)

Petroleo Brasileiro ADR (A)		165,487	$	6,002
Porto Seguro		169,755		2,163
Redecard		136,600		2,130
Redentor Energia*		13,523		61
SLC Agricola		125,137		1,376
Souza Cruz		23,118		1,166
Sul America		24,036		268
Telegraph Norte Leste Participacoes ADR		113,410		1,597
Totvs		51,972		3,948
Ultrapar Participacoes ADR		16,977		1,039
Usinas Siderurgicas de Minas Gerais		83,870		1,276
Vale		197,352		6,088
Vale ADR, Cl B (A)		238,456		7,457
Vivo Participacoes ADR		2,959		80
Wilson Sons, BDR		59,905		939

				99,270


Canada — 0.6%
Bankers Petroleum*		99,603		789
Eldorado Gold		46,044		854
First Quantum Minerals		5,649		431
Pacific Rubiales Energy*		135,639		3,825

				5,899


Chile — 0.8%
Banco Santander Chile ADR		14,974		1,446
Centros Comerciales Sudamericanos		78,644		533
Cia Cervecerias Unidas		49,232		555
Empresa Nacional de Telecomunicaciones		83,620		1,359
Enersis ADR		94,544		2,223
La Polar		35,000		262
Lan Airlines ADR (A)		16,172		476
Sociedad Quimica y Minera de Chile ADR (A)		21,594		1,042

				7,896


China — 11.7%
AAC Acoustic Technologies Holdings		658,180		1,434
Agricultural Bank of China, Cl H*		3,108,932		1,610
AirMedia Group ADR*		124,355		736
Ajisen China Holdings		1,150,897		1,809
Anhui Conch Cement, Cl H		411,764		1,870
Anhui Expressway, Cl H		28,000		19
Asia Cement China Holdings		1,736,000		854
Baidu ADR*		3,250		334
Bank of China, Cl H		10,325,268		5,413
Bank of Communications, Cl H		765,200		827
Beijing Capital International Airport, Cl H		2,924,000		1,537
Besunyen Holdings*		50,000		24
Bosideng International Holdings		1,366,000		593
BYD Electronic International (A)		2,453,000		1,409
Changyou.com ADR*(A)		17,686		486
China Automation Group		945,004		762
China Coal Energy, Cl H		1,160,000		1,919
China Communications Services, Cl H		1,700,000		1,007


Description	Shares		Market Value ($ Thousands)

China Construction Bank, Cl H		8,424,537	$	7,379
China Dongxiang Group		2,595,500		1,491
China Information Technology*(A)		59,734		291
China Life Insurance, Cl H		233,793		923
China Merchants Bank, Cl H		505,431		1,302
China National Materials		1,388,438		1,155
China Petroleum & Chemical ADR (A)		23,984		2,117
China Petroleum & Chemical, Cl H		616,000		546
China Railway Construction, Cl H		671,500		903
China Railway Group, Cl H		2,060,000		1,613
China Shenhua Energy		486,500		2,012
China Shineway Pharmaceutical Group		300,935		1,060
China Shipping Development, Cl H		1,902,000		2,617
China South Locomotive and Rolling Stock		854,515		808
China Vanke, Cl B		627,000		792
China Yurun Food Group		349,000		1,295
Ctrip.com International ADR*		62,500		2,984
Dongfeng Motor Group, Cl H		831,280		1,700
First Tractor, Cl H		789,900		619
Fosun International		218,327		174
Fuqi International*(A)		46,740		304
Golden Eagle Retail Group		120,622		342
Great Wall Motor, Cl H (A)		396,000		1,071
Guangzhou Automobile Group, Cl H		502,415		865
Guangzhou R&F Properties (A)		506,400		711
Haitian International Holdings		79,000		77
Harbin Power Equipment, Cl H		690,000		858
Hidili Industry International Development		1,538,366		1,510
Huaneng Power International, Cl H		2,014,800		1,254
Huaneng Power International ADR		10,690		265
Industrial & Commercial Bank of China		9,830,959		7,320
Jiangling Motors, Cl B		26,400		79
Kingdee International Software Group		2,021,980		945
Lianhua Supermarket Holdings, Cl H		113,509		458
Longfor Properties		292,000		331
Lumena Resources		2,260,000		847
Maanshan Iron & Steel, Cl H		1,568,000		980
Mindray Medical International ADR (A)		46,897		1,387
Netease.com ADR*		22,679		894
Parkson Retail Group		489,902		852
PetroChina, Cl H		3,268,208		3,801
PetroChina ADR (A)		11,290		1,314
Ping An Insurance Group of China, Cl H		316,500		3,229
Renhe Commercial Holdings		13,712,000		2,561
Sinotrans, Cl H		4,133,000		1,118
Soho China		1,416,500		1,005
Sohu.com*		7,580		437
SPG Land Holdings		135,300		64
Tencent Holdings		153,404		3,351
Tingyi Cayman Islands Holding		724,000		1,996
Travelsky Technology, Cl H		1,528,008		1,541
Trina Solar ADR*(A)		37,400		1,129


Description	Shares		Market Value ($ Thousands)

Tsingtao Brewery, Cl H		76,000	$	438
Want Want China Holdings		82,000		76
Weichai Power, Cl H		121,900		1,288
Weiqiao Textile, Cl H		1,609,900		1,319
Xingda International Holdings		133,000		119
Yangzijiang Shipbuilding Holdings (A)		1,459,046		1,952
Yanzhou Coal Mining, Cl H		488,000		1,197
Zhaojin Mining Industry		305,355		940
Zhejiang Expressway, Cl H		787,922		743
Zhongsheng Group Holdings*(A)		243,000		586
Zhuzhou CSR Times Electric, Cl H		648,000		2,078
ZTE, Cl H		242,400		965

				109,021


Cyprus — 0.3%
Eurasia Drilling GDR		88,096		2,048
Eurasia Drilling GDR (A)		12,789		297

				2,345


Czech Republic — 0.3%
CEZ		30,150		1,354
Komercni Banka		4,823		1,055

				2,409


Egypt — 0.5%
Commercial International Bank		239,646		1,806
Egyptian Financial Group-Hermes Holding		283,856		1,450
Orascom Construction Industries GDR		5,869		264
Orascom Construction Industries		21,299		937

				4,457


Hong Kong — 5.9%
Beijing Enterprises Holdings		104,500		743
Belle International Holdings		1,413,000		2,836
Chaoda Modern Agriculture (A)		2,022,680		1,675
China Gas Holdings		2,246,000		1,206
China Green Holdings (A)		881,598		852
China Mengniu Dairy		380,000		1,175
China Merchants Holdings International (A)		232,000		843
China Mobile ADR (A)		35,900		1,836
China Mobile		1,220,861		12,494
China Pharmaceutical Group		1,210,000		625
China Power International Development (A)		4,608,200		1,021
China Resources Power Holdings		417,800		898
China State Construction International Holdings		3,591,820		2,165
China Unicom		1,026,812		1,503
CNOOC		4,210,238		8,157
Cosco International Holdings		528,000		316
COSCO Pacific		1,709,015		2,571
Geely Automobile Holdings		1,831,896		908
Global Bio-Chemical Technology Group		6,537,300		1,044
GOME Electrical Appliances Holdings (A)(B)		7,919,512		2,387
GZI Real Estate Investment Trust (C)		316,065		158
GZI Transportation		224,000		120
Hengan International Group		90,500		902


Description	Shares		Market Value ($ Thousands)

Huabao International Holdings		2,048,500	$	3,193
Lee & Man Paper Manufacturing		435,000		384
Minth Group		452,105		901
NWS Holdings (A)		755,625		1,481
Shenzhen Investment		572,000		206
Sino Biopharmaceutical		1,408,000		568
Sinolink Worldwide Holdings		1,474,532		232
Tianjin Development Holdings		218,000		168
TPV Technology		1,087,890		715
Yingde Gases*		534,731		505

				54,788


Hungary — 0.3%
Egis Gyogyszergyar		1,631		180
Magyar Telekom		81,639		268
MOL Hungarian Oil and Gas (A)		20,005		2,103
Richter Gedeon		230		53

				2,604


India — 7.6%
Allahabad Bank		153,850		795
Andhra Bank		317,317		1,128
Apollo Tyres		186,163		336
Bank		10,693		165
Bank of Baroda		118,770		2,306
Bank of India		234,558		2,701
BEML		21,870		525
Bharat Heavy Electricals		13,780		760
Bharti Airtel		363,560		2,964
Cairn India*		317,620		2,368
Canara Bank		86,748		1,126
Dabur India		71,500		172
DEN Networks*		161,836		846
Eicher Motors		40,567		1,104
Engineers India		69,970		544
Ess Dee Aluminium*		34,438		378
Exide Industries		177,305		646
Federal Bank		11,480		100
Glenmark Pharmaceuticals		166,290		1,109
Grasim Industries		11,937		590
HDFC Bank		16,200		897
Hero Honda Motors		48,860		2,020
Hindalco Industries		248,809		1,091
Housing Development Finance		131,715		2,149
ICICI Bank ADR		37,254		1,857
India Cements		1,365,531		3,522
Indian Bank		125,373		778
Indian Overseas Bank		157,064		461
Industrial Development Bank of India		110,307		374
Infosys Technologies		24,551		1,667
Infrastructure Development Finance*		431,397		1,946
ITC		495,544		1,966
Jindal Steel & Power		46,200		727
Larsen & Toubro		12,100		553
LIC Housing Finance		44,838		1,433
Mahanagar Telephone Nigam*		507,220		699
Maruti Udyog		5,850		188
Nagarjuna Construction		307,832		1,075
NMDC		176,940		1,030
Oil & Natural Gas		114,703		3,584


Description	Shares		Market Value ($ Thousands)

Oriental Bank of Commerce		105,984	$	1,087
Patni Computer Systems		59,574		550
Power Finance		228,833		1,749
Punjab National Bank		40,792		1,174
Reliance Industries		166,530		3,659
Reliance Infrastructure		51,434		1,224
Rolta India		386,090		1,392
Shipping Corporation of India		18,531		67
State Bank of India		1,770		128
State Bank of India GDR (D)		16,430		2,370
Steel Authority of India		144,743		661
Sterlite Industries India ADR (A)		54,896		822
Sun TV Network		38,609		446
Syndicate Bank		129,174		329
Tata Chemicals		91,279		812
Tata Consultancy Services		110,954		2,289
Triveni Engineering & Industries		97,670		268
Ultratech Cement		10,432		247
Union Bank of India		23,238		201
Unitech		494,431		972
United Phosphorus		165,360		660
Welspun		256,364		1,536

				71,323


Indonesia — 3.0%
Adaro Energy		3,863,409		877
Astra Agro Lestari		139,500		324
Astra International		701,070		4,454
Bank Central Asia		823,500		618
Bank Mandiri		2,243,958		1,810
Bank Negara Indonesia Persero		1,740,500		717
Bank Rakyat Indonesia		4,399,844		4,930
Global Mediacom*(B)		27,339,094		1,179
Gudang Garam		65,500		379
Indika Energy		465,000		173
Indo Tambangraya Megah		22,500		105
Indocement Tunggal Prakarsa		696,435		1,436
Indofood CBP Sukses Makmur TBK*(H)		786,500		475
Indosat		1,384,500		853
International Nickel Indonesia		977,000		534
Kalbe Farma		2,865,500		819
Medco Energi Internasional		1,887,500		703
Perusahaan Gas Negara		8,260,448		3,563
Semen Gresik Persero		860,500		954
Telekomunikasi Indonesia		2,266,097		2,336
United Tractors		463,402		1,062

				28,301


Israel — 0.4%
Bezeq Israeli Telecommunication (E)		233,200		581
Israel Chemicals (E)		88,741		1,249
Makhteshim-Agan Industries (E)		295,980		1,103
Teva Pharmaceutical Industries ADR		23,564		1,243

				4,176


Kazakhstan — 0.5%
Halyk Savings Bank of Kazakhstan JSC GDR*(A)		240,028		2,062
KazMunaiGas Exploration Production GDR		109,272		1,931


Description	Shares		Market Value ($ Thousands)

Zhaikmunai GDR*		44,198	$	353

				4,346


Malaysia — 1.9%
AMMB Holdings		26,800		51
Axiata Group*		717,136		1,017
British American Tobacco Malaysia		4,300		67
CIMB Group Holdings		438,400		1,160
Dialog Group		204,300		74
Gamuda		201,300		253
Genting		469,446		1,509
Genting Malaysia		2,326,040		2,554
Hong Leong Bank		281,615		831
Hong Leong Financial Group		64,700		190
IOI		407,700		722
KLCC Property Holdings		97,600		105
Kuala Lumpur Kepong		48,600		268
Lafarge Malayan Cement		110,300		282
Malayan Banking		759,367		2,165
Malaysian Bulk Carriers		241,877		229
Multi-Purpose Holdings		73,400		53
Parkson Holdings		27,500		52
Public Bank		727,900		2,954
RHB Capital		160,800		377
TAN Chong Motor Holdings		44,900		87
Tenaga Nasional		383,647		1,096
Top Glove		892,348		1,483

				17,579


Mexico — 3.7%
Alfa, Cl A		108,724		846
America Movil, Ser L		1,552,669		4,173
America Movil ADR, Ser L		101,317		5,403
Bolsa Mexicana de Valores		531,715		894
Consorcio ARA		869,100		571
Desarrolladora Homex ADR*		39,120		1,266
Embotelladoras Arca		339,124		1,385
Empresas ICA*		396,754		969
Fomento Economico Mexicano ADR		25,209		1,279
Genomma Lab Internacional, Cl B*		461,708		892
GEO*		784,930		2,260
Grupo Bimbo, Ser A		97,763		718
Grupo Carso, Ser A1		45,970		233
Grupo Continental (B)		321,551		936
Grupo Financiero Banorte, Cl O		1,345,068		5,131
Grupo Modelo		48,745		271
Grupo Simec, Cl B*		59,190		145
Grupo Televisa ADR		93,500		1,769
Grupo Televisa		315,243		1,203
Industrias, Cl B*		65,400		226
Organizacion Soriana, Cl B		49,137		137
Telefonos de Mexico ADR, Ser L (A)		31,707		473
Urbi Desarrollos Urbanos*		1,682,347		3,543

				34,723


Netherlands — 0.1%
VimpelCom ADR*		94,720		1,407


Description	Shares		Market Value ($ Thousands)

Nigeria — 0.1%
Guaranty Trust Bank		8,308,151	$	784


Panama — 0.2%
Copa Holdings, Cl A		35,200		1,898


Peru — 0.0%
Cia de Minas Buenaventura ADR (A)		6,300		285


Philippines — 0.8%
Bank of the Philippine Islands		755,774		938
Energy Development		5,694,228		790
International Container Terminal Services		1,709,599		1,496
Philippine Long Distance Telephone		19,540		1,165
Philippine Long Distance Telephone ADR		14,152		847
SM Investments		155,275		2,017

				7,253


Poland — 0.8%
Asseco Poland		83,429		1,504
Bank Pekao		12,300		727
Cyfrowy Polsat		44,876		231
KGHM Polska Miedz		27,106		1,092
Polski Koncern Naftowy Orlen		76,446		1,050
Powszechna Kasa Oszczednosci Bank Polski		34,480		522
Powszechny Zaklad Ubezpieczen		4,881		687
Telekomunikacja Polska		225,940		1,395

				7,208


Russia — 6.3%
CTC Media		12,000		263
Evraz Group GDR		79,805		2,384
Globaltrans Investment GDR (A)		100,459		1,516
Integra Group Holdings GDR*		134,503		350
LSR Group GDR*		288,381		2,451
Lukoil ADR (A)		148,960		8,446
Magnit GDR		57,652		1,354
Magnitogorsk Iron & Steel Works GDR (A)		158,832		2,060
Mechel ADR		3,291		82
MMC Norilsk Nickel ADR (A)		255,720		4,360
Mobile Telesystems ADR		144,910		3,077
NovaTek OAO GDR		6,200		533
OAO Gazprom ADR		598,174		12,556
Pharmstandard GDR*		54,874		1,226
Rosneft Oil GDR		714,989		4,769
Sberbank GDR		10,361		3,158
Severstal GDR		69,768		1,033
Surgutneftegas ADR		65,565		616
Tatneft ADR		13,761		431
TMK OAO GDR		57,640		994
Uralkali GDR		60,350		1,325


Description	Shares		Market Value ($ Thousands)

VTB Bank GDR		651,016	$	3,747
X5 Retail Group GDR*		46,077		1,843

				58,574


South Africa — 6.5%
ABSA Group (A)		124,800		2,398
Adcock Ingram Holdings		13,409		122
African Bank Investments (A)		239,929		1,233
African Rainbow Minerals		7,100		171
Anglo Platinum		11,660		1,105
AngloGold Ashanti ADR (A)		12,489		578
ArcelorMittal South Africa		77,147		911
Aspen Pharmacare Holdings (A)		95,317		1,285
Barloworld (A)		334,771		2,246
Bidvest Group		24,774		523
Clicks Group		246,272		1,561
Exxaro Resources		115,019		1,986
FirstRand		786,778		2,421
Fountainhead Property Trust		164,460		163
Grindrod		67,731		163
Group Five		8,026		42
Harmony Gold Mining		119,040		1,331
Hyprop Investments (A)		16,578		127
Impala Platinum Holdings		123,707		3,193
Imperial Holdings (A)		66,424		1,081
Investec		103,416		882
JD Group (A)		238,480		1,632
Kumba Iron Ore (A)		10,765		560
Life Healthcare Group Holdings		394,765		817
Metropolitan Holdings		309,962		729
Mondi		187,469		1,532
Mr Price Group (A)		162,312		1,280
MTN Group		415,930		7,514
Murray & Roberts Holdings		404,940		2,607
Nampak		338,642		921
Naspers, Cl N (A)		41,614		2,034
Netcare		187,055		371
Raubex Group		284,814		931
Redefine Properties		184,587		214
Remgro (A)		23,292		364
Sanlam (A)		313,573		1,183
Sappi		189,217		973
Sasol		116,252		5,215
Sasol ADR		9,070		406
Shoprite Holdings		31,790		451
Standard Bank Group		327,721		5,216
Telkom		173,560		958
Tiger Brands		24,157		657
Trans Hex Group*(A)		1,363		1
Woolworths Holdings		136,675		530

				60,618


South Korea — 11.4%
Cheil Jedang		8,281		760
Daegu Bank		60,100		791
Daewoo Shipbuilding & Marine Engineering		53,470		1,278
Daishin Securities		29,528		388
Dongbu Insurance		42,971		1,328
Dongkuk Steel Mill		19,423		465
GS Engineering & Construction		10,078		775
Halla Climate Control		29,320		549


Description	Shares		Market Value ($ Thousands)

Hanwha Chemical		69,820	$	1,675
Hite Brewery		2,590		288
Honam Petrochemical		6,878		1,282
Hyundai Department Store		3,745		453
Hyundai Development		61,430		1,627
Hyundai Engineering & Construction		32,242		2,050
Hyundai Marine & Fire Insurance		8,970		175
Hyundai Mobis		7,879		1,776
Hyundai Motor		14,742		1,978
Jinro		16,320		562
Kangwon Land		50,070		1,089
KB Financial Group		72,244		3,105
KB Financial Group ADR		7,690		330
Korea Electric Power ADR		2,810		36
Korea Electric Power		44,310		1,142
Korea Exchange Bank		96,770		1,171
Korean Reinsurance		118,554		1,180
KP Chemical		38,860		467
KT		8,579		344
KT ADR (A)		85,685		1,753
KT&G		33,646		2,007
LG		19,233		1,392
LG Chemical		1,870		547
LG Electronics		64,999		5,478
LG Innotek		4,283		526
LG Philips LCD		89,860		3,105
LG Telecom		144,064		931
Lotte Chilsung Beverage		638		431
MegaStudy		5,200		769
Nong Shim		9,047		1,730
POSCO		13,616		6,162
POSCO ADR (A)		9,010		1,027
Pusan Bank		147,658		1,819
Samsung Electro-Mechanics		4,395		480
Samsung Electronics		37,450		25,520
Samsung Engineering		25,400		3,386
Samsung Fire & Marine Insurance		21,036		3,597
Samsung SDI		2,810		384
Shinhan Financial Group		181,600		6,952
Shinsegae		8,098		4,268
SK Telecom ADR (A)		95,670		1,671
SK Telecom		2,336		351
S-Oil		16,896		1,045
Taewoong		12,455		658
Tong Yang Life Insurance		136,000		1,395
Woongjin Thinkbig		29,513		648
Yuhan		9,280		1,510

				106,606


Sweden — 0.2%
Alliance Oil*		89,782		1,208
Oriflame Cosmetics (A)		11,012		709

				1,917


Taiwan — 9.4%
Acer		393,117		999
Asia Cement		990,860		1,010
Asustek Computer		146,148		1,048
AU Optronics ADR (A)		135,550		1,418
AU Optronics		1,186,418		1,230
Catcher Technology		504,000		1,161


Description	Shares		Market Value ($ Thousands)

Cathay Financial Holding		1,155,960	$	1,767
Chinatrust Financial Holding		7,258,460		4,577
Chunghwa Telecom		563,570		1,263
Compal Electronics		1,470,606		1,758
Delta Electronics		186,000		777
Eternal Chemical		101,000		106
Far Eastern New Century		1,059,309		1,458
Far EasTone Telecommunications		122,000		171
Farglory Land Development		119,000		289
First Financial Holding		3,300,296		2,187
Formosa Chemicals & Fibre		246,000		594
Formosa Taffeta		81,000		66
High Tech Computer		117,555		2,668
Hon Hai Precision Industry GDR		7,741		59
Hon Hai Precision Industry		1,836,586		6,907
Hotai Motor		25,000		71
Huaku Development		95,000		263
Hung Poo Real Estate Development		386,515		538
Inventec		11,200		6
KGI Securities		637,000		286
Lite-On Technology		575,653		726
Macronix International		62,000		39
MediaTek		341,851		4,804
Nan Ya Printed Circuit Board		222,967		863
Novatek Microelectronics		224,410		636
Pou Chen		535,800		469
Powertech Technology		265,706		855
President Chain Store		220,000		947
Prime View International		1,372,679		2,663
Quanta Computer		1,923,649		3,122
Radium Life Tech		86,520		117
Richtek Technology		133,678		993
Siliconware Precision Industries		16,002		17
Siliconware Precision Industries ADR		257,400		1,398
Silitech Technology		152,070		451
Simplo Technology		208,426		1,187
Sincere Navigation		206,000		244
SinoPac Financial Holdings		4,085,230		1,530
Soft-World International		84,000		370
Synnex Technology International		827,783		1,918
Taishin Financial Holding		51,700		23
Taiwan Cooperative Bank		892		1
Taiwan Fertilizer		927,000		2,896
Taiwan Semiconductor Manufacturing ADR		221,526		2,246
Taiwan Semiconductor Manufacturing		5,395,524		10,708
Tatung*		6,730,000		1,327
Teco Electric and Machinery		565,000		327
Transcend Information		337,660		870
Tripod Technology		444,354		1,700
TSRC		179,000		276
Tung Ho Steel Enterprise		136,820		128
TXC		561,632		1,003
U-Ming Marine Transport		356,000		700
Unimicron Technology		190,000		333
United Microelectronics		6,442,312		2,856
United Microelectronics ADR (A)		53,260		148
UPC Technology		53,000		34
Wintek		492,000		771


Description	Shares		Market Value ($ Thousands)

Wistron		854,302	$	1,559
WPG Holdings		643,911		1,278
Yageo*		681,000		293
Young Fast Optoelectronics		72,938		831
Yuanta Financial Holding		2,739,336		1,666

				88,000


Thailand — 2.3%
Advanced Info Service		484,300		1,516
Bangkok Bank		700,210		3,655
Banpu		34,111		805
Bumrungrad Hospital		768,450		886
Charoen Pokphand Foods		98,000		81
CP ALL		388,400		541
Glow Energy		816,421		1,150
Kasikornbank		677,300		2,706
Krung Thai Bank		550,800		308
PTT		157,200		1,538
PTT Exploration & Production		242,239		1,189
Siam Cement		102,154		1,121
Siam Commercial Bank		950,400		3,135
Thai Airways International (A)		382,670		530
Thai Oil		149,500		260
Thanachart Capital		1,420,054		1,909

				21,330


Turkey — 3.1%
Akenerji Elektrik Uretim		103,770		275
Anadolu Efes Biracilik Ve Malt Sanayii		100,181		1,565
Arcelik		62,190		342
Cimsa Cimento Sanayi VE Tica		161,496		1,228
Ford Otomotiv Sanayi		155,231		1,331
Haci Omer Sabanci Holding		58,424		303
Hurriyet Gazetecilik		394,290		423
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.		83,743		147
Sinpas Gayrimenkul Yatirim Ortakligi*(C)		582,101		797
Tekfen Holding		330,927		1,350
Tofas Turk Otomobil Fabrikasi		266,663		1,383
Tupras Turkiye Petrol Rafine		137,471		3,707
Turk Sise ve Cam Fabrikalari*		2,071,572		3,695
Turkcell Iletisim Hizmet ADR (A)		38,360		643
Turkcell Iletisim Hizmet		365,299		2,462
Turkiye Garanti Bankasi		756,193		4,391
Turkiye Halk Bankasi		115,929		1,074
Turkiye Is Bankasi, Cl C		488,771		2,078
Turkiye Sinai Kalkinma Bankasi		1,077,620		1,810
Yazicilar Holding, Cl A		12,596		98

				29,102


United Arab Emirates — 0.0%
DP World		692,300		359


United Kingdom — 1.1%
Afren*		609,582		1,062
African Barrick Gold		167,580		1,558
Anglo American		55,644		2,221
Antofagasta		108,197		2,107
BHP Billiton		33,323		1,076


Description	Shares		Market Value ($ Thousands)

Cairn Energy*		147,842	$	1,057
JKX Oil & Gas		121,800		618
Tullow Oil		39,999		803

				10,502


United States — 0.3%
Central European Distribution*		5,291		118
Millicom International Cellular		17,714		1,700
NII Holdings*		33,508		1,377

				3,195

Total Common Stock (Cost $691,835) ($ Thousands)				853,011


PREFERRED STOCK — 5.4%

Brazil — 5.4%
Banco do Estado do Rio Grande do Sul		111,702		1,112
Bradespar		39,279		935
Brasil Telecom*		100,582		664
Braskem		209,770		2,110
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Cl Preference		24,489		840
Cia de Bebidas das Americas		14,600		1,779
Cia de Bebidas das Americas ADR (A)		21,181		2,622
Cia de Tecidos do Norte de Minas-Coteminas		155,332		384
Cia Energetica de Minas Gerais		142,065		2,306
Confab Industrial		59,037		210
Eletropaulo Metropolitana Eletricidade de Sao Paulo		71,214		1,266
Investimentos Itau		290,344		2,199
Itau Unibanco Holding ADR		271,495		6,565
Itau Unibanco Holding		20,664		491
Klabin		246,519		684
Metalurgica Gerdau, Cl A		55,999		901
Petroleo Brasileiro, Cl Preference		169,042		2,732
Petroleo Brasileiro Sponsored ADR, Cl A (A)		270,691		8,884
Randon Participacoes		206,300		1,449
Suzano Papel e Celulose		86,788		818
Telecomunicacoes de Sao Paulo		26,666		653
Tim Participacoes		490,700		1,587
Ultrapar Participacoes		23,778		1,426
Vale, Cl A		72,031		1,971
Vale ADR, Cl B (A)		210,855		5,851

Total Preferred Stock (Cost $34,206) ($ Thousands)				50,439


EXCHANGE TRADED FUNDS — 0.8%

United States — 0.8%
iShares MSCI Emerging Markets Index Fund		158,500		7,096
Vanguard Emerging Markets ETF		20,310		922

Total Exchange Traded Funds (Cost $7,831) ($ Thousands)				8,018


Description	Face Amount (Thousands) (1) /Shares		Market Value ($ Thousands)

DEBENTURE BOND — 0.0%

Brazil — 0.0%
Vale, Ser 1997
0.000%, 09/30/49 (F)		8	$	—

Total Debenture Bond (Cost $0) ($ Thousands)				—


RIGHTS — 0.0%

Taiwan — 0.0%
Young Fast Optoelectronics, Expires 10/22/10*		3		8

Total Rights (Cost $0) ($ Thousands)				8


CASH EQUIVALENT — 0.4%

United States — 0.4%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.150%†**		4,006,186		4,006

Total Cash Equivalent (Cost $4,006) ($ Thousands)				4,006


TIME DEPOSITS — 1.7%

United States — 1.7%
Brown Brothers Harriman
5.150%, 10/01/09	ZAR	1,662		238
0.100%, 10/01/09	EUR	45		62
0.060%, 10/01/09	GBP	23		35
0.030%, 10/01/09		14,951		14,951
0.010%, 10/01/09	HKD	4,089		527
0.010%, 10/01/09	SGD	2		2

Total Time Deposits (Cost $15,815) ($ Thousands)				15,815


AFFILIATED PARTNERSHIP — 7.0%

United States — 7.0%
SEI Liquidity Fund, L.P.,
0.230%†**(G)		66,171,117		65,120

Total Affiliated Partnership (Cost $66,171) ($ Thousands)				65,120

Total Investments — 106.5% (Cost $819,864) ($ Thousands)			$	996,417

Percentages are based on a Net Assets of $935,583($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of September 30, 2010.

†

Affiliated security.

(1)

In U.S. dollars unless otherwise indicated.

(A)

This security or a partial position of this security is on loan at September 30, 2010. The total market value of securities on loan at September 30, 2010 was $64,438 ($ Thousands) (See Note 9).

(B)

Securities considered illiquid. The total market value of such securities as of September 30, 2010 was $4,502 ($ Thousands) and represented 0.5% of Net Assets.

(C)

Real Estate Investments Trust.

(D)

(E)

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 September 30, 2010 was $2,933 ($ Thousands) and represented 0.3% of Net Assets.

(F)

Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2010.

(G)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of September 30, 2010 was $65,120 ($ Thousands).

(H)

Security is when-issued.

ADR — American Depositary Receipt

BDR — Brazilian Depositary Receipt

Cl — Class

EUR — Euro

GBP — British Pound Sterling

GDR — Global Depositary Receipt

HKD — Hong Kong Dollar

L.P. — Limited Partnership

MSCI — Morgan Stanley Capital International

Ser — Series

SGD — Singapore Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2010 in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	852,536	$	475	$	—	$	853,011
Preferred Stock		50,439		—		—		50,439
Exchange Traded Funds		8,018		—		—		8,018
Debenture Bond		—		—		—		—
Rights		—		8		—		8
Cash Equivalent		4,006		—		—		4,006
Time Deposits		—		15,815		—		15,815
Affiliated Partnership		—		65,120		—		65,120

Total Investments in Securities	$	914,999	$	81,418	$	—	$	996,417

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):


	Common Stock
Beginning balance as of October 1, 2009	$	7
Accrued discounts/premiums		—
Realized gain/(loss)		(10	)
Change in unrealized appreciation/(depreciation)		10
Net purchases/sales		(7	)
Net transfer in and/or out of Level 3		—

Ending balance as of September 30, 2010	$	—

For the period ended September 30, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

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

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


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS — 89.1%

Australia — 1.6%
Commonwealth Bank of Australia MTN
3.750%, 10/15/14 (A)	USD	425	$	454
Fairfax Med
5.250%, 06/15/12		250		346
Government of Australia, Ser 122
5.250%, 03/15/19		300		296
Government of Australia, Ser 25CI
3.000%, 09/20/25		640		682
Macquarie Bank MTN
5.500%, 09/19/16 (B)	GBP	211		321
1.233%, 12/06/16 (B)	EUR	350		447
New South Wales Treasury
5.250%, 05/01/13		980		953
Optus Finance Pty MTN
3.500%, 09/15/20	EUR	200		276
QBE Insurance Group MTN
6.125%, 09/28/15	GBP	250		431
Queensland Treasury
6.000%, 09/14/17		1,630		1,640
Rio Tinto Finance
5.875%, 07/15/13	USD	500		557
Suncorp-Metway MTN
4.000%, 01/16/14	GBP	550		928
Westpac Banking MTN
4.250%, 09/22/16	EUR	350		509
2.100%, 08/02/13	USD	400		406

				8,246


Austria — 0.3%
Oesterreichische Kontrollbank MTN
3.625%, 12/10/13		465		669
Republic of Austria MTN
3.900%, 07/15/20		300		447
Republic of Austria, Ser 97-6
6.250%, 07/15/27		225		429

				1,545


Belgium — 1.4%
Anheuser-Busch InBev
8.625%, 01/30/17		200		360
5.375%, 01/15/20		450		508
4.000%, 04/26/18		300		433
Dexia Funding
4.892%, 11/30/49 (B)		200		179
Fortis Bank
4.625%, 10/24/49 (B)		200		243
Kingdom of Belgium, Ser 44
5.000%, 03/28/35		325		542
Kingdom of Belgium, Ser 48
4.000%, 03/28/22		2,100		3,070
Kingdom of Belgium, Ser 56
3.500%, 03/28/15		750		1,086
Kingdom of Belgium, Ser 58
3.750%, 09/28/20		325		467

				6,888


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Bermuda — 0.0%
Fidelity International
6.875%, 02/24/17		175	$	256


Brazil — 0.3%
Centrais Eletricas Brasileiras
6.875%, 07/30/19	USD	150		177
Federal Republic of Brazil
10.250%, 01/10/28		370		244
4.875%, 01/22/21	USD	115		126
Petrobras International Finance
5.750%, 01/20/20	USD	650		720
Vale Overseas
6.875%, 11/21/36	USD	301		344

				1,611


Canada — 4.0%
Bank of Montreal MTN
4.250%, 01/23/13	EUR	250		358
Bell Canada MTN
5.000%, 02/15/17		270		284
Canadian Natural Resources
5.150%, 02/01/13	USD	175		189
Canadian Pacific Railway
6.500%, 05/15/18	USD	99		119
CDP Financial
4.400%, 11/25/19 (A)	USD	850		906
Export Development Canada MTN
2.375%, 03/19/12	USD	800		822
Government of Canada
5.750%, 06/01/33		1,300		1,744
5.000%, 06/01/37		2,200		2,761
5.000%, 06/01/14		4,350		4,733
4.500%, 06/01/15		1,550		1,685
4.000%, 06/01/16		2,438		2,613
3.750%, 06/01/12		1,510		1,530
3.500%, 06/01/13		830		851
Province of Quebec Canada
4.250%, 02/27/13	EUR	450		650
Royal Bank of Canada MTN
4.625%, 01/22/18	EUR	252		384
Teck Resources
9.750%, 05/15/14 (A)	USD	36		44
Toronto-Dominion Bank
2.200%, 07/29/15 (A)	USD	540		547
YPG Holdings MTN
5.250%, 02/15/16		179		175

				20,395


Chile — 0.1%
Nacional del Cobre de Chile
6.150%, 10/24/36 (A)	USD	640		758


Colombia — 0.1%
Ecopetrol
7.625%, 07/23/19 (A)	USD	237		287
Republic of Colombia
7.750%, 04/14/21		707,000		460

				747


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)


Croatia — 0.1%
Government of Croatia
6.750%, 11/05/19 (A)	USD	420	$	459


Czech Republic — 0.1%
Government of Czech Republic, Ser 51
4.000%, 04/11/17		5,450		320


Denmark — 0.9%
Danske Bank MTN
4.875%, 06/11/13	EUR	150		221
4.125%, 11/26/19	EUR	290		429
FIH Erhvervsbank
2.000%, 06/12/13 (A)	USD	925		946
Kingdom of Denmark
4.500%, 11/15/39		1,300		315
4.000%, 11/15/19		4,425		922
4.000%, 11/15/12		5,416		1,052
3.125%, 03/17/14	EUR	500		720

				4,605


Finland — 0.2%
Government of Finland
4.375%, 07/04/19		225		354
3.875%, 09/15/17		350		531

				885


France — 11.2%
Alstom
3.625%, 10/05/18 (E)		400		542
AXA MTN
5.250%, 04/16/40 (B)		600		805
4.500%, 01/23/15		100		147
Banque PSA Finance MTN
6.375%, 11/16/10		525		720
BNP Paribas
5.019%, 04/29/49 (B)		1,150		1,413
2.875%, 07/13/15		180		250
BPCE MTN
6.117%, 10/29/49 (B)		100		118
Caisse d’Amortissement de la Dette Sociale MTN
4.500%, 09/04/13		2,600		3,861
3.250%, 04/25/13		550		787
Caisse Refinancement de l’Habitat
4.250%, 10/25/14		332		490
Cie de Financement Foncier
4.625%, 09/23/17		515		782
4.500%, 01/09/13		290		420
2.500%, 09/16/15 (A)		800		805
Cie de Saint-Gobain MTN
6.000%, 05/20/13		50		74
Compagnie De St Gobain MTN
1.060%, 04/11/12 (B)		350		472
Credit Agricole MTN
7.875%, 10/29/49 (B)		150		209
0.493%, 03/13/16 (B)		500		481


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Credit Agricole Covered Bonds MTN
3.500%, 07/21/14		200	$	286
Credit Logement
4.604%, 03/29/49 (B)(C)		350		402
1.479%, 12/15/49 (B)(C)		150		162
Dexia Credit Local
2.375%, 09/23/11 (A)		500		506
EDF
6.500%, 01/26/19 (A)		250		305
Eutelsat
4.125%, 03/27/17		450		629
France Telecom
5.375%, 07/08/19		375		439
Government of France
5.000%, 10/25/16		350		558
4.750%, 04/25/35		2,655		4,529
4.500%, 04/25/41		875		1,474
4.250%, 04/25/19		290		449
4.000%, 04/25/13		1,200		1,758
3.750%, 10/25/19		325		485
3.750%, 04/25/21		2,300		3,424
3.500%, 04/25/20		8,605		12,572
3.000%, 10/25/15		5,200		7,504
HSBC France MTN
4.875%, 01/15/14		250		367
Lafarge
8.750%, 05/30/17	GBP	250		463
6.150%, 07/15/11		475		489
Natixis MTN
1.134%, 01/26/17 (B)		300		373
Picard Bondco
9.000%, 10/01/18 (E)		180		257
RCI Banque
4.375%, 01/27/15		170		238
Safran
4.000%, 11/26/14		250		352
Societe Financement de l’Economie Francaise
3.375%, 05/05/14 (A)		905		974
3.125%, 06/30/14		575		824
2.125%, 01/30/12 (A)		2,430		2,479
Societe Generale MTN
1.058%, 06/07/17 (B)		200		265
0.731%, 10/20/16 (B)		150		145
Societe Generale Societe de Credit Fonciere MTN
4.000%, 07/07/16		650		960
Vivendi MTN
7.750%, 01/23/14		250		392

				56,436


Germany — 13.5%
Bayerische Landesbank MTN
4.500%, 02/07/19 (B)		350		435
2.750%, 01/23/12		750		1,044
Bundesobligation
1.750%, 10/09/15		1,200		1,659
Bundesobligation, Ser 152
3.500%, 04/12/13		350		509


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Bundesrepublik Deutschland
5.625%, 01/04/28		1,650	$	3,104
3.000%, 07/04/20		11,800		17,215
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/31		100		190
Bundesrepublik Deutschland, Ser 02
5.000%, 01/04/12		125		180
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/34		1,460		2,613
Bundesrepublik Deutschland, Ser 04
3.750%, 01/04/15		5,100		7,649
Bundesrepublik Deutschland, Ser 05
3.500%, 01/04/16		700		1,047
Bundesrepublik Deutschland, Ser 06
3.750%, 01/04/17		2,250		3,425
Bundesrepublik Deutschland, Ser 07
4.250%, 07/04/39		100		173
Bundesrepublik Deutschland, Ser 08
4.750%, 07/04/40		1,155		2,158
4.250%, 07/04/18		125		197
Bundesrepublik Deutschland, Ser 09
3.250%, 01/04/20		1,115		1,651
Bundesschatzanweisungen
2.250%, 12/10/10		9,200		12,598
0.500%, 06/15/12		550		747
Commerzbank MTN
5.625%, 11/29/17 (B)		150		209
2.750%, 01/13/12		325		452
Daimler MTN
3.000%, 07/19/13		133		186
Deutsche Postbank MTN
3.750%, 02/12/14		800		1,166
Dexia Kommunalbank Deutschland MTN
3.500%, 06/05/14		390		562
HSH Nordbank MTN
2.750%, 01/20/12		1,075		1,497
Kreditanstalt fuer Wiederaufbau
5.375%, 01/29/14	GBP	950		1,680
4.375%, 10/11/13		1,050		1,556
3.875%, 01/21/19		1,075		1,615
3.375%, 08/30/17	CHF	370		431
Landesbank Berlin MTN
5.875%, 11/25/19		300		435
Landwirtschaftliche Rentenbank
3.250%, 03/12/14		550		792
Munich
7.625%, 06/21/28		285		524
SAP
3.500%, 04/10/17		300		412

				68,111


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)


Ireland — 1.2%
Allied Irish Banks MTN
11.500%, 03/29/22	GBP	163	$	239
Ardagh Glass Finance
7.125%, 06/15/17		125		158
Ardagh Glass Group
10.750%, 03/01/15		291		399
Bank of Ireland MTN
10.000%, 02/12/20		200		261
4.625%, 04/08/13		400		494
Freshwater Finance for LCH Clearnet
6.576%, 05/18/17 (B)		150		142
GE Capital UK Funding MTN
4.125%, 09/28/17	GBP	110		175
Government of Ireland
5.000%, 10/18/20		2,500		2,998
Smurfit Kappa Acquisitions
7.750%, 11/15/19 (A)		170		243
TransCapit (Transneft) Registered
7.700%, 08/07/13	USD	539		596
UT2 Funding
5.321%, 06/30/16 (C)		390		455

				6,160


Italy — 4.0%
A2A
4.500%, 11/02/16		150		215
Enel Finance International MTN
5.750%, 09/14/40	GBP	300		485
5.125%, 10/07/19 (A)	USD	150		159
3.875%, 10/07/14 (A)	USD	350		367
Intesa Sanpaolo MTN
6.375%, 11/12/17 (B)	GBP	300		477
3.750%, 11/23/16		400		554
Italy Buoni Poliennali Del Tesoro
5.000%, 09/01/40		1,475		2,095
4.500%, 03/01/19		225		326
4.250%, 09/01/19		1,400		1,993
4.250%, 10/15/12		1,360		1,938
4.250%, 02/01/15		1,750		2,541
4.000%, 09/01/20		4,480		6,209
3.500%, 06/01/14		1,100		1,550
Telecom Italia Capital
6.175%, 06/18/14	USD	300		331
Telecom Italia MTN
7.375%, 12/15/17	GBP	200		363
Unicredito Italiano MTN
4.500%, 09/22/19		400		559

				20,162


Japan — 17.1%
Fukoku Mutual Life Insurance
4.500%, 09/28/25 (B)	EUR	300		372
Government of Japan 10 Year Bond, Ser 286
1.800%, 06/20/17		46,100		602
Government of Japan 10 Year Bond, Ser 288
1.700%, 09/20/17		1,232,950		16,028


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Government of Japan 10 Year Bond, Ser 296
1.500%, 09/20/18		202,500	$	2,593
Government of Japan 10 Year Bond, Ser 298
1.300%, 12/20/18		642,700		8,095
Government of Japan 10 Year Bond, Ser 301
1.500%, 06/20/19		235,300		2,999
Government of Japan 10 Year Bond, Ser 308
1.300%, 06/20/20		605,000		7,517
Government of Japan 20 Year Bond, Ser 109
1.900%, 03/20/29		256,000		3,192
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/29		710,000		9,126
Government of Japan 20 Year Bond, Ser 120
1.600%, 06/20/30		19,050		224
Government of Japan 20 Year Bond, Ser 48
2.500%, 12/21/20		289,450		3,974
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/27		704,650		9,113
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/38		103,250		1,390
Government of Japan 5 Year Bond, Ser 63
1.200%, 03/20/12		634,350		7,711
Government of Japan 5 Year Bond, Ser 79
0.700%, 12/20/13		758,650		9,237
Government of Japan CPI Linked Bond, Ser 10
1.100%, 12/10/16		276,000		3,286
Nissan Motor
3.250%, 01/30/13 (A)	USD	430		443
ORIX
4.710%, 04/27/15	USD	326		336

				86,238


Jersey — 0.1%
WPP MTN
6.625%, 05/12/16		225		353


Malaysia — 0.2%
Malaysia Government Bond
5.734%, 07/30/19		900		339
Petronas Capital
5.250%, 08/12/19 (A)	USD	410		458

				797


Mexico — 0.3%
Mexican Bonos, Ser M10
7.750%, 12/14/17		7,275		640


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Mexican Bonos, Ser MI10
9.000%, 12/20/12		10,000	$	860

				1,500


Netherlands — 5.6%
ABN Amro Bank MTN
3.750%, 07/15/14		750		1,083
0.725%, 01/17/17 (B)	USD	950		821
Aegon
4.750%, 06/01/13	USD	250		266
Allianz Finance II
6.125%, 05/31/22 (B)		1,000		1,420
ArcelorMittal
5.375%, 06/01/13		475		510
Boats Investments MTN
11.000%, 03/31/17		346		387
British American Tobacco Holdings MTN
4.000%, 07/07/20		100		143
CRH Finance MTN
7.375%, 05/28/14		280		427
Deutsche Telekom International Finance MTN
6.500%, 04/08/22	GBP	190		346
E.ON International Finance
5.800%, 04/30/18 (A)	USD	650		769
EDP Finance
5.375%, 11/02/12 (A)	USD	425		442
Eureko
5.125%, 06/24/15 (B)		650		728
Government of Netherlands
4.500%, 07/15/17		1,500		2,356
4.000%, 07/15/16		1,700		2,590
4.000%, 07/15/18		1,355		2,078
4.000%, 01/15/37		200		324
3.500%, 07/15/20		360		533
3.250%, 07/15/15		520		762
ING Bank MTN
4.750%, 05/27/19		800		1,230
3.000%, 09/30/14		125		176
0.514%, 05/23/16 (B)	USD	450		416
ING Groep MTN
4.750%, 05/31/17		500		725
ING Verzekeringen
6.250%, 06/21/21 (B)		1,310		1,703
KBC Internationale Financieringsmaatschappij MTN
4.500%, 09/17/14		350		496
Koninklijke KPN
7.500%, 02/04/19		150		263
6.500%, 01/15/16		425		683
5.750%, 03/18/16	GBP	100		174
5.750%, 09/17/29	GBP	350		596
Linde Finance
7.375%, 07/14/66 (B)		300		453
NIBC Bank MTN
3.500%, 04/07/14		650		937
OI European Group BV
6.875%, 03/31/17		150		213


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Rabobank Nederland
4.125%, 04/04/12		1,250	$	1,776
4.125%, 07/14/25		375		530
RWE Finance MTN
5.000%, 02/10/15		500		761
Siemens Financieringsmat MTN
5.125%, 02/20/17		250		393
SNS Bank MTN
2.875%, 01/30/12		300		418
Volkswagen MTN
5.625%, 02/09/12		150		215
Ziggo Bond
8.000%, 05/15/18		130		187

				28,330


New Zealand — 0.5%
ANZ National International
6.200%, 07/19/13	USD	450		500
Government of New Zealand
6.000%, 12/15/17		2,250		1,780

				2,280


Norway — 0.6%
DnB Bank MTN
4.500%, 05/29/14	EUR	475		696
1.088%, 05/30/17 (B)	EUR	425		562
DnB Boligkreditt
2.750%, 04/20/15	EUR	625		871
Government of Norway
4.500%, 05/22/19		1,150		217
MPU Offshore Lift
11.285%, 12/22/11 (C)(D)		1,445		5
Sevan Drilling
7.840%, 12/07/12 (B)		2,000		348
Yara International
7.875%, 06/11/19		410		509

				3,208


Poland — 0.5%
Republic of Poland, Ser 1017
5.250%, 10/25/17		1,500		514
Republic of Poland, Ser 1019
5.500%, 10/25/19		5,185		1,790
Republic of Poland
6.375%, 07/15/19	USD	130		153

				2,457


Portugal — 0.1%
Banco Santander Totta MTN
1.161%, 12/09/15 (B)		250		322
Obrigacoes do Tesouro
4.800%, 06/15/20		210		256

				578


Russia — 0.4%
Gazprom MTN
9.625%, 03/01/13	USD	470		534
6.580%, 10/31/13	GBP	150		253
6.212%, 11/22/16 (A)	USD	230		245


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

RSHB Capital for Russian Agricultural Bank
7.750%, 05/29/18 (A)	USD	715	$	803
Steel Capital (Severstal)
9.750%, 07/29/13 (A)(C)	USD	285		314

				2,149


Singapore — 0.7%
DBS Bank
0.596%, 05/16/17 (A)(B)	USD	525		511
Government of Singapore
4.000%, 09/01/18		2,645		2,350
3.500%, 03/01/27		650		550

				3,411


South Africa — 0.2%
Foodcorp Registered
8.875%, 06/15/12	EUR	150		208
Republic of South Africa, Ser R203
8.250%, 09/15/17		4,050		597

				805


Spain — 1.8%
BBVA Subordinated Capital SAU MTN
0.937%, 10/21/15 (B)	GBP	250		384
Government of Spain
4.750%, 07/30/14		925		1,351
4.700%, 07/30/41		665		864
4.600%, 07/30/19		485		691
4.000%, 04/30/20		1,950		2,648
3.300%, 10/31/14		475		657
Instituto de Credito Oficial
2.375%, 03/04/13 (A)	USD	200		199
Mapfre
5.921%, 07/24/37 (B)		500		594
Santander Issuances, Ser 24
7.300%, 07/27/19 (B)	GBP	400		675
Telefonica Emisiones SAU MTN
5.289%, 12/09/22	GBP	200		322
4.375%, 02/02/16		625		888

				9,273


Supra-National — 1.0%
European Investment Bank MTN
3.500%, 04/15/16	EUR	1,975		2,895
Inter-American Development Bank
9.750%, 05/15/15	GBP	750		1,575
WT Finance
3.625%, 06/27/12	EUR	450		624

				5,094


Sweden — 2.0%
Kingdom of Sweden, Ser 1041
6.750%, 05/05/14		11,895		2,066
Kingdom of Sweden, Ser 1049
4.500%, 08/12/15		23,950		3,956
Kingdom of Sweden, Ser 1052
4.250%, 03/12/19		2,000		337


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Nordea Bank MTN
4.500%, 05/12/14	EUR	100	$	146
0.492%, 06/09/16 (B)	USD	500		490
Stadshypotek MTN
3.750%, 12/12/13	EUR	400		577
Svenska Handelsbanken MTN
1.046%, 10/19/17 (B)	EUR	800		1,057
Swedbank MTN
7.375%, 06/26/18 (B)	EUR	150		222
3.125%, 03/04/13	EUR	128		178
3.125%, 02/02/12	EUR	550		769
Volvo Treasury
5.950%, 04/01/15		145		158

				9,956


Switzerland — 1.2%
Credit Suisse MTN
6.125%, 05/16/14	EUR	350		535
4.750%, 08/05/19	EUR	400		592
2.875%, 09/24/15	EUR	220		301
Glencore Finance Europe MTN
7.125%, 04/23/15	EUR	300		448
5.250%, 03/22/17	EUR	300		410
Holcim US Finance Sarl & Cie SCS
6.000%, 12/30/19 (A)	USD	25		27
Novartis Finance MTN
4.250%, 06/15/16	EUR	525		787
UBS MTN
6.625%, 04/11/18	GBP	150		270
6.250%, 09/03/13	EUR	200		303
5.875%, 12/20/17	USD	575		651
5.625%, 05/19/14	EUR	200		301
1.048%, 11/17/15 (B)	EUR	784		1,060
Weatherford International
9.625%, 03/01/19	USD	275		359

				6,044


United Kingdom — 11.4%
3i Group MTN
5.625%, 03/17/17	EUR	150		213
1.082%, 06/08/12 (B)	EUR	350		460
Abbey National Treasury Services MTN
4.250%, 04/12/21	EUR	850		1,189
4.125%, 09/14/17		250		394
Anglian Water Services Financing, Ser A5 MTN
6.293%, 07/30/30		500		918
Aviva MTN
0.631%, 06/19/17 (B)	USD	475		432
Bank of Scotland MTN
4.750%, 06/08/22	EUR	650		943
4.625%, 11/04/11		475		776
Barclays Bank MTN
14.000%, 06/15/19 (B)		100		197
6.750%, 05/22/19	USD	350		416
6.750%, 01/16/23 (B)		350		590
5.000%, 09/22/16	USD	705		771
4.500%, 03/04/19 (B)	EUR	125		174
Barclays Bank, Ser E MTN
4.875%, 12/29/49 (B)	EUR	200		230


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

BAT International Finance MTN
7.250%, 03/12/24		250	$	482
5.375%, 06/29/17	EUR	425		663
BG Energy Capital MTN
3.375%, 07/15/13	EUR	200		283
Bishopsgate Asset Finance
4.808%, 08/14/44		200		262
BP Capital Markets
4.750%, 03/10/19	USD	10		10
4.500%, 10/01/20 (E)	USD	252		258
British Telecommunications
6.500%, 07/07/15	EUR	200		307
5.750%, 12/07/28		111		167
Chester Asset Receivables, Ser A
6.125%, 10/15/10	EUR	2,160		2,952
Daily Mail & General Trust
5.750%, 12/07/18		350		532
EDF Energy Networks EPN MTN
6.000%, 11/12/36		160		285
ENW Finance MTN
6.125%, 07/21/21		350		628
First Hydro Finance
9.000%, 07/31/21		220		423
HSBC Bank
3.500%, 06/28/15 (A)	USD	120		126
HSBC Holdings MTN
9.875%, 04/08/18 (B)		80		144
6.500%, 05/20/24		250		454
0.734%, 10/06/16 (B)	USD	625		598
Imperial Tobacco Finance MTN
8.375%, 02/17/16	EUR	450		772
7.750%, 06/24/19		600		1,163
7.250%, 09/15/14	EUR	150		238
Ineo’s Group Holdings
7.875%, 02/15/16	EUR	111		127
Inmarsat Finance
7.375%, 12/01/17 (A)		115		120
Intercontinental Hotels Group MTN
6.000%, 12/09/16		150		252
Legal & General Group MTN
4.000%, 06/08/25 (B)	EUR	200		247
Lloyds TSB Bank MTN
6.375%, 04/15/14		725		1,241
6.250%, 04/15/14	EUR	150		224
5.375%, 09/03/19	EUR	175		256
4.000%, 11/17/11		500		815
Marks & Spencer MTN
6.125%, 12/02/19		100		170
5.625%, 03/24/14		150		253
National Express Group
6.250%, 01/13/17		150		254
National Westminster Bank
6.500%, 09/07/21		220		348
Northern Rock
5.625%, 06/22/17 (A)	USD	1,750		1,863
Northumbrian Water Finance
6.000%, 10/11/17		500		901
Old Mutual MTN
7.125%, 10/19/16		250		441
4.500%, 01/18/17 (B)(C)	EUR	600		774


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

OTE MTN
5.375%, 02/14/11	EUR	375	$	515
Rexam MTN
4.375%, 03/15/13	EUR	170		241
Rolls-Royce
6.750%, 04/30/19		100		187
Royal Bank of Scotland MTN
6.934%, 04/09/18	EUR	300		442
5.750%, 05/21/14	EUR	250		366
Scottish & Southern Energy MTN
5.750%, 02/05/14		245		424
5.453%, 10/31/49 (B)		350		545
Severn Trent Utilities Finance
6.250%, 06/07/29		350		652
Society of Lloyds
6.875%, 11/17/25 (B)		250		422
Southern Gas Networks, Ser A1 MTN
1.110%, 10/21/10 (B)(C)	EUR	300		409
SOV Housing Capital
5.705%, 09/10/39		250		438
Standard Chartered Bank MTN
6.400%, 09/26/17	USD	250		276
6.400%, 09/26/17 (A)	USD	175		197
5.875%, 09/26/17	EUR	350		536
1.179%, 03/28/18 (B)	EUR	250		317
Tesco
6.125%, 02/24/22		100		180
6.052%, 10/13/39		348		618
Thames Water Utilities Cayman Finance MTN
6.125%, 02/04/13	EUR	200		296
United Kingdom Treasury
4.750%, 12/07/38		2,665		4,819
4.750%, 12/07/30		800		1,435
4.500%, 03/07/19		2,700		4,802
4.500%, 12/07/42		335		584
4.250%, 06/07/32		1,080		1,814
4.250%, 12/07/49		85		143
4.250%, 03/07/36		375		626
4.250%, 09/07/39		1,025		1,711
4.000%, 03/07/22		250		422
4.000%, 09/07/16		1,665		2,904
2.750%, 01/22/15		1,000		1,651
2.250%, 03/07/14		370		603
United Kingdom Treasury, Ser 2002-
5.000%, 09/07/14		240		430
Virgin Media Secured Finance
7.000%, 01/15/18		100		167
Vodafone Group MTN
5.900%, 11/26/32		176		306
Wales & West Utilities Finance MTN
6.750%, 12/17/36 (B)		200		346
Western Power Distribution South West
5.750%, 03/23/40		200		341
Yorkshire Power Finance
7.250%, 08/04/28		208		414


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Yorkshire Water Services Bradford Finance
6.375%, 08/19/39		100	$	191

				57,506


United States — 6.4%
AES
7.750%, 10/15/15		55		59
Altria Group
9.250%, 08/06/19		675		905
American Express Credit MTN
5.375%, 10/01/14	GBP	250		420
American Honda Finance
6.250%, 07/16/13		250		378
Antero Resources Finance
9.375%, 12/01/17		46		49
AT&T
5.875%, 04/28/17	GBP	200		355
5.600%, 05/15/18		415		485
BA Covered Bond Issuer MTN
4.125%, 04/05/12	EUR	3,100		4,324
Bank of America MTN
6.500%, 08/01/16		225		253
5.650%, 05/01/18		350		371
4.750%, 05/06/19 (B)	EUR	250		340
Cablevision Systems, Ser B
8.000%, 04/15/12		235		244
Cellco Partnership
3.750%, 05/20/11		650		663
Citigroup
5.500%, 04/11/13		500		536
4.250%, 02/25/30 (B)	EUR	1,350		1,501
Comcast Cable Communications Holdings
9.455%, 11/15/22		340		480
Commerzbank Capital Funding Trust
5.012%, 03/29/49	EUR	200		184
Computer Sciences
5.500%, 03/15/13 (A)		305		332
Countrywide Financial MTN
5.800%, 06/07/12		507		539
Countrywide Home Loan, Ser L MTN
4.000%, 03/22/11		9		9
Dell
5.625%, 04/15/14		245		279
DirecTV Holdings
5.875%, 10/01/19		550		624
Dow Chemical
8.550%, 05/15/19		288		364
Duke Energy
6.300%, 02/01/14		375		428
Dynegy Holdings
8.375%, 05/01/16		230		179
Electronic Data Systems, Ser B
6.000%, 08/01/13		274		311
Ford Motor
7.450%, 07/16/31		160		167


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

General Electric Capital MTN
5.900%, 05/13/14		300	$	340
5.625%, 05/01/18		300		333
5.500%, 01/08/20		305		334
3.750%, 11/14/14		375		397
Genworth Financial
1.600%, 06/20/11	JPY	53,000		622
Goldman Sachs Group MTN
6.375%, 05/02/18	EUR	400		609
4.375%, 03/16/17	EUR	200		273
1.198%, 02/04/13 (B)	EUR	450		595
Hartford Life Institutional Funding MTN
5.375%, 01/17/12	GBP	200		322
Hertz
8.875%, 01/01/14		221		227
HSBC Finance MTN
7.000%, 03/27/12	GBP	285		474
Ingersoll-Rand Global Holding
9.500%, 04/15/14		213		264
International Paper
7.950%, 06/15/18		260		315
JPMorgan Chase MTN
4.400%, 07/22/20		100		102
1.210%, 10/12/15 (B)	EUR	350		441
JPMorgan Chase Bank
4.625%, 05/31/17 (B)	EUR	250		348
Key Bank MTN
1.074%, 02/09/12 (B)	EUR	570		740
1.016%, 11/21/11 (B)	EUR	50		66
Merrill Lynch MTN
6.750%, 05/21/13	EUR	150		222
4.625%, 10/02/13	EUR	261		368
1.428%, 09/14/18 (B)	EUR	375		420
MetLife
4.750%, 02/08/21		230		244
Metropolitan Life Global Funding I MTN
4.625%, 05/16/17	EUR	200		290
Morgan Stanley MTN
5.375%, 08/10/20	EUR	100		140
3.750%, 03/01/13	EUR	1,000		1,382
Nabors Industries
9.250%, 01/15/19		275		352
News America
6.900%, 03/01/19		300		367
Noble Holding International
4.900%, 08/01/20		25		27
Owens Corning
6.500%, 12/01/16		420		454
PNC Funding
5.125%, 02/08/20		300		325
Pregis
5.684%, 04/15/13		50		63
Qwest
7.625%, 06/15/15		260		296
Reynolds American
7.625%, 06/01/16		377		442
7.300%, 07/15/15		195		227
Ryder System MTN
5.850%, 11/01/16		116		130


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Tesoro
6.500%, 06/01/17		280	$	276
Toyota Motor Credit Corp
5.250%, 02/03/12		250		357
Tyco International Group
6.000%, 11/15/13		331		375
United Health Group
6.000%, 02/15/18		135		158
US Bank MTN
4.375%, 02/28/17 (B)	EUR	900		1,219
Viacom
6.250%, 04/30/16		375		440
Wal-Mart Stores
4.875%, 01/19/39	GBP	238		382
Wellpoint
5.875%, 06/15/17		40		46
Western Union
5.930%, 10/01/16		475		555
Williams Partners
5.250%, 03/15/20		298		324
Windstream
8.625%, 08/01/16		220		233
WM Covered Bond Program MTN
4.375%, 05/19/14	EUR	100		143
3.875%, 09/27/11	EUR	250		346
Wyndham Worldwide
6.000%, 12/01/16		242		252

				32,436

Total Global Bonds (Cost $419,434) ($ Thousands)				449,999


MORTGAGE-BACKED SECURITIES — 3.6%

Non-Agency Mortgage-Backed Obligation — 3.6%
Arkle Master Issuer, Ser 2006-1X, Cl 5M1
1.168%, 02/17/52 (C)		150		196
Arran Residential Mortgages Funding, Ser 2006-1X, Cl BC
0.950%, 04/12/56 (B)(C)	EUR	432		566
Banc of America Commercial Mortgage, Ser 2007-5, Cl A4
5.492%, 02/10/51		1,200		1,256
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
5.431%, 09/25/34 (B)		328		325
Bear Stearns Commercial Mortgage, Ser 2004-PWR3, Cl A4
4.715%, 02/11/41		380		406
Bear Stearns Commercial Mortgage, Ser 2004-PWR6, Cl A6
4.825%, 11/11/41		575		623
Bear Stearns Commercial Mortgage, Ser 2006-PW11, Cl A4
5.623%, 03/11/39 (B)		600		662
Canary Wharf Finance, Ser II, Cl C2
1.211%, 10/22/37 (B)(C)		200		183


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Citigroup Commercial Mortgage Trust, Ser 2007-C6, Cl A4
5.887%, 06/10/17 (B)		1,140	$	1,220
Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4
6.294%, 12/10/49 (B)		405		435
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4
5.110%, 05/25/35 (B)		1,467		1,250
Commercial Mortgage Asset Trust, Ser 1999-C1, Cl A3
6.640%, 01/17/32		159		159
Credit Suisse Mortgage Capital Certificates, Ser 2006-C5, Cl A3
5.311%, 12/15/39		1,215		1,264
Eddystone Finance, Ser 2006-1, Cl A
0.946%, 04/19/21		150		208
Eddystone Finance, Ser 2006-1, Cl B
1.116%, 04/19/21 (B)(C)		100		138
Gracechurch Mortgage Financing, Ser 2006-1, Cl C3
1.164%, 11/20/56 (B)(C)	EUR	250		332
Gracechurch Mortgage Financing, Ser 2007-1X, Cl 3A2
0.994%, 11/20/56 (B)		1,900		2,551
Granite Master Issuer, Ser 2005-1, Cl A5
0.797%, 12/20/54 (C)	EUR	296		377
Granite Master Issuer, Ser 2006-2, Cl A5
0.717%, 12/20/54 (B)(C)	EUR	584		743
GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1
5.134%, 01/25/35 (B)		443		438
Holmes Master Issuer, Ser 2007- 1, Cl 3C2
1.255%, 07/15/40 (B)(C)	EUR	150		201
Immeo Residential Finance, Ser 2, Cl A
1.039%, 12/15/16 (B)		448		532
JP Morgan Chase Commercial Mortgage Securities, Ser 2007- CB18, Cl A4
5.440%, 06/12/47		880		922
JP Morgan Mortgage Trust, Ser 2004-A5, Cl 3A1
5.309%, 12/25/34 (B)		377		383
London and Regional Debt Securitisation, Ser 1, Cl A
0.944%, 10/15/14 (B)(C)		150		194
Merrill Lynch Mortgage Trust, Ser 2005-LC1, Cl A4
5.291%, 01/12/44 (B)		420		461
Silverstone, Ser 2009-1, Cl A2
2.187%, 01/21/55		300		475


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Skyline, Ser 2007-1, Cl D
1.686%, 07/22/43 (B)(C)		200	$	160
Storm, Ser 2006-1, Cl A2
0.986%, 04/22/48 (B)		1,209		1,612
Talisman Finance, Ser 7, Cl H
2.894%, 04/22/17 (B)		485		66

Total Mortgage-Backed Securities (Cost $19,301) ($ Thousands)				18,338


CORPORATE OBLIGATIONS — 2.8%

United States — 2.8%
AES
7.750%, 03/01/14		110		118
American Tower
5.050%, 09/01/20		315		323
Anadarko Petroleum
6.375%, 09/15/17		455		501
CCO Holdings
8.125%, 04/30/20 (A)		90		95
CIGNA
5.125%, 06/15/20		154		166
Citigroup
4.750%, 05/19/15		240		253
CMS Energy
8.750%, 06/15/19		225		269
CVS Caremark
6.600%, 03/15/19		600		728
Dominion Resources
6.400%, 06/15/18		400		488
Duke Realty
6.750%, 03/15/20		140		156
Embarq
7.082%, 06/01/16		448		498
Equities
8.125%, 06/01/19		285		353
Goldman Sachs Group
6.000%, 06/15/20		45		49
Hess
8.125%, 02/15/19		141		185
Home Depot
5.400%, 09/15/40		115		116
Humana
7.200%, 06/15/18		280		324
6.450%, 06/01/16		40		44
6.300%, 08/01/18		50		55
Jefferies Group
6.875%, 04/15/21		154		162
Kinder Morgan Energy Partners
6.550%, 09/15/40		255		279
Limited Brands
5.250%, 11/01/14		315		321
Lincoln National
8.750%, 07/01/19		128		165
McGraw-Hill
5.900%, 11/15/17		325		367
McKesson
5.250%, 03/01/13		440		478
Mirant Americas Generation
8.500%, 10/01/21		399		384


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Mohawk Industries
6.625%, 01/15/16		375	$	390
Motiva Enterprises
5.750%, 01/15/20 (A)		400		457
Motorola
7.500%, 05/15/25		85		101
6.500%, 09/01/25		531		578
NBC Universal
5.150%, 04/30/20 (A)		200		216
Nisource Finance
6.800%, 01/15/19		235		279
NRG Energy
7.375%, 02/01/16		225		231
Principal Financial Group
7.875%, 05/15/14		290		344
Progress Energy
6.050%, 03/15/14		160		182
RRI Energy
7.875%, 06/15/17		225		210
7.625%, 06/15/14		175		173
Ryder System MTN
7.200%, 09/01/15		108		127
SLM MTN
5.050%, 11/14/14		600		571
Time Warner Cable
7.500%, 04/01/14		385		454
Union Bank MTN
5.950%, 05/11/16		392		431
Union Electric
6.700%, 02/01/19		45		55
United States Steel
6.050%, 06/01/17		300		297
Valero Energy
9.375%, 03/15/19		345		441
Viacom
5.625%, 09/15/19		325		370
Wachovia MTN
5.500%, 05/01/13		215		236
Wachovia Capital Trust III
5.800%, 03/15/11 (B)		385		338
WellPoint
7.000%, 02/15/19		90		110
4.350%, 08/15/20		145		150
Whirlpool MTN
8.600%, 05/01/14		298		355
Williams
7.875%, 09/01/21		82		100
Xerox
7.625%, 06/15/13		210		213

Total Corporate Obligations (Cost $13,217) ($ Thousands)				14,286


ASSET-BACKED SECURITIES — 1.8%

Automotive — 0.6%
Auto Compartiment, Ser 2006-1, Cl B
1.134%, 07/25/17 (B)		500		651
Auto Compartiment, Ser 2007-1, Cl A
0.802%, 02/25/19 (B)		708		954


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

FTA Santander Auto, Ser 2005-1, Cl A
0.950%, 11/25/21 (B)		147	$	197
Hyundai Auto Receivables Trust, Ser 2009-A, Cl A2
1.110%, 02/15/12		652		653
Santander Consumer Finance, Ser 2007-1, Cl A
1.029%, 09/20/22 (C)		192		251

				2,706


Credit Card — 0.5%
Citibank Credit Card Issuance Trust, Ser A4, Cl A4
5.375%, 04/11/11	EUR	1,900		2,631


Mortgage Related Securities — 0.2%
Countrywide Asset-Backed Certificates, Ser 2007-2, Cl 2A1
0.306%, 08/25/37 (B)		689		668
Soundview Home Equity Loan Trust, Ser 2007-NS1, Cl A1
0.376%, 01/25/37 (B)		482		469

				1,137


Other Asset-Backed Securities — 0.5%
Amstel Corporate Loan Offering, Ser 2007-1, Cl A2
1.058%, 03/25/17 (B)(C)		917		1,153
Lambda Finance, Ser 2005-1X, Cl A2
1.139%, 11/15/29 (B)(C)		366		489
SLM Student Loan Trust, Ser 2008-5, Cl A4
1.598%, 10/25/16		800		813

				2,455

Total Asset-Backed Securities (Cost $8,567) ($ Thousands)				8,929


U.S. TREASURY OBLIGATIONS — 1.6%
U.S. Treasury Bonds
4.375%, 11/15/39 to 05/15/40		425		477
3.875%, 08/15/40		700		724
3.500%, 02/15/39		75		73
U.S. Treasury Notes
4.750%, 01/31/12		325		344
4.500%, 11/15/15		1,100		1,276
3.500%, 05/15/20		500		543
2.000%, 11/30/13		4,300		4,477

Total U.S. Treasury Obligations (Cost $7,666) ($ Thousands)				7,914


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

TIME DEPOSITS — 1.5%

United States — 1.5%
Brown Brothers Harriman
5.150%, 10/01/09	ZAR	6	$	1
3.683%, 10/01/09	AUD	28		27
2.200%, 10/01/09	NZD	3		3
1.100%, 10/01/09	NOK	1		—
0.229%, 10/01/09	CAD	56		54
0.100%, 10/01/09	EUR	304		415
0.100%, 10/01/09	SEK	2		—
0.060%, 10/01/09	GBP	113		178
0.050%, 10/01/09	DKK	21		4
0.030%, 10/01/09		6,795		6,795
0.010%, 10/01/09	HKD	2		—
0.010%, 10/01/09	JPY	4,069		49

Total Time Deposits (Cost $7,526) ($ Thousands)				7,526

Total Investments — 100.4% (Cost $475,711) ($ Thousands)			$	506,992

A summary of the outstanding forward foreign currency contracts held by the Fund at September 30, 2010, is as follows:


Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
10/1/10		USD	869		COP	1,565,764	$	—
10/1/10-10/29/10		COP	2,348,645		USD	1,297		(7	)
10/4/10		USD	221		BRL	377		2
10/4/10-11/3/10		BRL	754		USD	433		(11	)
10/5/10		USD	5,835		PLN	17,050		20
10/5/10-12/15/10		CAD	27,236		USD	26,215		(309	)
10/5/10-12/15/10		EUR	303,407		USD	395,248		(18,841	)
10/5/10-12/15/10		GBP	51,518		USD	80,335		(820	)
10/5/10-12/15/10		JPY	10,183,126		USD	121,773		(196	)
10/5/10-12/15/10		MXN	27,899		USD	2,157		(63	)
10/5/10-12/15/10		NOK	20,676		USD	3,388		(132	)
10/5/10-12/15/10		PLN	23,405		USD	7,484		(547	)
10/5/10-12/15/10		SEK	56,806		USD	7,802		(632	)
10/5/10-12/15/10		USD	10,141		CAD	10,662		243
10/5/10-12/15/10		USD	155,147		EUR	114,529		1,200
10/5/10-12/15/10		USD	27,771		GBP	17,649		38
10/5/10-12/15/10		USD	31,156		JPY	2,603,932		17
10/5/10-12/15/10		USD	842		MXN	10,584		2
10/5/10-12/15/10		USD	5,282		NOK	32,545		261
10/5/10-12/15/10		USD	3,758		SEK	27,124		269
10/8/10		CHF	1,639		EUR	1,257		39
10/8/10		EUR	2,532		CHF	3,282		(98	)
10/8/10-12/15/10		CHF	13,263		USD	13,445		(143	)
10/8/10-12/15/10		DKK	12,260		USD	2,121		(125	)
10/20/10		NOK	9,707		SEK	11,344		29
10/26/10-12/15/10		AUD	19,405		USD	17,999		(643	)
10/26/10-12/15/10		USD	16,849		AUD	18,095		547
11/18/10-12/15/10		USD	3,642		KRW	4,182,857		34
12/1/10		CHF	26,410		NOK	163,677		813
12/1/10		GBP	12,172		EUR	14,870		1,119
12/1/10		GBP	7,060		JPY	935,408		88
12/1/10		NOK	161,144		CHF	26,410		(382	)
12/2/10-12/15/10		NZD	5,853		USD	4,266		(14	)
12/15/10		CZK	5,583		USD	287		(24	)
12/15/10		MYR	1,001		USD	321		(2	)
12/15/10		SGD	4,699		USD	3,508		(66	)
12/15/10		USD	299		CHF	300		9
12/15/10		USD	2,089		NZD	2,869		8
12/15/10		USD	645		SGD	860		9
12/15/10		ZAR	4,016		USD	545		(25	)

							$	(18,333	)

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at September 30, 2010, is as follows:


Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America	$	(66,706	)	$	65,680	$	(1,026	)
Barclays PLC		(113,856	)		111,871		(1,985	)
BNP Paribas		(85,772	)		81,277		(4,495	)
Brown Brothers Harriman		(14,261	)		13,385		(876	)
Citigroup		(67,914	)		67,324		(590	)
Credit Suisse First Boston		(49,249	)		48,571		(678	)
Deutsche Bank		(142,037	)		133,014		(9,023	)
Goldman Sachs		(31,793	)		32,960		1,167
HSBC		(5,256	)		5,485		229
JPMorgan Chase Bank		(326,368	)		325,674		(694	)
Morgan Stanley		(13,090	)		12,667		(423	)
National Australia Bank		(10,628	)		11,255		627
Northern Trust		(295	)		296		1
RBC Capital		(329	)		326		(3	)
Royal Bank of Scotland		(3,855	)		3,842		(13	)
SEB		(54,498	)		54,930		432
Standard Bank		(1,240	)		1,266		26
State Street		(50,620	)		50,663		43
UBS		(18,620	)		18,168		(452	)
Westpac Banking		(10,960	)		10,360		(600	)

						$	(18,333	)

A summary of the open futures contracts held by the Fund at September 30, 2010, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Australian 10-Year Bond		(15	)		Dec-2010	$	(9	)
Australian 3-Year Bond		8			Dec-2010		(1	)
Canadian 10-Year Treasury Note		11			Dec-2010		9
Euro-Bobl		(3	)		Dec-2010		1
Euro-Bund 10-Year Bond		(10	)		Dec-2010		—
Euro-Buxl 30 Year Bond		(5	)		Dec-2010		(20	)
Euro-Schatz		71			Dec-2010		(31	)
Japanese 10-Year Bond		5			Dec-2010		112
Long Gilt 10-Year Bond		27			Dec-2010		18
U.S. 10-Year Treasury Note		(104	)		Dec-2010		(169	)
U.S. 2-Year Treasury Note		(65	)		Dec-2010		(25	)
U.S. 5-Year Treasury Note		(112	)		Dec-2010		(43	)
U.S. Long Treasury Bond		(13	)		Dec-2010		(13	)
U.S. Long Treasury Bond		28			Dec-2010		56
U.S. Ultra Long Treasury Bond		2			Dec-2010		1

						$	(114	)

A summary of outstanding swap agreements held by the Fund at September 30, 2010, is as follows:

Percentages are based on a Net Assets of $505,081($ Thousands).

(1)

In local currency unless otherwise indicated.

(A)

(B)

Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2010.

(C)

Securities considered illiquid. The total market value of such securities as of September 30, 2010 was $7,504 ($ Thousands) and represented 1.5% of Net Assets.

(D)

Security in default on interest payments.

(E)

Security is when-issued.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

COP — Colombian Peso

CPI — Consumer Price Index

CZK — Czech Koruna

DKK — Danish Krone

EURIBOR — Euro London Interbank Offered Rate

EUR — Euro

GBP — British Pound Sterling

HKD — Hong Kong Dollar

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLN — Polish Zloty

SEK — Swedish Krona

Ser — Series

SGD — Singapore Dollar

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2010 in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	449,994	$	5	$	449,999
Mortgage-Backed Securities		—		18,338		—		18,338
Corporate Obligations		—		14,286		—		14,286
Asset-Backed Securities		—		8,929		—		8,929
U.S. Treasury Obligations		—		7,914		—		7,914
Time Deposits		—		7,526		—		7,526

Total Investments in Securities	$	—	$	506,987	$	5	$	506,992


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Future Contracts*	$	(114	)	$	—	$	—	$	(114	)
Forwards Contracts		(18,333	)		—		—		(18,333	)
Credit Default Swap		—			43		—		43
Interest Rate Swaps		—			1,223		—		1,223

Total Other Financial Instruments	$	(18,447	)	$	1,266	$	—	$	(17,181	)

Future contracts and forward contracts are valued at the net unrealized appreciation/(depreciation) on the instrument.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):


	Global Bonds
Beginning balance as of October 1, 2009	$	5
Accrued discounts/premiums		—
Realized gain/(loss)		(10	)
Change in unrealized appreciation/(depreciation)		10
Net purchases/sales		—
Net transfer in and/or out of Level 3		—

Ending balance as of September 30, 2010	$	5

For the period ended September 30, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

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

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


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

GLOBAL BONDS — 90.8%

Argentina — 3.6%
IRSA
11.500%, 07/20/20		810	$	862
Province of Buenos Aires
9.625%, 04/18/28 (A)		695		549
9.625%, 04/18/28 (A)(B)		1,605		1,268
9.375%, 09/14/18 (A)		470		395
Province of Medoza*
5.500%, 09/04/18 (A)		337		289
Province of Neuquen*
8.656%, 10/18/14 (A)(B)		158		167
Republic of Argentina
8.750%, 06/02/17		2,311		2,230
8.280%, 12/31/33 (C)		2,383		1,924
8.280%, 12/31/33		5,024		4,177
7.820%, 12/31/33 (C)	EUR	4,219		4,118
7.820%, 12/31/33	EUR	3,166		3,058
7.820%, 12/31/33	EUR	2,115		2,043
7.000%, 10/03/15		4,414		3,887
7.000%, 09/12/13		2,011		1,886
5.830%, 12/31/33 (C)	ARS	1,504		588
3.117%, 12/15/35 (C)		11,360		1,357
2.500%, 03/31/19 (D)		5,390		2,188
0.000%, 08/03/12 (C)		6,355		1,446
Transportadora Gas Norte
7.500%, 12/31/12 (A)(D)(E)		130		65
7.500%, 12/31/12 (A)(B)(D)(E)		260		130
7.500%, 12/31/12 (E)		420		210
6.500%, 12/31/12 (A)(B)(D)(E)		30		15
6.500%, 12/31/12 (A)(D)(E)		81		41
6.500%, 12/31/12 (A)(D)(E)		72		36
WPE International
10.375%, 09/30/20		650		627

				33,556


Bahrain — 0.1%
Kingdom of Bahrain
5.500%, 03/31/20 (B)		1,215		1,273


Barbados — 0.5%
Columbus International
11.500%, 11/20/14 (B)		1,700		1,878
11.500%, 11/20/14		1,832		2,026
Government of Barbados
7.000%, 08/04/22 (B)		300		315

				4,219


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Belize — 0.0%
Government of Belize
6.000%, 02/20/29 (A)		400	$	346


Bosnia and Herzegovina — 0.1%
Republic of Bosnia & Herzegovina*
0.000%, 12/11/17 (A)(C)	DEM	2,204		1,123


Brazil — 9.0%
Banco Bradesco
5.900%, 01/16/21 (B)		1,168		1,186
Banco Cruzeiro do Sul
8.875%, 09/22/20 (B)		324		339
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/19 (B)		1,875		2,163
5.500%, 07/12/20 (B)		500		539
Banco Votorantim
7.375%, 01/21/20 (B)		720		767
BM&F Bovespa
5.500%, 07/16/20 (B)		1,663		1,771
CSN Resources
6.500%, 07/21/20 (B)		828		883
Federal Republic of Brazil
11.000%, 08/17/40		5,444		7,540
10.125%, 05/15/27		2,955		4,758
10.000%, 01/01/21		2,530		1,336
8.875%, 04/15/24		2,370		3,478
8.750%, 02/04/25		598		877
8.250%, 01/20/34		4,060		5,907
7.125%, 01/20/37		1,735		2,282
6.000%, 01/17/17		2,863		3,335
5.875%, 01/15/19		3,567		4,182
5.625%, 01/07/41		1,250		1,372
4.875%, 01/22/21		200		220
Fibria Overseas Finance
7.500%, 05/04/20 (B)		1,358		1,441
Gerdau Trade
5.750%, 01/30/21 (B)(I)		1,080		1,091
JBS Finance II
8.250%, 01/29/18		1,820		1,877
8.250%, 01/29/18		500		518
Minerva Overseas
10.875%, 11/15/19		310		331
10.875%, 11/15/19		529		565
Nota Do Tesouro Nacional
10.000%, 01/01/14	BRL	18,260		10,235
10.000%, 01/01/17	BRL	7,200		3,922
10.000%, 01/01/21	BRL	17,840		9,402
6.000%, 05/15/15	BRL	5,500		6,149
6.000%, 08/15/20	BRL	1,600		1,895
Petrobras
7.875%, 03/15/19		555		692
Rearden G Holdings EINS GmbH
7.875%, 03/30/20 (B)		175		187


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Telemar Norte Leste
5.500%, 10/23/20 (B)		908	$	919
Vale Overseas
4.625%, 09/15/20		679		701
Voto-Votorantim
6.750%, 04/05/21 (B)		804		848
6.625%, 09/25/19 (B)		490		516

				84,224


Chile — 0.7%
Banco Estado
4.125%, 10/07/20		700		695
Celulosa Arauco y Constitucion
5.000%, 01/21/21 (B)		461		467
Empresa Nacional del Petroleo
6.250%, 07/08/19 (B)		900		995
6.250%, 07/08/19		700		774
5.250%, 08/10/20 (B)		500		513
Nacional del Cobre de Chile
7.500%, 01/15/19		500		635
6.150%, 10/24/36		2,200		2,592

				6,671


China — 0.2%
Evergrande Real Estate
13.000%, 01/27/15		155		160
13.000%, 01/27/15		1,208		1,247

				1,407


Colombia — 4.2%
Bogota Distrio Capital
9.750%, 07/26/28 (B)	COP	9,020,000		6,991
Ecopetrol
7.625%, 07/23/19 (B)		500		605
Republic of Colombia
11.750%, 02/25/20		1,895		2,975
10.375%, 01/28/33		150		241
8.125%, 05/21/24		2,200		2,954
7.375%, 09/18/37		10,250		13,504
7.375%, 03/18/19		3,720		4,706
7.375%, 01/27/17		4,057		5,000
6.125%, 01/18/41		1,675		1,918

				38,894


Croatia — 0.8%
Government of Croatia
6.750%, 11/05/19		1,333		1,455
6.625%, 07/14/20 (B)(F)		4,718		5,101
Zagrebacki Holding
5.500%, 07/10/17	EUR	1,100		1,255

				7,811


Czech Republic — 0.1%
Central European Media Enterprises
11.625%, 09/15/16 (B)	EUR	450		608


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Dominican Republic — 0.1%
Cap Cana
10.000%, 04/30/16		329	$	165
10.000%, 04/30/16		300		210
Republic of Dominican Republic
9.040%, 01/23/18		16		19
7.500%, 05/06/21 (B)		750		845

				1,239


Ecuador — 0.1%
Republic of Ecuador
9.375%, 12/15/15		550		501


Egypt — 0.3%
Government of Egypt
5.750%, 04/29/20 (B)		1,390		1,489
5.750%, 04/29/20		850		910
Orascom Telecom Finance SCA
7.875%, 02/08/14		257		247

				2,646


El Salvador — 0.9%
Republic of El Salvador
8.250%, 04/10/32		400		454
7.750%, 01/24/23		595		672
7.650%, 06/15/35		4,386		4,770
7.375%, 12/01/19		200		222
7.375%, 12/01/19 (B)		930		1,032
Telemovil Finance
8.000%, 10/01/17 (B)		900		924

				8,074


Georgia — 0.4%
BG Finance for JSC Bank of Georgia
9.000%, 02/08/12		1,850		1,832
Republic of Georgia
7.500%, 04/15/13		1,950		1,972

				3,804


Germany — 0.1%
Deutsche Bank
10.394%, 08/29/14 (B)(C)		1,188		1,188


Ghana — 0.2%
Republic of Ghana
8.500%, 10/04/17 (B)		500		573
8.500%, 10/04/17		800		913

				1,486


Hong Kong — 0.5%
Bank of China Hong Kong
5.550%, 02/11/20 (B)		1,950		2,059
China Oriental Group
8.000%, 08/18/15 (B)		2,474		2,592

				4,651


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Hungary — 0.2%
Republic of Hungary
6.250%, 01/29/20		1,504	$	1,615


India — 0.1%
Indian Oil
4.750%, 01/22/15		200		213
State Bank of India
4.500%, 07/27/15 (B)		650		682
Vedanta Resources
9.500%, 07/18/18 (B)		79		85

				980


Indonesia — 6.2%
Bakrie Telecom Pte
11.500%, 05/07/15		105		114
Indo Integrated Energy
9.750%, 11/05/16		346		396
Indosat Palapa
7.375%, 07/29/20 (B)		1,552		1,711
Majapahit Holding
8.000%, 08/07/19		150		182
8.000%, 08/07/19 (B)		650		786
7.875%, 06/29/37 (A)(B)		355		440
7.750%, 10/17/16		750		874
7.750%, 01/20/20		150		179
7.750%, 01/20/20 (B)		450		540
7.250%, 10/17/11		650		683
PT Adaro
7.625%, 10/22/19 (B)		305		332
Republic of Indonesia
12.800%, 06/17/21	IDR	15,584,000		2,388
11.625%, 03/04/19		4,070		6,309
11.625%, 03/04/19 (B)		2,125		3,294
11.500%, 09/15/19	IDR	6,300,000		882
11.000%, 11/15/20	IDR	14,300,000		1,987
10.375%, 05/04/14		1,500		1,896
9.500%, 06/15/15	IDR	28,945,000		3,546
8.500%, 10/12/35		3,250		4,737
8.500%, 10/12/35		550		802
7.750%, 01/17/38		8,579		11,732
7.750%, 01/17/38 (B)		300		411
7.750%, 01/17/38		300		410
7.500%, 01/15/16		650		791
7.250%, 04/20/15		130		154
6.875%, 01/17/18		2,100		2,536
6.875%, 01/17/18 (B)		1,400		1,690
6.875%, 03/09/17		1,289		1,557
6.750%, 03/10/14 (B)		550		624
6.750%, 03/10/14		950		1,078
6.625%, 02/17/37		2,100		2,550
5.875%, 03/13/20 (B)		1,774		2,047
Star Energy
11.500%, 02/12/15		400		449

				58,107


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Iraq — 1.2%
Republic of Iraq
5.800%, 01/15/28		12,919	$	11,110


Ivory Coast — 0.2%
Government of Ivory Coast
2.500%, 12/31/32		3,163		1,839


Jamaica — 0.3%
Digicel Group
10.500%, 04/15/18		960		1,051
9.125%, 01/15/15 (B)		592		605
8.875%, 01/15/15 (B)		1,050		1,071

				2,727


Kazakhstan — 3.8%
BTA Bank JSC
10.750%, 01/01/13 (B)(D)		744		857
0.000%, 07/01/20 (B)(C)		3,491		222
CenterCredit International
8.625%, 01/30/14		2,500		2,641
HSBK Europe
9.250%, 10/16/13		1,175		1,304
7.750%, 05/13/13		150		161
7.250%, 05/03/17		960		986
Kazkommerts International
8.700%, 04/07/14 (C)		1,300		1,137
8.500%, 04/16/13		1,650		1,621
8.000%, 11/03/15		1,900		1,781
7.875%, 04/07/14		750		712
7.500%, 11/29/16 (A)		3,050		2,718
6.875%, 02/13/17	EUR	450		554
6.250%, 05/20/15		923		997
Kazkommertsbank MTN
12.850%, 12/18/12		600		619
KazMunaiGaz Finance Sub
11.750%, 01/23/15 (B)		3,023		3,824
11.750%, 01/23/15		350		443
9.125%, 07/02/18 (B)		2,935		3,588
9.125%, 07/02/18		2,779		3,401
8.375%, 07/02/13		3,000		3,319
7.000%, 05/05/20		150		165
7.000%, 05/05/20 (B)		2,514		2,772
Republic of Kazakhstan
6.375%, 10/06/20		1,070		1,070
Tengizchevroil Finance
6.124%, 11/15/14		322		338

				35,230


Lebanon — 0.0%
Republic of Lebanon MTN
9.000%, 03/20/17		100		120


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Lithuania — 0.8%
Republic of Lithuania
7.375%, 02/11/20 (B)		1,600	$	1,788
7.375%, 02/11/20		1,250		1,397
6.750%, 01/15/15 (B)		1,150		1,246
5.125%, 09/14/17 (B)		2,575		2,543

				6,974


Malaysia — 3.2%
Government of Malaysia
3.835%, 08/12/15	MYR	10,610		3,526
3.741%, 02/27/15	MYR	10,560		3,489
Malaysia Sukuk Global
3.928%, 06/04/15 (B)		400		423
Petroliam Nasional
7.625%, 10/15/26		925		1,253
Petronas Capital
7.875%, 05/22/22 (B)		250		340
7.875%, 05/22/22		7,405		10,101
5.250%, 08/12/19 (B)		8,945		9,991
5.250%, 08/12/19		350		391

				29,514


Mexico — 9.2%
Alestra
11.750%, 08/11/14		620		701
Axtel
9.000%, 09/22/19		895		826
7.625%, 02/01/17 (B)		109		100
BBVA Bancomer
6.008%, 05/17/22 (C)		670		680
Cemex
9.250%, 05/12/20 (B)(F)		1,976		1,852
9.250%, 05/12/20		834		782
Cemex Finance
9.500%, 12/14/16		500		502
Desarrolladora Homex
7.500%, 09/28/15		225		232
GEO
9.250%, 06/30/20 (B)		900		1,020
9.250%, 06/30/20		500		564
Grupo Senda
10.500%, 10/03/15		3,865		3,652
Hipotecaria Su Casita
8.500%, 10/04/16 (B)		189		103
8.500%, 10/04/16		65		36
Mexican Bonos, Ser M10
8.000%, 12/17/15	MXN	55,070		4,843
7.250%, 12/15/16	MXN	10,700		916
Mexican Bonos, Ser M20
10.000%, 12/05/24	MXN	36,900		3,918
Mexican Bonos, Ser MI10
9.500%, 12/18/14	MXN	10,161		934
Mexican Bonos
8.500%, 12/13/18	MXN	49,400		4,563
8.000%, 06/11/20	MXN	21,570		1,951


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

NII Capital
10.000%, 08/15/16		4,259	$	4,845
Oceanografia
11.250%, 07/15/15		1,029		590
Pemex Finance
9.150%, 11/15/18		1,595		2,118
Pemex Project Funding Master Trust
6.625%, 06/15/35		450		492
5.750%, 03/01/18		1,505		1,649
Petroleos Mexicanos
8.000%, 05/03/19		850		1,054
6.625%, 06/15/35 (B)		2,096		2,290
6.000%, 03/05/20 (B)		450		497
5.500%, 01/21/21		450		479
United Mexican States
8.300%, 08/15/31		9,574		13,667
8.125%, 12/30/19		550		744
6.625%, 03/03/15		1,650		1,939
6.050%, 01/11/40		2,290		2,633
5.950%, 03/19/19		1,300		1,526
5.625%, 01/15/17		9,596		10,978
5.125%, 01/15/20		750		838
United Mexican States, Ser A MTN
8.000%, 09/24/22		5,963		8,229
6.750%, 09/27/34		2,648		3,290

				86,033


Nigeria — 0.1%
GTB Finance
8.500%, 01/29/12		600		613
UBS
9.350%, 08/29/10 (A)(B)(C)		750		622

				1,235


Oman — 0.1%
Blue City Investments
13.750%, 11/07/13 (A)		2,250		450


Pakistan — 0.5%
Republic of Pakistan
7.125%, 03/31/16		2,660		2,469
6.875%, 06/01/17		2,240		2,022

				4,491


Panama — 2.1%
Republic of Panama
9.375%, 01/16/23		560		778
9.375%, 04/01/29		6,038		9,147
8.875%, 09/30/27		700		1,017
8.125%, 04/28/34		820		1,103
7.250%, 03/15/15		1,573		1,880
6.700%, 01/26/36		4,161		5,108
5.200%, 01/30/20		444		494

				19,527


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Peru — 2.6%
Banco de Credito del Peru
5.375%, 09/16/20 (B)		1,396	$	1,410
Interoceanica IV Finance
3.966%, 11/30/25 (A)(B)(G)		921		446
3.899%, 11/30/18 (A)(B)(G)		422		323
Peru Enhanced Pass-Through Finance
4.417%, 05/31/18 (G)		215		174
3.998%, 05/31/18 (A)(B)(G)		813		657
Republic of Peru
8.750%, 11/21/33		6,321		9,403
8.375%, 05/03/16		600		759
7.350%, 07/21/25		6,845		8,881
7.125%, 03/30/19		1,293		1,619
6.550%, 03/14/37		345		418

				24,090


Philippines — 5.1%
National Power
9.625%, 05/15/28 (A)		1,400		1,904
Power Sector
7.390%, 12/02/24		650		799
7.250%, 05/27/19		150		182
Republic of the Philippines
10.625%, 03/16/25		3,835		6,174
9.500%, 02/02/30		2,950		4,525
8.875%, 03/17/15		300		383
8.375%, 06/17/19		1,945		2,594
8.250%, 01/15/14		450		539
8.000%, 01/15/16		2,950		3,732
7.750%, 01/14/31		5,723		7,612
7.500%, 09/25/24		11,209		14,684
6.375%, 10/23/34		3,518		4,098
4.000%, 01/15/21		300		298

				47,524


Poland — 2.0%
Republic of Poland
6.375%, 07/15/19		8,860		10,439
Republic of Poland, Ser 0415
5.500%, 04/25/15	PLN	11,360		3,951
Republic of Poland, Ser 1019
5.500%, 10/25/19	PLN	6,420		2,216
TVN Finance
10.750%, 11/15/17 (B)	EUR	1,300		1,979

				18,585


Qatar — 1.3%
Government of Qatar
9.750%, 06/15/30		425		674
6.400%, 01/20/40 (B)		710		845
5.250%, 01/20/20 (B)		4,450		4,895
Qatari Diar Finance
5.000%, 07/21/20 (B)		2,200		2,310


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Qtel International Finance
7.875%, 06/10/19		2,300	$	2,783
6.500%, 06/10/14 (B)		350		393

				11,900


Russia — 8.1%
Alfa Bank Via Alfa Bond Issuance
7.875%, 09/25/17 (B)		925		930
Alfa Diversified Payment Rights Finance MTN
2.437%, 12/15/11 (B)(C)		140		129
Alfa Invest MTN
9.250%, 06/24/13 (A)(B)		750		807
Alfa Issuance MTN
8.000%, 03/18/15		417		433
Bank of Moscow
7.500%, 11/25/15 (A)(C)		1,200		1,179
Edel Capital for Sinek Capital
7.700%, 08/03/15		500		529
Gaz Capital
8.625%, 04/28/34		1,215		1,543
6.510%, 03/07/22 (B)		636		677
MTS International Funding
8.625%, 06/22/20 (B)		1,940		2,221
RSHB Capital
9.000%, 06/11/14		750		862
7.750%, 05/29/18		650		731
7.175%, 05/16/13		100		108
6.299%, 05/15/17		100		104
Russian Federal Bond - OFZ MTN
11.200%, 12/17/14	RUB	42,300		1,616
10.550%, 07/08/11	RUB	49,500		1,698
Russian Federation Registered
12.750%, 06/24/28		3,410		6,206
7.500%, 03/31/30 (D)		30,762		36,736
Russian Foreign Bond - Eurobond
5.000%, 04/29/20 (B)		1,700		1,771
3.625%, 04/29/15		300		302
RZD Capital MTN
5.739%, 04/03/17		400		421
Teorema
11.000%, 10/27/09 (E)		3,400		340
TNK-BP Finance
7.875%, 03/13/18 (B)		147		166
7.500%, 07/18/16 (B)		365		405
7.250%, 02/02/20 (B)		352		384
6.250%, 02/02/15 (B)		202		214
Transneft
8.700%, 08/07/18 (B)		400		492
Vimpel Communications
9.125%, 04/30/18 (A)(B)		600		686
9.125%, 04/30/18		850		971
8.375%, 04/30/13		1,540		1,665
8.250%, 05/23/16		570		621


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Vnesheconombank Via VEB Finance
6.902%, 07/09/20 (B)		3,185	$	3,483
VTB Capital
6.875%, 05/29/18		4,850		5,123
6.609%, 10/31/12 (B)		1,300		1,373
6.250%, 06/30/35		381		391

				75,317


Saudi Arabia — 0.1%
Dar Al-Arkan International Sukuk
10.750%, 02/18/15 (B)		1,200		1,216


Singapore — 0.3%
Bumi Invest
10.750%, 10/06/17		500		500
Sea Product
4.626%, 05/14/10 (A)		2,395		1,413
STATS ChipPAC
7.500%, 08/12/15 (B)		1,104		1,189

				3,102


South Africa — 1.8%
Consol Glass MTN
7.625%, 04/15/14	EUR	221		302
Edcon Proprietary
3.969%, 06/15/14 (C)	EUR	2,900		3,326
Myriad International Holding BV
6.375%, 07/28/17 (B)		2,489		2,577
Republic of South Africa
8.500%, 06/23/17		860		1,101
6.875%, 05/27/19		2,177		2,661
6.500%, 06/02/14		2,195		2,497
5.875%, 05/30/22		2,300		2,645
5.500%, 03/09/20		1,550		1,732

				16,841


South Korea — 0.3%
Export-Import Bank of Korea
8.125%, 01/21/14		720		845
5.875%, 01/14/15		695		777
Republic of Korea
7.125%, 04/16/19		900		1,147

				2,769


Sri Lanka — 0.1%
Republic of Sri Lanka
7.400%, 01/22/15 (B)		450		492
6.250%, 10/04/20 (B)(I)		350		353

				845


Supra-National — 0.1%
Andina de Fomento
8.125%, 06/04/19		485		604
Eurasian Development Bank MTN
7.375%, 09/29/14 (B)		275		300

				904


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Thailand — 0.2%
True Move
10.750%, 12/16/13		600	$	637
10.750%, 12/16/13 (A)(B)		1,250		1,313

				1,950


Trinidad & Tobago — 0.4%
Petroleum of Trinidad & Tobago
9.750%, 08/14/19 (B)		890		1,090
6.000%, 05/08/22 (A)		2,255		2,306
6.000%, 05/08/22 (B)		550		562

				3,958


Tunisia — 0.3%
Banque Centrale de Tunisie
8.250%, 09/19/27		800		1,012
7.375%, 04/25/12		1,105		1,199
6.250%, 02/20/13		360		533

				2,744


Turkey — 4.5%
Akbank
5.125%, 07/22/15 (B)		1,425		1,419
Globus Capital Finance
8.500%, 03/05/12		500		463
Republic of Turkey
11.875%, 01/15/30		1,150		2,033
9.500%, 01/15/14		500		605
8.000%, 02/14/34		2,050		2,675
7.500%, 07/14/17		1,000		1,213
7.500%, 11/07/19		3,630		4,465
7.375%, 02/05/25		2,820		3,469
7.250%, 03/15/15		850		997
7.250%, 03/05/38		2,840		3,401
7.000%, 03/11/19		650		773
7.000%, 09/26/16		1,138		1,343
7.000%, 06/05/20		570		683
6.875%, 03/17/36		4,870		5,661
6.750%, 05/30/40		5,683		6,479
6.750%, 04/03/18		3,350		3,919
5.625%, 03/30/21		2,000		2,180

				41,778


Ukraine — 4.0%
Biz Finance for Ukreximbank
8.375%, 04/27/15		1,250		1,280
Credit Suisse First Boston International for CJSC The EXIM of Ukraine
8.000%, 11/06/15 (A)		750		675
7.650%, 09/07/11 (A)		500		508
6.800%, 10/04/12		750		746
DTEK Finance BV
9.500%, 04/28/15		108		111
9.500%, 04/28/15 (B)		620		635


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Government of Ukraine
7.750%, 09/23/20 (B)		790	$	793
7.650%, 06/11/13		2,420		2,511
7.650%, 06/11/13		250		259
6.875%, 09/23/15 (B)		3,301		3,309
6.750%, 11/14/17		850		831
6.580%, 11/21/16		1,500		1,465
6.580%, 11/21/16 (B)		1,940		1,891
3.200%, 12/19/10 (B)	JPY	660,000		7,843
JSC Commercial Bank
8.000%, 02/06/12		2,850		2,832
Metinvest BV
10.250%, 05/20/15		100		106
10.250%, 05/20/15 (B)		620		655
MHP
10.250%, 04/29/15		243		255
10.250%, 04/29/15		1,428		1,499
NAK Naftogaz Ukraine
9.500%, 09/30/14		8,573		9,286
Springvale Holdings
9.181%, 09/07/09 (A)(C)(E)		1,000		75

				37,565


United Arab Emirates — 2.3%
Aldar Funding
5.767%, 11/10/11		2,449		2,394
Dolphin Energy
5.888%, 06/15/19 (B)		480		518
5.888%, 06/15/19		528		569
DP World
6.850%, 07/02/37		1,110		1,038
Dubai DOF Sukuk MTN
6.396%, 11/03/14		1,500		1,498
Dubai Electricity & Water Authority
8.500%, 04/22/15		228		245
8.500%, 04/22/15 (B)		1,300		1,399
Dubai Holding Commercial Operations MTN
4.750%, 01/30/14	EUR	3,300		3,559
0.841%, 02/01/12 (C)		150		128
Dubai Sukuk Centre
0.911%, 06/13/12 (C)		1,100		877
Emirate of Abu Dhabi
6.750%, 04/08/19 (B)		470		571
Jafz Sukuk
3.741%, 11/27/12 (C)	AED	22,400		5,295
Nakheel Development
2.750%, 01/16/11		3,200		3,568

				21,659


Uruguay — 2.6%
Republic of Uruguay PIK
7.875%, 01/15/33		2,800		3,674
Republic of Uruguay
9.250%, 05/17/17		3,075		4,059
8.000%, 11/18/22		10,604		13,626
7.625%, 03/21/36		2,095		2,703
6.875%, 09/28/25		401		482

				24,544


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)

Venezuela — 4.7%
Government of Venezuela
13.625%, 08/15/18		2,100	$	1,974
13.625%, 08/15/18		144		135
10.750%, 09/19/13		400		377
9.375%, 01/13/34		2,230		1,516
9.250%, 05/07/28		3,665		2,483
9.250%, 09/15/27		3,720		2,725
9.000%, 05/07/23		8,806		6,032
8.500%, 10/08/14		7,236		6,078
8.250%, 10/13/24		4,155		2,699
7.750%, 10/13/19		2,075		1,395
7.650%, 04/21/25		4,170		2,544
7.000%, 03/31/38		100		57
7.000%, 12/01/18		230		152
6.000%, 12/09/20		1,130		664
5.750%, 02/26/16		1,363		946
Petroleos de Venezuela
5.500%, 04/12/37		3,400		1,564
5.375%, 04/12/27		11,279		5,442
5.250%, 04/12/17		8,915		5,171
5.000%, 10/28/15		1,500		863
4.900%, 10/28/14		1,475		949

				43,766


Vietnam — 0.1%
Republic of Vietnam
6.875%, 01/15/16		350		387
6.750%, 01/29/20		100		111
6.750%, 01/29/20 (B)		744		820

				1,318

Total Global Bonds (Cost $744,776) ($ Thousands)				846,048


LOAN PARTICIPATIONS — 2.5%

Angola — 0.2%
Republic of Angola
3.006%, 04/30/16	EUR	1,300		1,490


Cambodia — 0.2%
Camgsm PIK
12.756%, 04/25/10		1,943		1,943


Georgia — 0.0%
Ashmore Cayman
0.000%, 04/16/14 (G)		221		227


Indonesia — 0.4%
Indonesia Standby Loan 94 (Counterparty: Deutsche Bank)
1.164%, 06/29/10		2,101		1,986
PT Bumi
0.000%, 08/07/13		1,743		1,743

				3,729


Description	Face Amount (1) (Thousands)		Market Value ($ Thousands)


Mexico — 0.3%
Altos Hornos Promissory Note # 5
0.000%, 04/29/99 (A)(E)		2,500	$	375
Altos Hornos Promissory Note # 6
0.000%, 04/29/99 (A)(E)		2,500		375
Altos Hornos Promissory Note (Counterparty: Deustche Bank)
0.000%, 12/31/49 (A)(E)		4,500		675
Altos Hornos Tranche A (Counterparty: Bank of America)
0.000%, 04/11/04 (A)(E)		6,540		981

				2,406


Russia — 0.2%
Snegri
10.500%, 04/21/10 (A)		2,295		1,836


Singapore — 1.3%
Connect International PIK
0.000%, 08/31/11 (A)(E)		9,161		8,943
Morton Bay
6.250%, 12/30/09 (A)		3,193		3,193

				12,136

Total Loan Participations (Cost $25,955) ($ Thousands)				23,767


CONVERTIBLE BONDS — 0.8%
Enercoal Resources Pte CV to 269,856.0083 Shares
5.000%, 11/25/16		1,000		996
Enercoal Resources Pte CV to 295,523.6688 Shares
9.250%, 08/05/14 (B)		1,000		1,013
Firstsource CV to 42,549.14 Shares
5.657%, 12/04/12 (G)		1,900		1,925
Reliance Communications CV to 6,670.9011 Shares
0.000%, 03/01/12 (G)		1,200		1,383
Suzlon Energy CV to 22.683 Shares
0.000%, 06/12/12		2,077		2,099
Suzlon Energy CV to 533.2762 Shares
2.446%, 07/25/14 (G)		450		369

Total Convertible Bonds (Cost $7,190) ($ Thousands)				7,785


WARRANTS — 0.0%

Russia — 0.0%
Teorema Holding A, Expires 10/27/11*(A)		226		—
Teorema Holding B, Expires 10/27/11*(A)		452		—

Total Warrants (Cost $78) ($ Thousands)				—


Description	Shares/Face Amount (1) (Thousands)		Market Value ($ Thousands)

AFFILIATED PARTNERSHIP — 0.2%

United States — 0.2%
SEI Liquidity Fund, L.P.,
0.230%†**(H)		2,136,503		1,885

Total Affiliated Partnership (Cost $2,137) ($ Thousands)				1,885


TIME DEPOSITS — 4.8%

United States — 4.8%
Brown Brothers Harriman
0.100%, 10/01/09	EUR	144		197
0.030%, 10/01/09		44,262		44,262

Total Time Deposits (Cost $44,459) ($ Thousands)				44,459

Total Investments — 99.1% (Cost $824,595) ($ Thousands)			$	923,944

A summary of the outstanding forward foreign currency contracts held by the Fund at September 30, 2010, is as follows:


Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
10/1/10		USD	7,835		JPY	656,287	$	21
10/1/10-10/13/10		INR	37,002		USD	796		(26	)
10/1/10-10/25/10		USD	9,353		EUR	6,985		183
10/1/10-10/29/10		EUR	21,519		USD	28,396		(977	)
10/1/10-10/29/10		JPY	1,316,784		USD	15,689		(77	)
10/1/10-12/1/10		USD	6,477		INR	304,179		275
10/4/10		USD	3,340		BRL	5,699		24
10/4/10-11/3/10		BRL	11,398		USD	6,662		(46	)
10/12/10		KRW	6,720,924		USD	5,718		(178	)
10/12/10		USD	5,598		KRW	6,720,924		298
10/13/10		MXN	21,388		USD	1,635		(71	)
10/13/10		USD	1,671		MXN	21,388		35
10/25/10		PLN	17,376		USD	5,770		(190	)
11/23/10		RUB	23,647		USD	759		(12	)
11/23/10		USD	764		RUB	23,647		7
11/23/10-5/20/11		CNY	33,465		USD	4,965		(61	)
11/23/10-8/9/11		USD	8,262		CNY	55,247		88

							$	(707	)

A summary of outstanding swap agreements held by the fund at September 30, 2010, is as follows:

Percentages are based on a Net Assets of $931,865 ($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of September 30, 2010.

†

Affiliated security.

(1)

In U.S. dollars unless otherwise indicated.

(A)

Securities considered illiquid. The total market value of such securities as of September 30, 2010 was $37,324 ($ Thousands) and represented 4.0% of Net Assets.

(B)

(C)

Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2010.

(D)

Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on September 30, 2010. The coupon on a step bond changes on a specified date.

(E)

Security in default on interest payments.

(F)

This security or a partial position of this security is on loan at September 30, 2010. The total market value of securities on loan at September 30, 2010 was $2,044 ($ Thousands) (See Note 9).

(G)

Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(H)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of September 30, 2010 was $1,885 ($ Thousands).

(I)

Security is when-issued.

AED — United Arab Emirates Dirham

ARS — Argentine Peso

BRL — Brazilian Real

CNY — Chinese Yuan

COP — Colombian Peso

CV — Convertible Security

DEM — German Mark

EUR — Euro

IDR — Indonesian Rupiah

INR — Indian Rupee

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

L.P. — Limited Partnership

MTN — Medium Term Note

MXN — Mexican Peso

MYR — Malaysian Ringgit

PIK — Payment-in-Kind

PLN — Polish Zloty

RUB — Russian Ruble

Ser — Series

USD — U.S. Dollar

The following is a summary of the inputs used as of September 30, 2010 in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	846,048	$	—	$	846,048
Loan Participations		—		1,986		21,781		23,767
Convertible Bonds		—		7,785		—		7,785
Warrants		—		—		—		—
Affiliated Partnership		—		1,885		—		1,885
Time Deposits		—		44,459		—		44,459

Total Investments in Securities	$	—	$	902,163	$	21,781	$	923,944


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Future Contracts*	$	(3	)	$	—	$	—	$	(3	)
Forwards Contracts		(707	)		—		—		(707	)
Total Return Swaps		—			169		—		169

Total Other Financial Instruments	$	(710	)	$	169	$	—	$	(541	)

Future contracts and forward contracts are valued at the net unrealized appreciation/(depreciation) on the instrument.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):


	Loan Participations			Swap Contracts
Beginning balance as of October 1, 2009	$	26,630		$	(738	)
Accrued discounts/premiums		26			—
Realized gain/(loss)		(870	)		27
Change in unrealized appreciation/(depreciation)		3,232			738
Net purchases/sales		(7,237	)		(27	)
Net transfer in and/or out of Level 3		—			—

Ending balance as of September 30, 2010	$	21,781		$	—

For the period ended September 30, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

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

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

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of SEI Institutional International Trust, comprising the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (collectively, the “Funds”), as of and for the year or period ended September 30, 2010, and have issued our report thereon dated November 29, 2010 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audits included an audit of the Funds’ schedules of investments in securities (the “Schedules”) as of September 30, 2010 appearing in Item 6 of this Form N-CSR. These Schedules are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

The Registrant has a standing Nominating 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 Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

The Registrant’s fund accounting agent has advised management that certain of their controls related to changes to security terms recorded in the accounting system that have not been authorized by the fund accounting agent’s management, including security interest yields, were not operating effectively.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting. A new control has been implemented to ensure the timely detection of changes to fixed income securities that materially impact a security’s interest yield.

(a) (2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as exhibits.

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.


Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date	Notional Amount (Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Barclays PLC	3.83%	3-Month LIBOR	03/31/20		USD	2,650	$	(304	)
Citigroup	3.79%	6-Month GBP LIBOR	05/19/19		GBP	2,500		(339	)
Deutsche Bank	3.45%	6-Month EUR LIBOR	10/16/19		EUR	3,400		(498	)
Deutsche Bank	6-Month EURIBOR	4.17%	03/28/13		EUR	7,000		821
JPMorgan Chase Bank	6-Month JPY LIBOR	2.22%	03/26/27		JPY	750,000		904
JPMorgan Chase Bank	6-Month EURIBOR	4.38%	01/07/13		EUR	5,400		689
JPMorgan Chase Bank	4.20%	6-Month EURIBOR	03/30/12		EUR	3,000		(259	)
JPMorgan Chase Bank	6-Month JPY LIBOR	1.29%	03/26/12		JPY	1,300,000		209

							$	1,223



Management’s Discussion and Analysis of Fund Performance			1

Summary Schedules of Investments			6

Statements of Assets and Liabilities			27

Statements of Operations			28

Statements of Changes in Net Assets			29

Financial Highlights			31

Notes to Financial Statements			32

Report of Independent Registered Public Accounting Firm			43

Trustees and Officers of the Trust			44

Disclosure of Fund Expenses			47

Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements			48

Shareholder Voting Results			51

Notice to Shareholders			52


SEI Institutional International Trust / Annual Report / September 30, 2010			1


	Loan Participations			Swap Contracts
Beginning balance as of October 1, 2009	$	26,630		$	(738	)
Accrued discounts/premiums		26			—
Realized gain/(loss)		(870	)		27
Change in unrealized appreciation/(depreciation)		3,232			738
Net purchases/sales		(7,237	)		(27	)
Net transfer in and/or out of Level 3		—			—

Ending balance as of September 30, 2010	$	21,781		$	—


	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
ASSETS:
Investments, at value (Cost $1,658,326, $749,687, $475,711 and $822,458, respectively)⁽¹⁾	$	1,845,071		$	927,291		$	506,992		$	922,059
Affiliated investments, at value (Cost $292,525, $70,177, $0 and $2,137, respectively)		290,145			69,126			—			1,885
Cash		30,192			17,392			6,783			50,377
Foreign currency, at value (Cost $5,665, $8,797,
$757 and $233, respectively)		5,717			8,877			758			239
Cash pledged as collateral for forward foreign currency contracts, futures contracts or swap contracts		—			—			359			3,695
Receivable for investment securities sold		27,037			5,947			13,413			14,488
Unrealized gain on forward foreign currency contracts		—			—			4,747			931
Receivable for fund shares sold		1,192			1,287			611			1,048
Dividends and interest receivable		4,489			1,274			6,915			14,413
Variation margin receivable		—			—			21			2
Foreign tax reclaim receivable		1,665			58			—			—
Margin Deposit		—			—			153			—
Unrealized gain on foreign spot currency contracts		27			—			8			—
Receivable for swap contracts terminated		—			—			643			—
Receivable for shareholder servicing fees		—			—			3			—
Swap contracts, at value (Premiums paid $0, $0, $(1) and $4,065, respectively)		—			—			2,665			4,233
Total Assets		2,205,535			1,031,252			544,071			1,013,370
LIABILITIES:
Payable for investment securities purchased		55,736			23,037			13,506			75,832
Payable upon return of securities loaned		237,168			66,171			—			2,137
Unrealized loss on forward foreign currency contracts		—			—			23,080			1,638
Swap contracts, at value (Premiums received $0, $0, $0 and $0, respectively)		—			—			1,400			—
Payable for fund shares redeemed		3,018			4,536			494			874
Variation margin payable		748			—			45			—
Unrealized loss on foreign spot currency contracts		21			1			4			—
Investment advisory fees payable		698			568			124			252
Administration fees payable		698			468			248			476
Shareholder servicing fees payable		387			180			—			183
Trustees’ fees		—			—			—			—
Chief compliance officer fees payable		3			1			1			1
Administration servicing fees payable		2			—			—			—
Other accrued expenses		395			385			88			112
Accrued foreign capital gains tax on appreciated securities		—			322			—			—
Total Liabilities		298,874			95,669			38,990			81,505
Net Assets	$	1,906,661		$	935,583		$	505,081		$	931,865
NET ASSETS:
Paid in Capital
(unlimited authorization — no par value)	$	2,891,713		$	922,451		$	513,642		$	881,431
Undistributed net investment income		22,150			3,379			2,236			(11,223	)
Accumulated net realized gain (loss) on investments, futures contracts, option contracts, foreign currency contracts and swap contracts		(1,191,393	)		(166,558	)		(24,322	)		(37,243	)
Net unrealized depreciation on investments and option contracts		184,365			176,553			31,281			99,349
Net unrealized appreciation (depreciation) on futures contracts		(417	)		—			(114	)		(3	)
Net unrealized appreciation (depreciation) on swap contracts		—			—			1,266			169
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		243			80			(18,908	)		(615	)
Accumulated foreign capital gains tax on appreciated securities		—			(322	)		—			—
Net Assets	$	1,906,661		$	935,583		$	505,081		$	931,865
Net Asset Value, Offering and Redemption Price Per Share — Class A ($1,898,205,932 ÷ 227,652,628 shares, $935,582,579 ÷ 82,076,409 shares, $505,081,023 ÷ 46,234,484 shares, $931,865,030 ÷ 83,266,703 shares, respectively.)		$8.34			$11.40			$10.92			$11.19
Net Asset Value, Offering and Redemption Price Per Share — Class I ($8,455,485 ÷ 1,016,291 shares)		$8.32			N/A			N/A			N/A


	International Fixed Income Fund						Emerging Markets Debt Fund
	2010			2009			2010			2009
Operations:
Net Investment Income	$	12,331		$	15,209		$	53,490		$	56,900
Net Realized Gain (Loss) from Investments, Affiliated Investments, Futures Contracts, Written Options and Swap Contracts		3,896			(22,915	)		42,737			(70,289	)
Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions		28,008			8,926			4,058			(6,197	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments, Futures Contracts, Written Options and Swap Contracts		9,183			63,489			43,528			113,567
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(13,290	)		(25,944	)		(1,319	)		(993	)
Net Increase in Net Assets Resulting from Operations		40,128			38,765			142,494			92,988
Dividends and Distributions from:
Net Investment Income:
Class A		(5,034	)		(57,885	)		(67,778	)		(60,833	)
Return of Capital:
Class A		(7	)		—			—			—
Total Dividends and Distributions		(5,041	)		(57,885	)		(67,778	)		(60,833	)
Capital Share Transactions:
Class A:
Proceeds from Shares Issued		138,803			160,142			354,314	†		363,248
Reinvestment of Dividends & Distributions		4,791			55,164			60,866			55,708
Cost of Shares Redeemed		(211,759	)		(361,351	)		(348,628	)		(537,868	)
Increase (Decrease) in Net Assets Derived from Capital Share Transactions		(68,165	)		(146,045	)		66,552			(118,912	)
Net Increase (Decrease) in Net Assets		(33,078	)		(165,165	)		141,268			(86,757	)
Net Assets:
Beginning of Year		538,159			703,324			790,597			877,354
End of Year	$	505,081		$	538,159		$	931,865		$	790,597
Undistributed (Distributions in excess of) Net Investment Income Included in Net Assets at End of Year	$	2,236		$	(33,391	)	$	(11,223	)	$	187
Share Transactions:
Class A:
Shares Issued		13,304			16,650			33,657			43,772
Reinvestment of Distributions		471			6,009			5,962			6,654
Shares Redeemed		(20,265	)		(37,149	)		(33,548	)		(66,241	)
Total Class A Transactions		(6,490	)		(14,490	)		6,071			(15,815	)


	Net Asset Value, Beginning of Year		Net Investment Income (Loss)⁽¹⁾		Net Realized and Unrealized Gains (Losses) on Securities⁽¹⁾			Total from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Total Dividends and Distributions and Return of Capital			Net Asset Value, End of Year		Total Return†			Net Assets End of Period ($ Thousands)		Ratio of Expenses to Average Net Assets*			Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)**			Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)**			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
International Equity Fund
Class A
2010	$	7.88	$	0.10	$	0.36		$	0.46		$	—		$	—		$	—		$	8.34		5.84	%	$	1,898,206		1.27	%⁽³⁾		1.27	%⁽³⁾		1.28	%		1.26	%		144	%
2009		8.85		0.13		(0.94	)		(0.81	)		(0.16	)		—			(0.16	)		7.88		(8.73	)		2,053,411		1.28	⁽²⁾⁽³⁾		1.28	⁽²⁾⁽³⁾		1.29			2.01			154
2008		16.18		0.27		(5.52	)		(5.25	)		(0.34	)		(1.74	)		(2.08	)		8.85		(36.96	)		2,329,504		1.25	⁽²⁾⁽³⁾		1.26	⁽²⁾⁽³⁾		1.26	⁽²⁾		2.15			218
2007		14.07		0.28		2.89			3.17			(0.47	)		(0.59	)		(1.06	)		16.18		23.56			4,032,236		1.32	⁽²⁾⁽³⁾		1.33	⁽²⁾⁽³⁾		1.33	⁽²⁾		1.85			172
2006		12.14		0.24		1.97			2.21			(0.28	)		—			(0.28	)		14.07		18.50			3,491,007		1.32	⁽²⁾		1.33	⁽²⁾		1.33	⁽²⁾		1.85			118
Class I
2010	$	7.89	$	0.08	$	0.35		$	0.43		$	—		$	—		$	—		$	8.32		5.45	%	$	8,455		1.52	%⁽³⁾		1.52	%⁽³⁾		1.53	%		1.00	%		144	%
2009		8.82		0.13		(0.94	)		(0.81	)		(0.12	)		—			(0.12	)		7.89		(8.80	)		8,397		1.53	⁽²⁾⁽³⁾		1.53	⁽²⁾⁽³⁾		1.54			1.97			154
2008		16.13		0.22		(5.49	)		(5.27	)		(0.30	)		(1.74	)		(2.04	)		8.82		(37.14	)		6,538		1.50	⁽²⁾⁽³⁾		1.51	⁽²⁾⁽³⁾		1.51	⁽²⁾		1.72			218
2007		14.04		0.25		2.88			3.13			(0.45	)		(0.59	)		(1.04	)		16.13		23.25			17,155		1.57	⁽²⁾⁽³⁾		1.58	⁽²⁾⁽³⁾		1.58	⁽²⁾		1.66			172
2006		12.12		0.23		1.94			2.17			(0.25	)		—			(0.25	)		14.04		18.20			13,401		1.59	⁽²⁾		1.59	⁽²⁾		1.59	⁽²⁾		1.77			118
Emerging Markets Equity Fund
Class A
2010	$	9.64	$	0.04	$	1.78		$	1.82		$	(0.06	)	$	—		$	(0.06	)	$	11.40		18.93	%	$	935,583		1.96	%⁽⁴⁾		1.96	%⁽⁴⁾		2.09	%		0.38	%		81	%
2009		11.43		0.08		0.18			0.26			(0.10	)		(1.95	)		(2.05	)		9.64		16.40			916,780		1.97	⁽⁴⁾		1.97	⁽⁴⁾		2.11			1.08			80
2008		21.49		0.14		(5.64	)		(5.50	)		(0.08	)		(4.48	)		(4.56	)		11.43		(33.33	)		965,730		1.99	⁽⁴⁾		1.99	⁽⁴⁾		2.08			0.85			94
2007		16.67		0.08		7.22			7.30			(0.08	)		(2.40	)		(2.48	)		21.49		48.27			1,777,229		1.97	⁽⁴⁾		1.97	⁽⁴⁾		2.05			0.44			79
2006		15.94		0.11		2.32			2.43			(0.10	)		(1.60	)		(1.70	)		16.67		16.46			1,336,574		1.96			1.97			2.06			0.65			65
International Fixed Income Fund
Class A
2010	$	10.21	$	0.24	$	0.57		$	0.81		$	(0.10	)⁽⁸⁾	$	—		$	(0.10	)	$	10.92		7.97	%	$	505,081		1.07	%⁽⁷⁾		1.07	%⁽⁷⁾		1.21	%		2.33	%		135	%
2009		10.46		0.28		0.53			0.81			(1.06	)		—			(1.06	)		10.21		8.85			538,159		1.02	⁽⁵⁾		1.02	⁽⁵⁾		1.06			2.86			170
2008		10.91		0.37		(0.68	)		(0.31	)		(0.14	)		—			(0.14	)		10.46		(2.89	)		703,324		1.02	⁽⁵⁾		1.02	⁽⁵⁾		1.04			3.45			147
2007		10.86		0.36		(0.11	)		0.25			(0.20	)		—			(0.20	)		10.91		2.34			808,742		1.02	⁽⁵⁾		1.02	⁽⁵⁾		1.04			3.29			215
2006		11.72		0.28		(0.49	)		(0.21	)		(0.34	)		(0.31	)		(0.65	)		10.86		(1.64	)		841,903		1.01			1.01			1.03			2.61			194
Emerging Markets Debt Fund
Class A
2010	$	10.24	$	0.67	$	1.14		$	1.81		$	(0.86	)	$	—		$	(0.86	)	$	11.19		18.78	%	$	931,865		1.36	%⁽⁶⁾		1.36	%⁽⁶⁾		1.79	%		6.41	%		70	%
2009		9.43		0.71		0.85			1.56			(0.75	)		—			(0.75	)		10.24		18.62			790,597		1.37	⁽⁶⁾		1.37	⁽⁶⁾		1.81			8.47			73
2008		11.04		0.62		(1.18	)		(0.56	)		(0.74	)		(0.31	)		(1.05	)		9.43		(5.71	)		877,354		1.37	⁽⁶⁾		1.37	⁽⁶⁾		1.79			5.94			83
2007		11.28		0.60		0.47			1.07			(0.65	)		(0.66	)		(1.31	)		11.04		10.03			1,002,602		1.37	⁽⁶⁾		1.37	⁽⁶⁾		1.79			5.47			81
2006		11.81		0.56		0.34			0.90			(0.80	)		(0.63	)		(1.43	)		11.28		8.68			828,343		1.36			1.36			1.78			5.03			108


INTERNATIONAL FIXED INCOME FUND WRITTEN CREDIT DERIVATIVE CONTRACTS	SINGLE NAME CDS				CDS ON AN INDEX
REFERENCE ASSET	CORP US$		SOVEREIGN US$		ABS US$		CORP US$		Total
Fair value of written credit derivatives	$	41,764		—		—		—	$	41,764
Maximum potential amount of future payments	$	350,000		—		—		—	$	350,000
Recourse provisions with third parties to recover any amounts paid under the credit derivative (including any purchased credit protection)¹		—		—		—		—		—
Collateral held by the Fund or other third parties which the Fund can obtain upon occurrence of a triggering event		—		—		—		—		—


MAXIMUM POTENTIAL AMOUNT OF FUTURE PAYMENTS BY CONTRACT TERM
INTERNATIONAL FIXED INCOME FUND	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		—		—		—		—		—		—
101-250		—		—	$	350,000		—		—	$	350,000
251-500		—		—		—		—		—		—
501-1,000		—		—		—		—		—		—
> than 1,000		—		—		—		—		—		—
Total		—		—	$	350,000		—		—	$	350,000


Derivatives Not Accounted for as Hedging Instruments	Options		Futures		Forward Currency Contracts		Swaps		Total

International Equity Fund
Interest rate contracts	$	—	$	(66)	$	—	$	—	$	(66)
Foreign exchange contracts		—		—		(565)		—		(565)
Credit contracts		—		—		—		2,048		2,048
Equity contracts		—		(6,939)		—		(7,059)		(13,998)
Total	$	—	$	(7,005)	$	(565)	$	(5,011)	$	(12,581)

International Fixed Income Fund
Interest rate contracts	$	—	$	(1,550)	$	—	$	162	$	(1,388)
Foreign exchange contracts		—		—		33,663		—		33,663
Credit contracts		—		—		—		95		95
Total	$	—	$	(1,550)	$	33,663	$	257	$	32,370

Emerging Markets Debt Fund
Interest rate contracts	$	—	$	305	$	—	$	—	$	305
Equity contracts		—		—		—		40		40
Foreign exchange contracts		317		—		1,449		—		1,766
Credit contracts		—		—		—		(643)		(643)
Total	$	317	$	305	$	1,449	$	(603)	$	1,468


International Equity Fund	0.45	%
Emerging Markets Equity Fund	0.65	%
International Fixed Income Fund	0.60	%
Emerging Markets Debt Fund	0.65	%


Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
INTERESTED TRUSTEES
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 64 yrs. old	Chairman of the Board of Trustees*	since 1982	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	81	Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Director of SEI Global Master Fund, plc, SEI Global Assets Fund, plc, SEI Global Investments Fund, plc, SEI Investments Global, Limited, SEI Investments — Global Fund Services, Limited, SEI Investments (Europe), Limited, SEI Investments — Unit Trust Management (UK), Limited, SEI Global Nominee, Limited, and SEI Structured Credit Fund, L.P.
William M. Doran 1701 Market Street Philadelphia, PA 19103 70 yrs. old	Trustee*	since 1982	Self-employed consultant since 2003. Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003, counsel to the Trust, SEI, SIMC, the Administrator and the Distributor. Secretary of SEI since 1978.	81	Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Director of SEI since 1974. Director of the Distributor since 2003. Director of SEI Investments — Global Fund Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Investments (Asia), Limited, SEI Global Nominee, Limited, SEI — Unit Trust Management (UK) Limited, and SEI Asset Korea Co., Limited.
TRUSTEES
James M. Storey One Freedom Valley Drive Oaks, PA 19456 79 yrs. old	Trustee	since 1995	Attorney, sole practitioner since 1994. Partner, Dechert Price & Rhoads, September 1987-December 1993.	81	Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, and U.S. Charitable Gift Trust.
George J. Sullivan, Jr. One Freedom Valley Drive Oaks, PA 19456 67 yrs. old	Trustee	since 1996	Self-Employed Consultant, Newfound Consultants Inc. since April 1997.	81	Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, State Street Navigator Securities Lending Trust, and SEI Structured Credit Fund, L.P., member of the independent review committee for SEI’s Canadian-registered mutual funds.


International Fixed Income
	Number of Shares		% of Outstanding Shares			% of Shares Present
Affirmative		19,251,602.66		36.69	%		72.01	%
Against		6,255,847.74		11.92	%		23.40	%
Abstain		1,228,774.09		2.34	%		4.59	%

Total		26,736,224.49		50.95	%		100.00	%


Fund	(A) Long-Term Capital Gain Distributions (Tax Basis)			(B) Ordinary Income Distributions (Tax Basis)			(C) Total			(D) Dividends Received Deduction (1)			(E) Qualifying Dividend Income (15% Tax Rate for QDI) (2)			(F) U.S. Government Interest (3)			(G) Interest Related Dividends (4)			(H) Short-Term Capital Gain Dividends (5)
International Equity		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Emerging Markets Equity		0.00	%		100.00	%		100.00	%		0.00	%		95.83	%		0.00	%		3.94	%		0.00	%
International Fixed Income		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		4.69	%		3.09	%		0.00	%
Emerging Markets Debt		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		35.01	%		0.00	%


Fund	Foreign Source Income		Foreign Tax Credit Pass Through
International Equity	$	23,925,495	$	1,641,718
Emerging Markets Equity		4,515,772		2,166,799


		Fiscal Year 2010							Fiscal Year 2009
		All fees and services to the Registrant that were pre-approved		All fees and services to service affiliates that were pre-approved			All other fees and services to service affiliates that did not require pre-approval		All fees and services to the Registrant that were pre-approved			All fees and services to service affiliates that were pre-approved		All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees(1)	$	164,000		N/A			N/A	$	159,000			N/A		N/A
(b)	Audit-Related Fees	$	0	$	0		$	0	$	0		$	0		N/A
(c)	Tax Fees (Tax return review services)	$	0	$	139,500	(3)		N/A	$	25,400	(2)		N/A		N/A
(d)	All Other Fees(3)			$	229,500		$	0				$	244,500	$	0


SEI Institutional International Trust

By:		/S/ ROBERT NESHER
		Robert A. Nesher
		President & CEO


By:		/S/ STEPHEN PANNER
		Stephen F. Panner
		Controller & CFO