SEI Institutional International Trust

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

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

I. Objective:

The International Equity Fund (the “Fund”) seeks to provide long-term capital appreciation by investing in equity securities of foreign issuers.

II. Multi-Manager Approach Statement:

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC). The Fund uses the following sub-advisers as of September 30, 2011: Acadian Asset Management LLC, Causeway Capital Management LLC, del Rey Global Investors LLC, INTECH Investment Management LLC, Neuberger Berman Management LLC, Quantitative Management Associates LLC, Schroder Investment Management North America, Inc. and Tradewinds Global Investors LLC. For the year ended September 30, 2011, Causeway Capital Management LLC, del Rey Global Investors LLC and Tradewinds Global Investors LLC were added to the Fund.

III. Market Commentary:

Over the past year, investor fear drove volatility in global equity markets and led to measurable losses by September 30, 2011. The period began with positive momentum at the end of 2010 that was driven by “less bad” economic news and optimism regarding the prospects of additional quantitative easing measures by the U.S. Federal Reserve. However, jitters already began to take hold, stemming from concerns over the European sovereign debt situation as well as the prospects of a hard landing for the Chinese domestic economy. The beginning of 2011 saw continued positive — though diminished — market trends as favorable economic news drove markets upward despite the political turmoil in the Middle East and catastrophic events that took place in Japan. The third quarter of 2011, though, was tough on equity investors. All emerging and developed regions posted sharply negative returns, citing continued concerns about the European debt crisis, slow economic growth in China and a political stalemate in the U.S. that delayed resolution of the country’s debt ceiling extension and prompted Standard & Poor’s to downgrade its debt from AAA to AA+. Overall, emerging markets and eurozone countries were hurt most for the trailing 12 months, with Greece unsurprisingly the hardest hit overall. On a regional basis, Japan felt the least impact from the market downturn due to its strong recovery from the catastrophic earthquake and tsunami in March, as well as a relatively strong currency. The Consumer Staples and Health Care sectors did well for the period, managing to post positive returns. In contrast, Materials and Utilities posted large negative results, along with Financials, which underperformed all other sectors by a wide

margin. Growth outperformed value, and large-cap companies outperformed small-cap companies for the one-year period.

IV. Return vs. Benchmark:

For the year ended September 30, 2011, the Fund’s Class A Shares underperformed the MSCI EAFE Index (the “Index”), returning -11.34% versus the Index return of -9.36%.

V. Fund Attribution:

At the sector level, Fund underperformance was caused by stock selection and the allocation to emerging markets. Selection in Energy and Financials hurt most, while selection in Industrials and Telecommunications helped. The underweight to Consumer Staples hampered results for the period as well. Regionally, stock selection within Europe helped. In terms of allocation, the overweight to emerging markets (which underperformed for the period) and underweight to the U.K. (which had relatively strong performance for the period) drove negative performance.

International Equity Fund:

AVERAGE ANNUAL TOTAL RETURN¹


	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A		(11.34)%		(5.03)%		(7.78)%		1.90%		2.32%
Class I		(11.44)%		(5.21)%		(7.98)%		1.68%		2.08%

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

LOGO

For the period ended September 30, 2011. Past performance is no indication of future performance. Class I Shares were offered beginning on January 4, 2002. Class A Shares were offered beginning December 20, 1989. Class I Shares performance for the period prior to January 4, 2002 is performance derived from the performance of the Class A Shares. The performance of Class I Shares may be lower than the performance of Class A Shares because of different distribution fees paid by Class I shareholders. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective:

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

II. Multi-Manager Approach Statement:

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC). The Fund uses the following sub-advisers as of September 30, 2011: Artisan Partners Limited Partnership, Delaware Management Company, JO Hambro Capital Management Limited, Lazard Asset Management LLC, Neuberger Berman Management LLC, PanAgora Asset Management, Inc. and The Boston Company Asset Management LLC. For the year ended September 30, 2011, Delaware Management Company and JO Hambro Capital Management Limited were added to the Fund.

III. Market Commentary:

For the year ended September 30, 2011, emerging markets lagged the developed world by double digits, with uncertainty driving the direction of markets. The period began with positive momentum caused by improving global economic news. However, this was tempered by fear stemming from concerns over the European sovereign debt situation and the prospect of a hard landing for the Chinese domestic economy. The beginning of 2011 saw sustained positive — though diminished — trends, as continued positive economic news drove markets upward despite the political turmoil in the Middle East, the threat of military conflict in Korea and the catastrophic events that took place in Japan. The third quarter of 2011, though, was tough on equity investors. All emerging and developed regions posted sharply negative returns, citing continued concerns about the European debt crisis, slowing economic growth in China, and the political stalemate in the U.S. that delayed resolution of the country’s debt ceiling extension and prompted Standard & Poor’s to downgrade its debt from AAA to AA+. In general, the larger countries, namely Brazil, India and China, weighed heaviest on emerging markets’ performance for the period. There was also event-driven underperformance in Egypt, as well as economic concerns that caused poor performance in portions of emerging Europe (Turkey,

Hungary and Poland). Indonesia was the strongest performing country within the emerging markets benchmark for the trailing 12-month period.

IV. Return vs. Benchmark:

For the year ended September 30, 2011, the Fund underperformed the MSCI Emerging Markets Index (Gross) (the “Index”), returning -20.38% versus the Index return of -16.15%.

V. Fund Attribution:

For the year ended September 30, 2011, the Fund experienced negative relative performance due to stock selection, mainly in the Consumer Discretionary and Consumer Staples sectors. In contrast, an underweight to Financials contributed positively. Regionally, stock selection hurt results most, with little effect from portfolio allocation. While stock selection in Indonesia was strong, weak selection in some of the larger emerging markets countries, namely India, Mexico and Russia, dragged on the Fund’s performance.

Emerging Markets Equity Fund:

AVERAGE ANNUAL TOTAL RETURN¹


	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A		(20.38)%		3.30%		1.73%		12.92%		4.46%

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

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

LOGO

For the period ended September 30, 2011. Past performance is no indication of future performance. Class A Shares were offered beginning January 17, 1995. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective and Strategy:

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

II. Multi-Manager Approach:

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (“SIMC”). The Fund uses the following sub-advisers as of September 30, 2011: AllianceBernstein L.P., Wellington Management Company, LLP and Fidelity International Investment Advisors (UK) Limited. For the one-year period ending September 30, 2011, UBS Global Asset Management (Americas) Inc. was terminated from the Fund.

III. Market Commentary:

The year ended September 30, 2011 was extremely volatile, with markets flipping between “risk-on” and “risk-off” modes almost daily. Over the last 12 months, the U.S. witnessed a second round of quantitative easing followed by “Operation Twist.” These unconventional measures helped the U.S. Federal Reserve lower the U.S. yield curve to keep the country’s economy and housing market alive. The U.S. debt ceiling debacle all but assured S&P’s downgrade of the country’s debt rating from AAA to AA+. Europe saw an escalation of concerns in the wake of the continuing Greek debt issue: Ireland and Portugal asked for a bailout, Spain and Italy were downgraded several notches, the Greek economy required a substantial haircut on its debt, and the European Central Bank raised its main rate from 1.0% to 1.5% and bought government debt on the secondary market to avoid a complete panic due to a possible contagion effect. Last — but not least — the Bank of England increased the size of its quantitative easing program. In Asia, Japan was hit in March 2011 by a devastating earthquake and tsunami that derailed the local economy and negatively impacted the global economy. Prior to the Japanese disaster, the economic environment appeared to be back on track. However, it has shown signs of slowing since then. The industrialized world is relying on emerging markets to keep global growth positive. The consensus view is that the U.S., Europe and the rest of the world will find a way to muddle through the current economic situation.

On the market front, the major Treasury markets (U.S., Europe and U.K.) are lower than one year ago. The intra-European Monetary Union spread widened significantly as political leaders were not able to demonstrate an ability to solve the eurozone’s problems. On the corporate bond side, spreads widened by a large margin, especially in Europe and in the Financial sector, as investors believed that a Greek debt restructuring was inevitable and that banks would have to take some pain through private sector involvement. The sub-Financial sector in Europe ended the period close to levels experienced in early 2008 in terms of poor liquidity. The securitized sector suffered as well.

IV. Return vs. Benchmark:

For the year ended September 30, 2011, the Fund underperformed the Barclays Capital Global Aggregate ex-USD Index, Hedged (the “Index”), returning 0.41% versus the Index return of 1.32%.

V. Fund Attribution:

The main detractor from performance was an overweight to corporate bonds — especially Financials — during the second and third quarter of 2011. Duration management was mixed, adding to performance during the last quarter of 2010 and the first quarter of 2011 but detracting during the second half of the one-year period. An underweight to covered bonds hurt results, as well did overweights to asset-backed securities and commercial mortgage-backed securities. The spread duration overweight detracted despite positive security selection within the securitized sector. An underweight stance to so-called European peripheral bonds and an overweight to core eurozone countries were positive.

The Fund used derivatives as a way to manage duration, yield-curve positioning and currency risk in a more efficient manner. The primary use of derivatives was to hedge the Fund against its USD-hedged benchmark through the use of futures and forwards. Currency hedging excluded, the use of other derivatives like interest rate swaps had a modestly positive impact on performance.

International Fixed Income Fund:

AVERAGE ANNUAL TOTAL RETURN¹


	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A		0.41%		5.67%		3.24%		4.97%		4.54%

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

LOGO

For the period ended September 30, 2011. Past performance is no indication of future performance. Class A Shares were offered beginning September 1, 1993. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective:

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

II. Multi-Manager Approach Statement:

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corp. (SIMC). The Fund uses the following sub-advisers as of September 30, 2011: Ashmore Investment Management Limited, ING Investment Management Advisors, B.V. and Stone Harbor Investment Partners LP. For the year ended September 30, 2011, no manager changes were made.

III. Market Commentary:

Emerging market debt, as measured by the JP Morgan EMBI Global Diversified Index, returned 0.77% during the year ended September 30, 2011.

Emerging markets debt began the period in a favorable market environment that was fresh off U.S. Federal Reserve Chairman Ben Bernanke’s quantitative easing agenda, which was perceived as supportive for growth, and in turn asset prices. The market provided a positive return for the period, albeit with the most volatility since the 2008 crisis. Regardless, yields trended downward and emerging market bonds weathered several headwinds, including the eurozone sovereign debt crisis and the political and social unrest in the Middle East. As the global growth outlook deteriorated, the resilience of emerging markets debt began to buckle late in the third quarter and the asset class eventually saw a reversal of inflows and the return of illiquidity.

Allocations to emerging markets corporate and local currency debt, which are not benchmark investments and make up a larger portion of the universe, helped during the earlier stages of the period. However, as risk aversion returned in the third quarter, corporate debt sold off followed by a steep drop in emerging markets exchange rates. Both of these sectors are the fastest-growing sectors in the asset class and continue to receive attention from new and crossover investors. Speculative investors continue to search for attractive yields within

these sectors, and are partly responsible for the selloff in September. However, the number of speculators within emerging markets debt has declined in recent years.

Technically, the asset class continues to be supported by strong inflows, which are expected to reach $45 billion by the end of 2011 despite the $4 billion of outflows in September. Strong issuance from both sovereign and corporate entities was well-received by market participants, totaling about $220 billion of new sales during the period. From a fundamental perspective, emerging market countries continue to experience higher economic growth than the developed world. Debt levels continue to decline, commodity prices remain supportive and reserves continue to build, while the risks of inflation and overheating growth have toned down. The strength and improvements of emerging economies have not gone unnoticed as credit rating agencies have issued at least twice as many upgrades than downgrades during the period, despite the abundance of challenging news, with most downgrades issued to the Middle East and North Africa region. Central banks finished their tightening cycle and appear to be turning more dovish going into the last quarter of the year to help accommodate slowing growth.

IV. Return vs. Benchmark:

For the year ended September 30, 2011, the Fund underperformed the JP Morgan EMBI Global Diversified Index (the “Index”), returning -0.71% versus the Index return of 0.77%.

V. Fund Attribution:

An overweight to select lower-quality countries and security selection within corporate debt detracted from the Fund’s relative return. An underweight to investment-grade countries also hurt performance, while an underweight to Europe benefited returns.

At the country level, security selection in China was one of the largest detractors from performance, hurting the most in the third quarter of 2011. Diversification across various corporate sectors was unable to protect against broader risk aversion, while rumors of fraud in one of China’s largest companies instilled additional uncertainty about transparency among Chinese corporations. Security selection in corporate debt, particularly banks, within Kazakhstan detracted from

returns as well. An underweight to Lebanon led to underperformance as these bonds outperformed the broader market. Fund managers remain underweight in this area as current valuations do not compensate for risks. An overweight to Argentina proved negative for the Fund as investor risk aversion and the upcoming presidential elections led to further volatility and a drop in valuations. A shorter duration position across investment-grade countries also detracted from returns as U.S. Treasuries rallied on a deteriorating global environment.

Security selection in Venezuela and corporate debt in Mexico added to performance. Underweights to Belarus, Croatia and Hungary also helped as these countries suffered from a spillover of the crisis in peripheral Europe. The Fund benefited from its overweight position in Qatar on positive fundamentals and strong exports in natural gas.

Forward and swap contracts were used in the Fund for the year ended September 30, 2011 as a way to hedge particular positions, gain exposure to additional areas of the market or provide liquidity with the goal of more efficient portfolio management. The use of derivatives did not have a significant impact on Fund performance.

Emerging Markets Debt Fund

AVERAGE ANNUAL TOTAL RETURN¹


	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
Class A		(0.71)%		11.84%		7.73%		12.57%		10.25%

Comparison of Change in the Value of a $100,000 Investment in the Emerging Markets Debt Fund, versus the JP Morgan EMBI Global Diversified Index

LOGO


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


COMMON STOCK — 95.5%

Australia — 3.0%
Newcrest Mining (A)		0.5	%		210,593	$	6,972
Rio Tinto (A) (B)		0.2			52,440		3,085
Other Securities		2.3					36,390

							46,447


Austria — 0.2%
Other Securities		0.2					3,182


Belgium — 1.6%
InBev (A)		0.7			191,098		10,158
Other Securities		0.9					15,356

							25,514


Bosnia and Herzegovina — 0.1%
Other Securities		0.1					1,665


Brazil — 0.9%
Other Securities		0.9					13,771


Canada — 4.3%
Barrick Gold		0.5			161,299		7,525
Other Securities		3.8					59,702

							67,227


Chile — 0.2%
Other Securities		0.2					2,893


China — 0.6%
Other Securities		0.6					9,111


Denmark — 1.2%
Novo Nordisk, Cl B (A)		0.5			78,172		7,808
Other Securities		0.7					10,605

							18,413


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


Finland — 1.0%
Other Securities		1.0	%			$	15,686


France — 9.9%
AXA (A)		0.6			711,758		9,273
BNP Paribas (A)		0.6			238,052		9,398
GDF Suez (A)		0.4			223,617		6,654
LVMH Moet Hennessy Louis Vuitton (A)		0.6			66,889		8,842
Sanofi-Aventis (A)		1.3			317,999		20,948
Schneider Electric (A)		0.7			194,616		10,430
Other Securities		5.7					90,076

							155,621


Germany — 6.6%
Linde (A)		0.7			85,205		11,418
SAP (A)		0.5			157,408		8,021
Siemens (A)		0.8			141,336		12,735
Other Securities		4.6					72,168

							104,342


Greece — 0.3%
Other Securities		0.3					3,930


Guernsey — 0.0%
Other Securities		0.0					766


Hong Kong — 2.6%
China Mobile (A) (B)		0.5			709,500		6,938
Other Securities		2.1					33,608

							40,546


Indonesia — 0.1%
Other Securities		0.1					1,584


Ireland — 0.7%
Other Securities		0.7					11,418


Israel — 0.4%
Other Securities		0.4					6,536


Italy — 1.6%
Telecom Italia (A)		0.5			7,114,892		6,930
Other Securities		1.1					17,652

							24,582


Japan — 17.7%
Dai Nippon Printing (A)		0.5			723,000		7,481
Fanuc (A)		0.6			61,600		8,491
Honda Motor (A)		0.9			473,700		13,886
JGC (A)		0.5			324,200		7,933


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

Jupiter Telecommunications (A)		0.5	%		6,727	$	7,283
KDDI (A)		0.7			1,488		10,251
Seven & I Holdings (A)		0.8			473,300		13,275
Sony Financial Holdings (A)		0.4			456,000		6,967
Sumitomo Mitsui Financial Group (A)		0.5			260,800		7,353
Toyota Motor (A)		0.5			247,900		8,503
Other Securities		11.8					186,134

							277,557


Malaysia — 0.1%
Other Securities		0.1					2,355


Malta — 0.0%
Other Securities		0.0					—


Mexico — 0.1%
Other Securities		0.1					1,970


Netherlands — 4.9%
Akzo Nobel (A)		0.7			248,445		10,979
Reed Elsevier (A)		0.6			893,370		9,838
Other Securities		3.6					56,052

							76,869


New Zealand — 0.5%
Telecom of New Zealand (A)		0.5			4,013,208		7,999
Other Securities		0.0					469

							8,468


Norway — 1.1%
DnB (A) (B)		0.4			698,939		6,965
Statoil (A)		0.5			363,774		7,805
Other Securities		0.2					3,109

							17,879


Poland — 0.1%
Other Securities		0.1					1,727


Portugal — 0.1%
Other Securities		0.1					2,115


Russia — 0.4%
Other Securities		0.4					5,864


Singapore — 1.4%
Other Securities		1.4					22,143


South Africa — 1.0%
Other Securities		1.0					15,310


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


South Korea — 2.9%
Hyundai Mobis (A)		0.4	%		23,459	$	6,644
KT&G (A)		0.6			142,388		8,861
Samsung Electronics (A)		0.6			13,412		9,365
Shinhan Financial Group (A)		0.4			192,215		6,702
Other Securities		0.9					14,793

							46,365


Spain — 1.8%
Other Securities		1.8					28,481


Sweden — 1.7%
Other Securities		1.7					26,036


Switzerland — 8.4%
Givaudan (A)		0.6			11,823		9,201
Nestle (A)		1.3			357,319		19,630
Novartis (A)		1.9			544,080		30,330
Roche Holding (A)		1.1			111,291		17,937
Other Securities		3.5					55,258

							132,356


Taiwan — 0.1%
Other Securities		0.1					1,654


Thailand — 0.0%
Other Securities		0.0					504


United Kingdom — 17.3%
AstraZeneca (A)		0.7			255,020		11,306
BG Group (A)		0.6			463,847		8,868
BP (A)		0.7			1,780,335		10,663
British American Tobacco (A)		0.8			294,331		12,415
Diageo (A)		0.6			477,760		9,100
GlaxoSmithKline (A)		0.8			616,289		12,704
HSBC Holdings (A)		0.5			1,110,807		8,499
Kingfisher (A)		0.5			1,827,366		7,010
Rio Tinto (A)		0.7			256,627		11,369
Rio Tinto ADR		0.2			60,100		2,649
Rolls-Royce Holdings (A)		0.6			1,066,908		9,798
Tesco (A)		0.7			1,859,312		10,880
Vodafone Group (A)		1.4			8,735,162		22,490
Other Securities		8.5					133,907

							271,658


United States — 0.6%
Other Securities		0.6					8,658

Total Common Stock (Cost $1,721,440) ($ Thousands)							1,501,203


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


PREFERRED STOCK — 0.2%

Germany — 0.2%
Other Securities		0.2	%			$	2,557

Total Preferred Stock (Cost $2,832) ($ Thousands)							2,557


U.S. TREASURY OBLIGATIONS — 0.3%
Other Securities		0.3					4,888

Total U.S. Treasury Obligations (Cost $4,888) ($ Thousands)							4,888


RIGHTS — 0.0%

Brazil — 0.0%
Other Securities		0.0					37

Total Rights (Cost $ —) ($ Thousands)							37


AFFILIATED PARTNERSHIP — 5.0%
SEI Liquidity Fund, L.P. 0.130%*† (C)		5.0			81,299,667		79,553

Total Affiliated Partnership (Cost $81,300) ($ Thousands)							79,553


TIME DEPOSITS — 2.0%

United States — 2.0%
Brown Brothers Harriman
4.899%, 10/03/11		ZAR			315		39
3.894%, 10/03/11		AUD			87		84
1.750%, 10/03/11		NZD			1		1
1.324%, 10/03/11		NOK			711		121
1.250%, 10/03/11		SEK			8		1
0.350%, 10/03/11		DKK			38		7
0.280%, 10/03/11		CAD			2		2
0.279%, 10/03/11		EUR			876		1,175
0.105%, 10/03/11		GBP			489		762
0.030%, 10/03/11					27,750		27,750
0.010%, 10/03/11		JPY			31,061		403
0.010%, 10/03/11		SGD			6		4
0.005%, 10/03/11		CHF			247		272
0.005%, 10/03/11		HKD			3,904		502

Total Time Deposits (Cost $31,123) ($ Thousands)							31,123


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


CASH EQUIVALENT — 1.9%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.010%*†		1.9	%		29,429,141	$	29,429

Total Cash Equivalent (Cost $29,429) ($ Thousands)							29,429

Total Investments — 104.9% (Cost $1,871,012) ($ Thousands)††						$	1,648,790

A summary of the open futures contracts held by the Fund at September 30, 2011, is as follows:


Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		404		Dec-2011	$	832
FTSE 100 Index		127		Dec-2011		(143	)
Hang Seng Index		15		Oct-2011		(36	)
Nikkei 225 Index		13		Dec-2011		(15	)
SPI 200 Index		33		Dec-2011		(82	)
Topix Index		82		Dec-2011		120

					$	676

For the year ended September 30, 2011, 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 year.

Percentages are based on a Net Assets of $1,572,158 ($ Thousands).

Rate shown is the 7-day effective yield as of September 30, 2011.

†

Investment in Affiliated Security (See Note 5).

(1)

In U.S. Dollars unless otherwise indicated.

(A)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of September 30, 2011 was $1,334,149 ($ Thousands) and represented 84.9% of Net Assets.

(B)

This security or a partial position of this security is on loan at September 30, 2011. The total market value of securities on loan at September 30, 2011 was $74,241 ($ Thousands) (See Note 9).

(C)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of September 30, 2011 was $79,553 ($ Thousands).

††

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

ADR — American Depositary Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

DJ — Dow Jones

DKK — Danish Krone

EUR — Euro

FTSE — Financial Times and the London Stock Exchange

GBP — British Pound Sterling

HKD — Hong Kong Dollar

JPY — Japanese Yen

The following is a summary of the inputs used as of September 30, 2011, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

For the year ended September 30, 2011, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded (see Note 2).

For the year ended September 30, 2011, there were no transfers between Level 2 and Level 3 assets and liabilities.

LOGO


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


COMMON STOCK — 93.0%

Argentina — 0.1%
Other Securities		0.1	%			$	611


Brazil — 10.6%
Banco do Brasil		0.4			232,088		3,043
Cia Hering		0.3			141,725		2,394
Gerdau ADR		0.4			384,587		2,742
Petroleo Brasileiro		0.7			427,644		4,803
Petroleo Brasileiro ADR		0.7			202,770		4,552
Totvs		0.6			252,794		4,297
Vale		0.7			203,080		4,650
Vale ADR, Cl B		0.6			181,306		4,134
Other Securities		6.2					43,399

							74,014


Canada — 0.6%
Other Securities		0.6					4,477


Chile — 0.7%
Other Securities		0.7					4,698


China — 11.1%
China Coal Energy (A)		0.1			950,000		848
China Construction Bank (A)		0.8			8,970,188		5,427
China Life Insurance (A)		0.2			688,000		1,628
China Oilfield Services (A)		0.1			575,513		732
China Petroleum & Chemical ADR (B)		0.3			25,251		2,419
China Railway Construction (A)		0.1			1,058,000		443
China Railway Group (A)		0.1			1,840,000		367
China Shenhua Energy (A)		0.2			276,500		1,085
Dongfeng Motor Group (A)		0.1			672,120		911


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

Industrial & Commercial Bank of China (A)		0.6	%		8,586,929	$	4,148
Maanshan Iron & Steel (A) (B)		0.0			1,156,000		250
PetroChina (A)		0.5			3,006,119		3,643
PetroChina ADR		0.3			17,224		2,075
Zhejiang Expressway (A) (B)		0.2			1,929,922		1,168
Other Securities		7.5					51,881

							77,025


Colombia — 0.5%
Other Securities		0.5					3,353


Cyprus — 0.4%
Other Securities		0.4					2,929


Czech Republic — 0.1%
Other Securities		0.1					686


Egypt — 0.3%
Other Securities		0.3					2,073


Guernsey — 0.0%
Other Securities		0.0					270


Hong Kong — 5.9%
China Mobile (A)		1.3			891,743		8,720
China Mobile ADR		0.3			44,940		2,189
China Resources Power Holdings (A)		0.1			633,339		956
China State Construction International Holdings (A)		0.3			3,460,584		1,824
China Unicom (A)		0.4			1,472,835		2,995
China Unicom Hong Kong ADR (B)		0.2			80,600		1,644
CNOOC (A)		0.5			2,194,948		3,530
CNOOC ADR		0.1			4,400		705
Cosco International Holdings (A)		0.0			306,729		107
Vinda International Holdings (A) (B)		0.4			2,406,276		2,399
Other Securities		2.3					16,132

							41,201


Hungary — 0.3%
Other Securities		0.3					2,374


India — 7.1%
ICICI Bank ADR		0.4			73,354		2,547
Reliance Industries (A)		0.5			215,850		3,541
Triveni Turbine* (A) (C)		0.0			142,252		165
Other Securities		6.2					43,300

							49,553


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


Indonesia — 3.0%
Astra International (A)		0.4	%		407,684	$	2,914
Bank Rakyat Indonesia (A)		0.4			4,379,515		2,868
International Nickel Indonesia (A)		0.0			532,000		181
Other Securities		2.2					14,777

							20,740


Israel — 0.2%
Other Securities		0.2					1,561


Kazakhstan — 0.7%
Halyk Savings Bank of Kazakhstan JSC GDR*		0.4			392,330		2,492
Other Securities		0.3					2,609

							5,101


Macau — 0.2%
Sands China* (B)					514,400		1,204


Malaysia — 1.9%
Malayan Banking (A)		0.4			1,006,033		2,507
Other Securities		1.5					10,934

							13,441


Mexico — 3.8%
America Movil, Ser L		0.5			3,195,533		3,537
Fomento Economico Mexicano ADR		0.4			46,972		3,045
Genomma Lab Internacional, Cl B*		0.4			1,485,211		2,456
Grupo Financiero Banorte, Cl O		0.5			1,073,196		3,181
Other Securities		2.0					14,371

							26,590


Netherlands — 0.2%
Other Securities		0.2					1,241


Nigeria — 0.1%
Other Securities		0.1					330


Norway — 0.1%
Other Securities		0.1					394


Peru — 0.3%
Intergroup Financial*		0.0			8,301		193
Other Securities		0.3					2,035

							2,228


Philippines — 0.6%
Other Securities		0.6					3,858


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


Poland — 0.8%
Other Securities		0.8	%			$	5,780


Portugal — 0.1%
Other Securities		0.1					500


Russia — 7.0%
Alliance Oil* (A)		0.4			282,816		2,992
Gazprom Neft JSC ADR		0.0			7,050		123
Lukoil ADR (A)		1.1			152,723		7,666
OAO Gazprom ADR		1.2			838,895		8,012
Rosneft Oil GDR (A)		0.2			229,935		1,338
Sberbank of Russia ADR*		0.5			357,512		3,165
VTB Bank GDR (A)		0.4			733,192		3,004
Other Securities		3.2					22,404

							48,704


Singapore — 0.2%
Other Securities		0.2					1,107


South Africa — 6.8%
Exxaro Resources (A)		0.5			149,822		3,154
MTN Group (A)		1.2			491,109		8,058
Standard Bank Group (A)		0.7			453,230		5,208
Other Securities		4.4					31,090

							47,510


South Korea — 13.2%
Hyundai Mobis (A)		0.4			10,310		2,920
Hyundai Motor (A)		0.5			20,082		3,511
KB Financial Group (A)		0.5			103,027		3,404
KT ADR		0.4			179,130		2,648
Samsung Electronics (A)		3.1			31,235		21,810
Shinhan Financial Group (A)		0.7			148,459		5,176
Other Securities		7.6					52,102

							91,571


Taiwan — 9.7%
High Tech Computer (A)		0.8			242,794		5,331
Hon Hai Precision Industry (A)		0.6			1,820,836		4,058
Prime View International (A)		0.4			1,273,348		2,640
Taiwan Semiconductor Manufacturing (A)		1.2			3,655,614		8,228
Taiwan Semiconductor Manufacturing ADR (B)		0.4			214,286		2,449
Other Securities		6.3					44,734

							67,440


Thailand — 1.8%
Other Securities		1.8					12,311


Turkey — 2.5%
Other Securities		2.5					17,512


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


United Arab Emirates — 0.1%
Other Securities		0.1	%			$	783


United Kingdom — 1.2%
Tullow Oil (A)		0.4			124,720		2,520
Other Securities		0.8					6,005

							8,525


United States — 0.8%
Other Securities		0.8					5,232

Total Common Stock (Cost $776,545) ($ Thousands)							646,927


PREFERRED STOCK — 4.4%

Brazil — 4.4%
Cia de Bebidas das Americas ADR		0.5			108,257		3,318
Petroleo Brasileiro, Cl Preference		0.2			158,542		1,631
Petroleo Brasileiro Sponsored ADR, Cl A		0.6			201,700		4,179
Randon Participacoes		0.4			531,862		2,937
Vale, Cl A		0.3			104,382		2,204
Vale ADR, Cl B (B)		0.5			154,382		3,242
Other Securities		1.9					12,956

Total Preferred Stock (Cost $33,977) ($ Thousands)							30,467


EXCHANGE TRADED FUND — 0.2%

United States — 0.2%
Other Securities		0.2					1,673

Total Exchange Traded Fund (Cost $2,237) ($ Thousands)							1,673


DEBENTURE BOND — 0.0%

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

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


RIGHTS — 0.0%

South Korea — 0.0%
Other Securities		0.0					13

Total Rights (Cost $0) ($ Thousands)							13


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


AFFILIATED PARTNERSHIP — 4.8%
SEI Liquidity Fund, L.P. 0.130%**† (E)		4.8	%		33,912,149	$	33,002

Total Affiliated Partnership (Cost $33,912) ($ Thousands)							33,002


TIME DEPOSITS — 1.9%

United States — 1.9%
Brown Brothers Harriman
4.899%, 10/03/11		ZAR			1332		166
0.105%, 10/03/11		GBP			11		17
0.030%, 10/03/11					12,494		12,494
0.010%, 10/03/11		SGD			2		2
0.005%, 10/03/11		HKD			2739		352

Total Time Deposits (Cost $13,031) ($ Thousands)							13,031


CASH EQUIVALENT — 0.5%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.010%** †		0.5			3,674,358		3,674

Total Cash Equivalent (Cost $3,674) ($ Thousands)							3,674

Total Investments — 104.8% (Cost $863,376) ($ Thousands)††						$	728,787

Percentages are based on a Net Assets of $695,498 ($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of September 30, 2011.

†

Investment in Affiliated Security (See Note 5).

(1)

In U.S. Dollars unless otherwise indicated.

(A)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of September 30, 2011 was $458,218 ($ Thousands) and represented 65.9% of Net Assets.

(B)

This security or a partial position of this security is on loan at September 30, 2011. The total market value of securities on loan at September 30, 2011 was $31,308 ($ Thousands) (See Note 9).

(C)

Securities considered illiquid. The total market value of such securities as of September 30, 2011 was $2,701 ($ Thousands) and represented 0.4% of Net Assets.

(D)

Variable Rate Security — The rate reported on the Summary Schedule of Investments is the rate in effect as of September 30, 2011.

(E)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of September 30, 2011 was $33,002 ($ Thousands).

††

ADR — American Depositary Receipt

Cl — Class

The following is a summary of the inputs used as of September 30, 2011, in valuing the Fund’s investments carried at value ($ Thousands):

For the year ended September 30, 2011, there were no transfers between Level 2 and Level 3 assets and liabilities.

LOGO


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


GLOBAL BONDS — 87.1%

Australia — 1.4%
Other Securities		1.4	%				$	7,120


Austria — 0.1%
Other Securities		0.1						530


Belgium — 1.0%
Other Securities		1.0						4,658


Brazil — 0.2%
Other Securities		0.2						843


Canada — 4.6%
Export Development Canada MTN
2.375%, 03/19/12		0.2			USD	800		807
Government of Canada
5.750%, 06/01/33		0.4				1,300		1,847
5.000%, 06/01/14		0.3				1,365		1,447
5.000%, 06/01/37		0.3				1,300		1,739
4.000%, 06/01/17		0.7				3,020		3,285
3.750%, 06/01/12		0.2				810		792
3.500%, 06/01/20		0.7				3,175		3,387
3.250%, 06/01/21		0.4				2,000		2,103
2.000%, 12/01/14		0.3				1,500		1,480
0.816%, 12/08/11 (A)		0.3				1,575		1,509
Other Securities		0.8						4,041

								22,437


Colombia — 0.0%
Other Securities		0.0						276


Czech Republic — 0.1%
Other Securities		0.1						317


Denmark — 1.1%
Other Securities		1.1						5,273


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


Finland — 0.4%
Other Securities		0.4	%				$	1,858


France — 6.5%
Caisse d’Amortissement de la Dette Sociale MTN
4.500%, 09/04/13		0.1				350		496
EDF
6.500%, 01/26/19 (B)		0.1			USD	250		292
4.000%, 11/12/25		0.0				150		199
Government of France
5.000%, 10/25/16		0.5				1,460		2,258
4.750%, 04/25/35		0.3				1,015		1,662
4.500%, 04/25/41		0.3				1,060		1,703
4.000%, 04/25/13		0.1				400		562
3.750%, 04/25/21		0.3				850		1,257
3.500%, 04/25/20		0.2				815		1,182
3.250%, 10/25/21		0.7				2,600		3,682
3.000%, 10/25/15		1.2				4,175		5,915
Societe Financement de l’Economie Francaise
2.125%, 01/30/12 (B)		0.5			USD	2,430		2,443
Other Securities		2.2						10,285

								31,936


Germany — 13.6%
Bundesobligation
1.250%, 10/14/16		1.4				5,100		6,847
Bundesobligation Inflation Linked
2.250%, 04/15/13		1.9				6,598		9,232
Bundesobligation, Ser 159
2.000%, 02/26/16		0.1				445		622
Bundesrepublik Deutschland
3.250%, 07/04/21		0.6				1,950		2,934
3.000%, 07/04/20		0.8				2,580		3,816
2.500%, 01/04/21		0.4				1,527		2,169
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/31		0.0				100		191
Bundesrepublik Deutschland, Ser 02
5.000%, 01/04/12		0.6				2,100		2,851
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/34		0.5				1,275		2,313
Bundesrepublik Deutschland, Ser 04
3.750%, 01/04/15		0.8				2,530		3,718
Bundesrepublik Deutschland, Ser 05
3.500%, 01/04/16		1.5				5,085		7,528
Bundesrepublik Deutschland, Ser 06
4.000%, 07/04/16		0.3				845		1,285


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

Bundesrepublik Deutschland, Ser 07
4.000%, 01/04/18		0.1	%			210	$	326
Bundesrepublik Deutschland, Ser 08
4.750%, 07/04/40		0.9				2,180		4,134
4.250%, 07/04/18		0.0				125		198
Bundesrepublik Deutschland, Ser 09
3.250%, 01/04/20		0.1				360		542
Bundesschatzanweisungen
1.250%, 12/16/11		1.5				5,600		7,528
Kreditanstalt fuer Wiederaufbau MTN
4.750%, 08/12/15		0.2			SEK	6,000		952
4.375%, 10/11/13		0.3				1,050		1,499
3.875%, 01/21/19		0.3				1,075		1,596
3.375%, 08/30/17		0.1			CHF	370		470
Other Securities		1.2						5,963

								66,714


Hong Kong — 0.1%
Other Securities		0.1						304


Ireland — 0.3%
Other Securities		0.3						1,410


Italy — 4.8%
Italy Buoni Poliennali Del Tesoro
6.500%, 11/01/27		0.1				500		674
6.000%, 05/01/31		0.1				500		631
5.250%, 08/01/17		0.2				625		842
5.000%, 09/01/40		0.4				1,755		1,930
4.750%, 09/01/21		0.8				3,250		4,123
4.500%, 03/01/19		0.1				400		507
4.250%, 10/15/12		0.2				585		788
4.250%, 08/01/14		0.4				1,405		1,873
4.250%, 02/01/15		0.5				1,750		2,324
4.000%, 09/01/20		0.4				1,655		2,000
3.750%, 12/15/13		0.1				515		682
3.750%, 03/01/21		0.4				1,570		1,852
3.000%, 06/15/15		0.3				985		1,247
Other Securities		0.8						4,227

								23,700


Japan — 20.5%
Government of Japan 5 Year Bond
0.600%, 03/20/16		0.5				170,750		2,241
Government of Japan 5 Year Bond, Ser 70
0.800%, 03/20/13		1.1				397,000		5,200
Government of Japan 5 Year Bond, Ser 79
0.700%, 12/20/13		0.1				51,300		674


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

Government of Japan 10 Year Bond, Ser 245
0.900%, 12/20/12		0.5	%		175,000	$	2,291
Government of Japan 10 Year Bond, Ser 275
1.400%, 12/20/15		1.7			626,600		8,497
Government of Japan 10 Year Bond, Ser 284
1.700%, 12/20/16		0.7			250,000		3,459
Government of Japan 10 Year Bond, Ser 288
1.700%, 09/20/17		3.3			1,162,950		16,164
Government of Japan 10 Year Bond, Ser 298
1.300%, 12/20/18		1.5			533,750		7,246
Government of Japan 10 Year Bond, Ser 301
1.500%, 06/20/19		0.7			235,300		3,233
Government of Japan 10 Year Bond, Ser 308
1.300%, 06/20/20		3.0			1,109,650		14,942
Government of Japan 10 Year Bond, Ser 316
1.100%, 06/20/21		0.3			100,000		1,308
Government of Japan 20 Year Bond, Ser 48
2.500%, 12/21/20		1.8			614,450		9,072
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/27		1.6			558,950		7,804
Government of Japan 20 Year Bond, Ser 109
1.900%, 03/20/29		0.1			39,000		526
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/29		2.4			835,000		11,585
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/38		0.3			103,250		1,483
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/39		0.4			145,200		2,045
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/40		0.3			117,000		1,546
Other Securities		0.2					1,088

							100,404


Malaysia — 0.2%
Other Securities		0.2					768


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


Mexico — 0.6%
Other Securities		0.6	%				$	3,049


Netherlands — 4.7%
ABN Amro Bank MTN
3.750%, 07/15/14		0.2				750		1,052
Government of Netherlands
4.500%, 07/15/17		0.7				2,360		3,645
4.000%, 07/15/18		0.4				1,355		2,061
4.000%, 01/15/37		0.0				200		329
3.500%, 07/15/20		0.2				485		719
3.250%, 07/15/15		0.1				520		749
Other Securities		3.1						14,933

								23,488


New Zealand — 0.6%
Government of New Zealand
6.000%, 12/15/17		0.6				3,405		2,889


Norway — 0.5%
Other Securities		0.5						2,433


Poland — 0.2%
Other Securities		0.2						1,070


Portugal — 0.0%
Other Securities		0.0						241


Russia — 0.6%
Other Securities		0.6						2,750


Singapore — 0.8%
Government of Singapore
4.000%, 09/01/18		0.5				2,320		2,116
Other Securities		0.3						1,716

								3,832


South Africa — 0.6%
Republic of South Africa, Ser R203
8.250%, 09/15/17		0.6				24,205		3,070


Spain — 2.5%
Government of Spain
5.500%, 04/30/21		0.5				1,655		2,283
4.750%, 07/30/14		0.3				925		1,278
4.700%, 07/30/41		0.1				665		735
4.600%, 07/30/19		0.0				155		206
4.200%, 01/31/37		0.1				330		344
4.000%, 04/30/20		0.2				775		980
3.300%, 10/31/14		0.1				475		632
3.250%, 04/30/16		0.2				690		891
2.500%, 10/31/13		0.2				655		862
Instituto de Credito Oficial MTN
2.375%, 03/04/13 (B)		0.0			USD	200		201
Other Securities		0.8						3,942

								12,354


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


Supra-National — 1.1%
European Investment Bank MTN
3.500%, 04/15/16		0.6	%		EUR	1,975	$	2,830
Other Securities		0.5						2,708

								5,538


Sweden — 2.2%
Kingdom of Sweden
5.000%, 12/01/20		0.3				8,700		1,617
Kingdom of Sweden, Ser 1041
6.750%, 05/05/14		0.4				10,820		1,797
Kingdom of Sweden, Ser 1049
4.500%, 08/12/15		0.2				5,050		822
Kingdom of Sweden, Ser 1050
3.000%, 07/12/16		0.4				13,625		2,125
Kingdom of Sweden, Ser 1052
4.250%, 03/12/19		0.1				2,000		343
Other Securities		0.8						3,973

								10,677


Switzerland — 1.1%
Other Securities		1.1						5,250


United Arab Emirates — 0.1%
Other Securities		0.1						397


United Kingdom — 10.9%
EDF Energy Networks EPN MTN
6.000%, 11/12/36		0.1				160		279
Royal Bank of Scotland
6.125%, 01/11/21		0.1			USD	310		306
5.750%, 05/21/14		0.2			EUR	600		812
United Kingdom Gilt
4.250%, 12/07/40		0.0				125		219
4.250%, 12/07/55		0.0				75		133
3.750%, 09/07/20		0.6				1,625		2,834
United Kingdom Gilt - Inflation Linked
2.500%, 07/26/16		0.1				75		395
1.875%, 11/22/22		0.2				428		825
1.250%, 11/22/27		0.1				242		446
United Kingdom Treasury
5.000%, 03/07/25		0.2				400		777
4.750%, 12/07/30		0.7				1,850		3,506
4.750%, 12/07/38		0.6				1,590		3,027
4.500%, 12/07/42		0.1				335		615
4.250%, 03/07/36		0.2				690		1,218
4.250%, 09/07/39		0.5				1,300		2,287
4.250%, 12/07/49		0.1				225		396
4.000%, 09/07/16		0.1				400		701
4.000%, 03/07/22		0.9				2,515		4,461
2.750%, 01/22/15		0.1				265		437
2.250%, 03/07/14		0.3				795		1,286
2.000%, 01/22/16		0.6				1,865		2,998


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

Other Securities		5.1	%				$	25,419

								53,377


United States — 5.6%
BA Covered Bond Issuer MTN
4.125%, 04/05/12		0.9			EUR	3,100		4,185
Other Securities		4.7						23,000

								27,185

Total Global Bonds (Cost $414,852) ($ Thousands)								426,148


MORTGAGE-BACKED SECURITIES — 3.1%

Non-Agency Mortgage-Backed Obligation — 3.1%
Gracechurch Mortgage Financing, Ser 2007-1X, Cl 3A2
1.635%, 11/20/56 (A)		0.4			EUR	1,465		1,953
Other Securities		2.7						13,199

Total Mortgage-Backed Securities (Cost $15,980) ($ Thousands)								15,152


CORPORATE OBLIGATIONS — 2.4%

United States — 2.4%
Other Securities		2.4						11,724

Total Corporate Obligations (Cost $11,165) ($ Thousands)								11,724


ASSET-BACKED SECURITIES — 0.4%

Automotive — 0.2%
Other Securities		0.2						1,193


Mortgage Related Securities — 0.1%
Other Securities		0.1						204


Other Asset-Backed Securities — 0.1%
Other Securities		0.1						407

Total Asset-Backed Securities (Cost $1,830) ($ Thousands)								1,804


MUNICIPAL BOND — 0.0%
Other Securities		0.0						48

Total Municipal Bond (Cost $45) ($ Thousands)								48


U.S. TREASURY OBLIGATIONS — 0.4%
Other Securities		0.4						1,871

Total U.S. Treasury Obligations (Cost $1,809) ($ Thousands)								1,871


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


TIME DEPOSITS — 3.0%

United States — 3.0%
Brown Brothers Harriman
3.894%, 10/03/11			AUD	16	$	15
1.750%, 10/03/11			NZD	22		17
1.324%, 10/03/11			NOK	116		20
1.250%, 10/03/11			SEK	103		15
0.350%, 10/03/11			DKK	1		—
0.280%, 10/03/11			CAD	106		102
0.279%, 10/03/11			EUR	97		130
0.105%, 10/03/11			GBP	242		377
0.030%, 10/03/11				13,807		13,807
0.010%, 10/03/11			JPY	2,132		28
0.010%, 10/03/11			SGD	2		2

Total Time Deposits (Cost $14,513) ($ Thousands)						14,513

Total Investments — 96.4% (Cost $460,194) ($ Thousands)††					$	471,260

A summary of the open futures contracts held by the Fund at September 30, 2011, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Australian 3-Year Bond		(13	)		Dec-2011	$	4
Australian 10-Year Bond		(1	)		Dec-2011		1
Canadian 10-Year Bond		16			Dec-2011		47
Euro-Bobl		62			Dec-2011		(27	)
Euro-BTP		1			Dec-2011		2
Euro-Bund		44			Dec-2011		(60	)
Euro-Buxl 30 Year Bond		4			Dec-2011		8
Euro-Schatz		43			Dec-2011		(15	)
Japanese 10-Year Bond		6			Dec-2011		(20	)
Long Gilt 10-Year Bond		26			Dec-2011		(8	)
U.S. 10-Year Treasury Note		(171	)		Dec-2011		(157	)
U.S. 2-Year Treasury Note		(36	)		Dec-2011		9
U.S. 5-Year Treasury Note		(126	)		Dec-2011		(16	)
U.S. Long Treasury Bond		(18	)		Dec-2011		(71	)
U.S. Ultra Long Treasury Bond		(5	)		Dec-2011		(67	)

						$	(370	)

A summary of the outstanding forward foreign currency contracts held by the Fund at September 30, 2011, is as follows:


Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
10/6/11-10/19/11		USD	1,068		MXP	14,370	$	(29	)
10/6/11-10/31/11		USD	5,259		CAD	5,397		(80	)
10/6/11-10/31/11		USD	22,361		GBP	14,347		(12	)
10/6/11-10/31/11		USD	36,555		JPY	2,817,348		(2	)
10/6/11-10/31/11		USD	1,046		SEK	7,093		(14	)
10/6/11-11/8/11		CAD	25,289		USD	25,231		971
10/6/11-11/8/11		EUR	233,563		USD	323,182		9,885
10/6/11-11/8/11		GBP	46,328		USD	74,160		2,007
10/6/11-11/8/11		JPY	10,614,572		USD	138,003		224
10/6/11-11/8/11		MXP	56,402		USD	4,458		386
10/6/11-11/8/11		SEK	54,631		USD	8,159		212
10/6/11-11/17/11		USD	106,679		EUR	79,347		(222	)
10/14/11-10/31/11		NZD	4,120		USD	3,374		228
10/19/11		USD	790		DKK	4,272		(20	)
10/19/11-10/31/11		DKK	11,612		USD	2,176		82
10/19/11-10/31/11		USD	1,633		NOK	8,932		(113	)
10/20/11-10/31/11		USD	260		ZAR	1,961		(17	)
10/20/11-10/31/11		ZAR	26,819		USD	3,712		384
10/21/11		IDR	6,584,392		USD	745		(4	)
10/21/11		USD	769		IDR	6,584,392		(21	)
10/31/11		AUD	3,916		USD	4,005		215
10/31/11		CHF	1,224		USD	1,388		40
10/31/11		CZK	5,583		USD	311		8
10/31/11		MYR	1,001		USD	323		9
10/31/11		NOK	1,247		USD	219		7
10/31/11		PLN	2,351		USD	742		30
10/31/11		SGD	3,559		USD	2,869		137
10/31/11		USD	150		AUD	150		(5	)
10/31/11		USD	378		NZD	488		(6	)
10/31/11		USD	76		PLN	240		(3	)
10/31/11-11/10/11		KRW	3,607,109		USD	3,013		(50	)
11/10/11		USD	3,254		KRW	3,522,189		(264	)
1/13/12		CNY	12,617		USD	1,958		(22	)
1/13/12		USD	1,946		CNY	12,617		33

							$	13,974

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at September 30, 2011, is as follows:


Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America		(386	)		399	$	13
Barclays PLC		(43,487	)		43,818		331
BNP Paribas		(198,192	)		198,190		(2	)
Brown Brothers Harriman		(1,090	)		1,169		79
Chase Manhattan Bank		(69,643	)		69,632		(11	)
Citigroup		(11,241	)		11,409		168
Credit Suisse First Boston		(25,332	)		25,598		266
Deutsche Bank		(110,773	)		118,470		7,697
Goldman Sachs		(44,759	)		45,220		461
HSBC		(6,640	)		6,653		13
JPMorgan Chase Bank		(5,029	)		5,080		51
Morgan Stanley		(144,941	)		147,791		2,850
National Australia Bank		(65,787	)		66,773		986
Northern Trust Brokerage		(2,046	)		2,031		(15	)
RBC		(3,571	)		3,621		50
RBS London		(748	)		742		(6	)
Royal Bank of Canada		(1,894	)		1,889		(5	)
Royal Bank of Scotland		(18,914	)		20,055		1,141
Standard Bank		(5,498	)		5,222		(276	)
UBS		(693	)		671		(22	)
Westpac Banking		(4,843	)		5,048		205

						$	13,974

A summary of outstanding swap agreements held by the Fund at September 30, 2011, is as follows:

CNY — Chinese Yuan

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

EURIBOR — Euro London Interbank Offered Rate

GBP — British Pound Sterling

IDR — Indonesia Rupiah

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXP — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLN — Polish Zlotty

Ser — Series

SEK — Swedish Krone

SGD — Singapore Dollar

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2011, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	426,148	$	—	$	426,148
Mortgage-Backed Securities		—		15,152		—		15,152
Corporate Obligations		—		11,724		—		11,724
U.S. Treasury Obligations		—		1,871		—		1,871
Asset-Backed Securities		—		1,804		—		1,804
Municipal Bond		—		48		—		48
Time Deposits		—		14,513		—		14,513

Total Investments in Securities	$	—	$	471,260	$	—	$	471,260


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*	$	(370	)	$	—	$	—	$	(370	)
Forwards Contracts*		13,974			—		—		13,974
Interest Rate Swaps		—			1,190		—		1,190

Total Other Financial Instruments	$	13,604		$	1,190	$	—	$	14,794

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

For the period ended September 30, 2011, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended September 30, 2011, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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

LOGO


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


GLOBAL BONDS — 92.2%

Argentina — 4.0%
Republic of Argentina
8.750%, 06/02/17		0.1	%			1,100	$	963
8.280%, 12/31/33		0.2				2,890		1,908
8.280%, 12/31/33		0.3				3,636		2,491
7.820%, 12/31/33		0.6			EUR	6,268		4,835
7.820%, 12/31/33 (A)		0.7			EUR	8,341		6,211
7.000%, 10/03/15		0.5				5,100		4,251
7.000%, 04/17/17		0.3				3,168		2,396
5.830%, 12/31/33 (A)		0.3			ARS	8,219		2,477
3.117%, 12/15/35 (A)		0.1				4,360		600
2.500%, 03/31/19 (B)		0.1				3,680		1,242
1.180%, 12/31/38 (A) (B)		0.0			ARS	2		—
0.467%, 08/03/12 (A)		0.1				6,705		789
0.000%, 12/15/35 (A)		0.2			EUR	13,252		2,151
0.000%, 12/15/35 (A)		0.0			ARS	2		—
Other Securities		0.5						4,967

								35,281


Australia — 0.0%
Other Securities		0.0						164


Bahrain — 0.2%
Other Securities		0.2						1,333


Barbados — 0.3%
Other Securities		0.3						2,901


Belarus — 0.1%
Other Securities		0.1						1,022


Belize — 0.0%
Other Securities		0.0						93


Bosnia and Herzegovina — 0.1%
Other Securities		0.1						1,001


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


Brazil — 8.4%
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/19 (C)		0.2	%			1,725	$	1,906
5.500%, 07/12/20 (C)		0.1				400		413
Brazil Notas do Tesouro Nacional Serie F
10.000%, 01/01/13		0.7			BRL	10,700		5,732
10.000%, 01/01/14		0.5			BRL	7,510		3,972
10.000%, 01/01/21		0.6			BRL	11,054		5,440
6.000%, 05/15/15		0.9			BRL	6,700		7,708
6.000%, 08/15/20		0.2			BRL	1,600		1,810
Federal Republic of Brazil
12.500%, 01/05/16		0.3			BRL	4,180		2,511
12.500%, 01/05/22		0.0			BRL	680		430
11.000%, 08/17/40		0.0				150		198
10.250%, 01/10/28		0.0			BRL	1,140		645
10.125%, 05/15/27		0.5				2,475		3,911
8.875%, 04/15/24		0.3				1,570		2,229
8.750%, 02/04/25		0.3				1,580		2,224
8.250%, 01/20/34		0.7				4,558		6,404
7.125%, 01/20/37		0.5				3,695		4,720
5.875%, 01/15/19		0.2				1,492		1,712
5.625%, 01/07/41		0.1				1,050		1,131
4.875%, 01/22/21		0.2				1,607		1,718
Other Securities		2.1						18,555

								73,369


Chile — 0.8%
Other Securities		0.8						7,400


China — 1.1%
Other Securities		1.1						9,833


Colombia — 4.7%
Bogota Distrio Capital
9.750%, 07/26/28 (C)		0.7			COP	9,020,000		5,820
Colombia Government International Bond
4.375%, 07/12/21		0.4				3,320		3,386
Ecopetrol
7.625%, 07/23/19 (C)		0.1				500		582
Republic of Colombia
11.750%, 02/25/20		0.3				1,645		2,521
10.375%, 01/28/33		0.1				400		641
8.125%, 05/21/24		0.3				2,250		2,983
7.375%, 01/27/17		0.4				2,975		3,557
7.375%, 03/18/19		0.5				3,870		4,774
7.375%, 09/18/37		1.5				10,285		13,412
6.125%, 01/18/41		0.2				1,275		1,445
Other Securities		0.2						2,205

								41,326


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


Croatia — 1.2%
Government of Croatia
6.750%, 11/05/19		0.1	%		1,025	$	991
6.625%, 07/14/20 (C) (D)		0.4			3,568		3,399
6.375%, 03/24/21 (C)		0.6			5,052		4,660
Other Securities		0.1					1,072

							10,122


Czech Republic — 0.1%
Other Securities		0.1					789


Dominican Republic — 0.3%
Other Securities		0.3					2,529


Ecuador — 0.1%
Other Securities		0.1					539


Egypt — 0.3%
Other Securities		0.3					2,418


El Salvador — 0.8%
Republic of El Salvador
7.650%, 06/15/35		0.5			4,436		4,314
Other Securities		0.3					2,477

							6,791


Gabon — 0.0%
Other Securities		0.0					218


Georgia — 0.2%
Other Securities		0.2					1,393


Germany — 0.2%
Other Securities		0.2					1,654


Ghana — 0.3%
Other Securities		0.3					2,471


Hong Kong — 0.5%
Other Securities		0.5					4,224


Hungary — 0.8%
Other Securities		0.8					7,136


India — 0.2%
Other Securities		0.2					1,668


Indonesia — 4.9%
Indosat Palapa
7.375%, 07/29/20 (C)		0.1			552		547
Majapahit Holding
8.000%, 08/07/19		0.0			160		179
8.000%, 08/07/19 (C)		0.1			500		560
7.875%, 06/29/37 (C) (E)		0.0			355		383


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

7.750%, 10/17/16		0.1	%		750	$	833
7.750%, 01/20/20		0.0			400		442
7.750%, 01/20/20 (C)		0.0			350		387
7.250%, 10/17/11		0.1			750		750
Pertamina Persero
6.500%, 05/27/41 (C)		0.0			380		361
5.250%, 05/23/21 (C)		0.1			500		480
Republic of Indonesia
11.625%, 03/04/19		0.0			300		427
11.625%, 03/04/19		0.9			5,353		7,615
11.625%, 03/04/19 (C)		0.3			1,925		2,738
10.375%, 05/04/14		0.1			450		525
8.500%, 10/12/35		0.6			3,650		4,928
7.750%, 01/17/38		0.8			5,447		6,836
7.500%, 01/15/16		0.1			1,150		1,307
6.875%, 01/17/18		0.2			1,900		2,133
6.875%, 01/17/18 (C)		0.1			900		1,010
6.750%, 03/10/14		0.1			650		699
6.625%, 02/17/37		0.1			1,050		1,176
6.625%, 02/17/37		0.1			900		1,008
5.875%, 03/13/20 (C)		0.2			1,254		1,354
4.875%, 05/05/21 (C)		0.3			2,545		2,571
Other Securities		0.5					4,357

							43,606


Iraq — 1.3%
Republic of Iraq
5.800%, 01/15/28		1.3			14,710		11,768


Ivory Coast — 0.6%
Government of Ivory Coast
2.500%, 12/31/32 (F)		0.6			11,333		5,667


Jamaica — 0.3%
Other Securities		0.3					2,612


Jordan — 0.2%
Other Securities		0.2					1,518


Kazakhstan — 4.5%
BTA Bank
10.750%, 01/01/13 (B)		0.1			1,834		807
10.750%, 01/01/13 (B) (C)		0.1			1,202		529
0.000%, 07/01/20 (A) (C)		0.0			2,492		47
Development Bank of Kazakhstan
5.500%, 12/20/15 (C)		0.1			650		616
Kazatoprom
6.250%, 05/20/15		0.1			450		453
KazMunaiGaz Finance Sub MTN
11.750%, 01/23/15		0.1			950		1,088
11.750%, 01/23/15 (C)		0.3			2,673		3,061
9.125%, 07/02/18		0.1			1,129		1,270


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

9.125%, 07/02/18 (C)		0.4	%			2,955	$	3,324
8.375%, 07/02/13		0.4				3,479		3,618
7.000%, 05/05/20		0.3				2,840		2,840
7.000%, 05/05/20 (C)		0.2				1,626		1,626
KazMunayGas National
6.375%, 04/09/21 (C)		0.4				3,326		3,226
6.375%, 04/09/21		0.1				1,100		1,067
Republic of Kazakhstan
6.375%, 10/06/20 (C)		0.2				1,400		1,375
Other Securities		1.6						14,518

								39,465


Latvia — 0.1%
Other Securities		0.1						466


Lebanon — 0.3%
Other Securities		0.3						2,881


Lithuania — 0.8%
Other Securities		0.8						7,040


Malaysia — 3.4%
Government of Malaysia
5.094%, 04/30/14		0.2			MYR	4,930		1,615
3.835%, 08/12/15		0.2			MYR	5,740		1,827
3.741%, 02/27/15		0.4			MYR	10,560		3,350
Petroliam Nasional
7.625%, 10/15/26		0.1				925		1,193
Petronas Capital
7.875%, 05/22/22		1.1				7,697		9,777
5.250%, 08/12/19		0.2				1,100		1,201
5.250%, 08/12/19 (C)		1.0				8,295		9,059
Wakala Global Sukuk
4.646%, 07/06/21 (C)		0.1				900		937
Other Securities		0.1						579

								29,538


Mexico — 8.5%
Comision Federal de Electricidad
4.875%, 05/26/21 (C)		0.1				750		754
Grupo Senda
10.500%, 10/03/15		0.4				3,665		3,610
Mexican Bonos, Ser M10
8.000%, 12/17/15		0.2			MXP	21,200		1,694
7.750%, 12/14/17		0.4			MXP	42,900		3,448
7.250%, 12/15/16		0.5			MXP	53,300		4,169
Mexican Bonos, Ser MI10
9.500%, 12/18/14		0.1			MXP	10,161		832
Mexican Bonos
8.500%, 12/13/18		0.4			MXP	44,600		3,700
8.500%, 05/31/29		0.4			MXP	40,140		3,196
8.500%, 11/18/38		0.3			MXP	36,810		2,870
6.500%, 06/10/21		0.4			MXP	43,020		3,110


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

Mexico Government International Bond
5.750%, 10/12/10		0.3	%		2,784	$	2,742
Pemex Finance
9.150%, 11/15/18		0.2			1,595		2,051
Pemex Project Funding Master Trust
6.625%, 06/15/35		0.3			2,546		2,731
5.750%, 03/01/18		0.2			1,505		1,629
Petroleos Mexicanos
8.000%, 05/03/19		0.1			700		854
6.500%, 06/02/41 (C)		0.0			442		457
6.000%, 03/05/20 (C)		0.0			300		328
United Mexican States MTN
8.300%, 08/15/31		0.6			4,006		5,719
6.050%, 01/11/40		0.5			3,850		4,370
5.950%, 03/19/19		0.2			1,300		1,475
5.625%, 01/15/17		0.3			2,000		2,228
5.125%, 01/15/20		0.2			1,800		1,949
United Mexican States, Ser A MTN
8.000%, 09/24/22		0.4			2,267		3,128
6.750%, 09/27/34		0.3			2,298		2,827
Other Securities		1.7					14,683

							74,554


Morocco — 0.2%
Other Securities		0.2					2,137


Nigeria — 0.3%
Other Securities		0.3					2,518


Oman — 0.0%
Other Securities		0.0					113


Pakistan — 0.2%
Other Securities		0.2					1,965


Panama — 1.9%
Republic of Panama
9.375%, 01/16/23		0.1			560		761
9.375%, 04/01/29		0.6			3,688		5,541
8.875%, 09/30/27		0.2			1,396		1,996
8.125%, 04/28/34		0.1			820		1,115
7.250%, 03/15/15		0.2			1,340		1,532
7.125%, 01/29/26		0.0			200		251
6.700%, 01/26/36		0.6			4,361		5,277
5.200%, 01/30/20		0.1			444		486

							16,959


Peru — 1.9%
Republic of Peru
8.750%, 11/21/33		0.9			5,279		7,488
8.375%, 05/03/16		0.1			600		732


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

7.350%, 07/21/25		0.6	%			4,210	$	5,241
Other Securities		0.3						3,189

								16,650


Philippines — 4.2%
Power Sector
7.390%, 12/02/24		0.1				700		799
Republic of Philippines
10.625%, 03/16/25		0.3				2,000		3,020
9.500%, 02/02/30		0.5				2,820		4,124
8.375%, 06/17/19		0.2				1,400		1,771
7.750%, 01/14/31		0.5				3,324		4,267
7.500%, 09/25/24		1.1				8,174		9,850
6.375%, 10/23/34		0.5				4,118		4,715
5.500%, 03/30/26		0.3				2,260		2,365
4.950%, 01/15/21		0.1			PHP	27,000		591
4.000%, 01/15/21		0.3				2,456		2,431
Other Securities		0.3						2,562

								36,495


Poland — 1.9%
Republic of Poland
6.375%, 07/15/19		1.3				10,152		11,167
5.125%, 04/21/21		0.2				1,986		1,981
4.000%, 03/23/21		0.1			EUR	736		896
Other Securities		0.3						2,886

								16,930


Qatar — 1.7%
Qtel International Finance
7.875%, 06/10/19		0.3				2,250		2,739
6.500%, 06/10/14 (C)		0.0				200		218
5.000%, 10/19/25 (C)		0.1				637		623
4.750%, 02/16/21		0.0				290		290
4.750%, 02/16/21 (C)		0.1				457		456
State of Qatar
9.750%, 06/15/30		0.1				425		680
6.400%, 01/20/40		0.1				500		608
6.400%, 01/20/40 (C)		0.1				710		864
5.250%, 01/20/20		0.3				2,525		2,778
5.250%, 01/20/20 (C)		0.4				2,792		3,071
4.000%, 01/20/15 (C)		0.0				300		316
Other Securities		0.2						2,135

								14,778


Russia — 8.1%
RSHB Capital
7.750%, 05/29/18		0.1				650		678
Russian Federation Registered
12.750%, 06/24/28		0.4				2,310		3,823
7.500%, 03/31/30		4.1				31,805		35,738
Russian Foreign Bond – Eurobond
5.000%, 04/29/20		0.0				300		295


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

5.000%, 04/29/20 (C)		0.2	%			1,500	$	1,474
3.625%, 04/29/15		0.0				300		295
RZD Capital MTN
5.739%, 04/03/17		0.1				650		647
SCF Capital
5.375%, 10/27/17 (C)		0.2				2,310		2,079
Vnesheconombank Via VEB Finance
6.902%, 07/09/20		0.2				1,500		1,470
6.902%, 07/09/20 (C)		0.3				2,985		2,925
6.800%, 11/22/25		0.2				1,400		1,316
6.800%, 11/22/25 (C)		0.1				1,000		942
5.450%, 11/22/17 (C)		0.1				700		669
VTB Bank Via VTB Capital
6.551%, 10/13/20 (C)		0.1				960		878
VTB Capital
6.875%, 05/29/18		0.1				700		707
6.250%, 06/30/35		0.0				381		368
Other Securities		1.9						16,589

								70,893


Saudi Arabia — 0.2%
Other Securities		0.2						1,365


Senegal — 0.2%
Other Securities		0.2						1,427


Serbia — 0.1%
Other Securities		0.1						931


Singapore — 0.3%
Other Securities		0.3						2,242


South Africa — 3.7%
Eskom Holdings
5.750%, 01/26/21 (C)		0.3				2,450		2,474
Republic of South Africa
10.500%, 12/21/26		0.2			ZAR	11,790		1,700
8.500%, 06/23/17		0.1				860		1,066
6.875%, 05/27/19		0.4				3,297		3,923
6.750%, 03/31/21		0.5			ZAR	38,960		4,339
6.500%, 06/02/14		0.2				1,895		2,099
6.250%, 03/08/41		0.2				1,611		1,796
5.875%, 05/30/22		0.3				2,200		2,453
5.500%, 03/09/20		0.7				5,364		5,867
Transnet MTN
4.500%, 02/10/16 (C)		0.1				560		575
Other Securities		0.7						6,383

								32,675


South Korea — 0.2%
Other Securities		0.2						1,739


Sri Lanka — 0.4%
Other Securities		0.4						3,669


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


Supra-National — 0.2%
Other Securities		0.2	%			$	1,385


Thailand — 0.4%
Other Securities		0.4					3,551


Trinidad & Tobago — 0.4%
Other Securities		0.4					3,449


Tunisia — 0.0%
Other Securities		0.0					242


Turkey — 3.2%
Republic of Turkey
11.875%, 01/15/30		0.2			850		1,392
8.000%, 02/14/34		0.2			1,700		2,040
7.500%, 07/14/17		0.1			900		1,024
7.500%, 11/07/19		0.5			3,630		4,184
7.375%, 02/05/25		0.3			2,420		2,766
7.250%, 03/15/15		0.1			850		938
7.250%, 03/05/38		0.4			2,890		3,208
7.000%, 09/26/16		0.1			938		1,036
7.000%, 03/11/19		0.1			550		616
7.000%, 06/05/20		0.1			570		638
6.875%, 03/17/36		0.3			2,320		2,471
6.750%, 05/30/40		0.3			2,533		2,641
6.750%, 04/03/18		0.4			3,050		3,347
6.000%, 01/14/41		0.0			352		335
5.625%, 03/30/21		0.0			450		460
Other Securities		0.1					608

							27,704


Ukraine — 3.0%
Biz Finance for Ukreximbank
8.375%, 04/27/15		0.5			4,771		4,099
Credit Suisse First Boston International for CJSC The EXIM of Ukraine
8.000%, 11/06/15 (E)		0.0			215		178
6.800%, 10/04/12		0.1			750		733
Financing of Infrastrucural Projects State Enterprise
8.375%, 11/03/17 (C)		0.1			550		506
Government of Ukraine
7.950%, 02/23/21 (C)		0.0			250		226
7.750%, 09/23/20 (C)		0.0			440		396
7.650%, 06/11/13		0.1			950		910
6.875%, 09/23/15		0.1			1,186		1,091
6.875%, 09/23/15 (C)		0.2			2,201		2,025
6.750%, 11/14/17		0.2			1,600		1,444
6.580%, 11/21/16		0.2			1,600		1,440
6.580%, 11/21/16 (C)		0.1			590		525
6.250%, 06/17/16 (C)		0.1			600		533


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

NAK Naftogaz Ukraine
9.500%, 09/30/14		0.6	%			5,973	$	5,704
Other Securities		0.7						6,670

								26,480


United Arab Emirates — 3.0%
Dubai Holding Commercial Operations MTN
4.750%, 01/30/14		0.4			EUR	3,350		3,596
Jafz Sukuk
3.401%, 11/27/12 (A)		0.6			AED	22,400		5,504
Other Securities		2.0						17,225

								26,325


United Kingdom — 0.1%
Oschadbank Via SSB #1
8.250%, 03/10/16		0.1				800		632


Uruguay — 2.3%
Republic of Uruguay PIK
7.875%, 01/15/33		0.4				2,750		3,454
Republic of Uruguay
9.250%, 05/17/17		0.4				2,815		3,575
8.000%, 11/18/22		1.0				7,557		9,408
7.625%, 03/21/36		0.4				2,695		3,328
6.875%, 09/28/25		0.1				551		647

								20,412


Venezuela — 4.3%
Government of Venezuela
13.625%, 08/15/18		0.0				144		137
13.625%, 08/15/18		0.2				2,100		1,995
10.750%, 09/19/13		0.0				400		393
9.375%, 01/13/34		0.1				830		513
9.250%, 09/15/27		0.2				2,235		1,505
9.250%, 05/07/28		0.1				1,680		1,033
9.000%, 05/07/23		0.1				1,220		756
8.500%, 10/08/14		0.2				1,728		1,521
8.250%, 10/13/24		0.1				1,800		1,048
7.750%, 10/13/19		0.1				1,200		756
7.650%, 04/21/25		0.1				1,450		819
7.000%, 03/31/38		0.0				100		53
6.000%, 12/09/20		0.1				880		493
5.750%, 02/26/16		0.0				315		224
Petroleos de Venezuela
5.500%, 04/12/37		0.1				2,000		890
5.375%, 04/12/27		0.2				3,855		1,764
5.250%, 04/12/17		0.3				4,497		2,530
5.000%, 10/28/15		0.3				4,201		2,510
4.900%, 10/28/14		1.5				19,481		13,272
Other Securities		0.6						5,647

								37,859


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


Vietnam — 0.2%
Other Securities		0.2	%				$	1,525

Total Global Bonds (Cost $797,955) ($ Thousands)								807,840



LOAN PARTICIPATIONS — 2.1%
Ashmore Cayman SPC No. 1
0.000%, 08/31/11 (E)		0.6				9,161		4,918
Other Securities		1.5						13,486

Total Loan Participations (Cost $22,272) ($ Thousands)								18,404


CONVERTIBLE BONDS — 0.4%

China — 0.0%
Other Securities		0.0						185


India — 0.4%
Other Securities		0.4						3,522

Total Convertible Bonds (Cost $3,303) ($ Thousands)								3,707


WARRANTS — 0.0%

Russia — 0.0%
Other Securities		0.0						—

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



AFFILIATED PARTNERSHIP — 0.8%
SEI Liquidity Fund, L.P. 0.130%*† (G)		0.8				7,457,238		7,190

Total Affiliated Partnership (Cost $7,457) ($ Thousands)								7,190


TIME DEPOSITS — 3.5%

United States — 3.5%
Brown Brothers Harriman
4.899%, 10/03/11					ZAR	1,315		163
0.279%, 10/03/11					EUR	133		179
0.030%, 10/03/11						29,983		29,983

Total Time Deposits (Cost $30,325) ($ Thousands)								30,325

Total Investments — 99.0% (Cost $861,390) ($ Thousands)††							$	867,466

A summary of the open futures contracts held by the Fund at September 30, 2011, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Euro-Buxl 30 Year Bond		(12	)		Dec-2011	$	(65	)
U.S. 10-Year Treasury Note		5			Dec-2011		5
U.S. Ultra Long Treasury Bond		14			Dec-2011		202

						$	142

For the period ended September 30, 2011, 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 year.

A summary of the outstanding forward foreign currency contracts held by the Fund at September 30, 2011, is as follows:


Settlement Date	Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)
10/4/11		BRL	5,810		USD	3,246	$	116
10/4/11-11/3/11		USD	6,675		BRL	11,620		(437	)
10/7/11		INR	102,913		USD	2,102		2
10/7/11		MXP	116,403		USD	9,835		1,420
10/7/11-2/6/12		USD	10,182		INR	476,468		(561	)
10/14/11-10/27/11		EUR	25,358		USD	35,029		1,014
10/17/11		USD	2,296		EUR	1,688		(32	)
10/18/11-11/8/11		KRW	6,632,745		USD	5,780		149
10/27/11		GBP	559		USD	886		16
11/8/11		USD	1,615		KRW	1,723,745		(152	)
11/10/11		USD	3,651		MXP	46,111		(329	)
11/14/11-5/16/12		CNY	43,564		USD	6,822		(2	)
11/14/11-5/16/12		USD	6,791		CNY	43,564		33
11/15/11		MYR	17,218		USD	5,650		261
11/15/11		USD	5,747		MYR	17,218		(357	)

							$	1,141

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at September 30, 2011, is as follows:


Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Barclays PLC		(4,173	)		4,177	$	4
Brown Brothers Harriman		(4,343	)		4,587		244
Citigroup		(23,421	)		23,131		(290	)
Deutsche Bank		(8,826	)		8,359		(467	)
HSBC		(34,085	)		35,533		1,448
JPMorgan Chase Bank		(13,108	)		13,315		207
UBS		(15,376	)		15,370		(5	)

						$	1,141

A summary of outstanding swap agreements held by the fund at September 30, 2011, is as follows:

Percentages are based on a Net Assets of $876,396 ($ Thousands).

Rate shown is the 7-day effective yield as of September 30, 2011.

(1)

In U.S. dollars unless otherwise indicated.

†

Investment in Affiliated Security (See Note 5).

(A)

Variable Rate Security — The rate reported on the Summary Schedule of Investments is the rate in effect as of September 30, 2011.

(B)

Step Bonds — The rate reflected on the Summary Schedule of Investments is the effective yield on September 30, 2011. The coupon on a step bond changes on a specified date.

(C)

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.

(D)

This security or a partial position of this security is on loan at September 30, 2011. The total market value of securities on loan at September 30, 2011 was $6,215 ($ Thousands) (See Note 9).

(E)

Securities considered illiquid. The total market value of such securities as of September 30, 2011 was $34,974 ($ Thousands) and represented 4.0% of Net Assets.

(F)

Security in default on interest payments.

(G)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of September 30, 2011 was $7,190 ($ Thousands).

††

AED

— United Arab Emirates Dirham

ARS

— Argentine Peso

BRL

— Brazilian Real

COP

— Colombian Peso

CNY

— Chinese Yuan

EUR

— Euro

GBP

— British Pound Sterling

INR

— India Rupee

KRW

— Korean Won

L.P.

— Limited Partnership

MTN

— Medium Term Note

MXP

— Mexican Peso

MYR

— Malaysian Ringgit

PHP

— Philippine Peso

PIK —

Payment-in-Kind

PLC

— Public Limited Company

Ser —

Series

SPC

— Segregated Portfolio Company

USD

— U.S. Dollar

ZAR

— South African Rand

The following is a summary of the inputs used as of September 30, 2011, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	807,840	$	—	$	807,840
Convertible Bonds		—		3,707		—		3,707
Warrants		—		—		—		—
Loan Participations		—		—		18,404		18,404
Affiliated Partnership		—		7,190		—		7,190
Time Deposits		—		30,325		—		30,325

Total Investments in Securities	$	—	$	849,062	$	18,404	$	867,466


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	142	$	—	$	—	$	142
Forwards Contracts*		1,141		—		—		1,141
Total Return Swaps		—		77		—		77

Total Other Financial Instruments	$	1,283	$	77	$	—	$	1,360

Future contracts and forwards contracts are valued at the unrealized appreciation on the instrument.

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


	Loan Participations
Beginning balance as of October 1, 2010	$	21,781
Accrued discounts/premiums		103
Realized gain/(loss)		312
Change in unrealized appreciation/(depreciation)		(1,258	)
Net purchases/sales		(2,534	)
Net transfer in and/or out of Level 3		—

Ending balance as of September 30, 2011	$	18,404

Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date.	$	(1,387	)

For the period ended September 30, 2011, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended September 30, 2011, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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

1. ORGANIZATION

SEI Institutional International Trust (the “Trust”) was organized as a Massachusetts business trust under a Declaration of Trust dated June 30, 1988. The operations of the Trust commenced on December 20, 1989.

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

As of September 30, 2011, the Tax-Managed International Equity Fund and the Class G shares had not yet commenced operations.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

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

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

The International Equity Fund and Emerging Markets Equity Fund also use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by these Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular

security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the International Equity Fund and Emerging Markets Equity Fund will value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

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

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

Level 1 — quoted prices in active markets for identical investments

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

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

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

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

When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be

Level 3 depending on the circumstances. For certain collateralized debt obligations, corporate obligations, mortgage backed securities, auction rate preferred securities, loan participations and swaps where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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

The valuation techniques used by the Funds to measure fair value during the year ended September 30, 2011 maximized the use of observable inputs and minimized the use of unobservable inputs. For the year ended September 30, 2011, there have been no significant changes to the inputs or the Trust’s fair valuation methodologies.

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

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

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

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

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

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

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

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

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

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

Forward Foreign Currency Contracts — To the extent consistent with its Investment Objective and Strategies, a Fund may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year are recognized as ordinary income or loss for federal income tax purposes. The Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Summary Schedule of Investments for details regarding open forward foreign currency contracts as of September 30, 2011, if applicable.

Futures Contracts — To the extent consistent with its Investment Objective and Strategies, the Funds may purchase future contracts to gain exposure to market changes, which may be more efficient or cost effective than actually buying the securities. To the extent consistent with its Investment Objective and Strategies, a Fund may utilize futures contracts for tactical hedging purposes as well as to enhance the Funds’ returns. In addition, the International Fixed Income Fund and the Emerging Markets Debt Fund may utilize futures contracts to efficiently assist in managing the Funds’ duration and yield curve exposure. Upon entering into such a contract, a Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is held. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity

for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Summary Schedule of Investments for details regarding open futures contracts as of September 30, 2011, if applicable.

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

Swap Agreements — To the extent consistent with its Investment Objective and Strategies a Fund may invest in swap contracts as an efficient means to take and manage risk in the portfolio, including interest rate risk, credit risk and overall yield sensitivity. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit default swaps involve the periodic payment by a Fund or counterparty of interest based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the outstanding principal of the downgraded debt instrument. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR (London Inter-

bank Offered Rate) or some other form of index on the notional amount. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal to manage a Fund’s exposure to interest rates. Payments received or made are recorded as realized gains or losses. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. In connection with swap agreements, securities/cash may be set aside as collateral by the Fund’s custodian. A Fund may enter into swap agreements in order to, among other things, change the maturity or duration of the investment portfolio; protect a Fund’s value from changes in interest rates; or expose a Fund to a different security or market.

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. Net payments of interest are recorded as realized gains or losses.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Summary Schedule of Investments or the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements. See Note 3 for further details.

Counterparty risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. Refer to each Fund’s Summary Schedule of Investments for details regarding open swap contracts as of September 30, 2011, if applicable.

Options Written/Purchased — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in financial options contracts to add return or to hedge their existing portfolio securities. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from purchasing or writing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost

of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. There were no open option agreements held by any of the Funds as of September 30, 2011.

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

Loan Participations and Brady Bonds — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in U.S. dollar-denominated fixed- and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in a Fund having a contractual relationship only with the Lenders, not with the sovereign borrowers. This Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the

Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.

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

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

Dividends and Distributions to Shareholders — The International Equity, Emerging Markets Equity and International Fixed Income Funds will distribute substantially all of their net investment income and all net realized capital gains, if any, at least annually. The Emerging Markets Debt Fund will distribute substantially all of its net investment income, if any, at least quarterly and all net realized gains, if any, at least annually. All dividends and distributions are recorded on ex-dividend date.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Redemption Fees — The Funds retain a redemption fee based on a dollar threshold for redemptions, or a series of redemptions from a single identifiable source that in the aggregate exceed a specified dollar threshold within any thirty day period, as presented below:


	Dollar Threshold ($ Thousands)		Redemption Fee
International Equity Fund	$	50,000		0.75	%
Emerging Markets Equity Fund		25,000		1.25
International Fixed Income Fund		25,000		1.00
Emerging Markets Debt Fund		25,000		1.00

For the year ended September 30, 2011, the Funds did not retain any redemption fees. Such fees, if any, are retained by the Funds for the benefit of the remaining shareholders.

3. CREDIT DERIVATIVES

A Fund may use credit default swaps to reduce risk where a Fund has exposure to the issuer, or to take an active long or short position with respect to the likelihood of an event of default. The reference obligation of the swap can be a single issuer, a “basket” of issuers, or an index. The underlying referenced assets are corporate debt, sovereign debt and asset backed securities.

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

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

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

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

The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the year. For Funds that held derivatives throughout the year with only one type of risk exposure, additional information can be found on the Summary Schedules of Investments and the Statement of Operations. The fair value of derivative instruments as of September 30, 2011 was as follows:

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2011 is as follows:

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

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

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.

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

Administration & Transfer Agency Agreement — The Trust and SEI Investments Global Funds Services (the “Administrator”) are parties to an amended and restated Administration and Transfer Agency Agreement dated December 10, 2003 under which the Administrator provides administrative and transfer agency services to the Funds for annual fees, based on the average daily net assets of the respective funds, as presented below:


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

However, the Administrator has voluntarily agreed to waive its fee so that the total annual expenses, except for Trustee fees, of each Fund will not exceed certain expense limitations adopted by the Administrator as presented below. In the event that the total annual expenses of a Fund, after reflecting a waiver of all fees by the Administrator, exceed the specific limitation, the Administrator has agreed to bear such excess. Any such waiver is voluntary and may be terminated at any time at the Administrator’s sole discretion. At September 30, 2011, there were no such waivers in each Fund.


	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
Class A		1.27	%*†		1.96	%†		1.02	%†		1.36	%†
Class I		1.52	%*†		—			—			—

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

† The expense cap excludes proxy and overdraft fees.

Investment Advisory Agreement — SEI Investments Management Corporation (“SIMC”) serves as investment adviser (the “Adviser”) to each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each Fund. SIMC has voluntarily agreed to waive a portion of its fee for the International Equity, Emerging Markets Equity and Emerging Markets Debt Funds so that the total annual expenses of each Fund, exclusive of short sale expenses and acquired fund fee expenses, will not exceed certain voluntary expense limitations adopted by SIMC. These waivers may be terminated at any time. For the International Fixed Income Fund, SIMC has contractually agreed to waive fees or reimburse expenses until the later of (i) two years after the effective date of the Expense Limitation Agreement, or (ii) January 31, 2012 in order to keep total annual fund operating expenses (exclusive of interest from borrowings, brokerage

commissions, taxes and extraordinary expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.02%.

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


	Advisory Fees			Voluntary Expense Limitations			Contractual Expense Limitations
International Equity Fund, Class A		0.505	%		1.270	%		—	%
International Equity Fund, Class I		0.505	%		1.520	%		—	%
Emerging Markets Equity Fund		1.050	%		1.960	%		—	%
International Fixed Income Fund		0.300	%		—	%		1.020	%
Emerging Markets Debt Fund		0.850	%		1.360	%		—	%

As of September 30, 2011, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:

Investment Sub-Adviser

International Equity Fund

Acadian Asset Management LLC

Causeway Capital Management LLC

del Rey Global Investors LLC

INTECH Investment Management LLC

Neuberger Berman Management LLC

Quantitative Management Associates LLC

Schroder Investment Management North America, Inc.

Tradewinds Global Investors LLC

Emerging Markets Equity Fund

Artisan Partners Limited Partnership

Delaware Management Company

JO Hambro Capital Management Limited

Lazard Asset Management LLC

Neuberger Berman Management LLC

PanAgora Asset Management, Inc.

The Boston Company Asset Management LLC

International Fixed Income Fund

AllianceBernstein L.P.

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

Wellington Management Company, LLP

Emerging Markets Debt Fund

Ashmore Investment Management Limited

ING Investment Management Advisors, B.V.

Stone Harbor Investment Partners LP

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

Distribution Agreement — SEI Investments Distribution Co. (the “Distributor”), a wholly owned subsidiary of SEI Investments Company (“SEI”) and a registered broker-dealer, acts as the Distributor of the shares of the Trust under an amended and restated Distribution Agreement dated September 16, 2002. The Trust has adopted plans under which firms, including the Distributor, that provide shareholder and administrative services may receive compensation therefrom.

Such plans provide fees payable to the Distributor equal to the following amounts, calculated as a percentage of the average daily net assets attributable to each particular class of each respective fund.


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

The Distribution Agreement between the Distributor and the Trust provides that the Distributor may receive compensation on fund transactions effected for the Trust in accordance with the rules of the Securities and Exchange Commission (“SEC”). Accordingly, it is expected that fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules require that such commissions not exceed usual and customary commissions. For the year ended September 30, 2011, the Distributor received no brokerage commissions.

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

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

For the year ended September 30, 2011, the Distributor retained 100% of both shareholder servicing fees, less the waiver, and administration servicing fees.

Fees Paid Indirectly — The Funds may direct certain fund trades to the Distributor who pays a portion of the Fund’s expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, and the effect on the Fund’s expense ratio, as a percentage of the Fund’s average daily net assets for the year ended September 30, 2011, can be found on the Statement of Operations and Financial Highlights, respectively.

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

Payment to Affiliates — Certain Officers and Trustees of the Trust are also Officers and/or Trustees of the Administrator, Adviser and/or the Distributor.

The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings.

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

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in The Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula approved by the SEI Funds’ board of trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. For the year ended September 30, 2011, the Trust had not participated in the Program.

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

Other Affiliated Transactions — During the fiscal year ended September 30, 2010, the Administrator made a capital contribution (the “Contribution”) of $1,166 ($ Thousands) to the Emerging Markets Debt Fund. The Contribution represents a reimbursement for losses incurred by the Emerging Markets Debt Fund in connection with a NAV error during that fiscal year. The Contribution is included in Proceeds from Shares Issued on the Statement of Changes in Net Assets. The Contribution did not have a significant impact on the Emerging Market Debt Fund’s total return.

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments and futures, during the year ended September 30, 2011, were as follows:


	Purchases ($ Thousands)		Sales and Maturities ($ Thousands)
International Equity Fund
US Government	$	—	$	—
Other		1,814,617		1,892,233
Emerging Markets Equity Fund
US Government		—		—
Other		877,178		925,639
International Fixed Income Fund
US Government		6,152		16,355
Other		520,062		541,425
Emerging Markets Debt Fund
US Government		—		—
Other		473,444		473,470

Included in the realized gain on investments for the International Equity and Emerging Markets Equity funds was $786 and $1,319 ($ Thousands), respectively, received from AXA Rosenberg Investment Management, a former investment sub-adviser to the funds, as a result of a settlement with the Securities and Exchange Commission related to a coding error in its quantitative investment process. The settlement proceeds represented 0.05% and 0.19% of the funds’ average net assets, respectively, for the year ended September 30, 2011.

7. FEDERAL TAX INFORMATION:

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

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

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

Accordingly, the following permanent differences have been reclassified to/from the following accounts as of September 30, 2011:


	Undistributed Net Investment Income/(Loss) ($ Thousands)			Accumulated Realized Gain/(Loss) ($ Thousands)			Paid-in- Capital ($ Thousands)
International Equity Fund	$	1,402		$	(1,402	)	$	—
Emerging Markets Equity Fund		2,694			(2,694	)		—
International Fixed Income Fund		(21,620	)		25,923			(4,303	)
Emerging Markets Debt Fund		968			(968	)		—

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

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


		Ordinary Income ($ Thousands)		Long-Term Capital Gain ($ Thousands)		Return of Capital ($ Thousands)		Totals ($ Thousands)
International Equity Fund	2011	$	27,465	$	—	$	—	$	27,465
	2010		—		—		—		—
Emerging Markets Equity Fund	2011		8,167		—		—		8,167
	2010		5,546		—		—		5,546
International Fixed Income Fund	2011		22,700		—		490		23,190
	2010		5,034		—		7		5,041
Emerging Markets Debt Fund	2011		25,140		—		—		25,140
	2010		67,778		—		—		67,778

As of September 30, 2011, the components of Distributable Earnings (Accumulated Losses) were as follows:


	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post October Gains (Losses) ($ Thousands)
International Equity Fund	$	34,760	$	—	$	(996,607	)	$	—
Emerging Markets Equity Fund		2,180		—		(19,246	)		—
International Fixed Income Fund		—		—		(20,627	)		—
Emerging Markets Debt Fund		19,073		—		(749	)		—


	Post October Currency Losses ($ Thousands)			Unrealized Appreciation ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Accumulated Gains (Losses) ($ Thousands)
International Equity Fund	$	(2,060	)	$	(245,286	)	$	13		$	(1,209,180	)
Emerging Markets Equity Fund		(88	)		(157,159	)		—			(174,313	)
International Fixed Income Fund		—			8,438			(13,946	)		(26,135	)
Emerging Markets Debt Fund		—			1,839			(2,139	)		18,024

Post-October losses represent losses realized on investment transactions from November 1, 2010 through September 30, 2011, that, in accordance with Federal income tax regulations, the Funds defer and treat as having arisen in the following fiscal year. For Federal income tax purposes, capital carryforwards may be carried forward and applied against future capital gains as follows:


	Expires 2015 ($ Thousands)		Expires 2017 ($ Thousands)		Expires 2018 ($ Thousands)		Total Capital Loss Carryforward 09/30/11 ($ Thousands)
International Equity Fund	$	—	$	306,250	$	690,357	$	996,607
Emerging Markets Equity Fund		—		—		19,246		19,246
International Fixed Income Fund		274		1,563		18,790		20,627
Emerging Markets Debt Fund		—		—		749		749

During the year ended September 31, 2011, the following Funds utilized capital loss carryforwards to offset capital gains:


	Amount utilized ($ Thousands)
International Equity Fund	$	126,402
Emerging Markets Equity Fund		113,491
International Fixed Income Fund		3,523
Emerging Markets Debt Fund		31,182

Under the recently enacted Regulated Investment Company Modernization Act of 2010, Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For Federal income tax purposes, the cost of securities owned at September 30, 2011, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in partnerships, passive foreign investment companies, defaulted bonds, straddles and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at September 30, 2011, was as follows:


	Federal Tax Cost ($ Thousands)		Aggregate Gross Unrealized Appreciation ($ Thousands)		Aggregate Gross Unrealized Depreciation ($ Thousands)			Net Unrealized Appreciation ($ Thousands)
International Equity Fund	$	1,894,797	$	51,414	$	(297,421	)	$	(246,007	)
Emerging Markets Equity Fund		885,805		40,623		(197,641	)		(157,018	)
International Fixed Income Fund		476,521		25,421		(30,682	)		(5,261	)
Emerging Markets Debt Fund		866,778		53,125		(52,437	)		688

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of September 30, 2011, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

8. CONCENTRATION/RISKS

Each Fund invests in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result

of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. The market values of the International Fixed Income and Emerging Markets Debt Funds’ investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. Also, the ability of the issuers of debt securities held by the International Fixed Income Fund and Emerging Markets Debt Fund to meet their obligations may be affected by economic and political developments in a specific country, industry or region.

Certain securities held by the Funds are valued on the basis of a price provided by a principal market maker. The prices provided by the principal market makers are estimates that may differ from the value that would be realized if the securities were sold. At September 30, 2011, the total value of these securities represented approximately 2% of the net assets of the Emerging Markets Debt Fund.

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

9. SECURITIES LENDING

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

risks, including the risk that a Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities.

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

10. NEW ACCOUNTING PRONOUNCEMENTS

In April 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-03 “Reconsideration of Effective Control of Repurchase Agreements”. ASU 2011-03 is an amendment to Topic 860 “Transfers and Servicing”. These amendments simplify the accounting for repurchase agreements by eliminating the requirement that the transferor demonstrate it has adequate collateral to fund substantially all the cost of purchasing replacement assets. As a result, more arrangements could be accounted for as secured borrowings rather than sales. The guidance applies to public and nonpublic companies and is effective for interim and annual reporting periods beginning on or after December 15, 2011. The guidance should be applied prospectively to transactions or modifications of existing transactions that occur on or after the effective date. Early adoption is not allowed. At this time, management is evaluating the implications of ASU 2011-03 and its impact on the financial statements.

In May 2011, the FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”)”. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.

11. SUBSEQUENT EVENTS

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

We have audited the accompanying statements of assets and liabilities of the SEI Institutional International Trust comprising the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (collectively, the “Funds”), including the summary schedules of investments, as of September 30, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2011, by correspondence with the custodians, brokers, and transfer agent or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the funds comprising SEI Institutional International Trust as of September 30, 2011, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

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

All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund’s average net assets; this percentage is known as the fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

Actual fund return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.


	Beginning Account Value 4/1/11		Ending Account Value 9/30/11		Annualized Expense Ratios			Expenses Paid During Period*
International Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	799.30		1.26	%	$	5.68
Class I		1,000.00		799.10		1.51			6.81
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.76		1.26	%	$	6.37
Class I		1,000.00		1,017.50		1.51			7.63
Emerging Markets Equity Fund
Actual Fund Return
Class A	$	1,000.00	$	739.50		1.96	%	$	8.56
Hypothetical 5% Return
Class A	$	1,000.00	$	1,015.23		1.96	%	$	9.91

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

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

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

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

Specifically, during the course of the Trust’s fiscal year the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC and the Sub-Advisers charge the Funds compared with the fees each charge to comparable mutual funds; (vi) the Funds’ overall fees and operating expenses compared with similar mutual funds; (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance systems; (ix) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (x) SIMC’s and the Sub-Advisers’ reputation, expertise and resources in domestic and/or international financial markets; and (xi) the Funds’ performance compared with similar mutual funds.

At the June 21 – 22, 2011 and September 13 – 14, 2011 meetings of the Board of Trustees, the Trustees, including a majority of the Independent Trustees, approved the Sub-Advisory Agreements and approved the selection of the Sub-Advisers to act in their

respective capacities for the Funds. The Board’s approval was based on its consideration and evaluation of a variety of specific factors discussed at the meetings and at prior meetings, including:

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by the Sub-Advisers to the Funds and the resources of the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, each Sub-Advisers’ personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by the Sub-Advisers to the Funds and the resources of the Sub-Advisers and their affiliates dedicated to the Funds supported renewal of the Sub-Advisory Agreements.

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

Fund Expenses. With respect to the Funds’ expenses under the Sub-Advisory Agreements, the Trustees considered the rate of compensation called for by the Sub- Advisory Agreements and the Funds’ net operating expense ratio in comparison to those of other comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in the Funds’ respective peer groups. The Trustees further considered the fact that the comparative fee analysis either showed that the various fees were below average or that there was a reasonable basis for the fee level. Finally, the Trustees considered the effects of the Sub-Advisers’ fees to prevent total Fund expenses from exceeding a specified cap and concluded that the Funds’ various service providers, through waivers, have maintained the Funds’ net operating expenses at competitive levels for their respective distribution channels. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Sub-Advisory Agreements.

Profitability. With regard to profitability, the Trustees considered all compensation flowing to the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the varied levels of compensation and profitability under the Sub-Advisory Agreements and other service agreements were reasonable and justified in light of the quality of all services rendered to the Funds by the Sub-Advisers and their affiliates. The Trustees found that profitability was reasonable and that the margin was not increasing despite growth in assets. When considering the profitability of the Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and such compensation with respect to any Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of the Sub-Advisers is reasonable and supported renewal of the Sub-Advisory Agreements.

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

Economies of Scale. The Trustees considered the existence of any economies of scale and whether those were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, unanimously approved the continuation of the Sub-Advisory Agreements and concluded that the compensation under the Sub-Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of their deliberations, the Trustees did not identify any particular information that was all-important or controlling.

For shareholders that do not have a September 30, 2011 taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2011 taxable year end, please consult your tax advisor as to the pertinence of this notice.

For the fiscal year ended September 30, 2011 the Funds of the SEI Institutional International Trust are designating the following items with regard to distributions paid during the year:

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2011, the amount of foreign source income and foreign tax credit are as follows:

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

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

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

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Rosemarie B. Greco

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Officers

Robert A. Nesher

President and Chief Executive Officer

Peter A. Rodriguez

Controller and Chief Financial Officer

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

James Ndiaye

Vice President, Assistant Secretary

Aaron Buser

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

John J. McCue

Vice President

Keri E. Rohn

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KMPG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the SEI Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

For more information call

1 800 DIAL SEI

(1 800 342 5734)

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

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

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

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2011 and 2010 as follows:

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

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

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

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

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

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

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

(g)(1) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2011 and 2010 were $234,500 and $369,000, respectively. Non-audit fees consist of SAS No. 70 review of fund accounting and administration operations, attestation report in accordance with Rule 17Ad-13, and agreed

upon procedures report over certain internal controls related to compliance with federal securities laws and regulations.

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

The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund, and Emerging Markets Debt Fund are listed below.


Description	Shares		Market Value ($ Thousands)

COMMON STOCK — 95.5%

Australia — 3.0%
Aditya Birla Minerals (A)		23,081	$	19
Alumina (A)		1,486,632		2,082
Amcor (A)		258,912		1,721
AMP (A)(B)		37,310		141
Atlas Iron (A)		1,468,421		3,960
Australia & New Zealand Banking Group (A)		31,817		593
Beach Energy (A)		520,405		539
Bendigo and Adelaide Bank (A)(B)		69,363		564
BHP Billiton (A)(B)		87,799		2,920
Boral (A)		9,142		31
Brambles (A)		78,185		484
Caltex Australia (A)		133,435		1,381
CFS Retail Property Trust (A)(C)		21,096		36
Coca-Cola Amatil (A)		23,727		273
Cochlear (A)		4,491		200
Commonwealth Bank of Australia (A)		28,138		1,229
Crown (A)(B)		29,036		222
CSL (A)		113,603		3,239
Dexus Property Group (A)(C)		270,043		214
Echo Entertainment Group*		47,526		169
Fortescue Metals Group (A)(B)		401,387		1,684
Goodman Group (A)(C)		201,018		111
GPT Group (A)(B)(C)		75,531		228
Iluka Resources (A)		76,606		901
Incitec Pivot (A)		139,782		435
Leighton Holdings (A)		9,243		165
Lend Lease (A)(B)		87,698		592
Lynas* (A)		386,706		397
Macquarie Airports (A)		56,591		176
Metcash (A)		165,834		657
National Australia Bank (A)(B)		63,342		1,351
Newcrest Mining (A)		210,593		6,972
OneSteel (A)		275,164		324
Orica (A)		10,922		246
Qantas Airways* (A)		98,345		132
QBE Insurance Group (A)		5,771		71
Ramsay Health Care (A)		21,478		394
Rio Tinto (A)(B)		52,440		3,085
Santos (A)		241,884		2,629
Sonic Healthcare (A)		41,345		454
Suncorp-Metway (A)		32,269		247
TABCORP Holdings (A)(B)		80,565		199
Tattersalls Group (A)(B)		77,259		166
Telstra (A)(B)		145,190		434
Transurban Group (A)		197,736		1,032
Washington H Soul Pattinson (A)		6,014		74
Wesfarmers (A)(B)		29,744		903
Wesfarmers PPS (A)		1,497		46
Westfield Group (A)(C)		30,938		230
Westpac Banking (A)		34,173		665
Woolworths (A)		40,833		980
WorleyParsons (A)		17,974		450

				46,447


Austria — 0.2%
Oesterreichische Post (A)		4,748		135
OMV (A)		2,009		60


Description	Shares		Market Value ($ Thousands)

Vienna Insurance Group (A)		70,119	$	2,669
Voestalpine (A)		10,972		318

				3,182


Belgium — 1.6%
Bekaert (A)		332		13
Belgacom (A)		172,184		5,190
Colruyt (A)(B)		89,731		3,733
Delhaize Group (A)		36,776		2,153
Groupe Bruxelles Lambert (A)		12,683		892
InBev (A)		191,098		10,158
KBC Groep (A)		16,001		370
Mobistar (A)		4,718		270
Solvay (A)		4,144		391
Telenet Group Holding (A)		44,386		1,628
UCB (A)		16,145		689
Umicore (A)		743		27

				25,514


Bosnia and Herzegovina — 0.1%
Axis Capital Holdings		64,200		1,665


Brazil — 0.9%
Anhanguera Educacional Participacoes		315,992		3,821
Brasil Telecom ADR		94,034		1,642
Centrais Eletricas Brasileiras ADR		182,900		1,604
HRT Participacoes em Petroleo*		3,600		1,474
Petroleo Brasileiro ADR		176,630		3,965
Tim Participacoes ADR		49,099		1,157
Vale ADR, Cl B		4,729		108

				13,771


Canada — 4.3%
Barrick Gold		161,299		7,525
Bird Construction		3,501		33
Cameco		171,625		3,144
Cenovus Energy (B)		99,046		3,067
Domtar		27,532		1,877
Goldcorp (B)		86,000		3,967
Kinross Gold (B)		323,919		4,788
Magna International, Cl A		33,100		1,101
Magna International		21,000		692
New Gold*		323,200		3,356
Nexen		273,497		4,237
Niko Resources (B)		113,163		4,688
Onex		30,300		950
Peyto Exploration & Development (B)		153,500		2,936
Potash Saskatchewan		98,182		4,287
Precision Drilling*		129,400		1,084
QLT*		3,908		29
Saputo		4,500		178
Silver Wheaton (B)		99,500		2,954
Suncor Energy		186,860		4,791
Teck Resources, Cl B		114,421		3,395
TELUS, Cl A		1		—
Toronto-Dominion Bank (B)		72,533		5,192
Transcontinental, Cl A (B)		5,100		53
Vermilion Energy (B)		68,700		2,903

				67,227


Description	Shares		Market Value ($ Thousands)

Chile — 0.2%
Sociedad Quimica y Minera de Chile ADR (B)		60,500	$	2,893


China — 0.6%
Baidu ADR*		36,719		3,926
China Petroleum & Chemical (A)		1,150,000		1,106
China Telecom (A)		726,000		455
China Vanke, Cl B (A)		973,900		837
Guangshen Railway (A)(B)		1,580,000		475
Huaneng Power International (A)		5,444,000		2,312

				9,111


Denmark — 1.2%
AP Moller - Maersk, Cl A (A)		89		499
AP Moller - Maersk, Cl B (A)		448		2,636
Coloplast, Cl B (A)		2,678		386
Jyske Bank* (A)		95,182		2,821
Novo Nordisk, Cl B (A)		78,172		7,808
Novozymes, Cl B (A)		1,798		256
TrygVesta (A)		76,092		4,007

				18,413


Finland — 1.0%
Elisa, Cl A (A)		513		11
Fortum (A)		37,119		875
Kesko, Cl B (A)		4,634		143
Kone, Cl B (A)		1,233		59
Metso (A)		135,572		3,974
Nokia (A)		477,932		2,707
Nokia ADR (B)		554,270		3,137
Nokian Renkaat (A)		13,454		403
Orion, Cl B (A)		15,717		317
Sampo, Cl A (A)		13,838		348
Stora Enso, Cl R (A)		491,740		2,882
UPM-Kymmene (A)		55,728		630
Wartsila, Cl B (A)		8,418		200

				15,686


France — 9.9%
Accor (A)		20,406		544
Aeroports de Paris (A)		1,149		87
Air Liquide (A)		54,966		6,428
Alcatel-Lucent* (A)		1,879,957		5,459
Alstom (A)(B)		51,245		1,690
Areva		51,120		1,627
Arkema (A)		39,845		2,311
AXA (A)		711,758		9,273
BNP Paribas (A)		238,052		9,398
Bouygues (A)		11,538		382
Bureau Veritas (A)		298		21
Carrefour (A)		138,552		3,160
Casino Guichard Perrachon (A)		3,478		272
Christian Dior (A)		4,599		516
Cie de Saint-Gobain (A)		24,372		931
Cie Generale d’Optique Essilor International (A)		63,457		4,570
CNP Assurances (A)		181,050		2,670
Compagnie Generale de Geophysique* (A)		33,147		585


Description	Shares		Market Value ($ Thousands)

Credit Agricole (A)		116,577	$	803
Edenred (A)		25,396		606
Eiffage (A)		5,830		180
Electricite de France (A)		74,382		2,157
Eutelsat Communications (A)		126,919		5,106
Fonciere Des Regions (A)(C)		4,364		305
France Telecom (A)		42,171		691
GDF Suez (A)		223,617		6,654
Gecina (A)(C)		7,457		653
Groupe Danone (A)		15,085		929
Groupe Eurotunnel (A)		2,457		21
ICADE (A)(C)		16,171		1,265
Iliad (A)		2,796		313
Legrand (A)		166,282		5,191
L’Oreal (A)		7,123		696
LVMH Moet Hennessy Louis Vuitton (A)		66,889		8,842
Metropole Television (A)		11,395		185
Michelin, Cl B (A)(B)		25,199		1,509
Natixis (A)(B)		206,152		649
Neopost (A)		2,372		174
Pernod-Ricard (A)		3,877		304
Peugeot (A)		57,911		1,234
PPR (A)		3,262		422
Safran (A)		158,589		4,858
Sanofi-Aventis (A)		317,999		20,948
Schneider Electric (A)		194,616		10,430
SCOR (A)		14,394		311
SES (A)		18,506		451
Societe Generale (A)		83,695		2,194
Societe Television Francaise (A)		3,333		42
Sodexho Alliance (A)		87,888		5,796
Technip (A)		58,719		4,711
Thales (A)		90,264		2,826
Total (A)		84,470		3,732
Unibail (A)(C)		859		154
Veolia Environnement (A)		174,218		2,548
Vinci (A)		87,972		3,779
Vivendi (A)		178,766		3,645
Wendel (A)		6,106		383

				155,621

Germany — 6.6%
Adidas (A)		773		47
Allianz (A)		28,582		2,683
Axel Springer (A)		1,447		50
BASF (A)		69,298		4,231
Bayer (A)		120,114		6,638
Bayerische Motoren Werke (A)		88,864		5,879
Beiersdorf (A)		3,180		170
Brenntag (A)		46,552		4,044
Continental * (A)		214		12
DaimlerChrysler (A)		44,716		1,992
Deutsche Bank (A)		48,340		1,678
Deutsche Boerse*		80,094		4,057
Deutsche Lufthansa (A)		145,731		1,892
Deutsche Post (A)		451,059		5,783
Deutsche Telekom (A)(B)		310,532		3,650
E.ON (A)		26,386		573
Fraport Frankfurt Airport Services Worldwide (A)		4,197		248
Fresenius (A)		5,771		514


Description	Shares		Market Value ($ Thousands)

Fresenius Medical Care (A)		94,755	$	6,438
GEA Group (A)		181,508		4,243
Hannover Rueckversicherung (A)		4,195		190
HeidelbergCement (A)		10,210		372
Henkel KGaA (A)		7,208		316
Infineon Technologies (A)(B)		139,397		1,030
K+S (A)		2,320		122
Kabel Deutschland Holding* (A)		13,637		732
Lanxess (A)(B)		2,095		101
Linde (A)		85,205		11,418
MAN (A)		4,680		363
Merck KGaA (A)		4,417		362
Metro (A)		8,895		378
Muenchener Rueckversicherungs (A)		50,592		6,293
RWE (A)		12,783		472
SAP (A)		157,408		8,021
SAP ADR		59,400		3,007
Siemens (A)		141,336		12,735
Suedzucker (A)		42,109		1,198
ThyssenKrupp (A)		62,068		1,527
United Internet (A)		2,209		37
Volkswagen (A)		6,858		846

				104,342


Greece — 0.3%
Hellenic Telecommunications Organization (A)		44,947		191
OPAP (A)		370,146		3,739

				3,930


Guernsey — 0.0%
Resolution (A)		200,066		766


Hong Kong — 2.6%
Asia Standard International Group (A)		164,000		27
ASM Pacific Technology (A)		33,000		322
BOC Hong Kong Holdings (A)		189,500		401
Cathay Pacific Airways (A)		256,265		418
Chaoda Modern Agriculture (B)		2,440,000		345
Cheung Kong Holdings (A)		40,000		434
Cheung Kong Infrastructure Holdings (A)		73,700		430
China Mobile ADR		72,200		3,517
China Mobile (A)(B)		709,500		6,938
CLP Holdings (A)		381,900		3,442
First Pacific (A)		678,000		599
Galaxy Entertainment Group* (A)(B)		248,000		360
Hang Lung Group (A)		53,668		274
Hang Seng Bank (A)		48,900		573
Henderson Land Development (A)		47,000		211
Hong Kong Exchanges and Clearing (A)		10,300		149
HongKong Electric Holdings (A)		42,000		321
Hongkong Land Holdings (A)		268,000		1,187
Hopewell Holdings (A)		132,765		381
Hutchison Telecommunications Hong Kong Holdings (A)		802,000		280
Hutchison Whampoa (A)		349,135		2,585


Description	Shares		Market Value ($ Thousands)

Hysan Development (A)		50,300	$	152
Jardine Strategic Holdings (A)		220,535		5,773
Li & Fung (A)		89,000		149
MTR (A)		71,000		213
New World Development (A)		221,000		211
NWS Holdings (A)		140,218		186
PCCW (A)		97,000		36
RCG Holdings*		39,556		2
Shangri-La Asia (A)		28,900		55
Sino-Forest*		76,000		8
SJM Holdings (A)		279,800		494
Sun Hung Kai Properties (A)		390,000		4,476
Swire Pacific, Cl A (A)		33,866		348
Wharf Holdings (A)		50,000		247
Wheelock (A)		145,478		431
Wynn Macau (A)		58,000		137
Yue Yuen Industrial Holdings (A)		1,714,000		4,434

				40,546


Indonesia — 0.1%
Telekomunikasi Indonesia ADR		47,903		1,584


Ireland — 0.7%
CRH (A)		43,323		671
Elan* (A)		70,972		753
Experian (A)		431,486		4,839
Kerry Group, Cl A (A)		4,152		146
Ryanair Holdings ADR*		132,700		3,417
Smurfit Kappa Group* (A)(B)		261,595		1,592

				11,418


Israel — 0.4%
Bank Leumi Le-Israel (A)		11,427		35
Bezeq Israeli Telecommunication (A)		81,871		153
Cellcom Israel (A)		2,696		55
Check Point Software Technologies*		91,610		4,833
Israel (A)		97		62
Israel Chemicals (A)		31,290		356
NICE Systems* (A)		4,676		140
Partner Communications (A)		2,501		24
Teva Pharmaceutical Industries (A)		23,755		878

				6,536


Italy — 1.6%
AEM (A)		77,635		97
Atlantia (A)		13,299		192
Banca Carige (A)		190,239		368
Banca Monte dei Paschi di Siena (A)		630,394		351
Enel (A)		979,492		4,330
Engineering Ingegneria Informatica (A)		2,148		61
ENI (A)		13,532		238
Exor (A)		7,931		155
Fiat (A)		199,043		1,076
Fiat Industrial* (A)		143,928		1,077
Finmeccanica (A)		41,912		290
Intesa Sanpaolo (A)		1,584,395		2,352


Description	Shares		Market Value ($ Thousands)

Mediaset (A)		75,808	$	239
Mediobanca (A)		6,963		55
Parmalat (A)		43,164		91
Saipem (A)		19,685		692
Snam Rete Gas (A)		923,771		4,271
Telecom Italia (A)		7,507,116		7,357
Terna Rete Elettrica Nazionale (A)		97,950		364
UniCredito Italiano (A)		872,278		926

				24,582


Japan — 17.7%
Aeon (A)		232,400		3,146
Aisin Seiki (A)		10,700		356
Ajinomoto (A)		15,700		186
Alfresa Holdings (A)		5,900		247
All Nippon Airways (A)		116,000		363
Alpen (A)		5,700		106
Arc Land Sakamoto (A)		7,300		145
Asahi Glass (A)		61,000		596
Asahi Kasei (A)		92,000		552
Asics (A)		25,300		346
Astellas Pharma (A)		16,700		631
Autobacs Seven (A)		2,500		112
Bank of the Ryukyus (A)		2,500		34
Belluna (A)		6,800		59
Best Bridal (A)		65		62
Bic Camera (A)(B)		401		218
Bridgestone (A)		9,700		220
Brother Industries (A)		186,000		2,187
Calsonic Kansei (A)		199,000		1,205
Canon (A)		24,600		1,118
Capcom (A)		6,600		165
Central Japan Railway (A)		473		4,130
Century Tokyo Leasing (A)		33,200		658
Chiyoda (A)		4,000		39
Chubu Electric Power (A)		13,600		255
Chuetsu Pulp & Paper (A)		18,000		29
Chugai Pharmaceutical (A)		9,800		166
Coca-Cola West (A)		213,700		4,102
Cosmo Oil (A)		181,100		449
Dai Nippon Printing (A)		723,000		7,481
Daicel Chemical Industries (A)		173,000		986
Daihatsu Motor (A)		5,800		105
Dai-ichi Life Insurance (A)		538		556
Daiichi Sankyo (A)		108,700		2,267
Daiichikosho (A)		3,500		69
Dainippon Screen Manufacturing (A)		27,000		165
Dainippon Sumitomo Pharma (A)		26,400		290
Daito Trust Construction (A)		17,200		1,578
Daiwa House Industry (A)		161,000		2,063
Dena (A)		19,400		813
Denso (A)		10,500		338
Dydo Drinco (A)		4,400		170
East Japan Railway (A)		17,300		1,049
EDION (A)(B)		93,800		786
Eisai (A)		19,500		787
Elpida Memory* (A)		68,700		430
Faith (A)		378		37
Fanuc (A)		61,600		8,491
Fast Retailing (A)		1,800		323
Fuji Film Holdings (A)		213,500		4,965


Description	Shares		Market Value ($ Thousands)

Fuji Heavy Industries (A)		2,500	$	15
Fuji Soft (A)		4,100		68
Fujishoji (A)		42		47
Fujitsu (A)		60,000		283
Gree (A)		12,200		372
Hachijuni Bank (A)		201,000		1,232
Hamamatsu Photonics (A)		8,700		351
Haseko (A)		2,168,500		1,364
Hino Motors (A)		315,000		1,875
HIS (A)		4,900		144
Hitachi (A)		861,700		4,280
Hitachi Construction Machinery (A)		1,900		32
Honda Motor (A)		473,700		13,886
Hoya (A)		11,400		264
Ibiden (A)		6,000		127
IBJ Leasing (A)		8,800		212
Idemitsu Kosan (A)		8,500		762
IHI (A)		370,000		816
Iida Home Max (A)		30,600		258
Inpex (A)		214		1,315
IT Holdings (A)		40,200		390
Itochu (A)		68,400		654
Itochu-Shokuhin (A)		1,900		72
Iyo Bank (A)		16,000		163
Japan Petroleum Exploration (A)		3,100		113
Japan Prime Realty Investment, Cl A (A)(C)		197		506
Japan Real Estate Investment, Cl A (A)(C)		1		10
Japan Retail Fund Investment, Cl A (A)(C)		259		417
Japan Steel Works (A)(B)		245,000		1,462
Japan Tobacco (A)(B)		225		1,053
JFE Holdings (A)		49,300		996
JFE Shoji Holdings (A)		23,000		102
JGC (A)		324,200		7,933
JS Group (A)		29,400		824
JTEKT (A)		4,600		55
Jupiter Telecommunications (A)		6,727		7,283
Juroku Bank (A)		16,000		53
Justsystems* (A)		13,900		25
JVC Kenwood Holdings* (A)(B)		78,200		312
JX Holdings (A)		9,400		53
Kamei (A)		5,000		34
Kamigumi (A)		5,000		45
Kansai Electric Power (A)		18,400		318
Kao (A)		5,800		162
Kawasaki Heavy Industries (A)		253,000		646
KDDI (A)		1,488		10,251
Keyence (A)		900		246
Kintetsu (A)(B)		6,000		23
Kita-Nippon Bank (A)		1,700		47
Kobe Steel (A)		156,000		261
Komatsu (A)		93,000		2,006
K’s Holdings (A)		42,800		1,681
Kyocera (A)		5,400		452
Lawson (A)		5,500		312
Mabuchi Motor (A)		130,900		6,083
Makita (A)		113,300		4,035
Marubeni (A)		312,000		1,743
Matsushita Electric Industrial (A)		152,700		1,477


Description	Shares		Market Value ($ Thousands)

Mediceo Paltac Holdings (A)		14,900	$	151
Megane TOP (A)		6,000		62
Melco Holdings (A)		1,900		59
Millea Holdings (A)		9,000		228
Miraca Holdings (A)		2,800		123
Mitsubishi (A)		213,300		4,346
Mitsubishi Chemical Holdings (A)		107,600		730
Mitsubishi Electric (A)		71,400		633
Mitsubishi Gas Chemical (A)		27,100		166
Mitsubishi Heavy Industries (A)		176,000		743
Mitsubishi UFJ Financial Group		369,500		1,697
Mitsui (A)		61,200		887
Mitsui Home (A)		8,000		41
Mitsui OSK Lines (A)		49,000		189
Mitsui Sumitomo Insurance Group Holdings (A)		259,000		5,639
Mitsui Trust Holdings (A)		935,330		3,098
Mizuho Financial Group (A)		578,640		848
Murata Manufacturing (A)		23,800		1,293
Nabtesco (A)		10,500		199
Namco Bandai Holdings (A)		16,300		221
NEC Fielding (A)		4,900		62
NEC Networks & System Integration (A)		17,600		276
NET One Systems (A)		117		308
Nichiha (A)		3,200		36
Nichii Gakkan (A)		9,500		107
Nichireki (A)		8,000		42
Nidec (A)		1,900		153
Nintendo (A)		32,400		4,764
Nippo (A)		11,000		96
Nippon Building Fund, Cl A (A)(C)		29		300
Nippon Densetsu Kogyo (A)		5,000		53
Nippon Electric Glass (A)		28,000		255
Nippon Express (A)		39,000		166
Nippon Meat Packers (A)		10,000		130
Nippon Sheet Glass (A)		164,000		367
Nippon Steel (A)		270,000		775
Nippon Telegraph & Telephone ADR		204,278		4,892
Nippon Telegraph & Telephone (A)		85,700		4,108
Nippon Yusen (A)		105,000		285
Nishimatsu Construction (A)		78,000		121
Nishi-Nippon City Bank (A)		73,000		224
Nissan Motor (A)		2,800		25
Nisshin Fudosan (A)		13,200		68
Nisshin Steel (A)		160,000		286
Nissin Food Products (A)		2,600		105
Nitto Denko (A)		25,500		1,004
NKSJ Holdings (A)		7,000		155
Nomura Real Estate Office Fund, Cl A (A)(C)		71		433
Nomura Research Institute (A)		6,200		142
Noritsu Koki (A)		3,000		15
Noritz (A)		4,300		98
NTT Data (A)		75		232
NTT DoCoMo (A)		2,327		4,243
Oita Bank (A)		16,000		54
Ono Pharmaceutical (A)		12,100		722
ORIX (A)		1,170		92
Otsuka Holdings (A)		13,900		381


Description	Shares		Market Value ($ Thousands)

PanaHome (A)		9,000	$	61
Rakuten (A)		401		467
Ricoh Leasing (A)		6,400		143
Rinnai (A)		1,400		117
Rohm (A)		69,600		3,633
Ryobi (A)		9,000		41
Saizeriya (A)		20,000		363
San-In Godo Bank (A)		15,000		116
Sankyo (A)		51,300		2,778
Santen Pharmaceutical (A)		9,600		404
Sapporo Hokuyo Holdings (A)		412,300		1,462
Secom (A)		4,700		227
Sega Sammy Holdings (A)		57,900		1,352
Seino Transportation (A)		76,000		618
Sekisui Chemical (A)		33,000		278
Sekisui House (A)		449,000		4,210
Sekisui Jushi (A)		5,000		52
Seven & I Holdings (A)		473,300		13,275
Seven Bank (A)		180		352
Sharp (A)		23,000		193
Shin-Etsu Chemical (A)		73,700		3,618
Ship Healthcare Holdings (A)		5,900		146
Shiseido (A)		269,500		5,230
Showa Shell Sekiyu (A)		59,100		421
SMC (A)		34,400		5,031
Softbank (A)		49,800		1,458
Sojitz (A)		370,700		678
Sony (A)		8,300		159
Sony Financial Holdings (A)		456,000		6,967
SRI Sports (A)		4,400		49
Sumco (A)		17,500		164
Sumitomo (A)		36,700		454
Sumitomo Chemical (A)		34,000		131
Sumitomo Electric Industries (A)		21,500		253
Sumitomo Metal Industries (A)		175,000		363
Sumitomo Metal Mining (A)		10,000		132
Sumitomo Mitsui Financial Group (A)		260,800		7,353
T&D Holdings (A)		900		8
Takeda Pharmaceutical (A)		96,700		4,589
Tanabe Seiyaku (A)		9,300		173
Teijin (A)		27,300		98
THK (A)		1,400		23
Tochigi Bank (A)		9,000		35
Toho Holdings (A)		3,400		42
Tokai (A)		2,800		64
Tokyo Electric Power (A)		63,200		191
Tokyo Electron (A)		55,400		2,515
Tokyo Gas (A)		37,000		172
Tokyo Tekko (A)		21,000		59
Tokyu (A)		59,000		297
TonenGeneral Sekiyu (A)		100,500		1,156
Toppan Printing (A)		34,000		248
Toray Industries (A)		25,600		179
Toshiba (A)		121,000		494
Toshiba TEC (A)		82,000		308
Tosoh (A)		39,000		122
Totetsu Kogyo (A)		9,000		75
Toyo Securities (A)		25,000		37
Toyo Suisan Kaisha (A)		14,000		384
Toyo Tire & Rubber (A)		18,000		45
Toyota Motor ADR (B)		35,768		2,441


Description	Shares		Market Value ($ Thousands)

Toyota Motor (A)		247,900	$	8,503
Toyota Tsusho (A)		56,500		967
Ube Industries (A)		94,000		313
Unipres (A)		3,300		89
United Arrows (A)		2,000		38
Wacoal Holdings (A)		224,704		2,880
Warabeya Nichiyo (A)		5,200		69
Watabe Wedding (A)		6,395		52
West Japan Railway (A)		50,100		2,149
Xebio (A)		1,700		43
Yahoo! Japan (A)		1,327		412
Yamada Denki (A)		6,010		418
Yamaguchi Financial Group (A)		25,000		253
Yamato Transport (A)		36,000		657
Yamazaki Baking (A)		10,000		152
Yamazen (A)		7,600		56
Yaskawa Electric (A)		35,500		268
Yokohama Rubber (A)		39,000		227
Zeon (A)		103,000		947

				277,557


Malaysia — 0.1%
Axiata Group (A)		1,646,200		2,355


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


Mexico — 0.1%
Telefonos de Mexico ADR, Ser L		131,741		1,970


Netherlands — 4.9%
Aegon* (A)		261,169		1,060
Akzo Nobel (A)		248,445		10,979
ASML Holding (A)		17,347		601
Delta Lloyd (A)		38,171		603
European Aeronautic Defence and Space (A)		117,560		3,309
Fugro (A)		1,921		97
Gemalto (A)		88,463		4,213
Heineken		16,670		750
Heineken Holding (A)		9,614		372
Imtech (A)		115,365		3,250
ING Groep* (A)		537,448		3,797
Koninklijke Ahold (A)		373,132		4,395
Koninklijke DSM (A)		7,123		310
Koninklijke KPN (A)		35,927		474
Koninklijke Philips Electronics (A)		14,733		265
QIAGEN* (A)(B)		15,462		215
Reed Elsevier (A)		893,370		9,838
Royal Dutch Shell, Cl A (A)		304,750		9,410
Royal Dutch Shell, Cl B (A)		152,083		4,727
SBM Offshore (A)		35,148		610
TNT (A)		754,984		3,307
TNT Express		590,425		4,134
Unilever (A)		205,570		6,517
Wolters Kluwer (A)		223,750		3,636

				76,869


Description	Shares		Market Value ($ Thousands)

New Zealand — 0.5%
Fletcher Building (A)		73,721	$	432
Mainfreight (A)		4,933		37
Telecom of New Zealand (A)		4,013,208		7,999

				8,468


Norway — 1.1%
Aker Solutions (A)		22,382		214
DnB (A)(B)		698,939		6,965
Gjensidige Forsikring (A)		32,958		340
Marine Harvest (A)		3,086,411		1,345
Norsk Hydro (A)(B)		45,473		206
Seadrill (A)		30,929		854
Statoil (A)		363,774		7,805
Yara International (A)		3,941		150

				17,879


Poland — 0.1%
KGHM Polska Miedz (A)		43,832		1,727


Portugal — 0.1%
Cimpor Cimentos de Portugal (A)		11,633		78
Energias de Portugal (A)		132,496		409
Galp Energia SGPS, Cl B (A)(B)		3,738		68
Jeronimo Martins (A)(B)		25,341		396
Portugal Telecom (A)		158,196		1,164

				2,115


Russia — 0.4%
Gazprom OAO ADR (A)		42,696		409
OAO Gazprom ADR		195,742		1,869
Sberbank of Russia ADR		409,139		3,519
Surgutneftegas ADR (A)		8,414		67

				5,864


Singapore — 1.4%
DBS Group Holdings (A)		366,000		3,294
Golden Agri-Resources (A)(B)		726,000		337
GuocoLeisure (A)		253,000		114
Jardine Cycle & Carriage (A)		10,000		319
Keppel (A)		174,110		1,025
Oversea-Chinese Banking (A)		341,000		2,110
SembCorp Industries (A)		265,600		688
SembCorp Marine (A)(B)		1,179,100		2,898
Singapore Airlines (A)		496,000		4,310
Singapore Land (A)		23,000		102
Singapore Press Holdings (A)		98,400		282
Singapore Telecommunications (A)		136,000		329
Transpac Industrial Holdings (A)		36,000		44
United Overseas Bank (A)		364,000		4,698
UOL Group (A)		84,600		268
Yangzijiang Shipbuilding Holdings (A)(B)		1,977,000		1,325

				22,143


South Africa — 1.0%
AngloGold Ashanti ADR		89,369		3,696
AngloGold Ashanti (A)		38,800		1,616
Gold Fields (A)		345,849		5,321


Description	Shares		Market Value ($ Thousands)

Impala Platinum Holdings (A)		38,000	$	771
MTN Group (A)		238,037		3,906

				15,310


South Korea — 2.9%
Asia Cement (A)		980		29
Hyundai Heavy Industries (A)		15,793		3,667
Hyundai Mobis (A)		23,459		6,644
Hyundai Motor (A)		9,915		1,733
Kia Motors (A)		27,044		1,613
Korea Electric Power ADR		205,475		1,747
KT&G (A)		142,388		8,861
Samsung Electronics (A)		13,412		9,365
Shinhan Financial Group (A)		192,215		6,702
SK Telecom ADR		426,697		6,004

				46,365


Spain — 1.8%
Abertis Infraestructuras (A)		38,562		594
Acciona (A)		3,976		336
ACS Actividades de Construcciony Servicios (A)		8,402		296
Banco Bilbao Vizcaya
Argentaria (B)		60,485		502
Banco Popular Espanol (A)(B)		167,700		775
Banco Santander Central
Hispano (A)		549,460		4,498
Bankia* (B)		16,300		80
Criteria Caixacorp (A)		340,833		1,495
EDP Renovaveis* (A)		34,404		188
Enagas (A)		294,034		5,412
Endesa (A)		8,158		189
Ferrovial (A)(B)		107,013		1,222
Fomento de Construcciones y Contratas (A)(B)		19,024		470
Gas Natural (A)		51,197		872
Grifols (A)(B)		19,270		360
Iberdrola (A)		123,521		836
Inditex (A)(B)		10,613		907
Indra Sistemas (A)(B)		152,656		2,198
Mapfre (A)		206,463		638
Red Electrica (A)		18,794		858
Repsol (A)		81,553		2,156
Tecnicas Reunidas (A)		88,459		2,825
Telefonica (A)(B)		40,328		774

				28,481


Sweden — 1.7%
Alfa Laval (A)(B)		12,506		197
Atlas Copco, Cl A (A)		74,402		1,316
Atlas Copco, Cl B (A)(B)		74,946		1,172
Boliden (A)		4,297		44
Elekta, Cl B (A)		104,955		3,944
Getinge, Cl B (A)		6,017		131
Hennes & Mauritz, Cl B (A)		38,548		1,153
Hexagon, Cl B (A)		257,634		3,347
Holmen, Cl B (A)		648		16
Industrivarden, Cl C (A)		76,779		803
Investor AB, Cl B (A)		2,946		52
Millicom International Cellular (A)		361		36
Nordea Bank (A)(B)		308,794		2,497
Sandvik (A)		31,514		363


Description	Shares		Market Value ($ Thousands)

Scania, Cl B (A)		13,635	$	195
Skandinaviska Enskilda Banken, Cl A (A)		602,553		3,236
Skanska, Cl B (A)		12,730		176
SKF, Cl B (A)		7,658		144
Svenska Cellulosa, Cl B (A)		22,836		278
Svenska Handelsbanken, Cl A (A)		7,059		179
Swedbank, Cl A (A)(B)		116,189		1,281
Swedish Match (A)		21,412		706
Telefonaktiebolaget LM Ericsson, Cl B (A)		413,917		3,970
Volvo, Cl B (A)		81,533		800

				26,036


Switzerland — 8.4%
ABB (A)		12,975		221
Actelion (A)		4,813		160
Adecco (A)		1,661		65
Aryzta (A)		7,838		340
Baloise Holding (A)		5,791		423
Clariant (A)		120,850		1,090
Compagnie Financiere Richemont (A)		56,616		2,517
Credit Suisse Group (A)		149,984		3,915
Daetwyler Holding (A)		463		25
Dufry (A)		1,080		94
GAM Holding (A)		27,930		349
Geberit (A)		2,172		400
Givaudan (A)		11,823		9,201
Glencore International		15,637		98
Helvetia Holding (A)		415		126
Holcim (A)		3,394		180
Julius Baer Group (A)		137,704		4,592
Kuehne & Nagel International (A)		2,955		331
Lindt & Spruengli (A)		12		414
Lindt & Spruengli PC (A)		139		403
Nestle (A)		357,319		19,630
Novartis (A)		544,080		30,330
OC Oerlikon* (A)		19,605		111
Pargesa Holding (A)		4,655		318
Roche Holding (A)		111,291		17,937
Schindler Holding (A)		882		93
Schindler Holding PC (A)		226		25
SGS (A)		3,906		5,922
Sika (A)		2,031		3,588
STMicroelectronics (A)		103,201		675
Straumann Holding (A)		1,515		237
Sulzer (A)		51,542		5,286
Swatch Group (A)		8,964		1,548
Swiss Life Holding (A)		5,448		596
Swiss Re		8,673		406
Swisscom (A)		1,933		785
Syngenta (A)		4,050		1,050
Transocean (A)		3,057		147
UBS		165,085		1,887
UBS Registered (A)		514,830		5,877
Xstrata (A)		463,857		5,851
Zurich Financial Services (A)		24,597		5,113

				132,356


Taiwan — 0.1%
Chunghwa Telecom ADR		10,109		333


Description	Shares		Market Value ($ Thousands)

United Microelectronics ADR		691,541	$	1,321

				1,654


Thailand — 0.0%
Total Access Communication (A)		213,100		504


United Kingdom — 17.3%
Acergy (A)		192,575		3,658
Admiral Group (A)		6,629		130
AMEC (A)		375,860		4,738
Amlin (A)		768,349		3,373
Anglo American (A)		18,837		648
Antofagasta (A)		10,154		145
ARM Holdings (A)		192,684		1,646
AstraZeneca (A)		255,020		11,306
Aviva (A)		1,190,157		5,591
Babcock International Group (A)		26,522		270
BAE Systems (A)		664,333		2,741
Balfour Beatty (A)		975,094		3,853
Barclays (A)		1,713,100		4,197
BG Group (A)		463,847		8,868
BHP Billiton (A)		140,158		3,740
BP (A)		1,780,335		10,663
BP ADR		54,757		1,975
British American Tobacco (A)		294,331		12,415
British Land (A)(C)		82,728		609
British Sky Broadcasting Group (A)		156,432		1,609
BT Group, Cl A (A)		906,425		2,427
Bunzl (A)		350,725		4,175
Burberry Group (A)		42,591		773
Cairn Energy* (A)		95,995		416
Capita Group (A)		494,041		5,406
Carnival (A)		5,482		171
Centrica (A)		150,991		695
Compass Group (A)		57,724		465
Davis Service Group (A)		44,500		297
Diageo (A)		477,760		9,100
Eurasian Natural Resources (A)		334,285		2,960
Fresnillo (A)		4,263		104
GKN (A)		27,000		73
GlaxoSmithKline (A)		616,289		12,704
Group 4 Securicor (A)		28,649		118
Hammerson (A)(C)		39,156		229
Home Retail Group (A)		2,202,624		3,824
HSBC Holdings (A)		1,110,807		8,499
HSBC Holdings (HKD)(A)		663,200		5,070
ICAP (A)		11,098		71
Imperial Tobacco Group (A)		141,894		4,784
Informa (A)		612,369		3,105
Intercontinental Hotels Group (A)		2,510		41
International Power (A)		11,837		56
ITV* (A)		68,577		63
J Sainsbury (A)		137,648		585
John Wood Group (A)		6,934		57
Kingfisher (A)		1,827,366		7,010
Land Securities Group (A)(C)		89,466		888
Legal & General Group (A)		465,914		695
Lloyds Banking Group* (A)		3,253,025		1,745
London Stock Exchange Group (A)		26,955		339
Marks & Spencer Group (A)		59,246		288
Michael Page International (A)		429,880		2,447


Description	Shares		Market Value ($ Thousands)

National Grid (A)		93,609	$	927
Next (A)		2,314		91
Old Mutual (A)		116,349		189
Pearson (A)		48,281		851
Petrofac (A)		307,473		5,682
Polyus Gold International GDR*		465,746		1,444
Prudential (A)		564,653		4,844
Reckitt Benckiser Group (A)		12,024		609
Reed Elsevier (A)		515,743		3,944
Rexam (A)		1,011,528		4,859
Rio Tinto ADR		60,100		2,649
Rio Tinto (A)		256,627		11,369
Rolls-Royce Holdings (A)		1,066,908		9,798
Royal Bank of Scotland Group* (A)		5,099,488		1,822
SABMiller (A)		25,249		823
Sage Group (A)		1,235,247		4,894
Schroders (A)		19,625		389
Scottish & Southern Energy (A)		55,087		1,104
Severn Trent (A)		30,527		729
Shire (A)		81,964		2,553
Smith & Nephew (A)		15,963		143
Smiths Group (A)		1,914		29
Tesco (A)		1,859,312		10,880
TUI Travel (A)		65,023		150
Tullow Oil (A)		198,210		4,005
Unilever (A)		34,101		1,067
United Utilities Group (A)		553,047		5,348
Vedanta Resources (A)		17,496		297
Vodafone Group (A)		8,735,162		22,490
Weir Group (A)		1,222		29
Willis Group Holdings		118,000		4,056
WM Morrison Supermarkets (A)		136,942		617
Wolseley (A)		26,466		656
WPP (A)		50,409		466

				271,658


United States — 0.6%
Advance America Cash Advance Centers		24,598		181
Apple*		310		118
Buckeye Technologies		11,413		275
Calamos Asset Management, Cl A		12,204		122
Capital One Financial		57,139		2,264
Cash America International		742		38
CNO Financial Group*		72,283		391
Lorillard		4,449		493
Newmont Mining		36,000		2,264
Philip Morris International		11,526		719
Providence Service*		3,464		37
Synthes (A)(H)		10,536		1,702
USANA Health Sciences*		1,951		54

				8,658

Total Common Stock (Cost $1,721,440) ($ Thousands)				1,501,203


PREFERRED STOCK — 0.2%

Germany — 0.2%
Bayerische Motoren Werke (A)		8,054		378
Draegerwerk (A)		2,624		252
Henkel (A)		1,393		74
RWE (A)		4,908		170


Description	Shares/Face Amount (1) (Thousands)		Market Value ($ Thousands)
Volkswagen (A)		12,734	$	1,683

Total Preferred Stock (Cost $2,832) ($ Thousands)				2,557


U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills (E)(F)
0.064%, 12/15/11		4,246		4,246
0.057%, 06/28/12		643		642

Total U.S. Treasury Obligations (Cost $4,888) ($ Thousands)				4,888


	Number Of Rights

RIGHTS — 0.0%

Spain — 0.0%
Banco Bilbao Vizcaya Argentaria,
Expires 10/14/11 (B)		60		9
CaixaBank, Expires 10/14/11
		341		28

Total Rights (Cost $0) ($ Thousands)				37


AFFILIATED PARTNERSHIP — 5.0%

United States — 5.0%
SEI Liquidity Fund, L.P.,
0.130%** † (G)		81,299,667		79,553

Total Affiliated Partnership (Cost $81,300) ($ Thousands)				79,533


TIME DEPOSITS — 2.0%

United States — 2.0%
Brown Brothers Harriman
4.899%, 10/03/11	ZAR	315		39
3.894%, 10/03/11	AUD	87		84
1.750%, 10/03/11	NZD	1		1
1.324%, 10/03/11	NOK	711		121
1.250%, 10/03/11	SEK	8		1
0.350%, 10/03/11	DKK	38		7
0.280%, 10/03/11	CAD	2		2
0.279%, 10/03/11	EUR	876		1,175
0.105%, 10/03/11	GBP	489		762
0.030%, 10/03/11		27,750		27,750
0.010%, 10/03/11	JPY	31,061		403
0.010%, 10/03/11	SGD	6		4
0.005%, 10/03/11	CHF	247		272
0.005%, 10/03/11	HKD	3,904		502

Total Time Deposits (Cost $31,123) ($ Thousands)				31,123


Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 1.9%
SEI Daily Income Trust, Prime Obligation Fund, Cl A
0.010%** †		29,429,141		29,429

Total Cash Equivalent (Cost $29,429) ($ Thousands)				29,429

Total Investments — 104.9% (Cost $1,871,012) ($ Thousands)			$	1,648,790

A summary of the open futures contracts held by the Fund at September 30, 2011, is as follows:


Type of Contract	Number of Contracts Long		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		404		Dec-2011	$	832
FTSE 100 Index		127		Dec-2011		(143	)
Hang Seng Index		15		Oct-2011		(36	)
Nikkei 225 Index		13		Dec-2011		(15	)
SPI 200 Index		33		Dec-2011		(82	)
Topix Index		82		Dec-2011		120

					$	676

Percentages are based on a Net Assets of $1,572,158($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of September 30, 2011.

†

Investment in Affiliated Security

(1)

In U.S. Dollars unless otherwise indicated.

(A)

(B)

This security or a partial position of this security is on loan at September 30, 2011. The total market value of securities on loan at September 30, 2011 was $74,241 ($ Thousands) (See Note 9).

(C)

Real Estate Investment Trust.

(D)

Securities considered illiquid. The total market value of such securities as of September 30, 2011 was $0 ($ Thousands) and represented 0.0% of Net Assets.

(E)

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

(F)

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

(G)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of September 30, 2011 was $79,553 ($ Thousands).

(H)

ADR — American Depositary Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

DJ — Dow Jones

DKK — Danish Krone

EUR — Euro

FTSE — Financial Times and the London Stock Exchange

GBP — British Pound Sterling

GDR — Global Depositary Receipt

HKD — Hong Kong Dollar

JPY — Japanese Yen

L.P. — Limited Partnership

NOK — Norwegian Krone

NZD — New Zealand Dollar

S&P — Standard & Poor’s

SEK — Swedish Krone

SGD — Singapore Dollar

Ser — Series

SPI — Share Price Index

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2011, in valuing the

Fund’s investments and other financial instruments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	169,611	$	1,331,592	$	—	$	1,501,203
Preferred Stock		—		2,557		—		2,557
U.S. Treasury Obligations		—		4,888		—		4,888
Rights		37		—		—		37
Affiliated Partnership		—		79,553		—		79,553
Time Deposits		—		31,123		—		31,123
Cash Equivalent		29,429		—		—		29,429

Total Investments in Securities	$	199,077	$	1,449,713	$	—	$	1,648,790


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *	$	676	$	—	$	—	$	676

Total Other Financial Instruments	$	676	$	—	$	—	$	676

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

For the year ended September 30, 2011, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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


Description	Shares		Market Value ($ Thousands)

COMMON STOCK — 93.0%

Argentina — 0.1%
Tenaris ADR (A)		24,020	$	611


Brazil — 10.6%
All America Latina Logistica		83,600		381
Amil Participacoes		56,238		504
Anhanguera Educacional Participacoes		59,700		722
B2W Cia Global Do Varejo		34,600		277
Banco Bradesco ADR		134,245		1,985
Banco do Brasil		232,088		3,043
Banco Santander Brasil ADR		283,120		2,072
BM&F Bovespa		445,470		2,081
BR Properties		121,191		1,107
Brasil Insurance Participacoes e Administracao		70,400		656
Braskem ADR		24,700		386
BRF — Brasil Foods ADR		39,200		687
Centrais Eletricas Brasileiras		158,980		1,385
Cia de Saneamento Basico do Estado de Sao Paulo ADR		3,342		155
Cia Energetica de Minas Gerais ADR		36,939		548
Cia Hering		141,725		2,394
Cielo		22,789		508
Cosan Industria e Comercio		56,414		729
Cyrela Brazil Realty		290,367		1,822
Diagnosticos da America		245,566		2,077
EcoRodovias Infraestrutura e Logistica		138,100		1,023
EDP - Energias do Brasil		4,500		91
Embraer ADR		26,924		683
Equatorial Energia		8,050		50
Eternit		17,051		76
Even Construtora e Incorporadora		202,139		592
Fibria Celulose		83,992		647
Fibria Celulose ADR		149,200		1,129
Gafisa ADR		56,544		326
Gerdau		16,800		100
Gerdau ADR		384,587		2,742
Gol Linhas Aereas Inteligentes ADR		57,700		321
Grendene		140,859		575
Helbor Empreendimentos		34,339		337
HRT Participacoes em Petroleo*		700		287
Hypermarcas		283,762		1,373
JBS*		493,300		973
Julio Simoes Logistica		140,566		635
Light		22,068		294
Localiza Rent a Car		105,500		1,410
Magazine Luiza*		93,500		583
Magnesita Refratarios*		328,265		1,070
MRV Engenharia e Participacoes		449,732		2,321
Obrascon Huarte Lain Brasil		5,209		166
OGX Petroleo e Gas Participacoes*		72,250		451
PDG Realty Empreendimentos e Participacoes		599,644		1,958


Description	Shares		Market Value ($ Thousands)

Petroleo Brasileiro		427,644	$	4,803
Petroleo Brasileiro ADR		202,770		4,552
Porto Seguro		47,770		452
QGEP Participacoes		175,100		1,443
Redecard		91,200		1,244
Santos Brasil Participacoes		36,800		466
Sul America		63,362		529
Telecomunicacoes de Sao Paulo ADR		26,350		697
Telegraph Norte Leste Participacoes ADR		138,525		1,320
Tim Participacoes		190,635		891
Tim Participacoes ADR		34,141		804
Totvs		252,794		4,297
Vale ADR, Cl B		181,306		4,134
Vale		203,080		4,650

				74,014


Canada — 0.6%
Alamos Gold		46,000		695
First Majestic Silver*		39,300		603
Pacific Rubiales Energy		80,579		1,717
Yamana Gold		107,047		1,462

				4,477


Chile — 0.7%
Banco Santander Chile ADR (A)		7,643		562
Cia Cervecerias Unidas ADR		12,298		635
Empresa Nacional de Telecomunicaciones		47,957		915
Enersis ADR		36,197		612
Lan Airlines ADR (A)		25,455		526
Sociedad Quimica y Minera de Chile ADR		30,294		1,448

				4,698


China — 11.1%
AAC Technologies Holdings (A)(B)		882,180		1,892
Agile Property Holdings (B)		448,000		291
Agricultural Bank of China, (B)		5,322,932		1,739
Airtac International Group (B)		106,000		599
Ajisen China Holdings (A)(B)		1,002,434		1,147
Baidu ADR*		12,744		1,362
Bank of China (B)		6,441,000		1,992
Bank of Communications (B)		2,292,947		1,358
Beijing Capital International Airport (A)(B)		2,580,000		1,039
BYD Electronic International (B)		2,087,000		520
Changsha Zoomlion Heavy Industry Science and Technology Development (A)(B)		1,436,060		1,605
China Automation Group (B)		2,043,304		516
China BlueChemical (B)		1,288,701		985
China Coal Energy, Cl H (B)		950,000		848
China Construction Bank (B)		8,970,188		5,427
China Dongxiang Group (A)(B)		4,931,000		846
China Liansu Group Holdings (A)(B)		1,675,700		667
China Life Insurance (B)		688,000		1,628


Description	Shares		Market Value ($ Thousands)

China Merchants Bank (B)		868,431	$	1,314
China Minsheng Banking (B)		1,076,000		655
China National Building Material (B)		799,300		674
China National Materials (B)		4,502,438		1,619
China Oilfield Services (B)		575,513		732
China Petroleum & Chemical ADR (A)		25,251		2,419
China Petroleum & Chemical (B)		1,576,000		1,516
China Railway Construction (B)		1,058,000		443
China Railway Group (B)		1,840,000		367
China Rongsheng Heavy Industry Group (A)(B)		2,336,297		633
China Shenhua Energy (B)		276,500		1,085
China Telecom (B)		1,106,000		693
China Vanke, Cl B (B)		881,600		758
China Yurun Food Group (A)(B)		569,735		603
Dongfeng Motor Group (B)		672,120		911
First Tractor (A)(B)		969,900		572
Foxconn International Holdings* (A)(B)		2,378,000		1,229
Giant Interactive Group ADR (A)		53,207		177
Great Wall Motor (A)(B)		927,500		1,057
Greentown China Holdings (B)		76,000		36
Haitian International Holdings (B)		271,000		211
Harbin Power Equipment (A)(B)		332,000		271
Hidili Industry International Development (A)(B)		3,354,366		974
Huaneng Power International ADR		4,330		73
Huaneng Power International (B)		4,698,900		1,995
Industrial & Commercial Bank of China (B)		8,586,929		4,148
Jiangling Motors, Cl B(B)		28,600		45
Kingdee International Software Group (A)(B)		2,966,376		1,109
Lianhua Supermarket Holdings (B)		197,116		279
Maanshan Iron & Steel (A)(B)		1,156,000		250
Mindray Medical International ADR (A)		83,263		1,966
Netease.com ADR*		21,379		816
Noah Holdings ADR* (A)		73,151		673
Perfect World ADR*		28,530		318
PetroChina ADR		17,224		2,075
PetroChina (B)		3,006,119		3,643
Ping An Insurance Group of China (B)		279,500		1,563
Prince Frog International Holdings*		2,010,500		400
Renhe Commercial Holdings (A)(B)		10,364,000		1,105
Renren ADR*		2,000		10
Shanda Games ADR*		50,260		199
Sina*		14,700		1,053
Sinopharm Group (B)		432,200		1,139
Sinotrans (B)		3,044,000		592
Soho China (B)		1,251,500		790
SouFun Holdings ADR (A)		17,900		182


Description	Shares		Market Value ($ Thousands)

SPG Land Holdings (B)		147,300	$	30
Springland International Holdings (B)		1,427,704		937
Tingyi Cayman Islands Holding (B)		606,056		1,486
Travelsky Technology (B)		362,880		158
Tsingtao Brewery (A)(B)		146,000		801
Want Want China Holdings (B)		1,512,800		1,371
Weichai Power (B)		143,000		650
Weiqiao Textile (B)		790,400		379
Xingda International Holdings (A)(B)		1,926,700		928
Zhejiang Expressway (A)(B)		1,929,922		1,168
Zhuzhou CSR Times Electric (B)		777,327		1,284

				77,025


Colombia — 0.5%
BanColombia ADR		22,400		1,248
Ecopetrol ADR		30,200		1,217
Grupo de Inversiones Suramericana		51,640		888

				3,353


Cyprus — 0.4%
Eurasia Drilling GDR (B)		125,427		2,281
Eurasia Drilling GDR (B)(G)		35,642		648

				2,929


Czech Republic — 0.1%
Komercni Banka (B)		3,696		686


Egypt — 0.3%
Commercial International Bank (B)		370,199		1,415
Egyptian Financial Group-Hermes Holding* (B)		236,163		658

				2,073


Guernsey — 0.0%
Etalon Group GDR* (G)		56,800		270


Hong Kong — 5.9%
AIA Group (B)		310,474		880
Chaoda Modern Agriculture (A)		2,056,181		291
China High Precision Automation Group (A)(B)		1,523,624		579
China Mengniu Dairy (B)		134,000		410
China Mobile ADR		44,940		2,189
China Mobile (B)		891,743		8,720
China Pharmaceutical Group (B)		1,174,000		284
China Power International Development (A)(B)		3,092,200		560
China Resources Logic (B)		546,000		735
China Resources Power Holdings (B)		633,339		956
China State Construction International Holdings (B)		3,460,584		1,824
China Unicom(B)		1,472,835		2,995
China Unicom Hong Kong ADR (A)		80,600		1,644
CNOOC (B)		2,194,948		3,530


Description	Shares		Market Value ($ Thousands)

CNOOC ADR		4,400	$	705
Comba Telecom Systems Holdings (A)(B)		1,232,711		897
Cosco International Holdings (B)		306,729		107
COSCO Pacific (B)		310,000		343
Digital China Holdings (B)		1,203,100		1,575
Geely Automobile Holdings (A)(B)		4,316,896		956
Global Bio-Chemical Technology Group (B)		2,367,300		419
GOME Electrical Appliances Holdings (B)(C)		6,841,022		1,574
Guangzhou Automobile Group, Cl H (A)(B)		972,415		945
GZI Real Estate Investment Trust (B)(D)		345,065		149
Huabao International Holdings (B)		1,651,901		1,345
Man Wah Holdings (A)(B)		712,000		277
NWS Holdings (B)		553,017		732
Shanghai Industrial Holdings (B)		270,000		756
Shenzhen International Holdings (B)		1,279,566		64
Shenzhen Investment (B)		1,280,000		234
Sinolink Worldwide Holdings (B)		1,610,532		113
SJM Holdings (B)		439,405		776
Sparkle Roll Group (A)(B)		3,392,000		240
TCL Communication Technology Holdings (B)		209,000		86
TPV Technology (B)		741,890		217
Vinda International Holdings (A)(B)		2,406,276		2,399
Xinyi Glass Holdings (A)(B)		1,670,670		695

				41,201


Hungary — 0.3%
Egis Gyogyszergyar (B)		1,778		120
Magyar Telekom (B)		33,134		74
MOL Hungarian Oil and Gas (A)(B)		17,369		1,173
OTP Bank (B)		47,543		699
Richter Gedeon (B)		2,258		308

				2,374


India — 7.1%
Allahabad Bank (B)		169,316		541
Andhra Bank (B)		262,637		661
Bajaj Holdings and Investment (B)		12,648		186
Ballarpur Industries (B)		1,280,290		683
Bank (B)		14,494		124
Bank of Baroda (B)		146,328		2,262
Bank of India (B)		74,380		476
Bharat Heavy Electricals (B)		30,785		1,027
Cadila Healthcare (B)		63,632		983
Cairn India* (B)		385,434		2,134
Canara Bank (B)		81,378		733
DEN Networks* (B)		227,501		323
Divi’s Laboratories (B)		55,219		827
Exide Industries (B)		343,110		903
Glenmark Pharmaceuticals (B)		59,470		391
Godrej Consumer Products* (B)		89,800		730
Grasim Industries (B)		5,165		246
Gujarat Mineral Development (B)		49,898		172


Description	Shares		Market Value ($ Thousands)

Gujarat State Petronet (B)		452,300	$	970
HCL Technologies (B)		89,840		746
HDFC Bank ADR		32,400		945
Hindalco Industries (B)		231,879		618
Hindustan Petroleum		37,060		277
ICICI Bank ADR		73,354		2,547
Idea Cellular* (B)		469,395		938
India Cements (B)		1,247,223		1,833
Indiabulls Financial Services (B)		190,385		609
Indian Bank (B)		128,703		558
Infosys Technologies (B)		34,140		1,754
Jubilant Life Sciences (B)		195,150		794
Mahanagar Telephone Nigam* (B)		507,220		325
Mahindra & Mahindra GDR		76,000		1,254
Mahindra & Mahindra (B)		109,849		1,794
Mangalore Refinery & Petrochemicals (B)		75,141		95
Nagarjuna Construction (B)		432,188		530
NMDC (B)		165,040		761
Oil & Natural Gas (B)		197,332		1,069
Oil India		2,670		74
Oriental Bank of Commerce (B)		97,060		575
Patni Computer Systems* (B)		12,347		72
Petronet LNG (B)		153,259		498
Power Finance (B)		235,980		718
Prestige Estates Projects (B)		220,000		411
Reliance Industries GDR (B)(G)		37,500		1,210
Reliance Industries (B)		215,850		3,541
Reliance Infrastructure (B)		67,623		512
Rolta India (B)		385,920		649
Shipping Corporation of India (B)		27,585		47
Shriram Transport Finance (B)		158,439		1,968
Sintex Industries (B)		271,100		699
State Bank of India (B)		43,783		1,698
State Bank of India GDR (G)		11,500		898
Steel Authority of India (B)		187,440		402
Sterlite Industries India (B)		52,870		122
Sterlite Industries India ADR		45,590		420
Sun TV Network (B)		94,429		447
Syndicate Bank (B)		205,445		434
Tata Chemicals (B)		85,068		546
Triveni Engineering & Industries (B)		142,252		62
Triveni Turbine* (A)(C)		142,252		165
Ultratech Cement (B)		3,611		84
United Phosphorus (B)		232,450		650
Vijaya Bank (B)		264,940		293
Welspun (B)		238,147		539

				49,553


Indonesia — 3.0%
Aneka Tambang (B)		2,321,000		391
Astra Agro Lestari (B)		233,926		507
Astra International (B)		407,684		2,914
Bank Mandiri (B)		553,958		392
Bank Negara Indonesia Persero (B)		3,661,275		1,530
Bank Rakyat Indonesia (B)		4,379,515		2,868
Charoen Pokphand Indonesia (B)		1,790,000		481
Global Mediacom(B) (C)		10,406,588		962
Gudang Garam( B)		188,571		1,115


Description	Shares		Market Value ($ Thousands)

Harum Energy (B)		1,192,100	$	950
Indo Tambangraya Megah (B)		86,500		381
Indocement Tunggal Prakarsa (B)		437,400		689
Indofood CBP Sukses Makmur TBK (B)		1,252,515		695
Indosat (B)		1,341,000		793
International Nickel Indonesia (B)		532,000		181
Japfa Comfeed Indonesia (B)		235,688		115
Kalbe Farma (B)		1,354,384		496
Medco Energi Internasional (B)		3,086,500		746
Perusahaan Perkebunan London Sumatra Indonesia (B)		1,070,428		247
Sampoerna Agro (B)		282,000		92
Tambang Batubara Bukit Asam (B)		459,500		868
Telekomunikasi Indonesia (B)		1,685,955		1,438
United Tractors (B)		764,571		1,889

				20,740


Israel — 0.2%
Israel Chemicals (B)		137,412		1,561


Kazakhstan — 0.7%
Halyk Savings Bank of Kazakhstan JSC GDR*		392,330		2,492
KazMunaiGas Exploration Production GDR (B)		106,972		1,565
Zhaikmunai GDR* (B)		141,926		1,044

				5,101


Macau — 0.2%
Sands China* (B)		514,400		1,204


Malaysia — 1.9%
Affin Holdings (B)		96,100		74
AMMB Holdings (B)		29,200		53
Axiata Group (B)		1,414,594		2,023
Boustead Holdings (B)		66,800		105
British American Tobacco Malaysia (B)		4,700		66
Dialog Group (B)		221,900		154
DRB-Hicom (B)		580,601		313
Gamuda (B)		628,683		562
Genting(B)		250,646		709
Genting Malaysia (B)		536,440		584
Hong Leong Financial Group (B)		63,000		214
IOI(B)		100,415		145
KLCC Property Holdings (B)		106,600		106
Kuala Lumpur Kepong (B)		115,400		758
Kulim Malaysia (B)		164,700		172
Lafarge Malayan Cement (B)		107,400		219
Malayan Banking (B)		1,006,033		2,507
Malaysian Bulk Carriers (B)		63,026		35
Multi-Purpose Holdings (B)		223,800		165
RHB Capital (B)		259,800		567
SapuraCrest Petroleum (B)		150,755		172
Telekom Malaysia (B)		396,400		506
Tenaga Nasional (B)		888,158		1,430
Top Glove (B)		876,428		1,118
UEM Land Holdings* (B)		975,200		527


Description	Shares		Market Value ($Thousands)

UMW Holdings (B)		73,600	$	157

				13,441


Mexico — 3.8%
Alfa, Cl A		110,015		1,134
America Movil ADR, Ser L		84,070		1,856
America Movil, Ser L		3,195,533		3,537
Cemex ADR* (A)		169,400		535
Consorcio ARA		869,100		247
Desarrolladora Homex ADR*		48,890		660
Embotelladoras Arca		86,083		357
Empresas ICA Sociedaad Controladora ADR*		75,200		334
Fomento Economico Mexicano ADR		46,972		3,045
Genomma Lab Internacional, Cl B*		1,485,211		2,456
GEO*		1,194,030		1,548
Gruma, Cl B*		82,385		144
Grupo Bimbo, Ser A		338,881		627
Grupo Financiero Banorte, Cl O		1,073,196		3,181
Grupo Mexico, Ser B		478,112		1,134
Grupo Modelo		54,000		306
Grupo Televisa		288,784		1,062
Grupo Televisa ADR		53,500		984
Kimberly-Clark de Mexico, Cl A		199,700		1,022
OHL Mexico*		657,375		1,065
Organizacion Soriana, Cl B*		51,304		105
Urbi Desarrollos Urbanos*		536,603		725
Wal-Mart de Mexico, Ser V		228,900		526

				26,590


Netherlands — 0.2%
VimpelCom ADR		130,210		1,241


Nigeria — 0.1%
Guaranty Trust Bank (B)		4,117,171		330


Norway — 0.1%
Opera Software (B)		89,155		394


Peru — 0.3%
Banco Continental		75,231		136
Cia de Minas Buenaventura ADR		22,200		838
Credicorp		8,800		811
Intergroup Financial*		8,301		193
Sociedad Minera Cerro Verde		7,347		250

				2,228


Philippines — 0.6%
Bank of the Philippine Islands (B)		45,074		57
Energy Development (B)		7,372,828		947
International Container Terminal Services (B)		1,195,504		1,268
SM Investments (B)		106,344		1,262
Universal Robina (B)		342,757		324

				3,858


Description	Shares		Market Value ($ Thousands)

Poland — 0.8%
Asseco Poland (B)		82,958	$	1,012
Bank Pekao (B)		9,060		367
Grupa Lotos* (B)		43,195		327
Jastrzebska Spolka Weglowa*		13,034		337
KGHM Polska Miedz (B)		25,235		995
Polski Koncern Naftowy Orlen (B)		99,541		1,091
Powszechna Kasa Oszczednosci Bank Polski (B)		44,100		437
Powszechny Zaklad Ubezpieczen (B)		5,500		522
Telekomunikacja Polska (B)		131,515		692

				5,780


Portugal — 0.1%
Jeronimo Martins (B)		31,982		500


Russia — 7.0%
Alliance Oil* (B)		282,816		2,992
Gazprom Neft JSC ADR		7,050		123
Globaltrans Investment GDR (B)		174,885		2,376
Globaltrans Investment GDR (B)(G)		51,512		700
LSR Group GDR (B)		264,270		963
Lukoil ADR (B)		4,588		231
Lukoil ADR		148,135		7,435
Magnit GDR (B)		82,070		1,556
Magnitogorsk Iron & Steel Works GDR (B)		147,095		698
Mail.ru Group GDR* (B)		37,576		1,088
MMC Norilsk Nickel ADR (A)(B)		110,813		2,388
Mobile Telesystems ADR		172,013		2,116
NovaTek OAO GDR (B)		7,577		870
OAO Gazprom ADR		838,895		8,012
Pharmstandard GDR*		73,593		1,406
Rosneft Oil GDR (B)		204,301		1,187
Rosneft Oil GDR (G)		25,634		151
Sberbank of Russia ADR*		497,781		4,371
Severstal GDR (B)		65,207		681
Surgutneftegaz ADR (B)		5,770		46
Surgutneftegaz ADR		57,919		461
Tatneft ADR (B)		22,395		551
TMK OAO GDR (B)		158,399		1,443
Uralkali GDR (B)		56,911		1,942
VTB Bank GDR (B)		733,192		3,004
X5 Retail Group GDR* (B)		69,570		1,913

				48,704


Singapore — 0.2%
China Yuchai International		36,608		534
Yangzijiang Shipbuilding Holdings (B)		854,801		573

				1,107


South Africa — 6.8%
ABSA Group (B)		27,647		460
Adcock Ingram Holdings (B)		27,966		208
African Bank Investments (B)		346,568		1,416
Anglo Platinum (A)(B)		34,330		2,352
AngloGold Ashanti ADR		15,368		636


Description	Shares		Market Value ($ Thousands)

ArcelorMittal South Africa (B)		102,004	$	750
Aspen Pharmacare Holdings (B)		79,204		895
Aveng (B)		95,923		410
AVI (B)		58,555		235
Barloworld (B)		161,835		1,211
Capital Property Fund (B)		84,569		90
Coronation Fund Managers (B)		29,871		74
Emira Property Fund (B)(D)		35,573		52
Exxaro Resources (B)		149,822		3,154
FirstRand (B)		138,724		337
Fountainhead Property Trust		141,681		118
Grindrod (B)		35,796		67
Harmony Gold Mining (B)		123,463		1,451
Impala Platinum Holdings (B)		105,682		2,145
Imperial Holdings (B)		52,116		680
Investec (B)		114,186		625
JD Group (B)		193,480		916
Kumba Iron Ore (B)		10,023		529
Liberty Holdings (B)		31,761		315
Life Healthcare Group Holdings (B)		177,804		427
Mondi (B)		183,154		1,323
Mr Price Group (B)		268,852		2,238
MTN Group (B)		491,109		8,058
Murray & Roberts Holdings (B)		270,810		872
Naspers, Cl N (B)		36,560		1,586
Nedbank Group (B)		31,890		541
Netcare (B)		187,103		304
Redefine Properties (B)		351,155		349
Remgro (B)		22,646		311
Sanlam (B)		292,611		982
Sappi (B)		208,327		616
Sasol (B)		23,318		961
Sasol ADR		16,100		654
Shoprite Holdings (B)		109,697		1,543
Standard Bank Group (B)		453,230		5,208
Telkom (B)		161,180		641
Vodacom Group (B)		78,900		883
Wilson Bayly Holmes-Ovcon (B)		6,076		78
Woolworths Holdings (B)		186,577		809

				47,510


South Korea — 13.2%
BS Financial Group* (B)		160,748		1,753
Cheil Jedang (B)		7,393		488
CrucialTec* (B)		748		7
Daelim Industrial (B)		8,993		718
Daewoo Shipbuilding & Marine Engineering (B)		46,441		870
Daishin Securities (B)		20,788		176
Daum Communications (B)		9,978		1,197
Dongbu Insurance (B)		28,935		1,247
Dongkuk Steel Mill (B)		23,533		438
E-Mart*		4,169		1,055
Grand Korea Leisure (B)		23,310		407
GS Home Shopping (B)		11,323		1,009
Halla Climate Control (B)		33,730		687
Hana Financial Group (B)		18,320		533
Hanwha Chemical (B)		32,998		703
Honam Petrochemical (B)		4,321		1,037
Hyundai Development (B)		45,680		635


Description	Shares		Market Value ($ Thousands)

Hyundai Mobis (B)		10,310	$	2,920
Hyundai Motor (B)		20,082		3,511
Industrial Bank of Korea (B)		56,520		656
Jinro (B)		47,189		1,004
Kangwon Land (B)		46,450		1,063
KB Financial Group ADR		35,840		1,174
KB Financial Group (B)		103,027		3,404
KCC (B)		3,308		618
Kia Motors (B)		15,434		920
Korea Electric Power (B)		67,960		1,189
Korea Exchange Bank (B)		317,700		1,862
Korea Zinc (B)		2,144		523
KP Chemical (B)		36,230		457
KT (B)		2,740		83
KT ADR		179,130		2,648
KT&G (B)		35,601		2,216
LG (B)		12,863		643
LG Chemical (B)		4,900		1,299
LG Electronics (B)		28,413		1,622
LG Fashion (B)		35,260		1,194
LG International (B)		13,895		507
LG.Philips LCD ADR (A)		35,600		290
Lock & Lock (B)		34,903		939
Lotte Chilsung Beverage (B)		900		903
Lotte Confectionery (B)		700		899
Lotte Shopping (B)		1,836		619
Mirae Asset Securities (B)		26,470		624
Neowiz Games (B)		18,718		1,031
Nong Shim (B)		5,143		927
OCI (B)		1,865		318
POSCO (B)		4,036		1,244
POSCO ADR		17,209		1,308
Samsung Electronics (B)		31,235		21,810
Samsung Engineering (B)		6,843		1,321
Samsung Fire & Marine Insurance (B)		910		165
Samsung Heavy Industries (B)		37,120		850
Samsung Life Insurance (B)		13,900		1,058
Samsung SDI (B)		3,397		327
Shinhan Financial Group (B)		148,459		5,176
Shinsegae (B)		5,264		1,216
SK C&C (B)		6,262		759
SK Chemicals (B)		12,193		657
SK Energy (B)		3,862		452
SK Holdings (B)		1,782		197
SK Telecom (B)		8,626		1,089
SK Telecom ADR		115,280		1,622
Taekwang Industrial (B)		109		111
Tong Yang Life Insurance (B)		72,990		823
Woongjin Coway (B)		43,980		1,416
Yuhan(B)		10,422		947

				91,571


Taiwan — 9.7%
Advantech (B)		203,500		535
Asustek Computer (B)		137,740		1,026
AU Optronics (B)		627,000		250
AU Optronics ADR		168,000		665
Catcher Technology (B)		159,000		910
Cathay Financial Holding (B)		444,720		504
Chinatrust Financial Holding (B)		2,123,463		1,243
Chunghwa Telecom ADR		29,600		977


Description	Shares		Market Value ($ Thousands)

Chunghwa Telecom (B)		420,056	$	1,391
Coretronic (B)		363,000		277
E.Sun Financial Holding (B)		2,182,825		1,068
Eternal Chemical (B)		68,799		52
Evergreen Marine Taiwan (B)		747,996		377
Far Eastern New Century (B)		982,555		1,002
Farglory Land Development (B)		313,000		504
First Financial Holding (B)		130,680		83
Formosa Chemicals & Fibre (B)		229,000		588
Formosa Taffeta (B)		88,000		79
Fubon Financial Holding (B)		969,100		1,001
High Tech Computer (B)		242,794		5,331
Hon Hai Precision Industry (B)		1,820,836		4,058
Huaku Development (B)		149,742		316
Hung Poo Real Estate Development (B)		596,727		468
KGI Securities (B)		959,632		341
Largan Precision (B)		14,754		341
Lite-On Technology (B)		765,194		693
MediaTek (B)		133,030		1,446
Merida Industry (B)		386,000		845
Nan Ya Printed Circuit Board (B)		377,049		1,011
Novatek Microelectronics (B)		276,000		632
Phison Electronics (B)		168,000		792
Pou Chen (B)		923,000		663
Powertech Technology (B)		315,500		671
President Chain Store (B)		322,000		1,813
Prime View International (B)		1,273,348		2,640
Prince Housing & Development (B)		977,730		690
Radiant Opto-Electronics (B)		374,920		1,052
Siliconware Precision Industries ADR		27,080		129
Siliconware Precision Industries (B)		707,000		684
Silitech Technology (B)		74,885		181
Simplo Technology (B)		244,268		1,500
SinoPac Financial Holdings (B)		4,178,006		1,338
Soft-World International (B)		121,420		292
Synnex Technology International (B)		887,783		1,917
Taishin Financial Holding (B)		2,157,220		825
Taiwan Fertilizer (B)		393,254		952
Taiwan Hon Chuan Enterprise (B)		304,144		645
Taiwan Semiconductor Manufacturing ADR (A)		214,286		2,449
Taiwan Semiconductor Manufacturing (B)		3,655,614		8,228
Tatung* (B)		1,152,428		424
Teco Electric and Machinery (B)		551,000		294
Transcend Information (B)		429,640		835
Tripod Technology (B)		715,802		1,865
TSRC (B)		190,300		415
TXC (B)		389,424		452
U-Ming Marine Transport (B)		346,000		503
Unimicron Technology (B)		383,000		536
United Microelectronics ADR		454,330		868
United Microelectronics (B)		4,588,312		1,692
Vanguard International Semiconductor (B)		181,000		63
Wan Hai Lines (B)		102,900		48
Winbond Electronics* (B)		574,000		113


Description	Shares		Market Value ($ Thousands)

Wintek (B)		525,763	$	406
Wistron (B)		902,346		1,013
Yageo (B)		1,820,000		506
Yang Ming Marine Transport (B)		503,800		194
Young Fast Optoelectronics (B)		225,723		612
Yuanta Financial Holding (B)		2,245,399		1,126

				67,440


Thailand — 1.8%
Airports of Thailand (B)		605,400		764
Bangkok Bank (B)		296,600		1,336
Bangkok Bank Foreign (B)		266,400		1,260
Bangkok Bank NVDR (A)(B)		420,793		1,896
Bumrungrad Hospital (B)		559,038		694
CalComp Electronics Thailand (B)		434,000		43
Charoen Pokphand Foods (B)		474,256		405
CP ALL (B)		388,400		596
CP Seven Eleven PCL (B)		283,200		435
Kasikornbank (B)		337,300		1,258
Kasikornbank - Foreign (B)		112,800		428
Krung Thai Bank (B)		535,700		263
Minor International (B)		1,477,200		487
PTT (B)		80,600		670
PTT Exploration & Production (B)		175,639		784
Siam Cement (B)		59,800		501
Siam Makro (B)		18,615		130
Tisco Financial Group (B)		314,300		361

				12,311


Turkey — 2.5%
Arcelik (B)		60,173		236
Asya Katilim Bankasi* (B)		393,780		408
Bizim Toptan Satis Magazalari (B)		65,481		764
Cimsa Cimento Sanayi VE Tica (B)		120,986		487
Emlak Konut Gayrimenkul Yatirim Ortakligi (B)(D)		632,114		809
Ford Otomotiv Sanayi (B)		214,240		1,492
Gubre Fabrikalari* (B)		74,283		482
KOC Holding (B)		89,021		329
Koza Altin Isletmeleri (B)		53,700		639
Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (B)		91,063		84
Tekfen Holding (B)		307,014		936
Tofas Turk Otomobil Fabrikasi (B)		450,031		1,596
Tupras Turkiye Petrol Rafine (B)		15,884		325
Turk Ekonomi Bankasi (B)		646,593		577
Turkcell Iletisim Hizmet ADR		34,700		391
Turkcell Iletisim Hizmet (B)		162,790		738
Turkiye Garanti Bankasi (B)		581,273		2,248
Turkiye Is Bankasi, Cl C (B)		860,377		2,209
Turkiye Sinai Kalkinma Bankasi (B)		900,835		962
Turkiye Sise ve Cam Fabrikalari (B)		817,630		1,559
Ulker Biskuvi Sanayi (B)		81,891		241

				17,512


United Arab Emirates — 0.1%
Dragon Oil (B)		106,235		783


Description	Shares		Market Value ($ Thousands)

United Kingdom — 1.2%
Afren* (B)		606,822	$	761
African Barrick Gold (B)		93,920		732
Anglo American ADR		35,600		608
Antofagasta (B)		87,122		1,243
BG Group (B)		60,000		1,147
Fresnillo (B)		40,700		994
JKX Oil & Gas (B)		131,600		334
Tullow Oil (B)		124,720		2,520
Vedanta Resources (B)		10,948		186

				8,525


United States — 0.8%
Avon Products		96,500		1,891
NII Holdings*		78,308		2,110
Yahoo!*		93,500		1,231

				5,232

Total Common Stock (Cost $776,545) ($ Thousands)				646,927


PREFERRED STOCK — 4.4%

Brazil — 4.4%
Banco do Estado do Rio Grande do Sul		199,265		1,695
Bradespar, Cl Preference		36,679		648
Brasil Telecom		93,682		550
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Cl Preference		7,532		231
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR (A)		34,861		1,073
Cia de Bebidas das Americas ADR		108,257		3,318
Cia de Tecidos do Norte de Minas - Coteminas		147,032		271
Cia Energetica de Minas Gerais		74,560		1,103
Cia Vale do Rio Doce Sponsored ADR, Cl B		1,393		29
Confab Industrial		—		—
Eletropaulo Metropolitana Eletricidade de Sao Paulo, Cl B		28,941		444
Gerdau		16,500		118
Itau Unibanco Holding ADR		119,512		1,855
Itau Unibanco Holding		29,964		469
Klabin		230,419		639
Marcopolo		625,300		2,325
Metalurgica Gerdau, Cl A		78,280		700
Petroleo Brasileiro, Cl Preference		158,542		1,631
Petroleo Brasileiro Sponsored ADR, Cl A		201,700		4,179
Randon Participacoes		531,862		2,937
Suzano Papel e Celulose		101,340		463
Telecomunicacoes de Sao Paulo		8,748		234
Telemar Norte Leste		5,271		109
Vale ADR, Cl B (A)		154,382		3,242
Vale, Cl A		104,382		2,204

Total Preferred Stock (Cost $33,977) ($ Thousands)				30,467


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

EXCHANGE TRADED FUND — 0.2%

United States — 0.2%
iShares MSCI Emerging Markets Index Fund (A)		47,697	$	1,673

Total Exchange Traded Fund (Cost $2,237) ($ Thousands)				1,673


DEBENTURE BOND — 0.0%

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

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


	Number Of Rights

RIGHT — 0.0%

South Korea — 0.0%
Lock & Lock, Expires 10/28/11		3		13

Total Right (Cost $0) ($ Thousands)				13


AFFILIATED PARTNERSHIP — 4.8%

United States — 4.8%
SEI Liquidity Fund, L.P.
0.130% ** † (F)		33,912,149		33,002

Total Affiliated Partnership (Cost $33,912) ($ Thousands)				33,002


TIME DEPOSITS — 1.9%
United States — 1.9%
Brown Brothers Harriman
4.899%, 10/03/11	ZAR	1,332		166
0.105%, 10/03/11	GBP	11		17
0.030%, 10/03/11		12,494		12,494
0.010%, 10/03/11	SGD	2		2
0.005%, 10/03/11	HKD	2,739		352

Total Time Deposits (Cost $13,031) ($ Thousands)				13,031


CASH EQUIVALENT — 0.5%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.010% ** †		3,674,358		3,674

Total Cash Equivalent (Cost $3,674) ($ Thousands)				3,674

Total Investments — 104.8% (Cost $863,376) ($ Thousands)			$	728,787

Percentages are based on a Net Assets of $695,498($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of September 30, 2011.

†

Investment in Affiliated Security (See Note 5).

(1)

In U.S. Dollars unless otherwise indicated.

(A)

This security or a partial position of this security is on loan at September 30, 2011. The total market value of securities on loan at September 30, 2011 was $31,308 ($ Thousands) (See Note 9).

(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 September 30, 2011 was $458,218 ($ Thousands) and represented 65.8% of Net Assets.

(C)

Securities considered illiquid. The total market value of such securities as of September 30, 2011 was $2,701 ($ Thousands) and represented 0.4% of Net Assets.

(D)

Real Estate Investment Trust.

(E)

Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2011.

(F)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of September 30, 2011 was $33,002 ($ Thousands).

(G)

ADR — American Depositary Receipt

Cl — Class

GBP — British Pound Sterling

GDR — Global Depositary Receipt

HKD — Hong Kong Dollar

L.P. — Limited Partnership

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

Ser — Series

SGD — Singapore Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2011, in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	188,709	$	458,218	$	—	$	646,927
Preferred Stock		30,467		—		—		30,467
Exchange Traded Fund		1,673		—		—		1,673
Right		13		—		—		13
Debenture Bond		—		—		—		—
Affiliated Partnership		—		33,002		—		33,002
Cash Equivalent		3,674		—		—		3,674
Time Deposits		—		13,031		—		13,031

Total Investments in Securities	$	224,536	$	504,251	$	—	$	728,787

For the year ended September 30, 2011, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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


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

GLOBAL BONDS — 87.1%

Australia — 1.4%
Fairfax Media Group
6.250%, 06/15/12	EUR	250	$	319
Government of Australia
4.000%, 08/20/20		200		346
Government of Australia, Ser 25CI
3.000%, 09/20/25		640		755
New South Wales Treasury
5.250%, 05/01/13		980		972
Optus Finance Pty MTN
3.500%, 09/15/20	EUR	200		265
Queensland Treasury
6.000%, 09/14/17		1,630		1,705
Suncorp-Metway MTN
4.000%, 01/16/14	GBP	550		909
Westpac Banking MTN
4.250%, 09/22/16	EUR	350		485
0.617%, 09/10/14 (A)(B)		750		755
WT Finance
3.625%, 06/27/12	EUR	450		609

				7,120


Austria — 0.1%
Republic of Austria MTN
3.900%, 07/15/20		75		111
Republic of Austria, Ser 97-6
6.250%, 07/15/27		225		419

				530


Belgium — 1.0%
Anheuser-Busch InBev MTN
8.625%, 01/30/17		200		341
Barry Callebaut Services
5.375%, 06/15/21		300		390
Dexia Funding
4.892%, 11/30/49 (A)		200		70
Fortis Bank
4.625%, 10/24/49 (A)		200		164
Kingdom of Belgium
4.250%, 09/28/21		285		401
3.250%, 09/28/16		1,325		1,801
Kingdom of Belgium, Ser 44
5.000%, 03/28/35		200		302
Kingdom of Belgium, Ser 48
4.000%, 03/28/22		465		644
Kingdom of Belgium, Ser 58
3.750%, 09/28/20		400		545

				4,658


Brazil — 0.2%
Centrais Eletricas Brasileiras
6.875%, 07/30/19	USD	150		168
Petrobras International Finance
5.750%, 01/20/20	USD	650		675

				843


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

Canada — 4.6%
Bank of Montreal
2.625%, 01/25/16 (B)		250	$	261
Bell Canada MTN
5.000%, 02/15/17		270		283
CDP Financial
4.400%, 11/25/19 (B)	USD	850		927
Export Development Canada MTN
2.375%, 03/19/12	USD	800		807
Government of Canada
5.750%, 06/01/33		1,300		1,847
5.000%, 06/01/37		1,300		1,739
5.000%, 06/01/14		1,365		1,447
4.000%, 06/01/17		3,020		3,285
3.750%, 06/01/12		810		792
3.500%, 06/01/20		3,175		3,387
3.250%, 06/01/21		2,000		2,103
2.000%, 12/01/14		1,500		1,480
0.000%, 12/08/11 (C)		1,575		1,509
Nexen
6.200%, 07/30/19	USD	275		314
Province of British Columbia
Canada
3.250%, 12/18/21		1,150		1,116
Royal Bank of Canada MTN
4.625%, 01/22/18	EUR	252		379
Toronto-Dominion Bank
2.200%, 07/29/15 (B)	USD	540		557
Xstrata Finance Canada MTN
5.250%, 06/13/17	EUR	150		204

				22,437


Colombia — 0.0%
Ecopetrol
7.625%, 07/23/19 (B)	USD	237		276


Czech Republic — 0.1%
Government of Czech Republic, Ser 51
4.000%, 04/11/17		5,450		317


Denmark — 1.1%
Danske Bank MTN
4.875%, 06/11/13	EUR	150		212
4.125%, 11/26/19	EUR	290		419
FIH Erhvervsbank
2.000%, 06/12/13 (B)	USD	625		639
Kingdom of Denmark
4.500%, 11/15/39		1,300		325
4.000%, 11/15/12		5,416		1,013
3.125%, 03/17/14	EUR	500		699
3.000%, 11/15/21		8,650		1,690
TDC MTN
4.375%, 02/23/18	EUR	200		276

				5,273


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

Finland — 0.4%
Government of Finland
4.375%, 07/04/19		225	$	350
3.875%, 09/15/17		350		523
3.500%, 04/15/21		670		985

				1,858


France — 6.5%
Arkema
4.000%, 10/25/17		200		264
AXA MTN
5.250%, 04/16/40 (A)		600		578
Banque PSA Finance MTN
3.875%, 01/14/15		100		128
BNP Paribas
5.019%, 04/29/49 (A)		1,150		987
BPCE MTN
6.117%, 10/29/49 (A)		100		71
Caisse d’Amortissement de la Dette Sociale MTN
4.500%, 09/04/13		350		496
Caisse de Refinancement del’Habitat
4.000%, 04/25/18		160		226
Caisse Refinancement de l’Habitat
3.300%, 09/23/22		170		220
Cie de Financement Foncier MTN
4.625%, 09/23/17		515		737
4.500%, 01/09/13		290		400
4.125%, 10/25/17		220		306
2.500%, 09/16/15 (B)	USD	800		790
Cie de Saint-Gobain MTN
6.000%, 05/20/13		50		71
Compagnie De St Gobain MTN
1.833%, 04/11/12 (A)		350		469
Credit Agricole Covered Bonds MTN
3.500%, 07/21/14		200		275
Credit Logement
2.679%, 03/29/49 (A)(D)		350		249
2.128%, 12/15/49 (A)(D)		150		121
EDF
6.500%, 01/26/19 (B)	USD	250		292
4.000%, 11/12/25		150		199
Government of France
5.000%, 10/25/16		1,460		2,258
4.750%, 04/25/35		1,015		1,662
4.500%, 04/25/41		1,060		1,703
4.000%, 04/25/13		400		562
3.750%, 04/25/21		850		1,257
3.500%, 04/25/20		815		1,182
3.250%, 10/25/21		2,600		3,682
3.000%, 10/25/15		4,175		5,915
HSBC France MTN
4.875%, 01/15/14		250		352
Iliand
4.875%, 06/01/16		300		390


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

RCI Banque
3.400%, 04/11/14 (B)	USD	250	$	242
Safran
4.000%, 11/26/14		250		338
Societe Financement del’Economie Francaise
3.375%, 05/05/14 (B)	USD	905		961
2.125%, 01/30/12 (B)	USD	2,430		2,443
Societe Fonciere Lyonnaise
4.625%, 05/25/16 (E)		300		388
Societe Generale MTN
8.875%, 06/29/49 (A)	GBP	50		47
1.712%, 06/07/17 (A)		200		245
0.461%, 10/20/16 (A)	USD	150		150
Societe Generale Societe de Credit Fonciere MTN
4.000%, 07/07/16		650		909
Vivendi MTN
7.750%, 01/23/14		250		371

				31,936


Germany — 13.6%
Bayerische Landesbank MTN
4.500%, 02/07/19 (A)		350		352
2.750%, 01/23/12		750		1,010
Bundesobligation
1.250%, 10/14/16		5,100		6,847
Bundesobligation Inflation Linked
2.250%, 04/15/13		6,598		9,232
Bundesobligation, Ser 159
2.000%, 02/26/16		445		622
Bundesrepublik Deutschland
3.250%, 07/04/21		1,950		2,934
3.000%, 07/04/20		2,580		3,816
2.500%, 01/04/21		1,527		2,169
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/31		100		191
Bundesrepublik Deutschland, Ser 02
5.000%, 01/04/12		2,100		2,851
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/34		1,275		2,313
Bundesrepublik Deutschland, Ser 04
3.750%, 01/04/15		2,530		3,718
Bundesrepublik Deutschland, Ser 05
3.500%, 01/04/16		5,085		7,528
Bundesrepublik Deutschland, Ser 06
4.000%, 07/04/16		845		1,285
Bundesrepublik Deutschland, Ser 07
4.000%, 01/04/18		210		326
Bundesrepublik Deutschland, Ser 08
4.750%, 07/04/40		2,180		4,134
4.250%, 07/04/18		125		198


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

Bundesrepublik Deutschland, Ser 09
3.250%, 01/04/20		360	$	542
Bundesschatzanweisungen
1.250%, 12/16/11		5,600		7,528
Commerzbank
2.750%, 01/13/12		325		437
Deutsche Postbank MTN
3.750%, 02/12/14		800		1,127
Dexia Kommunalbank Deutschland MTN
3.500%, 06/05/14		390		534
HSH Nordbank MTN
2.750%, 01/20/12		1,075		1,447
K+S
5.000%, 09/24/14		350		497
Kreditanstalt fuer Wiederaufbau MTN
4.750%, 08/12/15	SEK	6,000		952
4.375%, 10/11/13		1,050		1,499
3.875%, 01/21/19		1,075		1,596
3.375%, 08/30/17	CHF	370		470
Landesbank Berlin MTN
5.875%, 11/25/19	GBP	300		372
Munich
7.625%, 06/21/28 (A)		110		187

				66,714


Hong Kong — 0.1%
Hutchison Whampoa International
7.625%, 04/09/19	USD	255		304


Ireland — 0.3%
Bank of Ireland MTN
4.625%, 04/08/13		400		454
0.902%, 02/15/12 (A)	GBP	500		724
Iberdrola Finance Ireland
5.000%, 09/11/19 (B)	USD	240		232

				1,410


Italy — 4.8%
Enel Finance International
3.875%, 10/07/14 (B)	USD	350		342
Fiat Industrial Finance MTN
6.250%, 03/09/18		250		268
Intesa Sanpaolo MTN
6.375%, 11/12/17 (A)	GBP	300		414
4.375%, 08/16/16		730		952
3.750%, 11/23/16		400		480


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

Italy Buoni Poliennali Del Tesoro
6.500%, 11/01/27		500	$	674
6.000%, 05/01/31		500		631
5.250%, 08/01/17		625		842
5.000%, 09/01/40		1,755		1,930
4.750%, 09/01/21		3,250		4,123
4.500%, 03/01/19		400		507
4.250%, 10/15/12		585		788
4.250%, 02/01/15		1,750		2,324
4.250%, 08/01/14		1,405		1,873
4.000%, 09/01/20		1,655		2,000
3.750%, 12/15/13		515		682
3.750%, 03/01/21		1,570		1,852
3.000%, 06/15/15		985		1,247
Pirelli & C
5.125%, 02/22/16		500		623
Telecom Italia Capital
6.175%, 06/18/14	USD	300		299
Unicredit MTN
4.500%, 09/22/19		400		456
UniCredit MTN
6.375%, 10/16/18 (A)	GBP	100		129
Unione di Banche Italiane MTN
4.500%, 02/22/16		200		264

				23,700


Japan — 20.5%
eAccess
8.250%, 04/01/18 (B)(F)	USD	116		106
Government of Japan 5 Year Bond, Ser 70
0.800%, 03/20/13		397,000		5,200
Government of Japan 5 Year Bond, Ser 79
0.700%, 12/20/13		51,300		674
Government of Japan 5 Year Bond, Ser 95
0.600%, 03/20/16		170,750		2,241
Government of Japan 10 Year Bond, Ser 245
0.900%, 12/20/12		175,000		2,291
Government of Japan 10 Year Bond, Ser 275
1.400%, 12/20/15		626,600		8,497
Government of Japan 10 Year Bond, Ser 284
1.700%, 12/20/16		250,000		3,459
Government of Japan 10 Year Bond, Ser 288
1.700%, 09/20/17		1,162,950		16,164
Government of Japan 10 Year Bond, Ser 298
1.300%, 12/20/18		533,750		7,246
Government of Japan 10 Year Bond, Ser 301
1.500%, 06/20/19		235,300		3,233
Government of Japan 10 Year Bond, Ser 308
1.300%, 06/20/20		1,109,650		14,942


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

Government of Japan 10 Year Bond, Ser 316
1.100%, 06/20/21		100,000	$	1,308
Government of Japan 20 Year Bond, Ser 109
1.900%, 03/20/29		39,000		526
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/29		835,000		11,585
Government of Japan 20 Year Bond, Ser 48
2.500%, 12/21/20		614,450		9,072
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/27		558,950		7,804
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/38		103,250		1,483
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/39		145,200		2,045
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/40		117,000		1,546
Japan Finance Organization for Municipalities
4.500%, 05/27/14	EUR	450		644
ORIX
4.710%, 04/27/15	USD	326		338

				100,404


Malaysia — 0.2%
Government of Malaysia
5.734%, 07/30/19		900		320
Petronas Capital
5.250%, 08/12/19 (B)	USD	410		448

				768


Mexico — 0.6%
Mexican Bonos
8.500%, 12/13/18	MXP	20,540		1,704
Mexican Bonos, Ser M10
7.750%, 12/14/17	MXP	7,275		585
Mexican Bonos, Ser MI10
9.000%, 12/20/12	MXP	10,000		760

				3,049


Netherlands — 4.8%
ABN Amro Bank MTN
3.750%, 07/15/14		750		1,052
Aegon
4.750%, 06/01/13	USD	250		261
Allianz Finance II
6.125%, 05/31/22 (A)		1,000		1,305
Boats Investments MTN
11.000%, 03/31/17		386		341
Cooperatieve Centrale Raiffeisen- Boerenleenbank MTN
4.125%, 01/12/21		230		325
Deutsche Telekom International Finance
6.000%, 07/08/19	USD	227		262


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

Deutsche Telekom International Finance MTN
6.500%, 04/08/22	GBP	90	$	162
E.ON International Finance
5.800%, 04/30/18 (B)	USD	150		172
Government of Netherlands
4.500%, 07/15/17		2,360		3,645
4.000%, 07/15/18		1,355		2,061
4.000%, 01/15/37		200		329
3.500%, 07/15/20		485		719
3.250%, 07/15/15		520		749
ING Bank MTN
4.750%, 05/27/19		800		1,193
3.375%, 03/03/14		500		701
3.000%, 09/30/14		125		172
0.978%, 05/23/16 (A)	USD	450		383
ING Groep MTN
4.750%, 05/31/17		500		680
ING Verzekeringen
3.386%, 06/21/21 (A)		960		952
LeasePlan MTN
3.250%, 05/22/14		1,040		1,458
3.125%, 02/10/12		500		675
Linde Finance MTN
3.875%, 06/01/21		450		626
NIBC Bank MTN
3.500%, 04/07/14		650		916
OI European Group
6.875%, 03/31/17		150		190
Rabobank Nederland
4.125%, 04/04/12		1,250		1,697
4.125%, 07/14/25		375		518
RWE Finance MTN
5.000%, 02/10/15		500		725
SNS Bank MTN
3.500%, 03/10/14		500		703
UPCB Finance
7.625%, 01/15/20		250		312
Volkswagen MTN
5.625%, 02/09/12		150		204

				23,488


New Zealand — 0.6%
Government of New Zealand
6.000%, 12/15/17		3,405		2,889


Norway — 0.5%
DnB Bank MTN
4.500%, 05/29/14	EUR	200		281
1.740%, 05/30/17 (A)	EUR	425		560
DnB Boligkreditt
2.750%, 04/20/15	EUR	625		857
Government of Norway
4.500%, 05/22/19		1,150		227
Yara International
7.875%, 06/11/19 (B)	USD	410		508

				2,433


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


Poland — 0.2%
Republic of Poland
5.125%, 04/21/21	USD	135	$	135
5.000%, 04/25/16		2,100		631
4.000%, 03/23/21	EUR	250		304

				1,070


Portugal — 0.0%
EDP Finance
5.375%, 11/02/12 (B)	USD	250		241


Russia — 0.6%
Gazprom OAO Via Gaz Capital MTN
5.364%, 10/31/14		200		272
Gazprom MTN
9.625%, 03/01/13	USD	470		496
6.580%, 10/31/13	GBP	150		237
Novatek Finance
5.326%, 02/03/16	USD	230		225
RSHB Capital for Russian Agricultural Bank
7.750%, 05/29/18 (B)	USD	615		641
Steel Capital (Severstal)
9.750%, 07/29/13 (B)(D)	USD	285		293
TransCapit (Transneft) Registered
7.700%, 08/07/13	USD	354		376
Vimpel Communications Via VIP
Finance Ireland
6.493%, 02/02/16 (B)	USD	230		210

				2,750


Singapore — 0.8%
DBS Bank
0.510%,
05/16/17 (A)(B)	USD	525		512
Government of Singapore
4.000%, 09/01/18		2,320		2,116
3.500%, 03/01/27		650		590
0.000%, 10/27/11 (C)		800		614

				3,832


South Africa — 0.6%
Republic of South Africa, Ser R203
8.250%, 09/15/17		24,205		3,070


Spain — 2.5%
Amadeus Capital Markets
4.875%, 07/15/16		300		401
Banco Bilbao Vizcaya Argentaria
4.250%, 03/30/15		800		1,075
4.125%, 01/13/14		300		403
Banco Santander
4.625%, 01/20/16		300		407
CaixaBank
5.125%, 04/27/16		200		269


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

Government of Spain
5.500%, 04/30/21		1,655	$	2,283
4.750%, 07/30/14		925		1,278
4.700%, 07/30/41		665		735
4.600%, 07/30/19		155		206
4.200%, 01/31/37		330		344
4.000%, 04/30/20		775		980
3.300%, 10/31/14		475		632
3.250%, 04/30/16		690		891
2.500%, 10/31/13		655		862
Instituto de Credito Oficial MTN
2.375%, 03/04/13 (B)	USD	200		201
Santander Issuances, Ser 24
7.300%, 07/27/19 (A)	GBP	400		574
Telefonica Emisiones SAU MTN
4.750%, 02/07/17		100		132
4.375%, 02/02/16		375		495
3.661%, 09/18/17		150		186

				12,354


Supra-National — 1.1%
European Investment Bank MTN
3.500%, 04/15/16	EUR	1,975		2,830
European Union MTN
3.250%, 04/04/18	EUR	850		1,201
Inter-American Development Bank
9.750%, 05/15/15	GBP	750		1,507

				5,538


Sweden — 2.2%
Kingdom of Sweden, Ser 1041
6.750%, 05/05/14		10,820		1,797
Kingdom of Sweden, Ser 1047
5.000%, 12/01/20		8,700		1,617
Kingdom of Sweden, Ser 1049
4.500%, 08/12/15		5,050		822
Kingdom of Sweden, Ser 1050
3.000%, 07/12/16		13,625		2,125
Kingdom of Sweden, Ser 1052
4.250%, 03/12/19		2,000		343
Kommuninvest I Sverige MTN
2.750%, 08/12/15		5,300		796
Nordea Bank MTN
4.500%, 05/12/14	EUR	100		140
Stadshypotek MTN
3.750%, 12/12/13	EUR	400		560
Svenska Handelsbanken MTN
3.625%, 02/16/16	EUR	400		550
1.808%, 10/19/17 (A)	EUR	500		652
Swedbank
7.375%, 06/26/18 (A)	EUR	150		203
3.375%, 05/27/14	EUR	500		703
Swedbank Hypotek MTN
4.125%, 06/09/14	EUR	150		212
Volvo Treasury
5.950%, 04/01/15 (B)		145		157

				10,677


Switzerland — 1.1%
Credit Suisse NY MTN
5.300%, 08/13/19	USD	150		152


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

Credit Suisse MTN
6.125%, 05/16/14	EUR	350	$	507
4.750%, 08/05/19	EUR	400		548
2.875%, 09/24/15	EUR	220		288
Glencore Finance Europe MTN
7.125%, 04/23/15	EUR	300		409
5.250%, 03/22/17	EUR	300		382
Government of Switzerland
2.000%, 04/28/21		820		989
Holcim US Finance Sarl & Cie SCS
6.000%, 12/30/19 (B)	USD	25		27
Novartis Finance MTN
4.250%, 06/15/16	EUR	375		548
UBS MTN
6.625%, 04/11/18	GBP	150		254
6.375%, 07/20/16	GBP	160		269
6.250%, 09/03/13	EUR	200		285
5.875%, 12/20/17	USD	575		592

				5,250


United Arab Emirates — 0.1%
MDC-GMTN MTN
5.500%, 04/20/21 (B)		380		397


United Kingdom — 10.9%
3i Group MTN
5.625%, 03/17/17	EUR	150		199
Abbey National Treasury Services MTN
4.250%, 04/12/21	EUR	350		472
3.625%, 09/08/16	EUR	300		403
Anglian Water Services Financing, Ser A5 MTN
6.293%, 07/30/30		500		916
Aviva MTN
0.690%, 06/19/17 (A)	USD	475		447
BAA Funding MTN
4.125%, 10/12/16	EUR	200		264
Bank of Scotland MTN
4.750%, 06/08/22	EUR	650		923
Barclays Bank MTN
6.750%, 05/22/19	USD	225		243
6.750%, 01/16/23 (A)		350		481
5.125%, 01/08/20	USD	150		147
5.000%, 09/22/16	USD	125		125
4.500%, 03/04/19 (A)	EUR	125		147
Barclays Bank, Ser E MTN
4.875%, 12/29/49 (A)	EUR	200		157
BAT International Finance MTN
7.250%, 03/12/24		250		480
5.375%, 06/29/17	EUR	425		634
Bishopsgate Asset Finance
4.808%, 08/14/44		200		274
British American Tobacco Holdings MTN
4.000%, 07/07/20	EUR	100		137
British Telecommunications
8.750%, 12/07/16		165		315
5.750%, 12/07/28		411		656


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

Daily Mail & General Trust
5.750%, 12/07/18		350	$	502
EDF Energy Networks EPN MTN
6.000%, 11/12/36		160		279
ENW Finance MTN
6.125%, 07/21/21		350		623
Experian Finance MTN
4.750%, 11/23/18		300		493
FCE Bank MTN
5.125%, 11/16/15		200		293
First Hydro Finance
9.000%, 07/31/21		220		401
HSBC Bank
3.500%, 06/28/15 (B)	USD	120		122
3.100%, 05/24/16 (B)	USD	261		259
HSBC Holdings MTN
9.875%, 04/08/18 (A)		80		133
6.500%, 05/20/24		250		438
0.446%, 10/06/16 (A)	USD	625		625
Imperial Tobacco Finance MTN
8.375%, 02/17/16	EUR	450		714
7.750%, 06/24/19		600		1,131
7.250%, 09/15/14	EUR	150		225
4.500%, 07/05/18	EUR	150		206
Intercontinental Hotels Group MTN
6.000%, 12/09/16		150		248
Legal & General Group MTN
4.000%, 06/08/25 (A)	EUR	200		215
Lloyds TSB Bank MTN
6.375%, 01/21/21	USD	110		108
6.375%, 04/15/14		725		1,162
4.375%, 01/12/15	USD	220		215
Marks & Spencer MTN
6.125%, 12/02/19		100		165
Motability Operations Group MTN
3.750%, 11/29/17	EUR	300		408
National Westminster Bank
6.500%, 09/07/21		220		263
Network Rail Infrastructure Finance MTN
4.400%, 03/06/16	CAD	690		720
Northern Rock
5.625%, 06/22/17 (B)	USD	1,750		1,848
Northumbrian Water Finance
6.000%, 10/11/17		500		895
Old Mutual MTN
7.125%, 10/19/16		250		411
Rexam MTN
4.375%, 03/15/13	EUR	170		233
Rolls-Royce
6.750%, 04/30/19		100		188
Royal Bank of Scotland
6.125%, 01/11/21	USD	310		306
5.750%, 05/21/14	EUR	600		812
Scottish & Southern Energy MTN
5.750%, 02/05/14		245		411
Severn Trent Utilities Finance
6.250%, 06/07/29		350		644


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

Standard Chartered Bank MTN
6.400%, 09/26/17 (B)	USD	175	$	184
6.400%, 09/26/17	USD	250		263
5.875%, 09/26/17	EUR	250		332
Tesco
6.052%, 10/13/39		343		584
Thames Water Utilities Cayman Finance MTN
6.125%, 02/04/13	EUR	200		282
United Kingdom Gilt
4.250%, 12/07/40		125		219
4.250%, 12/07/55		75		133
3.750%, 09/07/20		1,625		2,834
United Kingdom Gilt - Inflation Linked
2.500%, 07/26/16		75		395
1.875%, 11/22/22		375		825
1.250%, 11/22/27		200		446
United Kingdom Treasury
5.000%, 03/07/25		400		777
4.750%, 12/07/30		1,850		3,506
4.750%, 12/07/38		1,590		3,027
4.500%, 12/07/42		335		615
4.250%, 09/07/39		1,300		2,287
4.250%, 12/07/49		225		396
4.250%, 03/07/36		690		1,218
4.000%, 03/07/22		2,515		4,461
4.000%, 09/07/16		400		701
2.750%, 01/22/15		265		437
2.250%, 03/07/14		795		1,286
2.000%, 01/22/16		1,865		2,998
Virgin Media Secured Finance
7.000%, 01/15/18		280		446
Wales & West Utilities Finance MTN
6.750%, 12/17/36 (A)		200		345
Western Power Distribution South West
5.750%, 03/23/40		200		329
WPP MTN
6.625%, 05/12/16	EUR	225		337
Yorkshire Power Finance
7.250%, 08/04/28		208		413
Yorkshire Water Services Bradford Finance
6.375%, 08/19/39		100		185

				53,377


United States — 5.6%
Altria Group
9.250%, 08/06/19		225		295
4.750%, 05/05/21		330		341
American Express Credit MTN
5.375%, 10/01/14	GBP	100		166
American International Group
8.175%, 05/15/58 (A)		365		322
6.250%, 03/15/37		100		69
Anheuser-Busch InBev
5.375%, 01/15/20		450		524
AT&T
5.875%, 04/28/17	GBP	200		354
4.450%, 05/15/21		525		563


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

BA Covered Bond Issuer MTN
4.125%, 04/05/12	EUR	3,100	$	4,185
Bank of America MTN
5.650%, 05/01/18		350		332
4.750%, 05/06/19 (A)	EUR	250		235
Cablevision Systems, Ser B
8.000%, 04/15/12		235		240
CCO Holdings
8.125%, 04/30/20		90		94
Citigroup
5.500%, 04/11/13		500		515
4.250%, 02/25/30 (A)	EUR	1,350		1,241
Comcast Cable Communications Holdings
9.455%, 11/15/22		340		491
Computer Sciences
5.500%, 03/15/13		305		319
Countrywide Financial MTN
5.800%, 06/07/12		507		508
Gatwick Funding MTN
6.500%, 03/02/41	GBP	200		321
GE Capital UK Funding MTN
4.125%, 09/28/17	GB	P 110		170
General Electric Capital MTN
5.625%, 05/01/18		300		328
5.500%, 01/08/20		305		333
5.300%, 02/11/21		205		213
4.625%, 01/07/21		750		778
Goldman Sachs Group
6.375%, 05/02/18	EUR	400		545
6.250%, 02/01/41		225		219
1.905%, 02/04/13 (A)	EUR	450		577
Hartford Life Institutional Funding MTN
5.375%, 01/17/12	GBP	200		314
Hertz
8.875%, 01/01/14		20		20
HSBC Finance MTN
7.000%, 03/27/12	GBP	285		452
Ingersoll-Rand Global Holding
9.500%, 04/15/14		213		251
International Paper
7.950%, 06/15/18		260		300
JPMorgan Chase Bank
4.625%, 05/31/17 (A)	EUR	250		295
JPMorgan Chase MTN
1.993%, 10/12/15 (A)	EUR	350		409
Key Bank MTN
1.734%, 02/09/12 (A)	EUR	570		755
1.660%, 11/21/11 (A)	EUR	50		67
Kraft Foods
7.000%, 08/11/37		200		258
5.375%, 02/10/20		400		453
Merrill Lynch MTN
2.077%, 09/14/18 (A)	EUR	375		306
Metropolitan Life Global Funding I MTN
4.625%, 05/16/17	EUR	1,200		1,659


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

Morgan Stanley MTN
5.625%, 09/23/19			150	$	141
5.375%, 08/10/20	EUR		350		421
4.500%, 10/29/14	EUR		700		900
3.750%, 03/01/13	EUR		1,000		1,308
Nabors Industries
9.250%, 01/15/19			275		348
News America
6.900%, 03/01/19			300		350
Noble Holding International
4.900%, 08/01/20			25		27
Owens Corning
6.500%, 12/01/16			420		453
PNC Funding
5.125%, 02/08/20			300		332
Republic Services
4.750%, 05/15/23			405		440
Ryder System MTN
5.850%, 11/01/16			116		134
Toyota Motor Credit MTN
5.250%, 02/03/12	EUR		250		339
United Health Group
6.000%, 02/15/18			135		160
US Bank MTN
4.375%, 02/28/17(A)	EUR		900		1,117
Weatherford International
9.625%, 03/01/19			275		355
Western Union
5.930%, 10/01/16			475		543

					27,185

Total Global Bonds (Cost $414,852) ($ Thousands)					426,148

MORTGAGE-BACKED SECURITIES — 3.1%

Non-Agency Mortgage-Backed Obligation — 3.1%
Bear Stearns Adjustable Rate
Mortgage Trust, Ser 2004-6, Cl 3A
5.446%, 09/25/34 (A)			234		215
Bear Stearns Commercial
Mortgage, Ser 2004-PWR3, Cl A4
4.715%, 02/11/41			380		397
Bear Stearns Commercial
Mortgage, Ser 2004-PWR6, Cl A6
4.825%, 11/11/41			575		617
Bear Stearns Commercial Mortgage, Ser 2006-PW11, Cl A4
5.620%, 03/11/39 (A)			600		654
Canary Wharf Finance, Ser II, Cl C2
1.383%, 10/22/37 (A)(D)	GBP		200		178
Citigroup Commercial Mortgage Trust, Ser 2007-C6, Cl A4
5.886%, 12/10/49 (A)			1,140		1,228


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

Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4
6.275%, 12/10/49 (A)			405	$	441
Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4
5.070%, 05/25/35 (A)			1,123		978
Credit Suisse Mortgage Capital
Certificates, Ser 2006-C5, Cl A3
5.311%, 12/15/39			1,215		1,271
DBUBS Mortgage Trust, Ser 2011- LC1A, Cl A3
5.002%, 11/10/46 (B)			226		242
Eddystone Finance, Ser 2006-1, Cl A2
1.039%, 04/19/21 (A)(D)	GBP		150		215
Fosse Master Issuer, Ser 2011-1X, Cl A3
2.228%, 10/18/54 (A)	GBP		300		467
Gracechurch Mortgage Financing, Ser 2006-1, Cl C3
1.805%, 11/20/56 (A)(D)	EUR		350		468
Gracechurch Mortgage Financing, Ser 2007-1X, Cl 3A2
1.635%, 11/20/56 (A)	EUR		1,465		1,953
Granite Master Issuer, Ser 2005-1, Cl A5
1.526%, 12/20/54 (A)(D)	EUR		233		296
Granite Master Issuer, Ser 2006-2, Cl A5
1.546%, 12/20/54 (A)(D)	EUR		450		572
GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1
5.033%, 01/25/35 (A)			292		287
Immeo Residential Finance, Ser 2, Cl A
1.688%, 12/15/16 (A)	EUR		329		402
JP Morgan Chase Commercial Mortgage Securities, Ser 2007- CB18, Cl A4
5.440%, 06/12/47			880		914
JP Morgan Mortgage Trust, Ser 2004-A5, Cl 3A1
5.139%, 12/25/34 (A)			288		287
London and Regional Debt
Securitisation, Ser 1, Cl A
1.037%, 10/15/14 (A)(D)	GBP		150		208
Merrill Lynch Mortgage Trust, Ser 2005-LC1, Cl A4
5.291%, 01/12/44 (A)			420		461
Permanent Master Issuer, Ser 2011-1X, Cl 1A2
2.227%, 07/15/42 (A)	GBP		250		387
Silverstone, Ser 2009-1, Cl A2
2.283%, 01/21/55 (A)	GBP		300		465


Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
Storm, Ser 2006-1, Cl A2
1.714%, 04/22/48 (A)	EUR		1,123	$	1,484
Talisman Finance, Ser 7, Cl H
3.855%, 04/22/17 (A)	EUR		485		65


Total Mortgage-Backed Securities (Cost $15,980) ($ Thousands)					15,152


CORPORATE OBLIGATIONS — 2.4%

United States — 2.4%
American Tower
5.050%, 09/01/20			315		314
Anadarko Petroleum
6.375%, 09/15/17			330		370
CBS
4.300%, 02/15/21			400		402
CIGNA
5.125%, 06/15/20			154		167
Citigroup
4.750%, 05/19/15			240		246
CMS Energy
8.750%, 06/15/19			225		262
CNA Financial
7.250%, 11/15/23			110		121
6.500%, 08/15/16			40		43
DIRECTV Holdings
6.000%, 08/15/40			150		160
4.600%, 02/15/21			300		308
Duke Realty
6.750%, 03/15/20(E)			140		145
EH Holding
6.500%, 06/15/19(B)			150		144
Embarq
7.082%, 06/01/16			333		345
Enterprise Products Operating
5.950%, 02/01/41			225		241
EQT
8.125%, 06/01/19			285		346
Goldman Sachs Group MTN
6.000%, 06/15/20			45		46
Hess
8.125%, 02/15/19			109		141
Humana
7.200%, 06/15/18			280		332
6.450%, 06/01/16			40		45
6.300%, 08/01/18			50		57
Huntington Ingalls Industries
7.125%, 03/15/21(B)			54		50
6.875%, 03/15/18(B)			54		50
Jefferies Group
6.875%, 04/15/21			154		160
5.125%, 04/13/18			203		190
Kinder Morgan Energy Partners
6.550%, 09/15/40			255		285
Lincoln National
8.750%, 07/01/19			128		152
Lorillard Tobacco
6.875%, 05/01/20			375		416
Lyondell Chemical
8.000%, 11/01/17(B)			121		130


Description		Face Amount (1) (Thousands)		Market Value ($ Thousands)
McGraw-Hill
5.900%, 11/15/17			325	$	352
Mohawk Industries
6.625%, 01/15/16			172		178
Morgan Stanley
5.750%, 01/25/21			130		120
5.500%, 07/28/21			125		116
3.450%, 11/02/15			225		207
Motorola
7.500%, 05/15/25			85		100
Nisource Finance
6.800%, 01/15/19			235		274
Nissan Motor
3.250%, 01/30/13(B)			430		438
Principal Financial Group
7.875%, 05/15/14			290		329
Prudential Financial MTN
6.100%, 06/15/17			125		136
RR Donnelley & Sons
7.250%, 05/15/18			65		59
Ryder System MTN
7.200%, 09/01/15			108		128
SLM MTN
5.050%, 11/14/14			600		579
Time Warner
4.875%, 03/15/20			725		771
Time Warner Cable
7.500%, 04/01/14			385		436
Union Electric
6.700%, 02/01/19			45		55
United States Steel
6.050%, 06/01/17			178		162
Valero Energy
9.375%, 03/15/19			174		223
Viacom
6.125%, 10/05/17			325		370
5.625%, 09/15/19			325		367
Wachovia Capital Trust III
5.570%, 12/31/49(A)			385		316
Whirlpool MTN
8.600%, 05/01/14			298		340


Total Corporate Obligations (Cost $11,165) ($ Thousands)					11,724

ASSET-BACKED SECURITIES — 0.4%

Automotive — 0.2%
Auto Compartiment, Ser 2006-1, Cl B
1.858%, 07/25/17 (A)(D)	EUR		500		656
Auto Compartiment, Ser 2007-1, Cl A
1.646%, 02/25/19 (A)	EUR		312		416
Santander Consumer Finance, Ser 2007-1, Cl A
1.685%, 09/20/22 (D)	EUR		92		121

					1,193


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

Mortgage Related Securities — 0.1%
Countrywide Asset-Backed Certificates, Ser 2007-2, Cl 2A1
0.285%, 08/25/37 (A)		209	$	204


Other Asset-Backed Securities — 0.1%
Lambda Finance, Ser 2005-1X, Cl A2
1.775%, 11/15/29 (A)(D)	EUR	126		165
Skyline, Ser 2007-1, Cl D
2.414%, 07/22/43 (A)(D)	EUR	200		242

				407

Total Asset-Backed Securities (Cost $1,830) ($ Thousands)				1,804


MUNICIPAL BOND — 0.0%
State of Illinois, GO
5.877%, 03/01/19		45		48

Total Municipal Bonds (Cost $45) ($ Thousands)				48


U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bills
0.015%, 12/29/11 (C)		1,575		1,575
U.S. Treasury Bonds
4.375%, 11/15/39 to 05/15/41		225		290
3.875%, 08/15/40		5		6

Total U.S. Treasury Obligations (Cost $1,809) ($ Thousands)				1,871


TIME DEPOSITS — 3.0%

United States — 3.0%
Brown Brothers Harriman
3.894%, 10/03/11	AUD	16		15
1.750%, 10/03/11	NZD	22		17
1.324%, 10/03/11	NOK	116		20
1.250%, 10/03/11	SEK	103		15
0.350%, 10/03/11	DKK	1		—
0.280%, 10/03/11	CAD	106		102
0.279%, 10/03/11	EUR	97		130
0.105%, 10/03/11	GBP	242		377
0.030%, 10/03/11	USD	13,807		13,807
0.010%, 10/03/11	JPY	2,132		28
0.010%, 10/03/11	SGD	2		2

Total Time Deposits (Cost $14,513) ($ Thousands)				14,513


Total Investments — 96.4% (Cost $460,194) ($ Thousands)	$	471,260

A summary of the open futures contracts held by the Fund at September 30, 2011, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Australian 3-Year Bond		(13	)		Dec-2011	$	4
Australian 10-Year Bond		(1	)		Dec-2011		1
Canadian 10-Year Bond		16			Dec-2011		47
Euro-Bobl		62			Dec-2011		(27	)
Euro-BTP		1			Dec-2011		2
Euro-Bund		44			Dec-2011		(60	)
Euro-Buxl 30 Year Bond		4			Dec-2011		8
Euro-Schatz		43			Dec-2011		(15	)
Japanese 10-Year Bond		6			Dec-2011		(20	)
Long Gilt 10-Year Bond		26			Dec-2011		(8	)
U.S. 10-Year Treasury Note		(171	)		Dec-2011		(157	)
U.S. 2-Year Treasury Note		(36	)		Dec-2011		9
U.S. 5-Year Treasury Note		(126	)		Dec-2011		(16	)
U.S. Long Treasury Bond		(18	)		Dec-2011		(71	)
U.S. Ultra Long Treasury Bond		(5	)		Dec-2011		(67	)

						$	(370	)

A summary of the outstanding forward foreign currency contracts held by the Fund at September 30, 2011, is as follows:


Settlement Date	Currency to Deliver (Thousands)		Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
10/6/11-10/19/11	USD	1,068	MXP	14,370	$	(29	)
10/6/11-10/31/11	USD	5,259	CAD	5,397		(80	)
10/6/11-10/31/11	USD	22,361	GBP	14,347		(12	)
10/6/11-10/31/11	USD	36,555	JPY	2,817,348		(2	)
10/6/11-10/31/11	USD	1,046	SEK	7,093		(14	)
10/6/11-11/8/11	CAD	25,289	USD	25,231		971
10/6/11-11/8/11	EUR	233,563	USD	323,182		9,885
10/6/11-11/8/11	GBP	46,328	USD	74,160		2,007
10/6/11-11/8/11	JPY	10,614,572	USD	138,003		224
10/6/11-11/8/11	MXP	56,402	USD	4,458		386
10/6/11-11/8/11	SEK	54,631	USD	8,159		212
10/6/11-11/17/11	USD	106,679	EUR	79,347		(222	)
10/14/11-10/31/11	NZD	4,120	USD	3,374		228
10/19/11	USD	790	DKK	4,272		(20	)
10/19/11-10/31/11	DKK	11,612	USD	2,176		82
10/19/11-10/31/11	USD	1,633	NOK	8,932		(113	)
10/20/11-10/31/11	USD	260	ZAR	1,961		(17	)
10/20/11-10/31/11	ZAR	26,819	USD	3,712		384
10/21/11	IDR	6,584,392	USD	745		(4	)
10/21/11	USD	769	IDR	6,584,392		(21	)
10/31/11	AUD	3,916	USD	4,005		215
10/31/11	CHF	1,224	USD	1,388		40
10/31/11	CZK	5,583	USD	311		8
10/31/11	MYR	1,001	USD	323		9
10/31/11	NOK	1,247	USD	219		7
10/31/11	PLN	2,351	USD	742		30
10/31/11	SGD	3,559	USD	2,869		137
10/31/11	USD	150	AUD	150		(5	)
10/31/11	USD	378	NZD	488		(6	)
10/31/11	USD	76	PLN	240		(3	)
10/31/11-11/10/11	KRW	3,607,109	USD	3,013		(50	)
11/10/11	USD	3,254	KRW	3,522,189		(264	)
1/13/12	CNY	12,617	USD	1,958		(22	)
1/13/12	USD	1,946	CNY	12,617		33

					$	13,974

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at September 30, 2011, is as follows:


CounterParty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America		(386	)		399	$	13
Barclays PLC		(43,487	)		43,818		331
BNP Paribas		(198,192	)		198,190		(2	)
Brown Brothers Harriman		(1,090	)		1,169		79
Chase Manhattan Bank		(69,643	)		69,632		(11	)
Citigroup		(11,241	)		11,409		168
Credit Suisse First Boston		(25,332	)		25,598		266
Deutsche Bank		(110,773	)		118,470		7,697
Goldman Sachs		(44,759	)		45,220		461
HSBC		(6,640	)		6,653		13
JPMorgan Chase Bank		(5,029	)		5,080		51
Morgan Stanley		(144,941	)		147,791		2,850
National Australia Bank		(65,787	)		66,773		986
Northern Trust Brokerage		(2,046	)		2,031		(15	)
RBC		(3,571	)		3,621		50
RBS London		(748	)		742		(6	)
Royal Bank of Canada		(1,894	)		1,889		(5	)
Royal Bank of Scotland		(18,914	)		20,055		1,141
Standard Bank		(5,498	)		5,222		(276	)
UBS		(693	)		671		(22	)
Westpac Banking		(4,843	)		5,048		205

						$	13,974

A summary of outstanding interest rate swap agreements held by the Fund at September 30, 2011, is as follows:

Percentages are based on a Net Assets of $488,929($ Thousands).

(1)

In local currency unless otherwise indicated.

(A)

Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2011.

(B)

(C)

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

(D)

Securities considered illiquid. The total market value of such securities as of September 30, 2011 was $3,784 ($ Thousands) and represented 0.8% of Net Assets.

(E) Real Estate Investment Trust. (F) Security is when-issued.

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

CNY — Chinese Yuan

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

EURIBOR — Euro London Interbank Offered Rate

GBP — British Pound Sterling

GO — General Obligation

IDR — Indonesia Rupiah

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXP — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NY — New York

NZD — New Zealand Dollar

PLN — Polish Zlotty

SEK — Swedish Krone

Ser — Series

SGD — Singapore Dollar

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2011, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds		—		426,148		—		426,148
Mortgage-Backed Securities		—		15,152		—		15,152
Corporate Obligations		—		11,724		—		11,724
U.S. Treasury Obligations		—		1,871		—		1,871
Asset-Backed Securities		—		1,804		—		1,804
Municipal Bond		—		48		—		48
Time Deposits		—		14,513		—		14,513

Total Investments in Securities	$	—	$	470,865	$	—	$	471,260


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts *	$	(370	)	$	—	$	—	$	(370	)
Forwards Contracts*		13,974			—		—		13,974
Interest Rate Swaps		—			1,190		—		1,190

Total Other Financial Instruments	$	13,604		$	1,190	$	—	$	14,794

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

For the year ended September 30, 2011, there were no significant transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2011, there were no significant transfers between Level 2 and Level 3 assets and liabilities.

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

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


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

GLOBAL BONDS — 92.2%

Argentina — 4.0%
Capex
10.000%, 03/10/18 (A)(B)		488	$	400
Empresa Distribuidora Y Comercializadora Norte
9.750%, 10/25/22 (A)		606		509
IRSA
11.500%, 07/20/20 (A)		351		340
Province of Buenos Aires
9.625%, 04/18/28 (C)		595		434
9.625%, 04/18/28 (A)(C)		1,605		1,027
9.375%, 09/14/18 (C)		470		324
Province of Medoza
5.500%, 09/04/18 (C)		303		254
Province of Neuquen
8.656%, 10/18/14 (A)(C)		121		121
Republic of Argentina
8.750%, 06/02/17		1,100		963
8.280%, 12/31/33		2,890		1,908
8.280%, 12/31/33		3,636		2,491
7.820%, 12/31/33	EUR	6,268		4,835
7.820%, 12/31/33 (D)	EUR	8,341		6,211
7.000%, 10/03/15		5,100		4,251
7.000%, 04/17/17		3,168		2,396
5.830%, 12/31/33 (D)	ARS	8,219		2,477
3.117%, 12/15/35 (D)		4,360		600
2.500%, 03/31/19 (E)		3,680		1,242
1.770%, 12/31/38 (D)(E)	ARS	2		—
0.467%, 08/03/12 (D)		6,705		789
0.000%, 12/15/35 (D)	ARS	2		—
0.000%, 12/15/35 (D)	EUR	13,252		2,151
Tarjeta Naranja
9.000%, 01/28/17 (A)		180		176
Transportadora Gas Norte
7.500%, 12/31/12 (C)(F)		130		69
7.500%, 12/31/12 (A)(C)(F)		260		138
7.500%, 12/31/12 (C)(F)		420		223
6.500%, 12/31/12 (A)(C)(F)		30		16
6.500%, 12/31/12 (C)(F)		81		43
6.500%, 12/31/12 (C)(F)		72		38
WPE International
10.375%, 09/30/20 (A)		950		855

				35,281


Australia — 0.0%
Mirabela Nickel
8.750%, 04/15/18 (A)		203		164


Bahrain — 0.2%
Kingdom of Bahrain
5.500%, 03/31/20 (A)		1,153		1,095
5.500%, 03/31/20		250		238

				1,333


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

Barbados — 0.3%
Columbus International
11.500%, 11/20/14 (A)		1,600	$	1,568
11.500%, 11/20/14		1,057		1,036
Government of Barbados
7.000%, 08/04/22 (A)		300		297

				2,901


Belarus — 0.1%
Republic of Belarus
8.950%, 01/26/18		1,150		808
8.750%, 08/03/15		300		214

				1,022


Belize — 0.0%
Government of Belize
6.000%, 02/20/29 (C)		157		93


Bosnia and Herzegovina — 0.1%
Republic of Bosnia & Herzegovina
0.000%, 12/11/17 (C)(D)	DEM	2,013		1,001


Brazil — 8.4%
Banco Cruzeiro do Sul
8.875%, 09/22/20		384		326
8.875%, 09/22/20 (A)(B)		1,144		972
Banco Nacional de Desenvolvimento Economico e Social
6.500%, 06/10/19 (A)		1,725		1,906
5.500%, 07/12/20 (A)		400		413
BR Malls International Finance
8.500%, 12/31/49 (A)		345		352
BR Properties SA
9.000%, 12/31/49 (A)		541		530
Brazil Notas Do Tesouro Nacional Serie F
10.000%, 01/01/13	BRL	10,700		5,732
10.000%, 01/01/14	BRL	7,510		3,972
10.000%, 01/01/21	BRL	11,054		5,440
6.000%, 05/15/15	BRL	6,700		7,708
6.000%, 08/15/20	BRL	1,600		1,810
CGM, CLN (Federal Republic of Brazil)
10.000%, 01/01/21	BRL	5,000		2,461


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

Federal Republic of Brazil
12.500%, 01/05/22	BRL	680	$	430
12.500%, 01/05/16	BRL	4,180		2,511
11.000%, 08/17/40		150		198
10.250%, 01/10/28	BRL	1,140		645
10.125%, 05/15/27		2,475		3,911
8.875%, 04/15/24		1,570		2,229
8.750%, 02/04/25		1,580		2,224
8.250%, 01/20/34		4,558		6,404
7.125%, 01/20/37		3,695		4,720
5.875%, 01/15/19		1,492		1,712
5.625%, 01/07/41		1,050		1,131
4.875%, 01/22/21		1,607		1,718
Fibria Overseas Finance
7.500%, 05/04/20 (A)		1,358		1,277
General Shopping Finance
10.000%, 12/31/49 (A)		1,044		1,023
Hypermarcas
6.500%, 04/20/21 (A)(B)		1,224		1,114
JBS Finance II
8.250%, 01/29/18 (A)		1,820		1,502
8.250%, 01/29/18		1,300		1,073
JP Morgan, CLN (Federal Republic of Brazil)
10.000%, 01/01/21		3,400		1,673
Minerva Overseas II
10.875%, 11/15/19 (A)		235		186
10.875%, 11/15/19		310		245
Odebrecht Drilling Norbe VIII
6.350%, 06/30/21		330		327
6.350%, 06/30/21 (A)		745		738
OGX Petroleo e Gas Participacoes
8.500%, 06/01/18 (A)		1,404		1,257
Petrobras International Finance
5.375%, 01/27/21		20		20
QGOG Atlantic
5.250%, 07/30/18 (A)		1,456		1,310
Telemar Norte Leste
5.500%, 10/23/20 (A)		950		903
Virgolino de Oliveira Finance
10.500%, 01/28/18		217		199
Votorantim Cimentos
7.250%, 04/05/41 (A)		300		281
Voto-Votorantim
6.750%, 04/05/21 (A)		306		301
6.625%, 09/25/19 (A)		490		485

				73,369


Chile — 0.8%
Banco Estado
4.125%, 10/07/20 (A)		600		602
Empresa Nacional del Petroleo
6.250%, 07/08/19 (A)		100		110
6.250%, 07/08/19		700		769
5.250%, 08/10/20 (A)		400		413
Inversiones Alsacia
8.000%, 08/18/18 (A)		1,000		859


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

Nacional del Cobre de Chile
7.500%, 01/15/19		400	$	503
6.150%, 10/24/36		2,200		2,667
3.750%, 11/04/20 (A)		800		795
Republic of Chile
3.250%, 09/14/21		700		682

				7,400


China — 1.1%
China Liansu Group Holdings
7.875%, 05/13/16 (A)		648		473
China Oriental Group
8.000%, 08/18/15 (A)		650		507
CNPC HK Overseas Capital
5.950%, 04/28/41 (A)		750		834
Evergrande Real Estate
13.000%, 01/27/15		856		574
13.000%, 01/27/15 (A)		809		542
9.250%, 01/19/16	CNY	5,000		486
7.500%, 01/19/14	CNY	3,000		320
Franshion Development
6.750%, 04/15/21 (A)		750		517
Kaisa Group Holdings LTD
13.500%, 04/28/15		539		375
Mega Advance Investments
5.000%, 05/12/21 (A)		406		389
MIE Holdings
9.750%, 05/12/16 (A)		800		616
Sinochem Overseas Capital
6.300%, 11/12/40 (A)		451		417
6.300%, 11/12/40		350		324
4.500%, 11/12/20 (A)		3,392		3,157
Texhong Textile Group
7.625%, 01/19/16 (A)		255		166
West China Cement
7.500%, 01/25/16 (A)(B)		200		136

				9,833


Colombia — 4.7%
BanColombia
5.950%, 06/03/21 (A)		1,080		1,045
Bogota Distrio Capital
9.750%, 07/26/28 (A)	COP	9,020,000		5,820
Citigroup, CLN (Republic of Colombia)
10.000%, 07/24/24	COP	1,229,000		762
Ecopetrol
7.625%, 07/23/19 (A)		500		582
Gruposura Finance
5.700%, 05/18/21 (A)		410		398
Republic of Colombia
11.750%, 02/25/20		1,645		2,521
10.375%, 01/28/33		400		641
8.125%, 05/21/24		2,250		2,983
7.375%, 03/18/19		3,870		4,774
7.375%, 01/27/17		2,975		3,557
7.375%, 09/18/37		10,285		13,412
6.125%, 01/18/41		1,275		1,445
4.375%, 07/12/21		3,320		3,386

				41,326


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

Croatia — 1.2%
Government of Croatia
6.750%, 11/05/19		1,025	$	991
6.625%, 07/14/20 (A)(B)		3,568		3,399
6.375%, 03/24/21 (A)		5,052		4,660
Zagrebacki Holding
5.500%, 07/10/17	EUR	1,100		1,072

				10,122


Czech Republic — 0.1%
Central European Media Enterprises
11.625%, 09/15/16 (A)	EUR	700		789


Dominican Republic — 0.3%
Cap Cana
10.000%, 04/30/16		936		374
10.000%, 04/30/16		844		507
Republic of Dominican Republic
7.500%, 05/06/21 (A)		1,090		1,063
7.500%, 05/06/21		600		585

				2,529


Ecuador — 0.1%
Republic of Ecuador
9.375%, 12/15/15		550		539


Egypt — 0.3%
Government of Egypt
6.875%, 04/30/40		600		561
5.750%, 04/29/20		400		398
5.750%, 04/29/20 (A)		800		798
Nile Finance
5.250%, 08/05/15		650		661

				2,418


El Salvador — 0.8%
Republic of El Salvador
8.250%, 04/10/32		250		264
7.650%, 06/15/35		4,436		4,314
7.625%, 02/01/41 (A)		950		912
7.375%, 12/01/19		400		428
Telemovil Finance
8.000%, 10/01/17 (A)		900		873

				6,791


Gabon — 0.0%
Gabonese Republic
8.200%, 12/12/17		200		218


Georgia — 0.2%
Georgian Railway
9.875%, 07/22/15		650		680
Republic of Georgia
6.875%, 04/12/21 (A)		750		713

				1,393


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

Germany — 0.2%
Deutsche Bank, CLN (Government of Germany) MTN
9.375%, 02/13/18 (A)(C)		1,732	$	1,654


Ghana — 0.3%
Republic of Ghana
8.500%, 10/04/17		1,865		1,949
8.500%, 10/04/17 (A)		500		522

				2,471


Hong Kong — 0.5%
Bank of China Hong Kong
5.550%, 02/11/20 (A)		1,700		1,701
Hutchison Whampoa International
6.000%, 12/31/49 (D)		460		440
Industrial & Commercial Bank of China Asia MTN
5.125%, 11/30/20		600		587
PCCW-HKT Capital No. 4
4.250%, 02/24/16		601		626
Sino-Forest
10.250%, 07/28/14 (A)(F)		140		35
10.250%, 07/28/14 (F)		1,027		257
6.250%, 10/21/17 (A)(B)(F)		574		143
6.250%, 10/21/17 (F)		1,740		435

				4,224


Hungary — 0.8%
Republic of Hungary
7.625%, 03/29/41		3,058		2,982
6.375%, 03/29/21		3,134		3,049
6.250%, 01/29/20		950		922
4.750%, 02/03/15		187		183

				7,136


India — 0.2%
Axis Bank MTN
7.125%, 06/28/22 (D)		163		157
Bank of India MTN
6.994%, 12/31/49 (D)		177		158
ICICI Bank
5.750%, 11/16/20 (A)		503		473
Reliance Holdings USA
6.250%, 10/19/40		300		267
Vedanta Resources
8.250%, 06/07/21 (A)		796		613

				1,668


Indonesia — 4.9%
Adaro Indonesia
7.625%, 10/22/19		208		204
Bakrie Telecom
11.500%, 05/07/15		634		399
BLT Finance
7.500%, 05/15/14		197		75
BSP FINANCE
10.750%, 11/01/11		163		156


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

Deutsche Bank, CLN (Republic of Indonesia)
8.250%, 07/15/21	IDR	3,600,000	$	449
HSBC, CLN (Republic of Indonesia)
11.000%, 11/16/20 (A)(D)	IDR	2,300,000		335
8.250%, 07/15/21	IDR	6,800,000		849
Indosat Palapa
7.375%, 07/29/20 (A)		552		547
JPMorgan Chase, CLN (Republic of Indonesia) MTN
11.000%, 09/17/25	IDR	7,952,000		1,195
Majapahit Holding
8.000%, 08/07/19 (A)		500		560
8.000%, 08/07/19		160		179
7.875%, 06/29/37 (A)(C)		355		383
7.750%, 01/20/20		400		442
7.750%, 01/20/20 (A)		350		387
7.750%, 10/17/16		750		833
7.250%, 10/17/11		750		750
Pertamina Persero
6.500%, 05/27/41 (A)		380		361
5.250%, 05/23/21 (A)		500		480
PT Adaro MTN
7.625%, 10/22/19 (A)		305		299
Republic of Indonesia
11.625%, 03/04/19		300		427
11.625%, 03/04/19		5,353		7,615
11.625%, 03/04/19 (A)		1,925		2,738
10.375%, 05/04/14		450		525
8.500%, 10/12/35		3,650		4,928
7.750%, 01/17/38		5,447		6,836
7.500%, 01/15/16		1,150		1,307
6.875%, 01/17/18		1,900		2,133
6.875%, 01/17/18 (A)		900		1,010
6.750%, 03/10/14		650		699
6.625%, 02/17/37		1,050		1,176
6.625%, 02/17/37		900		1,008
5.875%, 03/13/20 (A)		1,254		1,354
4.875%, 05/05/21 (A)		2,545		2,571
Star Energy
11.500%, 02/12/15 (A)		400		396

				43,606


Iraq — 1.3%
Republic of Iraq
5.800%, 01/15/28		14,710		11,768


Ivory Coast — 0.6%
Government of Ivory Coast
2.500%, 12/31/32 (F)		11,333		5,667


Jamaica — 0.3%
Digicel Group
10.500%, 04/15/18		860		847
9.125%, 01/15/15 (A)		822		773
8.875%, 01/15/15 (A)		1,050		992

				2,612


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

Jordan — 0.2%
Kingdom of Jordan
3.875%, 11/12/15		1,650	$	1,518


Kazakhstan — 4.5%
BTA Bank
113.760%, 07/01/20 (A)(D)		2,492		47
10.750%, 01/01/13 (E)		1,834		807
10.750%, 01/01/13 (A)(E)		1,202		529
CenterCredit International
8.625%, 01/30/14		2,300		2,185
Development Bank of Kazakhstan
5.500%, 12/20/15 (A)		650		616
Halyk Savings Bank of Kazakhstan
7.250%, 01/28/21 (A)		1,200		1,104
HSBK Europe
7.250%, 05/03/17		960		900
Kazatoprom
6.250%, 05/20/15		450		453
Kazkommerts International
8.700%, 04/07/14 (D)		1,300		1,092
8.500%, 04/16/13		950		912
8.000%, 11/03/15		1,900		1,605
7.875%, 04/07/14		500		450
7.500%, 11/29/16 (C)		2,550		2,078
6.875%, 02/13/17		450		478
6.250%, 05/20/15 (A)		1,123		1,131
Kazkommertsbank MTN
12.850%, 12/18/12		600		606
KazMunaiGaz Finance Sub MTN
11.750%, 01/23/15		950		1,088
11.750%, 01/23/15 (A)		2,673		3,061
9.125%, 07/02/18 (A)		2,955		3,324
9.125%, 07/02/18		1,129		1,270
8.375%, 07/02/13		3,479		3,618
7.000%, 05/05/20		2,840		2,840
7.000%, 05/05/20 (A)		1,626		1,626
KazMunayGas National
6.375%, 04/09/21 (A)		3,326		3,226
6.375%, 04/09/21		1,100		1,067
Republic of Kazakhstan
6.375%, 10/06/20 (A)	EUR	1,400		1,375
Tengizchevroil Finance
6.124%, 11/15/14		250		255
Zhaikmunai Finance
10.500%, 10/19/15 (A)		1,809		1,590
Zhaikmunai
10.500%, 10/19/15		150		132

				39,465


Latvia — 0.1%
Republic of Latvia
5.250%, 06/16/21 (A)		490		466


Description	Face Amount(1) (Thousands)		Market Value ($ Thousands)
Lebanon — 0.3%
Republic of Lebanon MTN
9.000%, 03/20/17		100	$	118
6.375%, 03/09/20		1,500		1,566
6.100%, 10/04/22		900		900
5.150%, 11/12/18		300		297

				2,881


Lithuania — 0.8%
Republic of Lithuania
7.375%, 02/11/20		1,750		1,881
7.375%, 02/11/20 (A)		1,100		1,183
6.750%, 01/15/15 (A)		1,550		1,614
6.125%, 03/09/21 (A)		737		722
6.125%, 03/09/21		500		500
5.125%, 09/14/17 (A)		1,175		1,140

				7,040


Malaysia — 3.4%
Axiata SPV1 Labuan
5.375%, 04/28/20		250		261
Government of Malaysia
5.094%, 04/30/14	MYR	4,930		1,615
3.835%, 08/12/15	MYR	5,740		1,827
3.741%, 02/27/15	MYR	10,560		3,350
Petroliam Nasional
7.625%, 10/15/26		925		1,193
Petronas Capital
7.875%, 05/22/22		7,697		9,777
7.875%, 05/22/22 (A)		250		318
5.250%, 08/12/19 (A)		8,295		9,059
5.250%, 08/12/19		1,100		1,201
Wakala Global Sukuk
4.646%, 07/06/21 (A)		900		937

				29,538


Mexico — 8.5%
Alestra
11.750%, 08/11/14		508		552
America Movil
2.375%, 09/08/16		1,800		1,741
Axtel
9.000%, 09/22/19		719		604
7.625%, 02/01/17 (A)		249		204
Bank of New York Mellon Institucion de Banca Multiple
9.625%, 05/02/21 (A)(B)		1,196		1,016
BBVA Bancomer
6.008%, 05/17/22 (D)		1,000		915
Cemex
9.250%, 05/12/20 (A)		2,100		1,365
9.000%, 01/11/18 (A)		1,366		925
5.369%, 09/30/15 (A)(B)(D)		1,137		682
Cemex Espana
8.875%, 05/12/17	EUR	51		46
Cemex Finance
9.500%, 12/14/16		500		363
Comision Federal de Electricidad
4.875%, 05/26/21 (A)		750		754


Description	Face Amount(1) (Thousands)		Market Value ($ Thousands)
Desarrolladora Homex
7.500%, 09/28/15		225	$	218
GEO
9.250%, 06/30/20		500		445
9.250%, 06/30/20 (A)		900		801
Grupo Bimbo
4.875%, 06/30/20 (A)		152		153
Grupo Senda
10.500%, 10/03/15		3,665		3,610
Hipotecaria Su Casita
7.500%, 06/29/18 (A)		111		55
Mexican Bonos, Ser M10
8.000%, 12/17/15	MXP	21,200		1,694
7.750%, 12/14/17	MXP	42,900		3,448
7.250%, 12/15/16	MXP	53,300		4,169
Mexican Bonos, Ser MI10
9.500%, 12/18/14	MXP	10,161		832
Mexican Bonos
8.500%, 05/31/29	MXP	40,140		3,196
8.500%, 12/13/18	MXP	44,600		3,700
8.500%, 11/18/38	MXP	36,810		2,870
6.500%, 06/10/21	MXP	43,020		3,110
NII Capital
10.000%, 08/15/16		3,059		3,350
7.625%, 04/01/21		750		744
Oceanografia
11.250%, 07/15/15		1,029		504
Pemex Finance
9.150%, 11/15/18		1,595		2,051
Pemex Project Funding Master Trust
6.625%, 06/15/35		2,546		2,731
5.750%, 03/01/18		1,505		1,629
Petroleos Mexicanos
8.000%, 05/03/19		700		854
6.500%, 06/02/41 (A)		442		457
6.000%, 03/05/20 (A)		300		328
United Mexican States MTN
8.300%, 08/15/31		4,006		5,719
6.050%, 01/11/40		3,850		4,370
5.950%, 03/19/19		1,300		1,475
5.750%, 10/12/10		2,784		2,742
5.625%, 01/15/17		2,000		2,228
5.125%, 01/15/20		1,800		1,949
United Mexican States, Ser A MTN
8.000%, 09/24/22		2,267		3,128
6.750%, 09/27/34		2,298		2,827

				74,554


Morocco — 0.2%
Kingdom of Morocco
4.500%, 10/05/20	EUR	1,800		2,137


Nigeria — 0.3%
Afren
11.500%, 02/01/16 (A)		1,150		1,081
Republic of Nigeria
6.750%, 01/28/21 (A)		950		931


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

UBS
9.350%, 08/29/10 (A)(C)(D)		750	$	506

				2,518


Oman — 0.0%
Blue City Investments
13.750%, 11/07/13 (C)(F)		2,250		113


Pakistan — 0.2%
Republic of Pakistan
7.125%, 03/31/16		910		719
6.875%, 06/01/17		100		76
6.875%, 06/01/17		1,540		1,170

				1,965


Panama — 1.9%
Republic of Panama
9.375%, 04/01/29		3,688		5,541
9.375%, 01/16/23		560		761
8.875%, 09/30/27		1,396		1,996
8.125%, 04/28/34		820		1,115
7.250%, 03/15/15		1,340		1,532
7.125%, 01/29/26		200		251
6.700%, 01/26/36		4,361		5,277
5.200%, 01/30/20		444		486

				16,959


Peru — 1.9%
Banco de Credito del Peru
5.375%, 09/16/20 (A)		757		715
Continental Senior Trustees Cayman
5.500%, 11/18/20 (A)		576		541
Inkia Energy
8.375%, 04/04/21 (A)		460		451
Interoceanica IV Finance
3.955%, 11/30/25 (A)(C)(G)		889		462
3.589%, 11/30/18 (A)(C)(G)		382		304
Peru Enhanced Pass-Through Finance
3.536%, 05/31/18 (A)(C)(G)		508		425
3.502%, 05/31/18 (C)(G)		188		157
Republic of Peru
8.750%, 11/21/33		5,279		7,488
8.375%, 05/03/16		600		732
7.350%, 07/21/25		4,210		5,241
Southern Copper
6.750%, 04/16/40		136		134

				16,650


Philippines — 4.2%
National Power
9.625%, 05/15/28 (C)		1,100		1,480


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

Power Sector
7.390%, 12/02/24 (A)		800	$	912
7.390%, 12/02/24		700		799
7.250%, 05/27/19 (A)		150		170
Republic of Philippines
10.625%, 03/16/25		2,000		3,020
9.500%, 02/02/30		2,820		4,124
8.375%, 06/17/19		1,400		1,771
7.750%, 01/14/31		3,324		4,267
7.500%, 09/25/24		8,174		9,850
6.375%, 10/23/34		4,118		4,715
5.500%, 03/30/26		2,260		2,365
4.950%, 01/15/21	PHP	27,000		591
4.000%, 01/15/21		2,456		2,431

				36,495


Poland — 1.9%
Polish Television Holding
11.000%, 11/15/14 (A)(E)	EUR	600		813
Republic of Poland
6.375%, 07/15/19		10,152		11,167
5.125%, 04/21/21		1,986		1,981
4.000%, 03/23/21	EUR	736		896
TVN Finance II
10.750%, 11/15/17	EUR	300		415
TVN Finance
10.750%, 11/15/17 (A)	EUR	1,200		1,658

				16,930


Qatar — 1.7%
Qatari Diar Finance
5.000%, 07/21/20 (A)		2,000		2,135
Qtel International Finance
7.875%, 06/10/19		2,250		2,739
6.500%, 06/10/14 (A)		200		218
5.000%, 10/19/25 (A)		637		623
4.750%, 02/16/21 (A)		457		456
4.750%, 02/16/21		290		290
State of Qatar
9.750%, 06/15/30		425		680
6.400%, 01/20/40 (A)		710		864
6.400%, 01/20/40		500		608
5.250%, 01/20/20 (A)		2,792		3,071
5.250%, 01/20/20		2,525		2,778
4.000%, 01/20/15 (A)		300		316

				14,778


Russia — 8.1%
Alfa Bank Via Alfa Bond Issuance
7.875%, 09/25/17 (A)		675		607
7.750%, 04/28/21 (A)		750		641
Alfa Diversified Payment Rights Finance MTN
2.247%, 12/15/11(A)(D)		28		28
Alfa Invest MTN
9.250%, 06/24/13 (A)(C)		750		765
Alfa Issuance MTN
8.000%, 03/18/15		417		398
BOM Capital
6.699%, 03/11/15		1,200		1,123


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

Edel Capital for Sinek Capital
7.700%, 08/03/15		500	$	504
Evraz Group
6.750%, 04/27/18 (A)		896		748
Metalloinvest Finance
6.500%, 07/21/16 (A)		1,220		1,037
MTS International Funding
8.625%, 06/22/20 (A)		1,296		1,283
Novatek Finance
6.604%, 02/03/21 (A)		2,808		2,706
RSHB Capital
7.750%, 05/29/18		650		678
Russian Federation Registered
12.750%, 06/24/28		2,310		3,823
7.500%, 03/31/30		31,805		35,738
Russian Foreign Bond - Eurobond
5.000%, 04/29/20		300		295
5.000%, 04/29/20 (A)		1,500		1,474
3.625%, 04/29/15		300		295
RZD Capital MTN
5.739%, 04/03/17		650		647
SCF Capital
5.375%, 10/27/17 (A)		2,310		2,079
Teorema
11.000%, 10/27/09 (F)		3,400		340
TNK-BP Finance
6.250%, 02/02/15 (A)		202		204
Vimpel Communications
9.125%, 04/30/18 (A)(C)		600		579
9.125%, 04/30/18		850		820
8.250%, 05/23/16		570		546
Vimpel Communications Via VIP
Finance Ireland
7.748%, 02/02/21 (A)		3,436		2,856
VimpelCom Holdings
7.504%, 03/01/22 (A)		1,150		926
VimpelCom Holdings
6.255%, 03/01/17		550		478
Vnesheconombank Via VEB
Finance
6.902%, 07/09/20 (A)		2,985		2,925
6.902%, 07/09/20		1,500		1,470
6.800%, 11/22/25		1,400		1,316
6.800%, 11/22/25 (A)		1,000		942
5.450%, 11/22/17 (A)		700		669
VTB Bank Via VTB Capital
6.551%, 10/13/20 (A)		960		878
VTB Capital
6.875%, 05/29/18		700		707
6.250%, 06/30/35		381		368

				70,893


Saudi Arabia — 0.2%
Dar Al-Arkan International Sukuk
10.750%, 02/18/15 (A)		1,500		1,365


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

Senegal — 0.2%
Republic of Senegal
8.750%, 05/13/21		250	$	244
8.750%, 05/13/21 (A)		1,210		1,183

				1,427


Serbia — 0.1%
Republic of Serbia
7.250%, 09/28/21 (A)		1,000		931


Singapore — 0.3%
Sea Product
4.536%, 05/14/10 (C)		2,395		2,012
STATS ChipPAC
5.375%, 03/31/16 (A)		176		153
Yanlord Land Group
9.500%, 05/04/17		119		77

				2,242


South Africa — 3.7%
Edcon Proprietary
9.500%, 03/01/18	EUR	100		101
9.500%, 03/01/18 (A)		1,000		810
4.778%, 06/15/14 (D)	EUR	2,400		2,383
Eskom Holdings
5.750%, 01/26/21 (A)		2,450		2,474
Gold Fields Orogen Holdings
4.875%, 10/07/20		1,124		1,035
Myriad International Holding
6.375%, 07/28/17		520		540
6.375%, 07/28/17 (A)		1,459		1,514
Republic of South Africa
10.500%, 12/21/26	ZAR	11,790		1,700
8.500%, 06/23/17		860		1,066
6.875%, 05/27/19		3,297		3,923
6.750%, 03/31/21	ZAR	38,960		4,339
6.500%, 06/02/14		1,895		2,099
6.250%, 03/08/41		1,611		1,796
5.875%, 05/30/22		2,200		2,453
5.500%, 03/09/20		5,364		5,867
Transnet MTN
4.500%, 02/10/16 (A)		560		575

				32,675


South Korea — 0.2%
Export-Import Bank of Korea
8.125%, 01/21/14		720		804
4.375%, 09/15/21		350		330
Republic of Korea
7.125%, 04/16/19		500		605

				1,739


Sri Lanka — 0.4%
Republic of Sri Lanka
7.400%, 01/22/15 (A)		950		979
6.250%, 07/27/21 (A)		1,895		1,822
6.250%, 10/04/20 (A)		900		868

				3,669


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

Supra-National — 0.2%
Andina de Fomento
8.125%, 06/04/19		485	$	595
European Bank for Reconstruction & Development
7.200%, 06/08/16	IDR	7,320,000		790

				1,385


Thailand — 0.4%
True Move
10.750%, 12/16/13		1,850		1,961
10.375%, 08/01/14		1,500		1,590

				3,551


Trinidad & Tobago — 0.4%
Petroleum of Trinidad & Tobago
9.750%, 08/14/19 (A)(C)		1,090		1,289
6.000%, 05/08/22 (A)(C)		321		314
6.000%, 05/08/22 (C)		1,884		1,846

				3,449


Tunisia — 0.0%
Banque Centrale de Tunisie
8.250%, 09/19/27		200		242


Turkey — 3.2%
Globus Capital Finance
8.500%, 03/05/12		500		485
Republic of Turkey
11.875%, 01/15/30		850		1,392
8.000%, 02/14/34		1,700		2,040
7.500%, 07/14/17		900		1,024
7.500%, 11/07/19		3,630		4,184
7.375%, 02/05/25		2,420		2,766
7.250%, 03/15/15		850		938
7.250%, 03/05/38		2,890		3,208
7.000%, 06/05/20		570		638
7.000%, 09/26/16		938		1,036
7.000%, 03/11/19		550		616
6.875%, 03/17/36		2,320		2,471
6.750%, 05/30/40		2,533		2,641
6.750%, 04/03/18		3,050		3,347
6.000%, 01/14/41		352		335
5.625%, 03/30/21		450		460
Yuksel Insaat
9.500%, 11/10/15		146		123

				27,704


Ukraine — 3.0%
Biz Finance for Ukreximbank
8.375%, 04/27/15		4,771		4,099
Credit Suisse First Boston International for CJSC The EXIM of Ukraine
8.000%, 11/06/15 (C)		215		178
6.800%, 10/04/12		750		733
DTEK Finance
9.500%, 04/28/15 (A)		620		558
Ferrexpo Finance
7.875%, 04/07/16 (A)		538		465


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

Financing of Infrastrucural Projects State Enterprise
8.375%, 11/03/17 (A)		550	$	506
Government of Ukraine
7.950%, 02/23/21 (A)		250		226
7.750%, 09/23/20 (A)		440		396
7.650%, 06/11/13		950		910
6.875%, 09/23/15 (A)		2,201		2,025
6.875%, 09/23/15		1,186		1,091
6.750%, 11/14/17		1,600		1,444
6.580%, 11/21/16 (A)		590		525
6.580%, 11/21/16		1,600		1,440
6.250%, 06/17/16 (A)		600		533
JSC Commercial Bank
8.000%, 02/06/12		2,750		2,647
Metinvest MTN
8.750%, 02/14/18 (A)		869		725
MHP
10.250%, 04/29/15		368		324
10.250%, 04/29/15 (A)		1,428		1,257
Mriya Agro Holding
10.950%, 03/30/16 (A)		616		619
NAK Naftogaz Ukraine
9.500%, 09/30/14		5,973		5,704
Springvale Holdings
9.181%, 09/07/09 (C)(D)(F)		1,000		75

				26,480


United Arab Emirates — 3.0%
Dolphin Energy
5.888%, 06/15/19 (A)		442		473
5.888%, 06/15/19		486		520
DP World MTN
6.850%, 07/02/37		1,350		1,229
Dubai DOF Sukuk MTN
6.396%, 11/03/14		800		816
Dubai Electricity & Water Authority
8.500%, 04/22/15 (A)		2,000		2,130
8.500%, 04/22/15		1,078		1,148
7.375%, 10/21/20 (A)		2,616		2,524
Dubai Holding Commercial Operations MTN
6.000%, 02/01/17	GBP	700		747
4.750%, 01/30/14	EUR	3,350		3,596
0.629%, 02/01/12 (D)		150		140
Dubai Sukuk Centre
0.713%, 06/13/12 (D)		2,400		2,160
Emirate of Abu Dhabi
7.750%, 10/05/20		1,350		1,343
6.750%, 04/08/19 (A)		470		564
6.750%, 04/08/19		1,000		1,200
6.700%, 10/05/15		300		305
IPIC GMTN MTN
5.000%, 11/15/20		300		308
Jafz Sukuk
3.401%, 11/27/12 (D)	AED	22,400		5,504
MDC-GMTN MTN
5.500%, 04/20/21 (A)		1,350		1,411
3.750%, 04/20/16 (A)		200		207

				26,325


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

United Kingdom — 0.1%
Oschadbank Via SSB #1
8.250%, 03/10/16		800	$	632


Uruguay — 2.3%
Republic of Uruguay PIK
7.875%, 01/15/33		2,750		3,454
Republic of Uruguay
9.250%, 05/17/17		2,815		3,575
8.000%, 11/18/22		7,557		9,408
7.625%, 03/21/36		2,695		3,328
6.875%, 09/28/25		551		647

				20,412


Venezuela — 4.3%
Government of Venezuela
13.625%, 08/15/18		2,100		1,995
13.625%, 08/15/18		144		137
12.750%, 08/23/22		3,786		3,043
11.950%, 08/05/31		750		547
10.750%, 09/19/13		400		393
9.375%, 01/13/34		830		513
9.250%, 09/15/27		2,235		1,505
9.250%, 05/07/28		1,680		1,033
9.000%, 05/07/23		1,220		756
8.500%, 10/08/14		1,728		1,521
8.250%, 10/13/24		1,800		1,048
7.750%, 10/13/19		1,200		756
7.650%, 04/21/25		1,450		819
7.000%, 03/31/38		100		53
6.000%, 12/09/20		880		493
5.750%, 02/26/16		315		224
Petroleos de Venezuela
12.750%, 02/17/22		1,650		1,204
8.500%, 11/02/17		900		600
8.500%, 11/02/17		380		253
5.500%, 04/12/37		2,000		890
5.375%, 04/12/27		3,855		1,764
5.250%, 04/12/17		4,497		2,530
5.000%, 10/28/15		4,201		2,510
4.900%, 10/28/14		19,481		13,272

				37,859


Vietnam — 0.2%
Republic of Vietnam
6.875%, 01/15/16		350		349
6.750%, 01/29/20		1,200		1,176

				1,525

Total Global Bonds (Cost $797,955) ($ Thousands)				807,840


LOAN PARTICIPATIONS — 2.1%

Angola — 0.1%
Republic of Angola
3.748%, 04/30/16	EUR	1,083		1,344


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

Argentina — 0.1%
Endesa Costanera Sociedad Anonima
11.302%, 03/30/12 (C)		440	$	440


Brazil — 0.0%
Virgolino de Oliveira
5.257%, 11/03/15		500		487


Indonesia — 0.4%
PT Bumi
7.571%, 08/07/13 (C)		1,743		1,761
7.571%, 03/02/12 (C)		1,749		1,705

				3,466


Mexico — 0.6%
Altos Hornos Promissory Note # 5
0.000%, 04/29/99 (C)(F)		2,500		800
Altos Hornos Promissory Note # 6
0.000%, 04/29/99 (C)(F)		2,500		800
Altos Hornos Promissory Note (Counterparty: Deustche Bank)
0.000%, 12/31/49 (C)(F)		4,500		1,440
Altos Hornos Tranche A (Counterparty: Bank of America)
0.000%, 04/11/04 (C)(F)		6,540		2,093

				5,133


Singapore — 0.9%
Ashmore Cayman SPC No.1
0.000%, 08/31/11 (C)(F)(I)		9,161		4,918
Morton Bay
6.220%, 12/30/09 (C)(I)		3,158		2,616

				7,534

Total Loan Participations (Cost $22,272) ($ Thousands)				18,404


CONVERTIBLE BONDS — 0.4%

China — 0.0%
Sino-Forest CV to 47.2619 Shares
4.250%, 12/15/16		40		10
Sino-Forest CV to 47.2619 Shares
4.250%, 12/15/16 (A)(F)		721		175

				185


India — 0.4%
Firstsource CV to 42,549.14 Shares
5.847%, 12/04/12 (G)		1,800		2,140
Suzlon Energy CV to 22.683 Shares
3.267%, 06/12/12 (G)		810		996


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

Suzlon Energy CV to 533.2762 Shares
2.546%, 07/25/14 (G)	$	450	$	386

Total Convertible Bonds (Cost $3,303) ($ Thousands)				3,707


	Number Of Warrants

WARRANTS — 0.0%

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

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


AFFILIATED PARTNERSHIP — 0.8%

United States — 0.8%
SEI Liquidity Fund, L.P.
0.130%* † (H)		7,457,238		7,190

Total Affiliated Partnership (Cost $7,457) ($ Thousands)				7,190


TIME DEPOSITS — 3.5%

United States — 3.5%
Brown Brothers Harriman
4.899%, 10/03/11	ZAR	1,315		163
0.279%, 10/03/11	EUR	133		179
0.030%, 10/03/11		29,983		29,983

Total Time Deposits (Cost $30,325) ($ Thousands)				30,325

Total Investments — 99.0% (Cost $861,390) ($ Thousands)			$	867,466

A summary of the open futures contracts held by the Fund at September 30, 2011, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Euro-Buxl 30 Year Bond		(12	)		Dec-2011	$	(65	)
U.S. 10-Year Treasury Note		5			Dec-2011		5
U.S. Ultra Long Treasury Bond		14			Jan-2012		202

						$	142

A summary of the outstanding forward foreign currency contracts held by the Fund at September 30, 2011, is as follows:


Maturity Date	Currency to Deliver (Thousands)		Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
10/4/11	BRL	5,810	USD	3,246	$	116
10/4/11-11/3/11	USD	6,675	BRL	11,620		(437	)
10/7/11	INR	102,913	USD	2,102		2
10/7/11	MXP	116,403	USD	9,835		1,420
10/7/11-2/6/12	USD	10,182	INR	476,468		(561	)
10/14/11-10/27/11	EUR	25,358	USD	35,029		1,014
10/17/11	USD	2,296	EUR	1,688		(32	)
10/18/11-11/8/11	KRW	6,632,745	USD	5,780		149
10/27/11	GBP	559	USD	886		16
11/8/11	USD	1,615	KRW	1,723,745		(152	)
11/10/11	USD	3,651	MXP	46,111		(329	)
11/14/11-5/16/12	CNY	43,564	USD	6,822		(2	)
11/14/11-5/16/12	USD	6,791	CNY	43,564		33
11/15/11	MYR	17,218	USD	5,650		261
11/15/11	USD	5,747	MYR	17,218		(357	)

					$	1,141

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at September 30, 2011, is as follows:


CounterParty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Barclays PLC		(4,173	)		4,177	$	4
Brown Brothers Harriman		(4,343	)		4,587		244
Citigroup		(23,421	)		23,131		(290	)
Deutsche Bank		(8,826	)		8,359		(467	)
HSBC		(34,085	)		35,533		1,448
JPMorgan Chase Bank		(13,108	)		13,315		207
UBS		(15,376	)		15,370		(5	)

						$	1,141

A summary of outstanding swap agreements held by the fund at September 30, 2011, is as follows:

Percentages are based on a Net Assets of $876,396($ Thousands).

Rate shown is the 7-day effective yield as of September 30, 2011.

†

Investment in Affiliated Security.

(1)

In U.S. dollars unless otherwise indicated.

(A)

(B)

This security or a partial position of this security is on loan at September 30, 2011. The total market value of securities on loan atSeptember 30, 2011 was $6,215 ($ Thousands) (See Note 9).

(C)

Securities considered illiquid. The total market value of such securities as of September 30, 2011 was $34,974($ Thousands) and represented 4.0% of Net Assets.

(D)

Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2011.

(E)

Step Bonds — The rate reflected on the Schedule of Investments is the effective yield on September 30, 2011. The coupon on a step bond changes on a specified date.

(F)

Security in default on interest payments.

(G)

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

(H)

This security was purchased with cash collateral held from securities on loan (see Note 9). The total value of such securities as of September 30, 2011 was $7,190 ($ Thousands).

(I)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of September 30, 2011 was $7,534 ($ Thousands) and represented 0.86% of Net Assets.

AED — United Arab Emirates Dirham

ARS — Argentine Peso

BRL — Brazilian Real

CNY — Chinese Yuan

COP — Colombian Peso

CV — Convertible Security

DEM — Deutsche Mark

EUR — Euro

IDR — Indonesian Rupiah

INR — Indian Rupee

KRW — Korean Won

L.P. — Limited Partnership

MTN — Medium Term Note

MXP — Mexican Peso

MYR — Malaysian Ringgit

PHP — Philippine Peso

PIK — Payment-in-Kind

PLC — Public Limited Company

PLN — Polish Zlotty

RUB — Russian Ruble

Ser — Series

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2011, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds		—		807,840		—		807,840
Convertible Bonds		—		3,707		—		3,707
Warrants		—		—		—		—
Loan Participations		—		—		18,404		18,404
Affiliated Partnership		—		7,190		—		7,190
Time Deposits		—		30,325		—		30,325

Total Investments in Securities	$	—	$	849,062	$	18,404	$	867,466


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	142	$	—	$	—	$	142
Forwards		1,141		—		—		1,141
Total Return Swaps		—		77		—		77

Total Other Financial Instruments	$	1,283	$	77	$	—	$	1,360


	Investments in Securities
Beginning balance as of October 1, 2010	$	21.781
Accrued discounts/premiums		103
Realized gain/(loss)		312
Change in unrealized appreciation/(depreciation)		(1,258	)
Net purchases/sales		(2,534	)
Net transfer in and/or out of Level 3		—

Ending balance as of September 30, 2011	$	18,404

Changes in unrealized gains/(losses) included in earnings relatedto securities still held at reporting date.	$	(1,387	)

For the year ended September 30, 2011, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2011, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of SEI Institutional International Trust, comprising the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (collectively, the “Funds”), as of and for the year ended September 30, 2011, and have issued our report thereon dated November 29, 2011 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audits included an audit of the Funds’ schedules of investments in securities (the “Schedules”) as of September 30, 2011 appearing in Item 6 of this Form N-CSR. These Schedules are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these Schedules based on our audits.

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

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

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting.

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

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

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.



Management’s Discussion and Analysis of Fund Performance			1

Summary Schedules of Investments			6

Statements of Assets and Liabilities			27

Statements of Operations			28

Statements of Changes in Net Assets			29

Financial Highlights			31

Notes to Financial Statements			32

Report of Independent Registered Public Accounting Firm			43

Trustees and Officers of the Trust			44

Disclosure of Fund Expenses			47

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

Notice to Shareholders			51


SEI Institutional International Trust / Annual Report / September 30, 2011			1


Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Termination Date	Currency		Notional Amount (Thousands)		Net Unrealized Appreciation (Depreciation) ($Thousands)
Citigroup	3.79%	6-Month GBP LIBOR	05/19/19		GBP		2,500	$	(463	)
Deutsche Bank	3.45	6-Month EUR LIBOR	10/16/19		EUR		3,400		(488	)
Deutsche Bank	6-Month EURIBOR	4.17%	03/28/13		EUR		7,000		573
Royal Bank of Scotland	6-Month EURIBOR	3.14	08/04/21		EUR		1,450		112
JPMorgan Chase Bank	6-Month JPY LIBOR	2.22	03/26/27		JPY		750,000		1,052
JPMorgan Chase Bank	6-Month EURIBOR	4.38	01/07/13		EUR		5,400		458
JPMorgan Chase Bank	4.20	6-Month EURIBOR	03/30/12		EUR		3,000		(134	)
JPMorgan Chase Bank	6-Month JPY LIBOR	1.29	03/26/12		JPY		1,300,000		80

								$	1,190


	International Equity Fund			Emerging Markets Equity Fund			International Fixed Income Fund			Emerging Markets Debt Fund
ASSETS:
Investments, at value (Cost $1,760,283, $825,790, $460,194 and $853,933, respectively)⁽¹⁾	$	1,539,808		$	692,111		$	471,260		$	860,276
Affiliated investments, at value (Cost $110,729, $37,586, $0 and $7,457, respectively)		108,982			36,676			—			7,190
Cash		2,566			1,028			—			1,574
Foreign currency, at value (Cost $2,008, $6,256, $0 and $0, respectively)		1,971			6,148			—			—
Receivable for investment securities sold		9,163			4,074			8,394			203
Unrealized gain on forward foreign currency contracts		—			—			14,858			3,011
Receivable for fund shares sold		1,009			4,159			213			721
Dividends and interest receivable		4,277			892			5,448			14,588
Variation margin receivable		3			—			189			28
Foreign tax reclaim receivable		1,949			44			—			—
Cash pledged as collateral for forward foreign currency contracts, futures contracts, or swap contracts		—			—			1,142			372
Unrealized gain on foreign spot currency contracts		19			—			1			—
Receivable for Swap contracts terminated		—			—			654			—
Swap contracts, at value (Premiums paid $0, $0, $0 and $4,065, respectively)		—			—			6,804			4,142
Total Assets		1,669,747			745,132			508,963			892,105
LIABILITIES:
Payable for investment securities purchased		10,578			3,698			11,320			3,878
Payable upon return of securities loaned		81,300			33,912			—			7,457
Payable to custodian		—			—			55			—
Payable for foreign currency (Premium $0, $0, $10, $0, respectively)		—			—			18			546
Unrealized loss on forward foreign currency contracts		—			—			884			1,870
Swap contracts, at value (Premiums received $0, $0, $0 and $0, respectively)		—			—			5,614			—
Payable for fund shares redeemed		3,082			10,381			1,564			835
Variation margin payable		662			—			58			31
Unrealized loss on foreign spot currency contracts		28			3			21			—
Investment advisory fees payable		695			669			122			305
Administration fees payable		619			417			243			501
Shareholder servicing fees payable		345			161			68			193
Trustees’ fees payable		1			—			—			—
Chief compliance officer fees payable		3			1			1			1
Administration servicing fees payable		3			—			—			—
Other accrued expenses		273			389			66			92
Accrued foreign capital gains tax on appreciated securities		—			3			—			—
Total Liabilities		97,589			49,634			20,034			15,709
Net Assets	$	1,572,158		$	695,498		$	488,929		$	876,396
NET ASSETS:
Paid in Capital (unlimited authorization — no par value)	$	2,781,338		$	869,811		$	515,064		$	858,372
Undistributed net investment income		32,544			1,998			(30,912	)		15,008
Accumulated net realized loss on investments, futures contracts, foreign currency contracts and swap contracts		(1,020,223	)		(41,581	)		(19,988	)		(4,211	)
Net unrealized appreciation (depreciation) on investments and option contracts		(222,222	)		(134,589	)		11,066			6,076
Net unrealized appreciation (depreciation) on futures contracts		676			—			(370	)		142
Net unrealized appreciation on swap contracts		—			—			1,190			77
Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		45			(138	)		12,879			932
Accumulated foreign capital gains tax on appreciated securities		—			(3	)		—			—
Net Assets	$	1,572,158		$	695,498		$	488,929		$	876,396
Net Asset Value, Offering and Redemption Price Per Share — Class A ($1,566,892,866 ÷ 214,844,948 shares, $695,497,593 ÷ 77,280,481 shares, $488,929,079 ÷ 46,834,219 shares, $876,395,574 ÷ 81,098,807 shares, respectively.)		$7.29			$9.00			$10.44			$10.81
Net Asset Value, Offering and Redemption Price Per Share — Class I ($5,265,456 ÷ 723,759 shares)		$7.28			N/A			N/A			N/A


	Net Asset Value, Beginning of Year		Net Investment Income (Loss)⁽¹⁾		Net Realized and Unrealized Gains (Losses) on Securities⁽¹⁾			Total from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Total Dividends and Distributions and Return of Capital			Net Asset Value, End of Year		Total Return†			Net Assets End of Period ($ Thousands)		Ratio of Expenses to Average Net Assets*			Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)**			Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)**			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
International Equity Fund
Class A
2011	$	8.34	$	0.16	$	(1.08	)	$	(0.92	)	$	(0.13	)	$	—		$	(0.13	)	$	7.29		(11.34	)%	$	1,566,893		1.27	%⁽³⁾		1.27	%⁽³⁾		1.27	%⁽³⁾		1.88	%		98	%
2010		7.88		0.10		0.36			0.46			—			—			—			8.34		5.84			1,898,206		1.27	⁽³⁾		1.27	⁽³⁾		1.28			1.26			144
2009		8.85		0.13		(0.94	)		(0.81	)		(0.16	)		—			(0.16	)		7.88		(8.73	)		2,053,411		1.28	⁽²⁾⁽³⁾		1.28	⁽²⁾⁽³⁾		1.29			2.01			154
2008		16.18		0.27		(5.52	)		(5.25	)		(0.34	)		(1.74	)		(2.08	)		8.85		(36.96	)		2,329,504		1.25	⁽²⁾⁽³⁾		1.26	⁽²⁾⁽³⁾		1.26	⁽²⁾		2.15			218
2007		14.07		0.28		2.89			3.17			(0.47	)		(0.59	)		(1.06	)		16.18		23.56			4,032,236		1.32	⁽²⁾⁽³⁾		1.33	⁽²⁾⁽³⁾		1.33	⁽²⁾		1.85			172
Class I
2011	$	8.32	$	0.13	$	(1.06	)	$	(0.93	)	$	(0.11	)	$	—		$	(0.11	)	$	7.28		(11.44	)%	$	5,265		1.52	%⁽³⁾		1.52	%⁽³⁾		1.52	%		1.54	%		98	%
2010		7.89		0.08		0.35			0.43			—			—			—			8.32		5.45			8,455		1.52	⁽³⁾		1.52	⁽³⁾		1.53			1.00			144
2009		8.82		0.13		(0.94	)		(0.81	)		(0.12	)		—			(0.12	)		7.89		(8.80	)		8,397		1.53	⁽²⁾⁽³⁾		1.53	⁽²⁾⁽³⁾		1.54			1.97			154
2008		16.13		0.22		(5.49	)		(5.27	)		(0.30	)		(1.74	)		(2.04	)		8.82		(37.14	)		6,538		1.50	⁽²⁾⁽³⁾		1.51	⁽²⁾⁽³⁾		1.51	⁽²⁾		1.72			218
2007		14.04		0.25		2.88			3.13			(0.45	)		(0.59	)		(1.04	)		16.13		23.25			17,155		1.57	⁽²⁾⁽³⁾		1.58	⁽²⁾⁽³⁾		1.58	⁽²⁾		1.66			172
Emerging Markets Equity Fund
Class A
2011	$	11.40	$	0.05	$	(2.35	)	$	(2.30	)	$	(0.10	)	$	—		$	(0.10	)	$	9.00		(20.38	)%	$	695,498		1.96	%⁽⁴⁾		1.96	%⁽⁴⁾		2.09	%		0.44	%		98	%
2010		9.64		0.04		1.78			1.82			(0.06	)		—			(0.06	)		11.40		18.93			935,583		1.96	⁽⁴⁾		1.96	⁽⁴⁾		2.09			0.38			81
2009		11.43		0.08		0.18			0.26			(0.10	)		(1.95	)		(2.05	)		9.64		16.40			916,780		1.97	⁽⁴⁾		1.97	⁽⁴⁾		2.11			1.08			80
2008		21.49		0.14		(5.64	)		(5.50	)		(0.08	)		(4.48	)		(4.56	)		11.43		(33.33	)		965,730		1.99	⁽⁴⁾		1.99	⁽⁴⁾		2.08			0.85			94
2007		16.67		0.08		7.22			7.30			(0.08	)		(2.40	)		(2.48	)		21.49		48.27			1,777,229		1.97	⁽⁴⁾		1.97	⁽⁴⁾		2.05			0.44			79
International Fixed Income Fund
Class A
2011	$	10.92	$	0.25	$	(0.22	)	$	0.03		$	(0.51	)⁽⁹⁾	$	—		$	(0.51	)	$	10.44		0.41	%	$	488,929		1.02	%⁽⁵⁾		1.02	%⁽⁵⁾		1.21	%		2.40	%		119	%
2010		10.21		0.24		0.57			0.81			(0.10	)⁽⁸⁾		—			(0.10	)		10.92		7.97			505,081		1.07	⁽⁷⁾		1.07	⁽⁷⁾		1.21			2.33			135
2009		10.46		0.28		0.53			0.81			(1.06	)		—			(1.06	)		10.21		8.85			538,159		1.02	⁽⁵⁾		1.02	⁽⁵⁾		1.06			2.86			170
2008		10.91		0.37		(0.68	)		(0.31	)		(0.14	)		—			(0.14	)		10.46		(2.89	)		703,324		1.02	⁽⁵⁾		1.02	⁽⁵⁾		1.04			3.45			147
2007		10.86		0.36		(0.11	)		0.25			(0.20	)		—			(0.20	)		10.91		2.34			808,742		1.02	⁽⁵⁾		1.02	⁽⁵⁾		1.04			3.29			215
Emerging Markets Debt Fund
Class A
2011	$	11.19	$	0.63	$	(0.70	)	$	(0.07	)	$	(0.31	)	$	—		$	(0.31	)	$	10.81		(0.71	)%	$	876,396		1.36	%⁽⁶⁾		1.36	%⁽⁶⁾		1.80	%		5.58	%		59	%
2010		10.24		0.67		1.14			1.81			(0.86	)		—			(0.86	)		11.19		18.78			931,865		1.36	⁽⁶⁾		1.36	⁽⁶⁾		1.79			6.41			70
2009		9.43		0.71		0.85			1.56			(0.75	)		—			(0.75	)		10.24		18.62			790,597		1.37	⁽⁶⁾		1.37	⁽⁶⁾		1.81			8.47			73
2008		11.04		0.62		(1.18	)		(0.56	)		(0.74	)		(0.31	)		(1.05	)		9.43		(5.71	)		877,354		1.37	⁽⁶⁾		1.37	⁽⁶⁾		1.79			5.94			83
2007		11.28		0.60		0.47			1.07			(0.65	)		(0.66	)		(1.31	)		11.04		10.03			1,002,602		1.37	⁽⁶⁾		1.37	⁽⁶⁾		1.79			5.47			81


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

International Fixed Income Fund
Interest rate contracts	$	—	$	(629	)	$	—		$	200	$	(429	)
Foreign exchange contracts		—		—			(39,003	)		—		(39,003	)
Credit contracts		—		—			—			57		57
Total	$	—	$	(629)		$	(39,003	)	$	257	$	(39,375	)

Emerging Markets Debt Fund
Interest rate contracts	$	532	$	330		$	—		$	108	$	970
Equity contracts		—		—			—			204		204
Foreign exchange contracts		—		—			(1,117	)		—		(1,117	)
Total	$	532	$	330		$	(1,117	)	$	312	$	57


Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
INTERESTED TRUSTEES
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 65 yrs. old	Chairman of the Board of Trustees*	since 1982	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	84	Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Director of SEI Global Master Fund, plc, SEI Global Assets Fund, plc, SEI Global Investments Fund, plc, SEI Investments Global, Limited, SEI Investments — Global Funds Services, Limited, SEI Investments (Europe), Limited, SEI Investments — Unit Trust Management (UK), Limited, SEI Global Nominee, Limited, and SEI Structured Credit Fund, L.P.
William M. Doran 1701 Market Street Philadelphia, PA 19103 71 yrs. old	Trustee*	since 1982	Self-employed consultant since 2003. Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003, counsel to the Trust, SEI, SIMC, the Administrator and the Distributor. Secretary of SEI since 1978.	84	Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Director of SEI since 1974. Director of the Distributor since 2003. Director of SEI Investments — Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Investments (Asia), Limited, SEI Global Nominee, Limited, SEI — Unit Trust Management (UK) Limited, and SEI Asset Korea Co., Limited.
TRUSTEES
George J. Sullivan, Jr. One Freedom Valley Drive Oaks, PA 19456 68 yrs. old	Trustee	since 1996	Self-Employed Consultant, Newfound Consultants Inc. since April 1997.	84	Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, State Street Navigator Securities Lending Trust, and SEI Structured Credit Fund, L.P., member of the independent review committee for SEI’s Canadian-registered mutual funds.
Rosemarie B. Greco One Freedom Valley Drive Oaks, PA 19456 65 yrs. old	Trustee	since 1999	Director, Governor’s Office of Health Care Reform, Commonwealth of Pennsylvania since 2003.	84	Director, Sunoco, Inc.; Director, Excelon Corporation; Trustee, Pennsylvania Real Estate Investment Trust.


	Beginning Account Value 4/1/11		Ending Account Value 9/30/11		Annualized Expense Ratios			Expenses Paid During Period*
International Fixed Income Fund
Actual Fund Return
Class A	$	1,000.00	$	1,024.50		1.03	%	$	5.24
Hypothetical 5% Return
Class A	$	1,000.00	$	1,019.89		1.03	%	$	5.23
Emerging Markets Debt Fund
Actual Fund Return
Class A	$	1,000.00	$	982.50		1.36	%	$	6.77
Hypothetical 5% Return
Class A	$	1,000.00	$	1,018.24		1.36	%	$	6.90


Fund	(A) Return of Capital			(B) Long-Term Capital Gain Distributions (Tax Basis)			(C) Ordinary Income Distributions (Tax Basis)			(D) Total			(E) Dividends Received Deductions (1)			(F) Qualifying Dividend Income (15% Tax Rate for QDI) (2)			(G) U.S. Government Interest (3)			(H) Interest Related Dividends (4)			(I) Short-Term Capital Gain Dividends (5)
International Equity		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.01	%		0.00	%		0.00	%
Emerging Markets Equity		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		93.50	%		0.00	%		10.19	%		0.00	%
International Fixed Income		2.11	%		0.00	%		97.89	%		100.00	%		0.00	%		0.00	%		0.60	%		1.90	%		0.00	%
Emerging Markets Debt		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%		1.10	%		0.00	%


Fund	Foreign Source Income		Foreign Tax Credit Pass Through
International Equity	$	37,380,720	$	2,898,190
Emerging Markets Equity		4,349,973		1,979,526


		Fiscal 2011						Fiscal 2010
		All fees and services to the Registrant that were pre- approved		All fees and services to service affiliates that were pre- approved		All other fees and services to service affiliates that did not require pre-approval		All fees and services to the Registrant that were pre- approved		All fees and services to service affiliates that were pre- approved			All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees(1)	$	182,500		N/A		N/A	$	164,000		N/A			N/A
(b)	Audit-Related Fees	$	25,000	$	0	$	0	$	0	$	0			N/A
(c)	Tax Fees (Tax return review services)	$	0	$	0		N/A	$	0	$	139,500	⁽²⁾		N/A
(d)	All Other Fees	$	0	$	234,500	$	0	$	0	$	229,500		$	0


Counterparty	Fund Pays	Fund Receives	Termination Date		Currency		Notional Amount (Thousands)		Net Unrealized Appreciation (Depreciation) ($Thousands)
Citigroup	3.79%	6-Month GBP LIBOR		05/19/19		GBP		2,500	$	(463	)
Deutsche Bank	3.45%	6-Month EUR LIBOR		10/16/19		EUR		3,400		(488	)
Deutsche Bank	6-Month EURIBOR	4.17%		03/28/13		EUR		7,000		573
Royal Bank of Scotland	6-Month EURIBOR	3.14%		08/04/21		EUR		1,450		112
JPMorgan Chase Bank	6-Month JPY LIBOR	2.22%		03/26/27		JPY		750,000		1,052
JPMorgan Chase Bank	6-Month EURIBOR	4.38%		01/07/13		EUR		5,400		458
JPMorgan Chase Bank	4.20%	6-Month EURIBOR		03/30/12		JPY		3,000		(134	)
JPMorgan Chase Bank	6-Month JPY LIBOR	1.29%		03/26/12		JPY		1,300,000		80

									$	1,190


SEI Institutional International Trust

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



By:		/s/ PETER A. RODRIGUEZ
		Peter A. Rodriguez Controller & CFO