SEI Institutional International Trust


Description	Shares		Market Value ($ Thousands)

COMMON STOCK — 96.0%

Argentina — 0.0%
Telecom Argentina ADR		8,200	$	204


Australia — 4.0%
AGL Energy		2,312		36
Alumina (A)		1,263,908		3,213
Amcor		908,088		6,283
Ausdrill		20,461		65
Australia & New Zealand Banking Group (A)		420,760		10,071
Australian Stock Exchange		2,402		93
Beach Energy (A)		520,405		461
BHP Billiton (A)		155,095		7,194
Brambles		41,603		304
Caltex Australia		286,989		4,227
Centamin Egypt*		1,329,600		3,720
Coca-Cola Amatil		90,864		1,011
Cochlear		1,207		99
Commonwealth Bank of Australia		36,733		1,912
Dexus Property Group (A)(B)		526,193		429
Fortescue Metals Group*		292,025		1,958
Foster’s Group (A)		26,357		153
Goodman Group (A)(B)		64,093		43
GPT Group (A)(B)		343,462		1,035
GrainCorp		15,912		108
John Fairfax Holdings (A)		616,462		885
MacArthur Coal		7,313		96
Newcrest Mining		231,248		9,586
Orica		25,065		640
OZ Minerals (A)		1,211,939		2,137
Qantas Airways (A)		477,763		1,244
QR National*		32,279		91
Rio Tinto (A)		98,071		8,592
Santos		324,959		4,380
SP AusNet, Cl Miscellaneous (A)		447,619		399
Stockland (A)(B)		246,074		908
STW Communications Group		75,476		82
Suncorp Group		30,721		271
TABCORP Holdings		14,910		109
Transurban Group		31,476		165
Wesfarmers (A)		49,230		1,619
Westfield Group*(B)		87,592		678
Westfield Retail Trust*(A)(B)		78,646		207
Westpac Banking		1,865		42
Whitehaven Coal		283,365		1,952
Woolworths		62,859		1,738

				78,236


Austria — 0.3%
IMMOFINANZ*		277,738		1,192
Raiffeisen International Bank Holding (A)(C)		3,161		175
Telekom Austria		41,997		594
Vienna Insurance Group (C)		72,380		3,787
Voestalpine (A)		11,699		562

				6,310


Belgium — 1.4%
Ageas (A)		603,513		1,385


Description	Shares		Market Value ($ Thousands)

Bekaert (A)		3,263	$	376
Belgacom		87,392		2,946
Colruyt (A)		91,435		4,667
Delhaize Group (A)		2,002		148
InBev		209,571		12,033
KBC Groep		44,924		1,537
Sa D’ieteren*		1,030		65
Telenet Group Holding		53,771		2,127
Umicore (A)		21,507		1,123

				26,407


Bosnia and Herzegovina — 0.1%
Axis Capital Holdings		64,200		2,304


Brazil — 1.8%
Amil Participacoes		541,704		5,809
Anhanguera Educacional Participacoes		228,397		5,503
Banco Santander Brasil ADR		238,000		3,237
Brasil Telecom ADR		94,034		2,062
Centrais Eletricas Brasileiras ADR		277,564		3,816
Embraer ADR		72,003		2,117
Petroleo Brasileiro ADR		190,993		7,227
Porto Seguro		297,200		5,067
Telecomunicacoes de Sao Paulo ADR		19,558		479

				35,317


Canada — 3.9%
Alimentation Couche Tard, Cl B		8,800		240
Bankers Petroleum*		410,400		3,139
Barrick Gold		110,479		5,875
Canadian Natural Resources		1,600		71
Celestica*		6,500		63
Cenovus Energy		118,700		3,976
CI Financial		4,700		106
Domtar		28,380		2,155
Eldorado Gold		209,500		3,901
First Quantum Minerals (A)		51,429		5,590
Garda World Security, Cl A*		10,200		95
Gildan Activewear		8,000		228
Kinross Gold		224,800		4,262
Magna International		17,277		898
Magna International, Cl A		41,800		2,184
Nexen		202,500		4,637
Niko Resources		69,236		7,189
Onex		68,600		2,087
Pacific Rubiales Energy		187,100		6,355
QLT*		8,100		60
Research In Motion*		50,430		2,932
Silver Wheaton*		215,600		8,458
Suncor Energy		319,598		12,283
TELUS, Cl A		1		—

				76,784


Chile — 0.5%
Banco Santander Chile ADR		23,800		2,224
Enersis ADR		32,888		764
Sociedad Quimica y Minera de Chile ADR (A)		113,900		6,654

				9,642


Description	Shares		Market Value ($ Thousands)

China — 0.9%
Bank of China, Cl H		7,580,200	$	3,998
China Minsheng Banking, Cl H		188,500		161
China Petroleum & Chemical, Cl H		191,982		184
China Vanke, Cl B		1,371,000		1,693
Ctrip.com International ADR*		136,272		5,512
Dongfeng Motor Group, Cl H		662,000		1,141
Ping An Insurance Group of China, Cl H		457,500		5,115
Qingling Motors, Cl H		794,000		238

				18,042


Denmark — 1.0%
Carlsberg, Cl B		15,205		1,532
Coloplast, Cl B (A)(C)		13,822		1,886
Danske Bank		3,095		80
DSV (C)		2,149		48
Novo Nordisk, Cl B (A)		94,947		10,742
Novozymes, Cl B		6,591		923
Royal UNIBREW		3,079		184
TrygVesta (A)(C)		89,480		4,144

				19,539


Finland — 1.4%
Kesko, Cl B		11,782		553
Kone, Cl B (A)(C)		44,339		2,472
Metso (A)		135,043		7,584
Nokia ADR (A)		314,400		3,245
Nokia (A)		17,200		179
Nokian Renkaat (A)(C)		17,555		647
Orion, Cl B (C)		34,038		748
Pohjola Bank, Cl A		17,490		211
Sampo, Cl A (A)		56,707		1,522
Stora Enso, Cl R (A)		616,331		6,367
UPM-Kymmene (A)		125,904		2,241
Wartsila, Cl B (A)		19,228		1,471

				27,240


France — 8.5%
Accor		16,348		730
Air France-KLM		7,160		131
Air Liquide		829		105
Alcatel-Lucent		1,936,487		5,663
Areva		37,360		1,829
Arkema		30,125		2,177
AXA		185,158		3,093
BNP Paribas (A)		277,941		17,752
Bureau Veritas		23,666		1,801
Carrefour		91,418		3,784
Christian Dior		12,727		1,825
CNP Assurances		170,182		3,083
Dassault Systemes		5,052		382
Edenred*		2,034		48
EDF		59,312		2,442
Eurazeo		1,748		130
Eutelsat Communications		136,575		5,018
Fonciere Des Regions (B)		1,508		147
France Telecom		15,302		320
GDF Suez		214,653		7,732
Gecina (B)		2,473		273


Description	Shares		Market Value ($ Thousands)

Gemalto		41,626	$	1,778
Groupe Danone		4,913		310
Groupe Eurotunnel		7,713		68
Hermes International		8,632		1,815
ICADE (B)		2,875		295
Lagardere SCA		6,467		268
Legrand		7,155		293
L’Oreal		2,518		281
LVMH Moet Hennessy Louis Vuitton		47,359		7,821
Michelin, Cl B		27,214		1,961
Natixis		432,588		2,031
Peugeot		139,325		5,310
PPR		5,959		951
Publicis Groupe		5,828		305
Renault		34,639		2,021
Rhodia		12,407		412
Safran		239,664		8,520
Sanofi-Aventis		224,954		14,441
Schneider Electric		112,437		16,894
SCOR		8,336		213
Societe Generale (A)		73,559		3,969
Sodexho Alliance		87,694		6,067
Technip		31,412		2,912
Thales		91,285		3,207
Total		112,489		5,984
Unibail (B)		2,568		510
Vallourec		62,197		6,558
Vinci		81,909		4,470
Vivendi		278,956		7,560

				165,690


Germany — 7.7%
Adidas		86,601		5,655
Allianz (A)		63,683		7,596
Axel Springer (A)		1,145		187
BASF (A)		136,713		10,953
Bayer		32,583		2,425
Bayerische Motoren Werke		43,587		3,448
Beiersdorf		2,284		127
Brenntag*		42,100		4,292
Commerzbank (A)		85,576		640
Continental (A)		9,320		743
DaimlerChrysler		66,140		4,493
Deutsche Bank		27,669		1,453
Deutsche Boerse (A)		82,483		5,721
Deutsche Lufthansa (A)		147,697		3,225
Deutsche Post		291,447		4,964
Deutsche Telekom (A)		66,912		866
E.ON		103,053		3,159
Fraport Frankfurt Airport Services Worldwide		6,252		396
Fresenius (A)		4,709		397
Fresenius Medical Care (A)		75,771		4,373
GEA Group (A)		224,696		6,519
Hannover Rueckversicherung (A)		8,684		468
Henkel KGaA		16,962		878
Hochtief		2,204		188
Infineon Technologies*(A)		487,437		4,561
Kabel Deutschland Holding*(C)		1,025		48
Lanxess (A)(C)		3,719		292
Linde (A)		111,131		16,878


Description	Shares		Market Value ($ Thousands)

MAN		21,779	$	2,604
Merck KGaA (A)		6,362		511
Metro (A)		8,502		616
Muenchener Rueckversicherungs		19,912		3,028
RWE		21,278		1,427
SAP ADR (A)		85,400		4,322
SAP		153,402		7,855
Siemens		154,480		19,211
Suedzucker		31,798		853
ThyssenKrupp		191,435		7,984
Tognum (C)		228,071		5,977
TUI (A)		72,548		1,022
Volkswagen		1,741		248
Wacker Chemie (A)(C)		3,872		682

				151,285


Greece — 0.1%
OPAP		136,526		2,370


Hong Kong — 3.8%
AIA Group*		122,900		345
ASM Pacific Technology (A)		73,000		923
Bank of East Asia		62,200		260
BOC Hong Kong Holdings		470,000		1,599
Cathay Pacific Airways		829,200		2,288
Cheung Kong Holdings		101,000		1,558
Cheung Kong Infrastructure Holdings		30,000		137
China Mobile		483,000		4,797
China Mobile ADR		87,800		4,357
CLP Holdings		456,100		3,702
CNOOC		1,840,000		4,365
DMX Technologies Group*		475,000		154
First Pacific		500,000		450
Genting Singapore*		113,000		193
Get Nice Holdings		1,558,000		100
Hang Lung Group		110,400		726
Hang Lung Properties		107,400		502
Hang Seng Bank		9,900		163
Hong Kong & China Gas		65,300		154
Hong Kong Exchanges and Clearing		61,200		1,388
HongKong Electric Holdings		21,600		136
Hongkong Land Holdings		268,000		1,935
Hutchison Telecommunications Hong Kong Holdings		802,000		246
Hutchison Whampoa		554,400		5,705
Hysan Development		91,700		432
Jardine Strategic Holdings		239,252		6,623
Kerry Properties		566,000		2,949
Li & Fung		131,800		765
New World Development		351,000		659
Orient Overseas International		193,300		1,875
PCCW		1,300,000		575
RCG Holdings*		39,556		14
Shangri-La Asia		196,900		534
SJM Holdings		475,000		754
Sun Hung Kai Properties		353,000		5,862
Swire Pacific, Cl A		701,800		11,538
Wharf Holdings		154,900		1,192
Wheelock		336,000		1,359


Description	Shares		Market Value ($ Thousands)

Wing Hang Bank		28,000	$	387
Yue Yuen Industrial Holdings (A)		839,000		3,017

				74,718


India — 0.1%
State Bank of India GDR		11,630		1,506


Ireland — 0.5%
Experian		722,080		9,022
Smurfit Kappa Group (D)		165,679		1,622

				10,644


Israel — 0.9%
Check Point Software Technologies*		107,125		4,956
Israel*		386		469
Israel Chemicals		64,949		1,115
Mizrahi Tefahot Bank		13,931		153
Teva Pharmaceutical Industries ADR		162,064		8,448
Teva Pharmaceutical Industries		34,566		1,803

				16,944


Italy — 1.6%
Enel		1,396,178		7,024
Enel Green Power*		22,500		48
Engineering Ingegneria Informatica		2,148		61
ENI		39,300		865
ERG (A)		27,828		390
Exor (C)		10,724		355
Fiat (A)		31,347		651
Finmeccanica (C)		7,955		91
Mediaset		535,054		3,253
Parmalat (A)(C)		1,519,313		4,184
Pirelli & C		45,156		367
Saipem		11,082		549
Saras (A)(C)		9,698		21
Snam Rete Gas		610,348		3,051
Telecom Italia		7,027,033		7,948
UniCredito Italiano		1,308,998		2,724

				31,582


Japan — 17.7%
77 Bank		47,000		249
Aeon		359,900		4,496
Aeon Mall		15,400		412
Aisin Seiki		22,600		797
Alfresa Holdings		9,100		404
All Nippon Airways		158,400		590
Aozora Bank (C)		171,000		353
Arc Land Sakamoto		7,300		90
Arnest One		35,400		454
Asahi Breweries		29,700		574
Asahi Glass		4,000		47
Asahi Kasei		188,000		1,224
Asics		15,300		196
Autobacs Seven		5,600		220
Bank of Kyoto		7,000		66
Bridgestone		365,000		7,033
Brother Industries		223,400		3,301


Description	Shares		Market Value ($ Thousands)

Canon		34,200	$	1,759
Central Japan Railway		492		4,117
Century Tokyo Leasing		8,400		136
Chuetsu Pulp & Paper		18,000		33
Coca-Cola West		313,500		5,681
Cosmo Oil		171,300		560
Credit Saison		8,500		139
Dai Nippon Printing		400,000		5,431
Daicel Chemical Industries		244,000		1,777
Daido Steel		209,700		1,229
Daihatsu Motor		78,000		1,195
Dai-ichi Life Insurance (C)		156		253
Daiichi Sankyo (C)		12,700		278
Daiichikosho		11,500		223
Daito Trust Construction		10,900		746
Daiwa House Industry		238,000		2,918
Dena (C)		89,400		3,206
Denso		9,700		334
EDION		75,900		680
Faith		378		46
FamilyMart		2,700		102
Fanuc		39,900		6,105
Fuji Electric Holdings		279,000		866
Fuji Film Holdings		166,800		6,014
Fuji Heavy Industries		224,800		1,735
Fuji Media Holdings		795		1,254
Fuji Soft		8,800		152
Fujishoji (C)		42		44
Fujitsu		1,095,000		7,594
Fukuoka Financial Group (C)		19,600		85
Hajime Construction (C)		6,100		209
Hamamatsu Photonics		7,200		263
Haseko		1,390,500		1,230
Higo Bank		14,000		72
Hino Motors		266,000		1,435
Hisamitsu Pharmaceutical		3,300		139
Hitachi		1,496,700		7,955
Hitachi High-Technologies		4,600		107
Hitachi Metals		17,400		208
Hokuriku Electric Power		3,800		93
Honda Motor		369,600		14,603
Hosiden		21,600		254
IBJ Leasing (C)		2,400		60
Idemitsu Kosan (C)		21,300		2,259
IHI		370,000		822
Iida Home Max		34,800		377
Isuzu Motors		320,900		1,452
Itochu		32,400		327
Itochu-Shokuhin		1,900		67
Japan Prime Realty Investment, Cl A (B)		49		151
Japan Real Estate Investment, Cl A (B)		30		311
Japan Retail Fund Investment, Cl A (B)		270		517
JFE Shoji Holdings (C)		52,000		242
JGC		149,000		3,233
JS Group		138,300		3,037
Jupiter Telecommunications		6,526		6,854
Justsystems*		13,900		47
JX Holdings (C)		526,480		3,566
Kansai Electric Power		9,000		222


Description	Shares		Market Value ($ Thousands)

Kansai Paint		6,000	$	58
Kao		76,100		2,047
Kawasaki Kisen Kaisha		506,900		2,209
KDDI		1,463		8,446
Keihin Electric Express Railway		28,300		250
Keisei Electric Railway		6,000		40
Kewpie		20,400		259
Kita-Nippon Bank		1,700		41
Kobe Steel		401,900		1,017
Komatsu		59,300		1,787
K’s Holdings		32,100		872
Kuraray		28,300		404
Kyocera		15,600		1,587
Kyudenko		9,000		58
Mabuchi Motor		66,600		3,427
Makita		118,300		4,819
Marubeni		845,200		5,923
Marui		35,800		291
Maruichi Steel Tube		20,300		431
Matsushita Electric Industrial		119,700		1,692
McDonald’s Holdings Japan		7,300		183
Mediceo Paltac Holdings		40,600		447
MEIJI Holdings (C)		10,200		461
Miraca Holdings		25,300		1,017
Mitsubishi		365,700		9,867
Mitsubishi Chemical Holdings (C)		377,800		2,555
Mitsubishi Electric		195,700		2,047
Mitsubishi Gas Chemical		349,881		2,477
Mitsubishi Materials		128,000		407
Mitsubishi UFJ Financial Group		1,336,900		7,216
Mitsubishi UFJ Lease & Finance		7,890		312
Mitsui		81,900		1,349
Mitsui Chemicals		45,000		161
Mitsui Home		8,000		42
Mitsui Mining & Smelting		259,000		853
Mitsui OSK Lines		44,000		298
Mitsui Sumitomo Insurance Group Holdings (C)		139,100		3,476
Mitsui Trust Holdings		209,000		864
Mizuho Financial Group		1,273,300		2,391
Nabtesco		7,800		166
Nagase		19,000		245
NEC Networks & System Integration		25,700		333
NGK Spark Plug		3,900		60
Nintendo		10,300		3,010
Nippon Building Fund, Cl A (B)		18		185
Nippon Electric Glass		478,700		6,878
Nippon Meat Packers		65,000		848
Nippon Paper Group		49,900		1,308
Nippon Shokubai		7,000		72
Nippon Telegraph & Telephone		202,900		9,249
Nippon Telegraph & Telephone ADR		229,400		5,262
Nippon Yusen		270,700		1,193
Nishi-Nippon City Bank		449,800		1,362
Nissan Motor		151,400		1,434
Nisshin Fudosan		13,200		107
Nisshin Steel		475,000		1,055
Nitto Denko		25,000		1,174
NOK		7,400		154


Description	Shares		Market Value ($ Thousands)

Nomura Real Estate Office Fund, Cl A (B)		30	$	217
Noritsu Koki		6,500		41
NTN		11,000		58
NTT Data		84		290
NTT DoCoMo		170		296
Omron		10,100		266
Oriental Land		11,100		1,028
ORIX		5,940		583
Resona Holdings (A)		231,300		1,380
Ricoh Leasing		2,200		60
Rohm		39,500		2,571
Saizeriya		37,500		758
Sankyo		128,800		7,265
Sapporo Hokuyo Holdings		513,800		2,403
Sega Sammy Holdings (C)		106,200		2,016
Seiko Epson		13,300		242
Seino Transportation		76,000		521
Sekisui Chemical		920,000		6,589
Sekisui House		266,000		2,683
Seven & I Holdings (C)		142,600		3,798
Shimano		10,000		507
Shin-Etsu Chemical		85,000		4,586
Shinsei Bank (A)		1,126,000		1,467
Shiseido		165,700		3,612
Showa Shell Sekiyu		65,400		598
SMC		18,500		3,160
Softbank		77,300		2,668
Sohgo Security Services		14,700		174
Sojitz		370,700		811
Sony		298,000		10,669
Sony Financial Holdings (C)		1,327		5,350
Sumitomo		403,400		5,685
Sumitomo Electric Industries		41,500		574
Sumitomo Metal Mining		19,000		331
Sumitomo Mitsui Financial Group		78,100		2,768
Sumitomo Realty & Development		8,000		191
Sumitomo Rubber Industries		15,600		162
Sumitomo Trust & Banking		396,000		2,483
Sysmex		400		28
Takashimaya		8,200		70
Takeda Pharmaceutical		109,300		5,375
Tanabe Seiyaku		7,900		133
Tokyo Electron		49,300		3,107
Tokyo Energy & Systems		6,000		39
Tokyo Gas		164,000		727
Tokyo Tekko		24,000		63
Tokyu Land		65,000		326
Toshiba TEC		104,000		503
Tosoh		130,000		421
Totetsu Kogyo		9,000		64
Toyo Securities		37,000		64
Toyota Auto Body		16,400		306
Toyota Industries		11,200		347
Toyota Motor ADR		35,768		2,812
Toyota Motor		112,000		4,414
Toyota Tsusho		143,500		2,516
Unicharm		229,200		9,111
Unipres		14,300		284
USS		1,430		117
Wacoal Holdings		237,704		3,409
Warabeya Nichiyo		5,200		68


Description	Shares		Market Value ($ Thousands)

Watabe Wedding		6,395	$	71
West Japan Railway		249		930
Yamaguchi Financial Group (C)		20,000		202
Yamaha Motor		5,100		83
Yokohama Rubber		86,000		443
Zeon		89,000		744

				347,124


Jersey — 0.3%
Informa		735,073		4,690
Randgold Resources		2,489		205

				4,895


Macau — 0.1%
Wynn Macau		476,000		1,065


Malaysia — 0.2%
Axiata Group*(C)		2,032,000		3,126


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


Mexico — 0.1%
Telefonos de Mexico ADR, Ser L		72,141		1,164


Netherlands — 5.6%
Aegon		141,761		870
Akzo Nobel (A)		195,396		12,185
ASML Holding		77,854		3,018
Boskalis Westminster		475		23
Corio (B)		3,477		224
European Aeronautic Defence and Space (A)		270,325		6,325
Fugro (A)		88,597		7,310
Heineken (A)		1,756		86
ING Groep		976,174		9,534
Koninklijke Ahold		470,298		6,231
Koninklijke DSM (A)		95,410		5,453
Koninklijke KPN		59,905		878
Koninklijke Philips Electronics		32,284		993
Koninklijke Vopak (A)		3,802		180
Mediq		4,375		82
Reed Elsevier		399,907		4,966
Royal Dutch Shell ADR, Cl B		70,200		4,680
Royal Dutch Shell, Cl A (A)		455,640		15,159
Royal Dutch Shell, Cl B		91,318		3,024
TNT		376,619		9,979
Unilever (A)		520,744		16,277
Wolters Kluwer		117,349		2,582

				110,059


New Zealand — 0.2%
Telecom of New Zealand		2,322,085		3,936


Norway — 1.4%
Aker Solutions (A)(C)		241,088		4,129
DnB (A)		941,981		13,303


Description	Shares		Market Value ($ Thousands)

Marine Harvest (A)(C)		1,215,649	$	1,296
Orkla (A)(C)		7,560		74
Seadrill (A)(C)		31,179		1,068
Statoil		219,404		5,246
Telenor		97,785		1,600
Yara International (A)		19,846		1,160

				27,876


Portugal — 0.2%
Banco Espirito Santo		90,413		349
Energias de Portugal		304,830		1,019
Galp Energia SGPS, Cl B		2,978		57
Jeronimo Martins SGPS		107,533		1,645
Portugal Telecom SGPS		49,465		556

				3,626


Russia — 0.1%
OAO Gazprom ADR		77,633		1,960
Surgutneftegas ADR		8,414		89

				2,049


Singapore — 1.2%
City Developments		52,100		511
DBS Group Holdings		333,000		3,722
Fraser and Neave		164,200		822
Global Logistic Properties*		30,000		51
GuocoLeisure		296,000		166
Jardine Cycle & Carriage		22,300		637
Keppel		47,900		423
Keppel Land		133,000		498
Oversea-Chinese Banking		628,200		4,845
SembCorp Marine		57,000		239
Singapore Airlines		257,500		3,076
Singapore Exchange (A)		63,000		414
Singapore Press Holdings		188,200		585
Singapore Technologies Engineering		144,600		386
United Overseas Bank		10,300		146
UOL Group		328,000		1,216
Yangzijiang Shipbuilding Holdings (A)		3,915,700		5,838

				23,575


South Africa — 0.8%
AngloGold Ashanti ADR		92,200		4,539
Gold Fields		220,775		4,024
Impala Platinum Holdings		60,761		2,140
MTN Group		289,722		5,887

				16,590


South Korea — 2.7%
Hyundai Heavy Industries		9,698		3,780
Hyundai Mobis*		39,773		9,958
Hyundai Motor^*		37,747		5,763
Korea Electric Power ADR		205,475		2,776
KT ADR		135,000		2,808
KT&G^*		44,617		2,544
Samsung Electronics		16,054		13,407
Samsung SDI*		18,057		2,666
Shinhan Financial Group*		64,369		2,993
SK Telecom ADR (A)		279,900		5,215

				51,910


Description	Shares		Market Value ($ Thousands)

Spain — 0.9%
Amadeus IT Holding, Cl A*(C)		3,746	$	79
Banco Bilbao Vizcaya Argentaria		42,277		433
Banco de Sabadell (C)		22,187		88
Banco Santander Central Hispano		372,107		3,981
Caja de Ahorros del Mediterraneo (C)		12,489		117
Criteria Caixacorp (C)		284,830		1,527
Enagas		148,187		2,975
Ferrovial (C)		75,137		753
Gas Natural		56,775		878
Iberia Lineas Aereas de Espana		89,643		386
Inditex		34,459		2,590
Repsol		25,332		712
Telefonica		143,992		3,300

				17,819


Sweden — 1.8%
Alfa Laval		25,983		549
Assa Abloy, Cl B (A)		36,690		1,035
Atlas Copco, Cl B (C)		59,618		1,350
Atlas Copco, Cl A (C)		79,257		2,002
Elekta, Cl B (C)		59,290		2,280
Hennes & Mauritz, Cl B (A)		8,337		278
Hexagon, Cl B (A)(C)		33,327		716
Holmen, Cl B (A)		3,588		118
Industrivarden, Cl C (A)(C)		81,714		1,434
Kinnevik Investment, Cl B (C)		27,549		561
Millicom International Cellular (A)(C)		8,077		776
Modern Times Group, Cl B (A)(C)		9,264		614
NCC, Cl B		7,237		160
Nordea Bank (A)		179,080		1,948
Ratos, Cl B (A)(C)		7,694		285
Sandvik (A)(C)		28,244		551
Scania, Cl B (A)(C)		112,133		2,582
Skandinaviska Enskilda Banken, Cl A (A)		471,872		3,941
Skanska, Cl B		6,969		138
SKF, Cl B (C)		70,919		2,025
Svenska Cellulosa, Cl B (A)(C)		98,208		1,551
Svenska Handelsbanken, Cl A (A)		163,737		5,236
Swedbank, Cl A (A)		117,159		1,639
Swedish Match (A)		22,385		649
Tele2, Cl B (A)(C)		63,057		1,309
Volvo, Cl B (C)		127,639		2,249

				35,976


Switzerland — 7.3%
ABB		19,325		433
Actelion*(C)		4,327		238
Aryzta (C)		3,432		159
Clariant (A)		120,850		2,456
Compagnie Financiere Richemont (C)		130,252		7,683
Credit Suisse Group		98,251		3,969
Elektrizitaets-Gesellschaft Laufenburg		56		41
Geberit (C)		221		51
Givaudan (A)		10,411		11,274
Julius Baer Group (C)		83,817		1,857


Description	Shares		Market Value ($ Thousands)

Kuehne & Nagel International (A)(C)		1,116	$	156
Lindt & Spruengli		136		617
Logitech International*(C)		17,574		335
Nestle		319,159		18,756
Novartis		395,858		23,375
Roche Holding		96,128		14,135
Schindler Holding (C)		13,402		1,596
SGS		4,606		7,755
Sika		268		590
STMicroelectronics (A)		213,470		2,241
Sulzer		58,287		8,920
Swatch Group (A)		28,990		4,401
Swiss Life Holding		11,789		1,706
Swiss Reinsurance		23,891		1,286
Swisscom		450		198
Transocean*(C)		16,819		1,162
UBS (C)		584,051		9,619
UBS		121,800		2,006
Xstrata		421,635		9,938
Zurich Financial Services		18,765		4,875

				141,828


Taiwan — 0.1%
AU Optronics ADR		5,385		56
United Microelectronics ADR		815,018		2,576

				2,632


Thailand — 0.3%
Kasikornbank		1,293,300		5,593


Turkey — 0.2%
Turkiye Garanti Bankasi		908,763		4,618


United Kingdom — 15.8%
3i Group		127,469		656
Admiral Group		36,473		865
Aggreko		50,922		1,182
AMEC		108,821		1,959
Amlin		935,239		5,987
Anglo American		19,569		1,022
Antofagasta		232,364		5,864
ARM Holdings		259,147		1,717
Associated British Foods		74,770		1,383
AstraZeneca		324,413		14,841
Aviva		1,094,190		6,733
BAE Systems		149,328		772
Balfour Beatty		419,089		2,053
Barclays		1,238,052		5,072
BG Group		654,841		13,287
BHP Billiton		72,866		2,910
BP		1,105,252		8,056
British Airways*		100,733		430
British American Tobacco		215,227		8,301
British Land (B)		41,567		341
British Sky Broadcasting Group		126,962		1,463
BT Group, Cl A		964,468		2,730
Bunzl		2,237		25
Burberry Group		76,884		1,353
Cairn Energy*		1,095,563		7,204


Description	Shares		Market Value ($ Thousands)

Cape		73,690	$	478
Carnival		425		20
Centrica		443,192		2,301
Colt Group*		3,703		8
Compass Group		69,464		632
Davis Service Group (A)		44,500		304
Devro		35,193		139
Diageo		116,836		2,168
DS Smith		44,990		142
Essar Energy*		5,946		54
Eurasian Natural Resources		52,218		857
Firstgroup		18,523		116
Fresnillo		29,515		771
GlaxoSmithKline		341,885		6,637
Hammerson (B)		69,039		451
Hamworthy		16,122		108
Home Retail Group		58,819		174
HSBC Holdings		1,159,426		11,857
ICAP		295,318		2,474
IG Group Holdings		83,046		663
Imperial Tobacco Group		114,999		3,543
Intercontinental Hotels Group		57,834		1,126
Intermediate Capital Group		47,178		246
International Power		240,026		1,645
Intertek Group		28,829		805
Invensys		93,526		519
ITV		872,813		957
J Sainsbury		121,938		718
Johnson Matthey		459		15
Kingfisher		3,146,575		12,976
Land Securities Group (B)		57,504		607
Legal & General Group		1,237,264		1,874
Liberty International (B)		76,424		500
Lloyds Banking Group		7,707,425		7,928
London Stock Exchange Group		11,502		151
Man Group		43,401		201
Michael Page International		259,313		2,253
Next		38,222		1,182
Old Mutual		693,189		1,336
Pearson		71,799		1,133
Petrofac		43,207		1,074
Prudential		674,299		7,052
Reckitt Benckiser Group		40,907		2,258
Reed Elsevier		599,537		5,083
Rexam		697,234		3,632
Rio Tinto		307,173		21,577
Rio Tinto ADR		73,400		5,260
Rolls-Royce Group		1,254,910		12,240
Royal & Sun Alliance Insurance Group		333,785		654
Royal Bank of Scotland Group*		5,236,362		3,203
SABMiller		64,712		2,286
Sage Group		1,383,061		5,920
Schroders		7,064		205
Serco Group		13,836		120
Severn Trent		41,503		960
Shire		85,382		2,063
Smith & Nephew		310,965		3,294
Smiths Group		51,921		1,012
Standard Chartered		41,626		1,125
Standard Life		137,932		466
Tesco		1,769,230		11,773


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

Travis Perkins		143,221	$	2,372
Tullett Prebon		55,366		332
Tullow Oil		241,260		4,763
Unilever		71,284		2,191
United Utilities Group		86,596		803
Vodafone Group		12,583,091		32,664
Weir Group		17,425		486
Whitbread		17,869		501
Willis Group Holdings		143,300		4,962
WPP (A)		171,747		2,123

				308,729


United States — 0.5%
Advance America Cash Advance Centers		35,103		198
Calamos Asset Management, Cl A		18,335		257
Capital One Financial		40,892		1,740
Cardtronics*		13,842		245
Clearwater Paper*		5,500		431
ConocoPhillips		5,821		396
Eli Lilly		137,610		4,822
Glatfelter		12,915		158
Humana*		6,086		333
Magellan Health Services*		4,580		217
Providence Service*		3,464		56
RAIT Financial Trust (B)		54,016		118

				8,971

Total Common Stock (Cost $1,626,373) ($ Thousands)				1,877,925


PREFERRED STOCK — 0.6%

Brazil — 0.3%
Itau Unibanco Holding ADR		245,000		5,882


Germany — 0.3%
Bayerische Motoren Werke		8,404		434
Draegerwerk		2,624		216
Fresenius (A)		8,514		732
Henkel (A)		27,076		1,685
Porsche		7,084		567
ProSiebenSat.1 Media		8,212		248
Volkswagen (A)		16,275		2,657

				6,539

Total Preferred Stock (Cost $10,650) ($ Thousands)				12,421


	Number Of Warrants
WARRANT — 0.3%

India — 0.3%
Shriram Transport Finance, Expires 2014*		278,164		4,830

Total Warrant (Cost $3,532) ($ Thousands)				4,830


U.S. TREASURY OBLIGATIONS — 0.1%
United States Treasury Bill
0.180%, 06/16/11 (F)		350		350
0.175%, 06/30/11 (F)		982		981


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

0.156%, 06/09/11 (F)	$	1,203	$	1,202

Total U.S. Treasury Obligations (Cost $2,533) ($ Thousands)				2,533


CASH EQUIVALENT — 1.6%
SEI Daily Income Trust, Prime Obligation Fund, Cl A
0.100%**†		31,901		31,901

Total Cash Equivalent (Cost $31,901) ($ Thousands)				31,901


AFFILIATED PARTNERSHIP — 10.7%

United States — 10.7%
SEI Liquidity Fund, L.P.,
0.210%**†(G)		211,295,183		209,013

Total Affiliated Partnership (Cost $211,295) ($ Thousands)				209,013

Total Investments — 109.3% (Cost $1,886,303) ($ Thousands)§			$	2,138,623

A summary of the open futures contracts held by the Fund at December 31, 2010, is as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		357		Mar-2011	$	(258	)
FTSE Index		114		Mar-2011		94
Hang Seng Index		10		Jan-2011		14
Nikkei 225 Index		15		Mar-2011		—
SPI 200 Index		27		Mar-2011		(33	)
Topix Index		78		Mar-2011		4

					$	(179	)

For the period ended December 31, 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.

The following is a summary of the inputs used as of December 31, 2010, in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock		1,045,959		831,966		—		1,877,925
Preferred Stock		12,421		—		—		12,421
Warrant		—		4,830		—		4,830
U.S. Treasury Obligations		—		2,533		—		2,533
Cash Equivalent		31,901		—		—		31,901
Affiliated Partnership		—		209,013		—		209,013

Total Investments in Securities	$	1,090,281	$	1,048,342	$	—	$	2,138,623


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*	$	(179	)	$	—	$	—	$	(179	)

Total Other Financial Instruments	$	(179	)	$	—	$	—	$	(179	)

Futures contracts are valued at the unrealized depreciation on the instrument.

For the three month period ended December 31, 2010, the transfers out of Level 1 and into Level 2 were $831,966 ($ Thousands) and the transfers out of Level 2 into Level 1 were $— ($ Thousands). The transfers related to the fair value of certain international securities.

Percentages are based on a Net Assets of $1,956,789($ Thousands).

Non-income producing security

Rate shown is the 7-day effective yield as of December 31, 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 December 31, 2010. The total market value of securities on loan at December 31, 2010 was $201,621 ($ Thousands).

(B)

Real Estate Investments Trust

(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 December 31, 2010 was $831,966 ($ Thousands) and represented 42.5% of Net Assets.

(D)

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.

(E)

Securities considered illiquid. The total market value of such securities as of December 31, 2010 was $0 ($ Thousands) and represented 0.0% of Net Assets.

(F)

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

(G)

This security was purchased with cash collateral held from securities on loan The total value of such securities as of December 31, 2010 was $209,013 ($ Thousands).

At December 31, 2010, the tax basis cost of the Fund’s investments was $1,886,303 ($Thousands), and the unrealized appreciation and depreciation were $277,762 ($ Thousands) and ($25,442)($ Thousands) respectively.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

L.P. — Limited Partnership

Ser — Series

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

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.


Description	Shares		Market Value ($ Thousands)

COMMON STOCK — 89.8%

Argentina — 0.2%
Tenaris ADR (A)		44,407	$	2,175


Australia — 0.1%
Centamin Egypt*		341,200		955


Brazil — 10.7%
Amil Participacoes		60,200		646
Banco Bradesco ADR		153,683		3,118
Banco do Brasil		218,518		4,136
Banco Santander Brasil ADR		171,570		2,333
BM&F Bovespa		582,717		4,609
BR Properties		139,700		1,528
Brasil Insurance Participacoes e Administracao*		704		840
Brasil Telecom ADR		21,500		472
Brasil Telecom		16,680		154
Centrais Eletricas Brasileiras		47,380		635
Cia de Saneamento de Minas Gerais		93,700		1,620
Cia Energetica de Minas Gerais ADR (A)		39,879		662
Cia Hering		166,500		2,708
Cia Siderurgica Nacional ADR (A)		23,168		386
Cielo		421,053		3,412
Cosan, Cl A		38,153		520
Cosan Industria e Comercio		60,584		1,008
Cyrela Brazil Realty		208,267		2,741
Diagnosticos da America		165,666		2,245
EDP - Energias do Brasil		23,407		546
Embraer ADR (A)		11,980		352
Empresa Brasileira de Aeronautica		228,300		1,623
Equatorial Energia		8,050		55
Eternit		28,955		209
Even Construtora e Incorporadora		155,000		803
Fibria Celulose ADR*		130,062		2,081
Fleury		166,000		2,665
Gerdau ADR (A)		266,144		3,723
Grendene		170,222		956
Hypermarcas*		177,500		2,409
JBS		390,200		1,685
Julio Simoes Logistica*		212,300		1,426
Light		75,800		1,161
M Dias Branco		300		7
Magnesita Refratarios*		7,700		47
MRV Engenharia e Participacoes		301,532		2,836
OGX Petroleo e Gas Participacoes*		59,800		720
PDG Realty Empreendimentos e Participacoes		220,870		1,352
Petroleo Brasileiro		626,545		11,531
Petroleo Brasileiro ADR		91,080		3,446
Porto Seguro		131,755		2,246
Raia*		43,300		664
Redecard		135,400		1,717
Redentor Energia*		1,200		6
SLC Agricola		155,784		2,065


Description	Shares		Market Value ($ Thousands)

Souza Cruz		25,118	$	1,368
Sul America		26,236		329
Telegraph Norte Leste Participacoes ADR		98,750		1,452
Tim Participacoes ADR		12,561		429
Totvs		59,555		6,063
Ultrapar Participacoes ADR		24,117		1,558
Vale		281,052		9,368
Vale ADR, Cl B (A)		130,256		4,503
Vivo Participacoes ADR		3,259		106
Wilson Sons, Cl BDR, BDR		62,371		1,202

				106,482


Canada — 0.9%
Bankers Petroleum*		140,103		1,072
Eldorado Gold		36,044		671
Equinox Minerals*		58,985		363
Pacific Rubiales Energy		192,211		6,528
SXR Uranium One		79,000		378

				9,012


Chile — 0.8%
Banco Santander Chile ADR (A)		13,500		1,262
Cia Cervecerias Unidas ADR (A)		9,900		597
Empresa Nacional de Telecomunicaciones		120,421		2,119
Enersis ADR		47,129		1,094
Lan Airlines ADR (A)		28,510		878
Sociedad Quimica y Minera de Chile ADR (A)		30,294		1,770

				7,720


China — 10.7%
AAC Acoustic Technologies Holdings		578,180		1,543
Agricultural Bank of China, Cl H*		4,129,932		2,072
AirMedia Group ADR*		109,212		753
Ajisen China Holdings		1,662,127		2,792
Asia Cement China Holdings		1,664,500		814
Baidu ADR*		1,730		167
Bank of China, Cl H		8,754,394		4,617
Bank of Communications, Cl H		540,000		544
Beijing Capital International Airport, Cl H		2,924,000		1,561
Bosideng International Holdings		1,494,000		596
BYD Electronic International		2,303,000		1,215
China Automation Group		1,329,004		968
China Coal Energy, Cl H		1,338,000		2,089
China Communications Services, Cl H		1,062,000		632
China Construction Bank, Cl H		5,647,188		5,063
China Dongxiang Group		6,464,500		2,794
China Information Technology* (A)		126,534		659
China Liansu Group Holdings*		1,665,500		1,341
China Life Insurance, Cl H		14,361		59
China Merchants Bank, Cl H		666,431		1,682
China National Materials		1,930,438		1,557
China Oilfield Services, Cl H		414,000		897
China Pacific Insurance Group, Cl H		114,800		477
China Petroleum & Chemical, Cl H		616,000		590


Description	Shares		Market Value ($ Thousands)

China Petroleum & Chemical ADR		31,734	$	3,037
China Railway Construction, Cl H		1,541,500		1,856
China Railway Group, Cl H		1,780,000		1,285
China Rongsheng Heavy Industry Group*		1,723,000		1,485
China Shenhua Energy, Cl H		571,500		2,397
China Shineway Pharmaceutical Group		397,935		1,142
China South Locomotive and Rolling Stock		1,200,515		1,578
China Vanke, Cl B		881,600		1,089
Dongfeng Motor Group, Cl H		638,120		1,100
First Tractor, Cl H		1,111,900		1,243
Fosun International		238,327		175
Golden Eagle Retail Group		132,622		327
Great Wall Motor, Cl H (A)		433,000		1,337
Greentown China Holdings		76,000		84
Guangzhou Automobile Group, Cl H		726,415		1,002
Haitian International Holdings		86,000		90
Hidili Industry International Development		2,526,366		2,135
Huaneng Power International ADR		19,440		416
Huaneng Power International, Cl H (A)		2,014,800		1,065
Industrial & Commercial Bank of China, Cl H		5,365,929		3,997
Jiangling Motors, Cl B		28,600		83
Kingdee International Software Group		2,841,980		1,594
Lianhua Supermarket Holdings, Cl H		123,509		590
Lumena Resources (A)		1,054,000		381
Maanshan Iron & Steel, Cl H		1,018,000		542
Mindray Medical International ADR (A)		67,817		1,790
Netease.com ADR*		36,779		1,330
Noah Holdings ADR*		30,823		603
Parkson Retail Group		680,402		1,049
Peak Sport Products (A)		705,000		462
Perfect World ADR*		31,580		747
PetroChina, Cl H		3,362,208		4,394
PetroChina ADR (A)		7,040		926
Ping An Insurance Group of China, Cl H		250,500		2,800
Real Gold Mining*(A)		371,500		647
Renesola ADR*(A)		40,510		354
Renhe Commercial Holdings		14,428,000		2,524
Shanda Games ADR*		6,270		40
Sinotrans, Cl H		3,128,000		857
Soho China		1,461,000		1,086
SouFun Holdings ADR*(A)		13,600		973
SPG Land Holdings		147,300		72
Springland International Holdings*		2,156,000		1,733
Tencent Holdings		85,704		1,862
Tingyi Cayman Islands Holding		998,000		2,555
Travelsky Technology, Cl H		1,569,353		1,639
Tsingtao Brewery, Cl H		82,000		429
Want Want China Holdings		89,000		78
Weichai Power, Cl H		295,800		1,821


Description	Shares		Market Value ($ Thousands)

Weiqiao Textile, Cl H		1,177,900	$	1,188
Xingda International Holdings		13,000		14
Yangzijiang Shipbuilding Holdings		996,801		1,486
Yanzhou Coal Mining, Cl H		532,000		1,625
Zhejiang Expressway, Cl H		857,922		845
Zhuzhou CSR Times Electric, Cl H		1,118,000		4,394
Zijin Mining Group, Cl H		661,300		613

				106,448


Colombia — 0.2%
BanColombia ADR		4,663		289
Grupo de Inversiones Suramericana		65,282		1,274

				1,563


Cyprus — 0.3%
Eurasia Drilling GDR		104,934		3,410


Czech Republic — 0.2%
Komercni Banka		3,923		930
Telefonica O2 Czech Republic		42,000		857

				1,787


Egypt — 0.5%
Commercial International Bank		248,586		2,027
Egyptian Financial Group-Hermes Holding		326,578		1,904
Talaat Moustafa Group*(B)		721,157		1,073

				5,004


Hong Kong — 5.7%
AIA Group*		584,600		1,643
Belle International Holdings		699,000		1,182
Chaoda Modern Agriculture (A)		2,736,680		2,052
China Green Holdings (A)		1,238,598		1,216
China High Precision Automation Group		2,253,000		1,779
China Merchants Holdings International		254,000		1,003
China Mobile		1,415,361		14,056
China Mobile ADR (A)		23,630		1,172
China Pharmaceutical Group		1,316,000		735
China Power International Development (A)		4,608,200		943
China Resources Power Holdings		202,000		366
China State Construction International Holdings		2,227,820		2,104
China Unicom		864,812		1,237
CNOOC		2,360,238		5,599
Comba Telecom Systems Holdings		447,000		505
Cosco International Holdings		572,000		336
COSCO Pacific		202,015		352
Geely Automobile Holdings		4,421,896		1,934
Global Bio-Chemical Technology Group (A)		7,173,300		1,089
GOME Electrical Appliances Holdings (A)(C)		12,064,512		4,346
GZI Real Estate Investment Trust (D)		345,065		193
GZI Transportation		244,000		141


Description	Shares		Market Value ($ Thousands)

Huabao International Holdings		2,826,334	$	4,574
Man Wah Holdings		706,800		1,147
Minth Group		636,105		1,044
NWS Holdings (A)		741,438		1,125
Shenzhen Investment		848,000		296
Sino Biopharmaceutical		648,846		241
Sinofert Holdings		770,000		398
Sinolink Worldwide Holdings		1,610,532		234
SJM Holdings		497,000		789
TPV Technology		1,343,890		857
Vinda International Holdings (A)		553,000		611
Xinyi Glass Holdings		912,000		751
Yingde Gases*		1,170,231		1,040

				57,090


Hungary — 0.3%
Egis Gyogyszergyar		1,778		172
Magyar Telekom		33,134		82
MOL Hungarian Oil and Gas		24,132		2,418
Richter Gedeon		1,544		317

				2,989


India — 6.1%
Allahabad Bank		168,536		851
Andhra Bank		477,180		1,606
Apollo Tyres		186,163		278
Bajaj Holdings and Investment		3,923		77
Bank		10,693		152
Bank of Baroda		133,238		2,672
Bank of India		239,285		2,417
BEML		30,740		710
Bharti Airtel		319,470		2,563
Cairn India*		375,265		2,793
Canara Bank		95,008		1,403
DEN Networks*		227,501		920
Eicher Motors		50,422		1,393
Escorts		134,300		517
Ess Dee Aluminium		48,408		496
Exide Industries		360,910		1,347
Glenmark Pharmaceuticals		101,347		821
Grasim Industries		11,937		625
Gujarat State Petronet		345,200		911
HCL Technologies		28,045		286
Hindalco Industries		270,718		1,495
Hindustan Petroleum		18,060		158
ICICI Bank ADR		49,554		2,509
India Cements		1,442,200		3,483
Indian Bank		136,402		753
Indian Overseas Bank		170,885		560
Industrial Development Bank of India		119,985		443
Jet Airways India		5,387		92
Jindal Saw		31,536		129
Jubilant Industries*		2,762		—
Jubilant Life Sciences		195,150		1,219
Mahanagar Telephone Nigam*		507,220		624
MOIL*		3,526		35
Nagarjuna Construction		795,328		2,503
NMDC		169,340		1,055
Oil & Natural Gas		57,596		1,659
Oriental Bank of Commerce		115,310		1,045
Patni Computer Systems		116,612		1,243


Description	Shares		Market Value ($ Thousands)

Power Finance		292,935	$	2,033
Punjab National Bank		40,792		1,115
Reliance Industries		131,680		3,118
Reliance Infrastructure		96,836		1,826
Rolta India		369,080		1,277
Rural Electrification		40,277		269
State Bank of India		27,550		1,732
State Bank of India GDR (E)		16,550		2,081
Sun TV Network		54,429		640
Syndicate Bank		140,540		403
Tata Chemicals		99,317		875
Tata Motors		32,878		962
Triveni Engineering & Industries		138,006		342
Ultratech Cement		3,611		88
Union Bank of India		23,238		180
United Phosphorus		232,450		899
Welspun		295,625		1,121

				60,804


Indonesia — 2.7%
Astra International		767,798		4,640
Bank Mandiri		620,958		447
Bank Negara Indonesia Persero		5,528,163		2,372
Bank Rakyat Indonesia		2,658,876		3,093
Charoen Pokphand Indonesia		945,000		193
Global Mediacom (B)(C)		27,922,394		2,013
Gudang Garam		241,000		1,069
Harum Energy*		805,200		804
Indika Energy (B)		507,500		266
Indo Tambangraya Megah (B)		97,000		546
Indofood CBP Sukses Makmur TBK*		1,891,500		981
Indosat (B)		1,228,500		733
International Nickel Indonesia (B)		522,000		282
Kalbe Farma		4,162,500		1,499
Medco Energi Internasional		1,329,500		497
Perusahaan Gas Negara		4,871,948		2,390
Semen Gresik Persero		786,000		823
Tambang Batubara Bukit Asam		435,100		1,106
Telekomunikasi Indonesia		2,637,597		2,327
United Tractors		363,402		958

				27,039


Israel — 0.4%
Ceragon Networks*		17,080		225
Israel Chemicals		124,769		2,141
Teva Pharmaceutical Industries ADR		29,264		1,526

				3,892


Kazakhstan — 0.9%
Halyk Savings Bank of Kazakhstan JSC GDR*		357,278		3,591
KazMunaiGas Exploration Production GDR		169,666		3,364
Zhaikmunai GDR*		139,633		1,718

				8,673


Malaysia — 1.8%
AMMB Holdings		29,200		67
Axiata Group*(B)		1,825,936		2,809


Description	Shares		Market Value ($ Thousands)

British American Tobacco Malaysia		4,700	$	69
Dialog Group (B)		221,900		129
Gamuda		450,883		557
Genting (B)		660,546		2,393
Genting Malaysia (B)		1,822,340		2,003
Hong Leong Bank		276,532		825
Hong Leong Financial Group		70,500		203
IOI (B)		112,515		212
KLCC Property Holdings (B)		106,600		116
Kuala Lumpur Kepong		52,900		379
Lafarge Malayan Cement		120,300		299
Malayan Banking		874,567		2,410
Malaysian Bulk Carriers		223,712		205
Multi-Purpose Holdings		80,200		57
Parkson Holdings		30,199		53
Petronas Chemicals Group*		318,500		570
Public Bank (B)		213,303		901
RHB Capital		175,300		496
Sime Darby (B)		154,400		441
TAN Chong Motor Holdings		49,100		82
Tenaga Nasional		457,247		1,241
Top Glove (B)		1,100,970		1,777

				18,294


Mexico — 3.8%
Alfa, Cl A		128,415		1,289
America Movil, Ser L		2,099,641		6,026
America Movil ADR, Ser L		22,282		1,278
Bolsa Mexicana de Valores		604,746		1,275
Coca-Cola Femsa ADR		803		66
Consorcio ARA		869,100		536
Desarrolladora Homex ADR*(A)		30,220		1,022
Embotelladoras Arca		53,674		261
Fomento Economico Mexicano ADR		33,074		1,849
Genomma Lab Internacional, Cl B*		1,710,286		4,157
GEO*		1,119,130		4,110
Grupo Bimbo, Ser A		106,463		910
Grupo Carso, Ser A1		49,870		317
Grupo Comercial Chedraui*		148,800		453
Grupo Continental (C)		323,651		924
Grupo Financiero Banorte, Cl O		1,084,653		5,162
Grupo Mexico, Ser B		71,700		296
Grupo Simec, Cl B*		58,590		155
Grupo Televisa*		436,143		2,252
Grupo Televisa ADR*		18,681		484
Industrias, Cl B*		86,800		339
OHL Mexico*		928,781		1,784
Organizacion Soriana, Cl B		97,713		313
Telefonos de Mexico ADR, Ser L (A)		34,507		557
Urbi Desarrollos Urbanos*		810,447		1,906

				37,721


Netherlands — 0.2%
VimpelCom ADR (A)		127,850		1,923


Description	Shares		Market Value ($ Thousands)

Nigeria — 0.1%
Guaranty Trust Bank		11,681,556	$	1,365


Panama — 0.0%
Intergroup Financial*		8,301		300


Peru — 0.1%
Banco Continental		71,331		196
Sociedad Minera Cerro Verde SAA		8,816		477

				673


Philippines — 0.8%
Bank of the Philippine Islands		694,574		935
Energy Development (B)		8,006,228		1,071
Filinvest Land		9,589,000		286
International Container Terminal Services		2,403,804		2,464
SM Investments (B)		271,074		3,359
SM Prime Holdings		1,366,500		354

				8,469


Poland — 0.8%
Asseco Poland		89,299		1,602
Bank Handlowy w Warszawie		19,176		607
Bank Pekao		9,020		547
KGHM Polska Miedz		29,462		1,725
Polski Koncern Naftowy Orlen		109,867		1,703
Telekomunikacja Polska		212,080		1,174
Warsaw Stock Exchange*		23,356		387

				7,745


Russia — 6.2%
Alliance Oil SDR*		107,859		1,706
Globaltrans Investment GDR		184,290		3,133
LSR Group GDR*		179,219		1,651
Lukoil ADR (A)		153,655		8,789
Magnit GDR		91,271		2,674
Magnitogorsk Iron & Steel Works GDR (A)		222,157		3,232
Mechel ADR (A)		59,217		637
MMC Norilsk Nickel ADR		99,485		2,355
Mobile Telesystems ADR		123,033		2,568
NovaTek OAO GDR		3,595		429
OAO Gazprom ADR		424,822		10,727
Pharmstandard GDR*		47,154		1,344
Rosneft Oil GDR		582,612		4,171
Sberbank GDR (A)		13,323		5,728
Sberbank of Russia GDR		942		409
Severstal GDR		76,129		1,283
Surgutneftegas ADR		65,565		701
Surgutneftegaz ADR		5,770		61
Tatneft ADR		15,008		497
TMK OAO GDR		108,314		2,238
Uralkali GDR		52,059		1,912
VTB Bank GDR		397,898		2,622
X5 Retail Group GDR*		50,805		2,350

				61,217


Description	Shares		Market Value ($ Thousands)

South Africa — 7.2%
ABSA Group		165,408	$	3,500
Adcock Ingram Holdings		14,590		132
African Bank Investments		343,782		2,014
Anglo Platinum		21,360		2,241
AngloGold Ashanti ADR		6,429		316
ArcelorMittal South Africa		77,147		924
Aspen Pharmacare Holdings		79,204		1,102
Barloworld		86,901		880
Clicks Group		399,303		2,616
Exxaro Resources		162,032		3,337
FirstRand		155,376		458
Fountainhead Property Trust		141,681		150
Grindrod		35,796		102
Group Five		713		4
Harmony Gold Mining		172,774		2,168
Hyprop Investments		1,479		13
Impala Platinum Holdings		167,901		5,912
Imperial Holdings		60,124		1,158
Investec		112,460		955
JD Group		141,850		1,244
Kumba Iron Ore		11,701		751
Life Healthcare Group Holdings		568,888		1,277
MMI Holdings		363,970		914
Mondi		256,670		2,087
Mr Price Group		224,564		2,257
MTN Group		573,208		11,647
Murray & Roberts Holdings		350,930		2,131
Nampak		57,922		201
Naspers, Cl N		36,408		2,135
Nedbank Group		90,780		1,789
Netcare		79,633		185
Raubex Group		400,457		1,413
Redefine Properties		200,433		242
Remgro		25,364		433
Sanlam		341,622		1,442
Sappi		156,437		804
Sasol		54,718		2,864
Sasol ADR		4,750		247
Shoprite Holdings		44,697		673
Standard Bank Group		394,009		6,405
Telkom		166,400		956
Tiger Brands		33,969		994
Trans Hex Group*		128		—
Woolworths Holdings		64,775		264

				71,337


South Korea — 11.5%
Cheil Jedang*(B)		5,092		973
Cheil Jedang		8,280		575
Daegu Bank		40,470		555
Daelim Industrial*		10,501		1,086
Daewoo Shipbuilding & Marine Engineering*		70,140		2,241
Daishin Securities		23,278		339
Daum Communications*		8,266		561
Dongbu Insurance		72,671		2,877
Dongkuk Steel Mill*		21,053		650
Doosan Heavy Industries and Construction*		7,546		569
Glovis*(B)		2,002		262


Description	Shares		Market Value ($ Thousands)

Grand Korea Leisure (B)		84,290	$	1,532
Halla Climate Control*(B)		31,910		562
Hanwha Chemical*		76,090		2,076
Hite Brewery*(B)		10,125		1,074
Honam Petrochemical		7,470		1,769
Hyundai Department Store*		3,781		465
Hyundai Development*		51,610		1,545
Hyundai Marine & Fire Insurance (B)		9,800		226
Hyundai Mobis*		21,336		5,342
Hyundai Motor		20,172		3,080
Jinro*(B)		16,320		509
Kangwon Land*		54,230		1,336
KB Financial Group*(B)		59,314		3,120
KB Financial Group ADR		510		27
Korea Electric Power*		44,310		1,179
Korea Exchange Bank		255,570		2,653
Korea Investment Holdings		4,430		174
Korean Reinsurance (B)		88,064		914
KP Chemical*		42,300		675
KT		8,579		348
KT ADR (A)		125,445		2,609
KT&G*		25,796		1,471
LG*		20,956		1,610
LG Chemical		4,200		1,446
LG Electronics		40,311		4,182
LG Innotek*(B)		6,021		709
LG Philips LCD (B)		38,928		1,361
LG Telecom*		201,874		1,274
Lock & Lock*(B)		8,920		283
Lotte Chilsung Beverage*		389		329
Lotte Shopping*(B)		1,736		723
MegaStudy*(B)		7,489		1,159
NHN*		3,051		609
Nong Shim*		9,602		1,721
POSCO		7,496		3,202
POSCO ADR (A)		4,510		486
Pusan Bank*		184,388		2,324
Samsung Electronics		35,403		29,566
Samsung Engineering*		15,908		2,689
Samsung Fire & Marine Insurance		8,122		1,607
Shinhan Financial Group*		114,187		5,310
Shinsegae		6,554		3,546
SK Chemicals*		296		16
SK Telecom		4,204		641
SK Telecom ADR (A)		95,670		1,782
STX Offshore & Shipbuilding*(B)		13,010		286
Taewoong*		17,513		724
Tong Yang Life Insurance (B)		133,410		1,367
Yuhan*		9,804		1,498

				113,824


Sweden — 0.1%
Oriflame Cosmetics (A)(B)		15,481		815


Taiwan — 10.5%
Acer		566,117		1,749
Asia Cement		990,860		1,096
Asustek Computer		114,148		1,084
AU Optronics ADR		160,700		1,675
AU Optronics		386,000		401


Description	Shares		Market Value ($ Thousands)

Catcher Technology		117,000	$	433
Cathay Financial Holding		1,030,310		1,827
Chinatrust Financial Holding		4,428,997		3,251
Chunghwa Telecom		612,570		1,557
Compal Electronics		199,195		264
Delta Electronics		468,000		2,287
Eternal Chemical		110,000		128
Evergreen Marine Taiwan		674,000		700
Far Eastern New Century		1,404,308		2,379
Far EasTone Telecommunications		133,000		193
Farglory Land Development		213,000		574
First Financial Holding		1,049,296		966
Formosa Chemicals & Fibre		268,000		903
Formosa Taffeta		88,000		86
Fubon Financial Holding		587,000		805
High Tech Computer		219,555		6,777
Hon Hai Precision Industry		1,345,899		5,424
Hotai Motor		27,000		83
Huaku Development		104,000		315
Hung Poo Real Estate Development		542,515		809
Inventec		11,200		6
KGI Securities		1,960,000		1,119
Largan Precision		16,754		417
Lite-On Technology		626,653		862
Macronix International		67,000		47
MediaTek		272,228		3,898
Nan Ya Printed Circuit Board		419,067		1,559
Novatek Microelectronics		142,550		460
Pou Chen		1,084,800		1,003
Powertech Technology		40,000		133
President Chain Store		328,000		1,513
Prime View International		2,167,679		4,394
Quanta Computer		1,121,000		2,353
Radium Life Tech		94,520		141
Richtek Technology		187,678		1,564
Siliconware Precision Industries ADR (A)		39,260		234
Siliconware Precision Industries		458,000		550
Silitech Technology		166,070		514
Simplo Technology		292,426		2,126
Sincere Navigation		224,000		271
SinoPac Financial Holdings		4,900,230		2,261
Sinyi Realty		168,000		372
Soft-World International		92,420		442
Synnex Technology International		949,783		2,564
Taishin Financial Holding		1,722,700		1,019
Taiwan Fertilizer		619,000		2,314
Taiwan Hon Chuan Enterprise		207,000		472
Taiwan Semiconductor Manufacturing ADR		36,210		454
Taiwan Semiconductor Manufacturing		5,408,409		13,170
Tatung*		4,694,000		1,269
Teco Electric and Machinery		617,000		413
Transcend Information		406,640		1,102
Tripod Technology		706,354		2,883
TSRC		194,000		449
Tung Ho Steel Enterprise		12,000		14
TXC		789,632		1,509
U-Ming Marine Transport		388,000		845
Unimicron Technology		429,000		836


Description	Shares		Market Value ($ Thousands)

United Microelectronics		5,605,312	$	3,134
UPC Technology		58,000		48
Wintek		535,000		919
Wistron		1,412,302		2,877
WPG Holdings		904,911		1,747
Yageo		742,000		365
Young Fast Optoelectronics		137,426		1,313
Yuanta Financial Holding		3,071,115		2,296

				104,017


Thailand — 2.1%
Bangkok Bank		857,210		4,216
Banpu		37,061		973
BEC World		310,100		327
Bumrungrad Hospital (B)		844,247		888
CalComp Electronics Thailand		434,000		76
Charoen Pokphand Foods		1,295,300		1,060
CP ALL (B)		388,400		505
CP Seven Eleven PCL (B)		395,600		514
Glow Energy (B)		987,609		1,546
Kasikornbank		523,447		2,223
Krung Thai Bank		600,000		343
PTT		98,000		1,039
PTT Exploration & Production (B)		302,139		1,682
Quality Houses (B)		4,508,300		314
Siam Cement		21,046		238
Siam Commercial Bank		639,300		2,195
Thai Airways International		417,770		679
Thai Oil (B)		11,800		31
Thai Union Frozen Products		94,000		164
Thanachart Capital		1,621,554		1,935

				20,948


Turkey — 2.3%
Arcelik		67,396		342
Cimsa Cimento Sanayi VE Tica		182,726		1,187
Emlak Konut Gayrimenkul Yatirim Ortakligi*(D)		954,701		1,228
Ford Otomotiv Sanayi		231,298		1,961
Haci Omer Sabanci Holding		63,364		296
KOC Holding		99,707		487
Koza Anadolu Metal Madencilik Isletmeleri*		112,552		338
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.		91,063		153
Sinpas Gayrimenkul Yatirim Ortakligi*(D)		818,454		1,106
Tofas Turk Otomobil Fabrikasi		423,671		2,191
Turk Ekonomi Bankasi		976,486		1,415
Turk Traktor ve Ziraat Makineleri		34,840		532
Turkcell Iletisim Hizmet ADR		5,540		95
Turkcell Iletisim Hizmet		113,859		781
Turkiye Garanti Bankasi		717,867		3,648
Turkiye Halk Bankasi		125,693		1,070
Turkiye Is Bankasi, Cl C		689,416		2,464
Turkiye Sinai Kalkinma Bankasi		1,190,463		2,019
Turkiye Sise ve Cam Fabrikalari*		603,963		1,067
Yazicilar Holding, Cl A		48,803		427

				22,807


Description	Shares		Market Value ($ Thousands)


United Arab Emirates — 0.0%
Lamprell		51,476	$	259


United Kingdom — 1.1%
Afren*		606,822		1,402
African Barrick Gold		196,000		1,875
Antofagasta		150,389		3,796
BHP Billiton		29,111		1,168
Cairn Energy*		213,993		1,407
JKX Oil & Gas		93,240		460
Tullow Oil		56,243		1,110

				11,218


United States — 0.5%
Millicom International Cellular		32,814		3,137
NII Holdings*		30,708		1,371

				4,508

Total Common Stock (Cost $725,821) ($ Thousands)				892,483


PREFERRED STOCK — 4.8%

Brazil — 4.8%
Banco do Estado do Rio Grande do Sul		157,002		1,669
Bradespar		42,779		1,116
Brasil Telecom		108,782		786
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR (A)		14,378		604
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Cl Preference		8,428		352
Cia de Bebidas das Americas ADR (A)		119,285		3,701
Cia de Tecidos do Norte de Minas - Coteminas		155,332		505
Cia Energetica de Minas Gerais		173,165		2,786
Confab Industrial		64,336		237
Eletropaulo Metropolitana Eletricidade de Sao Paulo		32,341		626
Gerdau		16,500		225
Investimentos Itau		54,300		432
Itau Unibanco Holding		32,364		776
Itau Unibanco Holding ADR (A)		196,458		4,717
Klabin		269,019		948
Metalurgica Gerdau, Cl A		75,716		1,222
Petroleo Brasileiro, Cl Preference		185,142		3,044
Petroleo Brasileiro Sponsored ADR, Cl A (A)		246,213		8,413
Randon Participacoes		397,200		2,941
Suzano Papel e Celulose		109,068		971
Telecomunicacoes de Sao Paulo		28,966		733
Telemar Norte Leste		5,271		152
Tim Participacoes		597,200		1,982
Usinas Siderurgicas de Minas Gerais		99,882		1,153
Vale ADR, Cl B (A)		174,292		5,267


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

Vale, Cl A		78,331	$	2,289

Total Preferred Stock (Cost $35,525) ($ Thousands)				47,647


EXCHANGE TRADED FUNDS — 1.7%

United States — 1.7%
iShares MSCI Emerging Markets
Index Fund		353,514		16,834
Vanguard Emerging Markets ETF		13,181		635

Total Exchange Traded Funds (Cost $17,212) ($ Thousands)				17,469


DEBENTURE BOND — 0.0%

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

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


CASH EQUIVALENT — 2.0%
SEI Daily Income Trust, Prime Obligation Fund, Cl A
0.100%**†		19,440		19,440

Total Cash Equivalent (Cost $19,440) ($ Thousands)				19,440


AFFILIATED PARTNERSHIP — 5.5%

United States — 5.5%
SEI Liquidity Fund, L.P.,
0.210%**†(G)		55,861,644		54,837

Total Affiliated Partnership (Cost $55,862) ($ Thousands)				54,837

Total Investments — 103.8% (Cost $853,860) ($ Thousands)§			$	1,031,876

The following is a summary of the inputs used as of December 31, 2010, in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	707,452	$	185,031	$	—	$	892,483
Preferred Stock		47,647		—		—		47,647
Exchange Traded Funds		17,469		—		—		17,469
Debenture Bond		—		—		—		—
Cash Equivalent		19,440		—		—		19,440
Affiliated Partnership		—		54,837		—		54,837

Total Investments in Securities	$	792,008	$	239,868	$	—	$	1,031,876

For the three month period ended December 31, 2010, the transfers out of Level 1 and into Level 2 were $185,031 ($ Thousands) and the transfers out of Level 2 into Level 1 were $— ($ Thousands). The transfers related to the fair value of certain international securities.

Percentages are based on a Net Assets of $993,752($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of December 31, 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 December 31, 2010. The total market value of securities on loan at December 31, 2010 was $54,296 ($ Thousands).

(B)

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 December 31, 2010 was $185,031 ($ Thousands) and represented 18.6% of Net Assets.

(C)

Securities considered illiquid. The total market value of such securities as of December 31, 2010 was $7,283 ($ Thousands) and represented 0.7% of Net Assets.

(D)

Real Estate Investments Trust.

(E)

(F)

Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of December 31, 2010.

(G)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2010 was $54,837 ($ Thousands).

At December 31, 2010, the tax basis cost of the Fund’s investments was $853,860 ($ Thousands), and the unrealized appreciation and depreciation were $194,457($ Thousands) and ($16,441)($ Thousands) respectively.

ADR — American Depositary Receipt

BDR — Brazilian Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

GDR — Global Depositary Receipt

L.P. — Limited Partnership

MSCI — Morgan Stanley Capital International

Ser — Series

SDR — Swedish Depository Receipt

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


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

GLOBAL BONDS — 87.7%

Australia — 1.7%
Commonwealth Bank of Australia MTN
3.750%, 10/15/14 (A)	USD	425	$	441
Fairfax Med
5.250%, 06/15/12		250		345
Government of Australia, Ser 122
5.250%, 03/15/19		300		302
Government of Australia, Ser 25CI
3.119%, 09/20/25		640		700
Macquarie Bank MTN
5.500%, 09/19/16 (B)	GBP	211		322
1.377%, 12/06/16 (B)	EUR	350		441
New South Wales Treasury
5.250%, 05/01/13		980		1,003
QBE Insurance Group MTN
6.125%, 09/28/15	GBP	250		413
Queensland Treasury
6.000%, 09/14/17		1,630		1,686
Suncorp-Metway MTN
4.000%, 01/16/14	GBP	550		905
Westpac Banking MTN
4.250%, 09/22/16	EUR	350		486
2.100%, 08/02/13	USD	400		404
WT Finance
3.625%, 06/27/12	EUR	450		613

				8,061


Austria — 0.2%
Oesterreichische Kontrollbank MTN
3.625%, 12/10/13		465		653
Republic of Austria MTN
3.900%, 07/15/20		75		104
Republic of Austria, Ser 97-6
6.250%, 07/15/27		225		394

				1,151


Belgium — 1.2%
Anheuser-Busch InBev
8.625%, 01/30/17		200		341
5.375%, 01/15/20		450		488
4.000%, 04/26/18		300		406
Dexia Credit Local
2.375%, 09/23/11 (A)		500		505
Dexia Funding
4.892%, 11/30/49 (B)		200		142
Fortis Bank
4.625%, 10/24/49 (B)		400		451
KBC Internationale Financieringsmaatschappij MTN
4.500%, 09/17/14		350		472
Kingdom of Belgium, Ser 48
4.000%, 03/28/22		2,100		2,798

				5,603


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

Bermuda — 0.0%
Fidelity International
6.875%, 02/24/17		75	$	105


Brazil — 0.3%
Centrais Eletricas Brasileiras
6.875%, 07/30/19	USD	150		170
Federal Republic of Brazil
10.250%, 01/10/28		370		229
4.875%, 01/22/21	USD	115		117
Petrobras International Finance
5.750%, 01/20/20	USD	650		674
Vale Overseas
6.875%, 11/21/36	USD	301		331

				1,521


Canada — 4.7%
Bank of Montreal MTN
4.250%, 01/23/13	EUR	250		351
Bell Canada MTN
5.000%, 02/15/17		270		287
Canadian Natural Resources
5.150%, 02/01/13	USD	175		189
Canadian Pacific Railway
6.500%, 05/15/18	USD	99		113
CDP Financial
4.400%, 11/25/19 (A)	USD	850		864
Export Development Canada MTN
2.375%, 03/19/12	USD	800		817
Government of Canada
5.750%, 06/01/33		1,300		1,750
5.000%, 06/01/14		4,350		4,800
5.000%, 06/01/37		1,300		1,623
4.500%, 06/01/15		1,550		1,704
4.250%, 12/01/21		1,476		1,998
4.000%, 06/01/16		2,438		2,635
3.750%, 06/01/12		1,510		1,566
3.500%, 06/01/13		830		869
3.500%, 06/01/20		1,475		1,523
Province of Quebec Canada
4.250%, 02/27/13	EUR	450		634
Royal Bank of Canada MTN
4.625%, 01/22/18	EUR	252		363
Teck Resources
6.000%, 08/15/40		40		42
Toronto-Dominion Bank
2.200%, 07/29/15 (A)	USD	540		531
YPG Holdings MTN
5.250%, 02/15/16		179		177

				22,836


Chile — 0.1%
Nacional del Cobre de Chile
6.150%, 10/24/36 (A)	USD	640		699


Colombia — 0.2%
Ecopetrol
7.625%, 7/23/19 (A)	USD	237		274


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

Republic of Colombia
7.750%, 04/14/21		707,000	$	437

				711


Czech Republic — 0.1%
Government of Czech Republic, Ser 51
4.000%, 04/11/17		5,450		301


Denmark — 1.0%
Carlsberg Breweries
3.375%, 10/13/17		300		387
Danske Bank MTN
4.875%, 06/11/13	EUR	150		215
4.125%, 11/26/19	EUR	290		403
FIH Erhvervsbank
2.000%, 06/12/13 (A)	USD	625		635
Kingdom of Denmark
4.500%, 11/15/39		1,300		280
4.000%, 11/15/19		4,425		860
4.000%, 11/15/12		5,416		1,024
3.125%, 03/17/14	EUR	500		700
TDC
5.875%, 12/16/15		350		508

				5,012


Finland — 0.2%
Government of Finland
4.375%, 07/04/19		225		332
3.875%, 09/15/17		350		506

				838


France — 10.5%
Alstom
3.625%, 10/05/18		400		507
Arkema
4.000%, 10/25/17		200		263
AXA MTN
5.250%, 04/16/40 (B)		600		718
4.500%, 01/23/15		100		140
BNP Paribas
5.019%, 04/29/49 (B)		1,150		1,319
BPCE MTN
6.117%, 10/29/49 (B)		100		104
Caisse d’Amortissement de la Dette Sociale MTN
4.500%, 09/04/13		2,600		3,749
3.250%, 04/25/13		550		768
Caisse Refinancement de l’Habitat
4.250%, 10/25/14		332		473
Cie de Financement Foncier
4.625%, 09/23/17		515		737
4.500%, 01/09/13		290		409
2.500%, 09/16/15 (A)		800		780
Cie de Saint-Gobain MTN
6.000%, 05/20/13		50		72
Compagnie De St Gobain MTN
1.215%, 04/11/12 (B)		350		465
Credit Agricole MTN
7.875%, 10/29/49 (B)		150		200
0.493%, 03/13/16 (B)		500		489


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

Credit Agricole Covered Bonds MTN
3.500%, 07/21/14		200	$	278
Credit Logement
4.604%, 03/29/49 (B)(C)		350		372
1.479%, 12/15/49 (B)(C)		150		157
EDF
6.500%, 01/26/19 (A)		250		292
4.000%, 11/12/25		150		188
Government of France
5.000%, 10/25/16		350		532
4.750%, 04/25/35		2,305		3,504
4.500%, 04/25/41		800		1,186
4.000%, 04/25/13		700		1,000
3.750%, 04/25/21		2,300		3,186
3.500%, 04/25/20		1,215		1,652
3.000%, 10/25/15		5,200		7,227
2.500%, 10/25/20		8,150		10,148
HSBC France MTN
4.875%, 01/15/14		250		358
Lafarge
8.750%, 05/30/17	GBP	250		453
6.150%, 07/15/11		475		487
Natixis MTN
1.279%, 01/26/17 (B)		300		377
Picard Bondco
9.000%, 10/01/18		180		256
RCI Banque MTN
4.375%, 01/27/15		170		234
Safran
4.000%, 11/26/14		250		341
Societe Financement de l’Economie Francaise
3.375%, 05/05/14 (A)		905		953
3.125%, 06/30/14		575		799
2.125%, 01/30/12 (A)		2,430		2,467
Societe Generale
8.875%, 06/29/49 (B)		200		304
7.756%, 05/22/13 (B)		300		394
1.202%, 06/07/17 (B)		200		252
0.499%, 10/20/16 (B)		150		143
Societe Generale Societe de Credit Fonciere MTN
4.000%, 07/07/16		650		916
Vivendi MTN
7.750%, 01/23/14		250		381

				50,030


Germany — 12.5%
Allianz Finance II
6.125%, 05/31/22 (B)		1,000		1,368
Bayerische Landesbank MTN
4.500%, 02/07/19 (B)		350		387
2.750%, 01/23/12		750		1,022
Bundesrepublik Deutschland
3.000%, 07/04/20		3,280		4,417
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/31		100		171
Bundesrepublik Deutschland, Ser 02
5.000%, 01/04/12		125		175


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

Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/34		1,460	$	2,335
Bundesrepublik Deutschland, Ser 04
3.750%, 01/04/15		4,425		6,423
Bundesrepublik Deutschland, Ser 05
3.500%, 01/04/16		700		1,007
Bundesrepublik Deutschland, Ser 06
3.750%, 01/04/17		1,750		2,541
Bundesrepublik Deutschland, Ser 07
4.250%, 07/04/39		100		153
Bundesrepublik Deutschland, Ser 08
4.750%, 07/04/40		1,305		2,167
4.250%, 07/04/18		125		186
Bundesrepublik Deutschland, Ser 09
3.250%, 01/04/20		1,875		2,584
Bundesrepublik Deutschland, Ser 98
5.625%, 01/04/28		970		1,653
Bundesschatzanweisungen
1.500%, 06/10/11		5,800		7,814
0.500%, 06/15/12		9,150		12,241
Commerzbank
5.625%, 11/29/17 (B)		150		186
2.750%, 01/13/12		325		443
Daimler MTN
3.000%, 07/19/13		133		182
Deutsche Postbank MTN
3.750%, 02/12/14		800		1,132
Deutsche Telekom International Finance MTN
6.500%, 04/08/22	GBP	190		323
Dexia Kommunalbank Deutschland MTN
3.500%, 06/05/14		390		545
E.ON International Finance
5.800%, 04/30/18 (A)	USD	650		734
Eurogrid GmbH MTN
3.875%, 10/22/20		100		130
HSH Nordbank MTN
2.750%, 01/20/12		1,075		1,466
Kreditanstalt fuer Wiederaufbau
5.375%, 01/29/14	GBP	950		1,631
4.375%, 10/11/13		1,050		1,511
3.875%, 01/21/19		1,075		1,513
3.375%, 08/30/17	CHF	370		443
Landesbank Berlin MTN
5.875%, 11/25/19		300		391
Landwirtschaftliche Rentenbank
3.250%, 03/12/14		550		768
Linde Finance
7.375%, 07/14/66 (B)		300		442
Munich
7.625%, 06/21/28		285		498
RWE Finance MTN
5.000%, 02/10/15		500		730


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

Siemens Financieringsmat MTN
5.125%, 02/20/17		250	$	370
Volkswagen MTN
5.625%, 02/09/12		150		210

				60,292


Hong Kong — 0.1%
Hutchison Whampoa International 09
7.625%, 04/09/19		255		305


Ireland — 0.5%
Ardagh Glass Finance
7.125%, 06/15/17		125		158
Ardagh Glass Group
10.750%, 03/01/15		291		394
Bank of Ireland MTN
4.625%, 04/08/13		400		441
CRH Finance MTN
7.375%, 05/28/14		280		415
Freshwater Finance for LCH Clearnet
6.576%, 05/18/17 (B)		150		142
Smurfit Kappa Acquisitions
7.750%, 11/15/19 (A)		170		239
UT2 Funding
5.321%, 06/30/16 (C)		390		385
WPP MTN
6.625%, 05/12/16		225		340

				2,514


Italy — 4.7%
A2A
4.500%, 11/02/16		150		202
Enel Finance International
5.125%, 10/07/19 (A)	USD	150		149
3.875%, 10/07/14 (A)	USD	350		356
Intesa Sanpaolo MTN
6.375%, 11/12/17 (B)	GBP	300		458
3.750%, 11/23/16		400		520
Italy Buoni Poliennali Del Tesoro
5.000%, 09/01/40		1,375		1,733
4.500%, 03/01/19		400		535
4.250%, 02/01/15		1,750		2,403
4.250%, 09/01/19		1,400		1,834
4.250%, 10/15/12		1,360		1,868
4.000%, 09/01/20		8,180		10,392
3.500%, 06/01/14		1,100		1,480
Telecom Italia Capital
6.175%, 06/18/14	USD	300		319
Unicredito Italiano MTN
4.500%, 09/22/19		400		522

				22,771


Japan — 18.6%
Government of Japan 10 Year Bond
1.400%, 12/20/15		690,000		8,916
Government of Japan 10 Year Bond, Ser 284
1.700%, 12/20/16		250,000		3,291


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

Government of Japan 10 Year Bond, Ser 288
1.700%, 09/20/17		1,157,950	$	15,256
Government of Japan 10 Year Bond, Ser 298
1.300%, 12/20/18		642,700		8,200
Government of Japan 10 Year Bond, Ser 301
1.500%, 06/20/19		235,300		3,037
Government of Japan 10 Year Bond, Ser 308
1.300%, 06/20/20		1,028,250		12,947
Government of Japan 20 Year Bond, Ser 109
1.900%, 03/20/29		39,000		487
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/29		710,000		9,137
Government of Japan 20 Year Bond, Ser 48
2.500%, 12/21/20		489,450		6,800
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/27		587,000		7,625
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/38		103,250		1,387
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/39		145,200		1,913
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/40		117,000		1,446
Government of Japan 5 Year Bond, Ser 63
1.200%, 03/20/12		634,350		7,918
Government of Japan 5 Year Bond, Ser 79
0.700%, 12/20/13		51,300		641
ORIX
4.710%, 04/27/15	USD	326		330
Sumitomo Mitsui Banking
4.000%, 11/09/20	EUR	300		377

				89,708


Malaysia — 0.2%
Malaysia Government Bond
5.734%, 07/30/19		900		329
Petronas Capital
5.250%, 08/12/19 (A)	USD	410		440

				769


Mexico — 0.6%
Mexican Bonos, Ser M10
7.750%, 12/14/17		7,275		627
Mexican Bonos, Ser MI10
9.500%, 12/18/14		16,335		1,482
9.000%, 12/20/12		10,000		869

				2,978


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


Netherlands — 4.0%
ABN Amro Bank MTN
3.750%, 07/15/14		750	$	1,049
0.489%, 01/17/17 (B)	USD	950		803
Aegon
4.750%, 06/01/13	USD	250		262
Boats Investments MTN
11.000%, 03/31/17		346		399
Government of Netherlands
4.500%, 07/15/17		1,500		2,241
4.000%, 07/15/18		1,355		1,962
4.000%, 07/15/16		1,700		2,486
4.000%, 01/15/37		200		288
3.500%, 07/15/20		360		496
3.250%, 07/15/15		520		737
ING Bank MTN
4.750%, 05/27/19		800		1,151
3.000%, 09/30/14		125		170
0.459%, 05/23/16 (B)	USD	450		400
ING Groep MTN
4.750%, 05/31/17		500		689
ING Verzekeringen
6.250%, 06/21/21 (B)		1,310		1,573
Koninklijke KPN
7.500%, 02/04/19		150		245
6.500%, 01/15/16		180		277
NIBC Bank MTN
3.500%, 04/07/14		650		912
OI European Group BV
6.875%, 03/31/17		150		209
Rabobank Nederland
4.125%, 04/04/12		1,250		1,735
4.125%, 07/14/25		375		479
SNS Bank MTN
2.875%, 01/30/12		300		410
Ziggo Bond
8.000%, 05/15/18		130		180

				19,153


New Zealand — 0.5%
ANZ National International
6.200%, 07/19/13	USD	450		495
Government of New Zealand
6.000%, 12/15/17		2,250		1,813

				2,308


Norway — 0.6%
DnB Bank MTN
4.500%, 05/29/14	EUR	275		392
1.228%, 05/30/17 (B)	EUR	425		555
DnB Boligkreditt
2.750%, 04/20/15	EUR	625		842
Government of Norway
4.500%, 05/22/19		1,150		211
MPU Offshore Lift
11.285%,
12/22/11 (C)(D)		1,445		5
Sevan Drilling
7.670%, 12/07/12 (B)		2,000		354


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

Yara International
7.875%, 06/11/19		410	$	489

				2,848


Poland — 0.5%
Poland Government Bond
4.506%, 01/25/13 (E)		2,500		771
Republic of Poland, Ser 1019
5.500%, 10/25/19		5,185		1,702
Republic of Poland
6.375%, 07/15/19	USD	130		146

				2,619


Portugal — 0.1%
EDP Finance
5.375%, 11/02/12 (A)	USD	425		431
Obrigacoes do Tesouro
4.800%, 06/15/20		210		244

				675


Russia — 0.6%
Gazprom MTN
9.625%, 03/01/13	USD	470		533
6.580%, 10/31/13	GBP	150		250
6.212%, 11/22/16 (A)	USD	230		245
RSHB Capital for Russian Agricultural Bank
7.750%, 05/29/18 (A)	USD	715		774
Steel Capital (Severstal)
9.750%, 07/29/13 (A)(C)	USD	285		317
TransCapit (Transneft) Registered
7.700%, 08/07/13	USD	539		599

				2,718


Singapore — 0.7%
DBS Bank
0.504%, 05/16/17 (A)(B)	USD	525		513
Government of Singapore
4.000%, 09/01/18		2,320		2,014
3.500%, 03/01/27		650		527
Optus Finance Pty MTN
3.500%, 09/15/20	EUR	200		255

				3,309


South Africa — 0.4%
Foodcorp Registered
8.875%, 06/15/12	EUR	150		204
Republic of South Africa, Ser R203
8.250%, 09/15/17		11,860		1,821

				2,025


Spain — 1.4%
Government of Spain
4.750%, 07/30/14		925		1,268
4.700%, 07/30/41		665		730
4.600%, 07/30/19		155		198
4.000%, 04/30/20		2,450		2,957
3.300%, 10/31/14		475		619
Instituto de Credito Oficial
2.375%, 03/04/13 (A)	USD	200		194


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

Santander Issuances, Ser 24
7.300%, 07/27/19 (B)	GBP	400	$	599
Telefonica Emisiones SAU MTN
4.375%, 02/02/16		375		509

				7,074


Supra-National — 0.9%
European Investment Bank MTN
3.500%, 04/15/16	EUR	1,975		2,762
Inter-American Development Bank
9.750%, 05/15/15	GBP	750		1,515

				4,277


Sweden — 2.0%
Kingdom of Sweden, Ser 1041
6.750%, 05/05/14		11,895		2,010
Kingdom of Sweden, Ser 1049
4.500%, 08/12/15		5,050		810
Kingdom of Sweden, Ser 1052
4.250%, 03/12/19		2,000		320
Kingdom of Sweden, Ser 3105
3.500%, 12/01/15		10,840		2,182
Kommuninvest I Sverige MTN
2.750%, 08/12/15		5,300		770
Nordea Bank MTN
4.500%, 05/12/14	EUR	100		142
0.502%, 06/09/16 (B)	USD	500		492
Stadshypotek MTN
3.750%, 12/12/13	EUR	400		561
Svenska Handelsbanken MTN
1.193%, 10/19/17 (B)	EUR	800		1,042
Swedbank MTN
7.375%, 06/26/18 (B)	EUR	150		219
3.125%, 03/04/13	EUR	128		174
3.125%, 02/02/12	EUR	550		753
Volvo Treasury
5.950%, 04/01/15		145		158

				9,633


Switzerland — 0.9%
Credit Suisse MTN
6.125%, 05/16/14	EUR	350		519
4.750%, 08/05/19	EUR	400		550
2.875%, 09/24/15	EUR	220		290
Glencore Finance Europe MTN
7.125%, 04/23/15	EUR	300		442
5.250%, 03/22/17	EUR	300		404
Holcim US Finance Sarl & Cie SCS
6.000%, 12/30/19 (A)	USD	25		26
Novartis Finance MTN
4.250%, 06/15/16	EUR	375		537
Sunrise Communications International MTN
7.000%, 12/31/17 (A)		230		322
UBS MTN
6.625%, 04/11/18	GBP	150		260
6.250%, 09/03/13	EUR	200		293
5.875%, 12/20/17	USD	575		632
5.625%, 05/19/14	EUR	200		291

				4,566


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

United Kingdom — 11.3%
3i Group MTN
5.625%, 03/17/17	EUR	150	$	204
1.228%, 06/08/12 (B)	EUR	350		455
Abbey National Treasury Services MTN
4.250%, 04/12/21	EUR	850		1,104
Anglian Water Services Financing, Ser A5 MTN
6.293%, 07/30/30		500		865
Aviva MTN
0.631%, 06/19/17 (B)	USD	475		434
BAA Funding MTN
4.125%, 10/12/16		200		264
Bank of Scotland MTN
4.750%, 06/08/22	EUR	650		871
Barclays Bank MTN
14.000%, 06/15/19 (B)		100		187
6.750%, 05/22/19	USD	225		254
6.750%, 01/16/23 (B)		350		563
5.125%, 01/08/20		150		153
5.000%, 09/22/16	USD	705		746
4.500%, 03/04/19 (B)	EUR	125		163
Barclays Bank, Ser E MTN
4.875%, 12/29/49 (B)	EUR	200		209
BAT International Finance MTN
7.250%, 03/12/24		250		460
5.375%, 06/29/17	EUR	425		626
BG Energy Capital MTN
3.375%, 07/15/13	EUR	200		276
Bishopsgate Asset Finance
4.808%, 08/14/44		200		252
BP Capital Markets MTN
4.750%, 03/10/19	USD	10		10
4.500%, 10/01/20	USD	252		251
3.100%, 10/07/14		120		163
British American Tobacco Holdings MTN
4.000%, 07/07/20		100		132
British Telecommunications MTN
8.750%, 12/07/16		165		308
5.750%, 12/07/28		111		165
Daily Mail & General Trust
5.750%, 12/07/18		350		521
EDF Energy Networks EPN MTN
6.000%, 11/12/36		160		270
ENW Finance MTN
6.125%, 07/21/21		350		602
First Hydro Finance
9.000%, 07/31/21		220		400
HSBC Bank
3.500%, 06/28/15 (A)	USD	120		123
HSBC Holdings MTN
9.875%, 04/08/18 (B)		80		141
6.500%, 05/20/24		250		428
0.491%, 10/06/16 (B)	USD	625		600
Imperial Tobacco Finance MTN
8.375%, 02/17/16	EUR	450		736
7.750%, 06/24/19		600		1,112
7.250%, 09/15/14	EUR	150		230


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

Ineo’s Group Holdings
7.875%, 02/15/16	EUR	111	$	133
Inmarsat Finance
7.375%, 12/01/17 (A)		115		121
Intercontinental Hotels Group MTN
6.000%, 12/09/16		150		245
Legal & General Group MTN
4.000%, 06/08/25 (B)	EUR	200		243
Lloyds TSB Bank MTN
6.375%, 04/15/14		725		1,201
6.250%, 04/15/14	EUR	150		215
Marks & Spencer MTN
6.125%, 12/02/19		100		165
5.625%, 03/24/14		150		248
Motability Operations Group MTN
3.750%, 11/29/17		300		398
National Express Group
6.250%, 01/13/17		150		246
National Westminster Bank
6.500%, 09/07/21		220		314
Northern Rock
5.625%, 06/22/17 (A)	USD	1,750		1,778
Northumbrian Water Finance
6.000%, 10/11/17		500		868
Old Mutual MTN
7.125%, 10/19/16		250		422
4.500%, 01/18/17 (B)(C)	EUR	600		763
OTE MTN
5.375%, 02/14/11	EUR	375		504
Rexam MTN
4.375%, 03/15/13	EUR	170		236
Rolls-Royce
6.750%, 04/30/19		100		179
Royal Bank of Scotland MTN
6.934%, 04/09/18	EUR	300		381
5.750%, 05/21/14	EUR	250		350
Scottish & Southern Energy MTN
5.750%, 02/05/14		245		415
Severn Trent Utilities Finance
6.250%, 06/07/29		350		615
Standard Chartered Bank MTN
6.400%, 09/26/17	USD	250		266
6.400%, 09/26/17 (A)	USD	175		187
5.875%, 09/26/17	EUR	350		490
1.179%, 03/28/18 (B)	EUR	250		313
Tesco
6.125%, 02/24/22		100		171
6.052%, 10/13/39		347		587
Thames Water Utilities Cayman Finance MTN
6.125%, 02/04/13	EUR	200		288


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

United Kingdom Treasury
4.750%, 12/07/30		800	$	1,357
4.750%, 03/07/20		900		1,558
4.750%, 12/07/38		3,115		5,330
4.500%, 03/07/19		2,700		4,618
4.500%, 12/07/42		335		553
4.250%, 09/07/39		1,305		2,063
4.250%, 06/07/32		1,460		2,315
4.250%, 03/07/36		375		591
4.250%, 12/07/49		85		136
4.000%, 09/07/16		2,565		4,329
2.750%, 01/22/15		1,000		1,609
2.250%, 03/07/14		370		591
2.000%, 01/22/16		330		507
United Kingdom Treasury, Ser 2002-
5.000%, 09/07/14		240		418
Virgin Media Secured Finance
7.000%, 01/15/18		100		166
Vodafone Group MTN
5.900%, 11/26/32		176		292
Wales & West Utilities Finance MTN
6.750%, 12/17/36 (B)		200		333
Western Power Distribution South West
5.750%, 03/23/40		200		325
Yorkshire Power Finance
7.250%, 08/04/28		208		382
Yorkshire Water Services Bradford Finance
6.375%, 08/19/39		100		180

				54,273


United States — 6.4%
AES
7.750%, 10/15/15		55		59
Altria Group
9.250%, 08/06/19		550		718
American Express Credit MTN
5.375%, 10/01/14	GBP	100		163
American Honda Finance
6.250%, 07/16/13		250		368
Antero Resources Finance
9.375%, 12/01/17		46		48
AT&T
5.875%, 04/28/17	GBP	200		342
5.600%, 05/15/18		415		463
BA Covered Bond Issuer MTN
4.125%, 04/05/12	EUR	3,100		4,254
Bank of America MTN
5.650%, 05/01/18		350		358
4.750%, 05/06/19 (B)	EUR	250		302
Cablevision Systems, Ser B
8.000%, 04/15/12		235		246
Cellco Partnership
3.750%, 05/20/11		650		658
Citigroup
5.500%, 04/11/13		500		532
4.250%, 02/25/30 (B)	EUR	1,350		1,422


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

Comcast Cable Communications Holdings
9.455%, 11/15/22		340	$	470
Commerzbank Capital Funding Trust
5.012%, 03/29/49	EUR	200		158
Computer Sciences
5.500%, 03/15/13 (A)		305		326
Countrywide Financial MTN
5.800%, 06/07/12		507		533
Countrywide Home Loan, Ser L MTN
4.000%, 03/22/11		9		9
Dow Chemical
8.550%, 05/15/19		288		361
Duke Energy
6.300%, 02/01/14		375		418
Dynegy Holdings
8.375%, 05/01/16		230		172
Ford Motor
7.450%, 07/16/31		160		171
GE Capital UK Funding MTN
4.125%, 09/28/17	GBP	110		172
General Electric Capital MTN
5.900%, 05/13/14		300		332
5.625%, 05/01/18		300		328
5.500%, 01/08/20		305		326
3.750%, 11/14/14		375		388
Genworth Financial
1.600%, 06/20/11	JPY	53,000		645
Goldman Sachs Group
6.375%, 05/02/18	EUR	400		576
4.375%, 03/16/17	EUR	200		261
1.347%, 02/04/13 (B)	EUR	450		587
Hartford Life Institutional Funding MTN
5.375%, 01/17/12	GBP	200		318
Hertz
8.875%, 01/01/14		221		226
HSBC Finance MTN
7.000%, 03/27/12	GBP	285		468
HVB Funding Trust VIII
7.055%, 03/29/49 (B)		200		258
Ingersoll-Rand Global Holding
9.500%, 04/15/14		213		257
International Paper
7.950%, 06/15/18		260		309
JPMorgan Chase
4.400%, 07/22/20		100		98
1.372%, 10/12/15 (B)	EUR	350		435
JPMorgan Chase Bank
4.625%, 05/31/17 (B)	EUR	250		338
Key Bank MTN
1.220%, 02/09/12 (B)	EUR	570		734
1.166%, 11/21/11 (B)	EUR	50		66
Merrill Lynch MTN
1.428%, 09/14/18 (B)	EUR	375		393
Metropolitan Life Global Funding I MTN
4.625%, 05/16/17	EUR	1,200		1,650


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

Morgan Stanley MTN
5.375%, 08/10/20	EUR	350	$	452
3.750%, 03/01/13	EUR	1,000		1,353
Nabors Industries
9.250%, 01/15/19		275		341
News America
6.900%, 03/01/19		300		359
Noble Holding International
4.900%, 08/01/20		25		26
Owens Corning
6.500%, 12/01/16		420		445
PNC Funding
5.125%, 02/08/20		300		313
Pregis
5.993%, 04/15/13		50		61
Qwest
7.625%, 06/15/15		260		293
Reynolds American
7.625%, 06/01/16		377		438
7.300%, 07/15/15		195		221
Ryder System
5.850%, 11/01/16		116		127
Tesoro
6.500%, 06/01/17		280		281
Toyota Motor Credit Corp
5.250%, 02/03/12		250		349
Tyco International Group
6.000%, 11/15/13		331		367
United Health Group
6.000%, 02/15/18		135		153
US Bank MTN
4.375%, 02/28/17 (B)	EUR	900		1,182
Wal-Mart Stores
4.875%, 01/19/39	GBP	238		357
Weatherford International
9.625%, 03/01/19		275		353
Wellpoint
5.875%, 06/15/17		40		45
Western Union
5.930%, 10/01/16		475		532
Williams Partners
5.250%, 03/15/20		298		309
Windstream
8.625%, 08/01/16		220		231
WM Covered Bond Program MTN
3.875%, 09/27/11	EUR	250		340
Wyndham Worldwide
6.000%, 12/01/16		242		253

				30,897

Total Global Bonds (Cost $412,167) ($ Thousands)				422,580


MORTGAGE-BACKED SECURITIES — 3.7%

Non-Agency Mortgage-Backed Obligation — 3.7%
Arkle Master Issuer, Ser 2006-1X, Cl 5M1
1.318%, 02/17/52 (C)		150		194
Arran Residential Mortgages Funding, Ser 2006-1X, Cl BC
1.112%, 04/12/56 (B)(C)	EUR	432		573


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

Banc of America Commercial Mortgage, Ser 2007-5, Cl A4
5.492%, 02/10/51		1,200	$	1,255
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A
5.431%, 09/25/34 (B)		300		296
Bear Stearns Commercial Mortgage, Ser 2004-PWR3, Cl A4
4.715%, 02/11/41		380		401
Bear Stearns Commercial Mortgage, Ser 2004-PWR6, Cl A6
4.825%, 11/11/41		575		610
Bear Stearns Commercial Mortgage, Ser 2006-PW11, Cl A4
5.623%, 03/11/39 (B)		600		649
Canary Wharf Finance, Ser II, Cl C2
1.287%, 10/22/37 (B)(C)		200		188
Citigroup Commercial Mortgage Trust, Ser 2007-C6, Cl A4
5.884%, 12/10/49 (B)		1,140		1,219
Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4
6.293%, 12/10/49 (B)		405		435
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4
5.110%, 05/25/35 (B)		1,396		1,323
Commercial Mortgage Asset Trust, Ser 1999-C1, Cl A3
6.640%, 01/17/32		146		146
Credit Suisse Mortgage Capital Certificates, Ser 2006-C5, Cl A3
5.311%, 12/15/39		1,215		1,266
Eddystone Finance, Ser 2006-1, Cl B
1.117%, 04/19/21 (B)(C)		100		138
Eddystone Finance, Ser 2006-1, Cl A
0.947%, 04/19/21		150		207
Gracechurch Mortgage Financing, Ser 2006-1, Cl C3
1.311%, 11/20/56 (B)(C)	EUR	250		328
Gracechurch Mortgage Financing, Ser 2007-1X, Cl 3A2
1.141%, 11/20/56 (B)		1,782		2,354
Granite Master Issuer, Ser 2005-1, Cl A5
1.014%, 12/20/54 (C)	EUR	279		348
Granite Master Issuer, Ser 2006-2, Cl A5
0.934%, 12/20/54 (B)(C)	EUR	551		686
GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1
5.134%, 01/25/35 (B)		421		428


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

Holmes Master Issuer, Ser 2007- 1, Cl 3C2
1.405%, 07/15/40 (B)(C)	EUR	150	$	201
Immeo Residential Finance, Ser 2, Cl A
1.039%, 12/15/16 (B)		356		416
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)		369		356
London and Regional Debt Securitisation, Ser 1, Cl A
0.950%, 10/15/14 (B)(C)		150		218
Merrill Lynch Mortgage Trust, Ser 2005-LC1, Cl A4
5.291%, 01/12/44 (B)		420		451
Silverstone, Ser 2009-1, Cl A2
2.187%, 01/21/55		300		471
Storm, Ser 2006-1, Cl A2
1.126%, 04/22/48 (B)		1,190		1,561
Talisman Finance, Ser 7, Cl H
3.266%, 04/22/17 (B)		485		65

Total Mortgage-Backed Securities (Cost $18,522) ($ Thousands)				17,705


CORPORATE OBLIGATIONS — 2.8%

United States — 2.8%
AES
7.750%, 03/01/14		110		117
Alcoa
6.150%, 08/15/20		225		231
American Tower
5.050%, 09/01/20		315		310
Anadarko Petroleum
6.375%, 09/15/17		455		496
Bank of America
5.875%, 01/05/21		130		134
CCO Holdings
8.125%, 04/30/20 (A)		90		95
CIGNA
5.125%, 06/15/20		154		160
Citigroup
4.750%, 05/19/15		240		251
CMS Energy
8.750%, 06/15/19		225		265
Dominion Resources
6.400%, 06/15/18		400		465
Duke Realty
6.750%, 03/15/20 (F)		140		152
Embarq
7.082%, 06/01/16		448		495
Equities
8.125%, 06/01/19		285		332
Goldman Sachs Group
6.000%, 06/15/20		45		49


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

Hess
8.125%, 02/15/19		141	$	178
Humana
7.200%, 06/15/18		280		316
6.450%, 06/01/16		40		44
6.300%, 08/01/18		50		54
Jefferies Group
6.875%, 04/15/21		154		160
Kinder Morgan Energy Partners
6.550%, 09/15/40		255		268
Limited Brands
5.250%, 11/01/14		315		326
Lincoln National
8.750%, 07/01/19		128		160
McGraw-Hill
5.900%, 11/15/17		325		352
McKesson
5.250%, 03/01/13		440		473
Mirant Americas Generation
8.500%, 10/01/21		399		399
Mohawk Industries
6.625%, 01/15/16		375		402
Morgan Stanley
3.450%, 11/02/15		225		219
Motiva Enterprises
5.750%, 01/15/20 (A)		400		449
Motorola
7.500%, 05/15/25		85		92
6.500%, 09/01/25		531		546
NBC Universal
5.150%, 04/30/20 (A)		200		207
Nisource Finance
6.800%, 01/15/19		235		272
Nissan Motor
3.250%, 01/30/13 (A)		430		439
NRG Energy
7.375%, 02/01/16		225		231
Principal Financial Group
7.875%, 05/15/14		290		334
Progress Energy
6.050%, 03/15/14		160		178
RRI Energy
7.875%, 06/15/17		225		218
Ryder System
7.200%, 09/01/15		108		124
SLM MTN
5.050%, 11/14/14		600		573
Time Warner Cable
7.500%, 04/01/14		385		442
Union Bank MTN
5.950%, 05/11/16		392		417
Union Electric
6.700%, 02/01/19		45		52
United States Steel
6.050%, 06/01/17		300		296
Valero Energy
9.375%, 03/15/19		345		428
Viacom
5.625%, 09/15/19		325		361
Wachovia Capital Trust III
5.800%, 12/31/49 (B)		385		334


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

Wal-Mart Stores
5.000%, 10/25/40		145	$	141
Wellpoint
7.000%, 02/15/19		90		106
WellPoint
4.350%, 08/15/20		145		144
Whirlpool MTN
8.600%, 05/01/14		298		344
Williams
7.875%, 09/01/21		82		97

Total Corporate Obligations (Cost $12,973) ($ Thousands)				13,728


U.S. TREASURY OBLIGATIONS — 2.0%
U.S. Treasury Bonds
4.375%, 11/15/39 to 05/15/40		225		226
3.875%, 08/15/40		1,290		1,188
3.500%, 02/15/39		75		65
U.S. Treasury Notes
4.750%, 01/31/12		325		340
4.500%, 11/15/15		1,100		1,231
3.500%, 05/15/20		2,200		2,254
2.000%, 11/30/13		4,300		4,428

Total U.S. Treasury Obligations (Cost $9,722) ($ Thousands)				9,732


ASSET-BACKED SECURITIES — 1.7%

Automotive — 0.5%
Auto Compartiment, Ser 2006-1, Cl B
1.275%, 07/25/17 (B)		500		649
Auto Compartiment, Ser 2007-1, Cl A
1.145%, 02/25/19 (B)		590		783
FTA Santander Auto, Ser 2005-1, Cl A
1.094%, 11/25/21 (B)		80		106
Hyundai Auto Receivables Trust, Ser 2009-A, Cl A2
1.110%, 02/15/12		338		338
Santander Consumer Finance, Ser 2007-1, Cl A
1.029%, 09/20/22 (C)		163		206

				2,082


Credit Card — 0.5%
Citibank Credit Card Issuance Trust, Ser A4, Cl A4
5.375%, 04/11/11	EUR	1,900		2,568


Mortgage Related Securities — 0.2%
Countrywide Asset-Backed Certificates, Ser 2007-2, Cl 2A1
0.303%, 08/25/37 (B)		632		610
Soundview Home Equity Loan Trust, Ser 2007-NS1, Cl A1
0.373%, 01/25/37 (B)		449		439

				1,049


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


Non-Agency Mortgage-Backed Obligation — 0.0%
Skyline, Ser 2007-1, Cl D
1.826%, 07/22/43 (B)(C)		200	$	171


Other Asset-Backed Securities — 0.5%
Amstel Corporate Loan Offering, Ser 2007-1, Cl A2
1.058%, 03/25/17 (B)(C)		917		1,169
Lambda Finance, Ser 2005-1X, Cl A2
1.288%, 11/15/29 (B)(C)		299		392
SLM Student Loan Trust, Ser 2008-5, Cl A4
1.388%, 10/25/16		754		764

				2,325

Total Asset-Backed Securities (Cost $8,018) ($ Thousands)				8,195

Total Investments — 97.9% (Cost $461,402) ($ Thousands)§			$	471,940

A summary of the outstanding forward foreign currency contracts held by the Fund at December 31, 2010, is as follows:


Settlement Date	Currency to Deliver (Thousands)		Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
1/4/11-2/2/11	BRL	754	USD	438	$	(15	)
1/6/11-3/16/11	EUR	270,951	USD	359,620		(3,848	)
1/6/11-3/16/11	USD	147,785	EUR	111,476		1,743
1/7/11-3/16/11	CAD	25,608	USD	25,229		(532	)
1/7/11-3/16/11	GBP	70,527	USD	110,071		(312	)
1/7/11-3/16/11	JPY	10,669,195	USD	129,084		(2,514	)
1/7/11-3/16/11	MXP	46,206	USD	3,707		(32	)
1/7/11-3/16/11	NOK	7,685	USD	1,275		(45	)
1/7/11-3/16/11	SEK	32,640	USD	4,743		(105	)
1/7/11-3/16/11	USD	25,945	GBP	16,778		312
1/7/11-3/16/11	USD	37,673	JPY	3,081,972		349
1/12/11	PLN	6,878	USD	2,352		24
1/21/11-3/16/11	USD	16,307	CAD	16,576		362
1/21/11-3/16/11	USD	3,417	KRW	3,890,315		13
1/26/11	COP	782,882	USD	414		3
2/3/11	USD	797	MXP	9,904		5
2/3/11-3/16/11	USD	17,047	NOK	104,239		846
2/3/11-3/16/11	USD	17,303	SEK	120,991		663
2/9/11-3/16/11	NZD	2,798	USD	2,081		(97	)
2/10/11-3/16/11	ZAR	12,219	USD	1,755		(80	)
2/11/11-3/16/11	DKK	11,612	USD	2,070		(20	)
2/17/11-3/16/11	USD	2,932	AUD	2,989		109
3/3/11	CAD	11,345	AUD	11,350		139
3/3/11	NOK	94,102	GBP	9,890		(678	)
3/3/11-3/16/11	AUD	15,880	USD	15,356		(790	)
3/3/11-3/16/11	CHF	12,674	USD	12,762		(850	)
3/16/11	CZK	5,583	USD	296		(3	)
3/16/11	KRW	368,126	USD	320		(5	)
3/16/11	MYR	1,001	USD	318		(6	)
3/16/11	SGD	3,409	USD	2,597		(65	)
3/16/11	USD	1,460	CHF	1,415		60
3/16/11	USD	157	NZD	210		6
3/16/11	USD	653	SGD	845		7

					$	(5,356	)

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at December 31, 2010, is as follows:


Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America		(93,302	)		91,368	$	(1,934	)
Barclays		(111,324	)		109,796		(1,527	)
BNP Paribas		(8,806	)		8,814		7
Brown Brothers Harriman		(357,918	)		357,984		66
Citigroup		(4,372	)		4,313		(59	)
Credit Suisse First Boston		(18,156	)		18,230		74
Deutsche Bank		(19,715	)		19,282		(433	)
Edward D. Jones		(6,063	)		6,098		35
Goldman Sachs		(20,980	)		21,684		705
HSBC		(74,674	)		76,334		1,660
JPMorgan Chase Bank		(209,816	)		206,453		(3,363	)
National Australia Bank		(203	)		207		4
RBC		(1,127	)		1,125		(3	)
Royal Bank of Scotland		(333	)		332		(1	)
Societe Generale		(480	)		495		15
UBS		(32,225	)		31,941		(284	)
Westpac Banking		(23,322	)		23,004		(318	)

						$	(5,356	)

A summary of the open futures contracts held by the Fund at December 31, 2010, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
10-Year Euro$		(8	)		Mar-2011	$	(5	)
Australian 10-Year Bond		2			Mar-2011		2
Australian 3-Year Bond		8			Mar-2011		—
Canadian 10-Year Bond		7			Mar-2011		2
Euro-Bobl		33			Mar-2011		—
Euro-Buxl 30 Year Bond		6			Mar-2011		3
Euro-Schatz		71			Mar-2011		(13	)
Japanese 10-Year Bond		3			Mar-2011		23
Long Gilt 10-Year Bond		(9	)		Mar-2011		(14	)
U.S. 10-Year Treasury Note		(38	)		Mar-2011		98
U.S. 2-Year Treasury Note		(74	)		Mar-2011		26
U.S. 5-Year Treasury Note		(139	)		Mar-2011		37
U.S. Long Treasury Bond		(16	)		Mar-2011		41

						$	200

The following is a summary of the inputs used as of December 31, 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):


	Global Bonds
Beginning balance as of October 1, 2010	$	5
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases		—
Net Sales
Net transfer in and/or out of Level 3		—

Ending balance as of December 31, 2010	$	5

Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date.	$	—

For the period ended December 31, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

Percentages are based on a Net Assets of $482,125($ 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 December 31, 2010.

(C)

Securities considered illiquid. The total market value of such securities as of December 31, 2010 was $6,811 ($ Thousands) and represented 1.4% of Net Assets.

(D)

Security in default on interest payments.

(E)

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

(F)

Real Estate Investments Trust.

At December 31, 2010, the tax basis cost of the Fund’s investments was $461,402 ($ Thousands), and the unrealized appreciation and depreciation were $21,923($ Thousands) and ($11,385)($ Thousands), respectively.

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 Funds and the counterparty. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable ISDA Master Agreement.

As of December 31, 2010, the Fund is the buyer (“receiving protection”) on a total notional amount of $— million)1 and 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; however the notional amount does approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund were the seller of protection and a credit event were to occur. Those credit default swaps 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.


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

GLOBAL BONDS — 91.8%

Argentina — 4.8%
Arcor
7.250%, 11/09/17		409	$	436
Empresa Distribuidora Y Comercializadora Norte
9.750%, 10/25/22 (A)		610		660
IRSA
11.500%, 07/20/20		810		909
Province of Buenos Aires
9.625%, 04/18/28 (A)(B)		1,605		1,332
9.625%, 04/18/28 (B)		695		577
9.375%, 09/14/18 (B)		470		411
Province of Medoza
5.500%, 09/04/18 (B)		337		287
Province of Neuquen
8.656%, 10/18/14 (A)(B)		148		156
Republic of Argentina
8.750%, 06/02/17		2,511		2,599
8.280%, 12/31/33		2,236		2,073
8.280%, 12/31/33		4,638		4,302
7.820%, 12/31/33	EUR	2,115		2,171
7.820%, 12/31/33	EUR	3,166		3,250
7.000%, 10/03/15		5,012		4,808
7.000%, 04/17/17		2,401		2,182
7.000%, 10/03/15		800		770
7.000%, 09/12/13		2,011		2,016
5.830%, 12/31/33 (C)	ARS	589		279
5.450%, 12/31/33 (C)	EUR	4,219		4,428
2.500%, 03/31/19 (D)		4,840		2,166
1.269%, 12/15/35 (C)		6,360		964
0.000%, 08/03/12 (C)		10,377		2,475
Transportadora Gas Norte
7.500%, 12/31/12 (B)(D)(E)		130		71
7.500%, 12/31/12 (A)(B)(D)(E)		260		143
7.500%, 12/31/12 (E)		420		231
6.500%, 12/31/12 (A)(B)(D)(E)		30		17
6.500%, 12/31/12 (B)(D)(E)		81		45
6.500%, 12/31/12 (B)(D)(E)		72		40
WPE International
10.375%, 09/30/20		650		637

				40,435


Bahrain — 0.2%
Kingdom of Bahrain
5.500%, 03/31/20 ( A)		1,215		1,237


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

Barbados — 0.4%
Columbus International
11.500%, 11/20/14 (A)		1,600	$	1,776
11.500%, 11/20/14		1,432		1,589
Government of Barbados
7.000%, 08/04/22 (A)		300		305

				3,670


Belize — 0.0%
Government of Belize
6.000%, 02/20/29 (B)		400		352


Bosnia and Herzegovina — 0.1%
Republic of Bosnia & Herzegovina
0.000%, 12/11/17 (B)(C)	DEM	2,204		1,058


Brazil — 7.8%
Banco Bradesco
5.900%, 01/16/21 (A)		700		701
Banco Cruzeiro do Sul
8.875%, 09/22/20 (A)		1,037		1,033
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/19 (A)		1,725		1,893
5.500%, 07/12/20 (A)		400		411
Banco Votorantim
7.375%, 01/21/20 (A)		720		759
BM&F Bovespa
5.500%, 07/16/20 (A)		163		166
BR Properties SA
9.000%, 12/31/49		762		768
Brazil Notas do Tesouro Nacional Serie F
10.000%, 01/01/13	BRL	10,600		6,142
CSN Resources
6.500%, 07/21/20 (A)		828		874
Federal Republic of Brazil
11.000%, 08/17/40		150		202
10.125%, 05/15/27		2,555		3,909
10.000%, 01/01/21	BRL	2,530		1,343
8.875%, 04/15/24		1,520		2,098
8.750%, 02/04/25		598		822
8.250%, 01/20/34		3,260		4,344
7.125%, 01/20/37		1,735		2,069
6.000%, 01/17/17		3,925		4,441
5.875%, 01/15/19		3,267		3,626
5.625%, 01/07/41		1,050		1,042
4.875%, 01/22/21		550		561
Fibria Overseas Finance
7.500%, 05/04/20 (A)		1,358		1,426
General Shopping Finance
10.000%, 12/31/49		922		874
Gerdau Trade
5.750%, 01/30/21 (A)		452		453


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

JBS Finance II
8.250%, 01/29/18		1,820	$	1,829
8.250%, 01/29/18		500		502
Minerva Overseas
10.875%, 11/15/19		310		328
10.875%, 11/15/19		529		559
Nota Do Tesouro Nacional
10.000%, 01/01/21	BRL	15,900		8,484
10.000%, 01/01/17	BRL	2,200		1,215
6.000%, 05/15/15	BRL	6,700		7,927
6.000%, 08/15/20	BRL	1,600		1,911
Odebrecht Drilling Norbe VIII
6.350%, 06/30/21 (A)		1,630		1,695
Rearden G Holdings EINS GmbH
7.875%, 03/30/20 (A)		175		185
Vale Overseas
4.625%, 09/15/20		679		672
Voto-Votorantim
6.750%, 04/05/21 (A)		306		320
6.625%, 09/25/19 (A)		490		510

				66,094


Chile — 0.8%
Banco Estado
4.125%, 10/07/20 (A)		700		665
Celulosa Arauco y Constitucion
5.000%, 01/21/21 (A)		461		453
Empresa Nacional del Petroleo
6.250%, 07/08/19 (A)		550		593
6.250%, 07/08/19		700		755
5.250%, 08/10/20 (A)		500		500
Nacional del Cobre de Chile
7.500%, 01/15/19		500		609
6.150%, 10/24/36 (F)		2,200		2,402
3.750%, 11/04/20 (A)		1,200		1,137

				7,114


China — 1.1%
Central China Real Estate
12.250%, 10/20/15		436		472
China Oriental Group
8.000%, 08/18/15 (A)		1,974		2,083
Evergrande Real Estate
13.000%, 01/27/15		155		169
13.000%, 01/27/15		708		771
Kaisa Group Holdings
13.500%, 04/28/15		539		551
Sinochem Overseas Capital
6.300%, 11/12/40 (A)		616		630
4.500%, 11/12/20 (A)		4,556		4,490
Sino-Forest Corporation
6.250%, 10/21/17 (A)		430		434

				9,600


Colombia — 4.2%
Bogota Distrio Capital
9.750%, 07/26/28 (A)	COP	9,020,000		6,337
Ecopetrol
7.625%, 07/23/19 (A)		500		578


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

Republic of Colombia
11.750%, 02/25/20		1,645	$	2,480
10.375%, 01/28/33		400		600
8.125%, 05/21/24		2,300		2,904
7.375%, 01/27/17		3,807		4,492
7.375%, 09/18/37		10,100		11,968
7.375%, 03/18/19		4,470		5,364
6.125%, 01/18/41		1,275		1,307

				36,030


Croatia — 0.9%
Government of Croatia
6.750%, 11/05/19		1,333		1,395
6.625%, 07/14/20 (A)(F)		4,918		5,077
Zagrebacki Holding
5.500%, 07/10/17	EUR	1,100		1,180

				7,652


Czech Republic — 0.1%
Central European Media Enterprises
11.625%, 09/15/16 (A)	EUR	450		613


Dominican Republic — 0.2%
Cap Cana
10.000%, 04/30/16		663		345
10.000%, 04/30/16		539		383
Republic of Dominican Republic
9.040%, 01/23/18		16		18
7.500%, 05/06/21 (A)		750		808

				1,554


Ecuador — 0.1%
Republic of Ecuador
9.375%, 12/15/15		550		511


Egypt — 0.4%
Government of Egypt
5.750%, 04/29/20		850		884
5.750%, 04/29/20 (A)		1,248		1,285
Nile Finance
5.250%, 08/05/15		600		618
Orascom Telecom Finance SCA
7.875%, 02/08/14		557		518

				3,305


El Salvador — 0.8%
Republic of El Salvador
8.250%, 04/10/32		250		277
7.650%, 06/15/35		4,386		4,638
7.375%, 12/01/19		200		221
7.375%, 12/01/19 (A)		930		1,028
Telemovil Finance
8.000%, 10/01/17 (A)		900		927

				7,091


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


Georgia — 0.5%
BG Finance for JSC Bank of Georgia
9.000%, 02/08/12		1,850	$	1,850
Republic of Georgia
7.500%, 04/15/13		1,950		1,999

				3,849


Germany — 0.1%
Deutsche Bank
10.394%, 08/29/14 (A)(C)		1,188		1,191


Ghana — 0.2%
Republic of Ghana
8.500%, 10/04/17 (A)		500		561
8.500%, 10/04/17		800		904

				1,465


Hong Kong — 0.2%
Bank of China Hong Kong
5.550%, 02/11/20 (A)		1,700		1,776


Hungary — 0.1%
Republic of Hungary
6.250%, 01/29/20		1,100		1,064


India — 0.4%
Axis Bank
4.750%, 05/02/16 (A)		644		646
ICICI Bank
5.750%, 11/16/20 (A)		1,523		1,516
Indian Oil
4.750%, 01/22/15		200		206
Reliance Holdings USA
6.250%, 10/19/40		300		300
State Bank of India
4.500%, 07/27/15 (A)		650		665
Vedanta Resources
9.500%, 07/18/18 (A)		79		86

				3,419


Indonesia — 5.1%
Bakrie Telecom Pte
11.500%, 05/07/15		105		114
Bumi Invest
10.750%, 10/06/17 (A)		500		545
Indo Integrated Energy
9.750%, 11/05/16		346		391
Indosat Palapa BV
7.375%, 07/29/20 (A)		1,202		1,328


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

Majapahit Holding
8.000%, 08/07/19 (A)		500	$	584
8.000%, 08/07/19		150		175
7.875%, 06/29/37 (A)(B)		355		408
7.750%, 01/20/20		300		346
7.750%, 10/17/16		750		868
7.750%, 01/20/20 (A)		350		403
7.250%, 10/17/11		450		469
PT Adaro
7.625%, 10/22/19 (A)		305		333
Republic of Indonesia
12.800%, 06/17/21	IDR	6,389,000		952
11.625%, 03/04/19 (A)		1,425		2,113
11.625%, 03/04/19		4,528		6,713
11.000%, 11/15/20	IDR	14,300,000		1,935
10.375%, 05/04/14		1,350		1,677
9.500%, 06/15/15	IDR	15,558,000		1,900
8.500%, 10/12/35		2,850		3,734
8.500%, 10/12/35		550		720
7.750%, 01/17/38		5,065		6,154
7.500%, 01/15/16		1,000		1,172
7.250%, 04/20/15		130		151
6.875%, 03/09/17		1,289		1,490
6.875%, 01/17/18 (A)(F)		1,400		1,624
6.875%, 01/17/18		1,950		2,262
6.750%, 03/10/14 (A)		350		393
6.750%, 03/10/14		950		1,064
6.625%, 02/17/37		1,550		1,693
5.875%, 03/13/20 (A)		1,024		1,124
Star Energy
11.500%, 02/12/15		400		455

				43,290


Iraq — 1.4%
Republic of Iraq
5.800%, 01/15/28 (F)		13,069		11,893


Ivory Coast — 0.2%
Government of Ivory Coast
2.500%, 12/31/32		4,013		1,766


Jamaica — 0.3%
Digicel Group
10.500%, 04/15/18		960		1,056
9.125%, 01/15/15 (A)		592		599
8.875%, 01/15/15 (A)		1,050		1,061

				2,716


Kazakhstan — 4.3%
BTA Bank JSC
10.750%, 01/01/13 (D)		264		285
10.750%, 01/01/13 (A)(D)		1,202		1,298
0.000%, 07/01/20 (A)(C)		2,492		191
CenterCredit International
8.625%, 01/30/14		2,400		2,442


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

Development Bank of Kazakhstan JSC
5.500%, 12/20/15 (A)		650	$	655
HSBK Europe
9.250%, 10/16/13		825		900
7.250%, 05/03/17		960		967
Kazatoprom
6.250%, 05/20/15		300		318
Kazkommerts International
8.700%, 04/07/14 (C)		1,300		1,079
8.500%, 04/16/13		1,150		1,121
8.000%, 11/03/15		1,900		1,769
7.875%, 04/07/14		500		474
7.500%, 11/29/16 (B)		2,550		2,225
6.875%, 02/13/17	EUR	450		531
6.250%, 05/20/15		1,123		1,190
Kazkommertsbank MTN
12.850%, 12/18/12		600		621
KazMunaiGaz Finance Sub
11.750%, 01/23/15 (A)		2,673		3,318
11.750%, 01/23/15		350		435
9.125%, 07/02/18		1,329		1,555
9.125%, 07/02/18 (A)		2,400		2,808
8.375%, 07/02/13		2,900		3,194
7.000%, 05/05/20		650		676
7.000%, 05/05/20 (A)		1,843		1,917
KazMunayGas National
6.375%, 04/09/21 (A)		3,056		3,029
Republic of Kazakhstan
6.375%, 10/06/20 (A)		1,620		1,691
Tengizchevroil Finance
6.124%, 11/15/14		286		299
Zhaikmunai Finance BV
10.500%, 10/19/15 (A)		1,849		1,860

				36,848


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


Lithuania — 0.8%
Republic of Lithuania
7.375%, 02/11/20 (A)		1,200		1,326
7.375%, 02/11/20		1,250		1,384
6.750%, 01/15/15 (A)		1,150		1,242
5.125%, 09/14/17 (A)		2,575		2,537

				6,489


Malaysia — 3.4%
Axiata SPV1 Labuan
5.375%, 04/28/20		250		254
Government of Malaysia
3.835%, 08/12/15	MYR	10,610		3,499
3.741%, 02/27/15	MYR	10,560		3,477
Malaysia Sukuk Global
3.928%, 06/04/15 (A)		400		415
Petroliam Nasional
7.625%, 10/15/26		925		1,182


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

Petronas Capital
7.875%, 05/22/22 (A)		250	$	322
7.875%, 05/22/22		7,405		9,497
5.250%, 08/12/19		1,200		1,287
5.250%, 08/12/19 (A)		8,745		9,380

				29,313


Mexico — 8.5%
Alestra
11.750%, 08/11/14 (F)		620		713
Axtel
9.000%, 09/22/19		895		850
7.625%, 02/01/17 (A)		109		101
BBVA Bancomer
6.008%, 05/17/22 (C)		670		669
Cemex
9.250%, 05/12/20 (A)		1,763		1,732
9.250%, 05/12/20		686		674
Cemex Espana
8.875%, 05/12/17	EUR	51		60
Cemex Finance
9.500%, 12/14/16		500		516
Cemex Finance Europe BV
4.750%, 03/05/14	EUR	731		809
Desarrolladora Homex
7.500%, 09/28/15		225		232
GEO
9.250%, 06/30/20 (A)		1,190		1,348
9.250%, 06/30/20		500		566
Grupo Senda
10.500%, 10/03/15		3,665		3,702
Hipotecaria Su Casita
8.500%, 10/04/16 (A)		189		79
8.500%, 10/04/16		65		27
Mexican Bonos
9.000%, 06/20/13	MXP	7,200		631
8.500%, 12/13/18	MXP	49,400		4,425
7.500%, 06/21/12	MXP	7,600		639
Mexican Bonos, Ser M10
7.250%, 12/15/16	MXP	10,700		901
Mexican Bonos, Ser MI10
9.500%, 12/18/14	MXP	10,161		922
9.000%, 12/20/12	MXP	28,270		2,456
Mexican Udibonos
5.000%, 06/16/16	MXP	11,600		4,836
4.000%, 06/13/19	MXP	4,770		1,912
NII Capital
10.000%, 08/15/16		3,759		4,163
Oceanografia
11.250%, 07/15/15		1,029		633
Pemex Finance
9.150%, 11/15/18		1,595		2,036
Pemex Project Funding Master Trust
6.625%, 06/15/35		2,546		2,591
5.750%, 03/01/18		1,505		1,609
Petroleos Mexicanos
8.000%, 05/03/19		700		843
6.000%, 03/05/20 (A)		300		318


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

United Mexican States
8.300%, 08/15/31		6,304	$	8,321
8.125%, 12/30/19		550		700
6.625%, 03/03/15		1,650		1,897
6.050%, 01/11/40		3,350		3,442
5.950%, 03/19/19		1,450		1,617
5.625%, 01/15/17		5,794		6,408
5.125%, 01/15/20		650		678
United Mexican States, Ser A MTN
8.000%, 09/24/22		4,986		6,357
6.750%, 09/27/34		1,848		2,079

				72,492


Nigeria — 0.1%
GTB Finance
8.500%, 01/29/12		600		611
UBS
9.350%, 09/04/17 (A)(B)(C)		750		521

				1,132


Oman — 0.0%
Blue City Investments
13.750%, 11/07/13 (B)		2,250		337


Pakistan — 0.5%
Republic of Pakistan
7.125%, 03/31/16		2,460		2,215
6.875%, 06/01/17		2,240		1,949

				4,164


Panama — 2.1%
Republic of Panama
9.375%, 04/01/29		5,338		7,487
9.375%, 01/16/23		560		759
8.875%, 09/30/27		975		1,336
8.125%, 04/28/34		820		1,025
7.250%, 03/15/15		1,523		1,759
6.700%, 01/26/36		4,161		4,639
5.200%, 01/30/20		444		471

				17,476


Peru — 2.5%
Banco de Credito del Peru
5.375%, 09/16/20 (A)		1,210		1,192
Continental Senior Trustees Cayman
5.500%, 11/18/20 (A)		771		749
Interoceanica IV Finance
3.914%, 11/30/25 (A)(B)(G)		905		432
3.725%, 11/30/18 (A)(B)(G)		408		312
Peru Enhanced Pass-Through Finance
3.679%, 05/31/18 (A)(B)(G)		545		436
3.640%, 05/31/18 (G)		202		161


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

Republic of Peru
8.750%, 11/21/33		6,521	$	8,950
8.375%, 05/03/16		600		741
7.350%, 07/21/25		5,710		6,946
7.125%, 03/30/19		997		1,191
6.550%, 03/14/37		345		378

				21,488


Philippines — 5.2%
National Power
9.625%, 05/15/28 (B)		1,400		1,911
Power Sector
7.390%, 12/02/24		800		948
7.250%, 05/27/19		150		176
Republic of the Philippines
10.625%, 03/16/25		3,600		5,535
9.500%, 02/02/30		3,250		4,680
8.875%, 03/17/15		75		92
8.375%, 06/17/19		1,500		1,939
7.750%, 01/14/31		5,623		6,930
7.500%, 09/25/24		11,059		13,686
6.375%, 10/23/34		4,840		5,130
4.000%, 01/15/21		3,656		3,548

				44,575


Poland — 1.7%
Polish Television Holding
13.000%, 11/15/14 (A)(D)	EUR	600		805
Republic of Poland
6.375%, 07/15/19		9,629		10,786
4.000%, 03/23/21	EUR	736		936
TVN Finance
10.750%, 11/15/17 (A)	EUR	1,300		1,923

				14,450


Qatar — 1.8%
Government of Qatar
9.750%, 06/15/30		425		631
6.400%, 01/20/40 (A)		710		770
5.250%, 01/20/20 (A)		5,650		5,961
5.250%, 01/20/20		1,480		1,569
4.000%, 01/20/15 (A)		300		311
Qatari Diar Finance
5.000%, 07/21/20 (A)		2,000		1,991
Qtel International Finance
7.875%, 06/10/19		2,574		3,075
6.500%, 06/10/14 (A)		200		219
5.000%, 10/19/25 (A)		420		380
4.750%, 02/16/21 (A)		457		436

				15,343


Russia — 8.2%
Alfa Bank Via Alfa Bond Issuance
7.875%, 09/25/17 (A)		675		687
Alfa Diversified Payment Rights Finance MTN
2.202%, 12/15/11 (A)(C)		112		103
Alfa Invest MTN
9.250%, 06/24/13 (A)(B)		750		811


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

Alfa Issuance MTN
8.000%, 03/18/15		417	$	433
Alrosa Finance
7.750%, 11/03/20 (A)		1,428		1,498
Bank of Moscow
7.500%, 11/25/15 (B)(C)		1,200		1,156
Edel Capital for Sinek Capital
7.700%, 08/03/15		500		527
Gaz Capital
8.625%, 04/28/34		270		324
6.510%, 03/07/22 (A)		636		649
MTS International Funding
8.625%, 06/22/20 (A)		1,840		2,091
RSHB Capital
7.750%, 05/29/18		450		487
6.299%, 05/15/17		100		101
Russian Federal Bond - OFZ
11.200%, 12/17/14	RUB	42,300		1,582
10.550%, 07/08/11	RUB	97,900		3,306
Russian Federation Registered
12.750%, 06/24/28		2,310		4,002
7.500%, 03/31/30		27,017		31,245
Russian Foreign Bond - Eurobond
5.000%, 04/29/20 (A)		1,500		1,500
3.625%, 04/29/15		300		300
RZD Capital MTN
5.739%, 04/03/17		650		675
SCF Capital
5.375%, 10/27/17 (A)		1,600		1,566
Severstal OAO Via Steel Capital
6.700%, 10/25/17 (A)		857		846
Teorema
11.000%, 10/27/09 (E)		3,400		340
TNK-BP Finance
7.875%, 03/13/18 (A)		147		167
7.500%, 07/18/16 (A)		365		405
7.250%, 02/02/20 (A)		352		383
6.250%, 02/02/15 (A)		202		214
Vimpel Communications
9.125%, 04/30/18		850		965
9.125%, 04/30/18 (A)(B)		600		683
8.375%, 04/30/13		940		1,014
8.250%, 05/23/16		570		623
Vnesheconombank Via VEB Finance
6.902%, 07/09/20 (A)		2,985		3,127
6.800%, 11/22/25 (A)		1,000		998
5.450%, 11/22/17 (A)		700		698
VTB Bank Via VTB Capital
6.551%, 10/13/20 (A)		960		943
VTB Capital
6.875%, 05/29/18		3,400		3,591
6.609%, 10/31/12 (A)		950		1,013
6.250%, 06/30/35		381		391

				69,444


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

Saudi Arabia — 0.1%
Dar Al-Arkan International Sukuk
10.750%, 02/18/15 (A)		1,200	$	1,186


Singapore — 0.3%
Sea Product
2.192%, 02/18/15 (B)		2,395		1,784
STATS ChipPAC
7.500%, 08/12/15 (A)		602		649
Yanlord Land Group
9.500%, 05/04/17		114		120

				2,553


South Africa — 2.1%
Consol Glass MTN
7.625%, 04/15/14	EUR	221		297
Edcon Proprietary
4.276%, 06/15/14 (C)	EUR	2,900		3,268
Gold Fields Orogen Holdings
4.875%, 10/07/20		504		482
Myriad International Holding BV
6.375%, 07/28/17 (A)		2,489		2,607
Republic of South Africa
8.500%, 06/23/17		860		1,075
6.875%, 05/27/19		2,027		2,374
6.750%, 03/31/21	ZAR	12,840		1,751
6.500%, 06/02/14		2,195		2,469
5.875%, 05/30/22		1,900		2,043
5.500%, 03/09/20		1,400		1,489

				17,855


South Korea — 0.3%
Export-Import Bank of Korea
8.125%, 01/21/14		720		823
5.875%, 01/14/15		695		753
Republic of Korea
7.125%, 04/16/19		900		1,072

				2,648


Sri Lanka — 0.1%
Republic of Sri Lanka
7.400%, 01/22/15 (A)		450		496
6.250%, 10/04/20 (A)		350		355

				851


Supra-National — 0.1%
Andina de Fomento
8.125%, 06/04/19		485		571
Eurasian Development Bank
7.375%, 09/29/14 (A)		275		297

				868


Thailand — 0.4%
True Move
10.750%, 12/16/13 (A)(B)		1,250		1,347
10.750%, 12/16/13		600		645
10.375%, 08/01/14		1,000		1,065

				3,057


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

Trinidad & Tobago — 0.4%
Petroleum of Trinidad & Tobago
9.750%, 08/14/19 (A)		890	$	1,068
6.000%, 05/08/22 (B)		1,969		1,975
6.000%, 05/08/22 (A)		335		336

				3,379


Tunisia — 0.3%
Banque Centrale de Tunisie
8.250%, 09/19/27		800		972
7.375%, 04/25/12		1,105		1,180
6.250%, 02/20/13	EUR	360		514

				2,666


Turkey — 4.1%
Akbank
5.125%, 07/22/15 (A)		1,000		1,010
Globus Capital Finance
8.500%, 03/05/12		500		470
Republic of Turkey
11.875%, 01/15/30		1,050		1,803
9.500%, 01/15/14		500		599
8.000%, 02/14/34		2,050		2,568
7.500%, 07/14/17		1,000		1,183
7.500%, 11/07/19		3,630		4,320
7.375%, 02/05/25		2,620		3,117
7.250%, 03/15/15		850		980
7.250%, 03/05/38		2,790		3,247
7.000%, 06/05/20		570		658
7.000%, 09/26/16		938		1,079
7.000%, 03/11/19		650		751
6.875%, 03/17/36		4,220		4,705
6.750%, 04/03/18		2,900		3,306
6.750%, 05/30/40		3,483		3,796
5.625%, 03/30/21		1,150		1,196

				34,788


Ukraine — 3.5%
Avangardco Investments
10.000%, 10/29/15		567		527
Biz Finance for Ukreximbank
8.375%, 04/27/15		1,650		1,695
Credit Suisse First Boston International for CJSC The EXIM of Ukraine
8.000%, 11/06/15 (B)		215		197
7.650%, 09/07/11 (B)		500		509
6.800%, 10/04/12		750		753
DTEK Finance BV
9.500%, 04/28/15 (A)		620		642
9.500%, 04/28/15		512		530
Financing of Infrastrucural Projects State Enterprise
8.375%, 11/03/17 (A)		550		575


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

Government of Ukraine
7.750%, 09/23/20 (A)		1,990	$	2,025
7.650%, 06/11/13		250		263
7.650%, 06/11/13		700		736
6.875%, 09/23/15 (A)		3,301		3,355
6.750%, 11/14/17		850		847
6.580%, 11/21/16		1,500		1,500
6.580%, 11/21/16 (A)		1,340		1,340
JSC Commercial Bank
8.000%, 02/06/12		2,850		2,807
Metinvest BV
10.250%, 05/20/15		100		107
10.250%, 05/20/15 (A)		620		660
MHP
10.250%, 04/29/15		368		388
10.250%, 04/29/15		1,428		1,505
NAK Naftogaz Ukraine
9.500%, 09/30/14		8,223		8,963
Springvale Holdings
9.181%, 09/07/09 (B)(C)(E)		1,000		75

				29,999


United Arab Emirates — 3.0%
Abu Dhabi Government International Bond
6.750%, 04/08/19		1,000		1,165
Aldar Funding
5.767%, 11/10/11		2,897		2,854
Dolphin Energy
5.888%, 06/15/19 (A)		461		494
5.888%, 06/15/19		508		543
DP World
6.850%, 07/02/37		1,550		1,425
Dubai DOF Sukuk MTN
6.396%, 11/03/14		1,600		1,598
Dubai Electricity & Water Authority
8.500%, 04/22/15		228		242
8.500%, 04/22/15 (A)		1,300		1,382
7.375%, 10/21/20 (A)		2,216		2,073
Dubai Holding Commercial Operations MTN
4.750%, 01/30/14	EUR	3,300		3,564
0.841%, 02/01/12 (C)		150		132
Dubai Sukuk Centre
0.677%, 06/13/12 (C)		1,100		919
Emirate of Abu Dhabi
6.750%, 04/08/19 (A)		470		545
Jafz Sukuk
3.741%, 11/27/12 (C)	AED	22,400		5,317
Nakheel Development
2.750%, 01/16/11		3,200		3,616

				25,869


Uruguay — 2.3%
Republic of Uruguay PIK
7.875%, 01/15/33		2,450		2,952


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

Republic of Uruguay
9.250%, 05/17/17		2,925	$	3,773
8.000%, 11/18/22		7,707		9,537
7.625%, 03/21/36		2,395		2,844
6.875%, 09/28/25		401		457

				19,563


Venezuela — 5.1%
Government of Venezuela
13.625%, 08/15/18		2,100		2,048
13.625%, 08/15/18		144		140
12.750%, 08/23/22		100		89
10.750%, 09/19/13		400		385
9.375%, 01/13/34		1,880		1,274
9.250%, 05/07/28		3,015		2,035
9.250%, 09/15/27		2,520		1,877
9.000%, 05/07/23		7,256		4,934
8.500%, 10/08/14 (F)		5,236		4,424
8.250%, 10/13/24		3,755		2,384
7.750%, 10/13/19		2,375		1,591
7.650%, 04/21/25		3,520		2,218
7.000%, 03/31/38		100		56
7.000%, 12/01/18		230		152
6.000%, 12/09/20		880		506
5.750%, 02/26/16		1,363		961
Petroleos de Venezuela
5.500%, 04/12/37		3,400		1,573
5.375%, 04/12/27		10,879		5,195
5.250%, 04/12/17		8,915		5,104
5.000%, 10/28/15		3,176		1,810
4.900%, 10/28/14		7,216		4,510

				43,266


Vietnam — 0.2%
Republic of Vietnam
6.875%, 01/15/16		350		367
6.750%, 01/29/20		300		304
6.750%, 01/29/20 (A)		844		857

				1,528

Total Global Bonds (Cost $716,266) ($ Thousands)				782,492


LOAN PARTICIPATIONS — 2.6%

Angola — 0.2%
Republic of Angola
3.254%, 04/30/16	EUR	1,192		1,464


Cambodia — 0.2%
Camgsm PIK
12.761%, 05/25/11		1,943		1,943


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


Indonesia — 0.2%
PT Bumi
0.505%, 08/07/13		1,743		1,788


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

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

				2,406


Russia — 0.2%
Snegri
10.500%, 10/10/11 (B)		2,222		1,777


Singapore — 1.5%
Connect International PIK
0.000%, 08/31/11 (B)(E)		9,161		9,190
Morton Bay
6.220%, 06/30/11 (B)		3,389		3,193

				12,383

Total Loan Participations (Cost $24,375) ($ Thousands)				21,988


CONVERTIBLE BONDS — 0.4%
Firstsource CV to 42,549.14 Shares
6.385%, 12/04/12 (G)		1,900		2,100
Suzlon Energy CV to 22.683 Shares
2.227%, 06/12/12		1,092		1,130
Suzlon Energy CV to 533.2762 Shares
2.500%, 07/25/14 (G)		450		400

Total Convertible Bonds (Cost $3,170) ($ Thousands)				3,630


	Number Of Warrants
WARRANTS — 0.0%

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

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


Description	Face Amount(1) (Thousands)		Market Value ($ Thousands)
AFFILIATED PARTNERSHIP — 0.7%

United States — 0.7%
SEI Liquidity Fund, L.P., 0.210%**†(H)		6,534,794	$	6,266

Total Affiliated Partnership (Cost $6,535) ($ Thousands)				6,266

Total Investments — 95.5% (Cost $750,424) ($ Thousands)§			$	814,376

A summary of the outstanding forward foreign currency contracts held by the Fund at December 31, 2010, is as follows:


Settlement Date	Currency to Deliver (Thousands)		Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
1/13/11-2/22/11	USD	4,134	INR	188,575	$	64
1/18/11-1/26/11	EUR	16,788	USD	22,119		(400	)
1/26/11	COP	9,506,000	USD	5,134		144
1/26/11	USD	4,939	COP	9,506,000		51
2/7/11	PLN	18,176	USD	5,882		(262	)
2/7/11	USD	6,441	PLN	18,176		(298	)
2/14/11	KRW	4,749,256	USD	4,133		(57	)
5/20/11	CNY	12,692	USD	1,892		(36	)
5/20/11-8/9/11	USD	5,162	CNY	34,474		98

					$	(696	)

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at December 31, 2010, is as follows:


Counterparty	Currency to Deliver ($ Thousands)	Currency to Receive ($ Thousands)	Unrealized Appreciation (Depreciation) ($ Thousands)
Brown Brothers Harriman	(4,939)	4,990	$	51
Citigroup	(14,282)	14,514		232
Goldman Sachs	(1,680)	1,710		30
HSBC	(13,568)	13,412		(156	)
JPMorgan Chase Bank	(15,646)	15,111		(535	)
UBS	(10,333)	10,015		(318	)

			$	(696	)

A summary of the open futures contracts held by the Fund at December 31, 2010, is as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Unrealized (Depreciation) ($ Thousands)
U.S. Ultra Long Treasury Bond		2		Mar-2011	$	(5	)

A summary of outstanding swap agreements held by the fund at December 31, 2010, is as follows:

The following is a summary of the inputs used as of December 31, 2010, in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1			Level 2			Level 3		Total
Global Bonds		—			782,492			—		782,492
Loan Participations		—			—			21,988		21,988
Convertible Bonds		—			3,630			—		3.630
Warrants		—			—			—		—
Affiliated Partnership		—			6,266			—		6,266

Total Investments in Securities	$	—		$	792,388		$	21,988	$	814,376


Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts*	$	(5	)	$	—		$	—	$	(5	)
Forward Contracts*		—			(696	)		—		(696	)
Total Return Swaps		—			15			—		15
Interest Rate Swap		—			45			—		45

Total Other Financial Instruments	$	(5	)	$	(636	)	$	—	$	(641	)

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


	Loan Participations
Beginning balance as of October 1, 2010	$	21,781
Accrued discounts/premiums		4
Realized gain/(loss)		(5	)
Change in unrealized appreciation/(depreciation)		(528	)
Net purchases		997
Net sales		(261	)
Net transfer in and/or out of Level 3		—

Ending balance as of December 31, 2010	$	21,988

Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date.	$	224

Percentages are based on a Net Assets of $852,340($ Thousands).

Non-income producing security

Rate shown is the 7-day effective yield as of December 31, 2010.

†

Affiliated Security

(1)

In U.S. dollars unless otherwise indicated.

(A)

(B)

Securities considered illiquid. The total market value of such securities as of December 31, 2010 was $36,174($ Thousands) and represented 4.2% of Net Assets.

(C)

Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of December 31, 2010.

(D)

Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on December 31, 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 December 31, 2010. The total market value of securities on loan at December 31, 2010 was $6,038 ($ Thousands).

(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. The total value of such securities as of December 31, 2010 was $6,266 ($ Thousands).

At December 31, 2010, the tax basis cost of the Fund’s investments was $750,424 ($ Thousands), and the unrealized appreciation and depreciation were $79,065($ Thousands) and ($15,113)($ Thousands), respectively.

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

KRW — Korean Won

KWCDC — Korean Won Certificate of Deposit

L.P. — Limited Partnership

MTN — Medium Term Note

MXP — Mexican Peso

MYR — Malaysian Ringgit

PIK — Payment-in-Kind

PLN — Polish Zloty

RUB — Russian Ruble

Ser — Series

USD — U.S. Dollar

ZAR — South African Rand

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

(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 (except as noted below), 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.

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

(b) There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. Subsequent to the Registrant’s last fiscal quarter, 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) 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 Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

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.


1		SEI Institutional International Trust / Quarterly Report / December 31, 2010


Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date		Notional Amount		Net Unrealized Appreciation (Depreciation) ($Thousands)
Barclays Bank	3.83%	3-Month LIBOR		03/31/20	USD	2,650,000	$	(152	)
Citigroup	3.79%	6-Month GBP LIBOR		05/19/19	GBP	2,500,000		(144	)
Deutsche Bank	3.45%	6-Month EUR LIBOR		10/16/19	EUR	3,400,000		(130	)
Deutsche Bank	6-Month EURIBOR	4.17%		03/28/13	EUR	7,000,000		801
JPMorgan Chase Bank	6-Month JPY LIBOR	2.22%		03/26/27	JPY	750,000,000		793
JPMorgan Chase Bank	6-Month EURIBOR	4.38%		01/07/13	EUR	5,400,000		684
JPMorgan Chase Bank	4.20%	6-Month EURIBOR		03/30/12	EUR	3,000,000		(257	)
JPMorgan Chase Bank	6-Month JPY LIBOR	1.29%		03/26/12	JPY	1,300,000,000		214

							$	1,809


WRITTEN CREDIT DERIVATIVE CONTRACTS	SINGLE NAME CDS				CREDIT DEFAULT SWAP INDEX
REFERENCE ASSET	CORP US$		SOVEREIGN US$		ABS US$		CORP US$		Total
Fair value written credit derivatives	$	49,238		—		—		—	$	49,238
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 can obtain upon occurrence of triggering event		—		—		—		—		—


MAXIMUM POTENTIAL AMOUNT OF FUTURE PAYMENTS BY CONTRACT TERM
	0-6 MONTHS		6-12 MONTHS		1-5 YEARS		5-10 YEARS		> 10 YEARS		Total
Current credit spread* on underlying (in basis points)¹
0 - 100		—		—		—		—		—		—
101- 250		—		—	$	350,000		—		—	$	350,000
251- 500		—		—				—				—
501- 1000		—		—		—		—		—		—
> than 1,000		—		—		—		—		—		—

Total		—		—	$	350,000		—		—	$	350,000


(Registrant) SEI Institutional International Trust

By (Signature and Title)		/S/ ROBERT A. NESHER
		Robert A. Nesher, Chief Executive Officer


By (Signature and Title)		/S/ STEPHEN F. PANNER
		Stephen F. Panner, Controller & CFO