SEI Institutional International Trust


Description	Shares		Market Value ($ Thousands)

COMMON STOCK — 94.4%

Australia — 3.5%
Aditya Birla Minerals		23,081	$	16
Alumina		1,340,132		1,532
Amcor		127,665		944
AMP		81,843		341
Atlas Iron		1,661,240		4,598
Australia & New Zealand Banking Group		112,614		2,370
Beach Energy		520,405		659
Bendigo and Adelaide Bank (A)		57,245		471
BHP Billiton		161,678		5,705
Brambles		63,758		468
Caltex Australia		128,571		1,551
Campbell Brothers		1,000		50
CFS Retail Property Trust (A)(B)		220,135		380
Coca-Cola Amatil		23,727		280
Cochlear		1,728		110
Commonwealth Bank of Australia		40,900		2,064
Crown (A)		46,500		386
CSL		131,666		4,319
Dexus Property Group (B)		365,758		311
Echo Entertainment Group*		47,526		175
Fortescue Metals Group		88,797		389
Goodman Group (B)		146,768		86
GPT Group (B)		75,531		238
Iluka Resources		90,246		1,434
Incitec Pivot		91,521		292
Leighton Holdings		9,243		180
Lend Lease		87,698		644
Lynas*		77,111		83
Metcash		176,193		730
National Australia Bank		128,759		3,084
Newcrest Mining		269,269		8,171
OneSteel		477,336		343
Orica		10,789		268
OZ Minerals		29,211		300
Qantas Airways*		145,417		218
QBE Insurance Group		33,350		443
Ramsay Health Care		21,478		425
Rio Tinto (A)		47,130		2,914
Santos		222,895		2,797
Sims Metal Management		2,536		33
Sonic Healthcare		41,345		478
Stockland (B)		97,887		320
Suncorp Group		178,964		1,537
Sydney Airport		56,591		154
TABCORP Holdings		182,465		511
Tatts Group		99,773		250
Telstra		187,802		641
Transurban Group		197,736		1,139
Washington H Soul Pattinson		6,014		85
Wesfarmers (A)		49,164		1,487
Westfield Group (B)		38,381		307
Westpac Banking		44,070		904
Woolworths		43,538		1,120
WorleyParsons		9,429		248

				58,983


Austria — 0.2%
Oesterreichische Post (C)		4,748		143


Description	Shares		Market Value ($ Thousands)

OMV (C)		2,009	$	61
Verbund, Cl A (C)		3,742		101
Vienna Insurance Group (C)		55,310		2,191
Voestalpine (C)		9,591		270

				2,766


Belgium — 1.5%
Anheuser-Busch InBev		191,482		11,759
Belgacom		172,184		5,418
Colruyt		90,723		3,445
Delhaize Group		30,586		1,724
Groupe Bruxelles Lambert		12,683		848
KBC Groep		24,246		306
Mobistar		4,694		247
Solvay		8,088		668
UCB		16,145		681

				25,096


Bosnia and Herzegovina — 0.1%
Axis Capital Holdings		64,200		2,052


Brazil — 1.1%
Anhanguera Educacional Participacoes		315,992		3,405
Brasil Telecom ADR		94,034		1,673
BRF - Brasil Foods		214,065		4,180
Centrais Eletricas Brasileiras		79,100		756
Centrais Eletricas Brasileiras ADR		208,649		2,026
Embraer		122,400		772
HRT Participacoes em Petroleo*		3,600		1,096
Petroleo Brasileiro ADR		160,027		3,977
Tim Participacoes ADR		1,304		34

				17,919


Canada — 4.2%
Barrick Gold		169,178		7,655
Bird Construction (A)		3,501		40
Cameco		212,670		3,839
Cenovus Energy		65,346		2,171
Cott*		7,100		45
Domtar		26,504		2,119
Goldcorp (A)		86,000		3,818
Kinross Gold		397,575		4,532
Magna International, Cl A (A)		54,100		1,805
New Gold*		323,200		3,263
Nexen		295,140		4,696
Niko Resources (A)		36,281		1,718
Onex		30,300		987
Peyto Exploration & Development (A)		153,500		3,677
Potash Saskatchewan		214,743		8,881
Precision Drilling*		129,400		1,334
Saputo (A)		4,500		173
Silver Wheaton (A)		99,500		2,883
Suncor Energy		219,347		6,328
Talisman Energy		118,759		1,514
TELUS, Cl A		1		—
Toronto-Dominion Bank (A)		72,533		5,434
Transcontinental, Cl A		5,100		63
Vermilion Energy (A)		68,700		3,061

				70,036


Description	Shares		Market Value ($ Thousands)

Chile — 0.2%
Sociedad Quimica y Minera de Chile ADR (A)		60,500	$	3,258


China — 0.5%
China Petroleum & Chemical		1,150,000		1,210
China Shenhua Energy		1,071,500		4,649
China Telecom		726,000		413
Huaneng Power International		5,444,000		2,895

				9,167


Denmark — 1.2%
AP Moeller - Maersk, Cl A		151		945
AP Moeller - Maersk, Cl B		466		3,087
Coloplast, Cl B		2,678		386
Jyske Bank*		95,182		2,344
Novo Nordisk, Cl B		69,083		7,964
Novozymes, Cl B (A)		8,945		277
Tryg		77,880		4,339
William Demant Holding*		1,211		101

				19,443


Finland — 0.6%
Fortum (A)		33,166		710
Kesko, B Shares		8,657		292
Kone, B Shares		596		31
Nokia (A)		436,413		2,137
Nokia ADR (A)		554,270		2,671
Nokian Renkaat		13,630		440
Orion, Cl B		15,717		307
Rautaruukki		50,791		469
Sampo, A Shares		12,417		309
Stora Enso, R Shares (A)		432,205		2,597
UPM-Kymmene		41,923		463
Wartsila, Cl B		8,418		244

				10,670


France — 9.1%
Accor		11,085		282
Aeroports de Paris		3,652		251
Air Liquide		39,985		4,962
Alcatel-Lucent* (A)		2,477,246		3,881
Alstom		54,839		1,668
Areva		56,706		1,405
Arkema		57,779		4,103
AtoS		813		36
AXA		417,844		5,449
BNP Paribas		226,044		8,906
Bouygues		11,219		355
Bureau Veritas		867		63
Cap Gemini		1,693		53
Carrefour		148,668		3,400
Casino Guichard Perrachon		3,681		311
Christian Dior		3,952		470
Cie de St.-Gobain		24,372		939
Cie Generale des Etablissements- Michelin, Cl B (A)		82,778		4,908


Description	Shares		Market Value ($ Thousands)

Cie Generale d’Optique Essilor International		69,870	$	4,948
CNP Assurances		71,383		888
Compagnie Generale de Geophysique-Veritas*		20,336		479
Credit Agricole (A)		255,612		1,447
Danone		14,624		922
Edenred		25,396		627
Eiffage		4,995		121
Electricite de France (A)		113,588		2,772
Eutelsat Communications		131,775		5,158
Fonciere Des Regions (B)		8,848		570
France Telecom		84,975		1,339
GDF Suez		222,659		6,105
Gecina (B)		9,557		806
Groupe Eurotunnel		2,457		17
ICADE (B)		10,534		831
Iliad (A)		3,504		434
Legrand		182,420		5,885
L’Oreal		8,915		934
LVMH Moet Hennessy Louis Vuitton		60,698		8,620
Natixis (A)		136,128		343
Neopost		766		52
Pernod-Ricard		3,547		330
Peugeot		55,679		875
PPR		3,948		567
Safran (A)		198,355		5,975
Sanofi		273,894		20,178
Schneider Electric (A)		188,836		9,972
SCOR		23,304		546
SES		26,563		639
Societe Generale (A)		81,581		1,822
Sodexo		89,777		6,465
Technip		56,941		5,368
Thales (A)		73,194		2,318
Total		81,523		4,180
Unibail-Rodamco (B)		1,426		257
Vinci		65,196		2,857
Vivendi (A)		145,024		3,185
Wendel		3,179		212

				150,486


Germany — 6.5%
Adidas		1,309		85
Allianz		22,481		2,157
BASF		46,068		3,223
Bayer		115,025		7,376
Bayerische Motoren Werke		32,758		2,201
Beiersdorf		4,058		231
Brenntag		45,884		4,286
Daimler		53,446		2,353
Deutsche Bank		19,808		757
Deutsche Boerse*		80,094		4,212
Deutsche Lufthansa (A)		158,160		1,886
Deutsche Post		479,559		7,396
Deutsche Telekom		294,533		3,389
E.ON		1,472		32
Fraport Frankfurt Airport Services Worldwide		4,597		227
Fresenius		7,238		672
Fresenius Medical Care		96,736		6,593


Description	Shares		Market Value ($ Thousands)

GEA Group		180,348	$	5,115
Hannover Rueckversicherung		6,504		324
HeidelbergCement		2,202		94
Henkel		7,208		350
Infineon Technologies (A)		123,002		929
K+S		1,356		61
Kabel Deutschland Holding*		94,454		4,808
Lanxess (A)		740		38
Linde		84,192		12,563
MAN		2,646		236
Merck		8,877		888
Metro		11,919		436
Muenchener Rueckversicherungs		50,101		6,164
RWE		17,161		605
SAP		158,792		8,421
SAP ADR		59,400		3,145
Siemens		139,920		13,430
Suedzucker		44,736		1,432
ThyssenKrupp		18,118		417
United Internet		3,822		68
Volkswagen		7,068		951

				107,551


Greece — 0.2%
OPAP		330,707		2,932


Guernsey — 0.0%
Resolution		166,122		649


Hong Kong — 2.5%
Asia Standard International Group		164,000		25
ASM Pacific Technology		21,500		241
BOC Hong Kong Holdings		142,825		338
Cathay Pacific Airways		256,265		439
Chaoda Modern Agriculture (C)(D)		2,440,000		346
Cheung Kong Holdings		26,814		319
Cheung Kong Infrastructure Holdings		113,797		667
China Mobile (A)		722,500		7,061
China Mobile ADR		72,200		3,501
CLP Holdings		386,400		3,286
First Pacific		710,700		739
Galaxy Entertainment Group* (A)		212,000		389
Hang Seng Bank		34,600		411
Henderson Land Development		43,907		218
Hong Kong & China Gas		54,000		125
Hong Kong Exchanges and Clearing		2,600		42
HongKong Electric Holdings		74,000		547
Hongkong Land Holdings (A)		225,000		1,021
Hopewell Holdings		132,765		339
Hutchison Telecommunications Hong Kong Holdings		802,000		309
Hutchison Whampoa (A)		288,135		2,413
Hysan Development		16,300		54
Jardine Strategic Holdings		220,535		6,102
Li & Fung		104,799		194
MTR		71,000		230
New World Development		221,000		178
NWS Holdings		140,218		207


Description	Shares		Market Value ($ Thousands)

Orient Overseas International		63,422	$	370
PCCW		97,000		33
RCG Holdings*		39,556		4
Sino-Forest, Cl A* (C)(D)		76,000		8
SJM Holdings		270,800		442
Sun Hung Kai Properties (A)		374,161		4,690
Swire Pacific, Cl A		3,700		45
Wheelock		79,365		197
Yue Yuen Industrial Holdings		1,714,000		5,418

				40,948


Indonesia — 0.1%
Telekomunikasi Indonesia ADR		47,903		1,473


Ireland — 0.8%
CRH		29,993		598
Elan* (A)		70,972		988
Experian		425,718		5,792
Kerry Group, Cl A		5,391		198
Ryanair Holdings ADR*		132,700		3,697
Smurfit Kappa Group* (A)		261,595		1,587

				12,860


Israel — 0.4%
Bezeq Israeli Telecommunication (C)		16,899		31
Check Point Software Technologies*		91,610		4,813
Israel Chemicals (C)		27,563		286
NICE Systems* (C)		1,729		59
Teva Pharmaceutical Industries (C)		23,040		927

				6,116


Italy — 1.4%
AEM		170,319		161
Atlantia		18,584		298
Banca Carige (A)		224,513		431
Banca Monte dei Paschi di Siena		1,343,898		440
Enel		1,066,659		4,353
Engineering Ingegneria Informatica		1,022		29
ENI		10,827		225
Exor		6,028		122
Fiat (A)		125,140		577
Fiat Industrial*		58,262		501
Finmeccanica		41,912		156
Intesa Sanpaolo		1,273,018		2,138
Intesa Sanpaolo RNC		481,502		602
Mediaset		178,434		495
Mediobanca		2,186		13
Saipem		13,828		590
Snam Rete Gas		824,250		3,644
Telecom Italia		321,414		347
Telecom Italia RNC		7,363,539		6,615
Terna Rete Elettrica Nazionale		122,370		414
UniCredit (A)		89,042		742

				22,893


Japan — 17.3%
Aeon		234,800		3,226
Aeon Credit Service		2,200		35
Aisin Seiki		6,400		183


Description	Shares		Market Value ($ Thousands)

Ajinomoto		21,700	$	261
Alfresa Holdings		7,800		329
All Nippon Airways		116,000		324
Alpen		5,700		100
Amada		6,000		38
Arc Land Sakamoto		7,300		136
Asahi Glass		57,000		479
Asahi Kasei		69,000		416
Asics		34,100		385
Astellas Pharma		14,600		594
Autobacs Seven		2,500		114
Belluna		6,800		50
Best Bridal		65		59
Bic Camera (A)		401		224
Bridgestone		103,700		2,352
Brother Industries		189,400		2,326
Calsonic Kansei		199,000		1,135
Canon		17,500		776
Capcom		6,600		156
Central Glass		16,000		77
Central Japan Railway		473		3,996
Century Tokyo Leasing		33,200		628
Chiba Bank		4,000		26
Chiyoda		19,000		193
Chubu Electric Power		13,600		254
Chuetsu Pulp & Paper		18,000		30
Chugai Pharmaceutical		15,700		259
Chugoku Bank		12,000		167
Coca-Cola West		160,700		2,788
Cosmo Oil		175,000		489
Credit Saison		1,700		34
Dai Nippon Printing		723,000		6,954
Daicel		173,000		1,055
Daido Steel		5,000		31
Daihatsu Motor		20,800		371
Dai-ichi Life Insurance		538		529
Daiichi Sankyo		108,700		2,156
Daiichikosho		3,500		66
Dainippon Screen Manufacturing		27,000		228
Dainippon Sumitomo Pharma		96,100		1,095
Daito Trust Construction		30,900		2,651
Daiwa House Industry		161,000		1,921
DCM Holdings		5,300		42
Dena		8,600		258
Denso		10,500		290
Dydo Drinco		4,400		174
East Japan Railway		16,800		1,070
EDION (A)		93,800		766
Eisai		19,500		807
Elpida Memory* (A)		76,300		355
Faith		378		40
Fanuc		61,600		9,431
Fast Retailing		1,800		328
Fuji Film Holdings		213,500		5,059
Fuji Media Holdings		102		155
Fuji Soft		4,100		74
Fujishoji		42		44
Fujitsu		57,000		296
Fukuoka Financial Group		26,000		109
Gree		15,500		534
Gulliver International		780		32
Gunma Bank		8,000		44


Description	Shares		Market Value ($ Thousands)

Hachijuni Bank		213,000	$	1,215
Hamamatsu Photonics		11,200		392
Haseko		860,000		570
Hino Motors		341,000		2,070
Hiroshima Bank		29,000		135
HIS		9,400		269
Hitachi		721,700		3,790
Hitachi Metals		8,000		87
Hokuhoku Financial Group		17,000		33
Honda Motor		452,400		13,806
Hoya		11,400		246
Ibiden		2,700		53
IBJ Leasing		8,800		196
Idemitsu Kosan		7,700		795
IHI		406,000		987
Iida Home Max		30,600		229
Inpex		200		1,261
IT Holdings		56,400		678
Itochu		31,700		322
Itochu Techno-Solutions		2,800		126
Itochu-Shokuhin		1,900		68
Iyo Bank		36,000		356
J Front Retailing		7,000		34
Japan Prime Realty Investment, Cl A (B)		194		457
Japan Real Estate Investment, Cl A (B)		1		8
Japan Retail Fund Investment, Cl A (B)		234		347
Japan Steel Works		245,000		1,704
Japan Tobacco		181		852
JFE Holdings		66,500		1,205
JFE Shoji Holdings		23,000		96
JGC		324,200		7,787
JS Group		39,600		759
JTEKT		4,600		45
Jupiter Telecommunications		6,798		6,892
Juroku Bank		16,000		52
Justsystems*		13,900		26
JVC Kenwood* (A)		78,200		270
JX Holdings		8,000		48
Kajima		45,000		138
Kamei		5,000		47
Kamigumi		23,000		199
Kanamoto		5,000		39
Kansai Electric Power		28,400		436
Kansai Paint		239,000		2,134
Kao		5,800		159
Kawasaki Heavy Industries		191,000		477
KDDI		1,655		10,648
Keikyu		5,000		45
Keyence		1,000		241
Kintetsu (A)		54,000		211
Kita-Nippon Bank		1,700		42
Kobe Steel		285,000		441
Koito Manufacturing		9,000		126
Komatsu		76,700		1,793
Konami		7,400		222
Konica Minolta Holdings		14,000		104
K’s Holdings		42,800		1,697
Kuraray		2,100		30
KYB		16,000		76


Description	Shares		Market Value ($ Thousands)

Kyocera		5,400	$	434
Lawson		5,800		362
Mabuchi Motor		130,900		5,453
Makita		19,300		625
Marubeni		357,000		2,176
Marui Group		5,400		42
Medipal Holdings		8,100		85
Megane TOP		6,000		69
Melco Holdings		3,900		105
Miraca Holdings		2,100		84
Mirait Holdings		4,400		33
Mitsubishi		217,500		4,396
Mitsubishi Chemical Holdings		127,600		703
Mitsubishi Electric		60,400		579
Mitsubishi Gas Chemical		34,100		189
Mitsubishi Heavy Industries		204,000		870
Mitsubishi Materials		14,000		38
Mitsubishi Tanabe Pharma		11,300		179
Mitsubishi UFJ Financial Group		316,800		1,346
Mitsubishi UFJ Lease & Finance		3,630		144
Mitsui		61,200		952
Mitsui Chemicals		10,000		31
Mitsui Home		8,000		41
Mitsui OSK Lines		49,000		190
Mizuho Financial Group		578,640		782
MS&AD Insurance Group Holdings		250,500		4,643
Murata Manufacturing		20,300		1,044
Nabtesco		6,800		124
Namco Bandai Holdings		20,200		288
NEC Fielding		4,900		63
NEC Networks & System Integration		17,600		257
NET One Systems		117		319
NGK Insulators		7,000		83
Nichiha		3,200		34
Nichii Gakkan		9,500		116
Nichireki		8,000		38
Nihon Unisys		6,500		41
Nintendo		32,400		4,464
Nippo		11,000		105
Nippon Building Fund, Cl A (B)		29		237
Nippon Carbon		11,000		31
Nippon Densetsu Kogyo		5,000		48
Nippon Electric Glass		30,000		297
Nippon Express		10,000		39
Nippon Meat Packers		20,000		249
Nippon Sheet Glass		164,000		307
Nippon Steel		583,000		1,455
Nippon Synthetic Chemical Industry		7,000		40
Nippon Telegraph & Telephone		205,600		10,515
Nippon Telegraph & Telephone ADR		192,195		4,868
Nippon Yusen		172,000		440
Nishimatsu Construction		78,000		134
Nishi-Nippon City Bank		11,000		32
Nissan Motor		46,200		416
Nisshin Fudosan		13,200		75
Nisshin Steel		429,000		658
Nissin Food Products		2,600		102
Nitori Holdings		350		33


Description	Shares		Market Value ($ Thousands)

Nitto Denko		21,400	$	766
Nomura Real Estate Office Fund, Cl A (B)		86		442
Nomura Research Institute		17,100		387
NTT Data		107		342
NTT DoCoMo		2,984		5,488
Nuflare Technology		11		39
Obayashi		8,000		36
Oita Bank		16,000		46
OJI Paper		7,000		36
Olympus		2,700		36
Ono Pharmaceutical		14,900		837
ORIX		720		60
Otsuka Holdings		25,700		723
PanaHome		9,000		61
Panasonic		152,700		1,298
Press Kogyo		8,000		39
Rakuten		492		529
Resona Holdings		8,900		39
Ricoh Leasing		6,400		143
Rinnai		3,800		272
Riso Kagaku		1,800		26
Rohm		80,200		3,742
Ryobi		9,000		33
Saizeriya		20,000		334
San-In Godo Bank		15,000		112
Sankyo		63,900		3,235
Sanrio		700		36
Santen Pharmaceutical		12,100		499
Sapporo Hokuyo Holdings		412,300		1,479
Secom		4,700		217
Sega Sammy Holdings		56,400		1,219
Seino Holdings		76,000		590
Sekisui Chemical		52,000		429
Sekisui House		449,000		3,986
Sekisui Jushi		5,000		51
Seven & I Holdings		447,500		12,476
Seven Bank		173,000		340
Sharp		27,000		236
Shimadzu		23,000		195
Shin-Etsu Chemical		62,900		3,098
Ship Healthcare Holdings		5,900		129
Shiseido		269,500		4,956
Shizuoka Bank		9,000		95
Showa Shell Sekiyu		56,200		379
SKY Perfect JSAT Holdings		96		48
SMC		56,500		9,120
Softbank		34,900		1,028
Sojitz		370,700		573
Sony Financial Holdings		496,000		7,310
Square Enix Holdings		2,200		43
SRI Sports		4,400		48
Sumco		13,000		96
Sumitomo		52,300		708
Sumitomo Chemical		10,000		37
Sumitomo Electric Industries		21,500		234
Sumitomo Forestry		8,900		79
Sumitomo Metal Industries		326,000		593
Sumitomo Mitsui Financial Group		292,800		8,159
Sumitomo Mitsui Trust Holdings		904,220		2,656
Sumitomo Rubber Industries		8,700		104
T&D Holdings		900		8


Description	Shares		Market Value ($ Thousands)

Taisei		12,000	$	30
Taisho Pharmaceutical Holdings		500		39
Takashimaya		4,000		29
Takeda Pharmaceutical		26,200		1,151
Teijin		11,300		35
THK		1,700		34
Tochigi Bank		9,000		32
Toho		9,500		169
Toho Gas		6,000		38
Toho Holdings		3,400		47
Tokai		2,800		62
Tokai Rika		6,400		98
Tokio Marine Holdings		1,300		29
Tokyo Electric Power		63,200		150
Tokyo Electron		55,400		2,819
Tokyo Gas		37,000		170
Tokyo Tekko		4,000		11
Tokyu		67,000		330
TonenGeneral Sekiyu (A)		104,500		1,142
Toppan Forms		4,400		34
Toppan Printing		34,000		250
Toray Industries		31,600		226
Toshiba		121,000		495
Toshiba TEC		82,000		292
Tosoh		30,000		80
Totetsu Kogyo		9,000		77
TOTO		11,000		85
Toyo Securities		25,000		34
Toyo Seikan Kaisha		2,400		33
Toyo Suisan Kaisha		14,000		339
Toyo Tire & Rubber		18,000		41
Toyoda Gosei		2,600		41
Toyota Motor		240,000		8,001
Toyota Motor ADR		35,768		2,365
Toyota Tsusho		58,100		1,028
TS Tech		7,100		112
Ube Industries		116,000		318
Unicharm		800		39
Uniden		8,000		27
Unipres		5,800		167
United Arrows		2,000		39
Universal Entertainment		1,600		44
Wacoal Holdings		192,704		2,560
Warabeya Nichiyo		5,200		68
Watabe Wedding		6,395		59
West Japan Railway		10,000		435
Xebio		1,700		40
Yahoo Japan		1,704		549
Yamada Denki		6,540		445
Yamaguchi Financial Group		17,000		162
Yamato Holdings		38,800		654
Yamazaki Baking		18,000		237
Yamazen		7,600		56
Yaskawa Electric		23,500		200
Yokogawa Electric		3,700		33
Yokohama Rubber		39,000		219
Zeon		103,000		894

				286,226


Jersey — 0.0%
Randgold Resources		707		72


Description	Shares		Market Value ($ Thousands)

Malaysia — 0.1%
Axiata Group		1,646,200	$	2,669


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


Mexico — 0.0%
America Movil, Ser L		342,200		387


Netherlands — 5.0%
Aegon*		195,600		787
Akzo Nobel		248,700		12,062
ASML Holding		23,359		985
Corio (B)		6,433		281
Delta Lloyd		45,282		764
European Aeronautic Defence and Space		123,599		3,875
Gemalto		93,779		4,575
Heineken		21,146		982
Heineken Holding		15,269		627
Imtech		115,365		2,997
ING Groep*		687,853		4,965
Koninklijke Ahold		381,517		5,153
Koninklijke DSM		2,360		110
Koninklijke KPN		22,132		266
Koninklijke Philips Electronics		14,038		297
PostNL		786,416		2,511
QIAGEN*		16,298		225
Reed Elsevier		899,043		10,512
Royal Dutch Shell, Cl A		293,011		10,738
Royal Dutch Shell, Cl B		136,618		5,210
SBM Offshore		22,667		468
TNT Express		612,017		4,587
Unilever		198,349		6,841
Wolters Kluwer		231,679		4,017

				83,835


New Zealand — 0.5%
Chorus* (A)		149,900		365
Fletcher Building		106,371		509
Mainfreight		4,933		38
Telecom of New Zealand (A)		4,189,235		6,765

				7,677


Norway — 1.1%
Aker Solutions		13,389		141
DNB (A)		799,381		7,843
Gjensidige Forsikring		77,171		896
Marine Harvest		3,086,411		1,337
Norsk Hydro (A)		23,881		111
Seadrill		19,317		647
Statoil		276,110		7,102

				18,077


Poland — 0.1%
KGHM Polska Miedz		42,985		1,385


Description	Shares		Market Value ($ Thousands)

Portugal — 0.1%
Banco Espirito Santo (A)		218,224	$	383
Cimpor Cimentos de Portugal		25,360		175
Energias de Portugal		132,496		411
Galp Energia, Cl B (A)		6,007		89
Jeronimo Martins*		20,490		340
Portugal Telecom (A)		80,364		464

				1,862


Russia — 0.5%
Gazprom ADR		238,438		2,546
NovaTek GDR		10,300		1,289
Sberbank of Russia ADR		409,139		4,067
Surgutneftegas ADR		8,414		66

				7,968


Singapore — 1.4%
DBS Group Holdings (A)		335,000		2,976
Golden Agri-Resources (A)		1,128,000		622
GuocoLeisure		253,000		116
Jardine Cycle & Carriage		17,000		631
Keppel (A)		146,110		1,048
Oversea-Chinese Banking (A)		227,000		1,371
SembCorp Industries (A)		300,600		939
SembCorp Marine (A)		1,130,100		3,329
Singapore Airlines (A)		547,000		4,286
Singapore Land		23,000		99
Singapore Press Holdings		98,400		280
Singapore Telecommunications		88,000		210
Transpac Industrial Holdings		36,000		44
United Overseas Bank		469,000		5,523
UOL Group		95,600		295
Wilmar International		19,000		73
Yangzijiang Shipbuilding Holdings (A)		1,977,000		1,388

				23,230


South Africa — 0.9%
AngloGold Ashanti		38,800		1,650
AngloGold Ashanti ADR		87,134		3,699
Gold Fields		262,726		4,055
Impala Platinum Holdings		38,000		787
MTN Group		238,037		4,238

				14,429


South Korea — 2.9%
Asia Cement* (C)		980		31
Hyundai Heavy Industries* (C)		16,542		3,699
Hyundai Mobis* (C)		32,678		8,303
Hyundai Motor* (C)		9,915		1,837
Kia Motors* (C)		27,044		1,569
Korea Electric Power ADR (A)		205,475		2,256
KT&G*		142,388		10,061
Samsung Electronics (C)		12,285		11,300
Shinhan Financial Group* (C)		78,500		2,715
SK Telecom ADR		426,697		5,807

				47,578


Spain — 1.9%
Abertis Infraestructuras		38,562		618
Acciona		3,976		344


Description	Shares		Market Value ($ Thousands)

Acerinox (A)		2,927	$	38
ACS Actividades de Construccion y Servicios (A)		8,402		250
Amadeus IT Holding, Cl A		14,401		234
Banco Bilbao Vizcaya Argentaria (A)		44,986		390
Banco de Sabadell		186,488		710
Banco Popular Espanol		205,544		939
Banco Santander		524,940		4,000
Bankia*		16,300		76
Bankinter		31,401		194
CaixaBank		313,629		1,545
EDP Renovaveis*		30,407		187
Enagas		299,275		5,552
Endesa		8,158		168
Ferrovial		64,529		781
Fomento de Construcciones y Contratas (A)		19,024		495
Gas Natural		64,574		1,112
Grifols (A)		23,603		398
Iberdrola (A)		129,749		815
Inditex (A)		11,468		942
Indra Sistemas (A)		154,789		1,977
Mapfre		228,296		727
Red Electrica		18,794		807
Repsol		81,775		2,520
Tecnicas Reunidas (A)		93,585		3,373
Telefonica		142,644		2,478
Zardoya Otis		2,488		34

				31,704


Sweden — 1.5%
Alfa Laval		5,741		109
Atlas Copco, Cl A		50,994		1,101
Atlas Copco, Cl B (A)		53,507		1,021
Elekta, Cl B		104,955		4,570
Getinge, Cl B		11,698		298
Hennes & Mauritz, Cl B		51,558		1,664
Hexagon, Cl B		4,907		74
Industrivarden, Cl C		69,880		837
Investor, Cl B		2,946		55
Kinnevik Investment, Cl B		3,299		64
Lundin Petroleum*		3,400		84
Millicom International Cellular		2,487		250
Nordea Bank (A)		303,843		2,360
Sandvik		1,887		23
Scania, Cl B		13,635		203
Skandinaviska Enskilda Banken, Cl A		676,128		3,954
Skanska, Cl B		12,730		212
SKF, Cl B		3,531		75
Svenska Cellulosa, Cl B		15,833		236
Swedbank, Cl A (A)		93,877		1,221
Swedish Match		28,041		999
Telefonaktiebolaget LM
Ericsson, Cl B		427,450		4,390
Volvo, Cl B		63,476		697

				24,497


Switzerland — 8.9%
ABB		20,073		380
Adecco		919		39


Description	Shares		Market Value ($ Thousands)

Aryzta		9,605	$	466
Baloise Holding		7,351		506
Barry Callebaut		35		35
Basler Kantonalbank		659		93
Clariant		95,746		949
Compagnie Financiere Richemont		49,046		2,492
Credit Suisse Group		141,414		3,338
Daetwyler Holding		463		28
Dufry		1,080		100
Geberit		2,172		420
Georg Fischer		666		229
Givaudan		11,852		11,344
Glencore International		15,637		95
Helvetia Holding		415		131
Holcim		2,443		131
Julius Baer Group		147,945		5,398
Kuehne & Nagel International		3,068		346
Lindt & Spruengli		12		403
Lindt & Spruengli PC		139		415
Lonza Group		2,804		166
Nestle		359,591		20,766
Novartis		512,057		29,406
OC Oerlikon*		59,223		319
Pargesa Holding		4,655		306
Partners Group Holding		1,289		226
Roche Holding		161,434		27,484
Schindler Holding		226		26
Schindler Holding PC		543		64
SGS		4,121		6,853
Sika		2,086		3,949
STMicroelectronics		82,731		493
Straumann Holding		940		163
Sulzer		51,295		5,507
Swatch Group		3,773		1,418
Swatch Group Registered		4,689		314
Swiss Life Holding		5,448		503
Swiss Re		4,915		252
Swisscom		2,400		913
Syngenta		4,050		1,191
Transocean		803		31
UBS		165,085		1,953
UBS Foreign		419,818		5,019
Xstrata		452,713		6,881
Zurich Financial Services		24,270		5,515

				147,056


Taiwan — 0.1%
Chunghwa Telecom ADR		13,743		457
United Microelectronics ADR (A)		691,541		1,480

				1,937


Thailand — 0.0%
Total Access Communication		213,100		470


United Kingdom — 17.4%
Acergy		190,916		3,551
Admiral Group		6,629		88
Aggreko		6,589		207
AMEC		411,057		5,797
Amlin		787,367		3,841
Anglo American		21,549		797


Description	Shares		Market Value ($ Thousands)

Antofagasta		16,427	$	310
ARM Holdings		192,684		1,773
Associated British Foods		1,947		34
AstraZeneca		263,451		12,181
Aviva		1,190,157		5,564
Babcock International Group		34,141		390
BAE Systems		656,348		2,908
Balfour Beatty		1,029,457		4,236
Barclays		1,717,446		4,699
BG Group		478,693		10,240
BHP Billiton		148,150		4,323
BP		1,776,339		12,713
BP ADR		54,757		2,340
British American Tobacco		284,734		13,521
British Land (B)		105,141		756
British Sky Broadcasting Group		156,432		1,781
BT Group, Cl A		760,972		2,258
Bunzl		350,725		4,818
Burberry Group		42,591		784
Cairn Energy*		95,995		396
Capita		552,515		5,397
Carnival		5,482		181
Centrica		107,810		485
Compass Group		62,310		592
Davis Service Group		44,500		301
Diageo		374,496		8,186
Eurasian Natural Resources		356,083		3,517
Fresnillo		4,263		101
G4S		71,223		301
GKN		3,250		9
GlaxoSmithKline		578,820		13,237
Hammerson (B)		32,429		181
Home Retail Group		2,202,624		2,855
HSBC Holdings		1,718,634		13,092
Imperial Tobacco Group		144,225		5,458
Informa		612,369		3,438
International Power		11,837		62
Intertek Group		2,975		94
J Sainsbury		153,358		722
Kingfisher		1,637,444		6,380
Land Securities Group (B)		89,466		884
Legal & General Group		394,502		630
Lloyds Banking Group*		2,989,696		1,204
London Stock Exchange Group		22,462		278
Marks & Spencer Group		59,246		286
Meggitt		11,900		65
Michael Page International		481,352		2,609
National Grid		65,314		634
Next		7,682		327
Pearson		57,399		1,079
Petrofac		307,473		6,886
Polyus Gold International GDR*		465,746		1,374
Prudential		564,653		5,603
QinetiQ Group		116,097		239
Reckitt Benckiser Group		14,174		700
Reed Elsevier		526,560		4,247
Rexam		1,014,020		5,560
Rio Tinto (A)		280,453		13,620
Rio Tinto ADR		60,100		2,940
Rolls-Royce Holdings		664,189		7,705
Royal Bank of Scotland Group*		4,685,663		1,470
RSA Insurance Group		170,875		279


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

SABMiller		24,344	$	857
Sage Group		1,221,476		5,585
Schroders		15,093		308
Severn Trent		30,527		710
Shire		92,975		3,241
Smith & Nephew		11,096		108
SSE		69,477		1,394
Standard Chartered		2,121		46
Tate & Lyle		11,065		121
Tesco		1,898,613		11,904
TUI Travel		52,648		136
Tullow Oil		198,210		4,319
Unilever		24,067		809
United Utilities Group		563,139		5,304
Vedanta Resources		15,683		247
Vodafone Group		8,639,140		24,019
Weir Group		1,222		39
Willis Group Holdings		118,000		4,578
WM Morrison Supermarkets		182,690		926
Wolseley		12,780		423
WPP		42,986		451

				289,039


United States — 0.6%
Advance America Cash Advance Centers		24,598		220
Buckeye Technologies		11,413		382
Calamos Asset Management, Cl A		12,204		153
Capital One Financial		37,427		1,583
Cash America International		742		35
CNO Financial Group*		72,283		456
Medifast*		2,084		28
Newmont Mining		36,000		2,160
Philip Morris International		29,214		2,293
Providence Service*		3,464		48
Synthes		12,703		2,139
USANA Health Sciences*		1,951		59

				9,556

Total Common Stock (Cost $1,701,093) ($ Thousands)				1,564,952


PREFERRED STOCK — 0.1%

Germany — 0.1%
Bayerische Motoren Werke		2,375		113
Draegerwerk		2,624		213
Henkel		1,393		81
RWE		4,908		162
Volkswagen		6,613		994

Total Preferred Stock (Cost $1,688) ($ Thousands)				1,563


U.S. TREASURY OBLIGATIONS — 0.2%
U.S. Treasury Bills (E)(F)
0.069%, 11/15/12	$	270		270
0.049%, 09/20/12		457		457
0.047%, 06/28/12		2,946		2,945
0.040%, 08/23/12		152		152


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

0.024%, 05/31/12	$	250	$	250

Total U.S. Treasury Obligations (Cost $4,074) ($ Thousands)				4,074


AFFILIATED PARTNERSHIP — 4.8%

United States — 4.8%
SEI Liquidity Fund, L.P.
0.140%**† (G)		81,288,975		79,347

Total Affiliated Partnership (Cost $81,289) ($ Thousands)				79,347


CASH EQUIVALENT — 2.8%
SEI Daily Income Trust, Prime Obligation Fund, Cl A
0.010%**†		45,585,153		45,585

Total Cash Equivalent (Cost $45,585) ($ Thousands)				45,585

Total Investments — 102.3% (Cost $1,833,729) ($ Thousands) ‡			$	1,695,521

The open futures contracts held by the Fund at December 31, 2011, is as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		555		Mar-2012	$	288
FTSE 100 Index		171		Mar-2012		244
Hang Seng Index		20		Jan-2012		(15	)
Nikkei 225 Index		6		Mar-2012		(8	)
SPI 200 Index		45		Mar-2012		(161	)
Topix Index		118		Mar-2012		(145	)

					$	203

For the period ended December 31, 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 period.

Percentages are based on a Net Assets of $1,657,495 ($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of December 31, 2011.

†

Investment in Affiliated Security.

(A)

This security or a partial position of this security is on loan at December 31, 2011. The total market value of securities on loan at December 31, 2011 was $70,331 ($ Thousands).

(B)

Real Estate Investment Trust.

(C)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of December 31, 2011 was $33,877 ($ Thousands) and represented 2.0% of Net Assets.

(D)

Securities considered illiquid. The total market value of such securities as of December 31, 2011 was $354 ($ 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. The total value of such securities as of December 31, 2011 was $79,347 ($ Thousands).

‡

At December 31, 2011, the tax basis cost of the Fund’s investments was $1,833,729 ($ Thousands), and the unrealized appreciation and depreciation were $82,368 ($ Thousands) and $(220,576) ($ Thousands), respectively.

ADR — American Depositary Receipt

Cl — Class

DJ — Dow Jones

FTSE — Financial Times and the London Stock Exchange

GDR — Global Depositary Receipt

L.P. — Limited Partnership

Ser — Series

SPI — Share Price Index

The following is a summary of the inputs used as of December 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,531,075	$	33,523	$	354	$	1,564,952
Preferred Stock		1,563		—		—		1,563
U.S. Treasury Obligations		—		4,074		—		4,074
Affiliated Partnership		—		79,347		—		79,347
Cash Equivalent		45,585		—		—		45,585

Total Investments in Securities	$	1,578,223	$	116,944	$	354	$	1,695,521


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	203	$	—	$	—	$	203

Total Other Financial Instruments	$	203	$	—	$	—	$	203

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

For the period ended December 31, 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.


	Investments in Common Stock
Beginning balance as of October 1, 2011	$	—
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Purchases		—
Sales		—
Transfer into Level 3		354
Transfer out of Level 3		—

Ending balance as of December 31, 2011	$	354

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

For the period ended December 31, 2011, there were significant transfers between Level 2 and Level 3 assets and liabilities. The transfers were due to changes in the availability of observable inputs used to determine fair value.

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

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


Description	Shares		Market Value ($ Thousands)

COMMON STOCK — 91.2%

Argentina — 0.2%
Tenaris ADR		14,235	$	529
YPF ADR		29,134		1,011

				1,540


Brazil — 10.3%
All America Latina Logistica		96,140		479
Anhanguera Educacional Participacoes		42,600		459
B2W Cia Global Do Varejo		47,600		230
Banco Bradesco ADR		260,178		4,340
Banco do Brasil		133,588		1,697
Banco Santander Brasil ADR		351,205		2,859
BM&FBovespa		360,283		1,893
BR Properties		72,291		717
Brasil Insurance Participacoes e Administracao		127,100		1,158
Braskem ADR		38,410		542
BRF - Brasil Foods ADR		53,820		1,052
Centrais Eletricas Brasileiras		158,980		1,521
Cia de Saneamento Basico do Estado de Sao Paulo ADR*		513		29
Cia Energetica de Minas Gerais ADR		91,446		1,627
Cia Hering		125,525		2,184
Cielo		22,789		589
Cosan Industria e Comercio		56,414		817
Cyrela Brazil Realty Empreendimentos e Participacoes		208,967		1,663
EcoRodovias Infraestrutura e Logistica		131,100		980
Embraer ADR		47,584		1,200
Even Construtora e Incorporadora		174,839		579
Fibria Celulose		49,692		370
Fibria Celulose ADR (A)		210,895		1,639
Gerdau ADR		614,468		4,799
Gol Linhas Aereas Inteligentes ADR (A)		122,245		810
Grendene		140,859		581
Helbor Empreendimentos		34,339		381
HRT Participacoes em Petroleo*		700		213
Hypermarcas		311,622		1,420
Iochpe-Maxion		68,369		926
JBS*		402,200		1,311
JSL		68,766		344
Localiza Rent a Car		144,500		1,983
Magazine Luiza*		73,700		377
Magnesita Refratarios*		258,565		800
MRV Engenharia e Participacoes		397,032		2,278
Multiplan Empreendimentos Imobiliarios		38,100		782
Multiplus		66,200		1,145
Obrascon Huarte Lain Brasil		5,209		170
OGX Petroleo e Gas Participacoes*		125,750		918
PDG Realty Empreendimentos e
Participacoes		531,844		1,682
Petroleo Brasileiro		276,244		3,406


Description	Shares		Market Value ($ Thousands)

Petroleo Brasileiro ADR		261,205	$	6,491
Porto Seguro		47,770		545
QGEP Participacoes		175,100		1,549
Santos Brasil Participacoes		42,320		560
Sul America		85,362		691
Telefonica Brasil ADR		36,202		989
Telegraph Norte Leste ADR		138,525		1,317
Tim Participacoes		110,835		549
Tim Participacoes ADR		73,576		1,898
Totvs		151,138		2,695
Vale		151,710		3,209
Vale ADR, Cl B		236,885		5,081

				78,524


Canada — 0.8%
Alamos Gold		63,900		1,102
First Majestic Silver*		39,300		663
Pacific Rubiales Energy		96,179		1,769
Yamana Gold		180,738		2,655

				6,189


Chile — 0.6%
Banco Santander Chile ADR		12,859		973
Cia Cervecerias Unidas ADR		14,223		898
Empresa Nacional de Telecomunicaciones		28,564		534
Enersis ADR		36,197		638
Lan Airlines ADR (A)		25,455		592
Sociedad Quimica y Minera de Chile ADR		19,794		1,066

				4,701


China — 11.8%
AAC Technologies Holdings (A)		818,180		1,837
Agricultural Bank of China		7,582,832		3,261
Ajisen China Holdings (A)		578,434		637
Asia Cement China Holdings		286,500		134
Baidu ADR*		14,744		1,717
Bank of China		7,022,411		2,586
Bank of Communications (A)		2,557,947		1,788
Beijing Capital International Airport		2,046,000		1,027
BYD Electronic International		2,087,000		594
China Automation Group		2,043,304		592
China BlueChemical		2,450,701		1,855
China Coal Energy		1,950,000		2,104
China Construction Bank		8,743,188		6,102
China Dongxiang Group		4,931,000		838
China Liansu Group Holdings (A)		1,675,700		727
China Life Insurance		688,000		1,701
China Merchants Bank		884,931		1,789
China National Building Material (A)		1,032,300		1,172
China National Materials (A)		4,149,438		1,475
China Oilfield Services (A)		1,133,513		1,789
China Petroleum & Chemical		1,576,000		1,658
China Petroleum & Chemical ADR (A)		19,774		2,077
China Railway Construction		1,058,000		583
China Railway Group (A)		1,840,000		576


Description	Shares		Market Value ($ Thousands)

China Rongsheng Heavy Industries Group Holdings (A)		1,311,297	$	361
China Shenhua Energy		276,500		1,200
China Telecom		1,514,000		862
China Vanke, Cl B		881,600		872
China Yurun Food Group (A)		324,735		426
China Zhongwang Holdings		291,805		100
Chongqing Rural Commercial Bank* (A)		3,847,000		1,991
Daphne International Holdings		2,548,800		2,839
Dongfeng Motor Group		672,120		1,153
First Tractor (A)		969,900		908
Focus Media Holding ADR*		15,000		292
Foxconn International Holdings* (A)		2,378,000		1,534
Giant Interactive Group ADR (A)		86,031		351
Golden Eagle Retail Group (A)		386,200		816
Great Wall Motor (A)		806,281		1,177
Guangzhou Automobile Group		1,362,415		1,137
Haitian International Holdings		171,300		147
Harbin Electric		470,682		411
Hidili Industry International Development (A)		4,635,366		1,379
Huaneng Power International (A)		3,824,900		2,034
Huaneng Power International ADR		4,330		91
Industrial & Commercial Bank of China		10,901,929		6,471
Inner Mongolia Yitai Coal, Cl B		38,300		190
Kingdee International Software Group (A)		1,230,776		331
Lianhua Supermarket Holdings (A)		197,116		252
Maanshan Iron & Steel (A)		208,000		67
Mindray Medical International ADR (A)		45,585		1,169
Netease.com ADR*		28,979		1,300
Noah Holdings ADR* (A)		39,774		245
PetroChina		3,006,119		3,743
PetroChina ADR		19,603		2,437
Ping An Insurance Group		315,500		2,080
Prince Frog International Holdings*		2,010,500		505
Renhe Commercial Holdings (A)		9,363,078		1,073
Sina*		14,700		764
Sinopharm Group (A)		250,600		602
Sinotrans		3,044,000		541
Soho China		687,743		458
Springland International Holdings		605,519		397
Tencent Holdings		66,700		1,341
Tingyi Cayman Islands Holding (A)		338,000		1,027
Travelsky Technology		362,880		189
Tsingtao Brewery (A)		166,000		919
Want Want China Holdings (A)		598,300		597
Weiqiao Textile		992,900		497
Xingda International Holdings (A)		1,237,700		558
Zhejiang Expressway (A)		1,929,922		1,252
Zhuzhou CSR Times Electric		343,174		752


Description	Shares		Market Value ($ Thousands)

Zoomlion Heavy Industry Science and Technology (A)		1,655,460	$	1,782

				90,239


Colombia — 0.5%
BanColombia ADR, Cl R		30,600		1,823
Ecopetrol ADR		30,200		1,344
Grupo de Inversiones Suramericana		30,599		491

				3,658


Cyprus — 0.3%
Eurasia Drilling GDR (G)		108,899		2,559


Czech Republic — 0.1%
Komercni Banka		5,696		966


Egypt — 0.2%
Commercial International Bank Egypt (C)		300,491		934
Egyptian Financial Group-Hermes Holding* (C)		160,564		269

				1,203


Guernsey — 0.0%
Etalon Group GDR* (B)(G)		56,800		267


Hong Kong — 6.5%
AIA Group		176,074		550
Chaoda Modern Agriculture (A)(B)		2,056,181		291
China High Precision Automation Group (A)(C)		1,385,624		479
China Mengniu Dairy		225,000		526
China Mobile		688,434		6,728
China Mobile ADR		50,880		2,467
China Pharmaceutical Group (A)		1,174,000		258
China Power International Development (A)		3,117,200		730
China Resources Enterprise		157,353		540
China Resources Gas Group (A)		1,765,900		2,524
China Resources Power Holdings		1,263,339		2,437
China State Construction International Holdings (A)		3,226,584		2,289
China Unicom Hong Kong		2,128,835		4,479
China Unicom Hong Kong ADR		92,690		1,959
CNOOC		1,727,948		3,021
CNOOC ADR		6,210		1,085
Comba Telecom Systems Holdings (A)		3,293,811		2,655
Cosco International Holdings		208,805		88
COSCO Pacific		338,000		395
Dah Chong Hong Holdings		887,200		1,045
Digital China Holdings		508,000		787
Geely Automobile Holdings (A)		4,556,896		997
Global Bio-Chemical Technology Group		2,593,300		528
GOME Electrical Appliances Holding (A)(B)		7,225,620		1,675
Haier Electronics Group*		1,164,300		1,042


Description	Shares		Market Value ($ Thousands)

Huabao International Holdings (A)		1,144,901	$	585
Lenovo Group		1,304,552		870
NWS Holdings		439,603		647
Shanghai Industrial Holdings		335,000		929
Shenzhen International Holdings		1,279,566		84
Shenzhen Investment (A)		1,064,908		191
Sinolink Worldwide Holdings		1,610,532		120
SJM Holdings		619,405		1,011
TCL Communication Technology Holdings		209,000		94
TPV Technology (A)		741,890		136
Vinda International Holdings (A)		2,383,276		3,059
Xinyi Glass Holdings (A)		4,535,744		2,605
Yuexiu Real Estate Investment (D)		266,538		118

				50,024


Hungary — 0.2%
EGIS Pharmaceuticals		1,778		130
MOL Hungarian Oil and Gas (A)		8,371		599
OTP Bank		14,249		189
Richter Gedeon		2,258		318

				1,236


India — 5.4%
Allahabad Bank		169,316		366
Andhra Bank		262,637		395
Bajaj Holdings and Investment		12,648		162
Ballarpur Industries		1,280,290		446
Bank of Baroda		59,757		749
Bank of India		112,650		565
Cadila Healthcare		63,632		844
Cairn India*		510,361		3,020
Canara Bank		73,226		503
Chambal Fertilizers & Chemicals		146,497		209
Corporation Bank		14,494		96
DEN Networks*		158,272		144
Divi’s Laboratories		97,994		1,433
Exide Industries		177,363		351
Glenmark Pharmaceuticals		37,650		208
Godrej Consumer Products		89,800		652
Grasim Industries		9,116		427
Gujarat Mineral Development		64,700		197
Gujarat State Petronet		452,300		662
HCL Technologies		160,353		1,171
HDFC Bank ADR		29,100		765
Hindustan Petroleum		141,930		676
ICICI Bank		18,500		239
ICICI Bank ADR		110,824		2,929
Idea Cellular*		345,005		535
India Cements		1,057,082		1,313
Indiabulls Financial Services		190,385		494
Indian Bank		128,703		448
Infosys		19,752		1,029
Jubilant Life Sciences		195,150		663
Mahanagar Telephone Nigam*		507,220		218
Mahindra & Mahindra		148,496		1,907
Mahindra & Mahindra GDR		90,300		1,151
Mangalore Refinery & Petrochemicals		75,141		73
McLeod Russel India		20,755		74


Description	Shares		Market Value ($ Thousands)

NCC		213,519	$	134
NMDC		206,590		626
Oil & Natural Gas		197,332		953
Oil India		2,670		60
Oriental Bank of Commerce		209,940		776
Patni Computer Systems*		34,236		288
Petronet LNG		153,259		450
Power Finance		207,206		539
Prestige Estates Projects		220,000		295
Reliance Industries		215,850		2,817
Reliance Industries GDR (G)		56,235		1,496
Reliance Infrastructure		39,840		256
Rolta India		385,920		410
Rural Electrification		200,998		582
Shriram Transport Finance		176,808		1,401
State Bank of India		48,094		1,466
State Bank of India GDR (G)		11,500		701
Steel Authority of India		245,270		376
Sterlite Industries India		52,870		89
Sterlite Industries India ADR		45,590		316
Syndicate Bank		205,445		265
Tata Chemicals		85,068		501
Triveni Engineering & Industries		142,252		34
Ultratech Cement		3,611		79
United Phosphorus		232,450		555
Vijaya Bank		264,940		226
Welspun		141,043		223

				41,028


Indonesia — 2.8%
AKR Corporindo		3,280,000		1,094
Aneka Tambang		3,421,894		611
Astra Agro Lestari		229,881		550
Astra International		248,580		2,029
Bank Bukopin		1,549,488		99
Bank Mandiri		476,434		355
Bank Negara Indonesia Persero		2,099,275		880
Bank Rakyat Indonesia Persero		6,724,015		5,005
Charoen Pokphand Indonesia		1,163,184		276
Global Mediacom (B)		5,653,688		617
Gudang Garam		65,616		449
Harum Energy		681,600		515
Indo Tambangraya Megah		86,500		369
Indocement Tunggal Prakarsa		613,500		1,154
Indofood CBP Sukses Makmur		735,515		422
Indosat		1,341,000		836
Japfa Comfeed Indonesia		352,631		149
Kalbe Farma		814,846		305
Medco Energi Internasional		3,086,500		825
Perusahaan Perkebunan London Sumatra Indonesia		2,009,617		499
Sampoerna Agro		282,000		92
Tambang Batubara Bukit Asam		530,500		1,015
Telekomunikasi Indonesia		1,129,455		878
United Tractors		812,071		2,360
Vale Indonesia		532,000		188

				21,572


Ireland — 0.1%
Kenmare Resources*		1,241,000		887


Description	Shares		Market Value ($ Thousands)


Israel — 0.3%
Israel Chemicals (C)		200,812	$	2,084


Kazakhstan — 0.4%
Halyk Savings Bank of Kazakhstan GDR*		342,065		1,662
KazMunaiGas Exploration Production GDR		35,695		534
Zhaikmunai L.P. GDR*		109,223		1,060

				3,256


Macau — 0.1%
Sands China*		342,000		967


Malaysia — 2.2%
Affin Holdings		96,100		93
AMMB Holdings		29,200		55
Axiata Group		2,117,294		3,433
Berjaya Sports Toto		63,667		88
Boustead Holdings		66,800		122
British American Tobacco Malaysia		11,289		178
Dialog Group		221,900		184
DRB-Hicom		710,672		457
Gamuda		1,071,183		1,146
Genting Malaysia		623,879		754
Hong Leong Financial Group		63,000		232
IOI		100,415		170
KLCC Property Holdings		106,600		106
Kuala Lumpur Kepong		115,400		826
Kulim Malaysia		164,700		219
Lafarge Malayan Cement		107,400		237
Malayan Banking		746,454		2,020
Malaysia Building Society		159,279		95
Malaysian Bulk Carriers		63,026		31
Media Prima		86,747		71
Multi-Purpose Holdings		318,124		268
Parkson Holdings		205,084		366
Petronas Dagangan		36,412		205
Pharmaniaga*		1,161		—
SapuraCrest Petroleum		150,755		219
Telekom Malaysia		590,976		925
Tenaga Nasional		888,158		1,653
Top Glove		876,428		1,382
Tradewinds Malaysia		18,350		58
UEM Land Holdings*		1,121,400		856
UMW Holdings		132,800		293

				16,742


Mexico — 4.2%
Alfa, Cl A		110,015		1,199
America Movil ADR, Ser L		96,745		2,186
America Movil, Ser L		2,320,456		2,624
Arca Continental		19,186		82
Cemex ADR* (A)		194,810		1,050
Consorcio ARA		869,100		240
Desarrolladora Homex ADR*		87,104		1,470
Empresas ICA ADR*		86,480		413


Description	Shares		Market Value ($ Thousands)

Fomento Economico Mexicano ADR		38,617	$	2,692
Genomma Lab Internacional, Cl B*		1,678,252		3,236
GEO*		1,798,630		2,221
Gruma, Cl B*		143,731		270
Grupo Bimbo, Ser A		1,052,081		2,149
Grupo Financiero Banorte, Cl O		901,117		2,728
Grupo Mexico, Ser B		541,597		1,424
Grupo Modelo		357,200		2,252
Grupo Televisa		172,086		725
Grupo Televisa ADR		100,625		2,119
Industrias, Cl B*		15,215		51
Kimberly-Clark de Mexico, Cl A		241,000		1,311
OHL Mexico*		365,819		564
Urbi Desarrollos Urbanos*		320,214		364
Wal-Mart de Mexico, Ser V		263,235		722

				32,092


Netherlands — 0.1%
VimpelCom ADR		119,780		1,134


Norway — 0.1%
Opera Software		155,661		759


Peru — 0.4%
BBVA Banco Continental		75,231		154
Cia de Minas Buenaventura ADR		22,200		851
Credicorp		12,900		1,412
Intergroup Financial*		7,072		182
Sociedad Minera Cerro Verde*		6,242		225

				2,824


Philippines — 0.5%
Energy Development (C)		6,098,328		876
International Container Terminal Services (C)		969,204		1,173
SM Investments (C)		106,344		1,415
Universal Robina (C)		449,764		493

				3,957


Poland — 0.7%
Asseco Poland		60,859		859
Bank Pekao		12,690		522
Grupa Lotos*		99,782		677
Jastrzebska Spolka Weglowa*		13,034		319
KGHM Polska Miedz		25,235		813
Polski Koncern Naftowy Orlen		116,755		1,153
Powszechna Kasa Oszczednosci Bank Polski		66,187		619
Powszechny Zaklad Ubezpieczen		2,565		231

				5,193


Portugal — 0.2%
Jeronimo Martins*		87,386		1,451


Russia — 7.0%
Alliance Oil*		238,200		2,980
Gazprom ADR		830,490		8,870


Description	Shares		Market Value ($ Thousands)

Globaltrans Investment GDR (A)(G)		197,224	$	2,712
LSR Group GDR		157,621		532
Lukoil ADR		120,103		6,389
Magnit GDR		133,298		2,821
Magnitogorsk Iron & Steel Works GDR		85,534		416
Mail.ru Group GDR*		62,123		1,615
MMC Norilsk Nickel ADR		78,848		1,207
Mobile Telesystems ADR		220,953		3,244
NovaTek GDR		9,318		1,167
Pharmstandard GDR*		52,854		745
Rosneft Oil GDR (G)		366,887		2,423
Sberbank of Russia ADR*		748,717		7,450
Severstal GDR		65,207		743
Surgutneftegas ADR		63,689		502
Tatneft ADR		20,285		600
TMK GDR		221,776		1,996
Uralkali GDR		74,894		2,696
VTB Bank GDR		660,056		2,383
X5 Retail Group GDR*		93,056		2,125

				53,616


Singapore — 0.1%
China Yuchai International		36,608		505
Yangzijiang Shipbuilding Holdings		854,801		600

				1,105


South Africa — 6.8%
ABSA Group		136,322		2,381
African Bank Investments		196,487		835
Anglo American Platinum (A)		35,665		2,350
ArcelorMittal South Africa		107,991		917
AVI		58,555		288
Barloworld		427,652		3,980
Coronation Fund Managers		29,871		84
Exxaro Resources		196,305		4,085
FirstRand		275,398		707
Fountainhead Property Trust		90,529		77
Harmony Gold Mining		69,906		823
Impala Platinum Holdings		73,396		1,521
Imperial Holdings		58,429		894
Investec		136,590		746
JD Group		161,620		971
Kumba Iron Ore		15,212		942
Liberty Holdings		55,045		542
Life Healthcare Group Holdings		277,013		708
Mondi		131,379		932
Mr Price Group		161,650		1,598
MTN Group		499,509		8,893
Murray & Roberts Holdings		328,970		1,045
Naspers, N Shares		15,428		675
Netcare		187,103		312
Remgro		4,817		71
RMB Holdings		157,790		534
Sanlam		292,611		1,046
Sappi		208,327		614
Sasol		27,111		1,294
Sasol ADR		21,275		1,008
Shoprite Holdings		109,697		1,851
Standard Bank Group		477,871		5,845
Telkom		161,180		580


Description	Shares		Market Value ($ Thousands)

Vodacom Group		90,735	$	1,000
Woolworths Holdings		361,664		1,747

				51,896


South Korea — 13.4%
BS Financial Group* (C)		160,748		1,543
CJ* (C)		7,393		495
CrucialTec* (C)		748		9
Daelim Industrial* (C)		8,993		703
Daesang* (C)		25,030		350
Daewoo Shipbuilding & Marine
Engineering* (C)		27,821		588
Daishin Securities (C)		35,712		328
Daou Technology* (C)		20,537		184
Daum Communications* (C)		13,360		1,394
Dongbu Insurance (C)		46,006		2,138
Dongkuk Steel Mill*		23,533		420
E-Mart* (C)		2,488		602
Grand Korea Leisure (C)		42,280		669
GS Home Shopping* (C)		3,442		347
Halla Climate Control* (C)		18,003		341
Hana Financial Group (C)		18,320		568
Hite Jinro* (C)		48,619		1,063
Honam Petrochemical* (C)		4,321		1,117
Hyundai Department Store* (C)		558		79
Hyundai Development* (C)		56,230		822
Hyundai Hysco* (C)		20,854		637
Hyundai Mobis* (C)		14,606		3,711
Hyundai Motor* (C)		23,267		4,310
Industrial Bank of Korea* (C)		56,520		614
KB Financial Group*		88,667		2,794
KB Financial Group ADR		50,265		1,575
KCC		6,396		1,587
Kia Motors* (C)		15,434		896
Korea Electric Power* (C)		67,960		1,509
Korea Exchange Bank (C)		283,130		1,809
Korea Zinc* (C)		2,158		570
KP Chemical* (C)		36,230		445
KT* (C)		8,060		250
KT ADR (A)		189,420		2,963
KT&G*		32,947		2,328
LG* (C)		16,357		873
LG Chem* (C)		8,077		2,227
LG Display ADR		56,740		597
LG Electronics* (C)		31,093		2,012
LG Fashion* (C)		34,310		1,205
LG Uplus* (C)		6,251		40
Lock & Lock* (C)		22,580		753
Lotte Chilsung Beverage* (C)		1,035		1,317
Lotte Confectionery* (C)		805		1,194
Mirae Asset Securities (C)		30,520		838
Neowiz Games* (C)		18,718		703
Nong Shim* (C)		6,492		1,312
Partron (C)		38,633		485
POSCO		3,690		1,217
POSCO ADR		27,028		2,219
Samsung Electronics (C)		29,141		26,805
Samsung Engineering* (C)		8,004		1,402
Samsung Fire & Marine Insurance (C)		1,561		286
Samsung Heavy Industries* (C)		14,722		358
Samsung Life Insurance (C)		13,900		977


Description	Shares		Market Value ($ Thousands)

Shinhan Financial Group* (C)		161,859	$	5,597
Shinsegae* (C)		6,838		1,456
SK C&C* (C)		6,037		614
SK Chemicals* (C)		14,140		788
SK Holdings* (C)		7,261		763
SK Innovation* (C)		3,862		477
SK Telecom (C)		8,626		1,061
SK Telecom ADR		177,229		2,412
STX Offshore & Shipbuilding* (C)		4,101		40
Taekwang Industrial* (C)		109		117
Tong Yang Life Insurance (C)		25,138		319
Woongjin Coway* (C)		43,980		1,400
Yuhan* (C)		10,422		1,154

				102,776


Taiwan — 8.6%
Advantech		116,574		323
Asustek Computer		137,740		980
AU Optronics		627,000		269
AU Optronics ADR		168,000		726
Catcher Technology		180,000		835
Chicony Electronics		136,317		224
Chinatrust Financial Holding		1,573,462		982
Chunghwa Telecom		420,056		1,387
Chunghwa Telecom ADR		34,040		1,133
Compal Electronics		402,000		401
Coretronic		363,000		246
E Ink Holdings		1,542,186		2,012
Epistar		445,000		945
Evergreen Marine Taiwan		2,714,708		1,372
Far Eastern New Century		490,107		569
Farglory Land Development		429,834		674
Formosa Chemicals & Fibre		148,321		391
Formosa Taffeta		88,000		82
Fubon Financial Holding		1,348,662		1,428
Highwealth Construction		201,952		290
Hon Hai Precision Industry		2,013,305		5,512
HTC		253,794		4,166
Huaku Development		149,742		303
Hung Poo Real Estate Development		596,727		394
KGI Securities		959,631		342
Lite-On Technology		826,745		931
MediaTek		78,030		715
Merida Industry		684,000		1,428
Nan Ya Printed Circuit Board		610,049		1,239
Novatek Microelectronics		276,000		692
Pegatron		438,738		477
Phison Electronics		168,000		1,013
Pou Chen		923,000		758
Powertech Technology		550,500		1,165
President Chain Store		215,000		1,172
Radiant Opto-Electronics		585,920		1,674
Siliconware Precision Industries		707,000		633
Siliconware Precision Industries ADR		27,080		118
Silitech Technology		74,885		170
Simplo Technology		190,268		1,112
SinoPac Financial Holdings		4,178,006		1,272
Soft-World International		122,027		216
Synnex Technology International		735,783		1,776
Taishin Financial Holding		3,125,220		1,084


Description	Shares		Market Value ($ Thousands)

Taiwan Fertilizer		232,254	$	541
Taiwan Semiconductor Manufacturing		2,390,656		5,985
Taiwan Semiconductor Manufacturing ADR		353,362		4,562
Tatung*		1,152,428		290
Teco Electric and Machinery		551,000		325
Transcend Information		369,640		967
Tripod Technology		894,802		2,157
TSRC		190,300		467
TXC		389,424		446
U-Ming Marine Transport		346,000		512
Unimicron Technology		383,000		450
United Microelectronics		4,588,312		1,924
United Microelectronics ADR		544,480		1,165
Wan Hai Lines		102,900		50
Winbond Electronics*		281,631		39
Yageo		1,542,349		399
Yang Ming Marine Transport		503,800		201
Young Fast Optoelectronics		290,723		597
Yuanta Financial Holding		1,508,399		770

				65,478


Thailand — 2.0%
Airports of Thailand		708,700		1,011
Bangkok Bank		503,500		2,450
Bangkok Bank Foreign		336,800		1,751
Bangkok Bank NVDR		517,278		2,517
Bumrungrad Hospital		299,838		442
CP ALL		303,491		498
Kasikornbank		112,800		445
Kasikornbank NVDR		337,300		1,304
Kiatnakin Bank		51,744		52
Krung Thai Bank		535,700		253
Krung Thai Bank NVDR		961,970		454
Minor International		2,621,600		931
PTT		109,800		1,107
PTT Exploration & Production		241,139		1,288
Siam Cement NVDR		68,700		681
Siam Makro		11,743		89

				15,273


Turkey — 2.0%
Arcelik		60,173		195
Asya Katilim Bankasi*		393,780		332
Bizim Toptan Satis Magazalari		108,602		1,081
Cimsa Cimento Sanayi VE Tica		10,044		40
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret		158,566		151
Emlak Konut Gayrimenkul Yatirim
Ortakligi (D)		500,050		516
Ford Otomotiv Sanayi		102,935		834
Gubre Fabrikalari*		82,848		498
Koza Altin Isletmeleri		53,700		714
Tekfen Holding		496,255		1,403
Tofas Turk Otomobil Fabrikasi		361,595		1,133
Tupras Turkiye Petrol Rafinerileri		37,895		803
Turk Ekonomi Bankasi*		356,703		272
Turk Telekomunikasyon		35,902		133
Turkcell Iletisim Hizmetleri		162,430		764
Turkcell Iletisim Hizmetleri ADR		56,235		661


Description	Shares		Market Value ($ Thousands)

Turkiye Garanti Bankasi		678,037	$	2,118
Turkiye Is Bankasi, Cl C		833,324		1,461
Turkiye Sinai Kalkinma Bankasi		646,330		626
Turkiye Sise ve Cam Fabrikalari		852,095		1,286
Ulker Biskuvi Sanayi		81,891		234

				15,255


United Arab Emirates — 0.1%
Dragon Oil		106,235		756


United Kingdom — 1.3%
Afren*		966,622		1,287
African Barrick Gold		93,920		670
Anglo American ADR		40,940		743
Antofagasta		40,442		764
BG Group		70,200		1,502
Fresnillo		31,400		745
JKX Oil & Gas		131,600		278
Tullow Oil		141,509		3,083
Vedanta Resources		34,512		544

				9,616


United States — 0.9%
Avon Products		173,400		3,029
NII Holdings*		102,808		2,190
Yahoo!*		93,500		1,508

				6,727

Total Common Stock (Cost $774,554) ($ Thousands)				697,550


PREFERRED STOCK — 4.9%

Brazil — 4.9%
Banco do Estado do
Rio Grande do Sul		199,265		2,137
Bradespar		36,679		623
Brasil Telecom		31,977		187
Cia Brasileira de Distribuicao
Grupo Pao de Acucar		4		—
Cia Brasileira de Distribuicao
Grupo Pao de Acucar ADR (A)		63,860		2,326
Cia de Bebidas das
Americas ADR		108,257		3,907
Cia de Tecidos do Norte de
Minas - Coteminas		147,032		289
Cia Energetica de Minas Gerais		44,260		789
Cia Vale do Rio Doce ADR, Cl B		1,393		29
Eletropaulo Metropolitana
Eletricidade de Sao Paulo, Cl B		28,941		566
Gerdau		16,500		128
Itau Unibanco Holding		156,591		2,854
Itau Unibanco Holding ADR		142,052		2,636
Klabin		230,419		988
Marcopolo		409,100		1,555
Metalurgica Gerdau, Cl A		78,280		752
Petroleo Brasileiro		158,542		1,827
Petroleo Brasileiro ADR, Cl A		313,649		7,368
Randon Participacoes		374,862		1,712
Suzano Papel e Celulose		101,340		366
Vale, Cl A		117,504		2,383


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

Vale ADR, Cl B		200,384	$	4,128

				37,550

Colombia — 0.0%
Grupo de Inversiones Suramericana*		7,585		129

Total Preferred Stock (Cost $37,949) ($ Thousands)				37,679


EXCHANGE TRADED FUND — 1.2%

United States — 1.2%
iShares MSCI Emerging Markets Index Fund		235,955		8,952

Total Exchange Traded Fund (Cost $9,359) ($ Thousands)				8,952


DEBENTURE BOND — 0.0%

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

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


AFFILIATED PARTNERSHIP — 4.2%

United States — 4.2%
SEI Liquidity Fund, L.P.
0.140%**† (F)		32,990,847		32,004

Total Affiliated Partnership (Cost $32,991) ($ Thousands)				32,004


CASH EQUIVALENT — 0.9%
SEI Daily Income Trust, Prime
Obligation Fund, Cl A
0.010%**†		6,935,784		6,936

Total Cash Equivalent (Cost $6,936) ($ Thousands)				6,936

Total Investments — 102.4% (Cost $861,789) ($ Thousands) ‡			$	783,121

Percentages are based on a Net Assets of $764,912 ($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of December 31, 2011.

†

Investment in Affiliated Security.

(A)

This security or a partial position of this security is on loan at December 31, 2011. The total market value of securities on loan at December 31, 2011 was $31,574 ($ Thousands).

(B)

Securities considered illiquid. The total market value of such securities as of December 31, 2011 was $2,850 ($ Thousands) and represented 0.4% of Net Assets.

(C)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of December 31, 2011 was $94,685 ($ Thousands) and represented 12.4% 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 December 31, 2011.

(F)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2011 was $32,004 ($ Thousands).

(G)

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.

‡

At December 31, 2011, the tax basis cost of the Fund’s investments was $861,789 ($ Thousands), and the unrealized appreciation and depreciation were $53,022 ($ Thousands) and $(131,690) ($ Thousands), respectively.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

L.P. — Limited Partnership

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depositary Receipt

Ser — Series

The following is a summary of the inputs used as of December 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	602,865	$	93,915	$	770	$	697,550
Preferred Stock		37,679		—		—		37,679
Exchange Traded Fund		8,952		—		—		8,952
Debenture Bond		—		—		—		—
Affiliated Partnership		—		32,004		—		32,004
Cash Equivalent		6,936		—		—		6,936

Total Investments in Securities	$	656,432	$	125,919	$	770	$	783,121

For the period ended December 31, 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.


	Investments in Common Stock
Beginning balance as of October 1, 2011	$	—
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Purchases		—
Sales		—
Transfer into Level 3		770
Transfer out of Level 3		—

Ending balance as of December 31, 2011	$	770

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

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


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

GLOBAL BONDS — 90.0%

Australia — 1.8%
Fairfax Media Group
6.250%, 06/15/12	EUR	250	$	322
Government of Australia, Ser 122
5.250%, 03/15/19		1,155		1,316
Government of Australia, Ser 20CI
6.038%, 08/20/20		200		381
Government of Australia, Ser 25CI
3.206%, 09/20/25		640		845
New South Wales Treasury, Ser 13
5.250%, 05/01/13		980		1,025
Optus Finance Pty MTN
3.500%, 09/15/20	EUR	200		262
Queensland Treasury, Ser 17
6.000%, 09/14/17		1,630		1,809
Suncorp-Metway MTN
4.000%, 01/16/14	GBP	550		906
Westpac Banking MTN
4.250%, 09/22/16	EUR	350		472
0.820%, 09/10/14 (A)(B)		750		754
WT Finance
3.625%, 06/27/12	EUR	450		587

				8,679


Austria — 0.1%
Republic of Austria MTN
3.900%, 07/15/20		75		104
Republic of Austria, Ser 97-6
6.250%, 07/15/27		225		390

				494


Belgium — 1.0%
Anheuser-Busch InBev
5.375%, 01/15/20		450		528
Anheuser-Busch InBev
Worldwide MTN
8.625%, 01/30/17		200		333
Barry Callebaut Services
5.375%, 06/15/21		300		391
Dexia Funding
4.892%, 11/30/49 (A)		200		32
Fortis Bank
4.625%, 10/24/49 (A)		200		153
Kingdom of Belgium, Ser 44
5.000%, 03/28/35		200		285
Kingdom of Belgium, Ser 47
3.250%, 09/28/16		1,325		1,724
Kingdom of Belgium, Ser 48
4.000%, 03/28/22		465		597
Kingdom of Belgium, Ser 58
3.750%, 09/28/20		406		517

				4,560


Brazil — 0.2%
Centrais Eletricas Brasileiras
6.875%, 07/30/19	USD	150		170
5.750%, 10/27/21 (B)	USD	650		675


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

Petrobras International
Finance MTN
6.250%, 12/14/26		200	$	320

				1,165


Canada — 4.1%
Bank of Montreal
2.625%, 01/25/16 (B)		250		258
Bell Canada MTN
5.000%, 02/15/17		270		290
CDP Financial
4.400%, 11/25/19 (B)	USD	850		922
Export Development
Canada MTN
2.375%, 03/19/12	USD	800		803
Government of Canada
5.750%, 06/01/33		1,300		1,963
5.000%, 06/01/37		1,300		1,866
4.250%, 06/01/18		715		819
4.000%, 06/01/17		3,020		3,370
3.500%, 06/01/20		4,305		4,757
3.250%, 06/01/21		2,000		2,184
Nexen
6.200%, 07/30/19	USD	275		320
Province of British Columbia
Canada
3.250%, 12/18/21		1,150		1,171
Royal Bank of Canada,
Ser 2 MTN
4.625%, 01/22/18	EUR	252		369
Toronto-Dominion Bank
2.200%, 07/29/15 (B)	USD	540		553
Xstrata Finance Canada MTN
5.250%, 06/13/17	EUR	150		208

				19,853


Colombia — 0.1%
Ecopetrol
7.625%, 07/23/19 (B)	USD	237		286


Czech Republic — 0.1%
Government of Czech
Republic, Ser 51
4.000%, 04/11/17		8,050		431


Denmark — 1.8%
Danske Bank MTN
4.875%, 06/11/13	EUR	150		204
4.125%, 11/26/19	EUR	290		407
DONG Energy MTN
6.500%, 05/07/19		245		382
FIH Erhvervsbank MTN
2.125%, 03/21/13		1,000		1,312
2.000%, 06/12/13 (B)	USD	625		634
Guaranteed Funding, Ser 2009-1
2.319%, 02/11/13		300		394


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

Kingdom of Denmark
4.000%, 11/15/12		5,416	$	978
4.500%, 11/15/39		1,300		340
4.000%, 11/15/17		7,315		1,499
3.125%, 03/17/14	EUR	500		679
3.000%, 11/15/21		8,650		1,693

				8,522


Finland — 0.5%
Government of Finland
4.375%, 07/04/19		225		335
3.875%, 09/15/17		350		506
3.500%, 04/15/21		1,290		1,838

				2,679


France — 7.9%
Arkema
4.000%, 10/25/17		200		255
AXA MTN
5.250%, 04/16/40 (A)		600		568
BNP Paribas Capital Trust VI
5.868%, 01/16/49 (A)		1,150		1,185
BNP Paribas Home Loan SFH MTN
2.500%, 06/09/15		100		128
Caisse de Refinancement del’Habitat
4.500%, 10/25/17		160		222
4.000%, 04/25/18		160		216
3.300%, 09/23/22		170		208
Cie de Financement Foncier MTN
4.625%, 09/23/17		95		131
4.125%, 10/25/17		220		295
2.500%, 09/16/15 (B)	USD	800		774
Cie de St-Gobain MTN
6.000%, 05/20/13		50		68
1.777%, 04/11/12 (A)		350		454
Credit Agricole Home Loan SFH MTN
3.500%, 06/14/18		200		261
3.500%, 07/21/14		200		265
2.875%, 09/09/16		100		128
Credit Logement
2.573%, 03/29/49 (A)(C)		350		223
2.026%, 12/15/49 (A)(C)		150		105
Dexia Municipal Agency
3.750%, 05/18/16		225		284
EDF
6.500%, 01/26/19 (B)	USD	250		283
5.500%, 10/17/41		300		477
4.000%, 11/12/25		150		192
Eutelsat
5.000%, 01/14/19		200		262


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

Government of France
5.000%, 10/25/16		1,460	$	2,150
4.750%, 10/25/12		2,500		3,365
4.750%, 04/25/35		60		91
4.500%, 04/25/41		1,060		1,576
4.000%, 04/25/13		400		544
3.500%, 04/25/20		740		1,005
3.250%, 10/25/21		7,665		10,013
3.000%, 10/25/15		4,175		5,680
HSBC France MTN
4.875%, 01/15/14		250		340
Iliand
4.875%, 06/01/16		300		391
RCI Banque
3.400%, 04/11/14 (B)	USD	250		244
Safran
4.000%, 11/26/14		250		329
Societe Financement del’Economie Francaise
3.375%, 05/05/14 (B)	USD	905		926
2.125%, 01/30/12 (B)	USD	2,430		2,432
Societe Fonciere Lyonnaise
4.625%, 05/25/16 (D)		300		366
Societe Generale MTN
1.645%, 06/07/17 (A)		200		223
Societe Generale SCF MTN
4.000%, 07/07/16		650		877
Vivendi MTN
7.750%, 01/23/14		250		357

				37,893


Germany — 14.4%
Bayerische Landesbank MTN
4.500%, 02/07/19 (A)		350		295
2.750%, 01/23/12		750		975
Bundesobligation Inflation Linked Bond
2.250%, 04/15/13		6,528		8,810
Bundesobligation, Ser 159
2.000%, 02/26/16		1,720		2,360
Bundesrepublik Deutschland
3.250%, 07/04/21		7,750		11,366
3.000%, 07/04/20		2,450		3,528
2.500%, 01/04/21		2,402		3,328
Bundesrepublik Deutschland, Ser 00
5.500%, 01/04/31		340		639
Bundesrepublik Deutschland, Ser 03
4.750%, 07/04/34		1,275		2,294
Bundesrepublik Deutschland, Ser 04
3.750%, 01/04/15		25		36
Bundesrepublik Deutschland, Ser 05
3.500%, 01/04/16		2,060		2,985
Bundesrepublik Deutschland, Ser 07
4.000%, 01/04/18		350		531


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

Bundesrepublik Deutschland, Ser 08
4.750%, 07/04/40		1,680	$	3,216
4.250%, 07/04/18		125		193
Bundesrepublik Deutschland, Ser 09
3.250%, 01/04/20		360		527
Bundesschatzanweisungen
1.000%, 03/16/12		1,350		1,755
1.000%, 12/14/12		4,600		6,027
0.250%, 12/13/13		6,850		8,908
Commerzbank
2.750%, 01/13/12		325		422
Deutsche Bundesrepublik Inflation Linked Bond
1.750%, 04/15/20		1,219		1,825
Deutsche Postbank MTN
3.750%, 02/12/14		800		1,090
Dexia Kommunalbank Deutschland MTN
3.500%, 06/05/14		390		505
Eurohypo MTN
2.875%, 01/19/16		160		213
HSH Nordbank MTN
2.750%, 01/20/12		1,075		1,397
K+S
5.000%, 09/24/14		350		488
Kreditanstalt fuer Wiederaufbau MTN
4.750%, 08/12/15	SEK	6,000		955
4.375%, 10/11/13		1,050		1,447
3.875%, 01/21/19		575		828
3.375%, 08/30/17	CHF	370		450
3.125%, 02/25/14		540		733
Landesbank Berlin MTN
5.875%, 11/25/19	GBP	300		343
Landwirtschaftliche Rentenbank
3.250%, 03/12/14		375		509
Munich
7.625%, 06/21/28 (A)		110		192

				69,170


Ireland — 0.2%
Bank of Ireland MTN
4.625%, 04/08/13		195		219
1.058%, 02/15/12 (A)	GBP	500		748
GE Capital UK Funding MTN
4.125%, 09/28/17	GBP	110		179
Iberdrola Finance Ireland
5.000%, 09/11/19 (B)	USD	240		234

				1,380


Italy — 4.5%
Enel Finance International
3.875%, 10/07/14 (B)	USD	350		341
Fiat Industrial Finance Europe MTN
6.250%, 03/09/18		250		279


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

Intesa Sanpaolo MTN
6.375%, 11/12/17 (A)	GBP	300	$	377
4.375%, 08/16/16		730		890
3.750%, 11/23/16		400		465
Italy Buoni Poliennali Del Tesoro
6.500%, 11/01/27		500		613
6.000%, 05/01/31		500		573
5.250%, 08/01/17		625		775
5.000%, 09/01/40		1,755		1,793
4.750%, 09/01/21		3,250		3,647
4.500%, 03/01/19		400		459
4.250%, 10/15/12		585		759
4.250%, 08/01/14		1,405		1,779
4.250%, 02/01/15		2,325		2,907
4.000%, 09/01/20		1,655		1,790
3.750%, 12/15/13		515		654
3.750%, 03/01/21		670		713
3.000%, 06/15/15		985		1,173
Pirelli & C
5.125%, 02/22/16		500		624
Telecom Italia Capital
6.175%, 06/18/14	USD	300		289
UniCredit MTN
6.375%, 10/16/18 (A)	GBP	100		108
4.500%, 09/22/19		400		382
Unione di Banche Italiane MTN
4.500%, 02/22/16		200		248

				21,638


Japan — 22.2%
eAccess
8.250%, 04/01/18 (B)(E)	USD	116		110
Government of Japan 5 Year Bond, Ser 79
0.700%, 12/20/13		447,300		5,878
Government of Japan 5 Year Bond, Ser 95
0.600%, 03/20/16		313,950		4,131
Government of Japan 10 Year Bond, Ser 256
1.400%, 12/20/13		170,000		2,264
Government of Japan 10 Year Bond, Ser 275
1.400%, 12/20/15		626,600		8,501
Government of Japan 10 Year Bond, Ser 284
1.700%, 12/20/16		470,000		6,512
Government of Japan 10 Year Bond, Ser 288
1.700%, 09/20/17		1,187,950		16,543
Government of Japan 10 Year Bond, Ser 298
1.300%, 12/20/18		466,600		6,374
Government of Japan 10 Year Bond, Ser 301
1.500%, 06/20/19		235,300		3,252
Government of Japan 10 Year Bond, Ser 308
1.300%, 06/20/20		1,076,800		14,581


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

Government of Japan 10 Year Bond, Ser 316
1.100%, 06/20/21		160,000	$	2,108
Government of Japan 20 Year Bond, Ser 48
2.500%, 12/21/20		614,450		9,108
Government of Japan 20 Year Bond, Ser 99
2.100%, 12/20/27		582,300		8,153
Government of Japan 20 Year Bond, Ser 109
1.900%, 03/20/29		39,000		527
Government of Japan 20 Year Bond, Ser 112
2.100%, 06/20/29		950,000		13,195
Government of Japan 30 Year Bond, Ser 29
2.400%, 09/20/38		103,250		1,497
Government of Japan 30 Year Bond, Ser 30
2.300%, 03/20/39		171,750		2,442
Government of Japan 30 Year Bond, Ser 33
2.000%, 09/20/40		117,000		1,552
Japan Finance Organization for Municipalities
4.500%, 05/27/14	EUR	450		623
ORIX
4.710%, 04/27/15	USD	151		156

				107,507


Malaysia — 0.5%
Government of Malaysia
5.734%, 07/30/19		900		325
4.262%, 09/15/16		4,600		1,510
Petronas Capital
5.250%, 08/12/19 (B)	USD	410		460

				2,295


Mexico — 1.3%
America Movil MTN
4.125%, 10/25/19		250		335
Mexican Bonos, Ser M
6.500%, 06/10/21		35,000		2,504
Mexican Bonos, Ser M10
8.500%, 12/13/18		20,540		1,687
7.750%, 12/14/17		11,045		867
Mexican Bonos, Ser MI10
9.000%, 12/20/12		10,000		746

				6,139


Netherlands — 4.8%
ABN Amro Bank MTN
3.750%, 07/15/14		750		1,020
Allianz Finance II
6.125%, 05/31/22 (A)		1,000		1,267
Boats Investments MTN
11.000%, 03/31/17		386		305
Cooperatieve Centrale Raiffeisen- Boerenleenbank MTN
4.125%, 01/12/21		230		307


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

Daimler International Finance
2.125%, 12/10/13		100	$	156
Deutsche Telekom International Finance
6.000%, 07/08/19		227		261
Deutsche Telekom International Finance MTN
6.500%, 04/08/22	GBP	90		164
E.ON International Finance
5.800%, 04/30/18 (B)	USD	150		171
Fortis Bank Nederland MTN
3.000%, 04/17/12		520		679
Government of Netherlands
4.500%, 07/15/17		2,360		3,530
4.000%, 07/15/18		1,025		1,508
4.000%, 01/15/37		935		1,543
3.500%, 07/15/20		485		698
3.250%, 07/15/15		520		729
ING Bank MTN
3.375%, 03/03/14		500		678
3.000%, 09/30/14		125		167
1.170%, 05/23/16 (A)	USD	450		365
ING Groep MTN
4.750%, 05/31/17		500		643
ING Verzekeringen
3.268%, 06/21/21 (A)		960		1,049
LeasePlan MTN
3.250%, 05/22/14		1,040		1,412
3.125%, 02/10/12		500		651
Linde Finance MTN
3.875%, 06/01/21		450		620
NIBC Bank MTN
3.500%, 04/07/14		650		885
OI European Group
6.875%, 03/31/17		150		196
Rabobank Nederland
4.125%, 04/04/12		1,250		1,633
4.125%, 07/14/25		375		490
RWE Finance MTN
5.000%, 02/10/15		500		710
SNS Bank MTN
3.500%, 03/10/14		500		680
1.635%, 04/27/12 (A)		400		623
UPCB Finance
7.625%, 01/15/20		250		320
Volkswagen MTN
5.625%, 02/09/12		150		196

				23,656


Norway — 0.6%
DnB Bank MTN
4.500%, 05/29/14	EUR	200		271
1.677%, 05/30/17 (A)	EUR	425		539
DnB Boligkreditt MTN
2.750%, 04/20/15	EUR	625		833
2.500%, 10/18/16	EUR	280		367
Government of Norway
4.500%, 05/22/19		1,150		221
Sparebank 1 Boligkreditt MTN
2.375%, 11/22/16		170		221


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

Yara International
7.875%, 06/11/19 (B)	USD	410	$	503

				2,955


Poland — 0.2%
Republic of Poland
5.125%, 04/21/21		135		137
5.000%, 04/25/16		2,100		606
4.000%, 03/23/21		250		297

				1,040


Qatar — 0.1%
State of Qatar
4.500%, 01/20/22 (B)		390		402


Russia — 0.5%
AK Transneft Via TransCapitalInvest
7.700%, 08/07/13	USD	354		381
Gazprom Via Gaz Capital MTN
6.580%, 10/31/13	GBP	150		242
5.364%, 10/31/14		200		268
Gazprom Via RBS MTN
9.625%, 03/01/13	USD	390		415
Novatek Finance
5.326%, 02/03/16	USD	230		232
Russian Agricultural Bank Via RSHB Capital
7.750%, 05/29/18 (B)	USD	335		357
Severstal Via Steel Capital
9.750%, 07/29/13 (B)(C)	USD	285		304
Vimpel Communications Via VIP Finance Ireland
6.493%, 02/02/16 (B)	USD	230		215

				2,414


Singapore — 0.6%
DBS Bank
0.681%, 05/16/17 (A)(B)	USD	525		513
Government of Singapore
4.000%, 09/01/18		1,070		974
3.500%, 03/01/27		650		575
3.125%, 09/01/22		275		238
Singapore Treasury Bill, Ser 91
0.274%, 01/26/12 (F)		1,000		771

				3,071


South Africa — 1.1%
Republic of South Africa, Ser R203
8.250%, 09/15/17		39,605		5,101


South Korea — 0.0%
Korea National Oil
4.000%, 10/27/16 (B)		200		205


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

Spain — 1.7%
Banco Bilbao Vizcaya Argentaria
4.250%, 03/30/15		800	$	1,029
4.125%, 01/13/14		300		387
Banco Santander
4.625%, 01/20/16		300		389
Bankia
4.250%, 05/25/18		150		172
CaixaBank
5.125%, 04/27/16		200		260
Government of Spain
5.500%, 04/30/21		1,495		1,983
4.750%, 07/30/14		925		1,235
4.700%, 07/30/41		665		720
4.600%, 07/30/19		155		201
4.000%, 04/30/20		150		185
3.300%, 10/31/14		475		613
Instituto de Credito Oficial MTN
2.375%, 03/04/13 (B)	USD	200		196
Santander Issuances, Ser 24
7.300%, 07/27/19 (A)	GBP	400		519
Telefonica Emisiones SAU MTN
4.750%, 02/07/17		100		128
4.375%, 02/02/16		375		481
3.661%, 09/18/17		150		178

				8,676


Supra-National — 1.1%
European Investment Bank MTN
3.500%, 04/15/16	EUR	1,975		2,709
European Union MTN
3.250%, 04/04/18	EUR	850		1,157
Inter-American Development Bank
9.750%, 05/15/15	GBP	750		1,467
International Bank for Reconstruction & Development MTN
3.875%, 05/20/19	EUR	115		167

				5,500


Sweden — 1.4%
Kingdom of Sweden, Ser 1041
6.750%, 05/05/14		5,970		989
Kingdom of Sweden, Ser 1047
5.000%, 12/01/20		8,700		1,634
Kingdom of Sweden, Ser 1049
4.500%, 08/12/15		5,050		830
Kingdom of Sweden, Ser 1050
3.000%, 07/12/16		3,850		609
Kingdom of Sweden, Ser 1052
4.250%, 03/12/19		2,000		348
Kommuninvest I Sverige, Ser 1508 MTN
2.750%, 08/12/15		5,300		789
Nordea Bank MTN
4.500%, 05/12/14	EUR	100		136
Stadshypotek MTN
3.750%, 12/12/13	EUR	400		541
Svenska Handelsbanken MTN
4.375%, 10/20/21	EUR	500		672
1.778%, 10/19/17 (A)	EUR	500		630


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

Swedbank
7.375%, 06/26/18 (A)	EUR	150	$	197
3.375%, 05/27/14	EUR	500		682
Swedbank Hypotek MTN
4.125%, 06/09/14		150		205
Volvo Treasury
5.950%, 04/01/15 (B)		145		154

				8,416


Switzerland — 1.1%
Credit Suisse MTN
6.125%, 05/16/14	EUR	350		487
5.300%, 08/13/19	USD	150		155
4.750%, 08/05/19	EUR	400		540
2.875%, 09/24/15	EUR	220		284
Glencore Finance Europe MTN
7.125%, 04/23/15	EUR	300		418
5.250%, 03/22/17	EUR	300		388
Government of Switzerland
2.000%, 04/28/21		820		984
Holcim US Finance
6.000%, 12/30/19 (B)	USD	25		26
Novartis Finance MTN
4.250%, 06/15/16	EUR	375		537
UBS MTN
6.625%, 04/11/18	GBP	150		260
6.375%, 07/20/16	GBP	160		274
6.250%, 09/03/13	EUR	200		275
5.875%, 12/20/17	USD	575		599

				5,227


United Arab Emirates — 0.1%
IPIC GMTN MTN
5.500%, 03/01/22 (B)		400		400


United Kingdom — 11.2%
3i Group MTN
5.625%, 03/17/17	EUR	150		190
Abbey National Treasury Services MTN
5.500%, 06/18/14	EUR	725		1,136
4.250%, 04/12/21	EUR	350		453
3.625%, 09/08/16	EUR	300		390
Anglian Water Services Financing, Ser A5 MTN
6.293%, 07/30/30		500		963
Aviva MTN
0.899%, 06/19/17 (A)	USD	475		443
Bank of Scotland MTN
4.750%, 06/08/22	EUR	650		885
Barclays Bank MTN
6.750%, 05/22/19	USD	225		249
6.750%, 01/16/23 (A)		350		486
5.000%, 09/22/16	USD	125		129
4.875%, 12/29/49 (A)	EUR	200		148
4.500%, 03/04/19 (A)	EUR	125		133


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

BAT International Finance MTN
7.250%, 03/12/24		250	$	501
5.375%, 06/29/17	EUR	425		620
3.625%, 11/09/21		150		192
BG Energy Capital MTN
5.000%, 11/04/36		100		166
Bishopsgate Asset Finance
4.808%, 08/14/44		195		282
BP Capital Markets MTN
3.830%, 10/06/17		350		483
British American Tobacco Holdings MTN
4.000%, 07/07/20	EUR	100		134
British Telecommunications
8.750%, 12/07/16		165		313
5.750%, 12/07/28		411		683
Coventry Building Society MTN
4.625%, 04/19/18		230		375
Daily Mail & General Trust
5.750%, 12/07/18		350		532
Eastern Power Networks MTN
6.000%, 11/12/36		160		293
ENW Finance MTN
6.125%, 07/21/21		350		628
Experian Finance MTN
4.750%, 11/23/18		300		501
FCE Bank MTN
5.125%, 11/16/15		200		304
First Hydro Finance
9.000%, 07/31/21		220		393
HSBC Bank
3.875%, 10/24/18	USD	400		534
3.100%, 05/24/16 (B)	USD	261		261
HSBC Holdings MTN
9.875%, 04/08/18 (A)		80		132
6.500%, 05/20/24		250		441
Imperial Tobacco Finance MTN
8.375%, 02/17/16	EUR	450		692
7.750%, 06/24/19		600		1,153
7.250%, 09/15/14	EUR	150		217
4.500%, 07/05/18	EUR	150		200
Legal & General Group MTN
4.000%, 06/08/25 (A)	EUR	200		213
Lloyds TSB Bank MTN
6.375%, 01/21/21	USD	110		110
4.375%, 01/12/15	USD	220		212
1.607%, 10/12/12 (A)		600		778
Marks & Spencer MTN
6.125%, 12/02/19		100		166
Motability Operations Group MTN
3.750%, 11/29/17	EUR	300		405
National Westminster Bank
6.500%, 09/07/21		220		262
Nationwide Building Society
3.125%, 10/13/16		175		227
Network Rail Infrastructure Finance MTN
4.400%, 03/06/16	CAD	690		740
Northern Rock
5.625%, 06/22/17 (B)	USD	1,750		1,840


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

Northumbrian Water Finance
6.000%, 10/11/17		500	$	903
Old Mutual MTN
7.125%, 10/19/16		250		422
Rexam MTN
4.375%, 03/15/13	EUR	170		226
Rolls-Royce
6.750%, 04/30/19		100		191
Royal Bank of Scotland
6.125%, 01/11/21	USD	310		306
5.750%, 05/21/14	EUR	600		780
Severn Trent Utilities Finance
6.250%, 06/07/29		350		665
SSE MTN
5.750%, 02/05/14		245		411
Standard Chartered Bank MTN
6.400%, 09/26/17 (B)	USD	175		179
5.875%, 09/26/17	EUR	250		319
Tesco
6.052%, 10/13/39		342		604
Thames Water Utilities Cayman Finance MTN
6.125%, 02/04/13	EUR	200		272
United Kingdom Gilt
5.000%, 03/07/18		650		1,235
5.000%, 03/07/25		400		811
4.750%, 12/07/30		1,825		3,679
4.750%, 12/07/38		1,415		2,937
4.500%, 12/07/42		335		672
4.250%, 06/07/32		835		1,586
4.250%, 03/07/36		790		1,507
4.250%, 09/07/39		1,300		2,488
4.250%, 12/07/40		125		239
4.250%, 12/07/49		225		443
4.250%, 12/07/55		125		251
4.000%, 03/07/22		2,815		5,169
3.750%, 09/07/20		225		404
2.250%, 03/07/14		795		1,287
2.000%, 01/22/16		1,555		2,537
0.125%, 03/22/29		200		332
United Kingdom Gilt - Inflation Linked Bond
1.875%, 11/22/22		868		1,724
Virgin Media Secured Finance
8.875%, 10/15/19		200		334
7.000%, 01/15/18		180		296
Wales & West Utilities Finance MTN
6.750%, 12/17/36 (A)		200		353
Western Power Distribution South West
5.750%, 03/23/40		200		343
WM Morrison Supermarkets MTN
4.625%, 12/08/23		100		164
WPP MTN
6.625%, 05/12/16		225		324
Yorkshire Power Finance
7.250%, 08/04/28		208		426
Yorkshire Water Services Bradford Finance
6.375%, 08/19/39		100		194

				55,601


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

United States — 4.8%
Altria Group
9.250%, 08/06/19		225	$	302
4.750%, 05/05/21		330		363
American International Group
8.175%, 05/15/58 (A)		240		214
AT&T
5.875%, 04/28/17	GBP	200		359
4.450%, 05/15/21		525		577
BA Covered Bond Issuer MTN
4.125%, 04/05/12	EUR	3,100		4,036
Bank of America MTN
5.650%, 05/01/18		350		333
4.750%, 05/06/19 (A)	EUR	250		233
Bank of America, Ser E MTN
5.125%, 09/26/14		1,700		2,137
Cablevision Systems, Ser B
8.000%, 04/15/12		235		238
CCO Holdings
8.125%, 04/30/20		90		99
Citigroup
4.500%, 01/14/22		110		106
Citigroup MTN
4.250%, 02/25/30 (A)	EUR	1,350		1,174
Comcast Cable Communications Holdings
9.455%, 11/15/22		340		484
Computer Sciences
5.500%, 03/15/13		305		303
General Electric Capital MTN
5.625%, 05/01/18		300		336
5.500%, 01/08/20		305		336
5.300%, 02/11/21		205		219
4.625%, 01/07/21		750		778
Goldman Sachs Group
6.375%, 05/02/18	EUR	400		533
6.250%, 02/01/41		225		221
1.884%, 02/04/13 (A)	EUR	450		560
Goldman Sachs Group MTN
5.250%, 07/27/21		110		107
Hartford Life Institutional Funding MTN
5.375%, 01/17/12	GBP	200		311
HSBC Finance MTN
7.000%, 03/27/12	GBP	285		447
Ingersoll-Rand Global Holding
9.500%, 04/15/14		213		248
International Paper
7.950%, 06/15/18		260		316
JPMorgan Chase Bank
4.625%, 05/31/17 (A)	EUR	250		282
JPMorgan Chase MTN
1.967%, 10/12/15 (A)	EUR	350		393
Key Bank MTN
1.646%, 02/09/12 (A)	EUR	570		737
Kraft Foods
7.000%, 08/11/37		200		267
5.375%, 02/10/20		400		462
Merrill Lynch MTN
1.980%, 09/14/18 (A)	EUR	375		287


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

Metropolitan Life Global Funding I MTN
4.625%, 05/16/17	EUR	1,200	$	1,620
Morgan Stanley MTN
5.625%, 09/23/19		150		139
5.375%, 08/10/20	EUR	150		172
Nabors Industries
9.250%, 01/15/19		221		278
Noble Holding International
4.900%, 08/01/20		25		27
Owens Corning
6.500%, 12/01/16		145		158
Philip Morris International
2.900%, 11/15/21		325		331
PNC Funding
5.125%, 02/08/20		300		339
Republic Services
4.750%, 05/15/23		405		442
Ryder System MTN
5.850%, 11/01/16		116		133
Toyota Motor Credit MTN
5.250%, 02/03/12	EUR	250		326
US Bank MTN
4.375%, 02/28/17 (A)	EUR	900		1,081
Western Union
5.930%, 10/01/16		475		535

				23,379

Total Global Bonds (Cost $431,595) ($ Thousands)				438,734


MORTGAGE-BACKED SECURITIES — 3.3%

Non-Agency Mortgage-Backed Obligations — 3.3%
Bear Stearns Adjustable Rate
Mortgage Trust,
Ser 2004-6, Cl 3A
5.470%, 09/25/34 (A)		230		193
Bear Stearns Commercial
Mortgage Securities,
Ser 2004-PWR3, Cl A4
4.715%, 02/11/41		380		398
Bear Stearns Commercial
Mortgage Securities,
Ser 2004-PWR6, Cl A6
4.825%, 11/11/41		575		616
Bear Stearns Commercial
Mortgage Securities,
Ser 2006-PW11, Cl A4
5.620%, 03/11/39 (A)		600		665
Bear Stearns Commercial
Mortgage Securities,
Ser 2006-T24, Cl A4
5.537%, 10/12/41		725		814
Canary Wharf Finance,
Ser II, Cl C2
1.532%, 10/22/37 (A)(C)		200		177
Citigroup Commercial Mortgage
Trust, Ser 2007-C6, Cl A4
5.885%, 12/10/49 (A)		1,140		1,257
Citigroup Commercial Mortgage
Trust, Ser 2008-C7, Cl A4
6.274%, 12/10/49 (A)		405		450


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

Citigroup Mortgage Loan Trust,
Ser 2005-2, Cl 1A4
5.018%, 05/25/35 (A)		1,065	$	898
Credit Suisse Mortgage Capital
Certificates, Ser 2006-C5, Cl A3
5.311%, 12/15/39		1,215		1,297
DBUBS Mortgage Trust,
Ser 2011-LC1A, Cl A3
5.002%, 11/10/46 (B)		226		255
Eddystone Finance,
Ser 2006-1, Cl A2
1.180%,04/19/21 (A)(C)	GBP	150		214
Fosse Master Issuer,
Ser 2011-1X, Cl A3
2.368%, 10/18/54 (A)	GBP	300		463
Gracechurch Mortgage Financing,
Ser 2007-1X, Cl 3A2
1.560%, 11/20/56 (A)	EUR	1,370		1,772
Granite Master Issuer,
Ser 2005-1, Cl A5
1.317%, 12/20/54 (A)(C)	EUR	216		267
Granite Master Issuer,
Ser 2006-2, Cl A5
1.337%,12/20/54 (A)(C)	EUR	416		515
GSR Mortgage Loan Trust,
Ser 2005-AR1, Cl 4A1
5.003%, 01/25/35 (A)		291		280
Immeo Residential Finance,
Ser 2, Cl A
1.586%, 12/15/16 (A)	EUR	190		229
JPMorgan Chase Commercial
Mortgage Securities,
Ser 2007-CB18, Cl A4
5.440%, 06/12/47		880		943
JPMorgan Mortgage Trust,
Ser 2004-A5, Cl 3A1
5.120%, 12/25/34 (A)		255		253
London and Regional Debt
Securitisation, Ser 1, Cl A
1.177%,10/15/14 (A)(C)	GBP	150		207
Merrill Lynch Mortgage Trust,
Ser 2005-LC1, Cl A4
5.291%, 01/12/44 (A)		420		465
Permanent Master Issuer,
Ser 2011-1X, Cl 1A2
2.367%, 07/15/42 (A)	GBP	250		386
Silverstone Master Issuer,
Ser 2009-1, Cl A2
2.429%, 01/21/55 (A)	GBP	300		462
Storm, Ser 2006-1, Cl A2
1.694%, 04/22/48 (A)	EUR	1,101		1,411
Storm, Ser 2011-4, Cl A1
2.538%, 10/22/53 (A)	EUR	800		1,037
Talisman Finance, Ser 7, Cl H
3.855%, 04/22/17 (A)	EUR	485		63

Total Mortgage-Backed Securities (Cost $16,901) ($ Thousands)				15,987


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

CORPORATE OBLIGATIONS — 2.2%

United States — 2.2%
American Express Credit MTN
2.750%, 09/15/15		400	$	402
American Tower
5.050%, 09/01/20 (D)		315		316
Anadarko Petroleum
6.375%, 09/15/17		330		382
Bank of America MTN
5.000%, 05/13/21		175		159
CBS
4.300%, 02/15/21		400		413
CIGNA
5.125%, 06/15/20		154		166
Citigroup
4.750%, 05/19/15		240		243
CNA Financial
7.250%, 11/15/23		110		117
6.500%, 08/15/16		40		43
DIRECTV Holdings
6.000%, 08/15/40		150		164
4.600%, 02/15/21		300		312
Duke Realty
6.750%, 03/15/20 (D)		140		154
EH Holding
6.500%, 06/15/19 (B)		150		156
Enterprise Products Operating
5.950%, 02/01/41		225		252
EQT
8.125%, 06/01/19		285		334
Goldman Sachs Group MTN
6.000%, 06/15/20		45		46
Humana
7.200%, 06/15/18		280		327
6.450%, 06/01/16		40		44
Huntington Ingalls Industries
7.125%, 03/15/21 (B)		54		53
6.875%, 03/15/18 (B)		54		53
Kinder Morgan Energy Partners
6.550%, 09/15/40		255		286
Lincoln National
8.750%, 07/01/19		128		156
Lorillard Tobacco
6.875%, 05/01/20		375		419
McGraw-Hill
5.900%, 11/15/17		325		354
Morgan Stanley
5.750%, 01/25/21		130		121
5.500%, 07/28/21		125		116
3.450%, 11/02/15		125		115
Motorola Solutions
7.500%, 05/15/25		85		100
Nisource Finance
6.800%, 01/15/19		235		275
Nissan Motor
3.250%, 01/30/13 (B)		430		435
Principal Financial Group
7.875%, 05/15/14		255		284
Prudential Financial MTN
6.100%, 06/15/17		125		137


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

RR Donnelley & Sons
7.250%, 05/15/18		65	$	63
Ryder System MTN
7.200%, 09/01/15		108		128
SLM MTN
5.050%, 11/14/14		155		153
Time Warner
4.875%, 03/15/20		725		786
Time Warner Cable
7.500%, 04/01/14		385		431
Union Electric
6.700%, 02/01/19		45		55
Viacom
6.125%, 10/05/17		325		376
5.625%, 09/15/19		325		365
Wachovia Capital Trust III
5.570%, 12/31/49 (A)		385		322
Whirlpool MTN
8.600%, 05/01/14		298		333

Total Corporate Obligations (Cost $9,936) ($ Thousands)				9,946


ASSET-BACKED SECURITIES — 0.2%

Automotive — 0.1%
Auto Compartiment,
Ser 2007-1, Cl A
1.581%, 02/25/19 (A)		232		301
Santander Consumer Finance,
Ser 2007-1, Cl A
1.567%, 09/20/22 (C)		74		94

				395


Mortgage Related Securities — 0.0%
Countrywide Asset-Backed
Certificates, Ser 2007-2, Cl 2A1
0.344%, 08/25/37 (A)		88		87


Other Asset-Backed Securities — 0.1%
Lambda Finance,
Ser 2005-1X, Cl A2
1.704%,11/15/29 (A)(C)		75		95
Skyline, Ser 2007-1, Cl D
2.394%, 07/22/43 (A)(C)		200		234

				329

Total Asset-Backed Securities (Cost $847) ($ Thousands)				811


U.S. TREASURY OBLIGATIONS — 0.0%
U.S. Treasury Bonds
4.375%,11/15/39 to 05/15/41		225		293
3.875%, 08/15/40		5		6

Total U.S. Treasury Obligations (Cost $234) ($ Thousands)				299


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


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

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

Total Investments — 96.4% (Cost $459,558) ($ Thousands) ‡			$	465,825

The open futures contracts held by the Fund at December 31, 2011, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Australian 3-Year Bond		(13	)		Mar-2012	$	1
Canadian 10-Year Bond		16			Mar-2012		23
Euro-Bobl		21			Mar-2012		58
Euro-Bund		69			Mar-2012		342
Euro-Buxl 30 Year Bond		(1	)		Mar-2012		(2	)
Japanese 10-Year Bond		7			Mar-2012		59
U.S. 10-Year Treasury Note		(154	)		Mar-2012		(221	)
U.S. 2-Year Treasury Note		(32	)		Mar-2012		(4	)
U.S. 5-Year Treasury Note		(101	)		Mar-2012		(56	)
U.S. Long Treasury Bond		(8	)		Mar-2012		3
U.S. Long Treasury Bond		4			Mar-2012		9
U.S. Ultra Long Treasury Bond		(5	)		Mar-2012		(4	)

						$	208

A summary of the outstanding forward foreign currency contracts held by the Fund at December 31, 2011, is as follows:


Maturity Date	Currency to Deliver (Thousands)		Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
1/4/12-1/12/12	USD	8,879	CAD	9,069	$	27
1/4/12-1/12/12	USD	21,526	GBP	13,980		200
1/4/12-1/12/12	USD	862	MXP	12,104		5
1/4/12-1/19/12	USD	109,276	EUR	84,601		548
1/4/12-1/27/12	USD	4,930	SEK	33,997		25
1/4/12-2/3/12	CAD	24,198	USD	23,448		(314	)
1/4/12-2/3/12	EUR	246,414	USD	324,587		4,698
1/4/12-2/3/12	GBP	47,513	USD	73,877		52
1/4/12-2/3/12	MXP	92,718	USD	6,669		35
1/4/12-2/3/12	SEK	34,083	USD	4,998		29
1/4/12-2/17/12	JPY	10,952,215	USD	141,741		(681	)
1/4/12-2/17/12	USD	34,515	JPY	2,684,023		371
1/5/12	CAD	1,702	EUR	1,240		(62	)
1/6/12-1/12/12	SGD	5,368	USD	4,113		(28	)
1/6/12-1/12/12	USD	1,384	AUD	1,419		70
1/12/12	AUD	4,172	USD	4,055		(217	)
1/12/12	CHF	1,639	USD	1,782		29
1/12/12	CZK	8,436	USD	448		19
1/12/12	KRW	88,500	USD	77		–
1/12/12	NOK	1,707	USD	294		8
1/12/12	PLN	2,111	USD	637		22
1/12/12	USD	79	CHF	75		1
1/12/12	USD	78	KRW	88,500		(2	)
1/12/12	USD	179	NOK	1,037		(5	)
1/12/12	USD	392	NZD	525		17
1/12/12	USD	1,151	SGD	1,492		—
1/12/12-1/20/12	MYR	5,851	USD	1,832		(12	)
1/12/12-1/20/12	ZAR	41,150	USD	4,876		(208	)
1/12/12-1/27/12	DKK	15,760	USD	2,809		56
1/13/12	CNY	12,617	USD	1,958		(46	)
1/13/12	USD	1,946	CNY	12,617		58
1/27/12	SEK	30,606	EUR	3,412		(31	)

					$	4,664

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at December 31, 2011, is as follows:


CounterParty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America		(754	)		746	$	(8	)
Barclays PLC		(38,849	)		39,141		292
BNP Paribas		(264,496	)		264,498		2
Brown Brothers Harriman		(4,135	)		4,088		(48	)
Citigroup		(2,509	)		2,486		(23	)
Credit Suisse First Boston		(60,534	)		60,649		115
Deutsche Bank		(156,998	)		161,757		4,759
Goldman Sachs		(33,312	)		33,094		(218	)
HSBC		(80,446	)		80,523		77
JPMorgan Chase Bank		(11,528	)		11,529		1
National Australia Bank		(9,413	)		9,705		292
RBC		(6,496	)		6,363		(133	)
Royal Bank of Scotland		(490	)		491		1
Societe Generale		(34,742	)		34,498		(244	)
Standard Bank		(970	)		982		12
State Street		(42,365	)		42,386		21
UBS		(33,997	)		33,974		(23	)
Westpac Banking		(4,057	)		3,846		(211	)

						$	4,664

For the period ended December 31, 2011, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

The outstanding interest rate swap agreements held by the Fund at December 31, 2011, is as follows:

For the period ended December 31, 2011, the total amount of all open swap agreements, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

Percentages are based on a Net Assets of $483,123 ($ 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 December 31, 2011.

(B)

(C)

Securities considered illiquid. The total market value of such securities as of December 31, 2011 was $2,436 ($ Thousands) and represented 0.5% of Net Assets.

(D)

Real Estate Investment Trust.

(E)

Security is when-issued.

(F)

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

‡

At December 31, 2011, the tax basis cost of the Fund’s investments was $459,558 ($ Thousands), and the unrealized appreciation and depreciation were $23,710 ($ Thousands) and $(17,443) ($ Thousands), respectively.

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

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

SFH — Single Family Housing

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 December 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	438,734	$	—	$	438,734
Mortgage-Backed Securities		—		15,987		—		15,987
Corporate Obligations		—		9,946		—		9,946
Asset-Backed Securities		—		811		—		811
U.S. Treasury Obligations		—		299		—		299
Municipal Bond		—		48		—		48

Total Investments in Securities	$	—	$	465,825	$	—	$	465,825


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	208	$	—	$	—	$	208
Forwards Contracts*		4,664		—		—		4,664
Interest Rate Swaps		—		1,214		—		1,214

Total Other Financial Instruments	$	4,872	$	1,214	$	—	$	6,086

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

For the period ended December 31, 2011, there were no significant transfers between Level 1 and Level 2 assets and liabilities.

For the period ended December 31, 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.


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

GLOBAL BONDS — 92.5%

Argentina — 4.0%
Capex
10.000%, 03/10/18 (A)		488	$	398
Deutsche Bank, CLN (Cablevision) MTN
9.375%, 02/13/18 (A)(B)		1,732		1,745
Empresa Distribuidora Y Comercializadora Norte
9.750%, 10/25/22 (A)		606		497
IRSA Inversiones y Representaciones
11.500%, 07/20/20 (A)		351		356
Province de Buenos Aires
9.625%, 04/18/28 (B)		595		378
9.625%, 04/18/28 (A)(B)		1,605		1,019
9.375%, 09/14/18 (B)		470		343
Province de Medoza
5.500%, 09/04/18 (B)		303		254
Province de Neuquen
8.656%, 10/18/14 (A)(B)		111		115
Republic of Argentina
8.750%, 06/02/17		730		687
8.280%, 12/31/33		1,703		1,243
8.278%, 12/31/33		1,660		1,183
7.820%, 12/31/33	EUR	9,592		7,596
7.820%, 12/31/33 (C)	EUR	9,185		7,124
7.000%, 10/03/15		5,601		5,126
7.000%, 04/17/17		2,329		1,962
5.830%, 12/31/33 (C)	ARS	6,111		1,773
4.191%, 12/15/35 (C)	EUR	13,252		1,686
2.500%, 03/31/19 (D)		3,630		1,280
1.180%, 12/31/38 (C)(D)	ARS	2		—
0.467%, 08/03/12 (C)		6,705		828
0.044%, 12/15/35 (C)	ARS	4,360		556
0.000%, 12/15/35 (C)	ARS	2		—
Tarjeta Naranja
9.000%, 01/28/17 (A)		180		172
Transportadora Gas del Norte
7.500%, 12/31/12 (B)(E)		130		69
7.500%, 12/31/12 (A)(B)(E)		260		138
7.500%, 12/31/12 (B)(E)		420		223
6.500%, 12/31/12 (A)(B)(E)		30		16
6.500%, 12/31/12 (B)(E)		81		43
6.500%, 12/31/12 (B)(E)		72		38
WPE International Cooperatief
10.375%, 09/30/20		100		89
10.375%, 09/30/20 (A)		950		845

				37,782


Bahrain — 0.1%
Kingdom of Bahrain
5.500%, 03/31/20		250		236
5.500%, 03/31/20 (A)		1,153		1,090

				1,326


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

Barbados — 0.3%
Columbus International
11.500%, 11/20/14 (A)		1,600	$	1,684
11.500%, 11/20/14		1,057		1,112
Government of Barbados
7.000%, 08/04/22 (A)		300		300

				3,096


Belarus — 0.3%
Republic of Belarus
8.950%, 01/26/18		1,150		989
8.750%, 08/03/15		1,500		1,313

				2,302


Belize — 0.0%
Government of Belize
6.000%, 02/20/29 (B)		157		94


Bosnia and Herzegovina — 0.1%
Republic of Bosnia & Herzegovina
0.000%, 12/11/17 (B)(C)	DEM	1,917		856


Brazil — 8.6%
Banco Cruzeiro do Sul
8.875%, 09/22/20		384		221
8.875%, 09/22/20 (A)(G)		1,144		658
Banco Nacional de Desenvolvimento Economico e Social		1,400		1,596
6.500%, 06/10/19 (A)
5.500%, 07/12/20 (A)		400		432
BM&FBovespa
5.500%, 07/16/20		500		512
BR Malls International Finance
8.500%, 12/31/49 (A)		345		354
BR Properties
9.000%, 12/31/49 (A)		541		541
Brazil Notas do Tesouro Nacional, Ser B
12.579%, 05/15/15	BRL	6,700		7,748
12.579%, 08/15/20	BRL	1,600		1,859
Brazil Notas do Tesouro Nacional, Ser F
10.000%, 01/01/13	BRL	10,800		5,785
10.000%, 01/01/14	BRL	7,510		3,986
10.000%, 01/01/21	BRL	11,054		5,519
Citigroup, CLN (Federal Republic of Brazil)
10.000%, 01/01/21	BRL	5,000		2,496


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

Federal Republic of Brazil
12.500%, 01/05/16	BRL	4,180	$	2,644
12.500%, 01/05/22	BRL	680		467
11.000%, 08/17/40		150		198
10.250%, 01/10/28	BRL	1,140		697
10.125%, 05/15/27		2,425		4,013
8.875%, 04/15/24		1,520		2,265
8.750%, 02/04/25		1,580		2,370
8.250%, 01/20/34		4,758		7,173
7.125%, 01/20/37		3,545		4,892
5.875%, 01/15/19		850		1,005
5.625%, 01/07/41		1,050		1,218
4.875%, 01/22/21 (G)		4,112		4,595
Fibria Overseas Finance
7.500%, 05/04/20 (A)		1,358		1,327
General Shopping Finance
10.000%, 12/31/49 (A)		1,044		1,044
Globo Comunicacaoe Participacoes
6.250%, 07/20/15 (D)		147		154
Hypermarcas
6.500%, 04/20/21 (A)		1,224		1,086
JBS Finance II
8.250%, 01/29/18 (A)		1,820		1,652
8.250%, 01/29/18		1,300		1,180
JP Morgan, CLN (Federal Republic of Brazil)
10.000%, 01/01/21	BRL	3,400		1,697
Minerva Overseas II
10.875%, 11/15/19 (A)		235		207
10.875%, 11/15/19		310		274
Mirabela Nickel
8.750%, 04/15/18 (A)		203		182
Odebrecht Drilling Norbe VIII/IX
6.350%, 06/30/21		330		340
6.350%, 06/30/21 (A)		745		767
OGX Petroleo e Gas Participacoes
8.500%, 06/01/18 (A)		1,404		1,376
Petrobras International Finance
5.375%, 01/27/21		20		21
QGOG Atlantic
5.250%, 07/30/18 (A)(G)		1,3941,384
Telemar Norte Leste
5.500%, 10/23/20 (A)		950		936
Virgolino de Oliveira Finance
10.500%, 01/28/18		217		210
Votorantim Cimentos
7.250%, 04/05/41 (A)		300		290
Voto-Votorantim
6.750%, 04/05/21 (A)		306		324
Voto-Votorantim Overseas Trading Operations
6.625%, 09/25/19 (A)		490		519

				78,214


Chile — 0.9%
BancoEstado
4.125%, 10/07/20 (A)		600		614
Empresa Nacional del Petroleo
6.250%, 07/08/19 (A)		100		112
6.250%, 07/08/19		700		783
5.250%, 08/10/20 (A)		400		422
4.750%, 12/06/21 (A)		215		214


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

Inversiones Alsacia
8.000%, 08/18/18 (A)		1,000	$	751
Nacional del Cobre de Chile
7.500%, 01/15/19		400		510
6.150%, 10/24/36		1,530		1,888
3.875%, 11/03/21 (A)		950		967
3.750%, 11/04/20 (A)		800		812
Republic of Chile
3.250%, 09/14/21		700		719
Telefonica Moviles Chile
2.875%, 11/09/15		500		494

				8,286


China — 1.3%
Agile Property Holdings
8.875%, 04/28/17		700		574
Central China Real Estate
12.250%, 10/20/15		300		259
China Liansu Group Holdings
7.875%, 05/13/16 (A)		648		538
China Oriental Group
8.000%, 08/18/15		300		256
8.000%, 08/18/15 (A)		650		555
CITIC Bank International MTN
6.875%, 06/24/20		100		100
CNPC HK Overseas Capital
5.950%, 04/28/41		200		219
5.950%, 04/28/41 (A)		750		832
Country Garden Holdings
11.250%, 04/22/17		700		602
Evergrande Real Estate Group
13.000%, 01/27/15		756		601
13.000%, 01/27/15 (A)		809		643
9.250%, 01/19/16	CNY	5,000		548
7.500%, 01/19/14	CNY	3,000		372
Franshion Development
6.750%, 04/15/21 (A)		750		587
Kaisa Group Holdings
13.500%, 04/28/15 (G)		539		443
Mega Advance Investments
5.000%, 05/12/21 (A)		406		413
MIE Holdings
9.750%, 05/12/16 (A)		800		712
Sinochem Overseas Capital
6.300%, 11/12/40 (A)		451		427
6.300%, 11/12/40		350		332
4.500%, 11/12/20 (A)		3,242		3,156
Texhong Textile Group
7.625%, 01/19/16 (A)		255		184
West China Cement
7.500%, 01/25/16 (A)(G)		200		163

				12,516


Colombia — 4.8%
Banco de Bogota
5.000%, 01/15/17 (A)		300		301
BanColombia
5.950%, 06/03/21 (A)		748		751
Bogota Distrio Capital
9.750%, 07/26/28 (A)	COP	9,020,000		6,333
Citigroup, CLN (Republic of Colombia)
10.000%, 07/24/24	COP	1,229,000		752


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

Ecopetrol
7.625%, 07/23/19 (A)		500	$	602
Empresa de Energia de Bogota
6.125%, 11/10/21		925		930
Gruposura Finance
5.700%, 05/18/21 (A)		610		610
Republic of Colombia
11.750%, 02/25/20		1,645		2,583
10.375%, 01/28/33		400		672
8.125%, 05/21/24		2,250		3,127
7.375%, 01/27/17		2,975		3,615
7.375%, 03/18/19		3,870		4,876
7.375%, 09/18/37		10,485		14,731
6.125%, 01/18/41		1,275		1,575
4.375%, 07/12/21		2,198		2,363

				43,821


Croatia — 1.0%
Government of Croatia
6.750%, 11/05/19		650		618
6.625%, 07/14/20		250		233
6.625%, 07/14/20 (A)		2,068		1,928
6.375%, 03/24/21		400		366
6.375%, 03/24/21 (A)		5,052		4,610
Zagrebacki Holding
5.500%, 07/10/17	EUR	1,100		985

				8,740


Czech Republic — 0.1%
Central European Media Enterprises
11.625%, 09/15/16 (A)	EUR	700		663


Dominican Republic — 0.3%
Cap Cana
10.000%, 04/30/16 (E)		982		167
10.000%, 04/30/16 (E)		844		228
Republic of Dominican Republic
7.500%, 05/06/21 (A)		1,490		1,460
7.500%, 05/06/21		700		686

				2,541


Ecuador — 0.1%
Republic of Ecuador
9.375%, 12/15/15		550		551


Egypt — 0.2%
Government of Egypt
6.875%, 04/30/40		600		495
5.750%, 04/29/20 (A)		800		682
5.750%, 04/29/20		400		341
Nile Finance
5.250%, 08/05/15		650		601

				2,119


El Salvador — 0.8%
Republic of El Salvador
8.250%, 04/10/32		250		271
7.650%, 06/15/35		4,436		4,525
7.625%, 02/01/41 (A)		950		959
7.375%, 12/01/19		400		432


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

Telemovil Finance
8.000%, 10/01/17 (A)		900	$	923

				7,110


Gabon — 0.0%
Gabonese Republic
8.200%, 12/12/17		200		228


Georgia — 0.2%
Georgian Railway
9.875%, 07/22/15		650		647
Republic of Georgia
6.875%, 04/12/21 (A)		750		772

				1,419


Ghana — 0.3%
Republic of Ghana
8.500%, 10/04/17		1,647		1,803
8.500%, 10/04/17 (A)		500		548

				2,351


Hong Kong — 0.5%
Bank of China Hong Kong
5.550%, 02/11/20 (A)		1,700		1,764
Hutchison Whampoa International
6.000%, 12/31/49 (C)		460		458
Industrial & Commercial Bank of China Asia MTN
5.125%, 11/30/20		600		611
PCCW-HKT Capital No. 4
4.250%, 02/24/16		601		605

				3,438


Hungary — 0.7%
Republic of Hungary
7.625%, 03/29/41		2,758		2,427
6.375%, 03/29/21		1,000		895
6.250%, 01/29/20		950		855
6.000%, 01/11/19	EUR	612		672
5.750%, 06/11/18	EUR	1,388		1,510
4.750%, 02/03/15		187		170

				6,529


India — 0.2%
Axis Bank MTN
7.125%, 06/28/22 (C)		163		144
Bank of India MTN
6.994%, 12/31/49 (C)		177		158
ICICI Bank
5.750%, 11/16/20 (A)		503		463
Reliance Holdings USA
6.250%, 10/19/40		300		267
Vedanta Resources
8.250%, 06/07/21 (A)		796		617

				1,649


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

Indonesia — 4.8%
Adaro Indonesia MTN
7.625%, 10/22/19		208	$	226
7.625%, 10/22/19 (A)		455		494
Bakrie Telecom
11.500%, 05/07/15		634		393
Berau Capital Resources
12.500%, 07/08/15		400		444
BLT Finance
7.500%, 05/15/14		197		77
Bumi Investment MTN
10.750%, 10/06/17		100		100
Indosat Palapa
7.375%, 07/29/20 (A)		552		609
Majapahit Holding
8.000%, 08/07/19 (A)		500		585
8.000%, 08/07/19		160		187
7.875%, 06/29/37 (A)(B)		355		415
7.750%, 10/17/16		750		842
7.750%, 01/20/20		400		465
7.750%, 01/20/20 (A)		350		406
Pertamina Persero
6.500%, 05/27/41 (A)		380		393
5.250%, 05/23/21 (A)		500		512
Perusahaan Listrik Negara
5.500%, 11/22/21 (A)		1,435		1,460
Republic of Indonesia
11.625%, 03/04/19 (A)		1,925		2,844
11.625%, 03/04/19		5,353		7,909
11.625%, 03/04/19		300		443
10.375%, 05/04/14		450		526
8.500%, 10/12/35		3,650		5,256
7.750%, 01/17/38		5,447		7,353
7.500%, 01/15/16		1,150		1,331
6.875%, 01/17/18 (A)		900		1,060
6.875%, 01/17/18		1,900		2,237
6.750%, 03/10/14		650		703
6.625%, 02/17/37		900		1,089
6.625%, 02/17/37		1,050		1,271
5.875%, 03/13/20 (A)		1,254		1,420
4.875%, 05/05/21 (A)		1,700		1,819
Star Energy Geothermal Wayang Windu
11.500%, 02/12/15 (A)		400		430

				43,299


Iraq — 1.3%
Republic of Iraq
5.800%, 01/15/28		14,710		12,062


Ivory Coast — 0.6%
Government of Ivory Coast
3.750%, 12/31/32 (E)		11,333		5,667


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

Jamaica — 0.3%
Digicel Group
10.500%, 04/15/18		860	$	864
9.125%, 01/15/15 (A)		822		806
8.875%, 01/15/15 (A)		1,050		1,034

				2,704


Jordan — 0.2%
Kingdom of Jordan
3.875%, 11/12/15		1,650		1,543


Kazakhstan — 4.4%
Bank CenterCredit
8.625%, 01/30/14		1,450		1,403
BTA Bank
113.760%, 07/01/20 (A)(C)		2,492		103
10.750%, 01/01/13 (D)		3,634		600
10.750%, 01/01/13 (A)(D)		1,202		198
Development Bank of Kazakhstan
5.500%, 12/20/15 (A)		650		643
Halyk Savings Bank of Kahakhstan
7.250%, 05/03/17		960		926
7.250%, 01/28/21 (A)		1,200		1,152
Kazatomprom Natsionalnaya Atomnaya Kompaniya
6.250%, 05/20/15 (A)		1,123		1,165
6.250%, 05/20/15		450		467
Kazkommertsbank
12.850%, 12/18/12		200		205
8.500%, 04/16/13		400		392
8.000%, 11/03/15		1,900		1,691
7.875%, 04/07/14		500		472
7.500%, 11/29/16 (B)		2,550		2,155
6.875%, 02/13/17	EUR	450		467
Kazkommertsbank Via Citigroup Global Markets
8.700%, 04/07/14 (C)(D)		1,300		1,164
KazMunayGas National
11.750%, 01/23/15 (A)		2,673		3,141
11.750%, 01/23/15		950		1,116
9.125%, 07/02/18 (A)		2,955		3,443
9.125%, 07/02/18		1,129		1,315
8.375%, 07/02/13		4,034		4,226
7.000%, 05/05/20 (A)		1,626		1,719
7.000%, 05/05/20		1,940		2,052
6.375%, 04/09/21		1,100		1,117
6.375%, 04/09/21 (A)		3,969		4,029
Republic of Kazakhstan
6.375%, 10/06/20 (A)	EUR	1,400		1,452
Tengizchevroil Finance
6.124%, 11/15/14		215		220


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

Zhaikmunai LLP
10.500%, 10/19/15		300	$	291
10.500%, 10/19/15 (A)		2,209		2,121

				39,445


Kuwait — 0.1%
Kuwait Projects MTN
9.375%, 07/15/20		600		632


Latvia — 0.0%
Republic of Latvia
5.250%, 06/16/21 (A)		490		451


Lebanon — 0.4%
Republic of Lebanon MTN
9.000%, 03/20/17		100		119
8.250%, 04/12/21		800		944
6.375%, 03/09/20		1,500		1,575
6.100%, 10/04/22		900		912
5.150%, 11/12/18		300		297

				3,847


Lithuania — 1.5%
Republic of Lithuania
7.375%, 02/11/20		1,924		2,078
7.375%, 02/11/20 (A)		1,100		1,188
6.750%, 01/15/15 (A)		1,186		1,236
6.125%, 03/09/21 (A)		3,039		3,024
6.125%, 03/09/21		4,969		4,969
5.125%, 09/14/17 (A)		1,175		1,152

				13,647


Malaysia — 3.2%
Axiata SPV1 Labuan
5.375%, 04/28/20		250		264
Government of Malaysia
5.094%, 04/30/14	MYR	4,930		1,628
3.835%, 08/12/15	MYR	5,740		1,852
3.741%, 02/27/15	MYR	8,010		2,574
Petroliam Nasional
7.625%, 10/15/26		925		1,275
Petronas Capital
7.875%, 05/22/22		7,697		10,388
7.875%, 05/22/22 (A)		250		337
5.250%, 08/12/19		1,100		1,234
5.250%, 08/12/19 (A)		7,440		8,343
Wakala Global Sukuk
4.646%, 07/06/21 (A)		900		951

				28,846


Mexico — 8.3%
America Movil
2.375%, 09/08/16		1,800		1,795
Axtel
9.000%, 09/22/19		719		536
7.625%, 02/01/17 (A)		249		177
Bank of New York Mellon Institucion de Banca Multiple
9.625%, 05/02/21 (A)		1,389		1,278


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

BBVA Bancomer
6.008%, 05/17/22 (C)		1,000	$	943
Cemex
9.000%, 01/11/18 (A)		1,366		1,089
5.579%, 09/30/15 (A)(C)		1,137		846
Cemex Espana
9.250%, 05/12/20 (A)		2,100		1,601
8.875%, 05/12/17	EUR	51		47
Cemex Finance
9.500%, 12/14/16		500		439
Deutsche Bank, CLN (Urbi Desarollos Urbonos)
10.571%, 12/22/12		540		545
Comision Federal de Electricidad
4.875%, 05/26/21 (A)		750		772
GEO
9.250%, 06/30/20		500		489
9.250%, 06/30/20 (A)		900		880
Grupo Bimbo
4.875%, 06/30/20 (A)		152		160
Grupo Senda
10.500%, 10/03/15		3,665		3,482
Grupo Televisa
6.000%, 05/15/18		245		275
Hipotecaria Su Casita
7.500%, 06/29/18 (A)		111		33
Mexican Bonos, Ser M
6.500%, 06/10/21	MXP	76,210		5,453
Mexican Bonos, Ser M10
8.500%, 12/13/18	MXP	44,600		3,664
8.000%, 12/17/15	MXP	21,200		1,659
7.750%, 12/14/17	MXP	42,900		3,369
7.250%, 12/15/16	MXP	53,300		4,088
Mexican Bonos, Ser M20
8.500%, 05/31/29	MXP	9,500		754
7.750%, 05/29/31	MXP	12,290		903
Mexican Bonos, Ser M30
8.500%, 11/18/38	MXP	36,810		2,847
Mexican Bonos, Ser MI10
9.500%, 12/18/14	MXP	10,161		814
NII Capital
10.000%, 08/15/16		659		748
7.625%, 04/01/21		516		512
Oceanografia
11.250%, 07/15/15		1,079		556
Pemex Finance
9.150%, 11/15/18		1,595		2,040
Pemex Project Funding Master Trust
6.625%, 06/15/35		2,546		2,887
5.750%, 03/01/18		1,505		1,655
Petroleos Mexicanos
8.000%, 05/03/19		700		873
6.500%, 06/02/41		100		112
6.500%, 06/02/41 (A)		750		844
6.500%, 06/02/41 (A)		442		497
6.000%, 03/05/20 (A)		300		333


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

United Mexican States MTN
8.300%, 08/15/31		3,564	$	5,328
6.050%, 01/11/40		3,850		4,726
5.950%, 03/19/19		1,300		1,545
5.750%, 10/12/10		4,136		4,405
5.625%, 01/15/17		2,000		2,300
5.125%, 01/15/20		1,800		2,056
United Mexican States, Ser A MTN
8.000%, 09/24/22		1,785		2,490
6.750%, 09/27/34		2,298		2,993
Urbi Desarrollos Urbanos
9.500%, 01/21/20		100		101

				75,939


Morocco — 0.2%
Kingdom of Morocco
4.500%, 10/05/20	EUR	1,800		2,122


Nigeria — 0.3%
Afren
11.500%, 02/01/16 (A)		1,150		1,127
Republic of Nigeria
6.750%, 01/28/21 (A)		950		988
UBS
9.350%, 08/29/10 (A)(B)(C)		750		462

				2,577


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


Pakistan — 0.2%
Republic of Pakistan
7.125%, 03/31/16		910		700
6.875%, 06/01/17		100		72
6.875%, 06/01/17		1,540		1,109

				1,881


Panama — 1.9%
Republic of Panama
9.375%, 04/01/29		3,688		5,864
9.375%, 01/16/23		560		778
8.875%, 09/30/27		1,396		2,094
8.125%, 04/28/34		820		1,175
7.250%, 03/15/15		1,340		1,548
7.125%, 01/29/26		200		260
6.700%, 01/26/36		4,361		5,691

				17,410


Peru — 1.8%
Banco de Credito del Peru
5.375%, 09/16/20 (A)		757		739
Inkia Energy
8.375%, 04/04/21 (A)		460		458


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

Interoceanica IV Finance
3.923%, 11/30/25 (A)(B)(F)		873	$	401
3.621%, 11/30/18 (A)(B)(F)		382		279
Peru Enhanced Pass-Through Finance
3.316%, 05/31/18 (A)(B)(F)		472		394
3.288%, 05/31/18 (B)(F)		175		146
Republic of Peru
8.750%, 11/21/33		5,039		7,685
8.375%, 05/03/16		600		744
7.350%, 07/21/25		4,210		5,578
Southern Copper
6.750%, 04/16/40		136		136

				16,560


Philippines — 3.9%
National Power
9.625%, 05/15/28 (B)		1,100		1,507
Power Sector Assets & Liabilities Management
7.390%, 12/02/24 (A)		800		974
7.390%, 12/02/24		700		852
7.250%, 05/27/19 (A)		150		181
Republic of Philippines
10.625%, 03/16/25		2,250		3,544
9.500%, 02/02/30		3,659		5,621
9.375%, 01/18/17		750		973
8.375%, 06/17/19		2,710		3,564
7.750%, 01/14/31		4,812		6,448
7.500%, 09/25/24		670		851
6.500%, 01/20/20		558		667
6.375%, 10/23/34		3,568		4,259
5.500%, 03/30/26		1,860		2,083
4.950%, 01/15/21	PHP	22,000		509
4.000%, 01/15/21		3,157		3,236

				35,269


Poland — 2.1%
Polish Television Holding
11.000%, 11/15/14 (A)(D)	EUR	600		787
Republic of Poland
6.375%, 07/15/19		7,735		8,567
5.125%, 04/21/21		1,986		2,021
5.000%, 03/23/22		5,080		5,105
4.000%, 03/23/21	EUR	736		874
TVN Finance II
10.750%, 11/15/17 (A)	EUR	1,200		1,620
10.750%, 11/15/17	EUR	200		270

				19,244


Qatar — 1.8%
Qtel International Finance
7.875%, 06/10/19		2,250		2,742
6.500%, 06/10/14 (A)		200		218
5.000%, 10/19/25 (A)		637		637
4.750%, 02/16/21 (A)		457		460
4.750%, 02/16/21		840		846


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

State of Qatar
9.750%, 06/15/30		1,025	$	1,625
6.400%, 01/20/40		500		590
6.400%, 01/20/40 (A)		710		834
5.750%, 01/20/42 (A)		750		808
5.250%, 01/20/20		2,525		2,765
5.250%, 01/20/20 (A)		2,000		2,195
4.500%, 01/20/22 (A)		2,500		2,575
4.000%, 01/20/15 (A)		300		314

				16,609


Russia — 8.4%
Alfa Bank Via Alfa Bond Issuance
7.875%, 09/25/17 (A)		675		638
7.750%, 04/28/21 (A)		750		660
Alfa Invest MTN
9.250%, 06/24/13 (A)(B)		750		786
Alfa Issuance MTN
8.000%, 03/18/15		417		416
Bank of Moscow via BOM Capital
6.699%, 03/11/15		1,200		1,188
Evraz Group
9.500%, 04/24/18		500		509
6.750%, 04/27/18 (A)		896		797
Gazprom Via Gaz Capital
4.950%, 05/23/16 (A)		1,758		1,760
Metalloinvest Finance
6.500%, 07/21/16		200		179
6.500%, 07/21/16 (A)		1,220		1,092
MTS International Funding
8.625%, 06/22/20		100		107
8.625%, 06/22/20 (A)		1,500		1,611
Novatek Finance
6.604%, 02/03/21 (A)		2,303		2,326
Russian Agricultural Bank Via RSHB Capital
7.750%, 05/29/18		650		692
Russian Foreign Bond - Eurobond
12.750%, 06/24/28		2,310		3,939
7.500%, 03/31/30		30,919		35,904
5.000%, 04/29/20		700		722
5.000%, 04/29/20 (A)		1,500		1,548
3.625%, 04/29/15		300		302
SCF Capital
5.375%, 10/27/17 (A)		2,510		2,159
Severstal Via Steel Capital
6.700%, 10/25/17		200		188
Sinek Capital Via Edel Capital
7.700%, 08/03/15		500		503
Teorema Holding
11.000%, 10/27/09 (E)		3,400		340
TNK-BP Finance
6.250%, 02/02/15 (A)		202		208
Vimpel Communications Via UBS Luxembourg
8.250%, 05/23/16		570		567


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

Vimpel Communications Via VIP Finance Ireland
9.125%, 04/30/18 (A)(B)		600	$	587
9.125%, 04/30/18		550		538
7.748%, 02/02/21 (A)		3,436		2,942
6.493%, 02/02/16		200		187
VimpelCom Holdings
7.504%, 03/01/22 (A)		950		798
6.255%, 03/01/17		550		495
Vnesheconombank Via VEB Finance MTN
6.902%, 07/09/20 (A)		2,985		3,060
6.902%, 07/09/20		3,250		3,331
6.800%, 11/22/25		1,400		1,358
6.800%, 11/22/25 (A)		1,000		970
5.450%, 11/22/17 (A)		700		693
VTB Bank Via VTB Capital
6.875%, 05/29/18		700		716
6.551%, 10/13/20 (A)		960		899
6.250%, 06/30/35		381		373

				76,088


Saudi Arabia — 0.2%
Dar Al-Arkan International Sukuk
10.750%, 02/18/15 (A)		1,500		1,388


Senegal — 0.2%
Republic of Senegal
8.750%, 05/13/21		250		247
8.750%, 05/13/21 (A)		1,210		1,198

				1,445


Serbia — 0.1%
Republic of Serbia
7.250%, 09/28/21 (A)		1,000		973


Singapore — 0.3%
Sea Product
4.536%, 05/14/10 (B)		2,395		2,011
STATS ChipPAC
5.375%, 03/31/16 (A)		176		175
Yanlord Land Group
9.500%, 05/04/17		300		232

				2,418


South Africa — 3.2%
Edcon Proprietary
9.500%, 03/01/18	EUR	100		103
4.778%, 06/15/14 (C)	EUR	1,500		1,436
Eskom Holdings
5.750%, 01/26/21 (A)		2,450		2,493
Gold Fields Orogen Holdings
4.875%, 10/07/20		1,124		992
Myriad International Holding
6.375%, 07/28/17 (A)		1,359		1,447
6.375%, 07/28/17		570		607


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

Republic of South Africa
10.500%, 12/21/26	ZAR	11,790	$	1,709
8.500%, 06/23/17		860		1,068
6.875%, 05/27/19		3,297		3,973
6.750%, 03/31/21	ZAR	38,960		4,453
6.250%, 03/08/41		1,611		1,873
5.875%, 05/30/22		2,200		2,530
5.500%, 03/09/20		4,964		5,560
Transnet MTN
4.500%, 02/10/16 (A)		560		567

				28,811


South Korea — 0.1%
Export-Import Bank of Korea
4.375%, 09/15/21 (G)		350		346
Republic of Korea
7.125%, 04/16/19		500		624

				970


Sri Lanka — 0.4%
Republic of Sri Lanka
7.400%, 01/22/15 (A)		950		994
6.250%, 07/27/21 (A)		1,895		1,867
6.250%, 10/04/20 (A)		900		900

				3,761


Supra-National — 0.1%
Andina de Fomento
8.125%, 06/04/19		485		596


Trinidad & Tobago — 0.4%
Petroleum of Trinidad & Tobago
9.750%, 08/14/19 (A)(B)		1,090		1,286
6.000%, 05/08/22 (A)(B)		306		300
6.000%, 05/08/22 (B)		1,798		1,762

				3,348


Tunisia — 0.0%
Banque Centrale de Tunisie
8.250%, 09/19/27		200		238


Turkey — 3.4%
Export Credit Bank of Turkey
5.375%, 11/04/16 (A)		850		837
Globus Capital Finance
8.500%, 03/05/12		500		498


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

Republic of Turkey
11.875%, 01/15/30		850	$	1,391
9.542%, 07/17/13 (F)	TRY	3,640		1,626
8.000%, 02/14/34		1,700		2,010
7.500%, 07/14/17		900		1,013
7.500%, 11/07/19		3,630		4,120
7.375%, 02/05/25		2,120		2,404
7.250%, 03/15/15		850		923
7.250%, 03/05/38		2,890		3,157
7.000%, 09/26/16		938		1,028
7.000%, 03/11/19		550		609
7.000%, 06/05/20		570		630
6.875%, 03/17/36		2,320		2,419
6.750%, 04/03/18		2,850		3,110
6.750%, 05/30/40		2,733		2,815
6.000%, 01/14/41		352		332
5.625%, 03/30/21		450		455
5.125%, 03/25/22		1,709		1,632
Yuksel Insaat
9.500%, 11/10/15		146		104

				31,113


Ukraine — 2.9%
City of Kiev Ukraine Via CS International
8.000%, 11/06/15 (B)		215		167
DTEK Finance
9.500%, 04/28/15 (A)		620		563
9.500%, 04/28/15		550		499
Ferrexpo Finance
7.875%, 04/07/16 (A)		538		465
7.875%, 04/07/16		1,200		1,038
Financing of Infrastrucural Projects State Enterprise
8.375%, 11/03/17 (A)		550		457
Government of Ukraine
7.950%, 02/23/21 (A)		250		219
7.750%, 09/23/20 (A)		440		381
7.650%, 06/11/13		200		192
6.875%, 09/23/15		1,186		1,067
6.875%, 09/23/15 (A)		1,472		1,325
6.750%, 11/14/17		1,050		903
6.580%, 11/21/16		1,600		1,400
6.580%, 11/21/16 (A)		590		516
6.385%, 06/26/12		500		495
6.250%, 06/17/16 (A)		1,343		1,178
JSC Commercial Bank
8.000%, 02/06/12		1,750		1,732
Metinvest MTN
8.750%, 02/14/18		450		370
8.750%, 02/14/18 (A)		869		714
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		538
National Naftogaz of Ukraine
9.500%, 09/30/14		5,973		5,600
Oschadbank Via SSB No.1
8.250%, 03/10/16		800		644
Springvale Holdings
9.181%, 09/07/09 (B)(C)(E)		1,000		75


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

The EXIM of Ukraine Via Credit Suisse First Boston International
6.800%, 10/04/12		750	$	739
Ukreximbank Via Biz Finance
8.375%, 04/27/15		4,771		4,115

				27,641


United Arab Emirates — 3.3%
Abu Dhabi National Energy MTN
5.875%, 12/13/21 (A)		795		827
Atlantic Finance
10.750%, 05/27/14		1,200		1,332
Dolphin Energy
5.888%, 06/15/19 (A)		421		457
5.888%, 06/15/19		464		503
DP World MTN
6.850%, 07/02/37		2,350		2,127
Dubai DOF Sukuk MTN
6.396%, 11/03/14		800		816
Dubai Electricity & Water Authority
8.500%, 04/22/15 (A)		2,000		2,160
8.500%, 04/22/15		1,078		1,164
7.375%, 10/21/20		150		154
7.375%, 10/21/20 (A)		2,616		2,681
Dubai Holding Commercial Operations MTN
6.000%, 02/01/17	GBP	700		783
4.750%, 01/30/14	EUR	2,050		2,242
0.629%, 02/01/12 (C)		150		148
Dubai Sukuk Centre
0.713%, 06/13/12 (C)		2,400		2,244
Emirate of Abu Dhabi
6.750%, 04/08/19 (A)		470		576
6.750%, 04/08/19		600		735
Emirate of Dubai MTN
7.750%, 10/05/20		950		997
6.700%, 10/05/15		300		311
IPIC GMTN MTN
6.875%, 11/01/41 (A)		490		499
5.500%, 03/01/22 (A)		363		363
5.000%, 11/15/20		300		302
3.750%, 03/01/17 (A)		1,736		1,729
Jafz Sukuk
2.991%, 11/27/12 (C)	AED	22,400		5,675
MDC-GMTN MTN
3.750%, 04/20/16 (A)		200		206
Pyrus
7.500%, 12/20/15		1,300		1,219

				30,251


Uruguay — 1.9%
Republic of Uruguay
9.250%, 05/17/17		390		517
8.000%, 11/18/22		6,393		8,758
7.625%, 03/21/36		2,654		3,669
6.875%, 09/28/25		567		731
Republic of Uruguay PIK
7.875%, 01/15/33		2,489		3,478

				17,153


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

Venezuela — 4.9%
Petroleos de Venezuela
12.750%, 02/17/22		1,650	$	1,382
8.500%, 11/02/17		900		679
8.500%, 11/02/17		618		467
5.500%, 04/12/37		2,000		960
5.375%, 04/12/27		3,855		1,899
5.250%, 04/12/17		4,497		2,856
5.000%, 10/28/15		4,201		2,993
4.900%, 10/28/14		14,790		11,573
Republic of Venezuela
13.625%, 08/15/18		2,100		2,063
13.625%, 08/15/18		144		141
12.750%, 08/23/22		5,879		5,306
11.950%, 08/05/31		4,550		3,720
10.750%, 09/19/13		400		404
9.375%, 01/13/34		830		573
9.250%, 09/15/27		1,470		1,062
9.250%, 05/07/28		1,680		1,155
9.000%, 05/07/23		2,820		2,030
8.500%, 10/08/14		1,166		1,086
8.250%, 10/13/24		1,950		1,272
7.750%, 10/13/19		1,350		965
7.650%, 04/21/25		1,450		899
7.000%, 03/31/38		100		58
6.000%, 12/09/20		880		538

				44,081


Vietnam — 0.2%
Republic of Vietnam
6.875%, 01/15/16		750		775
6.750%, 01/29/20		1,350		1,360

				2,135

Total Global Bonds (Cost $807,646) ($ Thousands)				837,239


LOAN PARTICIPATIONS — 1.9%

Angola — 0.1%
Republic of Angola
3.667%, 04/30/16	EUR	975		1,171


Brazil — 0.0%
Virgolino de Oliveira
5.257%, 11/03/15		500		482


Indonesia — 0.4%
PT Bumi
11.274%, 08/07/13 (B)		1,743		1,771
PT Bumi Tranche A
7.710%, 03/02/12 (B)		973		851
PT Bumi Tranche B
7.710%, 03/02/12 (B)		776		679

				3,301


Mexico — 0.6%
Altos Hornos Promissory Note # 5
0.000%,04/29/99 (B)(E)		2,500		800
Altos Hornos Promissory Note # 6
0.000%,04/29/99 (B)(E)		2,500		800


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

Altos Hornos Promissory Note (Counterparty: Deustche Bank)
0.000%,12/31/49 (B)(E)		4,500	$	1,440
Altos Hornos Tranche A (Counterparty: Bank of America)
0.000%,04/11/04 (B)(E)		6,540		2,093

				5,133


Singapore — 0.8%
Ashmore Cayman SPC No.1
0.000%,08/31/11 (B)(E)		9,161		4,918
Morton Bay
6.220%, 12/30/09 (B)		3,158		2,678

				7,596

Total Loan Participations (Cost $21,722) ($ Thousands)				17,683


CONVERTIBLE BONDS — 0.1%

India — 0.4%
Firstsource CV to 42,549.14 Shares
5.935%, 12/04/12 (F)		1,800		2,165
Suzlon Energy CV to 22.683 Shares
3.310%, 06/12/12 (F)		810		964
Suzlon Energy CV to 533.2762 Shares
2.561%, 07/25/14 (F)		450		355

				3,484


United Arab Emirates — 0.1%
Dana Gas Sukuk CV to Variable Shares
7.500%, 10/31/12		850		701

Total Convertible Bonds (Cost $3,620) ($ Thousands)				4,185


AFFILIATED PARTNERSHIP — 0.8%

United States — 0.8%
SEI Liquidity Fund, L.P. 0.140%*†(H)		7,492,197		7,207

Total Affiliated Partnership (Cost $7,492) ($ Thousands)				7,207

Total Investments — 95.7% (Cost $840,480) ($ Thousands) ‡			$	866,314

The open futures contracts held by the Fund at December 31, 2011, is as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
Euro-Buxl 30 Year Bond		(12	)		Mar-2012	$	(110	)
U.S. 10-Year Treasury Note		5			Mar-2012		6
U.S. Ultra Long Treasury Bond		14			Apr-2012		24

						$	(80	)

A summary of the outstanding forward foreign currency contracts held by the Fund at December 31, 2011, is as follows:


Maturity Date	Currency to Deliver (Thousands)		Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
1/3/12-2/3/12	USD	2,375	EUR	1,818	$	(15	)
1/4/12-2/3/12	USD	27,932	BRL	51,605		(306	)
1/4/12-4/3/12	BRL	71,792	USD	38,125		(74	)
1/9/12	INR	373,555	USD	7,060		34
1/9/12-2/6/12	USD	7,892	INR	373,555		(896	)
1/12/12	USD	1,670	ZAR	13,845		42
1/13/12	MXP	199,519	USD	14,376		92
1/13/12	USD	1,750	PHP	73,000		(86	)
1/13/12-2/3/12	USD	9,710	MXP	133,649		(144	)
1/19/12	THB	52,000	USD	1,656		9
1/19/12-2/3/12	KRW	5,839,000	USD	5,153		85
1/20/12-2/3/12	EUR	29,041	USD	38,292		591
1/25/12	CZK	42,500	EUR	1,659		(11	)
1/31/12	GBP	527	USD	818		–
2/3/12	COP	3,150,000	USD	1,650		15
2/3/12	EUR	1,781	HUF	550,000		(49	)
2/3/12	HUF	933,000	EUR	3,004		62
2/3/12	RUB	51,000	USD	1,610		29
2/3/12	USD	2,502	ILS	9,200		(97	)
2/3/12	USD	830	KRW	930,000		(22	)
2/3/12	USD	1,659	MYR	5,200		(21	)
2/3/12	USD	1,652	RUB	51,000		(71	)
2/3/12	USD	3,339	SGD	4,240		(68	)
3/12/12-12/3/12	USD	5,921	CNY	37,782		42
5/16/12	CNY	21,782	USD	3,438		(18	)

					$	(877	)

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at December 31, 2011, is as follows:


CounterParty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
Bank of America		(6,458	)		6,468	$	10
Barclays PLC		(34,414	)		34,088		(326	)
Boston Institutional Services		(7,689	)		7,721		32
Brown Brothers Harriman		(25,485	)		25,583		98
Citigroup		(26,696	)		26,718		22
Deutsche Bank		(711	)		709		(2	)
HSBC		(6,458	)		6,467		9
JPMorgan Chase Bank		(16,286	)		16,332		46
Standard Bank		(7,025	)		7,059		34
UBS		(55,739	)		54,939		(800	)

						$	(877	)

The outstanding swap agreements held by the Fund at December 31, 2011, is as follows:

Percentages are based on a Net Assets of $905,106 ($ Thousands).

Rate shown is the 7-day effective yield as of December 31, 2011.

†

Investment in Affiliated Security.

(1)

In U.S. dollars unless otherwise indicated.

(A)

(B)

Securities considered illiquid. The total market value of such securities as of December 31, 2011 was $34,207 ($ Thousands) and represented 3.8% of Net Assets.

(C)

Variable Rate Security—The rate reported on the Schedule of Investments is the rate in effect as of December 31, 2011.

(D)

Step Bonds—The rate reflected on the Schedule of Investments is the effective yield on December 31, 2011. The coupon on a step bond changes on a specified date.

(E)

Security in default on interest payments.

(F)

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

(G)

This security or a partial position of this security is on loan at December 31, 2011. The total market value of securities on loan at December 31, 2011 was $7,009 ($ Thousands).

(H)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2011 was $7,207 ($ Thousands).

‡

At December 31, 2011, the tax basis cost of the Fund’s investments was $840,480 ($ Thousands), and the unrealized appreciation and depreciation were $66,275 ($ Thousands) and $(40,441) ($ Thousands), respectively.

AED — United Arab Emirates Dirham

ARS — Argentine Peso

BRL — Brazilian Real

CLN — Credit Linked Note

CNY — Chinese Yuan

COP — Colombian Peso

CV — Convertible Security

CZK — Czech Koruna

DEM — Deutsche Mark

EUR — Euro

GBP —British Pound Sterling

HUF — Hungarian Forint

ILS — Israeli Shekel

INR — Indian Rupee

KRW — Korean Won

L.P. — Limited Partnership

LLP — Limited Liability 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

SGD — Singapore Dollar

SPC — Special Purpose Company

THB — Thai Baht

TRY — New Turkish Lira

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of December 31, 2011, in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	—	$	837,239	$	—	$	837,239
Convertible Bonds		—		4,185		—		4,185
Loan Participations		—		—		17,683		17,683
Affiliated Partnership		—		7,207		—		7,207

Total Investments in Securities	$	—	$	848,631	$	17,683	$	866,314


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*	$	(80	)	$	—	$	—	$	(80	)
Forwards*		(877	)		—		—		(877	)
Total Return Swaps		—			722		—		722

Total Other Financial Instruments	$	(957	)	$	722	$	—	$	(235	)

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


	Investments in Loan Participations
Beginning balance as of October 1, 2011	$	18,404
Accrued discounts/premiums		40
Realized gain/(loss)		(9	)
Change in unrealized appreciation/(depreciation)		(171	)
Purchases		—
Sales		(581	)
Transfer into Level 3		—
Transfer out of Level 3		—

Ending balance as of December 31, 2011	$	17,683

Change in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	(171	)

For the period ended December 31, 2011, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended December 31, 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.

(a) The registrants’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d15(b)).

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

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

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


1		SEI Institutional International Trust / Quarterly Report / December 31, 2011


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	$	(541	)
Deutsche Bank	3.45%	6-Month EUR LIBOR	10/16/19	EUR		3,400		(428	)
Deutsche Bank	6-Month EURIBOR	4.17%	03/28/13	EUR		7,000		558
JPMorgan Chase Bank	6-Month JPY LIBOR	2.22%	03/26/27	JPY		750,000		1,132
JPMorgan Chase Bank	6-Month EURIBOR	4.38%	01/07/13	EUR		5,400		453
JPMorgan Chase Bank	4.20%	6-Month EURIBOR	03/30/12	EUR		3,000		(130	)
JPMorgan Chase Bank	6-Month JPY LIBOR	1.29%	03/26/12	JPY		1,300,000		80
Royal Bank of Scotland	6-Month EURIBOR	3.14%	08/04/21	EUR		1,450		140
UBS Warburg	EUROSTAT EUROZONE CPI Excluding Tobacco	1.83%	11/25/19	EUR		1,350		(50	)

							$	1,214


SEI Institutional International Trust

By		/s/ Robert A. Nesher
		Robert A. Nesher, President



By		/s/ Peter A. Rodriguez
		Peter A. Rodriguez, Controller & CFO